Month: February 2018

Money stolen by Bernie Madoff is still being found

african inspired, BUSINESS, News, Newspaper, NIGERIA, Nigerian News, Nigerian state programs, wazobia companies
WHEN bankruptcy trustees were appointed over a hectic weekend late in 2008, there seemed no end to the losses caused by the collapse of Bernie Madoff’s Ponzi scheme. Cash in the bank was no more than $150m. But the losses have been less, and the assets available for compensation greater, than had been feared.On February 22nd Irving Picard, the bankruptcy trustee overseeing the liquidation of Mr Madoff’s firm, announced that a fund set up to reimburse customers would make its ninth distribution, of $621m, bringing the total handed out so far to $11.4bn. Another $1.8bn in held in reserve for contested claims. This is on top of a separate distribution of $723m last November from a separate fund run by the Department of Justice. Another $3bn remains to be distributed in that fund and the bankr

Labour Decries Expatriate Quota Abuse

BUSINESS, New Products, News, NIGERIA, Nigerian state programs, wazobia companies
Organised Labour has denounced the federal government’s failings to stop expatriate quota abuse by multinationals. While speaking at the inauguration of the National Union of Food, Beverage and Tobacco Employees (NUFBTE) newly built Kwara-Kogi-Niger Branch Union Secretariat in Ilorin, President of NUFBTE, Lateef Oyelekan, said that the government’s failure to act decisively has compounded unemployment in the country. “Our government should take this issue of expatriate quota abuse seriously and take a decision that will be beneficial to the country just as the government of Ghana has done,” he said. He noted that the law of the country only allows expatriates on technical ground, but the multinationals, he lamented, no longer respect the law. According to him, they now bring in expatriates

Coca-Cola announces six winners of “Sweet Story Challenge”

BUSINESS, New Products, News, NIGERIA, Nigerian state programs, wazobia companies
The Coca-Cola Co has announced the six winners of the “Sweet Story Challenge” that it launched last August, which invites people from around the world to “submit written anecdotes and videos about their favourite, tried-and-true-methods of naturally sweetening foods or beverages in their cultures, communities or families.” According to the company, each winner will get $20,000 grand prize for their submission of personal stories that shaped new sweetener ideas. The winning submissions were selected by a panel of judges based on the novelty of the ideas and the quality of the contestant stories. The six winning submissions are: Antonio Sacido of Mexico with “Agave Salmiana, The Ancestral Plant,” a story about increasing the cultivation of agave on a small plantation to create employment opp

Food & Beverage Union urges government to review tariff increase on alcohol and tobacco

BUSINESS, New Products, News, NIGERIA, Nigerian state programs, wazobia companies
The Food, Beverage and Tobacco Senior Staff Association (FOBTOB) has asked the Federal Government to re-evaluate the advice to increase tariff on alcohol and tobacco to protect job losses. Speaking to the media, the General Secretary of FOBTOB, Mr. Iji Solomon made the call to the government. Finance Minister, Mrs. Kemi Adeosun had recently recommended tariff increase on alcohol and tobacco because of their health implications and as a means of raising revenue for the government. According to Solomon, the recommendation to raise tariff on the products could affect union manufacturers leading to lay-offs. “There is no doubt that the minister proposed the increase based on ECOWAS Common External Tariff, but it should not be at the detriment of local manufacturers or the economy,” he said. Th