Sunday, January 17

Business

Lagos BRT Buses May Withdraw Services Next Week
Business

Lagos BRT Buses May Withdraw Services Next Week

Primero Transport Services Ltd., operator of the Lagos Bus Rapid Transit (BRT) may withdraw its services on May 25, due to logistics problems and other issues, an authoritative source disclosed on Friday. The source said that the company might likely run out of diesel and other supplies that would likely disrupt BRT operations. “Primero is planning to withdraw all its buses from the road from May 25. The company is running out of diesel. “Suppliers have not been supplying diesel fully because the firm is owing them. The company is currently running at a loss. “Primero will run out of the supply of diesel and other supplies by Monday. So it is not likely the buses will run,” the source re-stated. Efforts to talk with the Managing Director of the company, Mr Fola Tinubu, o...
Do Not Employ Masters Degree Holder For The Role Of SSCE Holder – Akin Alabi To Employers And Business Owners
Business

Do Not Employ Masters Degree Holder For The Role Of SSCE Holder – Akin Alabi To Employers And Business Owners

Nairabet Founder and a member of the house of representatives, Akin Alabi,  has advised employers against recruiting a Masters Degree holder for the role of an SSCE holder. In a series of tweets, Akin Alabi stated that such a decision will be regretted later on by the employer and employee.. He also criticized such employment which he described as exploitation. He wrote: “If you have a vacancy for a secondary school certificate holder and a masters degree holder shows up, do not hire him or her. Hire the secondary school certificate holder. If you hire the masters degree holder, you will both regret it at the end of the day. Firstly, I think you are just being a bad person taking advantage of people by filling your low paying vacancy with a masters degree holder. Except you...
Mark Zuckerberg Reveals Facebook Is Considering Permanent ‘Work From Home’
Business

Mark Zuckerberg Reveals Facebook Is Considering Permanent ‘Work From Home’

Half of Facebook’s workforce could shift to permanent home working by the end of the decade, founder Mark Zuckerberg has revealed, according to the Press Association. The social network’s chief set out his vision to employees on Thursday, prompted by the coronavirus crisis which has forced companies across the globe to embrace remote working in recent months. Zuckerberg said it is “quite possible” that over the next five to 10 years about 50% of staff at the company could be working from home, though he warned that those interested could see salaries cut if they decide to be located away from big cities where living expenses tend to be higher. The tech giant also plans to “aggressively open up” remote hiring, though the process will be staggered, starting with experienced engi...
Investors Rush To Nigeria – Bloomberg
Business

Investors Rush To Nigeria – Bloomberg

Nigeria’s early move to tap cheap loans has improved its risk perception among foreign investors, leading to a fall in the country’s borrowing costs. Yields on Nigeria’s dollar bonds maturing in 2047 fell from an all-time high of 13.2% on March 19 to 9.1% on Wednesday. This is as the West African nation presented a revised $27 billion budget to cabinet that kept spending intact, with a proposed record deficit of 5.4 trillion naira ($13.9 billion), which will be financed mainly from new debt. Nigeria’s economy has been hit by the coronavirus pandemic and the slump in the price of oil, the nation’s top export. The plunge in crude has forced the central bank to devalue the naira, while inflation has been above its target band for almost five years. Africa’s largest economy has line...
Lagos State Records ₦282.6 Billion Q1 2020 Revenue
Business

Lagos State Records ₦282.6 Billion Q1 2020 Revenue

Not many nations within the African continent can boast of the feat Lagos state has attained over the past decade. The state rivals economies of nations as it ranks the top 10 of the largest African economies. The success of the state is, however, punctuated by high poverty levels and a range of infrastructural deficits. The onus thus falls on the state to make do with its available resources towards meeting all the needs of the state and this is what the Ministry of economic planning and budget (MEPB) as headed by Commissioner, Sam Egube, seeks to attain with the state’s financial resources. Given the ongoing pandemic, the job of the state in mitigating the far-reaching effect on businesses and individuals alike has been further heightened. The recently released financials for Q1 2020 ...
Beautiful Nigerian Business Mogul And Philanthropist, Dr. Jack-Rich Featured In Forbes China May Issue
Business

Beautiful Nigerian Business Mogul And Philanthropist, Dr. Jack-Rich Featured In Forbes China May Issue

Dr. Elizabeth Jack-Rich, the vibrant and energetic Business Mogul and philanthropist, known for her great passion in empowering women/youth in Nigeria and shouldering the mission of helping fellow citizens achieve shared prosperity. Thus, highlighting the spirit of a new generation of Nigerian leaders. Dr Jack-Rich dexterously featured in Forbes China May Issue 2020, in which she admonished about her passion and aim for the Nigerian women and women around the globe. For the comprehensive write up, kindly check this link.   Source: www.forbeschina.com/business/48698
Meet Abdulwasiu Sowani, The Billionaire Who Bought Forte Oil From Femi Otedola
Business

Meet Abdulwasiu Sowani, The Billionaire Who Bought Forte Oil From Femi Otedola

His name is Abdulwasiu Sowani, a silent billionaire and sharp Manager of Human resources. He is the new holder of Forte Oil plc, a downstream oil and gas company formerly belonging to Femi Otedola. Right after the sale of the oil and gas sector, Sowami took possession of a 74.02% equity stake in the Forte Oil PLC downstream operations through his firm, Ignite Investments and Commodities Limited. One of the foremost leading downstream oil and gas companies in Nigeria is Forte Oil Plc leading , it’s publicly on the list of The Nigerian Stock Exchange. Abdulwasiu Sowami is now the Chairman of Ignite Investments and Commodities Limited and Forte Oil Plc. Surprisingly, He is also the proprietor of Prudent Energy Limited, one of the local oil firms that has been given the licence...
CBN Governor Accuses Nigerian Business Moguls Of Using Illegal Markets (Video)
Business

CBN Governor Accuses Nigerian Business Moguls Of Using Illegal Markets (Video)

CBN Governor, Godwin Emefiele, has accused some local and foreign investors of buying dollars from the parallel market, popularly referred to as 'black market',  As the apex bank struggles to stabilise the currency exchange rate. A dollar was sold for N460 at the parallel market on Wednesday, which is higher than the interbank rate of N361 to a dollar. More so, the dwindling oil prices caused by the Coronavirus pandemic have greatly affected the country's economy and have reduced the dollars in circulation. The situation was also compounded by the suspension of sales of foreign exchange to Bureau de Change operators by the CBN. POLITICS NIGERIA reports that the investor and exporters window is also badly affected by the liquidity crisis in the foreign exchange market. However, ...
Kim Kardashian Sells Out Of Her Coronavirus Fashionable Face Masks Range In Minutes
Business

Kim Kardashian Sells Out Of Her Coronavirus Fashionable Face Masks Range In Minutes

In just under 30 minutes, fans got their hands on the new range of fashionable face masks to wear amid the ongoing pandemic. The businesswoman, 39, designed the face masks to match her SKIMS Solution wear range to ensure her fans were keeping up their stylish looks amid the COVID-19 outbreak. Kardashian’s customers had a choice of five shades made out of the make-up mogul’s shapewear’s seamless material. Her decision to launch face masks comes as the state of California has made it compulsory to wear face masks in public. The masks – which were available in five nude colours – retailed at $8 each. A set of four would set customers back for $24 (AU $37.40). Kim named her mask collection Seamless Face Masks. She promised the buyers the masks were “breathabl...
Nigeria Running Out Of FOREX – John Campbell, Ex-US Ambassador
Business

Nigeria Running Out Of FOREX – John Campbell, Ex-US Ambassador

A former United States Ambassador to Nigeria, John Campbell, says Nigeria is experiencing a shortage of Foreign Exchange due to the fall in international oil prices. He said the dip in oil prices occasioned by the coronavirus pandemic has had a negative effect on the Federal Government’s revenue and its access to US dollars through oil exports. This was contained in a piece by Campbell published on the website of the Council on Foreign Relations, a US nonprofit thinktank. The PUNCH reports that oil closed at about $60 per barrel in December 2019 but has since plunged to about $25 per barrel in May 2020. The former American envoy to Nigeria said, “Driven in part by the need for dollars, the government devalued the Nigerian currency, the naira, to 360 to the U.S. dollar, down...
Jeff Bezos Could Become World’s First Trillionaire By 2026
Business

Jeff Bezos Could Become World’s First Trillionaire By 2026

Amid the collapsing economy due to the coronavirus pandemic, Jeff Bezos is expected to come out smelling like a rose — and reach the exalted status of the world’s first trillionaire, according to research. The Amazon founder — whose fortune is estimated at $143 billion, up from $125 billion on April 12, according to the Bloomberg Billionaire’s Index — was trending on Twitter after recent research suggests he could achieve that feat by 2026. The e-commerce giant’s sales topped $75 billion in the first quarter, driven by spiking demand during the pandemic that has kept people at home and depending on at-home delivery services, according to Marketwatch. Comparisun, a small-business advice platform, said it analyzed market capitalization of the 25 highest-valued companies on the New...
Uber Sacks 3,500 Employees Via A Zoom Call
Business

Uber Sacks 3,500 Employees Via A Zoom Call

'Today will be your last working day with Uber.' Watch as choked up executive tells 3,500 rideshare employees they are being laid off effective immediately over a three-minute ZOOM call At least 3,500 Uber employees learned that they were being laid off in a three-minute Zoom call last week. DailyMail.com obtained video of the call where Ruffin Chaveleau, head of Uber's customer service, broke the news. 'We are eliminating 3,500 frontline customer support roles,' Chaveleau said. 'Your role is impacted and today will be your last working day with Uber'. The cuts were be made among customer support and recruiting teams, meaning driver number will be largely unaffected. A former Uber employee, who asked to remain anonymous, slammed the company for laying off so many people on a...
Sunti Sugar To Retain All 2,400 Staff Despite COVID-19 Challenges
Business

Sunti Sugar To Retain All 2,400 Staff Despite COVID-19 Challenges

The raging coronavirus pandemic is leaving in its trail, job losses and economic instability, however, the Sunti Golden Sugar Estate, a Nigerian company has said it is retaining all its 2,400 employees and keeping the facility at full operation. According to Joseph Umolu, the company’s director, Corporate and Legal Services, Sunti had just concluded its crushing season, harvesting 146,200 tons of sugar cane and producing 15,860 tons of sugar. He further stated that the company also produced 9,640 tons of molasses and 11,600 MWh of electricity generated using bagasse (sugar cane fibre) as fuel. The company is now entering its cultivation season and plans to maintain high levels of employment to ensure a seamless process. “At this time, when COVID-19 is causing so much job insecurity...
Firstbank Cardholders Record ₦1.18 Trillion In Transaction Value During Lockdown
Business

Firstbank Cardholders Record ₦1.18 Trillion In Transaction Value During Lockdown

First Bank of Nigeria Limited says Nigerians with its cards used them 105 million times to make payments or withdrawals worth about N1.18 trillion throughout the lockdown. FirstBank’s Chief Executive Officer, Adesola Adeduntan, also disclosed that the bank’s 53, 000 agents across the country processed about N512 billion worth of transactions with differing values while the lockdown lasted. He noted that the bank was “able to actively support her customers, their families and businesses through these challenging times.” Adeduntan further noted that approximately 12.6 million withdrawals to the tune of N156 billion were carried out across FirstBank’s ATMs nationwide. “Our customers made transfers over 106 million times with a total value of about N8.18 Trillion across our dig...
Apple Set To Return Workforce To The Office By Summer
Business

Apple Set To Return Workforce To The Office By Summer

The tech giant was one of the first to sound the alarm about the coronavirus. Now it’s becoming one of the first to return to its offices. Companies around Silicon Valley are reconsidering their work-from-home strategies amid the coronavirus pandemic, telling employees they can work remotely after the crisis subsides. Apple is reportedly taking a different tack, sharing plans to potentially bring employees back to its offices by the summer. The iPhone maker is planning to open its offices in phases, according to a report in Bloomberg, which cited people familiar with the plan. The phase, which “has already begun in some regions globally,” focuses on staff who can’t work remotely or have faced challenges working away from the office. In July, the company plans to open offices more...
Dollar Sells For N445 As Forex Scarcity Persists
Business

Dollar Sells For N445 As Forex Scarcity Persists

The dollar exchanged for N445 in the parallel market on Monday due to scarcity and shrinking liquidity in the forex market. The extension of the ban placed on flights in the country by the Federal Government, as part of efforts to curtail the spread of coronavirus, further affected the access to forex by the bureau de change operators. The President, Association of Bureax De Change Operators of Nigeria, Alhaji Aminu Gwadabe, said, “The extension of airport lockdown as well as sale of forex to the BDCs pending when air travels resume has impacted the naira negatively from N425/$ to $445/$ in the parallel market. “However, the assurances of the CBN governor to foreign investors on ease of exit have helped to flatten the curve at N445/$ without any sign of further depreciation at...
We Have Enough FOREX, CBN Tells Investors
Business

We Have Enough FOREX, CBN Tells Investors

The Governor of the Central Bank of Nigeria, Godwin Emefiele, has told investors not to panic, saying the CBN has enough foreign exchange to meet repatriation. He also assured them of the security of their investments in the country despite dwindling revenue from the sale of crude oil globally. A statement on Sunday from the CBN quoted Emefiele as saying that “investors interested in repatriating their funds from the country were guaranteed to get their money, notwithstanding the drop in the revenue from crude oil.” He said the CBN had put in place policies to ensure an orderly exit for those that might be interested in doing so. He, however, urged investors to be patient as such repatriations were processed owing to the CBN’s policy of orderly exit of investments. Recalling a si...
Nigerian Billionaires Lose Billions Amid Coronavirus Pandemic
Business

Nigerian Billionaires Lose Billions Amid Coronavirus Pandemic

The year 2020 began with lots of predictions and promises, but the volatility in the stock market (which was occasioned by the Coronavirus pandemic) was not top on the list. On February 27, Nigeria recorded the index case of the Coronavirus pandemic, an Italian who visited the country for business reasons. A month later, the federal government was preparing to announce a lockdown of the economy as part of measures to curb the seemingly unpredictable increase in the spread of the Coronavirus. The lockdown which commenced 2 days after the announcement brought a lot of uncertainty into the financial markets, and this definitely comes with huge consequences for individual and corporate investors. For many investors around the world, the first four months of the year was a bad one. T...
Access Bank Denies Sacking 75% Of Workforce, Closing Branches
Business, News

Access Bank Denies Sacking 75% Of Workforce, Closing Branches

Access Bank Plc on Monday debunked reports that it plans to sack 75 per cent of its workforce and as well close more than 300 branches. The bank in a statement signed by the Company Secretary, Mr Sunday Ekwochi, obtained from the Nigerian Stock Exchange website described the news as malicious and a distraction from the genuine and compassionate plan to protect its workers and help keep jobs in the unfolding macroeconomic environment. It said the closure of a bank branch was an action that required the approval of the Central Bank of Nigeria. According to the bank, it has neither applied for this nor obtained the approval of the CBN for the closure of its branches as widely speculated. “The bank has only suspended operations in some branches following the directive by the CB...
Coronavirus: TVC Slashes Staff Salaries
Business

Coronavirus: TVC Slashes Staff Salaries

Following the effect of the Coronavirus pandemic on the media industry, Television Continental (TVC), a broadcast television station in Lagos, has slashed its staff salaries. This was disclosed in a broadcast message by the Chief Executive Officer of the company, Andrew Hanlon to the staff on Monday. Mr Hanlon said the station owned by former Lagos state governor, Bola Tinubu, has been managing the business carefully since the outbreak. "Broadcasters across the world are battling with losses. In order to save jobs and not lay off any staff, I regret to inform you that we've been forced to reduce our pay", he said. According to him, staff earning N80,000 will get a 5% reduction, those earning between N80,000 and N200,000 will get a 10% cut. More so, senior staff earning b...
Access Bank To Shut Down 346 Branches Nationwide (List)
Business

Access Bank To Shut Down 346 Branches Nationwide (List)

Nigerian financial power house, Access Bank, annunciated the closure of more than 300 of its branches nationwide in a bid cut down running costs as a result of the outbreak of the deadly virus, COVID-19. This move comes in the wake of a statement made by the group managing director/CEO of Access Bank, Herbert Wigwe who explained the reasons behind a planned mass retrenchment of its workforce, stating that some of its branches will be closed up until December of this year. Herald NG earlier reported that Wigwe made this disclosure via video conferencing in a town hall meeting with the bank’s staff that later leaked on social media platforms. Wigwe noted that those to be affected by the mass retrenchment are mostly outsourced staff and workers offering nonessential services. Thi...
BRT Scraps Short-distance Tickets, To Commute 20 Passengers Per Bus
Business

BRT Scraps Short-distance Tickets, To Commute 20 Passengers Per Bus

Primero Transport Services Limited, operator of Bus Rapid Transit (BRT) in Lagos, says it will only be carrying 20 commuters with face masks per bus as from Monday to contain further spread of COVID-19. The Managing Director of the firm, Mr Fola Tinubu, told the News Agency of Nigeria (NAN) in Lagos on Saturday that the 21st person onboard would be the driver. Tinubu, however, said that the company would not issue short-distance tickets as from Monday, saying short-distance commuters that wished to use the service must be ready to pay for the longest distance tickets on their route. The BRT boss explained that the firm had scrapped N100 and N150 tickets for short distances in the main time and asked commuters to be ready to pay for the N200, N250 or 300 tickets, depending on t...
COVID-19: Shell Cuts Dividend For First Time Since WWII
Business

COVID-19: Shell Cuts Dividend For First Time Since WWII

Royal Dutch Shell on Thursday cut its dividend for the first time since the 1940s after a first-quarter loss – and warned virus-ravaged oil prices will take time to fully recover. The Anglo-Dutch group sank into a $24-million ($29.5-million) net loss in the three months to March – when oil went into freefall on tumbling demand and a price war between producers Saudi Arabia and Russia. That contrasted sharply with profit after tax of $6.0 billion in the same period a year earlier, the London-listed giant added in a statement. Earnings on a current cost-of-supplies (CCS) basis – stripping out changes to the value of oil and gas inventories – sank 46 percent to $2.9 billion in the reporting period, Shell said. The energy titan, which axed spending last month in response to the...
Dangote Group Converts Lockdown Break To Staffers’ Annual Leave (Photo)
Business

Dangote Group Converts Lockdown Break To Staffers’ Annual Leave (Photo)

Dangote Group has informed its staff members that the lockdown break given by the government is now a part of the company annual leave. A memo to that effect which was captured by MCI reads, "This is to advice all staff that the lockdown period will be regarded as part of Leave Period and therefore annual leave consuming." "Where any staff has exhausted his/her leave period, a commensurate amount would be deducted to cover the period." The memo has generated mixed reactions since its release. See memo below.
Atiku Sacks 46 Staff Of Gotel Communications On May Day
Business

Atiku Sacks 46 Staff Of Gotel Communications On May Day

Forty-six staff of Gotel Communications, a media outfit owned by Nigeria's former Vice President, Atiku Abubakar, have been sacked by the organisation. Gotel Communication is a television and radio broadcast conglomerate transmitting from Yola, the Adamawa State capital. The affected staff were handed their respective sack letters on Friday, being Workers Day. It was signed by the General Manager, Mohammed El-Yakub. A copy of the sack letter seen by SaharaReporters reads in parts, "The management has decided to discontinue your services with immediate effect. "Consequently, please be informed that your entitlements including stipend lieu of the notice will be computed and posted into your account with immediate effect." Recall that some expatriate workers had earlier ac...
Access Bank To Cut Staff Salaries, Retrench 75% Of Workers
Business

Access Bank To Cut Staff Salaries, Retrench 75% Of Workers

Herbert Wigwe, the group managing director of Access Bank, has mulled the bank’s planned mass retrenchment of its workforce over what he said was the outcome of the COVID-19 lockdown. The bank boss who spoke via video conferencing in a town hall meeting with the bank’s staff said those to be affected by the mass retrenchment are 75% of the bank’s staff, most of whom are outsourced and are offering “non-essential services.” “We probably don’t need as many securitymen as required, even to the fact that we are not gonna have all our branches open between now and December. We don’t need all the tea girls. We don’t need all the cleaners. We don’t need all the tellers etcetera, etcetera,” Mr. Wigwe said in a video obtained by The Trent on Thursday, April 30, 2020. “The second has to...
MTN Nigeria Made ₦51 Billion Profit And Gained 4.2 Million New Subscribers In Q1
Business

MTN Nigeria Made ₦51 Billion Profit And Gained 4.2 Million New Subscribers In Q1

MTN Nigeria announced a profit after tax of ₦51 billion in Q1 2020 - a 6% increase compared with Q1 2019. This increase was largely driven by revenue from data subscriptions, which rose to ₦74 billion – a 60% increase compared with Q1 2019. Revenue from data subscriptions is expected to further increase this quarter (Q2 2020) as workers in many parts of Nigeria are working remotely due to the coronavirus outbreak. - Revenue grew by 16.7% to N329bn from N282bn in the previous quarter. - Profit before tax grew by 8.9% to N76bn. - Profit after tax grew by 5.6% to N51bn. - Net Assets grew by 35.3% to N196bn from N145bn. Service revenue rose by 16.7 percent year on year to NGN 328.5 billion, driven by voice and data revenue. Net profit increased by 5.6 percent to NGN 51.15 billion ...
Coronavirus: British Airways To Sack 12,000 Employees
Business

Coronavirus: British Airways To Sack 12,000 Employees

British Airways is to make up to 12,000 staff redundant in response to the coronavirus pandemic. The airline has cut 94 per cent of its flights and its parent company, IAG, lost almost half a billion pounds in the first three months of 2019, with much heavier losses expected. As a result, British Airways has begun consulting with unions representing pilots, cabin crew and ground-based staff over redundancies for almost 30 per cent of employees in future. The scale of the proposed redundancies indicate that British Airways intends to trim its flying schedule by one-quarter. Cuts are likely to be more substantial at Gatwick than at BA’s main base, Heathrow. Alex Cruz, BA’s chief executive and chairman, said: “Yesterday, British Airways flew just a handful of aircraft out o...
COVID-19: Arik Cuts Salaries By 80%, Places 90% Of Staff On Leave Without Pay
Business, News

COVID-19: Arik Cuts Salaries By 80%, Places 90% Of Staff On Leave Without Pay

As the world battles the deadly Coronavirus outbreak that has halted social-economic activities and plunged economies world over into uncertainty and trying times, Arik Air, Nigeria’s largest commercial airline, has ordered 90% of its 1,800 staff to proceed on leave without pay until further notice. This was disclosed in an email signed by the Chief Executive Officer of the airline, Captain Roy Ilegbolu, and sent to all staff yesterday. It stated that the suspension would be subject to monthly review. In an internal memo obtained by Premium Times, the airline’s Chief Executive Officer, Roy Ilegbodu, informed employees that the management of the company has also decided that at least 90 percent of its workers will proceed on indefinite leave without pay from May 1. 2020. In t...
Apple Plans To Sell Macs With Its Own Chips From 2021, Bloomberg Tells
Business

Apple Plans To Sell Macs With Its Own Chips From 2021, Bloomberg Tells

Apple Inc (AAPL.O) plans to sell Mac computers with its own main processors by next year based on the chip designs currently used in its iPhones and iPads, Bloomberg reported on Thursday. The iPhone maker is working on three Mac processors based on the A14 processor in its next iPhone, suggesting the company will transition more of its Mac lineup away from current supplier Intel Corp (INTC.O), the report added citing people familiar with the matter. Apple started using Intel’s processors in 2006 and a year later all Mac computers featured its chips. Since then, Intel has made chips for other Apple products such as modem chips for its iPhones. Apple has always relied on outside suppliers for its modem chips, a crucial part that connects devices like the iPhone to wireless data ...
Ferrari Rolls Out Coronavirus Testing To Get Staff Ready For Work
Business, News

Ferrari Rolls Out Coronavirus Testing To Get Staff Ready For Work

Workers at Ferrari (RACE.MI) are signing up en masse for voluntary coronavirus screening so they can return to work as soon as possible in an ambitious scheme that could serve as a blueprint for manufacturers desperate to resume production. Under its “Back on Track” project, Ferrari staff, families and suppliers first take blood tests to see if they’re clear and will then be given an app which will alert them if they’ve been in close contact with any scheme members who contract COVID-19. As manufacturers in Europe and North America scramble to find ways to restart their businesses while keeping the virus out of production sites, Ferrari’s scheme to test workers and track possible cases of COVID-19 is being closely watched. The aim is to ensure only healthy staff resume work bu...
Alibaba Set To Invest $28 Billion In Cloud Services After Coronavirus Boosted Demand
Business, News

Alibaba Set To Invest $28 Billion In Cloud Services After Coronavirus Boosted Demand

Alibaba Group Holding Ltd (BABA.N) said it will invest 200 billion yuan ($28 billion) in its cloud infrastructure over three years – a plan that follows a boom in demand for business software as the coronavirus outbreak peaked in China. The company said in a statement it will spend the funds on semiconductor and operating system development as well as building out its data centre infrastructure. While most of China’s white collar employees were working from home throughout February, the country’s dominant cloud player saw usage surge for its software, most notably DingTalk, a workplace chat app used by both businesses and schools. At one point, users complained of lags on the app due to the high volume of activity. The company acknowledged the issues on Weibo, the Chinese soci...
Nigerian Lady, Dr. Elizabeth Jack-Rich  Becomes First African Woman To Cover “World Finance”Magazine
Business, News

Nigerian Lady, Dr. Elizabeth Jack-Rich Becomes First African Woman To Cover “World Finance”Magazine

As the first African Woman to be featured on the front cover of World Finance “Spring Issue, 2020’’, Dr. Elizabeth Jack-Rich (the founder and CEO of Elin Group Limited and Elizabeth Jack Rich Aid Foundation) has invigorated Nigeria’s economy and helped its most vulnerable citizens. Today, the vibrant entrepreneur and great philanthropist is driving inclusive capitalism through multiple acts of charity and mentorship. Under her stewardship, the privately held conglomerate has grown its presence in numerous sectors, including aviation, maritime, energy, real estate and agriculture, among others. According to Princess Dato’Seri Maria Amor, founder of We Care for Humanity and creator of the Global Order of Dignitaries and Philanthropists awards, these values are embodied by the group’s...
Lockdown: Sex Workers Lament As Clients Shun Their Services
Business, News

Lockdown: Sex Workers Lament As Clients Shun Their Services

This is not the best of times for commercial sex workers in Lagos owing to the lockdown occasioned by Covid-19 pandemic and the fact that the Minister of Health had stated that the deadly virus could be transmitted sexually. P.M.EXPRESS investigation revealed that virtually all the brothels and hotels had practically been shut across the State. The workers were either indoors in the hotel rooms doing nothing or waiting in vain for clients to patronize them. Some of the brothels visited in Mushin, Agege, Igando, Ikotun, Ejigbo and Isolo, Akowonjo etc were deserted without customers coming to the place to drink and patronize the workers. Some of the workers have relocated to join their friends and relatives in order to reduce the pile of debts incurred for renting their rooms from...
Amazon Staffs To Continue Receiving Salaries As They Shutdown 6 French Warehouses Over COVID-19 Worries
Business, News

Amazon Staffs To Continue Receiving Salaries As They Shutdown 6 French Warehouses Over COVID-19 Worries

Amazon has ordered the temporary closure of all six of its French distribution centres, one day after a French court ruled it was not doing enough to protect its workers in the country amid the coronavirus pandemic. The online giant said in a statement that “this week, we are requesting employees of our distribution centres to stay at home. In the longer term, we will evaluate the impact of that [court] decision for them and our French logistic network”. Amazon’s French warehouses are to be shut down for five days from Thursday to carry out a deep clean and to “take all the necessary measures to guarantee the health and safety of staff”, the company said.
Japan To Fund Firms To Shift Production Out Of China
Business

Japan To Fund Firms To Shift Production Out Of China

Japan has earmarked of its record economic stimulus package to help its manufacturers shift production out of China as the coronavirus disrupts supply chains between the major trading partners. The extra budget, compiled to try to offset the devastating effects of the pandemic, includes 220 billion yen ( ) for companies shifting production back to Japan and 23.5 billion yen for those seeking to move production to other countries, according to details of the plan posted online. The move coincides with what should have been a celebration of friendlier ties between the two countries. Chinese President Xi Jinping was supposed to be on a state visit to Japan early this month. But what would have been the first visit of its sort in a decade was postponed a month ago amid the spread of t...
Small Businesses Sue China For $8 Trillion Over Coronavirus Pandemic
Business

Small Businesses Sue China For $8 Trillion Over Coronavirus Pandemic

While several companies all over the world have been shut down due to the Coronavirus pandemic, a group of small businesses in the US have come together to sue China for trillions of Dollars. The small business group including Cardiff Prestige Property, Little Saigon Chamber of Commerce, First Premier X and others in California have filed a lawsuit against the People’s Republic of China, the City of Wuhan and that country’s Health Commission. According to the document, obtained by TMZ, the group claims the Chinese government knew as early as mid-November that they were dealing with a “new” and potentially deadly virus, but covered up the severity of the illness. The lawsuit, which this coalition is aiming to make a class-action by inviting similarly affected businesses across ...
Lagos Suspends Loan Repayment For MSMEs, Tech Start-Ups
Business

Lagos Suspends Loan Repayment For MSMEs, Tech Start-Ups

As part of its efforts to reduce the financial burden on 11,000 Micro, Small and Medium Enterprises (MSMEs) and technology start-ups in the state, which accessed its loans, the Lagos State Employment Trust Fund (LSETF) has placed a moratorium on repayment of the loans by the beneficiary enterprises. The Acting Executive Secretary of the Fund, Teju Abisoye, who disclosed this in Lagos, described the moratorium as part of the relief measures by the state government to assist SMEs amidst the shutdown occasioned by the COVID-19 pandemic. Specifically, the LSETF boss noted that the pandemic had adversely affected trade and other business activities globally; resulting in SMEs and larger corporations seeking suspension of their loans repayment. Abisoye explained that the gesture will help ke...
Jeff Bezos Tops Forbes World’s Billionaires List For 2020
Business

Jeff Bezos Tops Forbes World’s Billionaires List For 2020

The global pandemic, coronavirus, has proved it’s no respecter of persons and their pockets. As the pandemic tightened its grip on Europe and America, global equity markets imploded, tanking many fortunes. According to Forbes’ list, as of March 18, “2,095 billionaires were recorded, 58 fewer than a year ago and 226 fewer than just 12 days earlier, when we initially calculated these net worths. Of the billionaires who remain, 51% are poorer than they were last year. In raw terms, the world’s billionaires are worth $8 trillion, down $700 billion from 2019”. Topping the list is Amazon founder, Jeff Bezos, for the third year in a row, despite giving $36 billion worth of his Amazon stock to his ex-wife MacKenzie Bezos as part of their divorce settlement last summer. Bezos is worth ...
Nigeria Tops Forbes’ 30 Under 30 List For 2020
Business

Nigeria Tops Forbes’ 30 Under 30 List For 2020

Spread across categories like finance, tech, art, and sports, it features 30 young entrepreneurs in Africa who are innovating their respective industries. Every year, Forbes Africa releases a list of top 30 under 30 young Africans who are doing amazing things for themselves and for their community. This year wasn’t any different and the publication released names of 30 Africans sourced from four categories featuring 30 in each: Business, Technology, Creatives and Sports. Nigeria makes up the majority of honorees in the list, shedding light on the entrepreneurial and can-do spirit of the young people in the country. South Africa and Botswana had four of their young entrepreneurs on the list. Ghana had three young people while Uganda had two of its young entrepreneurs on the list...
Nigeria Revokes Eleven Oil Licenses (Names)
Business

Nigeria Revokes Eleven Oil Licenses (Names)

The Nigerian Government has revoked Oil Mining Licences (OML) of 11 oil and gas companies operating in the Marginal Fields. The Guardian learnt that the affected companies include Movido–Ekeh, Goland – Otiti, Independent Energy – Ofa, Associated-Tom Shot Bank, Bayelsa – Ayala, Sogenal – Akeni and Delsigma–Ke. Others are Bicta–Ogedeh, Guarantee–Ororo, Eurafic-Dawes Island and Sahara–Tsekelewu. While The Guardian learnt that the companies were served letters on Monday to hands-off the asset, a spokesperson for Department of Petroleum Resources, Paul Osu, who did not directly confirm the development, requesting a time to establish the truth, justified any decision to terminate the licenses, stressing that the companies have been offered enough time to turn the assets around. Osu i...
5 Businesses That Are Thriving During Covid-19 Pandemic
Business

5 Businesses That Are Thriving During Covid-19 Pandemic

The Coronavirus Pandemic has hit the world economy like a ton of bricks. Countless businesses across various industries have practically shutdown or are operating at fraction of their full capacity as a result of the restrictions on movement imposed by governments around the world to curtail the spread of the virulent COVID-19. The International Monetary Fund (IMF), through its Managing Director, Kristalina Georgieva, on March 27 confirmed that the global economy has already slipped into a recession. Also, the Organization for Economic Co-operation and Development (OECD) cut its GDP growth forecast for global economy for the year 2020 to 2.4%, the lowest rate since the 2008-2009 financial crisis. At the national levels, the United States, United Kingdom, Italy, France and Malaysia are j...
COVID-19: China Says It Has Sold Nearly Four Billion Masks Abroad
Business

COVID-19: China Says It Has Sold Nearly Four Billion Masks Abroad

China has sold nearly four billion masks to foreign countries since March, officials said Sunday, as they tried to stem widespread fears over the quality of medical exports. Despite Chinese cases dwindling, Beijing has encouraged factories to increase production of medical supplies as the pandemic kills over 60,000 globally and parts of the world face a protective equipment shortage. China has exported 3.86 billion masks, 37.5 million pieces of protective clothing, 16,000 ventilators and 2.84 million COVID-19 testing kits since March 1, customs official Jin Hai said, with orders to more than 50 countries. She added the country’s medical supply exports were valued at 10.2 billion yuan ($1.4 billion). However numerous nations — including the Netherlands, the Philippines, Croa...
MTN Nigeria Has Added 3 New Network Prefixes To Its Preexisting 10
Business

MTN Nigeria Has Added 3 New Network Prefixes To Its Preexisting 10

MTN Nigeria has added 3 new network prefixes to its preexisting 10, which brings the tally to 13. On the 11th of March, 2020, MTN Nigeria added the network prefixes, 0704, 07025, 07026 to its Network. The prefixes, which were formerly for visafone numbers were launched 3 years after the acquisition of visafone by MTN Nigeria. As Number ranges get exhausted, new ones are unveiled. For instance, when “0803” and “0806” numbers got exhausted around 2009, MTN Nigeria unveiled the 0813 Numbering range Therefore, with the emergence of the new network prefixes, potential subscribers can purchase their new MTN lines, and opt for which of the three prefixes they prefer. For subscribers that are unsure of which Network Prefix is peculiar to MTN Nigeria, Geeky Nigeria has compiled a comprehe...
Lekki Deep Seaport Receives $221 Million China Harbour Equity Fund, Gets New CEO
Business

Lekki Deep Seaport Receives $221 Million China Harbour Equity Fund, Gets New CEO

Lekki Port LFTZ Enterprise Limited (LPLEL) has now received the infusion of $221,047, 248 equity funding from China Harbour Engineering Company (CHEC), one of the shareholders of the Lekki Deep Sea Port Project currently under construction at the Lagos Free Trade Zone, Ibeju Lekki. This was disclosed by the Chairman of Lekki Port LFTZ Enterprise Limited, Mr. Biodun Dabiri, in Lagos at the end of the board meeting held on Tuesday via teleconferencing. “I am pleased to confirm that Lekki Port has received the $221,047,248 equity funding from China Harbour Engineering Company. The payment was received on Monday, 30th March 2020”, he said. According to Dabiri, this equity injection coming at this time when the world is battling the COVID-19 pandemic shows the deep commitment of CH...
Nigeria Projected Among Top 20 Economies In The World By 2050 – BBC
Business

Nigeria Projected Among Top 20 Economies In The World By 2050 – BBC

Brexit, coronavirus, and trade tiffs may be making economic headwinds, but despite immediate challenges, the world economy is projected to keep growing at a rapid pace over the next few decades. In fact, by 2050, the global market is projected to double its current size, even as the UN forecasts the world’s population will only grow by a modest 26%. Though it can be challenging to predict exactly how the future will unfold, most economists agree on one thing: today’s developing markets will be tomorrow’s economic superpowers. According to The World in 2050 report by international professional services firm PwC, in 30 years, six of the seven of the world’s largest economies will be today’s emerging economies, surpassing the US (dropping from 2nd to 3rd), Japan (dropping from 4th to 8t...
Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens
Business

Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens

Following the uncertainty in the foreign exchange market, the Naira depreciated at the parallel market on Friday evening. Nigeria’s currency depreciated to N410 per one dollar at the parallel market, popularly known as the black market on Friday evening according to Aboki Fx. This development followed the suspension of sales of foreign exchange by the Central Bank of Nigeria (CBN) to the Bureau De Change operators (BDCs). With the current rate of N410, the naira has depreciated by N20 from N390 per dollar traded on Wednesday. Recall that earlier this afternoon, Nairametrics had reported that the dollar sold for N395 in the parallel market. The dramatic change in price attests to the volatility in the market. The raging coronavirus and the crash in oil prices are having a huge e...
Dangote Loses $2.5bn In One Month – Bloomberg
Business

Dangote Loses $2.5bn In One Month – Bloomberg

The President/Chief Executive, Dangote Industries Limited, Aliko Dangote, saw its total net worth drop by $2.5bn in the last 30 days, according to Bloomberg Billionaires Index. The index, which is a ranking of the world’s 500 richest people, showed that his wealth fell from $15.9bn as of February 25, 2020, to $13.4bn on March 26. It had risen to a high of $16.5bn on January 27. He was the only Nigerian on the list of 500 billionaires and retained his position as Africa’s richest person. “Africa’s richest person controls Dangote Industries, a closely held conglomerate. The Lagos, Nigeria-based company owns sub-Saharan Africa’s biggest cement producer, Dangote Cement, which had revenue of N901.2bn ($2.5bn) in 2018. It also has interests in sugar, salt, flour, fertiliser and pack...
Stock Market Suffers N280 Billion Loss In One Week
Business

Stock Market Suffers N280 Billion Loss In One Week

Equity trading on the floor of the Nigerian Stock Exchange closed last week on a negative note amid the spread of the global pandemic, COVID-19, in the country. The NSE All-Share Index and market capitalisation both depreciated by 2.35 per cent to close last week at 22,198.43 basis points and N11.568tn respectively. All other indices finished lower with the exception of the NSE Banking, the NSE Insurance and the NSE Oil/Gas, which appreciated by 0.29 per cent, 2.80 per cent and 0.22 per cent respectively while the NSE ASeM Index closed flat. A total turnover of 2.804 billion shares worth N32.56bn in 31,715 deals were traded last week by investors on the floor of the Exchange, in contrast to a total of 3.964 billion shares valued at N43.70bn that exchanged hands the previous we...
COVID-19: MTN Staff To Start Working From Home Monday
Business

COVID-19: MTN Staff To Start Working From Home Monday

MTN Nigeria on Sunday said its team would start working from home as part of the precautionary measures to stop the spread of COVID-19 Mr Funso Aina, the telcos Senior Manager, External Relations, said in a statement that from March 23, workers are expected to perform their duties from home. Aina said that the telcos operations would continue to run at full scale with essential staff working limited hours on-site. “We also plan to announce the temporary closure of some of our stores.Those that remain open, will operate reduced hours and maintain strict and social distances measures. “ The situation unfolding around the world is unlike anything we have seen in our lifetimes and is a reminder that we are all more connected than we ever know. “To get through this, we need each other...