- ‘Drop in Importation May Reduce Apapa Gridlock’
The Seaport Terminal Operators Association of Nigeria has said it expects the Apapa gridlock to reduce before the end of this month as a result of the decline in importation activities.
According to the STOAN Chairman, Princess Vicky Haastrup, the reduction of the gridlock is not because any significant measure has been taken to address the cause of the problem, but due to an anticipated drop in importation.
“The last quarter of every year usually marks the peak of importation activities at the ports. Now that the 2017 importation peak season is over, the number of trucks coming to the ports is expected to reduce, thereby providing temporary relief to road users,” a statement from the group quoted her as saying.
She said the situation, however, meant less cargoes and less volume for the ports, especially in the first quarter of this year, adding that the off-peak period provided an opportunity for the federal and Lagos State governments to address the root cause of the gridlock.
Haastrup stated, “The reasons for the gridlock are along two major lines. One is that there is a proliferation of petroleum tankers due to the preponderance of fuel tank farms and petroleum depots in the Apapa community. This is an anomaly, which should urgently be corrected by the Federal Government.
“The correction is to facilitate the distribution of petroleum products through pipelines and not using trucks. Also, once the government can get the refineries working, there will no longer be the need for tank farms in Apapa, which attract these trucks.
“The other reasons for the gridlock are the dilapidated state of roads leading into and out of Apapa as well as the absence of truck parks.”
She added, “Government can address these by taking advantage of the off-peak season to intensify road rehabilitation works and making relevant provision for truck holding bays before the next cycle of high level activities sets in.
“There is also an opportunity to begin the implementation of the much touted truck call up system to ensure that only trucks that have business to do at the ports are granted access into Apapa.”
Haastrup urged the Federal Government to review its tariff policy on some imported items, including vehicles, rice and fish, to reduce smuggling.
Dangote Cement Emerges Best Performing Firm In Africa
The Kogi State Chamber of Commerce, Industry, Mines and Agriculture (KOCCIMA) has named the Dangote Cement Plc, Obajana Plant, as the best performing company in Africa.
The award was presented to the company in Lokoja at the weekend by the Deputy Governor of Kogi State, Chief Edward Onoja, who represented the State Governor, Alhaji Yahyah Adoza Bello, at the Annual General Meeting(AGM) of KOCCIMA.
Speaking at the occasion, the President of KOCCIMA, Mr. Victor Ibrahim, said the Dangote Cement emerged through a thorough screening process that involved 20 companies.
He said: “Our screening committee considered many criteria before Dangote Cement Plc was selected”.
According to him, the Chamber put into consideration Dangote Cement’s contributions to the state’s economy through Internally Generated Revenue(IGR), as well as its good relationship with KOCCIMA.
Mr. Ibrahim said another criterion that placed the Dangote Cement in good stead is that the company has been environmentally friendly.
“We’ve visited DCP Obajana Plant and we found it complying with global best practices when it comes to the environment. Your parking lot does not constitute any environmental danger. We also considered returns to investors, the welfare of staff, the 43km Obajana-Kabba concrete road, your good relationship with the host community and your positive image”.
He announced that the Chamber of Commerce was planning to host its Trade Fair by year-end and looking forward to collaborating with the Dangote Cement Plc.
The Deputy Governor Mr. Edward Onoja expressed the appreciation of the Kogi State Government, saying the contributions of KOCCIMA and the private sector were crucial to the development of the state.
Speaking to newsmen on the sideline of the event, representative of the Dangote Cement Plc Mr. Ademola Adeyemi said the company was elated and that the award will further spur it to continue its support to the state’s economy, KOCCIMA and Corporate Social Responsibility schemes.
MTN Appoints Chika Ekeji as Executive Lead for Strategy and Transformation
MTN Appoints Chika Ekeji, A Nigerian-American as Executive Lead for Strategy and Transformation
MTN Group has announced the appointment of Chika Ekeji, a Nigerian-American national as an executive to lead the strategy and transformation unit of the mobile network operator.
Chika has a Master of Engineering in Computer Science from Cornell University and an MBA from MIT.
He will be leaving from McKinsey & Company, where he led the West Africa Digital Practice and served telco, financial services, and public sector clients across Africa.
His appointment with Africa’s leading mobile operator will be effective on, 15th of March. In his new role, he will be based in SA.
“We are very pleased that Chika is joining us as we work to accelerate our strategic repositioning,” says MTN Group chief operating officer Jens Schulte-Bockum.
To support the execution of the repositioned strategy, Ekeji joins a group of other recent appointees, including the new group chief financial officer, Tsholofelo Molefe.
In recent weeks, MTN also made changes to the group’s regional structure and the executive committee.
Union Bank Unveils Multi-Asset Trading Platform M36
Union Bank Unveils Digital Investing Platform, M36
A new digital platform designed to deliver a wide range of investment products directly to individuals and other investors, M36, has launched in Nigeria.
Through an innovative, user-friendly app, M36 offers investment options not typically available on self-service digital platforms including foreign currency transactions, commercial papers, local and foreign-denominated bonds, treasury bills and other fixed-income products.
M36 also offers bespoke solutions for both new and experienced investors as well as a 24-hour lifestyle concierge service to meet the needs of discerning customers.
In a rapidly evolving environment with changing consumer behaviour fueled by technology and growing access to information, M36 is looking to expand opportunities for investors at all levels, while also simplifying the process of investing.
M36 was developed by Union Bank as part of its strategic focus on delivering superior customer solutions leveraging technology and innovation. The bank partnered with several asset management companies to deliver a broad range of investment products on the M36 platform.
Speaking about this, Mr. Chuka Emerole, Head, Treasury at Union Bank said, “M36 eliminates the traditional barriers to investing and offers investors direct access to financial instruments that would usually require the service of an investment or relationship manager.
“We’ve designed M36 to ensure simplicity in the onboarding and investing process while also empowering the customer to make sound investment choices based on their financial objectives.
“We worked with key partners to deliver both the experience and products on M36 and are confident that we have launched a superior product in today’s marketplace”.
With the 24-hour concierge service, M36 users can access round-the-clock support from investment advisors as they actively manage their portfolios.
The bank said the M36 was a timely financial product meant to keep abreast with the rapidly evolving environment and changing consumer behavior that is fueled by technology and growing access to information.
The M36 is also part of the UBN’s strategic focus on delivering superior customer solutions by leveraging technology and innovation. The bank partnered with several asset management companies to deliver a broad range of investment products on the M36 platform.
M36 also offers loans, personal travel allowance, will and trust services and many more essential products under its Life Essentials menu.
M36 is available for download on the App Store and the Google Play Store.
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