WAUG: Heritage Bank restates commitment to youth, sport devt

Managing-Director-of-He
Managing-Director-of-He

\Heritage Bank Plc says it is committed to improved youth and sport developments in the country as a means of ensuring rapid growth in these areas, through sponsorship of sporting activities in tertiary institutions.

The MD/CEO of Heritage Bank, Ifie Sekibo affirmed this at the just concluded 14thedition of the West African Universities Game (WAUG) held in Port Harcourt at the University of Port Harcourt.

The bank recently supported the premier edition of Africa Freestyle Football Championship and continued to sponsor youth entrepreneurial initiatives, particularly, The Next Titan,” a reality television show.

Sekibo, who was represented by a Senior Manager, Oladapo Lawal stressed that the financial institution has strong desire to see young Nigerians succeed in other areas other than what they studied in school, whilst urging government at all levels and private institutions to pay closer attention to sponsorship and innovation.

He stated that Heritage Bank, as the sponsor of WAUG, is working assiduously towards achieving its vision to become a bank of national reckoning for which it was established.

He noted that there is need for institutions to give back to society through sponsorship.

“Heritage Bank believes in development. These are University Students and we want to level our legacy on University students that is one of reasons we decided to sponsor the event. We have the tenacity to develop and sport is a way of developing youths in the country. We want to encourage the youth and I believe that this type of games are capable of robbing off on the students in future.

“I would advise the federal government to look in this direction, because when we support this kind of project, we are developing our country. The government needs to do more in sponsorship drive of sports in the country, “he noted.

Meanwhile, UNIPORT emerged the overall winner of the 14th WAUG, 2018 amassing 125 medals to top the log.

A breakdown of the figures shows  that UNIPORT won 75 gold, 26 silver and 24 bronze medals to beat University of Lagos (UNILAG), the first runners up that scored 16 gold, 24 silver and 16 bronze. The second Runners up was University of Cape Coast, Ghana that bagged 9 gold and 16 silver medals.

The football event went to University for Development Studies, Ghana that beat Bayero University, Kano(BUK) 4-2 on penalties after the duo played out a  1-1 draw within  90 minutes regulation time and 30 minutes extra time.

Declaring the competition closed, the Minister of Education, Adamu Adamu congratulated the winners and indeed all the participants for a job well done.

He commended UNIPORT for organizing what he described as one of the best championships in the history of WAUG.

The Minister said university games and sports generally should be encouraged in our institutions to build  friendships and bridge barriers among the students in Nigeria and beyond.

He promised that the Federal Government will continue to encourage sports in our schools.

In his speech, the Vice Chancellor(VC) of UNIPORT, Prof Ndowa Lale commended Heritage Bank for its sponsorship to the successful competition. He congratulated he winners and the losers alike. The VC  particularly commended University of Cape Coast for coming all the way from Ghana  to lift  the football trophy regarded as the king of sports.

 

Reps say Shipping Companies Diverted FG’s $300m

 

yakubu-Dogara
yakubu-Dogara

The house of representatives has raised alarm over how foreign shipping companies’ local agents are shortchanging the Federal government of revenue to the tune of over 300 million dollars.

House committee on Maritime Safety, Education and Administration, investigating allegations of non remittance and ill practices by the shipping companies, revealed this at the investigative hearing in Abuja.

The committee revealed that so much monies amounting to 300million dollars from 3 per cent levy they collected on behalf of the Nigeria Maritime Administration and Safety Agency, (NIMASA), from international shipping companies had been diverted.

Chairman of the committee, Rep. Umar Bago, said that while it was common on the part of the shipping firms as receivers on behalf of NIMASA to receive 3 per cent levy from their parent companies ( as Nigeria agents), regrettably they deployed such monies for their personal use.

Bago added that at times they changed their corporate names, directors and decline to remit the funds to the nation’s consolidated fund account.

”You collect monies from international shipping companies, sit on the money, change your company names and directors, and do business with the funds without remitting to the consolidated fund, ” he said.

The News Agency of Nigeria (NAN) reports that 12 local shipping firms, some of which have denied the allegation of wholesale indebtedness to government are currently being investigated by the House from 2004 till date.

They are: GAC, Daddo Maritime Services, Blue Sea, Divine Marine, Transoceanic support services, Inchcape shipping and Maersk.

Others are AlRaine, Hull Blyth CMA CGM- Delmas, Joe Eboje and Peak shipping.

In their presentations, those who appeared before the panel like, Gac, Inch Cape, faulted the amounts allegedly owed NIMASA.

For instance from the whooping 172million dollars, Gac argued that it owed less than 5million dollars and not 172million dollars.

It was the same position canvassed by Inch Cape and Hull Blyth.

Both claimed that the figures before the committee did not represent what they owe, since reconciliation of figures was continuous.

According to the firms, some payments made to NIMASA were not receipted, a development that has also jeopardized the reconciliation process.

But based on the revelation at the hearing, the committee had vowed to invoke Executive order six and a bench warrant of arrest on the chief executive officer of any of the erring companies

The committee added that the warrant of arrest would be on companies who may have made away with the country’s monies and those who declined to honor and appear before the House panel.

“Moreso, firms indicted will be handed over to the Economic and Financial Crimes Commission (EFCC) for prosecution,” Bago also warned.

SEC Shifts Multiple Subscription Harmonization Deadline To Dec 2019

Mary-Uduk-Actng-DG-SEC-
Mary-Uduk-Actng-DG-SEC-

The Securities and Exchange Commission (SEC) said that the deadline on forbearance on holders of multiple accounts in the capital market had been extended to December 31, 2019.

It explained that the extension of the deadline, which was part of the decisions reached at the end of the 3rd Capital Market Committee’s (CMC’s) meeting held in Lagos, was aimed at ensuring that more investors regularize their accounts thereby reducing the volume of unclaimed dividends.

The commission had earlier announced December 31st 2018 deadline for regularization of multiple accounts.

Briefing journalists on the decisions taken at the CMC meeting during an interactive session, the Acting Director General of the SEC, Ms Mary Uduk,  explained that the committee considered the issue and decided it was the best option to give investors more time to regularise their multiple accounts in order to derive the benefits from their investments.

She expatiated “I am delighted to report that on the lingering issue of multiple subscriptions and forbearance for shareholders with multiple accounts, the CMC agreed that the forbearance window should be extended by another year from the December 31, 2018 deadline previously communicated.

“We expect investors to take advantage of this opportunity to claim their unclaimed dividends and bonuses”, Uduk added.

In addition, the industry expert announced a two-pronged approach to addressing the various challenges associated with transmission of shares related to the estate of deceased investors.

According to her, the first step will involve engagement with and enlightenment of the Probate Registry with a view to providing solutions to the cumbersome process of transmitting shares.

Secondly, Uduk hinted that rules would be developed around the time frame for transmission shares and the fee structure.

On identity theft menace in the investment market, the Acting DG said  that the Commission would collaborate with  other stakeholders in setting up a committee that will look into and proffer solutions to problems around identity management in the Nigerian capital market.

This is even as she hinted that the commission would begin to take enforcement actions against any person that engage in trading in the shares of public unlisted companies outside a recognised securities exchange as provided by the Rules as part of efforts to eliminate underhand dealings.

Speaking on the need to grow the market for trading in securities on unlisted public companies, Uduk said that the Commission was making concerted efforts in collaboration with CAC and other stakeholders to assist public companies that are yet to register their securities to do so without much difficulty.

She explained further: “In furtherance of the commitment to develop a vibrant Commodities eco-system, the Commission has commenced the implementation of measures to strengthen regulatory capacity by establishing a Commodities Division. Other recommendations of the Committee have been broken down into implementable plans with set timelines.

“An interesting development in the commodities sector is the innovative solution developed by AFEX Commodities Exchange Limited (AFEX) and its partners regarding the use of Blockchain Technology to streamline the process of financing agriculture to Smallholder farmers and other players in the commodities markets”, the SEC boss added.

 

CBN, NPA, Fidelity Bank Win NEPAC Awards

npa-logo
npa-logo
cbn-logo
cbn-logo

By Andy Nssien

The Central Bank of Nigeria, CBN, Nigerian Ports Authority, NPA and Fidelity bank Plc, were among the corporate organizations who emerged the winners of the maiden Nigerian Eminent Personalities and Corporates (NEPAC) Awards,

The award was instituted to recognize and honour individuals and organisations that have contributed significantly to the growth of the economy.

Fidelity Bank Plc emerged Best Bank in Corporate Social Responsibility; Central Bank of Nigeria, Best Public Sector Institution in Agriculture Financing; and Nigerian Ports Authority as winner, Best Public Institution in Trade Facilitation and Transparency.

Other winners are Babatunde Raji Fashola, Minister of Power, Works and Housing who was awarded Outstanding Performance in Road Construction and Rehabilitation; Comrade Joe Ajero, President, United Labour Congress bagged the award for Leadership Excellence in Workers’ Rights Advocacy; Tincan Ports Customs Command received an award for Outstanding  Performance in Trade Facilitation and Enforcement; Association of Bureau de Change Operators of Nigeria (ABCON), for Outstanding Contribution in Foreign Exchange Rate Stabilization; while the  Nigerian Maritime Administration and Safety Agency (NIMASA), was named Best Public Sector Institution in Maritime Safety and Security; just as Nigerian Breweries Plc received the Outstanding Leadership In Sports Sponsorship award.

The  event which held at the Sheraton Lagos Hotel and Towers, Ikeja was preceded by a lecture titled, “Diversification: Path To Sustainable Economic Recovery and Growth” delivered by the Director-General, West African Institute for Financial and Economic Management  (WAIFEM), Prof. Akpan Hogan Ekpo.

Ekpo stressed the need for the Government to play active role in diversifying the Nigerian economy through formulating and implementing strategies for the policy.

He said, it was the strategic thinking of government that would excite the private sector to want to invest in various areas  of the economy (diversification), contribute to growth and make profit.

”The private sector is an engine of growth and not development – the latter is second best.  It is government that is an engine of development utilizing the benefits of growth to ensure equity and fairness. It is government that is concerned about education, health, employment, poverty and inequality, not the private sector,” Ekpo, a former Vice-Chancellor of the University of Uyo, Akwa Ibom, stated.

However, for the economic diversification to be effective and sustainable there must be good governance embracing an economic blue-print which stressed development as top priority, he said.

The WAIFEM boss identified key economic drivers for successful diversification to include, economic blue-print, quality of leadership, macroeconomic stability, political will, capacity building and training, competitive federalism, peace and stability, amongst others.

He said there was need for a clear economic blue-print with the understanding that the federal government and states had agreed to foster economic co-operation among their respective states, even as the economic thrust of the co-operating states might be different from that of the government at the center.

A visionary leader, he stated, would galvanize the citizens for development, adding that his/her approach to governance would elicit support and enthusiasm from the followership.

“The positive attributes of a good leader would permeate all other levels of leadership. Leadership within the context of good governance would drive the diversification process in the country,” he added.

Ekpo stated that macroeconomic stability was essential for diversification to take place, explaining, “the economy must be managed to ensure moderate inflation, ensuring that macroeconomic fundamentals move in the right direction. This would enable potential and domestic investors to plan and weigh costs and benefits of investing in Nigeria.”

Stressing the import of political will, he said, “This is both a necessary and secondary condition for economic diversification to be effective and sustainable.  Without political will, diversification would remain an exercise in futility.’

Justifying the need for diversification, the former university don stated that the sluggish growth of Gross Domestic Product (GDP), the high rates of unemployment and inflation, rising misery indices, non-performance of the manufacturing sector, traditional agricultural practice, high incidence of poverty, among others pointed to the need to diversify the Nigerian economy.

The NEPAC awards is brainchild of Nigeria’s leading business and financial journal BusinessUpdate, with an online platform (www.businessupdatereports.com).

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5 Common Challenges And Solution Of Airtel Internet Data

Airtel is one of the leading internet service providers in Africa and operates with huge customer base in countries like Nigeria, Ghana, South-Africa, Malawi etc. If you are one the people who use Airtel to access the internet, bellow are some of the challenges you may have had:

 

  1. Problem sharing data on Airtel: Most people who use Airtel for internet have a problem on how to share data on Airtel; one may think this should not be a problem, but when you think of the fact that more than 10% of the people who use Airtel to access the internet are always searching for ways t share their data with their loved ones, then you’ll know how serious the problem is.

Solution to the problem: You can now share one data plan with family and friends across phones, tabs and laptops. smartSHARE is designed to allow you share data in two ways:

Me 2 U –  Sharing from an already purchased bundle. “giving out” or “sharing” from an already purchased data bundle from an “owner customer” to other customers. In this case, the given out bundle will reside in the other customer’s wallet. Only one customer can be Me2U’d at a time.

Gifting: Buying a data bundle plan from the “owner customer” to another customer; data bundles in this category includes all the bundles listed on Airtel’s list of bundle plans and Android bundles. Easy with the new SmartSHARE Service, just dial *141# to start!

 

 

  1. Problem subscribing to Airtel Night Plan: A lot of Airtel internet subscribers also want to benefit from the cheap night plan offered by Airtel but find that difficult to do; again more than 10% of those who use Airtel for Internet are always looking for ways to use Airtel Night Plan but can’t figure it out.

Solution: Airtel has a plan called SmartTrybe, they defines the SmartTrybe as an exclusive offer to their subscribers. This means you have to migrate to the Trybe before you access the exclusive offers. Dial *312# then select 1 to“ migrate” to the SmartTrybe!. What you get: N50 @ 1.5GB to N25 @ 500MB.   N50 @ 1.5GB to N200 @ 1.5GB

 

  1. Problem checking their Airtel data balance: When you subscribe to a data plan, you should be able to know what you have left and when it will expire, a lot of people using this service are having problem with Airtel data balance check even though it’s very easy to check

Solution: If you want to check your Airtel data balance, simply dial *140#, you’ll see both the data left on your device and the expiry date through SMS.

 

  1. Problem finding the right plan; Another major problem people face is how to find the right airtel data pack for them, we all know there are different Airtel data offer, but you need to know all of them so that you can choose the appropriate one for yourself because there might be a cheaper one than the one you already know, it’s always good to use your money judiciously.

 

Solution: Bellow are the best Airtel data offer for all devices, Android, PC, SmartTV, etc:


PLANS

 

N50 20MB 1 Day *141*50# Low cost data plans designed for all your internet needs.
N100 75MB 1 Day *141*100#
N200 200MB 3 Days *141*200#
N300 300MB 7 Days *141*300#
N500 750MB 14 Days *141*500#
N1,000 1.5GB 30 Days *141*1000# *Night Data is usable 1AM – 7AM Daily
N1,500 3.5GB

(2.5GB+*1GB Night)

 30 Days *141*1500# *Night Data is usable 1AM – 7AM Daily
N2,000 3.5GB 30 Days *141*2000#  
N2,500 5.5GB

(4.5GB +  *1GB Night)

30 Days *141*2500# *Night Data is usable 1AM – 7AM Daily
N3,000 6.5GB

(5.5GB + *1GB Night)

30 Days *141*3000# *Night Data is usable 1AM – 7AM Daily
N4,000 9.5GB

(7.5GB + *2GB Night)

30 Days *141*4000# *Night Data is usable 1AM – 7AM Daily.

 

  1. Problem encountered trying to use free data: Don’t be surprised some people especially students are always trying to use Airtel data for free, well, since they are Airtel subscribers and there is actually free data from Airtel to be used, then, they should be successful if they know there ways. Though, some have complained of not been able to use Airtel free data but we have a solution here.

Solution:  Want to use Airtel data for free? below is all the free data legitimately available to be used for FREE on Airtel:

Free Surf: Airtel gives you 160MB Free every month just for being a subscriber on the Airtel Network, the free 160MB is valid for 30 days.
How to subscribe to Airtel Free Megabyte: Dial *400# (Please take note that the browsing rate starts from 1kobo per KB. Billing starts from N1/MB and up to 20Kobo/MB.)

Airtel Free 1GB Weekend Data: This Airtel 1GB data weekend plan only works only during weekend (Saturdays and Sundays). While on Saturday, it starts from 12am to Sunday 11:59 minutes. How to subscribe to Airtel FREE 1GB weekend data: Dial *475# twice to activate 1GB data for free, activating this plan should not disturb your already subscribed data bundle. (TRY IT IF IT WORKS FOR YOU)

 

Oyo State Partner IITA On Agric Policy, Agribusiness Park

 

Abiola-Ajimobi
Abiola-Ajimobi

Udo ONYEKA

The International Institute of Tropical Agriculture (IITA) and Oyo state government on Thursday signed a pact to revolutionalise agriculture in the state, and the establish of agribusiness park.

The partnership aims at bringing about an agricultural policy which would outline the opportunities, strengths, weaknesses, threats, and more importantly what the state needs to do in the short, medium, and long -term to achieve agricultural transformation.

The second component of the deal is the development of an integrated cassava value chain in Gambari area of Oyo State on about 6000 – hectares. The integrated agribusiness park would be developed in phases, from primary production of roots, construction and installation of machineries and the processing of starch, ethanol etc. and marketing of the finished product to industries.

The project will be funded by Oyo State government, says the Governor of Oyo State, Abiola Ajimobi.

“Our aim is to boost food production, create jobs and wealth for our people,” says Governor Abiola Ajimobi, who was represented by the Commissioner of Agriculture, Prince Oyewole Oyewumi at the Funds Release Program on Wednesday.

Initial investment for the first phase of the project will cost N55million, with additional investments expected to come in as implementation commences. Besides the development of an agric policy, this first phase will focus on the cultivation of between 50 – 150 hectares to cassava.

Dr Kenton Dashiell, IITA Deputy Director, Partnerships for Delivery, commended the state for engaging IITA and committing resources to finance the project.

“We are glad to see Oyo State moving forward with an action plan to transform agriculture and are honored to be part of their team,” Dr Dashiell said.

Located in the south west Nigeria, Oyo state is characterized by Derived savannah in the north and Humid Forest in the south. These two agroecologies support a diversity of staple crops such as cassava, maize, soybean, yam, banana/plantains, and cash crops such as cashew and citrus among others.

“The collaboration goes to show how Oyo state has become serious with agriculture,” Dr Nteranya Sanginga, IITA Director General said in a statement from Nairobi.

Under the policy component of the deal, IITA will work with the National Institute of Social and Economic Research (NISER), Oyo State Ministry of Agriculture, and the Oyo State Agricultural Development Program. It is envisaged that the policy will drive the agricultural sector by attracting private capital to the state, and in fact making the state the most preferred agro-allied investment destination in Nigeria.

The Director for Development & Delivery, IITA, Dr Alfred Dixon described the event as a significant moment aimed at bringing genuine transformation to Oyo state in general, and resource-poor farmers in particular.

A statement issued by Godwin Atser, Communication & Knowledge Expert explained that in the last eight years, the Oyo State government has embarked on reforms to transform its economy through diversification with emphasis on agriculture.

 

France President To Grace 4th TEF Entrepreneurship Forum 

tony-elumelu
tony-elumelu

Tony Elumelu Foundation (TEF),one of Africa’s leading entrepreneurship-focused philanthropic organization, has announced October 25, 2018, as the date for its 4thannual TEF Entrepreneurship Forum.

The event which is expected to attract the largest gathering of African entrepreneurs and the broader entrepreneurship ecosystem will unite over 5,000 entrepreneurs, global investors, leaders from the African public and private sectors and developmental organizations in Lagos.

It will provide a unique opportunity to generate ideas, forge networks and bring policymakers and the private sector together, in a spirit of robust debate and interaction.

A statement from the Foundation said, the 2018 cohort from the Tony Elumelu Entrepreneurship Programme, as well as mentors and partners, would be present, as the culmination of their intensive twelve-week induction.

President Emmanuel Macron of France will be one of the world leaders to grace the occasion which would bring politicians face to face with the new generation of young business women and men shaping Africa.

The Forum to be moderated by TEF Founder, Tony O. Elumelu will feature an interactive session with President Uhuru Kenyatta of Kenya and President Nana Akufo-Addo of Ghana, as well as witness the launch of the TEFConnect, the world’s largest digital platform for African entrepreneurs, dedicated to connecting African entrepreneurs and the entrepreneurship ecosystem.

Founder, Tony O. Elumelu, stated: “In just four years, we have directly impacted 4,460 entrepreneurs, and we are beginning to see the results – job creation, ripple effects, but most importantly a recognition that Africa’s economic well-being is driven by entrepreneurs: female and male, large and small – they are the engine of our continent’s transformation. We will be championing and celebrating them.“

“This year, we are truly achieving scale and impact; we received over 150,000 applications in 2017 alone, up from 20,000 applications in 2015. We are now calling on the current generation of African success stories and others to partner with us to see how we can all further create impact, genuinely transform millions of lives and increase the number of inspiring stories we will be hearing in Lagos,” he said.

TEF CEO, Parminder Vir OBE stated: “The TEF Entrepreneurship Forum is the only event across the continent that brings together the complete African entrepreneurship ecosystem, demonstrating our commitment to capturing the whole continuum – from the entrepreneurs themselves, governments who must provide enabling environments, to capital, advice and perhaps most importantly access and network”.

Inspired by Tony Elumelu’s economic philosophy of Africapitalism and his vision to institutionalise luck and democratise opportunity for a new generation of African entrepreneurs, the Foundation has implemented one of the most ambitious entrepreneurship programmes globally.

According to the statement, the programme is a 10-year, $100 million commitment to identify, train, mentor, and fund 10,000 entrepreneurs. Its goal is to invest in businesses that will generate at least 1,000,000 new jobs and contribute at least $10 billion in new annual revenues across Africa.

In its 4th year, TEF Entrepreneurship Programme has empowered 4,460 entrepreneurs with a total investment of USD20million; 4,000 funded directly by the Foundation and 460 have been funded by partners.

 

Verdant Zeal Group Appoints Adesida  Pioneer COO

Dipo Adesida
Dipo Adesida

By Udo Onyeka

Verdant Zeal Marketing Communications Group, an emerging marketing and communications conglomerate, has appointed Mr. Dipo Adesida as its pioneer Chief Operating Officer effective from 1st of August, 2018.

This announcement was made by the Executive Vice Chairman of the organization, Dr. Tunji Olugbodi on behalf of the Board and Management of the organization.

In a statement signed byDr Olugbodi, the appointment of Mr Adesida is one of the strategic moves of advancing the operational innovation of the group. Adesida by this appointment would have oversight functions for Creative Content, Operational Excellence, New Market Development and Digital transformation of the entire organization.

According to him, “We are delighted to elevate Dipo Adesida to be the Pioneer Chief Operating Officer of the Group. He is a veteran of the Iconic Verdant Zeal class of 2007 who has been immersed in the workings of the organization.

“ This advancement is also a clear indication of the new spirit of adequate recognition and reward system as the organization continues to expand her footprint across Africa. We are building a world class organization where employees thrive and are allowed to express their creativity”, he said.

Adesida joined Verdant Zeal as a Deputy Manager in 2007 and has risen through the ranks to the position of the Chief Operating Officer. Prior to his appointment, he had served in various capacities within the Verdant Zeal Group such as Group Director, Content, Strategy and Innovation; Chief Operating Officer, Brainbox iMedia, the Digital Marketing Subsidiary of the Group and Creative Director. Adesida had earlier worked at SO&U Saatchi & Saatchi, Lagos as a trainee copywriter and Immersion Marketing Strategies (IMS Group) Lagos as a Senior Copywriter.

Dipo as he is fondly called, holds a first degree in Dramatic Arts from Obafemi Awolowo University, Ile-Ife; a Diploma in Filmmaking from New York Film Academy, USA and a Certificate in Marketing from the Chartered Institute of Marketing, UK. He is also an alumnus of the British Council/University of Glamorgan (now University of South Wales) Centre for Creative Enterprise Development and associate member of the Advertising Practitioners Council of Nigeria (APCON).

SEC Announces Second CMC Meeting 2018

SEC logo
SEC logo

The Securities and Exchange Commission (SEC) says the Second Capital Market Committee (CMC) meeting in 2018 has been scheduled for Thursday August 9th to Friday August 10th 2018 at the Federal Palace Hotel, Victoria Island, Lagos.

While the key stakeholders in the capital market will meet on August 9th, members of the media would be briefed on Friday on outcome of the CMC meeting.

SEC has however advised that admission into the venue would be upon presentation of the CMC Identity Card and strictly by invitation.

According to the SEC, “Attendance to both events is strictly by invitation. Invited participants are expected to come with their identity cards to be admitted into the venue and all invited participants are expected to be seated by 9.45am,”

The CMC was mainly established to serve as a medium for exchange of ideas among market stakeholders as well as for feedback to SEC on how to continuously improve the market activities and regulation.

It is an industry-wide committee comprising members of the commission, representatives of capital market operators and trade groups and other stakeholders. The CMC meets every quarter to deliberate on various issues affecting the market and other policy matters.

Issues bordering on implementation of the Ten Year Capital Market Master Plan as well as other relating to the capital market and the economy would be discussed and the outcome made known to the media.

The ten-year master plan for the Nigerian capital market which is expected to refocus the market and help double its size over time and grow the economy was unveiled November 2014.

Recall that the Commission has vigorously implemented some initiatives in the Master Plan with the aim of attracting more investors to the market.

Some of the initiatives, include direct cash settlement, dematerialization and e-Dividend Registration, as they promote transparency, protect and enhance investors’ confidence in the capital market.

The SEC therefore enjoins all shareholders to take advantage of the initiatives introduced in the capital market aimed, primarily, at strengthening the market and accelerating economic development.

This, SEC said is in consonance with the present administration’s economic strategy focused on deepening the capital market as a vehicle for encouraging a private sector-led economy with enhanced productivity.

Those who have been invited to attend the expanded session are Chief Executive Officers (CEOs) of all registered capital market firms (i.e Broker Dealer, Capital Market Solicitors, Custodians, Fund Managers, Issuing Houses, Rating Agencies, Registrars, Reporting Accountants, Trustees, and Consultants, etc.);

Others are Chief Executive Officers of The Nigerian Stock Exchange (NSE), National Association of Securities Dealers (NASD), The Financial Markets Dealers Quotations (FMDQ), Africa Exchange Holdings (AFEX), Nigeria Commodity Exchange (NCX), Central Securities Clearing System (CSCS), Chartered Institute of Stockbrokers (CIS); as well as representatives of relevant Financial Services’ Agencies, among others

Dangote Group To Reconstruct port Access Roads For N72.9bn

aliko-dangote
aliko-dangote

After years of neglect the Federal Executive Government on Wednesday approved N72.9 billion for the reconstruction of the road from Apapa ports to the toll gate on Lagos-Ibadan Expressway.

According to the Minister of Works, Power and Housing, Babatunde Fashola, the work will be done using a Public-Private Partnership model.

He named Dangote Group as the constructing firm for the road project, saying that the N72.9 billion for the execution of the project would be recovered through the funding credit tax policy of government.

The Minister said when fully constructed, the road will have 10 lanes — five on both sides, with a total of 270.8 linear kilometers, including drainage, rehabilitation of some of the bridges and interchanges.

Fashola, revealed government’s decision at the end of Wednesday’s FEC meeting presided over by President Muhammadu Buhari.

He said the decision was taken to provide a long-term solution to the road, which had suffered much gridlock in recent times.

“The Ministry of Power, Works and Housing secured approval for the reconstruction of the Creek Road Tin Can Island-Beachland right through to Oworoshoki to the toll gate end of the Lagos-Ibadan Expressway for the full reconstruction of that road which was built around 1975, as part of our first port expansion undertaken then in the 1970s.

“That road was intended to evacuate cargo out of Lagos without running through the spine of the city. The road is now in some state of disrepair and Council has approved its reconstruction at the cost of N72.9bn.

“First, it will be done through PPP model. The constructing company will be the Dangote Group. It will be financing that construction to the tune of N72.9 billion as certified by PPP.”

This will be the first full reconstruction of that road since it was constructed at about 1975.

“All previous efforts had been to repair damaged sections. So, it is going all the way to reconstruct the road. The third thing to note is that the entire construction is that it involves procurement of 27.8 kilometres made up of 10 lanes – five lanes on both sides – three on the main carriage way, two on service lanes.

“So, essentially, you are constructing about 79.8 linear kilometres and that also include drainage and use of extensive cement work and rehabilitation of bridges.

“We expect contractors to move to site. This is our own long term solution to the problem contributed by the road congestion there,” the minister said.