Showing posts with label Business and Economy. Show all posts
Showing posts with label Business and Economy. Show all posts

Thursday, 23 February 2017

Economy: We don't need a loan from IMF- Kemi Adeosun says


Minister of Finance, Kemi Adeosun, says Nigeria does not need to take a loan from the International Monetary Fund (IMF).

In an interview with CNBC yesterday, Adeosun said taking a loan from the international financial agency isn't a bad thing but that Nigeria is not open to explore such measures to revamp the ailing economy.


“For us, the IMF is really lender of last resort when you have balance of payments problem. Nigeria doesn’t have balance of payments problems per se, it has a fiscal problem, which is that major revenue source has lost so much value. What IMF does for you is that it gives you programmes for reforms, we are already doing as much reform as any IMF programme would impose on Nigeria. Nigerians want to take responsibility for their future. We must have our home-grown, home-designed programme of reform, that Nigerians take ownership for, because they are painful reforms.  
When you go through this type of adjustment of your economy, these reforms are very painful, and they have to be home-grown. We have to take responsibility for this ourselves, so that when it succeeds, Nigerians would say; yes, we did this. I am not saying the IMF is bad, but I’m saying right now we don’t see that need. We feel this is a problem Nigerians created and Nigerians will solve"she said

Tuesday, 17 January 2017

IMF predicts Nigeria to recover from recession this year


The International Monetary Fund IMF, has predicted Nigeria will recover from the current economic recession this year. The international body stated this in its latest World Economic Outlook released yesterday Monday January 16th.

According to the outlook, Nigeria's Gross Domestic Product is expected to grow by 0.8 per cent this year and 2.3 per cent in 2018 due to increased oil production in the Niger Delta.

According to the release, the increase in oil production is mainly as a result of improvement in security within the Niger Delta region.

"Nigeria’s forecasts were also revised up, primarily reflecting higher oil production due to security improvements"the report stated
The outlook is similar to that of the World Bank that also predicted Nigeria would get out of Economic recession this year.

Wednesday, 4 January 2017

The Nigerian naira was the fourth worst performing currency of 2016


2016 is a year that’ll go down in history for many reasons. One of those reasons is recession but despite the recession and the unprecedented depreciation of the Naira, it wasn’t the worst performing currency in the world.

According to Bloomberg, Bitcoin, the increasingly popular cryptocurrency or digital currency, was the best performing currency in 2016.


The worst performing currency for 2016 was the pound. Not the British pound, but the Egyptian pound, which depreciated by 58.84 percent.

The Nigerian naira, which fell by 36.68 percent, was the fourth worst performing currency of 2016 — just ahead of the Egyptian pound, and the Venezuelan Bolivar. Russian ruble appreciated by 21.31 percent, while the Brazilian currency gained 20.96 percent through the year.

The Zambian kwacha, the South African rand and Lesotho’s Loti were the best performers on the continent, appreciating by 11.96 percent, 11 percent and 11 percent respectively.

Sunday, 22 December 2013

How FG allegedly lavished N4.7trn in 8yrs, by Reps


ABUJA—The Public Accounts Committee, PAC, of the House of Representatives revealed at the weekend that over N4 trillion was spent from 2004 to 2012 by the Federal Government from Service-wide Vote without the approval of the National Assembly.

The committee said due process was not followed in the manner such a huge sum was lavished, noting that it contravened Section 80 of 1999 constitution.
House of Representatives during plenary

House of Representatives during plenary

The committee also alleged that between 2005 and 2006, the government of former President Olusegun Obasanjo spent N250 million to feed former President of Liberia, Charles Taylor and his family, who were on an asylum in the country.

Chairman of PAC, Adeola Olamilekan (APC-Lagos), who disclosed these at a briefing of journalists, said the expenditure was made without parliamentary approval, starting from the government of President Obasanjo to that of President Goodluck Jonathan.

Olamilekan explained that “most of the expenditures to which the Service-wide Vote releases were deployed are routine in nature and did not qualify for emergency funding.

“For instance, between 2004 and 2012, a total of N1, 284,853,731.20 was spent on publicity and publication of various government programmes.

“Between 2004 and 2005, N250 million was spent on the upkeep of the former Liberian President, Charles Taylor, another  N14,006,494.847.57 was also released from the Service-wide Vote for the payment of judgement debts against the Federal Government.

“The office of the Accountant-General of the Federation, Budget Office and the Ministry of Finance released to their various offices a total of N2, 267,002,101 to a few auditors as audit fees and in 2011 alone, the Office of the Accountant-General of the Federation paid out N809,358,504 as audit fees to some external auditors carrying out audit of the Federal Government financial activities instead of the Office of the Auditor-General of the Federation.”

He also alleged that over N160 million was released for the Budget and Accountant General’s offices.
He said further:  “The expenditure of N162million from the 2011 Service Wide Votes releases tagged; “Closing Accounts” incurred jointly by the Office of the Accountant-General and the Budget Office of the Federation.

“An expenditure of N1,059,177,589.31($6,619,859.93 at the rate of $1=N160) in 201 and 2011 said to payment of outstanding tax on Nigeria House in New York.

“Successive governments have from 2004 to 2012. Spent a whopping N4.17 trillion  as against N1.8trillion  approved by the National Assembly as Service Wide Votes component of the budgets of those years, translating to N2.27trillion extra budgetary spending or 220% above the Service Wide Votes as approved in the budget for the period.”

He explained that “such extra-budgetary expenditures constitute a breach of Section 81 of the Constitution of the Federal Republic of Nigeria, 1999(as amended) and an illegality.”

Olamilekan also said PAC  discovered in the course of its oversight that the Service-Wide Vote was converted to a recurrent fund by the government, instead of an infrastructure vote.

“Such releases were mainly used to finance recurrent expenses not targeted at critical and strategic sectors of the economy and the releases were random and did not follow any clear pattern.

“The Service Wide Votes had become an alternative budget which government prefers to patronize than the annual budget, leading to poor implementation of the annual budget as approved by the National Assembly,” he added.

The report was earlier last Thursday presented by Olamilekan to the House which resolved that the committee should do more on its findings and present another report within two weeks.
The Service Wide Wide is the fund set aside for emergency purposes.

Friday, 22 November 2013

TOP-8 Nigeria’s Highest Paid CEOs and Their Daily Income

nigerias-highest-paid-ceos


Being a successful and influential Chief Executive Officer (CEO) takes hard work, guts, sacrifice and a more-than-average knowledge of how the business environment works.

LEADERSHIP Friday presents some of Nigeria’s highest paid CEOs and the stories behind their rise to the top, based on authoritative reports, between 2009 and 2012.

1. CEO, Stanbic IBTC, Sola David-Borha leads the list, with an annual remuneration of N177m – N484,931 daily.

2. CEO, Ecobank Nigeria, Jubril Aku earns N88m annually – N241,100 daily. But the bank reportedly slashed the CEO’s emolument to N38m per annum*, perhaps, as a measure against financial stress.

3. CEO, Mobil Oil Nigeria Limited, Tunji Oyebanji has an annual remuneration of N85m. When broken down, this amounts to a daily pay of about N231,956.

4. CEO, GTBank, Olusegun Agbaje’s annual take-home is a whopping N77m, which equals N210,960 per day.

5. CEO, Oando Plc, Jubril Adewale Tinubu earned N69m, a daily equivalent of N189,041.

6. CEO, Forte Oil Plc, Akin Akinfemiwa has an annual remuneration of N64m, or N175,342 per day.

7. CEO, UBA, Phillips Oduoza had N57m (as at 2010), or 156,164N every day.

8. CEO, Zenith Bank, Godwin Emefiele is also one of the highest paid CEOs of Nigerian companies, however precise data on his incomes was not disclosed. We estimated it on N100m per year**, based on financial results of the bank and its position in the bank’s hierarchy.

abuja-world-trade-centre-400x300

Nigeria needs a minimum of N56 trillion to bridge the country’s 17 million housing units deficit.‬ This information has been revealed by the President Goodluck Jonathan who spoke at the 53rd General Assembly of the Nigerian Institute of Architects (NIA) in Abuja.

Jonathan was represented by the Minister of Works, Mike Onolememen.

The President said the shortfall, which did not cover the cost of providing infrastructure, translated to an average cost of N3.5 million per housing unit to remedy the situation.

If this task is achieved, it would improve on the nation’s prevailing home ownership rate of 25 per cent, Jonathan noted.

He further said his administration was aware of the conditions and the challenges facing settlements as the demand for infrastructure, basic services and housing was on the increase; adding that housing associated facilities were grossly inadequate, with millions of Nigerians living in substandard environments or slums plagued by squalor and lacking basic amenities of life.‬

‪To reverse this trend and to provide funding for the housing and construction sector, the government recently announced plans to establish the Nigeria Mortgage Refinance Corporation (NMRC).

‪The public-private partnership (PPP) initiative would be executed with the Federal Government, Nigeria commercial banks and savings and loans institutions, with the World Bank committed to providing concessional credits of $300 million.‬

‪In turn, the President of NIA, Ibrahim Haruna, said the Institute stood ready to work with FG to find solutions to the problem, saying the main objective of the association was to promote the practice of the profession of Architecture in Nigeria.‬

Wednesday, 20 November 2013

Nigeria Secures N16 Billion Loan From Indian Bank


The Executive Council of the Federation, FEC, on Wednesday approved the signing of a N16 billion ($100 million) loan agreement with the Indian Import Export Bank to boost power supply in three states.

The federal government after receiving the loan will lend the money to three states: Cross River, Enugu, and Kaduna.

Briefing journalists after the weekly meeting of the FEC, presided by Vice President Namadi Sambo, the Minister of State for Finance, Yerima Ngama, said the facility is mostly for transmission lines as well as other accessories to develop the industrial areas of the concerned states.

He said the credit facility is different from the previous loans that led to Nigeria’s increased foreign debt.

“First, the facility will be taken by the federal government of $100 million. And $30 million will be on lent to Cross River State for the Calabar independent Power project; and Enugu State government is going to get $40 million for the electrification of 96 communities, supply and commissioning of 33KVA and four 15KVA lines and the distribution of transformers and other accessories to the 96 communities in the three Senatorial zones of Enugu state.

“$30 million will be on lent to the Kaduna State government and this will be used to augment the resources needed for the construction of the 70 kilometres transmission line from the Gurara dam to Kaduna industrial area. It will also be used for the construction of 132/ 33KVA substation power supply to Kaduna industrial area and 50 communities in Kaduna State will also benefit from solar electricity project” he said.

Saturday, 12 October 2013

Nigeria fights to recover Sani Abacha’s stolen money from Liechtenstein


Nigeria has embarked on an international campaign to press Liechtenstein into returning €185m linked to the late military dictator General Sani Abacha, which is still harboured in the tiny principality nearly 14 years after recovery proceedings began.

The Federal Government first requested assistance from Liechtenstein in returning the assets in 2000, two years after Gen Abacha’s sudden death paved the way for the return of civilian rule.

Criminal investigations and subsequent forfeiture proceedings established that the funds originated from bribes paid by Germany’s Ferrostaal AG to companies whose ultimate beneficiary was Gen Abacha.

They related to a grossly inflated contract for the construction of an aluminium smelter, according to a Financial Times report.

Liechstenstein’s constitutional court ordered the confiscation of the funds in 2012 and in March 2013 dismissed a final appeal against the order by companies linked to the Abacha family, clearing the way for restitution of the funds.

But the Liechtenstein government has declined to accept written guarantees from Nigeria that it will compensate the principality in the unlikely event that it should incur any liabilities in a further suit that has been filed by the Abacha-linked companies at the European Court of Human Rights in Strasbourg. This could delay the return of the funds for several more years.

The late Gen. Abacha was the penultimate and most brutal of Nigeria’s military rulers. He and what Switzerland’s Supreme Court dubbed the “Abacha family criminal enterprise” amassed a fortune worth several billion dollars from misappropriation of public funds during his 1993-1998 rule. The lawyer representing the Abacha family could not be reached for comment.

Ngozi Okonjo-Iweala, Nigeria’s minister for economy and finance and the former managing director of the World Bank, described the delays as “outrageous” and accused the Liechtenstein government of being unco-operative. She told the Financial Times she plans to appeal for support for Nigeria’s claims at this week’s International Monetary Fund and World Bank meetings.

“This is about funds that were stolen by a corrupt dictator. We have spent nearly 14 years trying to get them back and we are pleading with the Liechtenstein authorities not to aid and abet the continuation of that corruption,” Mrs Okonjo-Iweala said.

Liechtenstein officials defend the delay as the result of the case in Strasbourg which would, if the court accepts to hear it, address the plaintiffs’ rights to a fair hearing under article 6 of the European convention on human rights. The European court cannot overrule Liechtenstein court rulings restoring the funds but officials in the principality fear they could be laid open to compensation claims from the Abacha-linked companies.

Tuesday, 1 October 2013

REVEALED: Why New Aviation Charges for Private Jets Imposed



REVEALED: Why New Aviation Charges for Private Jets ImposedThe newly introduced general aviation charges in Nigeria are only for non-scheduled commercial operators and replace all previous charges.

The aviation authorities also clarified that by “non-scheduled commercial operators”, they mean private jet owners who use their planes for commercial purposes. Therefore, those how operate their jets for private business are exempted from these charges.

Yakubu Dati, Coordinating General Manager, Corporate Communications, for Nigerian aviation agencies, said the new charges “replace all previous charges such as the landing and parking fees, the en route navigational charges and the passenger service charge”.

The official made this confirmation on September 30, 2013, Monday.

According to him, Nigerian registered aircraft in this category would pay $3,000 or about N480,000 per flight, while aircraft with foreign registration would pay $4,000 or about N640,000 per flight.

“In addition to the charges they replace, the new charges cover for newly introduced niche services for the category of clients, such as the use of the new General Aviation Terminal (GAT) facilities, including luxury VIP lounges, pilot lounges and crew rest rooms, as well as refreshments,” Yakubu Dati said.

The spokesman said the introduction of the new charges is one of the key focus areas of the Federal Ministry of Aviation in its on-going industry transformation efforts. Dati added this explanation became necessary because of the controversy raised by the introduction of the charges as many believed that they are blanked charges on all private jet operations.

The aviation authorities also revealed the latest list of 26 airlines in Nigeria who own an Airline Operator Certificate (AOC):

Aero Contractors Company Nigeria Limited

Allied Air Limited

Arik Air Limited

Associated Aviation Limited

Atlantic Aviation Limited

Bristow Helicopters Nigeria Limited

Caverton Helicopters

Chanchangi Airlines Limited

Dana Airlines

Dornier Aviation Nigeria AIEP Limited

First Nation Airways (SS) Limited

Hak Air Limited

IRS Airlines Limited

Jed Air

Kabo Airlines Limited

King Airlines and Travel Limited

Max Air Limited

Med View Airlines Nigeria Limited

Odengene Air Shuttle Services Limited

Overland Airways Limited

Pan African Airlines Nigeria

Skybird Air

Skyjet Aviation Services Limited

Skypower Express Airways Nigeria Limited

Topbrass Aviation Limited

West Link Airways.

Thursday, 26 September 2013

FINANCIAL STABILITY: CBN Governor, Sanusi Vows To Defend The Naira



The Governor of the Central Bank of Nigeria, CBN, Mallam Sanusi Lamido Sanusi, has vowed to defend the Naira, in his resolve to ensure currency’s stability.

Briefing the journalists at the end of the Monetary Policy Committee meeting in Abuja, Tuesday, the CBN Boss said that the argument of those pushing for the devaluation of the Naira does not hold water in an import-dependent country like Nigeria.

Sanusi insisted that the CBN would stick to its position unless forced to do otherwise.

His words, “as far as the Naira is concerned, the CBN has always said that we are committed to its stability. I know there are some people who don’t share that view. But I have not personally heard any economically valid argument as to the benefits of devaluating the Naira up to this point in time.

“It will not improve our export nor reduce our imports into the country. It will not improve our fortunes as long as our structural reforms have not been implemented.

“My view and the view of the CBN is that if we will have to use some of the ourserves to support the currency, we will. No central bank governor will say that he will support the currency at all and every cost but we want to be very clear in our minds and to the public that there is no country in the world that will allow its currency to be just determined by the market.''

Thievery: Nigeria's Oil Production Drops By 150,000 Barrels


Following the shut down of the Trans Niger Pipeline (TNP) by Shell Petroleum Development Company, oil production in the country has dropped by 150,000 barrels of oil per day.

The Corporate Media Relations Manager, SPDC, Mr. Precious Okolobo, said in a statement on Monday that the company had deferred about 150,000 barrels of oil and 500 million standard cubic feet of gas per day as a result of oil theft.

He also said SPDC had declared force majeure on Bonny Light exports and gas supply to the Nigerian Liquefied Natural Gas company effective September 23, 2013.

This development, according to the statement, is linked to oil theft, which is denying the Federal Government of about $7bn annually.

The statement read in part, “The SPDC declared force majeure on Bonny Light exports and gas supply to the NLNG effective September 23 after it shut down the Trans Niger Pipeline for repair of new crude oil theft leaks at Bodo West and Oloma. Some 150,000 barrels of oil and 500 million standard cubic feet of gas per day are deferred.

“SPDC is working to repair and reopen the line as soon as possible.”

The company had on September 8 reopened the TNP after it was shut for two months due to incessant theft and vandalism.

The TNP has been repeatedly targeted and closed down five times since early July due to multiple leaks from crude theft connections.

The recent opening of the crucial pipeline was said to have lifted crude oil production, which has been fluctuating between 2.1 million barrels per day (bpd)  and 2.3 million bpd since the beginning of the year.

Monday, 23 September 2013

Nigeria Disburses N548.4bn To FG, States, Councils As State Finance Commissioners Cry Foul


The Accountant General of the Federation, AGF, Jonas Otunla, said on Monday that the Federal Government has made available the sum of N548.393 billion as the statutory revenue for the three tiers of government for September.

A statement by the AGF’s Deputy Director of Press, Charles Nwodo, said the amount was an improvement over the figure of N497.984 billion made available at the Federation Accounts Allocation (FAAC) meeting in August. Mr. Nwodo said the impasse over the outstanding N75 billion expected from the Nigerian National Petroleum Corporation (NNPC) would soon be resolved, as efforts were being made to settle the issues

“The OAGF said FAAC has received assurances from NNPC that the issue is being dealt with dispatch and that a positive outcome is expected soon,” he said.

“Government is exploring all avenues to end the shortfalls in revenue caused by oil theft and vandalism as soon as possible. But, in a swift reaction to the purported disbursement of funds by the AGF, the Chairman of the Forum of Commissioners of Finance, Anthony Odaah, described the action as a sham since the FAAC did not meet to approve such disbursements.

The state finance commissioners had earlier abandoned a meeting with M. Otunla. Mr. Odaah pointed out that the position of the state governments was that the payment of the N336 billion backlog due to states and local governments be settled first before further disbursements were approved.

Describing the action by the AGF as ‘ultra vires’, Mr. Odaah said it contradicted the provisions of the law setting up the FAAC, since there was no meeting where the purported release of September revenues was agreed upon by representatives of the states. He noted that in addition to the N336 billion, there were other under-payments to the states and local governments, which would be taken up at the National Economic Council (NEC) meeting by the state governors very soon.

“The OAGF is just trying to salvage a very bad situation, and that is what the Minister of State likes to do whenever there is a crisis. Remember, this was what happened when we staged a walkout from the meeting a few months ago,” he said.

“We have not received any money, because the meeting where such disbursement would have been approved did not hold. So, what they are doing is not known to law.

It is contrary to the provisions of the FAAC 1992. “Our position remains unchanged. Let them pay the backlog of arrears after which we will meet to discuss on other issues on the Federation Accounts”, Mr. Odaah said.

Thursday, 19 September 2013

Ibori Trial: Ribadu Testifies On $15m Bribe, Reveals Assassination Attempts


Desperate to halt a probe into his finances, Nigerian governor James Ibori tried to bribe anti-corruption boss Nuhu Ribadu in 2007 with $15 million in cash in a bag so heavy one man alone could not lift it, Ribadu told a London court on Thursday.

Ribadu said he pretended to take the bribe because he wanted the cash as evidence to use against Ibori in a prosecution, but rather than keep the money for himself he had it taken straight to the Central Bank of Nigeria to be kept safe in a vault.

Ibori was governor of oil-producing Delta State in southern Nigeria from 1999 to 2007. In 2012, he pleaded guilty at London’s Southwark Crown Court to 10 counts of fraud and money-laundering and was jailed for 13 years.

He is the most senior Nigerian politician to be held to account for the corruption that has for decades held back Africa’s most populous nation and top oil producer.

Ribadu told the court that about $1 billion flowed from federal government accounts into Delta State coffers during Ibori’s eight years in power, and he estimated Ibori had stolen or wasted more than half of that amount.

The charges to which Ibori pleaded guilty amount to the theft of about $80 million, but British prosecutors say that was only part of his total booty, which was kept hidden via a complex web of shell companies, offshore accounts and front men.

Ribadu, who was chairman of Nigeria’s Economic and Financial Crimes Commission (EFCC) from April 2003 to December 2007, was giving evidence at a confiscation hearing in which prosecutors are seeking court orders to have Ibori’s assets seized.

Under Nigeria’s constitution, state governors enjoy immunity from prosecution but are limited to two terms in office. With the end of his second term looming in April 2007, Ibori was worried the EFCC were planning to prosecute him, Ribadu said.

“He was very desperate to terminate the investigation,” he told the court.

ASSASSINATION ATTEMPTS

In late April 2007, a meeting was arranged between the two men at a “neutral place”, the house of Andy Uba, a close associate of outgoing President Olusegun Obasanjo.

Ibori arrived at the house with several members of his staff and a very large black sack containing $15 million in cash. Ribadu said he watched as two of Ibori’s men lifted the heavy sack and handed it over to his own EFCC staff. “It was a bag that an individual could not carry alone,” he said.

The EFCC men drove the bag to the central bank where the money was counted and boxed into smaller containers. The court was shown photographs of the boxes of cash.

“I have given you money Nuhu, just give me my clearance,” Ribadu quoted Ibori as telling him after those events.

Instead, the EFCC continued to investigate Ibori’s affairs and had him arrested on corruption charges on December 12, 2007.

But Ribadu said the climate had changed since Obasanjo had stepped down and President Umaru Yar’Adua had been sworn in. Ribadu said Ibori was close to Yar’Adua, and the new attorney general Michael Aondoakaa sought to neuter the EFCC.

On December 27, just 15 days after Ibori’s arrest, Ribadu was sacked as chairman of the EFCC. Efforts to prosecute Ibori in Nigeria foundered, and he was eventually prosecuted in Britain because he had laundered some of his millions there.

After his removal as EFCC chairman, Ribadu told the court he survived two separate assassination attempts including one during which three shots were fired at his car.

After the second attempt, he fled Nigeria by what he described as the “bush path”, first by motorcycle taxi across the border to Benin, then by an Air France flight to Paris and then to Britain where he was given refuge at an Oxford college.

Ribadu remained in exile until after the death of Yar’Adua in May 2010. He told the court that under new President Goodluck Jonathan, the climate changed again and he returned home.

It was also that year that Ibori’s luck turned. He was arrested in Dubai on a British warrant and extradited to London a year later. He is now serving his term at Long Lartin maximum security prison in central England.

Wednesday, 18 September 2013

Forbes Africa denies releasing Nigeria's Top 20 Richest Men list

There was a top 20 Richest Men in Nigeria list that made the rounds online last week purportedly released by Forbes. I'm sure some of you saw it. I didn't put it up because I searched Forbes' website and didn't find it there. I eventually found the originator of the list - a blog called Strategic Business Team. Anyway, Forbes Africa wanted to clear the air and have released a statement. Find it below...
Public Disclaimer.
The information that was published in a recent article that made reference to a list of the wealthiest Nigerian businessmen was not created nor produced by Forbes Africa or its parent company, Forbes.
Forbes Africa, its parent company in the United States, its affiliates and subsidiaries including staff, hereby unequivocally disassociates itself from the article, the content, thereof and any information that is related to it.
See the list after the cut...

Not a Forbes List

Nigerian Billionaires and top 20 Richest People (Entrepreneurs) in Nigeria 2013

1.            Alhaji Aliko Dangote – Founder of Dangote Group and Richest black man in the world
2.            Mike Adenuga –    Conoil, Equatorial Trust Bank, Globacom
3.            Femi Otedola –     ZENON Oil and Gas
4.            Orji Uzor Kalu –      Slok Group
5.            Cosmos Maduka –     Coscharis Group
6.            Jimoh Ibrahim –     Nicon Insurance, Global Fleet
7.            Jim Ovia –       Zenith Bank, Visafone
8.            Pascal Dozie –     MTN Nigeria, Diamond Bank
9.            Oba Otudeko –    Honeywell Group Nigeria
10.          Alhaji Sayyu Dantata –   MRS Group
11.          Umaru Abdul Mutallab – former Chairman First Bank Plc, Mutallab Group
12.          Prince Samuel Adedoyin – Doyin Group
13.          Dele Fajemirokun –        Chaiman Aiico Insurance, Xerox Nigeria, Chicken Republic.
14.          Chief Cletus Ibeto –        Ibeto Group
15.          Raymond Dokpesi –        Daar Communication, AIT,
16.          Tony Ezenna –                   Orange Group
17.          Chief Molade Okoya Thomas –    Chairman CFAO Nig and other six french companies
18.          Ifeanyi Ubah –      Capital oil and gas
19.          Leo Stan Ekeh –      Zinox
20.          Fola Adeola –      GTBank
21.          Chief Ade Ojo –        Elizade Motors Nig LTD, Distributor of Toyota cars

Bill Gates Swoops World's Richest Person Title Again

 
Bill Gates has reclaimed the title of world’s richest person from Mexico’s Carlos Slim with a net worth of $72 billion, according to Forbes annual rankings. Warren Buffett, again number two, was the year’s biggest dollar gainer, having added $12.5 billion to his fortune.

Facebook’s hot stock pumped up Mark Zuckerberg’s fortune by $9.6 billionand put him back into the top 20 after missing the top cut last year; Carl Icahn lost his battle to stop Dell from going private but he had a great year and moves back in the top 20 for the first time since 2008.

The biggest percentage gainer was Workday’s David Duffield, whose fortune more than tripled to $6.4 billion, and just behind him in terms of percentage jumps was the entrepreneur Elon Musk, now worth $6.7 billion and ranked 61st.

Tuesday, 17 September 2013

Undergraduates, others arrested for stealing N2bn from Union bank

 
According to a report by Punch, two men who claim to be undergraduates of University of Jos, Isaiah Friday and Azzaior Samuel, have been arrested by the Economic and Financial Crimes Commission  for allegedly stealing N2.05bn from union bank Two bureau de change operators, Salihu Mahmoud and Dan Ibrahim, were also arrested in connection with the alleged crime.
The Head, Media and Publicity, EFCC, Wilson Uwujaren, said:
"Their arrest comes on the heels of a petition which the commission received from Union Bank of Nigeria Plc, Marina, Lagos, in January 2013, alleging that a criminal attack had been launched on its data base known as ‘Flexcube’, by yet-to-be-identified criminals who falsified the bank records and accounts and created unjustified huge opening balances in several accounts across the bank’s branches. They subsequently transferred funds from those accounts to several accounts in other banks. The petition, which was signed by one A.F Olufade, Head of Fraud Investigation at the bank, said cash withdrawals and electronic transfers totalling N2.05bn was involved in the scam.”
It was learnt that EFCC initial investigation showed that Friday, who was carrying out computer system maintenance services for one of the Union Bank branches in Jos, Plateau State, on a part-time basis, paved the way for the fraudsters to penetrate the bank’s database.
Uwujaren said, “Friday was traced and arrested. His arrest led to the arrest of Azaaior Samuel.
“Investigations further revealed that Samuel introduced Friday to Mahmoud, who is the mastermind of the fraud with others now at large.
“Mahmoud and other collaborators told Friday that they needed access to the bank’s database in order to carry out some postings. They promised to give Friday N.5m if the deal succeeded.”
PUNCH Metro gathered that Friday agreed. On the day the crime was committed, he told people at the bank that Samuel was his colleague who had accompanied him to work.
It was learnt that after the gang had succeeded in gaining access to the bank’s premises, it carried out the postings to six different company accounts domiciled in Union Bank’s Marina branch in Lagos.
Uwujaren said, “The accounts are Gona Bureau De Change Limited, Jaxmine Bureau De Change Limited, Dan Kawu Bureau De Change Limited, Godswill Great Communications, ZHG Services Limited and A and B Console Limited. The postings were carried out and the syndicate thereafter went to the bank to withdraw all the funds. Friday was paid as promised and other syndicate members now at large shared the remaining balance.”
The EFCC spokesman added that the commission had been able to recover $2,129,900 and another N134,542, from  the fraudsters.
He said, “Other items recovered are furniture worth N10m from Salihu Liman’s one bedroom apartment in Yaba, Lagos; four vehicles, landed properties in Kano and Kaduna and a four-bedroom duplex worth N45m in Lagos. Investigation into the scam continues.”

Source: Punch

Saturday, 14 September 2013

Meet The Top 20 Richest Billionaires In Nigeria


The list of top 20 Richest Nigerian billionaires has been based on:

The value of their shares held in quoted companies, the size and market share of their companies, the number of companies they own and its assumed value, the market value of their company’s brand and the impact of their companies on the Nigerian economy.

Despite the harsh terrain and business challenges involved with starting a business in Nigeria; the successful entrepreneurs listed below held their ground and fought their way to the top.

In a country with a population of over 160 million inhabitants and millions of businesses; these 20 entrepreneurs diligently carved their names in the sands of time.

See the list below.

Alhaji Aliko Dangote – founder of Dangote Group, Richest man in Africa and Richest black man in the world

Mike Adenuga – Conoil, Equatorial Trust Bank, Globacom

Femi Otedola – ZENON Oil and Gas

Orji Uzor Kalu – Slok Group

Cosmos Maduka – Coscharis Group

Jimoh Ibrahim – Nicon Insurance, Global Flee

Jim Ovia – Zenith Bank, Visafone

Pascal Dozie – MTN Nigeria, Diamond Bank

Oba Otudeko – Honeywell Group Nigeria

Alhaji Sayyu Dantata – MRS Group

Umaru Abdul Mutallab – former Chairman First Bank Plc, Mutallab Group

Prince Samuel Adedoyin – Doyin Group

Dele Fajemirokun – Chaiman Aiico Insurance, Xerox Nigeria, Chicken Republic, Kings Guards etc.

Chief Cletus Ibeto – Ibeto Group

Raymond Dokpesi – Daar Communication, AIT,

Tony Ezenna – Orange Group

Chief Molade Okoya Thomas – Chairman CFAO Nig and other six french companies

Ifeanyi Ubah – Capital oil and gas

Leo Stan Ekeh – Zinox Computer

Fola Adeola – GTBank

Wednesday, 11 September 2013

Nigeria Ranks 4th In Global Oil Supply Outages

photo

 Nigeria ranks fourth in the league of countries who contribute to global oil supply outages, estimates from analysts at Deutsche Bank and other shipping and industry sources have shown. This is even as the country loses more than 200,000 barrels per day (bpd) of crude oil to vandalism, crude oil theft and spills. 

 Total global outages amount to 3.15 million bpd, about 3.5 percent of daily world oil demand of 90 million bpd, according to the estimates.

Nigeria, Africa’s top oil producer, has had to grapple with upsurge in crude oil thefts, resulting in frequent production shutdowns and massive oil leakages in recent time.

Only recently, Italian oil major Eni lifted a force majeure it imposed on its Nigerian Brass River crude oil production in March.

The company had in August said oil theft, sabotage and adverse natural events such as flooding have hurt its operations in Nigeria, amounting to a daily loss of 30,000 barrels of oil equivalent in the first half of the year, that’s equivalent to 2 percent of the company’s overall production in the period.

The analysis shows Libya as the country with the biggest outages, losing 1.2 million bpd due to strikes and protests, followed by Iran with 1.1 million bpd as a result of the US and European sanctions over nuclear programme.

In Syria, outages amount to 300,000bpd caused by civil war and Iraq lost 200,000bpd due to disruption to Northern pipeline. The estimates, compiled by Reuters, show South Sudan as having the least supply outages with 150,000bpd occasioned by political tension with Sudan.

Crude oil theft has continued to thwart Nigeria from coming near the 2.53 million bpd estimate in the 2013 budget, with huge revenue losses estimated at over $1.23 billion (N190bn) in the first quarter, according to the Nigerian National Petroleum Company.

Nigeria, which earns more than 90 percent of its foreign exchange and about 80 percent of government revenue from its oil industry, has seen decline in production and revenue in recent times.

Notorious Fraudster, Fred Ajudua Granted Bail


Known fraudster, Fred Ajudua has been granted bail in court yesterday.

Ajudua, who is currently facing charges over alleged fraud of $1.69 million, was granted bail by Justice Ganiyu Safari of a Lagos High Court, sitting in Ikeja.

Ajudua, with one Charles Orie, is facing trial for allegedly defrauding two Dutch businessmen – Messrs. Remy Cina and Pierre Vijgen of $1.69 million.

Justice Safari granted Ajudua bail in the sum of N50 million with two sureties in like sum.
It was revealed that he was granted bail due to his ill-health

Palm Wine Tappers Face Tough Climb To Success













 The pay is low and the work involves scaling a 50-foot tree multiple times a day with no safety net, so it is not surprising that Nigerian palm wine tappers are struggling to find fresh recruits.

“No newcomers,” said Anthony Ozioko, a slight 63-year-old, visibly drained after a mid-morning climb up a palm tree in the southeastern town of Nsukka. Nigerians have been drinking the sap from raffia trees, a species of palm, since long before the country existed.
A palm wine tappers A palm wine tappers (AFP) Palm wine was once the region’s main social drink, an almost mandatory offer at events like weddings and concerts, although the proliferation of beer and foreign liquor has in part curbed the demand for the more traditional drink.

straight from the tree, palm wine is a non-alcoholic drink and said by some to have medicinal qualities, especially for the digestive system.

When fermented and distilled, palm sap produces a drink that recalls a bottle of Sprite, but with much less sugar and about as boozy as a standard bottle of beer.

Experts say the consumer demand for palm wine is strong, but production is struggling amid a decades long agriculture sector decline in Nigeria, where the oil industry, Africa’s largest, has become excessively dominant.

Attempts to develop the palm wine sector have mostly floundered and the business largely remains as rudimentary as ever: tappers climb the tree, process the sap and deliver it directly to a customer, typically someone who lives nearby. For young Nigerians the work seems to have little appeal.
“I don’t want (my son) to be a tapper. I want him to be a pilot,” said Sabimus Nwudo as his neighbour Ozioko described the gruelling work and marginal profits. When a tree is ready to be harvested, the first task is “to make the road” by using a machete to cut divots up the trunk, which serve as slots for both feet and a locally made climbing aid that resembles a harness, Ozioko explained.

His climb looked daunting but he moved quickly, wedging his harness and feet in the pre-cut divots, eventually securing himself at the top of the trunk, where he collected the sap that had dripped overnight into a bottle attached to the trunk. Ozioko’s expert movements made the work look deceptively safe but serious injuries and some deaths have occurred, locals said.

Put simply, “if you don’t know how to climb it, you’ll fall”, said the tapper, resting on a chair after removing a few bees from his latest haul and gulping down a cup. The industry is still “in its cradle” and has so far failed to attract any meaningful investment, said Isona Gold of the Nigerian Institute for Oil Palm Research (NIFOR). Gold said he sees huge opportunities for growth but his vision for better organisation and higher profits for tappers has stalled.

The plan calls for the formation of clusters of 10 tappers, each harvesting 150 litres of palm wine per day, with a series of local processing plants selling a bottled product — alcoholic or not — to vendors. The NIFOR plan estimates each tapper earning 120,000 naira ($750, 570 euros) per month.
If successful, “the young generation may want to go in”, Gold said. The key is private sector involvement, he added, but so far investors “have not indicated much interest”. As a niche product, and one that arguably involves an acquired taste, palm wine’s appeal to prospective investors is limited.

But the lack of infrastructure speaks of a larger problem that has plagued Nigeria’s entire agricultural sector, which analysts say has suffered from a woeful lack of investment, both private and public, despite being the country’s top employment sector.

Nigeria, with its estimated 167 million people, was the world’s largest rice importer in 2012, according to the US Department of Agriculture, bringing in 3.4 million tonnes despite having the climate and land suitable to large-scale rice production. Economists have pointed to massive rice imports to highlight the decay of Nigeria’s agriculture sector.

While NIFOR and the government’s Institute for Industrial Research are currently running pilot projects that seek to make the palm wine industry more profitable, Ozioko’s business remains a one-man shop. He aims to sell about 3.7 litres to a local market each day, earning about $9.30.

That income is still well above the national average in a country where most live on less that $2 per day. Ozioko also sets aside some of his harvest for personal use. When asked, he said he drinks palm wine every day and offered a simple justification. Because “I’m a tapper”, he said.