Wednesday April 1st, 2015
Wednesday April 1st, 2015
Latest

External reserve hits new low, below 4 months import

  /   in Business 1:48 am   /   Comments

*Finance Minister, Ngozi-Okonjo-Iweala

The stress of dwindling oil revenue is mounting on the economy as external reserve drops below USD30 billion last week, indicating less than four months import bill. The decline which came with last week’s withdrawals for meeting forex demands put the total figure at USD29.9 billion. The international standard for healthy reserves is six months import cover, which for Nigeria should be about USD48 billion. Nigeria’s external reserves had crossed USD60 billion mark, indicating over eight months cover, or literally excess reserve of over USD10 billion a year ago just before the oil price decline.

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BATTLE OF TWO TRUTH BENDERS: Okonjo-Iweala and Soludo – 4

  /   in Business   /   Comments

iweala-and-soludo1

Con-SOLUDO-tion created no additional jobs in the banking sector. On the contrary, it led to massive retrenchments. It is quite possible that Soludo no longer goes to the banking hall himself. Otherwise, if he had a favourite bank in 2004 and still visits that bank today, he would know how many people had been sacked. Since OCEANIC, BankPHB and Intercontinental banks, among others, were taken over by the survivors of the “Con-SOLUDO-tion calamity, hundreds of their branches had been closed.

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‘Brands are created to satisfy an identified market’

  /   in Business   /   Comments

John-Ajayi--Publisher-of-Ma

Looking at Nigeria’s marketing environment, one can say without any equanimity that branding efforts by most organizations are not yet it for now. In this area, I want to categorize businesses in Nigeria in to two – the indigenous and multinational businesses. For the multinationals, one can say they are trying as they are marketing driven. They have supported their businesses with good branding efforts.

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ITF trains 74,000 youths in technical, vocational Skills

  /   in Business   /   Comments

A cross section of Niger Delta youths during the programme.

The Industrial Training Fund (ITF), has trained 74, 000 young Nigerians in different technical and vocational skills, said Director General, Mrs. Juliet Chukkas Onaeko. Speaking at a stakeholders’ engagement forum in Lagos, themed: “Zero Oil Policy and Economic Growth: The ITF Perspective,” Onaeko said that the training programme was ongoing. According to her “So far, 74, 000 young Nigerians have been trained in different technical and vocational trade areas. Some of the trainee secured employment immediately after completion of their training, while a large number of them have established businesses of their own and are doing well.”

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Shoptomydoor, MasterCard offer free ocean shipping with 0.10.20 promo

  /   in Business   /   Comments

cards

Nigeria’s international online shop, Shoptomydoor.com and payment processor, MasterCard have entered into partnership to reward international shoppers through a free ocean shipping service. The promo will see MasterCard holders from all Nigerian banks enjoying an exclusive 12.5 per cent discount from Shoptomydoor.com for all purchases shipped through their platform from March till June 30th, 2015.

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NIM inducts UBA senior executives

  /   in Business   /   Comments

The Ignite team. From left: Ms. Valerie Mbeng, a Consultant  Biochemist; Dr Olayemi Sunday,  Clinical Pharmacologist/Associate Professor of Medicine, CMUL; Dr Jane Ajuluchukwu, Consultant Cardiologist/Associate Professor of Medicine, CMUL and Dr Brai Bartholomew, Nutrition Researcher, NIMR, Lagos during the Ignite coffee programme stakeholders' forum in Lagos last week.

The Nigeria Institute of Management, NIM has inducted over 100 senior executives of United Bank for Africa into the membership of the institute as professional managers. At the induction at the UBA head office in Lagos, the Group Managing Director of UBA, Philip Oduoza while congratulating the inductees and commending NIM for the training, said the programme was a great opportunity for UBA as it will help the senior executives not only become professionals managers but also update their skills and knowledge.

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Lafarge Distributors Win Cars, Cash Prizes  and Gargets at Lafarge Customers’ Award

  /   in Business   /   Comments

Lafarge

It was a reward of loyalty for many distributors of Lafarge Africa Plc who smiled home with valuable prizes including cars, cash and electronic gadgets at the 2014 Partners Award. The event, which held in Lagos saw Alhaji. Olasunkanmi Olaoshun of Temitope Enterprises emerge as the First National Winner and went home with a brand new Sport Utility Vehicle, while Engr. Basiru Atinsola, CEO, Oyinbashy Enterprises came second and smiled home with a Hyundai Sonata Executive Car.

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Arik, CFM partner to train Nigerian aircraft engineers

  /   in Business   /   Comments

Arik

Arik Air and aircraft engine manufacturer, CFM International have started discussion on the training of Nigerians on aircraft engine maintenance and repairs. The discussion took firm ground last Monday when the President of CFM, Jean-Paul Ebanga visited the headquarters of Arik Air at the Murtala Muhammed International Airport, Lagos to affirm the importance of the airline to the company and also show commitment to the planned partnership.

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UK dominates capital imports into Nigeria in Q4, 2014

  /   in Business   /   Comments

market-2

The source of the greatest value of capital imported to Nigeria continues to be the United Kingdom, with USD1.9 billion imported in the fourth quarter (Q4) of 2014, representing 43.2 per cent of the total according to a releases by the National Bureau of Statistics (NBS). But this figure represented a continuation of the decline seen since the Q2. The Q4 figure was less by USD939.7 million or 32.6 per cent below Q3 value of USD2.9 billion.

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SON destroys substandard goods worth N500m

  /   in Business   /   Comments

Fake goods from China being offloaded for destruction

The Standard Organisation of Nigeria (SON), has destroyed fake and substandard goods worth N500 million. Speaking at the occasion of the formal destruction of fake and substandard goods at Sagamu dump site, Ogun state, the Head, Inspectorate and Compliance Directorate, SON, Engr. Bede Obayi, said, the destruction exercise was carried out to completely do away with sub-standard goods which failed the SON test carried out on the products.

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VISION 20:2020 We need economic growth sustainability — FRSC boss

  /   in Business 12:46 am   /   Comments

frsc

The transport sector of Nigeria’s economy is poised for greater productivity in 2015, as the Federal Road Safety Corps (FRSC) Zone 2, is mapping out new operational measures and enforcement strategies to achieve 20 percent reduction in road traffic crashes and 30 per cent fatality. The Zone is working in line with the policy of the Federal Government to enhance efficiency in the sector, with a view to achieving the much expected Vision 20:2020 target.

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Ebonyi records huge number of teenage hawkers in Nigeria —Ogbonna Says, Ndigbo can’t rule Nigeria now

  /   in Business 1:49 am   /   Comments

Solomon-Ogbonna-okk

It’s quiet unfortunate and shameful that if you are driving along the streets in Lagos particularly on highways and you approach any of those hawkers’ they will tell you they are from Ebonyi state. Also, if you decide to communicate to them in their language, they will respond accordingly, an indication that confirms their honesty. I’m disappointed and angry with those who had governed the state, particularly, with their self-centredness.

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ICA set to shore up Nigeria’s economy through credit management base

  /   in Business 10:19 pm   /   Comments

youths-okk-

The newly elected Institute of Credit Administration President/Chairman of the 3rd Governing Council of the same body and Managing Director, Mobil Oil Nigeria, Plc., Mr. Adetunji Oyebanji, unequivocally stated during the induction of new members in Lagos that the council for effective credit management in Nigeria will advocate empowering the economy to create wealth and jobs through advocacy and enlightenment about the role of credit, infrastructures necessary for sound credit system, business character that encourage credit availability, government initiatives that facilitate access to credit, lend

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FG’s local content policy receives major boost

  /   in Business   /   Comments

The local content policy of the Federal Government received a boost Wednesday with the formal handing over of Shell’s equity in OML 29 to a local oil and gas firm, Aiteo, thereby increasing the participation of indigenous companies in the upstream sub-sector of the oil and gas industry.

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Unilever acquires N43bn shares of Nigerian unit

  /   in Business   /   Comments

Unilever is planning to raise its stake in its Nigerian unit to as much as 75 percent to benefit from expected economic growth in Africa’s most populous nation.

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Senate ties NIMASA’s 2015 budget approval to payment of workers’ allowances

  /   in Business   /   Comments

File photo: The e-waste-laden ship at the Tin-Can Port Lagos.

The Senate Committee on Marine Transport has told the management of the Nigerian Maritime Administration and Safety Agency, NIMASA to make full payment of its workers allowances before its 2015 budget can be approved.

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Agriculture bears major brunt of Natural disaster — Report

  /   in Business   /   Comments

Agric-plaintain

Nearly a quarter of damages wrought by natural disasters on the developing world are borne by the agricultural sector according to initial results from a new FAO study released here today at the UN World Conference for Disaster Risk Reduction.

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FG seeks $2 b W/Bank, ADB loan

  /   in Business 9:08 am   /   Comments

Jonathan and Okonjo-Iweala

Faced with low oil revenue and high demand for foreign exchange, the federal government has taken steps to source $2 billion from the World Bank and the African Development Bank, ADB, to assist in the implementation of its policies and programmes this year.

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Is your organization’s strategic planning a waste of time and resources? (4)

  /   in Business   /   Comments

money-waste

Every organization’s number one strategic management goal is to develop a plan, but unless the plan is integrated at all levels, strategic misalignment and disconnections occur, often resulting in frustration and conflict. When plans are not integrated between various levels and functions of the organization, change fails to take place and important activities fall between the cracks and blame occurs.

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Business enthusiasm: Nigeria tops global ranking

  /   in Business   /   Comments

A market in Ghana

Nigeria leads the world in enthusiasm for business, according to a survey carried out by Global Entrepreneurship Monitor (GEM). Indeed, the report noted that, all across Africa, a growing wave of grassroots self-starters are taking risks and defying obstacles to bring their money-making ideas to life. Armed with a can-do attitude and hopes of striking it big, they’re navigating a conundrum of challenges to pursue opportunities at a time when many African countries enjoy unprecedented levels of economic growth.

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Challenges of entrepreneurship and way out

  /   in Business   /   Comments

market-2

Thinking of starting your own business? Before you venture off into the great big world of business ownership, you’ll want to know the facts so you can ensure you are mentally and emotionally prepared to handle life as an entrepreneur. About 25 percent of startups fail during their first year, and that percentage increases each year in the business’s lifespan until by the tenth year, 71 percent of startups would have failed. Success is highly dependent on both the type of industry and founder’s experience level.

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Skye Bank to float N100bn commercial paper to boost liquidity

  /   in Business   /   Comments

Skye Bank Plc has concluded arrangement to float N100 billion commercial paper (short term monetary instrument) in order to boost its liquidity. The commercial paper would be traded on the secondary market under the platform of FMDQ Over the Counter OTC.

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Dollarisation of economy: CBN goes after landlords, schools- Emefiele

  /   in Business 12:08 pm   /   Comments

CBN Governor, Mr Godwin Emefiele

The Central Bank of Nigeria, CBN, is to go after shylock landlords and school owners who demand rents and fees in dollars within a view to bringing them to book, for contravening the nation’s legal provisions.

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Port Regulator: NPA, Shippers Council bicker despite FG’s pronouncement

  /   in Business   /   Comments

ship

Despite Federal Government’s declaration of the Nigerian Shippers Council, NSC, as the Port Economic Regulator, there is still disagreement between the Council and the Nigerian Ports authority, NPA as to the constitutionally recognised body for the function.

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Microsoft, Unilever, others win great place to work award

  /   in Business   /   Comments

economy

Microsoft Nigeria, Unilever Nigeria and six other companies have been declared the best companies to work in Nigeria at the 2015 Great Place to Work Nigeria (GPTWN) Awards. Others that clinched the coveted awards on account of their strong ethical standards and work-friendly environment include Mansard Insurance Plc, Coca-Cola Nigeria, NSIA Insurance, Akintola Williams Deloitte, DHL Nigeria, and Konga.

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Nigeria, others, have world’s worst energy access — Report

  /   in Energy 6:30 am   /   Comments

economy

Nigeria and other countries of the Sub-Sahara African region have the world’s worst access to electricity, the International Energy Agency, IEA, said in its latest report.

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Shell lists challenges undermining transformation success

  /   in Energy   /   Comments

Energy-Pix-3-gas_processing

Abuja — As robust as Federal Government’s current transformations in the energy sector may appear, the Shell Group has identified a number of challenges undermining the success of the reforms.

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AFDB commits $200m to coal-to-power

  /   in Energy   /   Comments

File Photo

ABUJA — In its determination to deepen the development of renewable energy, the African Development Bank, AFDB, has offered to provide a support to the tune of about $200 million towards the growth of coal-to-power projects in Nigeria.

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Elumelu Foundation selects 1,000 African entrepreneurs

  /   in Business   /   Comments

Tony Elumelu (New)

The Tony Elumelu Foundation (TEF) yesterday announced the selection of the first 1,000 African entrepreneurs for the Tony Elumelu Entrepreneurship Programme (TEEP).

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CPC decries high rate of consumer rights abuse in key sectors

  /   in Business   /   Comments

economy

The Director-General, Consumer Protection Council, Mrs. Dupe Atoki, has decried the high rate of consumer rights abuses in the telecommunications, aviation, banking and power sectors of the Nigerian economy.

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Operators call for resolution of PIB, NOSDRA bills conflicts

  /   in Energy   /   Comments

Oil spill in the river

ABUJA — Industry stakeholders have called for a thorough amendment of the National Oil Spill Detection and Response Agency, NOSDRA Bill currently before the National Assembly, to remove any conflict between it and the Petroleum Industry Bill, PIB.

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Access Bank tasks local companies on good governance

  /   in Energy   /   Comments

The surest way indigenous oil and gas operators or any company operating in Nigeria can continue to have support from the banks is by instituting a culture of good corporate governance, while also pooling resources together.

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