Category Archives: Business

‘By 2100, Lagos Will Be The Largest City In The World’ Mercer

Global consulting firm, Mercer , has projected that Lagos will be the largest city in the world by the year 2100 with a population of over 88 million residents.

A statement quoted the company ’ s Head of Strategy and Geographic Expansion, Pearl Siffel , as saying this during the launch of a new study in partnership with a human resources and management consulting firm , EZ 37 Solutions.

The study , titled, ‘ People first : Driving growth in emerging megacities , ’ was launched in Lagos , and it examined the needs of workers in the 15 fastest growing cities across four key factors which were human , health , money and work.

Siffel explained that the city of Lagos was important for such a study because it remained the most populous city in Africa , adding that the study would not have been completed without Lagos .

According to her , there were more babies born in Nigeria than in Europe .

Siffel said , “ Findings reveals that 42 per cent of workers are very comfortable with overall satisfaction with life . 93 per cent of workers say that access to employer- subsidised health and wellness programmes is important to them.

“ What organisations and the cities need to do is to focus more on those needs and the people ’ s skills will be a competitive advantage to organisations while technology will drive the process . ”

Mercer ’ s Principal Consultant, Deon de Swardt , explained that organisations needed to take the study and understand it properly to know what employees were looking for so that they could develop the people’ s strategy.

SEC Bars Wale Tinubu For Holding Director Of Any Public Company For Five Years

The Securities and Exchange Commission (SEC) has barred Wale Tinubu, chief executive officer of Oando Plc, from being a director in (any) public company for the next five years.

The company’s deputy CEO has also been barred while board members found guilty of various infractions have been directed to resign.

In a statement made available to TheCable on Friday, the commission said an extraordinary general meeting should be convened before July 1 to appoint new directors.

SEC had given Deloitte the go-ahead to carry out a forensic audit after Dahiru Mangal, a shareholder, accused the company of declaring false profits and insider trading.

“Following the receipt of two petitions by the Commission in 2017, investigations were conducted into the activities of Oando Plc (a company listed on the Nigerian and Johannesburg Stock Exchanges),” the statement read.

“Certain infractions of Securities and other relevant laws were observed. The Commission further engaged Deloitte & Touche to conduct a Forensic Audit of the activities of Oando Plc.

“The general public is hereby notified of the conclusion of the investigations of Oando Plc. The findings from the report revealed serious infractions such as false disclosures, market abuses, misstatements in financial statements, internal control failures, and corporate governance lapses stemming from poor board oversight, irregular approval of directors’ remuneration, unjustified disbursements to directors and management of the company, related party transactions not conducted at arm’s length, amongst others.”

The company is also expected to pay an undisclosed monetary penalty while board members are expected to refund improperly disbursed remuneration.

In addition, the SEC stated that other aspects of the findings would be referred to the Nigerian Stock Exchange (NSE), Federal Inland Revenue Service (FIRS), and the Corporate Affairs Commission (CAC).

We’ve say our bye to Ogoni land, and we will never return – SHELL

The Shell Petroleum Development Company of Nigeria Limited (SPDC) said it has spent a total of N17 billion on the Global Memorandum of Understanding (GMoU) clusters in Rivers State, giving communities a highly-valued opportunity to decide and implement projects as well as programmes that have a lasting impact on people’s lives.

Shell has also reiterated its exit from Ogoni since 1993, stressing that it would not return to the area again either for exploration, or production.

This was disclosed by the General Manager, External Relations, SPDC, Igo Weli, at the presentation of the 2019 edition of the ‘Shell Nigeria Briefing Notes’ in Port Harcourt.

Weli disclosed that, since the GMoU concept took off in 2006, the funding had enabled the 19 clusters in the state to embark on projects covering health, education, water and power supply improvement, sanitation and infrastructure development.

“Shell has no intention to return to Ogoni again for any exploration and production. We are not taking a drop of oil in Ogoniland. If you hear there is a spill in Ogoni, it does not mean that there is any operation in the area. We have not produced oil in Ogoni since 1993.

He stated: “Under the terms of the GMoU, SPDC and its joint venture partners provide five-year funding for communities to implement development projects of their choice, which are managed by Cluster Development Boards under the guidance of mentoring NGOs.

“Currently, there are 39 active GMoU clusters in Rivers, Delta, Bayelsa and Abia states and since inception in 2006 a total of $239 million (N44.36 billion) has been disbursed to these clusters to fund development projects.

“The success of the GMoU initiative has proved what could be achieved when government, international oil companies, communities and NGOs worked together for the common good,” he said.

“Shell in Nigeria Briefing Notes is an annual publication detailing the activities of the business interests of the global energy giant in Nigeria covering SPDC, Shell Nigeria Exploration and Production Company, and Shell Nigeria Gas.”

On another level of social investment in Rivers, Weli listed the Community Health Insurance Scheme (CHIS), which was established in 2010 in partnership with state governments, as an SPDC JV flagship project that delivers affordable integrated health care to beneficiaries.

“Clients in the scheme pay N10,000 per annum which covers about 95% of the people’s primary and secondary health care needs including child birth, seizure disorders, diabetic and ophthalmic care at the Obio Cottage Hospital. Ten other hospitals in Rivers State also enjoyed robust health intervention scheme by SPDC JV.”

In education, he cited the establishment of the first centre of excellence in Marine Engineering and Offshore Technology at Rivers State University in Port Harcourt established in 2017, which runs an 18-month Master’s and Diploma programmes in Marine Engineering, Naval Architecture, as well as Offshore and Subsea Engineering. This, was in addition to the many SPDC JV scholarship schemes which date back to the 1950s”.

“Supporting Ogoni youths in sustainable alternative livelihoods is in line with one of the recommendations of the 2011 United Nations Environmental Programme (UNEP) report for the restoration of the Ogoni environment.

“In 2018, 100 Ogoni youths from communities near the Trans Nigeria Pipeline participated in training with 80 top-performing trainees receiving business start-up funding totalling more than $90,000 (N27.27 million).”

On the general development of the Niger Delta, Weli noted that between inception of the Niger Delta Development Commission in 2002 and the end of 2018, Shell companies alone contributed N375.16 billion to the commission for the purpose of facilitating the rapid, even and sustainable development of the region, into an area that is economically prosperous, socially-stable, ecologically-regenerative and politically-peaceful.

He said: “We’re proud of our extensive social investment footprints in Rivers State, which in some cases, even stretch beyond the SPDC joint venture.”

He noted that the responsibility for the development of communities, societies or states resides primarily with government and community stakeholders themselves.
“It stands to reason, therefore, that abdicating that responsibility for development to the private sector either fully or substantially is, in my assessment, one of the key issues militating against sustainable development not just of Rivers State but of the Niger Delta”.

Facebook Disables Over Three Billion Fake Account in 6 Months

Facebook on Thursday said it disabled over three billion fake accounts between September and March as part of an effort to enforce content standards.

The social networking platform said it disabled 1.2 billion fake accounts in the fourth quarter of 2018 and 2.19 billion in the first quarter of this year.

The company also said it estimated that five per cent of monthly active accounts are fake as it pledged to “continue to find more ways to counter attempts to violate our policies.”

The data is part of Facebook’s third community standards enforcement report.
The category “fake accounts” was one of nine policies in the report.

Among the others are nudity and sexual activity, bullying and harassment, hate speech, global terrorist propaganda and violence and graphic content.

The data show that Facebook took action against about 52 million accounts that dealt with violence and propaganda and 44 million accounts that dealt with adult nudity and sexual activity.

Facebook said the number accounts it took action against increased “due to automated attacks by bad actors who attempt to create large volumes of accounts at one time.”

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