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We’ve been paying bridging claims to marketers- PEF
By Daniel adugbo
The Petroleum Equalisation Fund (Management) said it had no subsisting issues between it and the National Association of Road Transport Owners (NARTO) that could affect the transportation of petroleum products nation-wide.
The PEF Board in a reaction to a Daily Trust report yesterday said it was not true that the implementation of the Treasury Single Account (TSA) is impeding the payment of bridging claims to marketers.
General Manager (Corporate Services) of the Board Dr. Goddy Nnadi in statement said the Board has been consistent in making payments to marketers, using the TSA platform, as directed by the Government.
“Secondly, all outstanding issues with the NARTO have been fully resolved. Therefore, there is no pervading circumstance that could affect the transportation of petroleum products in all the depots across the nation,” he said.
The National President of NARTO, Alhaji Kassim I. Battaiya also confirmed that the Association has no issues with the Board over the payment of bridging claims.
“The Board hereby assures members of the public that it has continuously and judiciously discharged its role of implementing the equalisation schemes, by reimbursing marketers the cost of transporting petroleum products from the point of loading to the outlets for sale at set benchmark prices,” he added.
Nnadi said the Board is meeting with members of the Major Oil Marketers Association of Nigeria (MOMAN) and the Depot and Petroleum Products Marketers Association (DAPPMA) in coming weeks to discuss various ways of increasing service delivery.
Stock: Experts predict shrouded outlook for H2
From Omobayo Azeez, Lagos
Assessment of the Nigerian Stock Exchange (NSE) by some capital market analysts has projected unclear or rather bleak outlook in the second half of this year (H2), 2016.
In a report tagged ‘Nigeria Half Year 2016 Outlook: Clear Picture; Dim Outlook’ by Cordros Research, analysts noted that the Nigerian equities market witnessed mixed sentiments over the H1, though with marginal upward lift of 3.34 per cent in the benchmark index within the period
The report noted that the rally on the domestic bourse was largely driven by the expectation and eventual announcement of government economic policies and decisions.
“Our view going into the second half is that the positive market environment witnessed in the first half do not point to a more sustainable recovery for equities,” Cordros Research analysts however warned.
Daily Trust also noted that expected strong sentiment that followed some of the announcements only lasted brief moments as the market has lately embarked on continuous loss from daily to weekly bearish transactions.
While the Nigerian capital market is seen as a reflection of the country’s economic state, investor’s weak sentiment and apathy were also seen as partially, borne out of the week global economic progression.
Available data indicates that the global macroeconomic conditions remain fragile thus far in 2016; and developing economies have not shown any sign of recovery from their economic challenges of 2015.
FOCAC: Nigeria eyes $60 billion China’s assistance to Africa
By Francis Arinze Iloani
A delegation from Nigeria yesterday left for Beijing, China, for the Coordinators’ Meeting on the implementation of the follow-up actions of the Johannesburg Summit of the Forum on China Africa Cooperation (FOCAC).
The delegation, led by the Minister of Budget and National Planning, Senator Udoma Udo Udoma, is expected to discuss at the meeting modalities for accessing a part of the $60 billion China Africa Fund.
A statement from Udoma’s Media Adviser, Akpandem James, revealed that Nigeria recently developed a short-list of projects which the team to China would be discussing at the FOCAC coordination meeting in Beijing during the week.
The Chinese government had pledged a $60 billion assistance to African countries to develop and grow their infrastructural and human development capacities, out of which $35 billion was set aside for concessionary loans, $10 billion for the China Africa Fund for Production capacity while $5 billion each is earmarked as no-interest grants for China Africa Development Fund and special loan for the development of Small and Medium-scale Enterprises (SMEs).
The FOCAC Summit held in Johannesburg in December 2015 identified 10 critical areas of cooperation between China and African countries, including Nigeria.
President Muhammadu Buhari’s visit in April this year further bolstered Nigeria’s participation in the 10 critical areas which covers industrialization, agricultural mechanization, infrastructure development, financial cooperation, green development, trade and investment facilitation, poverty reduction, public health, cultural and people-to-people exchange and peace and security.
The statement stated that the delegation is also expected to fine-tune and strengthen the bond of relationship between the two countries by ensuring the faithful implementation of the bi-lateral agreements signed during the State visit of President Buhari to China early this year.
ITF skills dev programme to train 9,500 youths
From Christiana T. Alabi & Ra’afat Maccido, Kaduna
The Acting Director General and Chief Executive Officer of Industrial Training Fund (ITF), Dickson C. Onuoha has flagged off the 5th phase of the National Industrial Skills Development Programme (NISDP) targeting 9,500 youths.
Speaking at the flag-off ceremony in Kaduna, the ITF boss said that the programme, which is the technical/vocational skills component of the National Enterprises Development Programme (NEDEP) is designed to equip young Nigerians with skills for employment and job creation. He added that it is specially packaged to fast track the realisation of the Nigerian Industrial Revolution Plan (NIRP).
According to him, the 5th phase of the programme shall be implemented simultaneously in 18 states and the Federal Capital Territory (FCT) with 500 youths from each state.
In his speech, Governor Nasir El-Rufai of Kaduna State stressed vocational education has become an instrument for creating new employment opportunities and income-generating activities in the formal and informal sectors of the economy. The future success of Nigeria, he said depends on the existence and possession of transferable and renewable skills and knowledge to meet the needs of the nation’s economy.
Investments: Union leaders seek special recognition for Dangote
By Francis I Arinze
The Global Organized Labour under the aegis of African Industrial Global Union has commended the President of Dangote Group, Alhaji Aliko Dangote for his investment patriotism in Africa.
The body at a meeting in Lagos called for special recognition for the African entrepreneur describing him as a success story from African soil for which African countries must be proud of.
Speaking at a network meeting on unionization in Dangote group, organised by Industrial Global Union Africa Region in Lagos, Union leaders one after another said Dangote has offered a relief to African from the negative narratives the western countries latched on to discredit Africa and her people.
Regional Secretary, Sub- Sahara Africa, Fabian Nkomo said The body cherished the business acumen of Dangote and would like to work closely with him so that as he creates jobs, the union could also partner to ensure job quality is maintained.
In his remark, the Africa Regional Chairman of Industrial Global Union, Issa Aremu who is also the General Secretary of Textile Workers Union commended Aliko Dangote for leading industrialisation in the Africa continent.