Monday, March 1

Business

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...
Nigeria Records First Negative Trade Balance Since June 2016
Business

Nigeria Records First Negative Trade Balance Since June 2016

Nigeria has recorded its first quarterly trade deficit since July 2016 as the value of its export fell by 9.79 per cent in the fourth quarter of 2019. According to the National Bureau of Statistics in its latest Foreign Trade in Goods Statistics report, Nigeria recorded a fall in export while imports surged by 37.20 per cent. The report released on Friday, said the value of Nigeria’s total trade rose by 10.15 per cent to N10.12tn in Q4 2019 over the value recorded in Q3. It said the value of the export component dropped by 9.79 per cent to N4.77tn in Q4 compared to Q3, while the import component increased by 37.20 per cent to N5.35tn. “The faster increase in imports resulted in a negative trade balance of N579.06bn during the quarter under review, the first since mid-201...
Coronavirus Fears Cost The World’s 5 Richest People $36bn This Week
Business

Coronavirus Fears Cost The World’s 5 Richest People $36bn This Week

The world’s five richest people finished their worst week ever in terms of dollars lost on Friday, hemorrhaging a combined $36.5 billion as the spread of the epidemic punished stocks and stoked worries about a global recession. That’s a sum that dwarfs the market capitalization of any number of US corporate giants, including Ford Motor Co., Clorox and Snap Inc. The week’s biggest loser was Amazon chief Jeff Bezos, who lost $11.7 billion during five blistering days of stock trading, leaving him with a fortune of $116 billion that nevertheless remained the world’s biggest, according to Forbes. Bezos — who earlier this month shelled out $165 million for a Beverly Hills mansion — was seconded by Microsoft co-founder Bill Gates, the world’s No. 2 tycoon, who is down $5.7 billion wi...
Ecobank Ordered To Pay N1.6Billion To FIRS For Evading Tax
Business

Ecobank Ordered To Pay N1.6Billion To FIRS For Evading Tax

The Tax Appeal Tribunal, Lagos Zone, has ordered Ecobank Nigeria Limited to pay N1,663,500,000 to the FIRS as Company Income Tax (CIT) for the year 2016. The bank had claimed it made no taxable profit and declared losses from its banking operation. Federal Inland Revenue Service (FIRS) Director of Communication, Abdullahi Ahmad, in a statement on Wednesday, said the Tribunal ruled on February 20, 2020 in Appeal No. TAT/LZ/CIT/024/2018. The Tribunal headed by Prof. A.B. Ahmed ordered Ecobank to pay N1,663,500,000 to the FIRS as Company Income Tax (CIT) for year 2016. Ecobank had sued the FIRS after it was asked to pay its excess dividend tax liability of N2,079,375,000, inclusive of interest and penalty for the Year of Assessment (YOA). The bank argued that the dividend i...
Border Closure Affecting Telecom Services; Boko Haram Bombs 282 Stations – Airtel
Business

Border Closure Affecting Telecom Services; Boko Haram Bombs 282 Stations – Airtel

Voice call and data networks in the villages and towns around Nigerian borders have been down due to lack of diesel to power the base stations there, Airtel Nigeria has said. It also said the insurgents bombed 282 telecom base stations in the North East recently. Daily Trust reports that the Federal Government had stopped fuel tankers from delivering fuel to areas close to the borders. But the telecom companies said the epileptic power supply in the country is affecting their base transceiver stations (BTSs) situated near the borders, noting that they are now shutting down “because there is no fuel to power them.” BTS is a piece of equipment that facilitates wireless communication between user equipment and a network. Speaking in Lagos on Thursday on why there are still droppe...
Diamond Bank Cheques Will Become Invalid From March 1st 2020
Business

Diamond Bank Cheques Will Become Invalid From March 1st 2020

Access bank plc has directed that all Diamond Bank cheques will no longer be valid for transaction at the end of this month. Banks across the country have given notice to customers that as from 27th of Febuary, Diamond bank cheques will not be accepted for clearing at the inter bank market. One of such notice said “This is to inform you that Access Bank Plc has directed that effective March 1, 2020, Diamond Bank cheques will no longer be valid for clearing. Consequently, from February 27, 2020, Diamond Bank cheques will not be accepted at any of our branches. It will be recalled that Access Bank acquired Diamond Bank on the approval of its shareholders. Access agreed to the takeover after Diamond Bank had struggled since 2016 to bolster its capital following loan losses which...
Former Fedex Receptionist Becomes The Company’s First Black Female CEO
Business

Former Fedex Receptionist Becomes The Company’s First Black Female CEO

Fedex has named its newest CEO and she’s Ramon Hood, a woman who began as a receptionist at the same company. Today, Hood is the first Black woman to become CEO in the company’s history. The company announced Wednesday, February 26, that former VP of operations, strategy, and planning is now CEO, bringing more than 28 years of company experience to her role. She will be overseeing the Custom Critical division. She started with the company as a receptionist in 1991 when the company was still called Roberts Express. Reacting to becoming the company’s CEO, Hood said: “I wasn’t thinking this was going to be my career and I’d be here for 28 years. I was a young mother. I wanted a job that had a stable shift that would allow me to do (college) courses as appropriate.” Over the...
Nigerian Traders In Ghana Turn Beggars Over Locked Up Shops – NUTAG
Business

Nigerian Traders In Ghana Turn Beggars Over Locked Up Shops – NUTAG

The Nigerian Union of Traders Association Ghana (NUTAG) claims their members have now resorted to begging for survival over closure of their shops by the Ghana Union of Traders Association (GUTA). Speaking to Citi News, Secretary-General of NUTAG, Comrade Evaristus Nwankwo, said the locking up of shops has subjected members to severe economic hardship forcing some Nigerian traders to go back home. In 2019, over 600 shops operated by foreigners were closed down for engaging in retail business exclusively reserved for Ghanaian traders. Majority of these clocked up shops were owned by Nigerians. The Nigerian traders have insisted that they are permitted to trade in the country by ECOWAS protocols and have made several appeals to stakeholders for amicable intervention. Comrade ...
Bob Iger Steps Down as Disney CEO in Surprise Announcement; Bob Chapek Replaces Him
Business

Bob Iger Steps Down as Disney CEO in Surprise Announcement; Bob Chapek Replaces Him

Bob Iger, 69, has stepped down as CEO of the Walt Disney Company, effective immediately and Bob Chapek is the new CEO, the board of directors announced on Tuesday, February 25. Disney named the company’s head of parks and resorts, Bob Chapek, CEO effective immediately. But Mr. Iger will stay on as executive chairman, overseeing the company’s creative endeavours through the end of next year, until his contract expires on December 31, 2021. Iger said in statement: "With the successful launch of Disney's direct-to-consumer businesses and the integration of Twenty-First Century Fox well underway, I believe this is the optimal time to transition to a new CEO." Disney Company's new CEO Bob Chapek most recently served as chairman of Disney Parks, Experiences and Products. Iger said h...
Access Bank Denies Arrest Of Its GMD, Herbert Wigwe
Business

Access Bank Denies Arrest Of Its GMD, Herbert Wigwe

Access Bank Plc has vehemently denied reports that its Group Managing Director, GMD, Herbert Wigwe has been arrested by the Economic and Financial Crimes Commission (EFCC) over allegations of fraud. Some online news sites had reported that the Access Bank boss was arrested for his connection with the assets of former Abia State governor, Orji Uzor Kalu, alleged money laundering for former petroleum minister, Deziani Allison-Madueke, as well as alleged inflation of contracts linked to former Lagos State Governor, Akinwunmi Ambode. In a notice to the Nigerian Stock Exchange (NSE) on Friday, January 10, 2019 by the company secretary, Sunday Ekwochi, the lender denied the reports, stressing that its officials were only invited for interrogation over credit facilities that were availe...
SON Certifies Innoson Vehicles, Issues MANCAP Certificate
Business

SON Certifies Innoson Vehicles, Issues MANCAP Certificate

The Standard Organization of Nigeria on Wednesday, February 12th 2020, presented the Mandatory Conformity Assessment Programme (MANCAP) certification to Nigeria first indigenous vehicle manufacturing company, Innoson Vehicles Manufacturing. The MANCAP certificate was presented to the Chairman/CEO of Innoson Vehicles, Chief Dr. Innocent Chukwuma OFR by the Director-General of Standard Organization of Nigeria, SON, Osita Aboloma Esq. Delivering his Keynote Address, Osita Aboloma said that the award certificate to Innoson Vehicles shows that the company went through rigorous process of inspections and quality assurance in the last five years or even more and also demonstrated compliance to the relevant product standards and is providing products that meet consumer expectations and offe...
CBN Restricts Milk Importation To Six Companies
Business

CBN Restricts Milk Importation To Six Companies

The Central Bank of Nigeria (CBN) has added milk and dairy products to the list of items not eligible for forex. However, the bank exempted six companies from the restriction. “As part of efforts to increase local production of milk, its derivatives and dairy products, the Central Bank of Nigeria has engaged with some companies in the industry who have keyed into the bank’s backward integration program to enhance their capacity and improve local milk production,” a notice published on the bank’s website on Tuesday read. “Accordingly, all authorized dealers are to note that all Forms ‘M’ for the importation of milk and its derivatives shall only be allowed for the following companies: 1. Friesland Campina WAMCO Nigeria 2. Chi Limited 3. TG Arla Dairy Products Limited 4. Proma...
Nigeria-China Trade Suffers As Coronavirus Limits Travel
Business

Nigeria-China Trade Suffers As Coronavirus Limits Travel

Recent data from the National Bureau of Statistics (NBS) showed that the value of Nigeria’s total trade stood at N9.19 trillion in the third quarter of 2019, being exports worth N5.29 trillion and imports worth N3.89 trillion. However, the recent coronavirus outbreak in China, a country which is Nigeria’s number one trading partner in the world, is threatening the continued positive trade balance of N1.39 trn Nigeria recorded from the country in the third quarter of 2019. Most traded agricultural goods between the two countries included sesamum seeds, whether or not broken; good fermented Nigerian cocoa beans; cashew nuts (shelled); superior quality raw cocoa beans; frozen shrimps and prawns; natural cocoa butter and cashew nuts (in shell). The two countries have separately called o...
FIRS Boss, Mohammed Nami Wants Street Traders, Artisans, Others Taxed
Business

FIRS Boss, Mohammed Nami Wants Street Traders, Artisans, Others Taxed

The Executive Chairman of the Federal Inland Revenue Service (FIRS), Mohammed Nami, has said that tax administrators need to tax street traders, artisans and other jobs in the informal sector of the economy but politicians are frustrating the effort. According to Nami, taxing the informal sector promotes good governance and political accountability, ensuring the informal sector has the right to request for certain services as demanded by the formal sector, which is being taxed. “Taxing the informal sector may also be a way of promoting good governance and political accountability of the State because tax strengthens the social contract between the citizens and the government. Thus, informal businesses that contribute to tax revenues are likely to assert their rights to receive cert...
I Have No Regret Being Called A Cleaner – Beautiful Nigerian Entrepreneur, Precious Nwosu
Business

I Have No Regret Being Called A Cleaner – Beautiful Nigerian Entrepreneur, Precious Nwosu

Precious Nwosu, the CEO of Pians Enterprise, a cleaning and fumigation company, tells MOBOLA SADIQ about her journey as an entrepreneur What is your educational background? I studied Business Administration at the Lagos State University. I am currently taking a course at the Chartered Institute of Personnel Management of Nigeria. How did you start your business? One day, I went to church and wanted to use the toilet but I couldn’t because of the condition of the place. I then asked the cleaner for a mop and bucket and started cleaning it. Afterwards, it became a routine. Every Sunday, I voluntarily undertook to clean the toilet. I did this for about six months and the idea came to me that I could actually take it as a business. I started watching janitorial videos on YouTub...
Okada Ban: Gokada Sacks Employees In Lagos
Business

Okada Ban: Gokada Sacks Employees In Lagos

Techpoint can confirm that Lagos-based motorcycle-hailing startup, Gokada has laid off most of its workforce. Launched in January 2018, the startup was founded by Fahim Saleh to solve Nigeria’s largest city traffic problems. Since then, Gokada has gone on to raise a total of $5.6 million from two rounds and claims to have completed more than a million rides. However, amidst the fundraising and fanfare, there has always been a cloud of bad blood and uncertainty. A year and a few months later after launch, it was reported that Deji Oduntan stepped down from his CEO role as co-founder Fahim Saleh took over. At the time, there were allegations of mismanagement and misconduct at the startup which Saleh denied during an interview with Techpoint. In August 2019, three months after r...
The Automaker’s 2019 Profits Were Essentially Wiped Out
Business, News, Politics

The Automaker’s 2019 Profits Were Essentially Wiped Out

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Apple Temporarily Closes All 42 Stores In China As Coronavirus Spreads
Business

Apple Temporarily Closes All 42 Stores In China As Coronavirus Spreads

Apple (AAPL)'s website in China says that all 42 stores will be closed until February 9. The online website still works for customers in China. "Out of an abundance of caution and based on the latest advice from leading health experts, we're closing all our corporate offices, stores and contact centers in mainland China through February 9," Apple told CNN Business in a statement. "We will continue to closely monitor the situation and we look forward to reopening our stores as soon as possible." Almost 12,000 cases have been confirmed worldwide, with more than 11,800 of those in China. At least 26 other countries have reported cases, including three in Japan, two in the UK and two in Australia Saturday. Beijing has taken unprecedented measures to try to contain the virus, includi...
FIRS Warns Against Evasion As 7.5% VAT Begins
Business

FIRS Warns Against Evasion As 7.5% VAT Begins

As the implementation of the new 7.5 per cent Value Added Tax rate begins on Saturday, the Federal Inland Revenue Service has warned businesses and individuals against tax evasion. The Federal Government had said it would from today begin the implementation of the 7.5 per cent Value Added Tax. The VAT increase which is meant to help government achieve its revenue projections for the 2020 budget is a part of the tax reforms included in the 2019 Finance Act . With the Act , it is expected that there will be more revenue to finance key government projects especially in the areas of health, education and critical infrastructure. Among the Finance Act strategic objectives is the supporting of micro , small and medium Enterprises in line with the ease of doing business reforms such as VA...
”Nigeria Has Finished Us” – Ghana Traders Cry Out
Business

”Nigeria Has Finished Us” – Ghana Traders Cry Out

Traders in Ghana have labeled Abuja's decision to continue shutting its border as needless and un-African. On the contrary, Nigeria claims the border closure has spurred local production and reduced arms smuggling. Ghanaian trader Gabriel Nartey says the Nigerian border closure has negatively affected business Gabriel Nartey casts a sad look as he sits idly in his spare parts shop located in Ghana's capital Accra. The 50-year-old trader complained that he has not seen business this bad. "I am stuck, I am losing customers because I don't have what they need," Nartey told DW in an interview. "I don't know what to do, it's just a few who can go to China, which is more expensive that can manage, but for those like us who rely on Nigeria only, it is challenging for us." When Ni...
Kessington Adebutu: CDNDC Carpets EFCC Over Western Lotto
Business

Kessington Adebutu: CDNDC Carpets EFCC Over Western Lotto

A frontline civil society pressure group, Coalition in Defence of Nigerian Democracy and Constitution (CDNDC) has cautioned the Economic and Financial Crimes Commission (EFCC) against being used by wheel dealers to settle political scores. The group in a statement by its Convener, Ariyo-Dare Atoye, expressed disappointment in the EFCC for prioritizing a petition written by someone of questionable character over petitions written by unencumbered Nigerians. CDNDC described the petition written against Baba Ijebu’s Premier Lotto by Western Lotto as hand of Esau but voice of Jacob, noting that it was a carryover of the bitter politics of 2019 between Ladi Adebutu, who is a son of Baba Ijebu and Buruji Kashamu. The group said the EFCC cannot be complaining of an unfavourable Transp...