By MICHAEL EBOH
The Nigerian Institute of Management, yesterday, said Nigeria’s corporate existence is being threatened by the many leadership and governance challenges besetting the country.
Speaking at a press briefing in Lagos, heralding its 2013 Annual National Management Conference, Mr. Michael Olawale-Cole, President and Chairman of Council, NIM, also stated that the country’s attainment of the Vision 20:2020 objectives is in doubt, unless the leaders and citizenry adopt a change of approach, strategy and governance style.
According to him, the country’s quest to rank among the top 20 economies by 2020 is very doubtful and may be unattainable, mainly because majority of the leaders and individuals in authority are not showing commitment and loyalty to the development of the country.
However, he said the objective of the Vision 20:2020 can be attained if every individual embraces hard work, loyalty and if good governance is entrenched in all spheres of the national life.
He said, “Nigeria can actually be very great. Vision 20:2020 is doable, good governance will help us in achieving it. We have all it takes — both human and non-human resources, from the country can tap. Bad governance is why we are still where we are in this country, despite the abundant resources at our disposal.
“The will and courage to do the right thing is our challenge in this country. We should strive to adopt an attitude of loyalty to the country, as this will lead to a situation whereby will have the good interest of the country in their heart.
The conference, scheduled to hold at Uyo, Akwa Ibom State, between September 15 and 17, 2013, has as its theme; ‘Essentials of Good governance in the progressive transformation of Nigeria,’ to be delivered by the Governor of Akwa Ibom State, Godswill Akpabio.
Olawale-Cole said, “The theme was chosen because the institute came to the painful and sad conclusion that more than ever before in the history of its existence, Nigeria needs an urgent solution to the many leadership and governance challenges besetting it which are threatening the nation’s corporate existence.
“Instead of sitting by, criticize government and trade endless blames on why the nation has come to this pathetic leadership crossroads, the Institute which believes in supporting government in finding solutions to the problems of governance is using the opportunity provided by the Conference to contribute its quota by proffering viable and workable roadmap to the leadership question through the focus on ways to deliver good governance to Nigerians.”
Showing posts with label Business. Show all posts
Showing posts with label Business. Show all posts
Wednesday 4 September 2013
Customs, APMT at war over physical examination bay
By Godfrey Bivbere
Apapa Area1 Command of the Nigeria Customs Service, NCS, and the Management of the APM Terminals Apapa Limited are presently engaged in war of words over the health condition of the physical examination bay at Apapa port. The Command’s Customs Area Controller, CAC, Charles Edike, had taken some journalists to port to inspect the facility following claims by APM Terminal that they have provided the Service with new examination bay.
Edike showed the journalists the current site being used by the Customs which is said to be a temporary site. He said that despite the visit of the Minister of National Planning, Shamsuddeen Usman, and directive that a stop gap measure be put in place, the site is still as it was when the minister visited weeks back.
The Customs boss reaction followed a claim by APM Terminals that it has handed over a multi-million naira facility to Customs for physical examination.
However, Managing Director of APM Terminals Apapa Limited, Mr. Andrew Dawes, said in Lagos that the present condition of the physical examination site at the terminal is temporary as a new physical examination facility is being built and will be ready by the second quarter of next year.
Dawes said that the physical examination site built earlier and handed over to the then Port Manager of Lagos Port Complex, Apapa, Mr. Joshua Asanga, in 2010, could not be used by Customs at the time due to process variance.
He said a new physical examination facility is already being built for Customs use and will be ready by the second quarter of 2014.
Apapa Area1 Command of the Nigeria Customs Service, NCS, and the Management of the APM Terminals Apapa Limited are presently engaged in war of words over the health condition of the physical examination bay at Apapa port. The Command’s Customs Area Controller, CAC, Charles Edike, had taken some journalists to port to inspect the facility following claims by APM Terminal that they have provided the Service with new examination bay.
Edike showed the journalists the current site being used by the Customs which is said to be a temporary site. He said that despite the visit of the Minister of National Planning, Shamsuddeen Usman, and directive that a stop gap measure be put in place, the site is still as it was when the minister visited weeks back.
The Customs boss reaction followed a claim by APM Terminals that it has handed over a multi-million naira facility to Customs for physical examination.
However, Managing Director of APM Terminals Apapa Limited, Mr. Andrew Dawes, said in Lagos that the present condition of the physical examination site at the terminal is temporary as a new physical examination facility is being built and will be ready by the second quarter of next year.
Dawes said that the physical examination site built earlier and handed over to the then Port Manager of Lagos Port Complex, Apapa, Mr. Joshua Asanga, in 2010, could not be used by Customs at the time due to process variance.
He said a new physical examination facility is already being built for Customs use and will be ready by the second quarter of 2014.
FG orders certification of blocks, concrete industry
By JIMOH BABATUNDE & FRANKLIN ALLI
As a way of checking incessant building collapses in the country, the Federal Government has ordered certification of blocks and concrete sector of the economy by Standards Organisation of Nigeria under its Mandatory Conformity Assessment Programme, MANCAP, for local manufacturers.
Government gave the order through the Federal Ministry of Industry, Trade and Investment during a sensitisation workshop organised by SON, for manufacturers of sandcrete and allied products.
Dr. Samuel Ortom, Minister of State in the ministry said the Federal Government was worried over the high incidence of building collapse despite technological development, especially in a situation where most collapsed buildings were recently built or under construction.
He said it is for the same reasons that the SON launched its campaign of Zero Tolerance to Substandard Products, and also put in place its Mandatory Conformity Assessment Programme (MANCAP), saying all sandcrete block makers are expected to be certified under the MANCAP.
”I urge all the participants to listen to what SON officials would say at this forum. Unlike other stakeholders, sandcrete block makers are not facing competition from imported products”.
Ortom said he would direct the SON to commence complete implementation of the MANCAP after the workshop, saying that no operator would have any reason not to comply.
He expressed satisfaction at the passion and commitment that Odumodu was brining to the work, and urged stakeholders to support it.
Dr. Joseph Odumodu, SON Director General, said the issue of buildings collapses has become worrisome, costing human and material resources while also affecting the local and international image of the government, its agencies and the country.
“Any time a building collapses, it casts aspersion on regulatory agencies. We are set to sanitise the sandcrete block production sector; we want to ensure that operators earn their living without endangering lives. Any time a building material fails durability or safety tests, it leaves a question mark on all stakeholders concerned.
In fact, it is incidences of this nature that have continually affected the international acceptability of Nigerian-made products, an unfortunate situation which the SON intervention policies have been fighting doggedly.” the SON’s chief helmsman deposed.
As a way of checking incessant building collapses in the country, the Federal Government has ordered certification of blocks and concrete sector of the economy by Standards Organisation of Nigeria under its Mandatory Conformity Assessment Programme, MANCAP, for local manufacturers.
Government gave the order through the Federal Ministry of Industry, Trade and Investment during a sensitisation workshop organised by SON, for manufacturers of sandcrete and allied products.
Dr. Samuel Ortom, Minister of State in the ministry said the Federal Government was worried over the high incidence of building collapse despite technological development, especially in a situation where most collapsed buildings were recently built or under construction.
He said it is for the same reasons that the SON launched its campaign of Zero Tolerance to Substandard Products, and also put in place its Mandatory Conformity Assessment Programme (MANCAP), saying all sandcrete block makers are expected to be certified under the MANCAP.
”I urge all the participants to listen to what SON officials would say at this forum. Unlike other stakeholders, sandcrete block makers are not facing competition from imported products”.
Ortom said he would direct the SON to commence complete implementation of the MANCAP after the workshop, saying that no operator would have any reason not to comply.
He expressed satisfaction at the passion and commitment that Odumodu was brining to the work, and urged stakeholders to support it.
Dr. Joseph Odumodu, SON Director General, said the issue of buildings collapses has become worrisome, costing human and material resources while also affecting the local and international image of the government, its agencies and the country.
“Any time a building collapses, it casts aspersion on regulatory agencies. We are set to sanitise the sandcrete block production sector; we want to ensure that operators earn their living without endangering lives. Any time a building material fails durability or safety tests, it leaves a question mark on all stakeholders concerned.
In fact, it is incidences of this nature that have continually affected the international acceptability of Nigerian-made products, an unfortunate situation which the SON intervention policies have been fighting doggedly.” the SON’s chief helmsman deposed.
Naira depreciates further amid tight dollar supply
By JONAH NWOKPOKU with agency report
The naira has weakened further on Wednesday on the back of strong demand for the dollar even as the Central Bank of Nigeria, CBN pledged that it had no plans to devalue the local currency.
The naira fell to N163.6 to the dollar on the interbank compared with N162.95 a dollar on Tuesday.
The Reuters news agency reported some dealers saying that limited dollar supply from oil companies had weakened the naira along with the central bank’s decision, so far, not to sell dollars directly to lenders.
“Many customers who could not win their bids at the official forex auction resorted to the interbank market to cover their positions, putting the naira under pressure,” one dealer said.
“We expect that the Nigeria National Petroleum Corporation, NNPC will sell dollars before Friday or at latest next week, while possible direct dollar sales by the central bank could help support the naira in the near term,” another dealer said.
The central bank said on Tuesday it would resist pressure to devalue the naira since it retains ample funds to defend the currency.
Recall that the CBN in July hiked the cash reserve requirement for public sector deposits to 50 per cent from 12 percent in a bid to tighten naira liquidity and shore up its value but has failed to stem the currency’s decline.
In the official window, the central bank sold $260.75 million at 155.76 to the dollar, compared with $285 million at the same rate on Monday.
The naira has weakened further on Wednesday on the back of strong demand for the dollar even as the Central Bank of Nigeria, CBN pledged that it had no plans to devalue the local currency.
The naira fell to N163.6 to the dollar on the interbank compared with N162.95 a dollar on Tuesday.
The Reuters news agency reported some dealers saying that limited dollar supply from oil companies had weakened the naira along with the central bank’s decision, so far, not to sell dollars directly to lenders.
“Many customers who could not win their bids at the official forex auction resorted to the interbank market to cover their positions, putting the naira under pressure,” one dealer said.
“We expect that the Nigeria National Petroleum Corporation, NNPC will sell dollars before Friday or at latest next week, while possible direct dollar sales by the central bank could help support the naira in the near term,” another dealer said.
The central bank said on Tuesday it would resist pressure to devalue the naira since it retains ample funds to defend the currency.
Recall that the CBN in July hiked the cash reserve requirement for public sector deposits to 50 per cent from 12 percent in a bid to tighten naira liquidity and shore up its value but has failed to stem the currency’s decline.
In the official window, the central bank sold $260.75 million at 155.76 to the dollar, compared with $285 million at the same rate on Monday.
DEG, FMO support AFC to boost infrastructure development in Africa
By William Jimoh
Africa Finance Corporation, AFC, has secured a US$ 60 million long term facility provided by the German development finance institution DEG in collaboration with the Netherlands Development Finance Company, FMO to foster infrastructural development on the continent.
The Company President and Chief Executive Officer Andrew Alli who disclosed in Lagos, noted that the facility comes together with a technical assistance programme from DEG to AFC, to enhance the Corporation’s environmental and social risk management processes.
According to him, “The AFC is pleased to announce that following completion of a rigorous due diligence process by a joint team from DEG and FMO, this facility will be utilized for on-lending to infrastructure projects in Africa.
“Apart from the liquidity that this transaction provides, the line of credit is of strategic importance to AFC, as it comes with a technical assistance programme to support our environmental and social risk management system; a key pillar in helping to deal with risks often found in our core sectors. The facility also deepens our relationship with two key strategic partners.
Bruno Wenn, Chairman of DEG’s Management Board also commented “Our commitment enables AFC to further finance the expansion of infrastructure across West Africa that is needed for private sector development. We are pleased that DEG is able to provide this important financing together with our cooperation partner FMO, thereby forging a strategic partnership aimed at Africa’s economic development.”
In addition, Jurgen Rigterink, Chief Investment Officer of FMO commented “This facility reinforces FMO’s mandate, which is to provide long term capital for projects in developing markets as well maximizing the development impact of such investments. Our methodology is designed to make sure that FMO’s has a good financial return on investment as well as positive environmental and social effects.”
Africa Finance Corporation, AFC, has secured a US$ 60 million long term facility provided by the German development finance institution DEG in collaboration with the Netherlands Development Finance Company, FMO to foster infrastructural development on the continent.
The Company President and Chief Executive Officer Andrew Alli who disclosed in Lagos, noted that the facility comes together with a technical assistance programme from DEG to AFC, to enhance the Corporation’s environmental and social risk management processes.
According to him, “The AFC is pleased to announce that following completion of a rigorous due diligence process by a joint team from DEG and FMO, this facility will be utilized for on-lending to infrastructure projects in Africa.
“Apart from the liquidity that this transaction provides, the line of credit is of strategic importance to AFC, as it comes with a technical assistance programme to support our environmental and social risk management system; a key pillar in helping to deal with risks often found in our core sectors. The facility also deepens our relationship with two key strategic partners.
Bruno Wenn, Chairman of DEG’s Management Board also commented “Our commitment enables AFC to further finance the expansion of infrastructure across West Africa that is needed for private sector development. We are pleased that DEG is able to provide this important financing together with our cooperation partner FMO, thereby forging a strategic partnership aimed at Africa’s economic development.”
In addition, Jurgen Rigterink, Chief Investment Officer of FMO commented “This facility reinforces FMO’s mandate, which is to provide long term capital for projects in developing markets as well maximizing the development impact of such investments. Our methodology is designed to make sure that FMO’s has a good financial return on investment as well as positive environmental and social effects.”
CBN to buck pressure to devalue naira - Spokesman
Central Bank of Nigeria, CBN will resist pressure to devalue the naira since it retains ample funds to defend the currency, its spokesman, Ugochukwu Okoroafor has said.
Naira has fallen in recent months, trading outside the CBN’s target band of 150-160 naira to the U.S. dollar since June, initially due to foreign investors booking profits on their naira assets, and on importers buying dollars.
CBN’s spokesman, Okoroafor said by telephone to Reuters that the institution remained committed to the band.
“We have the resources to meet demand. We are still determined to keep within that band,” he said on Monday.
But a similar naira weakness, partly caused by excessive spending prior to 2011 national elections, forced the central bank to lower the target band from 145-155 naira to the dollar in November that year, after months of struggling to prop it up.
Pressure on the currency of Africa’s second biggest economy will worsen next year as elections loom again in 2015 - traditionally at a time when government expenditure becomes very loose, pumping excess liquidity into the banking system.
The unit has hovered around the 162-163 level in recent months, on strong demand for dollars. It touched a 20-month low of 163.70 naira to the dollar last week.
It closed at 163.10 naira to the dollar on Monday, after it became clear the central bank would not intervene again to prop it up. By 0910 GMT on Tuesday it had rebounded to 162.90.
“We believe that the probability of (moving the trading band) is slim in the coming months,” said Gaimin Nonyane, an economist at Ecobank, adding that the bank had ample funds.
“Such a move would increase inflationary pressures. Given the Central Bank’s commitment to promoting price stability, we think the current rate will be maintained.”
Central Bank governor Lamido Sanusi has repeatedly warned that excessive election spending poses an inflation risk that he is ready to counter with tight monetary policy.
Naira has fallen in recent months, trading outside the CBN’s target band of 150-160 naira to the U.S. dollar since June, initially due to foreign investors booking profits on their naira assets, and on importers buying dollars.
CBN’s spokesman, Okoroafor said by telephone to Reuters that the institution remained committed to the band.
“We have the resources to meet demand. We are still determined to keep within that band,” he said on Monday.
But a similar naira weakness, partly caused by excessive spending prior to 2011 national elections, forced the central bank to lower the target band from 145-155 naira to the dollar in November that year, after months of struggling to prop it up.
Pressure on the currency of Africa’s second biggest economy will worsen next year as elections loom again in 2015 - traditionally at a time when government expenditure becomes very loose, pumping excess liquidity into the banking system.
The unit has hovered around the 162-163 level in recent months, on strong demand for dollars. It touched a 20-month low of 163.70 naira to the dollar last week.
It closed at 163.10 naira to the dollar on Monday, after it became clear the central bank would not intervene again to prop it up. By 0910 GMT on Tuesday it had rebounded to 162.90.
“We believe that the probability of (moving the trading band) is slim in the coming months,” said Gaimin Nonyane, an economist at Ecobank, adding that the bank had ample funds.
“Such a move would increase inflationary pressures. Given the Central Bank’s commitment to promoting price stability, we think the current rate will be maintained.”
Central Bank governor Lamido Sanusi has repeatedly warned that excessive election spending poses an inflation risk that he is ready to counter with tight monetary policy.
Tuesday 3 September 2013
CBN to resist pressure to devalue naira
The Central Bank of Nigeria, yesterday, said it will resist pressure to devalue the naira since it retains ample funds to defend the currency.
Mr. Ugochukwu Okoroafor, CBN spokesperson said the apex bank Governor is expected to stay the course until his term is up in 10 months.
The naira has fallen in recent months, trading outside the CBN’s target band of 150-160 naira to the U.S. dollar since June, initially due to foreign investors booking profits on their naira assets, and on importers buying dollars.
Okoroafor said by telephone that the institution remained committed to the band. "We have the resources to meet demand. We are still determined to keep within that band," he CBN Deputy Governor, Kingsley Moghalu also said there were no plans to change the band in an interview with Reuters in London on Tuesday.
"We are comfortable with the band as it is currently - we do not have any intention of doing anything spectacular," he said.
But a similar naira weakness, partly caused by excessive spending prior to 2011 national elections, forced the central bank to lower the target band from 145-155 naira to the dollar in November that year, after months of struggling to prop it up.
Pressure on the currency will worsen next year as elections loom again in 2015 - traditionally at a time when government expenditure becomes very loose, pumping excess liquidity into the banking system.
"It's the case all over the world - governments tend to spend a lot leading up to elections," Moghalu said.
The unit has hovered around the 162-163 level in recent months, on strong demand for dollars. It touched a 20-month low of 163.70 naira to the dollar last week.
It closed at 163.10 naira to the dollar on Monday, after it became clear the central bank would not intervene again to prop it up. By 0910 GMT on Tuesday it had rebounded to 162.90.
"We believe that the probability of (moving the trading band) is slim in the coming months," said Gaimin Nonyane, an economist at Ecobank, adding that the bank had ample funds.
"Such a move would ... increase inflationary pressures. Given the central bank's commitment to promoting price ... stability, we think the current rate ... will be maintained."
Nigeria's consumer inflation ticked up to 8.7 percent in July, though Moghalu said he expected it to stay in single digits this year.
Central bank governor Lamido Sanusi has repeatedly warned that excessive election spending poses an inflation risk that he is ready to counter with tight monetary policy.
Analysts expect Sanusi will stick to that path until his planned departure next July when his five-year term expires. RISKS OF DEVALUING
"The central bank will continue to defend exchange rate stability ... as long as governor Sanusi remains in charge," said Standard Bank's Samir Gadio.
Sanusi has spent billions of dollars of foreign reserves over the past months in keeping the naira, which has lost 4.6 percent since the year, within its target corridor.
But Nigerian foreign exchange reserves stood at $46.85 billion by Aug. 29, down only 0.23 percent month-on-month from July, so they are not being rapidly depleted.
"Nothing about the central bank's recent guidance or behaviour suggests that is about to allow a devaluation of the naira," said Alan Cameron, economist at CSL Stockbrokers.
The bank tightened liquidity significantly in July, slapping a 50 percent reserve requirement on public sector deposits, up from 12 percent previously. That sucked 1 trillion naira out of the banking system and although the effect on the naira was shortlived, it showed the lengths to which the bank will go.
Moghalu said, however, that the purpose of the reserve requirement hike was to encourage banks to lend more, rather than to boost the currency.
"We would like to see more real economy lending and an expansion of the deposit base, and higher deposit rates, so that people can save," he said.
Another factor, said Charles Robertson, economist at Renaissance Capital, was that pressure on emerging market currencies generally could subside in the coming weeks, so the naira may start to recover all by itself.
"We are comfortable," said Moghalu. "The naira has appreciated a bit in recent days."
Mr. Ugochukwu Okoroafor, CBN spokesperson said the apex bank Governor is expected to stay the course until his term is up in 10 months.
The naira has fallen in recent months, trading outside the CBN’s target band of 150-160 naira to the U.S. dollar since June, initially due to foreign investors booking profits on their naira assets, and on importers buying dollars.
Okoroafor said by telephone that the institution remained committed to the band. "We have the resources to meet demand. We are still determined to keep within that band," he CBN Deputy Governor, Kingsley Moghalu also said there were no plans to change the band in an interview with Reuters in London on Tuesday.
"We are comfortable with the band as it is currently - we do not have any intention of doing anything spectacular," he said.
But a similar naira weakness, partly caused by excessive spending prior to 2011 national elections, forced the central bank to lower the target band from 145-155 naira to the dollar in November that year, after months of struggling to prop it up.
Pressure on the currency will worsen next year as elections loom again in 2015 - traditionally at a time when government expenditure becomes very loose, pumping excess liquidity into the banking system.
"It's the case all over the world - governments tend to spend a lot leading up to elections," Moghalu said.
The unit has hovered around the 162-163 level in recent months, on strong demand for dollars. It touched a 20-month low of 163.70 naira to the dollar last week.
It closed at 163.10 naira to the dollar on Monday, after it became clear the central bank would not intervene again to prop it up. By 0910 GMT on Tuesday it had rebounded to 162.90.
"We believe that the probability of (moving the trading band) is slim in the coming months," said Gaimin Nonyane, an economist at Ecobank, adding that the bank had ample funds.
"Such a move would ... increase inflationary pressures. Given the central bank's commitment to promoting price ... stability, we think the current rate ... will be maintained."
Nigeria's consumer inflation ticked up to 8.7 percent in July, though Moghalu said he expected it to stay in single digits this year.
Central bank governor Lamido Sanusi has repeatedly warned that excessive election spending poses an inflation risk that he is ready to counter with tight monetary policy.
Analysts expect Sanusi will stick to that path until his planned departure next July when his five-year term expires. RISKS OF DEVALUING
"The central bank will continue to defend exchange rate stability ... as long as governor Sanusi remains in charge," said Standard Bank's Samir Gadio.
Sanusi has spent billions of dollars of foreign reserves over the past months in keeping the naira, which has lost 4.6 percent since the year, within its target corridor.
But Nigerian foreign exchange reserves stood at $46.85 billion by Aug. 29, down only 0.23 percent month-on-month from July, so they are not being rapidly depleted.
"Nothing about the central bank's recent guidance or behaviour suggests that is about to allow a devaluation of the naira," said Alan Cameron, economist at CSL Stockbrokers.
The bank tightened liquidity significantly in July, slapping a 50 percent reserve requirement on public sector deposits, up from 12 percent previously. That sucked 1 trillion naira out of the banking system and although the effect on the naira was shortlived, it showed the lengths to which the bank will go.
Moghalu said, however, that the purpose of the reserve requirement hike was to encourage banks to lend more, rather than to boost the currency.
"We would like to see more real economy lending and an expansion of the deposit base, and higher deposit rates, so that people can save," he said.
Another factor, said Charles Robertson, economist at Renaissance Capital, was that pressure on emerging market currencies generally could subside in the coming weeks, so the naira may start to recover all by itself.
"We are comfortable," said Moghalu. "The naira has appreciated a bit in recent days."
AGRA: Africa's soils are in trouble, says Jane Karuku
By JIMOH BABATUNDE, Maputo, Mozambique
The President of the Alliance for Green revolution in Africa (AGRA), Jane Karuku, has said that for Africa to be able to feed itself and for its farm produce to be competitive in international market there is need to use both organic and inorganic fertilizer.
Speaking ahead of the opening ceremony of the African Green Revolution Forum here in Maputo Tuesday, Karuku said AGRA believes in generating homegrown solutions to Africa´s food security challenges through building capacity across the whole agricultural value chain.
Karuku explained that the usage of fertilizer in Africa is so low that there is need to accept that we must use fertilizer to grow productivity and that African farmers must be brave enough to break the circle by using both organic and inorganic fertilizer.
"Africa's soils are in trouble. Continuous farming without replenishing soil nutrients has depleted three-quarters of farmland. Without access to fertilizers and organic matter in adequate amounts, farmers' yields have long stagnated. Thus, restoring soil fertility will allow Africa's smallholder farmers to grow more food on existing farmland and to protect a vital natural resource."
AGRA funded program in the area of fertilizer usage, according to her, is environmentally sustainable and economically affordable to the hundreds of thousands of smallholder farmers who stand to benefit.
She said the Program for Africa's Seed Systems (PASS) of AGRA has provided higher-yielding seeds farmers need to not only avoid food crisis but also better their own lives and those of their children.
`` Farmers' productivity in Africa is limited by the fact that farmers have a limited choice of improved variety of seed. Most farmers plant varieties that were released more than 30 years ago or land races (farmer collection seeds).
``To increase yields in Africa, PASS established effective breeding and seed systems across the continent. Farmers are already beginning to benefit from the power of better seed. PASS supports country-level crop breeding teams who work closely with farmers to develop new varieties.
``PASS then funds and trains local entrepreneurs who establish and grow private, independent seed companies' to produce and distribute the seed.
Karuku noted that majority of farmers who accessed the new seed doubled their produce, adding that the seeds are now being distributed through a network of local, rural enterprises dealing in agricultural inputs - a mode which holds the promise of sustainability.
``To ensure that research continues over the long-term on African crops and maintains a steady pipeline of new varieties.``
She added that one of the approaches AGRA keenly undertook was to conduct training sessions with young African scientists across Africa through innovative academic collaborations that effectively embody North-South, and South- South cooperation.
Speaking on the forum that opens Wednesday, Karuku said it will be used to showcase all the good things happening in the agricultural sector in the continent.
“We need to set up the agenda as nobody will help Africa do that if we as Africans do not do help ourselves. We are getting lot of investment in the sector by African governments.”
While thanking the Mozambican government for hosting the forum, AGRA President explained that the forum will review the 2003 Maputo Declaration that asked African governments to dedicate 10% of their annual budget to agriculture.
“In 2003 African heads of state met in Mozambique and pledged to allocate 10 per cent of their national budget to agriculture by 2008. To date, Burkina Faso, Ethiopia, Ghana, Guinea, Malawi, Mali, Niger and Senegal have exceeded this target and most countries have made significant progress towards this goal.
The President of the Alliance for Green revolution in Africa (AGRA), Jane Karuku, has said that for Africa to be able to feed itself and for its farm produce to be competitive in international market there is need to use both organic and inorganic fertilizer.
Speaking ahead of the opening ceremony of the African Green Revolution Forum here in Maputo Tuesday, Karuku said AGRA believes in generating homegrown solutions to Africa´s food security challenges through building capacity across the whole agricultural value chain.
Karuku explained that the usage of fertilizer in Africa is so low that there is need to accept that we must use fertilizer to grow productivity and that African farmers must be brave enough to break the circle by using both organic and inorganic fertilizer.
"Africa's soils are in trouble. Continuous farming without replenishing soil nutrients has depleted three-quarters of farmland. Without access to fertilizers and organic matter in adequate amounts, farmers' yields have long stagnated. Thus, restoring soil fertility will allow Africa's smallholder farmers to grow more food on existing farmland and to protect a vital natural resource."
AGRA funded program in the area of fertilizer usage, according to her, is environmentally sustainable and economically affordable to the hundreds of thousands of smallholder farmers who stand to benefit.
She said the Program for Africa's Seed Systems (PASS) of AGRA has provided higher-yielding seeds farmers need to not only avoid food crisis but also better their own lives and those of their children.
`` Farmers' productivity in Africa is limited by the fact that farmers have a limited choice of improved variety of seed. Most farmers plant varieties that were released more than 30 years ago or land races (farmer collection seeds).
``To increase yields in Africa, PASS established effective breeding and seed systems across the continent. Farmers are already beginning to benefit from the power of better seed. PASS supports country-level crop breeding teams who work closely with farmers to develop new varieties.
``PASS then funds and trains local entrepreneurs who establish and grow private, independent seed companies' to produce and distribute the seed.
Karuku noted that majority of farmers who accessed the new seed doubled their produce, adding that the seeds are now being distributed through a network of local, rural enterprises dealing in agricultural inputs - a mode which holds the promise of sustainability.
``To ensure that research continues over the long-term on African crops and maintains a steady pipeline of new varieties.``
She added that one of the approaches AGRA keenly undertook was to conduct training sessions with young African scientists across Africa through innovative academic collaborations that effectively embody North-South, and South- South cooperation.
Speaking on the forum that opens Wednesday, Karuku said it will be used to showcase all the good things happening in the agricultural sector in the continent.
“We need to set up the agenda as nobody will help Africa do that if we as Africans do not do help ourselves. We are getting lot of investment in the sector by African governments.”
While thanking the Mozambican government for hosting the forum, AGRA President explained that the forum will review the 2003 Maputo Declaration that asked African governments to dedicate 10% of their annual budget to agriculture.
“In 2003 African heads of state met in Mozambique and pledged to allocate 10 per cent of their national budget to agriculture by 2008. To date, Burkina Faso, Ethiopia, Ghana, Guinea, Malawi, Mali, Niger and Senegal have exceeded this target and most countries have made significant progress towards this goal.
Nokia to sell handset business to Microsoft for $7.2bn
Helsink - Two years after hitching its fate to Microsoft's Windows Phone software, Nokia collapsed into the arms of the U.S. software giant, agreeing to sell its main handset business for 5.44 billion euros ($7.2 billion).
Nokia, which will continue as a maker of networking equipment and holder of patents, was once the world's dominant handset manufacturer, but was long since overtaken by Apple and Samsung .
Nokia's Canadian boss Stephen Elop, who ran Microsoft's business software division before jumping to Nokia in 2010, will now return to the U.S. firm as head of its mobile devices business.
He is being discussed as a possible replacement for Microsoft's retiring CEO Steve Ballmer, who is trying to remake the U.S. firm into a gadget and services company like Apple before he departs.
In three years under Elop, Nokia saw its market share collapse and its share price shrivel as investors bet heavily that his strategy would fail.
In 2011, after writing a memo that said Nokia was falling behind and lacked the in-house technology to catch up, Elop made the controversial decision to use his former firm Microsoft's Windows Phone for smartphones, rather than Nokia's own software or Google's ubiquitous Android operating system.
Nokia, which had a 40 per cent share of the handset market in 2007, now has a mere 15 per cent market share, with an even smaller three per cent share in smartphones.
The sale of the handset business is not the first dramatic turn in the 148-year history of a company which has sold everything from television sets to rubber boots.
But it was felt as a hard blow in its native Finland, even among hard-nosed investors who saw the sale as a final chance to salvage value.
"I have mixed feelings, because I'm a Finn.
“As a Finnish person, I cannot like this deal. It ends one chapter in this Nokia story," said Juha Varis, Danske Capital's senior portfolio manager whose fund owns Nokia shares.
"On the other hand, it was maybe the last opportunity to sell it."
Varis was one of many investors critical of Elop's decision to bet Nokia's future in smartphones on Microsoft's Windows phone software, which was praised by tech reviewers, but never caught on with consumers.
"So this is the outcome: the whole business for five billion euros. That's peanuts compared to its history," he said.
Finns lamented the decline of their former champion.
Alexander Stubb, Finland's minister for European Affairs and Foreign Trade, said on his Twitter account: "For a lot of us Finns, including myself, Nokia phones are part of what we grew up with. Many first reactions to the deal will be emotional."
It is also a pivotal moment for Microsoft, which still has huge revenues from its Windows computer operating system, Office suite of business software and the X-Box game console, but never managed to set up a profitable mobile device business.
Microsoft's own mobile gadget, the Surface tablet, has sold tepidly since it was launched last year.
"It's a bold step into the future — a win-win for employees, shareholders and consumers of both companies," Ballmer said in a statement.
"Bringing these great teams together will accelerate Microsoft's share and profits in phones and strengthen the overall opportunities for both Microsoft and our partners across our entire family of devices and services."
The move leaves the Finnish company with Nokia Solutions and Networks, which competes with the likes of Ericson and Huawei in telecoms equipment, as well as a navigation business and a broad portfolio of patents.
Nokia, which will continue as a maker of networking equipment and holder of patents, was once the world's dominant handset manufacturer, but was long since overtaken by Apple and Samsung .
Nokia's Canadian boss Stephen Elop, who ran Microsoft's business software division before jumping to Nokia in 2010, will now return to the U.S. firm as head of its mobile devices business.
He is being discussed as a possible replacement for Microsoft's retiring CEO Steve Ballmer, who is trying to remake the U.S. firm into a gadget and services company like Apple before he departs.
In three years under Elop, Nokia saw its market share collapse and its share price shrivel as investors bet heavily that his strategy would fail.
In 2011, after writing a memo that said Nokia was falling behind and lacked the in-house technology to catch up, Elop made the controversial decision to use his former firm Microsoft's Windows Phone for smartphones, rather than Nokia's own software or Google's ubiquitous Android operating system.
Nokia, which had a 40 per cent share of the handset market in 2007, now has a mere 15 per cent market share, with an even smaller three per cent share in smartphones.
The sale of the handset business is not the first dramatic turn in the 148-year history of a company which has sold everything from television sets to rubber boots.
But it was felt as a hard blow in its native Finland, even among hard-nosed investors who saw the sale as a final chance to salvage value.
"I have mixed feelings, because I'm a Finn.
“As a Finnish person, I cannot like this deal. It ends one chapter in this Nokia story," said Juha Varis, Danske Capital's senior portfolio manager whose fund owns Nokia shares.
"On the other hand, it was maybe the last opportunity to sell it."
Varis was one of many investors critical of Elop's decision to bet Nokia's future in smartphones on Microsoft's Windows phone software, which was praised by tech reviewers, but never caught on with consumers.
"So this is the outcome: the whole business for five billion euros. That's peanuts compared to its history," he said.
Finns lamented the decline of their former champion.
Alexander Stubb, Finland's minister for European Affairs and Foreign Trade, said on his Twitter account: "For a lot of us Finns, including myself, Nokia phones are part of what we grew up with. Many first reactions to the deal will be emotional."
It is also a pivotal moment for Microsoft, which still has huge revenues from its Windows computer operating system, Office suite of business software and the X-Box game console, but never managed to set up a profitable mobile device business.
Microsoft's own mobile gadget, the Surface tablet, has sold tepidly since it was launched last year.
"It's a bold step into the future — a win-win for employees, shareholders and consumers of both companies," Ballmer said in a statement.
"Bringing these great teams together will accelerate Microsoft's share and profits in phones and strengthen the overall opportunities for both Microsoft and our partners across our entire family of devices and services."
The move leaves the Finnish company with Nokia Solutions and Networks, which competes with the likes of Ericson and Huawei in telecoms equipment, as well as a navigation business and a broad portfolio of patents.
Monday 2 September 2013
FG, private sector partner to revitalise oil palm industry
The Federal Government has promised to work with stakeholders in the oil palm value chain to grow the sub-sector in line with its Industrial Revolution Plan. Mr Olusegun Aganga, the Minister of Industry, Trade and Investment, made the promise at a meeting with the Plantation Owners Forum of Nigeria in Abuja.
Others associations at the meeting were the National Palm Produce Association of Nigeria and Vegetable and Edible Oil Processors Association of Nigeria. Aganga said that the ministry would partner all the stakeholders in the industry to develop holistic and integrated policy that would fast-track the growth of the sector.
“No nation has developed from being a poor to a rich nation by relying heavily on producing and exporting its raw materials without a vibrant and robust industrial base and services sector. Our country is blessed with abundant human and natural resources to become a great nation especially given the ongoing transformation and reforms being carried out by President Goodluck Jonathan’s administration.
“In order to diversify and grow our economy through industrialisation we have already developed and begun the implementation of the Nigeria Industrial Revolution Plan”.
Aganga said the plan had identified strategic areas where Nigeria had comparative advantage such as agri-business. He said that that the NIRP placed high premium in converting raw materials into finished products through value addition.
The minister said the ministry was partnering the manufacturing sector to remove barriers to increased productivity in order to increase the capacity utilisation of the real sector for job and wealth creation.
“We are committed to providing a conducive environment to support the growth and development of the industrial sector.
The meeting with the coalition of stakeholders in the oil palm industry value chain afforded us the opportunity to appraise the problems militating against achieving the full potential of the sector. We are ready to partner all the stakeholders to resolve the issues raised,” he assured.
Mr Fatai Afolabi, the Executive Secretary, Plantation Owners Forum of Nigeria, had earlier solicited for the assistance of the ministry in industrialising the sector.
Afolabi said that stakeholders in the industry were ready to key into the Industrial Revolution Plan of the Federal Government in order to move the sector forward.
“For the past 20 years, this is the first time for us to get the opportunity of meeting a sitting minister in charge of industry despite all our efforts.
Others associations at the meeting were the National Palm Produce Association of Nigeria and Vegetable and Edible Oil Processors Association of Nigeria. Aganga said that the ministry would partner all the stakeholders in the industry to develop holistic and integrated policy that would fast-track the growth of the sector.
“No nation has developed from being a poor to a rich nation by relying heavily on producing and exporting its raw materials without a vibrant and robust industrial base and services sector. Our country is blessed with abundant human and natural resources to become a great nation especially given the ongoing transformation and reforms being carried out by President Goodluck Jonathan’s administration.
“In order to diversify and grow our economy through industrialisation we have already developed and begun the implementation of the Nigeria Industrial Revolution Plan”.
Aganga said the plan had identified strategic areas where Nigeria had comparative advantage such as agri-business. He said that that the NIRP placed high premium in converting raw materials into finished products through value addition.
The minister said the ministry was partnering the manufacturing sector to remove barriers to increased productivity in order to increase the capacity utilisation of the real sector for job and wealth creation.
“We are committed to providing a conducive environment to support the growth and development of the industrial sector.
The meeting with the coalition of stakeholders in the oil palm industry value chain afforded us the opportunity to appraise the problems militating against achieving the full potential of the sector. We are ready to partner all the stakeholders to resolve the issues raised,” he assured.
Mr Fatai Afolabi, the Executive Secretary, Plantation Owners Forum of Nigeria, had earlier solicited for the assistance of the ministry in industrialising the sector.
Afolabi said that stakeholders in the industry were ready to key into the Industrial Revolution Plan of the Federal Government in order to move the sector forward.
“For the past 20 years, this is the first time for us to get the opportunity of meeting a sitting minister in charge of industry despite all our efforts.
Money laundering: FG begins assessment of financial sector
By Michael Eboh
The Federal Government has commenced an assessment of the financial sector to determine the threats and vulnerabilities of the country to money laundering and terrorism financing.
Speaking at a regional training programme for financial and regulatory institutions on the revised Financial Action Task Force recommendations, organized by the Inter-Governmental Action Group against Money Laundering in West Africa, GIABA, Ms. Juliet Ibekaku, Director, NFIU and GIABA National Correspondent of Nigeria, said on its conclusion, the National Risk Assessment, NRA, on money laundering and terrorism financing threats and vulnerabilities, will ensure that weaknesses in Nigeria’s AML/CFT regime are brought to light and effective policies and measures taken to address such deficiencies.
Ibebaku, who was represented by Mr. Daniel Iseye, an official of the NFIU, the assessment is done through the collaborative efforts of the NFIU and other stakeholder institutions, and in compliance with Recommendation 1 of the revised standards.
She lamented the recent sanctions meted out to an international subsidiary of a Nigerian bank, saying such penal actions by a foreign country on a Nigeria bank do not bode well for the image and rating of Nigeria.
According to her, this becomes particularly troubling considering the forthcoming FATF Regional Review Group on-site visit to Nigeria.
She said, “The laws and regulations have placed very important obligations on reporting entities which include reporting requirements under Sections 6 &10 of the Money Laundering Prohibition Act, MLPA 2011. Under Section 9 of the MLPA 2011 as amended, reporting entities must train employees, and build strong Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) infrastructure in their systems.”
“Customer due diligence is very vital for an effective AML/CFT regime in the country, accordingly, Section 3 of the MLPA as amended has expanded the requirements on the implementation of customer due diligence policies by reporting entities.
“Juxtaposing all of these obligations are provisions on protection for reporting in good faith, requirement for confidentiality and a plethora of penalties for failure to act in the interest of public good. These penalties range from monetary fines, terms of imprisonment or even revocation of licenses.
“The implication of not having a strict CDD programme is huge as we saw recently in the monetary sanction handed down on GTbank UK a subsidiary of GTbank Nigeria.”
Continuing, she said, “We are glad to note that all sector regulators are reviewing their AML/CFT regulations in line with the recent amendments in the MLPA 2011 and TPA 2011 and it is hoped that these updated regulations would be of immense value to reporting entities.”
The Federal Government has commenced an assessment of the financial sector to determine the threats and vulnerabilities of the country to money laundering and terrorism financing.
Speaking at a regional training programme for financial and regulatory institutions on the revised Financial Action Task Force recommendations, organized by the Inter-Governmental Action Group against Money Laundering in West Africa, GIABA, Ms. Juliet Ibekaku, Director, NFIU and GIABA National Correspondent of Nigeria, said on its conclusion, the National Risk Assessment, NRA, on money laundering and terrorism financing threats and vulnerabilities, will ensure that weaknesses in Nigeria’s AML/CFT regime are brought to light and effective policies and measures taken to address such deficiencies.
Ibebaku, who was represented by Mr. Daniel Iseye, an official of the NFIU, the assessment is done through the collaborative efforts of the NFIU and other stakeholder institutions, and in compliance with Recommendation 1 of the revised standards.
She lamented the recent sanctions meted out to an international subsidiary of a Nigerian bank, saying such penal actions by a foreign country on a Nigeria bank do not bode well for the image and rating of Nigeria.
According to her, this becomes particularly troubling considering the forthcoming FATF Regional Review Group on-site visit to Nigeria.
She said, “The laws and regulations have placed very important obligations on reporting entities which include reporting requirements under Sections 6 &10 of the Money Laundering Prohibition Act, MLPA 2011. Under Section 9 of the MLPA 2011 as amended, reporting entities must train employees, and build strong Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) infrastructure in their systems.”
“Customer due diligence is very vital for an effective AML/CFT regime in the country, accordingly, Section 3 of the MLPA as amended has expanded the requirements on the implementation of customer due diligence policies by reporting entities.
“Juxtaposing all of these obligations are provisions on protection for reporting in good faith, requirement for confidentiality and a plethora of penalties for failure to act in the interest of public good. These penalties range from monetary fines, terms of imprisonment or even revocation of licenses.
“The implication of not having a strict CDD programme is huge as we saw recently in the monetary sanction handed down on GTbank UK a subsidiary of GTbank Nigeria.”
Continuing, she said, “We are glad to note that all sector regulators are reviewing their AML/CFT regulations in line with the recent amendments in the MLPA 2011 and TPA 2011 and it is hoped that these updated regulations would be of immense value to reporting entities.”
Charcoal, agricultural produce dominate Nigeria’s export
By Godfrey BIVBERE
THE nation’s export between January and May this year was dominated by charcoal and agricultural produce, a trade report by Maersk Nigeria Limited has shown.
The report showed that Nigeria’s charcoal export rose by 76 percent as of May 2013, when compared to the same period in 2012, and further attributed the rise in volume to the longer winter season experienced in Europe. The trade report which quoted the company’s Managing Director and Head of Central and West Africa Cluster, Mr. Jan Thorhauge, noted that finished product import rose by 39 percent during the same period due to major manufacturing firms streamlining their production activities by making Nigeria their main production hub for the region.
Thorhauge said that containerised import market to Nigeria was estimated to have ended at approximately 159,000 FFE (40-foot equivalent units), as compared with the same period in 2012, which produced an estimated volume of 155,000 FFE, representing a relatively marginal year on year growth of around two percent. The Maersk boss also said that the Eastern Nigerian market, maintained its superior performance over the western part of the country, in terms of growth in volume ratio with a year on year growth ratio of 10 percent on import and one percent on export.
Thorhauge said that Maersk Line maintained its position as the leading shipping line in Nigeria, and combined with its sister company Safmarine, commanded an estimated 37 percent share of the import market and 28 percent on the export market.
“Not much has changed as the containerised market in Nigeria continues to be strongly dominated by imports, and for the last six years, the import/export ratio has remained at around 92 percent import versus eight percent export”.
According to Thorhauge, most of the country’s containerised cargoes come from the Far East, mostly China, while most of its export commodities have been going to Europe.
“The sourcing patterns have not changed fundamentally in the last six years, though imports from Europe and Middle East have experienced significant increase in the last two years. Major products coming from the Middle East are industrial raw materials, chemicals, electronics, iron and steel and tyres, while from Europe, major products include industrial raw materials, frozen fish and cars,” he said.
The increased sourcing pattern can be attributed to better pricing from these regions, increase in the age limits of imported automobiles from 5 years to 10 years, increased construction as well as growing demands for finished products by the Nigerian populace.
He also said that Nigeria’s export ratio can be enhanced if the government is able to improve on infrastructure, such as power supply, road network and rail services.
The dominant items imported into the country, according to Thorhauge, have remained the same over the past six years and are made up of traditional commodities such as cars, electronics, construction materials, food items, chemicals, electrical fittings, machinery and paper among other goods covering industrial as well as private needs.
“We are quite optimistic that the import market in Nigeria will grow by about 6-8 percent for the second half of 2013. The export market is subject to harvest conditions and global market prices, but we foresee an increase of about eight percent for the rest of the year.
THE nation’s export between January and May this year was dominated by charcoal and agricultural produce, a trade report by Maersk Nigeria Limited has shown.
The report showed that Nigeria’s charcoal export rose by 76 percent as of May 2013, when compared to the same period in 2012, and further attributed the rise in volume to the longer winter season experienced in Europe. The trade report which quoted the company’s Managing Director and Head of Central and West Africa Cluster, Mr. Jan Thorhauge, noted that finished product import rose by 39 percent during the same period due to major manufacturing firms streamlining their production activities by making Nigeria their main production hub for the region.
Thorhauge said that containerised import market to Nigeria was estimated to have ended at approximately 159,000 FFE (40-foot equivalent units), as compared with the same period in 2012, which produced an estimated volume of 155,000 FFE, representing a relatively marginal year on year growth of around two percent. The Maersk boss also said that the Eastern Nigerian market, maintained its superior performance over the western part of the country, in terms of growth in volume ratio with a year on year growth ratio of 10 percent on import and one percent on export.
Thorhauge said that Maersk Line maintained its position as the leading shipping line in Nigeria, and combined with its sister company Safmarine, commanded an estimated 37 percent share of the import market and 28 percent on the export market.
“Not much has changed as the containerised market in Nigeria continues to be strongly dominated by imports, and for the last six years, the import/export ratio has remained at around 92 percent import versus eight percent export”.
According to Thorhauge, most of the country’s containerised cargoes come from the Far East, mostly China, while most of its export commodities have been going to Europe.
“The sourcing patterns have not changed fundamentally in the last six years, though imports from Europe and Middle East have experienced significant increase in the last two years. Major products coming from the Middle East are industrial raw materials, chemicals, electronics, iron and steel and tyres, while from Europe, major products include industrial raw materials, frozen fish and cars,” he said.
The increased sourcing pattern can be attributed to better pricing from these regions, increase in the age limits of imported automobiles from 5 years to 10 years, increased construction as well as growing demands for finished products by the Nigerian populace.
He also said that Nigeria’s export ratio can be enhanced if the government is able to improve on infrastructure, such as power supply, road network and rail services.
The dominant items imported into the country, according to Thorhauge, have remained the same over the past six years and are made up of traditional commodities such as cars, electronics, construction materials, food items, chemicals, electrical fittings, machinery and paper among other goods covering industrial as well as private needs.
“We are quite optimistic that the import market in Nigeria will grow by about 6-8 percent for the second half of 2013. The export market is subject to harvest conditions and global market prices, but we foresee an increase of about eight percent for the rest of the year.
Chanchangi begins Yola flight operations
Ikeja - Airlines Nigeria Ltd., on Sunday commenced daily flight operations from Lagos to Yola International Airport, Adamawa, with an impressive turnout of passengers.
Mr Olu Balogun, the Group Public Relations Manager of the airline, told newsmen in Lagos during the inaugural flight, that Yola route remained viable for the airline.
He said that the operation became inevitable as a result of the acquisition of a Boeing 737-500 aircraft.
Balogun said the airline would start flight operations into Port Harcourt International Airport before the end of September, adding that another aircraft of the airline would arrive in November.
He said that a number of passenger-friendly services would be introduced as part of measures aimed at repositioning the airline to meet future challenges.
Balogun thanked all the agencies and management team of the airline for their understanding during the its trying period.
Mr Bashir Adamu, Acting Head of Operations, Yola International Airport, said that the airline had brought more revenue to the Federal Airports Authority of Nigeria (FAAN).
He said that the airline had also brought succour to air travellers in the region.
Adamu urged the management of the airline to regularly schedule flights to Yola International Airport, so that passengers would have confidence in its operations.
He also advised other airlines to schedule flights to Yola Airport as a result of the high passenger traffic on the route.
The News Agency of Nigeria (NAN) reports that Arik and Med-View airlines also operate scheduled flight operations into the Yola Airport. (NAN)
Mr Olu Balogun, the Group Public Relations Manager of the airline, told newsmen in Lagos during the inaugural flight, that Yola route remained viable for the airline.
He said that the operation became inevitable as a result of the acquisition of a Boeing 737-500 aircraft.
Balogun said the airline would start flight operations into Port Harcourt International Airport before the end of September, adding that another aircraft of the airline would arrive in November.
He said that a number of passenger-friendly services would be introduced as part of measures aimed at repositioning the airline to meet future challenges.
Balogun thanked all the agencies and management team of the airline for their understanding during the its trying period.
Mr Bashir Adamu, Acting Head of Operations, Yola International Airport, said that the airline had brought more revenue to the Federal Airports Authority of Nigeria (FAAN).
He said that the airline had also brought succour to air travellers in the region.
Adamu urged the management of the airline to regularly schedule flights to Yola International Airport, so that passengers would have confidence in its operations.
He also advised other airlines to schedule flights to Yola Airport as a result of the high passenger traffic on the route.
The News Agency of Nigeria (NAN) reports that Arik and Med-View airlines also operate scheduled flight operations into the Yola Airport. (NAN)
Saturday 31 August 2013
The dividends of the N36billion Niger bond
By Wole Mosadomi
Several years back, Minna, Niger State capital, used to be one of the cheapest state capitals in the country where housing, food and other amenities were at affordable prices.
Besides, infrastructural facilities such as roads among others were in good shape and enjoyed by all without much stress.
However, with the pronouncement of Abuja as the new federal capital, things started to change as Minna, Suleja and other towns close to the new federal capital came under pressure.
Out of the states from which the new federal capital was carved out, Niger is the closet to Abuja and this proximity affected social amenities provided as they are overstretched.
Many civil servants and even contractors prefer to settle in Suleja, Zuba and even Minna and transact their businesses in the new federal capital.
Successive administrations in the state made presentations on the need for the Federal Government to come to their aid in terms of finance.
When the administration of Governor Mu’azu Babangida Aliyu took office in 2007, one of the coordinal points of the administration was how to reverse the decaying infrastructural facilities. Knowing that the federal allocation accruing to the state could not meet up the set goals of his administration, the Aliyu administration opted for bond.
Opposition against the bond mounted but the Aliyu administration was not deterred.
Many financial experts including a former Director General of the Security and Exchange Commission, Alhaji Sulaiman Ndanusa, who is also from Niger, backed the bond as long as the money would be judiciously spent.
The state government eventually took the initial N6billion bond part of which was spent on roads spread over the three senatorial districts of the state. The bond was not spent on electrification of some villages in order to boost small scale industries at the grassroots.
The roads on which the bond was expended include the new Bussa-Lunma-Babana Road which had been abandoned for almost three decades for N1.5billion.
Others roads rehabilitated were Batati-Dabban Road, Mokwa-Rabba Road, the first phase of Minna Lapai-Gwari road as well as the road leading to Gurara water falls.
By August 2011, 80% of the N6b bond had been repaid while the balance was also offset early this year.
As a result of the prudent management of the N6b bond, another N30b was applied for last October out of which N9billion has been drawn. This loan is tied to projects which include the Shiroro-Erena bridge. The construction of this bridge put an end to the risk being experienced by people of the area who were forced to cross the river by ferry which often resulted to capsizing and loss of lives and property.
Other roads embarked upon from the new bond is the completion of the Birgi- Gwari Lapai road to the permanent site of the Federal University of Technology Minna.
A breakdown of the projects being executed shows that the eastern by-pass in Minna will cost N2.5b, the Lapai-Gwari-FUT permanent site road, N924.8m, rehabilitation/construction of Kwakuti-Kaffinkoro-Gwada road, N2.2b, Rijau-Dukku road, N2.6b, construction of bridge across the River Kaduna at Shiroro, N1.4b and the dualization of the Idi burial ground-Ahmadu Bahago roundabout at N1.4b.
In all, about 130kilometers of road projects are to be constructed besides the bridge which is expected to link the northern and southern parts of the state.
The state Commissioner for Information, Communications and Integration, Professor Mohammed Kuta Yahaya, who led a team of journalists to inspect some of these projects, said it was an opportunity to correct the negative impression that the bonds were not judiciously utilised. It was also an opportunity to assess the ongoing projects and also see the competence of the contractors handling them.
The commissioner explained that the 66.8km Kwakuti-Kaffinkro-Gwada road is not a Federal Government project.
Meanwhile, because of poor quality jobs by contractors, the state government has revoked the contracts for the construction of about 90 kilometers of roads across the state.
Kuta said the contracts will be re-awarded to competent contractors.
Several years back, Minna, Niger State capital, used to be one of the cheapest state capitals in the country where housing, food and other amenities were at affordable prices.
Besides, infrastructural facilities such as roads among others were in good shape and enjoyed by all without much stress.
However, with the pronouncement of Abuja as the new federal capital, things started to change as Minna, Suleja and other towns close to the new federal capital came under pressure.
Out of the states from which the new federal capital was carved out, Niger is the closet to Abuja and this proximity affected social amenities provided as they are overstretched.
Many civil servants and even contractors prefer to settle in Suleja, Zuba and even Minna and transact their businesses in the new federal capital.
Successive administrations in the state made presentations on the need for the Federal Government to come to their aid in terms of finance.
When the administration of Governor Mu’azu Babangida Aliyu took office in 2007, one of the coordinal points of the administration was how to reverse the decaying infrastructural facilities. Knowing that the federal allocation accruing to the state could not meet up the set goals of his administration, the Aliyu administration opted for bond.
Opposition against the bond mounted but the Aliyu administration was not deterred.
Many financial experts including a former Director General of the Security and Exchange Commission, Alhaji Sulaiman Ndanusa, who is also from Niger, backed the bond as long as the money would be judiciously spent.
The state government eventually took the initial N6billion bond part of which was spent on roads spread over the three senatorial districts of the state. The bond was not spent on electrification of some villages in order to boost small scale industries at the grassroots.
The roads on which the bond was expended include the new Bussa-Lunma-Babana Road which had been abandoned for almost three decades for N1.5billion.
Others roads rehabilitated were Batati-Dabban Road, Mokwa-Rabba Road, the first phase of Minna Lapai-Gwari road as well as the road leading to Gurara water falls.
By August 2011, 80% of the N6b bond had been repaid while the balance was also offset early this year.
As a result of the prudent management of the N6b bond, another N30b was applied for last October out of which N9billion has been drawn. This loan is tied to projects which include the Shiroro-Erena bridge. The construction of this bridge put an end to the risk being experienced by people of the area who were forced to cross the river by ferry which often resulted to capsizing and loss of lives and property.
Other roads embarked upon from the new bond is the completion of the Birgi- Gwari Lapai road to the permanent site of the Federal University of Technology Minna.
A breakdown of the projects being executed shows that the eastern by-pass in Minna will cost N2.5b, the Lapai-Gwari-FUT permanent site road, N924.8m, rehabilitation/construction of Kwakuti-Kaffinkoro-Gwada road, N2.2b, Rijau-Dukku road, N2.6b, construction of bridge across the River Kaduna at Shiroro, N1.4b and the dualization of the Idi burial ground-Ahmadu Bahago roundabout at N1.4b.
In all, about 130kilometers of road projects are to be constructed besides the bridge which is expected to link the northern and southern parts of the state.
The state Commissioner for Information, Communications and Integration, Professor Mohammed Kuta Yahaya, who led a team of journalists to inspect some of these projects, said it was an opportunity to correct the negative impression that the bonds were not judiciously utilised. It was also an opportunity to assess the ongoing projects and also see the competence of the contractors handling them.
The commissioner explained that the 66.8km Kwakuti-Kaffinkro-Gwada road is not a Federal Government project.
Meanwhile, because of poor quality jobs by contractors, the state government has revoked the contracts for the construction of about 90 kilometers of roads across the state.
Kuta said the contracts will be re-awarded to competent contractors.
Alleged: House Committee on Finance fingers 21 banks
By EMMA OVUAKPORIE
Some three years ago, the Economic and Financial Crimes Commission, EFCC, headed then by Mrs Farida Waziri, became the second home of bank chief executives. A similar scenario may soon unfold if the House Committee on Finance of the House of Representatives findings on how banks allegedly defraud the Federal Government through falsification of tax papers, improper tax remittances and, in some cases, outright non-payment of taxes is anything to go by.
Between 2009 and 2011, some banks’ bosses allegedly got their fingers soiled through unwholesome banking practices and insider- trading that made some of them go to jail.
The stock market crashed with over N1trillion unaccounted for.
Waziri then made some powerful bank CEOs to lose their posh cars, mansions across the globe, shares and private jets.
This led to the acquisition of some banks and, in some cases, outright sale of others deeply involved in unwholesome and voodoo banking practices.
Last Monday, the House Committee Chairman on Finance, Dr Abdulmunin Jibrin, opened a can of worms in a press release entitled: ‘How banks defraud and short change Nigeria’.
Jibrin, whose entire academic background is on accounting, emptied banks and left a big gash in their bowels in the release.
This is an indication that the investigative hearing scheduled for next month would be earth-shaking.
In the release, Jibrin noted that in “pursuant to the statutory mandate of the House Committee on Finance and its oversight functions over the Federal Inland Revenue Service (FIRS) and tax matters, the Committee on Finance has been investigating tax remittances, tax assessments and payments by Banks”.
Giving an insight into the investigation, the lawmaker went on:”Since the inception of the 7th assembly, the Committee on Finance has been inundated with reports on cases of tax evasion and sharp practices in tax remittances by banks.
”Consequently the Committee decided to bring the banks under close legislative scrutiny.
”To this end, the Committee has commenced a series of engagements with the deposit money banks. As a fallout of two separate meetings with Chief Executives of the banks, three different templates were distributed to all deposit money banks in the country to complete and submit to the Committee.
”In the last few months, the Committee has analysed volumes of documents submitted by the banks and is pleased to announce that it has enjoyed tremendous capacity support from the DFID, NABRO and reputable professionals in the industry in conducting its revenue generation and remittances investigations”.
According to him,, “preliminary findings show a poor quality of returns by the banks, discrepancies in data submitted, outright refusal to present documentary evidence, blanket violations of existing laws, self exemption from existing rules, false declaration, manipulation and distortion of information among others. These despicable acts of gross misconduct clearly depict the unscrupulous and roguish character of some banks and their Chief Executive Officers.
For the Committee on Finance, this is unacceptable”!
For instance, Jibrin stated,balances reported in the published audited accounts of some banks showed huge variance with the figures submitted to the Committee.
”The data submitted to the CBN in their monthly returns on the same issues were found to be different from what was tendered before the Committee. Even more embarrassing are the inconsistencies and huge variances in some data provided in different pages of documents submitted, thus leaving the committee to conclude that many Banks blatantly engage in the creative accounting technique of inflating their operating costs to reduce their exposure to taxes”, the Committee Chairman said.
Jibrin explainedthat some banks had also created exemption rules for themselves in total disregard for the provisions of extant tax laws, particularly violations of the stamp duty, withholding tax and VAT acts. “Some Chief Executives deliberately refused to sign the templates, obviously evading presentation of the document under oath in line with legislative procedure”, he said.
”Similarly, key information and data were omitted. Such data include details of staff PAYE and utilities with tax implications. There are also many cases of late remittances or outright failure to remit money collected on behalf of government.
Generally, returns made so far by the banks are incomplete as the order of presentation was contrary to the guidelines provided in the template. Clearly, this is aimed at misleading the Committee. Documentary evidence requested was also provided in a haphazard manner. Out of the 21 banks under scrutiny, only six have so far completed and supplied all the information requested for in the proper format, albeit with certain queries to answer.
“The banks are, CitiBank, Stanbic IBTC, Standard Chartered Bank, GT Bank, Access Bank and Zenith Bank.
“The others, besides poor and incomplete documentation, have questions to answer.
“They include First Bank, Union Bank, United Bank for Africa, Diamond Bank, Unity Bank, Mainstreet Bank, Sterling Bank, Heritage Bank, EcoBank, FCMB, Wema Bank, Skye Bank, Enterprise Bank and Keystone Bank.
”All templates that are not signed by the CEO and CFO of the various banks are of no consequence and will not be treated by the Committee. Chief Executives of such banks must sign the templates and complete their outstanding checklists within 48 hours to set the stage for the last round of engagement between the Committee and the banks.
”Between the 23rd and 27th of September, the Chief Executive Officers of the banks must appear in person to defend their templates in a technical session before the Committee. This exercise is being conducted in the most transparent manner as all such appearances will be broadcast live on television for Nigerians to see very clearly what the Committee is doing.
“It is obvious that over the years, government has lost billions of Naira in fraudulent and underhand dealings corruptly designed by some banks to evade tax. This is in addition to being massively and callously shortchanged by banks saddled with the responsibility of collecting and remitting taxes. At this point, it is pertinent to note that since government continues the yearly ritual of domestic borrowing to balance its budget deficit, it has become a bazaar for many banks who provide such funds at outrageous interest rates and care less about the implication to the private and real sectors, both of which continue to struggle to get the crumbs at a very high cost.
“Domestic borrowing by government has denied the private sector access to affordable funds to grow their businesses and in the process generate employment and create wealth.
”Yet again, some reprobate banks are involved in the criminal act of converting the huge funds in dormant accounts into profits, even with known and accessible next of kin. Why should they not pay their taxes in full and remit in full and promptly what they collect on behalf of government?
The Committee on Finance expects maximum cooperation from the banks in respect of this investigation. Anything short of this, the Committee will not hesitate to bring to bear the full weight of the law on such banks. Government taxes all over the world are sacred and our tax revenues must be so treated through complete and timely remittances. Nigerians must know how well banks are playing their role as tax collectors and how well they are discharging their responsibilities as tax payers.
”With the revenue challenges the country is currently facing, it is imperative to look everywhere to plug all leakages in accruable government revenue. The banking sector is one among other sectors that the Committee on Finance will be engaging. By all means at the end of this exercise, the Committee will look at the various extant tax laws, introduce new clauses or make amendments where necessary in order to strengthen our tax system and block areas of leakage”.
Between September 23 and 27, the bank CEOs may turn the National Assembly into a second home far away from their original homes.
Some three years ago, the Economic and Financial Crimes Commission, EFCC, headed then by Mrs Farida Waziri, became the second home of bank chief executives. A similar scenario may soon unfold if the House Committee on Finance of the House of Representatives findings on how banks allegedly defraud the Federal Government through falsification of tax papers, improper tax remittances and, in some cases, outright non-payment of taxes is anything to go by.
Between 2009 and 2011, some banks’ bosses allegedly got their fingers soiled through unwholesome banking practices and insider- trading that made some of them go to jail.
The stock market crashed with over N1trillion unaccounted for.
Waziri then made some powerful bank CEOs to lose their posh cars, mansions across the globe, shares and private jets.
This led to the acquisition of some banks and, in some cases, outright sale of others deeply involved in unwholesome and voodoo banking practices.
Last Monday, the House Committee Chairman on Finance, Dr Abdulmunin Jibrin, opened a can of worms in a press release entitled: ‘How banks defraud and short change Nigeria’.
Jibrin, whose entire academic background is on accounting, emptied banks and left a big gash in their bowels in the release.
This is an indication that the investigative hearing scheduled for next month would be earth-shaking.
In the release, Jibrin noted that in “pursuant to the statutory mandate of the House Committee on Finance and its oversight functions over the Federal Inland Revenue Service (FIRS) and tax matters, the Committee on Finance has been investigating tax remittances, tax assessments and payments by Banks”.
Giving an insight into the investigation, the lawmaker went on:”Since the inception of the 7th assembly, the Committee on Finance has been inundated with reports on cases of tax evasion and sharp practices in tax remittances by banks.
”Consequently the Committee decided to bring the banks under close legislative scrutiny.
”To this end, the Committee has commenced a series of engagements with the deposit money banks. As a fallout of two separate meetings with Chief Executives of the banks, three different templates were distributed to all deposit money banks in the country to complete and submit to the Committee.
”In the last few months, the Committee has analysed volumes of documents submitted by the banks and is pleased to announce that it has enjoyed tremendous capacity support from the DFID, NABRO and reputable professionals in the industry in conducting its revenue generation and remittances investigations”.
According to him,, “preliminary findings show a poor quality of returns by the banks, discrepancies in data submitted, outright refusal to present documentary evidence, blanket violations of existing laws, self exemption from existing rules, false declaration, manipulation and distortion of information among others. These despicable acts of gross misconduct clearly depict the unscrupulous and roguish character of some banks and their Chief Executive Officers.
For the Committee on Finance, this is unacceptable”!
For instance, Jibrin stated,balances reported in the published audited accounts of some banks showed huge variance with the figures submitted to the Committee.
”The data submitted to the CBN in their monthly returns on the same issues were found to be different from what was tendered before the Committee. Even more embarrassing are the inconsistencies and huge variances in some data provided in different pages of documents submitted, thus leaving the committee to conclude that many Banks blatantly engage in the creative accounting technique of inflating their operating costs to reduce their exposure to taxes”, the Committee Chairman said.
Jibrin explainedthat some banks had also created exemption rules for themselves in total disregard for the provisions of extant tax laws, particularly violations of the stamp duty, withholding tax and VAT acts. “Some Chief Executives deliberately refused to sign the templates, obviously evading presentation of the document under oath in line with legislative procedure”, he said.
”Similarly, key information and data were omitted. Such data include details of staff PAYE and utilities with tax implications. There are also many cases of late remittances or outright failure to remit money collected on behalf of government.
Generally, returns made so far by the banks are incomplete as the order of presentation was contrary to the guidelines provided in the template. Clearly, this is aimed at misleading the Committee. Documentary evidence requested was also provided in a haphazard manner. Out of the 21 banks under scrutiny, only six have so far completed and supplied all the information requested for in the proper format, albeit with certain queries to answer.
“The banks are, CitiBank, Stanbic IBTC, Standard Chartered Bank, GT Bank, Access Bank and Zenith Bank.
“The others, besides poor and incomplete documentation, have questions to answer.
“They include First Bank, Union Bank, United Bank for Africa, Diamond Bank, Unity Bank, Mainstreet Bank, Sterling Bank, Heritage Bank, EcoBank, FCMB, Wema Bank, Skye Bank, Enterprise Bank and Keystone Bank.
”All templates that are not signed by the CEO and CFO of the various banks are of no consequence and will not be treated by the Committee. Chief Executives of such banks must sign the templates and complete their outstanding checklists within 48 hours to set the stage for the last round of engagement between the Committee and the banks.
”Between the 23rd and 27th of September, the Chief Executive Officers of the banks must appear in person to defend their templates in a technical session before the Committee. This exercise is being conducted in the most transparent manner as all such appearances will be broadcast live on television for Nigerians to see very clearly what the Committee is doing.
“It is obvious that over the years, government has lost billions of Naira in fraudulent and underhand dealings corruptly designed by some banks to evade tax. This is in addition to being massively and callously shortchanged by banks saddled with the responsibility of collecting and remitting taxes. At this point, it is pertinent to note that since government continues the yearly ritual of domestic borrowing to balance its budget deficit, it has become a bazaar for many banks who provide such funds at outrageous interest rates and care less about the implication to the private and real sectors, both of which continue to struggle to get the crumbs at a very high cost.
“Domestic borrowing by government has denied the private sector access to affordable funds to grow their businesses and in the process generate employment and create wealth.
”Yet again, some reprobate banks are involved in the criminal act of converting the huge funds in dormant accounts into profits, even with known and accessible next of kin. Why should they not pay their taxes in full and remit in full and promptly what they collect on behalf of government?
The Committee on Finance expects maximum cooperation from the banks in respect of this investigation. Anything short of this, the Committee will not hesitate to bring to bear the full weight of the law on such banks. Government taxes all over the world are sacred and our tax revenues must be so treated through complete and timely remittances. Nigerians must know how well banks are playing their role as tax collectors and how well they are discharging their responsibilities as tax payers.
”With the revenue challenges the country is currently facing, it is imperative to look everywhere to plug all leakages in accruable government revenue. The banking sector is one among other sectors that the Committee on Finance will be engaging. By all means at the end of this exercise, the Committee will look at the various extant tax laws, introduce new clauses or make amendments where necessary in order to strengthen our tax system and block areas of leakage”.
Between September 23 and 27, the bank CEOs may turn the National Assembly into a second home far away from their original homes.
‘There is no Aviation Ministry anywhere in the world except Nigeria’
By UDEME CLEMENT
The renovation/remodelling projects embarked upon by the Aviation Ministry across major airports in the country has sparked controversy. While some stakeholders say there is scam in the scheme, others express disappointment on why airports are commissioned when the work done is said to be not up to 50 per cent.
The Deputy Secretary General, Airline Operators of Nigeria (AON), Alhaji Mohammed Tukur, in this interview, urges President Goodluck Jonathan to scrap the Aviation Ministry and grant Nigerian Civil Aviation Authority (NCAA) full autonomy to run the sector. He also calls on the National Assembly to probe airport projects across the country.
Why do you want President Jonathan to scrap the Aviation Ministry?
There is no Ministry of Aviation any where in the world where the citizens work honestly to develop their economies. It is only in Nigeria that we have Aviation Ministry. Our own ministry has become so ineffective and must be scrapped to ensure sanity in the industry. NCAA must be granted fully autonomy to run the industry like what obtains in developed countries.
For example, the President granted waivers on importation of aircraft and spare parts to enhance growth in the sector but some people in the ministry are trying to hinder the process of free importation of aircraft to exploit the airline operators. They would tell you to go the ministry and obtain a written note from someone on a policy that Mr. President has already made a pronouncement. Jonathan has done his part, but some people in government are creating problems for him.
Most airline operators are already expressing discontent about the airports projects even when President Jonathan has commissioned those projects. Does it mean he is not aware that the work done is not up to 50 per cent?
The truth is that Jonathan has good intention but implementation by people working with him, especially the contractors, is very poor. It is quite obvious that some people in government are creating problems for the President by not doing a good job. He must have been deceived to commission the airports when the projects are not completed. Those people know exactly what they are doing, because they allowed the President to commission the airports when the work done is not up to 50 per cent.
Why did the President not carry out a thorough assessment of the projects before commissioning?
Looking at the way the whole exercise took place. Jonathan was deceived by the people who knew that the projects were not fully executed. For instance, because of the insecurity in the country, he could not thoroughly inspect the projects by himself. So, he just saw part of the airports and commissioned with the hope that the work was fully done. If we want to do the right thing, the contractors must be called back to do the work well for sustainability.
Can you list specific airports where the projects are not fully executed?
Kaduna airport is number one. The quality of work there is nothing to reckon with. The terminal building is not completed and they left it half way. What is even surprising is the fact that the Vice President is not saying anything about the poor quality of work in the airport. Kano airport is worse than Kaduna because, as I speak, there is no counter for people to use. After launching, it was locked up and now rain has removed the roof. You can see the shameful situation we are in this country. Work in Enugu airport has not finished till now.
Are you saying the renovation of airports across the country is not a good initiative?
No, that is not what I am saying. The renovation of airports is a good initiative but the work is not properly done. The poor quality of work done is the reason the whole thing is becoming an issue. The contractors must be called to order.
What is the way forward?
The Senate must take the step to probe the airport projects across the country. Their oversight function should include checking the projects done and the amount given to ascertain if the projects are commensurate with the billions of Naira released so far. The Senate must also investigate how much money was collected for a particular airport and the level of work done, because so much has been given for the projects and yet an airport is already leaking after rains.
Are you sure the minister is aware of the poor quality of work done at these airports?
If the Minister is not aware, then let her set up another committee to inspect the projects and monitor the activities of the contractors in charged, instead of saying that people don’t like her. What legacy will she leave behind with these projects? For instance, the glasses used at airports are not of good quality and that is why you have to close your ears due to the sound. The Minister must prepare her records to reconcile with the money collected and what she has done. The poor quality of work is a national disgrace for Nigeria and a slap on our faces.
Many people in the industry are complaining about the quality of work done at the airports. Why is the Managing Director of Federal Airport Authority of Nigeria (FAAN) not talking?
Well, the Managing Director of FAAN has a good team but he cannot come out openly and talk. May be some people are preventing him from saying the right thing.
What are other challenges facing the industry at present?
Another challenge now is the new policy introduced by the Minister, which contradicts the Civil Aviation Act of 2006. The existing Act complies with the aviation regulation globally and if we throw it away and accept the new policy, Nigeria may lose the Category One certification. It took NCAA time and efforts to achieve the Category One and we may end up losing it just like that.
The new policy was written by the current Minister with some people. They just wrote something and took it to government for approval without passing through the National Assembly. Such policy is not recognised because it was signed when there was no Director General of NCAA. The former Director General left office and handed over to a senior Director in the organisation. So, the paper signed is invalid, because there was no Director General and due process was not followed.
This new policy may pose a serious challenge for the new Director General of NCAA, because even the Category One given to Nigeria still has some outstanding issues to tackle, in order to achieve 100 per cent certification.
Another challenge is the fact that we have not finished the remodelling projects but the airports have been launched already.
The renovation/remodelling projects embarked upon by the Aviation Ministry across major airports in the country has sparked controversy. While some stakeholders say there is scam in the scheme, others express disappointment on why airports are commissioned when the work done is said to be not up to 50 per cent.
The Deputy Secretary General, Airline Operators of Nigeria (AON), Alhaji Mohammed Tukur, in this interview, urges President Goodluck Jonathan to scrap the Aviation Ministry and grant Nigerian Civil Aviation Authority (NCAA) full autonomy to run the sector. He also calls on the National Assembly to probe airport projects across the country.
Why do you want President Jonathan to scrap the Aviation Ministry?
There is no Ministry of Aviation any where in the world where the citizens work honestly to develop their economies. It is only in Nigeria that we have Aviation Ministry. Our own ministry has become so ineffective and must be scrapped to ensure sanity in the industry. NCAA must be granted fully autonomy to run the industry like what obtains in developed countries.
For example, the President granted waivers on importation of aircraft and spare parts to enhance growth in the sector but some people in the ministry are trying to hinder the process of free importation of aircraft to exploit the airline operators. They would tell you to go the ministry and obtain a written note from someone on a policy that Mr. President has already made a pronouncement. Jonathan has done his part, but some people in government are creating problems for him.
Most airline operators are already expressing discontent about the airports projects even when President Jonathan has commissioned those projects. Does it mean he is not aware that the work done is not up to 50 per cent?
The truth is that Jonathan has good intention but implementation by people working with him, especially the contractors, is very poor. It is quite obvious that some people in government are creating problems for the President by not doing a good job. He must have been deceived to commission the airports when the projects are not completed. Those people know exactly what they are doing, because they allowed the President to commission the airports when the work done is not up to 50 per cent.
Why did the President not carry out a thorough assessment of the projects before commissioning?
Looking at the way the whole exercise took place. Jonathan was deceived by the people who knew that the projects were not fully executed. For instance, because of the insecurity in the country, he could not thoroughly inspect the projects by himself. So, he just saw part of the airports and commissioned with the hope that the work was fully done. If we want to do the right thing, the contractors must be called back to do the work well for sustainability.
Can you list specific airports where the projects are not fully executed?
Kaduna airport is number one. The quality of work there is nothing to reckon with. The terminal building is not completed and they left it half way. What is even surprising is the fact that the Vice President is not saying anything about the poor quality of work in the airport. Kano airport is worse than Kaduna because, as I speak, there is no counter for people to use. After launching, it was locked up and now rain has removed the roof. You can see the shameful situation we are in this country. Work in Enugu airport has not finished till now.
Are you saying the renovation of airports across the country is not a good initiative?
No, that is not what I am saying. The renovation of airports is a good initiative but the work is not properly done. The poor quality of work done is the reason the whole thing is becoming an issue. The contractors must be called to order.
What is the way forward?
The Senate must take the step to probe the airport projects across the country. Their oversight function should include checking the projects done and the amount given to ascertain if the projects are commensurate with the billions of Naira released so far. The Senate must also investigate how much money was collected for a particular airport and the level of work done, because so much has been given for the projects and yet an airport is already leaking after rains.
Are you sure the minister is aware of the poor quality of work done at these airports?
If the Minister is not aware, then let her set up another committee to inspect the projects and monitor the activities of the contractors in charged, instead of saying that people don’t like her. What legacy will she leave behind with these projects? For instance, the glasses used at airports are not of good quality and that is why you have to close your ears due to the sound. The Minister must prepare her records to reconcile with the money collected and what she has done. The poor quality of work is a national disgrace for Nigeria and a slap on our faces.
Many people in the industry are complaining about the quality of work done at the airports. Why is the Managing Director of Federal Airport Authority of Nigeria (FAAN) not talking?
Well, the Managing Director of FAAN has a good team but he cannot come out openly and talk. May be some people are preventing him from saying the right thing.
What are other challenges facing the industry at present?
Another challenge now is the new policy introduced by the Minister, which contradicts the Civil Aviation Act of 2006. The existing Act complies with the aviation regulation globally and if we throw it away and accept the new policy, Nigeria may lose the Category One certification. It took NCAA time and efforts to achieve the Category One and we may end up losing it just like that.
The new policy was written by the current Minister with some people. They just wrote something and took it to government for approval without passing through the National Assembly. Such policy is not recognised because it was signed when there was no Director General of NCAA. The former Director General left office and handed over to a senior Director in the organisation. So, the paper signed is invalid, because there was no Director General and due process was not followed.
This new policy may pose a serious challenge for the new Director General of NCAA, because even the Category One given to Nigeria still has some outstanding issues to tackle, in order to achieve 100 per cent certification.
Another challenge is the fact that we have not finished the remodelling projects but the airports have been launched already.
Monday 29 July 2013
OBJ farm to generate 30,000 jobs for Liberians
Monrovia - Liberia’s Minister of Agriculture, Dr Florence Chenoweth, on Sunday said that Obasanjo Farms in Liberia would create about 30,000 job opportunities for the citizens.
Chenoweth made the observation during the dedication ceremony of Obasanjo Farms Liberia Incorporated at Gbah Foboi, Grand Cape Mount County, in Liberia.
She noted that the Liberian government had focused its attention on the agriculture sector in its efforts to create jobs for the people.
She, however, urged legislators, chiefs and superintendents from Cape Mount County to advise youths in the area to seize the opportunities presented by the new farm to become productive, while ensuring the area’s development.
Chenoweth stressed that the establishment of Obasanjo Farms would help in addressing one the salient aspects of the government’s efforts to ensure food security.
She noted that more than 40 per cent of Liberian children had stunted growth, stressing the need to solve the problem by fast-tracking the production of eggs and poultry in Liberia.
``We need to produce proteins either in beans or meat, which the cattle, goat and piggery produce, in Liberia, so as to ensure balance diets for our people’s nutrition,” she said.
Earlier, President Ellen Johnson Sirleaf described President Olusegun Obasanjo as a visionary leader who was responsive to the needs of the people in critical areas.
She commended Obasanjo for his constant support for Liberia and for having faith in the future of the country.
Also speaking, Mr Daniel Atsu, the Group Managing Director of Obasanjo Holdings Limited, said that the farm was set up in anticipation of the adverse effects of global warming and climate change on poultry production in tropical Africa.
He stressed that such anticipation informed the decision of Obasanjo to develop African poultry breeds which could thrive in hot and humid environment.
Atsu said that the farm had six standard poultry houses, adding that two of them were for breeding young chicks, while the remaining four were equipped with three-tier automated layer cages.
He said that the first and second batches of about 10,000 layers had started laying eggs.
He said that the layer houses would soon be increased to 16, a capacity which would produce about 15,000 farm fresh eggs daily.
Atsu said that the farm would offer unlimited opportunities to farmers to grow corn, soybeans or supply dried or smoked fish in large quantities, saying that the farm was situated on 125 acres of land. (NAN)
Chenoweth made the observation during the dedication ceremony of Obasanjo Farms Liberia Incorporated at Gbah Foboi, Grand Cape Mount County, in Liberia.
She noted that the Liberian government had focused its attention on the agriculture sector in its efforts to create jobs for the people.
She, however, urged legislators, chiefs and superintendents from Cape Mount County to advise youths in the area to seize the opportunities presented by the new farm to become productive, while ensuring the area’s development.
Chenoweth stressed that the establishment of Obasanjo Farms would help in addressing one the salient aspects of the government’s efforts to ensure food security.
She noted that more than 40 per cent of Liberian children had stunted growth, stressing the need to solve the problem by fast-tracking the production of eggs and poultry in Liberia.
``We need to produce proteins either in beans or meat, which the cattle, goat and piggery produce, in Liberia, so as to ensure balance diets for our people’s nutrition,” she said.
Earlier, President Ellen Johnson Sirleaf described President Olusegun Obasanjo as a visionary leader who was responsive to the needs of the people in critical areas.
She commended Obasanjo for his constant support for Liberia and for having faith in the future of the country.
Also speaking, Mr Daniel Atsu, the Group Managing Director of Obasanjo Holdings Limited, said that the farm was set up in anticipation of the adverse effects of global warming and climate change on poultry production in tropical Africa.
He stressed that such anticipation informed the decision of Obasanjo to develop African poultry breeds which could thrive in hot and humid environment.
Atsu said that the farm had six standard poultry houses, adding that two of them were for breeding young chicks, while the remaining four were equipped with three-tier automated layer cages.
He said that the first and second batches of about 10,000 layers had started laying eggs.
He said that the layer houses would soon be increased to 16, a capacity which would produce about 15,000 farm fresh eggs daily.
Atsu said that the farm would offer unlimited opportunities to farmers to grow corn, soybeans or supply dried or smoked fish in large quantities, saying that the farm was situated on 125 acres of land. (NAN)
Saturday 27 July 2013
Why I am spearheading cash transfer intervention for women – Dangote
Studies show that when women are supported and empowered, all of society benefits. Their families are healtheir, more children go to school, agricultural productivity improves and incomes increase.
It is against this background that Dangote Foundation, a multi-purpose vehicle; through which the Dangote Group carries out its corporate social service, two years ago, designed a micro-grant programme, programme, in conjunction with state governments, to assist vulnerable women across the 774 local governments of the country.
The grant, disbursed in Kano to the tune of N1.04 billion and Jigawa N270 million, is meant to lift the women and reduce poverty at the grassroots.
[caption id="attachment_66780" align="alignleft" width="240"]
Dangote[/caption]
Last week, it was the turn of Kogi State women to benefit under the scheme. The event began with a special session of the State Executive Council, EXCO, during which Alhaji Aliko Dangote, the president of the Dangote Group, was appointed an honourary member because of his contributions to the economy of the state through his vast investment in cement and the plan to establish a sugar refinery.
Dangote was formally introduced by Governor Idris Wada as a member of the EXCO and got a certificate of membership at the Council; Chamber. He recalled Dangote’s intervention during the deadly flooding last year which swept across the state. The governor then announced that the state was offering Dangote 20,000 hectares of land to establish the sugar refinery.
Dangote thanked the Kogi government for the honour and promised to attend the EXCO meeting at least once a month to make his contributions to the ideas and efforts at taking the state to the next level. He said he had always believed that one of the surest ways of alleviating poverty is through job creation and that the kind of jobs that the masses in Nigeria need could be created through agriculture.
When companies are established; he said, jobs would be created but not on a large scale because the machines are automated and would only require few hands but in agriculture the opportunities are massive. He said that was the reason he is investing in sugar plantation and refinery where thousands of people can work and earn a living.
At the disbursement of the grants held at the Government House, Lokoja, Dangote said the grants would go round women in all the 774 local governments in the country. The Foundation, he stated, believes that empowering women to be key change agents is an essential element to ending hunger and poverty.
The Foundation, he explained, thought of a response to the widespread poverty in Nigeria, in 2011, and instituted the cash transfer intervention – the Dangote Micro-Grant Programme – to provide cash transfers to select poor and vulnerable women and youths. The grant is to enable beneficiaries meet immediate family and livelihood needs by providing a one-time fund to start up enterprises that will boost their economic and consumption activities and help reduce their vulnerability.
He explained that the cash transfer intervention focuses on women who bear the brunt of poverty.
It is against this background that Dangote Foundation, a multi-purpose vehicle; through which the Dangote Group carries out its corporate social service, two years ago, designed a micro-grant programme, programme, in conjunction with state governments, to assist vulnerable women across the 774 local governments of the country.
The grant, disbursed in Kano to the tune of N1.04 billion and Jigawa N270 million, is meant to lift the women and reduce poverty at the grassroots.
[caption id="attachment_66780" align="alignleft" width="240"]
Dangote[/caption]Last week, it was the turn of Kogi State women to benefit under the scheme. The event began with a special session of the State Executive Council, EXCO, during which Alhaji Aliko Dangote, the president of the Dangote Group, was appointed an honourary member because of his contributions to the economy of the state through his vast investment in cement and the plan to establish a sugar refinery.
Dangote was formally introduced by Governor Idris Wada as a member of the EXCO and got a certificate of membership at the Council; Chamber. He recalled Dangote’s intervention during the deadly flooding last year which swept across the state. The governor then announced that the state was offering Dangote 20,000 hectares of land to establish the sugar refinery.
Dangote thanked the Kogi government for the honour and promised to attend the EXCO meeting at least once a month to make his contributions to the ideas and efforts at taking the state to the next level. He said he had always believed that one of the surest ways of alleviating poverty is through job creation and that the kind of jobs that the masses in Nigeria need could be created through agriculture.
When companies are established; he said, jobs would be created but not on a large scale because the machines are automated and would only require few hands but in agriculture the opportunities are massive. He said that was the reason he is investing in sugar plantation and refinery where thousands of people can work and earn a living.
At the disbursement of the grants held at the Government House, Lokoja, Dangote said the grants would go round women in all the 774 local governments in the country. The Foundation, he stated, believes that empowering women to be key change agents is an essential element to ending hunger and poverty.
The Foundation, he explained, thought of a response to the widespread poverty in Nigeria, in 2011, and instituted the cash transfer intervention – the Dangote Micro-Grant Programme – to provide cash transfers to select poor and vulnerable women and youths. The grant is to enable beneficiaries meet immediate family and livelihood needs by providing a one-time fund to start up enterprises that will boost their economic and consumption activities and help reduce their vulnerability.
He explained that the cash transfer intervention focuses on women who bear the brunt of poverty.
Nigerian LNG exports gas
LAGOS (AFP) - A blockade on exports of liquefied natural gas (LNG) from Nigeria has been lifted following a partial resolution of a tax dispute between the gas firm and the maritime agency, the company said Friday.
"As at today, the 6-Train NLNG Bonny complex finally reached its normal operating capacity such that export operations can be declared as being fully normalised," the gas firm NLNG said in a statement.
"Consequently, the company has declared the current FM (Force Majeur) lifted to both buyers and gas suppliers," it said.
The exports were halted since June 21 due to a dispute over fees and taxes, blocking ships at a facility producing some seven percent of global LNG supply.
The state-run Nigerian Maritime Administration and Safety Agency (NIMASA) blocked ships at the Nigeria LNG (NLNG) terminal over the long-running dispute.
NLNG's shareholders include Shell at 25.6 percent, state firm NNPC with 49 percent, Total LNG Nigeria at 15 percent and Eni at 10.4 percent.
During the blockade, the second this year, all incoming and outgoing gas cargo ships were stopped, the statement said.
NLNG said it made a $20 million initial payment under protest following a flare-up of the dispute in May while taking the matter to court which is scheduled to hear the case on September 19.
It did not say how much it has paid so far before the blockade of access to its Bonny terminal was lifted.
NLNG said it was directed to pay $159 million it allegedly owed NIMASA in unpaid levies and taxes between October 2009 and last May.
Nigeria exported some 19.6 million metric tonnes of LNG last year, the fourth-largest output worldwide, according to data compiled by research firm IHS. Qatar was first with 74.2 million metric tons.
LNG, which sees natural gas super-cooled and transformed into liquid for transport on tankers, has represented around nine percent of global gas demand, according to figures from the International Energy Agency. ade/boc
"As at today, the 6-Train NLNG Bonny complex finally reached its normal operating capacity such that export operations can be declared as being fully normalised," the gas firm NLNG said in a statement.
"Consequently, the company has declared the current FM (Force Majeur) lifted to both buyers and gas suppliers," it said.
The exports were halted since June 21 due to a dispute over fees and taxes, blocking ships at a facility producing some seven percent of global LNG supply.
The state-run Nigerian Maritime Administration and Safety Agency (NIMASA) blocked ships at the Nigeria LNG (NLNG) terminal over the long-running dispute.
NLNG's shareholders include Shell at 25.6 percent, state firm NNPC with 49 percent, Total LNG Nigeria at 15 percent and Eni at 10.4 percent.
During the blockade, the second this year, all incoming and outgoing gas cargo ships were stopped, the statement said.
NLNG said it made a $20 million initial payment under protest following a flare-up of the dispute in May while taking the matter to court which is scheduled to hear the case on September 19.
It did not say how much it has paid so far before the blockade of access to its Bonny terminal was lifted.
NLNG said it was directed to pay $159 million it allegedly owed NIMASA in unpaid levies and taxes between October 2009 and last May.
Nigeria exported some 19.6 million metric tonnes of LNG last year, the fourth-largest output worldwide, according to data compiled by research firm IHS. Qatar was first with 74.2 million metric tons.
LNG, which sees natural gas super-cooled and transformed into liquid for transport on tankers, has represented around nine percent of global gas demand, according to figures from the International Energy Agency. ade/boc
Friday 26 July 2013
Airtel, FirstBank launch FirstMonie Payment Solution
Lagos - Leading Telecommunications Service Provider, Airtel Nigeria has gone into a partnership with First Bank Nigeria Plc to offer Firstmonie Talkmore; the all-new, revolutionary mobile payment solution, to the public.
The strategic partnership which was sealed with the signing of a Memorandum of Understanding (MOU), Tuesday, in Lagos makes it possible for Firstmonie Talkmore to run essentially on Airtel platform to make mobile payment services easy and accessible to a broader spectrum of Nigerians.
The partnership is the first major collaboration between leading operators in the nation’s banking and telecoms industries to provide a first class mobile payment solution to Nigeria.
Specifically, subscribers on Airtel network who sign up to Firstmonie will be able to send and receive money, buy airtime, pay bills and carry out other forms of transaction on their mobile phones without operating a bank account.
In addition, any duly registered subscriber on the Airtel network who signs on to Firstmonie will automatically receive N100 e-value and will be eligible for N240 bonus airtime.
Speaking on the special offering, the Director Regulatory Affairs and Special Projects, Mr. Osondu Nwokoro observed that Firstmonie could not have been better timed in view of the current drive by the Central Bank of Nigeria to entrench a cashless economy in the country.
Said he: “As pioneers in the GSM sector and leaders of innovation in the industry, we have no doubt that Firstmonie will definitely revolutionize the mobile payment industry and further endear the Airtel brand to the Nigerian people.”
According to Nwokoro, Airtel has been a leading driver of innovative mobile payment solutions across Africa having singularly planted Mobile Money platforms in 16 countries across the continent.
“It is this experience and expertise that we are bringing to bear on Firstmonie in the hope that it will deepen customer loyalty for Airtel and stimulate customer acquisition for FirstBank.
We also have no doubt that our prospective subscribers now have one more reason to join Airtel while those who are dissatisfied with the service they receive from their current network providers have just been given the perfect reason to port to Airtel, the network that works,” Mr. Nwokoro further explained.
Also speaking on the offering, Head, Marketing & Corporate Communications, FirstBank, Mrs. Folake Ani-Mumuney observed that the product which facilitates the integration of both the unbanked and underbanked population into the financial system also offers an excellent medium for Airtel subscribers to send funds securely to their families and friends across the country.
Said she: “Firstmonie offer is open to subscribers of the Airtel network across the nation and registration is initiated by dialing *894# on any basic mobile phone or by logging on to https://www.firstmonie.com/iweb or https://www.firstmonie.com/imobile.”
Interestingly, the new partnership on Firstmonie came on the heels of a recent one between Airtel and FBNLife Insurance (a member of the FBN Group) on the product PADI4Life which runs on the robust 3.75g network provided by Airtel.
The strategic partnership which was sealed with the signing of a Memorandum of Understanding (MOU), Tuesday, in Lagos makes it possible for Firstmonie Talkmore to run essentially on Airtel platform to make mobile payment services easy and accessible to a broader spectrum of Nigerians.
The partnership is the first major collaboration between leading operators in the nation’s banking and telecoms industries to provide a first class mobile payment solution to Nigeria.
Specifically, subscribers on Airtel network who sign up to Firstmonie will be able to send and receive money, buy airtime, pay bills and carry out other forms of transaction on their mobile phones without operating a bank account.
In addition, any duly registered subscriber on the Airtel network who signs on to Firstmonie will automatically receive N100 e-value and will be eligible for N240 bonus airtime.
Speaking on the special offering, the Director Regulatory Affairs and Special Projects, Mr. Osondu Nwokoro observed that Firstmonie could not have been better timed in view of the current drive by the Central Bank of Nigeria to entrench a cashless economy in the country.
Said he: “As pioneers in the GSM sector and leaders of innovation in the industry, we have no doubt that Firstmonie will definitely revolutionize the mobile payment industry and further endear the Airtel brand to the Nigerian people.”
According to Nwokoro, Airtel has been a leading driver of innovative mobile payment solutions across Africa having singularly planted Mobile Money platforms in 16 countries across the continent.
“It is this experience and expertise that we are bringing to bear on Firstmonie in the hope that it will deepen customer loyalty for Airtel and stimulate customer acquisition for FirstBank.
We also have no doubt that our prospective subscribers now have one more reason to join Airtel while those who are dissatisfied with the service they receive from their current network providers have just been given the perfect reason to port to Airtel, the network that works,” Mr. Nwokoro further explained.
Also speaking on the offering, Head, Marketing & Corporate Communications, FirstBank, Mrs. Folake Ani-Mumuney observed that the product which facilitates the integration of both the unbanked and underbanked population into the financial system also offers an excellent medium for Airtel subscribers to send funds securely to their families and friends across the country.
Said she: “Firstmonie offer is open to subscribers of the Airtel network across the nation and registration is initiated by dialing *894# on any basic mobile phone or by logging on to https://www.firstmonie.com/iweb or https://www.firstmonie.com/imobile.”
Interestingly, the new partnership on Firstmonie came on the heels of a recent one between Airtel and FBNLife Insurance (a member of the FBN Group) on the product PADI4Life which runs on the robust 3.75g network provided by Airtel.
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