Monday July 6th, 2015
Monday July 6th, 2015
Latest

Payment policy accounts for 70% decline in SME growth

  /   in Business, News 12:37 am   /   Comments

“This scenario can cause the SMEs to fold up because before you pay, other things would have eaten deep into his profit,” he said. Speaking on consumer credit , he said that Nigeria is a big consumer market because of its population as a result of that credit thrives, both at individual and institutional level, saying, “We have not seen what constitute consumer credit yet. If you are taking credit far above your income, you have planned to become a distressful person because it is above your income.

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Starting Jumia helped us build Nigeria’s largest delivery network – ACE

  /   in Business, News   /   Comments

•Tunde Kehinde

There are several new innovations we have brought to logistics in Nigeria. First, we have introduced our own delivery proprietary technology into the market, customised for the Nigerian consumer. What that means is that you can now tell at every point in the delivery process where your package starts. This is something that no one else is doing. Our riders have their own mobile application at the point of delivery when they update our system that an item has been delivered. We get a notification and our business merchant gets an alert and then the end customers can reconfirm that they received their package.

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Bayelsa moves to leverage private sector investment for economic growth

  /   in Business, News   /   Comments

supermarket

“The fourth area for us is light manufacturing. From our studies, we have realised that for many businesses, what is key for them in light manufacturing types of endeavours is really regular power supply. If we have regular power supply, we will be able to attract that kind of businesses because power is perhaps the single costliest factor for any business anywhere in Nigeria.

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Latest

I do what I do because of passion – Joseph Obigbara

  /   in Business, News   /   Comments

*Mr. Joseph Obigbara...This is my dream and it is something I expect my children and grandchildren to live on even after I am gone

We want to bridge the gap, to make affordable clothes but we find out that the ones we produce are more expensive, how are people going to buy? If Shirt A is imported and sells for N6,000 while Shirt B is locally made and goes for N10,000 because of the cost of production, which one would you rather buy? These are the factors I look at as an individual. The aim of this whole thing is about profit meaning if you can’t make profit, the business closes down. You are not running a charity organisation, you are in the business to make money and when there is no profit, by the time you do it once or twice, you pack up.

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Latest

Over 200 Chinese firms eye business in mining, agric sectors

  /   in Business, News   /   Comments

“We are moving away from the oil sector and hoping that these investors can fit into these areas mentioned because some of these areas are the priority of the government especially the agricultural sector. The agriculture sector as you know, is the one that provides the most jobs.” The investments, according to the leader of the Nigerian consortium coordinating the Chinese firms, Gen Chiemeka Egbemena are mainly companies involved in petroleum, iron and steel, agricultural and manufacturing sectors, as well as free trade zone.

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New report projects steady decline in food prices over next decade

  /   in Business, News   /   Comments

Tomatoes

A new report issued by the Food and Agricultural Organisation (FAO) and the Organisation for Economic Co-operation and Development (OECD) said the real prices for global agricultural products would continue their gradual decline over the coming decade. The report, “OECD-FAO Agricultural Outlook 2015-2024” indicated that decline in prices would be as a result of a combination of strong crop yields, higher productivity and slower growth in global demand.

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Shareholders query low attendance of members at AGMs

  /   in Business, News   /   Comments

Shareholders have berated the low attendance of members at Annual General Meetings, AGMs, just as they tasked the Securities and Exchange Commission, SEC to make policy directing companies to repackage proceedings at meetings. The shareholders, under the aegis of Proactive Shareholders Association of Nigeria, PROSAN who spoke to Vanguard said “We have observed that less than 2 per cent of the shareholders of quoted companies attend their companies’ AGM globally.”

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Latest

Local drug manufacturers kick against new govt policies

  /   in Business, News 2:27 am   /   Comments

drugs-a

The Pharmaceutical Manufacturers Association of Nigeria (PMGMAN), has raised dust over the New Drug Distribution Guideline, NDDG, and Common External Tarrif, CET, saying that they are threats to the survival of the local pharmaceutical industry.

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Latest

HP proffers solution for advanced IT businesses

  /   in Business 10:10 pm   /   Comments

L-R: Enterprise Account Manager, Hewlett-Packard (HP); Ade Akinlade,  HP District Sales Manager,   Print and Personal Systems (PPS) Africa, Jean Panc-Pinto; Permananent Secretary, Ministry of Science and Technology, Lagos State, Nike Animashaun; Commercial Director, Middle East and Mediterranean Africa, HP, David Rozzio, and Public Sector Account Manager, HP, Emmanuel Eze,  at the opening of the HP Technology Tour 2015 in Lagos.

The recent technology tour organised by Hewlett Packard (HP) Nigeria, a global Information Technology (IT) company has once again elucidated the potentials leap in successful business operations available for entrepreneurs in Nigeria who appreciate the power of modern day technology.

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Nebo: Power of silent achievement

  /   in Business, News   /   Comments

Prof Chinedu Nebo

It has been adjudged as the biggest privatisation in the whole wide world. Economic history books will tell you that you can only have anything close to that if you begin to look at what happened in Russia. So, the person we are celebrating today, has done for Nigeria what Napoleon could not do for France and that is why we said we must honour him, we must give honour to whom honour is due, we must celebrate him, when he is alive.

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How judiciary impedes growth of capital market

  /   in Business, News   /   Comments

Nigerian-Stock-Exchange-(NS

In an increasingly competitive global financial system in which countries try to out-compete one another for investment inflows, governments across the world are launching reforms to strengthen their regulatory regimes. Because investors consider the strength and independence of the regulator, amongst other factors before making an investment decision, many emerging markets are empowering their financial system regulatory agencies to give investors adequate comfort and protection.

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Naira: Foreign investors shun bonds, equity market

  /   in Business, News   /   Comments

Naira-dollar-1

FOREIGN investors have began to shun Nigeria’s bonds and equities market due to unwillingness of the Central Bank of Nigeria (CBN) to devaluation the naira as widely expected Markets have moved sharply in the past week in particular after the CBN announced further restrictions on dollar funding for investors, as well as for importers of goods ranging from toothpicks to private jets.

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Nigeria loses N59.6bn to pipeline vandalism — NNPC

  /   in Business 12:26 am   /   Comments

Gas pipeline

The Nigerian National Petroleum Corporation, NNPC, yesterday, stated that the country lost crude oil and other petroleum products valued at N59.597 billion to pipeline vandalism in 2014.

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Latest

Innoson debunks allegation of indebtedness to GTB

  /   in Business, News   /   Comments

Innoson-Man-of-year

Innoson Nigeria Limited has debunked allegation of indebtedness to Guaranty Trust Bank Plc (GTB) accusing the bank of subjecting its accounts to excess charges of N560 million.

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Nigerian, Greek shipowners sign MoU on vessels acquisition

  /   in Business, News   /   Comments

The Nigerian Shipowners Association of Nigeria, (NISA) and some Greek shipowners yesterday signed a Memorandum of Understanding on vessel acquisition with a view to building a formidable fleet for Cabotage trade.

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Latest

Buy genuine insurance, NIA urges motorists

  /   in Insurance and You 12:58 am   /   Comments

insurance-pix

The Nigerian Insurers Association, NIA has appealed to motorists to make sure they buy genuine insurance certificates from insurance companies, brokers or accredited agents.

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Unquoted companies, their shareholders and the public

  /   in Business, News   /   Comments

Unlike the Stock market, Forex trading is Online

There are a number of companies with significant total capital employed but which companies are not listed on the Nigerian Stock Exchange, NSE. Besides their registration under the Companies and Allied Matters Act, these companies operate in areas such as banking, telecommunications, crude oil exploration and the electric power sector in which areas the companies require the grant of licences from government agencies before the companies can operate.

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Latest

Unquoted companies, their shareholders and the public

  /   in Business, News   /   Comments

Nigerian-Stock-Exchange-(NS

There are a number of companies with significant total capital employed but which companies are not listed on the Nigerian Stock Exchange, NSE. Besides their registration under the Companies and Allied Matters Act, these companies operate in areas such as banking, telecommunications, crude oil exploration and the electric power sector in which areas the companies require the grant of licences from government agencies before the companies can operate. Some of these companies are offering very important services to the public but there is very little information available to the public relating their charges to the efficiency of the services they offer.

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Customs scraps use of DTIs this week

  /   in Business   /   Comments

economy

The Nigeria Customs Service, NCS will this week end the use of Direct Traders Input (DTI) cafes following high level of abuse the system has been subjected to.

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Latest

Beta Computers boosts SMEs with POS, accounting solutions

  /   in Business, News   /   Comments

To gain access to critical information technology solutions needed to control and manage operations efficiently and effectively, Beta Computers Limited has reiterated its commitment to offer flexible payment options and outsourcing for companies and organizations acquiring Point of Sale and Accounting (POSACTS) management solutions. Beta Computers is a leading provider of accounting and Point of Sales management solutions to both SMEs and large enterprises.

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Banks and blood money

  /   in Investors Forum, News 7:38 pm   /   Comments

atm-cash

It happened in one of the Abuja branches of one of Nigeria’stop five banks. That Saturday morning, a male staff had entered the ATM room to load money into the machine and locked himself as required by standard operational procedure. But when minutes rolled into hours, and the staff refused to emerge from the room, colleagues began to suspect something was wrong.

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‘How Buhari can save the oil Industry’

  /   in Business, News   /   Comments

MUHAMMADU BUHARI

Domestic petrol production deficit has always been balanced with importation. However, the proportion of the imports has risen in the past few years to a high of about 80 percent or more of national domestic consumption, and this trend may continue considering the claim by energy officials that “there is no alternative to fuel importation”. Besides petrol, some other finished petroleum products particularly jet fuels, domestic kerosene and diesel are also imported. For many years, enormous foreign exchange has been spent perhaps unnecessarily in the name of finished white hydrocarbon importation thus putting avoidable pressure on the Naira.

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Stakeholders attribute NNPC Board dissolution to infractions

  /   in Energy, News   /   Comments

Buhari-oil

President Muhammadu Buhari’s decision to dissolve the Board of the Nigerian National Petroleum Corporation, NNPC, has been applauded as a major step towards sanitising the Nigerian oil and gas industry and the NNPC in particular. Many see the Corporation as lacking in transparency, amid allegations of corruption which the Board and management made no effort to check.

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Subsidy: ‘Focus on inflation, high interest, exchange rates’

  /   in Energy, News   /   Comments

SUBSIDY-EXPRESS

The Federal Government has been urged to exercise caution in thecall for the removal of petroleum subsidy, and instead focus onaddressing all the economic bottlenecks sabotagingNigeria’s common wealth. An economist,Mr. Henry Boyo, argued that the direct removal of subsidy will serve as a great disincentive to the economic wellbeing of all Nigerians.

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Prepare for electricity tariff hike, EKEDC tells customers

  /   in Energy, News   /   Comments

prepaid-meters

The management of Eko Electricity Distribution Company, EKEDC,has urged consumers within its franchise network to prepare for adjustment in electricity tariffs. The Chief Executive Officer, EKEDC, Mr Oladele Amoda, stated this at a stakeholders’ meeting with electricity consumers from the 11 Business Units under its jurisdiction in Lagos.

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Nigeria loses N532bn annually to smuggling of poultry products

  /   in Business, News   /   Comments

Integrated poultry

NIGERIA is losing about $2.7 billion (about N532 billion) annually in revenue to smuggling of poultry products, the Poultry Association of Nigeria has said. President of the association, Dr. Ayoola Oduntan, stated this while speaking during the 2015 Nigeria poultry summit, adding that smuggling of frozen chicken into Nigeria was a major challenge facing the sector.

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Latest

Top 10 performing stocks

  /   in Investors Forum   /   Comments

File photo: The  floor of Stock exchange

Neimeth Plc, led the cream of price gainers on the Nigerian Stock Exchange, NSE last week as it appreciated by 11.72 per cent or N0.15 per share to close at N1.43 per share from N1.28 per share it closed penultimate week.

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NERC urges Presidency to intervene in NEMSA, EMS crisis

  /   in Energy, News   /   Comments

Geregu power

ABUJA: The crisis rocking the power sector over the establishment of the Electricity Management Service Limited, EMS, and the Nigerian Electricity Management Services Authority, NEMSA, has taken a new dimension with the Nigerian Electricity Regulatory Commission, NERC, calling on the Presidency to intervene.

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Latest

Stanbic IBTC grants N159bn loans to energy firms …Records N31bn NPL, N19.5bn impairments

  /   in Business, News   /   Comments

Emefiele CBN Governor

Despite its rising non-performing loans portfolio, Stanbic IBTC Bank Plc extended about N158.874 billion loans to energy firms in Nigeria in two years, in 2013 and 2014. This notwithstanding rising concerns by the Central Bank of Nigeria, CBN and other financial analysts, over rising Non-Performing Loans, NPL, in the banks due to their high level of exposure to energy firms.

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Ex-Jumia bosses’ ACE drives innovations in Nigerian logistics industry

  /   in Business 6:48 pm   /   Comments

Tunde Kehinde and Ercin Eksin, both former cofounders and co-Managing Directors of Nigeria’s premier online retailer, Jumia.com have launched online logistics company, African Courier Express, ACE to drive innovations in the Nigerian logistics industry.

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Latest

Zenith, First Bank, GTbank & six others make top 1000 global banks list

  /   in Business, News   /   Comments

banks

Nine Nigeria banks made this year top 1000 global banks. The top 1000 global banks was released Monday by the Banker magazine in London.

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Nigeria loses over N8trn annually in untapped gold – Ekosin

  /   in Business, News   /   Comments

Ekosin

We have what I will call a connivance of saboteurs, which comprises Nigerians with the international steel mining giants to perpetually make Nigeria a dumping ground for their steel products from their respective countries. So long as they have economic benefits from such evil economic sabotage, they will continue doing it and

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