National Mirror www.nationalmirroronline.net
Mirror Drive
Friday, October 5, 2012
37
Stallion adds SsangYong to brand S
S-Class offer these as standard equipment, as well as cabins that are more luxuriously appointed.
tallion Motors, one of the Nigeria’s leading automobile dealership has added another brand to its existing i eight brands in the industry with the launch of one of Korea’s largest automakl ers, e SsangYong Motor last week. Stallion currently has sole franchise for Porsche, Audi, Volkswagen, Skoda, f Honda, Hyundai, Ashok Leyland and FoH ton t autos and will be responsible for marketing, sales and after sales activities of k the t SangYong brand in Nigeria. Briefing journalists in Lagos on the new addition in Lagos last week, the Din rector, Sales and Marketing SsanYong, Mr. Jatin Nadkarni said that the auto company, which has already spread its tentacle in Europe and Asian market, is t also expanding its scope in Africa with Nia
geria and South Africa as major markets. Nadkarni assured that Stallion Motors is committed to creating a niche for SsangYong in Nigeria, taking advantage of the worldwide appeal the brand holds. With the acceptance of the brand in Europe and Asia, he expressed optimism that the vehicles would be accepted in the country, adding that the brands are currently equipped with state-of-the-art technology. According to Nadkarni, some of the models to be marketed in Nigeria include Rexton, Kyron, Korando and Actyon Sports. A notable highlight among the models from SsangYong is the Actyon Sports Pick-up 4WD, expected to interest clientele seeking solutions for haulage and other commercial uses. The new Actyon Sports Pick-up he explained is available
in three variants - 4WD Manual Transmission, MT), 4WD MT with ABS+ABG and 2WD Manual Transmission. A veritable pioneer automaker, SsangYong initiated the era of four-wheel drive vehicles in the 1980s when it independently developed Musso and Korando Korea’s most enduring SUV brands in the global market. SsangYong Motors is also committed to the advancement of eco-friendly diesel technology through the development of a sophisticated, world-class common rail engine to strengthen its global competitive edge by producing environmentfriendly, small eXDi200 engines that conform to the EURO5 standards. This is in addition to the company’s recent efforts to develop EURO6 compliant engines.
Features BMW’s latest version of the iDrive system, which controls most navigation and entertainment functions, generally gets good reviews from the automotive players. The system uses a single knob to adjust settings, and although it frustrated most players when it was first introduced on the 7-Series, the newest generation of iDrive is much easier to use. While the 7-Series also features an interior wrapped in top-notch materials, some stakeholders comment that competitors like the Mercedes-Benz S-Class and the Lexus LS seem more luxurious inside. An impressive list of tech features round out the 2012 7-Series’ interior. All models come equipped with fourzone climate control, push-button start, leather, navigation, Bluetooth and a 10-speaker stereo with a 12GB hard drive to store your MP3s. If you decide to spring for a 750i or 750Li, you will also gain soft-closing automatic doors, upgraded leather and a power trunk lid.
MAINTENANCE TIPS
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water pump replacement is a repair that may be undertaken by an experienced auto mechanic. If you are confident in your car maintenance skills, this is a task you can complete in a few hours; however, if you are not comfortable you should definitely take it to the auto workshop. In doing this, you can contact the service manual. A service manual is an instruction book for the various repairs that may be necessary on a specific make and model vehicle. These repair instructions will outline the parts required, the necessary tools, and the steps to take in order to accomplish the task. In many cases, there are helpful tips and hints included in order to make the job a bit easier to complete. When replacing the water pump, professional mechanics suggest replacing the hoses and belts for the cooling system. It may seem like an effort to get you to part with more money than is necessary, but it’s a very good idea. Belts and hoses are actually somewhat fragile, and
SsangYong Stallion
Replacing a car’s water pump can easily be damaged during removal or while putting them back on the engine. While they are off, they must not come in contact with grease, anti-freeze, oil, or gasoline; not always easy in a repair situation. New hoses and belts are not expensive, and it’s always better to spend a little more and replace them, just to be on the safe side.
Accessing the Water Pump Many of today’s vehicles require the removal of the alternator and in some cases various other parts, in order for you to access the water pump. Before you begin, make a list of any parts that will require removal, and then check the service manual for instructions on how to remove them. Again, be sure you have all the required tools and that you understand the process for the removal of these before you begin.
In addition, be sure to disconnect the negative battery cable before you start as a precaution. This is a good safety measure for any automotive repair, whether you are working with the electrical system or not. Install a memory saver if you have one, and disconnect the under-lamp so as not to drain the memory saver battery.
Replacing the Water Pump While many motor vehicle engine repairs can be spelled out in a simple step-by-step format, a water pump replacement is not one of them. This is because there is so much variety in the placement of and access to water pumps between vehicles, no one simple set of directions may be applied to all vehicles. So you will have to follow your particular manual here.
Finishing Up Once you have replaced the wa-
ter pump, belts, hoses, and any other components, replace the anti-freeze and water in the system according to the directions in the manual and on the anti-freeze container. Be certain to dilute anti-freeze to one part antifreeze, one part water. More is not better when it comes to anti-freeze. Store any unused anti-freeze out of the reach of children.
Cocktail
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Friday, October 5, 2012
FOR YOUR SUCCESS
WITH DR. DEJI FOLUTILE
Today's Tonic (16)
Speak little, do much. **Benjamin Franklin * * * Action Speaks Louder! Though it is tough, it’s an ongoing discipline for me to engage more in doing than talking. I keep reading that anyone can talk, but it takes concerted actions and efforts to get meaningful results in life. No matter how much we know, it is only what we do with what we know that matters. Action will always speak louder than voice. If we get married to consistent action on our dreams and talk less, we will be rewarded beyond our wildest imagination. It is a fact that children hardly copy what their parents say but what they do. Please ACT on that your dream TODAY! TEL 08104942999 E-MAIL deji.folutile@gmail.com Follow me @TwitterOWOTIDE
Batman B t charged h g d for f obstructing b t ti g police li
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he search for a driver who fled an accident scene in northern Michigan over the weekend was apparently a job for a dog, not a bat. State troopers arrested 33-year-old Mark Wayne Williams because they say he refused to leave them alone after he showed up Saturday night wearing a Batman outfit. “He wouldn’t clear the scene, and we had a canine out there and he kept screwing up the scent,” State Police Sgt. Jeff Gorno told the Petoskey News-Review. “He
said he wanted to help us look for the driver.” “We didn’t want the dog to track Batman instead of the accident scene, and he was getting in the way of officers who had a job to do,” the sergeant said. Williams wasn’t carrying any dangerous weapons, but his costume and gear were confiscated, Gorno said. He was charged with resisting and obstructing police in an investigation, and he posted bond and was released from the county jail. He is due back in court Oct. 18. A call to a number listed
National Mirror www.nationalmirroronline.net
Oddities
Norwegian mass killer’s speech to hit German theatre
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Turkish-Ger man actress will read out Norwegian massmurderer Anders Behring Breivik’s bizarre courtroom speech in German theatres next month in an effort to highlight the widespread prevalence of farright ideology in Europe. Swiss director Milo Rau adapted the script of “Breivik’s Explanation” for the German stage from an audio recording of the hour-long speech the farright nationalist gave in April before being sentenced by an Oslo court to 21 years in prison for killing 77 people last year. Though Breivik’s talk of an international underground of killers - latterday Crusaders he called the Knights Templar - seemed to be mere fantasy, many of his beliefs are to be found within the fold of anti-Muslim, anti-immigrant populists. “His ideological `manifesto’ is a distilled representation of a cultural crisis that pervades the European continent and finds expression in an increasingly
xenophobic populism,” Kirsten Simonsen, a professor at Denmark’s Roskilde University, wrote in “Bloodlands”, a 2012 series of essays about Breivik. Some notions touched on by Breivik in his justification for setting off a bomb in Oslo and shooting dozens of teenagers dead on an island retreat - that Europe and its in-
Breivik in court .
digenous cultures are being weakened by immigration and multiculturalism - have been helping reshape right-wing continental politics for years. The theatre performances in Weimar and Berlin are intended to promote the view that while Breivik’s actions were those of a madman, the ideology that drove
him is shockingly widespread in democratic societies like Switzerland and Germany, the 35-year-old director told Reuters. “It’s merely a coincidence that Breivik was the one saying it,” Rau said. “His words could just as well have come from 60 percent of the Swiss population.”
PHOTO: REUTERS
Friday, October 5, 2012
National Mirror www.nationalmirroronline.net
39
Business & Finance “The Federal Government of Nigeria has continuously placed the safety and security of the maritime domain in the front burner. In this respect, concerted efforts have been made to ensure adequate safety and security mechanisms in Nigeria’s maritime domain”. Minister of Transport, Idris Umar
“There is an erroneous belief that raising the oil benchmark for the 2013 budget above $75 per barrel would automatically translate into increase in projected revenue but benchmark does not necessarily give you more revenue”, Governor, Central Bank of Nigeria, Mr. Lamido Sanusi.
African economies growing strongly, despite global slowdown -World Bank L ANRE OYETADE
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China, which remains an important market for Africa’s mineral exporters. However, consistently high commodity prices and strong export growth in those countries which have made mineral discoveries in recent years, have fuelled economic activity and are expected to underpin Africa’s economic growth for the rest of 2012,” the report said. “A third of African countries will grow at or
above six per cent with some of the fastest growing ones buoyed by new mineral exports such as iron ore in Sierra Leone and uranium and oil in Niger, and by factors such as the return to peace in Cote d’Ivoire, as well as strong growth in countries such as Ethiopia,” said World Bank Vice-President for Africa, Makhtar Diop. He adding that, “an important indicator of
how Africa is on the move is that investor interest in the region remains strong, with $31bn in foreign direct investment flows expected this year, despite difficult global conditions.” However, with the global economy still in fragile condition, Africa’s Pulse warns that “Africa’s strong growth rates could yet be vulnerable to deteriorating market conditions in the
Euro-zone. In addition, recent spikes in food and grain prices are a cause for concern. An unprecedented hot and dry summer in the United States, Russia and Eastern Europe led to reduced yields on both maize and wheat production worldwide. Africa’s Sahel region is already suffering from higher food prices, high rates of malnutrition and recurring crisis and insecurity.
ub-Saharan Africa is expected to grow at 4.8 per cent in 2012, broadly unchanged from the 4.9 per cent growth rate in 2011 and largely on track despite setbacks in the global economy, the World Bank has said. In reports released in the Bank’s new Africa’s Pulse, a twice-yearly analysis of the issues shaping Africa’s economic prospects, excluding South Africa, the continent’s largest economy, growth in Sub-Saharan Africa is forecast to rise to 6 per cent. African exports rebounded notably in the first quarter of 2012, growing at an annualized pace of 32 per cent, up from the 11 per cent pace recorded in the last quarter of 2011. “African countries have not been immune to the recent bout of market volatility stemming from the Euro Area crisis, as well as the growth slowdown that is occurring in some L-R: Chief Executive Officer, NSE, Mr. Oscar Onyema; Group Managing Director/CEO, Union Bank of Nigeria Plc, Mrs. Funke of the largest developing Osibodu and Executive Director, Business Development, NSE, Mr. Haruna Jalo-Waziri at Union Bank of Nigeria Plc’s Facts economies, in particular Behind the Figures in Lagos on Wednesday.
Voters’ card now acceptable as bank customer identification UDO ONYEKA
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he Central Bank of Nigeria (CBN) as a means of including all segments of the society and also to support the cashless policy has mandated banks and other financial institutions op-
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erating in the country to include the Independent National Electoral Commission ( INEC) voter’s registration card as a means of customer identification. The CBN in a circular signed by K. N Amugo, for the Director of Financial Policy and Regulation Department said the apex bank has included INEC voter’s registration as a means of identification for the purpose of account opening and
transaction of banking business in Nigeria. “This move became necessary as a result of the need to enhance financial inclusion, to expand the acceptable identification options. “Accordingly all banks and other financial institutions are hereby advised to accept INEC voter’s card duly issued by INEC, bearing the holder’s particulars such as name, photograph, date of birth and address as a
NNPC decries attacks on personnel, unveils SAP
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valid additional means of identification of natural persons for the purpose of conducting banking business in Nigeria”. It would be recalled that many financial experts have said that there was the need for banks’ to take some measures that would making services attractive and less laborious to especially the less educated persons. Before now banks request for any of the followings; international
passport, driver’s licence and national identity card to open account, cash a cheque or transact any other business in the bank. It is believed that this measure would not only make bank transactions easier for the less educated Nigerians would also bring some reasonable per cent of Nigerian who not making use of the services of the banks to begin make use of the banks.
Nigeria’s transport sector: Still in slow motion
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FLIGHT SCHEDULE Arik Air Los-Abj: 07:15, 09:15, 10:20, 15:20, 16:20, 16:50, 18:45 (Mon-Fri/Sat/Sun) Abj-Los: 07:15, 09:40, 10:20, 12:15, 15:15, 16:15, 17:10, (Mon-Fri/Sat); 12:15, 15:15, 16:15 (Sun) Los-PH: 07:15, 11:40, 14:00, 16:10, 17:15, (Mon-Fri) 07:30, 11:40, 15:50 (Sat) 11:50, 3:50, 17:05 (Sun) Abj-PH: 07:15, 11:20, 15:30 (Mon-Fri) 07:15, 16:00 (Sat) 13:10, 16:00, (Sun) PH-Abj: 08:45, 12:50, 17:00 (Mon-Fri) 08:45, 17:30 (Sat) 14:40, 17:30 (Sun) Abj-Ben: 08:00, 12:10 (Mon-Fri/Sat) 08:55, 12:10 (Sun) Ben-Abj: 09:55, 13:30 (Mon-Fri/Sat) 10:50, 13:30 (Sun)
Aero Contractors Los-Abj: 06:50, 13:30, 16:30, 19:45 (Mon-Fri/Sat/Sun) 12:30 (Sun) 16:45 (Sat). Abj-Los: 07:30, 13:00, 19:00 (Mon-Fri/ Sat) 10:30, 14:30, 19:30 (Sun) 18.30 (Sat) Los-Ben: 07:45, 11:00, 15:30, (Mon-Fri/Sat/ Sun) 12:30 (Sun) 15:30 (Mon-Fri/Sat/Sun) Ben-Los: 09:15, 12:30, 17:00 (Mon-Fri/ Sat/Sun) 17:00 (Sat), 14:00 (Sun)
EXCHANGE RATES WAUA
234.6271
USD
155.84
CHF
159.2642
SDR
235.0535
CFA
0.2924
GBP
244.1701
EURO
191.3715
OIL / GAS FUTURES ICE BRENT
$123.39
-0.78
NYMEX
$108.45
-0.11
OPEC BASKET
$122.86
+1.16
NATURAL GAS
$2.83
-0.03
40
Business News
Friday, October 5, 2012
National Mirror www.nationalmirroronline.net
NNPC decries attacks on personnel, unveils SAP CHIDI UGWU ABUJA
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igerian National Petroleum Corporation (NNPC), has decried the increasing attacks on its personnel and installations across the country saying the cases of attacks are worrisome. The Group Managing Director of NNPC, Mr. Andrew Yakubu condemned the spate of attacks yesterday while unveiling the System Application Products also known as SAP, to effectively launch the Corporation into the league of major global companies that run the SAP business solution. Yakubu described the new the solution as a major milestone in the drive to transform NNPC being the biggest System Application Products in Africa. According to him, the solution which came on live after rigorous user acceptance tests, internal and external quality assurance reviews was designed to help the Corporation standardize and streamline its systems and processes in line with global best practices. He explained that after testrunning the SAP in parallel with the existing SUN System for over 14 months, the Management is convinced that the Solution will help the Corporation achieve a seamless integration of its processes and systems. “In addition, the philosophy of the SAP solution compels the
adoption of a central procurement organization to enable seamless Process-to-Pay, engender transparency, drive value for money and process efficiency,’’ the GMD said Adding:, “Also worrisome is the increasing cases of kidnap of staff members and families, piracy and other forms of harassment. The NNPC Management is however working with security agencies to ensure safety of personnel and family members,’’ He stated that the recent violent attack on NNPC pipeline repair crew at Arepo in Ogun State which resulted in the death of some personnel is of serious concern noting that Management is doing everything possible to prevent future occurrence. The GMD noted that despite the myriads of challenges in the downstream sector, the NNPC has continued to sustain the supply and distribution of petroleum products across the country even at great peril to its staff members and facilities. To midwife the new SAP process, Yakubu announced the formation of a supply chain organisation for the NNPC Corporate Headquarters on a pilot basis. He also stated that procurement of goods and services in all NNPC Strategic Business Units and Corporate Service Units must be routed through the supply chain organization.
L-R: Group Chief Marketing Officer, Dufil Prima Foods, Mr. Pawan Sharma; winner of Indomie super Millionaire Promo, Mr. Otun Lateef and Public Relations Manager, Mr. Tope Ashiwaju, during the 2nd draw and presentation of cheque to the winner in Lagos, yesterday.
Poor debts recovery: NAMA blames political interference OLUSEGUN KOIKI
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he management of the Nigerians Airspace Management Agency (NAMA), yesterday blamed undue political interference in its inability to recover debts owed it by users of its facilities within the airports, especially the airlines. The agency also disclosed that it has so far generated N20billion from the Aviation Navigation and Satellite Progarmme (ANSP) and
NULGE partners MOAN in battle against multiple taxation
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he National Union of Local Government Employees (NULGE) has appointed the Mobile Advert Agency of Nigeria (MOAN) as partner in its attempt to curb multiplicity of taxes. This is sequel to the directive from The Presidency through the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) to the NULGE President, Comrade Ibrahim Khaled, to take concrete steps to address the incidence of multiplicity of taxes as well as the harassment and molestation of motorists in
all the local government areas across the country. In view of this, NULGE said it had approved a proposal to partner with MOAN, whose principal objective is to streamline tax collection and eradicate the menace of multiplicity of taxes, to form and coordinate a National Task Force against Multiple Taxation/Levies. In a letter addressed to MOAN President, Otunba Mike Osimen Eboziegbe, in Lagos, NULGE urged the agency to take measures to ensure uniformity of taxes collectible across
all the 774 councils across the country. The union said on its part, it had introduced a biometric clearance, which would, henceforth, be the guarantee for free movement of vehicles across all the local councils in the country. MOAN, therefore, advised motorists “to go the nearest council office, the agency’s officials and revenue agents to obtain the NULGE biometric clearance, which is expected to be added to the approved local council documents already collected nationwide”.
hoped to increase the generation to about N30bn before the end of the year. The Managing Director, NAMA, Engr. Nnamdi Udoh disclosed these yesterday a press briefing marking his 365 days in office. Udoh lamented that despite the ‘Pay As You Go’ regime introduced by the agency over two years ago, several airlines still owe it massive debts, saying that until most of its clients change their orientation, it would be difficult for NAMA to meet the expected growth. Udoh who declined to mention the actual amount owed it by the various airlines both foreign and local, however said that the debts were in the region of billions of naira, stressing that the debts owed it and other agencies in the sector led to the disruption of operations of one of the indigenous carriers some few weeks ago. He, however, said that the management was putting in place measures to ensure that debts owed the agency was recovered without disruptions to operations of any of its clients. He said, “We are owed billions of naira by different operators we rendered services to and the crisis has been on for a long time. There is a ‘pay as you go’ regime in place, but despite this, people still owe
Insurance sector making progress with reforms –NAICOM OMOBOLA TOLU-KUSIMO
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he National Insurance Commission (NAICOM) has said current statistics show that the insurance sector is responding to various initiatives. Commissioner for Insurance, Mr. Fola Daniel made this disclosure recently in Lagos while
speaking on “Repositioning the Nigerian Insurance Industry for Enhanced Relevance to the National Economic Transformation”. Daniel stated that the sector is progressively making contributions to the nation’s economy. He said, “With a huge population of about 170 million people, the Nigerian insur-
ance market has the capacity to become the biggest in Africa and amongst the biggest in the world. “Current statistics show that the sector is responding to the various initiates, and is making greater contributions to the nation’s economy. “It is my belief that if the industry is able to maximise and take advantage of all the pre-
vailing opportunities opened to it, the sector will in no distant time assume leadership position in Africa”. Speaking on part of the initiative, he said the commission had in 2009 launched the Market Development and Restructuring Initiative, a medium term industry development plan designed by top focus on the enforcement of compulsory insurance products.
us massive debts. Just recently, in-house unions in the industry disrupted the operations of an airline, but before you knew it, there was propaganda that we were the one that sent them. “If these debts are not recovered, there is no way we can meet our obligations to the public or we can move forward. For an airline to owe so much, I think that is ridiculous. There are several interferences from different quarters whenever we want to take a bold step.” Udoh stated further that the impact plan of the agency in the next three years is to reposition NAMA as a key player in the 21st century and be a leading ANSP in Africa, saying that currently Nigeria is number two in the continent. He explained that the only way the agency can achieve its set goals was to boost its Internally Generated Revenues (IGR), have access to funds for capital projects, diversification to non-aeronautical revenue sources, human capacity development and build efficient human resources in the system. He emphasised that in the last one year, the Federal Government had imposed new responsibilities on the agency, which include the transfer of airfield ground lighting and operations from the Federal Airports Authority of Nigeria (FAAN) and transfer of bird strike and other wildlife hazard control and vegetation management from FAAN to the agency. He said that the additional new responsibilities would further boost the efficiency and operations of the workers, promising that in the next couple of months, users of the airports would experience more safety and comfort within the complex. “The goal of this administration is not only to reposition NAMA to world class pedestal, but becoming the leading ANSP in Africa has been set as benchmark to greater heights.”
National Mirror www.nationalmirroronline.net
Business News
Friday, October 5, 2012
OPS divided on the CBN loan ban for debtor firms STANLEY IHEDIGBO
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he Organised Private Sector (OPS) has maintained a strange silence on the recent Central Bank of Nigeria (CBN) loan ban placed on its debtor members. The apex bank in a September 17, 2012 circular barred the Deposit Money Banks from extending further credit to 113 companies and 419 company directors who owed banks in excess of N5billion. Most of the debtors owed large sums which have already been written off banks’ books and have been assumed by the Asset Management Company of Nigeria. A source who spoke with National Mirror, said that various OPS sub groups have yet to adopt a common position on the matter which has divided members. He added that the commercial banks, which the CBN was protecting, are members of the OPS, as well as the real sector operators who are indicted in the debts development are they members
too. The source, a council member of the Lagos Chamber of Commerce and Industry said that the step taken by the apex bank in publishing the companies’ names for public consumption was uncalled for, as they’re many ways the Asset Management Company of Nigeria can recover the money without embarrassing its members. Lending his voice, an industrialist who pleaded anonymous, blamed the high interest rate in the country as reasons some firms are not able to pay back their loans. He added that the high cost of production, lack of infrastructure, especially power supply and frequent policy changes were major factors contributing to the inability of many companies to repay bank loans. “You will see a company that has executed a project and you have delay in payment and all that and at the end of the day profits are wiped of when you pay 23 per cent plus management fees, so people will end up owing. The
banks too are to blame in part, as many of them will keep granting loans to customers that have not repaid initial loans thinking of the fees they will charge. They will advise that you take more loans and at the end of the day the debt balloons out of control”, he said. However, a Lagos based businessman, Mr. Johnson Oleka , supported the move made by the apex bank saying it is a right step in the at right direction. He said that the banking sector crisis of 2009 was as a result of people collecting huge loans and refusing to pay back. He added that CBN should have taken this action before now, as various top banks executives had already been jailed or facing prosecution over similar issues. In his words,” Those debtors should repay or their properties will have to be seized. It was because of them that the banks executives were sent packing from their office while those people pretended to make some payment at that particular time and backed out later.
Agriculture has potential to grow the economy UDO ONYEKA
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he Managing Director, Dizengoff Nigeria, a subsidiary of UK Balton Group, Mr Richard Hargrave has observed that non-oil export sector such as agricultural products is vital to the generation of foreign exchange income and employment for the country. Hargrave who made the observation at the official presentation of ‘Amiran Farmes Kit’ from Dizengoff in Lagos, yesterday said that agriculture has a lot of untapped potentials, which if adequately harnessed, would contribute towards the aspiration of Federal Government on making Nigeria one of the first 20 economies in the world by the year 2020. According to Hargrave following outstanding success in Kenya by Amiran Company using the innovative integrated so-
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Nigeria imports 25,000 vehicles in 30 days FRANCIS EZEM
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ehicle importation into Nigeria, has recorded yet another upsurge as a total of 25, 000 units of vehicles were imported into the country through her major seaports. The country had at the end of the first half of 2012 recorded an upsurge in the volume of vehicles imported through her major seaports, which peaked at 35.2 growth rate. This translates to the importation a total of 129, 389 units of automobiles as at the end of June, 2012, which came through the various seaports as against those of 95, 676 units imported in the comparative period of 2011. Meanwhile current statistics released by the Nigerian Ports
Authority shows that the vehicle traffic at the ports for July 2012 stood at 24,884 units, which represents a 29 percent growth rate over the 19, 292 units imported in the comparative period of July 2011. Expert are however of the view that the high volume of importation of automobiles is indicative of the fact that the indigenous automobile industry is not performing at optimal level, which prompted such huge importation, which translates to almost 1,000 units of vehicles per day, going by the July figures. Records show that the indigenous automobile industry has the capacity of produce over 150, 000 units annually which is capable of creating over 70,000 skilled jobs while another 210,000 semi-skilled
jobs would be created if it is meant to perform at full capacity. Automobile experts are also of the view that if government’s vision of producing automobiles locally were to be achieved, measures should be put in place to discourage the importation foreign made automobiles through increase in duty and other tariffs paid on imported fully built vehicles to 35 per cent and above, among several others. It was also gathered that the current total annual operating capacity of all the local assembly plants is valued at only about N30billion, which is insignificant when compared to the N550billion, which is the value of Nigeria’s annual installed vehicle assembly and manufacturing capacity at 150,000 units.
lution known as ‘Amiran Farmers Kit’ to revolutionalise the growing of tomato, Dizengoff Nigeria has brought the technology in Nigeria to boost the economy He said, “to produce sufficient quantities of food at affordable prices, and to meet the future demands of growing population, the Federal and the state government should make all imported materials necessary to grow food in Nigeria be made duty free. We believe that Government has a duty to eliminate complicated bureaucratic impediments in order to actually guarantee bank loans to young farmers who are serious on the business.” “A support to agriculture by the government would also be avenue to create jobs for the teeming young people in Nigeria. If the government develop interest in the ‘Amiran Farmers Kit’ many youths would be taken out of the streets and into the Kits to grow tomato all year round, day in and day out, on a commercially sustainable basis.
Etisalat targets 15 million subscribers in new promo KUNLE A ZEEZ
FRSC Zone 5, Benin Zonal Commander, Mr. George Olaniran and winner Second Palace FRSC/Oba of Benin Best Drivers’ Award, Mr. Elvis Eduware of the University Benin, during the 2012 edition sponsored by Globacom in Benin yesterday.
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igeria’s fourth largest telecommunications network, Etisalat, said it expected to hit 15 million subscribers base soon, riding on the new promo it just launched for its existing and prospective subscribers on its network. In the new promo designed to mark the Nigeria’s 52nd Independence Anniversary and four years operations of Etisalat in Nigeria, the telecoms firm said it planned to give N1bn worth of airtime monthly to subscribers. Tagge, 9ja Free Credit promo, said it also expected to achieve increased its currently subscrib-
er base of about 14 million by additional 1 million to reach 15 million subscriber mark soon. Speaking at the promo launch, Director, Marketing Segments and Strategy, Mr. Oluwole Rawa, said having spent about four years in Nigeria, the amount of support and encouragement that Nigerians had given the company has been inspiring. “Within a span of almost four years, Etisalat has grown an impressive subscriber base of over 14 million which is remarkable in terms of growth compared to any networks in Nigeria and with this promo, we expect to push our subscriber base further to 15 million soon,” he said.
Final GUS contestants emerge on Sunday
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fter undergoing a series of screening exercises, the final 12 contestants that will compete in this year’s edition of Gulder Ultimate Search are about to be revealed at a Final Selection Party. The party is scheduled to hold on Sunday, October 7, 2012, at the New Expo Hall of Eko Hotel, Lagos. This year, over 30,000 individuals registered to participate for Gulder Ultimate Search 9. After registration, the individuals had to undergo several physical and mental exercises at locations in Owerri, Benin, Makurdi and Lagos. Of the thousands that registered their interest, 30 individuals were selected and are currently in Lagos for the final selection process. Only 12 will proceed to the Usaka Forest in Obot Akara Local
Government area of Akwa Ibom State, where this year’s edition of Gulder Ultimate Search will hold. The winner walks away with N9 million, N500,000 swagger allowance and a brand new SUV worth N10 million. This is in addition to the bragging rights of being referred to as the Ultimate Man or Woman, with its numerous benefits. It is also expected that the ‘host(s)’ of Gulder Ultimate Search 9 will be revealed at the event. Last year, two anchors hosted the programme for the first time in the show’s nine year history. It remains to be seen whether the show will retain the Gulder Ultimate Search 8 two-anchor format, or whether it will revert to the single anchor format as in the show’s preceding years.
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Maritime
NIGERIA @ 52
Friday, October 5, 2011
National Mirror www.nationalmirroronline.net
Nigeria’s transport sector: Still in slow motion FRANCIS EZEM
N
igeria’s transport system has no doubt had its fair share of the economic and political hiccups that have characterised political and socio-economic development in post independence era since 52 years ago. From shipping, rail to land transportation, the entire gamut of the transport sector in Nigeria has gone through one form of reform or the other. These major segments of the transport sector have also witnessed several policy summersaults such as every other sector of the economy. At political independence in 1960, the two major means of movement of people and goods were the rail and the roads, with little or nothing heard of inland water transportation. This was also a function of the economic realities of that time. Prior to the country’s independence, many of the economic activities were centred on agriculture, which provided basic source of raw materials for colonial firms. So rail transport for instance provided veritable means of movement of raw materials such as logs of wood and rubber, among several others. There were maritime activities in Nigeria in the pre-colonial era, but real developments in the industry effectively commenced in 1906 with the opening up of the Lagos Lagoon. However what could be termed a shipping policy direction could be traced to 1948 when the first four berths and 41 hectres of reclamation was done at Apapa Port up to 1954 when the Port Act was enacted and subsequent creation of Nigerian Ports Authority in 1955. Thus in 1960 when Nigeria eventually attained political independence, the number of berths had increased to five (four in Apapa and one in Port Harcourt), which then gave the country the status of a maritime nation. From 1960 to date, the shipping industry has also enjoyed a better policy direction, which had also boosted infrastructural development. For instance, the Federal Military Government in the late 1960s established the Nigerian National Shipping Line (NNSL) designed to provide the needed tonnage for Nigeria’s growing economy. It was also to provide vessels for the sea time training experience for cadets trained at the Maritime Academy of Nigeria, (MAN) Oron in present day Akwa Ibom State. The establishment of the academy was also in line with the government’s policy direction of building indigenous capacity. The national carrier at a point in time had in excess of 20 ocean-going vessels on her fleet. Regrettably, due to a combination of corruption, government interference in the day-day running of the company, the NNSL collapsed. The maritime industry has also more than road and rail transport witnessed infrastructural development. The inadequacy of the Apapa and Port Harcourt Ports led to the building of the Tin Can Island Port. The demand for more ports and to reduce the pressure on the existing ones also brought about the construction of seaports like Calabar, Sapele, Brutu, Onne and Warri. The construction of Onne Ports Complex was significance apart from being a world-class facility comprising of the Federal Ocean Terminal and the Federal Lighter Terminal, designed to handles Nigeria’s oil and gas activities, it was developed through a public/private partnership. There have also been some policy frameworks introduced to address maritime issues as they arose. For instance, with the demise of the NNSL, the government came up with the National Shipping Policy Decree of 1987, which created the defunct National Maritime Authority. The Decree also created two capacity building schemes, which include the ship acquisition and ship building fund (SASBF), a revolving low-interest loan to enable indigenous shipping companies to acquire ships and further boost tonnage. The other scheme was the 40-40-20 cargo sharing formula. The NMA was basically created to administer the SAS-
Oil vessel
TODAY, NONE OF THE SEAPORTS IS LINKED TO THE RAILS; THE ROADS ARE NOT ALSO LINKED TO THE RAILS AND SO, THERE IS NO INTEGRATION OF THE VARIOUS TRANSPORT SYSTEMS IN NIGERIA 52 YEARS AFTER INDEPENDENCE BF as well as the cargo sharing formular created to bridge the gap between the more established foreign shipping companies and their fledging indigenous counterparts. The SASBF has since been scrapped because the first batch of beneficiaries refused to pay back the revolving loan while the cargo sharing scheme was also scrapped. The port concession probably represents the biggest historical event in Nigeria’s march towards efficient and user-friendly port system. Thus the government in 2003 undertook a reform of the ports to make them efficient, effective and user-friendly. This reform, which adopted the Antwerp Port, Belgium landlord model, followed a careful study by the Bureau of Public Enterprises (BPE) through the World Bank. Thus, NPA was stripped of its cargo handling functions to become the landlord; collecting royalties on behalf of the government. It also renders services like towage and pilotage as well as dredging of channels etc. For this purpose, all the eight seaports were delineated into 26 terminals on a long term lease of between 10-25 years. Unfortunately this model has not fully achieved the desired results due to government’s failure to put the necessary legal and institutional framework in place before the exercise. The consequence is that today, there are private terminal operators without a commercial regulator to monitor charges and enforce compliance with the concession agreement. So these terminal operators and shipping companies, whose only language is profit, impose all manner of charges on port users, thus making the country’s ports one of the most expensive in the world. This has also resulted in cargo diversion to neighbouring African countries with the attendant revenue loss to the government. On building capacity for indigenous operators, government is at the verge of the review of the Coastal and Inland Shipping (Cabotage) Act to enhance the participation of indigenous shipping companies. In terms of rail development, Nigeria has not achieved much. This segment of the transport sector, which used to be the biggest employer of labour, has recorded a massive decline over the years. Most of the rail systems are still characterised by the narrow gauge built by the colonial
masters long before the independence of the country. Assistant Director in charge of Public Relations of the Nigerian Railway Corporation, Mr. David Ndakotsu, who painted a gory picture of the decline of the rail system in Nigeria, noted that 20 years ago, more than 25,000 people were employed by the corporation but said that currently the number has reduced to less than 4,000. Minister of Information, Mr. Labaran Maku, in a recent ministerial briefing organised by the Ministry of Transport lamented the failure of successive governments in the country to fix the transport system, especially the rail transport. Statistics available to National Mirror show that in India as densely populated as it is, rail transport constitutes over 80 percent of the means of movement of goods and people unlike in Nigeria where it constitutes less than two percent even with her smaller population. The Minister had also admitted that the inland waterways system constitutes another area of shame, as the country is yet to tap less than one percent of the potential that abound in her inland transport system as a means of mass movement of people and goods. The effect of the neglect of these two important and cheaper means of mass movement of people and goods has been the over-dependence on the roads, with the attendant high cost of maintenance. Due to a combination of corruption and paucity of funds, most of the roads in the country are in a sorry state, making road transportation, which is the most popular means of transport a nightmare. A transport and logistics expert and National Executive Director of Chartered Institute of Logistics and Transport, Mr. Francis Ehiguese, while assessing the Nigerian transport sector, estimated that Nigeria loses over 30 percent value of her Gross Domestic Product annually to inefficient transport system. He partly attributed this to the absence of a National Transport Policy. “In 1993 the first National Transport Policy was presented by the Federal Government and today, it has remained a draft”, he regretted. Mr Ehiguese said “Today, none of the seaports is linked to the rails; the roads not also linked to the rails and so there is no integration of the various transport systems in Nigeria 52 years after independence”. But the information minister also assured that the President Goodluck Jonathan’s administration is committed to addressing these inadequacies. According to him, in line with the administration’s vision of achieving the Millennium Development Goals (MDGs) and those of the Vision 20-20-20, by which Nigeria projects to emerge one the 20 biggest economies of the world by year 2020, the government is working towards revamping the various decayed transport infrastructure, under which it is working on a level of public-private sector participation.
National Mirror www.nationalmirroronline.net
Maritime
Friday, October 5, 2012
‘Enforcement of N6bn court judgement will sink NIMASA’ STORIES: FRANCIS EZEM
T
he Nigeria Maritime Administration and Safety Agency has said that if nothing urgent was done to vacate a recent Federal High Court judgment, which awarded N6billion to an indigenous shipping company for damages arising from alleged illegal detention, the agency’s ability to enforce safety regulations in the country might be seriously hampered. Hensmor, an indigenous shipping company had dragged the agency to court over its decision in 2006 to arrest and detain MT Agbonmien, which certificates and other relevant documents had expired one year earlier in line with its safety enforcement regulation duties claiming N6billion, which the court awarded prompting an appeal by NIMASA. Director General of the agency, Mr. Patrick Akpobolokemi, raised this alarm when he delivered a paper entitled: Enforcement Regulation of Safety: the Nigerian experience at the just concluded 2012 edition of the International Maritime Organisation World Maritime Day celebration on the theme: 100 years after the Titanic, which held in Calabar, Cross River State. The director general noted that the greatest challenge faced by the regulatory agency in the enforcement of safety regulations, which is one of its core functions was the poor state of most of the ships owned and managed by indigenous ship owners, many of which do not the scruitiny of the minimum requirements on safety as laid down by the IMO. According to him, attempts by the agency to enforce minimum standard has been resisted by the operators, many of who cry foul
L-R: Governor Liyel Imoke of Cross River State, Minister of Transport, Mallam Idris Umar and Permanent Secretary of the ministry, Mr. Nebolisa Emodi at the International Maritime Organisation World Maritime Day which held in Calabar, recently.
that they are being muzzled out of business, regretting that an offer made by the agency to the Indigenous Ship Owners Association of Nigeria, umbrella body for all indigenous shipping companies to assist them repair their vessels was rejected. While narrating the ordeal of the agency in the hands of indigenous shipping firms, he cited a graphic example of Hensmor, which vessel; MT Agbonmien was reportedly unable to sail out of Waziri Jetty due to major mechanical fault and was subsequently discovered to be carrying expired papers after surveys only for the company to sue the agency. Akpobolokemi had argued that the court could reason with the agency that a vessel which certificates had expired, is not sea worthy and was therefore, liable to detention in line with relevant statutes, which are clear and inconvertible.
Apart from the poor state of indigenously owned vessels, the DG also disclosed that another major challenge faced by the agency in the enforcement of safety regulations was the lack of capacity in terms of human and infrastructural, regretting that until about two years ago when he came on board, no conscious effort was made by past managements of the agency to build such capacity. According to him, it was faced with this major challenge that the agency went into a Public – Private sector Partnership with Global West for the supply of platforms to enable it carry out its core mandates, which among others include safety regulations, adding that the agency has recruited new marine surveyors to boost its work in this direction. Another challenge, it was gathered was limited resources and the huge logistic requirements in the removal of wrecks
and derelicts, which constitute safety and navigational hazards. The agency is also faced with the problem of drawing a line between the enforcement of maritime safety and security, both which are the same sides of a coin. This arises given the provision of the Armed Forces Act, which provides that it is the primary responsibility of the Nigerian Navy to ensure maritime security on Nigeria’s waters even as other agencies of government like NIMASA and the Nigeria Customs Service play complementary roles. Meanwhile, Minister of Transport, Mallam Idris Umar, while speaking at the event had assured that the Federal Government more than ever before is committed to ensuring safety and security of navigation within Nigeria’s territorial waters and her Exclusive Economic Zone.
Group canvasses merger of Apapa, Lilypond Customs commands
I
mporters under the aegis of Nigerian Importers Advocacy and Support Group has made a strong case for a collapse of the Lilypond Command into the Apapa Area 1 Command of the Nigeria Customs Service, which is bigger and better positioned to carry out import inspection duties. The call by the association is against the backdrop of the fact that Lilypond is a dry port and most of the containers cleared from there are originally transferred from Apapa Port. Executive Secretary of the association, Mr. Adebayo Famoroti, who made the call in Lagos, said the fusion had become necessary to ensure seamless transactions
at the Lagos Port Complex, Apapa, which is covered by the Apapa command of the service. According to him, there has been a drastic reduction in the number of container that are transferred to Lilypond command because most importers now prefer to receive their containers at Apapa, which is the main terminal. “The main problem for us importers is that when you make any payment at Apapa Port and your container is transferred to Lilypond, it becomes almost impossible to clear your consignment from Lilypond because until that payment is received at Lilypond, you won’t be able to clear your container.
We believe that if Lilypond is under Apapa Command then this kind of problem will not arise”, the secretary argued. He also noted that the various off dock facilities under Tin Can Island Port do not have separate customs commands but are all under the Tin Can Customs command, a situation which has made it possible for seamless transactions at the bonded terminals and has helped them in attracting patronage. “Offdock facilities are extension of the main port facilities and the customs at the main ports should supervise their operation”, he said. He also blamed the low level
of activities at Lilypond on the lack of a unified customs command in charge of both Apapa Port and Lilypond terminal. On the reasons for the formation of the new association, he said: “To champion the cause of importers who are often ignored in the decision- making process despite being the owners of the cargo”. While assessing the performance of Customs in Nigeria, he faulted the practice of setting targets for the service, a development he said leads to desperation on the part of the various commands to meet revenue target against all odds even to the detriment of trade facilitation and national security.
43
APMT emerges best terminal operator
A
PM Terminals was once again named “Port Operator of the Year” for 2012 at the prestigious Lloyd’s List Global Awards Gala held in London on September 26. The annual award, presented by Lloyd’s List, an industry publication covering the shipping world since 1732, is given in recognition of the company or port authority that has maintained the highest standards of operational efficiency and customer service throughout the year through exceptional innovation, improved efficiency, profitability or successful investment in port operations. APM Terminals was also named Lloyd’s List Port Operator of the Year at the 2009 Global Awards. Vice President APM Terminals in charge of Corporate Strategy and Business Development, Mr. Francois Delenclos, received the award on behalf of the company. Amongst the finalists in the port operator category were Global Ports Investments, APM Terminals’ new joint venture partner in Russia. Some of the first colleagues to congratulate Francois Delenclos were executives from Global Ports, who were also present at the event. The judging panel, comprised of veteran shipping industry experts stated that they were impressed by the $3 billion in infrastructure investments made during the past year across APM Terminals’ Global Terminal Network. These investments encompasses interests in 70 port facilities in 40 countries, and cited APM Terminals’ commitment to growth based upon “the highest standards of ethical and sustainable business practices”, praising APM Terminals’ tangible results in improvement of Safety Performance and reduction of CO2 emissions.
Chairman, APMT, Earnest Sonekan
44
Capital Market
National Mirror www.nationalmirroronline.net
Friday, October 5, 2012
ASI rises 1% as core investor takes over Dangote Flour JOHNSON OKANLAWON
D
angote Flour Mills Plc emerged the most actively traded stock on the Nigerian Stock Exchange yesterday, folowing a divestment of 3.17 billion shares worth N30.1bn in 94 deals to Tiger Brand, the core investor in the company. The sale of the shares was done at N9.50 per share, after regulators’ approval last month. With the deal, Dangote Industries Limited retains a 10 per cent stake in the flour miller com-
pany. Meanwhile, trading in equities continued on bullish note yesterday, as investors’ appetite on stocks rose further. The NSE All-Share Index gained 1.00 per cent to close at 26,448.61 points, compared to the increase of 0.04 per cent recorded the preceding day to close at 26,187.61 points. Market capitalisation appreciated by N83.1bn to close at N8.42trn, lower than the rise of N52.4bn recorded the preceding day to close at N8.33trn.
Union Bank of Nigeria Plc led the gainers’ table with 76 kobo or 9.93 per cent to close at N8.41 per share, followed by Acedemy Press Plc with 15 kobo or 9.15 per cent to close at N1.79 per share. AIICO Plc gained five kobo or 8.77 per cent to close at 62 kobo per share, while Dangote Sugar Plc increased by 36 kobo or 7.20 per cent to close at N5.36 per share. Access Bank Plc rose by 45 kobo or 5.17 per cent to close at N9.15 per share. On the flip side, Custodian Insurance Plc dropped 12 kobo or eight
per cent to close at N1.38 per share, while Arbico Plc dipped by 46 kobo or 4.90 per cent to close at N8.93 per share. Air Service Plc lost 11 kobo or 4.85 per cent to close at N2.16 per share, while Livestock Plc declined by eight kobo or 4.60 per cent to close at N1.66 per share. Transcorp Plc shed five kobo or 3.97 per cent to close at N1.21 per share. A total of 3.63 billion shares valued at N32.5bn were exchanged in 4,731 deals, compared to 326.07 million shares worth N2.42bn traded in 5,301 deals the preceding day.
FBN Heritage Fund records 13.1% growth JOHNSON OKANLAWON
T
he FBN Heritage Fund has recorded N11.73 or 13.13 per cent price appreciation, as the fund rose from a bid price of N89.28 in 2010 to N101.01 on the Nigerian Stock Exchange last week. A further review of its price movement showed that the fund closed the 2011 financial year with a bid price of N90.10, compared to the corresponding year’s bid price of N89.28. In the review period, the fund outperformed the NSE All-Share Index
by 6.1 per cent, generating a return of 0.92 per cent, in contrast to the Exchange ASI, which declined by 5.18 per cent. According to the fund manager, Mr. Michael Oyebola, the firm has its sights firmly placed on ensuring further reward for investors as the the portfolio has been restructured to help investors harness the opportunities available in the equities market and money market. He explained that the restructuring facilitated the freeing up of investment capital for application to other investment assets.
Oyebola said, “For the money market, we positioned ourselves to take advantage of the high interest rates on both tenured deposits as well as Treasury Bills and continue to ensure that we achieve the best return possible on investments made within the confines of the asset allocation as prescribed by the trust deed and the investment policy of the fund. “Our set target was to achieve the par (N100.00) value of the fund to reward investors who has remained loyal to the fund and we continue to be encour-
aged by the performance growth so far and believe that we are not far from where we want to be. Our promise is to ensure above benchmark returns for investors in the years ahead.” A review of its second quarter performance showed that the fund had a positive return of 4.02 per cent during the quarter ended June 30, 2012, as against the 4.59 per cent return of the NSE. Year- to- date, the fund had a positive return of 6.02 per cent, as against 4.19 per cent of the Exchange ASI.
US stocks rise on economic reports
U
nited States stocks rose yesterday, sending the Standard and Poor’s 500 Index higher for a fourth day, as reports on jobless claims and factory orders were better than forecast and the European Central Bank said it stands ready to buy bonds. All 10 industry groups in the S&P 500 advanced. Financial and commodity companies rose the most, climbing at least 0.9 per cent, as Bank of America Corporation and Consol Energy Incorporation rallied more than 3.1 per cent. TJX Cos. and Tar-
get Corporation gained among retailers after September same-store sales topped estimates. Ryder System Incorporation jumped 5.5 per cent amid an analyst upgrade. The S&P 500 increased 0.6 per cent to 1,460.29 points. The benchmark index has rallied 1.4 per cent this week. The Dow Jones Industrial Average rose 83.04 points, or 0.6 per cent, to 13,577.65 points yesterday, as trading in S&P 500 companies was 19 per cent above the 30-day average. “In the last several weeks, we have coordinat-
ed global monetary stimulus, and that’s starting to show up in the change of trends in American economic statistics,” Douglas Cote, chief market strategist at New Yorkbased ING US Investment Management, said. “Employment, manufacturing, services and consumer sentiment have all gone from weakening to strengthening.” US stocks rose as Labor Department figures showed applications for jobless benefits increased 4,000 to 367,000 in the week ended September 29. Economists forecast
370,000 claims, according to the median estimate in a Bloomberg survey. Orders placed with US factories fell 5.2 per cent in August, the Commerce Department said. The median forecast of economists in a Bloomberg News survey called for a decline of 5.9 per cent. ECB President Mario Draghi said the bank is ready to start buying government bonds as soon as the necessary conditions are fulfilled. The ECB kept interest rates unchanged at a historic low of 0.75 per cent.
Source: NSE
Source: Afrinvest
Market indicators All-Share Index 22,492.96 points Market capitalisation 7,180 trillion
Stock Updates GAINERS COMPANY
OPENING
CLOSING
CHANGE
% CHANGE
UBN
7.65
8.41
0.76
9.93
ACADEMY
1.64
1.79
0.15
9.15
AIICO
0.57
0.62
0.05
8.77
DANGSUGAR
5.00
5.36
0.36
7.20
ACCESS
8.70
9.15
0.45
5.17
CADBURY
25.00
26.25
1.25
5.00
ASHAKACEM
15.21
15.97
0.76
5.00
JBERGER
27.50
28.87
1.37
4.98
LEARNAFRCA
2.01
2.11
0.10
4.98
OANDO
12.78
13.41
0.63
4.93
LOSERS COMPANY CUSTODYINS
OPENING
CLOSING
1.50
1.38
CHANGE
% CHANGE
0.12
-8.00
ARBICO
9.39
8.93
0.46
-4.90
AIRSERVICE
2.27
2.16
0.11
-4.85
LIVESTOCK
1.74
1.66
0.08
-4.60
TRANSCORP
1.26
1.21
0.05
-3.97
UTC
0.76
0.73
0.03
-3.95
PRESCO
15.57
15.28
0.29
-1.86
JAPAULOIL
0.62
0.61
0.01
-1.61
NASCON
6.09
6.00
0.09
-1.48
OKOMUOIL
37.01
36.50
0.51
-1.38
Primary Market Auction TENOR
AMOUNT (N’mn)
RATE (%)
DATE
91-Day
21,838.51
14.09
27-Sep-12
182-Day
59,081.14
15.05
27-Sep-12
-
-
-
-
Open Market Operations TENOR
AMOUNT (N’mn)
RATE (%)
DATE
366-Days
193,954.35
16.20
04-Oct-12
-
-
-
-
Wholesale Dutch Auction System AMOUNT OFFERED
MARKET DEMAND
AMOUNT SOLD
DATE
$200m
N/A
$177m
04-Oct-12
$200m
N/A
$200m
26-Sep-12