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http://ift.tt/eA8V8J By Sebastine Obasi The Petroleum Technology Association of Nigeria, PETAN, has urged the Federal Government to reduce bureaucracy and cut production cost by 40 percent so as to engender more investment in the nation’s oil and gas industry. In a communiqué sent to the Federal Government at the end of the Offshore Technology Conference, OTC, held in Houston, Texas, PETAN stated that it was imperative to cut red tape-ism, reduce contracting cycle from nine months to six months, address distrust between the international oil companies, IOCs and government, ensure transparency, as well as consistency  and predictability of policies The communiqué by PETAN’s Chairman, Bank-Anthony Okoroafor, added, “We can knock down cost by 40 percent by adopting Brazilian model, standardize facilities, standardize 150,000 barrels, bbl.” “We need to set up consortiums like Bonga South West so that we can sustain build in-country capacities. Collaborate to fund all these project...

http://ift.tt/eA8V8J Professor Soludo, ex-Chief Economic Adviser to President Obasanjo and former Governor of the Central Bank of Nigeria, CBN, is an intriguing fellow. First, he was once in government at the highest levels. Except in Nigeria, a re-deployment from Chief Economic Adviser, CEA, to the President to Governor of the Central Bank would be regarded as a demotion because the CEA can influence far more by his activities and the policies and programmes he promotes within government than the CBN Governor. He can give advice on matters ranging from fiscal to monetary policy to social re-engineering of society along the lines he advocates. There are several examples in history of economists changing the political, social and economic faces of their countries and even whole continents with their ideas. Jean Monnet was the economist who conceived of the European Economic Union which still shapes global economy till today. Naturally, he started with his contributions to his own coun...

http://ift.tt/eA8V8J By Nkiruka Nnorom The first Vice President of the Nigerian Stock Exchange, NSE, Mr. Abimbola Ogubajo, has said that there is an uneven pace of stock exchange demutualisation between developed and emerging markets, with exchanges in Africa lagging behind. He spoke at the 2017 edition of the Building African Financial Markets (BAFM) capacity building seminar in Casablanca, saying that 21 stock exchanges in developed market have successfully demutulaised in the last 10 years following the first demutualisation by the Stockholm Stock Exchange. He, however, said that only five out of 76 exchanges in emerging market jurisdictions have demutualized within the same period of time. “In Africa specifically, out of the 27 exchanges which are members of ASEA, seven namely: the Johannesburg, Nairobi, Mauritius, Seychelles, Rwandan, Casablanca stock exchanges and BRVM are demutualized with several others including the NSE in the process of demutualizing or considering takin...

http://ift.tt/eA8V8J Shareholders of AXA Mansard Insurance Plc have condemned the continuous delay in the approval of financial results and other corporate actions of companies in the insurance industry by the apex insurance regulatory body, National Insurance Commission, NAICOM. The shareholders at the 25th  Annual General Meeting, AGM of AXA Mansard Insurance Plc stated that these actions by NAICOM officials does not encourage insurance companies in meeting the aspirations of shareholders on good corporate governance, even as they approved the 5 kobo per share dividend declared by its Board of Directors, while commending the performance of AXA Mansard Insurance for the impressive results recorded in the financial year ended December 31, 2016. The shareholders call on NAICOM to always respond as much quickly as possible to issues and   activities involving the insurance industry as this will go a long way to encourage investors to invest more in the industry. According to...

http://ift.tt/eA8V8J Shareholders of   FBN Holdings Plc have charged its Board of Directors to quickly recover   debts owed the company’s subsidiary bank, First Bank of Nigeria Limited, which led to a credit losses of N226 billion. Nevertheless, the shareholders at the 5th  Annual General Meeting, AGM, held in Lagos at the weekend, commended the Board for declaring a 20 kobo per share dividend for the financial year ended December 31, 2016, despite the tough operating environment. The shareholders declared that if not for the impairment, the profit declared for the year under review would have been much higher, even as they appreciated the cost curtailment initiatives taken by Management of the company, which led to a decline in cost-to-income ratio to 47 per cent in 2016 from 61.3 per cent in 2015. The shareholders at the AGM unanimously endorsed all proposals by the Board, including the audited accounts for the 2016 financial year. Addressing shareholders...

http://ift.tt/eA8V8J E fforts by the Oil and Gas Free Zones Authority, OGFZA, to fulfill its core mandate and play a key role in the Federal Government’s drive for foreign direct investments, FDI, received a major boost, weekend, when the Bayelsa State Government announced that it has handed over to OGFZA state lands measuring 35,000 hectares for the development of the Brass Oil and Gas City. The land for the location of factories and offices is a key attraction to FDI in the free zones. The Surveyor-General of the state,  Gede Moses, said a portion of the 35,000-hectare land had been surveyed and ready for deployment. Bayelsa State governor, Mr Seriake Dickson, on his part, said OGFZA was free to deploy the land resources the way it deems fit to accelerate the development of free zones in the state. Dickson sas responding to a request for support from the Managing Director of OGFZA, Mr Okon Umana, who was at Government House, Yenegoa on a courtesy call on the state governor....

http://ift.tt/eA8V8J By Lawani Mikairu MEDVIEW Airline Sunday operated its scheduled flight to London Gatwick Airport, thus ending the alleged European Union, EU, restriction affecting its UK operations. The Boeing 747 aircraft jetted out of the Murtala Mohammed International Airport Ikeja with about 240 passengers. The Airline Chief Operating Officer/ Accountable Manager, Engineer Lookman Animashaun said after the flight departed that; “Our Lagos-London operation is not in anyway been hampered”. He also said; “Medview Airline has stabilized the fares on the route to the extent that other airlines that exploited Nigerians on the London route had to fall in line otherwise passengers will avoid them”. Recall that last week Wednesday, Med-View Airline was allegedly banned from entering Europe airspace. While reacting to the ban Mr. Isiaq Na’Allah, Executive Director, Business Development, Med-View Airline Plc, said the B767 aircraft which the EU – European Air Safety Commission...

http://ift.tt/eA8V8J The We Care Mission International, a U.S based organisation, has provided free eye surgery to 55 indigenes of Ugbegun Community, Esan Central Local Government Area of Edo. Speaking at the 2017 free medical mission at Ugbegun community, the Head of the group, We Care Mission, Mrs Fatima Yakubu, said the organisation spent over N5.5m on the exercise. She said that the desire of the group was to assist indigent people, who deserve good life but are unable to do so because of their inability to pay medical bills and poverty. Yakubu said that each of the surgery cost the organisation N100, 000. She said that her support came from family, friends and her church in America, noting that the organisation was not supported by any national or international government. Yakubu urged local leaders and organisations to partner with the We Care in the area of accommodation and transportation for those intending to receive the free medical care. She stressed the need to help...

http://ift.tt/2rGLIXh Real Madrid's Portuguese forward Cristiano Ronaldo scores during the Spanish league football match Malaga CF vs Real Madrid CF at La Rosaleda stadium in Malaga on May 21, 2017. JOSE JORDAN / AFP Real Madrid won their 33rd La Liga title and first for five years as Cristiano Ronaldo’s 40th goal of the season helped seal a 2-0 victory at Malaga on Sunday. Ronaldo got Madrid off to the perfect start after just two minutes before Karim Benzema’s close-range finish sealed the title 10 minutes into the second half. Madrid beat out Barcelona at the top of the table by three points as the Catalans’ come-from-behind 4-2 victory over Eibar in outgoing coach Luis Enrique’s last home game in charge wasn’t enough for a third straight title. Real needed just a point to be assured of the title and any lingering nerves were dispelled within seconds. Isco latched upon a poor clearance from Luis Hernandez and his sumptuous through ball freed Ronaldo to round Carlos ...

http://ift.tt/eA8V8J The Nigerian Navy football team on Sunday overcame hard-fighting Nigeria Ports Authority (NPA) 1-0 to remain unbeaten after four matches in the ongoing Ships and Ports Maritime Football Cup. The match was played at the NPA Sports Ground in Surulere, Lagos. By the victory, the Navy team, the champions in the maiden edition which held in 2009, booked their semi-finals ticket in the competition. The team had played a 2-2 draw with Nigeria Customs at the opening of the tournament. The team walked over African Circle after the latter did not show up. The Navy team piped Tin Can Island Container, 1-0 before overwhelming NPA. Sub-Lt. Mustapha Abdulahi, the Coordinator of the Navy team, told the News Agency of Nigeria (NAN) after the match that the team was set to win the competition. “We are doing well so far in this competition; we have a strong team. “ We have to continue to push forward and play well to win the semi-final match and the all-important final matc...

http://ift.tt/eA8V8J The Economic and Financial Crimes Commission (EFCC) will on Tuesday stage an anti-corruption walk intended to further stimulate Nigerians to embrace and support the fight against corruption. According to spokesman of the EFCC, Mr Wilson Uwujaren, the Acting Chairman of the anti-graft agency, Mr Ibrahim Magu, is expected to lead the walk in Abuja. Uwujaren in a statement on Sunday quoted Magu as saying that the exercise was planned to coincide with the second anniversary of the President Muhammadu Buhari administration. Magu said the government’s focus on anti-corruption had galvanised the ant-graft establishment and raised hope that corruption can be fought with the right political will. “The EFCC walk against corruption is expected to feature stakeholders from different sectors including the organised labour, youth organisations, women groups and civil society organisations among others. “The exercise is expected to hold simultaneously in all the cities wher...

http://ift.tt/eA8V8J Gov. Abubakar Bello of Niger on Sunday warned residents against taking the law into their hands. The governor gave the warning in a statement signed by Malam Jibril Ndace , Chief Press Secretary to the governor, and made available to News Agency of Nigeria ( NAN) in Minna. Bello also warned the people to desist from vengeance against fellow human being. He said that the administration has invested heavily on security to protect the lives and property of the people irrespective of tribe, religious and political affiliation. He said that the state government will not fold its arms and watch some miscreants undermine law and order in the state. The governor said peace and security is not just a top priority of the administration, but appropriate steps have been taken to ensure safety of lives and property. “We will continue to give all the necessary support and co-operation to security agencies to enable them confront the present security challenges facing the ...

http://ift.tt/eA8V8J Alhaji Sani Shehu, President, Miners Association of Nigeria, has advised the Federal Government to put adequate measures on ground to identify genuine foreign mining investors before issuing them visas. Shehu gave the advice in an interview with newsmen on Sunday in Abuja, He said some foreign miners did not have the intention of mining but to promote illegality. He said now that the Federal Government had ordered that foreign investors should be given visas within two days, the pronouncement would make lots of them to disguise into the country as investors, especially as miners. ” The Acting President, Prof. Osinbajo’s initiative that visa should be issued to foreign investors within two days was a good development and it is a practical demonstration to attract foreign investors. “But adequate measures must be put in place before issuing visas to foreigners to invest in Nigeria. “There are some foreign mining investors that are using illegal miners to get m...