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NAGAFF wants SON back at ports

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The National Association of Government Approved Freight Forwarders called for the return of Standards Organisation of Nigeria to the nation’s seaports, to stop fake and substandard goods from entering the country.

The founder of NAGAFF, Dr. Boniface Aniebonam, stated this on Thursday when the immediate past Director, Inspection and Compliance Directorate of SON, Mr. Obiora Manafa, led his successor, Mark Dakhling, on a visit to NAGAFF Headquarters in Lagos State.

Aniebonam explained that chasing after such dangerous goods after they had entered the nation’s markets might prove difficult because of the fluid nature of trade.

He advised the management of SON to partner with other stakeholders to facilitate the organisation’s return to the seaports, to rid the country of fake and substandard products.

He said, “SON means life, because its functions have to do with the life of Nigerians and their property.”

According to him, it is an act of injustice blocking SON, with a wider scope of functions, from returning to the ports, while officials of the National Agency for Food and Drugs Administration and Control are back at the same ports.

He reiterated his call on the management of SON to reach out to players in the industry and people in government to, as a matter of urgency, ensure the return of SON to the ports in the interest of Nigerians.

Aniebonam said if the government did not see the urgent need to return SON to the ports, then there was no need for any other agency, with regulatory powers, except the Nigeria Customs Service, to remain at the ports.

He commended SON for its efforts in ensuring that Nigerians were protected from fake and substandard products and urged it to continue striving for the best because its failure would have serious repercussion on life and property in the country.

Speaking earlier on behalf of the DG of SON, Manafa thanked NAGAFF for the immeasurable support to government gencies operating at the ports, particularly SON.

He described NAGAFF as a dependable ally and urged the association not to relent in its support to SON.

Manafa said the visit was to show appreciation to the management of NAGAFF for the support he received and to introduce the new director to major stakeholders in the industry, to make his job easier.

On his part, Dakhling thanked for the beautiful things he said about SON and for pledging NAGAFF continuous support for SON.

He expressed delight at the good reports he received about NAGAFF, adding that   he was looking forward to a smooth working relationship with the number one   freight forwarding association in the country.

Huawei unveils women developers scheme to drive tech innovation

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Huawei has launched Women Developers programme to empower women to create applications and tools that could change the world.

The initiative intends to encourage more women in technological innovation by providing participants with more opportunities for career development, the company stated on Wednesday.

“Any woman developer from around the world can register to join the programme on the HUAWEI Developers official website,” Huawei stated.

According to the tech giant, women desire more opportunities and support that would ensure their access to education and training needed to be fundamentally competitive in the digital economy.

Equipping women with these skills has proven to promote social integration and inclusive as well as diversified societies, it further stated.

“We believe that women will lead technological innovation. We hope that the HUAWEI Women Developers programme will help women better leverage their talents and unique values, and give them opportunities to demonstrate their leadership abilities. This will help make our world a better place,” said Huawei’s Senior Vice President, Chen Lifang.

According to Huawei, the HWD programme is the newest initiative the company has taken as part of its commitment to promoting gender equality.

The company explained that the programme would provide participants with training on tech innovation, career development paths, opportunities to meet tech experts, and participation in hands-on scenario-based experiments and drills.

“Huawei hopes to create a special community for women developers on the Huawei Developers platform, and organise a series of online and offline events.

“Through its existing Shining-Star programme, Huawei also offers women developers special incentives to encourage innovation and entrepreneurship. Participants from this programme, who develop outstanding projects with big potential, will be featured in future campaigns and invited to other official Huawei events,” Huawei further explained.

The company has successfully launched similar digital skill training programmes for women in many countries, including Ireland, Argentina, Bangladesh, Nigeria, Kenya and South Africa.

“Over 30 per cent of trainees in Huawei’s other ICT training programmes, such as Seeds for the Future, are women.

“The HWD programme is now open to women developers from around the world. For more information, visit the Huawei Developers official website,” the statement added.

Investors gain N128, market ups by 0.63%

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Amid renewed bargain hunting activity on Wednesday, the Nigerian equities market recorded its second gain for the week, and the third since the beginning of March.

Consequently, the All-Share Index rose by 0.63 per cent to 38,931.25 points.

Also, the market capitalisation advanced by 0.63 per cent to close at N20.37tn, leaving investors with a gain of N127.86bn.

The Year-to-Date loss of the ASI shrank to -3.32 per cent, even as the market breadth closed marginally positive to record 23 gainers and losers apiece.

Morison Industries led the gainers’ table with a price appreciation of 9.72 per cent, while Consolidated Hallmark Insurance topped the losers table with a maximum price depreciation of -10 per cent.

Specifically, blue chip stocks were the toast of investors, as share prices of Nestle, Dangote Cement and Seplat advanced by 1.85 per cent, 3.64 per cent and 0.02 per cent.

Sectoral performance was positive as three of the five indices tracked closed in the green territory.

The insurance, consumer goods and industrial indices rose by 0.18 per cent, 0.40 per cent and 0.74 per cent.

In contrast, the banking and oil and gas indices fell by 0.35 per cent and 0.02 per cent.

Meanwhile, trading activity was weak as total deals, volume and value of stocks traded fell.

Thus, the total volume of trade declined by 24.85 per cent to 368.21 million units valued at N4.91bn in 4,437 deals.

Kano dry port ’ll reduce trade barriers – NSC

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The Nigerian Shippers Council on Wednesday said that Dala Inland Dry Port in Kano State will boost trade and reduce barriers to international transaction.

The Chief Executive Officer and the Executive Secretary of NSC, Mr. Hassan Bello, in a statement sighted by Financial Street, explained that the dry port would complement the Kano–Katsina–Jibiya–Maradi rail line and the Lagos–Kano Standard Gauge, which will be integrated into the project.

Bello added that the project would decongest the ports and enhance the Africa Free Continental Trade Agreement.

His words, “The location of the dry port would boost trade and reduce barriers to international trade.

“NSC has consistently provided support to the concessionaires within the confines of the implementation guidelines and extant regulations.”

According to the NSC boss, the project is expected to reduce transport cost.

“The dry port project is expected to create value for money by reducing transport cost and time in the movement of cargo to the hinterland, while increasing accessibility to Nigeria’s landlocked neighbours in the North,” he added.

The Dala Inland Dry Port project, which was concessioned in 2006 along with six other inland dry ports, has suffered setbacks such as the lack of accessibility to long-term funding, lack of support from previous governments and regulatory gaps that existed when the concession was initiated.

However, in 2018, the project received a boost when it found new investors.

Skeletal services are expected to commence by June 2021.

Five health researchers get N253.54m CBN grant

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Courtesy of its Healthcare Sector Research and Development Intervention Scheme, the Central Bank of Nigeria has awarded N253.54m grant to five researchers.

The apex bank disclosed this on Wednesday on its official Twitter handle.

“CBN awards N253.54m grants to five researchers under its Healthcare Sector Research and Development Intervention Scheme,” the tweet read.

Urging corporate institutions to support research and development for the overall good of the country, the CBN Governor, Godwin Emefiele, was quoted as saying, “#CBN Governor, #Emefiele restates bank’s commitment to support the growth of Nigeria’s health sector; assures of more grants based on recommendation of HSRDIS Body of Experts.”

The Director of Development Finance at CBN, Mr. Yila Yusuf, reportedly disclosed that the apex bank disbursed over N85bn as credit support to no fewer than 80 health projects under its Healthcare Credit Support scheme.

According to Yusuf, the projects cut across pharmaceutical, herbal and related products, and a funeral home.

“In the healthcare credit support scheme, we have disbursed over N85bn to more than 80 projects, mainly to reposition and enhance capacity of hospitals and pharmaceutical companies. We even financed a funeral home,” Yusuf stated.

Halt appropriation on Ibori’s £4.2m, lawmakers urge FG

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Nigerian House of Representatives has urged the Federal Government to halt appropriation of the £4.2m recovered from former Governor of Delta State, James Ibori.

According to a report by the News Agency of Nigeria, the resolution followed a unanimous adoption of a motion by the Minority Leader, Ndudi Elumelu, at plenary on Wednesday.

The motion was reportedly co-sponsored by nine other lawmakers from Delta.

Elumelu debated that the £4.2m was being transferred to the coffers of the Federal Government for appropriation without recourse to the Delta government.

He submitted that the money belonged to the people of Delta, and should be refunded to the coffers of the state government for developmental purposes.

Further making a case for Delta, Elumelu recalled how assets seized by the Economic and Financial Crimes Commission from Bayelsa and Abia states were returned.

“If the Federal Government is allowed to appropriate the fund without recourse to the Delta government, the people of the state will be shortchanged; they will be deprived of their legitimate resources to improve on the state’s economy as well as provide the requisite infrastructure for their benefit,” Elumelu said.

Thereafter, the House mandated its committees on finance, justice and recovered funds to investigate the matter.

The lower chamber of the National Assembly also demanded the Ministry of Finance to stop disbursement pending the final determination of the matter by it.

The House also requested the Ministry of Finance and Attorney General of Federation to furnish it with all particulars relating to the money.

In his ruling, Reps’ Deputy Speaker, Ahmed Wase, mandated the committees to conclude investigation and report to the House within two weeks.

Most forwarders yet to update registration – ANLCA

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Association of Nigerian Licensed Customs Agents, TinCan Island chapter, has said that 75 per cent of freight forwarders in the country’s maritime industry are yet to update their registration.

The Chairman, Mr. Ojo Akintoye, in a chat with Financial Street in Lagos, charged the Council for the Regulation of Freight Forwarding in Nigeria to call for registration first before talking about the collection of Practitioners Operating Fee.

He, nevertheless, accused the council of using the collection of POF to extort practitioners, adding that if the situation persisted, they might have no choice than to withdraw their services.

“Why ask people to pay POF when you are aware that they have not registered, and that about 75 per cent of them have not updated their registration with CRFFN? Why can’t you call for that registration first?

“For your information, I have my own consignment here today and they are demanding N5,000 instead of N1,000 or N2,000, as the case may be, because my company has not finished with CRFFN registration update. Somebody is using that avenue to extort our members, and we say no to it. Otherwise, we either withdraw our services or go on strike,” he said.

Akintoye advised the TinCan Island Container Terminal to emulate other terminals in the area of sensitising their people before going into full collection of the fee.

“If the court has given a judgement on it for collection or the stakeholders agreed that CRFFN should go ahead with the collection. We don’t have problem with that, but now, the problem we are having is that TICT is using the avenue of CRFFN to extort our people,” he added.

While insisting that the POF was meant for the freight forwarders, as it was their money, the ANLCA chairman maintained that they were supposed to be the ones that own the money, but the process was hijacked by the CRFFN.

“CRFFN is an Act established by government and I don’t see why CRFFN should be the one to collect our own money for us. But let us even assume that it is part of the regulatory functions of the CRFFN, regulating us does not mean they should force us to pay the money that belongs to us,” he said.

Responding, the Head, Documentation Department, TICT, Greg Sikpi, said that TICT had noted their grievances and would find a way of resolving them officially.

NSE completes demutualisation, receives SEC, CAC approvals

The Nigerian Stock Exchange has received final approvals of its demutualisation plan from the Securities and Exchange Commission and the Corporate Affairs Commission.

In a statement on Wednesday, the NSE declared that with the approvals, it had completed its demutualisation process.

“Under the demutualisation plan, a new non-operating holding company, the Nigerian Exchange Group Plc has been created. The group will have three operating subsidiaries – Nigerian Exchange Limited, the operating exchange; NGX Regulation Limited, the independent regulation company; and NGX Real Estate Limited, the real estate company. All the entities have been duly registered at the CAC,” NSE stated.

NSE Council President, Abimbola Ogunbanjo, said, “Successful demutualisation was one of my fundamental objectives when I assumed the Presidency of The Exchange. The SEC’s decision today to approve the NSE’s demutualisation plans brings this aspiration to a successful conclusion in a process that included the passage of the Demutualisation Act through the National Assembly.

“We are elated that this milestone has been achieved as we celebrate the 60th anniversary of the commencement of trading at the Exchange and now look forward to the future public listing of its shares on NGX Limited.”

The approvals signified that the NSE could then activate its Transition Plan to a new operational structure and holding company.

“The extensive Transition Plan, taking the group and its subsidiaries through to full Operational Launch, covers legal and practical changes to enable the functioning of the new corporate structure, with no loss of service and a seamless transition for market participants,” NSE explained.

The NSE also stated that the approvals would enable the shares of NGX Group Plc, which had been registered with the SEC, to be allotted to the membership pursuant to the Court-approved Scheme of Arrangement.

It further stated that, ahead of its listing on NGX Limited, the shares of NGX Group Plc will be available for bilateral trades to be executed in line with extant rules and regulations of the Nigerian capital market.

The new Group Chief Executive Officer of NGX Group Plc, Oscar Onyema, said, “The Nigerian capital market should play a role commensurate with Nigeria’s status as Africa’s largest economy. At NSE, we have a vision that the new group will become the premier exchange hub for Nigerian businesses and for the African economy.

“We are implementing a series of measures towards this goal, demutualisation being a critical milestone. The completion of demutualisation is a truly significant moment, and we welcome the new possibilities that have opened up for us today.”

The creation of a holding company and a new capital structure would also enable NGX Group Plc to form new dynamic relationships, drive strategic partnerships and gain capital-raising flexibility, the NSE added.

Aviation: Forum to address COVID-19 impact

Nigeria’s Ministry of Aviation in conjunction with International Partners for Aviation Development, Innovation and Sustainability, has concluded plans for a two-day high-level meeting next week.

The forum, themed ‘Enhancing Air Transport Connectivity and Growth in West Africa,’ is scheduled for March 17 and 18, 2021.

The organisers stated on Tuesday that the virtual meeting was aimed at addressing the challenges that encumbered the development and implementation of solutions at national levels, current and future impact of pandemic on air connectivity.

Director-General of Nigeria Civil Aviation Authority, Musa Nuhu, explained that the gathering would help re-tool and re-position the aviation sector within the region to contend with present and future challenges.

Founder and President of iPADIS, Dr. Olumuyiwa Aliu, explained that the gathering would also address the sectoral synergies required for air transport growth.

The statement read in part, “The first day, which will witness meeting of experts led by directors-general of civil aviation will consist of five sessions.

“The discourse will centre on pre-COVID challenges to air transport development in West African, challenges and risks that encumbered the development and implementation of solutions at national levels, current and future impact of the pandemic on air connectivity, strategies and sectorial synergies required for air transport growth, and adoption of conclusions and recommendations.”