AARON AMEH, Abuja
Governor of Central Bank of Nigeria (CBN) Mr. Godwin Emefiele has bagged the prestigious Honorary Fellowship award of the Chartered Institute of Bankers of Nigeria (CIBN).
The award came few weeks after he was conferred with the national honours award of Commander of the Order of the Niger (CON) by President Goodluck Jonathan.
Nigerian Civil Aviation Authority (NCAA) has granted operational permits to Birnin Kebbi, Jigawa (Dutse) and Bauchi International Airports.
The Director General of NCAA, Capt. Muhktar Usman said in Lagos that the airports were also designated to airlift pilgrims for this year’s hajj to Saudi Arabia.
The commercial city of Aba, in Abia State will today play host to First City Monument Bank (FCMB) Limited and its international trade business stakeholders at the second in the series of Customers’ Forum being organised by the Bank.
Nigeria Employers’ Consultative Association (NECA)’s Network of Entrepreneurial Women, (NNEW) has promised to promote entrepreneurship among women and youth in Nigeria through its forthcoming summit with the theme ‘the catalyst 2014’in Lagos.
Nigeria’s Employers’ Consultative Association (NECA) has renewed appeal to the Federal Government to begin the process of privatizing the nation’s four refineries.
It stressed that the private sector must be empowered to create jobs, in order to check the rising unemployment rate in the country.
NECA’s Director General Segun Oshinowo told newsmen in Lagos that govern
UFOMBA UZUEGBU, Asst News Editor
Non-Academic Staff Union of Educational and Associated Institutions (NASU) has called on the Federal Government to work towards the attainment of the allocation of 26 per cent national budget to education as recommended by the United Nations Educational, Scientific and Cultural Organization (UNESCO).
United Parcel Service Inc may charge major customers more for a surge in late, unplanned packages or turn down the business if it threatens disruptions during the peak holiday season, a top executive said at the weekend, trying to avoid a repeat of last year’s delivery meltdown.
African Peace and Development Initiative (APDI), a pan African Non-governmental Organization (NGO), has lauded the efforts of the Nigeria Deposit Insurance Corporation (NDIC) towards the safety and stability of the Nigerian financial system.
By Pamela Eboh, Awka
The EEDC office in Awka, Anambra State capital was recently besieged by hundreds of customers protesting the incessant epileptic power supply and the excessive tariff they pay on monthly basis.
The protesters who comprised mainly of those that ply their business along the popular Zik’s Avenue, Awka complained that their businesses are collapsing because of poor power supply.
Speaking to Journalists on behalf of the protesters, the Vice-Chairman of the traders who operate under, Zik’s Avenue Business Owners Association, Nze Ik Okafor said that the EEDC in addition to poor power supply, the company officials issued them excessive tariffs through estimated bills, fixed charges adding that there was a period some parts of the area did not have electricity for about seven moths, yet those operating businesses in the affected areas were issued with bills to pay.
He stressed that they decided to vent their anger through public protest because some officials of the company came to disconnect the electric facilities in their area, and, threatened that they would not allow them to do so.
Okafor however called on the management of the company to come and restore electricity in their area and provide them with Pre-paid Metres so that they would be paying only for the electricity they consumed.
In a chat with Champion, one of the protesters, who gave his name as Mr. Chuka Chidebelu said that he was without light for a period of seven months, from November last year but the company later told him to pay N5,000 fixed charge otherwise they would disconnect the electricity facility in his area.
He pointed out that he petitioned to the management against the charge but that they still insisted on his paying the amount otherwise they would disconnect him from their services.
Also another aggrieved EEDC customers executive, Mr. Bonvera Ndubuisi expressed disappointment over the manner the entire staff of the company ignored their protest and threatened that they would resist any attempt by the company’s workers to disconnect electricity facilities in their area.
Efforts made to get reactions of the officials of the EEDC on the development proved abortive as those approached declined making any comment saying that they were not allowed to talk to the press except the Public Relations Manager whom they said has his office at Onitsha, the state’s commercial nerve centre.
Oando PLC has announced a net profit of N8, 980,019 billion for the first half of the 2014 financial year.
Listed on both the Nigeria Stock Exchange (NSE) and Johannesburg Stock Exchange (JSE), Oando is one of Nigeria’s leading indigenous oil and gas producers.
The half year 2014 result which was released on the floor of the Nigerian Stock Exchange (NSE) shows that the company posted an impressive N24 billion operation profit and an N9billion profit after tax, a 145 per cent and 110 per cent increase from first half of 2013 respectively.
The company is also paying a dividend of N1 per share based on a 2013 dividend of 30 kobo and 2014 proposed interim dividend of 70 kobo.
These impressive results indicate the company is beginning to reap the rewards of its landmark $1.5 billion acquisition of ConocoPhillips entire Nigerian business, which has transformed its status into Nigeria’s largest indigenous oil and gas producer.
With the acquisition now complete and immediately cash generative the company’s upstream subsidiary, Oando Energy Resources has a total hydrocarbon production capacity of approximately 45,000 boe/d, 2P Reserves of 230.6MMboe and 2C Resources of 547MMboe, and expects annual revenue of over $600 million, and annual free cash flows of $150 million.
Commenting on the results, Oando Group Chief Executive, Wale Tinubu said, “Our strategic refocus on the higher margin Upstream foresees immense value add for our stakeholders in the near term. We have succeeded in repositioning ourselves within the sector, and through future acquisitions and innovative efficacy we will seek to up our market share in sub-Sahara’s upstream sector within the next five years to 100,000 boe/d in net production.
However, Oando has also made significant progress in extracting value from its legacy assets.
Tinubu said, its OML 125 production increased by 17per cent to 651,000 bbls, while OML 56 production increased by 30 per cent to 171,000bbls compared to last year, significantly impacting on revenue and profit streams.
The company’s midstream business, Oando Gas and Power is currently undergoing an extension of its natural gas distribution network by 8km from Ijora to the Marina business district in Lagos state, positioning the company to benefit from the growing demand for gas and power infrastructure in the country.
In the downstream, the company recently completed construction of the Apapa Single Point Mooring (ASPM) Jetty, a first in Africa. The project is expected to improve overall downstream efficiency through cost savings on imports and the elimination of the current high cost of lightering and demurrage. The cost saving across the industry is estimated to be in excess of $120 million per annum.
Also released was the company’s end of year statement for 2013, which shows the company posted a N1.4 billion profit.This was greatly attributed to the acquisition cost and interest on debt facilities in Oando’s prolonged acquisition of ConocoPhillips Nigeria business assets.
In the first half of 2014, the group has already seen positive indications from its active strategic initiatives; upstream investments, midstream expansion and downstream optimisation. Based on its second quarter 2014 performance, it is likely to exist the year with a N24 billion profit.