Wednesday, 30 September 2015

GOV. UGWUANYI OPENS UP ON THE MASSIVE DEBTS ACCUMULATED BY NNAMANI AND CHIME

Rt. Hon. Chief Ifeanyi Ugwuanyi, Enugu State Governor
The Governor of Enugu State, Rt. Hon. Chief Ifeanyi Ugwuanyi, has announced that his administration needed excess of N32.2 billion to clear the arrears of workers’ salaries, gratuities, pensions and subventions, which were accumulated by the administrations of Dr. Chimaroke Nnamani and Barrister Sullivan Chime.

SEC DIRECTS REGISTRARS TO USE E-DIVIDEND PORTAL

The Securities and Exchange Commission has directed all registrars to commence the use of the e-Dividend Mandate Management System Portal, which it launched in July this year. In a circular to the registrars, the commission said the system was ready for use by all banks and registrars in the country following the training of the staff of the registrars, adding that banks would soon be asked to stop the verification of paper mandates.

PRIVATE ESTATES AND THE FUTURE OF HOUSING

The Nigerian housing market has definitely come a long way despite the enormous challenges we still have to contend with in this regard. With rapid population growth and increasing urban migration, we have witnessed a lopsided demand for residential housing in many of our capital cities. The appetite for good residential accommodation has kept the price rising every year. Almost every stakeholder is concerned about where this trend is headed and what should be done about it.

FITCH MAINTAINS THAT NIGERIAN BANKS’ FOREIGN CURRENCY LIQUIDITY ARE STILL TIGHT

According to Fitch Ratings, reducing reserve requirements to 25 per cent will not add liquidity to the Nigerian banking system owing to the fact that the reduction will not lead to additional Foreign Currency (FC).

AFRICAN COUNTRIES CONTRIBUTE FRACTIONS OF REVENUES TO FIGHT HUNGER

United Nations officials have said that four African countries have agreed to divert a portion of revenue from oil, gold and other resources to an innovative financing scheme that will tackle childhood hunger, Tectono Business Review reports.

AGAIN, UBA BOSS, PHILLIPS ODUOZA, WINS CEO OF THE YEAR AWARD

Phillips Oduoza, GMD/CEO, UBA Plc
The Group Managing Director and Chief Executive Officer of United Bank for Africa Plc, Mr. Phillips Oduoza, has emerged the 2015 Ai Socially Responsible Investment (SRI) 30 CEO of the year at this year's 8th annual Ai CEO Investment Summit for the second time. The first time he won the award was in 2013. The event took place in New York at the sidelines of the UN General Assembly.

Tuesday, 29 September 2015

US OIL PRODUCERS SEEK END TO EXPORT BAN

As the financial screws tighten on the US oil industry, the search for ways to relieve the pressure has become increasingly desperate. Oil producers are looking for something, anything that might conjure up a little more revenue.

FINALLY, BUHARI TRANSMITS MINISTERIAL LIST TO THE SENATE

Muhammadu Buhari, President, Federal Republic of Nigeria
Finally, the President of the Federal Republic of Nigeria, Mohammadu Buhari, has handed the list of 36 ministers to his Special Adviser on National Assembly Matters, Senator Ita Enang, for onward transmission to the Senate.

OIL AND GAS PROFESSIONALS UNDERSCORE THE NEED TO STOP NNPC FROM FORMULATING POLICIES FOR OIL AND GAS SECTOR

Oil and gas professionals have exposed the risk of letting the Nigerian National Petroleum Corporation (NNPC) to lead the formulation of policies for the oil and gas sector.   According to them, NNPC should rather focus on making the newly created directorates profit centres, instead of massive cash-guzzling points, Tectono Business Review reports.

BEHOLD UFOT EKONG, A NIGERIAN WHO BROKE A RECORD IN A JAPANESE UNIVERSITY

Ufot Ekong
Wow!!! Nigerians are really making waves academically all over the globe. The most recent one is Ufot Ekong who graduated with first class from Tokai University, Japan.

TECTONO CONGRATULATES ARUMA OTEH

Aruma Oteh
Wow!!! We, the management of the best-selling and most sought after online business news and articles publishers, Tectono Business Review, congratulate our trailblazing sister, friend, true African Amazon and immediate past Director General of Security and Exchange Commission, Aruma Oteh (OON) on her well-deserved appointment as Vice President and Treasurer of the World Bank.

Monday, 28 September 2015

CHEVRON GETS $1.2BN LOAN TO DEVELOP 36 OIL WELLS IN NIGERIA

Tectono Business Review has confirmed that Chevron Nigeria Limited (CNL), operator of the Nigerian National Petroleum Corporation/CNL Joint Venture (the NNPC/CNL JV) has signed an agreement to take $1.2 billion loan for the development of 36 oil wells in the country.

EVALUATING THE CHIEF EXECUTIVE OFFICER (CEO)

Wale Tinubu, CEO, Oando Plc
The performance of the Company is intricately linked to the CEO’s performance and inevitably, the CEO’s performance (or a lack thereof) is measured against the Company’s performance. Thus when CEOs stumble or fall, they pull their companies down with them.

DIRECTORS – DUTY OF CARE AND REMEDIES FOR BREACH

Directors have sometimes been called trustees, or commercial trustees.  Sometimes they have been called managing partners; it does not much matter what you call them as long as you understand what their true position is, which is really that they are commercial men managing a trading concern for the benefit of themselves and all the other shareholders; they are bound to use fair and reasonable diligence in the management of their company’s affairs and to act honestly.

Sunday, 27 September 2015

ROLE OF THE INDEPENDENT DIRECTOR IN CORPORATE GOVERNANCE

The role of the Independent Non-Executive Director (INED) in achieving Board effectiveness has been enshrined in almost all the Corporate Governance Codes in Nigeria.

Saturday, 26 September 2015

CHINA TURBULENCE CASTS SHADOW ON AFRICA

With much of the world weighed down by anaemic growth, high debt and painful austerity programmes, Africa has been a rare bright spot, producing some of the world’s fastest growing economies. But after riding the wave of the commodities cycle, many African policymakers, particularly in resource-rich nations, face stern tests as the continent now endures the headwinds of global turbulence.

WILLIAM FANJOY SPEAKS ON WHY US COMPANIES ARE FOSTERING TRADE AND INVESTMENT IN NIGERIA

William Fanjoy
Wow!!! Have you heard of William Fanjoy? He is the Director of the United States Export Assistance Centers, Virginia and Washington DC. He led a delegation of the US Trade Winds-Africa Mission to Nigeria some days ago. In this interview, he talks about a new model of business between US and Nigerian companies. It is really very educative and informative. Sit back and enjoy it.

NNPC INDICATES READINESS TO OFFLOAD REFINERIES THAT FAIL TO MEET ULTIMATUM ON REHABILITATION

Dr. Emmanuel Ibe Kachikwu, GMD, NNPC
The Nigerian National Petroleum Corporation (NNPC) has announced its readiness to sell off refineries that fail to work optimally by the expiration of the 90-day ultimatum for their rehabilitation, Tectono Business Review gathered.

TEMI POPOOLA BECOMES THE NEW NIGERIA OFFICE CEO OF RENAISSANCE CAPITAL

Temi Popoola, Nigeria Office CEO, Renaissance Capital
Information reaching Tectono Business Review has it that a leading emerging and frontier markets investment bank, Renaissance Capital, has announced the appointment of Mr. Temi Popoola as the Chief Executive Officer for Nigeria Office.

RENAISSANCE CAPITAL NET PROFIT TRANSCENDS 20% GROWTH

Renaissance Capital, a leading emerging and frontier markets investment bank has announced its financial results for the six months to 30 June 2015. During the reporting period, the Firm’s net profit increased by 20.8 percent to $10.5mn compared with $8.7mn in 1H 2014.

Friday, 25 September 2015

FG PERSUADES CHINESE INVESTORS TO INVEST IN AGRICULTURAL DEVELOPMENT

The Federal Ministry of Agriculture and Rural Development has perfected plans to collaborate with the Chinese government in the improvement of agriculture development, Tectono Business Review gathered.

LOUIS AMOKE CLEARS THE AIR ON THE ENUGU STATE N14.207 BILLION BAILOUT FUNDS

Rt. Hon. Chief Ifeanyi Ugwuanyi, Enugu State Governor
Few days ago, the Enugu State Executive Council and the State House of Assembly authorized the State Government to separately procure the N4.207 billion bailout fund through the Central Bank of Nigeria (CBN) for “the liquidation of outstanding salaries, pension and pension arrears and subventions for parastatals, institutions and boards” and N10 billion loan from the apex bank for infrastructural and developmental projects in the state, respectively.

CHALLENGES FACING NNPC, OIL AND GAS INDUSTRY AND THE WAY FORWARD

Generally, the oil and gas industry in Nigeria has faced its most difficult times in the last decade. NNPC being a key player in the sector has unfortunately been the most brutalized and maligned by the Nigerian State.

Thursday, 24 September 2015

UACN SHAREHOLDERS GRANT REQUEST FOR N20BN FRESH CAPITAL AND N3.3BN DIVIDENDS

Shareholders of UAC of Nigeria Plc have endorsed the quest by the Board of Directors to raise additional N20 billion from the capital market to support its expansion strategy. They also approved payment of N3.3 billion dividends, which translates to N1.75 per ordinary share of 50 kobo each for the year ended December 31, 2014 as well as plan by the company to increase its authorised share capital from N1 billion divided into two billion ordinary shares of 50 kobo each to N1.7 billion divided into three billion ordinary shares of 5o kobo each and 400 million preference shares of 50 kobo each.

THE NEED TO RESTORE SANITY TO BUDGETING

Muhammadu Buhari & Yemi Osibanjo
The Vice-President of the Federal Republic of Nigeria, Professor Yemi Osinbajo, gave a strong indication last week that the federal administration would dump the horrible budgeting practices of the past 16 years, which have become a long-standing hurdle to national development.

BRENT MORTGAGE BANK PROMISES TO REMAIN COMMITTED TO THE GUIDELINES OF CBN

The Managing Director and Chief Executive Officer of Brent Mortgage Bank Limited, Mr. Kola Abdul, has promised that his bank would remain committed to the guidelines of the Central Bank of Nigeria (CBN) and Nigeria Mortgage Refinance Company as it seeks to deliver greater service in the mortgage sub-sector.

DANGOTE’S BIGGEST ENEMY EXPLAINS HOW REHABILITATION OF REFINERIES HAS BOOSTED HIS CEMENT PRODUCTION

Alhaji Abdulsamad Rabiu, Chairman, BUA Group
Alhaji Aliko Dangote’s biggest enemy and rival who is the Chairman of BUA Group and Cement Company of Northern Nigeria Plc (CCNN), Alhaji Abdulsamad Rabiu, has stated that the current rehabilitation of the nation’s local refineries has continued to boost local production in the industrial sector, especially his two cement companies.

ENUGU LEGISLATURE GRANTS GOV. UGWUANYI’S N14.2BN LOAN REQUEST

Rt. Hon. Chief Ifeanyi Ugwuanyi
Information reaching the newsroom of the best-selling and most sought after online business, political news and articles publishers, Tectono Business Review, has it that Enugu State legislature has granted a application by the state government to obtain the sum of N14.2bn as loan from the bailout funds provided by the Federal Government.

Wednesday, 23 September 2015

ROCKET MOVING ALONG THE ROAD

Wow!!! This was seen moving along the Montgomery Street, Yaba, Lagos. It has the shape of rocket but has hidden tyres. It was built by a Nigerian student.

TECTONO CONGRATULATES OWELLE ROCHAS OKOROCHA

Owelle Rochas Okorocha, OON
We, the management of the best-selling and most sought after online business, political news and articles publishers, Tectono Business Review, congratulate the governor of Imo State, Owelle Rochas Okorocha, on the occasion of the 53rd anniversary of his birth.

TECTONO BRAND

TECTONO BRAND


REHABILITATION OF MORIBUND REFINERIES: BUHARI ON A FAILURE MISSION

Muhammadu Buhari, President, Federal Republic of Nigeria
Faced with dilapidating state-owned refineries, the President of the Federal Republic of Nigeria, Muhammadu Buhari and the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr.  Emmanuel Ibe Kachikwu, have opted for retrogression.

BEHOLD TIM BERNERS LEE, THE CREATOR OF WORLD WIDE WEB (WWW)

Tim Berners Lee,
Tim Berners Lee is a British computer scientist who is credited with inventing the World Wide Web (WWW). Berners-Lee enabled a system to be able to view web pages (hypertext documents) through the internet. He also serves as a director for the World Wide Web Consortium (W3C) which overseas standards for the internet and World Wide Web. Berners-Lee has also been concerned about issues relating to freedom of information and censorship on the internet.

HOW TO USE FACEBOOK GROUPS FOR BUSINESS

As the last quarter of the year streams in, there are signs that Facebook has a lot to celebrate this year. Having bought over Instagram and WhatsApp in recent years, it appears the investments are already showing signs of good returns.

FOREIGN INVESTORS PULL OUT N410BN FROM STOCK MARKET

The dwindling attraction and returns in the country’s stock market caused foreign portfolio investors to pull out N410.49bn from the equities segment of the Nigerian Stock Exchange between January and August this year.

Tuesday, 22 September 2015

IS JP MORGAN A BANK OR A RATING AGENCY?

Sometime in December 2014, the Central Bank of Nigeria (CBN) introduced some policies to rein-in currency speculation and round-tripping by FOREX dealers, who were in the habit of hoarding foreign currencies to create artificial demand. The CBN took the decision to curb speculative attacks on the Naira by these unscrupulous elements that were bent on taking advantage of the steep dip in global oil prices, and its recent measure to defend the naira and national reserves by exempting 41 items from the forex window. Since then aggrieved local and foreign collaborators have taken up arms against the CBN.

TECTONO CONGRATULATES SENATOR OLUREMI TINUBU

Senator Oluremi Tinubu
We, the management of the best-selling and most sought after online business and political news and articles publishers, Tectono Business Review, congratulate the political jewel of our time, Senator Oluremi Tinubu, on the occasion of the 55th anniversary of her birth.  

NIPOST SHUTS DOWN RECALCITRANT COURIER COMPANIES

If you are among those people who think that Nigerian Postal Service (NIPOST) is comatose owing to the emergence of many courier firms all over the country which Nigerians prefer to patronize, you should have a rethink. NIPOST is still active and has an arm that regulates all the courier firms in Nigeria. Information reaching Tectono Business Review has it that the Courier Regulatory Department (CRD) of NIPOST has announced the closure of two companies operating courier services without licences in the country.

Monday, 21 September 2015

SMILE COLLABORATES WITH SAMSUNG TO INTRODUCE LTE COMPLIANT SMARTPHONES

In order to launch the first LTE compliant smartphones in Nigeria, Smile Communications Nigeria Limited has partnered with Samsung Electronics West Africa. It should be noted that Smile Communications Nigeria is the first authentic 4G LTE provider in Nigeria and also the first to go into this performance enhancing partnership with Samsung.

A PROJECT FINANCE INSIGHT ON NIGERIAN OIL AND GAS SECTOR

Within the last five years, there has been a radical transformation in the configuration of the Nigerian oil and gas sector. In line with the Federal Government’s agenda to empower indigenous oil companies, oil mining licences (OMLs) have been transferred from foreign to local ownership. International oil companies (IOCs) such as Shell, Total, Agip, Eni and Conoco Phillips have divested from their portfolio of onshore assets to focus more on offshore assets that offer more lucrative prospects. Although it is too early to uniformly say that the divestment process has been a success or failure, there are still certain implications to be considered.

NON-OIL SECTOR KEY TO ECONOMIC REVOLUTION

At a time like this when the country is facing the challenges of dwindling foreign exchange earnings and depleting foreign reserves, there is need for concerted efforts to develop the nations numerous commodities with a view to diversifying the economy.

Sunday, 20 September 2015

AACSB ACCREDITS LAGOS BUSINESS SCHOOL

David Cameron, British Prime Minister, speaking in Lagos Business School
Information reaching the newsroom of Tectono Business Review has it that the Association to Advance the Collegiate School of Business’ (AACSB) has accredited the Lagos Business School (LBS) in recognition of the quality of its faculty, challenging curriculum and educational and career opportunities.

HUBERT DANSO SPEAKS ON AFRICAN INVESTORS SUMMITS AND OTHER INVESTMENT OPPORTUNITIES IN AFRICA

Hubert Danso
Mr. Hubert Danso is a man we value so much. He is the Chief Executive Officer and Vice Chairman of Africa’s voice for investment in the continent, Africa Investor Group (Ai) and managing editor of the Ai Magazine. Mr. Danso also advises institutional investors, governments and development finance institutions on major infrastructure and private equity investments in Africa. In this interview with Tectono Business Review, Mr. Danso speaks on the impact and benefits of the summits, among other issues. Sit back and enjoy it.

Saturday, 19 September 2015

DR. BENEDICT ORAMAH’S INVESTITURE AS AFREXIMBANK’S PRESIDENT HOLDS IN CAIRO, EGYPT

Dr. Benedict Oramah
On Monday, 21st of September, 2015, top government officials in Africa, heads of international organisations, members of the diplomatic community and leaders of international financial institutions, will converge on the city of Cairo, Egypt for the investiture of a Nigerian and the new African Export-Import Bank (Afreximbank) President, Dr. Benedict Oramah.

FITC APPOINTS BIMPE OLUFEMI AS HEAD OF CONSULTING OPERATIONS

A financial services, training, research, and consultancy firm, FITC, which is based in Nigeria and extending its borders in the West African sub-region, has announced the appointment of Ms. Bimpe Olufemi as the Head of its Consulting operations.

DIAGEO PLANS TO RAISE ITS EQUITY IN GUINNESS NIGERIA TO 70%

Tectono Business Review gathered that the world’s biggest distiller and maker of Johnnie Walker whisky and Smirnoff vodka, Diageo Plc, has perfected plans to raise its majority stake in Guinness Nigeria Plc to 70 percent.

MTN SETS TO RIVAL DSTV AS IT SECURES N34BN DIGITAL PAY-TV LICENCE

Wow!!! The National Broadcasting Commission (NBC) has confirmed that MTN has secured N34bn licence to provide digital pay television broadcasting services in Nigeria. According to the NBC, it approved for MTN Nigeria part of the country’s 700MHz broadcasting spectrum solely for the purpose.

Friday, 18 September 2015

BUHARI SPEAKS ON THE NEED TO STAMP OUT CORRUPTION IN NIGERIA

Muhammadu Buhari
The President of the Federal Republic of Nigeria, Muhammadu Buhari, has stated that apart from barefaced theft of public funds, corruption has also been cited as the main reason for poor policy choices, the prevalence of poverty in the midst of plenty and waste of resources in the country.

Thursday, 17 September 2015

TECTONO CONGRATULATES REV. DR. SIGN FIREMAN

Rev. Dr. Sign Fireman
We, the management of the best-selling and most sought after online business and political news and article publishers, Tectono Business Review, congratulate our spiritual father, United Nations Peace Ambassador, heavily anointed man of God and General Overseer of Perfect Christianity Mission, Rev. Dr. Sign Fireman, on the occasion of the anniversary of his birth.