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Institute gives out N1.5m to winner of 2019 Young Managers Competition

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The Nigerian Institute Management (NIM) on Wednesday gave out N1.5m cash prize to the winner of 2019 Young Managers’ Competition (YMC).

Prof. Olukunle Iyanda, NIM chairman, made this known at the finals of the competition in Lagos, saying the programme was one of the institute’s contributions to youths development and empowerment.

Represented by Mrs Pat Anabor, Deputy President of NIM, Iyanda, said YMC was an annual competition established in 1974 to encourage practicing young graduate managers between the age of 25 and 40 years.

He said that participation and content quality of the competition was not in doubt as some past winners of the competition had gone on to head some of the nation’s frontline organisations.

According to him, to make the competition truly intellectual and relevant, the institute decided to repackage the modalities for and approach to the competition two years ago.

He said the competition had assumed the toga of a reality show whereby successful candidates, after being duly screened, were grouped in teams, given diverse tasks to undertake and the best team comes top.

“For this year’s competition, a total of 103 young managers (men and women) purchased the application forms out of which 77 participated in an online test.

“Four nominees from corporate members of the institute joined the 15 people that passed the online test.

“The best 11 were then picked after another round of assessment to be part of the final stage of the competition.

“In the last two days, the 11 chosen contestants, broke into four teams, and have been involved in rigorous and demanding tasks leading up to today’s finals,” he said.

Judging by their performance, Iyanda said that one of the contestants, Olalekan Olugbemi, Zonal Manager, DHL Express Services, Abuja, emerged the winner of 2019 YMC.

“The star prize for the winner of this year’s competition is a cash prize of N1.5 million.

“The first, second and third runners up will be rewarded with N800,000, N500,000 and management training at NIM Headquarters respectively valued at N200,000,” Iyanda said.

The Nigeria News Agency reports that the first, second, third up and fourth runners up at the competition were Ruth Agbolade, Juliet Erifesi, Michael Nnumolu and John Olaoluwa respectively.

Congratulating the contestants, Mr Tony Fadaka, Registrar of NIM, said that assessment of the competition grand finale was based on the presentation, composure and delivery of the contestants.

Fadaka said the competition was aimed at encouraging young graduate managers endowed with creative and research ability.

He said the aim was also to horn their skills in conducting independent in-depth research into management-related problems with a view to proposing new solutions to them.

LUC/GOK

Edited by Olagoke Olatoye

Economy

CBN injects $297.92 into secondary market

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The Central Bank of Nigeria (CBN), has injected  297.92 million dollars into the retail Secondary Market Intervention Sales (SMIS).

The bank’s Director, Corporate Communications Department, Mr Isaac Okorafor made this known in a statement in Abuja on Friday.

Okarafor disclosed that CBN also injected CNY21.2million in the spot and short-tenured forwards segment of the inter-bank foreign market.

According to him, the United States dollars-denominated transactions are to meet requests in the agricultural and raw materials sectors, while those in Chinese Yuan are for Renminbi-denominated Letters of Credit.

The director reiterated that the bank’s management was satisfied with the continued stability in the foreign exchange market.

He assured that the CBN remained committed to meeting  foreign exchange needs of all sectors of the economy.

Meanwhile, N358 was exchanged to a dollar, while CNY1 exchanged at N46 at the Bureau De Change (BDC) segment of the foreign exchange market on Friday.

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Economy

No electricity tariff increase has been approved yet —— NERC

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The Nigerian Electricity Regulatory Commission (NERC), says no tariff increase has been approved by the commission yet.

In a statement, Mr Usman Arabi, NERC’s General Manager, Public Affairs, however,  in a statement on Friday in Abuja said it was still consulting with stakeholders.

He said that the commission  wished to notify the public that no tariff increase had been approved by the commission contrary to the impression in some quarters.

“However, the commission in the discharge of its statutory responsibilities enshrined under the  Electric Power Sector Reform (EPSR) Act, shall continue to undertake periodic reviews of electricity tariffs in accordance with prevailing tariff methodology.

`In all instances of such reviews and rule-making, the commission shall widely consult stakeholders and final decision shall be  taken with  due regard of all contributions,” he said. .

Arabi said that the commission wished to provide guidance that the minor review implemented by the commission was a retrospective adjustment of the tariff regime released in 2015

He said that this was to account for changes in macroeconomic indices for 2016, 2017 and 2018, “thus providing certainty about revenue shortfall that may have arisen due to the differential between tariffs approved by the regulator and actual end-user tariffs,” he said

 

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NSE: Market indices upbeat, up by 0.62%

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Trading on the Nigerian Stock Exchange (NSE), for the third consecutive days, maintained a bullish trend to close the week upbeat.

The Nigeria News Agency reports that the crucial market indices on Friday appreciated further with a growth of 0.62 per cent.

Specifically, the market capitalisation of listed equities inched N33 billion or 0.62 per cent to N13.524 trillion from N13.441 trillion achieved on Thursday.

Also, the All-Share Index rose by 170.51 points or 0.62 per cent to close at 27, 800.17 points against 27,629.66 posted on Thursday.

An analysis of the price movement table shows that Nestle led the gainers’ table, growing by N10 to close at N1, 230 per share.

Unilever followed with a gain of N2.45 to close at N29.45, Guaranty Trust Bank gained 90k to close at N27.90 per share.

Forte Oil improved by 66k to close at N16, while C & I Leasing also added 60k to close N7.30 per share.

Conversely, Dangote Cement Industry recorded the highest loss to lead the losers’ table, declining by 50k to close at N166.50 per share.

Continental Reinsurance trailed with a loss of 10k to close at N1.50, while Dangote Sugar Refinery was down by 10k to close at N1.30 per share.

Triple Gee lost 7k to close at 63k, while Unity Bank declined by 6k to close at 63k per share.

Similarly, the volume of shares traded closed higher with a total of 1.24 billion shares valued at N3.29 billion in 3,644 deals.

This was in contrast with 272.60 million shares worth N4.49 billion exchanged in 3,425 deals on Thursday.

Sovereign Trust Insurance Plc was the most active stock, trading 900.02 million shares valued at N216 million.

FBN Holding followed with an account of 80.12 million shares worth N401.08 million, while Courtville traded 55.07 million shares valued at N12.11 million.

Access Bank sold 36.42 million shares worth N236.89 million, while Transcorp exchanged 34.56 million shares valued at N36.94 million.

JNC/GOK

Edited by Olagoke Olatoye

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Economy

Multiple subscriptions: SEC regularises over 3.4bn shares

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Economy

FMDQ’s transition to full exchange will create competition – SEC

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