Tuesday July 28th, 2015
Tuesday July 28th, 2015

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3 monsters affecting entrepreneurial development in Africa

  /   in Business, News 1:32 pm   /   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.

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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).

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‘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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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

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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.”

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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.

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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.

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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.”

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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

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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.

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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

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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.

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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.

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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.

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What SLOT.ng means to Nigeria’s image in world business

  /   in Business, News 8:59 pm   /   Comments

SLOT

All the seven wonders of the world put together may arguably not have the level of impact the tech wonder has in human, business and social lives. Since the discovery of technology either as way of communication or a way of solving other problems, the world has never been static. It could actually be correct to say that technology has put much reality to the saying that the ‘earth moves…’ Or that ‘the world revolves….’.

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Wrong ways organisations are hoping for the best

  /   in Business, News   /   Comments

I like the saying – ’if an opportunity does not knock, you will need to build a door and knock on the opportunity.’ That means you need to be proactive, decisive and above all an opportunity builder who does not sit all day long waiting for the best to magically come his/her way. Finally, in the remaining months of the year, don’t just want to be the best, learn how to be the best and just do it.

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Avoiding small-business financing mistakes

  /   in Business, News   /   Comments

Be aware of your real interest rate – Surprisingly often, people who think they know how to calculate interest rates often don’t. For example, if you borrow N1,000,000 and pay N1,100,000 back over three months on weekly instalments, your interest rate wasn’t 10 percent, as simple math would dictate. Taking a closer look at the time frame for the note and your average principal outstanding reveals that it’s actually closer to 80 percent. That’s a difference of 70 percentage points in your financing cost.

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N220bn intervention fund: MSME operators lament inaccessibility

  /   in Business, News   /   Comments

naira money

THE Micro, Small and Medium Enterprises (MSME) sector is acknowledged globally as the oil that lubricates the engine of socioeconomic transformation of any nation. The sector is strategically positioned to create up to 80 percent of jobs, improve per capita income and contribute significantly to Gross Domestic Product (GDP).

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Employees compensation: NSITF disburses N267m in 4 years

  /   in Business, News   /   Comments

Nigeria Social Insurance Trust Fund (NSITF) said it has disbursed N267 million under the Employees Compensation Act, ECA, in the last four years. Speaking on the performance of the programme at the 58th Annual General Meeting (AGM) of the Nigeria Employers Consultative Association (NECA) in Lagos , Managing Director of NSITF, Alhaji Umar Munir, said that the amount disbursed so far covered 2,800 employees, who have suffered one degree of injury or the other in the line of duty.

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Buhari urges American entrepreneurs to exploit liberal trade, investment climate in Nigeria

  /   in Business 12:02 am   /   Comments

Buhari-Obama-Vanguard-3

President Muhammadu Buhari, yesterday, in Washington urged American entrepreneurs to use the opportunities offered by the liberal trade and investment climate in Nigeria to do profitable business. Buhari, who gave the advice at a business forum organised by the United States Chamber of Commerce and The Corporate Council on Africa, said that his administration would continue with the Federal Government’s privatisation programme in various sectors of the economy.

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Nigerians spent N1.7trn on petrol in 2014

  /   in Energy 11:10 am   /   Comments

crude-oil-pipe-702x336-436x336

NIGERIANS spent about N1.69 trillion on Premium Motor Spirit, also known as petrol, in 2014, according to data obtained from the Nigerian National Petroleum Corporation, NNPC.

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