Friday, January 22

Business

4 Airlines Set To Launch Operation
Business

4 Airlines Set To Launch Operation

Amidst the headwinds in global aviation markets triggered by the COVID-19 pandemic, experts foresee a quicker recovery in Nigeria’s sector as more airlines acquire new planes even as many others prepare to hit the sky. Experts expect four new airlines to launch operation this year as they put finishing touches to the process of obtaining an Air Operator’s Certificate (AOC). At least 24 carriers are in different stages of the AOC application process. One of Nigeria’s foremost airlines, Azman Air, started the year on a promising note with the acquisition of its second Airbus A340-600 aircraft. The second delivery came barely a year after the first wide-bodied aircraft was purchased. Though aviation globally was hit by the pandemic last year, Azman’s plan to launch an internation...
Twitter and Facebook lose $51 billion in market cap in two days following Trump ban
Business

Twitter and Facebook lose $51 billion in market cap in two days following Trump ban

After Facebook and Twitter banned President Donald Trump from their platforms, the companies saw a combined market value loss of $51.2 billion over two trading sessions. A significant number of users deleted their accounts in retaliation of the political censorship, resulting in investors dumping their stocks. According to Business Insider, Facebook plunged by 4% on Monday and 2.2% on Tuesday, resulting in a decrease of $47.6 billion below what it was on Friday. Facebook traded at $245.64 per share as of 4 p.m. on Thursday. Twitter plunged to 6.4% and another 2.4% Tuesday, resulting in a drop in market cap by $3.5 billion. Twitter traded at $45.79 per share as of Thursday at 4 p.m., compared to the closing price of $51.48 on Friday. President Trump has slammed big tech for ...
Naira Slumps Further, Exchanges For 473/$
Business

Naira Slumps Further, Exchanges For 473/$

The naira suffered further setback at the parallel market and Investors and Exporters forex window on Tuesday. According to figures obtained from Bureau De Change operators, the naira exchanged to the dollar for 473/$ at the parallel market. It had earlier gained in recent times after it closed the year 2020 at 467/$. At the I&E window, the naira fell by 0.17 per cent to close at 394/$ on Tuesday. It reached a low of 401 at the I&E window at the close of 2020. The Central Bank of Nigeria however maintained the official exchange rate at N379/$ on its website. The Association of Bureaux De Change Operators of Nigeria recently appealed to the CBN to make BDCs payout agents for diaspora remittances. The President, ABCON, Alhaji Aminu Gwadabe, said the apex bank...
Elon Musk Is Now The Richest Person In The World
Business

Elon Musk Is Now The Richest Person In The World

Elon Musk, the outspoken entrepreneur behind Tesla Inc. and SpaceX, is now the richest person on the planet. A 4.8% rally in the electric carmaker’s share price Thursday boosted Musk past Amazon.com Inc. founder Jeff Bezos on the Bloomberg Billionaires Index, a ranking of the world’s 500 wealthiest people. The South Africa-born engineer’s net worth was $188.5 billion at 10:15 a.m. in New York, $1.5 billion more than Bezos, who has held the top spot since October 2017. As chief executive officer of Space Exploration Technologies Corp., or SpaceX, Musk is also a rival to Bezos, owner of Blue Origin LLC, in the private space race. The milestone caps an extraordinary 12 months for Musk. Over the past year his net worth soared by more than $150 billion in possibly the fastest bout ...
FCMB Appoints Acting Managing Director, Yemisi Edun
Business

FCMB Appoints Acting Managing Director, Yemisi Edun

The First City Monument Bank (FCMB) has announced the appointment of Yemisi Edun as its acting managing director. Edun takes over the running of the bank from the Managing Director, Adam Nuru, who on Tuesday, January 5, proceeded on leave amid allegations of marital infidelity involving him and a former staff of the bank, Moyo Thomas. There are allegations that Moyo's estranged husband, Tunde Thomas, 45, died on December 16, 2020, from a heart attack after battling with depression upon discovering that the two children from their marriage were allegedly fathered by Mr Nuru. A statement from the bank announcing Edun's appointment reads in part “In line with normal corporate practice, Mrs Yemisi Edun is acting as the managing director of FCMB in the interim period while Mr Adam Nu...
FCMB Names Yemisi Edun As Acting MD
Business

FCMB Names Yemisi Edun As Acting MD

First City Monument Bank (FCMB) has appointed an acting Managing Director and she is Mrs Yemisi Edun, an executive director on the board of the bank. She is taking over from the Mr Adam Nuhu, who stepped aside from the exalted position to allow for an investigation into the allegation of unethical behaviour by him. He was accused of having a romantic affair with a former employee of the financial institution, Mrs Moyo Thomas. The alleged romance produced two children, according to reports. Yemisi Edun holds a Bachelor’s degree in Chemistry from the University of Ife, Ile-Ife and a Master’s degree in International Accounting and Finance from the University of Liverpool, United Kingdom. She is a Fellow of the Institute of Chartered Accountants of Nigeria and a CFA® Charter ho...
₦10.9 Billion Fraud: Court Jails Ex-Finbank MD, Nwosu, Three Others
Business

₦10.9 Billion Fraud: Court Jails Ex-Finbank MD, Nwosu, Three Others

Justice Lateefa A. Okunnu of the Lagos State High Court sitting in Ikeja, on Tuesday, January 5, 2021, convicted and sentenced Okey Nwosu, a former Managing Director, Finbank Plc, to three years imprisonment for over 10bn fraud. The Economic and Financial Crimes Commission, EFCC, had arraigned Nwosu alongside Dayo Famuroti, Agnes Ebubedike and Danjuma Ocholi on a 26-count amended charge bordering on stealing and illegal conversion to the tune of N10,934,704,402. The defendants, who perpetrated the fraud while they were directors of the bank, pleaded not guilty to the charge preferred against them, thereby leading to their full trial. In the course of the trial, the prosecution counsel, Rotimi Jacobs , SAN, called witnesses and also tendered several documents that were admitted...
Atiku Abubakar No Longer Our Shareholder – Intels
Business

Atiku Abubakar No Longer Our Shareholder – Intels

Former Vice President Atiku Abubakar has divested from Integrated Logistic Services (INTELS) Nigeria Limited, the country’s largest logistics company that provides comprehensive integrated services for the nation’s oil and gas industry. Intels spokesman, Mr. Tommaso Ruffinoni, said Atiku exited the company with his family as at December last year. The former vice president was said to have sold his interests through a series of transactions executed by his family Guernsey Trust, in deals that began in December 2018 and concluded last year. Atiku was said to have sold his shares in Intels to Orleal Investment Group, the parents company of Intels, for various amounts totalling over $100 million in the deal that spanned two years. It was learnt that Atiku was paid $60 million,...
Labour backs Emefiele on CBN’s Naira valuation
Business

Labour backs Emefiele on CBN’s Naira valuation

Organized labour has commended the recent measures of the Central Bank of Nigeria (CBN) aimed at shoring up the value of the Naira. The Naira recently reversed its depreciation trend in the parallel market, recording N20 gain against the United States Dollar closing at N470 per dollar due to what observers attributed to the new rules introduced by the CBN, which allowed beneficiaries of diaspora remittances and foreign exchange transfers into domiciliary account, and collect the proceed in foreign currencies. Speaking at the one-day interactive session with stakeholders on the five-year policy trust of the apex bank in Kaduna, weekend, Vice President of Industriall Global Union, Comrade Issa Aremu, hailed the CBN’s Monetary Policy Committee ( MPC) for resisting the pressures to b...
Naira Bounces Back, Appreciates To N470/$ In Parallel Market
Business

Naira Bounces Back, Appreciates To N470/$ In Parallel Market

The naira this morning reversed its two weeks loss to the dollar in the parallel market, appreciating by N20 to N470 per dollar. The naira had earlier depreciated by N30 against the dollar, as the parallel market exchange rate rose sharply to N500 per dollar on Monday November 30th from N470 per dollar on Friday November 20th 2020. But the new rules introduced by the Central Bank of Nigeria on Monday November 30th, which allowed beneficiaries of diaspora remittances and foreign exchange transfers into domiciliary account, to collect the proceed in foreign currency cash, halted the dwindling fortunes of the naira. As result the naira gained N10 against the dollar yesterday (Tuesday December 1st) as the parallel market exchange rate dropped to N490 per dollar from N500 per dolla...
CBN Okays Withdrawals Of Dollars From Domiciliary Accounts
Business

CBN Okays Withdrawals Of Dollars From Domiciliary Accounts

The Central Bank of Nigeria (CBN) has announced the amendment of procedures for receipt of diaspora remittances in an apparent and frantic attempt to improve liquidity in the forex market and reduce the disparity between the black market and official I&E window. This disclosure was made in a circular issued by the CBN on Monday, November 30, 2020, to all authorized dealers and the general public and signed by its Director for Trade and Exchange Department, Dr O.S. Nnaji. What the CBN is saying In the new amended procedure, CBN stated that beneficiaries of Diaspora Remittances through International Money Transfer Operators (IMTOs) shall henceforth receive such inflows in foreign currency (US Dollars) through the designated bank of their choice. The CBN’s circular partly read...
Court To Restrain GTB From Deregistering As A LLC To Avoid ₦32 Billion Debt
Business

Court To Restrain GTB From Deregistering As A LLC To Avoid ₦32 Billion Debt

As Innoson seeks an order restraining GTB from transmuting to a Private and a Financial Holding Company until GTB pays it over N32Billion Judgement debt The Supreme Court of Nigeria has struck out GTB’s motion filed to set aside its earlier decision/order made on 27th February 2019 dismissing GTB’s appeal against Court of Appeal judgement of 6th February 2014 in favor of Innoson Nigeria Ltd Recall that The Federal High Court, Awka Division on March 27th, 2019, pursuant to Supreme Court dismissing GTB’s appeal, granted leave to Innoson Nigeria Ltd to enforce and execute the judgment and Garnishee Order Absolute made by the court coram Shakarho, J at the Ibadan Judicial Division on the 18th of May 2010 and the 29th of July 2011 respectively. This order was concurrently affirmed by th...
Elon Musk Overtakes Bill Gates As The 2nd Richest Man In The World
Business

Elon Musk Overtakes Bill Gates As The 2nd Richest Man In The World

Elon Musk has passed Microsoft co-founder Bill Gates to become the world’s second-richest person, only a week after he overtook Facebook’s Mark Zuckerberg to become the third-richest as Tesla's share price continues to soar. The electric car company's value has risen following the announcement that it would join the S&P 500 index of leading US companies, driving its market value close to $500bn. Mr Musk, 49, is now worth more than $128 billion (£95bn) as he owns 20% of all of the company's shares, which have risen by more than 675% since 25 November last year, when they were valued at $67.27 (£50.33) each. Tesla’s share price is currently valued at $521.49 (£390.20) a share, and if the growth continues, Musk could net a bonus deal worth a record $55.8bn. To trigger the max...
MTN Nigeria Revenue Rises To N100 Billion Monthly In 2020
Business

MTN Nigeria Revenue Rises To N100 Billion Monthly In 2020

MTN Nigeria reported a half-year revenues of N638 billion in 2020 compared to N566.9 billion reported same period last year. The 12.5% pop was driven by growth in data revenues in the first and second quarters of the year. The company reported a 49% growth in data revenues in the second quarter of 2020 as its Nigerian customers guzzled more data in the ensuing Covid-19 economic shutdown. The revenues reported in the first half of 2020 now translate to about N100 billion monthly in revenues, a company and Nigerian Stock Market record, according to Nairametrics Research. Revenues averaged N97 billion monthly in 2019 and N86.5 billion in 2018. Key highlights In the second quarter of 2020 total revenues rose 8.5% to N308.9 billion driven largely by higher data revenues. Data r...
Xiaomi Surpasses Apple To Become The World’s Third Biggest Smartphone Brand
Business

Xiaomi Surpasses Apple To Become The World’s Third Biggest Smartphone Brand

International Data Corporation (IDC) has released its report related to the smartphone shipments in the third quarter of this year, i.e. Q3 2020 and the report reveals that the South Korean giant Samsung has managed to keep its leading position. It reveals that the quarter witness decline in smartphone shipments by 1.3 percent year-on-year, which is better than expected because of the on-going COVID-19 pandemic in which several countries were on lockdown for months. Around 353.6 million smartphones were shipped in the third quarter of this year, i.e. from July to September. Earlier, IDC had predicted that there could be a decline of around 9 percent but the actual numbers are better than expected. As per the report, Samsung takes the pole position with a 22.7 percent marke...
MTN Nigeria Appoints Karl Toriola As CEO
Business

MTN Nigeria Appoints Karl Toriola As CEO

MTN Nigeria is pleased to inform The Nigerian Stock Exchange (The Exchange), the investing public and other stakeholders of the appointment of Mr. Karl Toriola as the CEO designate. His appointment is effective 1st March 2021, providing enough time for an orderly handover. Mr. Toriola is currently the Vice President: West and Central Africa (WECA), excluding Nigeria and Ghana, a position he assumed in 2016. During that period, he has overseen the steady progress of the operating companies in the region, notably the turnaround of MTN Ivory Coast and MTN Cameroon. Karl Toriola increased his stake in the telecoms provider via the purchase 920,000 ordinary shares, as disclosed on the Nigeria Stock Exchange platform. A break down of the aggregate information showed Toriola acquired...
“Rebuilding A Supermarket Is Hard” – Nigeria’s SPAR Melts Hearts After Shop Was Looted
Business

“Rebuilding A Supermarket Is Hard” – Nigeria’s SPAR Melts Hearts After Shop Was Looted

Nigeria’s supermarket, SPAR have sent out a message concerning the looting of their stores and it has sparked reactions from Nigerians. Recall that their Lekki store was looted on October 21 and they have taken Twitter to make the known to the public that they stand with Nigeria despite running at a loss. They stated that building a supermarket is hard, but rebuilding a nation is even harder. Read below… “Our Lekki store has been vandalized and looted. But, we acknowledge that this is only a setback compared to the larger issues we are all facing as a nation, and our thoughts and prayers remain with Nigerians everywhere, and for a peaceful resolution to various issues at hand. Rebuilding a supermarket is hard. Rebuilding a nation is even harder. We stand with you Nigeria...
Ban Tomato Importation – Dangote Tomato MD Tells FG
Business

Ban Tomato Importation – Dangote Tomato MD Tells FG

The Managing Director of Dangote Tomato Processing plant in Kadawa, Kano State, Abdulkarim Kaita has on Thursday called on the Federal government to ban importation of tomato paste like it ban rice importation into the country. This was as he decried importation of tomato paste which he said was still thriving as the commodity was being imported from Cameroon and Cotonour in Benin Republic. Kaita made the call while flagging off the distribution of tomato seedlings to 5,000 farmers under the Anchor Borrower of Central Bank of Nigeria on Thursday at Kadawa village in Kura LGA of the state. The MD also dropped hint that plans are underway by the company to ensure that Nigeria is self sufficient and positioned to export tomato by establishing the biggest greenhouse in Africa whic...
Business

No Plan To Migrate Jobs Outside Nigeria – Chevron

The management of Chevron Nigeria Limited (CNL) says it has no plans to migrate Nigerian jobs outside the country. CNL’s General Manager Policy, Government and Public Affairs, Mr Esimaje Brikinn, made the clarification in a statement on Friday. Brikinn spoke following an allegation by the Petroleum and Natural Gas Senior Staff Association of Nigeria that CNL planned to relocate jobs outside the country. Also read: IPPIS: SSANU writes FG on looming industrial dispute He said, however, that the company was reviewing its manpower requirements in the light of the changing business environment. According to him, the new organisational structure will require approximately 25 per cent reduction in the workforce across the various levels of its organisation. “The aim is to ha...
Chevron Nigeria To Sack 25% Of Workforce
Business

Chevron Nigeria To Sack 25% Of Workforce

Chevron Nigeria Limited has said it will slash its workforce by 25 per cent as it is reviewing its manpower requirements in the light of the changing business environment. CNL disclosed this on Friday in a statement entitled ‘Chevron Nigeria Limited reviews workforce in accordance with business exigencies’. The oil major said it would continue to evaluate opportunities to improve capital efficiency and reduce operating costs. CNL’s General Manager Policy, Government and Public Affairs, Esimaje Brikinn, said, “The aim is to have a business that is competitive and have an appropriately sized organisation with improved processes. “This will increase efficiency and effectiveness, retain value, reduce cost, and generate more revenue for the Federal Government of Nigeria.” Acc...
‘We’ve Not Been Allowed To Leave For Six Months’ – Workers At Indomie Cry Out
Business

‘We’ve Not Been Allowed To Leave For Six Months’ – Workers At Indomie Cry Out

Workers at De United Foods Industries Limited, makers of Indomie noodles, have cried out for help over what they described as modern-day slavery and unfair labour practices meted out on them since March. The workers said cooks, drivers, nannies, stewards and other groups working for the largely Asian staff of the company, had not been allowed to return home to see their families by the management of the company under the guise of preventing the spread of COVID-19. The workers in a statement on Thursday said, “Ironically these bosses go out everyday including attending social functions while a few of them have even contracted the COVID-19 and infected the helpless domestic workers. The affected domestic workers are largely drawn from those living with their bosses around Ikoyi and...
Betting Companies In Kaduna Urge State Government To Lift Ban On Betting Shops
Business

Betting Companies In Kaduna Urge State Government To Lift Ban On Betting Shops

The Association of Nigerian Bookmakers is the national trade association of sports betting operators and our attention has been drawn to the recent forceful closure of several sports betting shops across Kaduna State by officials of Kaduna State Internal Revenue Service (KADIRS) under the guise of alleged non registration and refusal to pay certain ‘debts’. This came to us as a rude shock especially in the light of the prohibitive regulatory framework the KADIRS seeks to enforce on operators by this act. Deliberations were ongoing with respect to the proposed regulatory framework and operators have submitted documentations to KADIRS stating their position. During the pendency of deliberations as aforementioned and without a feedback to operators, KADIRS moved to enforcement. T...
“I Discovered Banana Island” – Terry Waya Claims
Business

“I Discovered Banana Island” – Terry Waya Claims

Terry Waya made this claims in an interview with BBC pidgin where he talked about how he made his money as a young man, he reveals he got the contract to develop the luxury Banana Island in Lagos, Nigeria commercial capital. Terry Waya revealed he was the first person that got the to develop Banana Island before he handed over to Lebanese-Nigerian Chagoury Group to complete the job. According to Terry Waya nobody knew about Banana Island before and that one day he went to visit his tight friend, General Adisa, and that was when he saw a big poster where they wrote “Banana Island.”. Terry Waya then asked the minister about the poster and he told him they were looking for a partner to collaborate with to develop the man-made Banana Island and then sell it, therein the partner wi...
Nigerian Co-Owned FINTECH, Esusu Raises $2.3 Million In Fundings in USA
Business

Nigerian Co-Owned FINTECH, Esusu Raises $2.3 Million In Fundings in USA

Nigeria-Inspired Fintech Esusu Raises $2.3 Million in Seed Extension to Fuel Its Expansion to 1M Rental Units. Millions of Americans have lost jobs and missed rent payments due to the pandemic, a striking reminder of the looming financial duress many households are under. On Wednesday, the digital savings app Esusu, which targets immigrant and minority groups, announced the close of a $2.3 million seed round, bringing its total financing to $4 million. Cofounders Wemimo Abbey and Samir Goel began fundraising in June and the latest round includes investors like Impact America Fund, Zeal Capital Partners, and Next Play Ventures, the latter of which is led by LinkedIn chairman and former CEO Jeff Weiner. Founded in 2018, Esusu is a rotational savings and credit building app that ...
Shoprite Announces Plan To Leave Kenya
Business

Shoprite Announces Plan To Leave Kenya

South Africa’s supermarket group, Shoprite Holdings, has announced plans to sell or close its remaining two stores in Kenya by the end of December. The supermarket group said it will be leaving the East African country two years after it began operations in the country. On Tuesday, the company said its Kenyan business had underperformed. “Kenya has continued to underperform relative to our return requirements,” the company said after posting a 16.6 per cent rise in annual group earnings. The South African firm has renegotiated 48 rental agreements by either reducing rent payments or converting them to local currency, Chief Executive, Pieter Engelbrecht, said. The group has also restricted capital allocations to its supermarkets outside South Africa, as part of an ongoing review...
CBN Freeze Adebutu Kessington’s Bank Accounts For “Tax Fraud”
Business

CBN Freeze Adebutu Kessington’s Bank Accounts For “Tax Fraud”

The move by the apex bank comes months after the Economic and Financial Crimes Commission launched an investigation into the activities of Adebutu for alleged tax fraud and economic sabotage. The Central Bank of Nigeria has frozen the bank accounts of 38 Nigerian companies. This is as scarcity of dollars at the parallel market during the week forced the naira down to N465 against a United States dollar. Nigeria is presently facing one of its biggest dollar crunch in recent years with the impact hurting critical sectors of the economy. In a circular dated September 4, Bello Hassan, CBN’s Director of Banking Supervision, asked banks to place the accounts of the 38 companies on Post-No-Debit (PND) order “You are hereby required to place the under listed accounts on Post-No-Debi...
FG Asks Multichoice To Suspend DSTV, GOTV Price Increase
Business

FG Asks Multichoice To Suspend DSTV, GOTV Price Increase

The Federal Government has asked Mul­tiChoice to suspend its planned increase in tariff which will take effect from Sep­tember 1, saying it is hostile to Nigerians who are currently going through harsh economic conditions, Daily Independent reports. The government also said the company did not consult with it before the decision was made, saying it only read about the increase in the media like every other Ni­gerian. MultiChoice had, last week, announced increment in the prices of DStv and GOtv subscriptions for the second time in less than four months. Giving reasons for its up­ward review of prices, the company cited factors such as inflation, operations, the mandatory increase in Value Added Tax (VAT), and deval­uation of the naira. The company, in a state­ment to subsc...
Air Peace Boss, Allen Onyema Visits Anambra Cargo Internation Airport Site
Business

Air Peace Boss, Allen Onyema Visits Anambra Cargo Internation Airport Site

Airpeace boss, Chief Allen Onyema lauds Governor of Anambra state, Chief Willie Obiano over the ongoing Anambra International Airport, Ummueri, says airport has potentials of becoming the best in Africa. Airpeace is also ready to partner with Anambra state government to build a standard maintenance hanger in the airport. Chief Onyema reveals more in an interview with the MD of ABS, Chief Uche Nworah. Get details from the video below https://youtu.be/qtps1eP0r4M
Lagos Stadium: Business Owners Lament Seven-day Eviction Notice
Business

Lagos Stadium: Business Owners Lament Seven-day Eviction Notice

Business owners at the National Stadium, Lagos are lamenting the seven-day eviction notice given to them by the Ministry of Youth and Sports Development to vacate the premises. Dare on June 20 had given illegal occupants of the Moshood Abiola Stadium, Abuja 25 days to vacate the facility, while legal occupants of the Lagos stadium were handed a seven-day notice on Monday, and are expected to evacuate the premises on August 24. The notice, which was signed by the stadium manager, Kehinde Owopetu, and titled ‘Renovation of the National Stadium, Lagos vacation order of temporary structures,’ read, “Please be advised that the Federal Government has concluded arrangements for the holistic renovation of the National Stadium, Lagos by PPP/concession scheme. “Further to the above, th...
Richest Man In Asia, Mukesh Ambani Plans To Acquire Several Local Online Retailers As He Races To Compete Against Amazon
Business

Richest Man In Asia, Mukesh Ambani Plans To Acquire Several Local Online Retailers As He Races To Compete Against Amazon

Mukesh Ambani, Asia’s richest man, is on a shopping spree as he targets online retailers for acquisition in a bid to compete against Amazon. Ambani spent the early few months of the pandemic raising more than $20 billion by selling stakes in his technology venture. He is now looking to acquire several local online retailers to help expand product offerings as he races to build his e-commerce platform and compete against Jeff Bezos' Amazon.com. Reliance Industries Ltd., Ambani’s oil, retail and telecommunications conglomerate, is in various stages of negotiations to either buy out or purchase stakes in Urban Ladder, an online furniture seller, Zivame, a lingerie maker, and Netmeds, which delivers medicine, people familiar with the matter said, according to Bloomber...
I Received Order For $4.7m Cars From Sierra Leone As NASS Rejects My Cars – Innoson CEO
Business

I Received Order For $4.7m Cars From Sierra Leone As NASS Rejects My Cars – Innoson CEO

Chief Innocent Chukwuma is the Chairman/Chief Executive Officer of Innoson Vehicles Manufacturing, IVM, a foremost automobile maker in Nigeria. In this exclusive interview after a facility tour of his Nnewi automobile factory, Chukwuma reveals the secrets behind his success in the automobile industry, why he has never failed in any business ventures, his major challenges, his new factory in Imo State and planned partnership with a foreign company. Excerpts: Some Nigerians still think that Innoson is just an assembling plant and not a car production company. What is your status? You are here now and you have seen things yourself. Let me use this opportunity to say this once again; Innoson does not assemble vehicles, we manufacture. We build 100 percent vehicle body here and ov...
“We Are Not Leaving Nigeria” – Shoprite Denies Exit Rumours
Business

“We Are Not Leaving Nigeria” – Shoprite Denies Exit Rumours

ShopRite Nigeria has debunked the story making the rounds that it intends to close shop in Nigeria. The Country Director for Chastex Consult, Ini Archibong, in a telephone conversation with Vanguard, said: “Shoprite is not leaving Nigeria. “We have only just opened to Nigerian investors which we have also been talking to just before now. We are not leaving, who leaves over a $30billion invest and close shop? It doesn’t sound right. “We only just given this opportunity to Nigeria investors to come in and also help drive our expansion plan in Nigeria. So we are not leaving. “I have tried to say this as too many people as I can. There should be no panic at all and all of that. There is no truth in that report.” Recall that reports have been circulating that the retail outl...
Shoprite Exit Will Help Local Supermarkets To Grow, They Can Go – Shehu Sani
Business

Shoprite Exit Will Help Local Supermarkets To Grow, They Can Go – Shehu Sani

Former Kaduna lawmaker, Senator Shehu Sani, in his reaction the report on exit of retail giant Shoprite from Nigeria, has said it will provide an opportunity for local supermarkets in the country to grow. In a tweet he shared, Sani stated that the company is free to stay if they intend doing that and if they have decided to leave teh country, then they are also free to go. He wrote on Twitter: If Shoprite wants to stay, they can stay; if they want to go, they can go; it will help local supermarkets to grow.
Shoprite To Leave Nigeria After 15 Years
Business

Shoprite To Leave Nigeria After 15 Years

Africa's biggest grocery retailer, Shoprite, is exiting the continent's most populated country, Nigeria, after 15 years. The Cape Town-based retailer has started a formal process to consider the potential sale of all or a majority stake in its supermarkets in Nigeria, it said in a trading statement for the 52 weeks to end June released on Monday. South African retailers have struggled in the Nigeria market and most recently Mr Price has exited the market after Woolworths did the same six years ago. In the statement, Shoprite said the results for the year do not reflect any of their operations is Nigeria as it will be classified as discontinued operation. International supermarkets (excluding Nigeria) contributed 11.6% to group sales, and reported 1.4% decline in sales from...
Adebutu, Kashamu’s Firms Fight Dirty Over Betting Game Rights
Business

Adebutu, Kashamu’s Firms Fight Dirty Over Betting Game Rights

The clash between betting and gambling firms owned by a Peoples Democratic Party chieftain, Senator Buruji Kashamu; and billionaire businessman and philanthropist, Sir Kensington Adebutu, has got messier. While Adebutu owns Premier Lotto, Western Lotto belongs to Kashamu. The battle between the companies over the rights to a Ghana-based game, leading to a N500bn suit, is now being resolved by the House of Representatives. The House of Representatives had begun its intervention in the crisis on Tuesday. Its Committee on Inter-Governmental Affairs had met with stakeholders in the industry in Abuja, asking that a new date be fixed, pending the time the panel studied the submissions made to it. Our correspondent obtained some of the presentations to the committee. At the hea...
Obu Mines: BUA Threatens Dangote Group With Contempt Of Court Proceedings
Business

Obu Mines: BUA Threatens Dangote Group With Contempt Of Court Proceedings

BUA Group has warned Dangote group to remove its excavators and trenches used in barricading the entrance of Obu Mines in three days or face contempt of court proceedings. BUA Group in a statement said that Dangote in its not so surprising tactic and in total disregard for the court and rule of law has laid siege on BUA’s Obu mines Okpella by placing excavators and creating trenches at the entrance to effectively prevent BUA Vehicles from operating at the mining sites even after a competent Federal High Court in Benin recently granted BUA rights over the mines. While drawing public attention to the Dangote’s illegal self-help measures, BUA warned Dangote to restore access to its mining sites, by refilling the trenches and removing their excavator, within three days or it will Insti...
Okpella Mining Site: BUA Group Tells Dangote To Respect The Judicial Process
Business

Okpella Mining Site: BUA Group Tells Dangote To Respect The Judicial Process

BUA Group has described the publication of Dangote Group wherein it stated that BUA misinterpreted the fact about a pending court case as untrue and laden with fraught misrepresentations. A statement by BUA Group explained that Dangote, in its hurry to twist facts, failed to justify the alleged misinterpretation in its publication but stylishly stated that it has appealed the judgement whilst accepting the recent court order, which granted BUA the right to peaceful possession and operations of three of its mining sites in Obu, Okpella in Edo State. “In the said publication by Dangote Group, it was alleged that the initial publication of the BUA Group was riddled with misrepresentations and deliberate distortions of facts. We however note that the Dangote Group failed to identify any ...
Dangote Group insist on ownership of Obu-Okpella Mines
Business

Dangote Group insist on ownership of Obu-Okpella Mines

The management of Dangote Group yesterday denied the claim by the BUA Group to the mining sites in Obu, Okpella, Edo State, as the latter said it relied on the Federal High Court recent judgment in Benin. Dangote advised the regulatory agencies to disregard completely the unfounded and mischievous claim and publication by the BUA Group, saying it was riddled with misrepresentations and deliberate distortions of facts Dangote Group in a statement signed by the Group Executive Director, Devakumar Edwin, explained that the Dangote Group, had through its lawyers vigorously defended the suit filed by the BUA Group seeking a perpetual Injunctive Order against further interferences with their purported fundamental rights to property and privacy. He said the Group has appealed the Hig...
France’s Telecom Operator, Orange, Plans Entry Into Nigerian GSM Market
Business

France’s Telecom Operator, Orange, Plans Entry Into Nigerian GSM Market

Orange, France’s largest telecom operator, believes it would benefit from having a wider footprint in Africa and will give itself a few months to make a possible move, Chief Executive Stephane Richard, told Les Echos business newspaper. “It could make sense to be in economies such as Nigeria and South Africa,” Richard was quoted as saying. “If one considers there are things to do, the time frame I am considering is rather a few months than a few years.” Richard declined to comment on a possible interest in South Africa’s MTN Group Ltd. The Middle East and Africa, where Orange has a presence in 18 countries, is the company’s fastest-growing market. The region makes a large chunk of its revenues from payment transfers – a key part of the group’s diversification into financial...
Nigerian Mutual Funds Hit N1.26 Trillion In 5 Months
Business

Nigerian Mutual Funds Hit N1.26 Trillion In 5 Months

Total net asset of collective investment schemes and funds in Nigeria has risen to N1.257 trillion in the first five months of the year. There is no doubt that COVID-19 has affected various parts of the Nigerian economy and indeed, the world economy. One industry in Nigeria that has remained resilient in spite of it all, is the mutual fund industry. Data released by the Securities and Exchange Commission (SEC) as at May 29, 2019 showed that net asset value of mutual funds rose by N251 billion or 24.95 per cent from N1.006 trillion on December 29, 2019 to N1.257 trillion to close the first five months of the year, on May 29, 2019. The analysis revealed that in spite of the decline of 5.864 per cent witnessed in the Nigerian equities market during the period under review, the Ni...
Court Restrains Dangote, Police From Interfering With BUA Mining Sites
Business

Court Restrains Dangote, Police From Interfering With BUA Mining Sites

A Federal High Court in Benin City has restrained Dangote Industries and the Nigerian Police Force from interfering with BUA Group’s operations of the disputed Okpella mining sites in Okpella, Edo State in a judgement it delivered recently. A statement by the management of the company on Sunday recalled that BUA was legally operating on its mining sites before operations at three of those mines were abruptly disrupted by the Inspector General of Police and the Edo state Commissioner of Police on the order of Dangote Industries & Dangote Cement Plc in 2017. According to the statement, the court ordered the Inspector General of Police as 1st Respondent, Commissioner of Police, Edo State as 2nd Respondent, Dangote Industries, 3rd Respondent and Dangote Cement Plc as 4th Respondent t...
High Cost Of Haulage From Lagos Port Rattles Importers, Manufacturers
Business

High Cost Of Haulage From Lagos Port Rattles Importers, Manufacturers

The cost of moving imports from Nigerian ports to other parts of the country has continued to rattle goods, manufacturers and operators of logistics. Experts have linked the exorbitant cost of movement of goods at the ports to the high cost of goods in the country, especially imported vehicles and consumables. Daily Trust findings showed that it costs around N1.6 million to transport a 40 feet container from Lagos to Kano from the previous N900, 000. The same 40 feet container costs N1.2 million to move to Abuja from the N800, 000 that was previously charged. A logistics expert, Alhaji Mohammed Danlami, described as “a nightmare”, the process of transporting containers and goods within and outside Lagos from the TinCan Port, in Apapa, Lagos. Truck hirers now pay at least N800, 00...
Satellite TV Company, TSTV Loses Office Due To Debt
Business

Satellite TV Company, TSTV Loses Office Due To Debt

The West African Business Platform Ltd., a law firm, has taken possession of the Abuja Headquarters office of Telcom Satellite Ltd. Television (TSTV) due to its inability to pay its rent. The Abuja Headquarters office of the television company is situated at Plot 1191, Jahi District, off Gilmore Construction Company, FCT. The property was taken over on Tuesday following the judgment entered in favour of the plaintiff by Justice Yusuf Halilu of the FCT High Court in Nov. 2019. Officers from the Execution Unit of the FCT High Court, including four police officers, were stationed in the premises during the takeover. The law firm through its principal, Raphael Adakole, had filed the suit in 2018 with No. CV/2739/18 against the television company and its Abuja Managing Director,...
Innoson Wins Sierra Leone Oil Blocks Alongside Cluff Energy
Business

Innoson Wins Sierra Leone Oil Blocks Alongside Cluff Energy

Sierra Leone has provisionally awarded licences to Cluff Energy Africa and Innoson Oil and Gas, following the conclusion of its fourth licensing round. Cluff Energy was awarded Blocks 23, 24, 25, 36, 37, 38, 39, 54, 55, 56, 57, 74, 75, 94 and 95. Innoson was awarded Blocks 96, 97, 114, 115, 116, 117, 133, 134 and 135. The blocks awarded were focused around Sierra Leone’s continental shelf, with Cluff taking the northern blocks close to Guinea, while Innoson’s acreage is towards the south and close to Liberia. A statement from the presidency said there had been six applications for offshore concessions in the round, which has been launched in January 2018. Sierra Leone carried out a detailed assessment of companies bidding, it said, including their capacity to operate in such an e...
South African Insurance Group, Sanlam Takes Full Ownership Of FBN Insurance In Nigeria
Business

South African Insurance Group, Sanlam Takes Full Ownership Of FBN Insurance In Nigeria

South African Insurance group Sanlam becomes the only shareholder in the Nigerian life insurance company FBN Insurance and its subsidiary FBN General Insurance. The acquisition follows a deal signed between FBN Holding (parent company of FBN Insurance and FBN General Insurance) and Sanlam which grants the South African company the ownership over the 65% stake held by FBN Holding in the two branches. Before the agreement was signed, Sanlam held 35% in FBN Insurance. The transaction, conducted through Sanlam’s business cluster focused on emerging markets, Sanlam Emerging Markets (SEM), has received all the necessary regulatory approvals. This confers the ownership of FBN Insurance (Life) and its subsidiary, FBN General Insurance Limited, on Sanlam. The deal, which was sealed ...
Alan Sinfield Appointed As New CEO Of 9mobile
Business

Alan Sinfield Appointed As New CEO Of 9mobile

On Monday June 1, 9mobile announced the appointment of Alan Sinfield as its substantive Chief Executive Officer. According to the telecommunications firm, the new CEO brings a wealth of global operational expertise to the organisation having held leadership roles at numerous mobile, fixed-line and broadband data operators as well as retail, media, and wholesale distribution businesses across emerging markets in Asia, Africa, the Middle East, and Europe. Sinfield succeeds Stephane Beuvelet, who held the position in an acting capacity when the new board took over the company’s management in November 2018. Sinfield brings extensive international and operational experience from wireless telecom, fintech, and banking sectors to his new role at 9mobile. His global experience...
Most Valuable Currencies In Africa (see Nigeria’s Position)
Business

Most Valuable Currencies In Africa (see Nigeria’s Position)

A country’s currency tells a lot about its economy and living standards of the people. There is a common misconception that the biggest and most popular nations often have the best currencies; this is false – especially when Africa is concerned. How do you think the big countries rank concerning their currency in Africa today? Most people believe that countries like South Africa and Nigeria have the most valuable currencies in the African continent. But in reality, it is not true. Many other currencies are more valuable, especially from countries, you would least expect. The South African Rand comes 8th on the list, while the Nigeria which is popularly known as the so called " gaint of Africa " didn't even make it to the top 10. Many critics have argued that the dependence of ...