Nigerian youths are scared to take initiative –Dragnet Boss

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Read Time:1 Minute, 45 Second

Nigerian youths have been admonished to become pacesetters in their chosen fields and not shy away from taking initiatives.

Robert Ikazoboh, MD/CEO Dragnet Solutions Limited gave this advice while delivering a lecture at the AIESEC National Youth Summit recently held in Calabar.

The Summit which was designed to train youth on personal, professional and global competencies attracted delegates from the Cross Rivers State Government and other corporate organizations.

In his keynote presentation titled “Young Leaders, Acting towards Sustainable Impact”, Ikazoboh noted that most Nigerian youths are scared to take initiative and simply wait for things to happen. He also identified fear, lack of goals, wrong association and a negative mental attitude as other factors responsible for the inability of most Nigerian youth to create a sustainable impact on their environment.

The keynote speaker therefore charged the “leaders of tomorrow” to be imaginative, willing to try new things, strive to be the best in their chosen field and consistently crave for knowledge and experience through reading. These he said would give each youth a competitive edge among his peers.

With approximately 300,000 graduates being awarded the NYSC certificate annually and the unemployment rate pegged at 23.9% by the National Bureau of Statistics, Ikazoboh reiterated the need for graduates to be smart, creative and able to identify their Unique Selling Point which potential employers will recognize as being highly valuable.

Speaking further, he also urged young jobseekers not to merely focus on what an organization is willing to offer them but to always focus on how they can add value to an organization because according to him, “life is not just about getting a job but making a sustainable living based on mutual exchange of fair value”.

He added that with passion, firm determination and willingness to seek needed help along the way, youth can be productively engaged thus creating a sustainable impact on the larger society.

The Dragnet boss therefore encouraged the youth to be “Outliers”, always seeking avenues to make a sustainable impact in their environment.

END

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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NIGERIA: Agency to prosecute producers of fake lubricants

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Read Time:2 Minute, 53 Second

The Standard Organisation of Nigeria (SON) has said that it needs to deploy comprehensive surveillance to be able to rid the Nigerian market of fake lubricants.

The Director-General of SON, Dr Joseph Odumodu, said this in Abuja on Tuesday, when he met with members of the Lubricant Producers Association of Nigeria (LUPAN).

"We have to involve a strong surveillance with your support to ensure that those, who have products in the market are the right products, which means we have the base oil and all the additives that should be in those products.

"We also will expect that every product must be registered; there is lot of counterfeiting; some people use up the cans and then refill it and sell as the original products.

"So, we also need to take up certain responsibilities (some are doing it already) that every product must have a tamper evidence kind of cover, so that when people open your product even if they refill it, they will not be able to spend all the money you are spending in ensuring that you protect your own brands.’’

He said that SON had begun monitoring and sampling base oil across the country to curtail production of adulterated lubricants and importation of poor quality oil.

Odumodu said that with the help of a database installed in the plant, the exercise would help reduce the rate of diversion and adulteration of lubricants.

He said that nearly 300 million metric tons of base oil were imported to the country for the production of lubricants annually.

The director general added that nearly 240 million metric tons were produced by plants in Nigeria.

He said that an average of 300 million litres of lubricants were consumed in Nigeria annually.

Odumodu said that SON would monitor the quality of lubricants produced in Nigeria with a view to stopping the sale of base oil to unsuspecting Nigerians.

He pledged the organisation’s commitment to tackling other sharp practices.

The director-general said the exercise would also check the import of substandard lubricants, profile base oil import per consignee as against capacity utilisation so as to deal with cases of diversion.

"In line with zero tolerance to substandard product policy of the government, SON has constantly ensured production of good quality products and services by dogged commitment to our core values of expertise, discipline, integrity, consumer focus and teamwork.”

The Chairman of the association, Mr Anthony Enukeme, said that the meeting was to discuss the problem of counterfeit oil production and to chart the way forward.

Enukeme pledged support to SON’s efforts at ensuring that only certified lubricants were allowed into the Nigerian market.

"The essence of our coming together today is to know how best to fight the ills of bad oil that is in the market.

"A good quantity of this oil in the market is not produced in Nigeria.

"It is bleached abroad and made its way through the back door into the system.

"The only person, who can fight this ill are the standard organisation of Nigeria, the police and navy.

"That is why we are here to find out how best we can do that.

"Even our business is suffering because when you are now trying to produce a good one and the fake one is coming in you cannot sell because the fake one is cheaper.’’

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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NLC threatens Imo govt over harassment of workers

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Read Time:1 Minute, 13 Second

NIGERIA Labour Congress, NLC, yesterday, said it would resist alleged use of police by Imo State Government to chase out workers from offices, especially, paratatals in order to concession them.

Congress urged the Inspector General of Police, to immediately call to order the Imo State Police Commissioner to forestall a complete breakdown of law and order.

In a statement, Dr. Peter Ozo-Eson, General Secretary, of Ayuba Wabba led faction of NLC, in Abuja said “It has come to our attention that the government of Imo State is using the members of the Nigeria Police Force to chase out workers from offices, especially, paratatals in order to concession them. In the course of this, we have been reliably informed that scores of workers have been arrested, brutalised and tear-gassed.

“We would want to condemn, in strong terms, these unwholesome tactics in pursuit of a dangerous agenda by the Governor of Imo State, Owelle Rochas Okorocha. We will resist the use of the police to deal with an issue that is purely industrial.

“Accordingly, we urge the Inspector General of Police to immediately call to order the Imo State Police Commissioner in order to forestall a complete breakdown of law and order. We assure on our honour that if the police persist in the brutalisation and forceful ejection of workers from their offices, the Nigeria Labour Congress will mobilise its  workers to protest against this brutality.”

 

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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GTBank Empowers Growth of SME Sector in Nigeria

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Read Time:2 Minute, 23 Second

GTBank Empowers Growth of SME Sector in Nigeria in Partnership with AFD to provide long term financing to the real sector

 

 

Foremost African financial institution; Guaranty Trust Bank plc has partnered with Agence Française de Développement (AFD) to launch the N3 Billion Ariz Portfolio Guarantee Scheme, an initiative designed to boost financing for business start-ups and development projects in Nigeria. The partnership with GTBank, which is the first in Anglophone Africa, will support the growth of SMEs by providing a risk sharing mechanism on loan advances.

 

The Ariz Portfolio Guarantee Scheme provides Banks, private equity investors and other financial institutions a safer platform to increase participation in SME financing by providing foreign guarantees to local credit facilities advanced to SMEs. Since its inception in 2008, The Ariz Portfolio Guarantee Scheme has expanded to over 20 francophone countries in Africa, and has teamed up with more than 40 partner banks worldwide. The scheme has seen a steady rise in the number and volume of guarantees allocated (up 80% annually over the past 3 years) and an increasing number of companies have been able to develop each year, with thousands of jobs created.

 

According to the French Ambassador to Nigeria, Ambassador Denys Gauer,“Small and Medium enterprises (SMEs) have a key role as drivers of economic growth and employment. However, despite the widespread presence of SMEs in Nigeria, the sector faces major obstacles such as the limited access to bank financing, mostly because of the risk factor associated with SMEs. The objective of this scheme is to facilitate SMEs’ access to finance by supporting the development of the GTBank portfolio of SME loans.”

 

Speaking at the launch of the event, Mr. Segun Agbaje, Managing Director/CEO of GTBank said “empowering small & medium scale enterprises remains pivotal to the sustenance of growth and development in emerging economies across the world. This sector remains crucial to the economic make-up of Nigeria yet contributes little to our national GDP. We are determined to help rewrite this narrative by boosting access to long term financing for the sector.”

He further stated that, “The partnership with AFD is the first for any Anglophone speaking country and reaffirms the Bank’s commitment to building a strong SME sector buoyed by easy access to long term financing. As a Bank, we will continue to provide solutions to help smaller businesses build capacity and improve their knowledge of managing businesses. Earlier in the year, using our SME MarketHub platform, we organized a training program for small business owners on capacity building, business ethics and global best practices.
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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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Any insurance company in Nigeria worth its salt should pay claims — Akinboye

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Read Time:7 Minute, 49 Second

Group Managing Director and Chief Executive Officer of Standard Alliance Insurance Plc Mr. Bode Akinboye, in this interview elucidates on the giant strides the company is taking to deliver superior services to customers.

What is your vision for Standard Alliance Insurance following your return to the insurance industry?

Having worked in the insurance industry for thirteen years, I needed to take a break and reappraise my carrier. While away, I also tried one or two things and went back to school briefly to refresh myself, of course having bigger vision for the sector. The need to work in the company where I can play more role not just as a manager but as an investor. That is what brought me back.

The opportunity came up whereby this company needed to re-jig its management and also infuse some new set of investors into the system. Because of my understanding of the company before and the value I placed on the brand, I was able to key into that opportunity and put together a team of like minds that have taken position in the company as strategic investors on the understanding that we are back to head the management.

So much has happened in the insurance industry with the advent of international players in the sector from Europe, South Africa, as well as Asia. More groups are still looking at investing in Nigeria if they have not already done so. Again, the no premium no cover rule has taken root effectively and the impact is already been felt positively in the industry. Beyond that is the change in the political governance of the country and as we all know everybody is expectant of positive change. As such, that should also transform to improvement in the wellbeing of the insurance sector and the companies that are playing in the sector.

To what extent has your partnership with strategic investors impacted on your operation?

I am a professional and the company needed to inject some money into its operations. Of course I don’t have all the money, so I have to bring people together and created a vehicle through which the investment was done. It is strategic because we want to be able to influence the direction of the company both at the board and management level so that the company can be well positioned for growth and to attract even more investors. Usually, it gets to a point in the history of an institution where you need to have strategic investors that can influence direction of the company. So for us, it is left for the market to judge the impact our strategic investors is having on our operations.

We are trying our best as we have brought stability, new focus to the company even the Board has been restructured. We have almost a brand new Board of Directors with only two members retained from the old board. Also, there is a new management team even though the management team is not 100 per cent new because I have been here before and I had to also call up on some of my old colleagues that worked with me in the past. Others have gone far to a point where you can’t easily bring them back as some are also heading other institutions and they are doing very well there.

But those that we believe can still come back and add value, we had been able to attract which is an added advantage because I am not the only one that believe in this brand, they also believe in the brand and that collectively we can turn things around. Our financial result so far is tending towards that and we are beginning to see positive change in both our top-line and bottom-line results.

How were you able to achieve this stability within a short time?

Well this company is a growing concern. This is a very strong company up till some few years ago when things went a bit low for the company. So what do we need to do? We needed to look at our customers first. If this was a company that ran nonstop for almost 13 years, declaring profit and paying dividend and bonus to shareholders, it means we had the customer base.

So, we are not a new company, therefore we have customers who are loyal to the brand, and understand what we stand for. so what we did was to go back to them and apologise to them in areas where we had not lived up to their expectations and recommitting to them that we are fully ready to restore our service culture which they are used to  and we backed this up by paying claims that we inherited. For the claims we inherited, we have settled over N700 million from January till date on the general insurance portfolio and on the life portfolio we have paid almost N800 million for this year. The customers believe us, because they have tested us before, they know that when we say things, we act accordingly, which is the essence of any relationship anyway. Whatever you can give, offer,  but don’t over promise.

So what we have done was to go back to them to say, ‘look, we have been together before, you are used to us and you know what we can do. So we are ready to give you exactly that and even improve on it.’ We backed that up by commencing payment of claims. We still have some few claims to pay but there is no doubt whatsoever that for us to have frontally cleared over N700 million claims, we can clear all. It sends the message to the market and the market has positively responded to that by patronising us in return. So we have tried to use that to stabilise our sales and income.

Also, we looked at our process, and streamlined it to make sure that there are no loopholes or gaps in the system. Every slack has been tightened and we eliminated any area of waste in the system. So when you do that you minimise your cost and you have tried to stabilise your income or at least keep it going and what you will have eventually is profit. So it is just simple management logic that we have applied that has brought us to this modest result that we are beginning to experience now. We are paying all outstanding claims now, though it is a process. If you have inherited something due to some few years of delay here and there, you need time to clean it up and we are doing that. By the special grace of God before the year runs out all those claims will be settled.

What assurance are you giving to stakeholders that this positive trend will be maintained?

For us, we believe we have a platform to further express ourselves and we are coming back with renewed commitment to reposition the company and render better service delivery going forward and make it a delight to all our stakeholders. We have shown seriousness and commitment to paying claims which is the essence why we are in business because we believe that any insurance company that is worth its salt should be seen to be paying claims.  If you are not, then there is no need for you to be in the business at all.

We have also restored positive engagement with our customers to understand what we are doing and how best we can service them. We are working on our processes to streamline our ability to service customer quickly in a very fast and agile manner. We have strengthened our technology that will empower us to be able to interact with all our customers and we are working on new products to create more value for clients.

We have been able to submit our financial result on time after defaulting for some years now because first and foremost we are a public company and the post listing requirement of all public companies is prompt rendition of accounts as well as holding annual general meetings. Between 2002 and 2009 when the company was listed we were one of the major companies in the insurance sector and also one of the listed companies that led in that compliance.

We have won the president merit award of the Nigerian stock exchange while on another occasion we were nominee for the award, which means as a management we were focused on compliance. So in the last six years, for one reason or the other, the company was not able to adhere to this.

But once we came in, our focus was to get the company back to that situation. So we have tried to address that and for the first time in the last four years, we are going to have our AGM in September. We are hoping that by next year we will have our AGM in April or May. So, we motivated our staff, organise our record keeping properly to be able to give stewardship right on time and increase more value for the business. It is even in our interest to release our financials on time because we are focused on growing our bottom-line.

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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NNPC not broke, despite huge debts – Kachikwu

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Read Time:9 Minute, 5 Second

LAGOS—The Nigerian National Petroleum Corporation, NNPC, said, weekend, that despite losing N230billion annually from marketing and refining operations, the Corporation was not broke. It also disclosed that it owes over $6billion in cash call arrears.

NNPC insisted that there was no way the Corporation can be broke, given its assets base and equity holding in the petroleum industry.

The Group Managing Director, NNPC, Dr. Emmanuel Ibe Kachikwu, who reassured of the Corporation’s solvency in Lagos, during a question and answer session with journalists, said what was wrong with the establishment was cash flow management.

Specifically, while admitting that the Corporation owes about $6billion in Joint Venture, JV cash call obligations, he also disclosed that NNPC was losing annually over N200 billion through the Pipeline and Products Marketing Company, PPMC and additional N10billion from each of the nation’s refineries. This brings the yearly losses to more than N230billion.

THE GROUP MANAGING DIRECTOR NIGERIAN NATIONAL PETROLEUM COMPANY
[NNPC] DR EMMANUEL IBE KACHIKWU WITH JOURNALISTS DURING HIS WORKING VISIT TO KADUNA REFINERY ON WEDNESDAY. PHOTO:OLU AJAYI.

Kachikwu, who was responding to the constant speculations that NNPC is broke, and as the main purse of the Federal Government that by extension, Nigeria too is broke, maintained that such assertions are not true.

NNPC not broke

He said: “No, I don’t think we are broke. We can never be broke because our assets base is so strong. You know that about 60 per cent of 1.2million barrels of oil a day, plus another almost 100 per cent ownership of NPDC assets; oil on ground not even allocated and gas resources, we really could never be broke.

It is a cash flow issue as opposed to asset resource. We are not broke, we’re going to manage our cash flow better, we are going to see what falls in to enable us to inject money into the economy and do the things that we need to do. We are going to be more efficient.”

Explaining the pile up of the Joint Venture, JV cash call arrears of about $6billion, Kachikwu said: “The $6billion arose from very many factors; one is for PSCs (Production Sharing Contracts). There you don’t have these issues, but for the JVs, you have them because every year the Assembly comes out and says, you need $4billion and they give you $1.5billion. So the gaps have been accumulating over time and that is the arrears, and when those gaps came, we did not get aggressive with trying to look for alternative funding to cover those gaps.

“At some point we became even so suspicious of these alternative funding. How much are we really making from them? And so they preferred to hold back. But if we were addressing it from year to year, those gaps really shouldn’t be there. What is key is ensuring that whatever it is that you can alternatively fund has a real time value addition to national income stream. So we are not broke, we are just going to manage our systems better.”

The NNPC boss also said managing the system better characterises the ongoing reform of the Corporation, which is already yielding positive results with huge savings of about $150million monthly through contract cancellations.

Contract cancellations yield $150m

Kachikwu said that the contract cancellations was not about calling a dog a bad name in order to kill it, but ones that fell short of procedures and did not have the best yield.

According to him, “If a contract does not give a good financial yield for the country and for the company, I cancel it. It is not to say that the individual who is operating that contract is bad. What it simply calls for is you open it up and ask others to give you an alternative. If an individual comes up and he is the best alternative, so be it.

“So the first bullish effort that we did was to cancel all the former contracts we felt had challenges or issues. That is not to say that the contracting parties were bad. Again, I pay less emphasis on individuals and institutions. I pay more attention on processes and outcomes. It is not for me to say a company is bad or good. I am not a judge.

“If you look at the contracts we have cancelled, we have saved an average of $150 million a month, just that some of those contracts were cancelled and were being given new models, even for the interim period. In December, obviously we are going to have the crude bids. We are going to have the coastal bids. We are going to have the OPA bids. They will be thrown out to the entire world. Hopefully, we end up with a sequence of results that will only save money, improve efficiency and be seen as transparent.”

Reiterating the essence of systems transparency, Kachikwu noted that NNPC, had hitherto been perceived as being very opaque, and as such needed to do away with such negative perceptions and open up its operations to public scrutiny.

In his opinion, “If NNPC must get back its credibility; it must be on the altar of transparency,” adding, “it is an entitlement of the country. It is not a privilege for people to know how their oil money is obtained, how contracts are done, how the income is spent. NNPC, not being a private company, we must be very open.”

PPMC losses

Kachikwu disclosed that to improve systemic efficiency, the PPMC is being unbundled into three companies because as it is, the marketing company records the highest losses in the NNPC system.

According to him: “My greatest loss historical from the system that I have seen is PPMC; we’re losing about N200+billion a year. So PPMC contributes 87% of my loss factor. So any CEO must sit down and say, if I want to be profitable, all I need to do is to yank off PPMC and say I don’t want that business. But if we sit down with PPMC, we will see that part of what is coming from pipeline vandalism, subsidy, obviously from lack of efficiency, assets that have become dilapidated, all kinds of stuff. But, of the elements is also fraud. No doubt about it.”

Against this background, he continued: “First, you take the pipelines, and like I said, we are creating a pipeline company. It’s going to function like a pipeline ownership company like any other in the world. So it is in their interest to be profitable and to make the pipelines work. While security is a key issue, security is only one of the impediments that we are going to solve. We will obviously move people to focus on that away from the head office.

“Then you will have a storage company, there are lots of indigenous operators who are doing throughput today, and they survive by their throughput arrangement. So why should I not run probably one of the depots that is maybe the largest facility in the country profitably? So there is a company that is focusing on that. And if I need to do a joint venture, in terms of having a storage on the deep sea port somewhere, so I don’t have to be lighting vessels and paying demurrage, then I need to do that. Again, the storage company will focus on that.

“Then there is the marketing company, I give you an example, AGO that is produced by one of the refineries was locked up in the refinery for so long because somebody had fixed a price for the AGO during the time when AGO hadn’t become deregulated that was very high.

“So we had a very expensive AGO sitting in the tanks, and people were bringing AGO cheaper to sell, and we just left it there. I don’t think it requires a Ph.D. in Harvard to know that you need to reduce the price and sell the damn stuff and move on.”

Refining losses

Kachikwu further said that management has also been the biggest problem with the nation’s refineries, as they were not being run as profitable business models but on sentiments, which is resulting in huge losses.

Notwithstanding that the engineers at the refineries are doing a yeoman’s job by running facilities of over 30 years, without proper maintenance and spare parts, which he described as a “ miracle,” the NNPC boss insisted that the refinery models were faulty.

He said: “The reality is, if you give me 450,000 barrels of allocation, the models must be straight forward. I go out and process them and get a better yield and the government makes profit out of that yield and I keep back what I will use to run the refineries. It is a straight forward deal.

“But the model we have been running is you throw in the barrels, either for reasons of pipeline issues or for reasons of aging facilities in the refineries, I throw in a $40 barrel oil and get $50 result. You are dead before you start, because you are already unprofitable.

“As at last Monday, my records showed that we are losing about N10 billion annually for each of those refineries. That is why we need to move from the areas of emotion to the areas of the business.

“Sometimes people say that I am a lot of business, instead of social services, no, not as a Corporation. The day NNPC is called NNPC Social Services, then I would not have to have this conversation. But if it is called a Corporation, it means that the country expects them to make a yield, make profit and manage the company profitably so that people can benefit.

“What we need to do to have is some level of independence, be able to shut down and do our TAM (turn around maintenance) when they are due, be able to fund the refineries, and be able to create a contractual model that makes the business profitable. Right now we are losing quite a lot.”

In terms of capacity, Kachikwu admitted, “There are lots of skilled people in NNPC. Some of the best engineers in Nigeria are found in NNPC. The fact they have continued to maintain refineries that are about 30 years old, some with no spare parts, no turn around maintenance for over 15 years, is share miracle. It is unbelievable. Every international team you call tells to scrap them, but our people continue to maintain the refineries. So, we must respect their intelligence.”

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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Agency arraigns bank staff for over N12m fraud

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Read Time:30 Second

Three bank workers have been arraigned by the Economic and Financial Crimes commission (EFCC) for allegedly conniving to steal over N12m.

They were arraigned before Justice G. C. Aguma of the Rivers State High Court, Port Harcourt.

The accused persons are Rita Emmanuel, Orjiri Martins and Monday Chibueze Ben.

Speaking to ThisDay Newspapers, EFCC spokesperson, Wilson Uwajaren, said after perpetrating the fraud, two of the bank officers, Martin and ben tried to cover up their tracks, until they were exposed.

Meanwhile, Rita Emmanuel was alleged to have diverted over N6m belonging to a customer of the bank for personal purposes.

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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Fraudsters Manufacture Fake Coca-Cola Products

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Read Time:28 Second

People should be careful of what they take into their bodies…This is the irritating condition fake Coca-Cola products are being manufactured by scammers whose sole aim is to make excess poison from what they sell…This photos have gone viral since they were released online..the location of the fake company is unknown but some say it may be in Lagos while others argue that the products were manufactured in other parts of Africa and not Nigeria…Whichever place they are produced, we all need to just apply caution to avoid poisoning….

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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NIGERIA: Warri and Kaduna refineries back up

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Read Time:50 Second

This news will be a source of Joy to all Nigerians who have wondered why a country that has crude oil should keep importing fuel.

Well, importation of fuel, will soon be a thing of the past.

News reaching us says that the Federal Government plans to reduce fuel importation because the Warri and Kaduna refineries will be functioning at full capacity.

The  Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele gave a hint, at the July Monetary Policy Meeting, held at the CBN headquarters in Abuja.

He added that the renovation of the two refineries is as a result of a series of discussions between CBN, Nigerian National Petroleum Corporation (NNPC) and the Federal Government.

Emefiele said “We have met with NNPC and Warri Refinery has begun producing fuel. Kaduna will soon begin production and so we are going to see a drastic reduction in the import of premium motor spirit.”

Adding that it will reduce the expenditure of Government.

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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Seattle sees fallout from $15 minimum wage, as other cities follow suit

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Seattle’s $15 minimum wage law is supposed to lift workers out of poverty and move them off public assistance. But there may be a hitch in the plan.

Evidence is surfacing that some workers are asking their bosses for fewer hours as their wages rise – in a bid to keep overall income down so they don’t lose public subsidies for things like food, child care and rent.

Full Life Care, a home nursing nonprofit, told KIRO-TV in Seattle that several workers want to work less.

“If they cut down their hours to stay on those subsidies because the $15 per hour minimum wage didn’t actually help get them out of poverty, all you’ve done is put a burden on the business and given false hope to a lot of people,” said Jason Rantz, host of the Jason Rantz show on 97.3 KIRO-FM.

The twist is just one apparent side effect of the controversial — yet trendsetting — minimum wage law in Seattle, which is being copied in several other cities despite concerns over prices rising and businesses struggling to keep up.

The notion that employees are intentionally working less to preserve their welfare has been a hot topic on talk radio. While the claims are difficult to track, state stats indeed suggest few are moving off welfare programs under the new wage.

Despite a booming economy throughout western Washington, the state’s welfare caseload has dropped very little since the higher wage phase began in Seattle in April. In March 130,851 people were enrolled in the Basic Food program. In April, the caseload dropped to 130,376.

At the same time, prices appear to be going up on just about everything.

Some restaurants have tacked on a 15 percent surcharge to cover the higher wages. And some managers are no longer encouraging customers to tip, leading to a redistribution of income. Workers in the back of the kitchen, such as dishwashers and cooks, are getting paid more, but servers who rely on tips are seeing a pay cut.

Some long-time Seattle restaurants have closed altogether, though none of the owners publicly blamed the minimum wage law.

“It’s what happens when the government imposes a restriction on the labor market that normally wouldn’t be there, and marginal businesses get hit the hardest, and usually those are small, neighborhood businesses,” said Paul Guppy, of the Washington Policy Center.

Seattle was followed by San Francisco and Los Angeles in passing a $15 minimum wage law. The wage is being phased in over several years to give businesses time to adjust. The current minimum wage in Seattle is $11. In San Francisco, it’s $12.25.

And it is spreading. Beyond the city of Los Angeles, the Los Angeles County Board of Supervisors this week also approved a $15 minimum wage.

New York state could be next, with the state Wage Board on Wednesday backing a $15 wage for fast-food workers, something Gov. Andrew Cuomo has supported. 

Already, though, there are unintended consequences in other cities. 

Comix Experience, a small book store in downtown San Francisco, has begun selling graphic novel club subscriptions in order to meet payroll. The owner, Brian Hibbs, admits members are not getting all that much for their $25 per month dues, but their “donation” is keeping him in business.

“I was looking at potentially having to close the store down and then how would I make my living?” Hibbs asked.

To date, he’s sold 228 subscriptions. He says he needs 334 to reach his goal of the $80,000 income required to cover higher labor costs. He doesn’t blame San Francisco voters for approving the $15 minimum wage, but he doesn’t think they had all the information needed to make a good decision

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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