₦airaland Forum

Following the specified 48-hour timeframe given by the Central Bank of Nigeria (CBN) to deposit money banks for reversal of e-payment dispense error; four banks last year were sanctioned for non-reversal within the electronic payment system.

The names of the banks were not mentioned by Shola Agboola, CBN assistant director, Payment Policy and Oversight, Banking and Payment System, who said that following the issuance of a circular directing banks to install and automate auto reversal, the apex bank had found four banks wanting.

“When we carried out our oversight function on the banks to ensure that they have done what they were asked to do, four banks were penalised and sanctions last year,” he said at a press conference organised by the Nigeria Inter Bank Settlement System (NIBSS) in Lagos, yesterday.

He stated that a situation where customers had a problem, complained to the banks but the banks would not attend to them could no longer continue.

Meanwhile, banks as well as merchants will on Thursday this week be given awards for their contributions towards driving the cashless programme at the CBN Electronic Payment Incentive Scheme Efficiency Awards.

Nigerian banks in the past year paid out almost N400 million as cash back, as an incentive, on the use of point of sale terminals.

The cash back was introduced in 2014 as an incentive for customers to use their cards for payments and to drive the usage of PoS, customers are paid back 40 percent of the 1.25 percent that merchants are charged on PoS usage.

Christabel Onyejekwe, NIBSS executive director, Business Development, disclosed that the payment of cash back to bank customers had been stopped in December 2015, but would be replaced with the loyalty engine, which will give out points for PoS usage.

Onyejekwe explained that the difference between the cash back and the loyalty engine was that “one gives back cash and the other records points that can be redeemed at a later time.”

She explained that of the 120,000 PoS terminals in the country, only about 100,000 were connected to the NIBSS platform and only 62,000 were active, saying “NIBSS is talking to stakeholders to withdraw the dormant PoS from circulation.”

http://www.financialwatchngr.com/2016/02/23/four-banks-get-sanction-for-non-reversal-of-e-payment-dispense-error/

Africa’s biggest economies have been hammered by the collapse in commodity prices over the past 18 months but there are still investment bright spots to be found.

In cities such as Lagos, Nairobi, Accra, Kinshasa and Johannesburg, growth remains robust and investors are prospering in the retail, financial services, technology and construction sectors. This means investors can now re-adjust their strategy for Africa. Instead of taking a view on the continent as a whole, or choosing one country over another, they can seize opportunities city by city. Sub-Saharan Africa is urbanizing faster than anywhere else in the world and city dwellers have more money to spend. “In the current economic environment, investors want areas where success is proven, growth is strong and will remain strong. Big African cities give you that,” said Jacob Kholi, a partner at Abraaj, a private equity firm with $9 billion under management. “It has become even more important to focus on these key cities than before,” Kholi added.

Nairobi is the most attractive destination for foreign investment, according to a 2015 report by PricewaterhouseCoopers, followed by Accra, with Lagos and Johannesburg equal third. Consumption per capita in Accra is 1.6 times greater than the average in Ghana, 2.3 times bigger in Lagos than the average in Nigeria, and 2.7 times larger in Nairobi than nationally in Kenya, Abraaj estimates. Lagos, one of the world’s fastest growing cities and with a population of 20 million, expects economic growth of 7 percent this year, twice the pace of the country as a whole.

Even South Africa, which is grappling with youth unemployment of over 40 percent and could slip into recession this year, has areas where industry is booming.

“Looking around here, you wouldn’t know things were so bad,” construction worker Sifiso Zwane told Reuters in Johannesburg’s wealthy Sandton business district.

“Rich people will always find a way to make more money,” said Zwane, with cranes filling the skyline behind him and billboards advertising new retailers like Krispy Kreme doughnuts and Hennes & Mauritz.

There are similar stories elsewhere.

This year, Kenya is set to unveil the Two River malls in Nairobi, the continent’s largest shopping centre outside South Africa, with brands like Porsche, Hugo Boss and France’s Carrefour already booking space.

“The economy still has opportunities,” said Gabriel Modest, a jeweller who says demand for the gold necklaces and bracelets he sells remains strong.

“Sometimes you have to treat yourself,” he added, ordering a bowl of muesli and yoghurt at an upmarket Nairobi coffee shop.

In Lagos, plans are in place to develop the vast multi-billion-dollar Eko Atlantic city, a Dubai-style gated community that will boast chrome skyscrapers, business parks, palm trees and a marina.

“MEGA-CITY” By 2025, Mckinsey estimates that more than 80 cities in sub-Saharan Africa will have populations of more than one million, accounting for 58 percent of the region’s growth.

This rapid urbanisation means Africa’s big cities will need more roads, hospital and power stations, while growing numbers of new inhabitants will be buying consumer goods like instant noodles, washing powder and mobile phone cards. Though some big companies like Massmart, Barclays and Nestle have slowed expansion plans in Africa in the last two years they are still making healthy profits in the big urban centres, according to banking sources. “Our investment is focused on cities where we see the best opportunities even if the investment environment in the rest of the country isn’t as robust,” said Louis Deppe, partner at Actis, an emerging market-focused investment company. “The ‘mega-city’ trend is still very much on the cards.” The share of Africans living in urban areas is expected to grow from 36 percent in 2010 to 50 percent by 2030, with cities expected to be home to 85 percent of the national population in some countries, according to the World Bank. The rapid urbanisation of mostly the young and unemployed is placing a huge strain on infrastructure and will put pressure on politicians to direct more resources towards cities.

Inequality in African cities is already among the highest in the world. African governments with stretched public finances will need to improve housing and social safety nets in cities and diversify their economies to support rural areas in order to avoid an increase in inequality that could stir up discontent. “In a more risk-averse world, ‘urban bias’ – where there are proven returns – is likely to be reinforced. Investors will look at urban areas,” said Razia Khan, head of Africa research at Standard Chartered. “This trend runs the risk of the rural electorate being marginalized – in especially unequal regions, it may raise political risks, and the potential for unrest.”

Back in Lagos, business is still expanding for cab-owner Cyril Ugochukwu, whose earnings are running well above the target he set for his business, which has contracts with online firm Easy Taxi.

“Individuals must make trips whether times are good or bad,” he told Reuters.

http://www.financialwatchngr.com/2016/02/22/lagos-other-african-big-cities-offer-investors-hope-in-hard-times/

A trader at the popular Daleko Market in Mushin, Lagos on Sunday fainted as he sighted a group of women visiting the market ahead of its planned demolition by the Mushin Local Government.

The trader, called Alhaji Baba Chori, a rice and animal feeds’ seller, was among other traders in the market who alleged that they were only given 14 days within which to vacate the market.

The traders told the News Agency of Nigeria (NAN) that they were served the notice on Feb. 13 that the market would be demolished on Feb. 29.

Chori fainted on sighting the team talking about the planned market demolition.

The trader, who said he had been in the market for 25 years, was later revived at a nearby medical centre.

He later told NAN that he had thought the planned demolition was a rumour.

“The other traders have been talking about it but I did not believe until I saw the Iyaloja of Lagos, in company of other government officials talking about the market demolition.

“I have been in this market in the last 25 years; where do they want me and other poor traders to make a living?” he asked.

NAN learnt that the demolition was to pave way for the building of an ultra-modern market.

Some of the traders told NAN that they did not know what their fate would be when the market was eventually rebuilt.

They urged the state government to intervene in the matter by ensuring that the rebuilt shops were allocated to traders in the market.

The Iyaloja-General of Lagos, Mrs Folashade Tinubu-Ojo, who was among the women that visited the market, told NAN at the scene that she had no comments on the matter.

Efforts to get the Executive Secretary of Mushin Local Government also failed.

One of the traders, Mrs Okunade Adewunmi, said the demolition of the market was uncalled at this period, though it was gutted by fire on May 18, 2015.

Adewunmi, a groundnut oil seller at the market, said the traders paid their rents regularly to Mushin Local Government and wondered why they were treated unfairly.

“For now, most of the traders owe various creditors because of the loss they incurred during the fire incident.

“We (traders) also rebuilt the market after the fire incident and we are just recovering from the fire incident.

“We appeal to the state government to leave the traders in the market for now,” she said.

Another trader, Mr Adebayo Egunjobi, told NAN that the traders were shocked to receive the message to leave the market within 14 days.

Egunjobi said that demolishing the market would have a serious implication on both the traders and buyers because the market was known to be a rice and palm oil market in Lagos.

“We are not illegal occupants; if that is the wish of the government, they should relocate the traders to another market.

“We are all aware of the current economic crunch the country is going through; they should not turn us to beggars,” he said.(NAN)

http://www.financialwatchngr.com/2016/02/22/trader-faints-over-planned-demolition-of-lagos-market/

‎
The Nigerian National Petroleum Corporation (NNPC) has warned the public to disregard any invitation on recruitment exercise.

The warning is contained in a statement issued by Mr Ohi Alegbe, the Group General Manager, Group Public Affairs Division, on Sunday in Abuja.
The statement quoted Alegbe as cautioning the public to be wary of fraudsters sending letters to unsuspecting individuals inviting them for “the second process of recruitment.''

He said the invitation was a scam as the corporation was currently not recruiting.

He, therefore, urged the public to discountenanced the invitation directing recipients to pay N21,500 into an account with Zenith Bank, saying ``anyone who entertains such invitations or deals with peddlers of such invitations does so at his or her own risk.''

He also urged anyone contacted for the purpose of the purported recruitment by the Corporation to report such person or persons
to relevant law enforcement agencies.

http://www.financialwatchngr.com/2016/02/21/nnpc-cautions-public-against-any-invitation-for-recruitment/

The Consumer Protection Council (CPC) has ordered MultiChoice Nigeria Limited, provider of Digital Satellite Broadcast Television (DStv) service to compensate and provide toll-free lines to its subscribers.

The information is contained in a statement issued by the CPC Deputy Director of Public Relations,

Mr Abiodun Obimuyiwa, on Sunday in Abuja.

He said the order was passed after an extensive investigation on alleged violation of consumers’ rights.

He stated that the CPC had ordered the provider to suspend its service when consumers were away; release free-to-air channels even when subscription had expired and compensate consumers for lost viewing time.

According to the statement, the council also ordered the introduction of local toll-free lines and reasonable equitable spread of popular sports channels, among others.

It stated that the company was required to present written assurances in line with Section 10 of the Council’s enabling law that it would not engage in any conduct detrimental to the interest of consumers.

It added that in the same vein, the company shall for 18 months from the date of the orders, subject its processes to the Council’s inspection to ensure compliance with the directives contained in the orders.

The statement noted that the Council observed that the company’s billing system, whereby “billing is not contemporaneous with the provision of service” was not in the best interest of consumers.

It, therefore, ordered MultiChoice to install a billing system that would ensure that billing starts with the provision of service.

It also ordered the company to, within 90 days, provide across board compensation to subscribers, considering the fact that many of them have over time lost legitimate and paid viewing time by its conduct.

Such compensation, it added, include not restoring service contemporaneously after payment as well as other instances of disruptions.

Similarly, the company directed the company to, within 180 days, adopt a technology that supports suspension of service when subscribers are unable to enjoy their service on account of being away for a limited period of time.

It explained that such request for suspension of service could be done between seven to 14 days and not more than twice in a year with a 72-hour notice to MultiChoice.

On non-availability of popular channels in certain bouquets, the CPC ordered the firm to, within 90 days, ensure reasonably equitable spread of popular sports and other channels.

MultiChoice should also keep local and free-to-air channels open so that subscribers would have the opportunity of watching these channels, even when their subscriptions had expired, it ordered.

Also, the satellite viewing channel should maintain local toll-free telephone access lines for its call centres, but should ensure the call centres operate for longer hours during public holidays and weekends in order to aid easy and fast access by subscribers who wish to make complaints or enquiries.

It said the company should also develop a Customer Care Manual which should contain mechanisms to address customer complaints in an accurate, friendly, timely, efficient, courteous and honest manner and further details be made available on the company's website and other information channels.

In addition, the pay-media company was to not only ensure that accredited dealers and installers carry certified means of identification but educate subscribers periodically on the means of identification.

The statement then quoted the Council’s Director-General, Mrs Dupe Atoki, as expressing optimism that compliance with these reforms would bring about a new dawn for Nigerian consumers.

Atoki said it would henceforth allow consumers to enjoy value for money in their engagement with the company.

She reiterated the Council’s commitment toward sanitising the nation’s market-place for the benefit of consumers.

She, however, that no stone would be left un-turned to ensure that it was no longer business as usual and shoddy service delivery would become a thing of the past.

http://www.financialwatchngr.com/2016/02/21/cpc-orders-dstv-to-compensate-consumers/

The Ekiti State Governor, Ayodele Fayose has called for the devaluation of the nation’s currency, the Naira, saying, “With the gap between the official rate of N199 and open market rate of over N400 to one dollar, Naira has already been devalued. Therefore, President Muhammadu Buhari must stop deceiving himself and short-changing Nigerians, especially States and Local Councils in the country with his Forex Policy.”

Governor Fayose, who said there was no time in the history of Nigeria that the gap between dollar official rate and open market rate was more than N200, pointed out that it made no economic sense for the Federal Government to be calculating the country’s revenue on the basis of the Central Bank of Nigeria (CBN) official rate of N199 to a dollar while States and Local Councils that are sharing the revenue with the Federal Government run their businesses at the open market rate of over N400 to one dollar, thereby causing business to be folding up by the day and prices of goods skyrocketing every day.

The Special Assistant on Public Communications and New Media to the governor, Lere Olayinka, in a statement issued in Ado-Ekiti on Sunday, quoted the governor as saying that apart from breeding corruption through round tripping or foreign exchange arbitrage, Nigerians are also being duped and middle class Nigerians, the main people that grows the country’s economy, are being decimated.

The governor said President Buhari was applying his 1984 failed economic policy in which prices of goods were fixed not minding the cost of supply, such that essential commodities like milk and sugar became scarce and Nigerians were made to line up in the sun to buy rationed commodities.

He urged the President to pay more attention to the ailing economy of the country instead of junketing around the world, wasting $1 million per foreign trip, saying; “President Buhari has travelled to 24 countries in eight months, and will be spending 16 out of the 29 days in February outside the country, with over $500,000 being spent on estacode while the Presidential Air Fleet, which includes fuelling of the planes and allowances for crew members is said to be in the range of $500,000.

“The President’s entourage obviously collect their travel allowances in dollars on official rate of N199 and come back to Nigeria to change it at the open market rate of N400. That must be the reason they encourage the President to be junketing abroad when life is becoming unbearable for Nigerians.”

The governor said, “The situation is such that Nigeria gets say $2 billion revenue in a month, calculates the $2 billion revenue on the basis of the official CBN rate of N199 and share the revenue among the three tiers of government.

“In elementary economics, the implication is that when revenue is calculated based on N199 to one dollar and the federal government will be declaring say revenue of N400 billion to be shared by the three tiers of government, the value of revenue that should have been shared will be over N800 billion at the open market rate of N400 to one dollar.

“Meanwhile, the three tiers of government pay salaries to workers on the basis of N199 per dollar while the workers pay for goods and services which prices are determined by the open market rate of N400 to one dollar.

“Also, Nigeria is now faced with a situation whereby funds are obtained from the official forex market (at lower rates) and diverted to other markets and sold at a higher rate by forex dealing banks and users, who make billions of naira profit just for doing almost nothing.

“Therefore, the reality that we must all accept is that we must allow the forces of demand and supply to determine the value of our currency, not administrative fiat. Most importantly, the government does not have the reserves to keep the naira-dollar rate at its official level.
“The Naira must therefore be devalued. Anything other than this will mean that we are deceiving ourselves with forced foreign exchange rates and it is my position that this regime of deceit must stop.”

http://www.financialwatchngr.com/2016/02/21/devalue-naira-now-your-forex-policy-short-changing-nigerians-fayose-tells-buhari/

The Central Bank of Nigeria (CBN) said it compelled Deposit Money Banks (DMBs) to refund N6.2 billion to customers they over charged as cost of transactions in 2015 alone.

This is contained in a statement made available by the Director, Corporate Communications, CBN, Mr Ibrahim Mu'azu in Abuja on Saturday.
According to the statement, the apex bank is always ready to checkmate banks and protect customers from illegal, excessive charges.

"The Revised Guide to Bank Charges clearly specifies allowable charges for all banking services; the CBN does not in any way condone the fleecing of banking customers under any guise.

It was in the quest to provide a strong voice to banks’ customers and moderate the arbitrary charges that the CBN in 2012 established a Consumer Protection Department.

"The CBN has investigated over 6,000 complaints relating to unauthorised bank charges brought to its notice, following which banks have been compelled to refund N6.2 billion to affected customers in 2015 alone.

"The CBN wishes to reiterate its resolve to continuously enforce the provision of the Revised Guide to Bank Charges and urges members of the public to report cases of infringement to enable it investigate and apply sanctions on any erring DMB", it stated.

The statement urged bank customers to forward complaints of excessive bank charges to the Director, Consumer Protection Department, of the CBN.

http://www.financialwatchngr.com/2016/02/21/illegal-charges-2015-banks-refund-n6-2bn-cbn/

The Minister of Transportation, Mr Rotimi Amaechi, said on Friday that the Lagos-Kano Rail project would be completed in the next two years.

Amaechi, who said this while inspecting the Abuja-Kaduna rail project in Kaduna, added that it would generate employment for 250,000 Nigerians.

He said the ongoing rail project from Lagos-Kano and Lagos-Calabar would generate more employment than the Abuja-Kaduna rail modernisation project.

He further stated that a training institute would be established by the Chinese company to train Nigerians on operations, maintenance and communication.

“For the Lagos-Kano and Lagos-Calabar rail project, we expect to generate like 250,000 employment opportunities both formal and informal.

“We are negotiating with General Electric in America to construct a narrow gauge from Lagos to Kano and they cannot run that without training Nigerians.

“If the communication system goes down how do we revive it, so they would also teach Nigerians how to maintain it.

“ If we want to replace it, how do we replace it, so the key thing is transfer of technology and that will be the focus of the ministry.’’

He said government would ensure that the rail service was affordable for the masses.

http://www.financialwatchngr.com/2016/02/20/lagos-kano-rail-generate-250000-job-openings-says-amaechi/

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3. Fluency in written and spoken English (additional languages are desirable).
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Job Posting
: 10-Jan-14, 9:05:54 AM

Closing Date
: Ongoing

For further details and application process visit the link below

http://www.financialwatchngr.com/job/cabin-crew-jobs-at-emirates-2016/

The Executive Vice-Chairman, Nigerian Communications Commissions, NCC,Umar Danbatta,has said the Commission would sanction telecommunication operators who defraud Nigerians through dropped-calls.

The NCC Executive said this during a meeting with reporters from the North West, North Central and FCT in Kano, where he presented the Commission’s eight-point agenda.

Danbatta said dropped-call rate is the fraction of the telephone calls which due to technical reasons, are cut off before the speaking parties finish their conversation.

He said this were being used by some telecom providers to deduct money from phone users as the fraction was usually measured as a percentage of all calls.

He said that the Commission had put in place mechanisms to ensure regulatory excellence and operational efficiency to maintain commitment to transparency.

Danbatta explained that part of the measures was for NCC to monitor calls, adding that any call that was not a dropped-call and was charged would be detected and the telecom provider sanctioned.
He added that “there is a limit to which a call can be dropped.

“We have put in place parametres to monitor what is happening, especially as regards drop calls, this will locate the operator to ensure that they maintain standards.

“When these parametres are analysed, we will be able to detect the drop calls from service providers and the operator’s attention will be drawn to enable it to address the problem.

“If we do not notice any sign of improvement on dropped call rates, then we will sanction erring operators.’’
access to the Internet would be free in Nigeria in the nearest future. (NAN)

“We are working on plans to improve data access in Nigeria and it is captured in the eight-point agenda of the Commission’’.
This, he said, would ensure that at least services were available, accessible and affordable to consumers.

He expressed the hope that access to the Internet would be free in Nigeria in the nearest future. (NAN)

http://www.financialwatchngr.com/2016/02/14/ncc-to-sanction-telcos-ripping-off-subscribers-through-drop-calls/

The Nigerian Stock Exchange, NSE, is offering more products ahead of a possible listing to lure investors whose confidence have waned following the nation’s weak currency and oil price plunge.

NSE Boss, Oscar Onyema, speaking with Reuters, said: “We would like to give exposure to asset classes that we are not necessarily trading.”

Onyema said that the NSE, one of the main entry points for foreign funds into Africa, plans to launch a clearing house to allow futures and options trading this year.

“It will also change its ownership structure this year, a move that might bring in investors from abroad or lead to a share offer at some stage later,” Onyema told Reuters in an interview at the bourse located in the commercial hub of Lagos.

The exchange, which has been hit by an exodus of foreign investors due to an economic crisis sparked by a slump in oil revenues, saw the total market capitalisation of companies listed there halve to around $42 billion from $86.3 billion in 2007 when the market was booming. Daily trading has dropped on average to less than $10 million, down from $100 million in 2007, brokers say.

“It now plans to add options to its portfolio of products to boost this flagging liquidity and help investors manage risk. To reach that goal, Africa’s second-largest bourse, after Johannesburg, launched a clearing house which will be independent and will have banks, the central bank, and other stock exchanges as members,” the Harvard graduate said.

Onyema also said that the bourse was on track to change its ownership structure this year from a mutual firm of 500 broker members to add shareholders with the aim of improving governance and possibly to open up new funding sources, including the possibility of a share offer.

http://www.financialwatchngr.com/2016/02/13/nigeria-stock-exchange-to-expand-product-range-to-lure-investors/

CPC has directed MTN Communications Limited to pay 1.85 million Naira to one of the winners of its Ultimate Wonder Promo for lack of due diligence.

The order of the Consumer Protection Council (CPC) came on the heels of a complaint brought by Mr Omeje Fidelis against the mobile telecommunications giant that he had been underpaid after he was declared winner of two million Naira in the said sales promotion held in 2012

According to Omeje, he participated in the promo and was called through MTN line 180 on October 10, 2012, that he had won two million Naira in the Ultimate Wonder Promo and that on October 12 of the same year, he got a text message informing him of the presentation ceremony fixed for October 19 at the Nicon Luxury Hotel in Abuja, Nigeria’s capital.

The complainant asserted that during the said ceremony, he was presented with a dummy cheque of two million Naira with his name on it while he was interviewed as well as paraded before the media and the world as a winner of the said amount.

He recounted further that he was stunned to receive another call from MTN line 180 on November 2, 2012 that his winning was 150,000 Naira and was thereafter, given a Verve ATM card for that amount.

In its response to the Council’s intervention, MTN denied the claim of Omeje, saying that he was from the on-set informed that his winning was 150,000 Naira and that the complainant deceitfully presented himself when winners in the two million Naira category were called forward on the day of the prize presentation.

The company stated further that Omeje’s antics were discovered at the verification of winners, which was done after the ceremony and he was thereafter, contacted through its 180 line on his misrepresentation pursuant to which he apologised.



But the CPC demanded for the call data of the communications of October 10, 2012, when Omeje was informed of his winnings of 150,000 Naira but MTN failed, refused and neglected to comply with the request made both in 2012 and 2016.

In its orders, the Council frowned at the consistent refusal of MTN to provide “the call data records evidencing details of communication with the complainant”, declaring that “in the absence of this material evidence, which is solely in the possession of the respondent, the CPC must resolve the issue in favour of the complainant”.

It further declared that “the process of the MTN Ultimate Wonder Promotion whereby the verification exercise was conducted after winners were identified, declared and winnings presented publicly is grossly flawed, lacking in transparency, inequitable and apparently calculated to deceive consumers”.

The CPC, on the strength of these observations, directed the MTN to pay within 14 days of receipt of its order, the sum of 1,850,000 Naira “Being the unpaid part of the two million Naira prize won by the complainant in the 2012 MTN Ultimate Wonder Promotion”.

Commenting on the issue, the Council’s Director General, Mrs Dupe Atoki, reaffirmed the obligation of businesses to desist from promos that are not honest, transparent, equitable and faithful or designed to deceive consumers.

http://www.financialwatchngr.com/2016/02/11/cpc-orders-mtn-to-pay-1-85m-naira-to-promo-winner/

Following the issues affecting the oil and gas sector of the economy, the Ministry of Labour and Employment has convened a stakeholders forum scheduled to hold in Abuja on Thursday. The Minister, Sen. Chris Ngige, revealed this on Wednesday during an interactive meeting with contractors in the sector. He said that the meeting is aimed at dowsing the tension in the sector, particularly over labour issues.

“It is important we speak with you on certain allegations that has been laid by both the principal oil companies, PENGASSAN and NUPENG, such as the staff contracting, some of your companies are involved in outsourcing of staff and some of these jobs are due to Nigerians. Even when you know that Nigerians are qualified, they are sidelined.

“Two, that when you collect your payments from the principal oil companies, the majors, you do not pay Nigerians who you so recruit, for whom you are liable in terms of their payment of salaries.

“Three,that you also fail to remit pension benefits, taxes, National Health Insurance Scheme and compensation as under the Compensation Act of Nigeria to the appropriate organs of governments.”

The Permanent Secretary in the ministry, Dr Clement Illo,said that the ministry would soon embark on the verification of recruiters licençe in the oil and gas sector, adding that the recruiters’ license was essential for each company operating in the country as it contained general provisions for employment.

http://www.financialwatchngr.com/2016/02/11/minister-to-meet-with-oil-sector-stakeholders-over-plummet-in-oil-prices/

The Organization of Petroleum Exporting Countries, OPEC, on Wednesday February 10, said Nigeria witnessed an increase in crude oil production in the first month of 2016 while production decreased in the country’s closest African rival Angola.

Relying on data from secondary sources, OPEC said crude oil output rose to 1.8m barrels per day (b/d) in January from 1.7m b/d in December 2015.

OPEC’s crude oil production based on direct communication also showed that output increased from 1.6m b/d in December to 1.9m b/d in January.

But the country’s output levels still fall below the 2.2m b/d target set by the federal government in the 2016 budget, the OPEC data also showed.

In its Monthly Oil Market Report (MOMR) for February 2016, the oil cartel said crude oil output also increased mostly from Iraq, Saudi Arabia and Iran, but production showed a decrease from Angola, Venezuela and Algeria.

OPEC said the total crude oil production by its 13-member group in January averaged 32.33m b/d, an increase of 131,000 b/d over the previous month.

Production upsurge in Nigeria was assisted by an additional rig count, the report showed. Africa’s top oil producer recorded 28 rig count in January up from 27 in December 2015.

The rig count is essentially a reflection of the level of exploration, development and production activities occurring in the oil and gas sector.

The head of Energy Research at Ecobank, Dolapo Oni, said the coming on stream of two fields operated by Shell and Chevron must have contributed to the rise.

Oni said, “ Shell brought on Phase 3 of Bonga, and Mobil also completed Erha North. Shell’s Phase 3 was 55,000 barrels while Bonga was 50,000 barrels. Both of them must have contributed to the increase.”

OPEC said the non-oil private sector in Nigeria had a modest improvement in business conditions in January.

http://www.financialwatchngr.com/2016/02/11/nigerias-oil-production-output-leaps-in-january-remains-below-budget-target-opec/

World Bank on Wednesday, February 10, unveiled a $160m (about N31.52bn) Growth and Employment Project to facilitate the provision of access to finance and technical assistance for micro, small and medium enterprises, MSMEs, in Nigeria.

In order to push through the initiative, Business Innovation and Growth, an online platform code-named BIG, was launched in Abuja by the Minister of Trade, Industry and Investment, Okechukwu Enelamah.

Largely an initiative of the Federal Ministry of Trade, Industry and Investment and funded by the World Bank, BIG is the main channel through which GEM assistance is expected to be made available to MSMEs to stimulate economic activities in some key non-oil sector areas.

Some of the identified GEM sectors include ICT, construction, entertainment, light manufacturing, including agro-processing, and hospitality and tourism. Speaking during the formal launch of the initiative, which has three years implementation time frame, World Bank’s country director for Nigeria, Rachid Benmessaoud, said the project would not only help to complement the nation’s industrialisation efforts, but also assist the present administration’s quest for job creation. Explaining the modalities for accessing the funds, the World Bank chief noted that MSMEs operating under the GEM sectors throughout Nigeria would be invited to register on the BIG platform through its dedicated website.

He hinted further that the enterprises would apply and be screened, and that if they meet the required criteria, would be given access to high quality training and capacity building. If they pass through the training phase successfully, they may become eligible to apply for grants.

http://www.financialwatchngr.com/2016/02/11/world-bank-launches-n31-52billion-package-for-nigerias-msmes/

Traditional rulers in the Niger Delta region have decried the resurgence of violence, destruction of oil pipelines and kidnappings of their members.

National Executive Council of Traditional Rulers of Oil Producing Communities of Nigeria, TROPCON, made the observation at its emergency meeting in Port Harcourt, Rivers State capital, yesterday.

National Chairman of the group, HRM Akuweze Ikegwuruka, meanwhile, called on the Federal Government to fast track the development of the Niger Delta through its various state agencies. He also pledged the group’s support to the current anti-corruption drive of President Muhammadu Buhari.

The traditional rulers, however, urged the Federal Government to kick start the process of diversifying the economy in the face of dwindling crude oil prices.

http://www.financialwatchngr.com/2016/02/10/niger-delta-monarchs-decry-spate-members-kidnap/

The Nigerian National Petroleum Corporation (NNPC), said 38 dollars per barrel oil benchmark is feasible by April as projections suggest that prices will go above the benchmark then.

The Group Executive Director, Finance, NNPC, Isiaka Abdulrazak, stated this while briefing the Senate Committee on Finance in Abuja on Tuesday.

He said based on projections derived from economic activities across the globe, oil prices would not go below 40 dollars per barrel before the end of 2016.

“The winter in the Northern Hemisphere has been very aggressive this year which is good news for us because it is also helping with the oil price.

“By our projection and the analysis done by international analysts, the oil price should go back to well above 38 dollars per barrel.

“Toward the end of the year, the most conservative projection for the end of the year is that the price will not go below 40 dollars per barrel.

“So, we are confident that the current price of 38 dollars per barrel is attainable and sustainable from the budget”, he said.

Abdulrazak explained that the economic growth of India and the growth expectations of other economies also suggested that the demand for oil would also increase.

He expressed optimism that the tempo in oil and gas production would be maintained if security situation in the region was maintained. (NAN)

http://www.financialwatchngr.com/2016/02/09/nnpc-says-oil-benchmark-to-stabilise-by-april/

Ms Munat Roberts, a U.S. based economist, has advised the Federal Government to invest more on Information, Communication and Technology (ICT).

Roberts made the call in an interview with the News Agency of Nigeria (NAN) on Tuesday in Abuja.

The expert said that children between the ages of eight and 17 were not being given priority in government’s programmes on ICT.

Roberts, who is also the Chairperson, West Coast Economic Summit (WCES), said her organisation would soon organise a “junior technology innovation camp” for children abroad.

“These children will be trained for two weeks in ICT- related programmes such as a robotic engineering, Apples programme and development of Apples for their phones.

“ We will have a section where girls will do their own programming differently; they are going to be doing seven things based on the number of children.

“It is going to be a campus-based experience and with that they will start a foundation for young children training in the area of technology.

“I haven’t seen any programme in Nigeria for that age bracket; the focus has been on older people and no space for the younger ones.

“So, this will enable them to do that and for these children going there can be as pioneers and later go to school in there and they will be accepted.

“We are looking at range of 50 to 70 children; we want to look at the major organisations that will partner with us so that the cost can come down,’’ she said.

Roberts also urged the government to support the Small Medium Enterprise (SMEs) as drivers of the economy and also to educate prospective investors on the requirements of investing in the country.

She particularly called on the Nigeria Investment Promotion Council (NIPC) to educate investors on its “One Stop Shop’’ initiative on providing information on modalities of doing business in the country.

The expert commended the Federal Government for the implementation of the new electricity tariff.

“I think, the government is doing a good job now in terms of increasing tariff on electricity which is a good thing.

“We always compare other countries with Nigeria, but guess what?

“We do not pay like other countries pay, so if we are expecting to have power for 24 hours, we need to pay.

“Nigerians, including me, must form the habit of paying their bills promptly,’’ she said.

http://www.financialwatchngr.com/2016/02/09/economist-urges-fg-to-invest-more-on-ict/

The Central Bank of Nigeria, CBN, has bemoaned the about $40 billion depletion from the nation’s external reserves in 10 years due to the taste for imported goods by Nigerians.

To stop bleeding the external reserve, the CBN has urged Nigerians to begin to process raw materials so as to get more value and earn more foreign exchange.

According to the CBN governor Godwin Emefiele, “exported raw materials such as crude, wood, cocoa amongst others whose end products are later imported, are being sold cheaply and bought back at more expensive rates.”

He said the level of the external reserve will be significantly beefed up if fuel which takes up 20 per cent of Nigeria’s import bill is locally produced.

Defending the decision of the CBN to support the real sector, Emefiele said the apex bank “is convinced that the sector has sufficient employment capabilities, high growth potentials, contributes significantly in accretion to foreign reserves, expands the industrial base and diversify the growth potentials of the economy.”

Emefiele said Nigerians must, by now have been tired of hearing people talk about the potentials of Nigeria, adding that now is the time to live that dream. “ We can achieve our goals and give Nigerians the chance to live longer, better and more fulfilled lives,”he said.

To make this possible, the CBN governor urged “to Nigerians to patronise locally made products to encourage the manufacturers to remain in business, interventions by the bank are centered around agriculture, Micro, Small and Medium Enterprises (MSMEs) and Infrastructure intervention.”

The CBN governor also disclosed that in order to make the real sector attractive to the banking industry, the apex bank has injected over N1.3 trillion into the sector.

http://www.financialwatchngr.com/2016/02/09/external-reserve-sheds-40billion-in-10-years-cbn/

Giant cement manufacturer, Dangote cement has slashed the price of its cement varieties as a result of its economy of scale occasioned by the recent introduction of new production lines in Okpella Edo State and Itori in Ogun State worth nine million metric tonnes,

The company, in a statement, stated that the price cut from N1800 to N1300 was to ensure the product is affordable to all segment of users.

In the same light the company has gone a step further to train block moulders on the right mix to get quality blocks.

Speaking in Umahia, the Abia State capital during a national meeting of the National Association of Block Moulders of Nigeria (NABMON), Regional Sales Director, Dangote Cement, Johnson Olaniyi, stated that Dangote Cement considered incessant building collapse as an indictment on all sector operators hence his company’s resolve to continue the collaboration with all so as to tackle the menace.

While assuring that Dangote Cement would continue to ensure that block moulders have access to its quality cement as part of its contribution to the war against building collapse, the Sales Director further stated that the company reduced the price of its cement from N1800- N1300 to enable Nigerians have unhindered access to the product.

http://www.financialwatchngr.com/2016/02/09/dangote-slashes-cement-price-again/

The recently constituted Efficiency Unit in the Federal Ministry of Finance has stated that it aims at saving for the federal government some N12 billion annually by driving efficiency on government procurement processes.

The Head, Efficiency Unit, Patience Oniha, disclosed this in Abuja on Wednesday, February 3,at an interactive session with the press.

Oniha said the N12 billion would be saved when government adopts a procurement regime where it would purchase most of its items in bulk and enjoy some discount from contractors like is been done in the private.

She explained that “the current overhead for the Federal Government is about N400 billion. So if the FG can achieve 5 percent discount on just 60 percent (N240 billion) of that amount in procurement, N12 billion will be saved.

“Government can be a bigger purchaser of items rather than buying items in piece meal,” she said.

http://www.financialwatchngr.com/2016/02/04/fg-to-save-n12billion-from-unwanted-overhead-costs/

The Islamic Development Bank (IDB) will develop a plan for the rebuilding of northern Nigeria, the President, Dr. Ahmad Mohamed Ali, has said.

He spoke at IDB’s headquarters in Jeddah, Saudi Arabia, when he received five governors from the Northern Nigerian States Governors Forum (NGSGF).

The delegation, led by Borno State Governor Kashim Shettima, included Dr. Abdullahi Umar Ganduje of Kano State, Nasir Ahmad El-Rufa’i of Kaduna State, Umar Tanko Al-Makura of Nasarawa State and Muhammad Badaru Abubakar of Jigawa State.

Ali said: “We will work to come up with a comprehensive and constructive plan to support northern Nigeria. “We will start with education, particularly bilingual education and other areas, such as job creation.

“Before you leave Jeddah, I will like to have a list of your priorities, from education to power, agriculture and so on.”

Governor Shettima said: “In Nigeria, poverty wears a northern face.”

He said the purpose of their visit was to explore avenues to enhance development.

The governor said the region suffered joblessness, low access to education and health care, despite abundant resources.

His words: “It’s a giant with a feet of clay.”

Governor El-Rufa’i told the IDB president that the Northeast required intervention in education, electricity and poverty reduction, adding that insurgency caused poverty.

IDB’s Vice President (operations) Dr. Mansur Muhtar said IDB would look into areas of intervention, particularly in the development of infrastructure, which is a priority in the bank’s 10-year development strategy.

He thanked the delegation for visiting IDB, hoping that it will create a partnership to mobilise resources for the region’s development.

http://www.financialwatchngr.com/2016/02/01/islamic-bank-plans-to-rebuild-north/

Growing investigative and insightful fortnightly politico newspaper, The New Diplomat has questioned the 2015 N271 billion budget of the Niger Delta Development Commission (NDDC).

The paper’s Economic Intelligence Team carried out the investigations and findings in the nine constituent-states of the Niger Delta – Abia, Akwa Ibom, Bayelsa, Cross River, Delta, Edo, Imo, Ondo and Rivers.

A statement by the Head of Supplements and Special Projects, Mr. Tunji Sanniowo, gave a breakdown of the 2015 budget as follows:

Head Office/Regional Offices: N88,030,000,000; Abia: (N10,155,193,00),

Akwa Ibom: (N40,712,762,909.),

Bayelsa (N28,696,092,624),

Cross River (N9,058,333,333),

Delta (N30,481,173,139.),

Edo (N11,559,522,492.),

Imo (N10,075,925,015),

Ondo (N13,143,026,930),

Rivers (N29,178,057,821), totaling N271, 089, 998,023.00.

The New Diplomat is a fortnightly magazine which prides itself as Nigeria’s global voice in business, political and diplomatic reporting provides a platform for effective interaction between innovation, leadership and public policy.

Some of its Advisory Board writers include award-winning Cambridge University trained Economist, Dr Ayo Teriba; one of Africa’s foremost media Scholars and founding father of Highway Africa in South Africa, Dr Roland Stanbridge, Poet, activist and Lawyer, Dr Ogaga Ifowodo, former Acting Assistant Secretary General at the United Nations(UN) and Harvard trained Economist, Amb Eloho Otobo, and others.

Its mission is to break news and track Afro-centric developments with accuracy and distinctiveness.

http://www.financialwatchngr.com/2016/02/01/new-diplomat-questions-nddcs-n271b-2015-budget/

Democracy is globally celebrated as the most civilized system of government as a result of its philosophy deeply rooted with the people. There are as many definitions given to the term as there are as much political scientists, this is because of the many great opportunities and the freedom associated with a democratic government. In spite of these different definitions on democracy, all proponents agrees that it is a government of the people.

This means a government that claims to be democratic must be deeply rooted with the people and all classes of the masses must be carried along. This is the 17th year of democracy in Nigeria uninterrupted, although we are yet to shake off all remnants of autocracy and the military antecedents from our system, because most of our legal framework are products of the military, but we as a nation have also recorded a milestone in passing through a peaceful transition.

While we are celebrating a peaceful transition, a feat many said cannot happen and have given 2015 as the end of a united Nigeria, we should take a moment to observe the body movements of the new government in power. After all when they took over the reins of governance, we were quickly introduced to the word “body language” as a force that is resetting some of the anomalies in the system even before the administration kicked things off.

The then spokesman of the All Progressive Congress (APC), Alhaji Lai Muhammed told Nigerians that although the President has not done anything in the power sector, the body language of President Muhamadu Buhari is doing a sweep across boards, fixing all that needs to be fixed. Whether Nigerians bought into it is not the purpose of this article, but the fact that the President’s body language is tilting towards suppression of freedom of speech and the press is a fact that those who care to see should be concerned with.

When the Senate passed a dubious and infamous “anti-social media bill” through the first and second reading and was about becoming a law, the media was set ablaze with with a deafening “no” to the move, the Presidency quickly distanced themselves from the bill and the red chamber became the sacrificial lamb, although not really a lamb in that dubious bill.

During that time a lot of things was giving me a hard time to deal with. Why would a bill like that surface out of the blues after about six months of this regime? What was the handwriting on the wall? Who will benefit most from that bill if passed into law? Are the senators actually the only guilty party in that undemocratic bill? I was afraid and scared to think if it is still the “body language” in action.

During the last presidential campaign, some of the issues raised against the candidacy of General Muhammadu Buhari was his tendency for despotism, autocracy and suppression of free speech. Against all warning signals majority defied all caution and opted for change.

Certain things happening around gives a serious cause for concern. Since the new government came into power, there have been cases of unlawful detention against court orders which the president openly justified on national television.

There are also reports credited to the presidency implying that the judiciary is a stumbling block in prosecuting the fight against corruption. From all intents and purposes this is by far unheard of in a fragile democracy like ours, how can such statements be in public domain? I am a believer in bringing all those that looted our common wealth to justice, but this must be done in the corridors of rule of law. If this regime wants to fight corruption outside the law by isolating the judiciary, then what Nigerians will get is anarchy, despotism and extra-judicial killings.

Just recently, Dr John Danfulani a lecturer with the Kaduna State University, KASU, is being held for alleged inciting and hateful statements in the social media against the people of northern Nigeria, thereby, capable of causing breakdown of law and order in northern Nigeria and other parts of the country. Is it a coincidence now there is a new sheriff in town that some criticism are now regarded as “inciting statements” or is it that Nigerians recently learned how to rant on social media?

I am not a prophet but you have to trust it when I say that in the months to come more cases of arrests, unlawful detention and flaunting of court rulings will be on the increase. The time for the media to act is now, when a government’s body language starts moving towards anarchy, you have to understand that everyone will be a casualty.

The bill “may have died a natural death” but the unvarnished truth remains Nigerians have been put on notice. If the people and the media keeps silent on this menace, the senate may dust up the bill and complete the job they started.

http://www.financialwatchngr.com/2016/01/31/what-is-happening-to-freedom-of-speech/

this guy killed it in d movie "state of emergency"

this can help son

www.financialwatchngr.com/2015/12/16/dangers-choosing-wrong-career/

As a result of the harsh economic situation in Nigeria and the rest part of the world, the difference between a “job” and a “career” has been blurred in the strife for survival. In spite of the prevailing hardship, some still insists on pursuing a career rather than just settle for any kind of job.

A job is a general word used in describing what a man does in exchange for wages or salary. Due to the simplicity and usage of the word “job”, it is difficult to separate the nature, form or its demands in the labor market. Career is more professional and specific. While anyone may choose to portray a career as a job, and vice-versa; the differences lies in the underlining passion, commitment, professionalism and the longer term nature of a career.

It is more fulfilling to describe an individual as a career person identified with a particular profession. There are very few careers as against countless jobs a man can do to survive. The professional nature of a career has made it pretty easy to clearly distinguish them. We have engineers, accountants, lawyers, doctors, web developers, politicians, banking, writers, footballers, wrestlers, athletes, broadcasters, journalism, electrician, estate managers, auditors, etc.

In our society today, the question is usually about which company or organization one works, very few people wants to know the answer to the question “what is your career”? As long as it pays the bills nobody cares.

Whether you chose to call what you do a job or a career, choosing the wrong path can be challenging. The choices we make largely depends on the orientation we have in the early years of our existence. Parental upbringing and the school teacher has a big role to play. We can only act on what we know, and what we do not know does not affect our lives.

It is very easy to tell your child he or she will be a doctor, lawyer or a politician, the child processes that information and his life get structured towards becoming a doctor. Unfortunately it is not that easy, it goes beyond just proclaiming your child as a doctor, attention must be paid to how well the child performs in related subjects.

While parents and teachers can play a huge role in the future career of a child, the decision largely lies on the child. The career path one takes starts from the Senior School Certificate Examination (SSCE) because it determines the course to be enrolled in the university or other higher institutions of learning. This stage is very critical in shaping our career or the kind of job we do later in life.

Unfortunately in Nigeria labor market, your discipline has little influence on the job you can do. We leave in a society where a physicist works in the bank, a business administration graduate can be in the police force, a mechanical engineer will always be employed in an insurance company etc. This practice has also made it very difficult to pursue a career path in Nigeria.

There are as many excuses to land a wrong job or career, while very few stay true to what they really want in life, by passionately following their career, majority of others has settled for any kind of job as long as it pays the bills. Isn’t it all that matters? You may ask. But we cannot deny the fact that doing a job we are not passionate about is even more difficult on the long run.

Choosing a wrong job can be damaging when the chips are down. One of its consequences is lack of interest on the long run. And when you lose interest in your job, efficiency and effectiveness suffers. Productivity and accountability declines geometrically and your employers will be dissatisfied. In a nutshell, the following are the dangers and consequences of choosing a wrong job or career:

Lack of passion: When you first took up the job, the initial orientation is to be able to pay the bills, feed yourself, and survive the harsh economic condition in the country. All these were just a short term consideration with very little long term coloration. Although your immediate needs may be fulfilled but on the long run the passion you once had on the job declines because the job has little to do with your passion, you took up the job simply to survive and now you want more than that, you want that fulfilment and satisfaction but it would have been more easy to achieve if it were a job or a career you love.

Lack of interest: At a point when the passion for the job diminishes, the next thing that suffers is the interest. Nothing is more boring than doing a routine we have lost interest on. With the job becoming uninteresting, efficiency and effectiveness on the job suffers.

Your potentials may not be in use: it hurts when you are a footballer or a computer scientist and find yourself doing a job as an office administrator where your routine is carrying files from one office to the other. Deep inside you a memory flashes on how much you wanted to be one thing or the other in the hey days, but now you can’t even do just that. You feel the first zeal and energy in you, at that point it is only regret and anguish seeing a great potential not being put to proper use.

The job gets tiring and boring: On the long run when your short term goals would have been fulfilled, another need sets in. if your job is not the right one for you it becomes very difficult to fulfil the desire. This is where the job gets tiring and boring.

Low productivity: The primary need your employer wants to fulfil is productivity. They want you to add value and increase overall productivity. But with lack of passion, interest and value, your productivity decreases. Low productivity will put you in difficult situation with your employers and the work environment will become unsafe. When this happens one needs to go back to the drawing board and retrace the footsteps putting into consideration if the job is still on cause with long term goals.

May lead to loss of job: Low productivity comes with an unsafe work environment. An unsafe work environment comes with endless queries, memos, suspension from work and may lead to loss of job. An employer may tolerate insubordination, some few lapses but never an unproductive employee.

It can set one back in life: having lost your job either through resignation or outright dismissal, it brings one back to square one. It could be a setback in life if not properly handled. Assuming all your plans depends on the earnings from the job, losing it may mean postponing some of your plans in life like marriage, building your own house, or acquiring a higher degree. Choosing a wrong job or career can result in time wasting, especially when it has gone bad.

The consequences of landing a wrong job is not limited to the facts stated above, there are other issues and challenges that may arise and it depends on individual differences, goals and objectives. One interesting thing about the human nature is the ability to adapt. This means that the challenges that can emanate from a wrong career path can be managed.

If one can adapt to any situation, mitigating those challenges could be attainable. Dignifying what you do for a living is the first step. The general belief is that there is dignity in labor, take pride in whatever you do and motivate yourself to perform better whenever your interest is depleting. You can choose to try out new methods of performing a routine task to avoid boredom.


http://www.financialwatchngr.com/2015/12/16/dangers-choosing-wrong-career/

bank work again?

There are basically two set of workforce in the labor market, the employee who receives salary on periodic basis and the entrepreneur or “self-employed” who employs and pay wages or salary. These sets of workforce are necessary in the economy, the economy will not survive in the absence of any of those.

In recent times there have been a cause to debate whether to be an entrepreneur or settle for a salary job as an employee. This debate to some extent has been marred with so many misconceptions. Some of the misguided argument against entrepreneurship are:

1. It requires huge capital for start off
2. It is usually motivated by unemployment
3. Entrepreneurs lack the humility to work for others
4. Entrepreneurship has to do with crafts and little fixes
5. Entrepreneurship is simply setting up a small business
6. It is filled with uncertainty and usually unstable

These are the points usually raised against entrepreneurship whenever there is an argument on the subjects. Fortunately entrepreneurship is much more than that. To buttress my point, calling Alike Dangote who is Africa’s richest man an entrepreneur is not out of order. What am saying is that most establishments and great companies has at its foundation entrepreneurs with great business IQ.

On the other hand, proponents of entrepreneurship has also had their misconception about salary employees. Some of the arguments often raised are:

1. Being an employee is slavery
2. Salary limits ones achievements in life
3. They keep answering “yes sir” at work place
4. They are not in charge of their time
5. They can be sacked or dismissed at any time
6. Salary earners hardly become billionaires

The underlining factor in most debate on these subjects is usually marred with pride, arrogance and inferiority complex with both sides using various points as defense mechanisms. A proper understanding of what roles each workforce plays in the economy will better position one in making a right decision where to belong.

As I earlier mentioned, both segments are crucial for the economy of any nation to survive, so arguing which is better has no place in influencing decisions of where to belong. Now let’s put this into perspective by looking up into some facts about both segments.

UNDERSTANDING THE ROLE OF EMPLOYEES IN THE WORKFORCE

Employees play very key role towards the success of any organization, company or government. There is no government or company that can survive without civil servants or employees because of the key roles they perform. In summary the duties of an employee in any company, organization or government includes but not limited to the following:

1. Employees implement organization’s goals and objective
2. They are core in the day to day running of the organization
3. Employees are responsible for the production of goods and services of any organization
4. Employees market goods and services
5. Employees represent their organization’s interest in various capacities
6. Top management employees are also key policy makers
7. Employees carries out the policies of an organization

The list can go on endlessly as the role of employees cuts across many responsibilities. Employees are like oil that lubricates the engine of a machine. Not just as the oil, they also form the various parts of the workforce machine. Regardless of the organization and the duties one perform, being an employee can be a fulfilling experience and can adequately meet ones goals and objective.

The entrepreneur is the originator of a business idea, it goes through the following stages:

1. The ideation stage
2. Planning stage
3. Feasibility studies
4. Budget
5. Raising the capital
6. Implementation
7. Risk management
8. Business continuity plans
9. Periodic evaluation and score card

Being an entrepreneur demands that you factor these into consideration. Most businessmen fail after some few steps, but it takes more than just being a business man to beat the completion. Having gone pass through these stages stated above, the result is either a small and medium enterprise (SME), a corporation or a multi-national corporation.

The potentials of entrepreneurship are endless, it can go either direction depending on the scale of the principal. A lot of factors can determine how big or small a business can go. The economic environment has a lot to impact. There are challenges, just like any venture, entrepreneurship have its share of challenges. But with focus and clear vision, the results can be mouthwatering.

Whatever direction one chooses in life is dependent on personal goals, objectives and the will to actualize a plan. The truth is not everyone is cut for entrepreneurship or salary earning, each of these has their dignified place in our economy and they both can live a fulfilling lifestyle.

This articles is not about taking side with any of the aforementioned, but to try as much in my own words paint a picture of what it takes in any direction we chose. Whichever we chose, all that matters is the satisfaction that comes from the dignity of labor.

As we welcome a new financial year, I hope this piece will help in making the right decision.

www.financialwatchngr.com/2015/12/16/drawing-the-line-between-salaried-job-and-entrepreneurship/#

Charism:
Entrepreneurship seems to be the order of the day today, the press glorifies it, government officials put lots of emphasis on it as the only way out of poverty, its even a compulsory course for all university students. NYSC is all about it, from your afternoon lectures in camp, to your SAEED. But is it really worth it? Are they telling us the truth, or is it mere propaganda by politicians to give excuses for their failure?
Daily we are bombarded by happy ending stories of people who made it by starting up their business, we are told to emulate the likes of Dangote, Otedola, mike Adenuga. But the bitter truth is that not everyone will make it like Dangote. As a matter of fact the chances of Success is Very rare.
People who make it are the lucky ones, lucky in the sense that the have opportunities that others never had or will never have which they harnessed to their advantage.
Opportunities like capital, good location, skills, business climate, experience e.t.c. These variable are not things you have control over. Take for example Dangote started his business with just #500,000 (a huge amount of money during the 70's) given to him by his uncle Dantata (one of the richest men in nigeria at that time) who also groomed him in the tricks of business management. There are many people who have beautiful business plans out there, but no capital to fund them. Even when the capital is available, you don't any experience about the business climate of the business you are venturing into, its like a blind man crossing the highway unaided.
The truth of the matter is that not everyone is meant to be entreperneurs, if you believe in the determination, nothing-can-stop-me mantra, you might probably end up with a small food-stuff shop/kiosk business, or like the road side akara seller whose income would not be enough for you to start a family. If it were that easy, then our proffesors of business administration in our universitys, would have been top business moguls by now.
Truth be told, our politicians need to sit up! And make economic policies to would encourage investment and growth. If the economy is favourable, both entrepreneurs and employees, would be better-off.

congrats @op for championing a breed of lazy generation.

if u like u can mature all the ...logically... but without money u aint ready for any damn marriage.

The Minister of Communications, Adebayo Shittu, has revealed that the Federal Government will create two million jobs from the Information and Communication Technology (ICT) sector.

Shittu, who spoke at the maiden Nigeria Communications retreat organized by the Federal Ministry of Communications, at International Institute for Tropical Agriculture (IITA), Ibadan on Friday, January 22, said investors from China would be investing 15 billion dollars in the sector.

“Information and Communication Technology today creates more jobs than oil and gas and that can further be enjoyed, as investors from China would be investing N15 billion dollars in the ICT sector in Nigeria. So, potential two million jobs will be made available through investments in the sector,” he said.

The minister also disclosed that 550 post offices in different Local Government Areas in the country would soon start engaging in financial services like internet services, call services apart from the traditional letter posting.

“The time has now come to fully embrace ICT to enhance our lives, to enhance transparency and good governance if we are to really fulfill the “change” mantra that Nigerians voted President Muhammadu Buhari to bring about,” he said.

http://www.financialwatchngr.com/2016/01/23/fg-targets-2million-jobs-from-ict-sector/