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

Nigeria lagging behind in tax administration among emerging markets — KPMG

  /   in Business 12:42 am   /   Comments

TAX

NIGERIA is lagging behind in tax administration among emerging markets, according to a survey carried out by a finance and account services firm, KPMG.

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FG to introduce new standards for household appliances

  /   in Business   /   Comments

Black out as charactriesed characterised by lack of effective power supply in Nigeria

The federal government will soon introduce a new standard for energy saving bulbs, refrigeration and air conditioning appliance, said Standards Organisation of Nigeria (SON).

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NPC to offer technical support to boost Nigeria’s tourism sector

  /   in Business 12:53 am   /   Comments

economy

In a bid to develop the Nigerian tourism sector, the National Planning Commission, NPC says it will offer technical support in the area of training, data collection and capacity building to the Nigerian Tourism Development Corporation, NTDC.

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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. We identified the three strength classes, 32.5, 42.5 and 52.5. The strength of any cement is determined from tests on concrete made with the cement.

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Fidelity Bank posts N9.43bn PBT in six months

  /   in Business   /   Comments

1000 naira notes

Fidelty Bank Plc has announced profit before tax of N9.43 billion for the first half of the year ending June 30, 2014.

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Nigeria’s packaging industry growing at 12% yearly — Report

  /   in Business   /   Comments

Nigeria’s packaging industry has accounted for 12 per cent of the $4billion recorded by Middle East and African markets in the last five years, according to a survey carried out by PCI Film Consulting.

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Works on ports’ access roads to end in two months — FG

  /   in Business 12:48 am   /   Comments

Apapa1-bad-road

The Federal Government has said repair works on access roads to the nation’s ports especially Apapa, will be completed in two months while awaiting the execution of the main contracts to .cushion the effect of the gridlock on the busy Oshodi-Apapa Expressway.

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Sharp practices: Eko DISCO develops code of conduct

  /   in Energy   /   Comments

electricity

Eko Electricity Distribution Company, EKEDC (Eko Disco) said it has developed a new code of conduct for its staff, warning that it will not hesitate to sanction any of its personnel engaged in unethical conducts, especially against its customers.

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FG lauds Nigerian content achievements

  /   in Energy   /   Comments

refinery1

The Federal Government has commended the achievements of the Nigerian Content Development and Monitoring Board, NCDMB, within its four years of existence, describing the agency as a major contributor to the transformation agenda of President Goodluck Ebele Jonathan.

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NERC explains revision of fixed charges

  /   in Energy   /   Comments

electricity-NIGERIA

The Nigerian Electricity Regulatory Commission, NERC, has said the order to revise the conditions for the fixed charge was made in response to complaints by electricity customers on irregular supply with agitations on the cost of providing such service, arising from the MYTO 2.

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Modern rail: Nigeria Railways bids to sustain N4bn investment

  /   in Business 1:27 am   /   Comments

A moving train on the 68 percent completed railway track of the Abuja - Kaduna fast train project launched by Vice President Namadi Sambo in Abuja on Thursday

Following the rehabilitation of the railway by the Federal Government 30 years after it was abandoned, the Nigerian Railway Corporation resorted to the refurbishment of old rolling stocks to return to tracks.

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Performance of ECOWAS economies inadequate for single currency, says Emefiele

  /   in Business   /   Comments

The Central Bank of Nigeria head office  in Abuja.

The economic performance of countries within the Economic Community of West African States (ECOWAS) is inadequate for the proposed single currency for the region.

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CBN slams six-year time bar on consumer complaints

  /   in Business   /   Comments

Godwin Emefiele, Zenith MD

The Central Bank of Nigeria (CBN) is set to impose a six year time bar on customers’ complaints.

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CBN orders AMCON to conduct fresh bids for Enterprise Bank

  /   in Business   /   Comments

Mr Godwin Emefiele answering questions  during his screening by the Senate for  Central Bank Governorship in Abuja on Wednesday

The Central Bank of Nigeria (CBN) has ordered the Asset Management Corporation of Nigeria (AMCON) to conduct fresh final bids for the sale of Enterprise Bank.

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

  /   in Business   /   Comments

Map of Nigeria

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’. This paper stresses the importance of entrepreneurship education towards enhancing sustainable development in Nigeria. The problems facing the country

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Emefiele promises adequate funding of SMEs

  /   in Business   /   Comments

Emefiele

Micro, Small and Medium Enterprises (MSMEs) have the potentials to boost production, create jobs, reduce poverty and ensure inclusive economic growth and development in the country. The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, said this at the signing of Memorandum of Understanding (MoU) with the 36 State Governments on “MSMEs Development Fund” in Abuja.

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African portfolio investors driving shares of multinationals to undeserving high — Report

  /   in Business   /   Comments

Africa

African portfolio investors’ patronage of shares of multinational companies trading on African Exchanges has over time aided in driving their share prices to an undeserving high, said Mr. Jude Fejokwu, Principal analyst at Thaddeus African Research.

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ALSCON: BPE absolves Russian investor of asset-stripping

  /   in Energy   /   Comments

The National Council on Privatisation (NCP)’s Fact-Finding Committee on Aluminum Smelting Company of Nigeria (ALSCON), has said that the allegation of asset stripping against UC Rusal–owners of the company was untrue as ALSCON’s machines and structures were intact.

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New aviation minister: Stakeholders react

  /   in Business   /   Comments

FRSC CORPS MARSHAL, MR OSITA CHIDOKA NAN photo.

President Goodluck Jonathan on Wednesday swore in and deployed the former Corp Marshal of the Federal Road Safety Commission, Mr Osita Chidoka as the new Minister of Aviation. It will be recalled that the Aviation ministry has been without a substantive minister since February when the former minister, Princess Stella Oduah was removed. A supervising minister, Dr Samuel Ortom has been overseeing the ministry.

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Keystone Bank to divest subsidiaries before sale to core investor

  /   in Business   /   Comments

Keystone Bank Limited has concluded plans to divest its subsidiaries before the sale of the bank to core investor, even as it returns to profitability.

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The strategic blunders of CBN’s Monetary Policy Committee

  /   in Business, Rational Perspectives   /   Comments

The Central Bank of Nigeria head office  in Abuja.

The Federation Accounts Allocation Committee last week approved the sum of over N755bn for sharing among the three tiers of government. Ordinarily, the distribution of this relatively sizable revenue would elicit hope that the economy will become positively impacted, as the various tiers of government would be funded to achieve their budget expectations.

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Huawei invests N80m to empower African youth in ICT

  /   in Business   /   Comments

African portfolio investors’ patronage of shares of multinational companies trading on African Exchanges has over time aided in driving their share prices to an undeserving high, said Mr. Jude Fejokwu, Principal analyst at Thaddeus African Research.

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Shelter Afrique, REDAN seal N32bn housing deal

  /   in Business   /   Comments

Real Estate Developers Association of Nigeria, REDAN, has signed a $200 million (about N32 billion) pact with Pan African housing finance institution, Shelter Afrique, for development of housing units in Nigeria within the next five years.

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Africa, new pride for marketers — Blyth, TBWA GMD

  /   in Business 8:39 pm   /   Comments

Nigeria-economy

Group Managing Director of Yellow Wood company, Mr. David Blyth has said in a programme in Lagos tagged: “The fundamentals of marketing across Africa,” that Africa remains the new promise land for marketers.

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BOI rejects funding SMEs cluster

  /   in Business   /   Comments

Business

The Bank of Industry, has turned down request by the Nigerian Association of Small and Medium Enterprises (NASME) to fund its proposed SMEs cluster at Imota in Ikrodu area of Lagos State, saying “it is not part of our core mandates.”

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Open Data market worth $3trn – Experts

  /   in Business 12:54 am   /   Comments

economy

Science and Technology experts at a two-day Senior Expert Dialogue, SED, said Nigeria can benefit from the Open Data market which has the potential to save and generate about $3 trillion globally.

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Shippers Council, NAC, agents meet over new auto policy

  /   in Business   /   Comments

Sea-port

THE Nigerian Shippers Council, NSC has brokered a meeting between the National Automative Council, NAC and the freight forwarding groups over the new auto policy that has resulted in the increase of duty on imported fairly used vehicles by 70 percent.

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RMRDC tasks Nigerians on new dawn in industrial development

  /   in Business   /   Comments

The Raw Material Research and Development Council, RMRDC, has urged Nigerians to queue up and be counted in the drive for a new dawn in industrial development of the country.

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Police arrest freight forwarder, wife over N20m fake Customs auction

  /   in Business   /   Comments

Seaport

THE Lagos State Police Command has arrested a couple, Mr. Danladi Wushishi, and Mrs.Ojuolape Wushishi, for allegedly duping unsuspecting victims to the tune of N20 million in fake Customs auction sales in Lagos.

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NIMASA builds satellite surveillance centre to tackle pirates

  /   in Business   /   Comments

Vessels discharging at Port Harcourt port

IN a move to tackle the menace of pirate attacks in Nigeria’s territorial waters, the Nigerian Maritime Administration and Safety Agency (NIMASA) has established a satellite surveillance centre.

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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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