48 HOURS CARGO CLEARANCE TARGET BY NPA AND NSC IN 2016

To promote trade facilitation, the Nigerian Ports Authority (NPA) and the Nigerian Shippers Council (NSC) may introduce the much-awaited 48-hour cargo clearance next year, it has been learnt.

NPA Managing Director Mallam Habib Abdullahi and his NSC counterpart Mr Hassan Bello took this decision, following the directive of Transport Minister Rotimi Amaechi, who visited NPA Lagos office last week.

“With the new directive from this government, NPA and the NSC officials are strategizing on how to achieve the 48-hour cargo clearance early next year,” the Federal Ministry of Finance (FMoF) a senior official, who did not want his named mentioned, said.

The official identified sharp practices and charges for services not rendered as factors militating against the 48-hour clearance and urged the Ministers of Transport and Finance to address the problem.

“We are aware that NPA and NSC are not happy over the past failure of 48-hour cargo clearance policy. Apart for the fact that the delays experienced in cargo clearance disrupted the production schedules of manufacturers as raw materials are not delivered in good time to their factories, they affected their revenue and were responsible for high level of corruption at the port as importers struggled to clear their cargoes under harsh conditions. This again exacerbate inflation as goods were not quickly cleared from the port to meet relevant needs in the economy.

“In the past, the Federal Government had made several failed attempts to achieve 48-hour cargo clearance at the ports. Former President Goodluck Jonathan administration had at a time constituted a presidential committee under the direct supervision of the Ministry of Finance, with some co-opted members from the Ministry of Transport, to address the perennial problem of long cargo dwell time at the ports.

“But what could rightly be termed as the achievement of the government intervention, unfortunately, was that it merely succeeded in getting a backlog of cargoes cleared to ease port congestion. After that, it became business as usual,” the official added.

Meanwhile, over 6,000 shippers, it was gathered, have keyed into the International Cargo Tracking Note (ICTN) introduced by NSC to secure the ports and environ. ICTN, it was learnt, would also assist the Nigeria Customs Service (NCS) in risk profiling, assessment and valuation to move cargoes out of the ports within 48 hours.

Investigation has shown that as from January 1, next year, any vessel that fails to comply with the ICTN would be penalized.

Contacted, Bello spoke of the need to streamline cargo clearance procedures and ensure that the ports compete with others in West and Central Africa.

“Nigerian ports are in competition with other ports within the sub-region, so we have to streamline our clearance procedures–the way we do business – so that we can attract more cargoes to Nigerian ports,” he said.

Credit:  thenationonlineng.net

NIGERIA AND BRITISH NAVY JOIN FORCES TO FIGHT PIRACY

UK Royal Navy is helping to train the Nigerian Navy to put out fires of the coast of Nigeria, and fight maritime crimes (shipping of contraband, sea robbery, kidnap etc).

Though Nigeria has increased is coastal patrol capability, the joint force via training would further help reduce maritime crime rate.

Credit: cnn.com

THE 2015 GLO - AKWA IBOM CHRISTMAS CAROL

Nigeria’s leading telecoms network, Globacom, sponsored this year’s edition of the annual Akwa Ibom Christmas Carol Festival. Support also United Bank for Africa, Le Meridien Ibom Hotel and Golf Resort and Hensek.

The Carol Festival held at the Uyo Township Stadium, Akwa Ibom, on December 19^th 2015.

The Akwa Ibom Christmas Carol Festival has become a record-breaking event and a rallying point for Nigerians from all parts of the world during the yuletide season. The event will feature local and international artistes.

Present at the Carol festival were; two Grammy Award winners (Donnie McClurkin, and Shirley Caesar and Angella Christie) from the USA. Also present were Sammie Okposo, Asu Ekiye, Chinelo De limono, I. T. Denis, Freke Umoh, David Eka, Anne Inyang and Lara George who performed at the carol festival

The guest speaker was the General Overseer of The Redeemed Evangelical Mission, Bishop Mike Okonkwo.

The event, which debuted in 2008, has since grown in magnitude and repute to become a glittering carnival of songs, dance, worship and fun recognized worldwide and cited in the Guinness Book of Records.

In the year 2012 edition, Akwa Ibom Christmas Carol made history when it featured a 9,999-member choir, which was reputed to be the largest choir on the continent at that time.

Last year, the Christmas songs and fun event beat its own record when on December 13, 2014, at the Uyo Township Stadium; it featured the 25,272-person Godswill Akpabio Unity Choir which became the largest number of carol singers on earth. This record, set on Nigerian soil, beats the previous record set by a choir of 15,674 carol singers known as CENTI in Bogota, Columbia back in December 2013. The milestone remains till date in the Guinness Book of Records.

Credit:  premiumtimesng.com, gospotainment.com, thegazette.com.ng, akwaibomstate.gov.ng

LIVING FAITH CHURCH WORLD WIDE (WINNERS) TO SET ANOTHER RECORD

Living Faith Church Worldwide (aka Winners) has taken another major leap of faith as it plans to start the construction of a 100,000 seat capacity auditorium (fully air-conditioned).

The new auditorium is a stadium-like church, and will be built on 1,000 acres of land. It will have in it a 10,000 capacity for the children's church, the World of Faith Bible Institute, Cafteria, and a 12 storey office complex for its international headquarters.

The move is intended to meet the church's 400,000 Sunday attendance achieved recently after a double wonder prophesy from the President, Bishop David Oyedepo.

In his words, the monumental structure called Faith Theatre will change the story of Africa. This he announced yester-night during the annual Shiloh convention.

The architectural design of the superb edifice is a creation of Covenant University.

The faith based institution was founded in 1981, and has since been a major force to reckon with in the christian body worldwide.

FOUR NIGERIAN JOURNALISTS WON CNN AFRICAN JOURNALIST AWARD

An editor from Nigeria's leading investigative paper, PREMIUM TIMES, was honoured at CNN Multichoice African Journalist of the Year Awards in Kenya.

‎Ibanga Isine, regional editor, south, was named winner of the News Impact category of the awards on a night that saw three other Nigerians clinching top honours to make their country proud.

Mr. Isine had joined 30 other finalists from 15 countries across Africa for an all-expense paid four-day programme of workshops, media forums and networking in Nairobi. Mr. Isine, a dogged investigative journalist, won the award for his courageous and persistent reporting on the brutal killings by soldiers at the Dangote Cement Factory in Benue state. The factory belonged to Africa's richest man, Aliko Dangote.

That series of work, which instantly got justice for families of those killed, had earlier earned Mr. Isine an award at the 2014 edition of the prestigious Wole Soyinka Awards for Investigative Journalism.

Also at the ceremony in Kenya, two reporters from THE PUNCH, Femi Asu and Urukaino Umukoro won in the economic/business and sport reporting categories of the award respectively while Adewale Emosu of the Nigerian Tribune clinched the top prize in the culture reporting category. Another Nigerian, Kola Tubosun - a blogger at ktravula.com‎ - was also nominated for the awards and was at the finalist programme.

Credit:  punchng.com, tribuneonlineng.com, premiumtimesng.com, cnnpressroom.blogs.cnn.com

FIRST DRONE DELIVERY IN NIGERIA

Nigeria’s largest online and offline retail chain, Yudala, became the first to use a drone in delivering a customer’s order. It achieved this feat in the November Black Friday sales which ran from November 26th to November 30th 2015.

The order was a Nokia Lumia smart phone, placed by one Yetunde Lawal, a staff of Access Bank Plc. who was shopping on the Yudala website for the first time.

The drone took off from the headquarters of Yudala at Redemption Crescent, Gbagada loaded with the product to the amazement and delight of onlookers and camera crew from various media organizations who gathered to monitor the progress of the drone all the way to the Access Bank branch along the Gbagada-Oshodi Expressway where it was alighted in front of the bank.

A staff of Yudala was on hand to process the invoice for the order and hand over the phone to an obviously elated Yetunde who chose the payment on delivery option.

“I am extremely delighted and indeed short of words to explain how I feel to be the first person to receive an item via drone delivery in Nigeria, all thanks to Yudala. This is an innovative concept in the evolution of e-commerce in the country which I am sure other competitors will want to copy.

“Yudala has met and exceeded my expectations and I can only encourage all my colleagues, friends and family to shop and shop Yudala,” she said.

Since its entry into the market a little over four months ago, Yudala has expanded the retail space with several innovative campaigns including the  Neighbour to Neighbour  Mega Deals,  Gyming with the Stars  and  October Mid-Day Madness, among others    through which it has delivered on its mandate of providing genuine products and services to its consumers.

Credit:   vanguardngr.com

PICTORIAL GLIMPSE INTO THE CORONATION OF OBA ADEYEYE ENITAN OGUNWUSI

Yesterday, Oba Adeyeye Enitan  Ogunwusi (OJAJA II) was formally crowned the Ooni of Ife. The coronation had lots of celebrities and top politicians in attendance.

The Vice President, Prof Osibanjo represented President Buhari. Also present were Former President Olusegun Obasanjo, APC chieftain, Bola Ahmed Tinubu, Governor Ajimobi, Governor Ambode, Sultan of Sokoto, Taiwo Hassan (aka Ogogo), Abbey Lanre, Yinka Quadri, Muka Ray, Tokunbo Sijuade (son of late Oba Sijuade), Governor Aregbesola and many others.

 

Photo Credit:   Sesco Photography

ROLOF COMPUTERS BAGS 2015 IT PRODUCTS COMPANY AWARD

Rolof Computers - Leading indigenous IT products reseller and owners of the Warri based Rolof Computer Academy, has been awarded the most reliable IT products company of the year 2015.

The award was given to Rolof Computers by Global Quality Excellence Awards as part of thes year’s World Quality Day celebration held in Abuja.

According to Desmond Esorougwe, Secretary, African Regional Committee of the Global Quality Excellence Awards, Rolof Computers was selected for the award after a thorough and painstaking screening exercise by stakeholders picked from different sectors of the Nigerian economy. He said Rolof Computers has been able to distinguish itself by giving impactful IT services to Nigerians, especially in the South-South part of the country in the last two decades.

Responding to the award, an elated Chief Executive Officer of Rolof Computers, Mr. Lucky Ofuafor said the award shows that the little the company has been doing to contribute to the success of IT services in Nigeria is being recognized.

 “The award shows we are being appreciated for providing excellence IT services. This will tell our customers that we have given them value for their money for the past 20 years,” he said. Ofuafor dedicated the award to the company’s customers for their loyalty, saying they should expect better quality from Rolof Computers because to whom much is given, much is also expected. “We will continue to maintain the quality of our services and at the same time improve on the standard.”

Credit:  vanguardngr.com

NIGERIA'S YOUNGEST COMMISSIONER

A King’s College, Lagos and University of Reading, UK alumnus. Asuquo Ekpenyong is a graduate of Economics from University of Reading, UK and also had Msc. Distinction in International Banking and Financial Services from same.

Ekpenyong has attended several training programmes including the Key Executive Program at the Harvard Business School, Boston USA, the Global Executive Leadership Program at Howard University Business School, Washington D.C.; the Executive Management Development Program at the University of Pretoria, South Africa; the Euromoney Oil & Gas School London, etc. He is also a member of the Chartered Institute of Bankers of Nigeria (CIBN).

After a brief working stint in England, he returned to Nigeria to work as a Financial Analyst at Davandy Finance & Securities Limited, Lagos and then relocated to Cross River where he was appointed a lecturer in the Banking and Finance Department of the University of Calabar, Cross River State. As a young industrious entrepreneur, he established Iquasu Ventures Limited, a haulage and logistics company, in 2010; he later took over as Managing Director of Chamley Bureau de Change Limited. Asuquo’s expertise led to his appointment as Executive Director for finance at Pearland Energy, an indigenous Oil & Gas company, and Non-Executive Director at Ekondo Microfinance Bank Limited.

On the 27th of November 2015, Asuquo Ekpenyong was sworn in as the commissioner for Finance in Cross River state, and is now the youngest serving commissioner in the country. Though, his nomination came as no surprise as he played an integral role in the campaign that brought Governor Ben Ayade into power.

Ekpenyong hails from Odukpani local government area in Cross River, and was born on the 25^th of September, 1985.

A great honour introducing to you all, Asuquo Ekpenyong – Youngest commissioner in Nigeria.

Credit:   africanleadership.co.uk

FG TO PRIVATIZE PIPELINES NETWORK

Minister of State for Petroleum Resources, Dr. Ibe Kachikwu said recently that, the Federal Government is set to privatize the petroleum products pipeline network in the country to minimize vandalism and ensure availability of products in the country next year.

Kachikwu, who stated this while touring products depots in Apapa area of Lagos, also said that by January 2016, any truck not tagged or fixed with trackers will not be allowed to load products. According to him, this is to check diversion of trucks after loading, which is one of the causes of scarcity in Nigeria.

He said: “Ultimately, we are going to look at pipelines early next year in January to see how we can privatize the management of these pipelines and get them out of these perennial problems. According to Dr. Kachikwu, if we are pumping directly through these pipelines, some of these problems will be reduced.

In his words, “all these problems added is not as big as the problems of the fact that the major participants are not bringing products. That is where the main problem is.”

The minister also said that the Federal Government is looking at refinery models to see how best to deal with the nation’s four refineries which have long been producing below installed capacity.

“In January, we are going to be looking seriously at refinery models. How do we deal with it? How do we bring people to assist us on technical and investment basis to get these refineries in much more consistent and permanent basis,” he said.

Kachikwu decried the sabotage and unpatriotic attitude of Nigerians who hoard or divert petroleum products to create scarcity and inflict pains on innocent citizens. According to him, about 26 cargoes with 30,000 capacity of petroleum products are being expected into the country in few days to come, so as to mitigate the effect of the current scarcity. He advised Nigerians not to embark on panic buying as the products will be sufficient for the December period and the New Year.  He emphasized that filling stations and depots that engage in sharp practices and product diversion must be sanctioned by the Department of Petroleum Resources, DPR.

Credit:   vanguardngr.com

TONIGHT IN LAGOS, IS THE EXPERIENCE (10TH EDITION)

The biggest gospel concert in Nigeria is happening tonight at the Tafawa Balewa Square Lagos. People are expectant and this year edition which marks the tenth year anniversary promises to be spirit filled with a number of great gospel artiste ministering.

Present at the concert later tonight are artistes like Frank Edward, Don Moen, Midnight Crew, Sonnie Badu, Chioma Jesus, Nathaniel Bassey, Fred Hammond, Donnie McClurkin, Micah Stampley, Julius Nglass, Jessica Reedy, Kim Burrell, LMGC, Lagos City Chorale

The Experience Lagos is an annual praise-night organized by House on the Rock Church (HOTR). It had over 600,000 worshippers in 2014.

Credit:   theexperiencelagos.com, pulse.ng

NIGERIA BOTTLING COMPANY TO RAMP UP INVESTMENTS AND UPGRADE FACILITIES

In a bid to meet up with the sales projection trajectory in a competitive environment, Nigerian Bottling Company, NBC, is set to ramp up investments and upgrade facilities in the country.

The company, which had put in concerted efforts to ensure that its investment and upgrade in manufacturing facilities meet the interest of Nigerian consumers is keen on doubling its production capacity by 2020.

According to the Acting Head, Public Affairs and Communication, NBC, Limited, Mrs. Sade Morgan, who disclosed this during an engagement session with its major stakeholders said, “the company is upgrading its manufacturing operations, and the Ilorin facility is being transformed to become a world class material handling and logistics hub.

“Demand for Coca-Cola products is high and growing, and in a bid to meet up with the sales projection trajectories in a competitive environment, more production lines are being installed in some of our existing manufacturing facilities, most of which will be new.

“The new Ilorin depot facility, when completed, is expected to support new and upgraded production lines in the region to deliver our products more efficiently and effectively to yearning customers and dealers within the South-West Region and beyond.

Credit:  vanguardngr.com

WEMA BANK SECURES NATIONAL BANKING LICENCE

Wema Bank Plc has been granted a national banking licence by the Central Bank of Nigeria (CBN) to enable the lender deepen its business reach across the country.

The bank, which before the approval, was operating with regional banking authorization, got the uplift after complying with the CBN’s requirements.

 “The Central Bank of Nigeria has granted a final approval to Wema Bank Plc to convert its banking license from a regional bank to a national bank,” the lender said in a statement released yesterday.

The bank was in 2010, down-scaled to operate only within its core areas of business – Southsouth, Southwest and Federal Capital Territory (FCT) Abuja.

The lender, which operates with a capital base of N43.8 billion has met the regulatory requirements for the national banking license as stipulated by the apex bank. “This historic event has made Wema Bank the first bank to be granted a National Banking License having previously operated with a Regional License,” the statement said.

The bank’s Chief Executive Officer (CEO), Segun Oloketuyi, said: “This approval represents a milestone for the bank in the delivery of its Project LEAP commitments. Six years ago, we took a decision to refocus the bank’s operations on its areas of strength and build a sustainable institution.

 “We took advantage of the new licensing regime and applied for a Regional authorization with a pledge to expand in the near future, once the turnaround project was completed. The bank’s transformation was implemented in three phases; first to stabilize the bank, second to prepare the building blocks for growth and third to go for growth. We are now within the third phase of the transformation project.”

Oloketuyi  said the new license has created opportunities to scale up growth, helping the lender to strategically select its business locations across the country with focus on areas where return on investment will be maximized, and shareholders’ value enhanced over the medium to long term.

“To ensure that this approval is leveraged appropriately, we are already in the process of raising $100 million in Tier 2 capital and would commence a Tier 1 capital raise in the first quarter of 2016. This will further position the bank to pursue its growth strategy. The Bank remains on course in its turnaround programme as evidenced by its robust balance sheet and sustained profitability, which would be maintained through its national authorization.”

He expressed gratitude to the bank’s stakeholders, stating that the lender’s transformation project has succeeded largely due to the great support received from customers and shareholders. “Our priority remains delivering delightful and memorable service to our customers,” he said.

Credit:   thenationonlineng.net

NIGERIA SPORTS AWARD 2015

This year’s Nigerian Sports Award was held at the Marquee, Ocean View Garden, Eko Hotels and Suites, Victoria Island Lagos.

Performance of all the winners of each category judging by the year in review was breathtaking; breaking and setting world records, conquering the continent, conquering other continents and even winning the world scrabble championship. It was truly a blessed year for Nigerian sports.

Here is a list of the winners;

Ball sports person of the year – CHAMBERLAIN OGUCHI (BASKETBALL)

Coach of the year – ARE FEYISETAN (POWERLIFTING)

Combat sports person of the year – EFE AJAGBA (BOXING)

Discovery of the year – KELECHI NWANAGA (JAVELIN)

Footballer of the year (women) – NGOZI OKOBI

Footballer of the year (men) – AHMED MUSA

Special sports person of the year – YAKUBU ADESOKAN

Sports administrator of the year – YAKMUT ALHASSAN (DIRECTOR GENERAL, NSC)

Sportsman of the year – YAKUBU ADESOKAN (POWERLIFTING)

Sportswoman of the year – LOVELINE OBIJI (POWERLIFTING)

School sports award – EYEANUGIE PRIMARY SCHOOL, BENIN CITY, EDO STATE

Team of the year – MEN BASKETBALL TEAM

Track and field star of the year – TOSIN OKE (TRIPLE JUMP)

Weightlifter of the year – BILIKIS OTUNLA

Sports journalist of the year (radio) 2015 – CHINASIA IBONYE

Sports journalist of the year (television) 2015 – AUSTIN-OKON AKPAN

Sports journalist of the year (print) 2015 – TANA AIYEJINA

Photo journalist of the year 2015 – GANIYU YUSUF

Special recognition award went to world scrabble champion (Wellington Jighere) and

President of boxing federation of Nigeria (Brig-General Kenneth minima).

Nigerian Sports Award (NSA) is an initiative of Unmissable Incentives Limited and it’s intended to recognize and celebrate outstanding performances by our sports men & women through their efforts in local and international sports events in the course of the year.

Some of the panel of judges include; Ikeddy Isiguzo, Fabio Lanipekun, Dr. (Mrs.) Gloria Abimbola Obajimi, Chief Falilat Ogunkoya (MON), Fred Edoreh

Credit: nigeriasportsaward.com

UNION BANK APPOINTS NEW CHAIRMAN

Union Bank of Nigeria Plc (Union Bank) has appointed Mr. Cyril Odu as Chairman of the Board of Directors following the resignation of previous Chairman, Senator Udoma Udo Udoma, who was recently appointed Minister of Budget and National Planning by President Muhammadu Buhari.

Mr. Odu joined the Board of Union Bank in 2012 following a $500 million (USD) investment in the Bank from Union Global Partners Limited, a private equity consortium.

“The Board and Management of Union Bank thank Senator Udoma for his astute leadership and support over the past three years. Under Senator Udoma’s guidance, the Bank defined its strategic direction, outlined its transformation roadmap, and has made significant strides executing its priorities as is evident in our achievement of critical operational and financial milestones. We wish him success as he is called to serve our country in a higher capacity and to assist the administration of President Muhammadu Buhari in the transformation of the Nigerian economy,” says Emeka Emuwa, Group Managing Director and CEO of Union Bank.

On the appointment of Mr. Odu, Mr. Emuwa continues, “We are very pleased as Mr. Cyril Odu assumes the role of Chairman of the Board of Directors. As a non-Executive Director since 2012, he has brought his extensive knowledge and experience to bear and has provided critical input and direction to support Union Bank’s transformation. His appointment brings continuity and ensures that the Bank will continue to execute its defined strategic initiatives over the next few years.”

Mr. Odu has nearly 45 years of professional and management experience. His 40-year distinguished career at ExxonMobil saw him rise from Trainee to Vice Chairman of the Board of Mobil Producing Nigeria and Chief Financial Officer of ExxonMobil Upstream Companies in Nigeria, making him the highest ranking Nigerian in the organisation until his retirement in 2012.

During the span of his career at ExxonMobil, he served in many technical and managerial functions including Associate Geologist, Treasurer, Controller, Project Finance Director (Europe, Middle East and Africa), Country HR Manager, and General Manager, Planning and New Business Development. He was actively involved in developing and executing ExxonMobil business strategies in Nigeria, as well in as the implementation of several innovative funding and financing solutions, including the first upstream financing deal (the 1991 Oso Condensate field development) in Nigerian history.

Credit:    vanguardngr.com

FIRST PRESS CONFERENCE OF MUSIC WEEK AFRICA

The conference which held at the Radisson Blu Hotel, Victoria Island Lagos had in attendance Professor Pat Utomi - Chairman of the board of MWA, Audu Maikori - Founder of MWA, Deji Awokoya - General Manager Megaletrics, Tony Ibeziako - Acting HOD Listing Sales and Retention, Nigerian Stock Exchange, Henry Bassey - Team Lead/Director MWA, 0joma Ochai – Director of Arts, British Council Nigeria, Colette Otosesho – Head of Marketing and Communication, Viacom Nigeria, Rahul Shawney - Director MWA, and media representatives.

Audu Maikori, former President of Chocolate City and Founder of Music Week Africa took time to discuss plans and ideas that will make the upcoming week of activities a huge success.

Music Week Africa is set to start off in March 2016.

Credit:   pulse.ng

AMERICA’S CHANTE MOORE ARRIVES LAGOS FOR ‘LIGHT UP’ 2015

Award winning American Diva, Chante Moore, will arrive Lagos this Saturday, November 27, 2015, in preparation for the hosting of the second edition of “Light Up” Music & Art Concert.

Chief Executive Officer of the Red Ribbon Limited, organizers of the event, Mr Tunde Shofowora, while confirming her arrival, noted that the news of her arrival is already generating lots of excitement among her numerous fans as this is the first time the R&B & Jazz singer, songwriter & actress will be visiting the country.

Chante Moore is performing alongside other international renowned gospel singers such as Frank Edward (Nigeria’s best gospel artist), Buchi (Super Star Gospel Reggae maestro), Mike Aremu (Nigeria’s leading saxophonist) and multi-talented rapper & singer, TB1. The event will be anchored by Kate Henshaw and Charles Granville.

The event which holds on November 29, 2015 at the Landmark Event Centre, Victoria Island, Lagos, will also be bringing back on stage, Nigeria’s diva and elegant stallion, Lady Onyeka Onwenu.

Some of the highlights of this year’s edition also include a special art exhibition by some leading Nigerian contemporary art exhibitors such as Dr. Tony Marinho; grand cocktail/classical quartet and a Red Carpet to be anchored this year by International Award winning ace photo specialist Kelechi Amadi Obi: We will also be having the pleasure of the wives of the Executive Governors of Lagos and Ogun States to officially handle the “Light Up Moment” during the event.

Credit:    vanguardngr.com, stelladimokokorkus.com

GUESS WHO IS COMING TO NIGERIA

Advertently, Walmart is jumping at the opportunity of change in Nigeria to woo and test-market the global hub of investment – Nigeria. The cynics amongst us should have realised by now one of the impending results of the official trip of President Muhammadu Buhari to the United States.

Nigeria is gradually becoming a beautiful bride and destination for global trade and investment. Walmart’s investment in Nigeria will create stupendous job opportunities for our unemployed youth.

It will magnetize other investment companies to Nigeria; and also break the monopoly and exploitation of other retail companies in Nigeria.

One of Governor Akinwunmi Ambode’s transactional laundry list of wishes is to bring Walmart to Nigeria. A fait accompli that will change business environment in Lagos State and Nigeria in general. Walmart successful establishment in Nigeria will also transform the lives of farmers, traders and ordinary Nigerians.

Nigerian farmers will be encouraged and incentivized by getting their farm produce to retail market for profits. Walmart’s antecedent is real. Res ipsa loquitur (fact speaks for itself). It’s a U.S. company that accommodates the rich and the poor in the remote and urbanized cities in the world.

Credit:  ngrguardiannews.

FEDERAL GOVERNMENT, STATES TO SHARE $150MILLION

CASH-STRAPPED states are to get some funds, with the National Economic Council (NEC) approving the sharing of $150 million from the $400 million Nigeria Liquefied Natural Gas (NLNG) dividend by the Federal Government and the states.

The Council also approved that the balance of $250 million be invested in the Nigerian Sovereign Investment Authority to increase its capital.

Osun State Governor Rauf Aregbesola briefed State House correspondents at the end of the meeting.

With him were, Enugu State Governor Ifianyi Ugwuanyi, Minister of Budget and National Planning Udoma Udo-Udoma and Nassarawa State Deputy Governor Silas Agara.

Aregbesola said: “The Managing Director of the Sovereign Wealth Fund Authority presented the status report on the Nigerian Sovereign Investment Authority (NSIA) to the council. After due deliberations on the report, the council agreed that $250m from the $400m NLNG dividend be invested in the Nigerian Sovereign Investment Authority to increase its capital.

“Council resolved that the balance of $150 million of the said $400 million NLNG fund be shared accordingly in the prescribed formulae at the Federation Account.

“Council directed the Minister of Finance to constitute an executive nomination committee and work in consultation with NEC to appoint appropriate persons to take over as board members of the NSIA if the current board is dissolved.”

On the balance in the Excess Crude Account (ECA), Aregbesola said: “At the end of the NEC meeting today, the Accountant-General of the Federation reported that the balance of the ECA stood at $2.257 billion and that is not much change from the last report.”

The governor also said that the International Monetary Fund (IMF) Senior Resident Representative made presentation at a workshop for governors during the Council meeting on Treasury Single Account (TSA).

He said: “Presentations were made on the listed sub topics: Implementation of TSA in states”: lessons and experience; cash management and TSA reform: an overview of international practice; and budgeting reforms.

Credit: thenationonlineng.com

MYMALL.COM.NG: AN INITIATIVE OF ECOBANK

Ecobank Nigeria has unveiled an online marketplace, www.mymall.com.ng targeted at driving the growth of the small and medium enterprises sector in Nigeria. Speaking to journalists at the sideline of the unveiling in Lagos, Head, SME Business for Ecobank Nigeria, Sunkanmi Olowo, said: “Mymall Nigeria is an online platform where our customers can open a shop online. We have developed a site where they can rent a shop and then be able to sell to the whole world.

Today you hear of Jumia and Konga, that is the kind of thing we want to do for our customers so that SMEs who do not have the money to build an ecommerce platform, by virtue of belonging to Ecobank SME club, they can have a shop which the bank has developed for them through a partner and run their shops and sell to the whole world. By doing that, they are able to expand their businesses instead of just opening brick and mortar shops, which are more expensive, with this platform; they can do a lot more.”

To trade on the online mall, he said: “First, you have to belong to an Ecobank SME club. This requires the customer to have an SME account with Ecobank. If you have any of our SME accounts, you are qualified to join our SME Club online mall. But even if you do not have an Ecobank SME account, all it takes is for you to approach an Ecobank or go to the website and then apply.”

Also speaking, Deputy Managing Director, Ecobank Nigeria, Tony Okpanachi said: “Mymall Nigeria is a website where customers can post their goods and services online and sell. It is a way of giving access to our SME customers to be able to reach more of their customers across Nigeria. We are creating a platform for our customers who necessarily do not have to have their own websites like Jumia and Konga.

They can rely on the malls we have provided for them. We also provide payment platform and logistics for them so that they do not have to invest in having their own infrastructure before they trade. We also know that as a bank, our outreach is so wide, so we make it possible for them to reach more markets and enhance their businesses.”

Acccording to Okpanachi , Ecobank’s motivation to venture into e-commerce is because “every customer these days wants convenience. Convenience is all about easy access to be able to do your transactions. The days when people go into the physical malls and offices to do transactions are almost over, people want to sit in their offices and homes and be able to do their transactions.

Given that, we know that e-commerce is now the way to go because people have their electronic devices that they want to transact easily with, and still get the same kind of experience and satisfaction that they would have derived if they had done it offline. That is the trend that is taking over the world.”

And both for the consumers and sellers, it is more convenient than the physical presence that they used to have before. So as a bank, we are also aligned with what is more convenient for our customers and that is why we are adopting ecommerce.”

Credit: vanguardngr.com

ECOBANK PARTNERS WITH DEUTCHE BANK TO EXPAND TRADE FINANCE RELATIONSHIP

Ecobank Nigeria and Deutsche Bank have signed Memorandum of Understanding (MoU) to expand trade finance relationship.

Under the arrangement, Deutsche Bank will provide export credit guarantee programme GSM-102 to Ecobank Nigeria. The bank’s offering of a GSM-102 programme will guarantee credit to encourage financing of commercial exports of U.S agricultural products, while providing competitive credit terms to buyers.

Ecobank Nigeria will use irrevocable dollar denominated letters of credit for the import of eligible agricultural products from the U.S while Deutsche Bank will advise, confirm and negotiate these letters of credit as well as provide post-shipment financing in accordance with the GSM-102 programme regulations.

Speaking on the deal, Managing Director, Ecobank Nigeria, Jibril Aku said: “We look forward to expanding our relationship with Deutsche Bank with this GSM-102 programme. Deutsche Bank’s export credit guarantee service will offer a simple and efficient way for our importers to access agricultural products in the U.S and strengthen economic and trade development in the region.”

Head of Trade Finance, Financial Institutions, Western Europe & Africa, Global Transaction Banking, Deutsche Bank, said: “We are pleased to offer this programme to Ecobank Nigeria.” As a leading provider for GSM-102 business in Africa, and in close coordination with the Commodity Credit Corporation and the U.S Department of Agriculture’s Foreign Agricultural Service, Ecobank Nigeria will benefit from Deutsche Bank’s strong global and US footprint.”

Credit:  thenationeonlineng.net

UACN APPOINTS NEW CHAIRMAN, DIRECTOR

UAC of Nigeria (UACN) Plc announces the appointments of Mr Dan Agbor as the new chairman of the board of directors of the conglomerate and Engineer Okechukwu Mbonu as a non – executive director.

The two appointments followed the resignation of the former chairman, Senator Udoma Udo Udoma and a non-executive director, Dr Okechukwu Enelamah, who were both recently appointed Ministers of the Federal Republic of Nigeria.

Agbor, 55, is the managing partner of one of the leading commercial law firms in the country – Udo Udoma & Bello-Osagie. A seasoned lawyer, Agbor, who joined the firm in September 1990 until date, has had a distinguished practice in areas covering banking, mergers and acquisitions, private equity, finance, tax, and the laws relating to foreign investment.

A former company secretary/legal adviser of Gulf Bank of Nigeria Limited, he worked variously at the corporate finance and legal departments of Citibank and as a Solicitor in the firm of Ajumogobia, Okeke & Oyebode, a Lagos-based firm of legal practitioners engaged in the general commercial practice of law.

Agbor currently serves on the board of FSDH Securities Limited, FSDH Merchant Bank Limited; Pensions Alliance Limited and Swift Network Services Limited.

Mbonu is a registered engineer, a Fellow of the Nigerian Society of Engineers (FNSE), a Fellow of the Nigerian Institution of Mechanical Engineers and a Fellow of the Sierra Leone Institute of Engineers. He is a Founding Partner of Execution Edge Limited, a company noted for the provision of management advisory services to medium and large scale business enterprises.

Mbonu worked with Shell Petroleum Development Company Limited, Nigerian Breweries Plc, Heineken International and PricewaterhouseCoopers. While at Nigerian Breweries, he was appointed the Human Resource Director in 1999 and the Customer Service Director in 2001.

In March 2005, he was posted to Heineken International and then to Sierra Leone Brewery Limited, Freetown as the Managing Director/Chief Executive Officer of the company.

Mbonu attended Mayflower School, Ikenne where he obtained his West African School Certificate (WASC) with seven alpha distinctions and was awarded a Shell-BP Overseas scholarship to study Mechanical Engineering at the University of Manchester, UK, where he graduated in 1977 with a Bachelor of Science (B.Sc.) degree, with first class honours and four academic prizes.

In 1978, on completion of his National Youth Service with Shell-BP, he was awarded the prestigious Manchester University Noel Philip Bedson Research Scholarship which in 1982 led to the award of a Ph.D. degree in Mechanical Engineering from Manchester University, UK.

As part of his career development, Mbonu attended several local and international learning events including courses at Insead France; London School of Economics, UK; Stanford USA; Wharton School USA; IMD Switzerland and Heineken University, The Netherlands.


Credit:   thenationonlineng.net