Nigerians who invest, gain wealth

Lagos - Samuel Egube, Chairman of the Management Consultancy firm, AltAssist Limited, has stated that Nigerians need to further change their mindset with regards to investing to accrue wealth, Vanguard reports.

Egube said that for too long Nigerians as well as others across the continent have depended only on themselves to run a successful business and in doing so, many companies do not pass on from generation to generation.

Also read: Six Ekiti doctors die in car crash

The mindset of Nigerians, Egube believes has been too reliant on aspiring entrepreneurs believing that if they are not self-funded or are granted funding by banks, their business ideas are dead in the water.

He added that these entrepreneurs should invest their capital in each other and into companies rather than relying on the backing of banks to achieve wealth and success.

Vital to the development of confidence in investing however, is infrastructure, and more specifically power and logistics. These two things are needed to support new small businesses in being fully functional and sustainable.

A major stumbling block to the development of new businesses and wealth distribution is corruption. Corruption needs to be eradicated or minimised to enable business owners to have a fair opportunity in building successful enterprises.

Mansory Rolls-Royce

After doing wonderful things to Rolls-Royce Wraith, prestigious tuner Mansory has now come up with a refinement program for that car’s topless sister, the Dawn. Despite getting a sizable boost performance and some visual upgrades, Mansory Rolls-Royce Dawn doesn’t count as an ‘extreme makeover’.

That is not very Mansory-like, holding back like this. But then again, they might be saving some tricks for a heavier project in the near future. At any rate, the first Mansory Rolls-Royce Dawn package features a newly designed front spoiler combined with integrated LED daytime running lights – the lip and radiator housing are made of carbon – aerodynamic side skirts, a boot lid spoiler designed to be elegant and not mess up the Roller’s exquisite lines, and a new diffuser with sport tailpipes.

An important part of Mansory Rolls-Royce Dawn unique appearance is due to a set of 22 inch Type V6 wheels, featuring a lightweight construction thanks to a special  aluminium alloy, shod with tires measuring 265/35/22 for the front axle and 295/30/22 for the rear axle. The new wheels also contribute to the performance of the car, boosted by a power upgrade from 570 hp/780 Nm to a massive 740 horsepower with over a thousand torque, dropping the 0-100 time to 4.5 seconds and upping the top speed to 285 km/h.

Since no Mansory car is complete with at least some form of interior upgrade, the Dawn can be equipped with brushed aluminium, carbon fibre, burl wood or highly polished piano lacquer as well as hand-crafted embroidering in the foot mats and the head rests.

New face of US$20 bill to be one-time slave Harriet Tubman

http://www.punchng.com/one-time-slave-harriet-tubman-to-be-new-face-of-us20-bill/

The one-time slave turned abolitionist Harriet Tubman was named Wednesday as the new face of the $20 banknote, the first time an African American has featured on US currency.

A sweeping redesign of the US bills to be unveiled in four years will also protect Alexander Hamilton’s central place on the $10 note, once thought threatened until Broadway’s hit hip-hop musical “Hamilton” made the 18th century US finance chief a modern-day star.

Hamilton’s latter-day successor, Treasury Secretary Jacob Lew, announced the changes slated for the $5, $10, and $20 notes after more than a year of lobbying and polling, with heavy pressure for a female figure to take place on a US banknote.

An open poll of more than 600,000 people had strongly favored Tubman, a hero to African Americans for her escape from slavery in Maryland in 1849 to help run the legendary Underground Railroad that helped thousands of slaves flee to freedom in the 19th century.

The announcement brought widespread cheers.

“A woman, a leader, and a freedom fighter. I can’t think of a better choice for the $20 bill than Harriet Tubman,” tweeted Hillary Clinton, the Democrat seeking to become the country’s first female president.

Clinton’s rival for the Democratic nomination, Bernie Sanders, echoed: “I cannot think of an American hero more deserving of this honor than Harriet Tubman.”

– ‘Role model’ –

The plan originally was to revamp the $10 note in 2020, possibly having a woman share it with Hamilton, while the $20 bill, one of the world’s most circulated banknotes, would wait another decade for redesign.

But the grassroots group Women On 20s launched a powerful campaign to get the $20 note revamp sped up, with a woman featured, in time for 2020, the 100th anniversary of American women receiving the right to vote.

“The decision to put Harriet Tubman on the new $20 was driven by thousands of responses we received from Americans young and old,” Lew said.

“I have been particularly struck by the many comments and reactions from children for whom Harriet Tubman is not just a historical figure, but a role model for leadership and participation in our democracy.”

Lew also came under pressure over the talk of changing the $10. Hamilton is a hero in the Treasury as the architect of the US financial system.

Lin-Manuel Miranda, the creator and star of “Hamilton”, lobbied Lew when the official attended the musical in New York. Miranda later said Lew had assured him his fans would be happy with the decision.

Women and African Americans will feature more broadly in the remakes of all three bills. US currency traditionally has featured a president or one of the founding fathers like Hamilton on the front and a monument on the back.

Women have only featured twice before: first president George Washington’s wife, in 1886, and the native American folklore heroine Pocahontas in 1875.

The new $10 note will depict a historic 1913 protest for women’s suffrage at the Treasury and several women, black and white, involved in that campaign.

The backside of the new $5 bill — which features president Abraham Lincoln on one side — will depict a number of historic events at his memorial in Washington, including Martin Luther King’s 1963 “I have a Dream” speech for racial equality.

The choice of Tubman pushed Andrew Jackson, a southern slave owner and general who was US president from 1829 to 1837, to the backside of the $20 note.

Lew said the target for the redesigns, which are complicated by the need to employ the most modern anti-counterfeiting technology, was 2020.

The Best Advice for Using Social Media With Your Business

Social Media marketing has become a full time job and with good reason, it’s free and millions of people over the world are using it. Like anything it takes time to become successful on social media, but if you do it correctly and creatively you’ll soon stand out from the crowd:

Build your followers

Without followers none of your posts can be seen instantly, making your content pretty much worthless. Keep a watchful eye on your competitors, follow new users and build your conversations with other organisations, local businesses and partners. If users see you interacting and engaging with other people they may follow you.

Customer Service

The provision of customer service on social media has become axiomatic. Phone support service is becoming less the more we receive replies on Twitter and Facebook chat.

One in four UK consumers visit social to make a customer service complaint or query. Your customer service skills are on social media for the world to see so make sure you are seen helping consumers and keeping them informed.

Engage with your audience

The first thing people do is search for the business on social media. You can tell a lot about a business from their social media so it’s important to keep this in mind when creating your content and interacting with customers online.

You want to be seen as an approachable brand, a brand with a high reputation and friendly service.

Live stream

Live streaming has taken social media by storm. Periscope live video updates on Twitter are sharing over 350,000 hours of video each day and Facebooks new live video function update in January 2016 now lets users share live video with a click of a button.

Live streaming apps are the next big thing; try them out from your events, shows and offices. This tool is huge in keeping users interested and engaged in your content. Be creative!

We’re all humans

We’re all humans behind social media; don’t expect anything less than the odd typo or broken link. It’s human error that occurs every day on social media no matter how big your brand is, so don’t hit panic stations, simply delete and reword or reuse the same content another time.

Social trends

Trends on social media are the most common topics of live conversation. These can be seen on most of your social media accounts as soon as you log in.

If you can be creative with your content and link into social trends you are onto a winner! Trends are great for engaging in new conversations and expanding your reach.

Video

Video is the hottest trend out there today. Over 70% of marketers report that video converts better than any other content medium on social media. Facebook and Snapchat are now getting more daily views than YouTube so keep your videos smart, shareable and personal.

Nipco converts 4,000 vehicles to run on gas

Nipco Plc, an integrated oil and gas company, said it had converted over 4,000 vehicles to run on Compressed Natural Gas.

The company said in a statement that it declared a turnover of about N115bn and a profit after tax of N1.4bn for the year 2015 in spite of the plethora of challenges in the industry during the period.

The Chairman, Nipco, Chief Bestman Anekwe, who was said to have disclosed this at the company’s 12th Annual General Meeting in Abuja, described the company’s turnover as moderate enough, considering the prevailing difficult environment in 2015.

He said the company’s entry into the CNG market in a joint venture with Nigerian Gas Company had continued to grow with over 4,000 vehicles currently running on gas.

Anekwe said, “The impressive increase in patronage from industries is also evident as more of them are converting to CNG to power their plants. The surge is gathering momentum and we will not stop until appreciable number of vehicles in Nigeria runs on natural gas.”

He noted that the company’s 2015 performance showed a 20 per cent decline in turnover from the 2014 figures of N145bn, while the profit after tax dipped by 30 per cent from N2.314bn to N1.419bn in 2015.

He said, ”We are well prepared to weather this rather grim period in our industry as management will not rest in achieving superior shareholders value in the industry in line with the board’s long-standing policy of exceeding shareholders’ expectations”

Anekwe said the Board of Directors was proposing a total dividend of N563m, translating into 300k per share from the profit after tax, while management had retained N1.2bn profit to strengthen the company’s working capital requirement.

The chairman said the company would continue to build an integrated petroleum company that would fit better into the energy reforms of the government, while delivering greater value to both its customers and shareholders.

Google begins digital skills training for 1million Africans

Google, the American multinational technology company has announced a commitment to train 1million young Africans in digital skills in the next one year, which is undeniably a capacity building opportunity for the continent.

Making the announcement on Tuesday, Google Country Manager, Juliet Ehimuan-Chiazor described the initiative as an amazing opportunity for businesses and digital entrepreneurs in Africa.

According to her, if people have the right skills, they can build business, they will become more employable and can really help to boost the economy of the continent.

“In 2015 we ran a survey across South Africa, Nigeria and Kenya just to understand how Africans are using the web. And we found out that 74% of the respondents said they will prefer to use digital tools for various tasks, while 69% of respondents said the internet is their first point of call if they need to get information.

“So more and more we are seeing internet as an integral part of our lives on this continent. A Makinson report also mentioned that from 2013 to 2020, the internet would have contributed $300billion to the economy and that ecommerce will go from non existence to a $75billion industry. So the opportunities are in numbers. And there is a World Bank study that says for every 10% increase in broadband, you have a corresponding 1.38% increase in GDP.

“From the work that we do, we do hear businesses talking about the fact that the internet really makes them more productive, but for a lot of them, they are not sure how. Which is why I am really excited that today we are announcing our commitment to training 1million people across top Saharan Africa with digital skills in one year,” she said.

In realising this commitment, Google, a content aggregator is supporting its partner, Livity Africa, to run two training programs: ‘Digify Bytes’ to give digital skills to young people looking to develop a digital career; and ‘Digify Pro’, a 3-month immersion program for digital specialists.

In his remarks, Taiwo Kola-Ogunlade, Google Communications and PR Manager, West Africa, noted that the tech company is committed to providing digital opportunities and encouraging business startups for the continent and across the world.

According to him, a group of 65 volunteer Googlers from around the world are helping the team with content development, ‘training the trainers’ and, in some cases, delivering the training sessions.

To achieve this feat, the global search engine launched Digify Africa, an online-learning portal that will house a range of digital skills courses, available to anyone in Africa – free. The courses are designed to be as “light” as possible so they don’t eat up valuable data and intending learners can even learn from any Smartphone.

In general, there are nine training courses already available and Google aims to have 50 available by July. These programs have already launched in Nigeria, Kenya and South Africa, and will be scaled to reach more people in the next 12 months.

Ikeja Electric targets 15,000 meters monthly

Ikeja Electric, one of the nation’s electricity distribution companies, has said it is targeting at least 15,000 customers monthly in its ongoing prepaid metering programme.

The company said the metering programme had started in all its six business units, adding that transformers and feeders were also being metered.

The Head, Corporate Communications, Ikeja Electric, Mr. Felix Ofulue, told our correspondent on the sidelines of a recent metering activity, “Our target is to be able to meter at least 10,000 to 15,000 customers on a monthly basis. So, it is a huge investment. Now, we have about 65 to 70 groups that are metering in various areas of our network.

“What Ikeja Electric is trying to do is to ensure that no customer will be left out at the end of the day. But the issue is that we are carrying out this metering activity feeder by feeder, and transformer by transformer. We will be able to measure the quantum of energy that is passing through each feeder and transformer.”

He said all the customers that had been metered were attached to one transformer or the other.

“But we might not be able to finish the metering of all customers at the same time. It is a gradual process; we have captured all their data. We have all the data of those customers that we are giving estimated billing to in our system and we are using the data to give them meters across all the units."

“We have six business units across Ikeja Electric network – Ikorodu, Ikeja, Shomolu, Oshodi, Akowonjo and Abule Egba. We make sure we spread whatever we are doing across all the business units so that the customers that we have metered will be able to tell others that truly we are metering. It is a gradual process, and we are going to make sure everybody is metered."

Fuel scarcity finally hits apex

Fuel scarcity persists in Lagos, Abuja, others

Fuel scarcity continued across the country on Sunday as hundreds of motorists and other petrol users formed long queues at the filling stations that dispensed the product.

This is contrary to the promise by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, that the queues would disappear in Lagos and Abuja last Thursday and by the weekend in other parts of the country.

While petrol was sold on Sunday at the approved prices of N86 and N86.50 per litre at the few Nigerian National Petroleum Corporation mega stations and independent marketers’ outlets in the Lagos and Abuja city centres that had the product, it was offered for between N180 and N220 to desperate buyers by independent marketers on the outskirts of the cities and other states such as Ogun, Oyo, Osun and Kwara.

Oil marketers, however, expressed the hope that the queues should disappear this week as they said that additional product would come into the country, while those cleared over the weekend would be distributed.

As it has been the norm for the past two weeks, motorists and other petrol seekers were sighted at filling stations belonging to the NNPC, major oil marketers and a few independent dealers.

For instance, on the Kubwa-Zuba Expressway, Abuja, filling stations belonging to the NNPC, Conoil, Nipco Plc, AA Rano and Total had long queues of motorists on Sunday.

The same situation was observed on the Abuja-Keffi road in Nasarawa State, as hundreds of motorcycle riders besieged the NNPC mega station that dispensed petrol at the approved price.

However, a few filling stations in remote locations such as Kubwa, Bwari and Dutse sold the product at rates far higher than the approved price.

In Sango, Ota, Ijoko, Mowe and Ibafo, which are communities in Ogun State, petrol was sold on Sunday at between N180 and N200. There were, however, no queues at many of the filling stations.

The situation was the same in Oyo, Osun and Kwara states, where the product could be obtained with relative ease at between N190 and N220 per litre.

On whether the scarcity would end this week, a marketer with Nipco Plc told one of our correspondents that there was hope that the situation would improve compared to what obtained some weeks ago.

The marketer, who spoke on condition of anonymity, said, “I can’t say the queues will clear completely this week, but there is hope that it will reduce considering the serious collaboration among stakeholders to address this situation.

“We are also expecting additional product and the clearance procedures of vessels is being fastened so that products can be distributed quickly to help reduce the scarcity. So, we hope the situation will improve this week.”

Meanwhile, the Federal Government has commenced the release of loading tickets for petrol to members of the Independent Petroleum Marketers Association of Nigeria as part of efforts to address the scarcity of the product as well as settle the 7,000 pending tickets meant for IPMAN.

Audit report: Tame NNPC now

FOR many Nigerians, a new damning audit report is a reminder that the promised cleansing of the Nigerian National Petroleum Corporation by the Muhammadu Buhari administration needs to be fast-tracked. While its worst excesses appear to be over, the aftershocks of its financial banditry are still being felt. For an effective and enduring reorganisation of the company, all its dark secrets must be exposed, all stolen funds recovered and the perpetrators brought to justice.

The latest scandal comes in the midst of an ongoing re-modelling by Ibe Kachikwu, the Minister of State for Petroleum Resources, who doubles as the Group Managing Director of the state-owned oil company. The familiar ingredients of opacity, corruption and impunity are evident.

The Auditor-General for the Federation, in his recent 2014 Annual Audit Report to the National Assembly, alleged that the NNPC withheld N3.23 trillion due to the Federation Account in 2014. He said $235.68 million revenue from gas sold by the Nigeria Liquefied Natural Gas Corporation was also not remitted as required by law but transferred to some shadowy escrow accounts. Although the NNPC was not the only agency indicted, it responded 48 hours later, alleging that the report was full of “errors.” By its own accounting, it owed the Federation Account only N326.14 billion, a figure that it added was still being “reconciled.”

As the public digested this, the Revenue Mobilisation Allocation and Fiscal Commission, the body established by the constitution to fix the remuneration of public office holders, weighed in a week later to declare that the NNPC owed the Federation Account N4.9 trillion in unremitted revenues that accrued between January 2011 and December 2015. But it could not confirm the AGF’s figure of N3.23 trillion unremitted for 2014 alone. Instead, said the RMAFC, the NNPC withheld N1.99 trillion realised from domestic crude oil sales for that year.

With public finances badly hit by falling oil revenues, Nigeria can no longer afford a renegade entity that brings in over 70 per cent of government revenues to continue to operate with impunity. For how much longer should Nigeria continue the embarrassment of multiple statutory agencies giving conflicting figures of the NNPC’s financial transactions?  A report by the The Economist magazine in 2006 found that of the world’s 20 biggest oil companies, 16 were NOCs. An August 2014 report in Upstream, the international oil and gas news outlet, cited research findings proving that these NOCs are prime targets for corruption in countries where it is endemic. Research by the Natural Resources Governance Initiative in 2015 said the NNPC “is (riddled) with financial irregularities and governance failings.” This was confirmed by two former GMDs, Austen Oniwon and Andrew Yakubu, who in recent parliamentary testimonies confirmed that a former minister solely approved $24 billion worth of oil swap deals without reference to them while they were CEO.

Not only must we end what the PwC, the global audit firm, described as its “blank cheque to spend money without limit or control,” those who fleeced the company, awarded dubious contracts and broke laws and regulations should be made to refund all missing funds, while past political figures that authorised fraudulent transactions should be investigated and prosecuted.

Brazilian prosecutors have hauled in the popular former president, Lula Inacio Da Silva, his son and 14 other top figures in a widening corruption investigation at the NOC, Petrobas. There can, therefore, be no sacred cows here. The NNPC has to be reined in. The government should not make the mistake of relying on the perceived integrity of the current petroleum minister alone. It is about processes and openness. The laws must be applied to the letter to disallow the NNPC and ministers from ever again spending as they like. Instructively, the NNPC’s reaction to the AGF’s report reverted to type: it accused the auditors of being “ignorant” of oil sector operations; it claimed to have made deductions for subsidy, for oil pipelines maintenance and for losses from vandalism. This is a recipe for fraud.

The government should tidy up and totally overhaul NNPC’s accounting procedures in line with global best practices. The NNPC is the only public corporation in the world where “reconciliation” is permanently ongoing to determine its financial activities. Such reconciliation was arranged in 2014 after the then CBN governor alleged that perhaps $20 billion had not been remitted to government. But many issues remain unresolved and that should be the primary concern of Kachikwu. There is no word yet on the $6.8 billion that according to the Switzerland-based NGO, Berne Declaration, was stolen through dubious deals between “letter-box” firms and the NNPC, or the $1.6 billion that NEITI says it failed to account for.

The Federal Government should instead of reforms that entrench the failed state capitalism model, privatise all downstream assets of the NNPC. It should be a holding company, with a lean, compact workforce, holding the government’s equity in oil producing firms. Let the private sector run the downstream, while the government builds a strong, investment-friendly regulatory framework and provide efficient tax policies that will maximise the benefits of value addition and job creation, while promoting industry and exports.

Due to corruption and incompetence, the NNPC continues to incur losses, while NOCs like Saudi ARAMCO, according to Fortune Global 500, had revenues of $478 billion in 2015, Kuwait Petroleum Corporation $251-94 billion; Malaysia’s  Petronas $100.74 billion, and Norway’s Statoil, $82.48 billion.

The institutional failure is most severe at the parliamentary level where federal lawmakers fail to exercise their constitutional oversight, but instead, wallow in corruption and extortion.  If the National Assembly had been diligent these past 16 years, NNPC’s and the Executive’s lawlessness would have been squelched.

The change agenda demands very strong action from all arms of government to uncover all past misdeeds, tidy up the books, restructure the NNPC and prosecute all law breakers.

EgyptAir hijacker surrenders in Cyprus

An EgyptAir plane flying from Alexandria to Cairo was hijacked and forced to land in Cyprus on Tuesday but the passengers and crew were freed unharmed and the hijacker, whose motives remained a mystery, was arrested after giving himself up.

Passengers and crew members of the hijacked flight arrived in Cairo Airport late Tuesday, state television said.

Eighty-one people, including 21 foreigners and 15 crew, had been onboard the Airbus 320 flight when it took off, Egypt's Civil Aviation Ministry said.

"The passengers are safe and the crew is safe," Egypt's civil aviation minister Sherif Fathy said on state television, minutes after the Cypriot government spokesman said that the hijacker had been taken into custody.

"The hijacker has just been arrested," the spokesman said. The hijacker emerged from the aircraft with his hands in the air, Cyprus's state broadcaster said.

Conflicting theories emerged about the hijacker's motives, with Cypriot officials saying early on the incident did not appear related to terrorism but the Cypriot state broadcaster saying he had demanded the release of women prisoners in Egypt.

After the aircraft landed at Larnaca airport, negotiations began and everyone onboard was freed except three passengers and four crew, Egypt's civil aviation minister said.

Soon after his comments, Cypriot television footage showed several people leaving the plane via the stairs and another man climbing out of the cockpit window and running off.

The hijacker then surrendered to authorities.

Cyprus' foreign affairs ministry identified the hijacker as Seif Eldin Mustafa.

Egyptian state media had earlier identified the hijacker as Egyptian national Ibrahim Samaha. The Egyptian government later apologized to Samaha for the misidentification.

In the midst of the crisis, witnesses said the hijacker had thrown a letter on the apron in Larnaca, written in Arabic, asking that it be delivered to his ex-wife, who is Cypriot.

But the Cyprus Broadcasting Corporation (CyBC) said the hijacker had asked for the release of women prisoners in Egypt, suggesting a political motive.

Not terrorism-related

The hijacking was not related to terrorism, the island's President Nicos Anastasiades said.

"The hijacking is not terrorism-related," he told a joint news conference with the visiting president of the European Parliament Martin Schultz.

Meanwhile, Egypt's foreign ministry spokesperson referred to the hijacker as "not a terrorist, but an idiot."

Speaking to reporters after the crisis ended, Egyptian Prime Minister Sherif Ismail said the hijacker was an Egyptian national but that his motives remained unclear.

"At some moments he asked to meet with a representative of the European Union and at other points he asked to go to another airport but there was nothing specific," he said, adding that the man would now be questioned to ascertain his motives.
 

'Suicide belt' claims

Egypt's Civil Aviation Ministry said the plane's pilot, Omar al-Gammal, had informed authorities that he was threatened by a passenger who claimed to be wearing a suicide explosives belt and forced him to divert the plane to Larnaca. Earlier in the day, the pilot had contacted the Cairo airport control tower to report the hijacking.

The Egyptian minister said authorities suspected the suicide belt was not genuine but treated the incident as serious to ensure the safety of all those on board.

Following his surrender, searches by Cyprus police found no explosives on the hijacker. Counter-terrorism police frisked the hijacker on the tarmac then interrogated him for more than an hour before boarding the plane and searching it with sniffer dogs.