By YUSUF BABALOLA, Lagos Unless Nigeria’s shipping sector is resuscitated or over $100 million in the Cabotage Vessel Finance Fund (CVFF) is disbursed to ship owners who met the requirements, the country may lose out from the $2.7 trillion freight earnings, which is anticipated from Africa by the year 2020. According to report, about $2.7trillion freight earning is expected to come from Africa, with Nigeria ship owners not positioned to maximise the huge freight earning. The leading cause of losing out of the freight earnings is poor ship finance, which has led to inability of Nigerian ship owners to acquire vessels. Also, inability of ship owners to access the Cabotage Vessels Financing Fund (CVFF), a special fund set aside to aid indigenous ship owners has affected their business. The National Assembly, in 2003, enacted the Coastal and Inland Shipping Act, now popularly known as the Cabotage Act, to avail the indigenous shipping companies a...
 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...
By Jonathan Nda- Isaiah, Abuja  President Muhammadu Buhari has expressed delight at the mutually beneficial cooperation existing between Nigeria and China. He stated this in a letter of felicitation he wrote to President Xi Jinping of the People’s Republic of China on the occasion of the 19th National Congress of the Communist Party of China (CPC). The Chinese president is also the General Secretary of the Central Committee of the CPC. In the letter, President Buhari lauded China for “becoming an indispensable force in the comity of nations”. A statement by his special adviser on media and publicity, Femi Adesina, quoted to Nigerian president as writing: “On behalf of the Government and people of the Federal Republic of Nigeria, I have the pleasure to send our warmest congratulations to you and througah you to all the 2287 delegates and the 89 million party members on the auspicious occasion of the 19th National Congress of...
By Jonathan Nda- Isaiah President Muhammadu Buhari has expressed delight at the mutually beneficial cooperation that exists between Nigeria and China. In a letter of felicitation with His Excellency, President Xi Jinping of the People's Republic of China, on the occasion of the 19th National Congress of the Communist Party of China (CPC), President Buhari lauded China for "becoming an indispensable force in the comity of nations." The Chinese President is also the General Secretary of the Central Committee of the CPC. According to a statement by the special adviser media to the president, Femi Adesina, the letter from President Buhari states in part: "On behalf of the Government and people of the Federal Republic of Nigeria, I have the pleasure to send our warmest congratulations to you and through you to all the 2287 delegates and the 89 million party members on the auspicious occasion of the 19th National Congress of the Communist...
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...
By Ruth Tene Natsa, Abuja Farmers have said they may not produce next year as a result of low prices they are currently experiencing. President of All Farmers Association of Nigeria (AFAN), Architect Kabiru Ibrahim, stated this while fielding questions from Journalists at a press briefing to mark the World Food Day and the National Agricultural Show with the theme, ‘Sustainable Agriculture for Economic Development’ in Abuja, yesterday. He said “ farmers are business people and they have to be able to do the business. If they do not have sufficient cash next year, they won’t be able to do it.” Architect Ibrahim said farmers today are complaining of bad prices for their produce simply because of importation of some commodities from abroad, which should not be because it discourages people. He said, “In the world today, every country does limited productionism by putting huddles in the path of importing things from elsewhere to...
By Michael Oche, Abuja The organised Labour yesterday vowed to resist any no-work-no-pay law of the federal government, saying the policy was introduced to enslave Nigerian workers. The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) dared the federal government to go ahead with the policy. Deputy president of NLC, Comrade Peter Adeyemi, said implementation of no-work-no-pay will not stop workers from embarking on strike whenever their rights are infringed. He said the federal government should blame itself for remaining insensitive to the welfare of workers. Adeyemi vowed that workers will fight against the policy and other policies that are anti-workers. He said, “Government has been the cause of all strikes. It is a policy and decision taken. Surely, it is not going to work. Most of the strike actions have been the fault of government’s failure to fulfill its own part of the bargain. “Government will only call you when there is a...
by Kunle Olasanmi, Abuja The Inspector General of Police (IGP), Ibrahim Idris, has asked a Federal Capital Territory High Court for an order restraining the committee set up by the Senate to investigate alleged illegal collection of money from companies and highly placed persons before posting policemen out. IGP Idris, in the suit filed yesterday at the registry of the court also wants the court to restrain the Senate President and the entire Senate from receiving and discussing any report submitted to it by the committee set up to investigate the allegations against him. The fundamental rights enforcement suit, which was filed by his lawyers, Charles Ogoli, Emmanuel Anene and Solomon Ayangkong Ikongshul, joined Senate President Bukola Saraki and the Senate of the Federal Republic of Nigeria as respondents. In the suit, the IGP stated that one Senator Isa Misau, while raising matter of urgent national importance between September and October, 2017 accused...
By Jonathan Nda- Isaiah and Ahuraka Isah, Abuja Vice President Yemi Osinbajo clarified yesterday that he only approved two loans for the Nigeria National Petroleum Corporation (NNPC) and not contracts. Senior special assistant to the vice president on media and publicity, Laolu Akande, had earlier said that the VP approved contracts for NNPC. Akande said the contracts were approved after due diligence by the vice president when he acted as president recently. He said his principal approved the recommendations for the contracts as part of necessary actions to deal with the backlog of unpaid cash calls and incentivise investments. Akande said Osinbajo made the clarification in view of media enquiries that followed NNPC’s claim that the contracts were indeed approved by Osinbajo. The VP’s aide tweeted: “In response to media inquiries on NNPC joint venture financing, VP Osinbajo, as  Ag President approved recommendations after due diligence & adherence to established procedure. “Action necessary to deal with...
The Commissioner for Police in Abia State, Mr Anthony Ogbizi, has said that lethal weapons, including petrol bombs and one double-barrel gun, were recovered during last Sunday’s raid of the residence of the leader of the indigenous people of biafra (IPOB), Nnamdi Kanu. Ogbizi, who stated this yesterday during an interaction with journalists in Umuahia, noted that the items were recovered during a joint operation by security personnel in the state. He said that the petrol bombs were found in buckets and incriminating documents and letters concerning IPOB’s activities and plans were also recovered during the raid. According to him, the raid was carried out based on an intelligence report, regarding the continued activities of some members of the group. Ogbizi said, “We recovered many of Biafra’s insignia, staff of office and some of those items are being analysed”. The Police boss said that the operation also led to the arrest of one suspected...