Friday 29 April 2016

CSR NEWS SUMMARY ISSUE 134

#IndustryPulse: Union Bank to reduce cost-income ratio

Union Bank of Nigeria says it is currently leveraging strategies that will help to reduce its cost-income ratio from 67 per cent to 60 per cent for the 2016 financial year. The bank assured stakeholders that it would improve its business processes, branch network and channel optimisation to sustain growth and enable the bank to become a leading mid-tier by 2018 and on a trajectory to be top-tier by 2020.

Published by the Punch Newspaper on Monday 21st April, 2016

#Economy: Naira to remain flat against dollar on slow growth

The naira is expected not to rise or fall significantly at the parallel and official foreign exchange market as the economy slows and demand for foreign exchange eases after President Muhammadu Buhari’s delayed signing of the 2016 budget.

Published by the Punch Newspaper on Monday 21st April, 2016

#StakeholdersAction: EY stresses need for increased transparency

The EY, a global professional services firm, has highlighted the need for enhanced transparency at a time of increased geopolitical tensions and heightened volatility in the financial markets in a bid to curb fraud, bribery and corruption. The firm, in its 14th Global Fraud Survey 2016, said increasing global cooperation in enforcement against corruption raised the stakes for companies and executives.

Published by the Punch Newspaper on Monday 21st April, 2016

#SMEs: Fortis MFB provides N15bn credit to small businesses

A total sum of N15bn has so far been provided as micro credit to small scale business operators within the last eight years by Fortis Microfinance bank, the bank’s Chief Risk Officer, Mr Olufemi Augustine, has said.

Published by the Punch Newspaper on Monday 21st April, 2016

#IndustryPulse: FCMB seeks economic growth

First City Monument Bank Limited says it will continue to deepen its support for projects and initiatives designed to boost sustainable economy growth and development. The Executive Director, Business Development, FCMB, Mr Adam Nuru, was quoted to have stated this during inauguration of a water factory belonging to Nestle Nigeria Plc in Abaji, Abuja.

Published by the Punch Newspaper on Monday 21st April, 2016

#Oil: PH, Warri refineries now producing petrol

The Minister of State for Petroleum Resources and Group Managing Director, Nigerian National Petroleum Corporation, Dr Ibe Kachikwu, has announced that the Port Harcourt Refining Company and the Warri Refining and Petrochemical Company are now producing a combined volume of seven million litres of petrol daily. According to him, the PHRC now produces five million litres of Premium Motor Spirit, popularly known as petrol, while the WRPC produces two million litres of the product daily.

Published by the Punch Newspaper on Monday 21st April, 2016

#Power: TCN restores power transmission after system collapse

The Transmission Company of Nigeria on Sunday said it had restored full power transmission to the national grid after a system collapse at 16.44pm on Saturday due to sudden generation loss.

Published by the Punch Newspaper on Monday 21st April, 2016

#Industry: Nigeria’ll be the highest exporter of cement by 2018

The President, Dangote Group, Alhaji Aliko Dangote, has said that Nigeria will be the highest exporter of cement by the year 2018. Dangote stated this while receiving The Guardian Man of the Year 2015 Award in Lagos.

Published by the Punch Newspaper on Monday 21st April, 2016

#SDGs: Surveyors seek government’s collaboration to achieve SDGs

Surveyors in the country have urged the Federal Government to collaborate with them in order to successfully meet the country’s Sustainable Development Goals as set by the United Nations. According to them, the SDGs aim at considerably reducing poverty before 2030, but this can only be achieved through proper partnerships among stakeholders and the government.

Published by the Punch Newspaper on Monday 21st April, 2016

#Health: World Malaria Day: 3.2bn at risk globally

The World Health Organization (WHO) has said about 3.2 billion people remain at risk of malaria attack globally. This information was contained ina report entitled: “Eliminating Malaria”, released yesterday on World Malaria Day, observed on April 25 every year.

Published by the Sun Newspaper on Tuesday, 26th April, 2016

#Health: Aisha Buhari storms Cross River to campaign against infant mortality

In the last couple of years, Nigeria has experienced worsening cases of child mortality. Perhaps, it is in light of this that the wife of the President, Mrs Aisha Buhari launched “Project Future Assured” across the states of the Federation. Mrs Buhari also launched Mediatrix Development foundation; a project initiated by the wife of Cross River State Governor, Dr Lynda Ayade, as well as inaugurated the 2016 Maternal New Born and Child Health Week in the state.

Published by the Sun Newspaper on Tuesday, 26th April, 2016

#Education: COP calls for restructuring of colleges of Education

Committee of Provosts (COP) of Colleges of Education has called for an immediate restructuring of colleges of education across the country to make them more relevant in the 21st Century teacher’s education. This call was contained in a communique issued after its 76th regular meeting held recently in Abuja at the National Commission for Colleges of Education (NCCE). The communique which was signed by the chairman, Communique Drafting, Prof. Emmanuel Ojeme, was made available to newsmen.

Published by the Sun Newspaper on Tuesday, 26th April, 2016

#Agriculture: FG disburses N4.9bn loans to farmers

The Federal government has disbursed a total of N4.9 billion as loans to farmers across the country as 570,000 direct jobs have been created, the Central Bank Governor, Mr Godwin Emefiele, has said.

Published by the Sun Newspaper on Tuesday, 26th April, 2016

#Oil: NUPENG cautions NNPC on reducing workers’ contract period

Workers in the Oil and Gas sector have cautioned the plan by the Nigerian National Petroleum Corporation (NNPC) to cut contracting cycle to six months will lead to major industrial relations crisis in the industry.

Published by the Sun Newspaper on Tuesday, 26th April, 2016

#Empowerment#CSR: Honeywell committed to skill development, says CEO

For Honeywell Flour Mills Plc, training and impartation of knowledge to bakers to make their business more result oriented will continue to be a priority, according to the Managing Director, Mr Lanre Jaiyeola.

Published by the Sun Newspaper on Tuesday, 26th April, 2016

#Oil: Nigeria’s June crude export falls to 1.57m bpd

Nigeria’s poor crude oil production continued its decline until latest loading compilation showing a drastic decline for June exports, the export, on 52 cargoes, totalled 1.57milliom barrels per day (bpd), compared with a revised May programme of 1.6 million bpd aboard 55 cargoes.

Published by the Sun Newspaper on Tuesday, 26th April, 2016

#CSR: Heritage Bank introduces customer reward programme

In line with its commitment to deliver exceptional support to its customers, Heritage Bank has instituted two customer reward programmes. Christened ‘MyHeritageReward’ and HB Concourse, the two programmes, which were flagged off at the Bank’s head office in Lagos are meant to encourage and show gratitude to its teeming customers.

Published by the Sun Newspaper on Tuesday, 26th April, 2016

#IndustryPulse: Q1:Banks earnings drop to N452.6 billion

All appears not to be well with the Nigerian Banks in the First quarter as their total gross earnings fall to N452.602 billion from N461.132 billion recorded same period last year. The six banks that pooled the figure this year in their unaudited results submitted to the Nigerian Stock Exchange are UBA, Union Bank and GT Bank. The rest are Ecobank, Zenith Bank and Access Bank.

Published by the Sun Newspaper on Tuesday, 26th April, 2016

#Event#Empowerment: Turkish Nile University plans entrepreneurship trade fair

The Turkish Nile University has concluded plans to hold an entrepreneurship trade fair aimed at linking the business world with business theories in the academia. The trade fair slated for the university campus has the theme: ‘Closing the gap between gown and town through entrepreneurship trade fair’.

Published by the Daily Trust Newspaper on Wednesday, 27th April 2016

#Agriculture: FG boosts rice production with Kebbi farm stretchers

The Federal Government has concluded plans to hand-in 50 farm stretchers to boost rice production in Kebbi State. The Minister of Agriculture and Rural Development, Chief Audu Ogbeh, disclosed this yesterday when the Deputy Governor of Kebbi State, retired Col. Samaila Yombe Dabhi, paid him a courtesy visit in his office in Abuja.

Published by the Daily Trust Newspaper on Wednesday, 27th April 2016

#Power: Electricity grid loses 1,585mw again

The national electricity grid yesterday dropped to 2,116 megawatts (MW) from the 3,701 MW obtained on Monday daily power report from the Nigeria System Operators (NSO) show.

Published by the Daily Trust Newspaper on Wednesday, 27th April 2016

#Oil: Kaduna refineries pumps 2m litres of PMS daily

Kaduna Refining and Petrochemical Company (KRPC) will commence pumping of 2 million litres of Premium Motor Spirit to the system after long period of inactivity. The Managing Director of KRPC, Idi Mukhtar, said this while receiving leadership of the state chapter of the Nigerian Union of Journalists in Kaduna yesterday.

Published by the Daily Trust Newspaper on Wednesday, 27th April 2016

#Oil: Low oil prices pushes BP to $485m loss

BP has sunk to a $485m (£334m) loss for the three months to March as low oil prices took their toll. The loss, on the replacement cost measure, compared with a $2.1bn profit for the same period last year, but was lower than the $2.2bn loss for the three months to December.

Published by the Daily Trust Newspaper on Wednesday, 27th April 2016

#Event: Sterling Bank flags off  made-in-Nigeria week

Sterling Bank is championing the use of locally manufactured goods and services by initiating the Made-in-Nigeria week. The Bank’s Executive Director, Finance &Strategy, Mr Abubakar Suleiman said the week which begun from Monday April 25-29, 2016 is an opportunity for the bank to promote a sense of pride and confidence in Nigerian grown brands.

Published by the Daily Trust Newspaper on Wednesday, 27th April 2016

#CSR: Fortis becomes client protection entity

Fortis Microfinance Bank Plc has been recognised has client protection certified organization in Nigeria by Smart Campaign- a global initiative to incorporate strong client-protection practices into the microfinance industry.

Published by the Daily Trust Newspaper on Wednesday, 27th April 2016

#Agriculture: W/Bank, Kano construct farmer access road to boost agriculture business

World Bank and Kano State under the Commercial Agriculture Development Projects as embarked on the construction of three farm access roads in some farming communities situated at Madobi Local Government Area of the state as part of the project’s attempt to ease farmers’ travail during transportation of farm produce from the farm to the market and also to boost agricultural activities.

Published by the Daily Trust Newspaper on Wednesday, 27th April 2016

#Industry#Agric: Niigeria ripe for agric development

The Lagos Chamber of Commerce and Industry (LCCI) has described the crash in the international price of crude oil as a new dawn that will pave way for agricultural development in Nigeria.

Published by the Daily Trust Newspaper on Wednesday, 27th April 2016

#Agriculture: Beware of Mosaic virus, tuber farmers warned

The West African Virus Epidemiology (WAVE) has stressed the need for tuber farmers to wary of Mosaic virus which attack crops especially cassava. The virus, which is spread by whitefly, destroys tuber crops and ultimately lead to poor yield or total loss to the farmer.

Published by the Daily Trust Newspaper on Wednesday, 27th April 2016

#Education: Commonwealth Club takes off in schools

Voyage International School, Abuja has joined 249 schools across the country to form the Commonwealth Club and other societies as directed by the federal Ministry of Education. This is aimed at promoting learning and social gathering.

Published by the Daily Trust Newspaper on Wednesday, 27th April 2016

#CSR: School spends N11.5m on community roads, bridge

Premiere Academy, a private school in Abuja, has constructed roads and a bridge worth N11.5 million to keep Lugbe communities connected. Speaking in an interview in Abuja, the principal of the school, Graham Meredith, said the school had committedN15.5 million to community development projects as part of her corporate social responsibility, out of which roads and a bridge were built in Lugbe. The bridge project alone gulped N9.5m, he added.

Published by the Daily Trust Newspaper on Wednesday, 27th April 2016

#CSR: Shoprite hosts Free Breast Cancer screening

As part of the brand’s Corporate Social Responsibility (CSR) programme, the Shoprite Community Network hosted a two-day free breast cancer screening for women in Onitsha, in conjunction with the Run For A Cure Africa (RFCA), a non-governmental organization specializing in breast cancer awareness work.

Published by the Daily Trust Newspaper on Wednesday, 27th April 2016

#Economy: Lagos ports idle as imports tumble

Activities at the Lagos ports have gradually come to a grinding halt as the foreign exchange restrictions announced last year by the Federal Government takes a heavy toll on the nation’s economy. This situation has left many who depend on Africa’s hitherto busiest port for living to idle away.

Published by the Punch Newspaper on Thursday, 28th April, 2016

#Oil: NNPC restructuring ongoing, says Kachikwu

The restructuring at the Nigerian National Petroleum Corporation has not ended but is ongoing, the Minister of State for Petroleum Resources and Group Managing Director of the oil firm, Dr Ibe Kachikwu, has said. According to Kachikwu, the restructuring is not only at the national oil firm, but will also affect other agencies and parastatals under his supervision.

Published by the Punch Newspaper on Thursday, 28th April, 2016

#Economy: Buhari seeks World Bank’s help to revive economy

The Managing Director and Chief Operating Officerof the World Bank, Sri Mulyani Indrawati, held talks with President Muhammadu Buhari in Abuja on Wednesday on how the bank could help Nigeria overcome an economic crisis caused mainly by a sharp fall in crude prices that has eaten deep into its oil revenues. The Federal Government is planning to borrow N1.8tn from abroad and at home to help fund the over N6tn budget for this year, which has been delayed by several months due to wrangling between the Presidency and the National Assembly.

Published by the Punch Newspaper on Thursday, 28th April, 2016

#Oil: Oil price hits 2016 high at $47

Global benchmark, Brent crude, on Wednesday traded around $47 per barrel, its highest level this year, buoyed up by news of falling output and a weakening United States dollar.

Published by the Punch Newspaper on Thursday, 28th April, 2016

#Industry: BoI pledges more funding for industrialists

The Bank of Industry on Wednesday said it would provide more funds for industrialists as part of efforts aimed at diversifying the economy. The Acting Managing Director, BoI, Mr Waheed Olagunju, stated this at the China-Africa Trade, Investment Summit held in Abuja.

Published by the Punch Newspaper on Thursday, 28th April, 2016

#Economy: FG seeks to improve tourists arrivals, revenue with relaxed visa rules

The Federal Government is moving to overhaul the country’s visa policies and other protocols in an effort to boost tourist numbers and increase revenue from the subsector which sees less than five million tourists annually.

Published by the Business Day Newspaper on Friday, 29th April, 2016

#Agriculture: States’ insolvency threatens GES agric scheme

Nigeria’s cash strapped states can hardly sustain the Growth Enhancement Support (GES) initiative as their monthly allocations continue to nosedive on the back of dwindling oil revenues. GES involves cost sharing of major agricultural inputs, such as fertiliser and seeds between the Federal Government, state government, and the nation’s farmers.

Published by the Business Day Newspaper on Friday, 29th April, 2016

#Power: Fashola restates commitment to complete 47 new power projects

Babatunde Fashola, minister of power, works and housing, has restated his commitment to completing 47 transmission projects across the country, thereby boosting electricity supply. Fashola, who fielded questions as guest on the popular channels Sunrise Daily Programme, said the plan to complete 47 transmission projects could be achieved, even though the passage of the budget had been delayed.

Published by the Business Day Newspaper on Friday, 29th April, 2016

#IndustryPulse: Access Bank’s profit growth strongest among peer rivals

Access Bank Plc, tne Nigerian lender with offices in eight other countries, recorded the strongest profit growth among peer rivals amid weak naira and a drop in oil prices.

Published by the Business Day Newspaper on Friday, 29th April, 2016

#Oil: Integrated Oil and Gas says nodular refinery project on course

Integrated Oil and Gas Limited has said that its 20,000 bdp modular refinery is on course. The modular refinery which is located at Tomaro Island off the coast of Apapa port zone is expected to come on stream next year.

Published by the Business Day Newspaper on Friday, 29th April, 2016

#Economy: Telecommunications 8% GDP contribution reinforces calls diversification of Nigeria’s economy

The contribution of the non-oil sectors of the economy to Nigeria’s GDP growth in 2015 strengthens the case for the diversification of the economy away from oil as data released by the Nigerian Bureau Statistics (NBS) shows that the telecommunications sector contributed 8.88% to GDP in  the last quarter of 2015.

Published by the Business Day Newspaper on Friday, 29th April, 2016

#IndustryPulse#ICT: Financial sector needs innovative ICT- Huawei

Innovative Information and Communication Technology has become critical to digital transformation in the financial sector, Huawei, a global information and communications technology solutions provider, has said. The company noted in a report that the financial services industry was facing enormous challenges as the new digital world redefines customer expectation.

Published by the Business Day Newspaper on Friday, 29th April, 2016

#ICT: Shongai Technologies receives ISO 9001:2008 certification, pledges to improve on quality

Shongai Technologies Limited, the Nigeria’s leading printing and packaging solutions provider has announced being awarded NIS ISO 9001:2008 certifications from the Standards Organisation of Nigeria (SON) for quality system management and business processes.

Published by the Business Day Newspaper on Friday, 29th April, 2016

#Awards: Coker, CFA, Obadare, others honoured at the Beacon of ICT Awards 2016

Nigeria’s Communications Week recently organized this year’s Beacon of Information & Communications (BoICT) awards 2016, an annual event which held at Eko Hotel & Suites, Victoria Island, Lagos.

Published by the Business Day Newspaper on Friday, 29th April, 2016

#Health: Nigeria’s healthcare challenges present investment opportunities- Ajayi

Richardson Ajayi, managing director of The Bridge Clinic, has called on stakeholders in the international healthcare industry to look at the health issues in Nigeria and other developing countries as opportunities for investment. Ajayi, who made the call in his presentation at the 2016 Healthcare Business International Conference, haeld at the Royal College of Physicians, Regent’s Park, London on 27 April, 2016, said that a private sector-driven service delivery holds the future in the Nigerian Healthcare sector.

Published by the Business Day Newspaper on Friday, 29th April, 2016

#Health: WHO to declare Nigeria polio free in 15 months’ time

Global Health body, the World Health Organization (WHO) says, it would declare Nigeria Polio free in about 15 months time, but quickly called on the Federal Government to ensure that efforts be made to sustain the relevant immunization programmes across the states of the country.

Published by the Business Day Newspaper on Friday, 29th April, 2016

#World Malaria Day: JCI Trans Amadi, SFH, PHI mount deworming, malaria campaigns in Rivers communities

As part of efforts to battle the malaria scourge in Nigeria, members of the Junior Chamber International (JCI) Trans Amadi Port Harcourt, at the weekend, in marking the World Malaria Day, with theme: “End Malaria for Good”, carried out a malaria and deworming campaign in parts of the state capital.

Published by the Business Day Newspaper on Friday, 29th April, 2016

#Event#Economy: 2016 African SMEs roundtable seeks non-oil economy

All is now set for the 2016 African Smal and Medium Enterprises, SMEs Roundtable, which is scheduled to hold in Calabar, Cross River State from May 31 to June 2, with focus on developing non-oil economies for African countries. The three-day conference with the theme: “the Position of the African SMEs Within the Global Economy,” is expected to bring together SMEs institutions and experts to seek ways of increasing the capacity of African SMEs.

Published by the Business Day Newspaper on Friday, 29th April, 2016

#Economy: CBN records N123.07bn net income in 2015 financial year

Central Bank of Nigeria (CBN) has released its consolidated and separate income statements for the year ended December 31, 2015, posting N123.07 billion net incomes for the Group, which is 266.3 percent compared with N33.6 billion in the previous year.

Published by the Business Day Newspaper on Friday, 29th April, 2016



Friday 22 April 2016

CSR NEWS SUMMARY ISSUE 133

#Economy: Infrastructure, Education, Health Keys to unlocking Nigeria’s Potential, says report

A new report by the Boston Consulting Group (BCG ) has posited that for Nigeria to unlock its potential and achieve sustainable improvement in well-being of its citizens, the country must take concrete steps to optimise five key sectors namely, infrastructure, education, health governance and civil society. The report acknowledged vast human resources and mineral wealth and growing political stability as important in the pursuit of well-being of the people.

Published by the ThisDay Newspaper on Sunday 17th April, 2016

#Economy: CBN to raise lending rates Again

The Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, has indicated plans by the apex bank indicated interest rates in the country, following the recent spike in inflationary trends. Emefiele revealed this in Washington after attending the International Monetary and Financial Control (IMFC) of the International Monetary Fund at the ongoing Spring Meeting of the IMF/World Bank Meetings.

Published by the Guardian Newspaper on Sunday, 17th April, 2016

#IndustryPulse: Finally, Africa gets another Chair in IMF

The G24, a group of advanced economies in America, Europe and Asia, has finally given vent to the recommendation for another chair for Africa at the International Monetary Fund (IMF) to grant he continent more voice in decision-making and access to the global multilateral lending institutions.

Published by the Guardian Newspaper on Sunday, 17th April, 2016

#Agric: AfDB launches TAAT, seeks $40bn to execute agriculture agenda

In a fresh and bold initiative, the African Development Bank, under the leadership of its President and former Nigeria’s Agriculture Minister, Dr Akinwumi Adesina, is taking Agricultural Transformation Agenda (ATA) to the continental pedestal.

Published by the Guardian Newspaper on Sunday, 17th April, 2016

#Technology: UNIDO to position FIIRO for Superior Technology Impact
The United Nations Industrial Development Organisation (UNIDO) has strengthened its partnership with the Federal Institute of Industrial Research Oshodi (FIIRO) to foster better technology development in Nigeria.

Published by the Guardian Newspaper on Sunday, 17th April, 2016

#Economy: CBN approves N26 bn ai for sugar mill in Niger

The Central Bank of Nigeria has approved a N26 billion intervention fund to reactivate Sunti Golden Sugar Mill in Mokwa, Niger State. The CBN Governor, Mr Godwin Emefiele, who disclosed this to SUNDAY PUNCH, said the apex bank was ready to partner with investors and industrialists committed to the backward integration programme of the Federal Government.

Published by the Punch Newspaper on Sunday, 17th April, 2016
#Oil: Oil sector regulation crimps marketers’ revenue

Government’s stranglehold on the oil and gas sector is taking a continuing toll on the economy, with companies in the downstream sector seeing a hit to their revenues. The major players which include Total Nigeria Plc, Mobil Nigeria Plc, MRS Nigeria Plc and Forte Oil Nigeria Plc had their cumulative revenue falling by 19.16 per cent to N608.58 billion, according to data compiled by Business Day from their latest 2015 financials.

Published by the Business day Newspaper on Monday, 18th April 2016

#Economy: Nigeria, China currency swap won’t fix FX demand backlog

Last week’s signing of Yuan swap agreement between Nigeria’s Central Bank (CBN) and the Industrial and Commercial Bank of China (ICBC) – the world’s biggest lender, may not ease the currency backlog of unmet dollar demand and attendant pressure on the naira. This is because of the structural problems in the foreign exchange market, occasioned by unpaid backlog of outstanding Letters of Credit (LCs) and heavy trade imbalance between the two countries, particularly Nigeria, being a monocultural economy.

Published by the Business day Newspaper on Monday, 18th April 2016

#Technology: WEF pushing for digital transformation in Africa

Carrying on from the theme discussed at the World Economic Forum (WEF) in Davos, leveraging digital transformation takes centre stage as the WEF on Africa holds its 26th forum in Rwanda. This year’s theme at the meeting in Davos was about “Mastering the 4th industrial Revolution” and what that really means is trying to make sense of the implication of the digital transformation the world is going through right now, and making sure we can collectively ensure that it serves Humanity and doesn’t threaten it. Vanessa Moungar, Community Lead, regional strategies Africa for WEF, tells Business Day, in her first interview with a Nigerian Newspaper.

Published by the Business day Newspaper on Monday, 18th April 2016

#Oil: OPEC meeting on production freeze in deadlock

The meeting between OPEC and non-OPEC oil producers and Quatari emir, Sheikh Tamim bin Hamad al-Thani, ended on shaky grounds as Saudi Arabia’s deputy crown prince said the kingdom would not agree to restrain its production unless other producers, including Iran, agree to the freeze. It was the first significant attempt at coordinating oil output between members and nations outside the group in 15 years.

Published by the Business day Newspaper on Monday, 18th April 2016

#Event: Technical skills will create jobs, sustain growth

Effective technical and vocational education and training is the transformation of every society for sustainable growth and improvement in the quality of life. This is the view of Dickson Onuoha, acting director general, Industrial Training Fund (ITF), at the graduation of trainees sponsored by ITF and Nigeria’s Employers Consultative Association (NECA) to undergo training in fashion designing at Ruff N Tumble, a fashion outfit in Lagos.

Published by the Business day Newspaper on Monday, 18th April 2016

#Energy: FG assures of enabling environment for renewable energy projects

The Federal Government said it is providing an enabling environment for the development of solar projects both at utility scale and small solar to home solutions in order to address the shortfall in electricity generation in the country.

Published by the Business day Newspaper on Monday, 18th April 2016

#Oil: Global Oil demand growth falls to 1.2 million bpd in mew IEA report

A new oil market report released by the International Energy Agency on Thursday forecasts that growth bin global oil demand will ease to around 1.2 million barrels per day in 2016 below the 1.8 million barrels per day expansion last year due largely to fallen production in Nigeria, United Arab Emirates and Iraq.

Published by the Business day Newspaper on Monday, 18th April 2016

#SME: SMEs unable to reach potential as multiple taxation remains

Nigerian small businesses are incapable of reaching their potential as governments at various levels continue to impose similar taxes on them. Business operators say the indiscriminate imposition of the same type of taxes by the three tiers of government and other agencies are consistently preventing the micro, small and medium enterprises (MSMEs) from creating sufficient jobs and expanding the economy.

Published by the Business day Newspaper on Monday, 18th April 2016

#Partnership: Nigeria, Singapore seal partnership
The Nigerian Maritime Administration and Safety Agency (NIMASA) and Maritime and Ports Authority (MPA) of Singapore are seeking areas of collaboration at the side-lines of the Maritime Regulators Forum in Singapore. NIMASA’s Director-General Dr Dakuku Peterside met with his MPA counterpart, Mr Andrew Tan, pledging to collaborate.

Published by the Nation Newspaper on Tuesday, April 19, 2016

#Oil: Oil prices tumble after Doha talks collapse

Oil price tumbled yesterday after a meeting of major exporters in Qatar collapsed without an agreement to freeze output. Brent crude futures fell almost seven per cent in early trading yesterday before recovering to $40.97 per barrel, still down 2.15 per cent since their last settlement.

Published by the Nation Newspaper on Tuesday, April 19, 2016

#Oil: Shell remits $42b to Fed Govt as revenue

Shell Petroleum Development Company (SPDC) and the Joint Venture (JV) partners remitted $42 billion to the Federal Government between 2011 and 2015, The Nation has learned. This is contained in Royal Dutch Shell’s 2015 Sustainability report released yesterday. The oil giant said it also paid royalties and corporate taxes worth $1.1 billion to the governmet last year. Of the amount, SPDC paid $0.6 billion. Shell Nigeria Exploration and Production Company (SNEPCo) paid $0.5 billion.

Published by the Nation Newspaper on Tuesday, April 19, 2016

#Techonology: Cloud ‘transforming businesses’

Oracle Corporation has said cloud based technologies are changing the business dynamics in Africa. Its Country Managing Director, Mr Adebayo Sanni, who spoke at this year’s Oracle Day in Lagos, said the switch to cloud based technology has become the game changer for businesses.

Published by the Nation Newspaper on Tuesday, April 19, 2016

#Employment#ICT: Fed Govt to create 2 million ICT jobs

The Federal government has expressed its determination to create two million jobs from the Information Communication technology (ICT) industry over the next six months. It has, therefore directed the umbrella body of the telecommunications companies in Nigeria, the Association of Telecommunications Companies of Nigeria (ATCON) to come out with implementable frameworks to achieve this.

Published by the Nation Newspaper on Tuesday, April 19, 2016

#Economy: Bar leaders seek reforms to boost Africa’s economy

Bar leaders have called for fundamental reforms of archaic laws in Africa as a way of promoting sustainable economic growth and political stability. They met in Lagos last week during the First African Bar Leaders’ Conference organized by the Nigerian Bar Association in collaboration with Bar Associations and Law Societies in Africa, with the theme: Reducing poverty and promoting sustainable economic growth in Africa through reforms i9n administration of justice.

Published by the Nation Newspaper on Tuesday, April 19, 2016

#CSR#Philanthropy: Foundation, Unilever help students with disability

An Ilorin, Kwara State-based non-governmental organization (NGO), the Survivors Foundation has partnered Unilever Nigeria Plc to bring succour to students with special needs as well as internally displaced persons (IDPs) in the country. Unilever donated relief materials worth about N45 million to the foundation for onward delivery to students and orphanage homes.

Published by the Nation Newspaper on Tuesday, April 19, 2016

#Education: Rural school gets library

As big as the Federal Capital Territory (FCT) might look with all the infrastructures scattered everywhere, one of the greatest challenges facing residents is the nonexistence of a standard library.

Published by the Nation Newspaper on Tuesday, April 19, 2016

#Health#Stakeholders: Health workers protest privatization

Members of the Nigeria Union of Allied Health Professionals (NUAHP), University of Ilorin Teaching Hospital (UITH) branch, yesterday , protested the management’s plans to privatise and commercialise the diagnostic section. The union declared a three-day sit-down strike to force management to rescind its decision.

Published by the Nation Newspaper on Tuesday, April 19, 2016

#Infrastructure: FG urged to develop Infrastructure Bonds for Pension Funds

The Federal Government has been urged to develop attractive infrastructure bonds that will guarantee the safety of pension funds which investment experts and government have been eyeing for infrastructural development.

Published by the This Day Newspaper on Wednesday, 20th April, 2016

#Partnership: Nigeria, France to sign agreement on N11.15bn Power training facility

Nigeria and the government of France will in May sign a €50 million (N11.15 billion) loan for the development and upgrade of power training facilities in the country, the Director-General of National Power Training Institute of Nigeria (NAPTIN), Mr Reuben Okeke has disclosed.

Published by the This Day Newspaper on Wednesday, 20th April, 2016

#Agric: Enugu partner NIPC on Agribusiness

Enugu state has expressed its preparedness to partner the Nigerian Investment promotion Council (NIPC) in the area of agribusiness. This, according to the state, has huge potential to generate employment, create wealth and provide food security.

Published by the This Day Newspaper on Wednesday, 20th April, 2016

#MoU: Delta, Chinese Company sign MoU on Infrastructure Development

The Delta State Governor, Dr Ifeanyi Okowa, has expressed the willingness of his administration to partner credible investors and firm with technical expertise and proven record of performance in order to boost infrastructural development in the state.

Published by the This Day Newspaper on Wednesday, 20th April, 2016

#Economy: Nigeria, Others urged to tackle non-inclusive growth

A former Deputy Governor of the Central Bank of Nigeria (CBN), Proffessor Kingsley Chiedu Moghalu has warned that if Nigeria and other developing countries failed to achieve inclusive economic growth, they would have missed the path to true development and run the risk of continued instability.

Published by the This Day Newspaper on Wednesday, 20th April, 2016

#Oil: Nigeria risks shaky returns as Africa’s top oil Producer

Nigeria may have to remain second largest oil producer for now until it is able to find solutions to emerging security challenges threatening the industry in the Niger Delta.

Published by the This Day Newspaper on Wednesday, 20th April, 2016

#Oil: Nigeria loses N7.1tn oil revenue to illegal withdrawals, others

Poor record keeping, illicit payments and withdrawals, absence of coordination by government agencies, outdated laws, among others, have resulted in oil revenue loss of N7.1tn by Nigeria.

Published by the Punch Newspaper on Thursday, 21st April, 2016

#Economy: Third Development plan can still be implemented

Former Head of State, General Yakubu Gowon, says Nigeria’s third national development plan, which was launched 1975, can still be implemented with modifications in line with current economic realities.

Published by the Punch Newspaper on Thursday, 21st April, 2016

#IndustryPulse: FSDH Merchant Bank grows PAT by 34.98%

The FSDH Group has declared a profit after tax of N4.09bn for 2015 financial year from N3.03bn for the previous year. This represents an increase of 34.98 per cent. This was revealed at the pre-Annual General Meeting briefing of the company in Lagos.

Published by the Punch Newspaper on Thursday, 21st April, 2016

#Investment: Footprint to unveil investments opprotunities in Nigeria, others

Footprint to Africa, a business and financial news outfit, says it is set to unveil business and investment opportunities in Nigeria and across Africa. The firm said this would be done through its business news resources, namely Africa in 10 minutes and The MarketPlace Africa, due to be launched next week.

Published by the Punch Newspaper on Thursday, 21st April, 2016

#Oil: 150,000 jobs lost in Nigeria’s oil industry-PENGASSAN

The Nigerian Oil and Gas industry recorded a loss of about 150,000 jobs in 26 months to February 2016, the Petroleum and Natural Gas Senior Staff Association of Nigeria has said. The National President, PENGASSAN, Mr Francis Johnson, noted that there had been massive and unprecedented loss of jobs in the oil and gas industry globally and in Nigeria.

Published by the Punch Newspaper on Thursday, 21st April, 2016

#IndustryPulse: Firm promotes local production of pipeline pigs

The Managing Director and Chief Executive Officer of Pipeline Pigs and Accessories Limited, Mr Geoff Onuoha, has described the domestication of pigging manufacturing in Nigeria as an affirmation of the benefits of the Nigerian Content Act.

Published by the Punch Newspaper on Thursday, 21st April, 2016

#Power: Asteven Solar plans to generate 50MW

Asteven Solar Nigeria has said it plans to generate about 50 megawatts of electricity over the next 24 months. The Managing Director and Chief Executive Officer, Asteven Solar Nigeria, Dr Sunny Akpoyibo, said the company would be partnering Green Energy Finance limited and other key Nigerian financial institutions to provide affordable financing mechanisms to fast-track an accelerated access to power to those who find initial investment cost too prohibitive.

Published by the Punch Newspaper on Thursday, 21st April, 2016

#MoU: China, SON prepare MoU on substandard products imports

the Chinese government is expected to sign a Memorandum of Understanding with the Standards Organization of Nigeria concerning the importation o0f substandard products into the country. The Acting Director-General of SON, Paul Angya, made this known at an interactive session in Lagos, while responding to questions from stakeholders in the maritime sector concerning the influx of substandard goods from China.

Published by the Punch Newspaper on Thursday, 21st April, 2016

#Oil: Crude prices hit $46 a barrel recorh-year high

Crude prices hit a year-record high of $46 a barrel yesterday, giving Nigeria a buffer of $8 over its $38 a barrel 2016 budget benchmark, a feat which it has not attained since January.

Published in the Guardian Newspaper on Friday, 22nd April, 2016

#Technology: World Forum IoTs inaugurates Africa Work Group

World Forum on Internet of Things (IoTs) has established the Africa IoT Work Group as a strategic platform to ensure that Africa’s technology position is registered and her voice is heard with constructive participation and objective contribution.

Published in the Guardian Newspaper on Friday, 22nd April, 2016

#IndustryPulse: Nestle launches R1.2 billion Expansion in S.A. Coffee plant

Nestle launched its R1.2 billion ($83 million) investment to its South African coffee producing factory in Estcourt, Kwa-Zulu Natal on Tuesday. This is part of the R2.9 billion ($200 million) the company has invested to the coffee factory over tha last five years.

Published in the Guardian Newspaper on Friday, 22nd April, 2016

#Economy: Diversification to promote local production, reduce food import bill

Worried by the nation’s continued dependence on importation of raw materials that can be locally sourced and other commodities, a former Managing Director of the United African Company of Nigeria (UACN), Joshua Ajayi has called on the federal government and state government to explore opportunities in diversifying the economy.

Published in the Guardian Newspaper on Friday, 22nd April, 2016

#Economy: NSE’s indices rises further by N43b

Price gains have continued to outweigh losses on the equity sector of the Nigerian Stock Exchange (NSE), as more blue chip companies join the league of gainers, causing market capitalisation to rise further by N43 billion.

Published in the Guardian Newspaper on Friday, 22nd April, 2016

#StakeholdersAction: Shareholders laud Sterling Bank’s corporate governance principle

Shareholders of Sterling Bank has lauded the bank for its strict adherence to corporate governance principles, even as they approve the bank’s 9 kobo dividend due to every investor for the 2015 operations.

Published in the Guardian Newspaper on Friday, 22nd April, 2016



Friday 15 April 2016

CSR NEWS SUMMARY ISSUE 132

#Economy: Act of 2004 opens way for CBN to unfreeze FX markets

Nigerian businesses and manufacturers may soon get some relief as the Central bank of Nigeria (CBN) moves to reform and restore liquidity and two-way quotes to the autonomous foreign exchange (FX) markets which have been gummed up for more than a year.

Published by the Business Day on Monday 11th April 2016

#Power: Geometric Power deal set to re-position Aba as ‘Japan of Africa’

Business watchers say Aba, the capital and manufacturing hub of Abia state, will likely see a scramble for land on the back of an expected influx of small, medium and large industries looking for cheaper and constant power supply, following the resolution of the long-drawn dispute between Geometric/Aba Power Limited and Interstate Electrics.

Published by the Business Day on Monday 11th April 2016

#Investment: Nigeria considers Chinese bonds for 2016 budget funding

The Federal Government has expressed her determination to productive borrowing and committed to safeguarding the N1.8 trillion which the government planned to borrow to invest in priority areas that would uplift the lives of the citizens, says Kemi Adeosun, Minister of Finance.

Published by the Business Day on Monday 11th April 2016

#Economy: Nigeria risks $500m holdings as MSCI exit looms

The decision by MSCI incorporated to consider dropping Nigeria from its Frontier Market Index has put $500 million of stock investment in Africa’s biggest economy under threat, according to Renaissance Capital Limited. The development comes amid a crumbling economy, which is struggling to survive forex, energy and most recently inflation challenges.

Published by the Business Day on Monday 11th April 2016

#IndustryPulse: Bank staff cost per head up despite layoffs

Nigerian Banks recorded higher costs per employee in 2015 despite a reduced workforce from layoffs in the sector. Data from the eight banks which have released Full Year (FY) 2015 audited reports shows that average staff cost per head increased by 4.3% to 6.9 million, from N6.61 million in 2014.

Published by the Business Day on Monday 11th April 2016

#Economy: Lack of infrastructure, government control, bane of Nigerian economy

Lack of infrastructure, government control and collapse in the educational system has been identified as the cankerworm that has eaten deep into the Nigerian economy. These were the unanimous views of speakers and panellists at the Nigerian Economic and social risk summit and award presentation organized by Nigerian Risks award in Lagos.

Published by the Business Day on Monday 11th April 2016

#Innovation: New strategy will increase intra-African trade to $250 billion by 2021- Afreximbank

A new strategy aimed at driving trade and industrialisation across Africa by at least 50 per cent in the next five years has been announced by the African Export-Import Bank (Afreximbank). The Afreximbank Intra Africa Trade Strategy, approved by the Board of Directors at its quarterly meeting in Johannesburg on Saturday, will see the bank work with partners to ramp up trade among African countries to $250 billion from its current level of about $170 billion by 2021.

Published by the Business Day on Monday 11th April 2016

#Economy: Bellaafricana.com relaunches, focuses on Afrocentric products

As part of its quest to bridge the gap between artisans, manufacturers of Afrocentric products and their consumers, Bellafricana, a company that promotes the beauty of Africa have relaunched the online platform showcasing unique businesses of products and services made in Nigeria.

Published by the Business Day on Monday 11th April 2016

#Investment: World Bank to increase global climate investment, adopts a new action plan

The World Bank Group has announced plans to increase its climate investment through the International Finance Corporation (IFC) from the current US$2.2 billion a year to a goal of US$3.5 billion a year, this will lead on leveraging an additional US$13 billion a year in private sector financing by 2020.

Published by the Business Day on Monday 11th April 2016

#Agric: $30m pledged for Oyo Agric Initiative

The new agriculture initiative of the Governor of Oyo state, Senator Abiola Ajimobi, aimed at rejuvenating the economy of the state has received a major boost following the pledge of initial investment of $30 million by an agriculture entrepreneur.

Published by the Business Day on Monday 11th April 2016

#Economy: Cuban Embassy partners Abuja Chamber to increase $2m trade volume with Nigeria

Carlos Trejo Sosa, the Cuban Ambassador to Nigeriahas called on the President of Abuja Chamber of Commerce and Industry (ACCI) Tony Ejinkeonye to assist hios country in increasing their trade volume with Nigeria, which currently stands at $2 million.

Published by the Business Day on Monday 11th April 2016

#Economy: World Bank seeks Nigeria’s ratification of TFA

The World Bank has advised the Nigerian government to ratify the Trade Facilitation Agreement (TFA) put together by 162 member- nations of World Trade Organisation (WTO) as part of measures to enhance its proposed economic diversification agenda.

Published by the Guardian Newspaper on Tuesday, 12th April 2016

#Health: Senate decries absence of comprehensive data on cancer

The Senate Committee on Health, yesterday, decried the absence of national data to determine the number of people affected by cancer for effective treatment, stressing that the global information available show that cancer disease is rapidly on the increase in Nigeria. The committee also stated that Nigeria has recorded more than two million cases of cancer yearly, stating that between 100,000 and 500,000 cases were being registered every year.

Published by the Guardian Newspaper on Tuesday, 12th April 2016


#Economy: Nigeria to lead sub-Sahara’s economic rebound, says World Bank

The World Bank Group yesterday lowered its 2016 sub-Saharan African growth forecast to 3.3 per cent from a previous forecast of 4.4 per cent in October, citing plunging global commodity prices.

Published by the Guardian Newspaper on Tuesday, 12th April 2016

#Investment: Dangote invests $20b in pipeline infrastructure, fertilizer, petrochemicals

Dangote Group is investing about $20 billion into gas pipeline infrastructure, power generation, petrochemical, fertilizer, sugar refinery and petroleum refinery in the country. The Executive Director, Dangote Group, Devakumar Edwin, in a chat with The Guardian, disclosed that Dangote’s fertilizer plant which will be operational next year and the petrochemical plant and refinery, is expected to meet local consumption of petroleum and chemical products in the country.

Published by the Guardian Newspaper on Tuesday, 12th April 2016

#Empowerment: Lagos woos fresh graduates to entrepreneurship, N25b soft loan scheme

Lagos State Government has charged fresh graduates in the state on the imperatives of looking inwards for self-employment, coupled with the benefits of getting soft loans from the State Government. State Deputy Governor, Idiat Adebule, at the 24th convocation ceremony of the Lagos state Polytechnic, Ikorodu, held at the weekend, said that the charge was in line with current economic realities “which require innovations and entrepreneurial skills that would make people contribute to the growth of the economy rather than relying on paid employment that may never come.

Published by the Guardian Newspaper on Tuesday, 12th April 2016

##Empowerment: SIIFZ revamps training programme, creates 6,000 jobs

The development and expansion at Snake Island Integrated Free Zone (SIIFZ) has generated not less than 6,000 direct jobs, Chairman, Anwar Jarmakani has said. According to Jarmakani, the direct jobs also support over 100,000 families through indirect job opportunities.

Published by the Guardian Newspaper on Tuesday, 12th April 2016

#Economy: Buhari seeks reduction in Nigeria, China trade imbalance

President Muhammadu Buhari yesterday in Beijing urged the Nigerian and Chinese business communities to work harder to reduce the trade imbalance between both countries which is currently in China’s favour.

Published by the Nation Newspaper on Wednesday, 13th April 2016

#Power: DISCOs, Egbin power plant sign agreement to supply 220mw

The Nigerian Electricity Regulation Commission (NERC) has informed the Federal Government of the activation of the agreement between Paras Energy and Eko DISCOs to provide 40 megawatts to Lagos as well as the agreement between Ikeja and Eko DISCOs with Egbin power plant for dedicated supply totalling 220 megawatts.

Published by the Nation Newspaper on Wednesday, 13th April 2016

#IndustryPulse: CBN to refund N2tr CRR to banks

The Central Bank of Nigeria (CBN) is working out modalities for disbursing the about N2 trillion refund expected from the five percent cut in Cash Reserve Ratio (CRR) to banks.

Published by the Nation Newspaper on Wednesday, 13th April 2016

#IndustryPulse#Technology: Ecobank to drive efficiency, financial inclusion with technology

Ecobank Nigeria will adopt the best technology to push its market penetration to become one of the top three banks in the country in three years, its Managing Director, Charles Kie has said.

Published by the Nation Newspaper on Wednesday, 13th April 2016

#CSR#SMEs: MasterCard inaugurates startups agenda for Africa and Middle East
This year’s MasterCard Start Path Global Programme has been launched across the globe. The product Start Path has been successful across the Middle East Region (MEA). It is intensifying its search as a reminder of the innovation of startups.

Published by the Nation Newspaper on Wednesday, 13th April 2016

#Agric: Firm revamps Oyo community’s cassava processing cottage

In continuation of its policy of investing in communities to positively impact the lives of smallholder farmers across Nigeria, British American Tobacco Nigeria Foundation (BATNF) has rehabilitated the Cassava Processing Cottage at Ago-Are, in Atisbo Local Government Area of Oyo State. The facility was originally inaugurated  and handed over to the community in December 2004.

Published by the Nation Newspaper on Wednesday, 13th April 2016

#SMEs: GTBank strengthens support for women entrepreneurs

Guaranty trust Bank (GTBank) in partnership with ‘She Leads Africa’ (SLA) Accelerator’ has set aside N6 million as grand prize to support business of three potential winners of this year’s ‘African Women Entrepreneurship talent Hunt.’ Each of the winners will get N2 million.

Published by the Punch Newspaper on Friday April 15, 2016

#Investment: Fashola, Ugwuanyi seek inclusive economic growth

The Minister of Power, Works and Housing, Mr Babatunde Fashola, and Governor Ifeanyi Ugwuanyi of Enugu State have called for inclusive economic growth as the federal and state governments step up efforts to attract foreign investors into the country.

Published by the Punch Newspaper on Friday April 15, 2016