PHOTO: CHIEF UGWOKEH NNAEMEKA

Chief Ugwokeh Nnaemeka

PHOTO: CHIEF UGWOKEH NNAEMEKA

Chief Ugwokeh Nnaemeka

PHOTO: CHIEF UGWOKEH NNAEMEKA

Chief Ugwokeh Nnaemeka

PHOTO: CHIEF UGWOKEH NNAEMEKA

NIGERIA’S PROBLEM IS NOT OIL PRICE BUT FAILURE TO EXPORT

Oil is down! Pressure on the Naira! Slowing growth! What will Nigeria’s response be? This is the chatter all across the country on shop floors, in markets, within business circles, and in classrooms. But a close look reveals we may be focusing on the symptoms and not the cause. Nigeria does not have an oil price problem, Nigeria has a “failure to ex­port” problem! We have little control over the ups and downs in global crude oil markets; what we do control however is what Nigeria chooses to export, and where we choose to make money internation­ally.

YES, THE NEW FAMILY @ ST. DOMINIC'S CATHOLIC CHURCH, YABA, LAGOS

PHOTO: MUM AND SON

PHOTO: DURING NNIA'S BAPTISM

PHOTO: THE NEW FAMILY

ALL EYES ON SOLID MINERALS TO LIFT NIGERIA’S ECONOMY

Nigerians are looking up to the Minister of Solid Minerals Development, Dr. Kayode Fayemi, to turn the sector into a major foreign ex­change earner to cover the gaps created by falling oil price. Going by that expectation, his focus should be on how to make Nigeria’s solid miner­als sector contribute as much as the oil and gas to government’s coffers and even more, considering the enormous resources the country has in vari­ous states of the federation.

BEHOLD IFEANYI UBAH GAMES VILLAGE IN NNEWI/OZUBULU, ANAMBRA STATE

Dr. Ifeanyi Ubah, MD/CEO, Capital Oil & Gas Industries Limited

For most of us, the strident call for heavy investments in the southeast ring hallow has fallen on the deaf ears. Most times the call seems very unexciting to some people and sometimes utterly discouraging to continuously drumming to ears of the wealthy Nigerians to begin to site factories and other businesses in the southeast zone. But to Dr. Ifeanyi Ubah, whose personal fortune in Capital Oil & Gas Industries Limited and other multiple companies, is in billions of dollars, as well as impressive dossier in leadership, investment in big concepts—big ideas, is vivacious and a veritable instrument for achieving common good.

HOW BRIBERY FROM BRIEFCASE COMPANIES DESTROYS OIL AND GAS ENTREPRENEURSHIP ~ USMAN HABEEB

I came across a Saudi Arabian, Afzal Ahmad, at Dubai International Airport in 2011. Ahmad who later became my close associate has been in the oil and gas business in his home country, Saudi Arabia, for over 10 years. At every given opportunity, he encourages me to invest in the Nigerian oil and gas industry in view of the Local Content Act in Nigeria citing the remarkable success of a similar policy in Saudi Arabia.

WHY CBN’S MPR IS BAD FOR THE ECONOMY

Godwin Emefiele, CBN Governor

We are totally disappointed with the outcome of the CBN MPC meeting. Rather than continue to reduce MPR so as to help the Buhari administration’s goal of jumpstarting economic diversification and real sector-led investment in industrial and manufacturing activities to grow the economy and create the badly needed jobs, the CBN decided to further increase interest rates.

Whatever argument they’re putting out there should not be taken seriously than that they are working to undermine this government.

COURT DIRECTIVE ON FULL DISCLOSURE OF RECOVERED LOOTED FUNDS

The court directive to President Muhammadu Buhari’s government, to ensure that his government and those of former Presidents Olusegun Obasanjo, Umaru Musa Yar’Adua and Goodluck Jonathan, account fully for all recovered looted funds is not only a welcome development but also a big relief to most Nigerians.

HOW FEDERAL GOVERNMENT SHOULD OFFSET N1 TRILLION DEBT TO ROAD CONTRACTORS

When Minister of Power, Works and Housing, Barrister Babatunde Fashola (SAN) said the Federal Government owes N1.0 trillion to road contractors handling over 200 on-going projects in the country during the 2016 budget defense session the other day, that staggering amount of debt actually should stagger the mind of any Nigerian. But the fact that the projects are on-going and that the original debt was three time that amount, meaning that government has already paid N2.0 trillion or about 66.67 per cent of the real contract amount is some comfort, albeit in need of explanation.

THE NEED TO FIND A LASTING SOLUTION TO THE BUILDING COLLAPSES IN LAGOS

The collapse of a five-storey building under construction in Lekki Phase One, Lagos, the other day, which killed scores of people was yet another tragedy that could have been prevented had the appropriate state government authorities done their job.

THE STRATEGY BEFORE THE BUSINESS ~ DR. JIMOH IBRAHIM, CFR

Barrister Dr. Jimoh Ibrahim, CFR

One of the major reasons businesses fail is lack of proper understanding of the strategic agenda of the business or the corporation. Today’s CEOs often do not articulate appropriate strategy for their businesses. They, more often than not, underestimate the importance of strategic thinking and knowledge. Regrettably, many CEOs have not attended even one single lecture on strategy. No university offers Strategy as a discipline. The subject may just be mentioned as a topic in one of the courses. Ask the teacher where he studied what he is teaching and he will tell you … In military schools for instance, we understand the subject is often mentioned and taught. However, we can only hope the teaching is current and based on current materials of international standards that can produce the desired results. The importance of Strategy cannot be overemphasized, for everybody needs strategy to succeed. Indeed, it appears that everyone’s assignment today is finding the appropriate strategy to maintain life. If one fails in life or business, it can be attributed to lack of good strategy.

HOW MUCH FOREX DOES NIGERIA NEED?

The sharp fall in crude oil prices that has resulted in a substantial drop in Federation Account (FA) forex receipts is a blessing that has lifted the veil of official deception regarding the performance of the economy. This has revealed the fruits of long years of mismanagement of the naira, the intentional dissipation of the country’s forex earnings and the sacrifice of the national interest on the altar of greed of the unpatriotic few. A country’s currency is its economy’s lifeblood: a mismanaged currency begets poor economic conditions.

IMPLEMENTING THE NIGERIAN OIL AND GAS INDUSTRY CONTENT DEVELOPMENT LAW

Three weekends ago, the Minister of State for Petroleum Resources and Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Emmanuel Ibe Kachikwu, announced that Nigeria would increase crude oil production to meet local demand but not for the international market oil thieves. Dr. Kachikwu explained that the oil output would remain unchanged from the January level of 2.2 million barrels a day, but exports would be reduced to focus on local refining and supply of petroleum products to the Nigerian market, which requires at least 500,000 barrels a day.

PROPERTIES FOR SALE @ IBEJU-LEKKI, LAGOS

1.Victoria Spring Courts; by Lekki Free Trade Zone, before Dangote Refinery; 600sqm; N2.0m per plot; N1.0m per 1/2 plot; Installment  payment N250k per month [10 months]; Title: Global C of O

CHIEF UGWOKEH NNAEMEKA CARRYING HIS BABY, NNIA UGWOKEH-NNAEMEKA

OWN A PIECE OF THE NEW LAGOS: IBEJU-LEKKI PROPERTIES BECKON

1.Victoria Spring Courts; by Lekki Free Trade Zone, before Dangote Refinery; 600sqm; N2.0m per plot; N1.0m per 1/2 plot; Installment  payment N250k per month [10 months]; Title:Global Cof O

HOW ASSETS DECLARATION WILL REDUCE CORRUPTION IN CIVIL SERVICE

Muhammadu Buhari

The directive, the other day, by President Muhammadu Buhari, making it mandatory for all workers in the federal ministries, departments and agencies (MDAs) to declare their assets signposts another level of the effort at winning the war against corruption. No one should be in doubt that asset declaration is a veritable part of the ongoing sanitisation process and extending it to civil servants, as it ordinarily should be, is a welcome development. Except those who have something to hide, the directive should be fully accepted and obeyed immediately as there is a compelling need to rid the civil service of corruption.

PASTOR ENOCH ADEJARE ADEBOYE: A CLASSIC PARADIGM AT 74! ~ DR. JIMOH IBRAHIM, CFA

Last week, the classic paradigm simply called Pastor Enoch Adejare Adeboye marked 74 years on earth, enjoying the surpluses of life after the biblical three score and ten. And he is still counting, in good health, enjoying unparalleled closeness to his God. Adeboye’s exploits in the body of Christ in Nigeria will be remembered for as long as the Bible remains. If you don’t remember him for his teachings, you will remember him for his long fasts, which often get people worried about him. If you don’t remember him for his fasting, you will remember him for his singing and dancing, or for his simple yet classic dressing. And if you don’t remember him for any of these, you will surely remember him for ONE thing.

EXPORT NIGERIA LIMITED: A VERY BIG EXPORT CONCERN

Hmmm!!! Fellow Nigerians, are you aware that our crude oil will soon become useless? Yes, it will, in no distant time, become valueless owing to the fact that the countries that rely on it as their only source of energy are developing more affordable alternative sources of energy. When this finally happens, what will we do? How are we currently preparing for this imminent economic doom? Which other sector will continue to stabilize our economy? Nigerians, the only solution is developing the agricultural sector. In fact, this is the only solution. Very soon, the major source of revenue will become agriculture and agro-exports. How are you positioning yourself to play big in agro-export business? Why don’t you get a practical manual that explains the stages of export trade from processing and packaging of commodities to receipt of payment by the foreign buyers? Yes, arm yourself with the contemporary trends in export trade. This manual explains export operations, export management, export documentations and methods of payment in export trade? Yes, it is a contemporary step-by-step guide to export trade. It tells all the contemporary dynamics in export trade. To get it, click on the link below:

http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html

 

WHY FAAN SHOULD CLOSE UNVIABLE AIRPORTS

The subsisting directive by the government to the Federal Airports Authority of Nigeria (FAAN) to make all airports in the country viable would seem on its surface a logical call given the present economic crisis in the country, necessitating government’s quest for better revenue generation and avoidance of waste of any kind. It is, however, not clear how FAAN would make airports viable in a depressed economy with little or no production and low passenger traffic. Of course, there has to be a systematic process over a given time to revive the economy, boost production and services which would in turn lead to better business in the entire transportation sector, not only aviation. Since FAAN’s involvement is largely limited to provision of aviation infrastructure, airports’ viability would depend on their location or congruity to areas of robust economic activities.

THE NEED TO STAMP OUT CORRUPTION FROM NIGERIA

The Vice President, Professor Yemi Osinbajo, was absolutely correct when he said that Nigeria’s is ‘a system where the norm is corrupt behaviour across all arms of formal systems of governance (and) the private sector is a strong collaborator’.

WHY FED. GOV. SHOULD NOT HAVE UNBUNDLED THE NNPC

Dr. Emmanuel Ibe Kachikwu

If the move to overhaul the Nigerian National Petroleum Corporation (NNPC) is based on the erroneous impression that the corporation is too big, then, that is not plausible enough reason to embark on such complex exercise. The problem with the NNPC is lack of transparency, opaqueness and abrasive corruption that pervades the entire Nigerian system. Any talk about reforming or overhauling the corporation should gear towards making it transparent, efficient and profitable.

PHOTO: DURING EMMANUEL NNIA UGWOKEH-NNAEMEKA'S BAPTISM

RMAFC, REVENUE AND A TRUE FEDERATION

When the National Assembly’s attention was drawn the other day to Federal Government’s collection, for its exclusive use, revenue from 31 government agencies against the provisions of the Constitution, it was obvious that adversity could truly concentrate the mind. With dwindling revenue and so little left to share by all tiers of government, loopholes and leakages are being found in a new regime of diligence. This is welcome as it means Nigeria may begin to do things properly.

CAPITAL FLIGHT IN TUITION FEES AND MEDICAL BILLS ABROAD

Against the backdrop of the country’s dwindling foreign exchange reserve, government pronouncements on the abuse of foreign exchange and measures to curb any form of waste are understandable. Protests against the move to cut foreign exchange (forex) allocation for overseas tuition fees by parents and for Nigerians in hospitals abroad can also be understood. In the event, a balance has to be struck by all in the overall interest of the country.

TECTONO CONGRATULATES CHIEF FIDELIS UCHE NNADI (OCHENDO)

Chief Fidelis Uche Nnadi

We, the management of the most sought after business consultants, researchers and publishers, Tectono Business Review, congratulate our friend, brother, renowned business and political strategist and founder of Vinson Infotech Limited, Chief Fidelis Uche Nnadi (Ochendo), on his appointment as a Senior Special Assistant to the Governor of Enugu State, Rt. Hon. Chief Ifeanyi Ugwuanyi.

FRAUDULENT BANKS IN NIGERIA AND THEIR EXCESS AND UNAUTHORISED CHARGES

That many banks short-change their customers is a renowned shame of Nigeria’s banking sector. The Central Bank of Nigeria (CBN), therefore, told Nigerians what they had always endured when it said the other day that banks imposed excess, illegal and unauthorised charges on their customers. It is, of course, a regime of cheating that must be stopped.

NIGERIA AND COLLAPSE OF PYRAMID OF TRUST ~ DR. JIMOH IBRAHIM, CFR

Barrister Dr. Jimoh Ibrahim, CFR

Who can be trusted in Nigeria? Do the people trust the government? And does the government trust the people to perform their civic responsibilities? Where is trust? When did we lose it? And when will it come back to our national lives? Can the electorate trust the politicians and can the politicians trust the electorate for one more vote? Can the private sector trust the government and can the government trust the private sector? Do workers trust their employers and do employers trust their workers? Can the church trust their members to be Christ-like? Can church members be trusted with issues of praxis of behaviour and holiness? And do members trust the church? Can they trust that there is any benefit in giving their tithes and offerings?

PHOTO: CHIEF UGWOKEH NNAEMEKA & NNIA UGWOKEH-NNAEMEKA

Chief Ugwokeh Nnaemeka & Nnia Ugwokeh-Nnaemeka

Yes, it is a thing of joy to be a father. This photograph was taken on Sunday, March 6, 2016 @ St. Dominic's Catholic Church, Yaba, Lagos. It marks the day Emmanuel Nnia Ugwokeh-Nnaemeka was baptised. To God be the glory.

PROTEA HOTEL KURAMO WATERS?

PERFECT LOCATION. NO DISTRACTION

WE ARE ONE OF THE REASONS PEOPLE SAY THE VENUE MAKES THE OCCASION.

CAVEAT EMPTOR: NIGERIA INSURANCE PLC

Nigeria Insurance Plc has been insuring lives and properties for over five decades and keeps improving on ways to secure our customers.

PREMIUM PENSION LIMITED

WE ADD VALUE TO YOUR

COMMITMENT

Commitment is an investment and like any other investment, it should yield value.

NIGERIA SINOTRUCKS LIMITED: OUR 50 TONS SEMI-TRAILERS

TRANSPORT YOUR GOODS ON A SURE FOOTING WITH OUR

50 TONS CAPACITY 12.67M 3-AXLE FLATBED WITH SIDE WALL SEMI-TRAILERS

PUBLIC NOTICE: FEDERAL INLAND REVENUE SERVICE (FIRS)

FILING OF ANNUAL COMPANIES’ INCOME TAX RETURNS PURSUANT TO SECTION 55 OF THE COMPANIES’ INCOME TAX (CITA) CAP C21 LAWS OF THE FEDERATION OF NIGERIA, 2004 LIC

1.     This is to bring to the notice of all principal officers, especially Chairmen, Managing Directors, Chief Executive Officers, Executive and Non-Executive Directors, Chief Financial Officers, etc of all companies (including those exempted from incorporation) of the provision of Section 55 of the Companies Income Tax Act (CITA), Cap C21, Laws of the Federation of Nigeria, 2004, which require every company (including those which are not liable to pay tax) to file self-assessment returns with FIRS within six months of the end of their financial year.

SHOPS NIGERIA TO SELL OFF 80KVA JS WILSON PERKINS SOUNDPROOF GENERATOR

Strengthening Health Outcome through the Private Sector (SHOPS) Nigeria is planning to dispose broken down 80KVA JS Wilson Perkins Soundproof Generator.

KPMG ALUMNI EVENING WITH DR. OKECHUKWU ENELAMAH

Dr. Okechukwu Enelamah

2016

ALUMNI COCKTAIL

An evening with

Dr. Okechukwu Enelamah

Honourable Minister of Industry, Trade & Investment

CAVEAT EMPTOR: OPTIMUM CARE SERVICES INDUSTRIES LIMITED

We hereby on behalf of our client, Optimum Care Services Industries Limited, is hereby inform the general public that the property situated at 13, Owerri Road, Onitsha housing on it a filling station community known as Mofac Eme Filling Station Limited is not for sale.

CAVEAT EMPTOR: PROPERTY OF ESTATES OF ALHAJI MUSEDIQU OLADEGA ALOGBA

This is to inform the general public that the property belonging to the Estates of Alhaji Musediqu Oladega Alogba at Ojodu Berger Bus Stop, beside BRT Park known as ‘Construction One Nigeria Limited’ is not for sale.

FACTIONALISM, RAMPAGING ECONOMIC VAMPIRES AND THE FRAGILE STATE

BABCOCK UNIVERSITY ADMINISTRATION

Cordially invites the general public to the

9TH INAUGURAL LECTURE

Entitled

FACTIONALISM, RAMPAGING ECONOMIC VAMPIRES AND THE FRAGILE STATE

JAIZ BANK COST PLUS FINANCING (IJARA-WA-IQTINA)

MY BUSINESS

IS BETTER WITH JAIZ BANK

With Jaiz Cost Plus Financing (Murabaha Ijara-Wa-Iqtina), I enjoy non-interest banking.

WHY NAIRA SHOULD NOT BE DEVALUED

There is no doubt that the Muhammadu Buhari administration’s resolve not to devalue the naira is the correct position to take in Nigeria’s circumstance. Since the downturn in the price of crude oil in the international market, Nigeria’s foreign exchange earnings and reserves have been adversely affected. Consequently, there have been calls for or against the devaluation of Naira, with each side of the divide providing reasons for its position.

PUBLIC NOTICE: LAGOS INFRASTRUCTURE MAINTENANCE & REGULATORY AGENCY (LASIMRA)

Lagos State Infrastructure Maintenance & Regulatory Agency (LASMIRA) in accordance with its statutory duty is obliged to inform all Banks and other financial institutions such as Mortgage Banks, Microfinance Banks, Finance House and Capital Market Operators, Internet Services Providers (ISPs), Downstream Oil Operators, Television and Radio Broadcasting Outfits and other companies with communication infrastructure located within the geographical boundaries of Lagos State of the following:

ECONOMIC DELUSION OF FIXED EXCHANGE RATE

Whereas the Nigerian monetary authority fixed the official exchange rate at N196 to a dollar, there is today a near 50 per cent differential in the parallel market rate to the official rate. The fact that the exchange rate is not market determined, that the price of the dollar is not determined by the equilibrium of demand and supply means significantly that the dollar is officially priced far below its true market value. The incentive for rent-seeking and price arbitrage, given the increasing the differential has never been stronger. We are back in the days of essential commodity or import license where you don’t need to work hard anymore to make huge fortunes. All you need is to have the connection to be allocated dollars in the guise of a legitimate transaction. A manufacturer can potentially make a quick 30 per cent return in one month on her dollar allocation and do not then need to go through the trouble and risk of running a factory, importing raw materials, producing and distributing her goods, all which will give her a 15 per cent profit margin at best in one year. Meanwhile, factories are closing down, as genuine businesses that need the forex cannot get dollars and the lucky ones who get forex allocation are quietly changing their business model from manufacturing to round-tripping their dollar allocations.

INTERVIEW WITH ERISCO FOODS BOSS, CHIEF ERIC UMEOFIA, ON THE EXTENT HIS COMPANY HAS GONE IN TOMATO PROCESSING

Chief Eric Umeofia, President, Erisco Foods Limited

Chief Eric Umeofia is the Founder and President of Erisco Foods Limited that manufactures tomatoes locally. In this interview, he speaks on his company’s success in tomato processing, the need to encourage local industries and exportation, among other things. Sit back and enjoy it.