Ladi Lawal, Group Managing Director of DAAR Communications passes away

It is really sad. Ladi Lawal, Group Managing Director of DAAR Communications, Owners of AIT and Raypower plus DAARSAT, passed away on Saturday, 23rd of May, 2009.

He was buried immediately.

He was an avid Grassroots supporter...

May his soul rest in peace.

Live a Good life, we may not have that long

Ad Hoc Committee clears OBJ, Imoke, and Agagu…as Yar’ Adua says he can’t implement budget.

The Ad Hoc committee that was set up by the House of Representatives to review the power probe report of the Hon. Ndidi Elumelu led committee on Power has cleared the former president, Olusegun Obasanjo, Cross River State Governor and former minister of power and steel Mr. Liyel Imoke, and former Ondo state governor, Olusegun Agagu of allegations of corruptions levelled against them by the Hon. Ndidi Elumelu led committee on Power, saying that the report was marred with irregularities.

This is coming even as the House of Representatives have resolved to throw the report into the drain and stay back from any form of support to the embattled Rep.

The EFCC has also detained Hon. Elumelu, Sen. Ugbane, and 8 others in its custody, stating also that Hon. Elumelu’s committee awarded over 165 contracts in the power sector in a month!

In other news, our ‘calculating’ President has realised that the 2009 budget is unrealistic and that some projects will have to be dropped. He is also planning to address the National Assembly as regards this budget review.

One wonders if it is not too early for such a review, Mr “Calculated” President.

Meltdown: We are hardest hit –Bankers

By Yemi Kolapo

Bankers in Nigeria have said that the on-going global financial meltdown has affected them more than workers in other sectors of the economy.

The bankers, who spoke in separate interviews with our correspondent in Ikeja and Lagos on Friday, said they had been forced to cut down on spending and adopt modest lifestyles.

According to them, the high level of non-performing loans; tight liquidity; shrinking foreign credit lines, as well as the need for banks to cut costs to share up their bottom lines were factors that had made bank workers scapegoats of the ongoing financial crisis.

The bankers, who spoke in confidence, said the glamour that was associated with bank jobs in the past was mainly tied to the stress-free loans and welfare packages that came with the jobs, but that these were fast disappearing.

A staff of one of the conservative but strong banks, who corroborated his argument by showing our correspondent one of the series of monthly letters from management, said his financial and calendar year targets had been reviewed upward twice.

He said he had been mandated to rake in N70m at the end of June and an additional N80m by the end of the year, with varying sanctions for different levels of performance.

A less than 40 per cent performance, according to him, attracts a warning letter, while poorer performance may lead to dismissal.

“Where will I get that from at this time when there is no money anywhere? I’ve resigned myself to fate. The world will not come crashing on only me,” he said.

A top executive in one of the big banks that made the Forbe’s list of top 2000 world biggest companies, also said it had become difficult for many of his colleagues to cope with the changing times, adding that loans, which many of them relied on to ‘live big’ were no longer readily available.

He said, “Before, now a banker did not have to worry about getting or furnishing a house after his wedding. The house, the cars and every furniture required, including kitchen equipment are most times, obtained through easy loan arrangements, which bankers are used to anyway.

“But that no longer comes easy even in the biggest banks; so, we now have to cut our cloth according to our size, which is very difficult. The most difficult aspect of it is having to cope with fees of children already in highbrow schools. If other things can be adjusted, fees are not that flexible. It is a harrowing experience for bankers, our spouses and children.”

He noted almost all loans were currenty tied to performance, saying that his bank, for instance, would require the beneficiary to have met 70 per cent of his key deliverables before being considered.

“And is this realistic? No. So, it means when the public is crying that banks are not giving loans, we are also feeling the pinch and it is not the fault of the banks but due to the financial meltdown,” he added.

A female staff, who claimed she had worked with five banks in 15 years, linked the dwindling fringe benefits of bank jobs to the recent clampdown on Saturday banking by most banks.

She said the banking industry once had the highest job mobility “because if you are good, your old employer has nothing to fear in terms of loans outstanding because the bank beneficiary will cater for that.

“There were agitations for a more flexible working arrangement so that we can be closer to our families since the motivations for sacrificing important aspects of our lives are really not there again. Most banks have either reduced their working hours or cancelled odd day jobs,” she observed.

Another banker, who works with one of the less-flamboyant banks, rumoured to be liquidity-stressed, said staff of the bank had forgotten about up-front payments, which usually helped them to execute important projects.

“There is no job security anywhere again, so, we are being paid our worth at the end of every month. The bank can no longer risk any advance salary payments,” he said.

The Chief Executive Officer, Money Market Association of Nigeria, Mr. Wale Abe, had said that since the ability of banks to lend depended on liquidity, the tight liquidity position meant there would be less money to lend.

Abe said through telephone interview with our correspondent that the increase in non-performing loans in the balance sheets of banks had hampered further lending.

(Source:Punch)

SEC to grant extension of Eterna Plc N5.303 bn Rights

by Peter Obiora of proshare.com

Apex Capital Market Regulatory Institution, the Securities and Exchange Commission (SEC) may grant extension for the Eterna Oil & Gas Plc (Eterna) year 2009 N5.303 billion Rights Issue.

Lanre Oloyi, Head, Media of SEC confirmed this to Proshare NI today from Abuja Nigeria in a telephone chat.

This is coming on the heels of shareholders of the company requesting for an extension of the Rights of the Petroleum Marketing Company following its official closure Thursday April 30 2009.

Boniface Okezie, National Chairman, Progressive Shareholders Association of Nigeria (PSAN) confirmed to Proshare NI today in Lagos Nigeria at the Nigerian Stock Exchange (NSE) that shareholders have written the Commission requesting an extension of the Rights Issue to enable them take up same.

“Some of us could not get our Circulars when the Rights closed, therefore, we have written to SEC to extend the offer to enable us take up our Rights in the company” he said.

The Rights opened Wednesday April 22 2009 and closing Thursday April 30 2009, over two weeks now shareholders of the company are still clamouring to take up the Rights from the company.

Oloyi, Head, Media of the Commission; confirmed to Proshare NI that one of the Shareholders Associations has written to SEC for extension of the Eterna Plc Rights Issue.

Oloyi affirmed that the Petroleum Marketing Company applied to do the Rights for a period of eight (8) days. “Some investors have notified us and are complaining that they couldn’t receive their circular when the Rights closed” he said.

“It is what Eterna Plc asked for that we gave to them; and I can confirm that they applied for only 8 days” Oloyi said.

He further affirmed that following this development, the Commission would inline with its Rules and Regulations consider the issue in the interest of the investing Nigerian Public.

As earlier reported, Eterna Plc to raise N5.303 billion, opened a Rights Issue by offering to its existing shareholders 533,000,000 Ordinary Shares of 50 Kobo each at N9.95 Kobo per share.

This the company gave on the basis of forty-one (41) new Ordinary Shares for every sixty (60) Ordinary Shares held as at the close of business on March 16 2009.

Eterna in the document affirmed that the Rights being offered were tradable on the Floor of the Nigerian Stock Exchange (NSE) for the duration of the issue.

The Petroleum Marketing Company had affirmed in the document that Ordinary Shares not taken up by Thursday 30 April 2009 will be allotted on a basis to be determined by the Directors and cleared by SEC to existing shareholders who would have applied for additional shares over and above provisional allotment under the terms of the Issue.

Lead Issuing House to the Rights is Radix Capital Partners and Issuing House is Meristem Securities Limited.

CALL FOR MARKETING EXECUTIVE TRAINEES

CALL FOR MARKETING EXECUTIVE TRAINEES

CALLREDUX, a strategic business unit of Websoft Nigeria Limited, licensed by Nigerian Communications Commission (NCC) to provide telecommunication services in conjunction with the major GSM Networks is recruiting for the position of Marketing Executive Trainees in all the 36 states in Nigeria including the FCT.

CALLREDUX is embarking on a massive nationwide marketing campaign to increase the penetration of its products in the marketplace. During application, applicants must specify the state where they will like to work because the Marketing Executive Trainee will be responsible for coordinating CALLREDUX marketing activities in this state.

This means that the applicant must show a thorough understanding of markets of the state they applied for.

Marketing Executives' Duties

• Primarily responsible for the sales of the CALLREDUX plan to end users
• Analyzing the state market, including competitors and consumers
• Develop and execute innovative below the line marketing strategies for a particular state
• Provide weekly feedback reports from markets
• Continuous improvement of state marketing strategies
• Coordinating with and reporting to managers to carry out campaigns

Qualifications

• Minimum of OND in any field
• Understanding of Marketing and Sales
• Ability to think outside the box and creatively
• Above average in the use of the internet and the computer
• Ability to plan and formulate strategies
• Effective organizational skills
• Excellent Networking and Communication Skills
• Ability to meet targets
• Ability to identify market segments, niches, and potential markets

How to apply

All applicants are to apply by filling the application form at www.callredux.com/careers/.
Applicants should not send their CVs.

Fuel Scarcity to end - 234Next.com

The Nigerian National Petroleum Corporation says that the current fuel scarcity across the country will improve remarkably before the weekend runs out.

"All stakeholders met yesterday. The major marketers, Nigerian National Petroleum Corporation, independent marketers, everyone. So you will see a remarkably difference between the next 24 to 48 hours," Levi Ajuonuma, spokesperson of the corporation said.

Last week, the corporation released a statement on the fuel scarcity situation saying it was caused by the refusal of major marketers to import the product.

"The scarcity is as a result of the stoppage of products importation by major marketers due to suspension of petroleum subsidy payments which necessitated the utilization of Nigerian National Petroleum Corporation supplies to meet the needs of all marketers. We are happy to note that the recent resolution of concerns over the products importation template has now enabled the major marketers to resume importation.

"Petroleum Tanker Drivers strike from April 13 to 21 shut down loading at Apapa and around Lagos following a dispute between Petroleum Tanker Drivers and Lagos State Transport Management Authority. The intervention of Nigerian National Petroleum Corporation management led to the resolution of the problem which affected up to 60 percent of petroleum supplies in the country," the statement said.

On April 23, 2009, vandals attacked PPMC's major pipeline system (System 2B) which moves products from Atlas cove to Mosimi, Ejigbo, Ibadan, Ilorin, and Ore. This effectively shut down PPMC's capacity to move products by about 30 percent (about 380 trucks per day). The damaged pipeline was repaired on Thursday and product pumping has resumed.

Ralph Ugwu of PPMC also assured consumers of an improved situation. He said: "The long queues will abate very soon. We had a meeting with other stakeholders yesterday (Thursday). The major marketers, independent marketers, PPPRA, and our minister. We were all in a meeting yesterday where decisions where reached on how to improve the supply situation. Far-reaching decisions were reached on the way forward on the fuel issue. So very soon the fuel queues will abate. It will be a thing of the past."