Category: Business

Hyundai provides alternatives for electric powered vehicles

In a bid to provide options to Hyundai Kona Electric Vehicle (EV) customers, Stallion Hyundai Motors Nigeria has unveiled both locally assembled petrol-powered Hyundai Kona and the all-new 2021 Hyundai Grand i10 Sedan into the Nigerian market.

The company had late last year and recently (2021) launched the Hyundai Kona Electric (EV) in Lagos and Abuja.

Speaking on the latest unveilings, the brand’s Head of Sales and Marketing, Gaurav Vashisht, said the petrol-powered Kona was a veritable option for the regular customers and lovers of the Kona.

He said, “Hyundai Kona EV and its petrol-powered sibling are two different vehicles. While the Kona EV is powered by an electric motor and draws power from its 64 kilowatt hour (kwh) battery, the Kona petrol is powered by the conventional but more advanced internal combustion engine.”

The 2.0-litre engine 2021 Kona petrol version comes with award-winning styling, equipment and safety features available in the Kona EV, he noted.

Hyundai Nigeria also introduced the 2021 Hyundai Grand i10; designed to appeal primarily to entry level buyers in their 20s and 30s, young families, singles, salaried and self-employed and budget-conscious people looking to downsize.

The Grand i10 hits the target precisely by delivering modern design, spacious interior with advanced connectivity options, superior safety features and economical operation.

The new Grand i10 sedan demands attention and a closer investigation. The 1.2-litre engine mated to 4-speed automatic transmission is designed and built to the highest standards, earning an “A+” grade when it comes to protecting the driver and cabin occupants.

“This is a car that will be popular among the youths, as well as attract patronage from banks and other corporate organisations that need portable and rugged vehicles for their day-to-day runs,” said Vashisht.

Benin Republic University Nominates Emiefele for Honorary Doctorate

The governing council of the Ecotes University Benin Republic has nominated the governor of Central Bank of Nigeria (CBN), Mr Godwin Emiefele for an honorary doctorate degree.

In a nomination letter sited by our correspondent, the registrar of the university said the institution was inspired by the giant strides of the CBN Governor in repositioning the Nigerian national monetary policy which has brought stability in the West African regional market.

“The governing council received a recommendation from the highest civil society organisations’ body in Nigeria to the leadership of the CBN so as to send a message of how important Nigeria’s stability is to the entire West African region”.

The nomination letter further urged the CBN Governor to consolidate on the successes already institutionalised in the Nigerian apex bank so that other countries in Africa can model their economies according to Nigeria’s template.

In reaction to the nomination, the president of Conference of Harmonised Civil Society Organisations in Nigeria (CHSCON) Dr Abel king congratulated the CBN Governor and the management of the apex bank for making Nigeria proud among the comity of nations.

Crypto Currency Ban: CSO backs CBN

Following raging controversy over the Central Bank of Nigeria (CBN)’s position on crypto currency, a civil society organisation Bureau for Social Justice, Equity and Transparency, has thrown its weight behind the apex bank stressing that anything that is not governed by law is a risk to society which must be checked.

Consequently, the group said has submitted an affidavit to the Senate committee on banking and finance to avail the lawmakers with facts on how crypto currency is truly dangerous for the purpose of national security and other illicit affiliations.

A statement signed by the organisation’s president, Mr Terna Atule, and made available to journalists in Abuja, argued that democracy cannot thrive if the society is not governed by laws.

“We are not a lawless nation; there must be order if we are to reap the benefits of civilization. Crypto currency is the most dangerous global platform without security and its anonymous nature is deliberate.

“It is through this platform that terrorism, money laundering, other fraud related activities are perpetrated and it is difficult to trace because of its porous nature.

“We are deeply supportive of the bold steps of the apex bank and urge other stakeholders to support the implementation of the ban on crypto currency and every further necessary action while the possibility of a regulatory framework will be developed”, the statement added.

CBN Bags African Regulator of The Year Award

The Central Bank of Nigeria (CBN) has received a pat on the back by the Action Newspapers management corporation for its fiscal policies and role in protecting the nation’s monetary policy.

Addressing press men after its first quarter extraordinary meeting, the managing director of the Action newspapers, Mr Francis Atuu said, but for the resilience of the CBN, the economy of the country has withstood all impediments, from COVID-19 pandemic to the shortfall of oil production and other variables.

“The decision of the board to honour the apex bank is hinged on two principles; the banks resilience and transparency in her fiscal financial policies. For the first time in the history of our nation, we have in place a management at the CBN that has weathered all storms to push the country out of recession in the shortest possible time”.

The newspaper board said, Nigerians were taken by surprise because no one expected such phenomenal growth in the face of a global scale of the COVID -19 pandemic.

The award to the CBN as the “regulator of the year is intended to be a morale booster so as to sustain the tempo of Nigeria’s economic leap in multiple ways to ensure that the mandate of the bank is actualised in line with president Buhari administrations blueprint.

This gesture is a reflection of the masses verdict on the CBN management and a clarion call for more concerted efforts to sustain the solid legacy of the apex bank.

Speaking on the sideline, the representative of the civil society organisations in Nigeria, Rev Solomon Semaka aligned with the decision of the board to honour the apex bank, noting that, the CBN is the country’s engine room and must be guided by all and sundry for the nation to survive.

“The CBN is like a pregnant wife that deserves pampering and attention of every patriotic Nigerian so that we can have the baby in good health.

“The honour is purely symbolic and complimentary and it brings a lot of burden on the CBN leadership. We are optimistic that the apex bank will accept the challenge to do more for Nigerians”.

FG unveils first locally assembled electric car by Hyundai

The Director-General, National Automotive Design and Development Council, NADDC, Jelani Aliyu, in collaboration with the Stallion Group, has unveiled the first locally-made electric car, Hyundai Kona.

The car has a price tag of N24 million.

The car also has 5 years battery and manufacturers’ warranty, 100 per cent electric, zero-emission and Hassle-free charging at home and workplace.

Speaking at the unveiling in Abuja on Friday, the Director-General said that by 2025, at least 30 percent of passenger vehicles in Nigeria will be electric.

According to him, electric cars have come to stay, adding that Nigeria would not be left out in the transition from fuel-powered vehicles to electric cars.

Mr Aliyu said the Federal Government has invested about $1 billion in the auto industry in Nigeria as at 2019.

The NADDC boss said the Stallion Group, which led the innovation in electric cars in Nigeria, has invested about $300 million in Nigeria.

Also speaking, the Minister of Industry, Trade and Investment, Adeniyi Adebayo, said electric cars would lead to a reduction in fuel consumption and environmental degradation.

He said the Trade Ministry has been working with NADDC to review the automotive policy to further strengthen the automotive industry in Nigeria.

He encouraged automotive plants to invest in developing electric vehicles in Nigeria.

The Chief Executive Officer of Stallion Group, Anant Badjatya, said the company, which has operated for over four decades in the country, has done significant investments in the country.

Mr Badjatya said electric cars are the future of the automobile industry and Nigeria should not delay keying into it.

He said Hyundai Kona is powered 100 percent electrically and has zero-emission.

Kwara Customs generates N6.9bn in 2020

By Steve Oni, Ilorin

Despite the ravaging Covid-19 pandemic, the Kwara state Command of the Nigerian Customs Service has generated the sum of N6.96bn into the coffers of the federal government in 2020, representing 86 percent of the year annual target as against the total sum of N2.4bn generated in 2019.

Briefing journalists on Tuesday in Ilorin, the Kwara state capital, Customs Area Controller, Comptroller Ahmed Hussaini Bello, said since his posting in 2019 as the pioneer Customs Area Controller
, the Command has “so far generated and remitted the sum of N9.3bn into the federation account.”

Bello adduced the reasons for not meeting the stipulated last year budget to Covid-19 pandemic that came with lockdown, EndSARS protests and partial border closure, including placing temporary embargo on movement of goods and persons through the land borders nationwide.

He recalled the unfortunate 2020 episode when the Command came under attack by hoodlums disguised as EndSARS protesters with an obvious intention of looting and setting the Command and government properties ablaze, adding that during the mob action, two of the officers of the Command were injured, while 27 motorcycles and two Keke Napeps meant to move goods out of the Command were seized and two suspects also arrested.

On anti-smuggling, he disclosed that the anti-smuggling operations recorded a total of 84 seizures with the duty paid value of N345m as against the same period in 2019 with only 14 seizures with duty paid value of N42.6m.

According to him, the seizures include 3,551 bags of foreign parboiled rice, 51 used vehicles of various make, 3,543 kg of marijuana, 225 kegs of vegetable oil and 30 Jerri cans of PMS.

The Comptroller reiterated his commitment to ensuring that smuggling activities become unattractive through vigorous community and public enlightenment, sensitisation on the dangers of smuggling and its impact on economy and national security.

He appealed to well meaning members of the public who are ready to engage in legitimate business to come forward for clarification or visit the Command headquarters for trade facilitation and other enquiries.

To the recalcitrant ones bent on engaging in the illicit business of smuggling, Bello warned that they would not escape the long arm of the law, adding, “we shall ensure that maximum revenue collection is realised as directed by the Comptroller General of Customs, Col. Handed Ibrahim Ali (rtd) on suppression of smuggling activities , blockade of revenue leakages without compromising national interest and security of the nation.”

SPDC’s oil production hits 514,000 bpd – Report

The Shell Petroleum Development Company (SPDC) says it has grown its oil output to an average of 514,000 barrels per day (bpd) and developed additional capacity to produce more.

Mr Osagie Okunbor, the Chairman of Shell Companies in Nigeria disclosed the production data in the oil firm’s 2020 briefing notes made available to the News Agency of Nigeria (NAN) on Wednesday in Yenagoa.

According to the publication, SPDC achieved the feat in 2019 when its production rose more than 10 per cent to 514,000 barrels of oil equivalent per day (boe/d) due to enhanced exploration and production activities.

On gas production, the SPDC stated it fed the domestic market and to the export market through the Nigeria Liquified Natural Gas (NLNG) plant, adding that it supplied approximately 50 per cent of the NLNG plant capacity.

The company’s gas feed to the NLNG facility in Bonny Island in Rivers comes largely from the Gbaran-Ubie and Soku plants in Bayelsa and Rivers.

According to the publication, gas production from Soku facility increased from 100 Million standard cubit feet per day (MMscf/d) in 2018 to 350MMScf/d in 2019.

The SPDC also stated that the improved oil output was due to addition of 106 producing wells within its oil blocks in the Niger Delta.

The oil firm said that within the period under review, the Trans Ramos Pipeline which conveyed crude to its Focados oil export terminal was re-opened.

It said that the Gbaran-Ubie gas plant in Yenagoa, achieved peak production with 175,000 barrels of oil equivalent per day.

SPDC said it had the largest oil production asset in the country and operated a leased area of 31,000 square kilometres from which it produced while working to increase capability by investing in exploration and production activities.

“The SPDC JV’s assets include 340 producing oil wells consisting 97 land, 181 west and 62 central assets, 56 producing gas wells (10 land, three west and 43 central assets). A network of approximately 4,000 km of oil and gas pipelines and flow lines.

“The assets include 10 gas plants, two major oil export terminals, Bonny and Focados and an additional export facility a shallow water Floating Production Storage and Offloading Vessel christened `Sea Eagle’ currently stationed off Bayelsa coastline, One power plant,” the publication said. (NAN)

Multiple taxes: Petroleum dealers in Anambra threaten shutdown, gives 21 day ultimatum

Petroleum dealers in Anambra have threatened to shut down operations in 21 days over alleged government multiple levies and indebtedness.
The operators under the aegis of NNPC Enugu Depot Community issued the warning in a communiqué issued after an all stakeholders’ meeting held in Awka on Tuesday.

Members of the community included the Independent Petroleum Marketers Association of Nigeria (IPMAN), Petroleum Dealers Association of Nigeria (PEDAN), Anambra Chapter, and Petroleum Tanker Drivers(PTD.
The communiqué was signed by Mr Chinedu Anyaso and Mr Emeka Iloafor, Chairman and Secretary respectively of IPMAN, Enugu Depot, Chief Cletus Okafor and Mr Peter Jideani, Chairman and secretary respectively of PEDAN and Mr Charles Ezeme and Mr Oliver Ekwueme of PTD Enugu Unit.
The Petroleum dealers said they had been harassed by different agencies of government under Internally Generated Revenue who distributed various demand notices for taxes and levies to their members against the existing agreed terms they had with government.
The dealers said that one of its members was indebted to the tune of N13. 6 million since 2017 and government had refused to pay him in spite of all entreaties.
They alleged that there had also been incessant harassment and attacks on petrol stations by the Police.

They tasked the Anambra government on operationalising a Petroleum Tanker Park in the state to stem the tide of incessant crashes and fire outbreak.
“At the end of the meeting, we resolve that Anambra government should direct the relevant agencies to withdraw all the demand notices, revert to previous arrangement already in place and stop harassing our members.
“Government should reach out to the Police authorities to stop forthwith the harassment and attacks on our petrol stations and advise them to focus on their surveillance on states and locations where petroleum products are loaded.
“That the payment of N13.6 million to be made in favour of the marketer concerned.
“Your Excellency Sir, we are expecting that government act on the above demands within 21 working days to avoid leaving us with no other option than to call for withdrawal of our services as we can no longer continue to operate under the present environment,” they stated.
In his reaction, Chief Peter Nwosu, Special Adviser to Gov. Willie Obiano on Oil and Gas promised to relay their message to the governor, whom, he said would address their plights.
Nwosu, who is also a patron of the group, said Anambra would continue to provide conducive business environment adding that the governor would not allow the state to shut down.
He said he was aware of the indebtedness and that it would be resolved in no distant time.
According to him, His Excellency will not allow the worst to happen, the issues will be resolved amicably.On the tanker park, he said that work was almost completed, so my and urged them to remain calm. (NAN)

Shareholders applaud NASCON’s prompt dividend payment

Shareholders of NASCON Allied Industries Plc, a subsidiary of Dangote Industries Limited, has applauded the company for improved performance and dividend declared in 2019.

In a statement made available to the News Agency of Nigeria (NAN) in Lagos on Monday, the shareholders also urged the food seasoning company to expand its market share so as to increase revenue.

A shareholder, Mrs Bisi Bakare, who spoke on behalf of other virtual attendees, commended the company for taking good care of shareholders by paying a 40k dividend per share.

According to her, the dividend declared translate to a 57 per cent pay-out ratio despite the harsh operating environment.

She was particularly elated that NASCON board and management grew revenue from N25.77 billion to N27.49 billion in the year under review.

Sir Sunny Nwosu, a shareholders’ rights’ activist, also lauded the board and management of the company for their ability to pay dividend despite the Apapa Wharf gridlock and downturn in the economy.

Nwosu said that while other companies are lamenting and cutting down on production, “NASCON is paying dividend, which was commendable’’.

He urged the company to strategise towards expanding its market share in the food sector, especially in the South East and South West regions for more opportunities.

“The management should expand our customer base to attract more revenue.

“They should develop strategies to penetrate the South East and South West markets since the plants are close to these markets,’’ he said.

Managing Director of NASCON, Paul Farrer, told the shareholders that the company had developed strategies to capture share in the envisaged markets and will gradually deploy them in the coming months.

Farrer said that the company has been resilient in the challenging environment of 2019 and is strongly focused on capacity growth and increased market penetration.

He assured that the company would leverage on a number of synergies, including improved output in terms of quality, quantity and business efficiency to deliver value for all stakeholders.

NAN reports that NASCON’s annual report for 2019 indicated that operating profit stood at N2.9 billion, net profit at N1.85 billion and total assets at N38.67 billion.

The principal activities of the company include processing of raw salt into refined, edible and industrial salt.

NASCON is also into the production of seasoning and vegetable oil. (NAN)

Block makers eye millions in Dangote Cement promo

The Block Makers Association says the ongoing Dangote Cement Bag of Goodies Season 2 promo, expected to produce 1,000 millionaires, provides an opportunity for palliative in the period of COVID-19 scourge.

The News Agency of Nigeria (NAN) reports that the Dangote Cement’s ‘Bag of Goodies’ Promo Season 2, which opened on July 15 is to run till Nov, 15, and produce nine millionaires daily for four months.
Consumers also have chances to win tricycles, motorcycles, television sets, refrigerators, Dangote Food Goodies packs, recharge cards and many other gifts.
The President of Block Makers Association of Nigeria, Chief Rashidi Adebowale, in a statement on Tuesday, said the association looked forward to benefiting from the ongoing promo.
Adebowale said that the association planned to send out circulars to its members notifying them of the promo and the need to check every cement bag purchased during the promo period.
According to him, many members of the association, who are major users of cement, benefited from the Season One promo.
“This time around, we are going to ensure close monitoring of every Dangote Cement bag that we will purchase during this promo period.
“This will enable our members to feel the impact of the promo”, he said.
Adebowale commended the management of Dangote Cement for investing in its consumers through such promotion.
He said the company had proven to be truly Nigerian, for always having the interest of the block makers at heart.
According to the statement, a block maker in Ihiala, Anambra, Mr Emeka Okike, described the promo as a way of allowing consumers of cement gain from the company while working on their projects.
Okike said that he won a lot of airtime in the last promo, and hoped to win either the star prize of N1million or at least a tricycle to help him in his business.
He said that one of the star prize winners in the last promo bought the winning bags from a dealer not far from his block industry premises.
According to him, the promo is a welcome development which will help block makers a lot, especially in the rainy season when the building sector experiences a lull. (NAN)