Independent 20170816-readme.ng

BAMIDELE OGUNWUSI
LAGOS
IBTC Bank (-5.0%), Guaranty million units and N5.4 billion IBTC Bank (-5.0%) and Guaranty
Trust Bank (-1.5%) and Lafarge respectively.
Trust Bank (-1.5%).
At the close of trading yesterday, Cement WAPCO (-4.8%).
Performance across sectors Likewise, the insurance and
the All Share Index recorded a Consequently, year-to-date was largely bearish as all indices
consumer goods index dipped
2.3 per cent decline to settle at gain pared to 38.0 per cent. Accordingly,
under our coverage closed 1.0 per cent apiece on the back
37,096.60 points as profit taking
investors lost N294.5 in the red. The industrial goods of sell pressures on Mansard
further hit the market.
billion as market capitalisation index waned the most, down 4.2 Insurance (-4.7%) and Nigerian
Performance was largely settled at N12.8 trillion.
per cent owing to a decline in Breweries (-1.6%) while negative
dragged by negative sentiment However, market activity the price of Dangote Cement
sentiment towards Forte
towards Dangote Cement (-4.3%) improved as volume and value (-4.3%) while the banking index Oil (-4.6%) and Oando (-1.4%)
as well as profit taking in Nigerian
traded surged 23.9 per cent and followed, shedding 1.2 per cent dragged the oil & gas sector 0.4
Breweries (-1.6%), Stanbic 28.7 per cent to settle at 391.6 on account of losses in Stanbic per cent lower.
Business
INDEPENDENT
WEDNESDAY, AUGUST 16, 2017
/<strong>Independent</strong>ngr @independentngr www.independent.ng
Power Generation
Hits 6800mw
– Fashola
Minister of Power, Works and
Housing, Babatunde Raji Fashola,
said power generation and
transmission in the country has
improved, saying that as at August
10, 2017, the generation was
6, 863 megawatts (mw), while the
transmission rose to 6, 700 mw,
against the 5,000 mw in 2016.
Speaking yesterday in Kano,
Fashola said: “The Federal
Government is doing its best to
ensure improvement in electricity
supply. Government has
embarked on serious expansion
of transmission capacity with
some power plants already completed,
while others have reached
advance stages of completion.”
He assured support for
any state willing to involve in
generation and distribution of
electricity.
Fashola, who was in Kano for
the 18th monthly power sector
and stakeholders meeting, said
there was no monopoly in the
business of electricity generation
and distribution and that state
governments and big companies
could also involve in the business.
CAC Delists 44,000
Nigerian Firms From
Database
The Corporate Affairs
Commission (CAC), have so
far delisted 44,000 companies
from the database, while 1.5
million companies have been
registered, the Registrar General
of the Commission, Bello
Mahmud, disclosed this in an
interview with our Correspondent
in Abuja.
He said the development
was sequel to several breaches
of the Companies and other
Matters Act (CAMA), and other
extant regulations of the
commission, notably, late and
outright refusal to file returns.
“So far there is an improvement
and a current ratio of 45
per cent. We are still checking
on company records especially
in terms of compliance
for those who have not been
filing.
NSE Index Down By 2.3% In Bearish Trading
Sylvester Enoghase +2348075038724 sylvester.enoghase@independentnig.com
MOHAMMED SHOSANYA
LAGOS
The ongoing reforms of
the Nigerian National
Petroleum Corporation
(NNPC), will place the
Corporation on a long- term
growth trajectory for the benefit
of all stakeholders, its Group
Managing Director, Dr. Maikanti
Baru, has said.
Baru, while receiving a delegation
from the NNPC Retired Staff
Association led by its President,
Chief George Owarieta, in Abuja,
yesterday, stated that restructuring
the Corporation was the surest
way to sustainable growth and
profitability.
“On restructuring of the
NNPC, definitely there are benefits
in the exercise both to the
How NNPC Can Be
Profitable, By Baru
nation and to the organisation
itself. If we don’t take actions, we
shall continue in the trajectory of
declining revenues and increased
deficit, a trajectory that will ultimately
lead the Corporation nowhere,
the trajectory that so many
state-owned corporations had followed
and they are no more. The
trajectory that will lead to chaos
and I don’t think it is the trajectory
that we would like the NNPC
to follow,” Dr. Baru said.
The GMD stated that NNPC
management under his leadership
was working hard to block
• Customs Generates N1.2bn Daily At
Tin Can Port – Bashar
• ASUU Strike Puts Varsity
Examinations On Hold
any identifiable leakage within
the system to ensure that all resources
are judiciously utilised
for the benefit of all stakeholders
and the nation at large.
He stated that the Corporation
would ensure that its restructuring
plan aligned with that of the
Federal Government for the benefit
of all Nigerians.
He called on the Retired Staff
Association to make valuable contributions
based on their wealth
of experience to the successful
implementation of the ongoing
reforms in the Corporation for
– B6
– B9
B1
better results.
The GMD, however, said the
Corporation was working round
the clock to weather the storm in
the wake of prevailing economic
reality in the country.
Earlier, the Chairman of the
Association, Chief George Owarieta,
commended the NNPC
led by Dr. Maikanti Baru on the
landmark achievements in the industry,
and expressed confidence
in the ability of the current management
of the Corporation to
discharge its fiduciary responsibilities
effectively.
Abu Ejoor, Non-Executive
Director, Global Utilities
Management Company (left);
Victor Gbolade Osibodu,
Chairman, Vigeo Group
(second left); Ramachand
Ran Viswanathan, Executive
Vice President, International
Marketing, Genus (second
right), and Tosin Osibodu,
Business Development
Manager, Vigeo Group, during
the signing of memorandum
of understanding in Lagos at
the weekend.
Arik Air Migrates To Hitit’s Crane Solution For Passenger Processing
OLUSEGUN KOIKI
LAGOS
Arik Air has completed the migration
of passenger service solution
to Hitit’s crane solution suite.
With the migration, the airline
became the eighth African airline
to sign to the facility.
A statement by its spokesman,
Mr. Adebanji Ola, said that Hitit CS
actively supports airlines’ operations
in Nigeria, Tanzania, Tunisia
and Namibia, having prioritised
Africa as an area of strategic focus.
He hinted that in 2016, Hitit’s
reservation system processed
more than 55.5 million passenger
bookings worldwide.
Sequel to the successful migration,
Arik Air would enjoy access
to the premium suite of Hitit crane
solution of innovative products
covering passenger reservation,
departure control, website, operations
planning, customer care and
revenue accounting.
He noted that the migration
to crane solutions had been completed
by June this year, while
the airline had started to use the
platform.
Hitit CS he emphasised had
a clear strategic focus on Africa.
Gainers
SEPLAT 482 2
CONOIL 33.89 1.3
GLAXOSMITH 21 1
BERGER 7.14 0.34
UNILEVER 45.63 0.13
Dana Air Flight Schedule
LAGOS - ABUJA
Monday - Friday
7am, 12.42pm, 15.03pm, 16.11 and 17.55pm
Abuja - Lagos
9am, 10.45am, 14.25pm, 18.00pm, 19.35pm.
SATURDAYS
Lagos - Abuja
7am, 11.25, 12.42pm, 17.10
Abuja - Lagos
9am, 10.45am, 13.22pm, 2.40pm,7pm
SUNDAY
Lagos - Abuja
8am, 11am, 4.36pm, 5.37pm
Abuja - Lagos
9.54am, 12.42pm, 6.30pm, 7.30pm
Since 2015, the airline and travel
IT solution provider from Turkey
have convinced eight African airlines
as new customers to benefit
from its innovative IT solutions.
Top Gainers/Loosers as at Tuesday August 15, 2017
Losers
DANGCEM 225 -10
NB 190 -3
WAPCO 60.01 -2.99
FO 51.5 -2.5
STANBIC 38.95 -2.05