BUSINESS
PAGE 19
PEOPLES DAILY, MONDAY, FEBRUARY 18, 2013
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INSIDE
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Again, First Bank emerges Nigeria’s top banking brand
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2013 budget: Presidency seeks legal interpretation of veto threat by National Assembly Stories by Abdulwahab Isa
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he Presidency has sought legal advice from the Attorney General of Federation on constitutional provisions and implications of vetoing a budget. The step is informed by a threat by the National Assembly to veto budget 2013 to override the President’s assent following the protracted delay by the President Goodluck Jonathan to append his signature due to noticeable grey areas. Chief Economic Adviser to the President, Dr. Nwanze Okeidegbe who confirmed the development over the weekend in Abuja said in
the interim, the Executive and Legislative Arms have reached an understanding on how Government would continue to function pending the resolution of the contentious issues and subsequent signing into Law by the President. He said: “I want to start by stressing that President Goodluck Jonathan wants to sign the 2013 Budget as soon as possible if our discussions with the National Assembly lead to a resolution of
certain key issues. Remember that the Executive submitted the Budget to the NASS in October 2012. Nigerians were very happy about this because it was a refreshing difference from the delays we had got used to. We worked very hard to achieve this. So we definitely want budget implementation to begin as soon as possible so that Nigerians can start enjoying the many benefits in the budget”. According to Chief Economic
Adviser, “the NASS returned the budget in December 2012. Upon review by the Executive, some grey areas were identified and needed to be resolved. Since then we have been working in partnership with the NASS to resolve the issues around the budget. The President wants the issues resolved in a manner that will protect the best interest of the Nigerian people. He supports a collaborative approach in the discussions with the National Assembly”.
He said the Presidency was doing everything to address the current challenge posed by the 2013 budget as according to him “We don't want the current situation surrounding the Budget to degenerate into an impasse because Nigerians people want results not disagreements. That is why we have asked the Attorney General of the Federation to furnish us with legal advice on the constitutionality of a Veto and its application.
ALSCON: BFI accuses BPE of insincerity
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he Chairman of BFI Group Dr. Reuben Jaja has a c c u s e d Bureau of Public Enterprises (BPE) of aiding and abetting in the entire controversy that has mired the takeover of ALSCON by BFIG. Jaja said the BPE has refused to give a fair resolution of all matters relating to the Supreme Court judgment. He spoke with journalists over the weekend in Abuja. The Supreme Court had in July 2012 ruled that BFI Group, the Nigerian-American consortium that emerged the preferred bidder for the Aluminum Smelter Company of Nigeria (ALSCON) Ikot Abasi, Akwa Ibom State, in 2004, but was disqualified in controversial circumstances by the Bureau of Public Enterprises (BPE), was the valid winner of the bid. Also, the Group has gone ahead to the Federal High Court in Abuja to institute a $2.8billion suit against UC Rusal in a bid to ensure that the Supreme Court judgment is enforced. According to Jaja, the Federal Government should have ensured that the judgment was enforced by getting UC Rusal out, constituting an interim management and finding ways of taking over the plant. “We are not doing this to blackmail government, but they have denied us fair hearing and rather gave us a document to execute and return payment. This is causing our national asset to rot and could have put thousands to work, empowered the people and reduce environmental issues among others” he said. When contacted on phone yesterday BPE spokesperson, Chuckuma Nwokoh said he had no comment on issues raised by BFI leader.
L-R: President of Dangote Group, Aliko Dangote discussing with the Governor of Edo State, Comrade Adams Oshiomole, during a recent visit by the Dangote team to Edo State.
Dangote urges developed countries to invest in Africa …up investment in Zambia to $800m By Abdulwahab Isa
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resident/Chief Executive of Dangote Industries Limited, Aliko Dangote has urged developed countries to promote investments in Africa rather than providing Aids for the continent. The business mogul argued that through investment in the real sector the continent can achieve real growth and development. Dangote, who was speaking at a recent event in Lagos, added that African businessmen should increase the tempo of their investments across the continent
as to spur growth and development in Africa. Africa, he insisted will be better developed through investments by Africans. He explained that most people do not seem to know much about Africa, but have only a notion of the continent that is based on history or hearsay. He enjoined the western nations not to “give any more aid to Africa” but to partner with businesses there and invest. He said “You will make money and we’ll make money and it’s better for
everyone, and the continent will experience real growth and development” Dangote, who has investments in about 14 African countries acknowledged that business risks exist in Africa but are no major consequences. According to him: “Before, there was the risk that governments might nationalize assets but now we have investment agreements in the country that says if it does get nationalized, they’ll have to pay us”. Dangote argued that few
Management Tip of the Day Defuse difficult people
D
ealing with tough personalities can make you feel powerless. What can you do if your client is a being a jerk or your colleague is criticizing your presentation? You can improve the situation by doing three things: Shift the attention. Focus on your own feelings. Say something like, “I feel terrible
because I know this meeting is critical and I really believe in my proposal.” This helps you to keep the criticism external so you can respond thoughtfully. Respond with a nonjudgmental observation. Attacking back only escalates the situation. A statement like the one above disarms the other person and often he’ll back off.
Ask a thoughtful question. For example, if a client keeps taking calls during your presentation you might say, “I know you’re busy — is there a reason I’m not capturing your attention?” A question helps the other person become more aware of his behavior, and he might change it. Source: Harvard Business Review
people know much about Africa and instead rely on historical information or hearsay for its facts. “I am not saying it is as good as elsewhere but investment in the continent comes with almost the highest ROI in the world. In Zambia for instance, it used to be that Zambians had to hold 51% of any business operating in the nation. Today, the law has changed.” Dangote practices what he preaches as Dangote Cement is set to open another $400m cement plant in Lusaka in 2014, bringing its total investment in Zambia to $800m. According to sources from the group, “The opening of the Dangote Ndola plant, which is situated in Masaiti, will make Dangote the biggest cement producer in the country producing 3000t/day. The local cement production scenario will never be the same again with the coming of Dangote, which has now entered the Zambian market. Plans to open another 1.5Mt year capacity plant in the capital city after the completion of the Ndola plant in 2014 have reached an advanced stage.”