Palm oil tumbled below 2,000 ringgit ($633) a metric ton for the first time in more than five years as forecasts for a record U.S. harvest of soybeans used to produce alternative oil threaten to curb demand. Futures dropped as much as 2.5 percent to 1,989 ringgit on the Bursa Malaysia Derivatives, the lowest level since March 2009, and closed at 2,000 ringgit in Kuala Lumpur. Prices are down 25 percent this year, heading for the third annual decline in four years.
Updated 5 Years ago

Globacom, Nigeria’s national telecommunications carrier is boosting cashless policy and financial inclusion with the launch of Glo Xchange, a Mobile Money Agent Network that is aimed at accelerating the uptake of mobile money services in the country. Glo Xchange was launched by Globacom in partnership with three licensed mobile money operators, FirstMonie, Ecobank and Stanbic IBTC in Lagos, weekend. Godwin Emefiele, governor, Central Bank of Nigeria (CBN), in a statement, said he personally signed on the launch of the platform, said the initiative marks the beginning of the deeper collaboration between the financial industry and the telecommunications sector. He congratulated Globacom for launching the first mobile money Super Agent Network in Nigeria, saying it is a win-win situation for all stakeholders. Kamal Shonibare, Globacom’s head of corporate sales, said Glo Xchange will avail the mobile money sector of the much needed agent network across the entire country, as well as the technology platform required for seamless mobile money transactions.
Updated 5 Years ago

If the new electricity sector operators invest the estimated $40 billion within the next ten years, they can inevitably create a minimum of 582,000 jobs within the period, experts have said. “For the generation segment, the construction phase can create 82,000 jobs while the operation phase can ensure 33,000 jobs,’’ said Ranesh Narayanan, who represented Oladele Amoda, MD, Eko Electricity Distribution Company, during the Manufacturers Association of Nigeria (MAN) Apapa
Updated 5 Years ago

The mechanism of focused strategy, market penetration and organic growth is one of the key drivers that catapult a company to the trajectory of growth. It also enables a firm increase its share of the market while maximizing owner’s value. Lafarge Cement Wapco Nigeria Plc, Nigeria second cement maker, has used the combinations of these aforementioned strategies to spur growth as the company recorded a stellar performance at both the top and bottom line level despite environmental challenges.
Updated 5 Years ago

As you bow out as President of the Nigerian Bar Association what achievements would wish your administration to be remembered for? I am particularly delighted with what we were able to achieve in the field of discipline at the Bar. Every lawyer today knows that there must be consequences for misconduct at the Bar. Within the two year life span of this administration, twelve members of the NBA were disbarred and five suspended for varying number of years for various acts of professional misconduct. This is more than the number of members of the Bar disciplined for professional misconduct in the last thirty years. We do not celebrate this but we believe that a very strong message has been sent to our colleagues that it cannot be business as usual. To my mind this is a key accomplishment of this administration. We have implemented the Stamp and Seal policy of the NBA, from 1st of April 2015, you can only practice law in Nigeria if you have your seal and stamps issued by the Nigerian Bar Association so the issue of fake lawyers becomes a thing of the past. On the 12th of August 2014 we commissioned the second building of the Nigerian Bar Association in Lagos built by Stabilini Nigeria Limited, under a build, operate and transfer (BOT) arrangement between the company and Nigerian Bar Association. The NBA will be entitled to the rent one floor of the building during the operation of the BOT agreement. We also commenced the construction of a ten floor National Secretariat at the Central Business District in Abuja. One of our areas of focus during our administration was human capacity building. We did not only achieve this at the secretariat level, but we used the platform of the Institute of Continuous Legal Education (ICLE) to promote the knowledge and skills of lawyers. Our administration has been able to digitalise the CLE credit hours of all lawyers, from the inception of the program in 2008 till date; this we believe will encourage lawyers to acquire more knowledge and keep abreast of the current developments in law both locally and internationally. These are some of our key areas of focus.
Updated 5 Years ago

There was confusion yesterday following the denial by Defence Headquarters (DHQ) that hundreds of Nigerian soldiers had fled into neighbouring Cameroun as a result of a bloody clash with Boko Haram terrorists in Gamboru, a border town in Borno State. According to DHQ, the Nigerian troops entered Cameroun due to the sustained battle between the troops and the terrorists around the borders with Cameroun, which saw them charging through the border in a "tactical manoeuvre".
Updated 5 Years ago

A chieftain of the Peoples Democratic Party (PDP) in Sokoto State, Alhaji Ibrahim Magaji Gusau, yesterday described the ultimatum issued to President Goodluck Jonathan by the Northern Elders Forum (NEF), to rescue the over 200 Chibok schoolgirls or forfeit his 2015 re-election bid as ridiculous and laughable. He also described the recent declaration by the Adamawa State acting Governor, Alhaji Ahmadu Umaru Fintiri, to contest the October 11 governorship by-election in the state as morally and politically wrong.
Updated 5 Years ago

The seven-man panel investigating allegations of gross misconduct levelled against the embattled Deputy Governor of Enugu State, Sunday Onyebuchi set up by members of the House of Assembly, yesterday submitted its report to the Speaker, Eugene Odoh. THISDAY checks showed that with the submission of the report, the stage is set for the last lap of the impeachment proceedings which commenced on July 22, as the assembly is expected to debate the report within the next 14 days.
Updated 5 Years ago

As the voters’ registration exercise ended yesterday, the Independent National Electoral Commission (INEC) has ruled out the possibility of further extending the exercise. Though the commission said it noted with concern the agitation in some quarters for an extension of the second phase of the Continuous Voters’ Registration (CVR), which ended on August 25. It however said a new process of registration of voters would soon commence at the local government level across the country.
Updated 5 Years ago

Hope for improvement in power supply in Nigeria has been rekindled as French oil giant, Total has stated that it has built a $900 million worth of pipeline infrastructure to supply gas from the company’s Oil Mining Lease (OML) 58 to the 964 megawatt-capacity Alaoji Power Station in Abia State. The new Managing Director of Total Upstream Companies in Nigeria, Mrs. Elisabeth Proust, who confirmed this investment to THISDAY at the weekend, however, stated that for the investment of such magnitude to be economic in Nigeria, the price of domestic gas should be increased from its current level of $2.5 to $7 per million British Thermal Unit (BTU).
Updated 5 Years ago