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NPA to Spend N233.8 Billion in 2017 Budget



Ms Hadiza Usman
  • NPA to Spend N233.8 Billion in 2017 Budget

The Nigerian Ports Authority (NPA) has presented a budget of N233.8 billion to the National Assembly for the 2017 fiscal year. The Managing Director, NPA, Hadiza Bala-Usman, who presented the budget estimates to the Chairman, National Assembly Committee on Ports Harbours and Waterways, Patrick Asadu, expressed determination to turn things around at the ports.

The budget, tagged: “Budget of infrastructure Renewal and Revenue Expansion,” comprises capital expenditure of N142.2 billion representing about 55 per cent of the projected revenue, while the recurrent expenditure is N91.6 billion or 36 per cent of estimated revenue.

Bala-Usman told The Guardian at the weekend that the budget will focus more on infrastructure development, saying: “One of our key areas in the budget is infrastructure development by providing for dredging, and expanding our channel management. We are also looking at our jetty requirements in the Marina, Ikorodu, and other areas,” she said.

Before the presentation, Asadu, had enjoined NPA to keep up the good work, especially with respect to modernising and reforming the port industry. He also charged the NPA to prioritise all the critical areas of concern in its budget to enable it pay premium attention to those areas while others sections would be attended to accordingly.

Meanwhile, the ports authority had earlier earmarked about N1.3 billion of 2017 budget for the purchase of boats with a view to tackling criminal activities at the waterways of the Lagos Ports Complex.

The provision was for the purchase of nine boats at the cost of N150 million per boat, adding that this will ensure that the port waterfronts were safe and secured. Bala-Usman also explained that pending the procurement, the agency will hire boats to patrol the waterfront in order to ensure the security of the area.

“We have also instituted a process where we are going to hire patrol that will be patrolling the waterfronts to ensure that there is security. We are also looking at how we can provide support to the marine Police, providing them with financial support to enhance existing patrol we have in the waterfront. We seek to comply with the International Ships and Ports Security, (ISPS) Code,” she said.

The ISPS Code is an amendment to the Safety of Life at Sea (SOLAS) Convention on minimum security arrangements for ships, ports and government agencies.

It prescribes responsibilities to governments, shipping companies, shipboard personnel, and port/facility personnel to “detect security threats and take preventative measures against security incidents affecting ships or port facilities used in international trade.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade experience in the global financial markets.


Sterling Homes Plans To Reduce Housing Deficit



Sterling Homes Limited has said it is committed to working with the government through private public partnership to reduce housing deficit in all the geo-political zones in the country.

The Managing Director, Mr Kunle Adeyemi, said this during an event on the company’s rebranding organised as part of its 10th year anniversary in Lagos on Friday.

During the event, the company while expressing commitment to excellence and customer satisfaction, unveiled its new logo with colours to define its mission and objections.

We want to be present in all the six geo-political zones on Nigeria by providing affordable luxury homes, excellent torch. So for us, there is a need for us to rebrand and have a new direction and vision.

“We want to partner with the government on the present housing deficit; we want to embrace a public, private partnership with the government to reduce the deficit in every geo-political zone.”

The managing director said that one of its unique selling points was its after sales services which was top notch.

He said it ensured that its customers were taken through the journey of actualising their dreams of becoming home owners.

While noting that everyone deserved to have a comfortable home despite the economic situation, he said it had designed a structure payment plan with zero interest in some cases to help intending home owners.

He said it also had provisions for high breed options and developing areas to accommodate various income levels.

Before the end of the year, he said, Sterling Homes would be establishing new presence and projects in other regions.

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Mutual Benefits Drives Financial Inclusion



Mutual Benefits Assurance Plc says it is committed to deepening financial inclusion and creating easy accessibility for insurance in the country.

A statement from the firm on Friday said it expressed this commitment when it inaugurated its South-West region franchise operations in Ibadan, Oyo State.

The Managing Director, Mr Femi Asenuga, said this was part of its efforts to develop the insurance business and create values.

He said, “The role we all have to play is to be ambassadors of Mutual Benefits.

“A franchise is a well-known word and the way Mutual Benefits practices franchise is in our normal style of creating and adding value; we never rest.”

Asenuga said that the firm was working with stakeholders to increase awareness and take its message to the grassroots.

In developed economies, he said, insurance firms owned banks. He regretted that this was not the situation in Nigeria.

He said the firm would provide stakeholders with the platform and support to make them excel as a member.

The Managing Director, Mutual Benefits Life Assurance Limited, Mr Ademola Ifagbayi, appreciated the stakeholders and urged them to take advantage of the franchise.

The Group Managing Director, Odua Group, Mr Adewale Raji, in his address, advised stakeholders to be committed and showcase good character and integrity.

He said, “The Odua investment is owned by the six South-West governments and it is in our interest when economic, businesses and investment spreads across the South-West states.

“This is an opportunity for us to strengthen insurance penetration within the South-West states.”

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CAC Sets Three-Hour Circle For Company Registration



Corporate Affairs Commission

The Corporate Affairs Commission on Sunday stated that following the successful deployment of an end-to-end registration module, it was now prioritising the reduction of the registration circle for new companies to just three hours before the end of year 2021.

Registrar-General of the commission, Garba Ababukar, gave the indication at a dinner in honour of the Chairman, Governing Board, CAC and Nigerian Ambassador Designate to the Kingdom of Spain, Ademola Seriki.

The commission disclosed this in series of tweets posted via its Twitter handle on Sunday.

“To achieve the target, the registrar-general said the commission was making arrangements to empower over 400 approving officers with working tools to process and approve registration applications either from home or anywhere necessary,” the agency stated.

Abubakar noted that the challenges of COVID-19 pandemic had adversely hampered CAC’s delivery timeline.

He, however, said the CAC was resolutely committed to serving its customers despite being forced to operate with less than 50 per cent of its workforce.

While bidding farewell to Seriki, the registrar-general said he received the news of his appointment with mix feelings as CAC was going to miss his tremendous support and guidance.

The Minister of Industry, Trade and Investment, Niyi Adebayo, described the outgoing CAC Chairman as a man of immense pedigree and endowed with enormous potential to justify the confidence reposed in him by the president.

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