THISDAY, Vol.15 No.5740

Page 1

Monday, January 10, 2011

THISDAY, Vol. 15 No. 5740, Page 31

e BusinessWORLD.

news

Picketing: Oceanic, Intercontinental, Unity Banks Negotiate with·Union T he

managements

of

Intercontinental. Oceanic and Unity Banks have begun negotiations with the Association of Senior Staff of Banks. Insurance and Financial Institutions (ASSBIFl) over the threat by the union to picket the banks. The management of Intercontinental met officials of the union last Friday with a

Obinna Chima

view to resolving the planned industrial action. Similarly, the managements of Oceanic and Unity bave also scheduled same meetings. Given these developments,

the managements of the three banks have advised customers to go about their businesses as none of the banks' branches would be picketed. It would be recalled that the two unions in the banking sector - ASSBIFl and its junior staff counterpart, National Union of Banks, Insurance and Financial Institutions Employee (NUBJ-

HE) had threatened to shut Oceanic Bank, Intercontinental Bank and Unity Bank tomorrow over the exit of some of their staff. Confirming the move by Intercontinental Bank to resolve the matter, National Deputy President, ASSBIFl, Mrs. Oyinkan Olasanoye, said the Union had meaningful discussion with the management of the

Bank last Friday. According to Olasanoye, "We met with the management of the Intercontinental Bank today (Friday). We are trying to resolve the matter. We have started discussion and we are not going to picket the bank". Intercontinental Bank had recently promoted 653 staff

while relieving 165 staff of their duties based on non-performance and disciplinary issues. Unity Bank had also two weeks ago, asked staff with poor performance to leave based on the terms of their employment, which provide that underperfonning employees would not be retained by the organisation.

UTCRenews Expansion Drive

M

-L-R: C/tief Executil'e Qfjicer, Lagos State Secllri!y Trust Fund [LASSTFj. Mr. Fo/a Atllll,...WOIrey, receiving the donatio" of life jacket bul/etpro(~r and milio (()JIumm;ca!ioll Gadgets/rom the representatives of Fillelity Balik Pic! led by die Chie/Security Officer a/the Ballk, Mr. Felir: .'\'Iluchi. All: Nkereuwem ./m'/lllQ of Zone 2 Police Commalld Lagos and A.~·sista"t Chief Security Officer,·Mr. Chid; Ele,uJu, held at the Tnlst (~(fke rtlausa lkeja ... ,.ecelltly PHOto: Kola Olasupo

Nigeria, Pakistan Trade Improving, SaysFG (: :tlNoUSTRY< I

P

Cnlwncnt Secretary of th." Ministrv of Commerce and Industn,

f'eueral

Dr. Abuhakar l\1ohalllJllad. has said the trading acti\rit~es between Nigeria :l~d Ishl!ll'ic Republk (;f Palo..istall ha!.-i

impro"ed from $X21.-+2 Illlilion in 2006 to the $2.7 billion in 2007. This is the mo.;;t recent trade' ~tath)tics of the t\VO countric .. available. Mohammad ui~­ dosed this \vlwn the Acting High Commissioner of the hlamic Republic of i"dkistan, Mr. Ahmed Ali Sihorey. paid a c1..11Il1esy visit to the Ministry's Headquarters in Abuja. Receiving the envoy, the Pelmanent Secretary said that the volume of trade bern'een both countries has improved

By Crusoe Osagie Iremendou~l) c1..1mpared to the previous year!o.. He assured the High ComT1li~sioner that the Federal GOvemment has created a conducive envirohment for trade and investment to thrive in the <':1..1untry. Dr. Mohammad added that trade agreement betwt:en both countries will be finalised as soon as necessary processes . have been completed, adding that the Ministry will ensure that the trade mission in both countries becom~ a reality. According to him, that will be to the advantage of the

inve . . tor~ and the people of both countries, if the trade missions come tu a reality. The Permanent Secretary used the occasion t1..1 express the sympathy l1f the people and government of Nigeria to the people and government of Pakistan on the recent flooding in the country. Earlier, the Acting High Commissioner, Mr. Sihorey.had pointed out that he was at the Ministry to do a follow-up to the re-opening of the Pakistani Trade Mission/Office in Lagos and called for stronger relationship between Nigeria and Pakistan, adding that Pakistan was ready to cooperate with Nigeria in the area of trade and investment. He sought for joint venture between privat" sectors of both

Cassava Varieties Boost Global Domination he Nigerian government has released four improved cassava varieties that will boost production and keep the country in the lead as the world's largest producer of the root crop. The varieties. which are a product of about a decade-old conventional breeding research include; NR 0110004, CR 41-10, TMS 0010203, and TMS 0110040. TMS 00/0203 and TMS

T

[

AGRIC By Crusoe Osagie

0110040 were bred by scientists working at the Ibadanbased International Institute of Tropical Agriculture (lITA); while NR 0110004 and CR 4110 were bred by Umudikebased National Root Crops Research Institute (NRCRI} and the Colombian-based International Centre for

Tropical Agricultore. (C1AT) respectively. On-farm pre-release trials involving local farmers in eight states of the country show that the improved varieties out-performed local checks with an average yield of about 31 tonnes per hectare as opposed to 26 tlha recorded by the local varieties. Farmers love the varieties for their excellent culinary qUalities, high yield, and resistance to pest and diseases.

countries and urged the Ministry to fast-tmck the signing of the draft Bilateral Trade Agreement between both countries and opening of trade missions in both countries,

anaging Director and Chief Executive Officer of UTC Nigeria Pic, Mrs. Folusho Olaniyan. has assured its shareholders improved returns in the years ahead as it embarks on expansion drive. The company, she said. has over the years invested heavily on growth initiatives aimed at restoring its glory and ensuring competitiveness and profitability. In a chat with newsmen in Lagos, Olaniyan disclosed timt UTe recently inaugurated new retail olltlets· to ~st its bu~i­ nes". "This effort will further <lit.! our expansion drive and CUIllpetitiveness in the meat and confectionary business and quick service restaurant business in Nigeria. The expansion and rebranding exercise is part of the company's measures aimed at delivering increased villue to its numerous customers through accessible outlets in the country, .. she said. Olaniyan added: "The nev,1 retail outlets will be used [0 support the company's meat and coofectionery business. It i!S a one-stop shop that takes care of our consumers' varying lifestyles. As a result of the new innovation, we have created menus that can cater for the needs of Nigerians and for-

I

INvESTMENij

By Eromosele Abiodun eigners alike." She further explained that the retail outlet, which is situated on Awolowo road, Ikoyi. has provisions tor not only meat and confectioneries but also space for recreational activities with a ne" ambience. tastier meals. valueadJed meals, and va~lly improved custo1l1er sen'lcc. "The new ~lUtlet has rncal shop cOlller. Collec- CalC 10 ,>er\c all !..:ind of people hoth Ni\.!~riall

anu

forei~mer"

ali"e.

Bl~sine'~s cxeLut!\e~ GlIl come and also come for atier-office hour relaxation. be~iJes enjo)int! \'arietie~ of continemal breakfast. While shopping as a family. the children can also enjoy our recreationaf facilities·' .... he added. Olaniyan further di,closed that the new initiative is part of the strategic development of UTC NioeIia Pic to give its teaming Clistomen. the best and value for their money. The UTC boss also ;aid that this scheme is the beginning of the executi1..1n 1..1f tbe company's strnfegic plan geared at focusing and devel1..1ping its core competences in the food industry.

SEC, NSE Plan Public Enlightenment

T

he Securities and Exchange Commission (SEC) and Nigerian Stock Exchange (NSE) will soon er:nbark on" massive public enlightenment aimed at creating more awareness aoout the opportunities. in the nati1..1n's stock market. Director-General of SEC, Ms. Arunma Oteh stated this last Friday during a visit to the Lagos trading floor of the NSE to mark her fIrst year in office as SEC boss. It was exactly one year last Friday since she assumed office as the apex regulator of the capital market. Looking back. she said there has· not been a. dull moment. She said that the feedback received so far showed . that· a strong foundation has been laid for a world-class market. According to her, the stockbrokers have been very supportive in the achievements recorded by the Commission under her Jeadership, stressing that there is still a lot to be done.

"j

FINANCE

.!

By Goddy Egelle "We took some challenging decisions that people considered unprecedented. But that has to be done if we have to retain the integrity in the market. Integrity is key and when there are questions about integrity in the market,' investors would go away. With what we have done so far, I am sure that we have laid the foundation for a market that will be the en~ine room for growth of thenatlOn's economy:' she said. ateh noted that having laid the foundation, what is next is create more awareness about the market so that people would patronise it and enjoy the many benefits in the market. She said in this regard, SEC and NSE would creating more awareness about the market. Responding on behalf of his colleagues, the doyen of stockbrokers, Alhaji Rasheed Ola Yussuff, pledged the support of

brokers to SEC. He said the brokers are detennined to CODtribute t1..1 every positive move that would ensure that the Nigerian economic moves in the right direction. However, Yussuff urged Oteh to always put the brokers • into confIdence before taking action that will affect the market, stressing that would go a long way in building investors' confidence in the .market. Some brokers who assessed the performance of ateh in the last one year had rated her high. For instance, the Managing Director/Chief Executive Officer of Investment Centre Limited, Mr. Ifeanyi Odunwa, said ateh has done very well. He said corning from a multilateral financial institution, she brought professionalism, transparency, charisma and finesse to her position. "Above all, she really has a deep understanding of what her responsibilities are, especially, in a sensitive emerging market like Nigeria:'


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