CSR News Summary Issue 118

Governance; CBN: Nigeria Banks, the Most Regulated in the World

The Deputy Governor of the Central Bank of Nigeria (CBN) in charge of the economic policy, Mrs. Sarah Alade, has said banks operating in Nigeria are one of the most regulated in the world and expressed optimism that the era of bank failure was gone.

Published in the Thisday Newspaper Friday, September 18, 2015

Taxation: Alakija; Onshore Oil Taxation Too High

Nigeria’s 85 percent tax on onshore crude oil production is dissuading local investors from taking over assets from international oil companies, Folrunsho Alakija, an energy tycoon and the nation’s richest woman.

Published in the Thisday Newspaper Friday, September 18, 2015

Investment: BUA Group Chairman Hails FG for Resuscitating Local Refineries

The Chairman of BUA Group, Alhaji Abdulsamad Rabiu has hailed the federal government for the resuscitating of the local refineries, saying it has led to increased supply of Low Pour Fuel Oil (LPFO) to many industries.

Published in the Thisday Newspaper Friday, September 18, 2015

Environment: Bayelsa Government Warns Erring Firms on Oil Spills

The Bayelsa State Government has warned business operators, especially oil firms operating in the state to strictly comply with guidelines for oil spill response to avert further environmental degradation.

Published in the Thisday Newspaper Friday, September 18, 2015

SDGs: UNWTO,ICAO Support UN Sustainable Development Goals  

United Nations World Trade Organisation (UNWTO) and the International Civil Aviation Organisation (ICAO) have announced a new joint strategic statement on tourism and air transport for development.

Published in the Thisday Newspaper Friday, September 18, 2015

Trade: Nigeria’s N630bn Annual Food Import Bill Worries Emefiele

The Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, has reiterated his concern over the country’s position as a net importer of agricultural produce with import above N630 billion.

Published in the Thisday Newspaper Friday, September 18, 2015

Industry Pulse: Nigerians Emerge as C’ Wealth telecoms Body’s Chairman, Secretary-General

The 54-member nations of the Commonwealth Telecommunications Organisation (CTO) rose from its yearly forum and council meeting yesterday in Nairobi, Kenya with the election of Prof. Umar Garba Danbatta as the new chairman.

Published in the The Guardian Newspaper Friday, September 18, 2015

Education: Kaduna’s Free Education, Feeding in Public Schools to Cost N9b Yearly

Kaduna State Governor Malam Nasir EL-Rufai, has disclosed that his administration would spend about N9 billion yearly on free education and feeding of the over one million primary school pupils in the state.

Published in the The Guardian Newspaper Friday, September 18, 2015

Education: Ekiti Spends N12b Yearly on Primary Education

Ekiti State Government yesterday disclosed that over N12 billion is expended yearly on an average of 176,000 pupils in 863 public primary schools in the state. The Chairman of the Ekiti State Universal Basic Education Board (SUBEB), Senator Bode Ola made this known in Ado Ekiti while monitoring resumption of students for a new session in public schools.

Published in the The Guardian Newspaper Friday, September 18, 2015

Industry Pulse: Oramah Takes Over as New Afreximbank Boss on Monday

Top African Government Officials, Heads of international organisations, members of the diplomatic community and leaders of international financial institutions, will converge on Cairo, Egypt for the investiture of a Nigerian and the new African Export-Import Bank (Afreximbank) President, Dr. Benedict Oramah, on Monday.

Published in the The Guardian Newspaper Friday, September 18, 2015

Consumer: CPC To Prosecute Benin, Enugu DISCOs

The Consumer Protection Council (CPC) has said it is to commence prosecution procedure against Benin and Enugu Distribution Companies for violating its enabling Act in the on-going investigation of the activities of the country’s distribution companies (DISCOs), following the consumer complaints.

Published in the The Guardian Newspaper Friday, September 18, 2015

Event: UN Holds Summit on Sustainable Development Sept. 25-27

The United Nations (UN) Information Centre (UNIC), Lagos in conjunction with the UN Department of Public Information has planned to hold a summit on sustainable development between September 25 and 27, 2015 in New York.

Published in the The Guardian Newspaper Friday, September 18, 2015

SMEs: Boost for SMEs as BoI Secures AfDB’s $100m Export Facility

The Bank of Industry (BoI) has added another feather to its cap by securing a $100 million credit from the African Development Bank (AfDB) for the micro, small and medium enterprises.

Published in the Business day Newspaper Monday, September 21, 2015.

Investment: BoI’s Intervention in Creative Industry Hits N2bn

The Bank of Industry’s (BoI) intervention in Nigeria’s creative industry has hit N2 billion. Seven projects are currently accessing the bank’s facilities while another 10 are at different stages of loan approval, Boi has said.

Published in the Business day Newspaper Monday, September 21, 2015.

PPP: Emir Backs Social Infrastructure PPP Summit

The Emir of Kano, Alhaji Muhammadu Sanusi II has given his support for the forthcoming 2015 Nigeria Infrastructure Public Summit scheduled to hold in the last quarter of this year. The Emir, a former Governor of Central Bank of Nigeria, expressed interest in the event while addressing the summit panning team, who paid him a courtesy visit.

Published in the This day Newspaper Monday, September 21, 2015.

Environment: Flood Destroys 2,000 Houses, Displaces 30,000 in Kaduna

Over 2,000 houses and 30,000 residents were displaced by a massive flood which ravaged by a massive flood which ravaged Kaduna State on Monday. One death was recorded in Lere Local Government Area of the State.

Published in the Punch Newspaper Tuesday, September 22, 2015

Industry Pulse: 37 Commissioners, Special Advisers to Work With Ambode

A former Managing Director, National Mirror, Steve Ayorinde and a former Chairman of the Ejigbo Local Council Development Area, Kehinde Bamigbetan, were among the 37 names submitted by the Lagos State Governor, Mr Akinwunmi Ambode, on Monday to the state House of Assembly for screening.

Published in the Punch Newspaper Tuesday, September 22, 2015

Labour: Lagos Advises Employers on Six-Month Maternity Leave

The Lagos State Government has urged employers in the private sector to adopt the six month maternity leave for female workers in their companies. The Permanent Secretary in the Ministry of Health, Dr. Modele Oshunkeyisi, who spoke at a lecture of the faculty of public health, National Post Graduate Medical College of Nigeria in Lagos said the adoption would allow nursing mothers in their employ practice exclusive breast feeding.

Published in the Punch Newspaper Tuesday, September 22, 2015

Industry Pulse: World Bank Appoints New Country Director For Nigeria

The World Bank has announced the appointment of a new Country Director for Nigeria and Coordinating Director for West Africa Regional Integration. A statement issued by the bank in Abuja on Monday named the new director as Rachid Benmessaoud.

Published in the Punch Newspaper Tuesday, September 22, 2015

 SMEs: 50% of SMEs don’t survive five years- Google

Google Nigeria has said that more than 50 per cent of small and medium-sized start-ups do not survive beyond five years. The company stated this when it hosted Small and Medium Business entrepreneurs to the GrowwithGoogle event, which demonstrated how the web and its Internet-based products were positively Influencing local businesses.

Published in the Punch Newspaper Tuesday, September 22, 2015

Education: TETFUND to Spend N10bn on FUTO’s Research

The tertiary Education Trust Fund says it will spend over N10bn on the Research and Technology Park project at the Federal University of Technology, Owerri, Imo State. The FUTO Vice Chancellor, Prof. Chigozie Asiabaka, who stated this in an interview with journalists, said TETFund had released the initial N1bn for the park project.

Published in the Punch Newspaper Tuesday, September 22, 2015

Agriculture: IFAD Partners Agric Bank to Enhance Nigeria’s Rural Poor

International Fund for Agricultural Development (IFAD) and Bank of Agriculture (BoA) are collaborating on a rural business initiative as part of efforts to deepen financial inclusion for rural households in Nigeria.

Published in the Dailysun Newspaper Tuesday, September 22, 2015

Capacity Building: UNIC Trains 210 Girls in Skills Acquisition

The United Nations Information Centre (UNIC) recently engaged 210 girls in a summer camp skills acquisition programme. The programme was aimed at developing their skills acquisition programme.

Published in the Dailysun Newspaper Tuesday, September 22, 2015

Investment: SMEs Need N9.6Trn To Close Funding Gap -CBN

The Central Bank of Nigeria (CBN) has disclosed that the nation’s financing gap in the Small Medium Enterprises (SMEs) sector currently stands at about N9.6 trillion. Director of Communications, Ibrahim Muazu, stated this at the one-day Finance Correspondents Association of Nigeria (FICAN) 2015 Annual Conference.

Published in the Dailysun Newspaper Tuesday, September 22, 2015

Economy: CBN Reduces CRR To 25% Warns Of Economic Recession in 2016

As the Central Bank of Nigeria (CBN) continued with its tightening stance to check inflation by retaining most of the key rates like the Monetary Policy Rate (MPR) at 13 per cent and the liquidity ratio at 30 per cent, it has however reduced the Cash Reserve Requirement (CRR) to 25 percent from its former level.

Published in the Guardian Newspaper Wednesday, September 23, 2015

ICT: UN Laments Slow Internet Growth, Says Most People Still Offline

The United Nations Broadband Commission, an arm of the United Nations has said that growth in the number of people with access to the Internet is slowing and that more than half the world’s population is still offline.

Published in the Guardian Newspaper Wednesday, September 23, 2015

Stakeholder: Excess Billing; Benin, Enugu Discos to face CPC Prosecution

The Consumer Protection Council, CPC, has said it would commence prosecution procedures against the Benin and Enugu distribution companies, Discos, for violating its enabling act in the on-going investigation of the activities of the country’s electricity distribution companies following consumer complains.

Published in the Guardian Newspaper Wednesday, September 23, 2015

Industry Pulse: New Chair for LIRS

Lagos State Governor Akinwunmi Ambode has appointed Mr. Olufolarin Ogunsanwo as the Chairman, State Internal Revenue Service (LIRS). Ogunsanwo’s appointment was confirmed by the House of Assembly yesterday, on the governor’s request.

Published in the Nation Newspaper Wednesday, September 23, 2015

ICT: Jack Urges DEMO Africa on Value Sustainability

The Director-general of the National Information Technology Development Agency (NITDA,  Mr Peter Jack has urged the organisers of this year’s DEMO Africa event: LIONS@frica to ensure the event sustains its established brand value as the platform for investors to meet innovative and 

budding technology entrepreneurs in Africa.

Published in the Nation Newspaper Wednesday, September 23, 2015

SME: CBN Okays N120n SME Fund for Women

About N120 billion of the N220 billion Micro Small and Medium Enterprises (MSMEs) fund approved for Small and Medium Enterprises (SMEs) will go to businesswomen, the Central Bank of Nigeria (CBN) has said.

Published in the Nation Newspaper Wednesday, September 23, 2015

Energy: AfDB Unveils Continental Energy Plan

The African Development Bank Group has unveiled its plan for solving Africa’s energy problem by 2025.At a high level stakeholder consultative meeting attended by business and political leaders at its headquarters in Abidjan.

Published in the Nation Newspaper Wednesday, September 23, 2015

Investment: OPIC Invests $400m in SA’s Solar Plant

Overseas Private Investment Corp (OPIC), the United States government’s development bank, will invest up to $400 million in a solar thermal plant in South Africa. The Redstone solar project is being developed by Santa Monica, California-based Solar Reserve and ACWA power, a Saudi Arabian Electricity producer.

Published in the Nation Newspaper Wednesday, September 23, 2015

Industry Pulse: FITC Appoints New Head of Consulting

Financial Institutions Training Centre (FITC), a special purpose not for profit professional services organisation, based in Nigeria and extending its borders in the West African sub-region, has appointed the Head of FITC Consulting, Ms. Bimpe Olufemi.

Published in the Nation Newspaper Wednesday, September 23, 2015