Archive for nigeriang

Stock Exchange commissions Contact Centre

Stock Exchange commissions Contact Centre

The Nigerian Stock
Exchange (NSE) yesterday officially commissioned a Contact Centre to
improve its interface with capital market investors, as the world
celebrates Consumers’ Rights Day.

Located on the 13th
floor of the NSE’s building, the Contact Centre is a facility that
allows interface of information between the Exchange and investors, as
well as other market operators.

Emmanuel Ikazoboh,
interim administrator of the NSE, said, “Despite the dwindling income
of the Exchange, we have gone this far to improve on the communication
between us and our investors because we know the importance of
information to the growth and development of the market.

“The market, we
know, is information driven; hence, nothing would be spared in our
desire to further bridge information gap between us and the investors
on our Exchange,” Mr. Ikazoboh said.

He said investors
are expected to phone in to make enquires on important issues about the
market as they affect them from 7:45 am to 6:00 pm Monday to Friday on
07002255673. Callers are free to use any of the three major Nigerian
languages of Hausa, Igbo, and Yoruba to make enquires or launch
complaints.

“Within 24 to 48
hours, you (customers) will be aware that efforts are been made to
respond to their enquiries. We may not have the answer at hand, but at
least you will know that action is been taken,” he added.

When our reporter
put a call to the number yesterday, the call went through, even though
it terminated before much information could be exchanged.

Mr. Ikazoboh said
there are other things that the Exchange is trying to put in place to
win back investors’ confidence. However, he said, “We thought by today
(Tuesday) we are going to have price kickers around the building.
Unfortunately, most of the items are stock in the port. But we’ve been
given a concrete assurance that by the 25th March, it will be
everywhere in the building.

“We are also going
to change the kicker in our trading room to be able to give real-time
online performances of each of the companies that are listed in our
Exchange,” he further said.

No account yet

Asked how much it
cost the NSE to set up the Contact Centre, Mr. Ikazoboh said, “I will
ask the account department because I don’t have the figures with me
now. Once the account department is able to collate everything, I’ll
pass that to the public.”

He, however, assured that his administration was “very prudent” in managing the cost.

At the event,
Arunma Oteh, director general, Securities and Exchange Commission
(SEC), said, “We are delighted at this initiative. The SEC believes
that there will be no capital market without the investors. It is
therefore, important that we continue to enhance investors’
confidence.”

Ms. Oteh said the
commissioning of the Contact Centre is also significant because “it is
happening on a day that all over the world consumers’ rights are being
celebrated and consumers are being appreciated. We at SEC believe that
if we are able to protect investors, our market will flourish and truly
be transformed for our country.”

Bisi Onipede, one
of the supervisors at the Contact Centre, said several calls have been
made by investors to the Contact Centre since operation began recently.

Ms. Onipede said,
“We’ve had people calling to know whether some stockbroking firms have
been suspended, reinstated, or not. We’ve had people calling to know
about the status of their shares; dividends; branch location of the
NSE; how they can log on to our website; how they can be stockbrokers;
etc.”

She said calls have
been received from Nigerian investors in Hausa, Igbo, and Yoruba
languages, adding that people have also been calling from French
speaking countries, South Africa, Europe, and America.

Olu Odejimi, the
spokesperson for stockbrokers, who is also the chief executive officer
of Clearview Investment Limited, a stockbroking firm, said the Contact
Centre is an initiative which will “promote the business of
stockbrokers,” adding that it will help the investing public not to
rely only on stockbrokers to get good information about the market.

Mr. Odejimi, who is
the oldest stockbroker at the NSE with 38 years experience, said
although stockbrokers are currently facing hard times, the initial
suspicion that Ms. Oteh might be operating an undisclosed agenda has
been corrected.

“There is order now in the market,” he said, adding that “change is
the only thing that is permanent,” while charging Ms. Oteh to “go on
and change everything as long as it is for our good.”

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‘NNPC to function better’

‘NNPC to function better’

The planned
commercialisation of the Nigerian National Petroleum Commission, NNPC,
is expected to increase the efficiency and effectiveness of the
corporation.

Some finance
experts believe that the move would aid the corporation, which is
presently a public organisation that manages government’s interests in
the Nigerian oil industry, while also generating funds for the
government.

“The
commercialisation of the NNPC should translate to a reduction in
regulatory controls on the NNPC – thereby opening it up to engage
freely in petroleum business activities,” Fola Onasanya, a petroleum
industry analyst at Ciuci Consulting, a management consulting firm,
said.

According to him,
this move should increase the efficiency and effectiveness of NNPC
operations – which would in turn improve the overall quality of service
it offers to all relevant parties (the federal government,
multinationals, and Nigerians).

“It is also
expected that this would promote the development expansion of the
nation’s oil and gas assets. This is especially in the building of
Greenfield refineries, pipelines, and other downstream infrastructure.

“It would also help
in increasing the value of the NNPC by making it not only
self-financing, but also a revenue generating corporation. According to
the PIB, a commercialised NNPC will pay the government royalties and
taxes like other oil companies,” Mr. Onasanya said.

The Petroleum Industry Bill is a merger of 16 different laws with very stringent guidelines for environmental remediation.

Fear of rise in commodity prices

Mr. Onasanya,
however, added that “Worker’s Unions (such as PENGASSAN) fear that the
move may lead to a significant downsizing of the corporation,
increasing unemployment.”

He further said
that there is also a concern that with the commercialisation (and
deregulation), prices of petroleum products (e.g. PMS, diesel and
kerosene) would rise – as they will be entirely determined by market
forces.

Which PIB is being passed?

Recently, workers
in the oil and gas industry, through the organised labour union,
PENGASSAN, called on the Federal Government, especially the National
Assembly, to engage relevant parties again before the passage of the
bill, to forestall industrial crisis in the sector.

Babatunde Ogun, the
spokesperson of the union, said the workers had made several
correspondences to the government and the National Assembly on the need
for further engagement on the PIB before its passage, but that the
legislative arm had bluntly refused to honour any of the letters.

He also raised
concerns that the union would like to know the version of the PIB that
is being passed, as there is every tendency that the original bill may
have been substituted.

“We have written
many letters on the need for the National Assembly to be transparent
and follow due process in the passage of the bill. Conducting just a
public hearing is not enough, more so when there have been so many
insinuations, including the Wikileak’s online reports, that the
National Assembly had substituted the original bill that had inputs of
all stakeholders,” Mr. Ogun said, adding that it is only proper for all
relevant parties in the nation’s oil and gas industry to have a final
look at the PIB.

Diezani
Alison-Madueke, the minister of petroleum resources, stated that the
expected passage of the all important oil industry reform legislation
will change the face of the petroleum industry in Nigeria.

Mrs.
Alison-Madueke, while confirming that the PIB will usher in a new vista
in the oil industry in the country, said she would not be able to
freely talk on the impact of the commercialisation of the NNPC since
the bill was already at the domain of the National Assembly.

She said it was
expected to be run as a normal company, in terms of royalties,
dividends, and taxes, adding that other benefits that would be derived
from the passage of the bill includes the availability of over 300, 000
jobs in the industry, the implementation of corporate social
responsibility, the discontinuing of gas flaring, among others.

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Minister asks operators to support reinsurance firm

Minister asks operators to support reinsurance firm

Yabawa Wabi,
minister of state for finance, has advised the West African Insurance
Companies Association (WAICA) to ensure adequate capitalisation of the
WAICA Reinsurance Corporation.

Mr. Wabi, who was
represented by Fola Daniel, commissioner for insurance, at the National
Insurance Commission (NAICOM), gave the advice at the 2011 WAICA
Educational Conference in Lagos on Monday. The theme of the conference
was ‘Partnership for Growth and Prosperity: the Roadmap for Regional
Integration in West Africa’.

According to her,
the establishment of the WAICA Reinsurance Corporation will bring
immense benefits to the practice of insurance in the sub-region.

“With adequate
initial take-off capitalisation, it is expected that the corporation
will contribute greatly to the insurance companies in the sub region
than the pool. It is critically important that the corporation from
inception be adequately capitalised and directed by an informed board
and management.

“A deliberate
selection criteria, particularly for its management team, based on
maturity, experience, qualification, and goodwill, will be helpful in
addition to a sizeable capitalisation beyond the statutory minimum
capital,” Mrs. Daniel said.

She further said
that it was obvious that WAICA Reinsurance Corporation would come into
intense competitive environment based on her knowledge of the insurance
industry in the sub region.

According to her,
the emerging risks in the oil and aviation sectors required high-level
of technical support both for the corporation and the insurance
industry.

Mrs. Wabi said it
was necessary for WAICA Reinsurance to seek for competent technical
partners to help it in the development of technical competences.

She also said there
was the need to collate quality information relating to insurance and
re-insurance matters in the sub region and make them available to
members of WAICA and the government. This would help to make informed
decisions and opinions on insurance matters, she said.

William Agbenyega,
president of WAICA, said that the association had made history with the
establishment of WAICA Reinsurance Corporation. According to him, the
corporation will strengthen bilateral business relationships among
members, as they would continue to cede businesses to it. He said that
WAICA Reinsurance would have its headquarters in Freetown, Sierra
Leone, and country offices in member countries.

NAN

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Senate shelves petroleum bill in counter protest

Senate shelves petroleum bill in counter protest

The Senate on
Tuesday called off passage of the Petroleum Industry Bill for the
second time in one week, but this time in counter protest to series of
protests calling on the lawmakers to pass the Bill.

It said it will not
be blackmailed into the passage of the Bill by protesters who claim
they are more patriotic than the senators.

A group of students
from three universities in the Niger Delta region had on Tuesday
morning barricaded the entrance to the National Assembly demanding the
passage of the Bill and subsequently, an apology from the deputy Senate
president who had last week dismissed them as “charlatans.”

The Senate
president, David Mark, said his colleagues had also received a minimum
of 20 disparaging text messages intended to stampede them into hastily
passing the bill.

“We are as
patriotic as those sending text messages. I do not think any Nigerian
can be more patriotic than the senators,” Teslim Folarin, the Senate
leader, said while requesting its withdrawal.

The Bill was
subsequently withdrawn, to be heard on “another legislative day” and
not even the next legislative day, indicating a major setback.

The Senate is
expected to proceed on a recess after today’s plenary to enable members
who are running for a rerun in the April 2 senatorial elections to
prepare for their elections.

“We will take it, but not as those who want to blackmail us want,” the Senate president told his colleagues.

Members of the
House of Representatives have, however, promised to begin third reading
of the Bill today if its committee on petroleum is able to distribute
it to all members by midday today.

Since the PIB was
introduced into the two chambers of the National Assembly in December
2008, it has suffered series of delays due to disagreements on the
provisions of the Bill by various relevant parties. The Bill has also
undergone series of amendments and its true provisions are still
unknown.

The Senate decision
on Tuesday to suspend legislation on a Bill based on protest calling
for its passage is the first in their ending four year term. Analysts
say the politics of the PIB is beyond the lawmakers and protesters, a
factor that could have motivated the action by the senators than the
stated reason. The protesters, however, said they will not be
discouraged.

“This development
will only strengthen our commitment to continue the struggle to ensure
that the PIB is passed into law,” David Ogbolor, leader of the group,
said.

Non charlatans

The students, who
had barricaded the main entrance of the National Assembly that morning
to press home their demands, said their protest was sparked by the
deputy Senate president’s “embarrassing” comments last week where he
waved them off as “charlatans”.

The Petroleum Industry Bill (PIB) is conceived to repeal the
Petroleum Act of 1969, and consolidate about 16 other petroleum
industry laws into one single, transparent, and coherent document. The
objective is to establish a comprehensive legal and regulatory
framework for good governance, transparency, and accountability, with
regard to operational and fiscal terms for revenues management, and
removal of confidentiality clauses in licences, leases, and contracts
in the nation’s petroleum industry.

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Buhari steals show at Yuguda’s rally

Buhari steals show at Yuguda’s rally

The presidential
candidate of the Congress for Progressive Change, Muhammadu Buhari
stole the show at the official flag-off campaign of the Bauchi State
governor, Isa Yuguda on Monday.

Shortly after his
declaration, Mr. Yuguda had told thousands of his supporters who
gathered at the campaign rally in Jama’are area to vote for President
GoodLuck Jonathan in the general elections, but the entire crowd
chanted, “We will vote for Buhari.”

According to Mr.
Yuguda, who is the North East Zonal Campaign coordinator,
GoodLuck/Sambo Campaign Organization, “The South has never failed to
support us in the North in various elections. The North owes the South
because for the past 50 years they have supported us which led to Sir
Abubakar Tafawa Balewa becoming the First Prime Minister in Nigeria.’’
He continued, ‘’it was this support that also led to the emergence of
Shehu Shagari as President of Nigeria. If they have supported us in
these ways, why cant we give them this opportunity to also serve?
President Goodluck has promised to serve for only one term as
president’’ In a bid to convince the crowd to support his cause, he
said further that ‘’the President has also promised to build Almajiri
schools for the over 9.5 million Almajiris that we have in northern
Nigeria as well as other developmental projects and programmes that we
will enjoy in the north’’

No to Jonathan

But despite his
attempts, the people, who were mainly PDP members, chanted, “we don’t
want Jonathan, all we want is Baba Buhari. He is the candidate of our
choice and we will vote for him alone’’.

Speaking earlier on
his agenda for the state, Mr. Yuguda said his priority areas in the
last four years included education and health said he will not relent
in his efforts to deliver dividends of democracy to the people if
reelected. He said he will provide more jobs, construct more roads,
provide electricity.

In his remark, the
PDP Deputy National Secretary, Musa Babayo reiterated the support of
the national body of the party for Mr. Yuguda’s re-election bid: ‘’I
won’t be wrong if I say PDP has already won the coming elections in
Bauchi and throughout the country,” he said. “PDP is a party that
stands for justice and fairness. That is why we want you to vote for
PDP candidates so that they can deliver the dividends of democracy to
you,” he added.

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Katsina governor survives as crash kills five aides

Katsina governor survives as crash kills five aides

At least five
persons, including Aminu Ibrahim, the Aide De Camp (ADC) to Katsina
State governor, Ibrahim Shehu Shema, were confirmed dead in an accident
involving the governor’s convoy along Katsina – Daura road on Tuesday.
Mr Shema however escaped with minor injuries.

The accident
occurred in Zakaliya village of Mashi local government council along
Katsina-Daura road around 9:45am, while Mr Shema was on his way to
Daura to prepare for the visit of President Goodluck Jonathan to the
town.

The accident,
according to the FRSC sector commander in Katsina State, Habu Dauda,
involved the governor’s official vehicle, a black Land Rover jeep and a
commercial bus, with registration number XA 668 ZAR.

An eye witness said
that the driver of the commercial bus was obviously scared when he
heard the blaring siren and lost control, thereby hitting the
governor’s vehicle.

NEXT learnt that
the driver of the commercial bus, who could not be identified as at
press time, was among those who lost their lives, just as 10 others
were said to be receiving treatment at the Federal Medical Centre,
Katsina.

Mr Dauda attributed the accident to careless driving.

The PDP rally later went ahead, although without the usual fanfare
as Mr Shema ordered drummers and dancers to stay away as a mark of
respect for the deceased.

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Militant group says amnesty programme is a failure

Militant group says amnesty programme is a failure

The Movement for
the Emancipation of the Niger Delta (MEND) has described the Federal
Government’s amnesty programme for former militants from the Niger
Delta region as a failure, accusing President Goodluck Jonathan of
bribing them to sing his praise.

“The amnesty is a
colossal failure as far as we are concerned. The government claims to
be sending so-called ex-militants to places like Ghana and Malaysia for
training. We find this very laughable as we know they would end with
worthless certificates and given jobs as labourers if employed by the
oil companies. The real fighters are who we have as they understand
what they stand and fight for.

“The so-called
ex-militants are not singing Jonathans praises for nothing. They are
being bribed to do so. They know in their hearts that the amnesty is a
big failure.” Jomo Gbomo, the group’s spokesperson said this while
responding to questions from NEXT reporters. The group, however,
restated its plan to “get rid of all Western oil companies operating in
the region that have only polluted and destroyed our land with impunity
and connived with the government to hide the extent of damages caused.”

Threats of bomb attack

In an earlier
e-mail sent on Monday with the theme, ‘Bomb blasts and oil
installations attack’, the group had announced its desire to “soon
commence with simultaneous bomb blasts and attacks on oil installations
in the Niger Delta and other strategic locations in Abuja and Lagos
States of Nigeria.” According to the group, in order to avert avoidable
loss of lives, “advance warnings for immediate evacuation as previously
will be issued and a final warning thirty (30) minutes prior to the
blasts, after which will follow a statement of claim in line with our
modus operandi.” However, when asked why some of its previous e-mail
notifications had not been carried out, Mr Gbomo said “Previous threats
have been issued but not yet carried out for security reasons best
known to us. It is up to the general public to yield to this warning
for their best interest. The security services know themselves that
there is a massive planned attack but don’t know when or where.” The
group however warned the general public to steer clear of all political
gatherings or meetings of any sort.

Reaction to the warning

Already, people are
responding to the threat issued by the group. The Action Congress of
Nigeria has since cancelled its presidential rally to Bayelsa State for
security reasons. The National Youth Leader of the party, Ebikibina
Miriki, told the News Agency of Nigeria (NAN) on telephone that the
party’s flag bearer Nuhu Ribadu’s rally was cancelled by the national
headquarters due to security reports.

He said the party has decided to take its campaign to Port Harcourt, the Rivers State capital.

The Inspector
General of Police (IGP), Hafiz Abubakar Ringim has called on Nigerians
to disregard the threats by the Movement for Emancipation of Niger
Delta to bomb Abuja, Lagos and some oil installations.

Mr Ringim, however, urged Nigerians to be cautious and report any suspicious movement

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Medical council orders university hospital to remain in Osun

Medical council orders university hospital to remain in Osun

The crisis rocking the Ladoke Akintola University of
Technology (LAUTECH) has continued as the Medical and Dental Council of
Nigeria directed that the teaching hospital arm of the university
should remain in Osogbo, Osun State.

The university, which is jointly
owned by the Oyo and Osun state governments, became the subject of
controversy following the Oyo State government’s directives that the
joint ownership of the institution should be severed.

The Oyo State
government, earlier in the year, had directed both students and staff
of the teaching hospital in Osogbo to report at a new site located in
Ogbomoso, Oyo State. The Council’s registrar, Dr. A.A. Ibrahim, in a
memo addressed to the provost of the College of Health Sciences
(LAUTECH), rejected any attempt to move the clinical training of
medical students of the teaching hospital to another location outside
Osogbo.

The three-paragraph memo read in part, “The attention of
Council has been drawn to lingering controversies surrounding the
purported movement of the teaching hospital for the clinical training
of your medical students to another location outside the accredited
site Osogbo.

“For the avoidance of doubt, let me restate here that
Council does not recognise any medical training conducted at any
facility not accredited by the Medical and Dental Council of Nigeria.
It will, therefore, be in the interest of your institution to ensure
that laid-down training guidelines are strictly adhered to at all
times.

“I am also to inform you that hosting professional medical
examination in such a facility is null and void and of no effect.
Should Council guidelines be infringed, you will be held responsible
and such an act makes you liable to prosecution before the disciplinary
organ of the Council.”

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Group commends passage of tobacco bill

Group commends passage of tobacco bill

The Environmental
Rights Action/Friends of the Earth Nigeria (ERA/FOEN) has commended the
Senate over passage of the National Tobacco Control Bill. They say the
lawmakers have delivered a major public health tool that will save the
lives of millions of Nigerians from tobacco-induced deaths.

According to the
group, “We salute the courage of the Nigerian Senate for giving this
nation a strong tool to revert growing deaths from tobacco products.
Though this has taken us so long, we are confident that this bill will
save millions of our brothers and sisters from tobacco-related deaths.”
The group had earlier lamented the delay by the National Assembly in
passing the law of the National Tobacco Control Bill, saying that delay
in the passage of the bill may cost the nation more tobacco-related
deaths.

Senate to be remembered

“We also rejoice
with the sixth session of the Nigerian Senate because it will be
remembered in the history of our nation for passing a bill which will
place Nigeria on the map of progressive countries that have initiated
policies and measures to reduce smoking and its attendant health risks.
This senate will also be remembered for passing a people-oriented law
which is aimed at safeguarding our public health and improving the
lives of Nigerians,” the group said in a press statement made available
to NEXT. The national tobacco bill bans the sales of single sticks of
cigarettes, tobacco advertisement, sponsorship, promotions, selling
cigarettes to persons under the age of 18 and smoking of tobacco
products in public places.

The group however, urged the leadership of the National Assembly “to
fast-track the remaining legislative process to ensure that the bill is
presented for presidential assent quickly.”

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Two die in Benin riot

Two die in Benin riot

Benin city was
thrown into chaos yesterday when thugs reportedly loyal to the
suspended chairman of the Anti-Pipeline Vandalisation Committee,
Osakpamwan Eriyo, unleashed terror on residents and passers-by around
the King’s square area, resulting in the death of at least two people
and many injuries.

Mr. Eriyo who is
also the youth leader of the Edo State chapter of the Action Congress
of Nigeria (ACN), was yesterday suspended by the governor, Adams
Oshiomhole, for allegedly assaulting the transition committee chairman
of Oredo Local Government Council and son of Benin oba, Uyiekpen
Erediauwa.

Mr. Osakpamwan, who
was also in charge of collecting revenue from commercial transporters
for Oredo council, was relieved of the responsibility by Mr. Oshiomhole
as a result of the fracas with the transition chairman.

Trouble started
when the ticket boys of Mr. Eriyo tried to compel bus drivers plying
Ring Road to Ugbowo to buy their tickets. The bus drivers resisted, on
the grounds that the tickets are illegal, given that the contractor had
been suspended.

The refusal to
purchase tickets sold by Mr. Eriyo’s men resulted in a fight which soon
spread to Lagos, Ibiwe, Oreoghene streets, and other adjourning roads
around the Kings Square. The ensuing fracas allegedly resulted in the
death of Raphael Oke and Osamwuyi Obaze, both drivers in the Ring
Road/Ugbowo route. Another whose name could not be ascertained as at
press time allegedly suffered a broken neck, and five commercial buses
were seriously damaged.

When NEXT visited
the scene of the incident, about a hundred youth from the palace of the
Benin Oba were seen heading to the troubled zone. Anti-riot policemen
were scattered around the Kings square, apparently to curtail the
spread of the fighting.

When contacted on
phone, Edo police command spokesman, Peter Ogboi confirmed the death of
only one man which he said resulted from the fighting.

Meanwhile, the state chapter of the Action Congress on Nigeria has
announced the suspension of Mr. Eriyo from the party. A press statement
signed by the party secretary, Osaro Idah, said that the “party has
suspended the State Youth Leader of the party, Osakpamwan Eriyo from
the party with immediate effect pending the outcome of the on-going
investigation of his recent conduct.”

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