Monday August 31st, 2015
Monday August 31st, 2015

You are here : Home » Business

Business

Latest

Take advantage of low prices of stocks to increase stakes – Stockbroker

  /   in Business 10:53 pm   /   Comments

– Mr Charles Fakrogha, the Chief Executive Officer of Foresight Securities & Investment Ltd, on Monday, urged shareholders to take advantage of low prices of stocks to reposition their investments at the Nigerian Stock Exchange (NSE).

Read More →
Latest

Africa’s richest man Dangote plans Zimbabwe investments

  /   in Business   /   Comments

Aliko Dangote

Africa’s richest man, Aliko Dangote, said Monday that he planned mining and power generation projects in investment-starved Zimbabwe as well as to set up a large cement factory.

Read More →
Latest

Electricity: CPC summons DISCOs over ‘crazy bills’

  /   in Business, News   /   Comments

meter

Inundated with consumer complaints, the Consumer Protection Council (CPC) has summoned all electricity Distribution Companies (DISCOs) in the country to a hearing on alleged outrageous billings, based on estimated consumption.

Read More →
Latest

Fitch: Nigerian banks in trouble, may post decline performance indicators

  /   in Business, News   /   Comments

Fitch Ratings has declared that Nigerian banks are operating in increasingly difficult conditions as this may result in a sharp deterioration of their profitability, asset quality, liquidity and capital ratios. Fitch in its report released weekend said “The sector outlook is negative in December. Gross Domestic Product, GDP figures for second quarter show weaker year-on-year growth of 2.4 per cent , down from 4 per cent in the previous quarter, the slowest quarterly growth rate for over 10 years.”

Read More →
Latest

How Nigerian entrepreneurs can benefit from lifting of Iran sanction

  /   in Business, News   /   Comments

Entrepreneurship

Nigerian entrepreneurs should prepare to explore the immense opportunities provided by the imminent total lifting of international trade restrictions placed on the Islamic Republic of Iran, to boost local export and drive economic growth in the country. Pioneer member of Nigerian-Iran Business Council, Mr. Prince Hassan Momoh stated this during a workshop organised by the Council on the business opportunities in Iran in Lagos.

Read More →
Latest

Nigerian economy heading towards recession

  /   in Broken Links, Business, News   /   Comments

Economy

As crude oil prices dived lower threatening to dip below $40 a barrel for the first time since the financial crisis of 2008 and notching their longest losing streak since 1986, economies around the world are catching cold. Investors across the world are losing their investment in stock and property owners are also suffering losses as a result of depreciation in currencies. With deepening gloom over demand growth from the world’s second-biggest oil user, and expectations for a significant build-up in surplus oil stocks this year, most oil traders are unwilling to stabilize crude oil prices. The market seems to be stuck in a relentless downward trend.

Read More →
Latest

SON renews commitment to ridding Nigerian market of sub-standard products

  /   in Business, News   /   Comments

Economy

Director General and Chief Executive, Standards Organisation of Nigeria (SON), Dr. Joseph Odumodu, has re-iterated the agency’s readiness to reduce sub-standard products to 10 per cent by the end of 2015, noting that the days of manipulation of the system will no longer be permissible Speaking at an expanded stakeholders’ seminar in Lagos entitled, “Trade Facilitation via Automation of SON’s Services” in Lagos.

Read More →
Latest

Shell Nigeria declares force majeure on Bonny Light crude exports

  /   in Business, News   /   Comments

The International headquarters of Royal Dutch Shell, Netherland.

Shell’s Nigerian unit, Shell Petroleum Development Company (SPDC), declared force majeure on Bonny Light crude oil exports after shutting down two key pipelines in the country due to a leak and theft. The Trans Niger Pipeline and the Nembe Creek Trunkline are two of the biggest onshore pipelines in Nigeria, and carry Bonny Light crude oil to vessels for export worldwide.

Read More →
Latest

The poison in further devaluation

  /   in Business, Finance, News, Rational Perspectives   /   Comments

Naira-Dollar

Indeed, Naira devaluation is probably the most potent weapon against the prosperity of Nigerians. Nigeria’s migration from a potential industrial power house with bustling social affluence, to a subdued and stumbling economy clearly began with the adoption of IMF’s Structural Adjustment Programme during Babangida’s regime: the chorus from International Agencies, at that time, was also that falling oil prices with an unserviced debt burden and the consequent restriction of trade credit to Nigeria, were the products of an allegedly overvalued Naira exchange rate.

Read More →
Latest

CBN, domiciliary account and the economy

  /   in Business, Finance, News   /   Comments

Emefiele CBN Governor

The principal reason in the heedless pursuit of a cashless society is the belief that this will stop corruption. This is a Western notion which we have embraced fully – bringing lots of jobs to the West – the computers, the dispensing machines, the chips, pin, cards, etc. In the process it has changed banking beyond recognition. The bankers no longer want to see their clients: Their attitude is this: bring your money to the bank, but speak to the ATM. The rationale is fundamentally flawed in a developing economy.

Read More →
Latest

Tech operators fault planned increase of VAT

  /   in Business, Finance, News   /   Comments

Tax(VAT)

An attempt to increase the value added tax by 10 per cent as announced by the Federal Inland Revenue Service, FIRS recently will lead to high inflation, further currency devaluation and eventual serious economic losses, said some technology operators who spoke to Vanguard on the matter. According to them, the increase will not only hurt the economy but result to higher cost of living and more revenue losses for government. They argued that the best option would be to expand the tax net and increase revenue generation instead of compelling some honest enterprises that are already paying to pay more.

Read More →
Latest

PenCom issues draft guidelines on mortgage financing

  /   in Business, Finance, News   /   Comments

Typical houses requiring mortgage financing

National Pension Commission (PenCom) has issued draft guidelines on withdrawals from Retirement Saving Accounts (RSA) for equity payment of residential mortgage. This is contained in a document released by the commission on its website last week, the guidelines help to determine the eligibility requirements, procedures and documentation required to enable RSA contributors to access and utilise part of their RSA balances.

Read More →
Latest

Uncertainty in FG’s policy cripples capital market growth – NSE boss

  /   in Business, News   /   Comments

Unlike the Stock market, Forex trading is Online

“When you compare them to the fact that the U.S is beginning to consider whether they should start increasing interest rate, and you also have the situation in Europe and Greece, which is really a European story. So if you have all of that, and you are looking from a global perspective where we are looking to have global growth of 3.5 percent, and we have the largest second economy in the world slowing down, which is a major source of that growth that we have seen across the globe. Sure it is going to affect economies that are highly connected to such economy.”

Read More →
Latest

We expect emerging markets revenue contribution to increase to 30% – DHL

  /   in Business, News   /   Comments

Managing Director, DHL Group, Frank Appel

We are prepared to tap from the growth of e-commerce, so we are investing heavily in Nigeria .e-commerce creates significant opportunity for us. We are not a manufacturing company but we are in the business of supply. So we are ready to benefit from e-commerce growth in Nigeria. South Africa has the second largest number of potential online shoppers (70 per cent ), compared to Nigeria (89 per cent ) and Kenya (60 per cent ). South African e-commerce sites are popular destinations for shoppers from Nigeria.

Read More →
Latest

Tin-Can Customs command collects N185.7bn in 7 months – Spokesman

  /   in Business, News   /   Comments

Naira

The Tin-Can Island Command of the Nigeria Customs Service, NCS said it collected N185.7 billion revenue from January to July 2015. The Public Relations Officer of the command, Mr Chris Osunkwo, made this known in Lagos. He described the sum collected as a remarkable improvement over the N162.3 billion collected in the corresponding period of January to July 2014.

Read More →
Latest

Banks warned of increased cyber attacks

  /   in Business   /   Comments

Cyber Crime

As cyber-security threats shift from hacking for fun to deliberate efforts in order to get financial information, an expert in information security has warned that banks, other financial institutions and large corporations in the country may experience cyber-attacks before the end of the year, unless they strengthen their cyber resilience through implementation of adequate technology.

Read More →
Latest

Ecobank , Global Fund partner to eliminate Malaria, others

  /   in Business, News 11:40 pm   /   Comments

HIV

Ecobank and the Global Fund have continued their innovative financing partnership programme to contribute to the fight against malaria, Tuberculosis, TB and Human Immune Virus, HIV/AIDS. The programme is designed to strengthen the financial management skills of program implementers in Nigeria, South Sudan and Senegal. Ecobank has pledged $3 million towards the scheme.

Read More →
Latest

Chams shuts digital mall, loses N9.2bn

  /   in Business, Finance, News   /   Comments

Chams Plc, an indigenous ICT firm in Nigeria, has announced the shutdown of the Ikeja ChamsCity digital Mall, due to lack of use of its digital citizen registration and mass enrolments infrastructure, losing about N9.2 billion. Other business process outsourcing services offered at the digital mall that includes contact centre services, computer based testing, pre-qualification employee tests and staff training, will now be offered by ChamsCity from Its new location in Victoria Island, Lagos.

Read More →
Latest

Actis invests N5.9bn in Nigeria

  /   in Business, News   /   Comments

Actis, a pan-emerging market investor said it has invested over $300 million (N5.91billion) in Nigeria to date, while it made an investment worth $3 billion in 23 other countries across the African continent. Actis’ previous and current investments in Nigeria include: Mouka Foam, owners of the Mouka Matress brand, Diamond Bank: one of Nigeria’s leading banks; Jabi Lake Mall: Abuja’s one-stop leisure, restaurant and retail destination; The Palms, the first ever international-standard diversified retail mall in Nigeria;

Read More →
Latest

Accion MfB rewards CIBN best graduating student

  /   in Business, Finance, News   /   Comments

Accion Microfinance Bank (AMfB) has rewarded Mr. Kotiko Okoye, Best Graduating Student in the Chartered Institute of Bankers of Nigeria Microfinance Certification Programme in line with its commitment to aid microfinance education. The award, which is part of a N2million endowment to the institute was presented at the CIBN Induction/Prize Giving Award Ceremony in Lagos.

Read More →
Latest

Textile sector seeks govt patronage as NEPC demand enabling environment

  /   in Business, Finance, News   /   Comments

Stakeholders in Textile Sector, weekend, called on the Federal Government to patronise made in Nigeria fabrics even as Nigerian Export Promotion Council (NEPC) called for an enabling environment for the sector to thrive. The stakeholders made the call at a One-Day Capacity Building Workshop organised by NEPC for stakeholders in the Garment and Apparel Sector on the “Opportunities in the Rising Global Market” in Lagos.

Read More →
Latest

Buhari’s economic policies’ review: Our concerns on manufacturing, agric, SMEs – Umoh, MAN chief

  /   in Business   /   Comments

Umoh-MAN

The move by the Federal Government to review the economic policies of the Jonathan administration to enhance job creation in the country has divided stakeholders in the economy.

Read More →
Latest

How China yuan’s devaluation will hurt Nigeria’s economy

  /   in Business   /   Comments

Naira-Dollar

China’s development decisions are critically important for Africa. In Lagos, Addis and Johannesburg, China’s surprise yuan devaluation has African analysts scratching their heads.

Read More →
Latest

Odogwu’s panacea for industrialisation

  /   in Business   /   Comments

Chief-Sunny-Odogwu-Intervie

Renown industrialist and enterprer, Chief Sonny Odogwu, the Ide Ababu of Asaba Kingdom, his advised the Federal Government to shop for foreign investors to help Nigeria harness our human and natural resources.

Read More →
Latest

How Nigerians can survive financial crisis — Lanre Olusola

  /   in Business   /   Comments

olushola

NUDGED by the increasing socio-economic inequalities in Nigeria, a Financial Expert and Premier Life Coach, Mr. Lanre Olusola in this interview, explains how both low and high income Nigerians can survive the current financial crisis. He also explains why he recently wrote a book, titled: The Money Book

Read More →
Latest

Nigerian economy remains huge opportunity for investors – Prof. Onalo

  /   in Business, News 12:20 am   /   Comments

Prof. Chris Onalo

A renowned academic in the Institute of Credit Administration, Professor Chris Onalo has disclosed that there are massive investment opportunities awaiting indigenous and foreign investors if the current administration would be proactive in matters relating to the nation’s economy.

Read More →
Latest

Nigerian Breweries unveil world biggest Gulder promo poster

  /   in Business, News   /   Comments

satbusphoto 1

The Sam Okpara Square, Enugu, last Monday, bubbled to life as it witnessed the first biggest Gulder brand promotion poster, measuring 5,367square metres which berth at the right end side of the mini sports centre from the main entrance. The colourful poster which was a cynosure of all eyes has already made its way into the Guinness world book of record as it beats the current record of 4.7m² achieved in Kochi, India on June 27, 2015.

Read More →
Latest

Nigeria’s annual tomato import bill now N16bn — Per Sec

  /   in Business 12:29 am   /   Comments

Tomatoes market

The Permanent Secretary, Federal Ministry of Agriculture and Rural Development, Arc. Sonny Echono, has disclosed that the nation’s annual import bill on tomato has increased to N16 billion.

Read More →
Latest

CBN, court approve Heritage, Enterprise Banks’ merger

  /   in Business 12:56 am   /   Comments

Emefiele CBN Governor

The Central Bank of Nigeria (CBN) has granted final approval for the merger of Heritage Bank and Enterprise Bank. Furthermore, the Federal High Court has sanctioned the scheme of merger and ordered the merger of both institutions.

Read More →
Latest

Nigerian economy slows in Q2

  /   in Business   /   Comments

Buhari

Growth in the Nigerian economy, Africa’s largest, slowed in the second quarter due to the slump in oil prices, the NBS office said.

Read More →
Latest

W/Bank to disburse $140m to 26 states for community devt

  /   in Business   /   Comments

world-bank

The World Bank is now set to disburse $ 140 million (about N29 billion) to 26 states in Nigeria and the Federal Capital Territory, under the Community and Social Development Project, CSDP.

Read More →
Latest

Banks in dilemma over idle $5bn deposits

  /   in Business 3:26 am   /   Comments

1000-naira-notes

LAGOS — Indications emerged, yesterday, that banks in the country are now in a dilemma on what to do with an estimated $5 billion that is currently idle in their vaults.

Read More →