FEC Extends CBN’s Power Sector Interventions to GenCos

In response to challenges in the power sector, especially in the generation sector, the Federal Executive Council (FEC) on Monday approved the extension of the current Central Bank of Nigeria (CBN) interventions to the sector.

The extension is in furtherance of government’s continued efforts to support the power sector, specifically the generation arm of the sector, according to Zainab Ahmed, minister of Finance.
The minister disclosed this on Monday while briefing State House correspondents after the extended Federal Executive Council meeting presided over by Vice President Yemi Osinbajo.

The move is part of government’s palliative measures to sustain power generation with the CBN’s intervention.

“This is based on a commitment that we signed into as a country, where we have several guarantees to the generation companies (GenCos) to bridge any gap that they have after the Nigerian Bulk Electricity Trading Plc (NBET) has settled them,” Ahmed said.

“The facility that we got approval for today is to pay the GenCos for any financing shortfall that they have after the bulk trader NBET settles them. So it is a cost on government, it is a loan government will be paying it back to the central bank. The essence is to meet the contract obligations that government signed with the GenCos on the assurance we gave them on off-taking any power that they generate after payment is made from the NBET,” she said.
FEC also approved 0.2 percent import levies on some goods to fund Nigeria’s membership subscriptions in the Africa Union (AU).

“It approved a rate of 0.2 percent as a new import levy on Cost, Insurance, and Freight (CIF) that will be charged on imports coming into Nigeria but with some exceptions. The exceptions include goods originating from outside the territory of member countries that are coming into the country for consumptions,” Ahmed said.

“It also includes goods that are coming in for aid and also goods that are originating from non-member countries but are imported through specific financing agreements that ask for such kinds of exemptions. It also exempts goods that have been ordered and are under importation process before the scheme was announced into effect,” she said.

The purpose of this new levy, she said, is to enable the AU member countries to pay on a sustainable basis their subscriptions to the Union.

“The council also approved that for Nigeria, knowing that what will accrue from this new levy will be more than what is required as subscriptions to the African Union, the balance that will be left will be put in a special account in the Central Bank of Nigeria and will be used to finance her subscriptions to multilateral organisations as the World Bank, African Development Bank, Islamic Development Bank and institutions like that. And if there is any excess left from that in the revenue pool, it will be used to finance the budget,” she said.

“On the AU levy, the African took this decision to enforce this levy and so all AU member countries are to implement this decision. So what we are trying to do in Nigeria is to domesticate and implement this decision that was taken in Kigali on the 27th Assembly of the Heads of State and Government of African Union meetings.

“The decision council took today is that we will open a central bank account for that particular purpose so that all the funds collected by the Nigerian customs will be pooled into that account. And when the AU raises a subscription invoice, we will settle from that account and whatever is left, we can use it also to settle our subscriptions to other multilateral institutions and if there is anything left, the balance is used to finance the budget,” she said.

The minister revealed that FEC also approved the setting up of the steering committee to be chaired by Vice President Osinbajo for the design and implementation of a national single window.

“The national single window is a web portal that would be able to integrate all the government agencies that are implementing in the port business or trading in the port system. The trading platform will enable better efficiency of port operations and we project that it will significantly increased government revenues,” she said.

Source: Businessdayng

NAICOM Raises Capital Base of Insurance Companies by over 300%

The National Insurance Commission (NAICOM) has increased the minimum paid-up capital of insurance companies in Nigeria by over 300 percent.

This was contained in a circular released yesterday May 2019 by the Commission and signed by Pius Agboola, the Director, Policy and Regulation Directorate, for the Commissioner of Insurance.

The circular with No. NAICOM/DPR/CIR/25/2019, titled “Minimum paid-up share capital for insurance and reinsurance companies” the minimum paid-up share capital requirement of insurance and reinsurance companies in Nigeria is hereby reviewed as follows: In the new capital base, life insurance companies will now have a minim paid-up capital of N8bn from its previous N2bn, General Insurance companies will now have to recapitalize to N10bn from N3bn, while Composite Insurance companies will now need N18bn to underwrite businesses from the previous N5bn minimum capital.

The new capital base requirement also affected reinsurance companies who will now have to raise their minimum paid-up capital from N10bn to N20bn if they must remain in business.

The circular said that “the new minimum paid-up share capital requirements shall take effect from the commencement date of this circular for new applications while existing insurance and reinsurance companies shall be required to fully comply not later than June 30, 2020.”

In reviewing the paid-up capital, the Commission noted that “in 2005/7, the insurance industry witnessed its last recapitalisation and despite the astronomical increase in value of insured assets, consequent exposure to higher level of insured liabilities and operating costs of insurers, the same capital continue to rule in the insurance industry.” However, the new capital base doesn’t apply to micro-insurance and Takaful insurance companies.

Source: Dailytrust

Residents, students protest against deplorable Lagos-Badagry expressway

It was a sad tale yesterday for many Lagosians as the early morning rain wrecked havoc in the state causing buildings collapse; fallen poles with many cars destroyed as flood sacked houses and destroyed property. Commuters were not left out, as they groan over the gridlock caused by the downpour. Many roads were submerged in flood, and activities were put to halt in the nation’s capital for several hours.

In a tweet by the Lagos State Emergency Management Agency (LASEMA), it was discovered that no fewer than two building collapsed due to the heavy rainfall. The buildings are located at Abule Egba and Ladipo bus-stop in Oshodi. According to the agency, no victims were trapped and the affected structures were condoned off.

“We are responding to two collapsed building incidents in Abule Egba and Oshodi. Please stay safe out there! On getting to Ladipo, Oshodi, it was discovered that no victims were trapped so the building and the affected roofing were cordoned off. A building consisting of four rooms built on the fence of house 13 Erinjiyan Drive, off Alhaja Mulika Street, had collapsed due to the heavy rain. No update on casualties yet.”

Meanwhile, thousands of Badagry residents and students of tertiary institutions defied the heavy rainfall to protest against the deplorable state of the Lagos-Badagry Expressway, describing it as a road of anguish and pain. Residents blocked the popular Badagry roundabout for hours earlier in the day.

They stormed the roundabout with placards bearing various inscriptions such as: “Fix Lagos/Badagry Expressway. Our businesses are dying’’; “Bad Road, Our pregnant women are having miscarriages’’; and “We are not at war, Remove checkpoints on our road’’; “We are losing man hours.’’

Dr. Joe Okei-Odumakin, the president, Women Arise Initiative, who led the protest, said the road had become a route of anguish and pain. “We are in the rain today not because we like it, but because we want to make some demands; we are moving from Badagry to Mile 2. We are here because the Lagos-Badagry Expressroad has continued to serve as a route of anguish and pain; the state of the road is deplorable.

“We are seeing our economy ruined, we have seen women having still births; we have seen our road becoming a route to the hospital and the mortuary, the time has come for us to rise up in unity. Time has come for us to demand that the government should fix the Lagos-Badagry road; we are here to demand that the road that leads to the economic hub of the ECOWAS sub-region be fixed. It is an eyesore that should not continue. We have endured this for a very long time, and tourism in Badagry is now at its lowest ebb; we know the concession started in 2009 and many years after the road was awarded, nothing serious has been done about it,’’ she lamented.

Source: By Kehinde Olatunji

London house prices: How Brexit uncertainty has hit house prices in every borough

London is “acting as a drag” on the rest of the UK housing market, with prices across the capital falling in the last year, according to new figures from property giant Rightmove.

While some regions in the UK such as the midlands and the north west started to kick the Brexit uncertainty that has gripped the housing market in recent years, Greater London average asking prices fell 2.5 per cent annually.

A sales slump in central London saw average asking prices fall 3.8 per cent annually to £757,773 in inner-city areas, while the average in outer London, including cheaper boroughs such as Bexley, Barking and Dagenham fell 0.9 per cent to £512,726.

This came despite the annual spring surge in prices, which only drove Greater London up 1.2 per cent on a monthly basis.

The slumps compared to a record-breaking year in other parts of the UK, however, as average asking prices in Wales, the Midlands and the north west of England bucked any Brexit blues to hit all-time highs, Rightmove found.

London boroughs

Worst hit in the capital was Westminster, where average asking prices fell 6.3 per centannually – but still clocked in at an eye-watering £1.4m. The same was true of Britain’s most expensive area to live, Kensington and Chelsea, where average asking prices fell 3.9 per cent year-on-year to £1.6m.

Kensington and Chelsea saw a 3.9 per cent annual fall (Source: Getty)

The only boroughs to see an annual rise in average asking price were Bexley and Barking and Dagenham, two of London’s cheapest areas. Bexley rose 0.6 per cent to £408,233, while Barking and Dagenham rose 0.9 per cent to £316,839.

Meanwhile in zones one and two, Lambeth fell 4.7 per cent to £632,590Hackney fell 4.9 per cent to £626,000 and Tower Hamlets fell 6.1 per cent to £559,475.

Jeremy Leaf, north London estate agent and a former Royal Institution of Chartered Surveyors (Rics) residential chairman, said: “London is acting as a drag on the rest of the UK housing market and prices don’t include inflation so have risen or fallen further in real terms.

“The spring bounce is taking place but not reaching to the heights we would have expected and certainly not in the capital.”

Borough

Avg. price May 2019

Monthly change

Annual change

Barking and Dagenham£316,8391.0 per cent0.9 per cent
Bexley£408,2331.2 per cent0.6 per cent
Hammersmith and Fulham£931,1710.9 per cent-0.2 per cent
Sutton£470,6972.5 per cent-0.3 per cent
Southwark£634,232-1.8 per cent-0.5 per cent
Islington£770,1231.1 per cent-0.8 per cent
Hillingdon£492,5851.7 per cent-0.9 per cent
Bromley£530,4920.5 per cent-0.9 per cent
Waltham Forest£481,9260.8 per cent-1.0 per cent
Enfield£457,3980.8 per cent-1.2 per cent
Ealing£555,6110.8 per cent-1.4 per cent
Havering£406,075-1.2 per cent-1.5 per cent
Brent£577,8181.5 per cent-1.5 per cent
Camden£980,2101.2 per cent-1.5 per cent
Newham£407,868-0.3 per cent-1.8 per cent
Merton£645,1162.7 per cent-2.0 per cent
Hounslow£540,484-0.9 per cent-2.0 per cent
Croydon£437,1951.2 per cent-2.2 per cent
Kingston upon Thames£610,0760.4 per cent-2.3 per cent
Harrow£549,6340.4 per cent-2.3 per cent
Redbridge£451,503-0.4 per cent-3.2 per cent
Richmond upon Thames£832,0122.7 per cent-3.3 per cent
Wandsworth£793,014-2.4 per cent-3.5 per cent
Lewisham£464,2001.3 per cent-3.5 per cent
Barnet£639,1920.7 per cent-3.5 per cent
Greenwich£441,287-0.1 per cent-3.5 per cent
Haringey£602,170-0.1 per cent-3.7 per cent
Kensington and Chelsea£1,590,3804.8 per cent-3.9 per cent
Lambeth£632,5900.8 per cent-4.7 per cent
Hackney£626,0950.1 per cent-4.9 per cent
Tower Hamlets£559,475-0.5 per cent-6.1 per cent
Westminster£1,400,270-1.7 per cent-6.3 per cent

The rest of the UK

The rest of the country painted a very different picture, according to Rightmove.

For homes coming to market this month in Wales, the Midlands and the north western England, average asking prices hit all-time highs, as a shortage of demand pushed prices up.

Wales broke through the £200,000 barrier for the first time ever, at £200,386, rising 4.1 per cent year-on-year, while houses in the west Midlands rose three per cent to £232,247.

But for those commuting into central London from outside the capital, prices fell. In the south east of England, the annual average asking price fell 1.1 per cent to £407,239.

Rightmove director Miles Shipside said buyers were largely ignoring Brexit, with buyers spurred into action in the record-breaking regions.

“Despite the ongoing political uncertainty, agents are reporting that the lure of the right property at the right price still attracts good interest. In spite of some of the challenges in the market, interest in property remains very high,” he said.

Source: By Alex Daniel

Engineers Groom Students in Project, Technology Designs

About 30 secondary schools in Lagos have been trained through a ëproject skill competitioní on h engineering innovations that could solve environmental problems using scientific principles.

The programme tagged; ì Idiat Aderemi Amusu project skill competition for secondary studentsî, was organised by the Nigerian Society of Engineers (NSE), Ikeja branch and it featured schools within Ikeja and Agege environs.

Out of the number of invited schools, ten participated in project design presentations.

Consequently, Ikeja Senior High School, which designed solar powered fan, emerged in the first position, Iju Senior Grammar School came second with the presentation of a solar powered house while Vetland Senior Grammar School came third through its simple vacuum cleaner. The winners were presented with a HP laptop each.

Addressing participants, the chairman of NSE Ikeja branch, Mrs. Funmi Akingbagbohun emphasised that as old engineers are gradually leaving the practice, there is the need to groom the young ones to develop interest in studying engineering in higher institution and understand engineering innovations, which is critical in solving societal challenges through project designs.

Akingbagbohun said, Engineering is the bedrock of any nation that wants to develop and that is why we are grooming the young ones. NSE will continue to support students who come up with designs that would help the Nigerian environment to developî.

She said in previous events, One of the students was able to develop the traffic light and a company has taken up the design. Another boy was able to develop a toy car that works and is currently undergoing a scholarship in automobile engineering sponsored by from the NSE Ikeja branch in one of the Nigerian universities.

In a remark, the foremost women engineer who the competition was named after, Mrs. Idiat Amusu harped on educating students in using tools around them to solve the problems of engineering and technology deficit in the society.

“With the innovation and designs from the students, it shows that they have really gone to the basis, thinking about engineering from the tender age. Engineering is something that could be actualised and not in fantasy, it is a reality,” she said.

Source: Guardianng

Policy Penetration: Underwriter, Real Estate Completes Deal

Old Mutual Limited has renewed efforts to deepen insurance in Nigeria, through  a strategic partnership with Newhomes.ng, an innovative online real estate market hub, on digital insurance products.
The underwriter noted that the collaboration serves as an opportunity for it to provide insurance protection for property owners and homeowners.

The Executive Head, Marketing and Customer Experience, Old Mutual, Alero Ladipo, explained that the company would, through the newhomes.ng platform, provide Premium Home Insurance package to existing and prospective property owners.

The with benefits, he said, include building fire and peril, household goods and personal belonging, burglary, fire, alternative accommodation cost in the event of home loss, personal accident cover and personal liability cover.

“This partnership signals strong commitment to Nigeria and her growing industries such as the real estate markets.As Nigerians invest their hard earned monies and investments in bridging the huge supply gap in the provision of housing for the citizens, it is imperative to recognise the risks that threaten these investments and put a financial protection plan in place. This is where Old Mutual comes in.

“We have taken it upon ourselves, as insurers with over 170 years of experience, to enter into this exclusive partnership with Newhomes.ng, to provide innovative technology led solutions aimed at delivering the right insurance services for homeowners in Nigeria and at the same time bridging the gap of access to basic financial insurance.

“Our partnership with Newhomes.ng provides the customers (whether individuals, investors or corporates) can access an array of property and home insurance products at just a click from a mobile device or computer.”“In other words, from the Newhomes.ng platform, Nigerians would be able to calculate their premium in seconds, complete seamless transaction end to end and obtain their policy certificate, all from the comfort of their homes or offices,” she said.

Chairman of Afreal Limited, promoters of Newhomes.ng, Prof. Chris Ogbeche, said the digital platform gives everyone access to owing a home, stressing that the real estate sector before now has been slow in adopting technology, but Newhomes.ng has come to revolutionized the industry.

He maintained that the digital platform is the first of its kind in Nigeria, whilst urging the public to leverage the platform to access their dreamed homes.

The Managing Director of Afreal Limited, Maurice Okoli, said the platform was designed to bridge the gap between real estate developers and prospective home seekers, adding that the firm would tackle awareness issues through technology and that with the platform the issue of liquidity is being solved.

He maintained that the firm is determined to grow home ownership in Nigeria and that the platform has zoro per cent cost for users.

Source: Guardianng

National Assets: Facility Managers Seeks Role in Proper Management

Experts have stressed the need for proper use of facility managers in the management of national assets and facilities.

They spoke at an event to mark the 2019 World International Facility Management (FM) Day and launch of Lagos State Maintenance Cultured Initiative, organised by the State Government in collaboration with the Nigerian Chapter of the International Facility Management Association.

According to them, there is need for advocacy and more awareness on the works of facility managers, as many Nigerians out of ignorance do not consult facility manager, who should be part of the team to design infrastructure projects.

Leading the call in his lecture, Centre Director/Managing Consultant, Lagos State DNA and Forensic Centre, Dr. Richard Somiari said facility management was critical to organizations’ functions and productivity.

According to him, many people erroneously thought that Facility Manager involved only cleaning a building but that it was much more than that and required skill and certification.

Aina, an engineer also called for sustainable maintenance culture to protect and preserve facilities for future generations.

He further expressed hope that Lagos State government and the contractor handling the Oshodi international transport interchange has a facility management strategy in place to ensure continuous maintenance of the facility.

In his remarks, the General Manager, Lagos State Infrastructure Asset Management Agency (LASIAMA), Mr. Oladeji Williams said the state government would establish call centres for better management and maintenance of its assets, infrastructure and facilities across the state.

According to him, the state government would also maximize the use of trained artisans that graduated from its various skills acquisition centres across the state to close the unemployment gap.

Williams said that the Maintenance Cultured Initiative policy was initiated by the Akinwunmi Ambode administration to ensure maintenance culture, create jobs and upgrade as well as utilize skills of its trained artisans.

According to him, state government has the most holistic and aggressive maintenance implementation agenda in Nigeria and was the first with an agency dedicated to Infrastructure Management and Maintenance.

In his remarks, a member of Lagos State House of Assembly, representing Epe Constituency 1, Mr. Abiodun Tobun, stressed the need to increase budgetary allocation for facility management in the state.

He spoke, while presenting the award of the best Facility Manager of the year 2018 to Mr. Durotiwon Kayode of Kandaylin Nigeria Limited.

Meanwhile, the immediate past Managing Director of the NMRC, Prof. Charles Iyangetteh said the country needs N398.1 trillion to bridge infrastructure deficit.

Iyangetteh, who stated this at FM Forum organised by Total Facilities Management Limited in Abuja, observed that Nigeria with about 198 million population has a housing deficit of 17- 23million.

He added that over 50 per cent of Nigerians already live in cities, with 34 per cent below the poverty line and 68 per cent below empowerment line.

He noted that by 2050, Nigeria alone will contribute nearly 10 percent of the world’s total population adding that this momentous shift will bring nearly 200 million new people into cities, create over 20 new middle-tier cities, and ensuring that Lagos rival Beijing, Mexico City and Sao Paolo in size.

Iyangetteh also pointed out that in order to bridge the housing deficit, there is need to build more houses, be more innovative in the way we build, use technology to make the buildings cheaper and also use local materials.

Also speaking, the Managing Director Total Fairies Management Ltd. Mrs Nwwando Chukwurah said the annual forum is to serve as a platform to change the current narrative of the industry as an all comers affair and a cost center and also to raise the profile of facilities management as strategic to organization’s financial performance or success.

She noted that there is an increased disruption of the facility management practice by evolving technologies adopted, as firms seek to enhance value delivery and differentiation.

Source: Guardianng

FG, Firm to Develop Software for Environmental Protection

The Federal government has entered into partnership with GEObjects,a software provider operating in Australia and United Kingdom that would lead its initiatives to protect air, water, land and natural assets in the country.

Under the agreement, the government would be able to gain the capabilities to measure and analyse environmental outcomes on equal footing with any participant in carbon economy and management in the subregion.

Speaking at joint workshop in Abuja, Director, Department of Climate Change, Dr. Peter Tarfa said the government brought the software provider to brainstorm on application how it would be used in ministries, department and agencies.

According to Tarfa, currently, there are reviews going on how to calculate emissions, the methods involved, adding, this will not be another ‘white elephant project of government, but to make it applicable to all sectors of the economy.

Earlier, Managing Director of GEObjects, Mark Wood, said the technologies exceed what is obtainable in most advanced governments, adding that Nigeria was the perfect sponsor to drive the change in the world.

Mark also noted that the workshop would focus on developing and refining pathways for advancement of country’s position going into next phase of environmental economy through the use of the software.

He however, explained that the burden of cost of environmental management might be revisited as a way to produce wealth, enrich the people, create social opportunities as well as invigorate Nigerian economy.

Another speaker, David MclLwraith argued that one of the most interesting thing was to bring sophisticated environmental analytics software to every one who needs to use it, ‘the key product is Sphere.’

Explaining further, David maintained that they recognised the expertise of government and agencies and seek to provide a tool to enhance the capability assets. he said that they are ready to train software developers, scientists, and operators technicians.

“We supply and provide environmental analysis software, which is a carbon simulator and system. We also want to establish Nigerian participation in global carbon economy generates revenue, secures her place in pro-carbon age.”

Source: Guardianng

Abia to Utilise $200m W/Bank Facility to Construct 506km of Roads, Others-Commissioner

Chief Eziuche Ubani, the Commissioner for Works in Abia, has said that the $200m World Bank facility, being expected by the state government, will be judiciously utilised to construct 506 kilometers of roads and drainage system in different parts of the state.

Ubani said this in Umuahia, while speaking with newsmen on Gov. Okezie Ikpeazu’s second term development agenda on roads. He said that the state would collaborate with the World Bank and Nigeria Erosion Watershed Management Project (NEWMAP) to execute the two major projects.

He said: “We are going to do about 506 kilometers of roads around Abia to ensure that every part of the state is reached with the road construction plan of the state government. “And with the World Bank, one can be assured that the money will not be diverted but utilised for the road project.”

Ubani also expressed confidence that the present administration would initiate measures during the next four years to permanently address the problem of flooding in Aba. He said: “On Port Harcourt Road in Aba, we didn’t have a proper drainage system. We did what we have to do to provide drainage system from the beginning of the road to the end.

“Now a tunnel will be constructed from Uratta Road and Ngwa Road to Enugu-Port Harcourt Expressway down to Aba River. “In Umuocham Road, we will do an underground tunnel of about 40 meters deep through Ngwa Road to Aba River.” NAN

Why Few Nigerians can Afford Mortgage Loans

The Managing Director/CEO of Infinity Trust Mortgage Bank, Mr. Banjo Obaleye, has said the number of Nigerians that can afford mortgage is very small because of a lot of challenges plaguing the mortgage sector.

Mr. Obaleye spoke when officials from Media Trust, publishers of the Daily Trust titles, paid a courtesy call on the bank in Abuja.

He said most investors were still investing in the sector not because it was profitable but because of the value chain opportunities the sector provided.

He said, “If enough attention is put on housing and all the value chain around it, a lot of jobs will be gotten and a lot of youths who are unemployed will find themselves busy. We have thousands and millions of youths who are out of school and cannot provide means of education for themselves, they will find work in housing construction.

If you visit a development site and see the chain of activities going on there, you will know that this is a sector that should be on the move every time. “Home ownership is personal to human heart. Apart from food, the next most important thing for humans is shelter.

Everybody deserves a decent home, and this is the spirit that makes most investors invest in this sector; not because of money, the money is not there now,” he said.

He said because of the specialist role of mortgage banks it was time to change the perception about the role of mortgage institutions. “If you look at the financials of many commercial banks this year, you will discover that many of them are declaring profits in billions of naira. Return on investment of many deposit money banks is over 20 per cent the industrial average, but for mortgage banks, it is less than three per cent; and why this is so is because we haven’t been looking at mortgage banks the way we should be looking at them,” he said.

Obaleye whose bank is listed on the floor of the Nigerian Stock Exchange (NSE), identified high interest rate as one of the reasons only few Nigerians could afford mortgage.

Daily Trust reports that taking out a mortgage allows firms and individuals to purchase and own houses/real estates without the immediate need to make an outright payment of the full value of the property from their resources.

The impact of high interest on mortgage on the nation’s housing delivery has continued to be a source of worry for stakeholders because high mortgage rates impede demand for housing. Currently, interest rate on mortgage loans in Nigeria range between 15 per cent and 25 per cent per annum excluding fees and other charges.

While mortgage banks charge between 19 and 24 per cent commercial banks charge interest rate at 22 to 23 per cent because they categorised real estate as a high-risk investment. Mr. Obaleye said, “Interest rate is a very big problem because at 18/20 per cent interest rate, it is difficult to give somebody a mortgage for 15 years.

But what can we do? If government who today is the biggest borrower, borrows money from the public at 14 per cent, then where do you want to get low interest rate? We wish that government will look at this interest rate and see how to bring it down so that everybody will have access to it,” he said.

He added that the fees payable to government authorities further compounded the cost of mortgage thereby discouraging would-be loan seekers. He said, “You want a N15m loan but you have to pay like N2.5m to government for perfection (register the property), it compounds the cost of mortgage. Now we have to be doing what I refer to as selective lending. For us to break even, we have to be sensitive to our cost. We don’t have a big margin that is why we have to be sensitive of our cost,” he said.

Source: DailyTrustng

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