UN THROWS WEIGHT BEHIND NIGERIA’S QUEST TO COMBAT ILLICIT MONEY FLOW

The UN General Assembly, on Thursday, unanimously adopted Nigeria-sponsored resolution on: “Promotion of International Cooperation to Combat Illicit Financial Flows” in order to foster sustainable development.

US TRAINED PETROLEUM ENGINEER, JEFF EWING, BECOMES MANAGING DIRECTOR OF CHEVRON

Chevron Nigeria Limited (CNL) has announced the appointment of Mr. Jeffrey Ewing to the position of Chairman and Managing Director of Chevron companies in Nigeria, effective January 1, 2017.

UNION BANK RESTRUCTURES TO MEET CONTEMPORARY CUSTOMERS’ NEEDS

Despite being a century old and in a bid to capture the changing times and teeming millennial population, Union Bank of Nigeria Plc has developed fast, secure and convenient banking services to ensure their customers have more time to do things that matter the most to them as against waiting long hours in banking halls.

NNPC BOSS, DR. MAIKANTI BARU, EXPLAINS HOW THE CORPORATION WILL EARN MORE FROM GAS

Dr. Maikanti Baru, GMD, NNPC

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, has reiterated that the Corporation would generate huge gas revenue for Nigeria.

CBN OFFERS $1BN TO CLEAR BACKLOG IN BIGGEST DOLLAR SALE

The Central Bank of Nigeria (CBN) has sold about $1 billion on the forward market to clear a backlog of dollar obligations in selected sectors. Outstanding dollar demand was about $4 billion before June when the 16-month-old peg was removed and efforts to cut dollar demand have been largely unsuccessful due to low oil prices resulting in crude sales accounting for about 90 per cent of Nigeria’s foreign exchange earnings.

ENTREPRENEURIAL EXPERTS SPEAK ON BUSINESS EXIT STRATEGIES

As effect of the economic downturn continues to take a toll on many business owners in the country, business experts have urged entrepreneurs in Small and Medium-sized Enterprises (SMEs) to build exit strategies – from the grip of the recession – into their business models which will prevent withdrawal from their businesses.

PRICES OF GOODS LIKELY TO INCREASE AS CBN FAILS TO PRINT LOWER NAIRA DENOMINATIONS IN ONE YEAR

 The Central Bank of Nigeria (CBN) has not printed the small naira denominations for about a year, causing the scarcity of the notes in the economy, an investigation by the News Agency of Ni­geria (NAN) has revealed.

NIGERIAN STOCK EXCHANGE SUSTAINS GROWTH ON YEAR END ACTIVITIES

Transactions on the Ni­gerian Stock Exchange (NSE) remained upbeat on Thursday with the All-Share Index improving by 0.35 per cent due to gains recorded by major petroleum equities.

KACHIKWU, IHEANACHO, OTHERS EMPHASIZE ON FULL DOWNSTREAM DEREGULATION AS AN AVENUE TO ATTRACT INVESTMENT

Dr. Emmanuel Ibe Kachikwu

Stakeholders in the Nigeria’s oil and gas sector have identified full deregulation of the downstream sub-sector as the best option to attract investors and save the country from fuel supply challenges.

OPEC SECRETARY, MUHAMMAD BARKINDO, DEFENDS OPEC’S RELEVANCE

The Secretary-General of the Organisation of the Petroleum Exporting Countries (OPEC), Muhammad Sanusi Barkindo, has described the Vienna Agreement by the cartel to implement a new production target of 32.5 million barrels a day, as a testament that the group “is alive and well”.

UCHE AHUBELEM CENTRE FOR DEVELOPMENT GIVES MILLIONS OF NAIRA TO YOUNG ENTREPRENEURS

Uche Ahubelem, Founder, UACHD

About 20 out of 275 applicants received various grants and prizes from the Uche Ahubelem Centre for Development (UACHD), a Foundation with a vision to reach younger entrepreneurs and leaders from diverse backgrounds and equip them to be successful in business.

FRIESLANDCAMPINA WAMCO ENDS 2016 WITH EXCELLENT SAFETY PERFORMANCE

FrieslandCampina WAMCO Nigeria Plc ended the year with a new record in safety, health and environmental performance, recording four years without Lost Time Accident (LTA).

PAL PENSIONS PROMISES CUTTING EDGE SERVICES AND EXPANSION ACROSS THE COUNTRY

Pension Alliance Limited (PAL) Pensions has promised to continue to deliver competitive service to its numerous clients across the country. The Managing Director/CEO, PAL Pensions, Mrs. Morohunke Bammeke, who stated this when Christmas Care packages were handed over to some retirees at the weekend, noted that her Pension Fund Administrator (PFA) has the interest of its customers at heart, adding that during tough times, PAL Pensions will always be there for its Retirement Savings Account (RSA) holders.

RESERVES RISE BY $860M, HIT $25.4 BILLION

The nation’s foreign exchange (Forex) reserves have recorded an increase of $860 million after a four-week persistent and gradual gain despite pressure at both the interbank and parallel markets.

UAC BOSS, LARRY ETTAH, SHOWCASES UAC'S ACHIEVEMENTS IN 2016, URGES WORKER TO HAVE HOPE AMID ECONOMIC CHALLENGES

Larry Ettah, GMD/CEO, UAC of Nigeria Plc

The Group Managing Director and Chief Executive Officer of UAC Nigeria Plc, Mr. Larry Ettah, has charged the management and staff of the conglomerate not to allow widespread predictions of a gloomy end of year in Nigeria to dampen their zeal to enjoy the Yuletide. He gave the charge in his 2016 Christmas Message to staff, wherein he enjoined them to be guided by the conduct of Jesus Christ whose life epitomised love, humility, steadfastness and grace.

JIM OBAZEE SPEAKS ON HOW CORPORATE GOVERNANCE WILL ATTRACT FOREIGN INVESTORS

Jim Obazee, CEO, Financial Reporting Council of Nigeria

Contrary to allegations that the new National Code of Corporate Governance (NCCG) is inimical to further investment, the Financial Reporting Council of Nigeria (FRCN) has defended that full compliance with the code would stimulate investment inflow in Nigeria.

Corporate governance is a means whereby society can ensure that corporations are well run, not only managed, to which investors and lenders, both domestic and foreign can confidently commit their funds. It creates safeguards against corruption and mismanagement while promoting fundamental values of a market economy in a democratic society.

HOW ECONOMIC RECESSION HAS HEIGHTENED OFFICE RENTAL BUSINESS IN NIGERIA

Notwithstanding the effect of the nation’s economic downturn on investments in the real estate industry, the rental market has remained vibrant with the emergence of co-working space stations for businesses and entrepreneurs.

102 GLOBAL OIL COMPANIES RAKE IN $4.8BILLION IN THE THIRD QUARTER OF 2016

About 102 global exploration and production oil companies earned almost $4.8 billion from upstream production during the third quarter Q3 of 2016. According to the United State Energy Information Administration (EIA) report, even though this is considerably lower compared with earnings from 2011 to 2014, earnings recovered from significant losses that occurred throughout 2015 and the first half of 2016.

CBN, IN PARTNERSHIP WITH HERITAGE BANK, GIVES N2BILLION LOAN TO TRITON AQUA AFRICA LIMITED

The Central Bank of Nigeria (CBN) in partnership with Heritage Bank Limited has provided a N2 billion long-term facility, under the Commercial Agriculture Credit Scheme (CACS) to Triton Aqua Africa Limited (TAAL).

FINANCIAL SECTOR CONTRIBUTES 63 PER CENT TO TOTAL EQUITY VOLUME

The financial services industry dominated transactions in volume terms on the Nigerian Stock Exchange (NSE) at the end of last week, with 798.128 million shares, valued at N4.319 billion traded in 9,115 deals. Thus, the volume of shares traded in the sector, contributed 63.33 per cent to the total equity turnover last week.

FED GOVT LAUNCHES N13BN FEDERAL CIVIL SERVANTS’ MORTGAGE REFINANCING SCHEME

In furtherance of its sustained efforts to offset housing deficit in the country, the Federal Government has launched a N13 billion Federal Civil Servants Mortgage Refinancing Scheme by the Nigeria Mortgage Refinance Company Plc (NMRC).

NNPC TO REHABILITATE PORT HARCOURT, WARRI AND KADUNA REFINERIES IN 2017

The Nigerian National Petroleum Corporation (NNPC) said it will embark on a comprehensive rehabilitation of the nation’s three refineries located in Port Harcourt, Warri and Kaduna to achieve optimal capacity utilization in the New Year.

BUA CEMENT INVESTS N100M IN STAKEHOLDERS’ REWARDS AS IT PLANS TO INCREASE MARKET SHARE WITH 10 MILLION TONNES

With a cement production target of 10 million metric tonnes by 2018, BUA Cement has unveiled plans to increase its market share and penetration through efficient service delivery and operational framework.

A LOOK AT HOW THE HOUSING SECTOR HAS FARED IN 2016 UNDER BABATUNDE FASHOLA AS MINISTER

Babatunde Fashola (SAN), Minister of Power, Works & Housing

It is now over one year since the Minister of Power, Works and Housing, Babatunde Fashola (SAN), took over the affairs of housing sector, precisely on Wednesday, November 11 2015. Since then, he has assured Nigerians that the administration would do all within its power to bridge the deficit in housing gap across the country with a major focus on how to provide affordable and quality housing services to intending masses. 

BRAINS & HAMMERS PLANS TO GIVE EXCESS OF 3,000 HOUSE OWNERS MULTI-MEDIA FIBRE

A foremost Estate De­veloper, Brains and Hammers, has disclosed that it would partner with Legend, an exclusive multi-media brand that offers Premium cable TV enter­tainment to equip over 3,000 houses in Abuja with future-proof fiber-to-the-home.

A YORUBA WOMAN USES THIS GROUNDNUT OIL AS BODY CREAM

Groundnut oil

Hmmm!!! There is nothing people will not see in Lagos. Our correspondent went to a small shop in Morocco area of Shomolu in Lagos today, 26th of December, 2016, to buy airtime. When he got there, he saw the shop owner, a Yoruba woman, dressed to attend a function. He was baffled to see her robbing this groundnut oil on her body as body cream.

AFRICAN QUALITY INSTITUTE AWARDS TOTAL NIGERIA THE MOST TRUSTED QUALITY COMPANY

Total Nigeria Plc has again been recognised for its quality-driven operations and global best practice standards in products and services with the award as the ‘Most Trusted Quality Oil & Gas Company’.

FALCON CORPORATION CO-FOUNDER, AUDREY JOE-EZEIGBO, EXPLAINS HOW THEY BUILT AN OIL EMPIRE

Mrs. Audrey Joe-Ezigbo is the co-founder, with her husband, of Falcon Corporation Limited, a wholly indigenous oil and gas outfit that offers a diverse portfolio of services that cut across engineering, procurement, construction and natural gas distribution, as well as in the real estate sector. She spoke with journalists about her challenges, steadfastness, diligence and others in her business. It is very motivating and educative. Sit back and enjoy it.

AS OBASANJO TRADES WORDS WITH NATIONAL ASSEMBLY OVER CORRUPTION

Chief Olusegun Obasanjo

Except for the indecorous manner in which the words were traded, the accusation and counter-accusation between former President Olusegun Obasanjo and the National Assembly over allegations of corruption should be seen as a healthy development for the polity if all are convinced that the war against the scourge must be won by Nigeria.

OANDO PLC SELLS OANDO GAS & POWER TO HELIOS INVESTMENT PARTNERS

Oando Plc, Nigeria’s leading indigenous energy group and the leading integrated energy solutions group in sub-Saharan Africa, has completed a $115.8 million partial divestment of its midstream subsidiary, Oando Gas and Power Limited (“OGP”), to Glover Gas & Power B.V., a special purpose vehicle owned by Helios Investment Partners LLP, a premier Africa-focused private investment firm.

NEPC COLLABORATES WITH CBI TO PROVIDE TECHNICAL SUPPORT TO NON-OIL EXPORTERS

The Centre for Promotion of Imports from developing countries (CBI), is collaborating with Nigerian Export Promotion Council (NEPC), in building capacity of exporters to further boost the contribution of non-oil exports to the Nigerian economy. According to the Executive Director/Chief Executive Officer of NEPC, Olusegun Awolowo, while speaking at a two-day National Strategic Conference on SME Export Development in Abuja, recently, the collaboration aims at providing technical support to develop Nigeria’s capacity to export products to the European Union market.

INVESTORS CRY OUT AS THEIR N700 BILLION IS TRAPPED IN FRAUDULENT PRIVATE PLACEMENT

Hmmm!!! Investors in Nigeria’s capital market say N700 billion have been trapped in private placements by firms. They urged industry regulators to wade into the perceived scam. In response, the Security and Exchange Commission (SEC) warned the investing public to steer clear of such private placements, as many of them have not been approved.

HOW THAT DULLARD CALLED BUHARI IS FIGHTING CORRUPTION WITHOUT A STRATEGY

President Muhammadu Buhari

President Buhari’s much-advertised fight against corruption has degenerated into a demolition derby. As happened with many previous efforts to fight corruption in Nigeria, different outposts of power and influence in the president’s coterie appear determined to use anti-corruption as a cover to settle intra-palace scores.

HIGH INTEREST RATES KILLING MANUFACTURING INDUSTRY IN NIGERIA

The Manufacturers Association of Nigeria’s plea to the Central Bank of Nigeria (CBN) for a reduction in interest rate, which came after the meeting of the Monetary Policy Committee (MPC) and CBN governor, Godwin Emefiele’s retention of, among other rates, the subsisting Monetary Policy Rate (MPR) at 14% was, unarguably a cry from the heart. Its hopes for a reduction having been so dashed, MAN should go beyond pleas and take concrete steps to keep its members in business.

CEO OF PROPERTYGATE, ADETOKUNBO AJAYI, SPEAKS ON STRUCTURAL PROBLEMS OF MASS HOUSING

A frontline Real Estate Operator and Managing Director and Chief Executive Officer of Propertygate Development and Investment Plc, Mr. Adetokunbo Ajayi, has identified some structural problems affecting the government’s mass housing project and proposed measures to revamp them.

TECTONO CONGRATULATES DR. BUKOLA SARAKI

We, the management of

TECTONO BUSINESS REVIEW,

Rejoice with the immediate past Governor of Kwara State and current President of the Senate, Federal Republic of Nigeria,

DR. BUKOLA SARAKI, CON

On the occasion of his 54th birthday.

MANTLE PROPERTY COMPANY LIMITED: PROPERTIES FOR SALE

LEKKI UPDC ESTATE

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A MADMAN WASHING HIS CLOTHES INSIDE THE GUTTER

Our correspondent came across this madman washing his clothes with soap in a dirty pool of water in the gutter along UNILAG Road, Yaba, Lagos. This is the first time we are seeing a complete crazy person washing his clothes. In spite of being mad, he still has a sense of cleanliness. If he had access to clean water, he would not have washed inside the gutter.

OIL PRICES JUMP AS PLANNED OIL PRODUCTION CUTS START TO MATERIALISE

Oil prices jumped on Friday as evidence increased that producers in the Middle East were informing customers of upcoming supply cuts as part of a coordinated effort to drain a global glut. Brent crude futures were trading at 54.11 dollars per barrel, up nine cents from their last settlement. U.S. West Texas Intermediate (WTI) crude was up 18 cents at 51.08 dollars per barrel.

DELTA STATE GOVERNMENT REJOICES AS SOME MAJOR OIL COMPANIES MOVE HEADQUARTERS TO THE STATE

Heritage Oil Limited and some major oil companies have indicated interest to relocate their headquarters to Delta State, the Commissioner for Oil and Gas in the state, Mr. Mofe Pirah disclosed.

EXPORT EXPERTS LAMBASTE GOVERNMENT FOR LACKADAISICAL ATTITUDE TOWARDS BOOSTING EXPORTS BUSINESS AND ECONOMIC DIVERSIFICATION

Efforts by the Federal Government to boost the export of non-oil commodities as part of measures to fight economic slump and diversify revenue sources may remain elusive for lack of commitment to address key sector challenges.

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PUBLIC NOTICE: MULTIVERSE MINING & EXPLORATION PLC

The Board of Director of Multiverse Mining & Exploration Plc (Formerly Multiverse Plc) wishes to notify its esteemed shareholders and all stakeholders that in order to comply with the provisions of Section 8(2) and 58(2) of the Financial Reporting Council Act 2011 and Audited Accounts earlier submitted with the Nigerian Stock Exchange was withdrawn to enable the Company seek the clearance of Financial Reporting Council on the “Emphasis of Matter” clause in the Report.

MTN: WHY CAN’T 10GB DATA LAST FOR 30 DAYS JUST FOR WEBSITE UPDATE?

This is the line we, at Tectono Business Review, use for our internet subscription: 08106480472. We find it very difficult to understand why MTN’s 10GB data cannot last for 30 days just for website update. In order to save the data, we neither downloaded nor uploaded. So, why can’t we enjoy our data for at least 30 days? It is either that MTN Nigeria Communication Limited is fraudulent or that the customer care staffs are common thieves.

HAPPY 21ST ANNIVERSARY, CHANNELS TV

We, the management of Tectono Business Review, heartily felicitate with the Chairman and Vice Chairman of Channels Television, Mr. John Momoh and Mrs. Shola Momoh respectively, and the entire Channels TV team on their 21st Anniversary Celebration.

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MITIGATING AND MANAGING REDUNDANCIES IN AN ECONOMIC RECESSION

HYBRID SOLICITORS & CONSULTS

Cordially invites the public to her

5TH ANNUAL LECTURE AND LUNCHEON

THEME

MITIGATING AND MANAGING REDUNDANCIES IN AN ECONOMIC RECESSION

TECTONO CONGRATULATES SIR ENGR. DR. EMEKA OKWUOSA

Sir Engr. Dr. Emeka Okwuosa

We, the entire management of

TECTONO BUSINESS REVIEW,

Congratulates the Managing Director of

OILSERV LIMITED,

SIR ENGR. DR. EMEKA OKWUOSA, KSC

On the conferment of

HONORARY DOCTORATE DEGREE

By the

ENUGU STATE UNIVERSITY OF SCIENCE AND TECHNOLOGY (ESUT)

On Saturday, December 10, 2016

CELEBRATING GENERAL T. Y. DANJUMA @ 79

General T. Y. Danjuma

General T. Y. Danjuma, this occasion of your 79th birthday is another opportunity for us, at Tectono Business Review, to appreciate what an honour it is to have you as one of our mentors.

AACSB ACCREDITS LAGOS BUSINESS SCHOOL

Lagos Business School (LBS) has become the first institution in West Africa to be accredited by the Association to Advance Collegiate Schools of Business (AACSB). With effect from December 1, 2016, LBS joined the league of less than 5% of business schools globally, to be accredited by this body.