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Category: Business and Economy

  • Pension: Kano disburses over N63 billion as monthly pension from 2015 – date

    Pension: Kano disburses over N63 billion as monthly pension from 2015 – date

       By Mike Oboh

    Kano State Governor Dr. Abdullahi Umar has revealed that his administration disbursed the sum of over N63 billion as monthly pension to the teeming pensioners in the State.

    According to the Governor, the sum of N12.5 billion was equally paid as retiring benefits covering retirement gratuity, death benefit and pension arrears in favour of 7,550 beneficiaries.

    Dr. Abdullahi Ganduje stated this today Saturday during the commissioning ceremony of the new Permanent Secretariat of Nigerian Union of  Pensioners Kano State and the 19 Northern States regular Forum Meeting held at Sheik Nasiru Kabara City, NUP Office Complex.

    Ganduje presented by his Deputy Dr. Nasiru Yusuf Gawuna said the present administration had never failed in the payment of monthly pension to the respected Senior Citizens of the State.

    ” Plans are underway to settle backlog of unpaid retiring benefits to our retirees as government had formed a Technical Committee on pension to tackle problems that bedeviled the operation of Kano State Pension Fund Trustees ” said Ganduje.

    He announced that Kano State Government had found it worthy to donate the magnificent building to ease operation of the Union in the State in which the sum of N40 million was expanded for its completion and provision of furniture, working equipment and other luxuries.

    On the regular NUP forum meeting of the 19 Northern State, Dr. Ganduje maintained that the choice of Kano as the venue was a clear attestation of harmonious relationship that exists between the Senior Citizens and Kano State Government.

    ” I would like to use this August gathering to appreciate the humility and understanding of the Nigeria Union of Pensioners Kano State Branch for their patient regarding delay in the payment of retiring benefit. I assured you that Insha Allah it will soon over ” he stated.

    In his remaks, the National Presedent Nigeria Union of Pensioners Dr. Abel Afolayan had commended the effort of Kano State Government in tackling the problems of Pensioners in the State, stressing that posterity would forever judge the Governor Dr. Abdullahi Umar Ganduje.

    Dr. Abel therefore appealed to the Governor to take pensioners in to confidence and appoint the qualified ones among them in to his cabinet to enable them bring their contributions.

    In his speech, the State Chairman Nigeria Labour Congress Comrade Kabiru Ado Minjibir appreciated the outstanding effort of Kano State Government for what he described as having workers and pensioners at heart.

    ” we are aware of all the efforts made by your administration since your first tanure in office to address this lingering issue which you inherited from the previous administration ranging from non-remittance of 17% and 18% Government and Workers contributions as provided by the 2006 Kano Pension gratuity law ” he stated.

    Earlier, the Chairman Nigeria Union of Pensioners Kano State Branch Comrade Salisu Ahmed Gwale appreciated the good foresight of Dr. Abdullahi Umar Ganduje for setting  up two committees to look in to the problems of Pension and Gratuity in the State.

  • Gold in Zamfara belongs to FG–Minister

    Gold in Zamfara belongs to FG–Minister

    The federal government has reacted to claims by the Zamfara state government over ownership of gold deposits in the state.

    Olamilekan Adegbite, minister of mines and steel development, who issued the warning on Friday, said mineral products remain exclusively that of the federal government.

    Zamfara government on had on Tuesday said it started its gold reserve to reduce dependence on federal allocations.

    Rabiu Garba, the state commissioner for finance, told journalists that, though, there was a federal government ban on mining activities in the country, “the state government was able to purchase the commodity from licensed miners”.


    “At the moment, we have a pure gold reserve of over 30 kilos and as time goes by, we will continue to invest in this regard so that, like other states and other nations, we will be having our mineral reserves and ours will be in gold,” Garba said.
    “When the ban is lifted and mining activities resume fully, we are hopeful that we will be receiving royalties from miners while the federal government will also be giving us something.”


    Joseph Onu Silas, a lawyer, had accused the Central Bank of Nigeria (CBN) of trading in gold with the state government, seeking the cancellation of the purchase of gold worth N5 billion from Zamfara by the apex bank.
    But while briefing the press on the forthcoming 5th Nigerian mining week, Adegbite said what the state government is doing is right but the portrayal to the public is wrong.


    “I had a meeting with the Zamfara people yesterday or day before yesterday, they need to get their narrative right to the public,” Adegbite said.

  • WTO: How Okonjo-Iweala, S. Korea’s Yoo became last two contenders

    WTO: How Okonjo-Iweala, S. Korea’s Yoo became last two contenders

    The World Trade Organization is set to have its first female leader after Nigeria’s Ngozi Okonjo-Iweala and South Korea’s Yoo Myung-hee made it through Thursday to the final run-off.

    Whoever wins the contest — with a decision due before November 7 — will take over an organisation mired in multiple crises and struggling to help member states navigate a severe global economic slump triggered by the coronavirus pandemic.

    Roberto Azevedo stepped down as WTO director-general in August a year ahead of schedule. The initial pool of eight candidates to replace him was narrowed down to five in last month’s first round.

    Britain’s Liam Fox, Kenya’s Amina Mohamed and Saudi Arabia’s Mohammad al-Tuwaijri were knocked out in the second round Thursday.

    “Ngozi Okonjo-Iweala of Nigeria and Korean minister Yoo Myung-hee will advance to the third and final stage,” WTO spokesman Keith Rockwell told reporters at the global trade body’s headquarters in Geneva.

    The pair received a boost earlier this week when EU member states officially threw their weight behind them.

    Rather than voting, the 164 WTO member states make decisions by consensus only, and have been narrowing down the field of candidates through lengthy consultations.

    In WTO’s tweet on Thursday, October 8, said, ”These are the candidates moving on for members’ further consideration. The result creates an historic precedent for the WTO: the 7th Director-General will become the first woman to lead the Organization. Consultations resume on 19 Oct #WTODG”

  • Plateau to Relocate Trade Fair Venue

    Plateau to Relocate Trade Fair Venue


    ugar Ukandi Odey, Jos

    The Pllateau State government has announced plans to relocate the venue of the annual trade fair from the Jos Polo field to another location yet to be identified.


    Governor Simon Lalong who said he has already drawn the attention of organizers of the annual trade fair to this and charged them to go ahead and get a new location for a permanent site made the declaration during a polo game organized by NASCO GROUP NIGERIA as part of activities to mark Nigeria’s 60th Independence anniversary celebrations.


    As governor, Lalong said, he has ensured that all threats to take over the present Jos Polo field by some other interests have been put to rest as he secured the space by law by ensuring that the Jos Polo Club got a certificate of occupancy for the polo field located around Gada Biyu in Jos North local government area of the State.


    Governor Lalong who performed the kick off of the NASCO Peace polo match for the day, recalled that the JOS polo field has hosted a lot of historic polo tournaments, and has been responsible for attracting high profile personalities to Jos and Plateau State generally.


    The occasion also witnessed the investiture of Governor Lalong as the grand patron of the Jos Polo Club, and the inauguration of the new executive committee of the club by the governor.


    Speaking on the occasion, the Executive Chairman of NASCO Group NIGERIA, Dr Attia Nasreddin said the story of NASCO is “a heritage of quality”, adding that the objectives of the day was to “felicitate with the federal government and people of Nigeria”, and to “project and reaffirm the enduring pedigree of NASCO as a leading Nigerian business in touch with our community”.

  • Senate begins probe on commercial banks over ‘illicit, excess’ charges

    Senate begins probe on commercial banks over ‘illicit, excess’ charges

    The Senate on Wednesday mandated its Committee on Banking, Insurance and Other Financial Institutions to investigate the alleged illicit and excess bank charges by commercial banks operating in the country.

    The upper chamber urged the Central Bank of Nigeria to look into the complaints of Nigerians in that regard with a view to reviewing downward all charges on their bank accounts.

    The resolutions were reached following the consideration of a motion sponsored by Senator Patrick Abba Moro, a former Minister of Interior.

    The lawmaker noted the Senate became concerned following several complaints from Nigerians over illicit and excessive charges by Nigerian Commercial Banks on customers’ accounts.

    Moro said such charges and deductions range from bank SMS charges, intra-bank transfer charges in the sum of N52.59 Kobo, ATM Card renewal charges, and account maintenance charges in the sum of N93.13 kobo.

    He said, “These charges being deducted from customers’ accounts by banks have caused uproar within the public as Nigerians have expressed their dissatisfaction and displeasure over such excessive deductions which they feel are fraudulent and targeted at further impoverishing Nigerians.”

    He recalled that in April 2017, the Central Bank of Nigeria revised the card maintenance charges in the new guide released from N100 annually to N50 monthly.

  • WTO: Okonjo-Iweala reaches final stage

    WTO: Okonjo-Iweala reaches final stage

    Former Nigeria’s Minister of Finance, Ngozi Okonjo-Iweala, has advanced to the final round in the race to lead the World Trade Organization.

    Members of the Geneva-based trade body also selected South Korea’s Yoo Myung-hee.

    The final two were selected from a list of five candidates.

    The initial pool of eight candidates to replace Roberto Azevedo, who stepped down as WTO director-general in August – a year ahead of schedule, was narrowed down to five last month.

    The three eliminated during the second round of “confessionals” – in which all member states confidentially voice their preferences – were Liam Fox of Britain, Mohammed Al-Tuwaijri of Saudi Arabia, and Amina Mohamed of Kenya.

    Jesus Saede Kuri of Mexico, Tudor Ulianovschi of Moldova and Abdel-Hamid Mamdouh of Egypt were cut during the first round.

    The WTO will likely have the first female director-general in its 25-year history as no woman has ever headed the global trade body.

    The official announcement of the two candidates left standing is expected tomorrow (Thursday).

    But several sources familiar with the member states’ decision told AFP that “Okonjo-Iweala of Nigeria had made it”, while one source said “Yoo Myung-hee of South Korea had also made the cut”.

  • WTO: Okonjo-Iweala reaches final stage

    Former Nigeria’s Minister of Finance, Ngozi Okonjo-Iweala, has advanced to the final round in the race to lead the World Trade Organization.

    Members of the Geneva-based trade body also selected South Korea’s Yoo Myung-hee.

    The final two were selected from a list of five candidates.

    The initial pool of eight candidates to replace Roberto Azevedo, who stepped down as WTO director-general in August – a year ahead of schedule, was narrowed down to five last month.

    The three eliminated during the second round of “confessionals” – in which all member states confidentially voice their preferences – were Liam Fox of Britain, Mohammed Al-Tuwaijri of Saudi Arabia, and Amina Mohamed of Kenya.

    Jesus Saede Kuri of Mexico, Tudor Ulianovschi of Moldova and Abdel-Hamid Mamdouh of Egypt were cut during the first round.

    The WTO will likely have the first female director-general in its 25-year history as no woman has ever headed the global trade body.

    The official announcement of the two candidates left standing is expected tomorrow (Thursday).

    But several sources familiar with the member states’ decision told AFP that “Okonjo-Iweala of Nigeria had made it”, while one source said “Yoo Myung-hee of South Korea had also made the cut”.

  • Nigeria stock market rises by N297bn, amid Airtel, Seplat gain

    Nigeria stock market rises by N297bn, amid Airtel, Seplat gain

    The nation’s bourse opened trading on Monday with a growth of N297 billion following gains by some highly capitalised stocks.

    Specifically, the market capitalisation inched higher by N297 billion or 2.11 per cent to close at N14.402 trillion from N14.105 trillion recorded on Friday.

    Similarly, the All-Share Index increased by 568.72 points or 2.11 per cent to close at 27,554.49 compared with 26,985.77 posted on Friday.

    The upturn was impacted by gains recorded in large and medium capitalised stocks, amongst which are; Airtel Africa, Seplat, MTN Nigeria Communications (MTNN), Presco and Guinness.

    Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed the sustained bullish trend to low returns offered by money market investments.

    Omordion said that investors were taking advantage of cheap prices of stocks, adding that most stocks were trading below their intrinsic value.

    The market breadth closed positive with 36 gainers and 10 laggards.

    GlaxoSmithKline and Red Star Express led the gainers’ chart in percentage terms, gaining 10 per cent each, to close at N5.50 and N3.30 per share, respectively.

    NPF Microfinance Bank followed with 9.60 per cent to close at N1.37, while Africa Prudential improved by 9.47 per cent to close at N5.20 per share.

    Neimeth and Wapic Insurance appreciated by 8.33 per cent each to close at N1.95 and 39k per share, respectively.

    Conversely, Tripple GEE led the losers’ chart in percentage terms, losing 10 per cent to close at 36k per share.

    Oando dipped 8.73 per cent to close at N2.09, while UACN Property Development shed 6.52 per cent to close at 86k per share.

    Chams dropped 4.76 per cent to close at 20k, while Union Bank of Nigeria depreciated by two per cent to close at N4.90 per share.

    Also, the total volume of shares traded increased by 31.35 per cent as investors bought and sold 603.95 million shares worth N7.43 billion in 5,984 deals.

    Read also: Global Markets Rise On Trump Covid-19 News

    This was in contrast with a turnover of 384.54 million shares valued at N3.44 billion exchanged in 3,949 deals.

    Transactions in the shares of Zenith Bank topped the activity chart with 204.69 million shares worth N3.83 billion.

    Sterling Bank trailed with 55.23 million shares valued at N71.28 million, while United Bank for Africa traded 51.3 million shares worth N328.85 million.

    Guaranty Trust Bank sold 36.31 million shares valued at N1.07 billion, while Transcorp transacted 35.11 million shares worth N20.97 million.

  • Julius Berger AFP Holds Exclusive Reception For Customers To Celebrate Nigeria At Sixty In Abuja

    Julius Berger AFP Holds Exclusive Reception For Customers To Celebrate Nigeria At Sixty In Abuja

    …Clients express endless excitement about available exquisite furnishing and Classy home design offerings at AFP

    The increasingly market dominant and quality-popular AFP, the furniture production and home design and implementation wing of the nation’s leading engineering construction corporation, Julius Berger Nigeria Plc, hosted its customers to an exclusive reception at its state-of-the-art showroom located at the highbrow Gana Street of the upscale Maitama District, Abuja, last Wednesday.

    The event christened Exclusive Nigeria @60 AFP Reception brought the Julius Berger AFP Management and its highly valued clients together to toast and dine in celebration of a resilient and growing Nigeria at 60. It was also an opportunity for the AFP and its clients to mutually explore the AFP’s widening, globally competitive and classy range of furnishing options and pioneering, efficient home design solutions. The showrooms feature fully- operational kitchens equipped with top-end appliances, modern relaxation lounges, refined executive offices, impressive fine dining table settings, lavish bathroom vanity units and cozy bedroom solutions.

    It would be recalled that the Julius Berger AFP last week unveiled its virtual showroom and invited its customers to come visiting online. According to the AFP, its virtual showroom “offers an exquisite showcase of modern interior design and innovative home technology concepts, a fully functional five star hotel suite and a luxury home cinema. The entire concept allows AFP the opportunity to showcase its portfolio in virtual reality giving customers the ability to discover and engage with AFP’s entire product range in the AFP’s actual showroom space. Clients can now from anywhere in the world intuitively browse AFP’s offerings, as well as explore and compare different material selections, variations and technical details”.

    The Group Head of Julius Berger’s Media Relations Office, Prince Moses Duku, had at the launch of the AFP Virual Showroom also cordially invited customers to visit at the Julius Berger AFP showrooms located at No.53 Gana Street Maitama Abuja and No. 33 Sanusi Fafunwa street, Victoria Island, Lagos, respectively, adding that the AFP showrooms will remain open during the 2020 calendar year.

    The Julius Berger spokesman assured all AFP customers that all their furniture and interior needs will continually be comprehensively catered for. Duku had earlier outlined necessary AFP  Showroom hygiene and socialdistancingguidelines that have been responsibly put in place as necessary safety precautions. Duku had assured that all customers and staff while in the AFP showrooms are required to maintain a distance of two metres from all other persons, and wash hands with soap and water as well as use hand sanitizer before entering the showrooms. Every visitor and personnel are required to wear a facemask at all times whilst in the showroom and generally comply  with  all Government  guidance  on  social  distancing, he said. All the safety procedures Duku had outlined were smartly and fully complied with at the Exclusive Nigeria @60 AFP Reception event.

    The General Manager of the Julius Berger AFP, Oliver Cohnen reiterated the widely acknowledged leading edge always experientially ascribed to the AFP design and project implementation function by its clients. Cohnen said that the AFP’s competive edge derives its essence and substance from the definitive and governing Julius Berger brand’s high end international due diligence and best practice standard. Oliver Cohnen reiterated that: “from architectural review and conceptualization to production and to installation on site, the AFP ensures that its well-designed furniture pieces are highly functional, durable and flawless in detail”.

    Clients in attendance at the event which cut across all sectors of the investing socio-economic spectrum commended the AFP for its trendy, stylish, classy and functional offerings all of which, they concur, have made the AFP a one-stop shop for furnishing and home design fulfillment.

    According to an industrialist, High Chief Fredrick Obediemu, who came all the way from Delta State for the Exclusive Nigeria @60 AFP Reception event in Abuja, “with the exotic quality matchless strength and style of products and services the AFP offers the market, Julius Berger has commendably transformed Nigeria into an international hub and destination for furnishing and home design satisfaction”. He thanked Julius Berger for remaining a consistently progressive and reliable brand both in products and service across its business offerings. In the words of the High Chief: “..some of us have been keen followers of the Julius Berger brand for several decades, I testify that the Julius Berger standard means best and reliable quality in all their works. AFP sure carries the Julius Berger signature and imprint of enduring excellence”

    The Exclusive Nigeria @60 AFP Reception event climaxed with the cutting of a Nigeria at 60 birthday Cake by the AFP Management and its customers as well as with a brilliant and colourful display of fireworks to the admiration of customers in attendance.

    When asked about  the essence of the warm reception, Julius Berger spokesman, Prince Duku said: “Besides being a strategic business event, Julius Berger Nigeria Plc strongly believes in Nigeria. With 50 years of working successfully as a registered Nigerian business concern, I believe it is alright to celebrate our historical confidence and faith in the remarkable resilience and growing success of the Nigerian project. Our country is worth celebrating, and Julius Berger decided to do that tonight on the occasion of Nigeria’s Diamond jubilee with our AFP Clients. Julius Berger remains committed to being Nigeria’s citadel of professional excellence and reliable capabilities. God bless Nigeria, our beautiful and great country.”

    Duku again reiterated that everyone is invited to follow the AFP on Instagram for special discounts and updates on AFP’s latest products and services. AFP, Duku said, is on Instagram as: www.AFPinstagram.com

  • Kogi Govt. Partners, KOSCCIMA To Host Maiden Int’l Trade Fair In Kogi

    Kogi Govt. Partners, KOSCCIMA To Host Maiden Int’l Trade Fair In Kogi

    By Noah Ocheni, Lokoja

    The Kogi State Commissioner for Information and Communication, Hon. Kingsley Fanwo on Tuesday  reiterated the determination of the state government to host
    international trade fair in Lokoja this year.

    The information and communication Commissioner who is the Chairman of the Trade fair planing Committee disclosed that the state is set to partner With Kogi Chambers Of Commerce (KOSCCIMA) towards hosting the maiden International Trade fair, in Lokoja.

    He pointed out that the international trade and business events Scheduled for the first week of November 2020 is being organized to show case and promote the aboundant Commercial Resources in the state.

    The Commissioner said the state government has commenced preparation noting that the event is ripe for the State and it would go a long way in promoting the state economy in a new light by attracting investors to the state.

    Fanwo while receiving the officials  of Kogi State Chamber of Commerce, Industry, Mines and Agriculture (KOSCCIMA) led by the Deputy President I, Abdullahi Ibrahim Victor, assured the body of the support of his ministry and that of the State government.

    He said the strength of Kogi State is not limited to mineral resources and geographical location alone,  but also in innovation, which also needed marketing and exposures.

    Fanwo stressed “the fair is timely now that all organizations and government are working hard to revive economic hardships caused by Covid-19, the Information and Communications Ministry will  in few days launch the Kogi State Business Directory Inventory.”

    The Director General of The Graphics Newspaper, Mr. Dayo Thomas in his speech emphasized on the importance of broadcasting and marketing for such trade fair.

    The state president of the Chamber.  Mr Victor Abdul while presenting the proposal to partner with Kogi State Newspaper Corporation (The Graphics Newspaper) to launch and covene the maiden Made In Kogi Trade Fair, 2020 said all the arrangements about the fair have been made and now awaiting the state government’s approval and participation.

    He said “The World-class Trade fare is in partnership with Kogi State,  The Graphics newspaper and the  Chambers of Commerce, Industry, Mine And Agriculture (KOSCCIMA).”