Buhari may purge aviation parastatals to boost efficiency

Buhari may purge aviation parastatals to boost efficiency

Fear of impending mass retrenchment and redeployment of staff in key aviation parastatals is now giving managers and employees sleepless nights as the Federal Government plans to implement a restructuring programme to make them more efficient and to contribute more to its revenue. An industry source which confirmed the possibility of imminent purge in the sector was however hopeful the apprehension already generated by the proposed action would not affect workers productivity.  “There is the…

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FG dumps IPPS, opts for BVN to track ghost workers

FG dumps IPPS, opts for BVN to track ghost workers

The Federal Government has abandoned the Integrated Payroll Personnel Information System (IPPIS) designed to curtail the activities of ghost workers in the federal civil service. In its place, the Ministry of Finance said it has opted for the Bank Berification Number (BVN) because of the slow pace of progress encountered in the enrollment of staff on IPPIS. The Bank Verification Number is a number that uniquely identifies each bank’s customer for “Know Your Customer” (KYC)…

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Stanbic IBTC Bank PMI ends 2015 at five-month high

Stanbic IBTC Bank PMI ends 2015 at five-month high

Nigeria’s private sector ended 2015 in good position with business conditions improving to the highest level since July. According to statistics from Stanbic IBTC Bank Purchasing Managers Index (PMI) for December 2015, a key factor behind growth of the sector as a whole was higher new orders – the latest rise was the fastest in six months. Output rose more quickly as a result, while employment increased at a solid pace. On the price front,…

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We’ll meet housing challenges if govt is…. – Christopher Nwadi

Engr. Christopher Uchenna Nwadi is the Managing Director of Abuja-based NCR & Associates Limited, an outfit that specialises in Properties, Estates and construction. In this chat with Financial Vanguard in Abuja recently, the  Property Consultant speaks on why he ventured into the property business, the challenges and says his love for real estate and the desire to provide good and affordable housing for Nigerians made him go into the real estate business. Excerpts: According to…

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CBN halts branch operations by bureaux de change

CBN halts branch operations by bureaux de change

The Central Bank of Nigeria, CBN has ordered  bureaux de change (BDCs)  to close  all branches within 90 days,  saying branch operations is no longer allowed in the subsector. This directive was contained in the  revised guidelines for BDCs released on Friday by the apex bank.  According to the guidelines, issued via a  circular titled: ‘Revised Operational Guidelines for Bureaux De Change in Nigeria’, “Bureau De Change is Licenced as a unit institution. No Bureau…

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CBN halts branch operations by bureaux de change

CBN halts branch operations by bureaux de change

Amidst sustained high liquidity in the banking system financial experts are expecting developments in Nigeria’s fiscal policy 2016 and the international financial markets to shape investment yields positively in December 2015 and first quarter 2016. A total inflow of about N890billion is expected to hit the money market from the various maturing government securities and Federation Accounts Allocation Committee, FAAC, in the month of December 2015. Expected outflows from the various sources such as government securities…

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Indigenous operators produce 6% of Nigeria’s oil

Indigenous operators produce 6% of Nigeria’s oil

Independent and marginal oil fields’ operators as at the end of the third quarter, Q3, accounted for about 5.72 per cent of total crude oil and condensates production, according to the Nigerian National Petroleum Corporation, NNPC financial statement. The NNPC, in its Monthly Financial and Operations Report for October 2015, said the Independents/Marginal Fields operators produced 32.825 million barrels of crude oil and condensates in the nine-month period, compared to total production of 574.325 million…

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Shipowners canvass master plan for Commonwealth members

Shipowners canvass master plan for Commonwealth members

SHIP-OWNERS Association of Nigeria, (SOAN) has proposed a maritime master plan for the Common wealth member states with a view to enhancing maritime and shipping activities within the region and beyond. Speaking at the recently concluded 2015 Commonwealth Business Forum (CBF) hosted by the European Island nation of Malta, President of SOAN, Engr Greg Ogbeifun said that the plan will also create the enabling environment for international investments in every facet of the maritime domain…

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Kudos, knocks greet proposed pipelines privatisation

Kudos, knocks greet proposed pipelines privatisation

The announcement by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, that the federal government will privatise the nation’s petroleum products pipeline network has continued to elicit mixed reactions from stakeholders in the oil and gas industry. While operators applaud the decision as a wise move, labour on the other hand thinks it is anti-people. The Executive Vice-Chairman, Techno Oil Limited, Mrs. Nkechi Obi, told Vanguard that it is welcome development as pipelines…

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Electricity consumers complain of exploitation in Abuja

Electricity consumers complain of exploitation in Abuja

Electricity consumers in Abuja have accused the Abuja Electricity Distribution Company, AEDC, of exploitation and undue profiteering, while they called on the Federal Government to call the company to order. The customers, who spoke to  Vanguard,  alleged that the company is abusing the statutory methodology approved for billing customers under the estimated billing system, by manipulating consumers that cannot properly scrutinise their billings especially in consumption, energy and current charges. The consumers argued that if…

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