Africa Internet Group, AIG has received additional investments totalling $245 million, about N48 billion, from South African telecoms group, MTN, American investment banking firm, Goldman Sachs and Rocket Internet. Recall that MTN had bought 33 per cent in AIG in 2014 to join other AIG shareholders including Rocket Internet. AIG, founded in Nigeria in 2012 as an e-commerce conglomerate has leveraged deepening internet penetration in emerging markets including growing middle class to meet increasing demands for online products.

As the economy of the country continues to witness challenges due to the fluctuations in foreign exchange rate, insurance practitioners have said that the situation is having adverse effects on insurance business. Managing Director of Universal Insurance Plc, Mr. Ben Ujoatuonu said that insurance is an international business as such the marine aspect of insurance business is being affected because importation is at its lowest ebb.

Central Bank of Nigeria (CBN) said that the Electronic Payment Financial Incentives Scheme (EFIS) Efficiency Award is aimed to enhance competition among operators in the electronic payment industry. Meanwhile Guaranty Trust Bank emerged the leader in the maiden edition of the award winning in six categories. The bank won six of the 11 bank based award. These include Cashless Instant Payment; Cashless PoS issued cards; Instant Payment Transaction Efficiency; Electronic Reference; Automated Direct Debit Mandate; and Customer Experience Satisfaction award.

The Okokomaiko – Badagry axis has the potential to become the ‘Lekki’ of Lagos mainland on completion of the ongoing expansion and rehabilitation of the Okokomaiko – Badagry expressway and the expected take-off of the Blue Line Lagos Rail Transport (LRT) mass transit transport system along the corridor by the end of this year.

The current foreign exchange crisis rocking the Nigerian economy has hit the nascent e-commerce sector as the sector’s major foreign investors have begun to pull back. Vanguard investigation has revealed that some of the big players in the industry such as the Africa Internet Group and Konga.com have begun to implement massive restructuring in order to stay afloat and remain in business.

We suspect that ordinary folks and foreign residents have joined this flight to safety and may be converting their Naira assets into dollar to mitigate additional loss in value. The danger of an unmitigated progressive depreciation of Naira is that our national currency may lose one of the most critical attributes of money, which is “as a store of value” and should this happen, the concerns about the dollarization of the economy will become real.

Some Leading Economic Indicators, LEIs, are pointing to a year-on-year contraction in growth in January 2016, which may see Nigeria’s economy returning a growth rate of less than one per cent in the first quarter, 2016, if the trend continues. But some other international reports indicate that the development is likely to be a global phenomenon though sub-sahara Africa and other commodity dependent economies which include Nigeria, may be worst hit.

Everyday consumers routinely encounter marketing efforts that promote an endless variety of brands and products. Unsurprisingly, consumers are weary, guarded, and circumventing any attempt by marketers to gain their attention. Experiential marketing thus engages consumers on a more intimate and personal level by building meaningful connections through shared moments and events. Princewill Ekwujuru sought the views of Gil Kimani, new Managing Director of EXP Marketing Nigeria, who has had experiences in African markets.

Chief Eric Umeofia, Chief Executive Officer, EriscoBonpet Group, who disclosed that 91.9 percent of imported tomatoes pastes from China into Nigeria are substandard, said that the simplest way to stop dumping is to ban importation of finished goods.

Mr. Sylvester Uche Uzoama is the Managing Director/Chief Executive Officer of Abuja-based Second Group, a holding company with a number of subsidiaries. The company is active in information technology, communication media and also in textile manufacturing for security; in solar technology as well as engineering and property management. But they started with ICT which is still the company’s primary business.

Charles Darwin of Origin of Species fame once said that ‘it is not the strongest of the species that survives, nor the most intelligent, but the one most responsive to change.’ This seems to be the driving force behind Procter & Gamble (P&G) Nigeria, a fast-moving consumer goods company. To underscore this point, P&G, at the weekend, held a two-day annual symposium tagged: Chemical Sciences and Technology Enabling Growth in Africa, in partnership with the Royal Society of Chemistry (RSC).

The Central Bank of Nigeria (CBN) and economic operators have disagreed on the exchange rate that governs business decisions and economic activities in the country. This disagreement was the highlight of the first TheCable Coloquium titled, “The Naira on Trial: To devalue or not”. While participants and panelists at the event unanimously agreed that economic activities are being priced at the parallel market exchange rate, which is N325 per dollar, the CBN disagreed, saying that it is the interbank exchange rate, which is currently N198 per dollar.

The Group Managing Director of Letshego Microfinance Bank, Mr. Chris Low, has assured that there would be no job losses. He said this in an interview following the official announcement of Letshego’s acquisition of FBN Microfinance Bank (FBN MfB) in Lagos, just as he hinted that the company would be investing in building skills and capability among its management team.

German investors in the country have sought guarantees from the Central Bank of Nigeria (CBN) on availability of foreign exchange to repatriate profits out country. This was one of the highlights of a meeting between CBN Governor, Mr. Godwin Emefiele and a German Business led by Vice Minister and Member of Parliament, Mr Uwe Beckmeyer of German Federal Ministry for Economic Affairs and Energy in Abuja last week.

For the first time in the history of any capital market in Africa, Nigeria is set to commence 24 hours trading settlement circle, even as investors in the Nigerian Capital market are now to get dividend payment within 24 hours through the e-Dividend Payment Platform. Director General of Securities and Exchange Commission (SEC) Mounir Gwarzo made this disclosure at the e-Dividend Sensitisation Town Hall Meeting in Lagos.