A Heartfelt Apology From Me To You.

Due to some trials that ensued 

through most of the year, I was 

away and I missed blogging as 

much as I missed my readers.

The market place has being 

abandoned too long. Let the 

bargains begin! Yaay

Fidelity Bank commited to meeting funding needs

Following a successful Eurobond bond issue, where it raised about $300 million in May this year, Fidelity  bank  said that it will continue to access both local and international financial market for its funding needs as events warrant.

Chief Executive Officer of the bank, Mr. Reginald Ihejiahi, gave the assurance when he and key management staff of the bank, visited the Nigerian Stock Exchange, NSE, to ring the  closing bell and to present the CEO designate, Mr. Nnamdi Okonkwo, who takes over from Ihejiahi, to the stockbroking community.

He said that the planned introduction of additional products by the NSE presents a good opportunity for the bank to build its capital structure.

“The bank has done tremendously well since inception, especially in the last 10years. We have been involved in some landmark transactions; we have unlisted GDR, which we had in 2007. Only this year, we concluded a very successful US$300 million debut Eurobond issue, timed perfectly and we liked the pricing we got.

“And it is a fact that we are sectionalizing this thing, and the bank will in future, depending on its capital needs continue to access the market, both locally in Nigeria and also internationally, and depending on the products,” he said.

Continuing, he said, “It is exciting for us today to listen to the CEO of the Nigerian Stock Exchange talk about very interesting pipeline of products and I think a bank like Fidelity, which is always innovative, and as it continues to look at its capital structure, these are the things that excite us.”

“We are here to formally inform the Exchange that there is transition plan in place in the bank and Nnamdi Okonkwo will be taking over as the new CEO and it is something we have been on for sometime now. It was necessary that we come and inform the broker community as well,” Ihejiahi added.

Winners emerge in Indomitables Magnetic Promo.

I know the amount of people who have been waiting expectedly on the outcome of this competition ranging from the grandparents, parents, siblings and also relations of children nationwide has been increasing ceaselessly.

Winners have emerged across Nigeria in the ongoing Indomie promo tagged Indomitables Magnetic Promo. The winners are, 10 years old Moyosore Bamisaiye from Ikorodu, Lagos; 11 years old Chidinma Ewuniye from Anambra; 10 years old Oluwaseyi Olukolu from Lagos Island; Sultan Akindele from Ayobo, Ogun State and 13 year old Chioma Ekuka from Agege, Lagos state.

The draw which took place at the head office of Dufil Prima Foods Plc, makers of Nigeria’s No.1 noodles brand -Indomie Instant Noodles located in Surulere, Lagos was unique in that participant were randomly selected via digital mean in an event well attended by the pressmen.

Speaking at the occasion, Head of Marketing, Dufil Prima Foods Plc, Mr. Manpreet Singh, expressed satisfaction with the participation of consumers of the brand in the promo which he said was evident in the millions of entries received within the duration of the promotion.

Accordingly, Public Relations Manager of the company, Mr. Tope Ashiwaju, said the promo is to ensure that young consumers who patronize Indomie products are rewarded and engaged with the brand’s famous Indomitables characters.

“To enter the lucky draw, the kids in the age range of 15 had collected 16 magnets of the five heroes and flash the number in each to participate.

“In all we had about 2 million flash entries from participants, out of which above seventy thousand of them met the required 16 magnetic picks which then formed the pool where the final 5 winners were selected from.

The winners will be rewarded with one year educational scholarship and will also be among the characters to be animated and paired in our Indomitables cartoon series.  Besides, the children will be given a treat that will leave them with a winning experience to live with.” He concluded.

Builders beware: N150 per block is inferior.

This was the reaction of Dr. Joseph Odumodu, Director General, Standards Organisation of Nigeria, to barrel of questions on collapsed buildings.

"If you want to build a residential or commercial house, you had better mould your own blocks rather than buy from moulders. And when moulding, use one bag of cement for 30 blocks instead of 45 to 60 blocks.”

Questions were fired at him by stakeholders after his presentation on ‘Global Standards in local production,’during the Ministry of Industry, Trade and Investment workshop for Business Editors and Correspondents.

“Each time building collapses in Lagos, Abuja or other parts of the country, Nigerians are quick to blame the agency not to have done its work, but SON is not to be blamed,” said Odumodu.

He narrated the story of a Nigerian businessman who sells iron- rods, one of the raw materials for building houses.   “When this man wanted to build his own house, he went to his fellow in the business to buy the iron-rods.”

The audience busted into laughter; they got the sense of what the director general was saying.  The man was selling inferior iron-rods to unsuspecting builders.

He doesn’t want his own building to collapse; hence he bought the genuine ones from his fellow dealer.“Building collapse is a sad commentary on our country and it cast aspersion on the regulatory agency,” said Odumodu.

According to him, tests carried out by the agency’s officers at the sites of collapse building, reealed that inferior block and reinforcement steel bars were used in the construction, especially commercial buildings.

“The fact is, any block, whether it is nine or six inch sold for N150 per one by block makers  is inferior while, quality blocks cost N250 and above,” he stated. Earlier in Lagos, at a parley with operators in the block industry, Odumodu said: “We are set to sanitise the sector through the application of Nigeria Industrial Standards for building and construction Industry and we want to carry everyone along.

”Every block moulder must be a registered member of Moulders Association or we won’t allow you to operate, and henceforth we would monitor the ratio of every input vis – a – vis sand, cement and other raw materials.

Dr. Samuel Ortom, Minister of State for Industry and Trade, said “Uses of inferior blocks and concrete have resulted in colossal untimely death and destruction of property.

He declared that hence, federal government has ordered certification of blocks and concrete sector of the economy by Standards Organisation of Nigeria under its Mandatory Conformity Assessment Programme, MANCAP, for local manufacturers.

This is to checkmate incessant building collapse in the country. All sandcrete block moulds must be certified under MANCAP.

“Only those who are dully certified will be allowed to remain in business from next year,” he warned.

Arch Abimbola Animasaun, general manager Lagos State Building Control Agency, she urged people in the business not to compromise quality for the sake of profit making.

“We must not allow building collapse to be a clog in the wheel of progress.  Building collapse is a global and national tragedy; in Lagos, it is one too many as it occurs 15 times in a month compared to the UK once in 16 years, “she stated.

Kunle Awobodu, National President, Building Collapse Guild, called for effective policing of moulders noting that regulation and Task Force notwithstanding, some members will still not comply with standards.

Seme Customs seizes N11m worth of rice in one weekend

The Seme Border Command of the Nigeria Customs Service (NCS) last weekend seized  over I,200 bags of rice valued at N11.7million at the Kotomeji area of Badagry.

Disclosing this to newsmen in Lagos, the Command’s Comptroller, Mr. Willy Egbudin said that the seizure was made possible following intelligence reports.

In the course of the operation, it was said that the smugglers jumped into the waters on sighting the men and officers of the services.

The Command according to Egbudin, has set up his dragnet with a view to arresting the smugglers so as to deter others from the act.

Egbudin explained that  the anti-smuggling functions of the Customs is a strategic move by government aimed at protecting the local economy and preventing the influx of prohibited items, arms and hard drugs.

His words “ By smuggling what Nigeria has the capacity tom produce locally, we are inadvertently sustaining the employment of some unknown foreigners else where while working to also keep some of our able bodied youths out of job.

“Let me reiterate that the Customs is not going on holiday, we are here round the clock and will continue to seize smuggled wares and arrest persons involved in such acts.

“Whoever wish to import rice should do that through the seaports as approved by the Federal Government.

“We will not relent in implementing   government policies because they are made in the national interest and the policy on rice is no exception.

“We are not unaware of the smugglers drive to beat us by applying unusual means, especially as we have efficiently and strategically positioned our men on the bush paths and other likely routes, therefore they chose to ferry this rice through the waters “.

The Command boss in meeting stakeholders and community heads in and around the Seme and Badagry area appealed to them to support the Customs in the war against smugglers.

U.S urges Nigerians to examine new $100 note in every transaction.

 The Acting U.S. Consul-General in Lagos, Mrs Dehab Ghebreab, on Thursday urged Nigerians to always examine the newly introduced $100 note in any transaction.

Ghebreab spoke with journalists at the Launch of the new note at the office of the U.S. Consulate-General in Lagos.

She said that such an examination would enable them to differentiate the “new authentic $100 note” from the old notes, as well as counterfeited ones.

The U.S envoy said that it was imperative for Nigerians to be on their guard, especially now that they were making Christmas and New Year transactions.

“As we all know, the U.S Federal Reserve Board in October this year came up with a redesigned $100 note that incorporates new security features.

“As the new note transitions into daily transactions, Nigerian businesses and general public should watch out for its security features.

“The new security features will deter counterfeiters and help businesses and consumers tell whether a note is genuine,’’ she said.

According to her, the new note has a blue 3-D security ribbon with bell images and 100s, as well as a colour-changing bell in an inkwell.

Ghebreab said that the U.S government was embarking on a “global public education” programme on the newly introduced and redesigned $100 note.

The acting consul-general said that the U.S. government had also come up with a system of retrieving the old $100 notes globally.

“Consumers worldwide are advised that it is not necessary to trade in older-design $100 notes for new ones,’’ she said.

Ghebreab urged the public to swiftly report suspected cases of dealings in counterfeited notes to the Nigerian Police.

Environment expert cautions FG over influx of GM foods

AN environment expert, Mr. Rufus Ebegba has raised alarm over the influx of Genetically Modified foods into the country through penetrable borders, as there was no law to safeguard the lives of the people.

Ebegba raised the alarm  while speaking to newsmen at a one day workshop with theme, ‘Stopping the False Nutritional Kite & Understanding the Convention on Biological Diversity’, which was organised by Health Of Mothers Earth Foundation, HOMEF, for small scale farmers.

Ebegba said the country has become a dumping ground for genetically modified foods and organisms . He also says that if there was no law regulating inflow of these products the country will end up to be a dumping ground as it is to other imported products.

Ebegaba said: “ Nigeria as a country, is meant to have a foreign policy, the danger is that if there is no law, Nigeria will consume any product that comes into the country, because Nigeria presently, imports agricultural products from countries that manufacture genetic modified foods, like Mexico, India and other countries.

“If Nigeria does not have a law, it means what we are consuming are genetic modified organisms, and we cannot ascertain it. The golden rice sold and consumed by Nigerians is genetically modified. And I have said in my presentation that in a place where there is no law, offence is not committed.

“Nigeria will end becoming a consuming nation of genetically modified organisms or a dumping ground of genetically modified organisms.”

He urged President Goodluck Jonathan to assent to the National Bio-safety Management Bill , to that ensure Genetically Modified Organisms, GMOs, which were products of modern biotechnology were safe for human consumption. The bill has sections for penalties for any offender who had refused to follow a particular laid down terms and conditions.

“The bill serves as a safety valve in the adoption of the modern biotechnology in the use of the product. If the bill is on ground with regulations in place, Nigeria can use the technology to enhance the economy, generate employment, and also make our farmers have more income.

“Without this bio-safety law in place I see Nigeria having serious problem in the next few years,” he added.

Meanwhile, in his paper entitled ‘Stopping the False National Kite’, Director, HOMEF, Architect Nnimmo Bassey, argued that Nigeria cannot accept genetically engineered foods despite the alleged move by the Minister of Agriculture and Rural Development, Dr. Akinwumi Adesina, who had said Nigeria cannot be left behind in accepting genetically engineered foods.