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Katsina farmers got N1.2bn CBN loan in 2012

Posted by Titilope Ajila On April - 3 - 2013 ADD COMMENTS

The Central Bank of Nigeria (CBN) has said that it disbursed about 6,590 loans worth N1.2billion to farmers in Katsina State in 2012.

Katsina Branch Controller of CBN, Adamu Hassan revealed in Katisina at the Bankers and Consumer Forum that the loans were disbursed through Deposit Money Banks (DMB) and Microfinance Banks under the Agricultural Credit Guarantee Scheme (ACGS) of the CBN.

Adamu stated that the loans were disbursed through Deposit Money Banks under the ACGS.  He stated further that the Apex bank recovered N821 million during the period under review and that the State was rated the highest performer in loans guarantee and recoveries.  He also revealed that the United Bank for Africa (UBA) has approved N1billion loan to cotton farmers in the State to boost production of the product, saying hat the West Africa Cotton company had identified 4,000 farmers while 21,450 hectares would be cultivated.

The Controller also said the CBN had established an entrepreneurship development centre in the State as part of its Youth Empowerment Programme with a view to develop new breed of future entrepreneurs calling on more support from the State government and other stakeholders.

Cocoa export hits $900m

Posted by Adanna Nnaji On March - 12 - 2013 ADD COMMENTS

Nigeria has earned a whopping $900m (about N142,200,000,000) from cocoa export recorded in 2012 as against $882.9 million realised in the previous year from same product  in the global market.

Minister of Trade and Investment, Olusegun Aganga recently gave figures during a one-day national workshop on capacity building in Abuja.

According to Aganga, cocoa is the second largest foreign exchange earner after crude oil, the industry generates over two million jobs directly and indirectly along its value chain.

The minister noted also that the market for cocoa increases at an average of three per cent a year while the nation’s export of the commodity has equally been growing at an average of 40 per cent yearly and a cumulative of 280 per cent which represents $215m in 2006 to $822.8m in 2010.

He also said that the local consumption of cocoa is barely three per cent, while the bulk of what is produced is exported, it is imperative for the country not only to increase its yield but most importantly ensure its acceptance in the international market by total compliance to the international standard, by minimising the harmful effect of pesticide residues in the crop, which is far becoming a health issue around the globe.  He also encouraged Nigerians to increase their consumption of the product.

“As a major producer, our primary goal is to secure a sustainable market for our cocoa and cocoa products.  To achieve this desire, the quality of our cocoa and cocoa products is of paramount importance.  Along this is our effort to protect food safety and the threats of pesticides and contaminants to human health.”

Aganga also said that concerns had been raised on safety of cocoa and its products consumed especially in developed countries with regards to the use of agro-chemicals in the production, storage and processing of cocoa, urging all stakeholders in the sector to ensure that cocoa produced in Nigeria is safe for consumption anywhere in the world.

WEMA BANK POSTS 2012 Q3 RESULTS

Posted by Newsscreen On January - 9 - 2013 ADD COMMENTS

Wema Bank has released its results for the third quarter of 2012. The results revealed that Gross Earnings of the institution reached N19.8 billion, up 14.1 from N17 billion made over the corresponding period in 2011. A drop in investment income of 63% led to the losses before and after tax reported by the bank.

The bank’s investment income the said period was N3.4 billion, down 63% from N9.4 billion reported in 2011. Meanwhile, loss before tax was N1.7 billion, down 226% from the N1.4 billion profit it made in the corresponding period of 2011.
The organisation also declared a Net Loss of N1.8 billion, down 251% from the N1.2 billion it made in the corresponding period of 2011.

LAGOS TO BEGIN OIL PRODUCTION

Posted by Newsscreen On January - 9 - 2013 ADD COMMENTS

Nigeria’s commercial capital, Lagos has revealed its readiness to join the league of Oil producing States in Nigeria by the year 2014. “The Centre of Excellence” is expected to produce oil from its offshore area at the Aje gas and condensate field.

The Aje field discovered in 1996 where oil flowed at a capacity of 2,389 barrels per day is now said to have the capacity of producing between 50,000 and 80,000 barrels per day, while the water depth level is in the local and region of 3,000 feet.

However, the Oil Mining Lease (OML)113 which is designated for the Oil project, covers an area of 960 square kilometres and has huge and great prospects including the oil fields Jubilee and Tweneboa.

According to a source, the OML 113 was formerly known as Oil Operating license 309 and was initially given out in 1991 to Yinka Folawiyo Petroleum, to boost the Local Content Capacity of the Oil and Gas sector in the Country.

Drilling Operations in the Aje Oilfield was comprehensive and its commercial value prospects started in 2009, with an extensive reservoir structure that aids effective operations for prospective Oil and Gas firms.

For the operational structure plan, a total of six producers are planned for the field, and will be connected to the subsea well heads and flowlines of about 320-feet water depth. The Contingent Gross level is estimated at 380 million.

From the analysis, 52 percent is gas, 28 percent Oil condensate and Liquefied Petroleum Gas,20 percent

DANA AIR RESUMES FLIGHT OPERATIONS

Posted by Newsscreen On January - 9 - 2013 ADD COMMENTS

An official of the Federal Airports Authority of Nigeria (FAAN), James Shallangwa, said Thursday last week stated that Dana Air will commence operation again.

Meanwhile the Federal Government already reinstated Dana Air’s licence since september 2012 but without flight operations the airline is set to resume full flight operations in the new year.

Speaking with journalists in Abuja, the Head of Commercial at the Nnamdi Azikiwe International Airport (NAIA) said Aviation Minister, Stella Oduah already released a resumption letter to DANA Air to resume operation.

Dana Air’s Head of Corporate Communications, Tony Usidamen, confirmed that the resumption came after necessary approval was received from the Federal Government.

The airline’s plan crashed in Lagos on 3rd June 2012, killing all 153 passengers, crew and destroyed properties worth several millions on the ground, the incident that immediately compelled the Federal Government through the Nigerian Civil Aviation Authority (NCAA) to revoke the company’s operational licence pending proper investigations to assertain the cause of the unfortunate incident.

Telecommunications subscribers in the country have tasked operators in the sector to improve the quality of their services in the new year as well as introducing lower tariff structure.

The above request came as a result of a recent random survey of 758 subscribers in the country. The survey was designed to assess the telecommunications sector in across Nigeria and how the sector has influenced the populace in the last decade.

NOI the leading research and analysis building group telecommunication services, quality and impact carried out the survey on the journey of the mobile technology sector in the country so far.

However, the subscribers from the survey tasked the Nigerian Communication Commission (NCC)to step up their game in ensuring efficiency in the sector.

They believe that if the NCC becomes more strategic and assertive in 2013, the service providers will have no option but ensure they render a better service than they did in 2012.

Most subscribers according to the survey use dual sim phones due to the poor quality of network and service in the country and hope that the situation will improve in 2013.

In terms of rating about 31 percent of the subscribers believed Etisalat are doing a great job in terms of service delivery, while 40 percent of the MTN subscribers believed the network was giving an average performance, 43 percent of Airtel subscribers rated the network as good in their performance and Globacom had 45 percent of their subscribers saying they had an average network performance.

The analysis revealed that the Subscriber polls put Etisalat ahead of other networks in terms of network performance and quality service delivery in the country, giving more value in the sector than other major operators.

NOI in its report further stated “Telecoms operators should concentrate their efforts on improving the quality of their service and consider a downward review of the present tariff rates, and show more firmness in mandating the telecoms operators to improve on the quality of their services, and also move further to sanction operators that are not adhering to service quality standards”.

Nigerians however expect NCC to take the survey seriously as a working tool towards a quality telecommunication service delivery in 2013 and beyond.

Promasidor Nigeria Limited, makers of quality food products now has a new Commercial Director.  The new helmsman to occupy the position from the New Year day is Mr. Onyekachi Onubogu

The former Marketing Director, Onubogu since February 2012 is an experienced marketing and business development manager with cross functional and multi-national living and working experience across Africa.

With over 18 years’ experience in the sales, marketing, finance and general management functions Onyekachi Onubogu sure knows his onions and fully equipped to perform excellently.
Before joining Promasidor as General Marketing Manager in September 2012, he was an associate director with Prosperity Capital Management, Nairobi in Kenya from September 2008 to September 2010 as well as marketing manager with Family Care, Kimberly Clark South Africa from January 2008 to August 2008.

Onyekachi has also worked with Guinness Nigeria Plc as marketing manager for two years and with Procter & Gamble in Nigeria and South Africa for Ten years.

Mr. Onubogu is an Alumni of the prestigious Wharton Business School , where he studied Advanced Management Programme in 2012.

An alumnus of the University of Jos, where he studied Physics, Onubogu also has a Masters Degree in Business Administration from the Gordon’s Institute of Business Sciences, University of Pretoria South Africa.

The Central Bank of Nigeria (CBN) has given the mobile money operators in the nation the deadline of February, 2013 to link up to the National Central Switch.
This directive is to ensure a seamless Interoperability and interconnectivity service delivery between the operators of the service considering the process and development of the ‘cashless economy’ which the country is about to implement successfully.
In a release to the operators signed by the Director of the Banking and Payment System, Mr. Dipo Fatokun the Apex bank stated that “In furtherance of the CBN’s effort at ensuring effective and robust mobile payments system, all MMOs are hereby directed to fully connect to the National Central Switch on or before February 28, 2013, to ensure Interoperability and Interconnectivity of their schemes”.
The CBN had initially given licenses to 11 mobile money operators in 2011, even as the telecommunication operators also have the platform to facilitate the operation of the payment system of the project.
It is widely believed that the mobile money system should be able to give Nigerians a robust and dynamic financial service of transactions which include the ability to use the mobile services.

Sonala Olumhense: Nigeria’s Media Weakest Link

Posted by Omoade Adelani On October - 22 - 2012 ADD COMMENTS

Listen up everyone, Sonala Olumhense has sunk into the mire. He needs no help. He would rather remain there and make a fool of himself than come out for cleansing. He pretends to understand issues when he does not. He claimed to have the solution to the issues confronting us as a nation, when he doesn’t understand how to place his own intellectual bearing. Instead of using his pen to advance the truth and increase the understanding of his readers on pertinent issues, he would rather use it as a tool of vendetta and gladly hand it to the highest bidder.

I didn’t realise how much his intellectual muscle has atrophied until I began to read some of his articles. They are laced with falsehood, half-truths and unsubstantiated claims. The latest is the article published on Saharareporters, Guardian and some other online news media. In that article, Ngozi Iweala: Nigeria’s Weakest Link, he reached for a knife and viciously lurched at the integrity of the Coordinating Minister of the Economy and Finance Minister, Dr. Okonjo-Iweala – a brand that was painstakingly built with hard labour and Providence’s favour over the years, locally and internationally.

The web of ignorance spun with tactless abandon throughout the article could be seen from the first paragraph where he blindly asserts that Okonjo-Iweala is “the weakest link in a very weak chain.” He goes further by writing that “she is the clearest argument as to why progress may be impossible in the Goodluck Jonathan era because she is painting when she should be digging up. She is nurturing poverty, not combating it.” Hmmmnnn….

For a perceptive reader, it is clear that Sonala has no grasp of the subject matter he is vaunting about. And the best course his parochial mindset could trump up is to turn the subject on its head and begin to grope his way to the head! Friends, that’s exactly what he did!

Looking at the world from his tainted lens, Sonala, in ten watery arguments, tried to paint Dr. Okonjo-Iweala as one who is incompetent and playing in the corruption league as him.

His first of the dime a dozen lame arguments is that NOI abandoned the National Economic Empowerment and Development Strategy (NEEDS) after a few months. He even alleges that the money in the account of the program also vanished. One would have expected that a writer worth his salt should have researched this claim before making such ignorant harangue. Perhaps, it will interest Sonala to know that one of the cruxes of the NEEDS proposal is to develop the industrial sector by relying more on local resources and less on imports. For an impartial analysis, it will be clear to them that this was one of the main agenda pursued by Dr. Okonjo-Iweala all through her time as  Minister of Finance under the Obasanjo regime. As for the money tied to NEEDS, isn’t it suspicious that he makes such spurious, unsubstantiated claim?

His second point is on the promise made by President Obasanjo that poverty would be eradicated by 2010. Curiously, Sonala neither mentioned Iweala as the one that made such promise neither did he inform us why the point was brought forward. Isn’t it proper for Sonala to direct the question to Obasanjo himself and the 13 federal Ministries involved in the Poverty Eradication Programme?

The third allegation in the article is even more venomous. Sonala seeks to steal the show by alluding to the allegation made by Audu Ogbe that,”in the negotiations with the Paris Club, one ’top member’ of the government walked away with a personal fee of N60 billion.” He continues, ‘’Ogbeh did not disclose who it was, but the allegation seemed to fit either President Obasanjo or Okonjo-Iweala. None of them has ever challenged it.” Pray, isn’t this the height of absurdity in a nation like Nigeria, with a vibrant media industry, where investigative journalists unearth shady practices that are less than a billion? At least, by now, we should have known who the culprits are. But Sonala has only shown how bereft he is of the gift of rigorous thinking, which everyone who wields the pen must be enamoured, by making such a wild allegation without any verifiable basis.

The fourth allegation cut a semblance with the third point.

His fifth point is that Iweala was instrumental to the establishment of Office of the Senior Special Adviser to the President on MDGs (OSSAP-MDGs). And that team found out that that the Ministry of Health, alone, squandered most of the N54billion. Shouldn’t we applaud madam minister for establishing a body that uncovered this rot?

Getting to the sixth and seventh question, Sonala asked about the Abacha loot from Okonjo-Iweala. In a bid to stuff the minister’s boot with the loot, he contradicted himself. In one breath, he claims that madam minister never made explanation about the Abacha loot; in another breath, in his seventh point, he claims that she did explain in a speech after she left office that “General Abacha looted about $3-5 billion from the Nigerian treasury in truckloads of cash in foreign currencies, in traveler’s checks and other means. Most of these monies were laundered abroad through a complex network including some of the world’s best known banks.” Talk about a quintessence of self-befuddlement.

Point eight and nine seek to cast NOI as the President of Nigeria who should take the blame for the nation’s woes during the OBJ era; he also makes her the Chairman of EFCC who should arraign corrupt officials. The Ribadu that Sonala quoted as saying that Obasanjo’s regime was corrupt was in charge of anti-corruption body. Shouldn’t that question be directed at Ribadu as to why he allowed corruption to run riot under his watch?

The last point, just like the others, is nothing more than an account of a commentator whose brain seems drained of the fluid that supplies intelligence. No doubt, Sonala is one of the social commentators who are in the habit of rolling all the blame for Nigeria’s woes on this great woman.

It is obvious to all that NOI has been at the forefront of clearing the mess of corruption in the country. Have we forgotten so soon her efforts at sanitising the oil sector? Bigwigs in the oil industry are behind bars now for shady deals in the subsidy regime.

Knowing full well that any allegation thrown at those in government will stick, especially that of financial impropriety, Sonala is spoiling our day by adding bouts of odious fumes from his blackened exhaust to our national space for as long as this his ill-conceived article is visible.

However, Nigerians are now more perceptive. We know those who care for us. We know those who plunder our commonwealth. And, of course, we know those who defend our commonwealth from marauders. Okonjo-Iweala is there.

We also know those whose ideas are stuck in the mud. Sonala is there!

Legalise Bunkering-Alamieyeseigha urged Jonathan

Posted by Newsscreen On May - 31 - 2012 ADD COMMENTS

Former Governor of Bayelsa State Chief Diepreye Alamieyesigha has called the Federal Government to legalise bunkering of petroleum products in the Niger Delta.

Alamieyeseigha who revealed that foreigners are the masterminds of bunkering in the region advised stakeholders to prevail on President Goodluck Jonathan to issue licenses for the legalisation of bunkering.

Speaking at an event to honour the late Ijaw hero, Isaac Boro in Yenagoa, the former governor said “there is one thing happening in our area now. I read in the papers about oil theft. About 17 per cent of our production is taken away.

“Our people are not sophisticated enough to go into high-level bunkering. The bunkerers are not here. In the whole oil industry, how many Ijaw people are lifting oil?

“To address the poverty that is so endemic among our people, there should be licenses for bunkering.

“The Ijaw man is not yet emancipated economically. The fight is not over, we must be economically liberated.

“There is a thin line between economy and power. They complement each other. My brothers and sisters let us unite. We should obtain licenses for bunkering.

“We have a president of our own; we have a Minister of Petroleum, who will stop us from obtaining bunkering licenses?

“Ask, it shall be given, knock it shall be open. No need to go behind the door. Let us confront our brother and get what we want for our people.”

“People must look at those areas that we have been impoverished and fight for it. We know that nobody will give you power on a platter of gold; you demand for it, you fight for it. It is our own,” he noted.

Alamieyeseigha was impeached from office by the State House of Assembly in 2005 over corruption charges.

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