By Dipo Olowookere

Trading on the Nigerian Stock Exchange ended on a positive note on Thursday with the market capitalisation closing at N9.471 trillion from N9.454 trillion the previous day.

This, Business Post learnt, was due to appreciation in the share prices of not less than 23 firms listed on the NSE.

This showed that the market capitalisation rose by N17 billion at the close of trading.

Also, the NSE All-Share Index appreciated to 27,574.09 basis points from 27,522.62 basis points.

The maximum index point attained during trading on Thursday trade was 27,756.67 basis points, while the lowest and average index points were 27,503.81 and 27,574.09 basis points respectively.

A total of 11 stocks recorded various degrees of depreciation as 242.741 million shares worth N1.737bn were traded in 3,067 deals.

The top five gainers at the close of trading on Thursday were Conoil Plc, Vitafoam Nigeria Plc, Trans-nationwide Express Plc, African Prudential Registrars Plc and AIICO Insurance Plc, while the top losers were Julius Berger, Caverton, Wema Bank, UBN and Flourmill.

While Conoil closed as N21.59 on Thursday from N20.57 it traded the previous day, Flourmill closed at N19.75 from N19.04 it opened with before trading on Thursday.

http://www.businesspost.ng/2016/09/09/nse-market-capitalisation-rises-n17b/

By Dipo Olowookere

Result of the admission screening exercise conducted by the Federal University of Technology, Owerri (FUTO), Imo State, has finally been released.

The school has pasted names of successful candidates from the screening on its website.

Those who participated in the admission screening exercise can now go on FUTO website to confirm if they scaled through.

FUTO has urged participants to check their score on www.portal.futo.edu.ng/Modules/Applications/PUTME/ScreeningForm.aspx.

Candidates are expected to enter their JAMB registration number in the space provided on the website and then click the ‘Submit’ button to view their score.

By Dipo Olowookere

Reports reaching Business Post indicate that foremost businessman, Olorogun Michael Christopher Onajirhevbe Ibru (OFR) is dead.

The deceased, who is the Patriarch of the Ibru family as well as the Otota of Agbarha-Otor Kingdom, Delta State, was said to have died in the early hours of Tuesday, September 6, 2016.

His death was confirmed by Guardian newspaper on Tuesday afternoon.

Details shortly.

http://www.businesspost.ng/2016/09/06/breaking-olorogun-michael-ibru-dead/

By Dipo Olowookere

Nigeria’s longest surviving indigenous bank, Wema Bank Plc, has continued its expansion plan with the reopening of its branch in Minna, Niger State.

This comes barely a year after the bank obtained a national banking licence from the Central Bank of Nigeria (CBN).

The reopened Wema Bank branch is precisely located at 35, Bosso Road, Minna, Niger State, and it is opened to new and existing customers.

“After Mr Segun Oloketuyi took over the management of Wema Bank in 2009, the first phase of his turnaround strategy was to scale down operations to the South West and South South regions,” explains Adeyemi Oshundiya, Regional Operations Executive, South West & Abuja at Wema Bank. “Minna branch was shut down as a result of this.”

“Now in the final phase of the turnaround plan, Wema Bank is stronger and poised for more growth, hence the opening of new branches and the reopening of some old branches.”

However, Oshundiya emphasizes that Wema Bank, in its quest for growth, will only expand to places where there are compelling business opportunities.

In its 2016 half year financials, Wema bank reported an 11 percent rise in profit and a 15 percent rise in turnover. Operating expenses only grew by 2.7%, a testament to the bank’s disciplined and innovative approach towards keeping cost of doing business low.

“The 2016 financial year has been characterized by deceleration on a number of economic indicators coupled with increasing energy costs, intensified by rising inflation, all within a tough operating environment,” said Mr Oloketuyi following the release of Wema Bank’s half year financials.

“In spite of these challenges, Wema Bank has been able to deliver a modest improvement in the first half of the year. We commence the second half of the year with a sense of cautious optimism; well aware that the economic fundamentals point to an economy heading for further slowdown, yet hopeful that additional fiscal initiatives will be implemented to stimulate growth,” he added.

While Wema Bank will continue its strategic physical expansion, the lender will also be playing a lot more in the digital space.

The bank’s growing E-banking platform includes a revamped, feature-loaded and constantly updated mobile banking application, innovative SMS and USSD Banking products (via *945#) which do not require token, mobile data or internet connection to complete transactions and an internet banking platform which gives users real-time access to their account from any internet-enabled computer or device.

Wema Bank was established in 1945, and offers a range of retail and SME banking, corporate banking, treasury, trade services and financial advisory to its customers.

In 2009, the Bank initiated a strategic repositioning exercise which culminated in a decision to operate as a commercial Bank with regional authorisation in South-South Nigeria, South-West Nigeria, Lagos and Abuja in 2011. Pursuant to meeting the Central Bank of Nigeria requirements, the Bank was granted a banking licence with National authorization in 2015.

Wema Bank operates a network of over 136 branches and service centres backed by a robust ICT platform across Nigeria.

Source: http://www.businesspost.ng/2016/09/05/wema-bank-reopens-minna-branch-photos/

By Dipo Olowookere

The industrial action by Resident Doctors of Ahmadu Bello University Teaching Hospital (ABUTH) earlier slated for Monday, September 5, 2016, has been moved to Thursday, September 15, 2016.

President of the association at the hospital, Dr Waziri Aliyu-Dahiru, disclosed on Monday that if the management of the hospital fails address issues of infrastructure decay at the facility raised, there would be no going back on their action.

Speaking at a news conference in Zaria, Kaduna State, Dr Aliyu-Dahiru disclosed that the strike was postponed because of the intervention of some elders in the state.

“Considering the antecedents and reputation of Prof. Abdulmuminu Rafindadi, (former CMD), the integrity of members of his committee, the ongoing efforts by the Federal Ministry of Health and other distinguished Nigerians, we hereby extend the ultimatum to September 15, 2016.

“This is to give enough time for amicable resolution of the problem and for the management to do the needful.

“In the event that the hospital management does not show any commitment at the end of all these interventions by September 15, we shall embark on a total indefinite strike,” he said at the news conference.

He warned that if their demands are not met before the new date, they would be left with no choice than to go an indefinite industrial action.

The doctors said the general neglect of the hospital had led to loss of accreditation of some of its courses, but the management of the hospital said it was working towards addressing the problems raised by the association.

http://www.businesspost.ng/2016/09/05/abuth-resident-doctors-postpone-strike/

By Modupe Gbadeyanka

President Muhammadu Buhari on Friday in Abuja applauded the founder of Facebook, Mr Mark Zuckerberg, for sharing his wealth of knowledge with Nigerian youths, and inspiring a new generation of entrepreneurs.

The President also commended Mr Zuckerberg for his “simplicity in sharing [his] knowledge and wealth with those with less income” in the society.

Mr Buhari, who received owner of the popular social networking website at the Presidential Villa in Abuja, further said the various meetings Mr Zuckerberg held with Nigerian youths since his arrival were most timely as the country was already exploring opportunities to spur development through entrepreneurship.

“Nigeria has always been identified as a country with great potentials for growth, especially with our youthful population, but now we are moving beyond the potentials to reality,” Mr Buhari told the Facebook founder.

Mr President noted that the simplicity and magnanimity of the entrepreneur, who is among the world’s richest men, had also challenged the culture of lavish wealth display and impulsive spending that had become peculiar to Nigerians.

“In our culture, we are not used to seeing successful people appear like you. We are not used to seeing successful people jogging and sweating on the streets.

“We are more used to seeing successful people in air-conditioned places. We are happy you are well-off and simple enough to always share,” Mr Buhari.

In his remarks, Mr Zuckerberg said he was impressed by the interest, energy and entrepreneurial spirit displayed by young Nigerians in all the ICT camps that he had visited.

“I was highly impressed by the talent of the youths in the Co-creation Hub in Yaba. I was blown away by their talent and the level of energy that I saw,” he said.

Mr Zuckerberg said he was in the country to promote the penetration of “fast and cheap” internet connectivity, Express-Wifi that would help people create online businesses and reduce poverty.

Source: http://www.businesspost.ng/2016/09/02/buhari-praises-zuckerbergs-simplicity/

By Dipo Olowookere

Barely two weeks after it released its flagship smartphone to the market, South Korean electronics giant, Samsung, has made a recall of its Galaxy Note 7.

There have been reports of the device exploding.

The company explained that it was aware of the problem, saying it was mainly “battery cell issue.”

Samsung said it has already confirmed 35 cases so far.

However, the company has promised to replace every unit already sold, while putting a halt on sale of the product already in the market worldwide.

Samsung addressed the media on Friday in Seoul, the South Korean capital, announcing the global recall of its Galaxy Note 7 smartphone.

The company said it has already launched a thorough investigation into the problem and will now try to identify other affected batteries in the market.

“Samsung is committed to producing the highest quality products and we take every incident report from our valued customers very seriously. In response to recently reported cases of the new Galaxy Note7, we conducted a thorough investigation and found a battery cell issue.

“To date (as of September 1) there have been 35 cases that have been reported globally and we are currently conducting a thorough inspection with our suppliers to identify possible affected batteries in the market. However, because our customers’ safety is an absolute priority at Samsung, we have stopped sales of the Galaxy Note7.

“For customers who already have Galaxy Note7 devices, we will voluntarily replace their current device with a new one over the coming weeks. Instructions on the replacement process will be shared next week.

“We acknowledge the inconvenience this may cause in the market but this is to ensure that Samsung continues to deliver the highest quality products to our customers. We are working closely with our partners to ensure the replacement experience is as convenient and efficient as possible,” Samsung said on Friday.

It is believed that about one million Galaxy Note 7 has been sold already.

The development comes at a time Samsung’s main competitor, Apple, is preparing to launch its latest iPhone next Wednesday.

There are speculations that this might pose a huge threat to Samsung’s share of the market because of this problem.

Samsung presently leads the smartphone market share with over 22%, while its main rival, Apple, follows with about 15% and Huawei in third. Other smartphone manufacturers share the remaining percentage.

http://www.businesspost.ng/2016/09/02/samsung-recalls-galaxy-note-7-battery-error/

By Dipo Olowookere

It is no doubt that since the Central Bank of Nigeria (CBN) changed the leadership of Skye Bank some weeks ago, the bank has not remained the same again.

Skye Bank and CBN have had to assured depositors and the general public that all is well, trying every possible means to allay the fears of people, especially depositors.

Also, the Lagos State government, which uses the bank for collection of different levies, including for tax collection and payment of workers’ salaries, has also said the bank is healthy. In fact, it told civil servants under its payroll not to close their accounts with the bank.

Vanguard takes a look at the issue and below was what the respected newspaper said on the issue.

Why CBN and Lagos state might fail to save Skye Bank

“SKYE Bank is not distressed.” CBN advert in several newspapers.

The Central Bank of Nigeria, CBN, and the Lagos State government have different reasons for desperately averting possible Skye Bank distress. Even the hint of likely distress inhibiting deposits and inviting a run on the bank is not in their interests. For the CBN, the collapse of any bank, at this time, is likely to create collateral damage affecting other banks, governments, the organized private sector and the financial system. So their anxiety on this matter is understandable.

Before the CBN advertisement, the Permanent Secretary, Lagos State Ministry of Finance was reported to have told Lagos State employees not to close their accounts with Skye bank.

The report was not clear whether what was issued was an order, a plea, or advice. None of them is without its perils for all concerned – Lagos State, the bank and the employees.

It is questionable if an employer, even a government can issue instructions to its employees regarding the bank to patronize after paying them.

While it might be acceptable for administrative reasons to request all employees to open accounts with a bank for salary transfers, it is doubtful if the state can force the civil servants to keep their money in the designated bank and risk their funds going down in case of distress.

Who then will suffer the consequences?

Advice, the public servants definitely don’t need especially when only the state’s and the bank’s interests will be served by compliance. SKYE bank certainly needs all the deposits it can get – more than ever before.

The state being a major shareholder in the bank also needs the bank to recover the confidence of other stakeholders in order to survive and perhaps improve its performance.

Depositors, including the staff of Lagos state, however, need a different sort of counsel. They need to be honestly informed about the real situation of the bank.

The CBN does not, without reason, order the change of directors and management of a bank unless a lot of things have gone wrong and some individuals charged with the management of the bank were involved – deliberately or inadvertently.

More perplexity is introduced by the fact that the directors and managers removed will apparently walk away without sanctions for putting every other stakeholder at risk.

Hundreds of thousands of depositors of SAVANNAH Bank and SOCIETE GENERALE Bank are still holding to empty air more than ten years after those banks were closed without previous warning from the CBN.

OCEANIC, INTERCONTINENTAL, BANKPHB etc were presented to the public as still strong banks until Sanusi replaced Soludo who helped to keep up the fiction of soundness.

So, why should depositors rely on a CBN which had failed them repeatedly and made them to pay dearly for it? To be quite candid, the last organization to declare a bank distressed is the CBN. Usually by then the depositors have been taken to the cleaners and their funds irretrievably lost.

Lagos state has its own problems with regard to SKYE Bank. Its shares in the bank, which sold for N17.50 per share in October 2008, are now going begging at 65 kobo per share.

The state has lost hundreds of millions of naira on that investment.

The quantum of loss is one of the most closely guarded secrets of the progressive governments since “Con-Soludo-tion” imposed by the CBN under Professor Soludo.

There is no shareholder alive who was not a victim of the calamity called “Con-Soludo-tion”. Lagos State is one of the biggest victims of the rush to acquire shares under “Con-Soludo-tion”, and it is understandable why the current government is eager to minimize the losses.

But, the truth remains. A grave mistake had been made; an error of judgment committed at the topmost levels of government.

As Agathon, 447-401 B.C, has reminded us, “Even God cannot change the past.” Lagos State is unlikely to recover those investments even if Ambode serves a second term.

The statement issued by the Perm Sec, if followed by public servants in the state, carries with it the risk that the state’s funds, now largely lost, will be followed down the drain by those of its staff – if anything goes wrong with SKYE Bank.

That would amount to a great disservice to the workers who were not consulted when the Governor who committed the state took the decision – admittedly in good faith.

But, such is life. There is always a lot of risk in banking. If there is none, everybody will be in banking. There is also a lot of risk in shareholding. If not, everybody will be in that venture too. In Nigeria, the combination of the two had almost always proved painful for a lot of people – except the insiders and manipulators who invariably walk away free. To some extent the reason Nigerian banking appears to be perpetually embroiled in crisis can be traced to our very lax laws which allow directors of banks to get away with their larcenies.

Until we stiffen the penalties for contraventions of banking rules, the nation will reel from one crisis to another.

Finally, it is curious that while others are desperately working to save the bank, its own directors are doing nothing. They are not reaching out to public opinion molders to present their plans for restoration of the bank.

http://www.businesspost.ng/2016/08/29/skye-bank-edge-total-collapse/

By Dipo Olowookere

The battle for selecting the flag bearer of the All Progressives Congress (APC) in Ondo State for the governorship election holding in the state in 2016 is taking another twist.

Business Post learnt that on Monday morning, those who work at the secretariat of the APC in Ondo State were shocked with what they were welcomed with.

Our reporter gathered that some fetish materials were spotted at the main gate of the party’s office, located on Oyemekun Road, in Akure, the state capital.

This, Business Post learnt, scared many party workers away from the place.

It was not clear who put the charms at the secretariat’s main gate.

Last week, the Ondo APC postponed its primary to Saturday, September 3, 2016, citing the need to put some things in order for a hitch-free exercise as excuse.

There has been allegation that national leader of the APC, Mr Bola Tinubu, is rooting for a special candidate in the primary, a development other aspirants are not happy with.

More photos here: http://www.businesspost.ng/2016/08/29/photos-fetish-items-flood-ondo-apc-secretariat/

By Modupe Gbadeyanka

President of Dangote Industries, Mr Aliko Dangote, has disclosed that his business estate would start selling foreign exchange to the Central Bank of Nigeria (CBN) by 2020.

Mr Dangote said this in Lagos on Monday at the Nigerian Economic Summit organised by Economist Events, an arm of The Economist of London.

“We are looking at a situation that by 2020, we will be the one selling FX to the CBN. Our projects are mainly import substitution. We are working to be self-sufficient to grow about a million tonnes of rice over the next five years,” the business mogul said.

He also said that his company should be able to generate about 12,000 megawatts of electricity for the country by 2018.

“Our gas project would have our gas pipelines on the seabed. The output should be able to provide about 12,000MW of power. We see a lot of transformation when we are done with most of our projects by 2018.

“We have 15 countries in the ECOWAS community that are duty-free. The export market is big and profitable if you have the capacity. Players in the manufacturing (sector) should be encouraged to export if they have the capacity. We must also meet local consumption,” he said at the occasion.

Mr Dangote further pointed out that, “This is the right moment to pursue the diversification of the economy, which we have been talking about. I know that once oil gets back to $80 per barrel, we will go back to the same misbehaviour.

“But I think this is the right time for that. Government must come up with the right policy, because if we don’t do it now, we may not do it. But low prices do not mean doom. In 1998-1999, the price of oil was $9. What we need to do is just to block the leakages and pursue diversification.”

He added that, “There are some areas where we are facing serious challenges and there are some where we are not.

“It depends on your business model. If your business model is to import 100 per cent, definitely, you will be facing challenges, because the inflow of foreign exchange is not where it used to be a year and a half ago.”

Also speaking at the event, Minister of Industry, Trade and Investment, Mr Okechukwu Enelamah, said the Federal Government was focusing on creating an enabling business environment to attract investment and fast-track industrialisation.

“The key is to create the right incentive, regulation and policy so that people can work with them and do more locally than just importing. The other thing I should mention is that Nigeria has an industrial revolution plan developed by the last government, but the plan needs to be revisited.

“We need to look beyond the rhetorics and actually implement what we are talking about, because I believe that if we implement them, we will get better result,” Mr Enelamah said.

On his part, the Group Managing Director of Access Bank Plc, Mr Herbert Wigwe, pointed out that, “We have a lot of manufacturers who have to rely on forex for their raw materials but who are going through tough times.

“However, are there opportunities? I believe there are. I think it is time for us to move towards import-substitution. But I think we need to do things to support the supply side of forex and liberalise the market.

“Even for those who have to source their raw materials locally, there is a value chain effect. If the entire value chain in a production process is not sorted out, we will have a problem. So, access to foreign currencies for raw materials is important. However, it is important that people start looking at how to use local raw materials to produce.”

http://www.businesspost.ng/2016/08/29/dangote-to-start-selling-fx-to-cbn-by-2020/

By Dipo Olowookere

The Jigawa State government has said it is targeting 18,000 women in the state for its goat multiplication farming programme.

The state government said it hopes this scheme would be a good source of foreign exchange earnings for its economy and as well take out of poverty in the state.

The goat multiplication farming initiative was introduced by Governor Muhammed Badaru Abubakar to wipe out poverty among women in the state.

He said such is practised in many African, Asian and South American countries.

According to the state government, it is targeting about 18,000 women in the 287 wards from the 27 local government areas of Jigawa.

The scheme, it said, was captured in the 2016 budget to rid the state of extreme poverty using agriculture.

Governor Abubakar explained in an interview that livestock development is an area his administration targeted to diversify Jigawa’s economy, improve women participation in economic activities and rid the state of extreme poverty especially amongst women.

He admitted that, “Our state has one of the highest levels of poverty especially amongst women and this is something we must stop,” saying that “The easiest and most effective way [to eradicate poverty] is through the goat multiplication programme which we borrowed from Botswana and South Africa, where millions of women were removed out of poverty.”

Mr Abubakar disclosed that millions of Naira was invested to buy thousands of goats so that, through a revolving scheme, every woman in the state that requires economic independence will be assisted to fulfil her dreams.

“We chose goats because of their high profit in terms of reselling value and capacity and reproductive frequency as well,” he said.

Source: http://www.businesspost.ng/2016/08/28/jigawa-export-goats-soon/

It is very important to have these vehicle documents before you hit the roads to avoid being harassed. Failure to produce these documents could also lead to your car being impounded.

See the list below:

1) A valid Driver’s License

2) Vehicle license

3) Insurance Certificate

4) Certificate of Road Worthiness.

5) Proof of Owernship

6) Learners Permit (If you are a Lerner, you must have an instructor with you, failure to do so is dangerous driving)

Another important thing to note is that the documents must be up to date. Don’t go around with expired or fake papers.

Source: http://www.businesspost.ng/2016/08/26/6-important-vehicle-documents-frsc-will-always-ask/

By Modupe Gbadeyanka

The United Bank for Africa Plc has announced its audited 2016 Half Year Financial Results for the period ended June 30, 2016.

Business Post learnt the results showed that UBA recorded gross earnings of N166 billion, net operating income of N109 billion and profit before tax of N40 billion.

Also, the bank recorded a significant growth in total assets, rising 20% to N3.3 trillion, crossing the three trillion mark.

Following the sterling performance, Business Post gathered, the bank’s Board has recommended the payment of N0.20 interim dividend on every ordinary share of N0.50 each.

Speaking on the results, Kennedy Uzoka, the GMD/CEO, UBA Plc said; the results have been achieved amidst waning economic fundamentals.

“We delivered profit in excess of N40 billion and grew balance sheet by 20%, with our on-balance sheet total assets crossing the N3 trillion mark. Even as Naira depreciation and inflationary pressure increased the cost of doing business in Nigeria, we leveraged our economics of scale, enhanced operational efficiency and Group shared service structure to moderate our cost-to-income ratio by 90bps.”

UBA achieved several strong positives in its performance for the half year. The bank’s net loan position rose 29% to N1.29 trillion partially boosted by the depreciation in the value of the Naira. UBA also recorded a significant 16% growth in deposits to N2.41 trillion already surpassing the 15% target growth in deposits set at the beginning of the year. Another positive for UBA was a drop in cost to income ratio to 63% as at half year compared to 64% in same period of 2015. It is noteworthy that the bank maintained its strong asset quality, with non-performing loans ratio at 2.4%; well below the CBN set limit of 5% for the banking industry.

Uzoka assured that; “UBA will sustain its culture of keeping a healthy balance sheet, with strong liquidity and capitalization, as reflected in the liquidity and BASEL II capital adequacy ratios of 45% and 18% respectively.” He further stated; “notwithstanding the current slowdown in economic activities, we see bright spots ahead, especially as we see strong prospect to grow market share across all chosen economies, through our enhanced dedication to customer service”.

Explaining the major drivers behind UBA’s strong performance, the Group CFO, Ugo Nwaghodoh said; “This impressive performance was driven by increased transaction volume, balance sheet growth and efficiency as well as a disciplined management of operating cost. We achieved a 60bps moderation in funding cost, despite the tighter interest rate environment, as we continue to improve our deposit mix, towards low cost savings and current accounts.”

Nwaghodoh said that UBA’s performance in the period endorses the bank’s resilient ability to profitably grow its business from sustainable core banking offerings.

“Notwithstanding the challenging macro and regulatory environment, we achieved a 17.3% return on average equity in the period” even as the total equity of the Bank grew 23% to N407 billion.

He explained that the bank’s African subsidiaries continue to record significant milestones in their performance, as two erstwhile loss making subsidiaries are now profitable and having positive contribution to the bank’s bottom line.

“Overall, African subsidiaries, contributed a quarter of the Group’s profit, with an even stronger outlook, as we deepen our penetration of the respective markets, the Group CFO added.”

United Bank for Africa (UBA) Plc, is one of Africa’s leading banking Groups with operations in 19 African countries and offices in three global financial centres: London, Paris and New York.

From a single country operation in Nigeria, Africa’s largest economy, UBA has evolved into a pan-African provider of banking and related financial services, to more than 11 million customers, through over 1000 Business Offices and diverse channels globally.

http://www.businesspost.ng/2016/08/25/uba-records-n40b-pbt-2016-h1-proposes-n0-20-interim-dividend/

By Modupe Gbadeyanka

Business Post has been reliably informed that there would be a restriction of movement in Ikorodu town, a suburb of Lagos State from Tuesday, August 23, 2016.

A chief in the town, who begged not to be name because he was not authorised to speak with the media on the issue, told our reporter on Monday, August 22, 2016, that the curfew is to celebrate the annual traditional rites of eluku in the town.

“The traditional rites will start from tomorrow (Tuesday) till Friday. The restriction of movement is from 11pm to 5am,” the chief told Business Post on Monday afternoon.

Also, a resident of the town, who identified himself as Mr Bode Akinsanya, said the announcement has already been made to those who live in Ikorodu.

“Yes, there would be a restriction of movement in Ikorodu from Tuesday till Friday because of the celebration of eluku. It is observed yearly and always announced in the media because of those who may want to pass through Ikorodu or who do not live here,” Mr Akinsanya explained.

Meanwhile, efforts by our reporter to reach the Lagos State Commissioner for Information, Mr Steve Ayorinde, on this issue were futile as at press time.

http://www.businesspost.ng/2016/08/22/curfew-in-ikorodu-on-tuesday-to-celebrate-eluku-festival/

By Dipo Olowookere

Reports reaching Business Post from Ondo State indicate that the governorship primary of the Peoples Democratic Party (PDP) slated for Monday, August 22, 2016, is about to kick off.

Already, delegates to vote in the exercise are beginning to arrive venue of the primary, International Event Centre (The Dome) in Akure, the state capital, including the state Governor, Olusegun Mimiko.

The exercise is to pick flag bearer of the PDP in the November 26, 2016 gubernatorial election in Ondo State.

The event will first kick off with the accreditation of the 840 delegates to the State Congress before voting proper.

The exercise is expected to be monitored by the Independent National Electoral Commission (INEC).

http://www.businesspost.ng/2016/08/22/delegates-arrive-ondo-pdp-guber-primary/

No fewer than 15 Braille machines were donated by First City Monument Bank (FCMB) Limited to the Federal Nigeria Society for the Blind (FNSB) at its Vocational Training Centre (VCT) located at Oshodi, Lagos State.

The Braille machines (comparable to a typewriter) are designed to aid the blind in reading and writing, with a view to assisting them get sound education.

The donation of the machines forms part of the Bank’s Corporate Social Responsibility (CSR) initiatives, which focus on poverty alleviation, economic empowerment and environmental sustainability.

The gesture is aimed at effectively supporting the efforts of the FNSB towards enhancing the standard of teaching, as well as learning of the blind, who are students of the VCT, the bank said.

The centre was established 60 years ago and so far, over 2,000 visually impaired men and women have benefited from the various training programmes at the centre.

Speaking at the presentation ceremony on Friday, August 12, 2016 in Lagos, the Group Head, Corporate Affairs of FCMB, Mr Diran Olojo, said that the Bank recognises the importance of every segment of the society. He added that, “as a corporate organisation, we believe that it is necessary to constantly extend the hand of fellowship, support and love to the physically challenged and other less privileged groups through charity programmes like this. We will continue to support initiatives and programmes that empower people to fulfil their aspirations. We are committed to helping a wide spectrum of our stakeholders to ensure the emergence of a sustainably progressive society’’.

Also speaking, the Divisional Head, Human Resources and Strategy of FCMB, Felicia Obozuwa, explained that, ‘’as an institution, we will do our best to help remove barriers, give new hope, provide resources and expand possibilities, so that people with vision loss can achieve their full potential’’.

She urged the students not to see the physical challenge as an impediment to the attainment of their respective ambitions.

The Divisional Head further commended the Board and Management of the FNSB for sustaining the Society and the VCT over the years and for its contributions in alleviating the plight of the visually impaired.

In his response, the Chairman of Council, FNSB, Asiwaju Fola Osibo expressed, “profound gratitude to FCMB’’. He said, “we are determined to give the best support to the students of the Centre so that they can actualize their potential and subsequently contribute to national development”.

Asiwaju Osibo appealed to the government, corporate bodies and well-meaning individuals to assist in providing support for the centre.

http://www.businesspost.ng/2016/08/19/fcmb-gives-braille-machines-blind/

Minister of Finance, Mrs Kemi Adeosun, has said that the Federal Government will earmark the sum of N60 billion to fund capital projects in the country.

Mrs Adeosun said these funds will form part of the 2016 budget and addition to earlier releases.

She made this known on Friday.

The Minister said apart from infrastructure investments, the government was reviewing its tax policies to improve collection and widen the net, make its import tariffs more competitive and cut costs to boost the economy.

Mrs Adeosun revealed that government’s capital spending so far has exceeded N400 billion in 2016 despite the delay in passing the 2016 budget by the National Assembly due to a power tussle between the executive and the Senate.

Nigeria has been struggling to boost its economy by diversifying away from crude oil revenue, which it had depended on for many years.

The price of crude oil in the international has swum within $40-$50 per barrel.

The Naira has not also done well against the Dollar at the parallel and interbank market.

On Thursday, President Muhammadu Buhari disclosed that the country needed to balance monetary and fiscal policies in order to return to growth.

http://www.businesspost.ng/2016/08/19/fg-pump-n60b-capital-projects/

An online inspirational magazine reputed for capacity building, Women of Rubies, has concluded plans to empower some women in the grassroots.

The publication, which runs a weekly column on Guardian newspaper, says it is providing a platform for women in the society to meet and share ideas among themselves.

Also, they would be equipped with the necessary materials to excel with so as to support their families and create better futures for their children.

According to the founder/Editor-in-chief of Women of Rubies, Esther Ijewere-Kalejaiye, this initiative comes in the form of workshops to be organised in centres in Lagos.

Mrs Ijewere-Kalejaiye said the workshop will kick off on August 26, 2016, and will take place in three local government areas in the state.

She revealed the theme for the event as “Empowering grassroots women and giving them a voice.”

The celebrated activist said issues to be looked into are;

Lifestyle issues -We present to you a platform aimed at providing an avenue for women at the grass root level to exchange ideas and equip them on how to grow their businesses, support their families and create a better future for their children.

Savings Culture-The workshop would teach them on how to access business loans and proper saving culture in order to empower them financially. When the woman is empowered the society becomes empowered.

Knowledge acquisition on domestic abuse – In addition, they will also learn to speak up when faced with domestic abuse. Women have the capacity to solve problems and influence decisions. They will be equipped on how to utilize these decisions at crucial times as the girl child is dependent on this knowledge as a guide when she becomes a lady, mother and even a grandmother.

Mrs Ijewere-Kalejaiye gave venues of the workshops as Alimosho LGA Akowonjo on August 26, 2016; Eleganza Sport Centre, beside Sura market, Lagos Island on September 7, 2016; and Adeyemi Bero Hall, Alausa Ikeja on September 15, 2016. The events kick off by 10am in the respective days.

http://www.businesspost.ng/2016/08/19/women-of-rubies-plans-empowerment-workshop/

The name Tunde Osinibosi might not ring a bell to some people, but Laface will surely do, especially for those conversant with the showbiz industry in Africa.

This Ogun State-born man has contributed immensely to the growth of the entertainment industry in Africa and that is why he is highly respected.

He was the bridge most artistes in Nigeria used to penetrate into the American music industry, which many believe is the world capital of the industry.

The likes of 2Baba, Sound Sultan and many others can never forget the role this easygoing man called Laface played in their careers.

In the Yoruba movie industry, nothing has matched the prestigious Yoruba Movie Academy Awards, YMAA, a platform that made most of the actors to be treated like kings and queens.

Despite these achievements, Laface, for those who know him too well, is a go-getter. He is not resting and now, he is planning a big show for the Hausa movie industry fondly called Kannywood.

Laface spoke with members of the press based in the north recently, when he sealed a deal to stage the Arewa Film Festival & Awards.

For the records and for those who don’t know you kindly introduce yourself

I was born Babatunde Oshinibosi, but popularly known by my brand name Laface. I am from a family of 5 and hails from Ijebu Ode in Ogun State. I attended St Bernadettes Private School, Abeokuta; the great Baptist Academy Lagos; and the Ogun State Polytechnic, Abeokuta, where what has become one of the biggest entertainment brands in Nigeria today started like a common dream.

At Ogun Poly, now known as Moshood Abiola Polytechnic, I became the Social Director of the school unopposed.

I initiated and created Royals Classy Club to rival the legendary Gentlemen’s Club and created a healthy club rivalry. I won several awards for my social exploits and ultimately won the Mr Polytechnic contest. My service year was in Ilorin Kwara State where the show continued with several landmark events as a young serving corper. I later travelled to the UK on another chapter of my growth process.

While in London, I delved straight into the showbiz world bringing back the popular Jeans Carnival Revolution, which went on for years and played a major role in revolutionizing the London club scene before heading back home to Nigeria, the motherland.

How did you get back in the entertainment scene in Nigeria

In the first instance, I came back home because I believed I could play a major role in the continued development of the Nigerian entertainment industry. It all started with the Nigeria Carnival project and the home coming of my friend and sister, Weird MC at the National Stadium, Surulere, Lagos.

What are your major achievements in the Nigerian entertainment industry so far

My brothers, I don know how much time we have but I will try to be as brief as possible. To the almighty God be the glory, I can proudly state the success story of Nigeria’s entertainment industry today cannot be written without the name Laface popping up several times. I was at the forefront of the music revolution in Nigeria with the major international artistes’ revolution after Senator Ben Bruce’s era with the coming of Soul II Soul and Carol Wheller on the Rothmans Mega Grove project. This project was very challenging as no international artist wanted to do business with Nigeria because of the then Abacha regime. I will honestly state that it took the grace of God and strategic planning to make this major turnaround gig happen. The Rothmans Mega Groove turned out to be a landmark event in the evolution of the today’s Nigerian music scene as it broke all records, including major weather challenges as it rained all day, all night and Nigerians; young and old from all works of life like never seen before, defied the odds, queued, bought tickets and partied all night in the pouring rain.

I could not explain what was going on; it only brought back memories of the Glastonbury festival in the UK. The Wyclef Jean concert series, a record breaking international five city back to back tour of Nigeria, other artistes tours in Nigeria and Africa included Joe, Shaggy, the late Lucky Dube, Bennie Man, Drake, Lil Wayne, R Kelly, Akon, Usher, 50cents, Chris Brown, Trey Songs etc.

I created Felabration, the celebration of the great Fela Anikulapo Kuti; the Yoruba Movie Academy Awards, the popular annual celebration of creativity in the Yoruba movie industry and the biggest indigenous awards in the world; the Yoruba New year countdown project and the creation of the Guinness world record breaking tallest traditional gong in the world; the Naija Pidgin Awards, a celebration of our unique pidgin lingo bond,; the Arewa International Film Festival and Awards, the premier and biggest indigenous film festival in Northern Nigeria; the Uniglobe annual Music Extravaganza in Esanland Edo State amongst many others.

Read concluding part here as the interview is very long: http://www.businesspost.ng/2016/08/19/how-yenis-greed-forced-me-out-of-felebration-project-tunde-laface/

One of the first generation banks in Nigeria, First Bank, has denied being in possession of funds belonging to the Nigeria Ports Authority (NPA).

It was alleged that the big player in the financial institution in the country was being used to keep the money to be allegedly cornered later.

But in a statement signed by its management, First Bank said there was no iota of truth in the rumour.

“Following the Federal Government of Nigeria’s directive on the implementation of the Treasury Single Account (TSA) and the subsequent CBN’s directive to the Deposit Money Banks (DMBs) to transfer all MDAs accounts to the TSA with the CBN, First Bank has since complied and transferred all MDAs funds including that of the NPA to the designated TSA account,” the bank said in the statement.

It emphasised that, “For avoidance of doubt and for the information of the general public, we do not have such funds in any of our accounts or deposit portfolio.”

http://www.businesspost.ng/2016/08/19/first-bank-denies-holding-npa-funds/

No fewer than 70 personnel of the Nigeria Customs Service were lost within seven months while on duty.

Comptroller-General of Customs, Hameed Ali, disclosed this to the News Agency of Nigeria (NAN) in a recent interview.

He also said the Service has opened collaboration with their counterparts in the Republic of Benin to facilitate trade and resolve bottlenecks affecting transhipment of goods into Cotonou.

“Customs is here to see and find solutions to the challenges hindering the smooth operations of Nigerian business operators who engage in inter-border trade and transhipment of goods from Nigeria to Republic of Benin.

“Nigeria Customs had lost 70 Customs officers between January 2016 till date while performing their duties to stop the activities of smuggling of some products such as rice, poultry products, rice and so on.

“We have made it real to visit Benin Customs and discuss on the rudiments hindering our operations.

“I believe our dialogue will bring out solutions because both countries are interdependent and this why there should be symbolic mutual relationship between them,” said Ali.

Continue reading here: http://www.businesspost.ng/2016/08/08/customs-loses-70-officers-smugglers/

Pls check our archieve (Mercy Johnson wedding in pics) of Sept 2. Tanx

D'Banj Finally Bows To Her Mum's Pressure To Marry. Details at www.textjames.

D'Banj Finally Bows To Her Mum's Pressure To Marry. Details at www.textjames.

Mercy Johnson Jets Out To Asian Cities For Honeymoon. Details at www.textjames.