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Court Restrains ARCON From Conducting Qualifying Exams

The High Court of the Federal Capital Territory (FCT) has restrained the Architects Registration Council of Nigeria (ARCON) from conducting and or conducting any qualifying professional examination by whatsoever name or form for the registration of architects in Nigeria. Justice Muawiyah Baba Idris made the order upon hearing of a motion of ex parte dated May 30, 2019, and moved on July 30, 2019, by S.N Mbaezue of Paul Ananaba & Co, counsel representing some concerned architects.

In the motion filed by the concerned architects and some of them that passed the qualifying examinations conducted by the Nigerian Institute of Architects (NIA) and supported by a 45-paragraph affidavit, the applicants had urged the court for an order of interlocutory injunction against the defendants.

They named ARCON, its president, NIA and its president, as defendants. In his ruling on the motion marked M/6824/19, Justice Idris granted the reliefs sought by the applicants and adjourned hearing on the originating summons till August 8, 2010.

The court also ordered that the summons be served on NIA (2nd defendant) and NIA president (4th defendant). In the originating summons, the concerned architects had urged the court to determine whether by the provisions of Sections 7, 8, 9, 10 and 11 of the Architects Registration Act, CAP A19, Laws of the Federation of Nigeria, 2004, the roles of ARCON extended to the setting up and conducting of qualifying examination for architects in Nigeria.

The applicants also asked for a declaration that the function of ARCON was the regulation of architecture only in Nigeria, which included the registration of architects who had sat and passed the qualifying examination. They further sought a declaration that the only body required to carry out and conduct qualifying examination for the registration of architects in Nigeria NIA.

The aggrieved architects, among other things, also asked for a court declaration that the professional qualifying examination to be conducted for the registration of architects in Nigeria was the Professional Practice Competence Examination (PPCE) and must be in accordance with the Constitution of NIA. It would be recalled that ARCON and NIA had been in dispute over who should conduct architects’ qualifying examination thereby leading to the non-registration of many architects who had already sat and passed the examination.

Source: dailytrustng

Nigeria’s Failing Economy takes its Toll on Industrial Estates

One of the starkest reminders of the misgovernance of the nation by past leaders was the seemingly deliberate effort to stifle the industrial sector that was expected to tackle unemployment.

As many analysts now agree, Nigerians’preference for imported goods has also weakened the few existing industries, making some of them exit the nation’s landscape for other West African countries.

One of the most stringent criticisms against Nigeria’s industrial policy is its inability to reform the sector and provide succour to the existing and dying industries. Hence, the ugly state of industrial estates created in the 70s to take care of rapid urbanisation, industrialisation and commercialisation in the country.

The industrial sector in Nigeria (comprising manufacturing, mining, and utilities) accounts for a tiny proportion of economic activities (six per cent) while the manufacturing sector contributed only four per cent to Gross Domestic Product (GDP) in 2011. This is despite policy efforts, over the last 50 years, and, in particular, more recently, that have attempted to facilitate industrialisation.

But available data from the Bureau of Statistics (NBS) 2017 revealed that national industrial utilisation is approximately 40 per cent, while in 2018, according to a real estate report by Ubosi Eleh and Company, many warehousing facilities were thrown into the market for outright disposal, few takers as firms and owners continue to seek creative ways to remain in business.

The development of new warehousing either as an investment or for additional storage space still remains limited. The major industrial areas in Ikeja, Oregun, Illupeju, Apapa, Amuwo-Odofin in Lagos, Idu in Abuja, Trans Amadi in Port Harcourt and Bompai in Kano have witnessed low warehousing activities as many of them have been converted to other commercial uses or completely abandoned. In the northern parts of the country particularly Kaduna, the demand for warehousing is virtually non-existent.

For instance, the headquarters of the Dunlop Nigeria Plc, once a beehive of business activities, has become a ghost of their old selves. The case of Dunlop property is a definition of the new role the Lagos industrial community has been given.

The same goes for Iganmu, another ancient industrial layout. Apart from the portion controlled by the Nigerian Breweries Plc, the area has lost its past glory.

With the collapse of the Central Bags Manufacturing Company Nigeria Limited and several other operators that clustered around it, the entire famous Akanbi Onitiri Street has become a shadow of itself.

While the faint industrial activities are still in some other areas, developers have converted most of them to other uses. The same decline could be seen at Ijora, Isolo and Mushin industrial settlements. Abimbola Street and its environs, were the hub of the Lagos plastic industry at a time between 1970 and 1990, when Aswani, a sub-industrial cluster in Isolo, was at the peak of its performance.

But, the industrial life at Abimbola Street and its surroundings has dimmed. Except for the resilience of Johnson Wax Nigeria Limited, an insecticide maker, and dozens of warehouses, Abimbola Street would have been described as a ghost neighbourhood.

With the likes of the comatose Femstar and Company (Limca and Gold Spot bottler) and several other ventures that made the street tick those days, the street has lost its boom.

These areas have suddenly given way to other uses.

The same goes for Abimbola House itself, which used to be a haven for many small-scale manufacturers. A large portion now houses a showroom belonging to the Tecncool Nigeria Limited, a distributor of LG products, and several other marketing companies that are serviced by a branch of Wema Bank Plc, which is situated on the ground floor.

At Matori, Iganmu, Oba Okran, Ijesha and several other industrial estates in Lagos, this is the new order.

For instance, on Kolawale Shonibare, a street on the industrial arm of the estate where the likes of Eleganza Group once commanded a huge influence, new residential buildings and hotels have sprung up.

In the 1990s, Eleganza, a company owned by a doyen of the Nigerian industrial sector, Razaq Okoya, was employing both skilled and unskilled labour from different parts of the country.

Its imposing property on the estate has been turned to other uses. Most of the collapsed companies, like what obtains in several other parts of Lagos, have been transformed to storage facilities for sundry imported goods.

In fact, the average wait time to conclude a lease of a warehouse has continued to increase basically as a result of low demand. Between 2015 and 2016, the average wait time was in the range of 60-90 days, towards the end of 2016, it had doubled to 150-180 days and in 2017, there were still many warehouses that remained in the market for upwards of 300 days or more.

Warehouse rates in Lagos are in the range of N1, 200 – N1, 800 per square metre and increases with proximity to the ports. In Trans Amadi Industrial estate, properties command rent in the range of N1, 500 per square metre per annum while Idu, Abuja attracts about N1, 800 per square metre.

Industry watchers attribute the collapse of the sector to electricity outages, transportation bottlenecks, crime and corruption. Nigerian manufacturing firms suffer acute shortages of infrastructure such as good roads, potable water, and, in particular, power supply.

Contrary to insinuations that urbanisation cut short industrial developments in urban centres, some built environment experts, and especially town planners pointed out that the encroachment by residential developments did not affect the growth of the industrial estates.

Town planners
Reacting, a former President of the Nigerian Institute of Town Planners (NITP), Remi Makinde told The Guardian that what had become the sorry state of most of the industrial estates could be blamed on the poor economic situation in the country.

He observed that since about 20 years ago, the situation has been going down and many of the established industries had to fold up their businesses.

“At Ikeja industrial estate, we used to have Michelin and Dunlop tyres and the Nigerian Textile Mills. Regrettably, most of them have been taken over by churches after they folded up completely whereas the churches can’t employ such a huge number of people accommodated by the manufacturers and industries. These are industries employing thousands of Nigerians and feeding many families. The industrial estate in Apapa still maintains its status but bad roads and accessibility problems have run it down and Apapa is now a slum”, he said.

On solutions to the problem, he said there had to be a conscious government policy and amelioration project to revitalise industrial estates in the country. According to him, there would be a need for a conscious urban renewal scheme to upscale infrastructure in the estates for industrialists to move back to the country.

Makinde said irrespective of a master plan designed for an area and no matter how intelligently built, the economic situation would determine whether it would be successful or otherwise.

“ That is why master plans are being revised from five to ten years in accordance with the economic direction. The economic situation has changed so many things. A conscious policy by the federal, state and local governments will help to rejig the situation,” he said.

Corroborating his views, the Chairman, Lagos branch, Nigeria Institution of Town Planners (NITP), Bisi Adedire, regretted the abuse of the master plans for areas zoned for industrial purposes.

He, however, noted that complementary uses might be allowed in any master plan. According to him, many of the industries have moved out of that environment while some of them are no longer functional.

He stressed that when government wants to do a review of the master plans, some owners of the industries along the area complained that they are no longer interested in using the place for industrial purposes.

While some cleverly changed the use, others sold out for religious activities and they turned them to places of worship. Others cleverly said they wanted residential apartments for their staff, thereby out of the land that is supposed to be for industrial use, they now have residential houses inside the industrial complex.

“We now have a couple of legal changes but the government lacks the instrument for monitoring. Had it been there was adequate monitoring, it could not have reached this level.”

According to him, there is a model city plan for Ikeja, Lagos State embarked on the preparation of a model city plan for areas like Ikoyi, Victoria Island, Apapa, Badagry, Epe, Ikorodu and Agege. Those of Ikorodu and Epe are still being worked out.

“Recently, I saw a filings station close to Vita foam, without approval, a lot of things like that.

“As a branch, we are embarking upon a project called ‘Change the City Project’, we are seeking the support of the government so that we have various groups.

“ Each of these groups will identify some of the challenges in the areas of housing, transportation and waste management so that we come out with a policy.

“We are asking the government to allow private individual consultants by engaging professionals in the monitoring of activities in the state.
“With that, all these haphazard developments will stop in these areas. The government cannot do it alone, that is what we are trying to put across”, he added.

Another town planner, former NITP Lagos branch chairman and past president, Association of Town Planning Consultants of Nigeria (ATOPCON), Moses Ogunleye, explained that there is always proper designation in zoning land uses, as such no land use is expected to encroach on another, except the plan of the area has been reviewed or rezoned.

According to him, property developers are not allowed to build residential apartments in industrial areas. But he admitted that some industrial plots were being leased temporarily for places of worship, event centres and banking services.

MAN speaks
But the Chairman, Ikeja branch, Manufacturers Association of Nigeria (MAN), Otunba Francis Meshioye, said the reason for the displacement of industrial estates was not basically an encroachment by residential occupants but the fact that occupants vacated the zone to other areas because of the issues they had in terms of meeting up with their production and business demands.

He said pertinent issues, which the association had also been talking about overtime, include the overall poor business climate, the high-interest rate, monetary policy, poor electricity, bad road network and insecurity in the locations.

“The industrialists vacated the places because they were not good for their businesses and so they have to look for better areas and so you have a vacancy for people to buy their warehouses and so convert them to residential buildings. If you look at Dunlop, they left and anybody could occupy where it had been before. In Acme road, Ikeja, many companies there, left also. They either moved out or relocated from the country, ” he said.

“They are displaced because the places are vacant and when they see good money offered to them, they get swallowed up. If you have a factory and you are occupying one-third of it and somebody offers good money to relocate, owners may be tempted to oblige. Now industrial zones have become something else.

“It should really give concerns to the government that a place meant for an industrial estate is being displaced. I believed the government knows why they are being displaced and should map out solutions that will bring them back”, he said.

Meshioye said it’s not enough to have industrial revolution plans and others, but must be seen to work to bring economic prosperity.

He said, “The high exchange rate for dollar to naira in recent times is not good for business. Only those who have a strong backup could manage to survive. Businesses have been impacted adversely and those that could not take the shock moved out of business.”

He declares that the government should formulate policies that would support industrial growth because if the established industrial estates had been functioning well, the nation would have experienced a high employment rate.

“Lagos in general and Ikeja, in particular, are industrial hubs. If things have been working in full capacity, there would have been high statistics for employment, high production of products, low prices of goods, reduction in crime rate, peace, innovation and more investment because investors would be comfortable with the environment, more taxes to government from employees/companies and other positive effects”, he stated.

Going forward, Mr Meshioye charged the government to work hard on the existing industrial policy.

“Government is putting in place low interest, this could be fine if industrialists could access it easily. Access to special funds by manufacturers would be very helpful. More support and the provision of infrastructure like good road network, stable electricity is key. Water is needed for a gradual reversal of the displacement.”

The government must ensure that an industrial estate is used for nothing else but the purpose for which it has been planned and things that would sustain industrial parks must be put in place.

“We may not need to bother about new industrial zones if those in place are maintained. In Lagos, industrialists are moving now to Sango-Ota, Shagamu zone and basically Ogun State. Nestle and Nigerian Breweries have relocated there. For Nigeria, it is a good development but Lagos is losing out. The government needs to provide industrial parks for industrialists and not just Small and Medium Scale Enterprises. We need bigger parks for big companies.”

Lagos State government 
But the acting Head, Regional Master Plan, Lagos State Ministry of Physical Planning and Urban Development, Prince Ogunlewe Adebisi, said there were still industrial estates, stressing that residential estates could not come in industrial areas except where they shared boundaries.

He said: “We still retain Oregun, Ikeja and other industrial areas, but there are certain areas within Oregun dedicated for mixed-use. It is a new master plan. We took into consideration the existing development pattern, those sides we felt can be accommodated. In some cases, people bought residential areas and turned them to industrial use because they shared boundaries.

“But now that industrial development is not thriving again they want to revert. At times, it could have been a road that separated residential from industrial and some people because of the cost of land within the industrial area, they bought close to the industrial areas and use it for industrial purpose or lease, where there are warehouses or light industries.

“When activities are not thriving again, they want to revert and change the use. In the case of worship centres, there are other permissive uses within an industrial area. There are areas, where they allowed for a place of worship or institutional use. Personally, I will not like to see where an industrial area will be sold for a place of worship, because it is killing the economy.

“The government has not come up with a policy to forbid people from buying such property and when they want to buy they will not tell you that they want to use it for church and you give them the consent. Except you put the name of the church there that is when you will see the consent. But most institutional uses are permissible in an industrial estate.

“But the sale of an industrial area for church purposes should be discouraged because it is killing our employment opportunities. Because the number of employees a church could grant is lower than industries. We should wait for somebody else who wants to establish an industry to get. Right now, the government has no control over it, the land belongs to them, they got it from the government. There must be certain conditions too because there must be a distance.

“Most worship centres are industrial buildings or warehouses being converted legally because there is still no policy in place to check that. It is now a lucrative thing to build churches in industrial areas than residential areas because of the existence of infrastructures like roads and electricity”, he said.

Source: guardianng

LASG Warns Against Alteration of Estate Designs

The Lagos State Government has issued a warning to the residents of state-owned housing schemes to desist from modifying the approved designs of structures within such estates.

The Permanent Secretary, Ministry of Housing, Mr Wasiu Akewusola, gave the warning during a meeting with representatives of the Residents Association of Abraham Adesanya Estate at the state secretariat.

According to him, it is in the best interest of all residents of government-owned estates to stop alterations of structures and buildings in such estates.

Akewusola said such reconstruction included restyling, extension of and additions to existing facilities and in some extreme cases increase in levels of buildings.

He said that these alterations were deviations from the terms and conditions stated  in the deed of sub-lease signed by the two parties and warned that it could lead to a penalty as stated in the law.

“Government-owned estates are designed and built by the state government in compliance with global environmental and physical planning rules to ensure durability and liveability. Contravention of such standards often results in dire consequences such as reduced durability of the structure both for the homeowner and the other people in the environment,” he said.

Akewusola urged residents to desist from any form of redesigning of any building as this might cause damage to not only the house but the entire environment.

He stated that there was the need for the residents to maintain the original structural design to prevent future disaster.

“A building is a permanent load whose capacity of erection can only be known and accessed by certified engineers. This capability, which is environmentally determined, had already been quantified before the building was erected. Any plans to overload the capacity may result in disaster,” he said.

He also said all unapproved remodelling contravened the physical and urban planning law of the state government, adding that the affected buildings would be demolished by the appropriate agency of the state government.

“The demolition of illegal and unapproved structures in government-owned estates will commence very soon without any further warning,” he said.

Akewusola added that the state government was aware of some residents who had turned such estates’ setbacks into marketplaces and cautioned that it would no longer be business as usual as the state would ensure that sanity returned to such estates.

According to him, the state monitoring team has improved on its surveillance activities to ensure compliance with set environmental standards.

He said the state government had also concluded plans to upgrade the drainage system in the area to combat incessant flooding in the estate, adding that the government would continue to be responsive to the challenges confronting the people in the estates and the state in general.

Source: punchng

Industry Leaders Plan Cement Innovation Confab

Industry leaders, experts and stakeholders have said there is a need to focus on innovation in the cement and concrete industry.

Stakeholders have therefore concluded plans to meet in Singapore in October to discuss innovation within the sector to find solutions to challenges in the industry including ways of reducing carbon dioxide emissions from production processes.

Global Cement and Concrete Association said ‘Innovation in Focus’ would be the theme of this year’s annual conference.

The association said it would have in attendance delegates from around the world including renowned global experts, industry CEOs, executives and other key industry stakeholders who would share ideas on innovation, the future of cities and sustainable construction among other major global trends influencing the future of the cement and concrete industry.

The GCCA said delegates would also listen to experts’ views on a wide range of other topics including technology developments; carbon capture, use and storage; construction techniques; process improvements; new binders; design and architecture.

It stated that a high-level session led by world renowned smart cities expert, Ayesha Khanna, and other speakers from Nigeria, India and Singapore would explore the future of cities, sustainable construction and the role of concrete.

The Chief Executive Officer, GCCA, Benjamin Sporton, said, “This conference is an important opportunity for the global industry to come together and discuss some of the opportunities and challenges we face. With its key focus on innovation, the conference boasts an exciting programme and demonstrates the cement and concrete industry’s commitment to driving progress in sustainable construction and innovation across our value chain.

“Success in meeting these challenges, including reducing our Co2 emissions, will require collaboration on global solutions. The GCCA annual conference aims to facilitate such collaboration, bringing together some of the best and brightest minds within the sector but also from the wider built environment. It is sure to be a key date in the industry’s calendar.”

According to the group, the Singapore event is the GCCA’s second annual conference, following the inaugural London conference of 2018, and is open to all member companies, the wider industry and other built environment stakeholders.

Source: punchng

Trade War is Raising the Risk of U.S. Recession, Goldman Sachs Warns

The trade war with China is having a greater effect on the U.S. economy than expected, and the risk of recession is rising, Goldman Sachs Group Inc. said Sunday.

In a note to clients, Goldman analysts led by chief U.S. economist Jan Hatzius said a trade deal between the U.S. and China is no longer expected before the 2020 presidential election.

Goldman GS, -0.05%   said it now expects a 0.6% drag on the U.S. economy due to trade-war developments, up from earlier estimates of 0.2%. “Fears that the trade war will trigger a recession are growing,” Hatzius said in the note.

Goldman also lowered its fourth-quarter U.S. growth forecast by 20 basis points to 1.8%, saying the trade war is weighing down the economy.

“Overall, we have increased our estimate of the growth impact of the trade war,” Hatzius wrote. “The drivers of this modest change are that we now include an estimate of the sentiment and uncertainty effects and that financial markets have responded notably to recent trade news.”

Uncertainty caused by the trade war could cause businesses to lower spending until tensions are resolved, the report said. “Relatedly, the business sentiment effect of increased pessimism about the outlook from trade war news may lead firms to invest, hire, or produce less,” wrote Hatzius.

The Goldman analysts said they expect President Donald Trump to carry out his threat to impose 10% tariffs on an additional $300 billion in Chinese exports starting Sept. 1.

Source: marketwatch

Corruption Hampering Buhari’s Multi-Billion Naira Social Empowerment Programme

• N-Power Suffering Ghost Participants Syndrome – Source
• Alleges Fund Diversion By Govt Officials
• Programme Has Over 700,000 Enrollees, Not Ghosts – Coordinator
• N-Power Volunteers In Ebonyi Narrate Success Story

One of President Muhammadu Buhari’s social empowerment programmes, N-Power, may soon be rested due to implementation setbacks said to have been caused by alleged corruption. N-Power is the job creation and empowerment programme of the National Social Investment Programme (NSIP) of the administration.

A reliable source close to the programme Said  that poor sustainability plan and gross mismanagement of resources by programme managers were threatening its continued implementation.The source, an economist and former Managing Director of a deposit money bank, highlighted what he termed “the ghost participants syndrome” as another key challenge plaguing the programme, describing the development as a situation where officials and those in the corridors of power send names of family members, spouses and friends to collect allowances meant for youths the programme intended to empower.

The source said: “Let me tell you in confidence, the NSIP Programme, particularly the N-Power, is doomed to crash very soon due to two major reasons. The first is the poor sustainability model of the programme, which proposes that the Federal Government would continue to finance the programme. Now, where is the money, when government itself is broke and borrowing money everywhere? That is why out of the sum of N500 billion budgeted for the programme since 2016 when it began, government has been dithering and has reimbursed only about 35 per cent of the amount cumulatively.

“The second reason is the ghost working syndrome besetting the programme, with officials fielding non-existing participants, just to collect money using their names. Privileged government officials are the real persons collecting the funds.”But reacting to the allegation of ghost participation in the N-Power Programme, the Senior Special Assistant on National Social Empowerment Programme to President Buhari and chief driver of the Programme, Mrs. Maryam Uwais, described the allegation as “untrue and very callous.”

She said that allowances under the programme were paid through the bank and only after a Bank Verification Number certification; hence it was impossible for ghost participation for purposes of defrauding the system.A development economist and presidential candidate in the last general election, Mr. Tope Fasua, however, echoed the concerns expressed by the earlier source, saying the N-Power programme was a jamboree and was susceptible to failure from the beginning.He explained that during the campaigns, which took him round the country, he made several enquiries as to the whereabouts of the N-Power beneficiaries but was always told they were not around.

This phenomenon, which, according to him, happened in quite a number of places, confirmed to him that the ghost beneficiary syndrome bogged the programme. Fasua said though the FG may have good intention, the programme appeared to be driven by corrupt operators. He advised that closer monitoring be undertaken by the government.Another development economist, Mr. Odilim Enwegbara, said the N-Power programme’s challenge stemmed from its conception, as it didn’t provide that it be designed and driven by economic experts for sustainable financing.

He bemoaned the situation where such lofty programme was handed over to friends of the President, not minding whether they had the capacity to drive it to achieve the core objectives.Enwegbara said, “For instance, the operators of the N-Power are yet to address the basic challenge of opening or securing access to markets for beneficiaries, as well as helping them in getting financing for start-up, which renders whatever training they may have obtained useless.

“Therefore, what we require is a complete review of the whole concept of the Social Investment Programme in the country. And this must be done and run by economists. Otherwise, let us be prepared for the doomsday of repercussion of unemployment.’’ Uwais, however, insisted that there were no ghost participants in N-Power, declaring that the programme had registered over 700,000 youths and only recently sacked some participants for absenteeism and negligence.She said: “Those disengaged were removed over time, not as a consequence of your report, but because we have monitors and encourage whistleblowers to report. There are no ghost N-Power beneficiaries.

“We run the successful applicants by NIBSS, to verify, before we submit the lists to each state for deployment. NIBSS is the custodian of the BVN register. N-Power beneficiaries submit their BVN with their applications. So, this assists in ensuring the authentication of their identities. NIBSS remains our enterprise project management office and are our first port of call for our beneficiary check, to-date. Please ask them directly if you disbelieve me.”

Uwais disclosed that the beneficiaries on the programme currently included 500,000 graduates, 26,000 non-graduates, and 3,000 independent N-Power monitors. She stressed that operators had a system in place to check irregularities or corrupt practices. “We have independent monitors in all the local council areas in the country and they all have devices with a monitoring template. They report to us each month, across all the programmes. We have men of the Department of State Service (DSS) that have been trained on our programme.

They give us regular reports on activities in the field. “We have Actionaid also, who have selected Civil Society Organisations (with proven CBO affiliates) in every state. They also collate reports and provide regular updates to us. We continue to welcome feedback and are open to constructive updates, as this has to be a continuous process, especially because quite a number voluntarily resign after securing permanent jobs or starting their own businesses.”

Uwais, however, confirmed that there have been delays in funding. She explained that the development relates to fund releases that affect all Ministries, Departments and Agencies (MDAs) and States, and not the NSIP alone.

MEANWHILE, beneficiaries of the scheme in Ebonyi State say the programme has made significant impact on their lives, and those who benefit from the services they render at their various Places of Primary Assignment (PPA).Speaking from their PPAs via individual video recordings made available to The Guardian in Abuja, the beneficiaries, many of whom were enlisted in 2016, expressed gratitude to the Federal Government for the scheme and implementation of the youth oriented job enhancement programme, which according to them, is making a difference in their lives.

Okuchi Okechukwu, an N-Power beneficiary deployed to Urban Community Primary School in Abakiliki, said beyond the knowledge and experience gained by being engaged to teach, she has also been able to deploy resources earned to improve her small scale business.I teach Primary Two pupils who are mostly from the Hausa Community. Since I resumed here, I have made a lot of positive impact on the lives of these pupils. I am most grateful for this opportunity. The program has changed my financial status and improved my bakery business. Thank you Mr President for this opportunity “, She said.

Ude Victoria, another N-Power beneficiary said the monthly stipends she receives as a beneficiary of the program have in no small measure boosted her soya beans trade.“I learnt how to make soya beans a long time ago, but due to lack of funds, I couldn’t do anything. Thank God for this N-Power job, which has helped me raise some money to invest in my business,”Victoria remarked.

For Igwe Jude, an N-Power Volunteer Batch A (2016) in Abakiliki, said the experience of being enlisted in the programme has been worthwhile, noting that the scheme provides a platform to sharpen his skills for higher responsibilities in future.“I teach Chemistry here in Urban Modern Secondary School in Abakiliki. This school is the biggest secondary school in Ebonyi State so they have a lot of students. When we came in, they didn’t have enough teachers, and so our deployment helped a great deal. It’s been a good experience because as we teach the students, we also learn from them as well,” Jude said.

Obodo Anthony, one of the N-build volunteers working in one of the automobile servicing companies in Ebonyi State, said within a short period of his internship as an automobile trainee, he has covered enough grounds, and is gradually becoming an expert in car maintenance services.

Source: guardianng

India’s Real state sector on growth trajectory: CREDAI-CBRE Report

India’s economic transition, workforce expansion and urbanisation will boost investment opportunities in real estate sector in the next decade, leading to significant growth in housing, office, retail and warehousing space, says a CREDAI and CBRE report.

In its joint report released at a real estate conference held here, property consultant CBRE said the sector would expand tremendously by 2030, led by new asset classes such as coworking, coliving, student housing and real estate invest .real estate investment trusts (REITs).

The report estimated that office space stock will touch one billion sq ft by 2030, with flexible workspace accounting for 8-10 per cent of the total stock.

The retail shopping centre stock is estimated to cross 120 million sq ft by 2030, while warehousing stock could touch 500 million sq ft by then.

By 2030, residential real estate has the potential to almost double from the current stock of 1.5 million units in key cities, the report said.

“As the Indian economy transitions and its workforce expands, it will offer vast development and investment opportunities for the real estate sector,” CREDAI-CBRE report said.

The growth of cities is going to further influence the country’s built environment, while technology, demographics and environmental issues will become the new value drivers, it added.

Commenting on the report, CREDAI President Satish Magar said, “India continues to remain a high-priority market for long term growth potential as is evident from the increased investment flows in the last few years.

“In the wake of positive policy reforms and emergence of a strong workforce, the momentum of India’s economic growth is steady and it will only grow stronger in the next 10 years,” said Anshuman Magazine, Chairman and CEO, India, South East Asia, Middle East and Africa, CBRE.

The factors which will further facilitate this growth trajectory are investment, improved governance, human capital upgrade, improved connectivity, infrastructure enhancement, strengthened institutions, policy reforms and integrated sustainability of the entire ecosystem, he added.

Source: economictimes

I Put In 18 Hours Into My Business Everyday —Dangote

In the recently released 2017 KPMG CEO Outlook, Alhaji Aliko Dangote, President of the Dangote Group, provides insight into his business success.

Dangote Group, one of the leading diversified business conglomerates in Africa, generates revenues in excess of US$3 billion and employs more than 26,000 people, with business interests as diverse as cement, sugar, pasta, natural gas, and telecommunications.

“I think really, the future is looking very, very bright,” the business mogul said.

Dangote said rather than entering a new market via acquisition, he prefers to builda business from scratch and then “start competing with a lot of existing players.”

“Areas where some of our competitors have been, for 50 years before us, we’ve gone there, we’ve struggled with them, we’ve taken more market share…with no advertisements, nothing,” he added.

“What we’re doing is making sure the quality is unquestionable,” he said, adding that when “you’re providing the highest quality product in the market, you’re able to attach a very good price to that product.”

Dangote recalled that when he entered the cement business, he realized the burning question was whether his company would be able to produce cement that rivaled the quality of the established and only other cement producer operating in Nigeria at that time.

He said: “We concentrated on quality. We knew customers would not trust our brand because they’d been used to one brand for over 50 years. That’s how we came out to have the best quality ever.”

Dangote revealed that he rises before 5:30 a.m. every day and after prayers and run 10 kilometres.

He is at the office by 8:30 a.m. putting in 18-hour days on a regular basis.

“I don’t really take my job as something I have to do, it is my hobby. Twenty-four hours in a day really is not enough,” he added.

On the topic of leadership, for any company to be successful, Dangote said: “The main objective for any CEO is to make sure there’s ownership.

“Some of our competitors are not doing well because there’s nothing like ownership in their businesses.

“What we try to train our people on is that they must be committed and they must have ownership of the business.

“Don’t take it as something that you’re doing just to earn a salary. I think that kind of outlook can bring a major change in any business that you operate.”

Source: tribuneonlineng

Crash of RSU and Urgent Need for Another Rescue Mission

After two students were killed at the Rivers State University (RSU formerly University of Science and Technology, UST) last week, the vice chancellor, Blessing Chimezie Didia, was queried and thereafter sacked. His sack, along with his first deputy, Magnus Oruwari, and the replacement with Opuenebo B. Owei, brought to a climax series of happenings and decline that set in the very day Bariname B. Fakae (former VC) left after eight years of two successful terms.

The killings opened a pandora’s box as students began to reveal their trauma in the university. This showed that security had broken down irretrievably with daily robberies and attacks. Ladies called into radio stations narrating how armed boys easily sauntered into classrooms and robbed them. They said reports to the security unit brought no sense of alarm. “At best, they recover your item and ask you to forget it”, one lady said.

Students have since complained that “sorting” is fully back, something that was driven far away from the then UST. A graduating student said most students would be busy with phones right in class without bothering with what the lecturer was teaching. “They were sure to pass, no matter”, he said.

The biggest crash seemed to be the e-system of the then UST. This was said to have helped the university to become Nigeria’s number one by wed-ranking carried out by a EU-organ. Lecturers were made to turn in results within two weeks after each exam. They were to submit marking schemes after setting exams, such that any other lecturer could mark any paper. By this, students were no longer able to be held at ransom by any single lecturer. This was said to have freed students from lecturers. “All of this crashed”, a student said.

Another sector that seemingly crashed was the ICT centre which was manned by CINFORES, a group of young IT boys and girls that wowed the nation with digital technology innovations. They, at a point, were said to be providing consultancy services to the Federal Ministry of Education, JAMB, NUC, and private institutions. They were relied upon to conduct competitive exams and tests for bodies such as the NDDC, SPDC, etc. Under Fakae, the UST became a model and others copied, radio callers said last week in Port Harcourt. As shooting and killing returned to the UST (now RSU), many students began to recall the days of BB Fakae with huge nostalgia.

Fakae is a UNN-trained veterinary doctor and researcher of international repute while Didia is a Uniport-trained pathologist. Fakae is in the mould of reformer and academic rebuilder who was brought from the UNN to first rebuild the Polytechnic, Bori (now Saro Wiwa Polytechmic) and was later moved under heavy persuasion by then Governor Chibuike Rotimi Amaechi to the UST (now RSU). Didia, on the other hand, is perceived as an easy-going peace-builder with popularity within university unions.

Before Fakae

The UST was seen as a den of evil before rescue came. It was dubbed university of stress and tension. Students were shot right inside exam halls or while defending, with lecturers fleeing. Discipline broke down, and academic work almost ground to a halt. Ethnic rivalry took over from academic contest, according to those who worked there then.

At a point, almost all courses lost accreditation from the National Universities Commission (NUC). Finally, the university stopped graduating students.

It was at this point that then Governor Amaechi used Ogoni-born Magnus Abe (then SSG) to woo Fakae (who was wooed from the UNN to Bori Poly by Peter Odili) to leave the Poly and come rescue the UST in PH. Amaechi, as Visitor, had signed out that the UST was dead and buried. Amaechi had appealed to the professor emeritus, Nimi Briggs (two-time VC of Uniport) to come to the UST on rescue mission, but the professor of Gynaecology was said to have rather recommended Fakae as a young person with sound head and ideas and energy to go for the battle. The problem was that Fakae fought hard not to move over to the UST, until Amaechi allegedly demanded for his resignation letter at the Poly, if he was insisting on rejecting government order. He broke down and accepted, many said.

That night, according to a book, ‘The Priest of Two Temples’, Fakae’s wife and children cried openly over their father’s agreeing to go to the UST. Fakae was said to have called his Nsukka residence to console them, pleading that the same God that saw him through in Bori would do it in dangerous UST. The family revealed later that they did not only fear for their father’s life but for his reputation because he would not compromise.

UST during Fakae

By the time Fakae was leaving after eight years (when no VC in recent history had survived beyond one term), the UST had become the first state-owned university in Nigeria by 2014 ranking and 12th over all; all courses were accredited, lecturers earned the highest salaries in Nigeria, admissions were given with automated system, registration of courses was with automated system, sorting died, cultism was driven away, discipline returned fully, lecturers fought for academic excellence, foreign research grants began to come from hard work, strikes ended, graduation of four sets took place, and academic calendar was restored from September to July every year such that an entrant knew the exact date he would graduate. The UST became an enviable academic centre as many companies began to partner with them. Pride returned.

Impact of Amaechi-Wike political rivalry

The greatest harm to the UST came through the bitter rivalry between the two Ikwerre-born godfathers of the UST. Wike was said to be part of those who appreciated what he did in Bori and thus pressed Fakae to accept to come over to the UST. When Wike became minister in education ministry, he is said to have worked very closely with Fakae to bring goodies home; such that the forum of VCs saw Fakae and Joseph Ojienka (Uniport VC then) as minister’s brothers during meetings.

When Amaechi and Wike fell apart, the entire Rivers State was polarised, such that every public figure was expected to fall behind either Amaechi or Wike. The ASUU of the UST divided into two along this line, leaving the likes of Fakae in the middle, a place too dangerous and suspicious to be.

The ASUU had refused to accept Fakae from day one as VC and Amaechi tried to pacify them with goodies. Many accepted but about 50 refused outright. These ones refused to return to duty after a deadline. They were declared as having resigned. For all the years of Fakae’s second term, they stayed away from classes and new lecturers were engaged. When the Amaechi/Wike fight became open and fierce, the 50 were believed to have joined the Wike side. The moment Wike won, he ordered that they should be reinstated immediately. Paying them for years of no work and no salary took almost N800milion. It also looked like a moral victory to them.

Didia steps in

From the day Wike took over as governor, the sacked lecturers began to hover around the university and many expected Wike to sack Fakae. The day Wike visited the university, Fakae seemed unaware and had to hurry out to receive his guest who inspected abandoned buildings and ordered work to resume immediately at the Law Faculty Building. Many expected to hear Fakae’s sack that day and celebration shoes were on some legs. As Wike made to leave, some shouted sack him, sack him. Fakae was not sacked; he finished his term in August of same year, 2015.

The appointment of Blessing Didia elicited jubilation in ASUU and in some anti-Fakae camps because they saw a pro-ASUU VC coming. Didia swiftly implemented the governor’s directive of recalling the sacked lecturers. He did not stop there. He listened to aggrieved persons and recalled 710 expelled (WAFfed) students, said to be mostly cult-implicated persons and those not serious in academics, according to insiders.

Didia’s achievements in a short period

Didia’s regime made effort to create relationship with the outside community. Thus, the UST created advancement and linkages centre: Bridging the Town/Gown Divide with ‘Actionable’ Solutions to Real Problems of Society. It is not clear if this continued. He also rolled out a N40billion five-year strategic development plan, but nobody knows where the money would come from.

He carried out suspension of the ‘Guideline for Appointment and Promotions of Staff’. The unions said they made no input. Restoration of check-off dues system for all the Labour Unions; ASUU, NASU, NAAT and NASU and subscription for Senior Staff Club; Release of delayed and denied staff promotions, some of which dated back to 2007; Refund of Alumni dues deducted by the University since 2009, not remitted to the association and the establishment of an Alumni Office to track Alumni World-wide; Re-allocation of offices of the former Vice Chancellor, Deputy Vice Chancellor and Registry blocks, to Faculties to ameliorate the inadequate office spaces; Investigation Panel on CINFORES and Computation of Semester Examination results, with a view to returning to the standard University practice of consideration of results through Departments, Faculties to Senate for approval. This brought powers on results to faculties. Many said this was where sorting was incubated.

Others were; Purchase of brand new Toyota bus to replace the Academic Staff Union of Universities (ASUU) vehicle allegedly damaged by students during the strike. Also for NASU, Library and Consultancy Unit- a Hilux Van; Reconciliation church service was organised for general forgiveness, rededication and reintegration of staff and students; Return of Prof. Nimi Briggs’ Specialist Hospital formerly contracted to International Trauma and Critical Care Centre back to the University’s Health Services Department; Constitution of a committee to work out a five year strategic development plan for the University; Completion/Commissioning of the portion of Law Faculty in the University; Granted one-year pardon to 710 students formerly deregistered by the University to complete their educational pursuit in the 2015/2016 academic session without payment of fees; Promotion of six additional Deputy Registrars; Re-construction of Institute of Pollution Studies Building, Senior Staff Club and University’s viewing centre; Equipment of Computer Laboratory for Department of Computer science and a Language Laboratory for Mass Communication Department; Commissioning of NDDC prototype hostel; and Equipment of Vice Chancellor’s Conference Room 2.

From the above, it was clear that every single group that had grievance with Fakae was compensated and everything Fakae did was reversed, if possible. The aim was to create peace, but by 2019, the same peace led to killings and shooting.

What Didia may have done wrong

By 2015, insiders predicted that any new VC that continued with Fakae’s legacy would make Fakae a hero, but trying to destroy it would make Fakae a legend. It was to be the burden of any new VC to choose what to make Fakae be. Though Didia always said he was not interested in competing with anybody or out to destroy Fakae, many Fakae supporters said almost everything he did was to undo Fakae.

First, Fakae’s service had been transferred from the UNN to UST, meaning he was to remain as lecturer thereafter. The Didia-led UST stopped this move and stopped his salary and said the transfer was unacceptable. This seemed to be the wish of the anti-Fakae camp. Fakae was said to have told his admirers that he wrote protests to the governor but no word was heard, so he went to court. The case is still in court, but it was enough to rob the UST the experience and strategies found in Fakae that rescued the UST.

Didia may have created the impression that he dreaded any person who worked closely with Fakae and brought closer any person who disliked or fought Fakae. This created the impression that it was Didia versus Fakae in the UST politics. In the process, Didia seemed distracted. It became easy to get a request from him, so long you said it would help prove Fakae bad. Many said the best option would have been to sustain what Fakae did and build on it. There was no need to start a Fakae-Didia battle line or perception, some said.

The recall of 710 sacked students also created the impression that failure was not a bad thing, after all. It created the meme that anybody who failed was due to Fakae and that Didia represented exam success.

Making Fakae to look like Wike’s enemy may have worked for a while but the effect seemed to have peeled off. Many said Wike began to look deeply and began to see more than was said about Fakae and rather began to see rots everywhere in the UST. He began by changing the name. In 2017, Wike exploded when he came for convocation at the UST and lambasted the VC and council.

Return of executive anger

At this point, the days of governors being angry at the UST resumed. By April 1, 2017, on the 29thconvocation event, the Visitor, Governor Wike, took time to lambaste the management of the university. His anger began right at the gates where rowdy traders were hawking their wares to give the UST a bad image. He ordered for immediate action. Before then, the UST offered exquisite imagery and scenery right from the gates with lush garden and well dressed fields. Buildings had good and bright colours and the grasses that once hid bad men were cut while trees were cut down.

Next, the governor who inspected ongoing projects for which he had released N500million said he was not impressed. Wike said he was not satisfied with the quality of job done on building projects at the faculty of Environmental Sciences and Faculty of Management Sciences for the completion of the projects that were long abandoned.

Fuming, the governor ordered the university governing council and the management to ensure the buildings were not commissioned until the proper job was done. The governor equally ordered the contractor handling the buildings to report in the Government House by Tuesday, April 4, 2017, to explain why he was not performing to expectation despite funds released. Insiders said governors used this approach to uncover deals that may be hampering execution of projects.

That must be what he meant by challenging the UST Management (headed by the VC) to shun every temptation faced by it but endeavour to come up with innovative researches that would impact on the development of the state in positive ways.

That was where Governor Wike announced the formal change of name of the then 35-year-old university from Rivers State University of Science & Technology (RSUST) to Rivers State University (RSU) with effect from April 1, 2017, as contained in the amended law setting up the pioneer science and tech institution.

On the state of the environment that was once a tourist delight loved most by the governors that visited, Wike now decried what he described as poor sanitation status and the environment. He said the VC and the management must rise up to their responsibilities by keeping the environment clean at all times. The next day, cutting of bushes began.

Employment racket

Signs that the Governor was still angry were rife. The chairman of council, Iche Ndu, also an Ikwerre man like Didia, was said to be at daggers-drawn with the VC. Situations like this usually inundate the governor’s desk with gossip and petitions. Most chairmen of universities usually demand for large quota of construction jobs (whether they had expertise or not), plus admission and employment quota.

What seemed to break the Carmel’s back may be the governor’s approval to carry out mass employments at the RSU as requested by the VC when Wike won re-election. This was advertised and all manner of applications flooded the place. Wike, himself a down-to-earth grassroots man, chose the moment of the visit of the Governing Council of Captain Elechi Amadi Polytechnic, Port Harcourt at the Government House Port Harcourt, to warn that the UST and others should not dare employ outside merit. He said: “Fresh employments into the Rivers State University (RSU) and the Captain Elechi Amadi Polytechnic, Port Harcourt must be based on merit.”

He added: “We shall closely monitor the process, so that it is not hijacked and made an all-comers’ affair.” It is not clear whether this warning sent enough signals to the VC or not.

Tragic ending

When ‘operation deconstruct Fakae’ seemed to become the preoccupation of the new management, some persons were said to have predicted that where Fakae left in a blaze of glory, it may not be so for his successor.

Thus, when killings began in the last week of July 2019, the governor issued a terse query giving the VC mere 48 hours to explain the killings, sorting and employment rackets. By Saturday of August 3, 2019, the tragedy went from gunshots to sacks. The governor sacked the VC and his first deputy. This was contained in a statement by Dagogo Adonye Hart, permanent secretary, Ministry of Education.

It said: “Rivers State Governor and Visitor of the Rivers State University, Nyesom Ezenwo Wike has relieved the Vice Chancellor of the Rivers State University, Prof Blessing Chimezie Didia of his appointment with immediate effect.

“Also relieved of his appointment is the Deputy Vice Chancellor (Administration), Professor Magnus Oruwari. Accordingly, Governor Wike has approved the appointment of Professor Opuenebo B. Owei, Deputy Vice Chancellor (Academics) as the Acting Vice Chancellor of the Rivers State University.”

The statement added that Governor Wike has suspended the ongoing employment exercise at the university. Furthermore, a committee has been set up to investigate the employment exercise and report to the Rivers State governor in two weeks.

Fate of ICT

Many said the Didia administration ruined the ICT and that the 1000 computers have been vandalised. BDSUNDAY investigations however, showed that the computers are intact. What may have happened is that the powers and relevance of the centre have gone. The power to decide results, which many lecturers kicked against, has been stripped off it. Some persons have been sacked.

Pro-Fakae people said they were being haunted because of Fakae but insiders told BDSUNDAY that it was not so; that some of the IT boys were found to manipulate scores at a fee and were implicated.

At the moment, the centre is largely idle as the faculties have taken back handling of results. If any sorting is to happen, it would happen at the faculties and departments. This seems to give joy to the departments but fear to students.

Also, exams are said to be no more CBTs (computer-based tests) except screening tests for admission seekers and tests for clients such as the NDDC. The unit is said to have collapsed in activity and relevance. Funding is said to be difficult for the centre at the moment. Again, it was seen as a Fakae heartbeat.

Owei has some Fakae traits?

Insiders hint that the acting VC, Owei, has some Fakae traits and is keen on ICT too. Nobody has said why her up liners (VC and first vice) were sacked and she was retained. It could only be that she was not deeply involved in running the university and thus could not have been implicated in any secret report.

Now, however, she would be on the spot. Some say she would need to bring all factions and camps together, show anger at cultism and sorting, and allow merit to determine those to be employed (as the governor demanded).

Others say the Fakae era allowed the PH press in the task of rebuilding the physical, academic and reputation capital of the UST now RSU instead of cultivating media enemies in a war that media does not ever lose. Owei and any future VCs may be persuaded to toe that line.

Hopes are high that the ICT would bounce back because any attempt to restore credibility would need to remove a lot of decisions away from human hands.


After Fakae, the RSU may dither but it would never fall to pre-Fakae years because people would raise alarm and would recall the Fakae years. Then, government will surely strike.

Insurance Firms Gain From Engineering, Oil & Gas as Gross Written Premiums Hit N53bn

…premiums from oil and gas contracts under threat over declining prices

Insurance industry’s gross written premium rose by 8.40 percent at half year 2019 following significant increase in gross written premiums from engineering, marine and aviation, as well as oil and gas non life insurance services. Gross written premium of eight insurance firms listed on the Nigerian Stock Exchange (NSE) at half year 2019 increased to N52.81 billion up from N48.71 billion in corresponding period in 2018.

The firms in question are Sovereign Trust Insurance, Regency Alliance, NEM, Consolidated Hallmark, Cornerstone, WAPIC, AXA Mansard as well as Universal Insurance. A written premium shows the amount an insurance client is expected to pay on insurance coverage provided to him by an insurance company.

Sovereign Trust Insurance earned N7.27 billion as gross written premium by June 2019, an increase of 2.03 percent over N7.13 billion earned by June 2018. However, when compared with the industry, Sovereign Trust Insurance accounted for 14 percent of the industry grow written premium at half year 2019 compared with 15 percent industry share in June 2018.

Regency Alliance recorded 8.30 percent in gross written premium, from N3.41 billion in June 2018 to N3.70 billion at half year 2019, accounting for just 7 percent of the insurance industry’s gross written premium in both years. NEM Insurance increased its market share from 19 percent in June 2018 when it earned N9.16 billion as gross written premium to 22 percent in June 2019 when it posted N11.8 billion as gross premium, resulting in 28.7 percent growth in premiums during the comparable periods.

The share of Consolidated Hallmark Insurance in both period remained at 8 percent of the entire industry. That was despite increasing its gross written premium by 16.4 percent from N3.74 billion at half year 2018 to N4.36 billion at half year 2019.

Further, Cornerstone Insurance lost a bit of its market share from 10 percent in June 2018 to 8 percent in June 2019. This was attributed to a steep fall in its gross written premium for the period which fell by 13.02 percent to N4.28 billion at half year 2019 from N4.92 billion in similar period last year.

Wapic Insurance accounted for 12 percent of the insurance industry in June 2018 but that market share slightly fell to 11 percent same period this year. Gross written premium was N5.70 billion at half year 2019 as against N5.82 billion last year June.

In spite of growing its gross written premium by 3.97 percent from N13.95 billion as at June 2018 to N14.51 billion in June 2019, AXA Mansard market share fell slightly from 29 percent in 2018 to 27 percent in 2019, although it still remains the market leader.

Universal Insurance recorded the highest growth of 110.03 percent during the period. Its gross written premium rose from N579.2 million in June 2018 to N1.22 billion at half year 2019. Nonetheless, it controls the least market share of just 2 percent at half year 2019 as against 1 percent same period in 2018.

The contribution of each of the services provided was analysed to assess their relevance to the general pool. By services provided, motor insurance’s gross written premium of the eight insurance firms under coverage of this analysis rose by 5.6 percent during the period from N9.40 billion last year June to N9.93 billion in June 2019. Year-on-year, motor insurance services accounted for 19 percent of the industry gross written premiums in both periods.

Fire and property insurance service increased by 5.3 percent from N7.9 billion last year June to N8.32 billion same period this year. In both periods, its share of the industry gross written premiums amounted to 16 percent. Marine and aviation grew by 18.9 percent during the period from N3.65 billion to N4.34 billion this year’s June.


From N17.04 billion in June 2018, oil and gas gross written premium rose by 18.7 percent to N20.22 billion at half year 2019. Its industry share rose from 35 percent to 38 percent during the period. This is a signal of renewed interest in oil and gas insurance bolstered by increasing prices of crude oil at the international market.

“Oil and gas insurance recorded improvement at half year 2019. While this signals the financial strength and capital adequacy of market players, it is also a reinsurance that policyholders (big corporations) now have renewed confidence in the sector.

“We can attribute this to the optimism of the market players that the imminent capitalisation will drive premium growth. Hence, upon the successful implementation of recapitalisation plans, premiums in the coming periods should grow higher”, said Ahmed Akinyele, insurance analyst at Meristem Securities.

But in the last few days, crude oil prices have headed southwards and for the first time fell below Nigeria’s 2019 budget benchmark. This is also a source of concern to industry analysts.

“The falling crude oil prices would impact pricing of those contracts; declining oil prices indicate reduced revenue for oil firms. This would feed into the prices they will be willing to pay for insurance coverage. Meanwhile, the underwriters on the other hand may still embrace such contracts as most of they are willing to lower premiums in order to attract businesses”, Akinyele added.

Engineering insurance services declined by 18.8 percent from N7.63 billion in June 2018 to N6.20 billion as at June 2019. It presently accounts for 12 percent of the market share.

Source: businessdayng

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