Wednesday July 29th, 2015
Wednesday July 29th, 2015

You are here : Home » Business

Business

Latest

AfDB plans women empowerment in agriculture through technology

  /   in Business, News 12:15 am   /   Comments

Oil Palm Seedlings

The African Development Bank has held a high-level consultation with the Dutch government about developing a platform for providing women with market information to enhance their participation in agricultural trade. The discussions held at the Bank’s headquarters in Abidjan recently focused on designing, developing and implementing an Agricultural Trade and Investment Market Intelligence Platform.

Read More →
Latest

Investors to trade FCMB’s N26bn bond on FMDQ platform

  /   in Business, News   /   Comments

Investors can now buy and sell the First City Monument Bank (FCMB) Limited N26 billion bond on the trading platform of the Financial Market Dealers Quote (FMDQ). The bond, which will mature in 2021 with a fixed annual interest rate of 14.25 percent, was the first to be issued under the N100 billion debt issuance programme of the bank. FCMB Capital Markets Limited, the investment banking subsidiary of FCMB Group Plc, is the issuing house and sponsor of the bond.

Read More →
Latest

A building contractor’s liability and a structural engineer’s liability

  /   in Business, News   /   Comments

About forty-three years ago, I traveled through Bida, then in North-Western State and now in Niger State, on my way by road from Lagos to Kaduna. I was struck by one person’s attempt to achieve a building structure with a ground floor, a first floor and a second floor plus roof using mud walls and timber for the floor levels and the roof structure. I observed that partial collapse of the building had occurred from the second floor to the ground floor.

Read More →
Latest

Market downturn threat to SEC’s new capital base regime – ASHON

  /   in Business, News 11:15 pm   /   Comments

The Association of Stockbroking Houses of Nigeria (ASHON) yesterday expressed fears that the persistent downward trend at the nation’s bourse would affect stockbrokers’ recapitalisation plans.Mr Emeka Madubuike, ASHON President, told the News Agency of Nigeria (NAN) in Lagos that continuous dilution in the value of equities was a big threat to the exercise.

Read More →
Latest

Customs seals warehouses of rice importers over N23.6b excess levy

  /   in Business   /   Comments

President Goodluck Jonathan[left]  presenting OFR award to the Comptroller General of Customs, Alhaji Abdullahi Dikko at the National Honours Investiture Ceremony in Abuja, yesterday. Photo by Abayomi Adeshida

The Nigeria Customs Service (NCS), on Tuesday, sealed warehouses of defaulting rice importers over non-payment of N23.6 billion excess importation levy.

Read More →
Latest

FG spends 2.41b dollars on rice importation since 2012 – Emefiele

  /   in Business   /   Comments

rice

The Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele on Tuesday said the Federal Government spent 2.41 billion dollars on rice importation between January 2012 and May 2015.

Read More →
Latest

Oil prices pull back from lows

  /   in Business, News   /   Comments

CRUDE-OIL

Brent oil prices were higher Tuesday, pulling back from near six-month lows, as commodity markets in general were calmer after a recent rout fuelled by concerns over China’s economy.

Read More →
Latest

3 monsters affecting entrepreneurial development in Africa

  /   in Business, News   /   Comments

Mr Tony Elumelu, Chairman of Heirs Holdings said that entrepreneurship was the key to unlocking the abundance of untapped human potential across Africa. “That is why I have endowed the Tony Elumelu Entrepreneurship Programme with 100 million dollars in an effort to empower 10,000 entrepreneurs throughout Africa over the next 10 years,” he said.

Read More →
Latest

Deregulating Nigeria’s downstream sector

  /   in Business, News   /   Comments

fuel-fight-1

THIS subject matter has been on the policy agenda since the General Olusegun Obasanjo’s administration, and is still a major decision point for the new General Mohammadu Buhari’s administration. I have noticed that some commentators on this issue mistake deregulation of fuels prices with the deregulation of the entire downstream petroleum sector (which comprises of refining, supply and distribution, supply and distribution infrastructure such as pipelines, depots, terminals, etc, and finally retail fuel stations).

Read More →
Latest

‘Dwindling oil price is an incentive to upstream investors’

  /   in Business, News   /   Comments

Buhari-oil

PETROLEUM engineers have argued that the dwindling global oil price has been identified as an incentive to investors in upstream sector of the country oil and gas industry. The Council Chairman, Society for Petroleum Engineers, SPE, Mr. Emeka Ene, made this known in an interaction with journalists ahead of the 39th Nigeria Annual International Conference and Exhibition, NAICE, billed to hold between August 4 and 6, 2015, at Eko Hotel and Suites, Lagos.

Read More →
Latest

Nigeria’s Q1 crude export dips by $5.66bn

  /   in Energy, News   /   Comments

File Photo: Crude Oil

NIGERIA’S crude oil and gas exports dipped by $5.66 billion, about N1.13 trillion to $13.3 billion in the first quarter of 2015, according to the Central Bank of Nigeria, CBN. The CBN, in its External Sector Development Report for the first quarter of 2015, stated that crude oil and gas exports component declined from $18.96 billion and $20.85 billion in the fourth and first quarter of 2014 respectively to $13.30 billion.

Read More →
Latest

Shareholders laud Oteh’s appointment

  /   in Business, News   /   Comments

Ms. Arunmah Oteh

Former Director General of the Securities and Exchange Commission, SEC, Ms. Arunmah Oteh, penultimate week, was appointed as Vice President/Treasurer of the World Bank. Prior to joining SEC, Oteh was Group Vice President, Corporate Services, African Development Bank Group (AfDB). Shareholders express joy on the new appointment, saying that she is creative and confident.

Read More →
Latest

Biometric Verification Number: Reality and benefits

  /   in Business, News   /   Comments

Customers besiege banks as BVN registration deadlines expires

The first reality about the BVN is that it is a response to the problem of identity crisis in the banking industry. For many reasons, banks are mandated to “Know Your Customers” (KYC). They are expected to know where the customer lives, what he does etc. Among other things, the aim of this KYC requirement is to ensure that fraudsters do not use the services of banks to perpetrate criminal activities like money laundering, Advance Fee Fraud (419) etc.

Read More →
Latest

Analysts laud CBN, warn against Naira devaluation

  /   in Business, News   /   Comments

Emefiele CBN Governor

“Nigerians may need to work harder to settle indebtedness, pay bills to foreigners and sustain production and employment overseas. Accordingly, the costs to devaluation would appear to overwhelm the benefits contemporaneously.” Instead, Amah advised the monetary authorities to consider other alternatives, such as adopting an exchange rate targeting approach through the use of a managed float system, which does not rely on the moves of speculators in determining exchange rate.

Read More →
Latest

Building blocks for Nigeria’s electrical future

  /   in Energy, News   /   Comments

The wide gap between electricity demand and supply adds greatly to the cost of operations by forced reliance on diesel generators at four times the cost of normal grid power as well as major lost work-time. From a personal standpoint, there is a universal reduction in quality of life due to the lack of dependable electricity to homes and places of work.

Read More →
Latest

Mineral resources must not be pegged on forex earning – Don

  /   in Business, News   /   Comments

Oil Installation

THE inability of the country’s natural resources to be adequately harnessed for socio-economic growth has been attributed to the continued believe by government that raw mineral resources are primarily meant to generate foreign exchange earnings. This assertion was made last week by Prof. Wumi Iledare, an internationally renowned petroleum economist, at the Nigerian Mining and Geosciences Society, NMGS, Annual Lecture, held at the Nigerian Institute of International Affairs, Lagos.

Read More →
Latest

Controversy trails N1.3bn BVN fee for BDC transactions

  /   in Business, News 1:41 am   /   Comments

Customers besiege banks as BVN registration deadlines expires

“The directive may lead hackers to invade the BDCs’ website with a view to securing their financial information including their BVN for their financial crimes. This is evident as most banks in the country warned their clients not to release their BVN to anybody. It is also a fact that these hackers are in the habit of sending fake credit alerts to the unsuspecting public since the advent of the cash-less policy. Please see attached Diamond Bank warning letter to the public and other banks advertorials in the national dailies.

Read More →
Latest

Nigerian economy needs thriving retail businesses – Amuka, Wigwe

  /   in Business, News   /   Comments

supermarket

“First, we are bringing trust into the business space. When you buy from Yudala, you are buying peace of mind as all our products are genuine and come directly from the Original Equipment Manufacturers. There is also the additional incentive of All Risks Cover, except for theft, from Sovereign Trust Insurance when you buy from Yudala. We are the first business in which Management takes responsibility for every product bought from or delivered by us. This is Revolution.

Read More →
Latest

Real estate, ICT, fastest growing sectors in Nigeria – UN

  /   in Business, News   /   Comments

Model of a house in Maccido Royal Estate, Abuja

“In Nigeria, the fastest growing sectors would be real estate, as well as Information and Communications technology. That is peculiar to Nigeria, among others, and these sectors are suffering from a level of deficit that needs to be addressed, to maximize their potential. According to the UNCTAD development report, Africa’s fastest growing services sub-sectors are transport, storage and communications, which grew at 5.8 per cent, while others like hotel, retail and wholesale trade grew at 5.0 per cent.

Read More →
Latest

Why Nigeria’s economy is in the hands of foreigners – Dada, US-based entrepreneur

  /   in Business, News   /   Comments

Mr. Ganiyu Ademola Dada

Every day, money is looking for where to go in the United States and the Western world as a whole but these monies can only go to those that are credit worthy and those who have been doing things in the way of the Western world and direct foreign investment {DFI} will come through them into the country and continent. Today, we have 60,000 US companies operating in China; we don’t have many with the exception with the few US oil and gas companies in Nigeria.

Read More →
Latest

Warning to FG, states on Iran’s nuclear deal (1)

  /   in Business, News   /   Comments

MUHAMMADU BUHARI

Later in 2014, even when Jonathan and his former Finance Minister were assuring Nigerians that we would not be adversely affected by the falling price of crude oil the point was made in an article titled THE AGE OF OIL IS OVER FOR NIGERIA. Consequently, I declared that by 2015 the Federal Government and States would not only be experiencing difficulties paying salaries, as well as other entitlements, as and when due, Federal and State budgets will be reduced for years to come from what they were in 2013. First, let us read what President Jonathan said, based on advice from Dr Ngozi Okonjo-Iweala.

Read More →
Latest

Why Diaspora customers have to pay for BVN enrolment – NIBSS

  /   in Business, News   /   Comments

bank

This is because a lot of the things they are using are not the same. They don’t use the same application they have been using for capturing your visa application request. They have to set up a separate secure one for us. They are the ones incurring this cost and they are not paying us one kobo. There is nothing that comes to us in any shade, form, or manner. We just told them, recover your cost. And they have agreed to go to countries that don’t have Nigerian banks. They are going to China, India, and we have two or three locations in U.S

Read More →
Latest

Vocation and technical education: A key to improving Nigeria’s development (2)

  /   in Business, News   /   Comments

As the Roman historian, Plutarch (AD 46-120?) had noted “The mind is not a vessel to be filled but a fire to be kindled.” Given their corrupt and greedy lifestyles, Nigeria’s leaders do not seem to care about integrity or moral values. They are good at predicting the future without creating it. As Peter Drucker has observed, “If you want to predict the future, create it.”

Read More →
Latest

Courteville nets N250.6m half-year pre-tax profit

  /   in Business, News   /   Comments

Adebola Akindele, CEO, Courteville Business Solutions

If one puts Honda’s planned production of 1,000 per annum beside that figure it is a drop in the ocean. Honda’s entry is a good start and a vote of confidence in the sustainable buying power of Nigerians but it will not make a dent any time soon. For the near future, the needs of the majority of car buyers in Nigeria can only be met by imports because these manufacturers’ efforts are mere drops in the ocean.

Read More →
Latest

FG urged to grant 10-yr tax holiday to start-up companies

  /   in Business, News   /   Comments

FG-ok

The Federal Government has been called upon to grant 10 years tax holiday to all new ventures with less than N120 million annual turnover. The Chairman of Havilah Open Doors Limited, Dr. Osaren Emokpae, made this call in Lagos at the 15th anniversary of the company in a paper titled: “Entrepreneurship and National Development,” where he stated that this is necessary to enable the companies build organisational resilience capabilities within the period and be in a position to cope with extreme events and survive into the future.

Read More →
Latest

eTranzact records N407m PAT, pledges sustained profitability

  /   in Business, News 11:55 pm   /   Comments

eTranzact said the growth were inspired by some key growth drivers including: “Strengthened collaboration with partner banks in driving mobile banking business, strategic alliances with International money transfer operators which is driving growth of remittance business, alliances with government agencies, parastatals and educational institutions which is driving bulk payments, central collection and transaction switching and processing business.”

Read More →
Latest

Allegations of fraud at NAFDAC: My story, Orhii, DG

  /   in Business, News   /   Comments

Dr Paul Orhii

The Director General of the National Agency for Food and Administration and Control (NAFDAC), Dr. Paul Orhii, in this interview, dismisses the allegations of corruption rocking his agency. A  former Director of Finance and Account at the NAFDAC  pointedly accused the DG of fraudulent activities. By Victoria Ojeme The allegations flying around indicate massive fraud

Read More →
Latest

Raising Entrepreneurs is Governor Okowa’s Passion – Kingsley Emu

  /   in Business   /   Comments

Kingsley Emu

About three weeks ago, Governor Ifeanyi Okowa of Delta State kick started his prosperity agenda with the unveiling of six entrepreneurship schemes targeted at creating 6,000 direct jobs in the next six months. The schemes are Youth Agricultural Entrepreneurs Programme (YAGEP), Skills Training and Entrepreneurship Programme (STEP); Production and Processing Support Programme (PPSP); Tractorisation; Extension of Loans; and Development of Agro-industries.

Read More →
Latest

Nigeria can get $15bn yearly investment from America – Prof. Ekpo

  /   in Business 8:56 pm   /   Comments

Prof. Akpan Ekpo

By Udeme Clement Professor Akpan Ekpo, the current Director General, West African Institute for Financial and Economic Management (WAIFEM), in this interview with Sunday Vanguard Business, gives guidelines on how to recover the country’s looted funds, how Nigeria can gain from the President’s visit to the US and other issues. Excerpts: What will be the

Read More →
Latest

Financial experts laud Oteh’s appointment by World Bank

  /   in Business   /   Comments

Arunma Oteh, DG-SEC

Two financial experts on Saturday lauded Ms Arunma Oteh’s appointment as Vice President/Treasurer of the World Bank.

Read More →
Latest

FG to urged privatise govt assets via stock exchange

  /   in Business, News 12:49 am   /   Comments

Operators in the nation’s capital market have called on the Federal Government to use the Nigerian Stock Exchange, NSE to privatise public assets so that majority of Nigerians can benefit from the exercise. The operators noted that using the stock exchange would provide the needed transparency instead of allowing few people to benefit from the privatisation exercise.

Read More →
Latest

Labour makes case for value added production

  /   in Business, News   /   Comments

Nigeria and indeed Africa currently suffer huge capital inadequacy. Nigeria’s foreign-currency reserves has sharply fallen by some 27 percent to $29 billion since the end of last September. CBN measures aimed at capital application and capital control in line with its statutory objective will definitely enhance domestic production in place of unhelpful luxury imports.

Read More →