By YUSUF BABALOLA, Lagos  The Nigeria Customs Service (NCS) yesterday said it would begin seizure of any vessel that convey illegal arms and ammunitions into the country. Speaking at a stakeholders meeting  with shipping companies, terminal operators, clearing agents and shippers organised by the Nigerian Shippers’ Council (NSC) in Lagos, the Comptroller-General of the NCS, Col. Hameed Ali (rtd) said it would no longer accept excuse by shipping companies that they are not in the know of the goods in the containers. He recalled that between January to September, 2017, 2671 pieces of pump action riffles were imported into the country from Turkey through the Apapa and Tin-Can Island Ports. But, Col. He said: “The issue of ignorance regarding contents of the containers does not arise and it won’t be accepted by authorities in Nigeria anymore. I have been appealing to my brother who is in charge of the tracking process and he...
By YUSUF BABALOLA, Lagos Cargo diversion to seaports of neighbouring countries like Cameroun and Benin Republic has cost Nigeria a whopping N1 trillion annually, LEADERSHIP findings have revealed. The loss is due to bad roads, exorbitant import duties and other excessive fees that are payable in Nigerian ports but not present in seaports of neighbouring countries. LEADERSHIP had last week reported exclusively that N320bn congestion surcharge earlier saved by the efficiency on the seaside of the ports due to the 2006 ports reform has returned to the nation’s seaports as a result of the present inefficiency on the landside. It was gathered that shipping companies now ask importers to pay this surcharge, even before the ship arrives on the shores of Nigeria. Lagos ports, being the most viable of all the ports in Nigeria, account for over 80 per cent of importation into Nigeria. Confirming our report, the president of Shippers’ Association of Lagos State...
BY MARK ITSIBOR, Abuja The Central Bank of Nigeria (CBN) and Nigeria Communications Commission (NCC) have jointly expressed displeasure over the ‘non-transparent’ process taken by the financial advisers handling the sale of 9mobile, Barclays Africa. In a letter to the facility agent, GTBank, and was obtained by Thecable, leadership of both agencies say Barclays Africa has shown unwillingness to follow laid down rules in the bidding process for the 9mobile syndicated loan, pointing out that they have been having serious concerns from the time Barclays Africa was appointed as financial advisers for sale of 9mobile. According to the online medium, the letter was jointly signed by the CBN governor, Mr. Godwin Emefiele and the executive vice-chairman of NCC, Umar Danbatta.  Emefiele and his NCC counterpart claimed in the letter that they have been receiving reports and petitions from concerned stakeholders, including some bidders, which they have forced them to suggest ways to...

Dangote Opens New Cement Plant In Congo

By OLUSHOLA BELLO, Lagos Dangote Cement Plc said it will officially open its 1.5 million metric tonnes per annum capacity Cement Plant in Congo. The Congo plant will be opened on November 23, 2019.  Constructed at a conservative cost of $500 million, the Plant is expected to directly employ more than 1000 people as thousands of indirect jobs will also be created. The Plant which is now the largest in Congo rolled out its first bag of cement on  August 7, 2017. Currently in 17 African countries, the Congo Plant commissioning will bring the total of Dangote Cement fully operational Plants to 10 across Africa. The company’s third quarter unaudited results showed that the Congo plant which recently began operations has almost doubled the size of the cement sector in the country. In the overall, Dangote Cement maintained its strong hold in the domestic cement market accounting for 65 percent of the Nigerian cement market...
By YUSUF BABALOLA, Lagos The federal government yesterday threatened to sanction civil servants who contravene provisions of the public procurement act, saying government would no longer allow the public procurement become a source of frequent embarrassment to the nation. Speaking at the opening ceremony of the 2017 second batch procurement officers’ conversion training organised by the Bureau of Public Procurement (BPP), held at the Administration and Staff College of Nigeria (ASCON), Badagry, Lagos, the Secretary to the Government of the Federation (SGF), Boss Gida Mustapha stated that some government agencies’ procurement process are fraught with malpractices. Mustapha who was represented by the director, Lagos Liaison Office of the SGF, Dr Shade Caiafas explained that the training will gear procurement officers towards full compliance with Public Procurement Act 2007, especially in those agencies located outside Abuja where the BPP regular oversight may be difficult to implement. “Permit me to stress the fact that government...
By CHIKA IZUORA, Lagos Shell Companies in Nigeria in 2016 spent $29.8 million on social investment projects and awarded 94 per cent of their contracts valued at over $0.74 billion to Nigeria companies, while $1.4 billion was paid to the Nigerian government in royalties and corporate taxes, and another $106.8 million contributions made to the Niger Delta Development Company (NDDC) as required by law. Since 2003, SPDC and SNEPCo have trained over 6,550 Niger Delta youths in enterprise development and have awarded scholarship grants to over 7,652 secondary school students and 4,435 university students in the last six years. Shell Companies in Nigeria – SPDC, Shell Nigeria Exploration and Production Company, and Shell Nigeria Gas work with government, communities and civil society to implement programmes that have a lasting impact on lives in the Niger Delta and Nigeria as whole. Social investment activities focus on community and enterprise development, education, health, access-to-energy and...
BY KAYODE TOKEDE, Lagos  Zenith Bank has been named best company in Sustainability Reporting in Africa at the 2017 Sustainability Enterprise Responsibility Awards (SERAS). With the new award held at the weekend, Zenith Bank has blazed the trail as the winner of the award for the second consecutive year. The bank had won the 2016 Sustainability Report titled “Creating Wealth Sustainably” being the first sustainability report in Nigeria and Africa financial services sector. The Global Sustainability Standards Board (GSSB) instituted the award in October 2016. Zenith bank noted that it had raised the bar in sustainability reporting within and outside the financial services sector, while setting the pace in the adoption of global best standards in reporting. It said that the award had been widely acknowledged in the global sustainability arena with the GRI featuring it on the homepage of its official website: https://www.globalreporting.org. It continued: “The bank has not only supported the global climate action...
By Mbakaan Kwen, Abuja The nation’s Gross Domestic Product (GDP) grew in Q3 2017 by 1.40 per cent (year-on-year) in real terms which is the second consecutive positive growth since the emergence of the economy from recession in Q2 2017. This growth is higher than the rate recorded in the corresponding quarter of 2016 which was (-2.34 per cent) and higher by 0.68 per cent points from the rate recorded in the preceding quarter, which was revised to 0.72 per cent from 0.55 per cent (Q2 was revised following revisions by NNPC to oil output and hence led to revisions to Oil GDP). According to data from National Bureau of Statistics (NBS), quarter on quarter real GDP growth was 8.97 per cent while year to date real GDP growth stands at 0.43 per cent. In the quarter under review, aggregate GDP stood at N29,451,303.99million in nominal terms higher when compared to...

NSE Indices Open With 0.24% Growth

The Nigerian Stock Exchange (NSE) market indices resumed for the week on Monday with a growth of 0.24 per cent due to Nestle price appreciation. The News Agency of Nigeria (NAN) reports that the market capitalisation improved by 0.24 per cent or N31 billion to close at N12.805 trillion compared to N12.774 trillion achieved on Friday. Similarly, the All-Share Index which opened at 36,703.58 rose by 89.02 points or 0.24 per cent to close at 36,792.60 posted on Friday. NAN reports that Nestle recorded the highest price gain to lead the gainers’ table, growing by N4.87 to close at N1, 255.90 per share. PZ rose by N2.30 to close at N24.79 kobo, while National Salt grew by N1.39 to close at N15.89 per share. Zenith International Bank inched 86k to close at N24.98 kobo, Dangote sugar increased by 62k to close at N14.95 per share. Conversely, Forte Oil led the laggards’ chart with a loss...
By Jerry Emmanson, Abuja - The United Nations (UN) has called for concerted efforts to industrialise the country, saying industrialization remains key to full contribution to total poverty eradication and economic growth. Speaking during the 2017 African Industrialization Day on the theme: African Industrial Development: A Pre–Condition For Effective & Sustainable Continental Free Trade, held in Abuja, the UN Secretary General Antonio Guterres, lamented that industrial development of many African nations is not realized due to market constraints and other factors such as trade and custom barriers, free access to finance and the harmonization of policies at the continental level. The UN scribe who was represented by the United Nations Industrial Development Organisation, UNIDO Regional Director, Mr Jean Bakole stressed that order for the CFTA to reach its potential in empowering African economies, a favorable business environment, including social inclusion, business in and adequate industrial policies, is necessary. "The private sector also plays a...