Business News In Nigeria For Today 22nd January 2019

iDONSABI presents the Business News in Nigeria for today 22nd January 2019.


MAN, Oron Accuses Master Mariners Of Propagating Falsehood

The Rector of the Maritime Academy of Nigeria (MAN), Oron, Commodore Duja Effedua (rtd) has accused the Nigerian Association of Master Mariners (NAMM) of propagating falsehood concerning the academy.

Speaking on Monday to selected maritime journalists in Oron, Akwa Ibom State, Commodore Effedua lambasted the NAMM leadership, labelling the recent outburst of its President, Captain Tajudeen Alao as ‘irresponsible’.

According to Commodore Effedua, “It is irresponsible for Captain Tajudeen Alao to make false remarks about MAN, Oron at this time when the country, through the Federal Ministry of Transportation and the Nigerian Maritime Administration and Safety Agency (NIMASA), is making efforts to get us back into the Category ‘C’ of the International Maritime Organization (IMO). It is very unpatriotic and uncharitable that a man occupying such exalted position is making baseless and unverified remarks about the country’s maritime academy.


Keystone Bank Partners Orange Island To Promote Healthy Living

As a way of demonstrating its commitment to promoting fitness and healthy living amongst Nigerians, Keystone Bank Limited, has announced its partnership with Orange Island Development, a real estate investment firm, to host the maiden edition of ‘The Orange Island/Keystone walk’ with the theme: ‘Invest in your health’.

According to the organisers, the initiative which will mobilise people to walk a distance of 5km will hold on Saturday, January 19, 2019.

Speaking on the initiative, the Chief Executive Officer of Orange Island, Ms Yinka Ogunsulire said: “We are excited to welcome everyone to Orange Island’s 5k Walk. This is the perfect way to kick start the year on a positive and healthy note and gives us the opportunity to show you our progress so far.”


Buhari Appoints Dr Isegbe DG, NAQS

President Muhammadu Buhari has approved the appointment of Dr. Vincent Isegbe as the pioneer Director General of the Nigeria Agricultural Quarantine Service (NAQS).

Until this appointment, Dr. Vincent Isegbe was the Coordinating Director of NAQS.

NAQS was established to promote and regulate sanitary and phytosanitary measures with respect to the export and import of plants, veterinary and aquatic resources. The mandate of the Service is to ensure the conformance of Nigerian agricultural products to international standards –particularly, the requirements of the International Plant Protection Convention (IPPC) and the International Office of Epizootics –and to stimulate international trade in Nigerian agricultural products.


FG Seeks More Regulated Business Environment, Unveils Code Of Governance

The Federal Government Is seeking a more regulated business environment for Nigeria in a bid to ensure that both the public and the private sector adhere to ethical rules ‎and principles while doing business in the country.

Speaking at the unveiling of the Nigerian Code of Corporate Governance in Abuja, Vice President, Yemi Osinbajo said ‎the code will rebuild public trust and promote investors confidence thereby improving Nigeria’s investment opportunities.

“The Code has been long awaited and it is my hope that it will play a unique role in enthroning ‎higher standards of Corporate governance and ethical practices in our business environment, helping to rebuild public trust and investors confidence in the Nigerian economy.”


Abuja-Kaduna Railway: NRC Makes N1.152bn On N266.5bn Project In 2 Years.

The Nigerian Railway Corporation (NRC) has disclosed that Abuja-Kaduna train service generated over N960 million in 2018 through ticketing, stating that the service generated about N80 million monthly. ‎

The corporation also revealead that it cost the federal government N1.7 billion ($4.7 million) to construct each kilometre of the186km Abuja-Kaduna rail project.

Of the $874 million total cost of the project, Nigeria took a loan of $500 million from China Export-Import Bank.

Managing Director of NRC, ‎ Fidet Okhiria said 2018 recorded increase compare to 2017 that the service generated only N16 million per month.


MOB Integrated Emerges Largest Supplier Of LPG In West Africa

Foremost petroleum marketing company in Lagos, Nigeria, MOB Integrated Services Limited, is now the largest supplier of Liquefied Petroleum Gas (LPG) in West Africa, delivering over 25,000 metric tonnes (MT) monthly across the sub-Sahara Africa, including Nigeria, Republic of Benin and Ghana.

With Nigeria still being an emerging market, which consumes above 500,000 metric tonnes annually, MOB Integrated Services has positioned itself as a front runner and leading company to boost the supply and availability of LPG in the country in support and fulfillment of the Presidential Liquefied Petroleum Gas (LPG) expansion initiative.

In addition, the company is also sponsoring gas initiatives by Non-Governmental Organisations (NGOs) promoting the use of LPG in place of other cooking fuels like wood, charcoal and kerosene.


Forbes Ranks Nigeria 110th Among Best 161 Countries For Business

Forbes, the popular American business magazine, has ranked Nigeria in the 110th position among Best Countries for Busines in the world out of 161 graded countries.

The United States was ranked 17th below Ireland and Finland, while top on the list is the United Kingdom (1), followed by Sweden (2), Hong Kong (3), The Netherlands (4), New Zealand (5) and Canada (6).

In the African region, South Africa came first in Africa, while Nigeria is in the 14th position, but on the global scale, South Africa ranks 59.


Dangote Foundation, UNECA, GBC Health Advocate Public-Private Sector Partnership

Top African leaders including Heads of States, Ministers, CEOs as well as representatives from the African Union and United Nations will converge at the inaugural Africa Business: Health Forum (AB: HF) taking place in Ethiopia on February 12, 2019, on the margins of the 32nd African Union Summit.

According to a release by AB: HF, the Forum will unify Africa’s key decision makers in exploring opportunities for catalysing growth in the continent’s economy, through business partnerships to invest in the health sector.

The inter-relationship between the health of employees and economic growth is increasingly taking centre stage in many African countries, and business is being pushed to exploring how to maximise shareholder value as a complex interplay between financial, human, social and environmental return.

African business entrepreneurs are waking up to the reality that good health is good business, and investing in health is both a business and social imperative, with studies showing that by 2030, business opportunities in the health and wellness sector will reach $1.8 trillion in current prices.


FG Starts Renewable Energy Policy Implementation

The Federal Government has commenced the implementation of its renewable energy policy with the connection of about 450 shops at the popular Iponri Market in Lagos with solar power.

Speaking at an inspection tour of the off-grid facility powered by solar at the Iponri Market in Lagos at the weekend, Minister of Power Works and Housing, Mr Babatunde Fashola, said the connection of the shops to solar energy is a commitment to President Muhammadu Buhari’s ease of doing business.

Fashola said the Small Medium Enterprises (SMEs) remained the fulcrum of growth for any economy because their activities are multipliers effects, especially at the base level.


MPC To Leave Baseline Interest Rate At 14 Per Cent ― Expert

A professor of Capital Market, Uche Uwaleke has predicted that the Monetary Policy Committee (MPC) of Central Bank of Nigeria (CBN) meeting on Monday and Tuesday will leave baseline rates unchanged for the 15th consecutive time.

MPC meets once in two months and has retained Monetary Policy Rate (MPR) (rate at which it lends to banks) at 14 per cent along with all the other base rates including Asymmetry Corridor at +200-500 basis points around MPR, Cash Reserve Ratio (CRR) at 22.5 per cent and Liquidity Ratio at 30 percent.

Uwaleke, who is Chair of the Banking and Finance Department at Nassarawa State University said his prediction is the trend in many countries regardless of central banks’ independence.

According to him, MPC will, however, rely on its usual rhetoric of global and domestic factors to support the hold-rates stance to justify its decisions.

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