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Showing posts from May, 2017

Embrace facility management, experts tell govt

Facility management experts have called on the government to embrace and encourage maintenance culture in the country.
The experts, who spoke during the commemoration of the 2017 World Facility Management Day organised by the International Facility Management Association, Nigeria Chapter, noted that many of the nation’s infrastructure were in a deplorable state.


Nollywood actress, Joke Silva, who was one of the panellists at the event, said the government had continued to invest in infrastructure without putting adequate maintenance plan in place for them.
“Look at the National Arts Theatre for instance, 40 years after it was built, we can hardly do anything there. No matter the structure we build, if we do not maintain the ones we have, they will run down. We must realise that the maintenance of infrastructure speaks a lot about a people,” she said.
Silva added that the government must stop playing politics with the nation’s infrastructure.
The Chief Executive Officer, Planet Projec…

Med-View declares N29.25m dividend, Caverton posts profit

Med-view Airline Plc has declared a dividend payout of N29.25m, representing three kobo per ordinary share to its shareholders from May 19, 2017.
The decision was taken after the company’s shareholders approved the payout at its first Annual General Meeting held in Lagos.


The shareholders also authorised the company to raise an additional capital to expand operation.
The airline, therefore, said it would raise funds through debt instrument or a combination of private placement and right issues, among others.
The Chief Executive Officer of the airline, Alhaji Muneer Bankole, who responded to questions and input from the shareholders, said Med-view would acquire three aircraft to strengthen its international operations.
According to him, the aircraft will include a Boeing 777-200 and a 737-800, which will strengthen its entry into routes like Dubai.
Meanwhile, Caverton Offshore Support Group Plc posted a profit after tax of N612.284m for the 2016 financial year, as against N988.08m rep…

FBN to reposition business, AXA Mansard sees progress

FBN Holdings Plc says it is committed to repositioning its business and reclaim the top position in the industry.
The Group Managing Director, FBN Holdings, UK Eke, said this at the financial institution’s Annual General Meeting held in Lagos, and called for the support of stakeholders, especially its shareholders.


He said the cost-to-income ratio of the group declined from 61.3 per cent to 47 per cent, while it recorded a rise in gross earnings year-on-year by 15.7 per cent.
The Group Chairman, FBN Holdings, Oba Otudeko, said 2017 was an important year for the business to overcome its challenges and leap back into the path of sustainable growth.
In a related development, AXA Mansard Insurance Plc, at its 25th AGM, assured shareholders of continued progress despite the current Nigerian economic challenges.
 Its Chairman, Mr. Olusola Adeeyo, said the company would exceed the expectations of shareholders as it continued to explore more opportunities.
The Chief Executive Officer of the …

Experts call for concession of public infrastructure

Experts in the built environment have asked the Federal Government to give out all public infrastructure in the country to private investors on concession basis to ensure their proper maintenance and management.
The experts noted that there was a need to move the management of assets from the public sector to private sector managers with an entrepreneurial outlook.


A senior civil engineer at the Lagos State Infrastructure Management Agency,  Mr. Olusegun Oshinowo, stated at a seminar by the American Society of Civil Engineers, Nigerian International Section, with the theme, ‘Revamping the Nigerian economy: A look at investment in infrastructure, solid minerals and agricultural produce processing’, that the government alone would not be able to provide the money to adequately fund the development of infrastructure.
According to Oshinowo, public infrastructure that the government should consider handing over to the private sector include power generation and transmission/distribution n…

Nigeria to raise $3.5bn in foreign loans to fund budget

Global Markets: Global markets traded mixed this past week amidst a number of factors. The markets got off to a positive start to the week on continued recovery in oil prices from recent slide, driven by announcement that Saudi and Russia are open to extending the OPEC oil production cut. Notably, Technology & Cybersecurity stocks surged on news of the global ransomware attack. Global market sentiment however weakened at mid-week on political pressures in the U.S. coupled with a batch of less-than-impressive fresh earnings releases. At week close, Asian markets closed mixed whilst U.S. and European markets rebounded from losses in mid-week.
Domestic Economy:  Reports from the Budget Office indicate that Nigeria plans to raise $3.5 billion (c.1.068 trillion) and $4 billion (c.1.220 trillion) in foreign and domestic loans to fund the 2017 budget which has an estimated deficit of 2.21 trillion (c.2.2% of GDP). Breaking down the foreign borrowing, we see that $2bn of the planned borr…

Any entertainer that doesn’t have female fans should find another job — Odunlade Adekola

Unarguably one of the most skilled Nigerian actors at the moment, Odunlade Adekola is loved and respected for his plausible portrayal of diverse roles. He tells TOFARATI IGE about the genesis of his career, family and other issues
What can you remember of your childhood?
I was born in Lafenwa, Abeokuta,Ogun State. But I am from Otun-Ekiti in Ekiti State. I come from a close-knit Christian family and we used to go to church a lot. In fact, we were always part of the people that cleaned the church before service. There was really no time for me to play on the streets or keep many friends. I attended St. Johns Primary School, St. Peters College and Moshood Abiola Polytechnic, all in Abeokuta. And right now, I am currently studying Business Administration in the University of Lagos.


What were your childhood ambitions?
As a child, I always loved to control people and direct them on the right things to do. I looked forward to being the manager of my own company and that is why I decided to…

BREAKING: Suicide bomber died while waiting to attack University Of Maiduguri

A suicide attacker died on Saturday in Maiduguri while lying in wait for the right time to attack the University of Maiduguri.
The institution has recently become the target of Boko Haram suicide with about five suicide attacks carried out within it in the last three months.


Just on Friday, an attempted suicide attack at one of the female hostels was foiled with three suicide bombers losing the lives.
It was, however, a surprise that barely 24 hours later there was an attempted suicide attack on the institution.
According to the statement by the spokesman of the National Emergency Management Agency in the North East, Mallam Abdulkadir Ibrahim, the suicide bomber was the lone death recorded during the attempted attack.
He said the explosive on him went off while lying in wait for the right opportunity to detonate the bomb among students gathering.
The statement read: “Today 20/5/2017 some minutes past 10 am, one male adult suicide bomber hid in the bush within university community sur…

Moji Olaiya’s burial committee finally selected in preparation for burial

In preparation for the final burial rites of late Mojisola Olaiya, a burial committee has been raised to oversee and supervise the necessary arrangements.
According to close friends, money is presently been raised to make sure the corpse of the 42 years old Moji makes it back to her motherland as her first daughter has requested.


Below is the list of thespians who have be chosen as part of the burial committee for late Moji Olaiya.
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2. Foluke Daramola(Secretary)
3. Yomi Fabiyi (Publicity Sec)
4. Taiwo Adebayo (She Boy)


5. Bimbo Thomas
6. Bisi Ibidapo Obe
7. Femi Olaiya(Brother to Deceased)
8. Yinka Farinde(Canada)
9. Shade Oliwo
10. Kemi Afolabi
According to the committee, all “efforts to give the talented, hardworking thespian a beffitting burial is very much in consideration” Further details will be disclosed shortly.
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Ex-judokas set to clash over NJF presidency

Former  internationals  are said to be divided  over the  choice of  the candidate they will support during the Nigeria Judo Federation presidential election in Abuja on June 13.
Sources told our correspondent that the NJF election  could be marred by violence as some of the supporters of the various aspirants  for the federation’s presidential poll are  allegedly  prepared to cause trouble at the election venue if the outcome of the election does not go their way.


The immediate past president of the federation Timothy Nsirim and the immediate past vice-president  of the body  Musa Oshodi are  the front-runners for the post.
While some of the ex-players are backing  Oshodi for the post, others are rooting for  Nsirim. Lagos State Judo Association vice-chairman Emmanuel Gbahabo, who is a former international, is also said to be enjoying support from some of the ex-judokas.
At a stakeholders’ meeting in Abuja recently,  our correspondent learnt  that the ex-judokas who attended the eve…

FG seeks IDB support for economic recovery plan

The Federal Government on Thursday called on the Islamic Development Bank to provide funding support for the implementation of the country’s Economic Recovery and Growth Plan.
The Permanent Secretary, Federal Ministry of Finance, Dr. Mahmoud Isa-Dutse, stated this at the 42nd annual meeting of the bank in Jeddah, Saudi Arabia.


The ERGP is the government’s blueprint to take the economy out of recession and ensure inclusive growth and sustainable development.
Isa-Dutse, while making a presentation as Nigeria’s Governor on the Board of the IDB, called for more intervention from the bank in the area of infrastructure in order to stimulate economic recovery and reduce the level of poverty in the country.
He said, “We want the Islamic Development Bank to be more visible and deliver signature infrastructure projects in Nigeria. We appreciate its intervention in the water supply, health and education sectors in a number of our states, but we want the IDB to do more.
“Also, given the IDB’s un…

Benue villagers kill three herdsmen, cattle

The police in Benue State have confirmed the killing of three Fulani herdsmen and their cattle by some villagers in the Agatu area of the state.
Our correspondent learnt that the villagers on Sunday killed the herdsmen and their cattle for allegedly trespassing into some farmlands.


It was gathered that the police operatives had recovered the corpses of two of the herdsmen, while a search was still on for the third corpse.
It will be recalled that the herdsmen also on Sunday and Tuesday, in what has been described as reprisals, attacked some villages in the Logo Local Government Area of the state, killing 15 persons.
The police later noted that eight herdsmen were arrested for the killings.
The Benue State Commissioner of Police, Bashir Makama, confirmed the killing of the three herdsmen and their cattle to our correspondent, adding that the police were working to ensure peace and order among the warring farmers and herdsmen in the state.
Makama said, “In Agatu, the villagers killed t…

We must eat Nigerian foods at state banquets – Osinbajo

the acting President, Prof Yemi Osinbajo, on Thursday, said the present administration was committed to ensuring that the Federal Government and Nigerians patronised locally made products.
To this end, he said Nigerians must eat and drink Nigerian products at state banquets.


Osinbajo said this at an interactive session he had with top government officials on the ease of doing business, at the old Banquet Hall of the Presidential Villa, Abuja.
He said the government would work out some incentives for performance by building a reward system that punishes malfeasance.
He said preference must be given to indigenous providers of goods and services to strengthen the system.
Osinbajo said, “I agree that a system of rewarding performance and punishing malfeasance is key. We must work out incentive schemes even as we tighten up sanction regimes.
“We hit 70 per cent quickly on the 60 days of ease of doing business target because of the cooperation of all the agencies like the ministries of int…

Rice now being smuggled through creeks – Ogun Customs boss

The Ogun Area Command Controller, Nigeria Customs Service, Sani Madugu, says smugglers now use the creeks along the border communities at Idiroko, Ipokia Local Government Area, to smuggle bags of rice and other prohibited products into the country.
He disclosed this on Thursday at the command’s border office at Idiroko, while briefing journalists about the seizure of prohibited goods coming through land borders made by the command in the last three weeks.


Madugu, said within the period, officers and men of the command during surveillance intercepted 483 bags of rice, 721 cartons of imported croaker fish, two exotic cars(Mercedes Benz S-class 2015 model and Toyota corolla 2009 model) and one Volvo truck.
He said, in summary, all the intercepted goods have Duty Payable value of over N37m.
The Ogun Customs boss, who took over the command on 25th April 2017, explained that the command has mounted a three-pronged strategy of mounting surveillance on the roads, illegal bush routes and cree…

FG to reduce cost of governance by N300bn

The Federal Government is planning to implement a bouquet of strategies that will enable it to achieve a reduction in recurrent expenditure by N300bn annually.
The strategies prepared by the Ministry of Budget and National Planning would further reduce personnel costs by eliminating unjustified entries in government payroll, it was learnt.


A copy of the document showing details of the plan indicated that five agencies of government had been saddled with the responsibility of implementing the strategies.
They are the Ministry of Finance, Ministry of Budget and National Planning, Office of the Head of the Civil Service of the Federation, Bureau of Public Procurement and Debt Management Office.
Based on the plan of the government, there will be massive reduction in the frequency of travels and sitting allowance; reduction in printing and publication expenditure as well as introduction of new allowable expenses guidelines and templates to control the expenses of government-owned enterpri…

Militants attack FIRS officials at Patience Jonathan’s hotel

Suspected militants on Wednesday attacked officials of the Federal Inland Revenue Service (FIRS) at a hotel, Aridolf Resort Wellness & Spa, owned by former first lady Patience Jonathan, in Yenagoa, Bayelsa state.

Presidency cabal plans to set EFCC against me – Ekweremadu

Deputy President of the Senate, Ike Ekweremadu, has raised the alarm over the alleged plan by the Economic and Financial Crimes Commission to raid his home in Enugu State and plant incriminating items in it.
He further alleged that the proposed raid was to ensure his arrest, detention and indictment – with the aim of frustrating his political ambitions.


The Deputy Senate President alleged that the mission to move against him was being sponsored by a cabal in the Presidency.
Ekweremadu, who raised a point of order at the plenary on Wednesday, said he was informed of the alleged plan by a ‘whistle-blower’ close to the EFCC.
The Deputy Senate President read a two-page letter purportedly written by an insider, which was poorly written and titled, ‘Please, treat this with utmost secrecy by protecting the identity of the source.’
It read partly, “To the Deputy Senate President. I am a trained investigative journalist working under the EFCC ‘covert intelligence spy police.’
“Distinguished s…

$6bn needed to fix refineries, says NNPC

About $6bn worth of investment is needed to adequately rehabilitate and revamp the country’s refineries, the Nigerian National Petroleum Corporation has said.
The Group Managing Director, NNPC, Dr. Maikanti Baru, disclosed this as he unveiled the investment opportunities in the Nigerian oil and gas sector to international investors at the ongoing Offshore Technology Conference taking place in Houston, Texas, United States.


Baru, who was represented by the corporation’s Chief Operating Officer, Gas and Power, Mr. Saidu Mohammed, said the plan of the national oil firm was to upgrade the combined capacity of the refineries to 700,000 barrels per day.
The refineries located in Port Harcourt, Warri and Kaduna have a combined nameplate crude oil refining capacity of 445,000bpd, but currently refine far below that.
Baru was quoted in a statement issued on Wednesday by the spokesperson for the NNPC, Ndu Ughamadu, as saying, “For the refineries, our plan is to rehabilitate and revamp our exis…