IND •
25
Nigerian Tribune
Monday. 15 October. 2 012 1
Budget will reduce credit risk -Experts XPERn· In thc Ind" .. t r l a l ~ub:ul tl r of the domestlc economy. al thc weekend .• (}plauded thc N4 93 lrillk·n budget
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prcscntatloll of Prcsldcnt Goodluek Jon.lhan. dC8CTlblng It as on .. that would help reduC"" credit risk However. thc cllpcrt frowned on the sllentt on
-Want explnnation on grey areas ~peciOc areas IIkc poverly alleviation pro~rammcs In 2013. how the governmcnt wlll rcduce thc 85 9 btllion ulemal
dcbt alTlCl'fll[ other!l According to the EXeeutlvc Director. Afrlclln Institute for Applied
IA1AEI. Dr IredloT. "mobt. ·why Lhe budget
explained to Nlger1ans • Uc said • key upeet of lhe 2013 budget was the IntrodUCtion or the HIOa billion Sinking fund to lu'rvlcc debt obllgallo lu as they mature -Thill Is good and will al~ help ~utt Nigeria 's credit risk A poser would be whctlll~r the fund would be Inlcn:st·burlng -The 2013 budget proposal presented by President Goodluck Jonathan was a brmltlqJ jr"11 air from the key s~etorlll alloclillolI!l.
20 13 by 2.8 PC' cent Noteworthy Is govemmcnt·s ability to remarkably rcduce algnlflc.l1l1y the provision for domcstlc borroWing In 2013 -The US875/bsrrei benchm.rk otl prt~c notwlthst.ndln.c Ironleally It Is coming at a lime when the United Statts and olht::r cuero analYI'I1.5 an: pl'"edlcUng II de cline In erude 011 rrtCi:S In2013 "'Iw. On the downside. however, the budget. which promolca conllnul1y or thl: theme and pillars or the 2012 budgel. willi POVt"Tly lilt the rore or Ihat th~m~ III eOIl!lplruou"ly !llIrllt on
thllt govcrnment Is !lClIslllvc and car~!I for the safely of Ihe JlC'Ople If Implemcntcd propcrly. Ihe budgct will not o nl y !lhrlnk thc nseal deflcll bv almo"'l 07 pcr cenl from 2012 bUI will allo Inereasc capital ClIpcndllurc In
In 2013 1\l!IO.lIlIhollJth v~ry cOllccrncd Rbollt Nlgcrla II debt burdell and an apprC':"Clalioll for fiscal prude nrc ~olllg forward_lhc2013budfl;C'l l" noUcrJllbly slh:l1t I)Un' again ou Ih~ S5 q billion cxtcnlal dcbl and how It
proposal commendable
Is In
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enllrely . those fluy areas
need
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· Direcl of"'Ge'"eI at Nation al Agency for'ood. Drug Admi n ia:tn1rlon and Con tro l (NAFIMQ. Dr- Paul Orhil (~Jrom ,~ ~ng k~ of a brand nnD Toyota HUwe oanfrom Ih e Genetll' Manager. Orange Drug' U mlted. .,.. Shon e ll Oush un. while Opera t ion. Manogel'". Jlr Ugochu JrIDU Ueh end u (rig ht) aILd Su, erirllertden t I'tLOJ","-acbr..~ £bel. Qjukwu(lliftl, bolh of Orange D,.,.g$ U m lfed. watch. duri ng p,..qntation of the IIIClII donated by .he company 10 NAr'DAC. at Ihe agency·, office In Lagos. 0I't ""d 1M. Photu; S)I~tt>T Okoruwd
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Agric 'Il revive economy -SMEDAN DC 1 R I I TOR O~n~r II of the Smpll and Mcdlum Elil rprlses Devclopmcnl A~ency of Nigeria (SMEr A~1. I\lhaJI Muhamund N.dada Um.r. bas i f Id that .grlcultu .... c~lId oncc again brCI n e the malnsUly ,ar th~ . OUl1lry's econom~ I f !'Ic" n as a proressk/il r.0' I rofltabk: re:tums tb anne fS. He pi qlc( It d thai
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full wHh Ihe Implementalloll 01 thc Fedeul Governmcnt·s Tranalomlallon Agenda In the .grlcultur.1 sector. thcre: would Ix n o mo~ lree land tn thc counuy Alh.JI Umar statcd Ihla ",hlle rccelvlng • I~ from the Soctcty cI Youth In Agrlculturc ISYAJ. who paid him II co urtraJ vlsH at the .genc,·. hc:adquarten In I\buja. TIlt: Purpoec of 1M
vlSll . Recording to the bodY·1 Pr-sldent.
In a related dcvt:iopment.SMEDI\N
sm.1I and mcdlum enterpr1lleslSMEslin the
Comrade Bakare OladlmcJI. was to seck arcas of collabor.Uon
DG has charged a delegation of the Nlgcrlan Youths
country wHh II view to eradlcallng po~ny and unemploymcnt . adding
en t rep r e n e tralnlnlt
I\huJ •. to prcss for lhc rapid devclopment of
from the era of crisis bedev1ltng It
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un-lNE:i3
NI~ria
Pic. onf of the me-tm"" rontUne bcYeragcl ..an ... f lClUreni. reecntly hlld • share:hol'era· fl rum In the com~an," Ogba hn:wlng ~ IIlIV. when: It availed th shal ehokkn thc opport4nlt'l tlvtslUng Ita IlCW sltte ' d thc art breWing leel ono logy. prepara1qry to Its forlhcori01g Annua l Gcneral Heeling. lIChcdulcd h ..\I uja nut month. II a1su plci rlded • platform for dnf tnt wtth sundry BACS I1lattng to the comp~ly" rs I lnaoclal
C'Onduct.tng thill dialogue but the Dormt has decided to Include thc sh.reholder forum .s well a. an.lysl:s· .nd tnallluUon.1 InyestorS ·prese:"t.Uon . Theae
to
In frast ruct u re
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thc economy are: grossly Inadequatc-
Dangote Flour Mills earned N29.59bn
ANCOT E flour Mills h.s reporlcd earning. of N29.59
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Guinness holds shareholders forum result.s b- the year ended June 20 I 2 - h:fudIng lite issuing cI Kr1p dividends .nd Investments In capadlJ c:xpanskJn. MrBabatundeSaqge. Chalrm.n. Cutnne •• Nige r ia P ic. said th.t shan:hoklcrs should look fOl"Wa,d to mOrc from Culnnc:8e Ntgm. -Gulnness Nlgcrla values Ita dialogue with all Ita a harehokten. 1llc Annual Gcnen.J Meeting IACMI has becfl the primary .venuc for
:;'::'d::~U"d~:g::
Chamlxr of Commc~ and Industry (Lc(-II. Mr Goodlc Ibru . noted -II Is evtdent Ihat allocations
events ,,111 become a rcgular featurc of our cngagemenl programme with this group of st.keholders Managing Dtrcctor Chid ExecuU~ omccr. Gulnnesa Nlgcrili Pk. Mr Sheul Adetu . • ald that the BMf tcchno~ Wll.!! pari or the agcnda of Innov.tlon thai would be acen from the company In the coming pc:r1od "This Jc.r In particular. we UIOUght It .pproprlate to provide opporlunlty to .ec the new f.cllltle~ we arc putUng In plac!!" In the <>gbII Brewuy .s pari of Phase 1 of our capadty expaIUIon pn:tIramrnc.he said.
billion In thc six mOllths ended June 30. 20 I 2 According to Ihc un.udttcd flnancl.1 results relca5ed on thc noor of thc NIgcrl9n Stock Ellch.nge (NSEI. the flour miller posted I"C':V'eI1UC 0( NI4 63bUlion while Its subsidiaries accounted for the balance of NI4.96 btlUon. In the flnt quarter ended March 30. 2012. Oangote flour posted • revenue d N 13.80 bUllon with the subsidiarIes contrtbuting N7.20 btlUon "hUe the nour mill contributed N6. 60 billion Thc management of the company aald It was adopUng new rnc.surea and strategies to cnhlll1cc the opera lions of lhe organlsauoll and stay abo¥e compeUUon In the lndustry O.ngote flour mills. which now has a n cw Ma n .glng Di r ect or
following thc divestment of thc Dangote IndustrlcS Llmltcd.. m.Jor stakeholder. Is cxpccted to consolidate on Its areas of stre:nglh to maintain liS lcadefshlp In the tndU5try .nd Introdu~e new me.sures to reflect its new Intcmatlonalstatus. It will be recallcd UlIIt Dangote Industries Limited tDILI recenlly ceded 63_35 pcr ccnl or Its stake In Dangote f10ur Mills Pic (DFMI to nscr Brands LImited . • lcadlng South African Fut Moving COll!lumer Goods Company (FMCGI A .talement rrvrn OIL ellplalned that the business dc.1. worth 8181.9 million . s.w II conceding the sale 0( Ita 3.167.716.667 ordinary shares oul of the Group's 3.667.716.667 ordtn.ry sharc:3 of 50 k.obo cach tn OFM to TIgc1" Bnmds. Thc transaction. whk:h
has bttn cndor.Icd by the board .nd sharcholdc.~ of OIL 8S well as reguistory authorltlcs. provides for AlhaJI Allko Dangotc. Prestdcnt/Chkf EJtccuLM 01 lhc Group. to ~taln his Chatnnanshtp dlhe board 01 DFM -rhe executed Share: Sales Purchase Agreement ISSPA). whk!h artlc.ul.te. the terms under wtUc.h lhc NJc .... consummated with TIger Brands. provtdcs that DlL will ret.ln • stratcgte Interest 01 10.00'" 01 lhc lolal Issued ordln.ry shan: eapUaJ 0( DFM for a minimum pcr10d of five ycars .fter Implemcllt.Uon of the tnll'lACUon durtng which lhc Group wUl hew: lhc right 10 appoint two dtrectont to the Bo.rd of DF"M. with AlhaJI Allko Dangote contlnuln, .s Chalrm.n of thc Company.- the Croup Ald.