Markets Tue, 16 Jan 2018 17:25:50 +0200 - Codewit World News en-gb (Codewit World News) Jumia Nigeria Announces Juliet Anammah as New CEO Jumia LogoThe e-commerce leader in Africa formalizes the appointment of Mrs Juliet Anammah at the head of Jumia Nigeria, Africa Internet Group’s (AIG)

LAGOS, Nigeria, December 28, 2015/ -- The e-commerce leader in Africa formalizes the appointment of Mrs Juliet Anammah at the head of Jumia Nigeria, Africa Internet Group’s (AIG) ( biggest company on the continent. Juliet is taking over from former Co-CEOs Jeremy Doutte and Nicolas Martin, who are taking the reins of Jumia Global across the 11 African countries in which the group operates.

“Juliet brings strong leadership capacity and a consumer driven mindset honed from her experience in consumer goods and services” said Jeremy Hodara, Co-CEO Africa Internet Group.” As Jumia moves into a new phase of growth, consolidating on the gains so far, while driving for more relevance to our customers, Juliet’s ability to focus sharply on the strategic levers of success is invaluable”,

Prior to joining Jumia, Juliet Anammah was a Partner in Accenture and the Managing Director of the firm’s Consumer Goods Practice in Nigeria. She focused during her later years in Accenture on the digital consumer and route to market for consumer goods companies. She brings to Jumia over 24 years of professional experience with six years at senior executive level. Passionate about “Africa rising” and women advancement, Juliet serves on the board of many non-profit organizations involved in women development and trade expansion.

This appointment marks a new phase of growth for Jumia Nigeria, emphasized by two key themes: the focus on the customer and the partnership of Jumia with its brands and its vendors, which will be the battlefield of the newly appointed CEO.

“My objective is to relentlessly focus on building the Jumia brand, making it the one-stop shopping destination in Nigeria by offering convenience and the widest assortment of quality products at affordable prices” said Juliet Anammah. “We are building a platform for local and global brands to enter the market at the speed of light by going directly from the factory to the consumers. This is a game changer for Nigeria and a major shift in the way companies look at their market entry strategy”.

]]> (Codewit World News) Markets Thu, 07 Jan 2016 14:38:03 +0200
Super Deal Weekend: offers up to 30% discount on hundreds of grocery items. Lagos, 25/11/2015: To kick start the festive shopping season,, Nigeria’s leading online supermarket & grocery delivery service has promised up to 30% per cent discount on your grocery shopping during the Super Deal Weekend which lasts till 1st of December,2015.

The Communications Officer of Supermart, Tayo Alofun said, “hundreds of grocery and everyday essential items have been discounted to rock bottom prices for our customers. Customers can select these and more online and receive delivery to their homes and offices across Lagos”.

He added, “We are also giving N3,000 discounts to all our new customers over this period when they buy items worth N10, 000 or more. They will also get one month free delivery on their subsequent orders all through the month of December”
To access the deal, the new customers will simply have to log on to, select various desired items from the widest range of groceries in Nigeria and enter the coupon code SUPERDEAL to receive their instant N3,000 discount.

“Our goal is to welcome new customers to the experience of convenient grocery shopping. Our organizational goal from the beginning is to help busy professionals save time to spend with their families and loved ones and other interests. Super Deal Weekend is yet another step in that direction” Alofun said.
He also noted that more products have been added to the store numbering over 70,000 items currently including fresh meat and vegetables, branded consumer products, local (market) ingredients, drinks and alcohols, beauty and cosmetics, baby products, office supplies and medicines among other things, making the one stop grocery shopping destination.
Visit to start enjoying these incredible prices.


]]> (Tayo Alofun) Markets Sat, 28 Nov 2015 09:23:15 +0200
FMBN set to partner LGs on housing initiatives THE Federal Mortgage Bank of Nigeria, FMBN, is set to engage with the 774 local government areas in the country on how best the bank’s housing initiatives can be extended to them. Managing Director, FMBN, Mr Gimba Yaú Kumo, who disclosed this in an interview with a news portal, listed various ways of addressing the housing deficit in the country.

“We started a programme with Association of Local Government of Nigeria (ALGON) but you will also realise that most of the employees don’t have capacity to go through the mortgage processes. Their income will not be able to service the mortgages. What we are trying to do now is to build houses depending on the needs, location, culture and environmental issues. We will resume discussions with ALGON to see how we can come up with houses that can go round the 774 LGA,” he said.

Yaú Kumo noted that in order to adequately address the nation’s housing needs; there must be provision of mortgages and construction financing to facilitate construction of the houses. He said this could be addressed through the provision of FMBN Home Renovation Loan (FHRL) scheme to enable existing house owners to upgrade their houses, and through the introduction of Diaspora Mortgage Programme for Nigerians living abroad who needed to have their own houses in the country.

He further explained that the deficit could be addressed through the engagement of the various cooperatives across the country, to enable Nigerians who were not in the formal sector of the economy to also own their houses. “Those who don’t have houses, we can see what we can do in trying to build affordable houses on sustainable paces. We have lined up a lot of activities; these activities need a lot of fund, hard work, they need dedication, they need support of all Nigerians particularly the media houses so that the public can be sensitised to be able to come under our platform,” he stated.

The FMBN boss noted that Nigeria requires between 17 and 20 million units to meet its housing needs. “We are all aware that the housing gap is very big, 17 to 20 million units needed to address the housing needs of Nigerians. Apart from that, we also believe that even some Nigerians that have houses deserve more than that to have shelter over their heads.

We are at the moment trying to focus on an intervention to address the issue of NHF contributors that have been displaced by the insurgency in the three states of the north east – Borno, Yobe and Adamawa states. We would, first of all, try to give them the FMBN Home Renovation Loan (FHRL) for those that have houses to quickly see how they can renovate and get back to their houses that have been destroyed. That’s for those contributing to the National Housing Fund (NHF) scheme.”

]]> (Yinka Kolawole, with agency report) Markets Mon, 19 Oct 2015 12:15:24 +0300
"There might be petrol scarcity soon" - oil marketer Some marketers on Thursday expressed concern over the shutdown of all loading depots of the Pipelines Products Marketing Company (PPMC) in the South West due to activities of vandals.

The marketers, who spoke to the News Agency of Nigeria (NAN) in Lagos on condition of anonymity, expressed worry as over 2,000 trucks from various states in the South West now come to load at private depots in Apapa.

A NAN correspondent, who monitored the situation at Ejigbo Satellite Depot in Lagos and Mosinmi Depot in Ogun State, reported that loading was no longer going on at these places although trucks were parked there.

An executive member of Independent Petroleum Marketers Association of Nigeria (IPMAN) at Ejigbo Satellite Depot, who preferred anonymity, told NAN that it had been a serious challenge to trucks coming from Kwara, Ilorin, Ekiti, and Kogi to load at Apapa.

The source said that the current situation could lead to fuel scarcity if urgent steps were not taken.

According to the source, marketers have not also been able to load petrol in all NNPC depots in the South West since September due to pipeline vandalism.

"There might be scarcity of products soon because marketers now face serious problems getting the products in Apapa.

“We have over 4,000 trucks within the Western Zone that struggled to load products at Apapa due to non-availability of products at depots in Ejigbo and Mosinmi , but we hope that it will be resolved soonest,” the source said.

At Mosinmi, a senior member of IPMAN urged Federal Government to expedite action to combat pipelines vandalism in the area to reduce loading challenges in the South West.

Another source at Mosinmi said that the depot had been shut since Sept. 10 due to shutdown of system 2B pipeline network.

“Marketers have resorted to lifting the product from Apapa depot which is very expensive and time consuming.

“The shutdown of the pipeline by PPMC over incessant vandalism in Arepo is causing serious hardship,” he said.

Mr Chinedu Okoronkwo, National President, IPMAN, condemned incessant vandalism of pipelines, saying that the menace was causing huge losses to the economy.

Okoronkwo said that IPMAN had constituted a surveillance team to curb activities of vandals along the petroleum pipelines across the country.

He, however, lauded government's initiative to curb incessant vandalism on pipelines network.

According to him, Federal Government is doing much is that direction to address pipelines vandalism as it is easy to spoil, but difficult to repair.

"Very soon, such will be addressed, l urge my members to bear with government on the ongoing challenges facing loading at Apapa.

“It is our collective responsibility to check and bring those pipelines culprits to book,” he said

Mr Tokunbo Korodo, Chairman, NUPENG (South-West), said that there was the need for government to decentralise loading of products to make for effective loading at depots across the country.

Korodo said that concentration of few trucks at Apapa could not address the fuel scarcity challenges in the Western Zone.

He said that the absence of Navy officials at the private depots contributed to the challenges of loading of products.

"NUPENG is not on strike, we are fully ready to work with the present government in achieving its commitment to the general public.

"We are 100 per cent available to load at any time when the products are available. Government should also stand firm to fight corruptions in the country,’’ he said.

Korodo lauded the Group Managing Director of NNPC for his efforts to find lasting solution to the oil and gas industry challenges.

Mr Nasir Imodagbe, Manager, Public Affairs and Community Relations at PPMC, confirmed to NAN that the depots were shut down in Sept.18 and Sept. 22, respectively due to pipeline vandalism that occurred in Arepo.

Imodagbe said that incessant vandalism of the pipeline contributed to the shutdown of system 2B pipeline network, adding that government had also put machines in motion to ensure adequate distribution of products in the South West.

"There is no cause for panic buying because we have 23-days products sufficiency.

"The issue of queue should not arise, Nigerians should not engage in panic buying due to speculation.

"Government has put in place a robust system that would ensure sufficient and effective petrol distribution chain network in the South-West," he said.

]]> (Agency Reporter) Markets Fri, 16 Oct 2015 11:43:23 +0300
Customs boss orders removal of rice from import restriction list at land borders 12102015C ALI

The Comptroller-General of Customs, Col. Hameed Ali (rtd), has ordered that rice be removed from  import restriction list and the re-introduction of import duty payment at land borders with immediate effect.

The Public Relations Officer of customs, Mr Wale Adeniyi, disclosed this in an interview with the News Agency of Nigeria (NAN) on Wednesday in Abuja.

He said the restriction was only applied at land border stations before now, adding that the customs boss had lifted restriction on rice at border stations.

Adeniyi said that all rice imports through land borders by rice traders would attract the prevailing import duty of 10 per cent with 60 per cent levy.

He added that rice millers (preferential levy) with valid quota allocation would also attract duty rate of 10 per cent with 20 per cent levy on rice importation.

"Over the years importation has been restricted to the seaports because border authorities have found it difficult to effectively monitor and control importation of rice.

"When the decision to ban it (rice) was taken it was not an effective measure because smuggling of the product thrives with people using different means of conveyance including small trucks, bicycles and even animals - putting them on donkeys and some actually carry it on their heads.

"These new measures will be for customs to reognise their anti-smuggling operations in the border areas and ensure that all those importers through the borders bring their rice through approved routes and pay their extant duty."

]]> (Agency Reporter) Markets Thu, 08 Oct 2015 00:08:15 +0300
Alison-Madueke, House to Square off over NLNG $14.9bn Remittance to NNPC  A fresh feud may be brewing between the House of Representatives and the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke.

THISDAY, in the company of some select newspapers, learnt that the minister, who had employed the courts to quash a House probe into her alleged use of $10 billion to hire jets, may also use the same method to block the legislators’ scrutiny of  the $14.9 billion paid into the account of the Nigerian National Petroleum Corporation (NNPC) by the Nigerian Liquefied Natural Gas (NLNG).

The Chairman of the House Public Accounts Committee (PAC), Hon. Adeola Solomon Olamilekan (APC, Lagos), who hinted at the likelihood of another confrontation between his committee and Alison-Madueke, revealed this to journalists.

“Just about a month ago, we invited the NLNG to appear before the Committee of Public Accounts. They came and they told us that the federal government has about 51 per cent share holding in NLNG while 49 per cent is owned by Shell and other private sector outfits. They said between 2004 -2014, they have remitted to NNPC coffer the sum of $14.9 billion,” he said.

The correct equity holding in NLNG is: federal government through NNPC - 49 per cent, while Shell, Elf and Agip hold 51 per cent in the company.
Olamilekan explained that the committee decided to invite NNPC to provide “the documents which we need as a committee.”

After writing to the NNPC “asking for an evidence for this sources of revenue, the Value Added Tax (VAT) statement and expenditure from that account and any other item that they can furnish us with, “the corporation replied through one of its lawyers, Mr. Mike Ozekhome and Co, saying and quoting Section 88 and other sections of the Constitution as to why they cannot come before the committee with this particular document.”

The legislator, who is aspiring to become a senator, explained that on the face value of the exchanges, although the NNPC is yet to go to court, that option might be its next line of action considering what happened with the jet hire probe.

He said the committee “will study the document sent to us, then formerly write and on Tuesday, I want to come by a motion under matters of public importance so that the House can know what is in the offing as far as NLNG is concerned.”
He added: “For you to clarify issues on this item of transaction that concerns the generality of Nigerians and the next line of action is for you to go to a lawyer to start writing us to the committee and then from there move to the court to go and seek for an injunction, preventing us from having access to that documents.”

“That means there is more to what we are seeing. I am giving this as an information and to tell the extent in which they have used the judiciary to stall a lot of investigations we are carrying out in the House and I believe it is not too good for our democracy.

“It is not too good for us as a government and it is not too good for us as a legislative arm because we are separate bodies and I believe everybody should face what his or her duty are,” he said.

]]> (Muhammad Bello) Markets Mon, 02 Mar 2015 11:53:56 +0200
AfDB Grants NEXIM Bank $302,000 for Regional Maritime Project The Nigerian Export-Import Bank (NEXIM Bank) has received a financial grant of $302,000 (about N60m) from the African Development Bank (AfDB) to further promote the establishment of a regional maritime company, the Sealink project which NEXIM Bank is at its forefront.

The grant, which was released under the Nigerian Technical Cooperation Fund (NTCF) managed by AfDB, will be used to conduct further feasibility studies on the project to extend it to the Economic Community of Central African States (ECCAS).

It will also be utilised in enhancing the Sealink promotional activities and assist in the development of human capital and corporate governance structure of the Sealink Promotional Company Limited (SPV) which was incorporated to facilitate the project implementation.

The Sealink project aims to promote intra and inter-African trade, thus fostering regional integration, economic growth and development in the West and Central African sub-regions.

It is accordingly in line with the federal government’s reform policy on trade and transport as articulated in the regional trade component of the new trade policy.

A statement from the NEXIM Bank in Abuja quoted its Managing Director, Robert Orya to have said at the grant signing ceremony that it was a confirmation of the government’s confidence in the activities of the bank.

Orya noted that the project’s promotional SPV is being promoted by the Federation of West African Chambers of Commerce and Industry (FEWACCI), NEXIM and Transimex, S. A, Cameron.

He took the opportunity of the signing ceremony to give an update on the project, saying that the project is a private sector-driven project and that NEXIM Bank is only facilitating its establishment in line with its mandate, as the trade policy bank of Nigeria, to promote and deepen non-oil sector export trade.

He equally indicated that the project’s promotional phase and capital raising exercise are still ongoing with a pilot implementation phase expected to commence in the Quarter 2 (Q2) of 2015; while full project implementation would be initiated by the Q4 2015.

Orya reiterated that the Sealink project would assist in regional integration by mitigating some of the non-tariff barriers in intra/inter-regional trade in Africa.

Also speaking, the Resident Representative for AfDB Group in Nigeria, Mr. Ousmane Dore, reiterated AfDB’s commitment to promoting infrastructure development in Africa as being in line with the bank’s overarching objective to spur sustainable economic development, social progress and poverty reduction in the regional member countries.

Also, the Acting Director-General of the Directorate of Technical Cooperation in Africa (DTCA), Mr. Suleiman Shuaibu, stated that the aim of his Directorate (which is under the ministry of foreign affairs) is to enhance Africa’s development and integration by creating the enabling environment and opportunity for Nigerian professionals and indeed those of African descent to invest their immense intellect, expertise and skills in the economies of Africa towards bridging the widening economic and scientific gap between Africa and the rest of the world.

The statement added that the board and management of NEXIM Bank, other relevant stakeholders such as ECOWAS and its Parliament, federal ministries of finance, industry, trade and investment, as well as transport and Nigerian Shippers’ Council, amongst others are fully in support of the Sealink project.

]]> (Agency Reporter) Markets Sun, 01 Mar 2015 12:53:01 +0200
Forte Oil, Nestle, Nigerian Breweries Whet Investors’ Appetite with Dividend  There are strong indications that despite the underlying oil price shock currently rocking the nation’s economy and the  plunge in prices of stocks, Nigerian investors may be heading towards a regime of bumper harvests in some of the leading quoted companies in respect of the 2014 financial year.

This is because the three listed companies which have so far announced their corporate actions for the year to December 31, 2014, recommended dividends. Although some of the dividends recommended are lower than the previous year’s thresholds, analysts and investors said the development would boost confidence in the market.

The three companies include Forte Oil Plc, which approved a N2.50 dividend in addition to one for five bonus for existing shareholders. In 2014, the company paid a dividend of N4 without any bonus share. Another company on the list is Nestle Nigeria Plc which is paying N17.50 as against N24 on May 13, 2014. In all, Nestle will be paying a total dividend of N27.50, having paid an interim dividend of N10.00 per share earlier.

Nigerian Breweries Plc, the third quoted company which also announced its corporate action is paying a dividend of N3.50. It paid N4.50 on May 1, 2014.

Forte Oil is holding its annual general meeting on April 15, while the dividend is to be paid on April 22.
A look at the results of Forte Oil showed that revenue increased by 32.8 per cent to N170.13 billion compared to N128.03 billion recorded in 2013.

Gross profit increased by 51 per cent to N18.46 billion compared to N12.26 billion recorded same period in 2013. Profit before tax recorded a decrease of 7.9 per cent from N6.52 billion to N6.01 billion on the back of high finance charges.

Similarly, an analysis of the Nestle results, which were released on Wednesday, indicated that the company recorded revenue of 143.3 billion, up by 7.7 per cent from N133.1 billion posted in 2013. Cost of sale rose by 7.6 per cent from N76.3 billion to N82.1 billion, while gross profit grew by almost same margin from N56.8 billion to N61.2 billion. Financial charges soared by 147 per cent from N2.1 billion to N5.3 billion.  This depressed the profit before tax by 6.7 per cent to N24.4 billion, from N26 billion in 2013, while profit after tax stood at N22.2 billion in 2014 compared to N22.3 billion in 2013.

Market operators said the declaration of the results and dividends came at the right time considering the fact the STOCK MARKET has remained bearish this year despite closing last year negatively. The Nigerian Stock Exchange (NSE) ended 2014 as one of the worst performing exchanges as the market capitalisation of the listed equities fell by N1.749 trillion from N13.226 trillion at the start of the year to N11.477 trillion.

Data compiled by the CNNMoney using benchmark year-to-date (YTD)  performances of exchanges  as at December 24, 2014, showed that the NSE ranked 72 out of 74 exchanges considered with the NSE All-Share Index (ASI) at 20.67 per cent negative.
A separate report published on December 24 by the United Kingdom (UK) Telegraph ranked Nigeria number three among the worst performing STOCK MARKETS of 2014, with Columbia and Russia occupying the second and first spots, respectively.

However, NSE eventually ended 2014 with a dip of 16 per cent. The performance which was a sharp contrast to that of 2013 which the exchange ended as one of the best performing exchanges in the world with the NSE ASI YTD return of 41 per cent.

After the dismal performance of the market in 2014, it was hoped the market will recover in 2015 to recover as investors were expected to take advantage of low prices of stocks. But recovery did not happen. Rather more decline was recorded due to economic uncertainties and rising political risks as a result of the general elections. The market  recorded a year-to-date decline of about 20 per cent as at penultimate week before the bulls set in and reduced the decline to 12 per cent as at Wednesday.

Market analysts are optimistic that more positive 2014 results and dividends would further stabilise the market.

]]> (Festus Akanbi) Markets Sun, 01 Mar 2015 12:32:14 +0200
Ports: Senior Advocates Lock Horns over Shipping Charges... About 72 days after Round One of the case between the terminal operators, shipping companies and the Nigerian Shippers’ Council (NSC) on shipping charges was decided and won by the Ports Regulator, three Senior Advocates of Nigeria (SAN) appear to be battle-ready for the second stage, writes Francis Ugwoke

For Olisa Agbakoba, Femi Atoyebi and Chidi Ilogu, it is indeed a battle royale over who smiles last on the issue of shipping charges being collected at the nation’s ports. The three are Senior Advocates of Nigeria (SAN).  Besides, they are highly rated lawyers. More to it is that the three are also friends at personal levels. The case for which they have clashed is the one between the Nigerian Shippers’ Council (NSC) as the Ports Economic Regulator and the shipping service providers in the ports. The service providers are the terminal operators or concessionaires and the shipping companies. While Agbakoba is defending the interest of the Ports Regulator, both Atoyebi and Ilogu are counsels for the terminal operators and shipping companies respectively.  

Genesis of the Case
The case followed the current efforts by the Ports Regulator to   reduce the cost of doing business at the ports. The Council had in November last year reduced some shipping charges being collected at the ports by both the terminal operators and the shipping companies. The Council had reduced the Progressive Storage Charge collected by the terminal operators to the rate approved by the Transport Ministry in 2009. NSC also reduced the shipping line agency charge and container cleaning and maintenance charge being collected by shipping companies by 50 percent. Having taken this action, it issued a notice to the service providers asking them to stop collecting the charges with effect from November 3. But the affected terminal operators and shipping companies in reaction headed to the court to stop the regulator from enforcing the order. The court action had questioned the powers of the NSC to carry out such regulation.

In the case which hearings were accelerated, the NSC emerged the winner when Justice Buba Ibrahim dismissed the case by the service providers. Apart from stopping the collection, the court had also ordered that the service providers should refund what was collected earlier. The court also affirmed the appointment of the NSC as a regulator by the Federal Government and upheld its decision on the shipping charges.  This was after exactly 43 days of legal fireworks by both teams representing each interest.  But not satisfied about the court judgement, the two lawyers, Atoyebi and Ilogu   appealed against the judgement.  In doing do, they equally filed an application for a stay of execution of the order of the court.

Fresh Tussle on Charges  
With the judgement, shippers had expected immediate enforcement of the order of the court. But this was not so, apparently because of the appeal and the stay of execution filed by the lawyers to the terminal operators and shipping companies. It is about two months and 12 days that the judgement was given. The industrial action embarked on by judicial workers also affected further hearing on the case. While waiting for the case to resume, the NSC had in what appeared like a move to stop the continued collection of the particular charges identified about nine   issues decided in its favour in the judgment delivered by the court. It was that publication that has so far generated reactions from the lawyers to the shipping companies and terminal operators. Atoyebi in a press statement reacted to the publication. He was followed by Agbakoka who replied. The argument from Atoyebi and Ilogu  centred on why the collection of the charges would continue while Agbakoba disagreed with them.

Fireworks by SANs
Atoyebi  in his reference to the publication by the Ports Regulator said:  “Firstly and for the avoidance of doubt, NSC did not file any counter-claim in the matter relating to our clients, STOAN in SUIT NO. FHC/L/CS/1704/2014 and so the court could not have upheld same as claimed in item 4 of the said publication. Secondly, the publication deliberately concealed the fact that the said judgment is subject of a pending appeal and that our clients also filed an application for a stay of execution of the judgment/injunction pending the determination of the appeal.

He referred to  Vaswani Trading v.Savalakh & Co (1972) and Kiogo v. Holman Bros (1980)  and other relevant  cases to support   his argument.

Atoyebi added,  “It is also trite that both the court from which an appeal lies and the court to which an appeal lies have a duty to preserve the ‘res’so that the appeal, if successful, is not rendered nugatory.     We consider that the NSC lawyers should have advised them appropriately of the correct position of the law and if they did, it would appear that NSC are refusing to follow the advice.    

We hasten to add that the NSC publication and any further step that may be taken by them in a bid to frustrate the pending appeal and foist on the Court of Appeal a situation of complete helplessness would be highly contemptuous of the court and we would not hesitate to apply the full weight of the law on such persons as nay have authorised the publication.  We would also like to draw NSC’s attention to the decision of the Court of Appeal in the case ofRATISCO (NIG) LTD v. S.G.S.(1990) 6 NWLR (PT.158) PG. 610, PARA. 5 wherein the court held as follows:

“Where a party who has suffered a defeat following a trial in any cause or matter is appealing, and he asks the court for a stay, he will not be held in contempt merely because he has not obeyed the order which he is appealing against or which he wants stayed or suspended pending the appeal.  What the courts frown against is any attempt by a successful party to pre-empt an application for a stay of execution of the judgment or even to pre-empt the appeal itself by accelerating or rushing the process of execution of the judgment so as to frustrate the exercise by the court of its jurisdiction to hear the application or the appeal.”

With this, Atoyebi advised  his clients to ignore the  directives  or any directive from the NSC as premised on the said judgement, insisting   “as they are not bound to follow them until our clients’ pending application and/or appeal has been determined, one way or the other”.

Chidi Ilogu was also quoted to have said that the Ports Regulator cannot execute the judgement delivered in its favour because of the pending appeal.

Atoyebi’s statement was the one that elicited reaction from Agbakoba. In his press statement, Agbakoba said it was wrong for the terminal operators to have continued to collect the shipping charges that had been stopped by the court.  He stated: Messrs. Femi Atoyebi SAN/Ayo Olorunfemi claimed that the Terminal operators have the licence to continue the collection of the illegal charges because there is a pending application for stay of execution of the judgment and an appeal. In essence, Messrs. Femi Atoyebi SAN/Ayo Olorunfemi are saying that the pending application for stays of execution and the appeal have arrested the effect of the judgment. “ We disagree with this position. The mere fact that there is a pending application for stay and an appeal does not remove the effect of the judgment.

Our position is supported by Supreme Court decision in Okafor v. Nnaife[1987] 4 NWLR (P. 64) 126 at 138, where the Court held that it will be unfair to allow a losing Defendant “to continue cutting down and selling economic trees on the land”adjudged by the trial court not to belong to them simply because of a pending application for stay of execution and an appeal. In his concurring judgment, Aniagolu, JSC, refused the application for stay in the following words:

“what the appellants who have been found not to be the owners of the land in dispute want of this court, in effect, is for the court to lend its authority to the Appellants, for them to continue devastating the land in dispute by being allowed to continue cutting down and selling the economic trees on the land while the owners of the land – the Respondent – sit back and watches, helplessly, the fruits of his judgment being denied and deprived him. That will be justice inverted. I will not be a party to such an inversion.”

“This Supreme Court decision is apt to our case. Applying the decision, it is clear that the terminal operators cannot continue to impose and collect illegal charges on the pretext that they have filed a pending application for stay or appeal.The statement attributed toMessrs. Femi Atoyebi, SAN and Ayo Olorunfemi advising the general public to ignore the judgment of a court is wrong. We advise the general public to disregard the publication”.

Fresh Suit
   Agbakoba  as a follow-up has filed an application before Justice  Buba to “compel the terminal operators to comply with the judgment pending the determination of the Application for stay of execution and to immediately refund the sum of N150bn illegally collected in disobedience of the judgment”. The case is expected to come up soon.

]]> (Agency Reporter) Markets Sun, 01 Mar 2015 12:05:48 +0200
Crude Oil Prices Rise for Third Successive Week  Crude oil prices at the weekend continued to climb for the third week in a row, with Light Brent crude, which had not settled above $60 since December 24, rising by $2.24 or 3.8 per cent to settle at $61.52 a barrel, marking the highest price at which it has been sold this year.

Similarly, US crude oil futures rose $1.57 or 3.1 per cent, to settle at $52.78 a barrel, up about 2.1 per cent for the week.

The rise in oil prices was fuelled by spending cuts by oil companies and further declines in the number of active US oil rigs, which fell by 98 to 1,358 on Friday, representing 406 rigs less than the figure recorded the same time last year, according to weekly data from Baker Hughes Inc.

According to the oilfield drilling contractor, the number of US active rigs for oil and gas was at a five-year low as at the week ending February 6.

Speaking on the likely trajectory of oil prices in the short to medium term, Chairman and Chief Executive Officer of International Energy Services Limited, Dr. Diran Fawibe, told THISDAY at the weekend that the current rise in the price of crude oil was as a result of the strategy of the Organisation of Petroleum Exporting Countries (OPEC) not to cut output so as not to lose market share to non-OPEC members.

He said the OPEC strategy was aimed at forcing high cost producers of shale gas in North America to curb output so that the market would stabilise.

According to him, OPEC, particularly Saudi Arabia and the Gulf producers that produce oil at a lower cost, used the strategy to force the high cost producers to reduce their output as oil prices sank below their cost of production.

“It is a strategy that was largely being promoted by Saudi Arabia and some gulf countries like the United Arab Emirates (UAE) and it was an attempt to force the US to stop dumping oil into the market.

“But whether it is the best strategy in the current situation is another matter. To my own mind, I feel that it can only work in the short run. Of course, we are beginning to see some evidence of that working squarely against North American shale oil producers, who are now reducing their activities in the market,” he said.

On whether the oil price would recover to $100 per barrel this year, Fawibe said it was very unlikely except there is a major upheaval that disrupts supply from one or two of the major oil producing countries.

“You see, in the past, one of the drivers of oil price in the world market was not just the economic situation in the consuming countries. You may have some major developments in some oil producing countries that will disrupt supply and lead to speculation.

“The speculation in turn, will lead to the rising oil prices. For example, if certain things happen in a major oil producing country that disrupts the flow of oil to the market, it can lead to price escalation.

“But now, because there are so many companies trading oil in the international market, you cannot expect such a thing to happen,” Fawibe said.

“But without such a major upheaval or development, if we leave it to the forces of demand and supply, nobody should expect to see the price of oil hitting $100 per barrel.

“As a matter of fact, one only hopes that it does not remain at $50 to $60 and continues to rise. But the best we can achieve this year is about $70 a barrel,” he added.

]]> (Ejiofor Alike) Markets Mon, 16 Feb 2015 11:19:51 +0200