₦airaland Forum

**Says “Nigeria Ready for Business, Global Competition”

By Dipo Olowookere

Senate President, Mr Bukola Saraki, has disclosed that efforts were being made by the National Assembly (NASS), especially the Senate, to reform some obsolete laws dragging the growth of the Nigerian economy backward.

Mr Saraki, speaking in Lagos last Sunday at the 11th Annual Business Law Conference of the Nigerian Bar Association (NBA) Section on Business Law, said this move was necessary to prepare the country’s economy for global market.

He noted that at the resumption of the 8th NASS, which clocked two this month, the state of the Nigerian economy was “worrisome” with an estimated $900 billion infrastructure deficit, crude oil price down to around $50 from over $140 and an economy with over 13 percent unemployment.

According to him, “We were confronted also with the need to stop restiveness, secure our peoples welfare, provide more opportunity for our youths on the street and raise their standard of living” within the “context of the shrinking economy struggling.”

The Senate President pointed out that, “As a forward-thinking legislature, we knew that we had to do something to ameliorate the challenge” and it was “on this background that the Senate then decided to frame for herself a legislative agenda with the overarching objective to use legal reform as an enabler for modernizing the Nigerian economy for greater competitiveness and attractiveness for investment.”

He told the gathering that, “Today, working together with the NESG, NBA and the ENABLE DFID Program and other partners under NASSBER, I am happy to report that the National Assembly is making steady progress towards a methodically legal reformation of the obsolete market laws we have.”

This, he said, “is already signalling to the world that Nigeria is ready for business and global competition.”

“Our policy drive is simple; to create jobs and enable SMEs for growth. The focus has significantly been on infrastructure mobilisation, access to capital and credit and the reduction in the cost of doing business to encourage investment,” Mr Saraki remarked.

He stated further that, “By the end of the second session of the 8th Assembly, we have successfully passed the following bills aimed at creating a modern Nigerian business environment including; The Electronic Transaction bill 2015, Bankruptcy and Insolvency bill 2015, the Credit Reporting Bill, The Federal Competition and Consumer Protection Commission Bill, the Independent Warehouse Regulatory Agency Bill and the Secure Transactions in Movable Assets Bill.”

“The Companies and Allied Matters (Act) (CAMA) (Amendment) Bill and the Investment and Securities Act (ISA) (Amendment) Bill are today undergoing committee consideration.

“It is expected that with the passage of these bills together with others we will have a new Nigeria business regulatory environment that is pro innovation and business growth,” the Senate President said.

Recently, the Senate invited stakeholders in the business and financial world to a meeting in Abuja, where the issue of high interest rate charged by banks in the country was discussed.

http://www.businesspost.ng/2017/06/21/national-assembly-reforming-obsolete-market-laws-saraki/

**Confirms Change in Ownership Structure

By Dipo Olowookere

Vice-President of Regulatory & Corporate Affairs at Etisalat Nigeria, Mr Ibrahim Dikko, has assured subscribers that services of the network will not be disrupted after news went viral today that a consortium of banks led by Access Bank Plc had taken over the firm.

Etisalat Nigeria was taken over by the banks and others after months of talks on the repayment plans of the $1.2 billion loan it took few years ago failed.

Mr Dikko, in a statement signed by him on Tuesday, confirmed ongoing talks concerning change in the shareholding structure of the fourth largest telecommunications firm in the country.

He said, “Etisalat Nigeria can confirm discussions are on-going regarding other issues such as the trading name during this transition phase.

“Operations and services to our subscribers remain normal and will in no way be affected as we continue to deliver quality services to our subscribers.

“We will continue to tap into the rich, creative and innovative resources within our workforce to build a stronger business upon the stable foundation we have laid in our nine years of operations,” Mr Dikko assured.

“Etisalat Nigeria wishes to express its profound gratitude to the government, the Nigerian Communications Commission, (NCC) and the Central Bank of Nigeria (NCC) for their patriotic zeal and tireless efforts at ensuring collaborative and productive engagement,” he said.

“We are also appreciative of the tremendous support we have received from the media since inception and we count on their continued support as we transition to a stronger business. We will update our stakeholders and the public on further developments shortly,” he added.

News of the takeover of Etisalat had caused anxiety of susbscribers of network, who are less than 20 million.

http://www.businesspost.ng/2017/06/20/takeover-services-wont-disrupted-etisalat-nigeria-assures-subscribers/

Julius Berger Nigeria Delves into Oil & Gas
http://www.businesspost.ng/2017/06/20/julius-berger-nigeria-delves-oil-gas/

Nigerian Stocks Sustain 5-Day Rally, Post N83b Gain
www.businesspost.ng/2017/06/20/nigerian-stocks-sustain-5-day-rally-post-n83b-gain/

By Dipo Olowookere

The first container of yams from Nigeria has finally landed in the United State of America, Business Post has learned.

This was achieved some days ago, according to the Minister of Agriculture and Rural Development, Mr Audu Ogbeh.

As we speak, another container of yams is billed to leave shores of the country for the United Kingdom very soon.

Mr Ogbeh, at an event over the weekend in Abuja, stated that his Ministry had taken various measures to address the issue of rejection of Nigeria’s agricultural produce by the European Union (EU) as a result of high level of pesticide with the setting up of an inter-ministerial committee on zero reject in ensuring certification, standardization and quality control of the country’s agro produce for local consumption and for export which had hitherto been a challenge.

“If Nigeria’s yams can enter foreign market, we need to double our efforts to get tractors to make heaps”, the Minister said.

On the issue of incessant clashes between farmers and herdsmen in the country, Mr Ogbeh said about 3,000 Agro Rangers were being trained by the Civil Defence Corps to protect farms while lands were also being acquired in some states of the federation to create cattle colonies.

He said about 10,000 extension workers were also being trained under the N-power programme of the Federal Government to cater for the needs of Nigerian farmers.

Mr Ogbeh disclosed that there is a budgetary provision in the year 2017 for the building of dams and lakes in order to have an all year round planting season and harvests and stated that the ministry has not endorsed the genetically modified organisms (GMO) but instead the ministry is adopting the use of hybrid seeds.

The Minister urged state governments to give more support to the development of agricultural sector and asked the team of social media influencers to pass the message of hope across to the public.

http://www.businesspost.ng/2017/06/19/first-yam-container-nigeria-lands-america-minister/

Stock Market Rises 0.96% as Rush for Banking Stocks Persists
http://www.businesspost.ng/2017/06/19/stock-market-rises-0-96-rush-banking-stocks-persists/

By Dipo Olowookere

A fire incident has been recorded at the residence of former number two citizen of Nigeria, General Oladipupo Diya (rtd).

It was gathered that the inferno occurred at the house of late General Sani Abacha’s second in command on Adekunle Fajuyi way, Ikeja, Lagos.

As at the time of filing in this report, officials of the Lagos State Fire Service are battling to put the situation under control.

The cause of the fire is not yet known, but Commissioner of Police in Lagos State, Mr Fatai Owoseni, was spotted at the scene of the incident.

Details later…..

http://www.businesspost.ng/2017/06/17/breaking-fire-razes-general-diyas-lagos-house-photos/

CBN 11% Inflation Target in 2017 “Largely Optimistic”—Report
http://www.businesspost.ng/2017/06/16/cbn-11-inflation-target-2017-largely-optimistic-report/

By Modupe Gbadeyanka

Analysts at WSTC Financial Services Limited have described the 11 percent inflation rate target set by the Central Bank of Nigeria (CBN) as “largely optimistic.”

On Tuesday, CBN Governor, Mr Godwin Emefiele, disclosed that the apex bank was targeting an inflation rate of between 10-11 percent at the end of this year.

He made this disclosure during a meeting in Abuja with the Senate Committee on Banking, which invited him to inform what the CBN was doing about the high interest rates in the Nigerian banking industry.

This week, the National Bureau of Statistics (NBS) said inflation dropped to 16.25 percent in May from 17.24 percent a month earlier.

Reacting to this, WSTC Financial Services Limited, in a report on Thursday, June 15, 2017, noted that “the downward trend in the general price level has further reinforced our outlook on inflation in the current year.”

“However, the MoM surge in the food sub-index is indicative of existing inflationary pressure on food prices, and signals a possible downside risk to inflation in the months ahead,” it further stated.

“Additionally, we believe the CBN’s inflation target of 10 percent-11 percent at the end of 2017, is largely optimistic, particularly considering mounting pressure on food inflation.

“We note that such a target implies an assumption of no adjustment in the official exchange rate of N305/$ and the retention of the price of PMS at the current level in H2 2017,” WSTC Financial Services Limited submitted.

In its analysis, the firm said core inflation emerged as the key source of moderation in the headline index in May, as was the case in the preceding month primarily due to high base effect.

“Note that the price of premium motor spirit (PMS) was increased in May 2016 from N87 to N145. The Core sub-index declined by 180bps to 13 percent in May 2017 from 14.80 percent in April 2017, representing the seventh consecutive month of decline. Also, core inflation continued on its Month-on-Month (MoM) downward trend for the fifth consecutive month, suggesting receding inflationary pressure from the impact of the hike in energy prices (the price of PMS & electricity tariff) implemented in H1’2016.

“Food inflation also declined marginally by 3bps to 19.27 percent YoY in May 2017, from 19.30 percent in April 2017.

We believe this was due to a moderation in imported food inflation by 121bps, given the improved liquidity in the FX market and appreciation of the Naira in the parallel market segment.

“However, food inflation spiked MoM by 50bps to a high of 2.54%, indicating continued pressure from locally produced food items,” the report said.

http://www.businesspost.ng/2017/06/16/cbn-11-inflation-target-2017-largely-optimistic-report/

Stock Market Closes Week Bullish as Index Rises 0.04%
http://www.businesspost.ng/2017/06/16/stock-market-closes-week-bullish-as-index-rises-0-04/

Update shortly. However, you can stay tuned to www.businesspost.ng

Princkez:
How far FBNH facts behind d figures on NSE today...any update

Blue-Chip Stocks Lift Equities Market to N69b Gain
www.businesspost.ng/2017/06/15/blue-chip-stocks-lift-equities-market-n69b-gain/

By Modupe Gbadeyanka

MTN Nigeria has continued to dominate the Global System for Mobile Communications (GSM) sub-sector of the telecommunications industry in Nigeria with the control of 39.73 percent of the market share.

Since its entry into the Nigerian market in 2001, when it was granted licence to operate alongside Econet, which has since metamorphosed to Airtel, MTN has continued to spread like wildfire in the country, becoming the preferred network of GSM users.

According to the National Bureau of Statistics (NBS), the total number of telephone subscribers stood at 154.52 million, equivalent to an increase of 12.27 million subscribers every year since 2005.

However, growth has been declining more recently, possibly as a result of high market penetration leaving less room for large expansion, FSDH Research stated in its Monthly Economic & Financial Market Outlook: June 2017.

As at first quarter of 2017, there were 152.46 million subscribers, compared with 154.52 million in September 2016, representing 1.33 percent decline.

The GSM subscribers contribute 99.69 percent to the total subscribers as at Q1 2017, followed by Code Division Multiple Access (CDMA) with 0.14 percent of the total, while fixed wired and wireless make up 0.08 percent and 0.02 percent respectively.

But MTN remains the largest provider of GSM subscriptions, accounting for 39.73 percent. The second largest provider was Globacom, which accounted for 24.56 percent of subscriptions, Airtel share was 22.80 percent, while Etisalat accounts for the least number of subscriptions at 12.91 percent of the total.

Analysts at FSDH Research said in the report that the total number of internet subscribers with the GSM operators stood at 89.97 million as at March 31, 2017.

The proportion of GSM users with internet subscriptions dropped in 2016 to 59.61 percent, from 65.26 percent recorded in 2015. This drop was caused by MTN and Etisalat.

As at end-March 2017, the internet subscribers of the GSM carriers were: MTN 30.51 million; Globacom 27.02 million; Airtel 19.42 million and; Etisalat 13 million.

In Q1 2017, MTN’s Share of GSM internet connection was 33.92 percent; Globacom’s was 30.03 percent; Airtel’s was 21.59 percent; and Etisalat’s was 14.46 percent.

The report further said there were a total of 41,419 incoming porters in Q1 2017, a decrease from 49,547 in Q4 2016, and a decline of 19.26 percent from 51,301 porters recorded in Q1 2016. Quarter-on-quarter, Airtel and MTN recorded increases, while Etisalat and Globacom recorded decreases.

Although Etisalat remained the largest provider, their share fell from 77.52 percent in the final quarter of 2016 to 65.79 percent in the first quarter of 2017.

By contrast Airtel increased their share by nearly 10 percent points, from 6.95 percent to 16.55 percent, and therefore became the second largest destination for incoming porters.

MTN also increased their share, from 8.83 percent to 11.63 percent, but fell to being the third largest destination due to Airtel’s larger increase.

Globacom remained the smallest destination of incoming porters for the third consecutive quarter, and their share fell from 6.69 percent to 6.03 percent between Q4 2016 and Q1 2017. The resurgence of the Nigerian economy would have a positive impact on the telecommunication sector.

http://www.businesspost.ng/2017/06/15/mtn-controls-39-73-nigerias-152-46m-subscriber-base-glo-24-56/

By Modupe Gbadeyanka

Inflation rate in Nigeria eased further in the month of May to 16.25 percent from 17.24 percent in April 2017, Business Post reports.

Data released on Thursday by the National Bureau of Statistics (NBS) revealed that the drop was by 0.99 percent during the period.

It is also the fourth consecutive time the inflation rate was declining since January 2017, the NBS said in its latest report.

On a month-on-month basis, the headline index increased by 1.88 percent in May 2017, 0.28 percent points higher than the rate of 1.60 percent recorded in April 2017, indicating the existence of persistence pressure on prices despite the general decline in year on year inflation.

Month on Mont inflation has cumulatively risen by 7.7% since January 2017,” the stats agency stated.

According to the report, percentage change in the average composite CPI for the 12-month period ending in May2017 over the average of the CPI for the previous 12-month period was 17.63 percent, higher from 17.59 percent recorded in April 2017.

Also, the Food Index increased by 19.27percent (year-on-year) in May 2017, down by 0.03 percent points from the rate recorded in April (19.30 percent) indicating continued pressure in food prices.

Price movements recorded by All Items less farm produce or Core sub-index rose by 13.00 percent (year-on-year) in May, down by 1.80 percent points from rate recorded in April (14.80) percent. This represents the 7th straight month of decline in the core index since November 2016

The Urban index rose by 16.34 percent (year-on-year) in May 2017 from 17.62 percent recorded in April, while the Rural index increased by 16.02 percent in May from 16.69 percent in April.

On month-on-month basis, the urban index rose by 1.84 percent in May from 1.61 percent recorded in April, while the rural index rose by 1.92 percent in May from 1.59 percent in April.

The corresponding twelve-month year-on-year average percentage change for the urban index increased from 18.98 percent in April to 18.88 percent in May, while the corresponding rural index also increased from 16.37 percent in April to 16.50 percent in May.

http://www.businesspost.ng/2017/06/15/nigerias-inflation-drops-16-25-may/

By Modupe Gbadeyanka

No fewer than 1,438 owners of Micro, Small and Medium Enterprises (MSMEs) in Lagos State were given the sum of N924.7 million by Governor Akinwunmi Ambode on Tuesday.

The money is a form of funding assistance to support businesses of the beneficiaries, thereby reducing unemployment and increasing wealth among the people.

At the presentation of cheques to the business owners at De Blue Roof, LTV 8 in Ikeja, Mr Ambode expressed delight that his administration was on course to boost economy of the state.

He further said it was good to know that the previous beneficiaries have started repaying their loans, thereby expanding their businesses and creating jobs.

The Governor, after assuming office, launched a N25 billion Employment Trust Fund (ETF) scheme to provide entrepreneurs, artisans, traders and others with capital to boost their businesses.

Since the programme started, about 4,000 businesses have benefited a total of N3.5 billion from the scheme, while the target of the state government is to support about 100,000 MSMEs and create at least 300,000 direct and 600,000 indirect jobs by 2019 through the initiative.

In January 2017, Mr Ambode presented cheques totalling about N1 billion to 705 beneficiaries who were selected after scaling through a transparent screening process.

At today’s presentation, the Governor, represented by the Commissioner for Wealth Creation and Employment, Mr Babatunde Durosinmi-Etti, made particular reference to one of the earlier beneficiaries simply identified as Jand2Gidi, saying that it was a thing of joy that they have started contributing to the growth of Lagos economy.

“One of the success stories of this programme which I am very proud of is the achievement of one of the first set of beneficiaries, a company called Jand2Gidi, run by two young women.

“Today, they have invested their loan in buying motorcycles for their delivery men, and hired people to operate those motorcycles.

“Not only are they repaying their loan, they have also created at least 10 direct jobs for Lagos residents, thereby increasing the economic activity across the State. We eagerly expect to celebrate many more success stories like this,” the Governor said.

The Governor, who commended the ETF Board for the good work done so far, equally charged them to increase the pace of work and ensure that by the end of 2017, at least 20,000 businesses would have benefited from the loan program, just as he expressed optimism that the overall target of the scheme would be met by 2019.

While congratulating the new 1,438 beneficiaries, Mr Ambode charged them and other potential beneficiaries to emulate those who are repaying their loans, thereby ensuring the success of the program

“It is only when you pay your loans back, and grow your businesses, that we can truly celebrate the success of this programme. Your success is our success, and together we will grow Lagos State’s economy and create jobs for our residents.

“This initiative is another example of taxpayers’ money working for the people. I cannot thank enough all taxpaying citizens for providing the resources from which the State Government contributes N6.25billion tranches annually to the N25 billion ETF,” he said.

Besides, Governor Ambode urged other existing businesses or people desirous of starting one to take advantage of the scheme, assuring that the process of assessing and selecting beneficiaries would continue to be transparent and meet globally acceptable standards.

In her opening remarks, Chairman, Board of ETF, Mrs Ifueko Omoigui-Okauru, said the presentation ceremony was another milestone by Governor Ambode’s administration, saying that the vision of the Governor in setting up the Fund, which is the first of its kind in Nigeria, and his unwavering commitment to its success deserved commendation.

Mrs Omoigui-Okauru also revealed a partnership between the Lagos State Employment Trust Fund (LSETF) and the United Nations Development Programme (UNDP) to improve technical and vocational training in the State.

Under the programme, she said the LSETF will contribute Naira equivalent of $3million, while UNDP will contribute $1million and the funding will be used to train eligible Lagos residents in manufacturing, construction, healthcare, hospitality and entertainment, while successful trainees will be placed in jobs at the completion of the programme.

Responding on behalf of beneficiaries, Mr O.A Goriola of November 16 Nigeria Ltd, commended the state government for the initiative and pledged that the funds would be judiciously utilized.

www.businesspost.ng/2017/06/13/1438-smes-owners-get-n925m-funding-support-lagos/

By Dipo Olowookere

A Nigerian pastor, Joshua Iginla, has emphasised that his act of giving to the less-privileged in the society is not for show off as some are speculating.

Prophet Iginla, who is the General Overseer of Champions Royal Assembly, is known to be generous to many people who run to him for help.



But despite this, he has come under criticisms from some quarters.

Last Sunday, the man of God, during a service in South Africa, gave about R10,000 each to 34 widows. In addition, 10 orphans received R100,000 from the cleric.

One of the climaxes was when Prophet Iginla gave a brand new vehicle to a 78-year-old woman, who could only mutter “I am overwhelmed.”

Also, some of the 34 widows, who received gift items from the cleric burst into tears when they could not believe their eyes.

They expressed gratitude to the man of God and urged him to stay in their country permanently.

But explaining reasons for his kind gesture, Prophet Iginla, who is based in Abuja, Nigeria, stated that, “As a way of marking my birthday, I feel that we should show more love to these ones and more love to them than any other person.

“We are not showcasing them to show we are givers but to teach you to visit orphanages. There are some children without parents, show them much love.

“To me, my birthday is not about what you give to me, it’s about how many times these loved ones (orphans) can be touched by the feelings of our love.”

Commenting further, he said, “What I have given in the secret is so much that it cannot be compared to what I’m giving as an example for you to do.

“If we don’t give like this, you won’t know we are giving. You will be criticising us saying that all these men of God don’t give.”

“It is believed that when a Nigerian comes to South Africa, he has come to take money. No, it’s a passion and our passion is just to help souls.

“I can’t say what I’ve given secretly, it is alarming. The bible says we should give secretly. It’s true and I’ve given secretly. Jesus fed 5,000 openly, he turned water to wine openly, there’s a time to give secretly and a time to give openly. This giving is not a show off. If it’s show-off, take your own money and use it for show-off.

“You can fake prophecy but you can’t fake giving. If you are not a giver, you are not a giver. It is in giving that we find love. For God so Love the world that he gave his only begotten son.

“In Botswana, we built a house for a widow, both in America, in London, I do same. My private jet is the widows, orphans and less privileged I touched. If I want to buy three or four jets, I can buy but these are my priority,” he added.

http://www.businesspost.ng/2017/06/13/my-act-of-giving-not-for-show-off-iginla/

By Dipo Olowookere

The QS World University Rankings 2018 has been released and interestingly, out of the 959 universities across the world ranked, no Nigerian institution made the list.

In the latest ranking, Massachusetts Institute of Technology (MIT) in the United States claimed the number one spot for the sixth time in a row.

The second spot was claimed by Stanford University, while Harvard University came third, having been second two years ago.

California Institute of Technology (Caltech) was put in the fourth position, while the University of Cambridge was ranked fifth in the world.

University of Oxford remained at sixth, behind its arch-rivals Cambridge, while the University College London (UCL) stayed seventh.

Imperial College London climbed up at eighth, University of Chicago was put in the ninth place and the Swiss Federal Institute of Technology (ETH Zurich) wrapped up the top 10 universities in the world.

The University of Cape Town, South Africa, which is the top school in Africa, was placed in the 191th position in the world.

Of the 959 schools ranked by the QS World University Rankings, only 18 schools from Africa made the cut with South African schools claiming 9 different spots.

Business Post observed that five Egyptian universities made the list, while one school each from Kenya, Ghana, Morocco and Uganda completed the top 18 universities from Africa on the list.

www.businesspost.ng/2017/06/11/nigerian-universities-missing-latest-qs-world-university-rankings/

Nigeria is a nation that knows all too well what damage dictatorships can do. Between 1966 and 1999, the country saw several military coups, culminating in Sani Abacha seizing power. From 1993 to 1998, Abacha’s rule marked a period of oppression, inflation and poverty. As a business owner, the main objective was to stay afloat.

For those brave enough to speak out against the regime, the punishment was either death by hanging or prison. Atrocities were commonplace in an atmosphere of desolation. In 1998, when Abacha died, Tonye Cole, the Co-Founder of Sahara Group, remembers it like yesterday.

“I remember exactly where I was when Abacha died. I remember people jubilating and singing and it was as if an air of relief had happened. I remember my partner had just got married and we were closing a major transaction so he delayed his honeymoon and stayed in Lagos. It is one of those moments in life where you remember key places you were. And the first expression was that of relief from everybody and then the next day reality set in,” says Cole.

“I remember exactly where I was when Abacha died. I remember people jubilating and singing and it was as if an air of relief had happened. I remember my partner had just got married and we were closing a major transaction so he delayed his honeymoon and stayed in Lagos. It is one of those moments in life where you remember key places you were. And the first expression was that of relief from everybody and then the next day reality set in,” says Cole.

Tonye Cole for the first time in years, hope dispelled despair. Cole was invested and happy.

“My partners and I had been working for three years and pushing ourselves really hard. We just got to the point where we were establishing ourselves as a business. Everything seemed to be going right. We had been working on an oil transaction and collected our allocation to load the products. At that point, all the brokers who we collected our oil allocation from had been paid by us. This is what you call betting on the horse. We had taken everything we owned and put it on this single deal,” says Cole.

Cole believed there was nothing more to be done but wait for the return on investment. Then the new government cancelled every contract that was issued by the Abacha administration.

The three young men had pumped everything they had earned for the past two years into the deal. Overnight, Cole and his partners went bankrupt. The trio had invested $400,000 of their savings in the supply and distribution of oil contracts from their new venture. For Cole, this was not the first time he lost everything. The first time was the catalyst for him to take control of his own fate. Ironically, he was hitting rock bottom again.

“If you are an entrepreneur, you are going to get bad days and if you are a successful one you are going to get even more bad days. As young people, this was all we had. People had collected their commission and nobody wanted to help us. We knew we had nothing to lose. Everything was gone. The good thing was that we had records and payment to brokers and their assignments they had given us. So we put the files together and walked into the office of a man we had never met before. We waited until we had an opportunity to speak to him and we locked the door,” says Cole.

It was 2PM on a Monday. The drive to the office of Mallam Lawan Buba, Group Executive Director, Commercial and Investment, Nigerian National Petroleum Company (NNPC), was a quiet one with all three men contemplating the gravity of what had just happened. Cole remembered advice his father, Patrick, had given him years ago. He told his son to spend five years working and learning from different companies before embarking on his own business venture. Cole had already served the five years but, in hindsight, he wondered if an additional five years could have saved him from this catastrophe.

Cole and his partners spent weeks trying to secure an appointment with the man seated in front of them that day. As Cole stood in Buba’s office, a fleeting fear gripped him. They had leveraged their one good relationship with the company’s secretary to get this appointment and if things did not go according to plan, not only would they still be bankrupt but the secretary could lose her job as well. Cole tried to read the expression on the face of Buba and drew a blank. He then regained his composure and approached the man who had the power to change their destiny.

The trio made their impassioned plea to Buba, the man responsible for the allocation of oil contracts. They showed him their legitimate contracts, payments made and financial records for the past three years. Cole took a cue from his father’s days running for president of Nigeria and gave a fervent speech on why they believed they could make a difference by creating employment and establishing an indigenous oil business, one of the first of its kind.

Buba listened to their plea and told them to wait. That was the end of the journey; there was nothing more the young entrepreneurs could do. As they left, it occurred to Cole that this could be the end of a lifetime of hard work.

“Failure teaches you a lot. As an entrepreneur I am not afraid of failure but I must learn from it,” says Cole.

During the two-hour trip back home, Cole’s life flashed before him.

Cole had three major influences growing up. His creative side was nourished by his mother, who was a journalist for one of the leading publications in Nigeria. From his father, Cole learned the skills of diplomacy and how to be a mediator on account of his role as an ambassador to Brazil. From his stepmother, Cole was given the foundations of the Christian faith upon which he built his life principles. Born in January 1967 in Port Harcourt, the capital of Rivers State, Cole and his family relocated to Anambra State during the civil war. Cole had a nomadic existence, shuffling between guardians. He learned to be self-sufficient and stumbled into his career by what he calls divine intervention.

“I ended up studying architecture because the subjects I had taken for O-levels in secondary school aligned more with the profession. I went to the University of Lagos to study architecture and then found that it was something that was perfectly suited for me. It rewards extreme hard work and punishes laziness to a fault. You had to imagine things and create it in your mind long before it comes on paper,” says Cole.

After university, Cole joined Brazilian architectural firm Grupo Quattro SA where he oversaw the construction of the new Palmas city developments in Tocantins, Brazil. This was a slight deviation from his plan to work for himself.

“When I was in university, we had already set up a business where I created architectural drawings and designs for different companies and teachers, as well as perfecting their existing designs,” he says.

Cole’s father influenced his decision to go to Brazil and leave.

“I have this belief and patriotic zeal in Nigeria and I believe we all have a role to play. My father had decided to run for the presidency in Nigeria and I decided to relocate to help him with his campaign,” he says.

Back in Nigeria, Cole Joined EMSA S.A. – one of Brazil’s largest engineering firms. He was the head of operations and business development in the country.

“They needed someone in Nigeria who could speak Portuguese and someone they could trust to implement a World Bank project. I now had this job, which was an engineering job, and it involved traveling around the country meeting government officials and business development. I had a wonderful salary at an expatriate rate, a company car and all the corporate perks. I had no interest at this point to do anything entrepreneurial. I was very comfortable,” says Cole.

Nigeria had just fallen under Abacha’s military regime. The initial hope and excitement turned to gloom. Almost overnight, the military started throwing people in jail. Riots ensued all over the country, leading to the exit of foreign businesses, like EMSA, from the Nigerian economy. The company signed off all the contracts and instructed Cole to liquidate everything.

“I said to myself ‘I am never leaving my fate in another person’s hands again,’” says Cole.

Prior to this, Tope Shonubi and Ade Odunsi had teamed up to start a new business venture in the burgeoning oil industry. Cole had turned down the offer to join the team in favour of his hefty salary and company perks. The offer was made once again, and now finding himself unemployed, Cole accepted. It was the birth of the Sahara Group, a leading private power, energy, gas and infrastructure conglomerate established two years before the end of Abacha’s rule in 1998.

All of this led to Cole walking out of the office of Buba, the man with their oil contracts. A week later, they got a call promising to reinstate their cancelled contracts over one year. Cole learned a valuable lesson.

“Don’t rely on one product and one country. In 1998, we got some of our contracts back and by 1999 we were in Ghana and then subsequently in Côte d’Ivoire, the United Kingdom, Switzerland, Singapore and the UAE.”

Today, the Group has around 20 operations across the energy sector with 660 employees. Sahara began as a facilitator in the oil sector, acting as a middleman between producers, marketers and traders. This year marks their 20-year anniversary and there is a lot to celebrate. The company has diversified into utilities, real estate, farming and infrastructure. Among its many developments is the $400-million Lekki power project in Lagos.

“When we came in there were not a lot of people in the business of trading and exploration of oil. When you talk about someone in the oil business back then, the most they would be were petrol station owners. We were the first pioneers to come into this aspect of the business,” says Cole.

Being trailblazers served the company well. The first major break happened about a year and a half after the company started. A major tool in the oil trade is the ability to have a letter of credit, popularly known as an LC. This is a guarantee taken on by a bank to make payments on behalf of the client, provided certain terms are met.

As brokers, Cole and his team will get allocations and trade them off to those who had an LC and then get their commission from the deal and plough it back into the business. For the initial period, Sahara could not open an LC, which was a major stumbling block for its growth.

“We couldn’t even open a dollar account in the beginning because the banks did not trust Nigerian businesses and this is a dollar denominated business. So we had to use a lot of innovation to get LCs. We asked our international clients to open an account for us so we could receive the payments, which they did with ease and secondly, we made sure that any LCs our clients opened, was done in our name,” says Cole.

Another major breakthrough happened when financial giant BNP Paribas approached the firm after two years of trading and helped them to finally open an LC in the company’s name.

As Cole turns 49 this year, he is slightly nostalgic when asked about his success in the oil business. He takes a deep breath and, for the first time during his interview, the charismatic and energetic entrepreneur assumes an almost vulnerable disposition as he talks of his multimillion-dollar empire.

“I am not sure I will be anywhere I am without my wife. She has allowed me to work and to be able to do what I do. I travel a lot and the ability to come in and go out without anybody being as clingy and commanding has been very helpful. Family wise, she makes me look good with everybody in my family because she is the one who keeps in touch with everyone. She is my perfect complement,” he says.

Cole met the love of his life 22 years ago at university. She was 16 going on 17 and he was in his third year of studies at the age of 18. Cole spent two years trying to convince his wife that he was the perfect match for her and years later, with three children, he calls her the glue that holds everything together.

Success can be fleeting. It has been a number of years since the company almost went bankrupt. In those days, the focus was on staying afloat as a business. Today, the Sahara Group has set up a foundation with a mandate of helping 12 million people in the next four years. The company contributes 5% of its profit to the foundation, which has worked with international not-for-profit organizations to eradicate Guinea worm disease, cataracts and cleft palates.

Faced with a global drop in oil prices, a resurgence of Boko Haram in the north of Nigeria and conflict in the Niger Delta, the West African nation’s economy is facing economic and social challenges. For Cole, his fate is firmly back in his hands. He has a much better understanding of the industry he operates in.

“We are in a boom and bust business, so these challenges are all part of life. We know when it is high and when it is low. Once oil prices are low you adjust immediately as an organization. You look at waste and how to cut it. We try as much as possible not to cut staff, we talk to them and let them understand that they need to be a lot more efficient in the things they do. It is all about planning ahead,” he says.

As Cole looks to the future, he sums up the strategy that has served him well so far.

“Let people think you have 10, act like you have only one but make sure you have 100.”

http://www.businesspost.ng/2017/06/08/i-went-bankrupt-abachas-death-tonye-cole/

By Dipo Olowookere

Yesterday, the world was taken aback with the decision of the United States to withdraw from the Paris Climate Accord, which it assented on April 22, 2016 with the agreement coming into force on November 4, 2016 after its acceptance on September 3, 2017.

President Donald Trump, while announcing the withdrawal of the US from the agreement, said the reason was because the deal did not favour America. He hinted that the United States could make a return if it was renegotiated.

Since Thursday’s event, which sparked global outrage, some Nigerians have wondered why the Federal Government assented to when it joined.

It is important to note that the Paris Climate Accord came into place on November 4, 2016, thirty days after the date on which at least 55 Parties to the Convention accounting in total for at least an estimated 55 percent of the total global greenhouse gas emissions have deposited their instruments of ratification, acceptance, approval or accession with the Depositary.

Since then, 147 parties have ratified of 197 Parties to the Convention.

Nigeria is one of the parties that have had its entry ratified. It signed the accord on September 22, 2016 and was ratified on May 16, 2017, and it is expected to come into force on June 15, 2017.

Digs done by Business Post showed that Nigeria agreed to work “towards ending gas flaring by 2030” and also “work towards Off-grid solar PV of 13GW (13,000MW)” at the same period.

The Federal government said it hopes to achieve “efficient gas generators, 2 percent per year energy efficiency (30% by 2030), transport shift car to bus, improve electricity grid, and climate smart agriculture and reforestation.”

The country also promised to achieve Business as Usual (BAU) of around 3.4 tonnes CO2e by 2030.

View the full report of Nigeria http://www.businesspost.ng/2017/06/02/paris-accord-nigeria-signs-achieve-13gw-solar-pv-2030/

By Modupe Gbadeyanka

Results of the 2017 Cowbellpedia examination have been released by organisers of the reputable quiz competition for secondary schools in Nigeria.

The examination was written some weeks ago with results expected to be released today, Thursday, June 1, 2017.

Before now, there had been high expectations from students, teachers and parents.

Candidates are expected to check their result via http://www.cowbellpedia.ng and then click View 2017 Results on the portal.

They can alternatively go directly through this link http://www.cowbellpedia.ng/#/result/top3

Organisers of the competition have urged candidates to “note that this is the first batch of the 2017 Cowbellpedia results. The updated result will be released as soon as it is concluded.

“All necessary precautions have been taken in having a smooth and error-free National Examination. However should there be need for complaints/comments, we encourage you to send an email to cowbellpediatv@gmail.com or call 07087057670.”

By Modupe Gbadeyanka

Africa’s richest man and Nigerian billionaire businessman, Mr Aliko Dangote, has advised the Federal Government to concentrate on fixing the electricity problem in the country so as to spur economic growth.

Mr Dangote poor electricity supply in the country remains one of the problems hindering industrialisation in Nigeria.

The business mogul made this observation during the inauguration of the National Industrial Policy and Competitiveness Advisory Council in Abuja this week by the Acting President, Mr Yemi Osinbajo.

According to Mr Dangote, government should remove the constraints hindering industrialisation such as power, transportation, inconsistencies in policies, and challenges in land acquisition and communal violence.

He said the council was a welcome development which if well utilised could ensure diversification of the economy.

At the ceremony, Mr Dangote was announced as the Vice-Chairman, Private Sector team of the council chaired by the Acting President.

The Acting President charged members of council to create the chance for Nigeria to be competitive in international trade.

Mr Osinbajo said the council’s duty was not just patriotic but one to enable Nigerians to create livelihoods for themselves.

“It is not just a patriotic duty but I believe that it is what will rescue and save our country and give our country a real chance to be competitive in global business and commerce.

“And to give our people a fair chance of being able to create livelihood for themselves, jobs and all of those things that will make for a nation of people who are happy and satisfied,” he said.

The Acting President observed that the council members represented the crème de la crème of industry and business in Nigeria as a group and working with the public sector.

According to him, if the council cannot get it right then it is unlikely that the country can never get it right.

He said the council was important because generally speaking the public sector was not known to be good in business and could not deliver on any industrialisation effort.

Mr Osinbajo said that everywhere the government drove industrialisation, it always ended up in stagnation.

“Even the most successful experiments ended up in stagnation because government simply does not make the best business men or women.

“Government simply is not motivated enough,” he said.

He said it was the entrepreneurs’ drive for profit that saved the industry adding that such drives were initially personal.

He said that many of the council members had come to a point where it was not just enough to be wealthy of successful especially in a country with enormous potential.

Mr Osinbajo added that even to make more profits the environment needed to improve.

“I am really excited that that we are starting something today which I strongly believe that if we do it right we have a chance to turn things around permanently in the country,” the Acting President said.

He acknowledged that the key thing was implementation adding that while the private sector had the smartest people in the world, the public sector had the technocrats and urged for the collaboration of both sectors to solve many of the problems confronting the industrial sector, including creating good industrial hubs and solving power problems.

He also urged the council to hold the government accountable and make the government to act more effectively.

“I think that what we have tried to do by creating this council is to be able to put policy to test and policy to examination.

“So that there is a process by which the private sector is able to contribute to policy implementation but more importantly also to developing those policies,” he said.

On his part, the Minister of Industry, Trade and Investment, Mr Enelamah said the council represented what the government was working out in furtherance of the partnership between the public and private sector with respect to industrialisation.

He said he was confident that the council would provide the formula that would work and produce results.

www.businesspost.ng/2017/06/01/fix-electricity-to-boost-economy-dangote-tells-fg/

By Modupe Gbadeyanka

Registrations for one of the National Social Investment Programmes (N-SIP) of the President Muhammadu Buhari administration tagged the N-Power will reopen on June 13, 2017.

This was made known by the Presidency on Monday.

Since the commencement of the scheme, thousands of unemployed graduates have been given jobs ranging from teaching, agric extension and healthcare.

According to the Presidency, in 2017, the N-Power programme will give jobs to 300,000 unemployed graduates. It said all volunteers will get a computing device which will be used in executing their primary roles and help them take advantage of additional learning opportunities.

The N-Power programme, it said, has enhanced record keeping and reduced waiting times at Primary Health Care centres across Nigeria.

Also, in the N-SIP in 2017, millions of primary school pupils will be added as beneficiaries to the Home Grown School Feeding Programme (HGSFP).

Already, about 12,000 direct jobs have been created in the food supply chain through the Home Grown School Feeding Programme (HGSFP).

By the end of April 2018, 1.2million people would have benefitted from the Government Enterprise and Empowerment Programme (GEEP).

It was stated that the Government Enterprise and Empowerment Programme (GEEP) has seen impressive participation by women, recording 56 percent of the allocated loans so far, while in the next few months, loan disbursements of GEEP is expected to increase to 150,000 beneficiaries.

About 400,000 beneficiaries across more states will come on board the Conditional Cash Transfer (CCT) programme in the next few months.

The Social Housing Fund is a new aspect of the SIP that will enable any Nigerian who earns at least 30,000 monthly to become a home owner.

http://www.businesspost.ng/2017/05/30/n-power-employ-another-300000-graduates-portal-reopens-june-13/

By Modupe Gbadeyanka

Out of the 36 states of the federation, 14 of them are insolvent as their Internally Generated Revenues (IGR) in 2016 were far below 10 percent of their Federation Account Allocations (FAA) in the same year, a new report has disclosed.

The report, released by the Economic Confidential, the award winning Economic Intelligence Magazine, noted that without the monthly disbursement from the Federation Account Allocation Committee (FAAC), many states in the country would find it very difficult to survive.

Economic Confidential, in its Annual States Viability Index (ASVI), pointed out that the index was carefully and painstakingly computed.

According to the magazine, the IGR are generated by states through Pay-As-You-Earn Tax (PAYE), Direct Assessment, Road Taxes and revenues from Ministries, Departments and Agencies (MDA)s. The report by this economic intelligence magazine further indicates that the IGR of Lagos State of N302 billion is higher than that of 30 States put together excluding Lagos, Ogun, Rivers, Edo, Kwara and Delta States, whose IGRs are very impressive at more than 30 percent each. The 30 other states merely generated a total of N258 billion in 2016.

Recently the magazine published the total allocation received by each state in Nigeria from the Federation Account Allocation (FAA) between January to December 2016. The latest report on IGR reveals that only Lagos and Ogun States generated more revenue than their allocations from the Federation Account by 169 percent and 127 percent respectively and no any other state has up to 100 percent of IGR to the federal largesse.

The IGR of the 36 states of the federation totalled N801.95 billion in 2016 as compared to N682.67 billion in 2015, an increase of N119.28 billion.

While the report provides shocking discoveries to the effect that 14 states which have less than 10 percent IGR may not stay afloat outside the Federation Account Allocation due to socio-political crises including insurgency, militancy and herdsmen attacks, others lack foresight in revenue generation drive coupled with arm-chair governance.

The states that may not survive without the Federation Account due to poor internal revenue generation include Borno which realized a meagre N2.6 billion compared to a total of N73.8 billion it received from the Federation Account Allocation (FAA) in 2016 representing about 4 percent.

Others are: Ebonyi with IGR of N2.3 billion compared to FAA of N46.6 billion representing 5 percent; Kebbi N3.1 billion compared to FAA of N60.88 billion representing 5.14 percent; Jigawa with N3.5 billion compared to N68.52 billion of FAA representing 5.15 percent and Yobe with IGR of N3.24 billion compared to N53.93 billion of FAA representing 6.0 percent within the period under review. Other poor internal revenue earners are Gombe which generated N2.94 billion compared to FAA of N46 billion representing 6.26 percent; Ekiti N2.99 billion compared to FAA of N47.56 billion representing 6.28 percent; Katsina N5.54 billion compared to FAA of N83 billion representing 6.65 percent and Sokoto N4.54 billion compared to FAA of N65.97 billion representing 6.88 percent.

Meanwhile Lagos State remained steadfast in its number one position in IGR with a total revenue generation of N302 billion compared to FAA of N178 billion which translate to 169 percent in the twelve months of 2016.

It is followed by Ogun State which generated IGR of N72.98 billion compared to FAA of N57 billion representing 127 percent. Others with impressive IGR include Rivers with N85 billion compared to FAA of N134 billion representing 63 percent; Edo with IGR of N23 billion compared to FAA of N59 billion representing 38 percent. Kwara State however with low receipt from the Federation Account has greatly improved in its IGR of N17bn compared to FAA of N49 billion representing 35 percent while Delta with IGR of N44 billion compared to FAA of N126 billion representing 6.88 percent.

The Economic Confidential ASVI further showed that only three states in the entire Northern region have IGR above 20 percent. They are Kwara, Kano, and Kaduna States.

Meanwhile eight states in the South recorded over 20 percent IGR in 2016. They are Lagos, Ogun, Rivers, Edo, Delta, Cross River, Enugu, and Oyo States State. The states with the poorest Internally Generated Revenue of less than 10 percent in the South are Imo, Bayelsa, Ekiti, and Ebonyi States while in the North we have Niger, Nasarawa, Sokoto, Katsina, Gombe, Yobe, Jigawa, Kebbi and Borno States.

Meanwhile the IGR of the respective states can improve through aggressive diversification of the economy to productive sectors rather than relying on the monthly Federation Account revenue that largely come from the oil sector.

http://www.businesspost.ng/2017/05/30/14-nigerian-states-bankrupt-report/

By Dipo Olowookere

The Central Bank of Nigeria (CBN) has justified its creation of the various exchange rates for the Naira against the major foreign currencies at the forex market.

According to the apex bank, these rates were created because they were very necessary to a single economy like Nigeria battling with crisis.

At the moment, there are over five exchange rates for individuals and investors to access in the foreign exchange market in Nigeria.

While there is the official CBN rate, banks have their own rates, just like the parallel market has its own, which seems to be the highest and easily accessible to residents of the country.

Since the nation’s economy slumped into recession in 2016, the Naira has crashed against major currencies at the forex market and at a time in 2017, the local currency was almost hitting N600 per Dollar at the black market until the CBN quickly intervened.

As part of its intervention, the apex bank created different windows for various segments of the economy.

At the moment, there is a special forex window for SMEs, investors, manufacturers, invisibles and others.

However, the creation of these multiple exchange rates have been criticised by some Nigerians including a former Governor of the CBN.

But spokesman of the apex bank, Mr Isaac Okorafor, has explained the rationale behind this move by the bankers’ bank.

During an interaction with Nigerians yesterday, which was monitored by Business Post, Mr Okorafor noted that these multiple exchange rates were created because of the situation the country found itself.

According to the CBN’s mouthpiece, “In a time of crisis, economies are known to have preferential rates for critical sectors,” adding that these special windows with variant rates were creatively created to meet the forex demands of those in the different sectors.

Explaining why the Naira crashed at the forex market, Mr Okorafor said, “There was a decline in forex inflow, putting pressure on reserves and the exchange rate of the Naira.”

He further explained that this was majorly caused by “the collapse of global oil prices exacerbated by failure to diversify,” which made the economy vulnerable to the resultant shocks.

Mr Okorafor noted that during this period, there were also “speculative attacks on the Naira by people who took advantage of the depleting forex.”

He said this forced the CBN to create a “window for SMEs, investors and export proceeds, increased sales to BDCs, and introduced forward settlements.”

According to him, the CBN “created a list of items that could be produced in Nigeria and excluded them from accessing interbank forex.”

“We intensified the regulation of banks with respect to their forex practices. A number of banks were sanctioned,” he said further.

Mr Okorafor noted that these steps had been fruitful, revealing that the CBN Anchor Borrowers Programme introduced has produced 2.1MT of rice, setting Nigeria on the road to rice sufficiency by 2018.

http://www.businesspost.ng/2017/05/26/why-we-created-multiple-exchange-rates-cbn/

By Dipo Olowookere

With only N200 as registration fee, civil servants and the entire people of Oyo State will enjoy a National Health Insurance Scheme to be launched by the state Governor, Mr Abiola Ajimobi, the Secretary to the Oyo State Government, Mr Olalekan Alli has revealed.

Addressing newsmen on Tuesday at the House of Chiefs Secretariat in Ibadan, Mr Alli said the scheme was part of initiatives of Mr Ajimobi to mark his 6th year in office as Governor of Oyo State.

According to the SSG, the celebrations will kick off with a parley between the Governor and children from across the state, where they will have the opportunity to interact with him (Mr Ajimobi).

He said further that this Friday, Governor Ajimobi, with other members of the Oyo State Executive Council, will observe a Jumat service at the Ojaba central mosque in Ibadan while a thanksgiving service will come up at the Bodija Estate Baptist Church on Sunday.

Speaking further, the SSG reeled out other programmes for the celebration to include opening up of the Free Trade Zone (FTZ) in Ibadan with the coming on board of some industries, commissioning of a block of administrative building at the Oyo State owned newly established Technical University.

Mr Alli also declared that various road construction projects in Ibadan which are already on going would be officially flag off by Governor Ajimobi as well as the opening up of various housing estates including those to be named after a former Governor of old Oyo state, Dr Victor Omololu Olunloyo, in Ibadan.

He listed other programmes for the celebration to include the foundation laying ceremony of the Iseyin Internation Market, a world press conference/interaction to be addressed by the Governor at the University of Ibadan International conference centre.

Mr Alli however urged the people of Oyo state to continue to support the present administration in the state in moving the state forward especially in the quest at making the buoyant financially.

http://www.businesspost.ng/2017/05/25/oyo-residents-enjoy-health-insurance-scheme-n200/

By Modupe Gbadeyanka

Governor Akinwunmi Ambode of Lagos State today commissioned the Abule-Egba Fly-Over Bridge tagged the ‘Jubilee Bridge.’

The Governor arrived at the event on Wednesday afternoon alongside his entourage and was welcomed by residents of the area, who applauded him for completing the project on time.

Abule Egba is one of areas in the state having problems with traffic gridlock, which necessitated the project.

Before arriving for the ceremony, the Governor had commissioned a similar project in the Ajah axis of the state.

Present at the Abule Egba commissioning was the Speaker of the Lagos State House of Assembly, Mr Mudashiru Obasa and other top shots in the state.

Here are photographs from the commissioning.

More pictures here: http://www.businesspost.ng/2017/05/17/pictures-abule-egba-bridge-commissioning/

By Modupe Gbadeyanka

Governor Akinwunmi Ambode of Lagos State on Tuesday said his administration has permanently banned Vehicle Inspection Officers (VIO) from roads in the state.

Mr Ambode explained that his decision to ban the agency was in line with his administration’s resolve to ensure free flow of traffic across the state, noting that activities of VIO were contributing to traffic congestion on Lagos roads.

Speaking at the commissioning of pedestrian bridges, laybys and slip road at Ojodu Berger, the “Distinguished ladies and gentlemen, let me use this opportunity to reiterate that Vehicle Inspection Officers (VIO) have been asked to stay off our roads permanently,” he said.

The Governor disclosed that in the alternative, the state government would employ technology to track and monitor vehicle registration and MOT certifications and de-emphasise impoundment of vehicles on the roads.

Speaking on the interventions in Ojodu Berger, Governor Ambode said his administration at inception, identified the axis as one of the major traffic flashpoints that required urgent attention, adding that the decision was informed by the strategic importance of this axis being a major gateway into the state.

“What we set out to achieve with this project was to ensure smooth flow of traffic along the express, safeguard the lives of our people who had to run across the express and project the image of a truly global city to our visitors.

“Today, we are delighted that we have not only succeeded in transforming the landscape of this axis but with the slip road, lay bys and pedestrian bridge, we have given a new and pleasant experience to all entering and exiting our State.

“This project is the product of our innovative team of engineers, architects and town planners who have worked hard to create an innovative solution to tackle the challenges of this axis. I say a big thank you to the staff of the Lagos State Ministry of Works and the contractors – CCECC Nigeria Limited for a job well done,” he said.

To improve on the project, Governor Ambode said a food court would be built where people can relax before climbing the pedestrian bridge, as well as an interstate bus terminal within the Ojodu Berger axis for buses coming from outside Lagos to drop and load passengers, while intercity transportation system would move commuters within the city.

Besides, the Governor assured that his traffic interventions would not only stop at the Ojodu Berger axis, but would be an ongoing process to create solutions to traffic congestion in every part of the State.

“If your neighbourhood or community is experiencing traffic challenges, be rest assured that we will soon be there. We will always ensure that promises made are promises kept. We will continue to rely on the support of all segments of the population for regular tax payments, obeying the rule of law and protection of public infrastructure. That is the only way we can progress and achieve our goal of being one of the world’s top centres for business, entertainment and leisure,” he said.

While alluding to the fact that the state has lived up to its reputation as a land of possibilities, Governor Ambode also expressed confidence that the future prospects of the State was promising and that the journey of the next fifty years has commenced on a very sound and solid footing.

Earlier, in his opening remarks, the State’s Commissioner for Waterfront Infrastructure Development, Engr. Adebowale Akinsanya said the project was conceived by the State Government as a response to the yearnings of the people of Ojodu Berger Community for an improved, efficient and grid lock free road network, as well as the need to preserve the sanctity of life of Lagosians who hitherto were endangered by the need to cross the ever-busy Lagos-Ibadan Expressway.

Mr Akinsanya, who is also overseeing the Ministry of Works and Infrastructure, gave the scope of the project to include 98m pedestrian bridges with illumination, 150m length lay-bys on both sides of the expressway, 500m length of retaining wall with varying height from 3.5m to 7m and two multi-by bus park/bus lay-bys on Ogunnusi road with public convenience.

Other scope of the project included 650m slip road connecting traffic outward the expressway to Omole/Olowora Junction, 700m Ogunnusi/Wakatiadura dual road from Kosoko road junction to the expressway, 250m PWC Road to the expressway, street lighting on all the roads and multi-bay bus parks, signalization of all junctions, pedestrian walkway and drainage infrastructure, among others.

www.businesspost.ng/2017/05/16/vio-permanently-banned-lagos-roads-ambode/

By Dipo Olowookere

Data released by the Central Bank of Nigeria (CBN) on its website and viewed by Business Post has revealed that Nigeria’s foreign reserves suffered a decline on a weekly basis by 0.25 percent to $30.91 billion.

This figure was at Thursday, May 11, 2017.

The external reserves dropped on Thursday from $30.92 billion it was on Wednesday.

Business Post observed that since on Friday, May 5, 2017, there had been a decline in the amount left in the foreign reserves of the West Africa’s biggest economy. This is despite a rebound in global crude oil prices by 1.96 percent to $48.37 per barrel according to OPEC’s reference basket price.

This followed a percentage drop in US commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) to 522.50 million barrels as at Friday, May 5, 2017.

Lately, the CBN has consistently released foreign exchange into the market to ease the huge pressure on the local currency, the Naira.

The banking industry watchdog gets this forex from the country’s foreign reserves. It had maintained that this intervention would be sustained and possibly ensures that the gap between the official and parallel segments of the forex market was narrowed to about $5.

At the moment, the gap between both markets is over $80.

As at the time of filing this report, the CBN Dollar rate was N305.60k, while it went for N386 at the parallel market.

http://www.businesspost.ng/2017/05/14/nigerias-foreign-reserves-drop-30-91b/

By Modupe Gbadeyanka

Latest data released by the National Bureau of Statistics (NBS) has revealed that Lagos State topped the list of states in Nigeria with the highest Internally Generated Revenue (IGR) in 2016.

The document, obtained by Business Post on Friday, May 12, 2017, saw the aquatic state made a total of N302.42 billion in Full Year 2016.

It was closely followed by Rivers State, which generated N85.29 billion from IGR, while Ebonyi State generated the lowest the IGR with N2.34 billion.

The stats office said a total of N801.95 billion was generated by 35 states that have reported their Full Year 2016 IGR figure and the revenue was generated across PAYE, Direct Assessment, Road Taxes, Revenue from Ministries, Departments & Agencies and other taxes.

Anambra is the only state that is yet to report its Full Year 2016 IGR figure, the NBS said in its report titled ‘Internally Generated Revenue At State Level (2016).’

Data analysed by Business Post revealed that the IGR for Lagos State increased from N219.20 billion in 2012 to N268.22 billion in 2015 and stood at N302.43 billion in 2016. Much of its revenues were generated from PAYE, which raked N190.66 billion in Full Year 2016, the highest among other sources.

For Ogun State, its IGR rose from N12.44 billion in 2012 to N34.59 billion in 2015 and it improved to N72.98 billion last year. The major source of its revenue came from the MDAs.

Also, the IGR for Rivers State increased from N66.28 billion in 2012 to N82.10 billion in 2015 and moved to N85.29 billion in 2016.

For Kano State, its IGR rose from N11.05 billion in 2012 to N12.61 billion in 2015 and progressed to N30.96 billion last year.

Business Post also gathered from the NBS data that Ekiti State's IGR declined from N3.79 billion in 2012 to N3.29 billion in 2015 and further slipped to N2.99 billion in 2016.

For Ebonyi State, the lowest in 2016, increased from N8.23 billion in 2012 to N11.03 billion in 2014, but fell to N2.34 billion last year.

www.businesspost.ng/2017/05/12/lagos-leads-states-highest-igr-nigeria-rakes-n302b/

By Modupe Gbadeyanka

Stock market in Nigeria reacted positively to the passage of the 2017 appropriation bill on Thursday by the National Assembly (NASS), increasing by 3.18 percent to extend the market rally to 10 straight days.

The lawmakers finally passed the 2017 budget after over four months it was presented to them by President Muhammadu Buhari, who is presently out of the country undergoing a medical check-up in London, United Kingdom.

The major market indices recorded a huge leap today to settle in the green territory after trading activities on the Nigerian Stock Exchange (NSE) finished for the day.

The All-Share Index (ASI), which is the main market indicator, progressed by 877.02 absolute points to close at 28,423.70 absolute points, while the market capitalisation advanced by N303.2 billion to end at N9.826 trillion.

Business Post reports that the market was very busy today, reflecting on the volume of shares that exchanged hands among investors.

A total of 801 million shares were bought and sold by investors at the close trading on Thursday, which were executed in 6,481 deals worth N7.8 billion, in contrast to 584 million shares traded the previous day in 5,121 deals valued at N5.7 billion.

A total of 42 stocks appreciated in price today against 13 stocks that declined, leaving the market breadth to close strong, while the year-to-date return closed at 5.76 percent.

An analysis of the price movement chart showed Total Plc advancing by N8 to close at N263 per share, while Dangote Cement improved by N7.29k to end at N173.30k per share.

Nigerian Breweries increased by N6.80k to finish at N142.81k per share, Forte Oil grew by N4.68k to end at N50.41k per share and Lafarge gained N2.30k to close at N48.38k per share.

On the other hand, Seplat lost N41.43k to close at N383.57k per share and BOC Gas depreciated by 17k to finish at N3.35k per share.

NAHCO shed 7k to end at N3.25k per share, Continental Reinsurance declined by 6k to close at N1.24k per share, while Air Service dropped 4k to finish at N4.69k per share.

FCMB emerged investors’ delight as it traded a total 133 million shares valued at N155.6 million, while First Bank followed after exchanging 72.5 million worth N305 million.

Fidelity Bank transacted a total of 69 million shares at N73.2 million, Transcorp exchanged 60 million shares valued at N74 million, while UBA transacted 57.8 million shares worth N416 million.