Wednesday, 12 July 2017

Osinbajo visits Buhari in London, to share details of meeting soon

Acting President Yemi Osinbajo spent one hour with President Muhammadu Buhari on Tuesday in London and then swiftly left to begin the journey home.
According to Reuters, Osinbajo arrived in the night at the Abuja House, where Buhari has been living since he arrived 8 May, from Nigeria for medical vacation.

Osinbajo spent one hour and left without making any comment on his meeting with President Buhari.
Spokesman for the Acting President tweeted after the visit that information about what transpired will be made known soon. He said “it was a good meeting”.

Akande had announced the visit Tuesday night and that Osinbajo would return immediately after. A Federal Executive Council Meeting takes place every Wednesday in Abuja.
“Osinbajo meeting with President Buhari in London today, and returning to Abuja immediately afterwards,” the vice president’s spokesman, Laolu Akande, said in a Twitter message posted earlier on Tuesday.

Mr Laolu Akande, went on to say: “We will soon share more information about Acting President’s London meeting with President Buhari. It was a very good meeting.
“God bless Nigeria.’’
President  Buhari, 74, left Nigeria the night of 7 May after welcoming a group of 82 Chibok schoolgirls released by the  militant group Boko Haram.

It was President Buhari’s second medical visit to Britain this year. The first began in January and lasted nearly two months.


Dangote to produce 500m litres of milk by 2019 from 50,000 cows

Aliko Dangote, president of Dangote Group, will own 50,000 cows by 2019, and produce 500 million litres of milk per year.
The group, principally owned by Africa’s richest man, plans to invest $3.8 billion in sugar and rice and $800 million in dairy production in the next three years.
According to World Health Organisation (WHO) estimates, Nigeria needs about 1.5 billion litres of milk annually.

US department of agriculture also puts Nigeria’s “insufficient” milk import at $225 million per year, stating that the country’s dairy market has a potential in excess of $3 billion.
With Dangote’s drive, the group will produce a third of the country’s ideal demand and nearly all of its current import.

According to Bloomberg, the company seeks to expand and deal with a shortage of dollars needed to import raw materials.
The conglomerate plans to increase its production of sugar to 1.5 million metric tonnes a year by 2020 from 100,000 tons now and is seeking to add 1 million tonnes of rice.
In an interview on Tuesday, Edwin Devakumar, executive director at Dangote, said lack of foreign exchange means companies need to invest in local agriculture to help meet demand for food from Nigeria’s population of more than 180 million.
“All raw sugar has to be imported today, same thing for flour milling,” Bloomberg quoted Devakumar to have said.

Dangote, whose cement unit is Nigeria’s biggest listed company, has been investing in agriculture as the country’s government seeks to diversify away from oil, which accounts for 90 percent of the nation’s export earnings and the bulk of revenue.

The economy, which plunged into its first recession in a quarter-century last year amid falling crude prices, is forecast by the World Bank to expand by 1.2 percent this year.
Dangote plans to cultivate 350,000 hectares (864,850 acres) of land for sugar cane and add 200,000 hectares for rice, according to Devakumar.

The company has ordered five plants for sugar milling and 10 for rice from Switzerland to be located in the north of the country, he said.


Kelechi Iheanacho To Become Highest-Paid Nigerian Player In Europe With Leicester Move

Kelechi Iheanacho will complete a £29m move from Manchester City to Leicester City on Thursday.
OwnGoalNigeria reports that the 20-year-old is set to sign a four-year contract with the Foxes, which will double his current wages and make him the highest-paid Nigerian footballer.

It is believed that Iheanacho has been booked in for his medicals on Wednesday.
Leicester will pay City an initial fee of £22.5m for his services and they have also agreed on a buy-back clause of £37.5m for the first four years of his stay with the former Premier League champions.

However if they are able to qualify for the Champions League during Iheanacho’s first your years at the club and City want to exercise their buy back option, a fee of £50m has been agreed between both parties.


Tuesday, 11 July 2017

GTBank Restates Commitment to Excellence & Best Practice …….Remodels Yaba Library

Foremost African financial institution, Guaranty Trust Bank plc, has transformed the old Herbert Macaulay Library, Yaba into a state of the art learning and recreation facility. Executed in partnership with the Lagos State Government, the project is part of the Bank’s YOU READ CSR Initiative which identifies, renovates and reequips public libraries, turning them into centers for learning and social engagements for students and the general public.

Public libraries play a fundamental role in the lifelong mental and intellectual development of individuals as well as in enabling broad societal development. However, the inadequacy of public library services and infrastructure in Nigeria has hampered the fulfillment of these crucial roles. Concerned about the state of public libraries in Nigeria, and motivated by the belief that quality education is crucial for nation building and a fundamental right of everyone irrespective of background, race, or economic status, GTBank created the You Read Initiative to connect people with a global resources of information and knowledge. 

With the goal of raising the Herbert Macaulay Library to global standards, GTBank carried out a total overhaul of the internal and external structures of the facility. These included a complete refurbishing of the building, equipping the library with state of the art furniture, the installation of computer and internet facilities to create an e-library and the provision of books to ensure a pleasurable and highly rewarding library experience. The Bank is also calling on member of the general public to donate new and used books in good condition to the library in order to expand the scope of resource materials available at the event.
Commenting on the renovation of the Herbert Macaulay Library, Yaba, Segun Agbaje, the Managing Director of Guaranty Trust Bank plc, stated that, “We are happy to provide this much-needed upgrade to a facility that is crucial to the academic and personal development of members of the Yaba community as well as residents of Lagos State and beyond. Libraries are the cornerstones of our communities, and the new-and-improved Herbert Macaulay Library, Yaba will not only serve as a centre for learning and research, but will also provide a warm and welcoming environment for sharing experiences and creating new opportunities.
He further stated that, “At the heart of the You Read initiative is our commitment to transform our organization into a platform for enriching lives that offers our customers and communities, benefits beyond banking. Beyond the renovation of the Herbert Macaulay Library, Yaba, we, through this initiative, seek to encourage and engage people, especially students in all stages of their education, to read, build capacity, gain exposure and connect with peers and educators around the world.”

Speaking on behalf of the Governor, Akinwunmi Ambode, the State’s Deputy Governor, Dr. Mrs. Idiat Oluranti Adebule commended the management of the Bank for the effort and role they have played over the years in supporting education and sports development. The Bank have pioneered several developmental initiatives such as the GTBank Principals Cup & Masters as well as the Orange Ribbon Initiative to cater for children living with autism
About GTBank
GTBank is regarded by industry watchers as one of the best run African financial institutions across its subsidiary countries and serves as a role model within the financial service industry due to its bias for world class corporate governance standards, excellent service quality and innovation. The Bank’s footprints in Corporate Social Responsibility are guided strategically by its decision to operate on four major pillars: Education, Community Development, Arts and the Environment, which it believes are essential building blocks for the society and prerequisites for economic growth and societal development.
About The Herbert Macaulay Library, Yaba
The Herbert Macaulay Library Yaba is one of the 12 branch library in Lagos State providing free education and information for the residents of Lagos State and beyond. Renovated by GTBank through its You Read CSR Initiative, the Library offers free access to academic and non-academic books, internet-enabled computers, exhibitions, and more to everyone from toddlers to scholars. Originally built in 1966, the Library was later renamed after the renowned nationalist, Olayinka Herbert Macaulay.


The Acting President, Professor Yemi Osinbajo GCON, SAN, has approved the appointment of 19 Judges for National Industrial Court of Nigeria (NICN) on the recommendation of the National Judicial Council (NJC).

In a statement by the Director of Information in the NJC, Soji Oye, the new judges were listed as: Targema John Iorngee, Benue; Namtari Mahmood Abba, Adamawa; Nweneka Gerald Ikechi, Rivers State; Kado Sanusi, Katsina State; Adeniyi Sinmisola Oluyinka, Ogun State; Abiola Adunola Adewemimo, Ogun State; Opeloye Ogunbowale A, Lagos State; and Essien Isaac Jeremiah, Akwa Ibom State.

Others are: Elizabeth Ama Oji, Ebonyi State; Arowosegbe Olukayode Ojo, Ondo State; Ogbuanya Nelson Chukwudi, Enugu State; Bashir Zaynab Mohammed, Niger State; Galadima Ibrahim Suleiman, Nasarawa State; Basi Paul Ahmed, Borno State; Danjidda Salisu Hamisu, Kano State; Hamman Idi Polycarp, Taraba State; Damulak Kiyersohot Dashe, Plateau State; Alkali Bashar Attahiru, Sokoto State; and Mustapha Tijjani, Jigawa State.

The statement also said the new judges will be sworn in at the Supreme Court by the Chief Justice of Nigeria (CJN), Justice Walter Onnoghen on Friday July 14 by 3pm.

NEWS 360

Crude Oil Price Rises to $47 as Producers Weigh Libya, Nigeria Output Caps

Crude oil prices rose modestly Monday but rising drilling activity in the United States and uncertainty over Libyan and Nigerian production cuts clouded the future supply outlook.

The two countries have been invited to a joint meeting between OPEC and non-OPEC on July 24 in St Petersburg, Russia.
Crude oil prices rose modestly Monday but rising drilling activity in the United States and uncertainty over Libyan and Nigerian production cuts clouded the future supply outlook.

Six ministers from OPEC and non-OPEC nations, including Kuwait, Venezuela, Algeria, Saudi Arabia, Russia and Oman, will meet on July 24 in St. Petersburg, Russia, to discuss the current situation in the oil market.

This group, called the Joint Ministerial Monitoring Committee, could recommend expanding the pact to the wider group, which holds its next meeting in November.

The ministerial talks would be preceded by a meeting of a technical committee involving all OPEC and non-OPEC members currently participating in the oil output-cutting deal.

As investors weigh the likelihood and potential effectiveness of Libya and Nigeria capping production, Bloomberg reported that the possibility of the two countries agreeing to output caps is giving investors more hope that prices may rise.
The two African producers, which were exempted from supply cuts because of internal strife but are now recovering, have been invited to the July 24 meeting to discuss their production outlook, Kuwait’s Oil Minister Issam Almarzooq said in Istanbul.

OPEC agreed with some non-OPEC members to curtail production until March 2018, but the move has failed to eliminate a global glut of crude oil.
Libya and Nigeria may attend the July 24 joint meeting between OPEC and non-OPEC, according to Russia’s energy minister.

“We have spoken to (OPEC Secretary General Mohammad) Barkindo and in the next two weeks there will be conversations with them (Libya and Nigeria) and possibly we will invite them to the technical summit,” Russian Energy Minister Alexander Novak told journalists on the sidelines of an industry conference in Istanbul.
Kuwait confirmed last Sunday that Nigeria and Libya had been invited to the meeting and their production could be capped earlier than November when OPEC is scheduled to hold formal talks, according to Bloomberg.
However, Nigeria’s Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, will be unable to attend the OPEC meeting because of a previous commitment, the Kuwait Oil Minister Essam al-Marzouq told reporters on Monday.

“We extended the invitation but unfortunately there is a previous commitment for the Nigerian oil minister as I heard today,” he told reporters when asked whether Nigeria will join the committee meeting set for July 24.
Marzouq, who is the chairman of the joint committee, added that Nigeria would probably be asked to join the technical committee’s meeting, which comes before the ministerial meeting, to talk about its oil production plans.

Reuters reported that Libya said yesterday it was ready for talks but added that its political, economic and humanitarian situation should be taken into account in talks on caps.
US crude oil futures were yesterday up 0.7 per cent at $44.51 per barrel, while Brent crude futures rose 0.6 per cent to $47 per barrel.
Brent crude prices are 17 per cent below their 2017 opening level despite strong compliance by OPEC with the production-cutting accord.
Deepening output cuts already agreed to by OPEC and partners is not on the agenda for the July 24 meeting, said Almarzouq .

But OPEC’s Secretary-General, Mohammad Barkindo, said in Istanbul that it was premature to talk about that option.
If Libya and Nigeria are able to stabilise their output at current levels, they will be asked to cap supply as soon as possible, Almarzouq added.


16 killed as US military plane crashes

                   The burning wreckage of the US military plane

No fewer than 16 marines were killed when a U.S. military plane crashed in rural Mississippi on Monday evening, a regional emergency management official said.

The plane crashed into a soybean farm in northern Mississippi’s LeFlore County, about 100 miles (160 km) north of Jackson, the state capital.The Clarion-Ledger newspaper said debris of the crash spread about 5 kilometer radius.

                                Rescue agents at the scene of the plane crash in Mississippi

Captain Sarah Burns, a spokeswoman for the Marine Corps, said only that a U.S. Marines KC-130 Hercules transport aircraft had “experienced a mishap,” with news media initially reporting five confirmed deaths.
Several hours later, Fred Randle, LeFlore County director of emergency management, said 16 people had perished.

“Most of them are gonna be Marines,” Sheriff Ricky Banks said. He could not confirm whether there were any civilians on the plane.
A late-night briefing by Randle just before 11 p.m. Monday did not reveal any new details except to say people who are not responders should avoid the area because there is still flammable fuel on the scene.

The incident was a “tragedy”, Mississippi Governor Phil Bryant said in a statement on social media site Facebook, but provided no details.
Images posted online by news organizations showed the crumpled wreckage of a plane engulfed in flames in a field surrounded by tall vegetation, with a large plume of smoke in the sky above the crash site.


Dangote Donates N50 Million To Ife Crisis Victims

Chairman, Dangote Group of Companies, Alhaji Aliko Dangote has donated N50 million to victims of the communal crisis that hit Ile-Ife, Osun State, on March 8.
Dangote made the donation on Monday, at the palace of the Ooni of Ife, Oba Adeyeye Ogunwusi.

The fracas, between the Yoruba and Hausa residents of the city, claimed many lives.
A panel of inquiry set up by the Osun State Government, which began sitting on April 19, received 406 memoranda. Most memoranda contained demands for compensations.
While many claimed that their shops were looted, others claimed that their houses were burnt, and appealed to the government to assist them.
Dangote, who was represented by Mrs Suera Yusuf, Managing Director of Dangote Foundation, said that the N50 million would be shared among 220 victims.

“Each of the 220 victims will receive a cheque commensurate with the losses suffered,” Yusuf said.
She expressed the Foundation’s readiness to assist victims of violence so as to ameliorate their sufferings but cautioned youths against being used to perpetrate such violence.

The Managing Director called for unity between the Yoruba ad Hausa residents of Ife, saying that peace and unity would attract development and posterity to the city.
Ogunwusi, in his remarks, thanked Dangote for the gesture which he described as “encouraging”.
He called for more cooperation between traditional rulers and the private sector, saying that such partnership would benefit the country.

The traditional ruler cautioned youths against resorting to violence over the slightest excuse, pointing out that development was impossible without peace.
He challenged wealthy Nigerians to give something back to the society by emulating Dangote’s humanitarian gestures.

Also speaking, the Emir of Kano, Alhaji Sanusi Lamido, hailed the Ooni for his leadership role during the crisis, saying that his neutrality helped to douse tension and fear.
“From the north, we were convinced not to issue any public statement after Ooni explained the steps he had taken; he indeed deserves our praise,” he said.
Lamido cautioned Nigerians against hate speech, suggesting that dialogue be used to resolve every disagreement.

Chairman of Ife Progressive Union, Prof. Muib Opeloye, commended the monarchs for facilitating the donation, and described the incident as “unfortunate”.

Etisalat pulls out of Nigeria, issues 3 weeks ultimatum for name change

Abu Dhabi’s Etisalat has terminated its management agreement with its Nigerian arm and given the business time to phase out the brand in Nigeria, the chief executive of Etisalat International told Reuters on Monday.

Nigerian regulators intervened last week to save Etisalat Nigeria from collapse after talks with its lenders to renegotiate a $1.2 billion loan failed.

All UAE shareholders of Etisalat Nigeria have exited the company and have left the board and management, Hatem Dowidar said in an interview.
Dowidar said discussions were ongoing with Etisalat Nigeria to provide technical support, adding that it can use the brand for another three weeks before phasing it out.


Monday, 10 July 2017

Nigerian SMEs Rejuvenates At RedStar SME 1000

L-R:Adedapo Adelegan, President, Nigerian British Chamber of Commerce/speaker (left); Anna Einarsson, Chief Executive Officer, Tribute; Sola Obabori, Group Managing Director, Red Star Plc, and Paul Foh, Chief Executive Officer, Katalyst Consulting, during the Red Star 2017 SMEs 1000 Forum in Lagos at the weekend
Determined to rejuvenate and strengthen SMEs in the country while also bridging the logistics gap for SMEs, Red Star Express hosted small start-up owners at the SME 1000 workshop. Tagged ‘Breaking Boundaries, the event was intended to serve as a ground-breaking medium for Red Star Express to bridge the logistics gap faced by SMEs, give them support by sharing insights, information and industry advice as it affects them in relation to the growth of their business. It was also intended to identify business opportunities for the company while helping SMEs expand the SMEs’ reach locally and internationally.
Held recently in Lagos, the workshop created an opportunity for entrepreneurs and owners of Small and Medium Enterprises (SMEs) to receive advice and logistics resources from Red Star Express, other industry leaders and concerned regulatory agencies, so as to assist in creating an excellent opportunity to interact and network. It also created an opportunity for these entrepreneurs to exhibit their products.
According to the Group Managing Director/CEO, RedStar Express, Mr Sola Obabori, “Red Star is committed to supporting the growth of SMEs in Nigeria which is the bedrock of the economy. We believe that a more connected world means more opportunities. This is why customers including SMEs count on our diverse portfolio of offerings to connect to more than 220 countries and territories, linking more than 90 percent of the world’s GDP”.
“Through our foreign partners, we can take you from here to any part of the world within 72 hours. That is the kind of strength we have brought to the table. So if you are a businessman in Nigeria, we can take it from here and deliver your goods to anyone who has made an order from any part of the world.”
Some of the speakers at the event encouraged these start-up owners and admonished them on the way to go in achieving success in their various businesses. The President, Nigerian British Chamber of Commerce, Mr Adedapo Adelegan, reiterated the need for patience while waiting for business growth. “You must have the patience to wait for 10 years to grow. A business is like letter ‘S’ because when your business is at its peak, you start developing another idea. 
The reason for the second curve is to ensure that your business stands the weight of time. The internet brought information technology.  I however urge you to use the internet to get customers.” Similarly, the CEO Tribute, Anna Einarsson, advised the young entrepreneurs to map out a clear vision which will be a roadmap to business growth. “Vision without a plan is just a dream, so you need to write down your goals, set clear goals, make good contacts, take care of your contacts, celebrate small wins, keep your team motivated and goal focused, always keep a positive mind, think deep, take advantage of great social media tools, partner with good people build your tomorrow today and learn everything you can do. 
The General Manager SME Group, Fidelity Bank, Mr Kenneth Opara, pointed out that SMEs are seen as agents of growth that drive the economy. He however counseled the entrepreneurs. “Focus on critical sectors, recognize investment opportunities, build an internal strategy to survive, build your capacity as a business, build a process where investors can be interested in what you are doing, build a business model that supports your business opportunity and continue to innovate”.
 L-R:CEO, Tribune, Anna Einarsson; GMD, Red Star Express Plc, Sola Obabori; Executive Director, Sales and Marketing, Red Star Express Plc, Victor Ukwat and Divisional Managing Director, Red Star Express, Charles Ejekam at the 2017 SME 1000 Forum in Lagos recently.

 Red Star Express has been a major e-commerce delivery backbone for a large number of SMEs, by ensuring hassle free order fulfillment. The SMEs will be availed the opportunity of choosing from a bouquet of services depending on their business needs and requirements ranging from deliveries within 3 to 6 hours in Lagos, door-to-door deliveries nationwide, Cash-On-Delivery, Prepaid Delivery, Drop off & Pickup Centres, Freight, Warehousing, Inventory Management, Outsourcing, among others.
Red Star Express is a licensee of FedEx (Federal Express), and one of the most reputable companies in the Nigeria logistics industry. Incorporated in October 1992, the company provides a portfolio of logistics solution which includes domestic and international deliveries, freight forwarding, integrated warehousing and haulage services, information and document management, e-Commerce order fulfillment services. Red Star became an Associate of TNT following the acquisition of TNT by FedEx in 2016.