Tuesday June 30th, 2015
Tuesday June 30th, 2015
Latest

Stakeholders attribute NNPC Board dissolution to infractions

  /   in Energy, News 12:55 am   /   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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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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IPMAN tasks fg on new pipelines for ph-aba route

  /   in Business   /   Comments

pipeline2

Aba—The Independent Petroleum Marketers Association of Nigeria, IPMAN, Aba depot, has tasked the Federal Government to lay fresh pipes on the 54 kilometre Port Harcourt -Aba pipeline route to ensure regular supply of petroleum products to the South East and parts of North Central of the country. Chairman of IPMAN, Aba depot, Prince Bobby Eberechi Dick, who made the call in Aba, Abia State, said the rustic nature of the pipes, which were prone to leakages whenever products were pumped from Port Harcourt, had affected regular supply of products to the depot.

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Innoson’s outstanding debt at GTBank reconfirmed lGTbank action injured our credibility

  /   in Business, News   /   Comments

Dangote,  Uduaghan and Innoson

GTBank PLC is insisting that Innoson Group of companies owes the bank. Contrary to a law suit filed by the company claiming N30 billion in damages, findings traced the origin of the case and confirmed that GTBank granted various credit facilities totaling N2,400,000,000.00 (two billion, four hundred million Naira only) to Innoson, to finance the importation of motorcycles and spare parts.

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Entrepreneurial Education Revolution: An Imperative for Sustainable Development in Nigeria: Part 2

  /   in Business, News   /   Comments

Entrepreneurship

Nigeria faces a number of challenges that can only be met if it has innovative, well-educated, and entrepreneurial citizens who, whatever their walk of life, have the spirit and inquisitiveness to think in new ways, and the courage to meet and adapt to the challenges facing them. Moreover, a dynamic economy, which is innovative and able to create the jobs that are needed, will require a greater number of young people who are willing and able to become entrepreneurs, young people who will launch and successfully develop their own commercial or social ventures, or who will become innovators in the wider organisations in which they work.

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Boko Haram insurgency affecting our business – Ifeanyi Ukegbu

  /   in Business, News   /   Comments

soya1

You know, education gives you a wide horizon to dive into anything you want so that was why when I found I had this passion, I started studying all I could about soybean, from the planting of the seeds, to harvesting, the drying and the usage. I started experimenting, first, with the soybean and I saw that the oil was very good.

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ICA tasks government on sound legislation for economic development

  /   in Business, News 12:23 am   /   Comments

Yusuf Dogara, House of Reps speaker and Bukola Saraki, Senate President

For a speedy economic development with sound legislative process that would translate well on the citizens and as well cultivating Nigerian environment for foreign investment, Institute of Credit Administration has tasked the Buhari administration to form a sound policies through the legislative arm of the government. This it said at the induction exercise of new members recently in Lagos.

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Capital Bancorp shareholders okay N61m dividend

  /   in Business, News 12:43 am   /   Comments

Nigerian-Stock-Exchange-(NS

“These attributes which revolve around provision of innovative professional financial services are consistent with our mission statement and would continue to sustain the company’s competitive edge irrespective of the nature of the operating environment in the current financial year”.

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Agents, Customs officials circumvent fast track cargo clearing process

  /   in Business, News   /   Comments

The Customs Area Controller (CAC), Oyo/Osun Command of Nigeria Customs Service (NCS), Mr. Oteri Richard, in front leading other Customs officers into Agbaja forest, during inspection of the seizures of 40 vehicles loaded with rice, intercepted in the forest by his Command.

Customs agents in connivance with officials of the Nigeria Customs Service are circumventing the fast track cargo clearing process at the nation’s sea ports. Vanguard gathered that the issue of flying containers without recourse to paying accruable duties is being perpetrated mainly by some Customs officials at the Customs Investigations Unit CIU and select staff of some terminal operators at the main gate said to be responsible for signing the Terminal Delivery Order TDO for these agents.

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How govt can make rubber industry bounce back —Bassey Edem

  /   in Business, News   /   Comments

Chief Bassey Edem, National President NACCIMA

The rubber industry in Nigeria is actually under- utilised, considering the abundance of the cash crop in the country. This situation arose from the total neglect of rubber industry since the discovery of oil in the country. Rubber which used to be the fourth largest foreign exchange earner for Nigeria after crude oil, hide and skin and cocoa, has since been neglected by previous governments.

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Lagos international trade fair to hold at three locations

  /   in Business, News   /   Comments

street traders

“The chamber has taken another bold step this year, by expanding the scope of the LITF and for ten days, we will turn the heart of Lagos Island into a retinue of business festivities, with events holding simultaneously at Tafawa Balewa Square, which hosts the general interest business -to-customers fair and exhibition ; Muson centre, will host the corporate and business-to-business exhibition while Freedom Park on Broad street will host the Lagos Creative Industry Fair, tagged, “Eko Akete”, “ he disclosed.

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It’s shameful to import toothpick, fish, eggs, sugar, wheat —CBN

  /   in Business, News 10:35 am   /   Comments

Emefiele CBN Governor

The Central Bank of Nigeria, CBN, yesterday said that importers of rice, cement and other products will no longer access Foreign Exchange from CBN, banks and bureaux de change for such importation.

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How to benefit from US investors visa programme

  /   in Business, News   /   Comments

lq

The US Investors Visa Programme was created by the Immigration Act of 1990 to encourage the flow of major investments into the United States to help stimulate the economy through job creation. In exchange for the investments made, the United States offers the foreign investors a variety of immigrant and non-immigrant visa options, such as EB-5; L-1 or EB-1C. This article aims at demystifying the myths associated with the various U.S. Investor Program.

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NSE to commence trading local currency futures

  /   in Business, News 12:14 am   /   Comments

Nigerian-Stock-Exchange-(NS

The Nigerian Stock Exchange , NSE will soon commence trading naira futures that will help investors hedge against movements in the local currency, Chief Executive Officer Oscar Onyema said. “It would be awesome if we had a naira-dollar contract that we could trade on the exchange,” he said in an interview in London on Monday. “Futures and options are asset classes that we think would be very beneficial to foreign investors.”

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I was alarmed at the unemployment level in Nigeria – Emmanuel-Tella

  /   in Business, News, Woman to Women   /   Comments

Olufolahan Emmanuel-Tella

Unemployment must be tackled with business decline which has progressively worsened over the years with many business executives having to sell their properties, with them driving their cars as unpainted taxi for survival. About 1.8 million fresh graduates, millions of unskilled youths, yearly enter into the ever-swirling labour pool.

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Quoted companies and their shareholders in 2014 (3)

  /   in Business, News   /   Comments

It is also encouraging that the company’s directors see a strong future in the business and the directors have not been influenced by thoughts about dilution of the shareholding structure given the low share prices on the floor of the Nigerian Stock Exchange, NSE. However, I hope the documentation for the rights issue would indicate the direction of the company’s profitability following on the additional investments in the company.

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Naira will further depreciate if… CBN

  /   in Business, News 8:52 pm   /   Comments

Naira-dollar-1

The Central Bank of Nigeria (CBN) has expressed fears that removal of restrictions imposed on the interbank foreign exchange market will lead to sharp depreciation of the naira.

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World Bank Group: Project critics threatened, harassed, jailed- HRW

  /   in Business, News   /   Comments

Jim-Yong-Kim-World-bank-president

Human Rights Watch said it found out that the World Bank and IFC have failed to take adequate steps to help create a safe environment in which people can express concern or criticism about projects funded by the Bank Group without risk of reprisal,. “The World Bank has long said that public participation and accountability are key to the success of the development efforts it funds,” said Jessica Evans, senior international financial institutions advocate at Human Rights Watch.

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Don’t control TCN, Nnaji warns FG

  /   in Energy, News   /   Comments

Energy-Pix-3-gas_processing

“I believe that the private sector management was never allowed to work. That’s part of the problem. The people who were brought to manage had to endure interferences from the government appointed officials. So that is an issue.” The Federal Government had in 2012 signed a three-year contract for the management of the TCN with the Canadian firm, Manitoba, after it emerged the sole bidder. The contract has an option of a two-year extension.

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Subsidy payments can fund new refineries — NEITI

  /   in Energy, News   /   Comments

Buhari-oil

According to Short, the time for Nigeria to deepen the process of implementation of NEITI Reports as basis for the proposed reforms in the industry appears to have finally come. She said, “EITI has faith in the new administration in Nigeria. We are ready to work with the new government to reform the oil sector and NEITI independent reports in the sector will help to lead the way. I am in Nigeria to convey our support to President Buhari.”

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Non-oil revenue exceeds earnings from crude in April

  /   in Energy, News   /   Comments

naira money

“At N735.07 billion, estimated federally-collected revenue in April 2015, was lower than the monthly budget estimate by 9.8 per cent. It was, however, higher than the receipt in the preceding month by 35.8 per cent. The decline in estimated federally-collected revenue (gross) relative to the monthly budget estimate was attributable, largely, to the shortfall in receipts from oil revenue during the review month.”

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CIS sensitises Armed Forces on capital market activities

  /   in Business, News   /   Comments

Nigerian-Stock-Exchange-(NS

The Chartered Institute of Stockbrokers, CIS has taken its sensitisation programme to members of the Nigerian Armed Forces on Nigerian capital market activities. The team was led by the Head, Research & Technical Mr. Arinze Nwobu. In his statement, HRT mentioned that CIS is the only professional body responsible for training and regulating practice and conduct of stockbroking in Nigeria.

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Bringing the refineries back to life

  /   in Energy, News   /   Comments

refinery

“Our domestic refineries must be made to work. Appropriate incentives need to be worked out to attract new investment in refining. While domestic refining by itself is not sufficient to guarantee product price stability, there are clear gains to be derived from domestic refining as opposed to imports,”

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Billfinger divests 33.4% stake in Julius Berger

  /   in Business, News 11:20 pm   /   Comments

AGM: From left, HRH Igwe Peter Nwokike Anugwu  discussing with former Managing Director of Julius Berger, Engr. Wolfgang Goetsch during the 45th AGM of Julius Berger Plc in Abuja. Photo by Gbemiga Olamikan.

Bilfinger SE, a minority shareholder with a holding of 33.4 per cent in Julius Berger Nigeria Plc (JBN) has expressed its decision to divest its stake to Nigerian investors. In a statement, the construction giant said Billfinger has notified the Board of Julius Berger of its decision to dispose of its remaining stake in JBN to long term Nigerian investors on or before the end of June 2015.

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