36
Wednesday 13 November 2019
BUSINESS DAY
news
DataPro rates SFS Fixed Income Fund AA REMI FEYISIPO, Ibadan
N
igeria’s foremost investment fund, SFS Fixed Income Fund, has been rated AA by DataPro, a Lagosbased rating agency. DataPro in a recent rating report highlights good credit quality, good liquidity and experienced fund managers as key strengths of the N2.2 billion-worth Fund, which has grown from a base point of N960 million in 2015. SFS Fixed Income Fund, an open-ended collective investment scheme launched in May 2014 and registered by the Securities and Exchanges Commission (SEC), is managed by SFS Capital Nigeria Limited. It is targeted at investors with low risks investment appetite who require liquidity and optimal benefits for their investments. The long-term rating of
AA indicates lower risk and is assigned to Funds deemed to have very good financial strength, operating performance and profile. In arriving at the score, DataPro took cognisance of relevant qualitative and quantitative factors to arrive at the assigned risk factor, with risk factors assessed by considering the credit risks, interest rate risk, liquidity risk, regulatory framework, and the operating performance of the manager. “This Fund, in our opinion, has strong ability to meet its ongoing obligations,” Oladele Adeoye, chief rating officer, DataPro, said. Aside the fund managers, other parties to the fund are: United Securities Limited (Registrar); Stanbic IBTC Bank plc (Custodian), STL Trustees Limited, and Sterling Partners & Co (Auditors).
Importers of frozen food divert contraband consignment to Lagos airport … as NCS records N47.7bn revenues in 10 months IFEOMA OKEKE
I
mporters of frozen foods have devised another means of carrying out their illegal activities by diverting their consignments to the nation’s international airports, especially the Murtala Muhammed Airport (MMA), Lagos. This is according to the Nigeria Customs Service (NCS), MMIA Command, who also said it had earned at least N47.7 billion in revenues between January and October 2019, surpassing the 2019 target set for it with 110 percent. In the past two days the MMIA Command had intercepted two consignments of frozen foods with one of them disguised as vegetables with total duty paid value at N68,850,000. The other consignment was abandoned at the Gate 13 of the airport by the importer or
its agents, probably because of the close monitoring on their activities by the officials of the command. Wale Adeniyi, Customs area comptroller, told journalists in a joint press briefing at the Federal Operating Unit (FOU) of NCS in Lagos that the first consignment containing meat, chicken, turkey and other frozen foods was discovered on South African Airways on November 10, 2019. According to Adeniyi, the command’s tarmac operatives intercepted, which was indicated as perishables, and therefore qualified for pre-release at the cargo wing of the airport. He explained that its officers at the command insisted on inspecting the items before transferring them, stressing that in the cause of inspection, it was discovered that the items included 40 cartons of beef, pork and fish fillets.
Border closure: House urges Nigerian Customs to review ban of petroleum supply James Kwen, Abuja
H
ouse of Representatives has urged the Nigerian Customs Service to review its ban on the supply of petroleum products to border communities as it contravened the provisions of the Customs and Excise Act as amended. The House also mandated its Committees on Interior, Customs abs Excise and Petroleum Resources (Downstream to engage the Minister of Interior, the Minister of State for Petroleum, the Comptroller General of the Nigerian Customs and the Group Managing Director of National Petroleum Corporation (NNPC) with a view to reviewing the situation and ameliorating the suffering of Nigerians living in the border towns and report back within two weeks
for further legislative action. These resolutions were reached Tuesday at plenary sequel to a motion of urgent public importance on the review of the directives of Comptroller General of the Nigerian Customs Service on the suspension of Petroleum Products supply to Filling Stations within 20 Kilometers to the Nation’s Borders, moved by Sada Soli (APC, Katsina). Soli in a lead debate stated that the inhabitants of these border towns are already feeling the brunt of the border closure and to now deny them petroleum products which would adversely affect hospitals, businesses and the supplementing of the source of epileptic power without due consultation and enlightenment, was most insensitive to the plight of these Nigerians. www.businessday.ng
L-R: Abimbola Ogunbanjo, chairman, Nigerian Stock Exchange; Danladi Verheijen, co-founder/CEO, Verod Capital; Celestina Eke, head, technical, department of public building and housing (DPBH) Federal Ministry Works and Housing; Uju Ifejika, chairman/CEO, Brittania-U Nigeria Limited, and Asue Ighodalo, founding partner, Banwo & Ighodalo, at a plenary session at the 2019 edition of Wimbiz annual conference.
TEF trains over 7,500 entrepreneurs in 5yrs as commitment to Nigeria remains strong BUNMI BAILEY
T
ony Elumelu Foundation (TEF) Entrepreneurship Forum, as part of its investment commitment to the Nigerianeconomythroughentrepreneurship, has achieved more than three-quarter of its decade long plan within five years. The Foundation has trained more than 7,500 entrepreneurs withinthespaceoffiveyears,making a larger chunk of its original plan to train 10,000 entrepreneurs in ten years. “We said in 10years, we are targeting 10,000 entrepreneurs and in five years, we have already done more than 7,500 and that excludesthe2,000and3,000mentionedandthe100,000UnitedNations Development Programme (UNDP) partnership,” Tony Elu-
melu, founder, TEF said. He also acknowledged the partnerships that have grown the programme from accepting 1,000 entrepreneurs to accepting 3,000 such as the UNDP, the African, Caribbean and Pacific Group of States and African Development Bank (AfDB). The forum in its fifth edition started on July 26, 2019 in Abuja at the Congress Hall of the Transcorp Hilton Hotel in Abuja, Nigeria. The forum was a two-day event which was themed ‘Empowering African Entrepreneurs,’ hosted the largest gathering of entrepreneurs, policymakers, and business leaders. Some of the speakers at the forum were Yemi Osinbajo, Nigeria’s Vice President, Aisha Buhari, Nigeria’s First Lady, Elumelu, Tedros Ghebreyesus,
Director-General, World Health Organisation and Akinwunmi Adesina, president, AfDB. The forum features a masterclass, a dynamic pitching competition, panel debates, and a presidential debate. It engaged an audience of 5,000, comprising of start-up entrepreneurs, development institutions, and policymakers. In a CNN documentary that aired over the weekend Elumelu is seen boarding his private jet from Lagos to Abuja to the forum, while his excitement starts to build. “I am very happy today because I will be seeing successes,” he said. While at the event,heengages and takes pictures with participants. And during the mainstay of the event, he is very busy as he has to play host to many very important guests whether is dinner with
Uganda president, Yoweri Kaguta Museveni , guiding a tour for the presidentof DemocraticRepublic of the Congo, Félix Tshisekedi , getting on stage with Nigerian music star, Wizkid, and sitting for interview questions with CNN. Despite all the entertainment and activities happening at the forum, one of the main events is when Elumelu himself get to address the main aspiring entrepreneurs in attendance. “To me I believe the best legacy is the lives that we touch. As I would often say the success of Nigeria is fairly and indeed in your hands. So you can imagine what is about to happen in Africa,” he expressed. The questions and answers session is what the participants from all over the world look forwardtooasitgivethemtheopportunitytopitchtheirbusinessideas.
Kyari tasks NNPC Retail’s board on Minister charges power infrastructure companies to produce transformers locally unadulterated products Olusola Bello
D
etermined to sanitise its downstream o p e ra t i o n s, Me l e Kyari, group managing director, Nigerian National Pe t ro l e u m C o r p o ra t i o n (NNPC), has challenged the Board of Directors and management of the NNPC Retail Limited to sustain the company’s culture of delivering unadulterated petroleum products to Nigerians in its filling stations nationwide. He gave the charge in Abuja during the inauguration of a new Board of directors for the company, according to a release signed by Samson Makoji, the corporation’s acting group general manager, Group Public Affairs Division. The NNPC boss said the confidence of Nigerians in the company’s commitment to delivering highquality products and the right quantity at the right
prices was a great asset that the new management could leverage on to achieve the target of growing market share to 30 percent. “We have to maintain our viable operational strategies to advance our cause. N N P C R e t a i l L i m i t e d ’s management must focus to ensure that products are not adulterated and metres for both our own and our affiliate stations are not tampered with so that those who buy our products can derive maximum value for their money,” Kyari stated. He said NNP C Retail Limited occupied a strategic position in the energy matrix of the country, adding that as a first-line company with strong brand in petroleum products supply and distribution across the country, there was need to expand its scope and capture at least 30 percent market share within the shortest time possible for the benefit of Nigerians.
https://www.facebook.com/businessdayng
ISAAC ANYAOGU
M
inister of power, Sale Maman, has charged power equipment companies to begin producing transformers locally in order to create jobs and enable skill transfer in the sector. Ma m m a n m a d e t h i s known while commissioning office facility of Skipper Seil Electricals, an Indian integrated electricity firm into engineering and manufacturing of distribution and transmission assets in Lagos on Tuesday. He pledged government’s support for companies who go into local production. “We encourage you to continue with your investments in Nigeria as no economy can progress without power,” the Minister said. Skipper Seil group, which has its global footprints through its subsidiaries in India, Nigeria, Ghana and the Middle East, says it has already begun producing these transformers locally. The company @Businessdayng
said it had produced at least 750 transformers in its factory at Ikorodu and employed over 1,000 Nigerians. Skipper’s growth strategy for Nigeria involves partnering with public and private stakeholders to develop the end-toend value chain of power from generation to transmission to distribution and value-added services, the company said. Mamman commended the company and urged them to do more. “It is also important that you maintain standards and use Nigerian cable in your operation and I assure you that you will get government support,” he told the company. The company representatives while conducting the minster round their facility spoke of the deleterious effect the influx of inferior brands was having on their plans to expand production in the country. They called for the government’s support to make the environment competitive for investments.