Nomso Thelma

FG completes 536 housing units in north central under NHP

The Federal Government says the 536 housing units being constructed in the North Central zone under the National Housing Programme (NHP) are ready for inauguration and allocation.

The NHP North Central, Zonal Director, Mr Valentine Nwaimo, disclosed this in an interview with newsmen in Abuja.

Nwaimo said that the 536 houses being constructed in the six states of the zone and FCT have attained practical completion level, while most houses needed finishing touches including infrastructural projects.

“We are quite sure that by April all the 536 housing units including infrastructure will be completed and inaugurated for occupation,’’ the Zonal Director said.

He said that the NHP in FCT comprised of 72 units, Kogi – 76, Kwara – 76, Niger – 80, Nasarawa – 76, Benue – 76, while Plateau comprised of 80 housing units.

The NHP in Kogi is completed and awaiting inauguration and occupation, Plateau, Niger, Nasarawa and FCT are between 70 to 80 per cent completion, while others are nearing completion.

Nwaimo, however, expressed satisfaction over the quality of work done in the zone, adding that the ministry deployed competent professionals, who were residents in the various states, charged with monitoring the day-to-day activities in the various sites.

“The specification and designs were being made possible by day-to-day supervision from these professionals, so that the contractors would not compromise.

“The NHP targeted, at the low income group is envisioned by the Federal Government and being anchored by the Ministry of Power, Works and Housing to bridge housing deficit and create jobs nationwide,” he said.

A total of 3,000 housing units are being constructed in 34 states including FCT except Lagos and Rivers where favourable sites are yet to be secured.

Source: Independence Nigeria

Niger gov’t partners with firm, begin construction of 200 units of housing estate

The Niger State government and Happy Home Builders Nigeria Limited, under a Public Private Partnership, PPP, arrangement have commenced construction of 200 units of one bedroom bungalows and two-bedroom duplexes at the Abubakar Sani Bello Housing Estate along Suleja-Madalla Abuja Road, in Rafinsayin.

The governor, Abubakar Sani Bello, who was represented by the commissioner for Lands and Housing, Alhaji Isa Musa Kanko, at the groundbreaking ceremony stated that the essence was to promote synergy between the public and private sector in meeting the housing  demands of Nigerians, particularly those in Niger State.

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He said the project which will be completed by the end of 2019 will go a long way for the people in the state to have decent and affordable homes that would give them the needed the comfort.

The Abubakar Sani Bello Housing Estate which is an initiative of the Suleja Local Government Council and fully supported by the Niger State Government sits on 33.4 hectares of land and having 371 number of plots with an average size of 450 square meters (Sqm) located opposite Community Secondary School, by Old Barracks, Suleja-Madalla Road in Niger State.

He said: “The issue of housing cannot be over emphasized due to the importance of it to humanity and we as a government wants to let the people know that we are committed to ensure decent houses are provided and accommodated by our people and Nigerians from far and near. “We want to assure the developer that every support needed to complete the project we will give it to succeed.”

Also speaking,  the permanent secretary in the Ministry of Lands and Housing, Niger State, Dr Abdul Hussain, said that the state will assist the developer to issue individual Certificate of Occupancy to subscribers of the estate.   Meanwhile, the   managing director, Happy Home Builders Limited, Tpl Lukman Komolafe, earlier in his  remarks commended the governor’s response and action in promoting PPP to meet the housing needs in the state especially in the area of land acquisition and documentation.

Komolafe also acknowledged recent promo by the state government through the Ministry of Lands and Housing, for issuing Certificate of Occupancy to applicants for as low as N5, 000 and N15, 000 in rural and urban area respectively in less than one month.   He said, “We also commend the governor  as necessary documentations like C of O, approved layout, approved building plan through the Ministry of Land and Housing has been provided for this estate.”

Source: Leadership

Top 20 largest crane companies in the world

A crane is a type of machine, generally equipped with a hoist rope, wire ropes or chains, and sheaves, that can be used both to lift and lower materials and to move them horizontally. It is mainly used for lifting heavy things and transporting them to other places.

Here are the top 20 biggest crane companies in the world as published by KHL:

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20. Buckner Heavylift Cranes

With over 65 years of providing reliable, quality, and safe services to the commercial and industrial markets, Buckner has earned their place as a nationally recognized leader in the steel/precast erection industry and HeavyLift Crane services. Their goal is to create long term relationships based upon confidence, trust and integrity.

19. Uchimiya Transportation & Engineering

Through the constant pursuit for improvement of the method of transportation and handling of heavy and extraordinarily bulky goods, Uchimiya have also been working out the integration with transport, heavy lifting and engineering works for about 60 years

18. ABG Infralogistics

In India, ABG Cranes had its genesis in supplying and marketing cranes from international sources, selling more than 350 cranes in a short span. They specialize in indigenously-designed cranes on par with international standards. They are the first to build 80 metric tonnes (MT) hydraulic crawler cranes in India. They now manufacture 40MT, 80MT, 100MT, 160MT hydraulic crawler cranes. They have also taken up design & development of 275MT Hydraulic Crawler crane and shall take up ‘Tower cranes & port cranes’ in the near future.

17. Deep South Crane & Rigging Company

Being family-owned and operating since 1968 is just one of the things that sets Deep South Crane & Rigging apart from the majority of its competitors. They have the best tools and talent to serve their customers’ needs including a comprehensive fleet of cranes, transporters, and specialty equipment capable of completing any size project. They can supply bare crane rentals or complete turnkey solutions that includes transportation/delivery, haul in and set-in-place using our cranes. In addition, because they build their own cranes, they have a unique ability to create custom solutions and fabricate them onsite offering customers a much quicker solution to costly down-time.

16. MIC Corporation

MIC Corporation is an established leading Japan Service Co., Ltd for 64 years

15. Sarilar Heavy Lift & Transport

As a pioneer in its sector, SARILAR Group is serving every corner of Turkey and all over the World by the help of its headquarters in Gebze and branch offices in İzmir and Mersin. The company provides its valuable customers with heavy lifting solutions with more than 250 units of its own telescopic, lattice boom and truck mounted mobile cranes; and telescopic and lattice boom crawler cranes.

SARILAR Group is providing solutions in terms of project transportation and heavy transportation with its hydraulic platforms which are capable of lifting 1224 ton and with its telescopic, low-bed, jumbo-bed, flat bed trailers.

14. Tiong Woon Crane & Transport

Listed in 1999, Tiong Woon Corporation Holding Ltd (Tiong Woon or the Group) is a leading one stop integrated services specialist provider of mainly the oil & gas, petrochemical, infrastructure and construction sectors.

The Group manages turnkey projects for engineering, procurement and construction (EPC) contractors and project owners from planning and design of heavy lifting and haulage requirements to the execution stage in which the heavy equipment are transported, lifted and installed in clients’ facilities. Tiong Woon also possesses its own heavy lift and haulage equipment, tugboats and barges which enable the Group to widen its integrated services offered to the clients.

13. Weldex

Weldex was established in 1979 by the McGilvray family to supply cranes to construction companies across Scotland. Now their activities extend far beyond Scotland and across global markets. They have become known not only for the quality of their machinery, but also for the ability to deliver safe, successful contract lift services in every environment.

12. Mediaco Lifting

MEDIACO Group, a leader in France in the field of lifting, has a unique network of 70 agencies to provide its customers with quality and performance unmatched service; with over 700 cranes from 30 to 1200 tons capacity.

11. Prangl

Years of experience using modern technology, highly qualified staff and a great level of consulting competence have made Prangl a leading company in the lifting company. With nearly 50 years of existence the company has been able to bundle industry and client-specific competences to deliver the required expertise for each sector.

10. Essex Rental Corp

Essex Crane Rental Corp a specialist in crane rental, used crane sales and crane service and has grown steadily over 40 years into one of the world’s largest provider of lattice-boom crawler cranes and tower, max-er and ringer attachments. With an inventory of over 350 cranes and attachments in its fleet, Essex has the heavy lifting equipment you need for construction projects related to power generation, petro-chemical, refineries, water treatment & purification, bridges, highways, hospitals, shipbuilding, and commercial construction.

9. Al Jaber Heavy Lift & Transport

Al Jaber Heavy Lift, a member of the Al Jaber Group, specializes in a full range of lifting and transportation services onshore and offshore from hire and trip basis to the execution of totally engineered and managed “factory to foundation” projects comprising marine transportation, overland transportation and erection of cargo at site.

8. Sanghvi Movers

Sanghvi Movers Limited is the largest crane rental company in India, and the 8th largest in the world according to Cranes International (June 2013 Issue). Its fleet includes 398 medium to large sized heavy duty hydraulic telescopic and crawler cranes with capacities ranging from 20 MT to 750 MT. Their scope of work includes implementation of turnkey projects, providing of well-maintained equipment, expert technical services and skilled manpower.

7. Tat Hong Holdings

Tat Hong was established in Singapore in the 1970s as a supplier of cranes and heavy equipment and has been listed on the main-board of the Singapore Stock Exchange since 2000.With a fleet size of more than 1,500 crawler, mobile and tower cranes ranging in size from under 50 tonnes to 1,600 tonnes, they are ranked, in terms of aggregate tonnage, the largest crane company in the Asia-Pacific region and seventh worldwide. They also own the largest fleet of crawler cranes worldwide.

6. All Erection & Crane Rental

What started in 1964 with a single crane, and an unwavering commitment to quality and service by three brothers; has grown to become the largest privately held crane rental and sales operation in North America.

5. Maxim Crane Works

Maxim Crane Works specializes in the rental and sales of lift equipment including hydraulic truck cranes, rough terrain cranes, crawler cranes, tower cranes, conventional truck cranes and boom trucks. With their expansive resources, each branch has the capability to provide management, rigging, engineering, transportation and outsourcing; making Maxim Crane Works’ services the most comprehensive in the industry.

4. ALE

Founded in 1983, ALE is now one of the world’s leading international heavy transport and installation contractors with a global network of operating centres and a large fleet of heavy cranes, specialist transport and installation equipment. Providing engineering, heavy lifting, transportation, installation, ballasting, jacking, skidding and weighing services across the world, they are best known for their exceptional project management and engineering intelligence.

3. Lampson International

Lampson International has been a world leader in the Heavy Lift and Transport industry for over 65 years. Initially started as a small drayage company, they have quickly grown into one of the most innovative and respected providers of equipment and full-service rigging services in the United States and abroad.

2. Sarens

Sarens Group is a recognized worldwide leader in heavy lifting and engineered transport. With state of the art equipment and value engineering, Sarens offers its customers creative solutions to today’s heavy lift activities and transport challenges.

1. Mammoet

For over 200 years, Mammoet has been known for the unique capability of their state-of-the-art equipment. Their confidence inspires 5,000 Mammoet professionals to give it their all each day and truly make a difference in projects all over the world.

Source: Robert Barnes

Top 10 world’s construction equipment manufacturers

Here are the world’s top ten construction equipment manufacturers. They build heavy-dutyautomobiles, specifically designed for implementing construction tasks, most commonly equipment concerning earthwork operations

Caterpillar (USA)

Caterpillar Inc is an American corporation which designs, develops, engineers, manufactures, markets and sells machinery, engines, financial products and insurance to customers via a worldwide dealer network. Caterpillar is a leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. Caterpillar’s headquarters are situated in Peoria, Illinois; it announced in January 2017 that it would move its head office to Chicago.

Komatsu (Japan)

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Komatsu Ltd is a Japanese multinational corporation that manufactures construction, mining, and military equipment, as well as industrial equipment like press machines, lasers and thermoelectric generators. Its headquarters are in Minato, Tokyo, Japan. The corporation was established in 1921. Worldwide, the Komatsu Group consists of Komatsu Ltd. and 182 other companies. Komatsu is the second major manufacturers of construction equipment and mining equipment after Tata Hitachi Construction Machinery.

Volvo Construction Equipment (Sweden)

Volvo CE – is a key international company that develops, manufactures and markets equipment for construction and related industries. It is an auxiliary and business region of the Volvo Group. Volvo CE’s products consist of a variety of wheel loaders, hydraulic excavators, articulated haulers, motor graders, soil and asphalt compactors, pavers, backhoe loaders, skid steers and milling machines. Volvo CE headquarters are situated in Brussels, Belgium

Hitachi Construction Equipment (Japan)

Hitachi Construction Machinery Co. Ltd. is a construction equipment company in Japan, and a Hitachi Group company. It is a first-class company, providing both small and large-scale equipment to clients throughout the world for a varied range of tasks. HCA ensures its equipment is of the uppermost caliber, delivering superior productivity and durability, with minimal operating costs.

HCA has products to handle all tasks, including digging, loading, carrying, breaking, grabbing, cutting, crushing, and screening. Clients from metropolitan construction workers to big mining companies rely on HCA’s industry-leading products and reputable servicing and parts in order to achieve optimum productivity and economy.

Also Read:Top 10 generator manufacturers in the world

Liebherr (Germany)

The Liebherr Group is a large equipment manufacturer based in Switzerland. It has over 100 companies structured into ten Divisions: Earthmoving, Mining, Mobile Cranes, Tower Cranes, Concrete Technology, Maritime Cranes, Aerospace and Transportation Systems, Machine Tools and Automation Systems, Domestic Appliances, and Components. It has a worldwide workforce of over 42,000, with a turnover of €9,009 million as of 2016. By 2007, it was the world’s largest crane company.

Liebherr presently has the world’s most powerful and tallest crawler crane in LR 13000. It is capable of lifting 3000 tones and has a maximum pulley height of 248 meters. This is realized with the attachment of an additional 126m-long lattice jib to the 120m main boom. The height of the crawler framework is an extra 2m, which offers the lattice structure a total height of 248m. For the world record the LR 13000 was fitted with 400 tons of slewing platform ballast and 1500 tons of derrick ballast.

As Mr. Gerold Dobler, Liebherr-International Deutschland GmbH points out, the extensiveness of Liebherr’s construction machines program is like no other. Apart from tower cranes of every kind and size and mobile construction cranes, the program includes a broad range of earth moving equipment and hydraulic excavators, wheel loaders, crawler tractors and crawler loaders, telescopic handlers and dumper trucks. “For special underground engineering projects, we supply universal duty cycle crawler cranes or special piling and drilling rigs. Our concreting technology opens up a whole range of solutions for the cost-effective production and optimum transportation of quality concrete,” he adds.

Sany (China)

Sany is a Chinese multinational heavy machinery manufacturing company headquartered in Changsha, Hunan Province. It is the sixth-biggest heavy equipment manufacturer in the world.

Zoomlion (China)

Zoomlion is a Chinese producer of construction machinery and sanitation equipment, Its headquarters are in the Zoomlion Science Park in Changsha, Hunan.

Zoomlion is world’s sixth largest and China’s major construction machinery enterprise. “In 2008, Zoomlion acquired CIFA, the world’s third largest concrete machinery manufacturer, which was the largest ever European acquisition by a Chinese company at the time

Terex (USA)

Terex Corporation is an American worldwide manufacturers of lifting and material handling solutions for a variety of industries, including construction, infrastructure, quarrying, recycling, energy, mining, shipping, transportation, refining and utilities. The company’s main trade segments include aerial work platforms, construction, cranes, material handling & port solutions and materials processing.

Doosan Infracore (South Korea)

Doosan Infracore is an international company that produces various sizes of excavators, loaders and diesel engines, ranging from compact to large-size machinery. Doosan Infracore is up-and-coming as one of the globe’s top-tier engine manufacturers based on its diverse lineup of multi-purpose products, which can meet tougher environmental regulations in the world.

John Deere (USA)

Deere & Company is a USA company that are main manufacturers of  agricultural, construction, and forestry machinery, diesel engines, drive-trains (axles, transmissions, gearboxes) used in heavy equipment, and lawn care equipment.

Source: Dennis Ayemba

Despite falling rates, U.S. mortgage applications fall again

U.S. mortgage applications declined for a fourth consecutive week even as some home borrowing costs fell to their lowest levels in more than 11 months, the Mortgage Bankers Association said on Wednesday.

The Washington-based industry group’s seasonally-adjusted index on borrower requests to lenders for a loan to buy a home and to refinance one decreased 3.7 percent to 364.8 in the week ended Feb. 8. This was the weakest reading in a month.

“Application activity fell last week – even with rates decreasing – as renewed uncertainty about the domestic and global economy likely held potential homebuyers off the market,” Joel Kan, MBA’s associate vice president of industry surveys and forecasts, said in a statement.

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Home borrowing costs have fallen in step with lower U.S. bond yields as investors have piled into Treasuries in a safe-haven move prompted by concerns about slowing global growth and trade conflicts between China and the United States.

The average interest rate on 30-year fixed-rate mortgages with loan balances of $484,350 or less, fell to 4.65 percent, the lowest level since the week of March 2, 2018. A week ago, “conforming” 30-year mortgage rates averaged, 4.69 percent.

Other mortgage rates MBA tracks were 2 basis points to 7 basis points lower than a week earlier.

MBA’s seasonally adjusted index on purchase loan applications, which is seen as a proxy on future housing activity, declined 6.1 percent to 237.7 last week, the lowest level since the end of 2018.

“Despite the recent decline in applications, we still expect that the continued strength of the job market and lower rates will support more purchase activity in the coming months,” Kan said.

MBA’s seasonally-adjusted barometer on mortgage refinancing dipped 0.1 percent to 1,052.4 in the latest week.

The refinance share of total mortgage applications grew to 43.2 percent from 41.6 percent the week before.

Source: Reuters

Expert says market research will reduce vacant houses

Vacancy rate would continue to be on the increase except stakeholders decided to engage in pre-investment market research before mobilizing to construction sites, Professor Olugbenga Nubi, Director, Centre for Housing and Sustainable Development, University of Lagos, has said. With the research, Nubi said investors would be able to decide ahead the housing types that would be the market would need and be able to take.

Vacant houses dotted the skyline of many major cities in Nigeria including Lagos, Abuja and Port Harcourt, Rivers among others. Commenting on the matter recently, Nubi said, it was dangerous and counter-productive to draw a conclusion on reasons for vacant properties without a scientific research.

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He pointed out that most property’s investors were building 4 bedroom duplexes where the need was for studio and 2 bedroom apartments.

“People who need just a room ended up renting houses that they do not really need,” he said, adding that in developed economies, the advent of Airbnb has helped resolve this problem.

Besides, the professor stated that it has been established that in most part of Lagos and Abuja, properties have been used as a means of preserving  ill-gotten wealth.

He said: “Since both local and foreign banks are no longer a good option for money laundering, properties were bought with the intention of future sales.

“Our recommendation to government should be balanced with strong research support.”

He pointed out that all over the world, tenants were vulnerable and were often protected.

According to him, government must change policy that made land to be as expensive as N100 million and high cost of construction.

He said: “If we reduce cost of procurement to less than N75 million for a building of six flats -which is possible in Abuja with it’s stable and high load bearing capacity soil, rent will drop and default will disappear.

Nubi urged institution to sponsor researches, pointing out that the  future is for nations driven by knowledge (information), technology and competition.

According to him, if developers were encouraged to do pre investment studies, they would become more relevant and respected. “We will have few failed projects,” he said.

Corroborating Nubi, another professional, Dr. Joshua Egbagbe, said government and stakeholders should start taking decisions and formulating policies using well researched information that are timely, adequate and concise.

Currently, report from Tayo Odunsi-led Northcourt Real Estate Limited said that vacancy rates in the standard residential apartments hovered around their first quarter’s 2018 figures with Ikoyi hitting 30 per cent, Ikeja GRA -26 per cent and Oniru -33 per cent among the highest.

“GRAs 1, 2 and 3 in the oil city of Port Harcourt recorded vacancy rates of 6 per cent, 11 per cent and 20 per cent respectively and continue to show potential principally for their security advantages when compared most of the city,” the report said.

However, vacancy rates have remained low for the more popular Gwarimpa – 3 per cent, Katampe -21 per cent and Wuse -10 per cent areas of Abuja.

Source: Emmanuel Badejo

NDIC promises to ensure safety and stability of Nigeria’s financial system

Members of the newly inaugurated Board of the Nigeria Deposit Insurance Corporation (NDIC) have pledged to formulate policies that would ensure safety and stabilise Nigeria ‘s financial system.

The Chairman of the board, Mrs Ronke Shokefun made the pledge in a statement signed by NDIC‘s Head, Communications and Public Affairs, Mr Mohammed Ibrahim on Tuesday in Abuja.

According to the statement, Shonekun was speaking at the opening ceremony of the maiden retreat for members of the Board in Abuja.

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She said:” We are committed to providing the desired leadership required to enable the nation achieve its goal of becoming one of the top 20 economies in the world by Year 2020.

“As people of proven integrity, we are to collectively paddle the boat of NDIC in particular and that of the nation’s banking sector in general to safety.

” We owe this very important organisation and the nation that duty in order to justify the confidence reposed in us by President Muhammadu Buhari.”

The Chairman described the role of the Board as critical in the achievement of the Corporation’s mandate.

Source: Daily Trust

Reasons why GDP is no longer an accurate measure of economic progress

It is critically important we monitor societal progress and design responsive policies to 21s- century challenges, such as climate change, the marginalization of more than a billion people, resource depletion and emerging pollution-driven health crises. We need reliable metrics to know how we are performing on the yardsticks of our economy, sustainability and social harmony.

Unfortunately, our radar to track progress is far from satisfactory. Countries still use a 20th-century metric to measure wellbeing: Gross Domestic Product, or GDP.

GDP provides measurements of output, income and expenditure quite well, and these are needed to understand and devise fiscal and monetary policies. But this measure flatly fails when it comes to wellbeing. Its founder, Simon Kuznets, cautioned half a century ago that it is useful mainly in tracking income. More recently, other economists suggest knowing change in per capita wealth of all types is key to monitoring sustainability.

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Hence growing international interest in a tool that still captures financial and produced capital, but also the skills in our workforce (human capital), the cohesion in our society (social capital) and the value of our environment (natural capital).

Work has advanced on some of these elements. The UN Environment Programme-led Inclusive Wealth Index shows the aggregation through accounting and shadow pricing of produced capital, natural capital and human capital for 140 countries. The global growth rate of wealth tracked by this index is much lower than growth in GDP. In fact, the 2018 data suggests natural capital declined for 140 countries for the period of 1992 to 2014.

Interestingly, many countries record GDP growth while they lose natural capital. One can see the trade-off among various types of capital, but the report clearly conveys that mixing income with wealth is bad economics and dangerous for sustainability measurement.

The Index’s findings include strong recommendations to help reach global sustainability targets, including the UN Sustainable Development Goals. Closely tracking countries’ productive bases is key, as a declining asset base implies a non-sustainable trajectory. Many of the assets critical for maintaining productive bases are either not priced or are priced at much lower levels than they should be. This is especially true for natural capital and human capital assets. Natural capital assets such as forests and water bodies have only been valued for the products they provide for the market, such as timber and fish. However, these ecosystems offer a much larger suite of services, such as water purification, water regulation and habitat provisioning for species, among many others. These are clearly valuable services.

The Inclusive Wealth Index also helps policy-makers prepare to negotiate for reductions in greenhouse gases as well as for compensations accruing from climate change. Further, past reports have shown conclusively how countries can become unsustainable in absolute terms when population growth is factored into the computation. Understanding the impact population growth has on productive bases is a critical variable that leaders should factor into policy-making.

So analytic progress has been made, but there is still need a need to bring all five elements of prosperity – financial produced, natural, human and social capital – into one framework.

A new Canadian report does this.

Canada’s Comprehensive Wealth project adds one number for evaluation and policy-making on top of GDP: a per capita sum of the five elements of prosperity. It draws on data from Statistics Canada – one of the finest statistical organizations in the world – which measures many elements of prosperity separately, to varying degrees of depth.

The report raises several red flags, most notably that Canadians’ comprehensive wealth only grew at an annual average rate of 0.2% from 1980 to 2015. In contrast, GDP grew at an annual average rate of 1.31% over the same period. In other words, the good GDP results of Canadians don’t have a strong foundation reflecting growth in earning potential, sustainable natural stocks, and diversified financial and produced capital.

There’s room for this study to grow in depth and breadth. The Canadian federal government should direct Statistics Canada to regularly report the country’s comprehensive wealth score.

People deserve an accurate sense of how well their economies are performing, with a view to long-term sustainability. GDP has and always will have valuable short-term insights, but to respond to 21st-century pressures we need a modern economic measure. Canada can lead the world as the first nation to adopt comprehensive wealth, making a commitment to the knowledge that empowers meaningful action.

Source: World Economic Forum

NSE companies likely to declare losses for 2018

It is the dream of every shareholder to earn dividends at the end of every financial year. In fact, the whole essence of investing is to earn returns on investments. But sometimes, it becomes impossible for shareholders to receive dividends, especially so whenever companies run at a loss. After all, it is from earned profits that dividends are paid.

We are currently at the peak of the audit period, when companies disclose their financial statements for the previous year. And as the results continue to pour in, millions of shareholders are hopeful for the best. Unfortunately, some of these shareholders would not be getting any dividend this year. The reason is simple – the companies they have invested in might be declaring losses instead of profits.

Seeing as the typical Chief Executive Officer is the poster child of the company he or she leads, it is only apt that this article focuses on them and how their leadership styles, more or less, failed to produce the desired results for investors. Today is Tuesday, which means that it’s time for CEO profile. So, here are your CEOs of the week.

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Mrs Rose Okwechime, the CEO of Abbey Mortgage Bank Plc

Appointed in 1992, Mrs Okwechime has been the Managing Director/Chief Executive Officer of Abbey Mortgage Bank Plc for nearly thirty years. And inasmuch as she must have done well for the company over these years, available figures suggest that the company might run at a loss when it finally announces its 2018 result.

According to the company’s unaudited financial report for the third quarter ended September 30th, it recorded a gross earning of N982.4 million, as against N1 billion worth of revenue that was generated during the comparable period in 2017. In the same vein, the company recorded a 294.17% loss after tax of N95.7 million. It had made a profit tax of N49.2 in Q3 2017.

Based on the foregoing, the chances that the company could avoid a 2018 loss depends entirely on if it had performed incredibly well during the last three months of the year.

Regardless, it is important to note that Mrs Okwechime is an experienced professional with many years of experience. For almost a decade, she worked at the Bank of England as a cost analyst, after which she went ahead to work in a number of other companies, including Deltic Energy Limited, and Africa International Bank. Mrs Okwechime currently sits on the board of United Bank for Africa as a Non-Executive Director.

She is an alumnus of the Ogun State University, where she graduated with an MBA degree in banking and Finance in 2000. She also studied Business Programmes at the International Institute for Management Development.

Mrs Abosede Ayeni, the Chief Executive Officer of Tantalizers Plc

Much like Abbey Mortgage Bank Plc, Tantalisers Plc is expected to declare a loss for the year ended December 31st, 2018. And when this happens, Mrs Ayeni will be the woman many investors would be looking to for some explanations. After all, she is the person in charge.

Unaudited results so far released by the fast food company shows that though it recorded a total revenue of about N1.1 billion for Q3 2018, it ran at a loss of N213.5 million as against a profit after tax of N760 million during the same period in 2017. Based on these, the possibility of a full year loss abounds.

Mrs Abosede Ayeni is the founder and current Chief Executive Officer of Tantalizers Plc. She is an alumnus of the University of Ife, graduating in 1979 with a B.A in Language Arts. In 2006, she bagged a Master’s in Business Administration (MBA) degree from the Pan African University. Prior to starting Tantalizers in 1997, she worked in Lever Brothers Nigeria Limited, and Senkay Nigeria Limited.

Chief Suresh Murli Chellaram, the CEO of Chellaram Plc

All things being equal, Chellarams Plc will declare a loss after tax at the end of its 2018 financial year which will end in March this year. So far, the conglomerate’s third quarter 2018 financial report shows that though it generated some N3.3 billion worth of revenue, its profits are in the negative. As a result, it reported a loss after tax of N1.1 billion. The loss, most likely, might continue till the end of the financial year unless something drastic happens between now and March ending.

The company’s Chief Executive Officer is Mr Suresh Murli Chellaram. He studied at the University of California, graduating in 1976 with a degree in Business Administration.
His professional career spans decades as a top executive in the company. First, he headed Chellarams Group USA until 1984 and later joined Chellarams Nigeria Plc. He was appointed as the company’s Managing Director in 1989. He has since played a major role towards the transformation of the company.

Asides being successful in boardrooms, Mr Chellaram is also a philanthropist who is affiliated with quite a number of charities in Nigeria and elsewhere. He has also been involved in the Nigeria Economic Summit Group, the Young Presidents Organisation, etc.

The CEO of Austin Laz & Company Plc

According to its recently disclosed financial report for the period ended September 30th, only a total revenue of N297.1 million was recorded for Austin Las & Company Plc. The company also recorded a loss after tax of N25.3 million. This puts it in the list of companies Nairametrics expects to report overall loss for full-year 2018 – except, of course, something unexpected happens along the line.

The company’s CEO is Dr Austin Lazarus Ashinmonye, who has been occupying the position since 1982. Available information says that he is an accomplished engineer who designed/invented the first ice block making machine in Nigeria.

Source: Emmanuel Abara Benson

Nigeria’s GDP increases by 2.38% in Q4 2018 — NBS

Nigeria’s Gross Domestic Product (GDP) grew by 2.38 per cent in real terms (year-on-year), the National Bureau of Statistics (NBS) reported Tuesday.

The latest growth rate represents an increase of 0.27 per cent points when compared to the fourth quarter of 2017 which recorded a growth rate of 2.11 per cent.

It also indicates a rise of 0.55 per cent points when compared with the growth rate recorded in Q3 2018.

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Further analysis showed that on a quarter on quarter basis, real GDP growth was 5.31 per cent.

The fourth quarter growth performance implies that real GDP grew at an annual growth rate of 1.93 per cent in 2018, compared to 0.82 per cent recorded in 2017, an increase of 1.09 per cent points.

During the quarter, aggregate nominal GDP stood at N35.23 trillion, which is higher than N31.28 billion recorded in Q4 2017, a nominal growth rate of 12.65 per cent.

For 2018, nominal GDP was therefore recorded at N127.76 trillion representing a nominal growth rate of 12.36 per cent when compared to N113.71 trillion recorded in 2017.

Analysing the report, the Global Chief Economist of Renaissance Africa, Charlie Robertson, said Nigeria’s GDP has been slowly picking up since the oil price crash of 2014 to 2016 up 1.9 per cent in 2018 from the 0.8 per cent recorded the year before.

Robertson described the GDP growth rate of last quarter of 2018 as the “best in years at 2.4 per cent- but not fast enough to deal with Unemployment.”

A Value Investor, Lalode Akinmurele, said the latest GDP growth rate remains abysmal still for a country with a birth rate in excess of 2.6 per cent.

“The release is apt, four days to the February 16 polls,” he stated.

Source: Daily Trust

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