NIGERIA: Okorocha relocates 30,000 shoe, leather, allied products manufacturers

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Governor Rochas Okorocha of Imo State  has approved the relocation of over 30,000 indeginous shoe, leather and allied products manufacturers in the state.

Okorocha, who stated this when members of Leather and Allied Products Manufacturers of Imo State paid him a courtesy visit at Government House, disclosed that his administration would embark on construction of 4,000 capacity shops to enable Imo indigenes in the business return to the state and contribute significantly to the economic development of the state.

He explained that the gesture was to ensure that indigenes in shoe, leather and allied products in Aba, Abia State, and other parts of the country returned to a more conducive and friendly environment to play vital role in the economic transformation of the state.
Noting that his administration would ensure that the cluster was completed in a very short period, the governor said both the land and fund for the construction of the cluster would be provided before the first quarter of the year.

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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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Africa is richer than you think

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Read Time:1 Minute, 48 Second

Johannesburg, Nairobi, Lagos, Casablanca, London, Beijing; 28 September 2012-Africa investor (Ai), a leading international investment research and communications group, in partnership with The Africa Group (TAG), an Africa-focused consulting, research, and advisory firm, has announced the launch of their ground-breaking Africa Wealth Cheque Report. The Wealth Report has identified US $1.671 trillion of potential wealth and additional production potential in six key sectors (agriculture, water, fisheries, forestry, tourism and human capital). This represents a combined market size today of $909 billion and $762.4bn of additional potential production. The report also estimates current proven stocks of extractable energy resources in Africa (oil, natural gas, coal, and uranium) to be worth between $13-14.5trn.

Explaining the Africa Wealth Cheque Report, Hubert Danso, Vice Chairman and Managing Director of Africa investor, said: “The aim of the Africa Wealth Cheque Report was to identify and estimate how much natural, economic and human capital wealth is within the continent, in essence to quantify the beginnings of the asset side of Africa’s balance sheet.” Discussing the importance of the report, Danso went on to say, “The report is unique as it is already catalyzing debate about how wealthy as opposed to how poor the continent is, and signaling tipping points for African governments and global investors seeking growth opportunities.” Africa investor-TAG say there is nearly three times the average multiple growth potential in the agriculture sector, stemming from projects such as the $780 million Zambezi Integrated Agricultural-Community Development Programme, forestry (to $111bn) and fisheries (to $44bn), and a doubling of the market for water to $25bn.

An additional $217bn may be spent on human capital inputs, in terms of wage return growth across the service, industrial and agricultural sectors. “At the highest level, Africa is similar to any other private investment – investors must take on risk to pursue an addressable market opportunity. What makes Africa unique is that incremental dollars invested into Africa will begin to unlock a previously inaccessible market of equal or greater size than Africa today,” says The Africa Group, emphasizing that potential returns could be extraordinary.

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’s oil production faces threat amid fears of vandals activities

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Read Time:5 Minute, 3 Second

Nigeria’s achievement of all time high 2.6 million barrels of crude oil daily is under threat as pipeline vandals seem set to resume their activities, following some respite after government contracted ex-militants on surveillance of oil facilities in the Niger-Delta.

Recently, it was reported that the country lost about N170 billion to pipeline vandalism over a period of time,but the act was checked when the Jonathan-led government contracted ex-militants to monitor oil facilities.

The Pipelines and Products Marketing Company (PPMC), while reacting to our the challenge, tried to put things in perspective. “The nation is losing huge amount of money to the spate of vandalism across the country, both on crude theft and refined products”,it said.

According to the company, over N90 billion was lost to crude oil theft,as against N10 billion lost to refined products stolen in 2011. In 2012 alone, stealing of crude oil through pipelines reduced to N 42 billion, while products theft increased to N20 billion”.

Considering the huge damage to the lines, it was gathered that about N8 billion was spent to effect repairs between 2011 and 2012. This includes the expenditure on security and environmental integrity.

The recent attack on oil facilities was System 2b, Nigeria’s most strategic pipeline running from Atlas Cove, offshore Lagos up to Kwara State. The attack is responsible for the epileptic supply of petrol in some parts of the country which has given rise to occasional vehicular queues at filling stations around Lagos, Abuja and other major cities. Aside from this, three staff of PPMC  lost their lives to an attack on oil facilities by armed vandals.

Meanwhile, the Nigeria Security and Civil Defence Corps (NSCDC) said 1,283 suspected vandals had been arrested from early 2012 to January 2013. While this may be true, not a few industry watchers dismissed this as a scratch on the surface as the real vandals are very sophisticated to be apprehended like mere criminals.

Speaking on the development, Mr. Tamuno Green, an engineer with an oil servicing company in Warri, Delta State, said a contract was signed by the Federal Government with, some ex-militants for the purpose of intense surveillance of oil facilities in the Niger-Delta and afterwards there was sanity.

Green explained, “Sometime in 2012, the president, for whatever reasons, thought it wise to engage the repentant militants in a more productive project of oil facility surveillance across the region and, in Delta State, for instance, Oil Facility Surveillance Ltd was so contracted, and, even if some of us criticized the rationale behind the president’s action back then, it later dawned on us that nothing could have been more effective as these people seem to know the creeks better than government uniformed agents and, in most instances, they even know those who carry out these acts and penetrate them so easily.

” Hence before long, the nation’s crude production began to rise! Not because new fields were discovered, after all there has been no licensing rounds since 2008 or thereabouts but we were, as a nation, able to ramp up 2.6 million daily crude production. That was due to the activities of these surveillance contractors, and now, government has refused to renew their contracts hence the rise in the activities of oil pipeline vandals.

“This is because the people you refer to as vandals are not rag-tag or riff-raffs; they are professionals, very enlightened and educated people engaged by highly unscrupulous elements with access to cash and ammunition, and they are also following events. They are aware that there is no contract binding the surveillance companies of these dreaded ex-militants and the government, hence they should be able to unleash terror on oil facilities without interference.

“I think government should, as a matter of national urgency, renew the contracts for these companies to continue their surveillance activities of oil facilities especially in the Niger-Delta, and this should not be politicized in any way in view of its strategic importance to national earnings and development. It is so important because even the nation’s budget depends highly on oil production output because it is mono-dependent economy we’re operating here in Nigeria.”

According to him, about a month ago, Oil Facility Surveillance Ltd (MT Lady Jay) arrested a vessel filled to the brim with illegally refined diesel (AGO) with a ten-man crew. “This arrest was carried out in the Escravos River, while both vessel and crew were handed over to the appropriate security agencies for further investigation, even without a contract in place as we are aware that the contract they had with government expired in February 2012”,he added.

Nigeria has about 15000 kilometers of oil pipelines, four refineries that are producing less than 145,000 barrels per day. With about 121 oil depots, the nation operates 62 jetties and about 25,000 fuel tankers hauling products across 24,500 filling stations across the country.

From the total of 24,500 filling stations, the major oil marketers have 2,471; independent marketers have 22,033, while the NNPC has 37 retail outlets.

Due to incessant vandalism, most of the pipelines are not functional, therefore posing  threat to smooth distribution of products across these facilities.

Also it could be recalled that Shell Petroleum Development Company of Nigeria Ltd (SPDC) declared force majeure on outstanding cargoes of Bonny Light with effect from 4 May 2012. The action was blamed on production deferment caused by incessant crude theft and illegal bunkering on Nembe Creek Trunkline (NCTL).

Shutdown of the line for repairs resulted in a deferment of some 60,000bbls per day of production. The NCTL is the major conveyor of SPDC’s and third party production in Eastern operations to Bonny Terminal, and had to be replaced when the old one became weakened due to the installation of many crude theft points.

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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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Sterling Bank Nigeria tackles rent problem with Rent-A-Month scheme

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Sterling Bank and RSL Derivatives have introduced Rent-A-Month scheme, a lending facility designed to help individuals solve rent problem.

“This scheme creates an opportunity for prospective and existing tenants who belong to the working class and self-employed professionals to access rent finance and pay on a monthly basis over a maximum period of two  years”, said Abubkakar Suleiman.

He spoke at the media launching of the scheme on Wednesday at the Bank’s head office in Lagos. He said, “As we are all aware, rent in Lagos is always paid in advance, either for a year or two. For some tenants, it is difficult to raise the rent amount when it is due.  The Rent-a-Month scheme enables eligible individuals solve their rent problem by taking a facility for the tenor of the rent, which they can now repay on a monthly basis, thus making house rent convenient and affordable.”

Sterling Bank’s Group Head, Consumer Lending, Kike Kuponiyo said the product was introduced in conjunction with RSL Derivatives Global Services Limited, a risk financial consulting firm which facilitates the availability of these facilities to eligible customers, while indemnifying the bank against the risk of default.

RSL Derivatives, she said, is also expected to pre-qualify interested customers using agreed standards, to ensure that all recommended customers meet the bank’s credit risk criteria.

She said credit relating to the product is processed swiftly and allows quick approval on receipt of full documentation, convenient and flexible repayment pattern as well as concessionary pricing. Also, the loan is structured in a way that the bank does not exceed 33 per cent of the borrower’s income at all times.

Kuponiyo said the bank is starting the product in Lagos, and will extend it to other markets in the future. According to her, the bank will charge an interest rate that is in tandem with the borrower’s perceived risk level, adding that such rates will always be competitive and within the consumer lending rate.

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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Nigerian crude may not find market in US in 2013

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Read Time:4 Minute, 37 Second

The United States, the highest importer of Nigeria crude, now gets so much crude from its own shale deposits that Canadian exporters to US are selling as far afield as Europe, showing how deeply the US energy revolution is transforming global oil flows according to international oil market report by Reuters.

According to the report as recently as 2011, close to 100 per cent of Canada’s crude exports went to its neighbour the United States, according to the US government’s Energy Information Administration (EIA).

But trade and shipping sources said more than two million barrels of light crude from Canadian offshore oilfields have gone to Europe in the last month, in a test of what is to come. The change is due to technological advances the US expects will bring 900,000 barrels per day (bpd) record jump in its oil output to 7.3 million bpd in 2013, from places like the Bakken shale deposit in North Dakota that now feeds U.S. East Coast refineries served by Canada.

But here at home, executive arm of government is at war with the legislators on the right budget bench mark for crude oil, but the oil market equation is fast changing against Nigeria. While the executive favour the use of $75 per barrel, the legislators pegged the budget at $79.

US refineries’ traditional suppliers in West Africa, notably Nigeria, are also having to seek alternative customers and are feeling the pinch of the new Canadian competition in their established European markets.

“Globally, Canada has been trying all the exports routes. US east coast refineries are also taking more from Bakken fields so that should replace the flow from Canada and West Africa,” said Olivier Jakob of consultancy Petromatrix.

The drilling technique hydraulic fracturing, or fracking, in which water, sand and chemicals are forced deep underground to drive out trapped oil and gas, have allowed access to millions of barrels of U.S. oil that were previously unattainable.

This shale oil is sweet – meaning it has low sulphur levels and is suitable for the U.S. refiners – like the Canadian oil it is supplanting. So it is only these light Canadian crude grades, such as Hibernia, that have been exported to Europe.

“Shale oil is making its way to the east coast of the United States by rail so this is backing out offshore sweet east coast Canadian production,” said a trader with a European refiner. The trader said that the profit margin had widened sufficiently for arbitrage as it allowed for a nominal profit of nearly $1 million on an 600,000 barrel shipment. Arbitrage denotes sale or buy opportunities, which arise with price gaps between regions that normally trade rarely or not at all.

Trade and shipping sources said two Hibernia cargoes of 600,000 barrels each arrived at Britain’s east coast in late December to early January. A Hibernia cargo of 1 million barrels is due to load from Whiffen Head, a Canadian offshore loading platform, this week and will go to Valero’s Pembroke refinery, trade sources said. Hibernia is the largest stream of three sweet crude oil grades produced in the Grand Banks formation, off Newfoundland, along with Terra Nova and White Rose. Canadian eastern offshore production was around 265,000 bpd in 2010, according to the EIA.

Crude produced in inland Canadian provinces such as Alberta is not currently linked to the east coast by pipeline, limiting the potential for future shipments to Europe.

DIVERTED CARGOES

Rising U.S. shale oil output has already started re-routing flows of West African and Algerian light, sweet crude oil which used to flow regularly to the United States. U.S. imports of light, sweet crude will fall to virtually zero by 2014, an executive of French energy company Total’s trading arm predicted in October. This progressive upheaval in crude oil patterns has prompted European refiners to look at changing their slates – lists of suitable crude oil grades for use as feedstock – to adapt.

India’s Essar Oil Ltd, which owns the 296,000 bpd Stanlow refinery on Britain’s east coast, has taken Canadian grades, a spokesman said. “(Hibernia) was one of the 11 additional crudes we have added over the past year or so at Stanlow as part of initiatives to lower our crude costs and improve margins.” Traders said that the extra volumes of Canadian crude arriving in Europe have depressed prices for Nigerian grades, which have fallen around $1 since early December.

“(Canada) is not that far, if you can contemplate lifting West African then you might as well take Canadian,” one European trader who has previously bought Canadian oil said. The crude trade from Canada to Europe has until now rarely been profitable except at times when severe supply disruption made the shipping cost worthwhile. During the Libyan war of 2011, Hibernia arrived in the Mediterranean as traders sought substitutes for Libya’s light sweet crude. Cargoes of Terra Nova and White Rose have occasionally crossed the Atlantic to Northwest Europe.

Total Canadian crude oil production was around 3 million bpd in 2011, with about 70 percent heading to refineries in the U.S. Midwest, according to the EIA. While oil from Canada’s eastern coast can find other buyers, much onshore crude output is trapped in the continent’s centre, as infrastructure to target the Asian market remains limited.

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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2012, phenomenal year, says Porsche

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Porsche Middle East and Africa FZE, a wholly owned subsidiary of Dr. Ing. h.c. F. Porsche AG, Stuttgart, has had an astounding year across the Middle East region with a 15 per cent sales increase on 2011 across all models.

The regional Porsche representative has witnessed a dramatic rise in demand with an overall total sales growth of almost 60 per cent over a five year period between 2007 and 2012. At the close of the year a record 9,171 vehicles were delivered to customers across the region compared to 7,945 in 2011 (+ 15 per cent).

The highlight of this record-breaking year was December with a total of 1,099 vehicles sold, the highest monthly deliveries of Porsche cars in the region in its history.

George Wills, Managing Director of Porsche Middle East and Africa FZE, says: “2012 was a phenomenal year; demand across key model ranges was extremely positive with the Cayenne and 911 proving to be extremely popular with customers. Order banks for the new Boxster are bulging and the Panamera GTS has proven a real success, too. We have continuously offered new product highlights throughout the last 12 months and this strategy has paid off.”

The popularity of the Cayenne continues to rise in the region with a 19 per cent year on year sales increase of the model. It contributed more than 60 per cent of the overall sales figures for 2012.

Together with the recently announced Panamera Platinum Edition, Porsche will unveil the new Cayenne Turbo S at the upcoming Qatar Motor Show (29th of January till 2nd of February 2013). With an engine power of 550 hp, it ranks at the very top in the sports car manufacturer’s SUV model range and represents one of the fastest SUV available today.

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: NSE to undertake review of stocks’ nominal value

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Chief Executive Officer of the Nigerian Stock Exchange, NSE, Mr. Oscar Onyema, has announced that the Exchange will soon undertake a review of the market structure that bars shares of quoted companies from falling below their par value.

Making the announcement while reviewing the performance of the stock market and making prognosis into the New Year, Onyema dismissed the claims that the cost of transaction in the primary segment of the market was costly and needed to be reviewed to allow more companies to access the market using the instrument of initial public offers.
His announcement followed repeated calls by stakeholders that the ceiling should be removed so that companies that do not have the fundamental to remain at that state could be priced down accordingly. In view of this, he said that the NSE has concluded plans to inaugurate a working committee with a view to determining what is obtainable in other climes and align the market to it.

“We are going to set up a working committee to work with the industries, the companies and everybody else to see if the market structure today where you have the par value as the lowest it can go is the right market structure, and we will see what other markets are doing and actually come up with something,” he assured.

On the issue of cost of transactions in the primary market, he noted that though a lot still need to be done to increase the vibrancy of that segment of the market, however, compared with other markets, NSE ranked among the cheapest in terms of cost.

His words: “Even though you may think that the cost of activities in the primary market is high, if you juxtapose it against other markets I have worked in, you will find out that it is really low actually. The totally amount I think by law is 4.35 percent.

In America, your investment banker alone will charge you five to six percent on the value of the transaction; forget about other parties to the transaction. I think a lot of work needs to be done in the primary market to make listing of companies and other products more efficient, but in terms of costing, we are very competitive actually.”

The nominal value of any particular is the face value of the stock and the shares are not permitted to fall below the par value.  It is the value stated in the corporate charter below which shares of that class cannot be sold upon initial offering. In the Nigerian Stock Exchange, the par value of quoted companies is 50kobo.

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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Tata to increase market share with Manza

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Read Time:1 Minute, 55 Second

In our 2012 end of the year analysis, we identified the Tata Manza as one of the sedans to watch out for this year. The Indian-made Compact sedan introduced into the Indian domestic market last year has proved itself as one of the fastest selling sedan in its class, boasting of class-leading features.

The four cylinder Tata Manza is equipped with five-speed manual transmission which is reputed for its class-leading efficiency. An improve version of the old Tata Indigo, the Manza engine develops power output of 66KW@ 6000 rpm with its MPFI fuel injection engine. Manza’s torque is 116Nm @ 4750 rpm.

Built to the toughest industry specification, the Manza is equipped with independent lower wishbone Mcpherson Strut type suspension in front while the rear suspension is semi-independent twist beam with coil springs and hydraulic shock absorbers.

Boasting one of the largest luggage compartments in its segment (460 litres), the Manza has a spacious interior that compares with sedans in the upper segment. Ergonomically designed seats, a 2 DIN music system and hands-free communication enhance the comfort level in the car.

A modern sedan by every standard, the Manza is loaded with latest features that are usually found in cars in the luxury segment.

Infrared remote for music system, ipod compatibility, collapsible steering, music system with MP3 and USB, cabin Lamp delay, and vanity light are some of the interior features of the all-new Manza.

The Manza is also packed with array of security feature to prevent it against being stolen or from intruders. Transponder type key with ignition cut-off, immobilizer-fuel cut-off, chime and buzzer.

Also fitted to the Manza are numerous safety features such as anti-Locking brake system (ABS), and Electronic Brake-Force Distribution (EBD). Despite all the attributes of the all-new Manza, Vanguard Motoring gathered that Tata Africa Services Nigeria Limited is offering it at a very competitive price.

With the price advantage and outstanding value, the Manza comes with three years/100,000km warranty, (depending on which comes first).

A Tata source told Codewit Agency that the company is planning to take huge share of the passenger car market with the all-new Manza which is due for launch in the early quarter of the year.

 

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: FG appoints Ag. MD for FMBN, to reconstitute board soon

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Read Time:2 Minute, 30 Second

The federal government has appointed an acting Managing Director for the Federal Mortgage Bank of Nigeria (FMBN), following the dissolution of the board of the country’s apex mortgage bank two weeks ago.

Minister of Lands, Housing and Urban Development, Mr. Nduesse Essien, who promised that a new board would soon be reconstituted, noted that government took the action in response to the lingering controversy over the constitution of the FMBN board and in line with plans to reposition it to effectively drive the mortgage subsector of the nation‘s economy.

“We received several petitions from stakeholders who kicked against the constitution of the FMBN‘s board. In line with the policy of the present administration and its respect for the rule of law, we had painstakingly investigated the claims contained in the petitions. After due consideration, the Federal Government has decided to dissolve the board and will reconstitute a new one soon,” the minister stated.

*Lekki Estate, Lagos

It would be recalled that a group of stakeholders in the housing industry had petitioned the Housing Minister some months ago, calling for a probe of the finances of the Federal Mortgage Bank of Nigeria (FMBN). They also called for an urgent reconstitution of the board of the apex mortgage bank, claiming that the constitution of the board violated the FMBN Act, the CBN Code of Corporate Governance, and international best practices.

The petitioners contended that the lopsided nature of the FMBN board gave the executive management unlimited and excessive powers to run the institution arbitrarily without checks and balances. Other allegations in the petition included: absence of board committees meant to separate policy formulation from policy implementation and thus ensure transparency; over-promotion of some staff members of the bank; failure to declare a profit since 1993; total reliance on contribution from the National Housing Fund for its operations; most loans for both estate development and primary mortgage are non-performing; and except for 2005, FMBN’s accounts have never been audited and printed.

Meanwhile, Mr. Mike Nwogbo has been appointed as the chief executive officer of FMBN, in acting capacity, to replace the former managing director, Mr. Abdusalam Ahmed who was swept away along with the dissolved board.

Nwogbo, a 1985 graduate, holds several academic qualifications which include an MBA and BSc. in Business Management  from the University of Lagos and the University of Nigeria Nsukka, respectively. He is an Associate Member, Institute of Chartered Accountants of Nigeria (ACA); Associate Member, Chartered Institute of Bankers (ACIB); Associate Member, Chartered Institute of Stockbrokers (ACS), Associate Member, Nigerian Institute Management (NIM), and a Registered Market Operator with Securities and Exchange Commission (SEC).

Until his appointment, Nwogbo was the General Manager in-charge of Securities Issuance and Market Development in the FMBN since 2008. The department was responsible for developing and issuing the first ever FMBN mortgage-backed Bond which raised N26 billion to refinance the acquisition of non-essential federal government houses in the FCT.

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’s foreign reserve hits $44. 6b

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Read Time:1 Minute, 15 Second

The nation’s  foreign reserve has hit $44.6 billion, the Coordinating Minister for the Economy and Minister of finance, Dr. Ngozi okonjo-Iweala disclosed yesterday.

Speaking at the  31ST Meeting of the Convergence Council of Ministers and Governors of Central Banks of the West African Monetary Zone, WAMZ, in Abuja, she added that Nigeria has been building buffers against economic shocks”

Her words, “on the back of greater efficiency in the management of our resources, our foreign reserves soared from US$32.6 billion at the end of 2011 to about US$44.6 billion now.
“The Excess Crude Account,ECA, balance has also improved from $4.57 billion in August 2011 to about $9 billion now. Our Sovereign Wealth Fund is up and running and will oversee the $1 billion set aside by the government. But more important, President Goodluck Jonathan’s administration is embarking on a strong program of economic diversification – which is the only real buffer for our economy”.

According to the minister, Nigeria has started a massive investment in agriculture, housing, solid minerals, the creative industry, and other sectors, “in an effort to limit our dependency on oil revenue, and create jobs. It is a fact, that our present growth rate is being sustained by the activities of the non-oil sector”.

Dr. Okonjo-Iweala noted that  the global economic environment has remained volatile and uncertain since the financial crisis of 2008/09.

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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