AMP presidency: Stakeholders rally support for Lilian Amah-Aluko

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Read Time:2 Minute, 9 Second

Top actress cum producer,Lilian Amah-Aluko, is stopping at nothing in actualizing her dream of becoming the next president of the Association of Movie Producers, AMP.

The well rounded thespian, recently declared her intention to run for the prestigious office of the president of the association in their forthcoming election.

Although there are indications that the embattled actress may not be the favoured candidate, she, however, appears undeterred as she gathered the industry stakeholders and eminent Nigerians last Friday, for a fundraising dinner in support of her ambition.

Held at the prestigious Protea Hotel in Ikoyi, Lagos, the event was anchored by popular acomedian, Teju Babyface and actor, Bambino Anaechina. It had in attendance the likes of Mrs Oyindamola Ogunsanwo who represented the First Lady of Lagos State, Mrs. Ambode, Keppy Ekpeyong Bassey, Sam Obiakheme, Franca Brown, Tunji Bamishigbhin, Alhaji Teju Kareem, Yomi Fash Lasso, Mr and Mrs Sam Boye, Kate Adepegba and Memuna Yahaya. Others were Mrs Jackie Omotosho, Obi Madubuogu, Chief Phillip Odi, Wisdon Nwankwo, Judith Nwachukwu, Agatha Amata, Kalu Ikeagwu, Dan Chris Ebie, Olatunbosun Olaigbe, Franca Brown among others.

In her remark, Aluko, who was inspired by one of Pope Francis quotes said; “I am running for the presidency of our revered, valued, and totally denigrated association because I have identified key areas where I would like to and believe I can make an impact, that will take the association to a different level and bring a huge change to the industry.”

“Having served for two terms as vice president under the leadership of President Emeritus Paul Obazele and the out-going President Mr. Zik Zulu Okafor, I know that steering the ship of this association needs more than any one man can muster. It requires the combined effort of a dynamic team of individuals to table their various skills.”

She added that together with her team, her vision will include working to expand the entire ecosystem for all members thereby lifting ‘our noble association to national and global prominence.’

Lilian presentation, however, was greeted with a standing ovation as many stakeholders at the event extolled her virtues, describing her as “a woman of substance who has the strong will, courage, vision, honesty and rare commitment to succeed as the first female president of Association of Movie Producers, AMP.”

Among them was respected public commentator, Agatha Amata who passionately vouched for her as a go-getter. She therefore, appealed to members of AMP to give her the needed votes that will enable the screen goddess to redirect the association.

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Anthony Claret

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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MTN gets November deadline to pay N1.4trn fine

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As the controversy over the N1.4 trillion fine on MTN lingers, the Nigerian Communications Commission (NCC) has given MTN Nigeria a deadline of 16 November to pay the fine imposed on it for failing to register the personal details of 5.1 million subscribers.

This deadline is coming after the  South Africa’s stock exchange, JSE Ltd, launched an investigation into the timing of the operator’s announcement of its penalty.

According to a report, the spokesman for the Nigerian Communications Commission, the country’s telecoms watchdog, was quoted as saying that the outcome of the discussion may affect the date.

A statement by MTN said its CEO is still in talks with the Nigerian authorities and its senior management and advisers also talking to JSE, after the announcement of the fine knocked around 20 percent off the company’s stock price.

‘‘That’s why they are having the discussion so that they can reach a solution,” the spokesperson said.

The report also said Nigeria’s presidency and internal security agency are involved in the talks.

As for the JSE probe, the head of the regulatory division, Andre Visser, said “the investigation will follow due process to establish whether there have been any breaches of the listings requirements and can be a lengthy process.”

Under South African capital markets rules, companies are required to immediately warn shareholders of price-sensitive information.

Meanwhile, Fitch Ratings has revised MTN Group’s outlook to negative, owing “to the risk of a significant cash outflow due to a substantial fine imposed on MTN’s Nigerian operations, which could increase leverage and pressure MTN’s credit metrics.”

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Anthony Claret

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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CBN refuses to devalue Naira, plans PAVE

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Read Time:4 Minute, 5 Second

ABUJA – Governor, Central Bank of Nigeria, CBN, Mr. Goodwin Emefiele has restated that the CBN will not devalue the Naira anytime soon to revive the falling economy.

He said that the Bank has had to depreciate the currency from N155 to N197 in February, recalling that even President Mohammdu Buhari and Vice President Yemi Osinbajo had also re-echoed the position of the CBN.

Emefiele however stated that the CBN would soon launch a policy called PAVE meaning “Produce locally, add value  and export your product and earn your foreign exchange  for your imports” to help local industries.

He spoke to State House Correspondents after a meeting on the economy with the Vice President, Yemi Osinbajo at the presidential villa on Friday.

He said: “There has been a lot of talk on whether or not we want to depreciate our currency again.

The truth is that we had adjusted the currency by depreciating it from N155 to N197 in February this year.There is no intention to depreciate or adjust the currency any longer.

“The President has been very clear on this. The Vice President has been very clear on this and let me further reiterate our position at the Central Bank of Nigeria that we are not considering any further depreciation of the currency.

“What we are trying to concentrate on right now is how to improve and deepen the foreign exchange market by improving supply of foreign exchange into the market.

And to do so, we are trying to encourage people to export and earn your export proceeds and use your export proceeds to import whatever you need to import.

We are also concentrating on how to reduce the import of items that we can produce in the country today.

“So that is our focus. I’m saying and very soon the CBN will be launching a campaign called PAVE, which means “Produce locally, add value  and export your product and earn your foreign exchange  for your imports’’ because this is the only way we can support the efforts of CBN in intervening and providing foreign exchange in the market to meet the import needs of our people.

“It is very clear, what we need to do is reduce our propensity to import but we will not depreciate our currency. For now we will not.”

The governor also revealed that the CBN was working a list to exclude a number of items from foreign exchange market.

“First of all, the CBN does not have the power to ban the import of any item.
What we have done is to exclude certain items that are imported into the country from obtaining foreign exchange from the Nigerian foreign exchange market.

“Yes, it is also true we held a stakeholders’ meeting with the organized private sector and prominent and leading private sector stakeholder were at that meeting.

“It was not meant for the press. The purpose of that meeting was to engage the private sector to make the private sector understand that government realizes that they are engine of growth and we also used the opportunity to explain to them the basis and purpose of those policies that we have introduced and at the end of that meeting they were very happy, they saw our position and indeed at the end of that meeting some of them in fact  provided us with the names of some items that should be included in the list that should be excluded from foreign exchange.

“And I must confess that at this stage given the determination of some of the organized sectors to say that yes, they produce these items and that we should exclude those items from foreign exchange.

We are reviewing that list and we may in due course include more items products that can be produced in Nigeria in the list of items that will be excluded from foreign exchange in the Nigerian foreign exchange market”, he said.

Meanwhile he Naira on Friday depreciated further at the parallel market amidst intense regulation of the activities of operators of the Bureau de Change (BDCs) by the Central Bank of Nigeria (CBN).

The currency lost N0.5 to the dollar as it exchanged for N226.5, as against its previous value of N226.

The official exchange rate at the interbank window remained at N197 to the dollar.

Traders at the parallel market attributed the recent depreciation of the naira to the apex banks further tightening of the conditions of operation of the BDCs, making more people to access forex at the parallel market.

They said that the CBN now required operators of the BDCs to show the name of the person/company buying forex, his Bank Verification Number (BVN) and his ticket, if he was travelling. )

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Anthony Claret

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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Enugu: Ibeto Cement To Build US$386m Cement Plant In Enugu

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Nigeria’s Ibeto Cement Company has signed a contract for a cement project with China’s Sinoma International Engineering Co., Ltd, a wholly owned subsidiary of Zhejiang Sinoma Engineering Design & Research Institute Co., Ltd.

Sinoma International Engineering Co’s contract with Ibeto Cement Company Limited is for a 6000t/day clinker line and 45MW self-generation power plant in Enugu, Nigeria. The contract is worth US$386m.

In a corporate notice, the company stated that the project area is located in Enugu, Nigeria.

According to the statement, ‘’Scope of the contract includes a Nissan 6000 tons of cement clinker production line from crushing limestone mining, cement raw materials to packaging, shipped to the whole process and a 45MW captive power plant, covering engineering design, equipment, steel and material supply, civil works, installation, commissioning and personnel training…’’

Ibeto Cement company is a subsidiary of the Ibeto Group, said to be the largest business enterprise from Nnewi. It is headed by Cletus M. Ibeto.

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Anthony Claret

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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GTB Assets hits N3 Trillion

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Read Time:2 Minute, 22 Second

Guaranty Trust Bank plc has released its unaudited financial results for the 3rd quarter ended September 30, 2015, to the Nigerian and London Stock Exchanges.

A review of the 3rd quarter performance shows positive growth across all key financial metrics and improved strategic positioning of the brand. Gross earnings for the period grew by 15% to N229.4billion from N199.2billion reported in the corresponding period of September 2014; driven primarily by growth in interest income. Profit before tax stood at N92.06billion, representing a growth of 14% from N80.7billion recorded in the corresponding period of September 2014.The Bank’s loan book grew by 0.47% from N1.276trillion recorded in December 2014 to N1.281trillion in September 2015.

The Bank closed the third quarter ended September 2015 with Total Assets and Contingents of N3.002trillion and Shareholders’ Funds of N400.7Billion. The Bank’s non-performing loans remained low at 3.16%. On the backdrop of this result, Return on Equity (ROE) and Return on Assets (ROA) stood at 31.68% and 5.10% respectively.

Segun Agbaje, the Managing Director/CEO of Guaranty Trust Bank plc attributed the Bank’s strong performance to the continued support of its customers, the commitment and hard work of its Staff, Management and Board, and the prioritization of strong corporate governance standards in the Bank’s systems and procedures.

According to Segun Agbaje, the aggressive pursuit of our key objectives for the year, which are focused mainly on adding value to all stakeholders and improving customer experience, are yielding positive dividends and reflecting heavily on the Bank’s performance. “Recognizing we operate in challenging business environments, we set high goals and benchmark ourselves against global standards which influence our service culture and product offerings, thereby enabling us to remain relevant to our customers while adding value to all stakeholders. We will continue to differentiate ourselves by providing innovative solutions that create sustainable value for all our customers and stakeholders while maintaining a high standard in service delivery by prioritizing innovation, integrity and excellence.

He further stated that “As a Bank, we will continue to leverage technology and collaborations to improve service delivery quality, stakeholder interaction points and the overall GTBank customer experience.

GTBank has consistently played a leading role in Africa’s banking industry. The GTBank brand is regarded by industry watchers as one of the best run financial institutions across its subsidiary countries and serves as a role model within the financial service industry due to its bias for world class corporate governance standards, excellent service quality and innovation. The Bank operates from over 230 branches within the country and has banking subsidiaries in Kenya, Rwanda, Uganda, Cote D’Ivoire, Gambia, Ghana, Liberia, Sierra Leone and the United Kingdom.

Communication & External Affairs
Tel: 234-1-2715227

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Anthony Claret

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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Mobile payment transactions hits N815.5bn

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Read Time:2 Minute, 39 Second

The Central Bank of Nigeria (CBN) yesterday put the total value and volume of mobile payment transactions at N815.5billion and N76.9 million respectively as at last month.

It said there were a total number of 98,158 mobile payment agents and 24,383,263 subscribers. CBN’s Director of Banking and Payments System Department, Mr. Dipo Fatokun, who was represented by Mr. Sola Agboola, gave the figures in Ilorin at the annual conference organised by the Nigeria Deposit Insurance Corporation (NDIC) for members of the Finance Correspondents of Nigeria (FICAN) and business editors.

Speaking on the topic: “Enhancing the capacity of Micro, Small & Medium Scale Enterprises (MSMEs) for job creation through mobile payment system, Fatokun said the CBN was about licensing three major telecoms operators to act as super-agent Mobile Money Operators (MMOs).

According to him, the coming on board of the three telecoms operators, whose identities are still concealed, is the CBN’s fresh initiative aimed at expanding mobile money transactions system in the country. “Some leading telecoms have applied and we are processing their licences and very soon, they will get licences to operate as super agents,” said the CBN director.

He added that the services of agent banking operators, especially in the rural settings where their services are desirable, had led to the creation of jobs while additional incomes are also generated. “In Nigeria, as well as other developing countries, the majority of the ‘unbanked’ have to rely on cash or informal financial services which are typically unsafe, inconvenient and expensive.

Traditional “bricks and mortar” banking infrastructure struggle to make the business model work to serve low-income customers, particularly in rural areas.

“Large populations live in the rural areas at subsistence levels, with no access to banking, but their family members usually work in cities and remit money home, using informal, expensive or risky means.

“This set of people has a need to bank, save and transfer money, but are unable to do so because of lack of access to banking service,” he said.

He stated that 21 MMOs had, so far, been fully licensed and were carrying out commercial operations while eight others were at various stages of concluding a pilot run. Of the 21 licensed MMOs, he said seven were banks while 14 were nonbanking institutions.

On the CBN’s rationale for conceiving mobile payment, he said the apex bank took advantage of huge and rapid expansion in mobile telephone in Nigeria.

Citing Nigeria Communications Commission’s (NCC) statistics, which put the figure of Nigeria’s unbanked population with access to mobile phone at over 120 million, Fatokun said the CBN decided to seize the opportunity and leverage on existing business network infrastructure to serve the people. He added that this was a practical and well thought out strategy for driving financial inclusion of the unbanked in Nigeria.

He identified problem of epileptic power supply, poor telecommunication connectivity, lack of synergy between MMOs and telecoms and lack of awareness of the various products and policies as some of the challenges militating against MMOs.

About Post Author

Anthony Claret

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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Gridlock persists on Apapa-Oshodi expressway – LASG

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Read Time:1 Minute, 33 Second

Lagos State Government yesterday, blamed the persistent gridlock on the Apapa-Oshodi and Lagos-Abeokuta expressway partly on the failure on the road as well as the poor design.

The state government stressed that the roads were not designed for the pressure they are presently subjected to.

Also, the state government said litigations and slow pace of work by contractors appointed by the Federal Government were some of the reasons for the delay in execution of pedestrian bridge projects across the state.

Permanent Secretary, Ministry of Works and Infrastructure, Ajibade Bade–Adebowale and the General Manager of the Lagos State Public Works Corporation, LSPWC, Mr. Ayo Shodeinde disclosed these while addressing newsmen.

Shodeinde said, “We have two roads that are of major challenges to us. They are Apapa-Oshodi Expressway and Lagos-Abeokuta Express way.

‘’During the era of President Olusegun Obasanjo, the reconstruction was done by Messer Julius Berger, but the road later failed. The state government, knowing this, has continuously embarked on palliative works on the road. We have discovered that the road had failed even from inception.

“This was also the reason for the persistent  gridlock experienced by motorists on the Apapa-Oshodi Expressway. This road is substandard compared to the pressure it is subjected to. The volume of vehicles plying the road daily is massive,” he added.

On the persistent traffic in other axis, LSPWC boss disclosed that some residents often cut the road at night, saying: “this act causes traffic gridlock in the state. And that was why we have asked the Nigerian Police to arrest anyone found cutting road at night.’’

Bade–Adebowale added that the litigation by a resident at Cement Bus Stop, Lagos-Abeokuta Expressway was responsible for the  delay in the completion of the pedestrian bridge across the road.

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Anthony Claret

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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Our cocoa will soon get stock market pricing — Mimiko

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Read Time:1 Minute, 49 Second

Governor  Olusegun Mimiko says plans are almost concluded   to ensure cocoa products in Ondo State gain commodity pricing and value at the Stock Exchange Market.

Mimiko said group-farmers will get stock brokers and thus market their products in stock exchange, stressing that the goal of the present administration is to process and brand its cocoa in a globally acceptable way that will in turn produce chocolate that is internationally worthy, hygienic, nourishing and outstanding.

The governor, while speaking   at   a gala night/dinner organised for participants of the National Defence College NDC), Abuja, Course 24, as part of activities rounding off their week long geo-strategic tour of the state, at the weekend, said his focus since the   inception of his government,   is to empower the people through the ‘A CARING HEART’ mantra, and invariably motivate them to pay tax.

Fielding questions from the participants at the dinner, Mimiko observed that the state   will soon be recognised globally in its cocoa revolution and will in turn assist in repositioning Nigeria to its position in cocoa production among comity of nations.

Meanwhile, the Commandant of the NDC, Rear Admiral Sanni Alabi, who led the team has predicted that insurgency would soon be a thing of the past in the country. To this end, Alabi said the curriculum of the institution has been restructured towards tackling terrorism in the North East.  According to him, officers in the institutions are ‘strategically thinking’ on how to end insurgency in the country. The NDC trains officers of colonel and above in the armed forces on strategic issues. Alabi said   there were being trained to be strategic thinkers and one of the mandates in ending insurgency in the country. He noted that there are lots of programmes being put together and this geo-strategic tour of the state on Internally.

The state deputy governor, Alhaji Lasisi Oluboyo, who received the team in his office on behalf of the governor,  commended the military for its efforts and professional manner in the fight against insurgency in the country.

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Anthony Claret

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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NNPC, others under investigation for remitting revenue in Naira

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The National Economic Council rising from a meeting said revenue generating agencies are under investigation for remitting Naira equivalent of the dollar revenue they generated.

Sun Newspapers reports that the Cross River State Governor, Prof. Ben Ayade, said “A brief report of Federal Government of Nigeria dollar generating revenue agencies remitting in Naira into the Federation Account was also given by the CBN governor.”

He also said “investigations are ongoing. Such agencies include but not limited to NNPC, NIMASA and NPA.”

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Anthony Claret

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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E-commerce firms must look beyond the Electronic Transaction Bill-Experts-Alofun

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Read Time:2 Minute, 20 Second

Lagos-19/08/2015 Following the rise in the electronic commercial activities in Nigeria and its contributions to the growth of the economy, stakeholders have long been agitating for policies and regulatory frameworks that can aid orderly conduct of electronic transactions in a manner that is fair especially to the customers. It was against this background that the Electronic Transaction Bill was passed by the last National Assembly. The bill is currently raising concerns among e-commerce businesses who anxiously await its passage into an Act.

However, reacting to this development, the Media Officer of Supermart.ng, Oluwatayo Alofun has said that the while the bill is a welcome development that will be instrumental in bringing order to e-commerce in Nigeria, there is need for e-commerce firms to look beyond seeing regulations as the compelling factor for rendering quality services to consumers.

Citing the example of Supermart.ng he said “at Supermart.ng, we already promised our customers to deliver groceries to them in as early as three hours of order. . We understand that a customer’s time is very precious to him so we make it a goal to deliver on that promise against any logistics challenge. This has not being easy but we owe it to make life easier for households in Lagos by saving them three to six hours through our delivery system”

The Electronic Transaction Bill is expected to regulate the e-commerce sector and protect consumers. To this end, some of the key issues highlighted in the bill are non-disclosure of full information on products and services, deceptive advertisement, improper description of products, delivery of defective products, poor informal dispute settlement procedures, double payments and poor customer service.

Speaking on highlights of the bill, Alofun said “when you look at the key issues highlighted in the bill, they all go down to conscious efforts on our part as e-commerce business operators to put our customers interest first in our dealing, this is what Supermart.ng has been doing since inception-putting customers first. Take customer service as an instance, when we employ delivery men, they are professionally trained to be able to talk to customers, they are equipped with smart phones to be able to provide up to date information to customers and as well as update the Supermart.ng system. We leave nothing to chance in our customer service process which makes it almost impossible for us to fail on our promises”

Alofun however expressed hope in the possibility of the Bill to improve the state of e-commerce business in Nigeria and to boost consumer’s confidence in the electronic transaction system. He therefore urges the executive arm of the government to consider the Bill for assent into an Act.

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Anthony Claret

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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