The Federal Government should build electrified and non-electrified walls round oil and gas pipelines in the Niger Delta region to protect them, the Executive Secretary, Major Oil Marketers Association of Nigeria (MOMAN), Mr. Obafemi Olawore, has said.This is coming on the heels of the Federal Government's victory over militants, including pipeline vandals, in the region.Olawore said the walls would be different in structure, adding that the idea would help in warding off attacks against the pipelines. He said while one of the two...
Showing posts with label Business news. Show all posts
Showing posts with label Business news. Show all posts
16_11
Stakeholders faults FRCN's governance code
Shareholders have described the National Code of Corporate Governance for the Private Sector issued by the Financial Reporting Council of Nigeria (FRCN) as unnecessary and duplicitous, warning that the code could be counterproductive to national economic development.Shareholders under the aegis of Independent Shareholders Association of Nigeria (ISAN) stated that the code bordered on over-regulation of the nation's corporate world, particularly the financial industry. Shareholders also noted that the code also suffers from noticeable...
Senate okays new PIB for consideration
The Federal Government and the Nigerian Association of Petroleum Explorationists (NAPE) are in discussion to woo investors into exploring for oil and gas in the frontier basins in Nigeria.NAPE President, Nosa Omorodion, said this in Lagos when the association outlined activities for its 34th yearly international conference and exhibition scheduled for November 13 to 17 in Lagos.The theme of the conference is "Stimulating upstream investments in Nigeria's...
MTN test Facebook's Voyagers
The MTN Group yesterday it is the first mobile operator in the world to use the open optical packet transport platform, known as Voyager, after joining the Telecom Infra Project (TIP) earlier this year.According to MTN: "The TIP initiative, which was launched in February 2016, is a global endeavour which brings together key stakeholders in the telecoms and technology space to collaborate on the development of new technologies and find fresh approaches...
Stanbic IBTC win private bank award
Stanbic IBTC Bank, a member of the Standard Bank Group, has won two awards at the Global Private Banking Awards for 2016 by Professional Wealth Management (PWM) and The Banker Magazine. The bank was named the 'Best Private Bank (Wealth and Investment) in Nigeria' and the 'Best Private Bank in Kenya,' an award it is winning for the second consecutive year. Stanbic IBTC was the only organisation so honoured in the West African sub-region.The awards,...
16_10
OPEC develops framework to stabilize global oil market
Following its meeting in September in Algiers, Algeria, the Organisation of Petroleum Exporting Countries (OPEC) has begun to develop a framework to stabilise the global oil market.The Algerian meeting was where OPEC members agreed to cut output on 28th September to halt continued crude oil supply glut and shore up price. As a result of the landmark agreement, the meeting was tagged Algiers Accord.The first meeting of the high-level committee...
Diamond bank maintain stable growth in Q3 2016
Diamond Bank yesterday released its Q3 2016 performance scorecard on the floor of the Nigerian Stock Exchange (NSE), showcasing moderate growth in key financial parameters. For the nine months under review, the group recorded a growth of 16.9 per cent in total assets, which grew from N1.753 trillion in the same period last year to N2.05 trillion. This was driven mainly by the value of the local currency and growth in customer deposits,...
BMW for launching in lagos
Budding multi-talented artiste, Biodun Savage DiReal, a.k.a. Don Classy, whose music has been making waves in the recent time, will launch his maiden album November 5.The event, which promises lots of funfair and razzmatazz from the music and entertainment industry, holds at Pelican International Hotel, Chevy View Estate, Lekki, Lagos and will attract top artistes.Don Classy, who stormed the music world early this year in the R&B genre brand, will present his top hits in the new album with the titles: 'Wa Lo Sise' (Go and work) 'BMW' 'Oro...
Airtel heighten customers' excitement, offers ovajara bonus
Airtel customers will get more than six (6) times the value of every recharge on their line, as the telecommunications services provider, rejigs its SmartConnect package, to offer additional bonuses to customers on every recharge beginning from today (October 26th). SmartConnect is Airtel's premium default bonus plan specifically designed for new prepaid customers. Once a customer buys a new SIM, registers and inserts it into a device,...
No increase in petrol price says NNPC
Marketers get new forex window There's glut in market The Nigerian National Petroleum Corporation (NNPC) yesterday said there was no need for any increase the pump price of petrol from its present N145 per litre. Speaking with reporters in Abuja, its Group General Manager, Group Public Affairs Division, Garba Deen Muhammad, said there was already a robust arrangement to guarantee fuel supply for a long time. He categorically insisted...
Real estate is secret to wealth creation in recession
Nigerians seeking wealth need not look too far. This is because the real estate industry provides the secret to wealth creation for those that can key into it. Besides, the sector is the most viable to get the country out of its present recession, if the right things are done. These were the views of real estate consultants at a home ownership empowerment programme organised by Pertinence Nigeria Limited- a firm of real estate managers. Renowned realtor, Mr. Olumide Emmanuel, in an exclusive chat with The Nation, explained that for...
UAC foods unveils Gala Mega
Leading manufacturer and marketer of tasty and nourishing convenience foods, UAC Foods Limited, yesterday unveiled Gala Mega - a brand new addition to its rich basketful of snacks offerings. In a statement, the firm explained that Gala Mega, as the name implied, is a larger sized Sausage Roll with the same trusted and satisfying Gala taste, but in a bigger, meatier and more filing size to meet the yearnings of consumers, who want to be easily filled up on a friendly budget. Its General Manager, Marketing, Mrs. Joan Ihekwaba who unveiled...
NSE-: Housing key to ending recession
For the country to overcome its present economic problem, there is need for a strong and viable housing sector. Based on this conviction, the Nigerian Society of Engineers (NSE) has urged the Federal Government to pay more attention to the housing industry, given its potentials and capacity to help in revamping the economy. The President, NSE, Mr. Otis Anyaeji, made this known at a World Press Conference held by the body in Abuja, recently....
Twitter to lay off 9% of staff
The layoffs are expected to impact about 350 employees across sales, partnerships and marketing efforts, according to the company. The goal is to push Twitter toward profitability as an independent company. This is contained in the company's third-quarter letter to shareholders on Thursday, saying: "The restructuring allows us to continue to fully fund our highest priorities while eliminating investment in non-core areas and driving greater...
Bureau automates land documentation
Determined to ease the challenge associated with land processing, the Lagos State Lands' Bureau has introduced a new procedure. The Integrated Land Administration and Automation System is meant to shorten procedure for land allocation and administration. The new process will allow intending clients of the Bureau to submit applications on-line. This system will take about 18 months to begin after full installation of equipment that will drive the process. The Permanent Secretary, Lagos State Lands' Bureau, Governor's Office, Mr. Bode Agoro,...
Unemployment rate in Nigeria unacceptable -Chris ngige
The Minister of Labour and Employment, Senator Chris Ngige has said that the current unemployment rate in the country was unacceptable to the Buhari administration as no nation can develop by leaving out a vast percentage of its productive human capacity. Deputy Director, Press in the Ministry, Samuel Olowokoore quoted the Minister as saying that the Buhari government was committed to job creation and the provision of decent employment...
Dangote cement's revenue hits N442b
Dangote Cement Plc has declared an increased revenue of N442.09 billion in the last nine months, its financial report released yesterday at the Nigerian Stock Exchange (NSE) indicated. The revenue in the nine month ended September 30, this year was 20.97 per cent higher than the figure recorded during the corresponding period last year, despite the harsh operating environment, a development attributed to management's strategy to leverage...
Recession-: Senate seeks more support from IMF
The senate yesterday solicited more support and closer partnership with the International Monetary Fund (IMF), in efforts to address its economic challenges. Deputy Senate President, Ike Ekweremadu, made the appeal when he received, on behalf of the Senate President, Bukola Saraki, a delegation of the African Department of the IMF, which paid a courtesy visit to the Senate. He thanked the IMF officials for their support to Nigeria, and said...
NCC mulls cyber security response team
The Executive Vice Chairman/CEO,Nigerian Communications Commission (NCC), Prof Umar Dambatta yesterday, said the regulator has concluded plans to establish a Cyber Security Incidence Response Team (CSIRT) exclusively for the telecoms sector. Represented by the Director, Public Affairs at the NCC, Tony Ojobo, during the National Cyber Security Awareness Month organised by the American Embassy in Lagos, he said the establishment of the response...
REPs-: AMCON's $25b liabilities heightens economic woes
Investigate non- recovery of N2.4 trn debts The House of Representatives has expressed concern over the undue accumulation of N5 trillion (about $25 billion) debts bought over by the Asset Management Corporation of Nigeria (AMCON) and its inability to recover same. An Ad hoc Committee on Undue Accumulation of Debts and Alleged Fraudulent Sales of Banks, headed by Hon. Albert Adeogun, revealed the current debt portfolio of the Corporation is...
