THE NATION MONDAY, DECEMBER 24, 2012
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BUSINESS NEWS Flight Schedule MONDAY - FRIDAY LAGOS – ABUJA Departure Arrival 1. Aero 06.50 08.10 2. Associated 07.00 09.30 3. Air Nigeria 07.00 08.20 4. IRS 07.00 08.20 7. Arik 07.15 08.15 7. Chanchangi 07.15 9. Air Nigeria 08.15 09.35 10. Aero 08.45 10.05 11. Arik 09.15 10.15 12. Chanchangi 10.00 11.00 13. IRS 11.15 12.35 14. Aero 12.20 13.30 15. Air Nigeria 13.25 14.45 16. Chanchangi 13.30 14.30 17. Arik 13.45 14.45 18. IRS 14.00 15.20 19. Aero 14.10 15.30 20. Air Nigeria 14.50 16.10 21. Chanchangi 15.30 16.30 22. Arik 15.50 16.50 23. Aero 16.00 17.20 24. IRS 16.30 17.50 25. Arik 16.50 17.50 26. Chanchangi 17.30 18.30 27. Air Nigeria 17.35 18.55 29. Air Nigeria (T/TH) 18.30 19.50 20. Arik 18.45 19.45 31. Aero 19.20 20.40
1. 2. 3. 4. 5. 6. 7. 8.
LAGOS – BENIN Arik 07.30 Associated 08.30 Aero 10.50 Arik 11.45 Associated 13.00 Aero 14.25 Arik 15.30 Associated 16.00
1. 2. 3. 4.
Arik Aero Arik Aero
1. Arik 2. Aero 1. 2. 3. 4.
LAGOS – CALABAR 07.30 11.20 12.50 16.00 LAGOS – JOS 10.55 11.15
LAGOS – KADUNA Aero 08.00 Chanchangi 10.00 Arik 10.00 Arik 15.10
08.30 09.10 11.50 12.45 13.40 15.20 16.30 16.40
Most banks are selling off their share registration businesses while the consolidation in the banking industry has reduced the size of share registration business. Banks were, and still, the largest customers for most registrars. Central Bank of Nigeria’s (CBN’s) Scope of Banking Activities and Ancillary Matters No 3, 2010 requires banks to concentrate on core banking functions. The new model requires banks to either sell non-core banking businesses or form a holding company to hold such non-core banking businesses including activities such as insurance, asset management and capital market operations. Five banks including First City Monument Bank (FCMB) Plc, First Bank of Nigeria (FBN) Plc, Stanbic IBTC Bank Plc, United Bank for Africa (UBA) Plc and Union Bank of Nigeria (UBN) Plc have opted to form holding companies and keep their subsidiaries while other banks including Access Bank Plc, Diamond Bank Plc, Fidelity Bank Plc, Guaranty Trust Bank (GTB) Plc,
Skye Bank Plc, Sterling Bank, Zenith Bank and Wema Bank, among others, are pursuing divestments from non-banking subsidiaries. Besides being the largest registers, banks own the largest and most active registrars. More than half of the industry operators, which account for more than twothird of the industry activities, are owned directly or indirectly by banks. A reliable source said banks that had acquired share registration businesses have started exploring possibilities of merging the businesses. First City Monument Bank, which has interest in CSL Securities (Registrars), recently acquired Fin Registrars through acquisition of Finbank Plc.Ecobank Transnational Incorporated (ETI), which has interest in EDC Securities, also acquired Oceanic Registrars through its acquisition of Oceanic Bank International. Access Bank also recently acquired Intercontinental Registrars through its acquisition of Intercontinental Bank Plc.
12.15 12.45 09.10 11.00 11.10 16.20
1. 2. 3. 4. 5.
LAGOS – OWERRI Aero 07.30 Arik 07.30 Air Nigeria 13.40 Arik 14.00 Arik 16.30
08.40 08.40 14.55 15.10 17.40
1. 2. 3. 4.
Arik Aero Arik Aero
LAGOS – WARRI 08.15 11.50 11.55 14.55
09.1 12.50 12.55 15.55
1. 2. 3. 4. 5.
LAGOS – KANO Air Nigeria 07.10 IRS 08.00 Arik 12.20 IRS 14.00 IRS 18.15
08.50 09.45 14.00 15.45 19.55
LAGOS – OWERRI 07.20 14.00 16.30
08.30 15.10 17.40
LAGOS – MAIDUGURI 1. IRS 11.15 13.15 2. Arik 15.50 18.00 LAGOS – ILORIN 1. Overland 07.15 2. Arik (M/T/TH/F) 17.30
HE train of consolidation in the financial services indus try may move next to the share registration business as registrars adjust to the divestment and consolidation in banking, stringent supervisory framework, capital requirement and intensive information and communication technology. Industry sources estimated that the number of share registration firms which is about 30, may reduce by almost half following ongoing mergers and acquisitions from banking consolidation induced business combinations and competition-induced restructurings. When asked about the possibility of consolidation in the share registration industry, both Managing Director, First Registrars Nigeria Limited, Mr Bayo Olugbemi and Chief Executive, Institute of Capital Market Registrars (ICMR), Dr David Ogogo, answered in the affirmative. Olugbemi said the consolidation might start from 2013 and it could be due to competition or regulations. Ogogo said well-run registrars would stand good chance to in consolidation period.
08.50 12.40 14.10 17.20
LAGOS – PORT HARCOURT (CIVIL) 1. Aero 07.15 08.35 2. Arik 07.15 08.35 3. Arik 09.00 10.20 4. Aero 10.50 12.30 5. Arik 11.40 13.00 6. Air Nigeria 12.00 13.10 7. IRS 13.30 15.00 8. Arik 14.00 15.20 9. Air Nigeria 16.00 17.10 10 Arik 16.10 17.30 11. Aero 16.15 17.30 12. Arik 17.10 18.30
1. Arik 2. Arik 3. Arik
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Massive consolidation looms in share registration
08.00 18.00
LAGOS – ABUJA SAT/SUN Arik 7.15; 10.20; 2.20; 5.20pm – 7.30; 9.15; 10.20; 2.20; 4.50; 6.45 Aero 07.30; 09.35; 13.10; 14.50; 20.20 – 07.30; 09.35; 13.10; 14.50; 20.20 Air Nigeria 08.15; 14.30; 17.15; 18.30 – 08.15; 13.30; 14.30; 17.15; 18.30
•Mrs. Gbeminiyi Laolu-Adewale (left) of Procter & Gamble and her colleague Mrs. Bina Idonije (right) donating cash to Child Developmental Centre (CDC) in Lagos. With them is Mrs. Ebele of CDC.
MDGs’ contractors to Fed Govt: Pay us
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OME contractors handling some Millennium Goals De velopment (MDGs) projects for the Federal Government, particularly, the Federal Ministry of Housing, have appealed to the Minister of Land, Housing and Urban Development, Ms Ama Pepple, to assist in the payment for contracts executed for the ministry since 2011. Their spokesperson Mr James Olutola, told reporters in Lagos,that though his colleagues had completed their projects since last year and early this year, they had not been paid. According to him, while few people had been paid, the hope of payment for the majority is hanging in the balance, for what he de-
By Okwy Iroegbu-Chikezie Asst. Editor
scribed as empty promises. “We are appealing to the Presidency, especially, the Minister, Ms Ama Pepple, whom we all considered as a mother, a sister, to please, effect our payment, since many of us are indebted to the banks”. The contractors also alleged that the minister said that she would only pay for the contracts awarded by her and not those by her predecessor. Olutola, who along Mohammed Tijani, said they executed school projects, which were certified okay, said: “But till date, we are yet to receive our payment, as we are still lamenting the unfortunate death of one of the co-contractor, who died recently as a result of pressure from
his creditor”, he said. But the ministry’s Director Press, Mr Peter Ogbonnaya, refuted the contractors’ claims. He insisted that all executed projects were paid for. However, he said efforts were being made to pay contractors who handled the MDGs projects for the ministry in 2010, assuring that all the projects executed would be paid for. “There is no way you can execute a project for the Federal Government and the minister will tell you that you won’t be paid because the project was not awarded by him or her. The Minister wasn’t there in 2010, but she is making efforts to ensure that the projects executed in 2010 which have not been paid for, are paid for,” he said.
PENGASSAN chief seeks immigration HE Federal Government has policy review country. been advised to review the “I think the review of the immigra-
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country’s immigration policy to check influx of illegal immigrants into the country. President, Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Comrade Babatunde Ogun, said the review would help to reduce crime. Ogun further said many people from Nigeria’s neighbouring countries migrate to Nigeria without proper documents.
This, he attributed, to the porosity of the nation’s borders and lack of commitment on the part of the officers and men of the Nigeria Immigration Service (NIS). “There have been several reports of cases of attacks on the Nigerians in the Northern part of the country by herdsmen from some neighbouring countries. More worrisome is the Al Quada dimension to the insecurity in the
tion policy needs to involve re-orientation, training and retraining of the officers and men of the Nigerian Immigration on protecting our borders”. He argued that the laxity of the policy also allowed foreigners to take jobs that are meant for Nigerians, all in the name of expatriates, stating that whereas “some of the foreigners who parade as expatriates have no specialisation that can qualify them for being in the country.”
Airline boss urges govt to reduce taxes By Kelvin Osa-Okunbor
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HIEF Executive Officer of Skyjet Aviation, Alhaji Kashim Shettima, has called on the Federal Government to reduce the multiple taxes charged charter operators by aviation agencies. He said it is one way to eliminate obstacles militating against the growth and development of the sector. Shettima, who spoke in an interview, explained that until such charges are reduced, operators will continue to grapple with high costs, which according to him has been disincentive to many investors in the sub sector. He also lamented the slow process of issuing operators licence, urging thatis should be fasttracked as it is done in other parts of the world. He said his experience with while processing the airline’s Air Operators Certificate (AOC) with the Nigerian Civil Aviation Authority (NCAA), could be improved upon to facilitate business for charter operators. He said: “ You know aviation industry is not an easy industry where you can easily make money. It is an industry with a lot of challenges. There are aircraft issues and a lot of other challenges, including some government policies. “However, I think the minister of aviation is on the right track and she will take us to the place where we need to be. “But there is a serious challenge in this industry. Every time the government talks about attracting foreign investors, but there are lots of people in-house who are willing to invest in the country. “All they need is the support and enabling environment to do it and I believe that before foreign investors can come and invest here, you need to show them that your own people are doing it, then they would come and would want to partner with the indigenous investors.” Shettima added : “ The aviation industry in Nigeria still has a lot of challenges because I have seen it. However, I believe that at some point, the airline operators and the authorities need to sit down to look at issues critically.”
2012 is challenging, says Samsung By Lucas Ajanaku
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LECTRONICS giant, Samsung Electronics, has said the out going is challenging for its business because of the economic problems confroting major economies of the world. He hower assured that consumers in the country should look forward to an exciting 2013. Managing Director, Samsung Electronics West Africa (SEWA), Mr Brovo Kim, who spoke in Lagos, said the economic downturn across the world also impacted the business of the firm. He argued that in spite of this, the electronics manufacturer retained its leadership position in the market. “The economic situation around the world has not been too good. But we are growing as our mobile phone industry grew up to 60 per cent. And in consumer electronics, there is no difference. We did better than 2011 so every year, it keeps growing our buiness. We will continue to provide our customers in Nigeria with the latest technology to ease life,” he said. He said the firm would consolidate its leadership of the electronics market in the new year with the introduction of a rich bouquet of innovative and competitively priced products.