Business Briefs
By
Monday, September 22, 2008
Payment Made Easy
By Kazeem Akintunde
The Lagos State Board of Internal Revenue, BIR, is set to revolutionlise the mode of payment to the state government. Last week, Babatunde Raji Fashola the state governor, launched a new electronic device known as Lagos State Revenue Network and e-pay.
The device, a smart card could store, retrieve, manipulate, transmit or receive information electronically in a digital form. The new device is a broadband network infrastructure and connectivity solutions using stable and highly available Wide Area Network, WAN, VSAT, microwave and fibre optics.
Babatunde Fowler, chairman of BIR, said that the card would facilitate the introduction of e-payment, as Lagosians would now be able to make all payments required of them to the state such as water rates, traffic fines and court fines. Each resident of the state, he said, could apply for the card, which can then be loaded with funds at any bank and used to make payment to the state government as and when necessary. He also said that the card has the potential of being used as a state identity card, driver’s licence and tax card.
Aside from e-pay, the new ICT network will also enable surveillance cameras that will transmit live pictures, which will be installed in strategic locations in the state for effective traffic and security control. Governor Fashola had a year ago, assembled a team of experts to look into how information technology could be used to make the functions of government more modern, efficient and cost effective. "We have to adopt modern methods to deliver cost-effective services to our people," Fashola said.
On Strategic Expansion
By Dike Onwuamaeze
F or First Bank of Nigeria PLC, FBN, 2008 was a good financial year. During the financial year which ended on March 31, the bank’s gross earnings grew by 64.7 percent from N79.30 billion in 2007 to N130.60 billion in 2008. The bank’s total balance sheet plus contingent liabilities also rose by 52.3 percent from its N895.62 billion showing in the preceding year to N1.36 trillion in the period under review.
It also recorded 72.1 percent increase in profit before taxation from N22.10 billion achieved in 2007 to N38.02 billion in 2008. Based on these achievements the bank announced the payment of N1.20 dividend per share against the N1 it paid in the preceding year. This represents a total dividend payment of N23.87 billion to its shareholders.
Umaru Abdul Mutallab, chairman of FBN board, said he was delighted that the bank was able to record such achievement in spite of the tough competitive operating environment during the year.
Jacob Ajekigbe, managing director of FBN, said that the bank recorded the success due to its increased lending to the private sector, successful public offer, good performances posted by its subsidiaries and the strategic expansion of the bank’s branch network. FBN’s branch network increased by 45 outlets to 453 at the end of March 2008. Said he: "With competition imperatives and the market’s buyer values clearly indicating that business locations will be material to winning the battle for larger portions of the customers’ walletss the subtle shift in focus to branches which became discernible a couple of years back, has blossomed into an all-out contest for real estate locations close to customers."
He also disclosed that the bank introduced additional 141 ATMs as part of its objectives of enhancing customers convenience and effective electronic payment system.
The group’s total balance sheet plus contingent liabilities increased by 65.8 percent from N1.26 trillion in 2007 to N2.08 trillion in 2008. The group’s shareholders’ fund also grew by 325.3 percent to close at N355.63 billion compared with N83.63 billion in the previous year. First Bank group’s gross earnings also rose by 70.4 percent to N155.29 billion against the N91.16 billion in the preceding year.
Giving Back to Society
By Anthony Akaeze
Visafone recently flagged of its maiden corporate social responsibility initiative. At the event held at Bar Beach, Lagos, over 200 protective helmets and reflective jackets were given to commercial motorcyclists drawn from Victoria Island-Law School and Eko Hotel Roundabout units on the Victoria Island.
Working in conjunction with Arrive Alive, a non governmental organisation committed to ensuring the safety of motorists and road users across Nigeria, Visafone said it launched the initiative as a means of contributing to the safety of road users as well as cushioning the traumatic head injuries suffered by cyclists (popularly called Okada) who usually drive without helmets. The telecom company founded by Jim Ovia, foremost banker, also provided reflective jackets for their night time operations.
Chike Nwaka, Zonal Commanding Officer, Zone II headquarters of the Federal Road Safety Commission FRSC, who was represented by M.L Abdullahi, assistant corps commander, commended Visafone for the initiative which he called a "timely and worthwhile venture that will reduce fatalities on our roads and protect the lives of both okada riders and their passengers".
Visafone said later in a statement by Toni Kan Onwordi that it has and will always "look beyond the bottom line as a responsible corporate citizen," and that "as a wholly Nigerian owned company, we are committed not just to ensuring the services, we also want them to experience a better quality of life by empowering them economically and ensuring safety of lives on our roads."
Found At Last
Ademola Amubioya
Investigation into the cause of the crash of Beechcraft 1900D aircraft belonging to Wings Aviation has begun with the discovery of the flight data recorder known as the 'Black Box.' The black box was found on Thursday, September 11, a week after the wreckage of the ill-fated aircraft was located.
The black box is an electronic data-recording device that records all communications between the pilot and the ground aircraft navigation officials. The recordings of the black box are expected to reveal why the aircraft that left Murtala Muhammed International Airport on March 15, for Obudu airstrip to pick Liyel Imoke, the Cross River State governor crashed.
The 19-seater aircraft with registration number 5NJAH disappeared with a three-member crew; captain Augustine Egbedi, the pilot, the first officer Mohammed, co-pilot, and Fabarata Jack, cabin executive. The crash site was discovered by three hunters on August 30, when the helicopter crew hired by National Emergency Management Agency could not continue to operate the helicopter at the expiration of their contract, the officials of AIB offered to trek to the site from Busi with hunters. However NEMA officials said that it is not that they gave up in the search for the missing plane but they had just stopped air search and were ready to continue on ground. The remains of their bodies that were mainly skulls and bones were packed in plastic bags and loaded into a Helicopter by NEMA officials. One of the bodies that was found trapped inside the aircraft was badly burnt by the fire that engulfed the aircraft, it was believed to be that of the airhostess and was identified with her braided hair. Other remains that were found included the pilot’s passport; more bones and bits of flesh that are undergoing a DNA test in order to identify the victims properly.
However, experts have revealed that the likely cause of the crash is the hilly and heavy rain forest, which is also one of the reasons for the late discovery of the aircraft.
According to the information gotten from a source, for proper investigations at the site, National Emergency Management Agency, NEMA, do not have the right equipment and the special helicopters needed. Due to high area altitude, the area needs a particular kind of helicopter that would be capable of hovering above the crash site and would enable the search team get a proper view of the site.
Fortunately, NEMA contacted OAS Helicopters, which took the search team to Busi Village, near Obudu, Cross River State. The helicopter, which had the necessary facilities, was able to lower the team down to the crash site where the black box was found.
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