All Posts in "Business"

NIMASA To Deploy Modular Floating Dock Soon

Dr Bashir Jamoh, Director-General, Nigerian Maritime Administration Safety Agency (NIMASA) has said that its modular floating dock is in the process of being deployed.
Jamoh disclosed this during a visit to Managing Director of Nigerian Ports Authority (NPA), Hadiza Bala-Usman at the NPA Headquarters, Marina, Lagos. “I am here to affirm that the modular floating dock has come to stay.
Jamoh spoke on the process of getting approval from the Federal Ministry of Transportation as well as the Infrastructure Concession Regulatory Commission (ICRC). He emphasised that obtaining those approvals were important preliminary conditions. He said this was because of the need to engage managing partners and ICRC in charge of the mode of operations and Public-Private Partnership (PPP) arrangement.
He added that the second aspect after the housing of the floating dock was the issue of operation.
He said that NIMASA had obtained the approval of the ICRC and had been directed to move to the Federal Executive Council. “As far as we are concerned, the confirmation of certain aspects of the operations will be run concurrently. “While we are seeking the Federal Executive Council approval, the issue of a managing partner will be considered and Expression of Interest will be published. So, we are good to go. “When fully operational, the NIMASA floating dock, which arrived Nigeria in 2018, is expected to provide a lot of benefits to the maritime industry, ranging from conserving foreign exchange, to providing employment.
“Others are boosting indigenous capacity, developing shipping, and providing training exposure for students of the Maritime Academy of Nigeria, Oron, and the Maritime University, Okerenkoko,” he said.
Speaking,Bala-Usman stressed the need to promote the NIMASA local dry dock to the maximum capacity by placing the NPA’s Continental Shipyard at the agency’s disposal as a preferred location.
She said NPA would go into an agreement with NIMASA on the handover of the authority’s dockyard, jetty locations, and warehouses within the area to facilitate the installation of the modular floating dock.
Chevron Donates To Ughelli Government College
Star Deepwater Petroleum Limited, a Chevron Company and the operator of the Agbami field, together with the parties in the Agbami field – Nigerian National Petroleum Corporation (NNPC), Famfa Oil Limited, Equinor Nigeria Energy Company Limited, and Prime 127 Nigeria Limited, have donated a model block of classrooms to Government College, Ughelli, Delta State .
The Deputy Senate President, Senator Ovie Omo-Agege, represented by his Chief of Staff, Dr Otive Igbuzor commended  the Agbami Parties for the donation. “We commend the Agbami parties for this CSR project and are particularly happy on the focus of this project on infrastructure and education which, according to development theories,  are two of the key areas critical for the development of a nation.”
At the virtual event to handover the project, Delta State Governor, Senator Ifeanyi Okowa, who was represented by the Commissioner for Basic and Secondary Education, Mr. Patrick Ukah, commended the Agbami parties for an outstanding donation. “I am most delighted and happy because this project stands out. What you have done is actually a whole school project because it has all the attributes a  school should have. The lab and everything you have put in that school are modern and state of the art.”
According to Robert Hulett, Director, DW and Production Sharing Contract (DW & PSC) Star Deepwater Petroleum Limited,  the multi-floor Model classroom comprises: Thirteen (13) classrooms with three hundred (300) sets of furniture,  plus twelve (12) sets of teachers’ chairs and tables; an ICT center and computer room, including a set of main servers with a broad bandwidth subscription and all hybrid equipment required for the ICT center to function effectively; a library with book shelves, tables and benches; a fine art room; a sick bay with mini beds; a 40KVA power generator and other functional rooms.
He noted that the Agbami parties have also implemented other projects in the past in Delta state, which include three science laboratory complexes with fully furnished and equipped Physics, Chemistry, Biology laboratories built and donated to Zik’s Senior Secondary School Sapele, Alaka Grammar School, Ozoro and Unity School Agbarho respectively.
The others include a Chest Clinic built and donated to the Tuberculosis and Leprosy Referral Center, Eku, two hybrid libraries built and donated to Uwheru Secondary School, Uwheru and Ubeji Secondary School, Ubeji. “In addition, a Mother and Childcare Center at Sapele Central Hospital, and a model classroom block project at Essi College Warri are nearing completion  and will soon be commissioned”, he informed.
Mr. Modupe Alakija, Chairman/CEO, Famfa Oil Nigeria Limited, who was represented by Dapo Okewole, Chief Financial Officer, reiterated his Company’s delight with the Social Investments of the Agbami Parties. “We are happy that this  block of classrooms is one of several other projects donated by the Agbami Parties, to various educational and health institutions across Nigeria, including 28 chest clinics and 39 science laboratories complexes, for the development of the health and education sectors.”
Similarly, Mr. Bala Wunti, Group General Manager, National Petroleum Investment Management Services (NAPIMS), represented by Group General Manager  Services, Yunusa Yahaya,  explained that the NNPC together with the Agbami parties have executed several Social Investment projects in Delta State  which included two thousand seven hundred and forty-seven (2,747) special scholarships. “We applaud the Agbami Parties for their continued partnership and collaboration with the NNPC in our drive to deliver impactful social investments interventions to our people” he added.
In the same vein, Ms Christel Kvalvik, Managing Director, Equinor Nigeria Energy Company Limited, one of the Agbami Parties, expressed her delight with the project. “Equinor is happy to work with other Parties in the Agbami Field to ensure Nigerians have access to technical skills, quality education and employment opportunities through the execution of projects in various parts of the country,” she reiterated.
Esimaje Brikinn, General Manager, Policy, Government and Public Affairs, Chevron Nigeria Mid-Africa Business Unit appreciated NNPC for its support for the Agbami Parties. “We thank NNPC for partnering with the Agbami Parties on Social Investments in the areas of Education, Health and Economic Development.” “We are also proud that this project was built, one hundred percent, by Local Community Contractors.”
Esimaje also thanked  the Delta state Government for the continued support of the operation of Chevron Companies in Delta State while appreciating the presence of top Government officials like the  Secretary to the Delta State Government, Mr. Chiedu Ebie; Member Representing Ughelli North/South/Udu Federal Constituency – House of Representatives Hon. Rev. Ejiroghene Waive; Commissioner for Oil & Gas Ministry Hon. Emma Amgbadugba, Permanent Secretary, Ministry of Basic and Secondary Education – Comrade Sam  Dietake and others, at the virtual event.
[3/25, 9:15 AM] Mohammed Shosanya:
Online Editor by — March 25, 2021 in Maritime 0
Stanbic IBTC Bank Showcases Credentials Atv 2021 GTR Confab

Stanbic IBTC Bank Introduces Savings ProductTHISDAYLIVE
Stanbic IBTC Bank, a member of Standard Bank Group, is set to showcase its robust trade credentials at the forthcoming 2021 Global Trade Review (GTR) West Africa Conference themed ‘Connecting the Region’s Trade Experts’.
The financial organisation is a platinum sponsor of the two-day event, which will hold virtually on 24 and 25 March 2021.
The GTR West Africa Conference is an annual regional event for trade discussions and networking among leading practitioners in trade, export and commodity finance to explore the latest developments, strategies and solutions needed to drive growth strategically. The conference is expected to attract over 600 participants from 300 organisations, including multinationals, export credit agencies, major African corporates, multilateral and development finance institutions, policymakers and regulators.
This year’s conference will focus on the most topical market issues affecting trade finance. Some of the topics to be analysed include Market Volatility and Decarbonisation, Mobilising Development Finance, Digitisation of Trade Finance, Counter-cyclical Financing Support, Structured and Synthetic Letters of Credit, Trade Trends in the COVID-19 era and Warehouse Receipt Financing among others.
Jesuseun Fatoyinbo, Head, Trade, Stanbic IBTC Bank, is expected to moderate the panel session on Mobilising Development Finance: A Necessity for Africa’s Economic Resurgence. This session will examine the critical role multilateral development banks are expected to play to boost credit availability, particularly for smaller businesses in the sub-region.
Wole Adeniyi, Chief Executive, Stanbic IBTC Bank, stated that the sponsorship of the trade conference is in line with the financial organisation’s desire to explore opportunities which add value to the businesses of its clients, create opportunities and help link them to new markets.
“As a leading end-to-end financial services organisation with solid trade financing footprints across Africa and beyond, we are constantly exploring opportunities to leverage our knowledge, expertise and extensive connections to deliver world class services to our clients in ways that will help them stay ahead of the curve,” he added.
Online Editor by — March 24, 2021 in Banking&Finance 0
Ikeja Electric Gets ISO Certifications

 Ikeja Electric (IE), has bagged three certifications in the electricity sector — latest International Organization for Standardization (ISO) certifications ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 — in recognition of its effective implementation of occupational safety and health, environment management and quality management processes.
The  power company also emerged as one of the runners-up for the ‘Most Responsive Organization to COVID-19 Crisis at the Nigeria Risk Awards 2020, and also bagged the AfriSAFE Merit Award 2020.
According to a statement by the Head, Corporate Communications, Felix Ofulue,the Disco’s management was last week, presented with the ISO 9001:2015 (Quality Management System), ISO 14001:2015 (Environmental Management System), and ISO 45001:2018 (Occupational Health and Safety Management System) 2020.
The statement quoted the Chief Executive Officer (CEO) of Ikeja Electric, Folake Soetan, as saying that the company has again reaffirmed its commitment to high standards, in line with global best practices, adding that the  awards demonstrate that the IE management processes and operations are effectively conducted by quality policies and forward-thinking leadership.
Soetan said: “We are indeed honoured by these certifications. I am dedicating these achievements to the entire management and staff who continuously give their best through strategic initiatives and innovation that deliver growth, improved service delivery and customer satisfaction for the brand.
“The fact that we have gained these recognition does not mean we have attained the desired peak or that we would become complacent, but rather we will continue to work hard towards operational excellence and improvement of service in line with our manta – ‘Customer first; technology Now’.”
The statement also quoted the Head of Quality, Safety, Health and Environment (QHSE), Mr. Jamiu Badmos, as saying that IE remains the industry trailblazer in areas of innovations including occupational health, safety and environment initiatives, adding that the result of the audit as approved by the Technical Committee from DQS in Germany has again certified Ikeja Electric to be compliant with global best practice.
According to Badmos, the statement said the adoption of technology and purposeful engagement of staff, customers and stakeholders has greatly contributed towards achieving effective quality, health, safety and environmental performance and operational excellence.
“We will continue to use risk-based thinking throughout our operations to promote a proactive approach for identifying risks and opportunities, thereby making continual improvement in order to enhance governance, customer experience, operational excellence and sustainability,” he said.
Online Editor by — March 24, 2021 in Brands&Marketing 0
Ecobank Group Declares N641.8b Revenue In 2020

– Ecobank Group Posts N461 billion Revenue in Nine MonthsTHISDAYLIVE
Ecobank Group says it  attained N641.8 billion revenue last year, representing nine per cent increase compared with N586.9b posted in the corresponding period of 2019.
 Its gross earnings was stable at N841.1 billion from N842.5 in 2019 while the operating income before impairment losses increased by 20 per cent, from N198.6 billion to N239.1 billion during the year under review,according to the  audited report submitted to the Nigeria Stock Exchange (NSE)
 Besides, total asset of the bank increased  to N10.4 trillion in the year ended from N8.6 trillion in the corresponding year of 2019, representing 20 percent increase, “This is a reflection of the power of our panAfrican diversified one-bank business model” says Ade Ayeyemi, Ecobank Group CEO.
But , other results of the bank shows profit before goodwill impairment went down by 12 percent to N129.1 billion as against N 146.5 billion recorded in the corresponding period of 2019.
 It recorded profit before tax of N66.6 billion as against N146.5 billion reported in 2019  while Profit after tax  closed at N33.7 billion during the year under review.
Within the period under review, gross earnings was stable at N841.1 billion from N842.5 in 2019. The operating income before impairment losses increased by 20 per cent, from N198.6 billion to N239.1 billion during the year under review.
Ayeyemi said in a statement that : “2020 was a year which tested the resilience of the human spirit in rising to the many challenges as governments, businesses and households’ unrelentingly strove to keep citizens, clients and loved ones safe. I am proud of Ecobankers’ hard work and continued service to our customers and the support we provide to the communities we serve.”
Online Editor by — March 24, 2021 in Banking&Finance 0
Forex Scarcity:CBN Disburses $80m To Banks Weekly

Report banks hoarding forex, CBN tells Nigerians - Punch Newspapers
Godwin Emiefele,the Governor of Central Bank of Nigeria (CBN ),has said that the apex bank disbursed  at least $80m are disbursed to banks weekly  to enable Nigerians meet their foreign exchange responsibilities
 Emefiele, stated this at the 278th MPC press briefing in Abuja,stressing that saying there is enough forex for business owners, travellers and parents with students abroad to meet their obligations.
 He implored  Nigerians to report any bank withholding forex to a special call centre of the apex bank.
Meanwhile, Emefiele, said the apex bank Monetary Policy Committee retained all the policy parameters during the last meeting
Emefiele said that the CRR was retained at 27.5 per cent; and the Liquidity Ratio at 30 per cent.
He explained that the members decided to retain all the parameters to encourage management to continue to use its various intervention mechanisms to deploy liquidity into employment generation and output stimulating sectors of the economy would be desirable as this would help consolidate the country’s recovery process.
He, however, said that the MPC noted the performance of the Financial Soundness Indicators (FSIs) of the DMBs which showed a Capital Adequacy Ratio (CAR) of 15.2 per cent, Non-Performing Loans (NPL) ratio of 6.3 per cent and Liquidity Ratio (LR) of 40.5 per cent, as at February 2020.
On non-performing loans (NPLs), the MPC noted that the ratio remained above the prudential benchmark of 5.0 per cent and urged the Bank to sustain its regulatory measures to bring it below the prudential benchmark.
The committee noted with satisfaction the improvement in the level of external reserves, which stood at US$36.46 billion at end-February 2021, compared with US$34.94 billion at end-January 2021.
This reflects the recent upsurge in crude oil prices on the backdrop of the renewed optimism on the successful deployment of COVID-19 vaccines across the globe.
Provisional data showed that banking system credit to the economy increased by 1.75 per cent to N43.67 trillion in February 2021 from N42.92 trillion in January 2021, reflecting the on-going broad-based monetary and fiscal stimulus to various sectors of the economy. The Committee thus, enjoined the Bank to maintain its current drive to improve access to credit to the private sector, while exploring other initiatives with the fiscal authorities to improve funding to critical sectors of the economy.
Other complementary measures included, increase in disbursement for the dry season agricultural programme to increase output, the adoption of high yield seeds to improve productivity and the adoption of harvested produce as a means of loan repayment, which has stemmed hoarding and the activities of middlemen and rent seekers.
The MPC reiterated its concerns on the activities of persons and groups causing security challenges in the food producing areas of the country, as this has contributed to the major uptick in food prices across the country.
He also said that the committee called for a collaborative and coordinated efforts by all the relevant agencies and stakeholders towards addressing the prevailing insecurity issues and social challenges.
“The committee also called on the government to explore the option of effective partnership with the private sector to improve funding sources necessary to address the huge infrastructural financing deficit.”
Online Editor by — March 24, 2021 in Banking&Finance 0
FG  Plans $1bn Syndicated Loan For MSMEs

The  Federal Government  has concluded a USD1billion syndicated term loan in conjunction with international partners to further support Small and Medium Scale Enterprises (MSMEs) in the country.
Otunba Adeniyi Adebayo, Minister of Industry, Trade and Investment, explained that the  loan is aimed at “further improving the capacity of the bank to effectively support Micro, Small and Medium Scale Enterprises (MSME) – across key sectors of the Nigerian economy – with affordable loans of medium to long-term tenor, alongside moratorium benefits.”
Adebayo spoke  at the Quantum Mechanics Limited MSMEs Survival Fund Capacity Building Programme in Abuja, adding that  there is an ongoing discussion with Dunn & Bradstreet to establish an SME risk rating agency – the SME Rating Agency of Nigeria (SMERAN), to provide an empirical basis towards analysing the eligibility of SMEs to access credit.
He added: “I will like to reiterate that our Ministry fully supports MSMEs, as demonstrated by our MSME Survival Fund Initiative which was launched in the wake of the COVID-19 pandemic by the Federal Government as part of the Nigerian Economic Sustainability Plan (NESP); aimed at protecting MSME businesses from the shocks the pandemic.
He added:”The Fund comprises the Payroll Support Scheme which aims to support MSMEs in meeting their payroll obligations and safeguard jobs by paying up to N50,000 to a maximum of 10 employees in each MSME for three months; the Artisan and Transport Grant which supports self-employed artisans with a one-off payment of N30,000 targeting 333,000 individuals,theb General MSME Grant which will provide 100,000 MSMEs with one-off grants of N50,000 each; and the  Guaranteed Offtake Scheme which will engage approximately 100,000 businesses across the country to produce items typically manufactured in their locality, targeting 300,000 beneficiaries.
He explained that the survival fund was estimated to save at least 1.3 million jobs across the country, while strengthening the growth potential of beneficiary businesses, stressing that the the successful implementation of the scheme so far has contributed immensely to quickly pulling Nigeria out of the Covid-19-induced recession
The Minister said the National MSMEs Clinics also support the growth of small businesses across the country through the provision of critical infrastructure, with twenty-six of such clinics having impressive results.
Online Editor by — March 23, 2021 in SME/Manufacturing 0
Buhari  Celebrates Elumelu

The President, Major General Muhammadu Buhari (retd.), has congratulated the Chairman of United Bank for Africa and Transcorp, Tony Elumelu, on his 58th birthday.
His congratulatory message was contained in a statement by his Special Adviser on Media and Publicity, Femi Adesina, titled, ‘President Buhari greets Tony Elumelu at 58’.
It read:“President Muhammadu Buhari sends warm felicitations to renowned economist and philanthropist, Tony Onyemaechi Elumelu, on his 58th birthday, joining family and friends to rejoice with the entrepreneur, whose interests continue to create opportunities for growth and development in the country.
“President Buhari commends the economist for his foresight and large-heartedness in setting up the Tony Elumelu Foundation, which has consistently inspired highly talented African youths into entrepreneurship, helped many to acquire business skills, enhanced positive social networks and provided start-up funds, within the larger goal of reducing poverty.
“The President believes Elumelu, who is the Chairman of Heirs Holdings, United Bank for Africa and Transcorp, demonstrates resilience and relentlessness in dream realisation, following his antecedents as a young banker who saw opportunities in the economy and worked hard to climb the ladder of success, receiving Nigeria’s National Productivity Order of Merit in 2019″.
The President said Elumelu spreads investments into energy, real estate, agribusiness, health care and hospitality, creating more opportunities in the real sector.
Online Editor by — March 23, 2021 in Banking&Finance 0
Failed Transactions:Access Bank  Upgrades Service  Platforms

Uncertainty over alleged Access Bank's bid to sack workersBusiness — The Guardian Nigeria News – Nigeria and World News
Access Bank Plc, has upgraded its service platforms to allow for resolution of failed transactions within one business day.
The bank has guaranteed that all failed transactions will be reversed within one business day.
 It has also affirmed that in the event that reversal time exceeds one business day, customers will be entitled to a refund of up to five times the bank transfer fees for that transaction.
Speaking on this development, Ogor Chukudebelu, Access Bank’s Chief Customer Experience Officer, said that Access Bank is committed to “offering more banking convenience for all customers.”
“Access Bank understands the financial and economic hardships caused by the COVID-19 pandemic. While we have put various social impact projects in place, we have also upgraded our banking platforms to ensure that customers can transact without experiencing delays. To reiterate our commitment to providing an excellent service, Access Bank will be refunding customers up to five times the bank transfer fees when a failed transaction is not reversed within one business day.
“As we continue to make great strides as a financial institution, we will not relent in delivering superior value and bespoke financial services that suit the banking needs of our customers” Chukudebelu said.
“Without compromising on its promise to deliver services with speed and maximum security, through the implementation of sustainable banking practices, Access Bank continues to lead the revolution for financial institutions around the globe; effectively merging technology and people to deliver stellar client service to customers across all its countries of operation”.
Online Editor by — March 23, 2021 in Banking&Finance 0
NPA Goes Tough On Illegal Jetties Operators

Home - Nigerian Ports Authority
The Nigerian Ports Authority (NPA)has clamped down on unsea-worthy barges while three illegal jetties have been sealed
The NPA explained that the decision followed the establishment of an inter-agency committee comprising of representatives of the NPA, Nigerian Maritime Administration Agency (NIMASA), Nigerian Inland Waterways Authority (NIWA) and the Lagos State Inland Waterways Authority (LASWA).
It said the committee is spearheading the “clearing of the waterways of lay-by barges and tugboats along Ibeji/Ilashe axis and as far as the Kirikiri Lighter Terminal and Mile Two Bridge, as well as the removal of wrongly anchored barges that are obstructing visibility along the Kirikiri channel”.
Soliciting for the cooperation of stakeholders to ensure  barge operations are executed according to laid down regulations, the committee expressed its commitment to sustaining the current tempo of enforcement until operators totally comply with all laid down regulations.
“To this end, regular patrol of waterways will be carried out and sustained,” the statement added.
Online Editor by — March 23, 2021 in Maritime 0
FG Brings Back  Cargo Tracking Note 

Insecurity: FG refloats Cargo Tracking Note to curb proliferation of
The Federal Government has reintroduced Cargo Tracking Notes in the nation’s ports.
The Cargo Tracking Note (CTN) or the ECTN (Electronic Cargo Tracking Note), is a system for collecting documents and processing information, when exporting by sea in order to obtain prior information, to participate in security measures, statistics, and generally in order to participate in the World Trade Organization (WTO) and the World Customs Organization (WCO) recommendations on trade facilitation and security.
President Mohammadu Buhari has since directed the Minister of Transportation, Rt. Hon. Rotimi Amaechi to reintroduce Cargo Tracking Notes (CTN) in order to curb the proliferation of arms and increase in banditry across the nation.
Amaechi has further directed the Nigerian Shippers’ Council(NSC) to commence preparation to undertake the responsibility of administering CTN as it  commences.
The Executive Secretary, NSC, Mr. Hassan Bello, whose Council is to handle CTN describes it as “another instrument that will add tremendously in shipping development”.
He added:“It will boost the revenue of the government in customs revenue collection in the sense that it will abate under – declaration and concealment. It will boost the revenue of NPA because there will be no more alteration of the manifests. It will boost the revenue of NIMASA because under – declaration on the weight of ships will not be there any longer.
CTN is also a veritable source of data and some economic experts describe this as the best quality of the electronic based platform.
“You will know everything that is coming into your country. We have had many African countries having this because it is the initiation of the Union of African Shippers Council (UASC),” the NSC boss said about CTN last year”
Online Editor by — March 22, 2021 in Maritime 0