By OLUSHOLA BELLO, Lagos Dangote Rice Limited said it has launched a novel multi-million naira Youth Farming Initiative that will engage teeming unemployed Nigerian graduates in rice farming in Kogi State. This is even as the Company prepares to hit the market with one million metric tons of Dangote rice in 2018. The Dangote Youth Rice Farm project, mainly an out-grower scheme for youths only was flagged off at the Lower Niger River Basin Authority, Kampe, Ejiba in Yagba West local government area of the state where youth have embarked on rice cultivation over 100 hectares of land. The rice farm project, which was preceded by a special training for the youth farmers on the dynamics of the rice farming, will see the youths cultivating the rice paddy on a 100 hectares of land, which will then be bought over by the company for processing. Under the scheme, the Dangote Rice company provides the...
BY OLUSHOLA BELLO, Lagos - Trading activities on the Nigerian stocks market ended the second consecutive week on a bullish note, with market capitalisation appreciating by N182 billion. All Share Index (ASI) rose 1.45 per cent week-on-week to close at 36,848.17 points, while year-to-date return advanced to 37.11 per cent. Similarly, market capitalisation increased by N182 billion to N12.684 trillion. Last week started off on a positive note on the first trading session but the market pulled back gains on Tuesday and Wednesday as investors booked profit. However, the sentiment rebounded on Thursday and Friday as investors positioned in previous decliners. Sector performance was largely bullish as all indices rose week-on-week. The Insurance index led gainers, up 7.9 per cent, due to strong rally in Mansard Insurance and Linkage Assurance. The Oil and Gas index followed suit, rising 1.8 per cent on the back of gains in Total and Oando. Similarly, the Banking...
BY OLAJIDE FABAMISE, Lagos - Vice President Yemi Osinbajo has called for greater integration of African economies to enable the continent develop free trade among African Union member nations and develop itself. He said regional integration was a necessary requirement for the continent’s development but had remained at a very low level. “We still have one of the lowest trade integration levels under 20 per cent while Asia is at 40 per cent and European integration is very much further ahead at about 60 per cent. “The fact remains that other regions play as a bloc but Africa is still largely splintered into several economies and the ease of doing business across the region remains a significant challenge,” he said. Osinbajo made the call over the weekend at the inaugural meeting of the Africa Champions Group, an initiative of business and manufacturing stakeholders in the public and private sector of the continent, over the...
Kayode Tokede, Lagos - Former Nigerian President, Chief Olusegun Obasanjo, at the weekend presented Asset Management Corporation of Nigeria (AMCON) with the Special Recognition and Commendation Award for Excellence in Banking, at the BusinessDay Banking Awards 2017, which held in Lagos. The management of Businessdaynewspapers, led by the Publisher, Mr. Frank Aigbogun said that agencies, regulators, microfinance banks, deposit money banks, investment and merchant banks that were recipients this year were rewarded because they made excellence and dedication to quality delivery the core of their operations in 2016 financial year. It would be recalled that AMCON, under the leadership of Mr. Ahmed Kuru, Managing Director/Chief Executive Officer within the year in review made remarkable improvements that led to aggressive recovery of the nation’s assets from recalcitrant debtors. In 2016, AMCON against all odds secured a number of high-profile court orders that compelled it take over a number of businesses from debtors. The...
…Amid drop in profitability By Sam Diala, Lagos - Zenith Bank, Access Bank, United Bank for Africa (UBA) and 7 others listed on the Nigerian Stock Exchange (NSE), posted income tax liabilities aggregating N50 billion in the first half of the year (H1 2007) – LEADERSHIP investigation has shown. The amount is N4 billion higher than N45.9 billion recorded by the same banks in the preceding period of 2016, representing 8 per cent jump. It is also 4.1 per cent of N2.11 trillion, being half of Federal Inland Revenue Service (FIRS) N4.22 trillion target for 2017. Data obtained from the banks’ H1 2017 results submitted to the NSE showed that four of the banks are in Tier 1 category, while six fall under Tier 2. The categorisation, adopted by the Central Bank of Nigeria (CBN), reflects the position and strength of the banks vis-a-vis factors that serve as buffers in the event of...
 By OLUSHOLA BELLO, Lagos Based on its positive performance for the first nine months of the year, the Banking stocks listed on the Nigerian Stock Exchange (NSE) has recorded a market capitalisation growth of N6.305 trillion. From the data gotten from NSE, this shows a growth of 191.63 per cent from a market capitalisation of N2.162 trillion achieved in the beginning of the year 2017. Also, the 15 listed Banking stocks contributed 51.61 per cent to the whole NSE market capitalization of N12.217 trillion recorded at the end of trading on September 29, 2017. Under the period review, the banking sector of the NSE outperformed others, including the benchmark, NSE All-Share Index, rising by 60.46 per cent. An analysis of the individual stock showed that Stanbic and UBA are clear leaders, with 165.46 per cent and 123.60 per cent, respectively. Access Bank recorded a nine-month gain of 79.81 per cent, Fidelity Bank appreciated by...
The District Manager, Nigeria Postal Service (NIPOST), Ilorin,  Mr Godwill Magulike, said on Friday that the agency would soon introduce agency banking services in its operation. Magulike told the News Agency of Nigeria (NAN) in Ilorin that the agency’s banking services would enable Nigerians to send money across the country and beyond, thereby complimenting its courier services. He said that NIPOST had earlier introduced other products aimed at reviving the postal system, serving the people better and increasing patronage. He listed the products as money order, electronic stamps and address verification, among others. “We have come to an era in NIPOST where we have to re-examine the activities of postal service in line with modern technologies. “We also try to showcase our new products in the market apart from our core posting responsibility. “For instance, with the introduction of agency banking, people can easily send money to their loved ones, across the country. “We target bringing out new...
..Welcomes autonomy of NNPC, DPR   BY BAYO AMODU and FESTUS OKOROMADU, Abuja Members of the Independent Petroleum Marketers Association Of Nigeria (IPMAN) has charged the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu to tender an apology over the leakage of the memo he wrote to  President Muhammadu Buhari, stressing that the action belittled the integrity status of the Group Managing Director of Nigeria National Petroleum Corporation (NNPC) as well as that of the current administration. The request is coming despite denials by Kachikwu that he was not responsible for the leakage of the letter to the media. A statement by the National Secretary of IPMAN, Danladi Garba Pasali made available to LEADERSHIP yesterday described recent media reports that Dr Kachikwu and Baru both agreed that an autonomous NNPC and other regulators like the Department of Petroleum Resources will enable the progress of the oil and gas industry as a welcome development. Part...
BY FESTUS OKOROMADU, Abuja The Nigerian National Petroleum Corporation (NNPC), said it will reinvigorate exploratory activities in the seven hydrocarbon basins in the country as part of efforts to shore up the nation’s reserve base. NNPC group managing director, Dr. Maikanti Baru, revealed yesterday when he received the Governor of Yobe State, Alh. Ibrahim Geidam at the NNPC Towers, Abuja. According to a statement signed by the Corporation’s spokesman, Ndu Ughamadu, the GMD stated this while briefing the Governor and his entourage on efforts to increase the tempo of exploratory activities in the Industry. Dr. Baru stated that modalities were on to open up all the basins in the country to prospective investors. “We are on target and we are looking at the prospectively of the whole basins of Niger Delta, Chad, Anambra, Benue Trough, Benin, Sokoto and Bida. We are focused on delivering on these basins in line with our mandate,” Dr. Baru...
By MARK ITSIBOR, Abuja Nigeria will be able to generate at least N58.341 trillion within five years alone if the Competition/Consumer Protection Bill and Transport Sector Reform Bills before President Muhammadu Buhari and the National Assembly are harmonised and passed into law, the Nigerian Economic Summit (NES) has said. Addressing a media briefing to mark the end of the 23rd Economic Summit yesterday in Abuja, organisers of the summit, led by its chairman, Kyari Bukar said it arrived at the figures after an economic impact assessment of both the competition and Transport sector Reform Bills awaiting harmonization and assent of the authorities. Providing details to the research, the NES said if the long awaited Transport Sector Reform Bills scale through the both arms of the National Assembly, they are capable of unlocking private sector investment opportunities worth $160 billion or N57.6 trillion. The Summit said the transport sector would host about 56...