The Nigerian Stock Exchange (NSE) last week reviewed The NSE 30, NSE 50 and the five sectoral indices with new entrants. The five sectorial indicators are: NSE Banking, NSE Consumer Goods, the NSE Oil & Gas, NSE Industrial and NSE Insurance. The composition of these indices after the review will be effective today.
While the NSE began publishing the NSE 30 Index in February 2009 with index values available from January 1, 2007, it had developed four sectorial indices with a base value of 1,000 points, July 2008 designed to provide investible benchmarks to capture the performance of specific sectors.
In its review of the indices, Oando Plc joined the NSE-30, while Mobil Oil Nigeria Plc exited. In the NSE-50 Index, Livestock Feeds Plc was brought in while Nigerian Bag Manufacturing Company Plc was removed. In the NSE Consumer Index, there was no change, while Mutual Alliance Insurance Plc and Law Union & Rock Insurance Plc joined the Insurance Index. On the other hand, Linkage Assurance Plc and Goldlink Insurance Plc were removed.
With respect to the Banking Index, Sterling Bank Plc entered while FCMB Group Plc exited, just as Eterna Plc joined the NSE Oil/Gas Index, while Japaul Oil & Maritime Services Plc exited.
The NSE Lotus Sharia complaint Index had three changes. Julius Berger Nigeria Plc, Chemical & Allied Product Plc and Presco Plc were added to the index, while Japaul Oil & Chemical Service Plc, Dangote Flour Mills Plc and Honeywell Mills Plc were removed.
The sectoral indices comprise the top 10 most capitalised and liquid companies in the each of the sectors.
According to the index committee, the NSE-30, NSE-50 and NSE Industrial Indices are modified market capitalisation index with the numbers of included stocks fixed at 30, 50 and 10, respectively. The numbers of included stocks in the NSE-Consumer Goods, Banking, Insurance and Oil/Gas Indices are 15, 10, 15 and seven respectively.
The committee explained that the stocks were selected based on their market capitalisation from the most liquid sectors.
“The liquidity is based on the number of times the stock is traded during the preceding two quarters. To be included, the stock must be traded for at least 70 per cent of the number of times the market opened for business,” the committee said.
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.
Dangote Cement has assured consumers that it would continually strive to stabilise the price of cement without compromising on quality, so as to create reasonable profit for all categories of stakeholders in the cement and construction value chain.
The Group Executive Director, Sales and Marketing, Knut Ulvemoen, gave the assurance while speaking at a one-day sensitisation workshop in Abuja for block makers in FCT and its environs, organised by the Standards Organisation of Nigeria (SON) and sponsored by Dangote Cement Plc.
Knut decried the prevalence of substandard blocks and explained that some block makers, in an attempt to maximise profit, ended up not using the right blend of cement and sand; thus causing defects in structures.
He explained that because of the sensitive nation of the construction and building industry, inappropriate mix of all the materials would have negative effect on the structures, noting that this was the major cause of building collapse.
According to him, Dangote Cement does not compromise its product quality and would therefore support all relevant agencies to ensure protection from poor quality blocks, adding that the company has the highest quality anywhere in the world.
He assured the block makers not to succumb to the urge to reduce the quantity of cement in their mix for blocks with the hope of saving more money, pointing out that whoever buys less quality blocks would not patronise makers of such blocks at another time.
In his paper, Director General of SON, Dr. Joseph Odumodu, who was represented by the Regional Coordinator of SON, Mr. Nelson Adebiyi, said the federal government’s transformation agenda, coupled with the SON’s policy of zero tolerance to substandard products, underlined the need to sensitise block molders to operate in conformity with the national standard.
He said the benchmark for fair competition is standard, which takes into account the customers’ satisfaction. According to him, “the organisation has elaborated standards to ensure quality in block molding and promote safety in our building sector and also to ensure that block moulders operate to the international standard.”
He highlighted the standards and codes elaborated by the SON as standard for Sancrete blocks part one non-load bearing; standard for precast concrete, pavement blocks and standards for pre-stressed and reinforced concrete poles for transmission and distribution lines.
Odumodu commended Dangote Cement for its interest in supporting efforts geared towards ensuring quality in the building industry, noting that the company’s readiness to sponsor the workshop was a demonstration of this.
Also making a presentation on the causes and remedies for sub-standard sancrete blocks, a Dangote staff member, Johnson Olaniyi, said the issue of substandard sancrete blocks should be of concern to all and sundry and should be discouraged in the interest of all.
He said visitation to locations where blocks are moulded revealed a lot of challenges facing the block makers, which he said contributed in a large extent to the quality of blocks produced.
Olaniyi identified lack of functional tools; operational expenses; lack of basic technical knowledge; lack of basic raw material and lack of adequate training, and said some of these and a combination of some generate a situation where production of sub-standard blocks is seen as an attractive option.
The Dangote official noted that some block makers resorted to the use of just any sand because the required quality of sand is not only expensive but not readily available in some locations.
According to him, “most block makers could not take the pain of getting their sand from the right source; they lack consistency in the mixing of multiple sand, even with their poor selection of the multiple sand in the right proportion.
“More often, most people believe that block making does not require additional technical knowledge. This has been proven wrong over the years. To this end, mixing sand, cement and water do not conform to with the laid down principles of three wet before feeding vibrating machine with mortar.”
Olaniyi said it was in recognition of this that Dangote Cement organises periodic technical training for willing block makers. He also enlightened the block makers on how to handle cements to get the best results.
The block makers commended the company for sponsoring the workshop and called on other cement manufacturers to emulate the good gestures and help them to do well in their business.
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.
Investment One Financial Service Limited has grown funds under its management by 300 per cent in the last 12 months, the Managing Director/Chief Executive Officer of the company, Mr. Nicholas Nyamali, has said.
Investment One, formerly known as GTB Asset Management Limited is a leading financial services institution in Nigeria registered with the Securities Exchange Commission (SEC). The firm provides asset management, trusteeship, securities brokerage and financial advisory services to individual and corporate clients.
Speaking at the company’s second seminar on the Nigerian capital market organised last week for institutional investors in Lagos, Nyamali disclosed that funds under management rose from N6.577 billion June 2012 to N26.546 billion June this year.
He explained that the growth has been mainly organic driven by institutional clients, high networth individuals and recent acquisition of some new firms/funds.
The CEO noted that the company’s focus was to become a one-stop investment services shop rendering excellent customer service with commitment to client objectives powered by dedicated and professional members of staff.
According to him, it was the need to attain one stop investment services shop that informed some of the recent acquisitions the firm made.
Investment One acquired fund and management rights from Fidelity Bank Plc of the Nigerian International Growth Fund (NIGFUND), a mutual fund of over N3 billion in size.
It also acquired 99.9 per cent of Kakawa Asset Management Limited, which owns Kakawa Guaranteed Income Fund. The company has acquired Royal Trust Pension, a pension fund administrator.
Highlighting some of the achievements of Investment One, Nyamali said the firm received an award for being one of the top 50 Fast Growing firms in Nigeria in last March.
He added that Investment One Stockbrokers International Limited attained top 10 ranking among stockbroking firms by volume and value on the Nigerian Stock Exchange in 2012 and is one of the only companies to be licenced by NSE to function as Fixed Income Market Makers (FIMMs), Supplementary Market Makers and Designated Adviser.
As one of the 12 companies appointed as supplementary market makers, the company will provide two-way quotes for a basket of 10 stocks made up of United Bank for Africa Plc, Access Bank Plc, Zenith Bank Plc, Flour Mills, Mansard, Julius Berger, May and Baker, CAP (Chemical & Allied), Total and Redstar. Also as Designated Adviser (DAs), Investment One will advise companies listed on the Alternative Securities Market (ASeM) of the Nigeria Stock Exchange.
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.
Heritage Bank Limited has been integrated into the Instant Pay Platform of the Nigeria Interbank Settlement System (NIBSS).
With this development, new and existing customers of the bank can make payment and transfer funds through point of sale (PoS) terminals, ATMs across the country, and from any of the bank’s branches and electronic payment platforms.
A statement at the weekend cited a note from NIBSS to banks and electronic payment firms to have said: “Please be informed that Heritage bank has been migrated to the Nigeria Instant Payment (NIP) production environment. Kindly accept all upstream transactions from them.”
Commenting on this development, Managing Director/Chief Executive, Heritage Bank, Mr. Ifie Sekibo, said the integration reflected confidence in the robust information technology infrastructure and electronic payment platform of the bank.
“Most banks take quite a long time to integrate into the NIPS platform, but within a very short period of our existence, we have integrated into their system. Our entire payment platforms have been fully integrated. And we are functional, up and running. So for us it is a real ground breaking and record setting achievement, and it reflects confidence from an e-payment switch like NIBSS.
“Also it expands our business environment. We are now connected to other e-payment switches, banks, banking platforms. People can now use our internet banking platform to make instant payment for goods and services, make funds transfer to people in other banks, and vice versa. It is a seamless and full integration into the banking and e-payment platforms in the country,” he said.
Continuing, he also said e-banking enhances inclusion of many people, adding that it allows those that had been excluded from banking activities to participate in the system and benefit from banking activities.
“With this development, we have become part of the nucleus to make that work. This means in a short period we are part of the nucleus of financial inclusion, which is been advocated by the Central Bank of Nigeria,” he added.
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.
Shareholders of Sterling Bank have thrown their weight behind the effort of the bank to increase its capitalisation by way of right issue.
As a way of showing this, individual retail shareholders and shareholders’ groups have indicated interests in picking up their rights in the issue, which is ongoing. Indeed, some shareholders are mobilising other shareholders to support the recapitalisation programme of the bank.
The expressions of interest and supports from minority and retail shareholders manifested the unanimous endorsement of the bank’s capital raising programme by shareholders at the recent general meeting.
Non-core shareholders with less than five per cent equity stake, including a large number of minority retail shareholders of more than 88,000, collectively hold about 65 per cent equity stake in Sterling Bank; underlining the highly diversified shareholders’ base of the bank. Most retail shareholders are spread in groups and other representations.
A broad section of shareholders’ groups, representations and individuals have confirmed they would pick up their rights and mobilise others to take advantage of what they described as “a window of opportunity”. Several shareholders indicated they would demand for additional shares, raising prospects of oversubscription.
The supports from non-core shareholders strengthen the prospects for the rights issue, which had earlier received firm commitments from major Nigerian and foreign shareholders including the State Bank of India, Dr. Mike Adenuga, Alhaji Suleiman Adegunwa’s Ess-ay Investments Limited and other directors.
Sterling Bank is raising N12.5 billion through a rights issue of about 5.889 billion ordinary shares of 50 kobo each at N2.12 per share. Sterling Bank had traded at a high of N3.05 at the stock market. The shares have been pre-allotted on the basis of three new ordinary shares of 50 kobo each for every eight ordinary shares of 50 kobo each held as at May 20, 2013. The application list, which opened on June 24, 2013, will run till July 31, 2013
According to the President, Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Dr. Faruk Umar, the rights issue came at the right time and at the right price. He also noted that the historic performance of the bank, as exemplified by the impressive results and dividends for the 2012 business year, has made it a toast of investors.
“We are going to invest in the bank; the rights’ price is a bonus to shareholders because even at the market price, the bank is grossly undervalued. There is a strong possibility of a double in the price in the next two years,” Umar said.
According to him, given the performance of the bank with its previous modest capital, additional capital would result in better values for shareholders over the years.
Leading shareholders rights’ activist, Nonah Awoh, said the board should make arrangements for oversubscription given the mood of the investors and general perception of the bank at the stock market.
He said the profit and return forecasts of the bank, though conservative, imply a huge inflow of over 50 per cent return from dividend payments alone in five years, noting the positive relation between such huge payouts and capital gains at the stock market.
President, Progressive Shareholders Association of Nigeria (PSAN), Mr. Boniface Okezie, said the rights issue would lay another strong foundation for future growth noting that additional funds would allow the bank to increase lending to the real sector and further contribute to national economic growth.
According to him, increased lending and expansion would lead to increased returns to shareholders.
Noting the dividend track records of the bank, Okezie said shareholders were excited over the additional shares. He however advised against absorption of oversubscription pointing out that excess monies should be returned.
“I will pick my rights; it’s good for the bank and the shareholders. Additional capital would put the bank in better position to expand its operations and increase lending to the real sector. This is good for all stakeholders,” Okezie said.
Chairman, Shareholders United Front (SUF), Mr. Gbenga Idowu, said the fundamentals of the bank were attractive and there is no reason to doubt the continued growth of the bank.
“We will support the management and the board by not only picking our rights but we will demand for extra shares,” Idowu said.
Another shareholders’ leader, Godwin Anonoh, said his personal experience as a customer and shareholder of the bank gives him confidence to always support the bank.
He said Sterling Bank’s track records of high dividends and the potential for capital appreciation assure investors of double returns over the years pointing out that there is possibility the share price would more than double in a short while.
National Coordinator, Pragmatic Shareholders Association, Mrs. Bisi Bakare, said Sterling Bank ranked as one of the best stocks in terms of returns on investment assuring that she would mobilize supports for the bank.
“The time is right and the price is right, shareholders are getting dividends from their investments now, so we have money to invest. We will put this money in Sterling Bank,” Bakare said.
Speaking on the prospects of the bank, National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Mr. Sunny Nwosu, commended what he described as impressive performance of the bank over time.
He urged the bank to continue exploring ways to consolidate its performance, assuring the directors of the supports of shareholders.
The net proceeds of the rights issue, estimated at N12.13 billion, would be used to finance branch expansion, infrastructure upgrade in support of automated and cashless payment, enhance information technology and additional working capital.
About 35 per cent of the net proceeds, estimated at N4.24 billion, would be used for branch expansion; 15 per cent of the funds estimated at N1.82 billion would be used for infrastructure upgrade, 10 per cent of the funds equivalent to N1.21 billion would be used for information technology and the largest chunk of 40 per cent, estimated at N4.85 billion, to be set aside as additional working capital.
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.
Following increase in traffic to sites on the portal, Qlichy.com, an online business networking platform, has announced its market roll out and subscription opportunities for businesses and individuals.
The move is coming on the heels of a successful launch of its online and radio campaign as well as announcement of actress, Mrs. Funke Akindele-Oloyede, as brand ambassador.
Qlichy.com is a multi-site business portal, news service and e-commerce platform, which is linked to the Interswitch platform for payment purposes. The platform has been enjoying growing patronage and traffic since its launch in April. Qlichy.com offers access to platforms like Bizpoint, Talkpoint, Salespoint, Playpoint and Thoughtpoint for businesses and consumers to meet and interact.
Announcing this in a press statement released in Lagos, Managing Director of The Quadrant Company, parent company of Qlichy.com, Mr. Bolaji Okusaga, stated that “Today, we formally announce the commencement of Qlichy.com market roll out. We therefore welcome subscription opportunities for businesses and individuals. The need for this has become imperative with the growing traffic to the different portals of Qlichy.com and we have been able to trace this to the market penetration and brand building strategies that we have initiated since April when Qlichy.com formally launched in Lagos.
“Qlichy.com offer vast opportunities including business intelligence and social commerce given the ability of the platform to offer a seamless experience which cuts across business information, e-commerce and lifestyle, which were before now fragmented in the Nigerian online space to enterprises across different sectors of the economy, be it consumer goods, oil and gas, real estate, telecoms and financial sectors among others,” Okusaga said.
Akindele-Oloyede was announced as Qlichy.com brand ambassador at a media event that held in Lagos recently as the latest market penetration strategy and brand building strategy. It followed a formal launch and Town storm, which held in April and May respectively.
Speaking on the occasion, she remarked that “I am delighted to be associated with Qlichy.com and consider it an honour to be the brand ambassador. The Qlichy brand besides being the ultimate virtual meeting point and resource center, it is the future. I say this because this new platform will empower a lot of people.”
She added that “I admire the thought process behind it and that’s why I am thrilled to be part of the Team Qlichy.com. I am convinced that it will empower a wide range of people, this is why I enjoin all business operators, owners, content developers and resource persons to join me on Qlichy.com portal,” she concluded.
“Qlichy.com offer vast opportunities including business intelligence and social commerce given the ability of the platform to offer a seamless experience which cuts across business information, e-commerce and lifestyle, which were before now fragmented in the Nigerian online space to enterprises across different sectors of the economy, be it consumer goods, oil and gas, real estate, telecoms and financial sectors among others,” Okusaga added.
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.
Association of Nigerian in American Professionals in Nigeria
The Association of Nigerian in American Professionals in Nigeria (ANAPIN) has pledged support for Nigeria’s bid to rank among the world’s top 15 economies by the year 2030, with a Gross Domestic Product (GDP) of $4 trillion and an annual growth rate of above six per cent. President of the Association, Mr. Emmanuel Okoro, gave the assurance during a special meet and greet event in Abuja where he added that some experts who do not understand Nigeria’s economic terrain have said the country cannot attain such feat until 2050.
According to the organisation, some strategic drivers of macro economic growth however need to be urgently addressed by all relevant stakeholders.
“There should be youth employment and empowerment, for there to be peace, because when the youth are not empowered, people tend to use them for the perpetration of different negative vices. Also there should be steady rate of educational improvement leading to a truly educated working class, and the entrenchment of the rule of law and a genuine fight against corruption,” he said. These, he said, would encourage Nigerian professionals in the Diaspora to return home and contribute to driving the economy in line with global best practices.
“The situation on ground can be better, that is why we are saying that if given the opportunity we will add value to it. Our position is that instead of engaging in constant and savage indictment of leadership of this nation, we should look for ways to proffer solution and we think, we can do that, there are ways in terms of excellence that this organisation can fill the gap”, Okoro added. He also urged the federal and state governments to provide business enabling environment by addressing the matter of insecurity urgently, ensuring the diversification of the economy and discourage the monolithic dependence on oil.
“There should also be investment in infrastructure, establishment of strategic structures which are equipped to address the impact of the projected growth, both challenges and opportunities, such issues include climate change and environmental pollution and also the establishment of a product based economy rather than a consumption based and import dependent economy. “And as professionals, having acquired culture of excellence from the United States, we have so many areas that we can help Nigeria. We have professionals from different fields who are ready to contribution to the development of Nigeria,” he said.
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.
Delegates at the just-concluded International Labour Conference (ILC), which took place in Geneva, Switzerland, have agreed on a framework for action to promote and strengthen social dialogue. The framework was adopted by the Committee for the Recurrent Discussion on Social Dialogue – one of the four committees that met during the ILC – which was made up of government, worker and employer delegates.
The committee stressed that social dialogue is at the heart of democracy – and is essential for social and economic development. It called on those ILO constituents to strengthen institutions and processes of social dialogue and asked the Office to provide support, actively promote social dialogue and enhance policy coherence with other international organisations. It (committee) reaffirmed the importance of social dialogue in achieving social and economic progress, stressing that it embodies the basic democratic principle that people affected by decisions should have a voice in the decision-making process.
The committee’s Chairperson, Pierre-Paul Maeter, outlined the important role governments can play along with its social partners, particularly in times of crisis.
“Strong labour ministries can work with the social partners to address issues that have important impacts on workers and employers. Social dialogue’s effectiveness and the soundness of industrial relations depend on the capacity of the government to act as policy-maker, administrator and as participant in tripartite discussions.”
The global economic and financial crises resulted in some countries engaging with social partners to address critical issues, the committee said. However, in other countries, policy reforms have weakened collective bargaining structures, minimum wages and pensions and employment protection laws, without improving job creation.
This, alongside the impact of globalisation, has made social dialogue and the strengthening of collective bargaining ever more critical, said workers’ spokesperson, Sarah Fox.
“The increasing complexity of global supply chains, have created new challenges for workers since many decisions affecting them are now taken beyond national boundaries. Tripartism at national level is no longer sufficient. We need to build and strengthen new spaces for cross-border social dialogue so we can protect workers’ rights and interests.”
A number of conventions related to social dialogue will be promoted in a new campaign, as part of the plan of action. This includes the Tripartite Consultation Convention, 1976 (No.144) and the Collective Bargaining Convention 1981 (No. 154).
Other measures include helping labour administrations improve the governance and efficiency of labour law enforcement and labour inspections; expanding the ILO’s assistance to labour dispute prevention and resolution systems and mechanisms; and convening a meeting of experts on cross-border social dialogue.
“Social dialogue benefits all parties at all levels,” said employers’ spokesperson, Jørgen Rønnest. “Workplace cooperation between employers and workers, for instance, facilitates information sharing, consultation and even joint decision-making. It contributes to stable industrial and employment relations and productive workplaces.”
The ILO has pledged to help constituents to promote, facilitate and engage in social dialogue and collective bargaining. It said it will also be more proactive in engaging with international organisations and institutions such as the International Monetary Fund (IMF), World Bank and World Trade Organisation (WTO) to promote the Decent Work Agenda and ILO standards and principles.
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.
Edo State Governor, Mr. Adams Oshiomhole, has raised the alarm that state governments may soon be unable to pay the salaries of workers and meet other financial obligations, should the federal government continue to delay monthly allocations.
Oshiomhole, who raised this concern at the 9th Triennial Delegates Conference of Trade Union Congress of Nigeria (TUC) in Abuja, said the drop in crude oil production in the last six months was worrisome and disturbing. He blamed the drop on incessant crude oil theft and pipeline vandalism, noting that the drop has led to a decline in revenue thereby delaying allocation to state governments.
He urged labour to rise up and challenge government on the incessant crude oil theft and pipeline vandalism, noting that a drop in revenue will affect development projects particularly the provision of power supply, good road networks and other infrastructure.
He warned labour leaders not to remain silent on national issues that affect the future of their children but to insist that things should be done right.
“You now know that for this year, our budget has not been performing. All the debates about oil bench mark and speculations by analysts. At the end the National Assembly resolved it. You know our analysts often put their reputations on the line depending on the next consultancies that they want. They tell us that the world economy is going to come down and that the Americans have discovered new fuel, that there are things happening in China and the economy is stagnating therefore, the oil price would drop.
“I have always said that when they talk like that they talk as if the world is static, it is not. Those nations who are said to be creating these problems are not sitting on the problems; they are working to change those conditions. Six months into the New Year, oil price has performed over and above the oil bench mark. So, what happened to all the forecasts?
“Oil is performing between 20 and 25 per cent more than the budget. Yet, we are not able to receive our share of the federation account as at when due. They say we cannot fund the budget. Why, because we are selling less. It is not a classified state matter; it is not a classified security matter. Oil is selling over and above the budget, so why is the budget not performing?
“Now we are told it is because of the level of crude theft. I read in one paper that as much as 600,000 barrel of crude is stolen per day. And because of the amount that is stolen, what is left is now below the budget export volume. So, are now going to make national budget to factor in stealing? Is that the option? So, if it is not about the price, it is about the volume of theft. You can ask a question, can your wife tell you that the two legs of the elephant are missing from the pot of soup?
“I want labour to stand up on this issue. Who is stealing this oil? It is a major national issue because you are not going to get your wages as at when due if crude oil is being stolen at the volume as it is. I am worried, very worried about this. “So, I think Nigeria has got to a point where all of us who have children even those who do not have to try and begin to assist all of us in government to put on our thinking cap and protect national interest. Those oil thieves must be caught; they must be exposed and must be dealt with according to law.
“A vessel cannot come to Nigerian water, the size of the vessel that we see and sail off with stolen crude and it is not caught. What is the Nigerian Navy doing? I d not understand, even as a governor, I do not understand”, he added.
He called on organised labour to take side with forces of progress, stressing that “if we want changes we must define the character of the change and identify the change rightly. It is not going to be easy anymore. It is either you fight with progressive forces and we are defeated and we learn or we stay by and watch when the ship sinks, we will all be drowned.
Quoting Fidel Castro, the former President of Cuba that “when the ship carries too much weight of injustices with only few people in the first class and all the rest are abandoned in the cargo, the ship cannot be balanced and if the weight of injustices keeps increasing, there is no question about the next destination. The ship will sink and all shall perish.
“So, I ask us as organised labour to redefine the cabins of the Nigerian ship to move all people from the cargo into other sections. I do not mind somebody in the first class because somebody must be there, there will even be a pilot. But this ship can sail to destination when all of us insist that the right thing is done”, he added.
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.
Some finance houses in Nigeria are currently facing a lot of challenges as shortage of funds continues to threaten their operations.
In fact, THISDAY learnt that some of them were finding it to meet their obligations to customers as and when due.
Some operators that spoke with THISDAY expressed concern over the delay by the Central Bank of Nigeria (CBN) in unveiling the reform package it had planned for the sub-sector.
Commenting on the difficulty faced by the operators, the President of Finance Houses Association of Nigeria (FHAN), Mr. Samuel Durojaye, said: “The central bank should create a window for the finance houses just as they did for commercial banks when they had liquidity problems so that we can borrow as a last resort from central bank.”
Speaking on the expected guideline for the reform of the sector, he said: “The guideline is being reviewed and we don’t know if the new guideline would have such a window so we are still expecting it.”
However, Durojaye revealed that the CBN might release the reform package for the sub-sector before the end of the third quarter of the year, saying that “some issues came up as regards some of our services and functions where they needed clarification.”
“We had a meeting with the CBN and the consultant in April and we had hoped they would have finalised the guidelines by now. There has been further research while we have also made recommendations to CBN and hopefully it should come out before the third quarter of the year.”
The FHAN boss predicted that the reform package may result to the recapitalisation of the sub-sector, even as he forecast a new capital base of N250 million, as against the N20 million it used to be.
Durojaye had in an earlier interview with THISDAY, recommended that the CBN should fix the new capital base at a level that it would not drive people out of business, saying that the central bank should not make same mistake the Securities and Exchange Commission (SEC) made in 2008 when it raised the share capital for stockbrokers to N1 billion and that could not be implemented.
“So we are saying that the level of capitalisation should be such that it will make the finance companies strong and be able to handle big ticket transactions, but not to discourage people from coming into the sector,” he had said.
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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