Thursday July 31st, 2014
Thursday July 31st, 2014
Latest

ICAN seeks framework to fast track budget passage, implementation

  /   in Business 12:40 am   /   Comments

Institute of Chartered Accountants of Nigeria (ICAN) has called for development of a framework that will fast track the passage and implementation of budgets in the country.

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FirstBank, PayPal partner to encourage online shopping in Nigeria

  /   in Business   /   Comments

atm2

FirstBank Limited and global payments provider, PayPal, have announced a partnership to encourage Nigerians shop online across the world.

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Labour, construction firms end rift, 4000 casual workers regularised

  /   in Business   /   Comments

Nigerian Labour  pix

THE protracted dispute between organized labour and leading Chinese -owned constructions companies including China Civil Engineering Construction Corporation, CCECC, over unfair labour practices, has been resolved following an agreement by parties to convert 4,000 casual workers to permanent employees.

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ABCON proposes recapitalisation timetable for BDCs

  /   in Business   /   Comments

The Central Bank of Nigeria head office  in Abuja.

Association of Bureaux De Change Operators of Nigeria (ABCON) has proposed a 40 week time table for bureaux de change operators to meet the N35 million new minimum capital requirements.

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From African First Ladies, a lifeline for thousands of internally displaced persons

  /   in Business 12:44 am   /   Comments

Patience Jonathan

Relief came the way of the thousands of Internally Displaced Persons, IDPs, in Benue State who had long been suffering from acute privation and grief in settlement camps across the state after being sacked from their ancestral homes in the protracted conflict between Benue farmers and Fulani insurgents.

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Rising freight rate contributing to ports congestion —MAN

  /   in Business   /   Comments

Seaport

Manufacturers in the country have accused the Nigeria CustomS Service, NCS, of contributing to the continued congestion at the Ports through arbitrary increase of import duties.

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Portland Cement, pricing and building collapse (2)

  /   in Business   /   Comments

Cement

The previous week, we identified that according to European Commission nomenclature, CEM I and CEM II are the types of cement produced in Nigeria. CEM I is ordinary portland cement whilst the local production of CEM II is portland limestone cement.

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Latest

NIDF trustees approve payment of N44.2m coupon

  /   in Business   /   Comments

1000 naira notes

By NKIRUKA NNOROM AFRINVEST Asset Management Limited, managers of The Nigeria International Debt Fund, NIDF,  has announced the payment of N44.2 million coupon to the note holders. The closure date, according to the company, has been slated for 29th July 2014, while the approved sum will be paid to Note Holders within two weeks of

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Nigeria’s Q1 crude oil output reaches 2.26m bpd

  /   in Business   /   Comments

The Nigerian Bureau of Statistics said that crude oil production has averaged 2.26 million barrels per day in the first quarter of this year, bolstering the country’s economic growth rate to 6.21 percent.

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Nigeria earns N475bn from India, Netherlands, Brazil in one month

  /   in Energy 12:51 am   /   Comments

File Photo: Crude Oil

Three countries – India, the Netherlands, and Brazil, spent $2.97 billion, about N475.08 billion in the purchase of crude oil from Nigeria in the month of February 2014, data released from the Nigerian National Petroleum Corporation, NNPC, has revealed.

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Aggreko, 5 DisCos mull ‘embedded power’ to boost generation

  /   in Business   /   Comments

electricity

Aggreko, a Scottish firm that specialises in providing temporal power solution and temperature control across the world is currently in talks with five electricity Distribution Companies, DISCOs in Nigeria, to provide embedded power to them.

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IKEDC deploys N1bn for system upgrade

  /   in Energy   /   Comments

Solar powered community water project at Uturu Abia State

The Chief Executive Officer, CEO of Ikeja Electricity Distribution Company, IKEDC, Mr Abiodun Ajifowobaje, said that over N1 billion had been deployed to drive various projects within the company.

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FG tasks firm on embedded generation in South-East

  /   in Energy   /   Comments

Electricity-new

The Federal Government has challenged the Genesis Electricity Company, to take advantage of the enormous gap in energy need of industries especially in the area of embedded power generation to light up the South-East zone.

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Nigeria-Japan trade hits $5bn

  /   in Business   /   Comments

naira-Dollar

Nigeria-Japan annual trade volume has hit a $5 billion mark in favour of Nigeria, the Japanese Ambassador to Nigeria, Ryuichi Shoji, has said.

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Northern Nigeria gets N3.4bn EU grant for solar, wind farms

  /   in Energy   /   Comments

Small-Business222

ABUJA: The Federal Government has explained that a chunk of N3.4 billion grant by the European Union, EU, will be used to boost renewable energy specifically solar and wind farms in the northern part of the country.

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Nigeria’s offshore rig count reduces by 7

  /   in Energy   /   Comments

Oil-Report

Apparently influenced by the diminishing global rig count and the cash crunch being experienced by the Nigerian National Petroleum Corporation, NNPC, in the execution of its joint venture projects, Nigeria’s rig count reduced by seven in June 2014, the International Association of Drilling Contractors, IADC said.

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Latest

Survey shows voice, social media driving low end mobile commerce

  /   in Business 7:13 pm   /   Comments

E-commerce-pix

Nigeria has about 120 million mobile phone users. That is about 69 per cent mobile penetration. Out of these, 27 percent, about 27 million use smartphones, the rest, about 77 percent, still use dumbphones or feature phones. This is according to recent survey by Ericson.

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Uncertainty over N24.3bn Cabotage Fund

  /   in Business   /   Comments

naira-Dollar

A cloud of uncertainty is hanging over the status of theN24,292,481,476 Cabotage Fund (about US$150 million), 11 years after it was established to boost local content in the shipping industry.

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Why Finance Commissioners kicked against fuel subsidy — Phillip Nto

  /   in Business   /   Comments

banking-and-finance-page-1-pix

Recently, the Committee of Commissioners of Finance of the 36 states joined the rising number of people calling for the removal of fuel subsidy. In this interview, Dr. Philip Nto, Abia State Commissioner of Finance explained the rationale behind committee’s recommendation.

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Carmudi unveils mobile app to boost online car market

  /   in Business   /   Comments

motor-auto

Nigeria’s online car classified, Carmudi.com.ng has introduced a mobile application for android devices.

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Infrastructure deficit a global challenge

  /   in Business   /   Comments

economy

By  Aminu Diko Infrastructure deficit is a global challenge and nations respond to such challenge differently. The Federal Government of Nigeria established the Infrastructure Concession Regulatory Commission (ICRC) in order to regulate how Federal Ministries, Departments and Agencies (MDAs) deliver infrastructure service through Public Private Partnertship (PPP). In discharging our mandate, and in order to

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Latest

Is Kia going the way of Daewoo Motors?

  /   in Business   /   Comments

*Kia  Rio

Most Nigerians reading newspapers might have missed the publication. Even owners of KIA vehicles, like me, might have failed to understand the full implications of that announcement which include the possibility that the KIA brand of vehicles might be following DAEWOO out of the Nigerian market with the developments at DANA GROUP OF COMPANIES PLC.

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Ecobank reinvents customer service delivery to boost profitability

  /   in Business   /   Comments

Finger-AtM

As competition becomes tense in the banking industry globally, Ecobank Nigeria has taken the bull by the horns to come out with services aimed at attracting high net worth customers and thus boost earnings.

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Free float deficiency: Wema Bank risks losing listed company status

  /   in Business   /   Comments

File photo: The  floor of Stock exchange

Wema Bank Plc is faced with the risk of being delisted from the Nigerian Stock Exchange, NSE, Daily Official List ,over its failure to increase the percentage of its public float to the regulatory required standard.

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AMCON to receive N6.25bn dividend from Mainstreet Bank

  /   in Business   /   Comments

Asset Management Corporation of Nigeria (AMCON) will receive N6.25 billion dividend from the profit made by Mainstreet Bank in its 2013 operating year.

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Shifting Tax Monies – The Transfer Pricing Phenomenon

  /   in Business   /   Comments

When a subsidiary of Coca-Cola in Ghana transfers (that is, sells) goods, services or know-how to a Coca-Cola subsidiary in Nigeria, the price charged for these goods or services is called ‘transfer price’ and the transaction is referred to as a transaction between ‘connected persons’.

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New proposition pushes First Bank’s growth strategy

  /   in Business   /   Comments

Undoubtedly, innovation is playing an increasingly important role in the Nigerian financial services sector.

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Financial inclusion: CBN lauds Sterling Bank, Osun

  /   in Business   /   Comments

Sterling Bank Plc and the Osun State Government have been commended by the Central Bank of Nigeria (CBN) for its pioneering role in Agent Banking and Financial Inclusion in the country.

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Nigeria’s unsold crude mounts as September supply emerges

  /   in Business   /   Comments

Large quantities of Nigerian crude oil cargoes for export are still unsold on Friday, even as September supply came to market, increasing pressure on the already weakened differentials.

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Entrepreneurial Education Revolution: An Imperative for Sustainable Development in Nigeria: Part 1

  /   in Business   /   Comments

entrepreneurs

Albert Einstein once defined insanity as doing the same thing over and over and expecting different results, while the French classical author, Francois de la Rochefoucauld said ‘ the only thing constant in life is change’.

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SURE-P rehabilitates eight skills acquisition centres

  /   in Business   /   Comments

Subsidy Reinvestment and Empowerment Programme, SURE-P has completed the rehabilitation of eight Skills Acquisition Centres across the Federation, in an effort to create more employment opportunities for teeming unemployed Nigerian youths.

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Latest

Airtel targets 18% customer base growth by year end

  /   in Business 8:10 pm   /   Comments

Bharti Airtel Nigeria (BHARTI) is targeting an 18 percent increase in its customer base over the final nine months in 2014 after regulator pressure hampered growth early in the year.

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