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Business News

Cutix Plc gets a new sheriff as Ifeanyi Uzodike exits

Following the exit of Ifeanyi Francis Uzodike as Cutix Plc’s Chief Executive Officer (CEO), the company has appointed Ijeoma Agnes Oduonye as its new CEO.

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Cutix Plc

Following the exit of Ifeanyi Francis Uzodike as Cutix Plc’s Chief Executive Officer (CEO), the company has appointed Ijeoma Agnes Oduonye as its new CEO.

Oduonye’s appointment took effect from Thursday, November 1, 2018.

About Ijeoma Agnes Oduonye

Oduonye was Company Secretary of Cutix Plc between 1992 and April 2018. She joined the Company in 1992 and she is a former Head of Administrative Services Department (ASD).

Oduonye also worked as Special Assistant and Secretary to the Managing Director and Chairman of the Company. She is a Student Member of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN). She obtained a Higher National Diploma (HND) in Secretarial Studies from the Federal Polytechnic, Oko in 1994 and an Ordinary National Diploma (OND) in Secretarial Studies from the Federal Polytechnic, Kaura, Namoda in 1991.

About Cutix Plc

Cutix Plc, incorporated in 1982, manufactures and sells electrical, automobile, and telecommunication wires, cables, and related products primarily in Nigeria. The company offers bare copper conductors that are used to make copper cables; bare stranded copper conductors, which are used for earthing electrical installations; insulated copper conductors; PVC insulated copper cables that are used for house wiring; PVC insulated single/double sheathed-core aluminium cables; and PVC insulated and sheathed flat twin/three-core copper cables that are applied for fixed installation in dry and damp premises.

The company provides four core aluminium twist cables that are used to connect homes to low tension lines; low tension bare aluminium conductors, which are used to connect power from high tension wire for street electrification; bare standard aluminium conductors that are used as high tension cables for high voltage power transmission; and reinforced aluminium conductor steel wires, which are applied in overhead power transmission.

In addition, the company offers flat flexible cables, which are primarily used for connecting household electrical appliances; round flexible cables that are used for wiring of fixtures, and connection of portable lamps and appliances and stationary equipment; automotive cables that are used in motor vehicles and automobiles; and PVC insulated and sheathed armoured cables, which are applied for indoor installations, in cable ducts/trays, and underground in industrial plants, as well as sub-stations, and power utility distribution schemes.

Cutix Plc traded at N1.78 on the floor of the Nigerian Stock Exchange (NSE) as of Friday, December 21, 2018.

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ).Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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Real Estate

FG to unveil dedicated portal for sale of houses to Nigerians

The Federal Government has announced plans to launch a dedicated web portal for the sale of buildings to Nigerians in the next few weeks.

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Nigeria needs N1.5 trillion within the next 3 years to fix roads - Fashola

The Federal Government has announced plans to launch a dedicated web portal for the sale of buildings to Nigerians in the next few weeks.

The platform is expected to help contributors to the National Housing Fund (NHF) access mortgage loans on a first-come, first-serve basis.

This disclosure was made by the Minister of Works and Housing, Babatunde Raji Fashola while speaking at the ninth meeting of the National Council on Lands, Housing and Urban Development in Jos, Plateau State.

Fashola, who was represented by the Minister of State for Works and Housing, Abubakar Aliyu, pointed out that the ministry is currently at the completion stages of the first phase of the national housing programme in 34 states of the federation, which provided land for it.

He said, “We urge the state governments to alert their residents to this opportunity for interested persons to apply.”

Fashola commended the Federal Mortgage Bank of Nigeria (FMBN) for being at the forefront of the cooperative housing initiative at the federal level, adding that it has the advantage of allowing cooperative members to choose what they design and build to fit their budgets.

They can leverage their members to get group discount for the purchase of building materials as well as the engagement of contractors.

Fashola disclosed that FMBN as the driver of the housing initiative has engaged 86 co-operatives in projects; approved N35, 784 billion cumulatively; disbursed N10.95 billion; and processed as at January, 57 co-operative housing development loans.

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Fashola emphasized that what the Federal Government can do directly in housing is limited compared to what states can do, just as state governments are also limited, compared to what the private sector and individuals can do.

He said, “The majority of houses available for sale or rent belong to individuals and private companies compared to what states or Federal Government has available. Therefore, many of the tenants who owe rent, who face eviction or who seek to rent or buy property are dealing with private citizens or companies and less so with government agencies.’

My recommendation for improving access and affordability to housing in the Covid-19 era is for private companies and individuals to give back some of what they control to citizens in the way the Federal Government has given back to citizens some of what it controls.’’

He explained, “for example in cases where the rent of businesses or individuals are due for renewal, the private landlords can give back, by accepting monthly, quarterly or half-yearly rent instead of one year, two or three years rent in advance.”

Bottom line

Nigeria has been bedevilled by a housing crisis that has left Africa’s most populous nation ill-equipped to properly provide accommodation for its citizens and inhabitants.

Some of the housing problems in the country include unresolved rent tenure arrangements, high cost of building materials, access to infrastructure, deficiency of housing finance arrangements, stringent loan conditions from mortgage banks, time to process legal documents and inadequate government housing policies.

Jaiz bank

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Coronavirus

Covid-19: Nigeria committed to procuring 29 million J&J vaccines

The Nigerian Government is still committed to acquiring 29.59 million doses of Johnson & Johnson covid-19 vaccines through the Afrixem Bank AVAT initiative. 

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AstraZeneca suspends COVID-19 vaccine final stage trial over safety concerns, COVID-19: J&J starts vaccine trials on humans after success on monkeys

The Nigerian Government says it is still committed to acquiring 29.59 million doses of Johnson & Johnson covid-19 vaccines through the Afrixem Bank AVAT initiative.

This was disclosed Mrs Zainab Ahmed, Minister of Finance at the recent ‘Collaborative Africa Budget Reform Initiative (CABRI) General Assembly webinar.

What the Minister said

“Therefore, the supplementary budget for COVID-19 vaccines will cover the cost of additional vaccines over and above those provided by COVAX, as well as the full cost of operations and logistics for delivering the vaccines around the country.

Already, the sum of N29.1 billion has been released from the Routine Immunization budgetary provision (Service Wide Vote) to the National Primary Healthcare Development Agency (NPHCDA) as an advance for the operational cost of deployment of the COVID-19 vaccines. The N29.1 billion represents about 52 percent of the amount required over 2021-22,” she said.

She added that FG plans to vaccinate 70 percent of eligible (18 years and above) Nigerians over the 2021 and 2022 fiscal years, with the COVAX agreement willing to cover 43.1 million of the eligible population.

In case you missed it

The World Health Organization (WHO)  announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination. The vaccine is reported to have 79% efficacy against covid.

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