Friday September 4th, 2015
Friday September 4th, 2015

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Customs seizes N14.6m worth of poultry products

  /   in Business, News 12:56 am   /   Comments

poultry-product

The Nigeria Customs Service, NCS, has impounded 3,247 cartons of frozen poultry products worth N14,611,500.00 (Fourteen Million, Six Hundred and Eleven Thousand, Five Hundred Naira) in the last two weeks of its war against smuggling of poultry products.

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Corruption, poor policy, hindrance to economic integration — Ecobank boss

  /   in Business, News   /   Comments

ECOBANK CEO, Jubril Aku

Corruption and poor policy formulation and implementation among others have been identified as the challenges to economic integration and sustainable development in Africa.

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Latest

Nigeria, India’s bilateral trade hits N70bn

  /   in Business, News   /   Comments

Indian-High-Commissioner-Ajjampur-Ghanashyam-and-President-Muhammadu-Buhari

Nigeria and India volume of trade has risen to N70 billion, with renewed interest in agriculture, Small Medium Enterprises, SMEs development and medicine.

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Exhibition raises Nigeria’s profile as investment destination — Pearson

  /   in Business, News   /   Comments

Regional Director, West Africa, Afrocet Montgomery, George Pearson has said that trade exhibitions provide a veritable platform to raise a country’s profile as an investment destination.

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SON’s new Act to prosecute erring manufacturers

  /   in Business, News   /   Comments

Fake goods from China being offloaded for destruction

The Standards Organisation of Nigeria (SON) has said that its new Act has given the agency the power to prosecute erring manufacturers whose products do not conform to the minimum requirement of the Nigerian Industrial Standards (NIS).

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Transcorp’s agribusiness arm partners Coca-Cola on new juice

  /   in Business, News   /   Comments

Agric-date-palm

Transnational Corporation of Nigeria, Transcorp Plc has entered into partnership with Coca Cola company to be the sole local concentrate sourcing partner. Transcorp agribusiness subsidiary, Teragro Commodities Limited, processes orange, mango and pineapple concentrates for industrial markets at a processing plant in Benue State. The 26,500mt capacity benfruit plant is the first and only Nigerian-owned and operated juice concentrate processor of its kind in the country and first began producing concentrate for coca-cola in 2014. Transcorp, in a statement said

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Latest

Drop in oil price hits NSE market as capitalisation drops by N164bn

  /   in Business, News 7:00 pm   /   Comments

Trading activities on the Nigerian Stock Exchange (NSE) for the second consecutive day maintained a downward trend with the market capitalisation losing N164 billion.

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Starting a business in Nigeria

  /   in Business, News   /   Comments

Business

There are successful stories of Nigerians who pursued their entrepreneurship dream,and their businesses are doing well despite the economic downturn.

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2nd Niger bridge is ongoing —ICRC

  /   in Business, News   /   Comments

2nd-Niger-Bridge

The Infrastructure Concession Regulatory Commission (ICRC) has said that the construction of the long awaited 2nd Niger Bridge is still on course. This is contained in a statement signed and made available to newsmen by Acting Head Corporate Communication ICRC Ms Debora Okafor in Abuja.

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‘Tank farm owners looking for buyers’

  /   in Business, News   /   Comments

tank-farm2

Tank farm owners are presently looking for buyers for their facilities as the Federal Government moves to curb importation of petroleum products.

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Latest

NPA introduces e-invoicing system, customer portal

  /   in Business, News   /   Comments

NPA boss, Habib Abdullahi

Nigerian Ports Authority, NPA, yesterday in Lagos introduced an electronic “Revenue Invoicing Management System and Customer Portal”in a bid to lower operational cost and shorten the time for documentation for port users.

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Is hoping for the best a reliable strategy for organisational growth?

  /   in Business, News   /   Comments

Statistics by experts show that by2040, Nigeria’s population growth would have quadruplewithout commensurate amenities and employment to sustain it

When there are opportunities and different choices to choose from, people and organisations tend to choose the best. What happens when there is no opportunity or probably options available to people or organisations to choose?

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How small businesses can innovate

  /   in Business, News   /   Comments

Business

When you think about innovation, do you think about Silicon Valley and technological advances and companies with big research and development budgets? Most people do, but the truth is that even the smallest businesses, from one-chair barbershops to popcorn vendors on the street, are capable of coming up with ideas that capture customers’ imaginations. When that happens, you are on your way to building a great brand.

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Latest

IMF urges African countries to cut budget, increase tax rate

  /   in Business, News 12:31 am   /   Comments

Statistics by experts show that by2040, Nigeria’s population growth would have quadruplewithout commensurate amenities and employment to sustain it

The International Monetary Fund IMF has called on Africa countries to address fuel subsidy, cut 2015 expenditure profile, increase in tax rate and exchange rate flexibly where possible as measures that could help countries tied over the raving global oil price crash.

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ATM error: CBN orders banks to set systems for automatic refund to customers

  /   in Business, News   /   Comments

ATM cash withdrawal

The Central Bank of Nigeria, CBN has directed banks to set up systems that will enable the automatic refund of money to customers in which Automated Teller Machine (ATM) dispense errors to their transactions.

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Dangote meets Mugabe on investment approval

  /   in Business 4:18 pm   /   Comments

Dangote meets Mugabe

Nigeria’s billionaire, AlhajiAliko Dangote has met with the Zimbabwean President Robert Mugabe on the need to speed up the necessary approval for his investment in power, mining and cement industries in the southern African country.
Dangote who paid a courtesy call on President Mugabe reminded the President at his tate House yesterday that he was awaiting the relevant approvals to set up the group’s investments.

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Presidency should set up committee to check NASS – Shareholders’ activist

  /   in Business, News   /   Comments

Buhari

A popular investor and shareholders’ activist, Alhaji Gbadebo Olatokunbo, penultimate week, wrote to investors’ forum, demanding the presidency to set up “committee of prudent managers” to serve as a check on the excesses of the National Assembly (NASS).

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Latest

It’s N220 to the dollar as Hajj, school fees fuel forex demand

  /   in Business   /   Comments

Naira-Dollar

The naira depreciated by N5 to N220 per dollar yesterday in the parallel market as dollar demand to fund hajj pilgrimage and payment of school fees increased demand for the United States currency.

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Latest

ICSAN moves against mediocrity among Nigerian business workers

  /   in Business, News   /   Comments

File photo: Association of Senior Civil Servants of Nigeria

The Institute of Chartered Secretaries and Administrators of Nigeria, ICSAN, has charged Nigerians on the need to continuously pursue excellence in their workplace, even as it frowns at mediocrity that has remained the problem among workers.

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Latest

Before the October deadline for BVN (3)

  /   in Business, News   /   Comments

File: BVN registration

‘IF you don’t register for the Biometric Verification Number (BVN) before the October 31st deadline, nothing will happen to you”.

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Latest

Top 10 performing stocks

  /   in Business, News   /   Comments

Nigerian Stock Exchange

Dangote Sugar Refinery Plc led other top performing equities on the Nigerian Stock Exchange, NSE, last week with the share price rising by 20.80 per cent or N1.25 to close at N7.26 from N6.01 per share. Skye Bank Plc trailed closely behind, rising by 17.59 per cent or N0.35 to close at N2.34 from N1.99 the previous week.

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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).

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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.

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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.

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Latest

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

  /   in Business, News, Trending   /   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.”

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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.

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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.

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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.

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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.

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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.

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P8: Setting standards for connectivity

  /   in Business, Finance, News   /   Comments

From left: Sonu Shewakramani, Managing Director, SUN Group of Companies; Ramachandran Nambiar, General Manager, International Sales & Head EXIM Business Unit with Pradeep Patil, Executive Vice President & Head – Kitchen Appliances Business Unit both of Bajaj Electricals Ltd. and Parimal Vipani, Managing Director, PTL at the inauguration of Bajaj Home Appliances and endorsement of PTL as sole distributors of Bajaj Appliances at Eko Hotels & Suites Victoria Island Lagos.

There might be one way to enter the Nigerian mobile market, but nothing makes a signature entrant than coming in with a phone with plethora of uniqueness to attract consumer attention. In the last few weeks, the Nigerian mobile device market has witnessed entrant of various phone brands, with the latest Huawei P8.

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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.

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