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THE NATION WEDNESDAY, OCTOBER 24, 2012
BUSINESS THE NATION
E-mail:- bussiness@thenationonlineng.net
Forecasts Profit after tax N590.797m NIGER INSURANCE Gross Premium N2.73b Profit after tax N212.95m MUTUAL BENEFITS Gross Premium N2b Profit N885.633m REGENCY ALLIANCE Gross Premium N812.596m Profit after tax N256.437m LEARN AFRICA Turnover N1.06b Profit after tax N58.336m TOTAL Nigeria Turnover N46.676 b Profit after tax N942.1m MRS OIL Nigeria Turnover N51.20b Profit after tax N712 m ETERNA Turnover N27.64b Profit after tax N563.834m OKOMU OIL PALM Turnover N2.667b Profit after tax N1.044b STANBIC IBTC BANK Net Operating Income N16.805b Profit after tax N2.737b ASL Turnover N1.084b Profit after tax N101.355m GT ASSURANCE Gross Premium N3.892b Profit after tax N710.62m CORNERSTONE INS Gross Premium N1.223b Profit after tax N80.01m OASIS INS Gross Premium N562.500m Profit after tax N79.868m AFRICAN ALLIANCE INS Gross Premium N1.215b Profit after tax N107.213m BERGER PAINTS Turnover N976.303m Profit after tax N88.258m SCOA Nigeria Turnover N835.0m Profit after tax N18.200m DANGOTE SUGAR REFINERY Turnover N38.251b Profit after tax N3.49b STUDIO PRESS NIG Turnover N3.375b Profit after tax N20.422m JULIUS BERGER NIG Turnover N80.125b Profit after tax N2.55b INTERCONTINENTAL WAPIC INS Gross Premium N1.41b Profit after tax N250.450m EQUITY ASSURANCE Gross Premium N2.45b Profit after tax N287.283m STANDARDALLIANCEINS Gross Premium N2.142b Profit after tax N475.964m CONTINENTAL REINSURANCE Gross Premium N6.917b Profit after tax N805m PRESCO Turnover N2.60b Profit after tax N800.9m RT BRISCOE Turnover N4.553b
NLNG is one of the biggest success stories in our country. From what I am told, the company has invested $13 billion so far since inception, and has become a pacesetter in terms of revenue generation for the government. -Minister of Trade and Investment, Dr Olusegun Aganga
Private pension assets overtake public contributions P RIVATE sector’s pension assets worth N1.57 trillion constitute 55 per cent of the N2.94 trillion contributions with the National Pension Commission (PenCom), The Nation has learnt. The fund is about 10 per cent ahead of public contributions. Head, Research and Corporate Strategy, PenCom, Farouk Aminu, stated this at a workshop for journalists in Abuja. He said Contributory Pension Scheme (CPS) has made it easier for workers to save more money, receive their retirement benefits promptly and directly contribute to economic de-
by Collins Nweze
velopment. He said the fund could only be invested in authorised markets with portfolio limits and performance benchmarks. Aminu also said the fund could be invested in infrastructure provided it meets the stipulated requirement. He said the regulation on investment of pension fund assets was revised to expand the allowable investment outlets to include alternative asset classes which include private equity, infrastruc-
ture financing,supranational bonds among others. According to him, the Commission is consultative, prudent and conservative when it comes to investment. “The major objectives of Pension Fund Investments are to ensure safety and maintenance of Fair Returns on Investment,” he said. He said the Commission will continue to collaborate and engage the state governments in the implementation of the Contributory Pension Scheme in the states. The number of state governments that have started the
implementation of the scheme has increased to 21. Also, the support of the Debt Management Office (DMO) was obtained to ensure that, as a condition, state governments desirous of obtaining bonds must key into the Contributory Pension Scheme. Aminu said some regulated instruments approved by the Securities and Exchange Commission (SEC) and transactions involving pension funds are to be conducted on registered trading platforms. Also, it was stipulated
that 20 per cent of the pension portfolio can be in ‘BBB’ rated instruments. For equities, a track record of profitability and payment of dividends/issuance of bonuses are also considered. The Commission has also increased portfolio limits for corporate bonds from 30 per cent to 35 per cent of Pension Fund Administrators total portfolio to ensure increased investments in the real sector of the economy. Besides, there is daily valuation and unit pricing of the various Retirement Savings Account (RSA) funds under management with the Pension Fund Administrators (PFAs).
‘Courier industry can generate N8b’
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•Deputy Governor, Akwa Ibom State Mr Nsima Ekere (right) presenting a gift to Chairman, Union Bank of Nigeria Plc Mr Dick Kramer (middle) and Group Managing Director of the bank Mrs Funke Osibodu (left) during a courtesy call on him by the Directors of the bank at the sGovernment House, Uyo ... on Monday.
F the courier sub-sector of the economy is well harnessed and allowed to operate without any restrictions, it can contribute N8 billion to the economy yearly and create job opprotunities for the unemployed in the country. The Managing Director/ Chief Executive Officer, Bowill Errands Limited, Siyanbola Oladapo, who spoke with TheNation in Lagos over the weekend, lamented, however, that over the years, the industry has been dominated by multinational operators, a development that had stunted the growth of the sector. Oladapo, who is the General Secretary, Association of Nigeria Courier Opera-
By Lucas Ajanaku
tors (ANCO), identified Nigerians willingness to patronise foreign firms as a major challenge besetting the industry. “The courier industry is a goldmine yet to be fully tapped. It can contribute a lot of revenue to the economy. If the industry is allowed to operate without restrictions, like having spread throughout Nigeria, it can generate between N6billion and N8billion annually as revenue and attract offshore business,” he said, adding that in terms of sectoral contribution to the gross domestic product (GDP), it employs both skilled and nonskilled manpower.
Interstate, Tata to invest N920b in discos
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NTERSTATE Consortium has started initial arrangements to source some $5 billion, about N780 billion, in the Abuja and Enugu electricity distribution companies, the two power distribution companies it recently won. This came as indications emerged that Tata Power Delhi Distribution Limited, (TPDDL), a member of the Vigeo Holding Consortium, which won the Benin Distribution Company, has outlined a $900 million investment scenario. Impeccable source noted that the companies in the Interstate Consortium were all optimistic about the prospects of the Nigerian energy sector and have committed to making substantial investments to make their two distribution firms the model companies for the industry.
NEXIM mulls ECOWAS shipping to boost trade - P 30
The Interstate Consortium comprises Metropolitan Electricity Authority of Thailand (MEA), Chrome Energy and Power House International Limited. Chrome Group and Powerhouse International Limited were promoted by Chief Emeka Offor and Mr. Kester Enwereonu. MEA distributes electricity in the Thai capital city of Bangkok and environs and is reputed to be one of the most efficient third world power distribution companies with record technical and commercial losses of below five per cent over the past eight years. MEA currently services three million customers in Thailand while the customer base of Abuja and Enugu combined is less than one million. A detailed insight into the structure of the company shows that the MEA will actu-
ally run the company while Chrome Energy and Powerhouse International are co-investors. The source said the Interstate Consortium would revolutionise electricity distribution with state-of-the-art facilities and customer-friendly management framework. Chairman, Powerhouse International Limited, Mr Kester Enwereonu, had confirmed that the combined balance sheet of the consortium members is in excess of $20 billion, which shows that they have the financial muscle to finance the acquisitions and upgrade both networks. Enwereou noted that the closeness of Abuja and Enugu will make it possible for the consortium to run them seamlessly, pointing out that in the course of the bid, they proposed separate manage-
Stakeholders flay govt’s delay on SEC board - P32
ment team for each, which showed they were prepared from the beginning to acquire and manage both electricity distribution companies. Prior to the privatization programme, chief executive officers of select distribution companies of the Power Holding Company of Nigeria (PHCN) had visited MEA and its sister company Provisional Electricity Authority of Thailand (PEA), which distributes power in the rest of the regions in Thailand. Both are regarded as model state utilities that are efficiently run and making major contribution to state revenue, with a $6 billion annual turnover by MEA. Tata Power Delhi Distribution Limited, (TPDDL), Indian leading power distribution company, which had bid for Eko and Ikeja Distribution Companies as a member of
Oando Consortium and Benin Distribution Company in conjunction with Vigeo Holding Limited, estimated it could invest $900 million in the distribution firms. However, only the Vigeo Holding Consortium’s bid scaled through. Senior General Manager, Tata Power Delhi Distribution Limited, (TPDDL), Vivek Singla, in a report by The Economic Times, said the company has understanding with its Nigerian partners to acquire as much as 51 per cent equity stake over a period of time. He estimated that TPDDL would invest $900 million, about N140 billion, in the three distribution companies (discos). Singla said Tata Power, the parent company of TPDDL, will arrange the funds through equity investments.
Why retirees fail to get benefits early - P 34