NaijaBizCom Fashola tasks banks on PPP projects financing, monitoring Rescue claim: NIMASA, NLNG set for showdown Revive market for commercial papers market – Sanusi charges FMDQ 2014 World Cup qualifier: Fans predict easy victory for Eagles Iyayi will be missed – Information Minister Fashola tasks banks on PPP projects financing, monitoring Posted: 14 Nov 2013 01:14 PM PST LAGOS State governor, Raji Babatunde Fashola has called on banks to be actively involved not just in financing Public Private Partnership projects, but in ensuring that the projects they commit depositors’ fund to are properly executed. Governor fashola making speech,naijabizcom Fashola made the call at the Bank Directors Association of Nigeria (BDAN) stakeholders’ forum in Lagos. Speaking through his Commissioner for Finance, Mr. Ayodele Gbeleyi, the governor said the task of monitoring PPP projects should not be left to government (public sector) alone. According to him, the concept of public private sector partnership in project development is still evolving in Nigeria and as such, all key stakeholders must evolve with it. “Bankers do not rise to the occasion in terms of monitoring of these projects. Monitor projects that are financed with depositors’ money. This market is evolving and we need to evolve with it. We need to see better understanding of PPP projects and better structuring of proposals. As banks, we need to manage risk optimally; we need to build capacity for long term funding. There should be continuous market infrastructure that will rise up and support PPP projects,” he stated. Fashola added that assess to long term finance relative to the life span of any project is a key factor to any successful PPP initiative. He listed other key success factors to include enabling policy and institutional framework for investment purposes; the need to establish a working relationship towards the joint fulfillment of the general public’s infrastructure needs, as well as need to communicate government expectation regarding responsible business conducts to private partners among others. The governor emphasised the need for both the public and private sector to familiarise themselves with the PPP concept and international best practices, assuring that Lagos State is committed to improving the general level of awareness and understanding of PPP among all stakeholders in order to facilitate sound policy development and constructive discussion and debate. “Rather than being the sole driver of the public enterprises, we are of the view that government should be an enabler, facilitator and regulator, focusing on co-ownership and co-responsibility, while the private sector drives the economy.” In her welcome address, Vice-President of BDAN, Mrs Foluke Abdulrazaq, said up to date, Nigerian banks have a cumulative balance sheet of over N7 trillion invested in the economy. She noted that it is expected that a fair share of future funding requirements would come in the form of PPP proposals from both government and financial institutions. According to her, “Nigerian banks are already assessing proposals from private sector operators who are exploring funding options from local and international financial institutions.” Explaining the role of BDAN, she said that the association provides a forum for improving the knowledge and competence of bank directors, thereby promoting honourable practice within the banking sector. Vanguard (Visited 1 times, 1 visits today) Rescue claim: NIMASA, NLNG set for showdown Posted: 14 Nov 2013 01:14 PM PST THERE are indications that the Nigerian Liquefied Natural Gas (NLNG) Company may be heading for another showdown with the Nigerian Maritime Administration and Safety Agency following the former’s claims of rescuing NIMASA’s personnel from a distress vessel. This is coming on less than three months after its row with the gas company. The apex maritime regulatory agency said in a statement last Saturday that a report in a section of the media purporting that its personnel were rescued out of distress by NLNG was false. According to NIMASA, the story which stated that, “NLNG rescue NIMASA men from drowning”, and which indicated that “the Nigeria Liquefied Natural Gas (NLNG) Limited rescued NIMASA officials and Navy personnel on board a tugboat, MT Bori, was not only false and misleading but obvious to any discerning mind that it was premeditated to embarrass the Agency.” NIMASA in the statement which was signed by its Deputy Director, Public Relations, Mr Isichei Osamgbi, and made available to newsmen, explained that: “It is pertinent to state that MT Symphony registered by the Flag State Authority of Panama was illegally being towed by MT Bori when NIMASA was contacted to stop the operation, a request that was promptly granted”. “It is also necessary to state clearly that there was no NIMASA staff or Navy personnel from the Maritime Guard Command of the Agency on board the said MT Bori as alleged in the report”, the statement concluded. The duo had earlier in the year been locked in legal battle over payment of some revenue to NIMASA, leading to a three-week blockade of some NLNG tankers from exiting the export terminal. The matter was later resolved at the Federal High Court when the NLNG agreed to pay the disputed levies. Vanguard (Visited 1 times, 1 visits today) Revive market for commercial papers market – Sanusi charges FMDQ Posted: 14 Nov 2013 01:14 PM PST GOVERNOR, Central Bank of Nigeria (CBN), Mallam Lamido Sanusi has called on the board of the Financial Market Dealers Quote to revive the market for commercial papers in Nigeria. Commercial papers are unsecured promissory notes with a fixed maturity of about nine months. They are usually issued by companies to raise money to meet short term finance obligations. The notes are backed by the promise of the issuing organization to repay based on the agreed terms. Speaking at the official launch of the MFDQ PLC, Sanusi said that, “The FMDQ should also look at the revival of the Commercial Paper market and its regulation. With FMDQ, a fixed income securities exchange, the registration process is expected to be established to kick-start this segment of the money market which is useful in promoting the culture of companies in the issuance of instruments and securities”. He also called for the review of the Nigeria Interbank Offered Rate (NIBOR). “The inter-bank interest rate benchmark (NIBOR) definitely remains an area for development. FMDQ is expected to look at this in light of IOSCO’s standards on benchmarks”, he said. Sanusi said though the establishment of FMDQ is commendable and in line with other reform initiatives of the CBN, he said that there is however huge expectation of the group to further restructure and give depth to the Nigerian Financial Markets. He said, “The efforts of the Financial Markets Dealers Association (FMDA), a professional body for banks, discount houses and other relevant financial institutions, in fostering financial markets development in Nigeria is commendable and has complemented the efforts of government and regulatory authorities. The launch of the FMDQ OTC PLC is yet another indication of the association’s persistence and quest to play a catalytic role in the development of the Nigerian financial markets. In recognition of the important role to be played by the FMDQ OTC the Central Bank of Nigeria provided the necessary support for its formation. CBN will continue to collaborate with FMDQ on strategic initiatives that will support Global competitiveness, Operational excellence, Liquidity and Diversity (GOLD) of the market. We are also keen to see that FMDQ upholds the highest standards of market governance. “I would like to use this opportunity to implore the FMDQ to uphold its commitment to ensure that its operations are continuous and transparent to ensure the flow of liquidity; as well as ensure that appropriate risk management measures and systems are put in place. It should also provide acceptable conditions for the admission of other securities such as commercial papers, bankers’ acceptances, negotiable certificates of deposits, etc.; and, foster adherence to rules and regulations by participants at all times in order to maintain and sustain market integrity and confidence.” Vanguard (Visited 1 times, 1 visits today) 2014 World Cup qualifier: Fans predict easy victory for Eagles Posted: 14 Nov 2013 01:13 PM PST Lagos – A cross-section of Nigerians on Thursday said they were confident that the Super Eagles would beat the visiting Walya Antelopes of Ethiopia on Saturday in Calabar. The News Agency of Nigeria (NAN) reports that the Nigerian senior men football team will face their Ethiopian counterparts in a 2014 FIFA World Cup qualifier. The final round play-off second leg match is billed for the U.J. Esuene Stadium, with the Eagles holding an advantage after beating the Ethiopians 2-1 in Addis Ababa on Oct. 13. Speaking to NAN in Lagos, many Nigerian football fans tipped the Eagles to win, saying the Eagles are a team which has now come of age.Innocent Emeh, a spare parts dealer at the Lagos International Trade Fair Complex, said: “The Eagles have no option than to beat the Antelopes. “For the Eagles to have won 2-1 against the Ethiopians on their home soil during the first leg, there is enough evidence to show that the return leg will be a formality,’’ he said. Bonaventure Audu, a bookshop owner at Iba Market in Ojo, pointed out that the present Nigerian side have not lost in Calabar, and would not start it now. “The African champions have not lost in Calabar, and this Saturday cannot change the record,’’ he said. Bolaji Odu, a civil servant with the Ojo Local Government, on his part said the match is a “must win’’. “But I don’t expect the Eagles to approach the match with levity,” he said. Odu advised the coach Stephen Keshi-led team to execute the match with all seriousness and make Nigerians proud with a resounding victory. Emeka Ekeh, an electronics seller at the Alaba International Market in Lagos, was of the view that the Ethiopians could not be a hard nut to crack for the Eagles. “The Antelopes have fallen to the Eagles before, and they will fall again,’’ he said. In his comments, Toyon Sonayon, the Chairman of Badagry Divisional Football Association, said the Nigerian side was better positioned to win the match. “With an array of intimidating stars who won the 2013 African Nations Cup and the fact that any team in the continent is beatable, it is sure that the Eagles can beat the Ethiopians comfortably,” Sonayon said. NAN reports that the Eagles need a draw or outright victory at home on Saturday to book their World Cup ticket.(NAN) Vanguard (Visited 1 times, 1 visits today) Iyayi will be missed – Information Minister Posted: 14 Nov 2013 01:13 PM PST Abuja – The Minister of Information, Mr Labaran Maku, has said that late Prof. Festus Iyayi will be missed for his contributions to the academic community, workers movement and Nigeria’s pro-democracy movement. In a condolence message signed by Maku and made available to the News Agency of Nigeria (NAN) in Abuja, the minister condoled with the family, friends and relatives of the deceased. It stated that death had robbed Nigeria of one of Africa’s most fertile minds and a devoted advocate for Africa’s renaissance. “I received with utter shock and disbelief the sad news of the sudden death in an auto crash of one of Nigeria’s foremost patriots and literary icons, Prof. Festus Iyayi. “ His death coming so close after the demise of Prof. Chinua Achebe; the incidence has robbed Nigeria, Africa and indeed the entire literary world of two outstanding giants, who made distinctive contributions to Africa’s literature,’’ Maku said. The statement extolled the qualities and exemplary life that the late Iyayi, “who lived and died for particularly the cause of democracy in Nigeria and in Africa”. It stated: “Festus Iyayi lived his life fighting for a better Nigeria. In his entire academic and literary career, he was totally and completely devoted to national service. “He was never one of those scholars seen at the corridors of power seeking favours; he devoted his life to scholarship and active struggle for the democratisation and transformation of Nigeria.’’ The statement, which described Iyayi as a personal friend to the Information Minister, said that Iyayi’s interest and devotion to Nigeria and Africa never waned for a moment. It stated that the memory of Iyayi’s contributions and ideas would continue to guide those he left behind and future generations in the service of the nation and humanity. Prof. Festus Iyayi died in an auto crash in Lokoja on Monday. He was on his way to attend a National Executive Council (NEC) meeting of ASUU scheduled to take place in Kano. (NAN) Vanguard (Visited 1 times, 1 visits today) You are subscribed to email updates from NaijaBizCom.Com To stop receiving these emails, you may unsubscribe now. Email delivery powered by Google Google Inc., 20 West Kinzie, Chicago IL USA 60610
Posted on: Fri, 15 Nov 2013 15:05:03 +0000
Trending Topics
Recently Viewed Topics
© 2015