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Stock Exchange’s new executive director resumes

The Nigerian Stock
Exchange (NSE) yesterday announced that Adeolu Bajomo, the newly
appointed executive director in charge of the Exchange’s Market
Operations and Information Technology Department, has resumed duty.

The Exchange’s
spokesperson, Wole Tokede, said Mr Bajomo’s resumption from Barclays
Bank, where he worked as the head of Replatforming Programme for Africa
and Indian Ocean region, would be a boost to the management of the
Exchange.

Oscar Onyema, the
chief executive officer of the Exchange, who also resumed last month,
in a statement yesterday said, “This is a key addition to the NSE
management team, and we are excited about the potential to rapidly move
the NSE transformational agenda forward.”

The new executive
director said that he sees his employment at the Exchange as a
privilege and opportunity to use his professional experience spanning
over 23 years to contribute his quota to the growth and development of
his fatherland.

“I am excited about
being back in Nigeria and joining the Exchange at this critical point
of the economic development of our great country. I am looking forward
to contributing to the transformation of the Exchange and repositioning
it for sustainable growth and wealth creation for the benefit of our
operators, and realising its full potential both regionally and
globally,” Mr Bajomo said.

The appointment of
a substantive chief executive officer and executive directors for the
Exchange was part of agenda put in place by the Securities and Exchange
Commission, the capital market regulator, following its intervention in
the management of the Exchange last year.

Trading performance

Meanwhile, the
value of equities at the Exchange yesterday rebounded appreciably after
recording losses on Monday. The Exchange market capitalisation of the
194 First-Tier equities closed yesterday at N8.014 trillion after
opening the day at N8 trillion, reflecting 0.18 per cent or N14 billion
gains.

A total of 27
stocks appreciated in price on Tuesday lower than the 28 recorded the
previous trading day, while 27 stocks depreciated in value higher than
the 23 of last Friday.

Neimeth
International and Custodian & Allied Insurance topped the price
gainers’ table with an increase of five per cent each, to close at
N1.47 and N3.15 per share, respectively. Berger Paints and Cement
Company of Northern Nigeria followed in the chart with an increase of
N4.96 and N4.95, to close at N12.48 and N10.60 per share.

On the flip side,
Glaxo Smithkline and Paints & Coating Manufacturer led on the price
losers’ chart with a loss of 4.96 and 4.92 per cent respectively, to
close at N24.13 and N2.32 per share. Eterna Oil and International
Breweries followed with a decrease of 4.88 and 4.79 per cent, to close
at N4.68 and N5.76 per share.

The Banking
subsector maintained its lead as the most active with 204.857 million
quantities of shares, valued at N1.805 billion. The subsector’s volume
was largely driven by shares of United Bank for Africa, First Bank and
Guaranty Trust Bank.

Money

Entrances and Exits: a personal journey

Entrances and Exits: a personal journey

In December of
2010, I left Lagos for a week to go back to my village, the scenes of
my childhood and my ‘primary colours’, with the sole purpose of
discovering what has influenced my art over the years. Some things I
could pull from memory, but there were many I had forgotten or never
really experienced. With a keen eye and a camera, I set to work; and
what I discovered about my heritage and ancestral home was shocking to
me. Until then, I did not realise that, over the decades of my art
practice, I have unconsciously been feeding off of what was always
there as part of my everyday life when I was growing up, which I never
paid much attention to. The numerous shrine walls in neighbouring
villages, the painted mud walls of my grandmothers’ homes, my uncles’
decorated rooms and other villagers’ walls were all beaming with
different kinds of art. I photographed as many as possible, because it
was obvious that many people no longer care about these ‘primitive and
pagan’ arts.

With some of the
walls and art already gone, and a very few left, I set to work on what
remained. Some of the bold use of earth tone colours on walls reminded
me of Mark Rothko’s large canvasses. The valour with which colours,
patterns and designs were engraved or drawn on walls, doors and other
surfaces fueled my drawings with chalks on the bare, dilapidated walls.
Because I considered the chalk on wall drawings temporary, I decided to
photograph them for posterity; and perhaps in so doing, I could show
the world things that may not ordinarily be seen in their natural
state.

I thought I would
stop at the drawings on walls and doorways. However, I found myself
thinking about the history behind the walls and the doors I drew on in
the village, and so I decided to extend the experience to my studio in
Lagos. People that have come and gone in my life over time through the
passageways kept playing in my memory. My grandmothers, my father and
many of my uncles who have left, came alive again. The doors I
rejuvenated through art, were the same ones they traversed while alive.
I began to look at the duality of the doorway, a passageway for entry
and exit, life and death, night and day. Life itself is full of doors,
whether real or imagined. I am yet to see any human that hasn’t gone
through a door. Whatever we do when we enter or exit from any door in
life is what shapes our lives as humans on earth.

It is also
pertinent to say that the works in ‘Entrances and Exits’ go beyond
physical doors; they signify transitions in life. In between the
comings and goings, memories are built constantly. Memories of how we
move from one phase of life to another, from childhood to adulthood,
boy to man, girl to woman, life to death, etc. The events that
orchestrate these transitions are mystical, not physical, and sometimes
invisible, yet they manifest as some kind of door.

All materials used
in producing these paintings and drawings are physically cut in the
shape of doors, in order to reveal another side of the same work. This
is symbolic of the openings and closings that are associated with
doors. Birth and death have doorways, be it a woman’s birth canal or
the gaping grave on the earth.

Victor
Ehikhamenor’s ‘Entrances & Exits: In Search of Not Forgetting’
opens at the Centre for Contemporary Art (CCA), 9 McEwen Street, Sabo,
Yaba, Lagos on Saturday, May 7, and will be on display until May 28.

Fadahunsi launches book

Fadahunsi launches book

“There
are autobiographies and there are autobiographies. When a person who is
more than 91 years old writes his autobiography, that in itself is
worth celebrating.” These were the words of Dupe Olatunbosun, chair of
the Book Presentation Committee of ‘Reflections on the Events of My
Life’, the autobiography of Samuel Babatunde Fadahunsi.

Olatunbosun was
speaking at a press conference for the book, which is set for launch at
11am on Thursday, May 5, at the Agip Hall of the Muson Centre in Lagos.
Fadahunsi is respected for his contribution to the growth and
development of engineering in Nigeria. He retired in 1972 as the first
Nigerian chief executive officer of the Lagos Executive Development
Board. He is credited with planning and town development in the Lagos
metropolis, including the Lagos Island, Surulere and Ilupeju areas of
the city.

Also at the press
conference was Olu Falomo, the chair of Reckitt Benckiser Nigeria Ltd,
who said the book is a reflection on the past that gives insight into
the future. He further described it as a celebration of the life of a
humble, respected public servant whose career spanned 60 years.

Olatunbosun commended the author for taking the trouble to write
about his life at the ripe old age of 90. “This is a call to Nigerians
from all walks of life, particularly the younger generation, to come
and learn from Mr Fadahunsi’s excellent life of service to his
community and his nation,” Olatunbosun said. The special guest of
honour at the launch will be former head of state, Yakubu Gowon, while
Reuben Abati of the Guardian newspaper, will review the book.

Salif Keita in Lagos this week

Salif Keita in Lagos this week

Malian music
superstar Salif Keita will headline the first VIP Club Nite of
Francophone World Music, which holds at the Oriental Hotel in Lagos
this week.

Known as ‘the
golden voice of Africa’, Salif Keita is one of the most successful
exponents of African music on the international scene. In addition to
his infectious Afro-pop sound, Keita is also an activist on behalf of
his fellow albinos, who are targets of ritual killings in many African
countries.

Jimi Sadare of
Effrakata Entertainment, promoters of the show, which commences at 8pm
on Friday, May 6, said the event is part of activities for the
re-branding of the company’s former ‘Francophonynite’ into a VIP night
of Francophone world music. “The event will be a night of blending the
Francophone with Anglophone; it will be fun. I have been friends with
Salif for close to 10 years, his music has a therapeutic effect on me.
That is why am bringing him for Nigerians to enjoy what I have been
enjoying,” he said.

When asked about
his company’s focus on Francophone artists, the soft-spoken Sadare
said, “It will be my joy to bring recognition to Nigerian acts also. I
discovered Francophone musicians when I was exploring countries like
Mali, Togo. There was so much peace and fun there, and the music is so
soothing, that is what am trying to transport to Nigeria.” He told
reporters that he was the first person to promote a Nigerian artist in
Francophone countries. “Flavour performed in Lome through my company,
and am willing to sell more Nigerian acts.”

According to the
travel and entertainment boss, the VIP Club Nite is targeted at mature
minds, members of the diplomatic corps, expatriates, celebrities and
others. The Salif Keita show will be the first of quarterly VIP Club
Nites, while the Francophone World Music night will hold monthly,
attracting both foreign and indigenous artists to perform for select
audiences.

Also on the bill for the Oriental Hotel show are music acts like the
Afrobeat/jazz band, Ayetoro, as well as deejays from Togo and the
Republic of Benin.

Poem for the month

Poem for the month

Show me a sign

you have been

to the polling place…

the politician raises

his purple thumb;

and a machete with

a crimson edge

* * *

Ghosts voted here yesterday

and left their skeletal scrawls

they voted for the ruling party

and swelled its phantom figures

* * *

Babies toe-printed the ballot

kicking and screaming all the way

their parents laughed and laughed

as they forged their way to power

* * *

A hefty young lady,

protuberantly pregnant;

and when she went into labour

a roomful of ballot was born

* * *

My candidate

or no election

my tribe

or no country. . .

Poem for the month

Poem for the month

Show me a sign

you have been

to the polling place…

the politician raises

his purple thumb;

and a machete with

a crimson edge

* * *

Ghosts voted here yesterday

and left their skeletal scrawls

they voted for the ruling party

and swelled its phantom figures

* * *

Babies toe-printed the ballot

kicking and screaming all the way

their parents laughed and laughed

as they forged their way to power

* * *

A hefty young lady,

protuberantly pregnant;

and when she went into labour

a roomful of ballot was born

* * *

My candidate

or no election

my tribe

or no country. . .

Fashola wants a better revenue allocation formula

Fashola wants a better revenue allocation formula

Restructuring the federal allocation formula is the only way to stem labour unrest in Nigeria, the Lagos State Governor, Babatunde Fashola has said.Mr Fashola said this while addressing members of the Nigerian Labour Congress yesterday at the commemoration of Workers’ Day. He also said some policies of the federal government must be amended as they breach the constitutional procedure.

Every May 1st is designated Workers’Day and member organisations of the Labour Congress had gathered, as usual, at Onikan Stadium yesterday to mark the day,under the theme, “Growing the national economy for job creation and people’s welfare.”

“In order that the newly approved minimum wage to be effective and sustained and for the states and local governments to be able to function and provide basic social services, the adoption and implementation of the recommendation to amend the revenue allocation formula is [a] precondition that will help us stem any labour crises,” he said, adding that “not all states will be able to pay the new wage structure unless there is an urgent amendment of the country’s revenue allocation formula that gives more money to the state and local governments.”

Outdated laws Mr Fashola, for some years, has been very vocal about the need to amend the formula for sharing revenues from the federation account.

He said, the revenue allocation formula, like many other laws in the country, is out-dated in the recent political awakening that has pushed people to demand more services from their government.

He argued that the state governors are at the receiving end of this political agitation as the federal government is far and too removed from them.

“A situation in which the Federal Government currently takes as much as 52.68 per cent of the centrally-collected revenues in the federation Account, leaving the states and local government with 26.72 and 20.60 per cent respectively is not acceptable,” he said, adding that his administration has had to augment local governments’ payroll in order to avert an imminent crisis.

He argued that since public agencies like the Nigerian Port Authority, Nigerian Airways Limited, Nigeria National Shipping Line, Ajaokuta Steel Company, National Insurance Corporation of Nigeria, National Fertilizer

Company of Nigeria, Nigerian Aviation Handling Company, Nigerian Sugar Company among others have all been privatised, there is no meritorious reason for the federal government to still retain more than 50 percent of the country’s revenue.

Mr Fashola also called for strict adherence to constitutional provision by receiving government agencies like the Nigeria National Petroleum Corporation, the Nigeria Customs Services, Federal Inland Revenue Services among others, which he said operates “a policy not backed by the law that allows them defray their operational expenses for revenues collected on behalf of the federation rather than being paid from the federation account”.

“This is a clear violation of section 162, subsection 1 of the constitution”, he said, “The correct and lawful practice is that the operations of these agencies of the federal government must be funded by the federal government from its own budgeted share of the federation account and not by any deduction at source as appears to have been the case.”

Better allocation for states

While proposing that states’ share of national revenue be increased to 42 per cent as recommended by a committee setup by the Governors’ Forum, on which he served as the chairman, Mr Fashola called for an organised labour movement to “demand a more development focused budget that allows us to invest at least 50 per cent of state and federal government budgets in capital projects.”

In his remark, State Chairman of the Trade Union Congress (TUC), Akeem Kazeem, while condemning the recent post-electoral violence that claimed the lives of some youth corps members, said only policies specifically targeted at the working class can lift Nigeria out of the mire of ethnic and religious violence.

He said “the cowardly and dastardly act again has brought to the fore the need for the trade unions and labour movements to take up the driver’s seat in our search for nationhood”.

On his part, the State Acting Chairman of the Nigeria Labour Congress (NLC) Idowu Adelakun urged the Lagos state government to order the immediate payment of gratuity of the thirty-two workers of the

Lagos State Sports Council who retired between 2005 and 2008 because it is the only reward they have for their long service year.

Money

Agency gives ultimatum over fake products

Agency gives ultimatum over fake products

The Standards Organisation of Nigeria (SON) has given a
one-month ultimatum to manufacturers and importers to remove substandard
products from circulation. Joseph Odumodu, the director-general of SON, gave
the charge in Lagos while unveiling his five-point agenda which was aimed at
tackling the influx of substandard products into the country.

He said that his agenda was to ensure that agricultural products
and locally made products meet international standards. Mr Odumodu urged local
and foreign manufacturers, importers and vendors to comply with this directive
or face the wrath of the law. According to him, after the expiration of the one
month ultimatum, products entering into the country must have a certificate of
free use from the country of origin, in addition to the Conformity Assessment
Programme (SONCAP) of SON.

“Products not good enough for citizens of the producer countries
must never again be dumped on Nigerians because we do not question what we buy.
We have had enough of the idea that Nigeria importers always request for lower
standards from the producers,” he said.

According to him, through proper monitoring of all ports of
entry, SON will also insist that importers of goods and their agents bring in
goods that conform to standards.

He explained that after the expiration of the one-month notice,
vendors of substandard goods would be made to prove how such goods came into
the country.

He said that SON had worked out plans that would ensure that
such foreign manufacturers were blacklisted from exporting goods to Nigeria.

Mr Odumodu said that SON would send a bill to the National Assembly to
ensure that unscrupulous importers were made to pay compensation for importing
substandard products.

Money

Aviation boss lauds introduction of automated billing system

Aviation boss lauds introduction of automated billing system

The director-general, Nigerian Civil Aviation Authority (NCAA),
Harold Demuren said on Monday that the Billing and Settlement Payment (BSP)
system had created more job opportunities in the country’s aviation sector.
He said that the BSP which was introduced in 2008 had also restored
confidence in local travel firms.
BSP is a system designed to simplify selling, reporting and
remitting procedures of the International Air Transport Association (IATA)
accredited passenger sales agents, as well as improve financial control and
cash flow for BSP airlines.
Before its introduction in Nigeria, major airlines required each
travel management firm to produce bank guarantees and performance bonds for as
much as N30 million, thus forcing many to go out of business.
“BSP has restored confidence and mutual trust between members of
the powerful airline cartel and local travel management firms. There has been
tremendous progress since it was introduced,” Mr Demuren said. “Our travel agencies
were almost dead. The foreign airlines were killing them. We fought that battle
and we won. Today, we have the strongest downstream in the aviation sector, the
travel agency system.”
Mr Demuren, who worked with IATA and the International Civil Aviation
Organisation (ICAO) to introduce the system in Nigeria, said BSP was good for
the country.
“Globally, 400 airlines in 160 countries are in the BSP system,
with sales in 2010 exceeding about 200 billion dollars,” he said.
He said more than 26 airlines operating in Nigeria, including Air
Nigeria and Arik Air were also members of the BSP.
Mr Demuren disclosed that the BSP had also brought integrity into
travel management business by protecting airlines against loss of revenue.
“It has helped to reshape the future and fortune of one of the very
important segments, which is often described as the engine of the downstream
sector of the aviation industry. The BSP operations in Nigeria are a big boost
to the government’s desire to protect the downstream sector of the economy and
encourage the growth of travel agencies,” he said.

Money

Petroleum corporation denies fuel price hike

Petroleum corporation denies fuel price hike

The management of Nigerian National Petroleum
Corporation (NNPC) has said there are sufficient petroleum products in the
country.

The Group General Manager, Public Affairs
Division of NNPC Levi Ajuonuma, said in a statement in Abuja on Monday said:
“NNPC has well over 39 days sufficiency of PMS and other Petroleum products in
stock.”

The statement urged petroleum tanker owners to
release their trucks for the loading of products at various depots. “The NNPC
wishes to inform Nigerians that the rumoured hike in the price of PMS by the
federal government is false and a mere figment of the imagination of detractors
of the nation.

“The corporation also urges petroleum tanker
owners and drivers to resume loading of petroleum products in order to avoid
any artificial scarcity of the products,” the statement added.

It advised the public to desist from engaging in
panic buying of products as the corporation worked hard to end the artificial
scarcity created by the rumour. Following the fear created by the rumour, long
queues have re-emerged at filling stations around the country.