Adeosun commends United Capital Plc domestic investment drive

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Kemi Adeosun

Minister of Finance, Mrs. Kemi Adeosun yesterday in Abuja commended the domestic investment drive of United Capital Plc, a leading African financial and investment services Group in Nigeria.

The Minister charged other Nigerian corporate bodies to emulate the good examples of United Capital Plc to invest in infrastructure development as a way of attracting foreign investments as a measure of confidence building. She added that unless this was done, foreign investments would continue to elude Nigeria.

Adeosun gave the charge when the Management of United Capital Plc sensitized the public on the group’s recent two Initial Public Offers [IPOs] of: $10 million United Capital Nigerian Eurobond Fund and the N2billion United Capital Wealth for Women Fund.
It also presented the United Capital Nigerian Power Sector Report, which was just published.

“There is no magic to attracting foreign investment into the country. The local investors must attract the foreign investors here by themselves investing to demonstrate a sense of confidence in the economy,” she said.

On the outlook for the Nigerian economy, Adeosun noted that government was committed to increasing capital funding for critical infrastructure from 10% to 30% of government expenditure.

Managing Director of United Capital Asset Management, Jude Chiemeka said: “The current economic challenges have altered investment interests in the market.
We designed these new products specifically to suit the changing needs of our clients.

“Our Mutual Funds have consistently offered attractive dividend returns for investors and we expect our two new funds to follow suit.”

He said the United Capital Nigerian Eurobond Fund was an open-ended mutual fund that would be invested in dollar denominated Eurobonds.

Vía The Guardian Nigeria http://ift.tt/2lQ979r

Crude tanker market hit hard by OPEC’s output cut

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Vessel

The predicted influx of new tonnage, combined with the Organisation of the Petroleum Exporting Countries’ (OPEC) production cap and lower levels of refinery throughput are hitting hard on the crude tanker vessel market.

Latest report by Maritime Strategies International (MSI), said the crude tanker market is set to go through a testing time over the next six months, and perhaps longer, if OPEC is successful in extending production cuts beyond the first half of 2017.
OPEC is expected to hold its 172nd ordinary meeting in Vienna, Austria on May 25th. Experts believe that the oil cartel could extend its oil output cuts to the end of 2017, if other producers continued to play ball.

According to MSI the Very Large Crude Carriers (VLCC) and Suezmax markets moved downwards in January, with spot rates sliding rapidly from a seasonally strong December.

It stated that pressure has persisted in these sectors in February, leaving the crude tanker spot market under increasing strain.
MSI Senior Analyst, Tim Smith, said: “OPEC is one clear culprit behind the downturn, with compliance to committed cuts estimated at close to 90% so far in January, another is the huge amount of refinery maintenance scheduled to occur in the near-term.”

Vía The Guardian Nigeria http://ift.tt/2m5XCv4

Mortgage bank to get N500b recapitalisation

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Federal Mortgage Bank

The Federal Mortgage Bank of Nigeria is to be recapitalised to the tune of N500 billion.

The Minister of State for Power, Works and Housing, Mustapha Baba Shehuri, who dropped the hint yesterday during the commissioning of the ministerial pilot housing scheme in Ardo-Kola Local Council of Taraba State, said the move would go a long way in repositioning the institution to adequately cater for the mortgage finance needs of Nigerian workers, whom he said, “would be beneficiaries of houses built under the housing programme of this administration.”

He noted that all projects inaugurated in the past three years were funded “ from the limited resources of the National Housing Fund.”

The minister admonished workers to contribute to the fund “so that collectively we can strive to totally resolve or at least, reduce to the barest minimum the housing deficit in Nigeria.”

He reiterated government’s resolve to tackle the housing deficit nationwide.

Vía The Guardian Nigeria http://ift.tt/2lsRDxl

NECO releases Nov/Dec 2016 SSCE results

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The National Examinations Council (NECO) has released the results of the November/December 2016 Senior Secondary Certificate Examination (SSCE) conducted for private candidates. Of the 47,118 that partook in the exercise, 28,530 got five credit passes and above in English Language, Mathematics and other subjects.

The Registrar/Chief Executive, Professor Charles Uwakwe, who announced the results yesterday at the council’s headquarters in Minna, Niger State, acknowledged an improved performance, especially in the core subjects .

He noted that the examination was well supervised by experienced senior members of staff and external monitors.

His words: “Furthermore, our question papers have continued to undergo reliable and valid processes of examination administration, monitoring and computation to arrive at credible certification.

“The marking exercise was just recently concluded and the results were processed for release within a very short time.”

According to Uwakwe, Abia State topped the malpractice list with 953 cases, representing 12.3 per cent while Edo recorded the least of the incidence.

Conversely, Ogun ranked topmost on performance with 5,183, translating to 91.13 per cent of her candidates recording pass marks.

Vía The Guardian Nigeria http://ift.tt/2m60vMA

Nigeria’s secondary school curriculum overloaded – Oni

Ex-Medical Director tasks FG on good pay for health workers

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By Festus Ahon

ASABA—FORMER Medical Director of Ughelli Central Hospital and Orthopaedic Surgeon, Dr. Godwin Obanovwe, has urged the Federal Government to draw up a well planned salary package for medical workers in Nigeria.

Obanovwe, who spoke while fielding questions from newsmen after his send forth, following his retirement from service, said a good salary package would put an end to the incessant strikes by doctors and other health workers in the country.

He said: “The level of job demand carried out by each professional in the field should form the basis for designing the salary scheme”, adding that “doctors should receive the highest pay because their job is more sensitive and demanding.”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Obaseki moves to stop children from street trading

OXFAM’s ‘VOICE’ project gives hope to discriminated women

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By Gabriel Ewepu

ABUJA- THE national launch of VOICE Project in Nigeria by the Netherlands Ministry of Foreign Affairs which is to be implemented by Oxfam Nigeria, gives hope and voice to women who have been discriminated against in the country.

Country Director, Oxfam Nigeria, Jan Rogge, who disclosed this in the address of welcome at the lauuch, said the focus of VOICE project in Nigeria will be on women facing extreme exploitation, abuse and violence.

Rogge commended the government of Netherlands for initiating the VOICE to support the most marginalised and discriminated groups to be included in productive, social, political services and participation. He promised that Oxfam will promote a world devoid of injustice, particularly in Nigeria, and will ensure to achieve the global call to “leave no one behind”.

The Netherlands government will fund the VOICE Project with 45 million Euros for five years in 10 countries and two regions. Nigeria’s access to the fund depends on proposals from CSOs, who will focus on the objectives of the project.

He said: “I am delighted to have you here to witness the official launch of VOICE in Nigeria, which also paves way for the inaugural calls for proposals. At the launch of Sustainable Development Goals, SDGs, last year, it was widely recognised that reaching the poorest, the marginalised and the most disadvantaged people poses a big challenge.

“The extent of this problem and its impact on communities need to be addressed in order to stimulate and energise players in policy and governance to improve levels of inclusion in their plans and programmes. The focus of VOICE in Nigeria will be on women facing extreme exploitation, abuse and violence, and persons with disability while recognising the global standard value of ‘leaving no one behind’, thereby mainstreaming the other thematic areas.

“It is in this context that the Netherlands Ministry of Foreign Affairs designed a special fund called ‘VOICE’ with the objective of supporting the most marginalised and discriminated groups in their efforts to exert influence in accessing productive, social services and political participation. VOICE forms an integral pillar of the ministry’s overall dialogue and dissent policy framework which aims to strengthen the capacity for lobby and advocacy of civil society organisations in low and lower-middle-income countries.”

Meanwhile, in his keynote address, the Dutch Ambassador to Nigeria, John Groffen, has disclosed that his country will implement the programme in two continents, in 10 countries, and will focus on five groups; People With Disabilities, PWDs, Women facing Exploitation, abuse or violence, Vulnerable groups facing Discrimination, and Indigenous people and ethnic minorities.

Social and political services

Also speaking on the VOICE project launch in Nigeria, the Associate Country Director, Oxfam, Evelyn Mere, said the programme will ensure that women whose voice and participation in the social and political services have been silenced will be heard and also be part of decision makers, particularly women in the Niger Delta region.

“The Niger Delta region is a complex region and we have issues of violation of people’s right and non-accountability. VOICE can focus on the most vulnerable people who are never heard. For instance women who live in violence and conflict prone communities in the Niger Delta, and nobody hear about them, nobody hears from them.

“So VOICE will provide opportunity for those women to ensure that their issues are made known so that they themselves will know that they have rights and ability to raise their voices and be heard and give them the skills to do that for instance, the oil companies have what is called the Global Memorandum of Understanding, GMoU, in the communities.

“And you find out that women are not found in the structure of those communities. It is to build the capacity of those women and create awareness and their voice would be heard, and VOICE will make them realise that they have power and give them the opportunities to make their demands, needs and aspirations to those who have the powers act on them”, Mere said.

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PHRC blames high cost of kerosene in Rivers on market forces