BusinessDay Media (2024)

15/01/2016

NSE loses 30bn dollars to crude oil slide

Oscar Onyema, Chief Executive Officer, Nigerian Stock Exchange (NSE), has said that the capital market lost over 30 billion dollars in market capitalisation to global crude oil slide. Onyema, who spoke at the NSE 2015 Market Recap and 2016 Outlook on Thursday in Lagos, said that the amount was lost…

15/01/2016

World Bank to assist oil palm processors in Edo – FADAMA

The Growth Employment (GEM) Project, a World Bank assisted project, has promised to give grant to oil palm processors in Edo to boost production of quality palm. Mr Edward Izevbigie, the state project coordinator of FADAMA 111, gave this promise in an interview with the News Agency of Nigeria (NAN)…

15/01/2016

Recruitment of 10,000 policemen personnel kicks off March

Mike Okiro, chairman, Police Service Commission (PSC), on Thursday disclosed that the sum of N8.6 billion was required for the recruitment of 10,000 policemen. From the sum, N3.40 billion is for feeding; N2.835 billion is for allowances and salaries; N1,013,550,000 is for accoutrement; N450 million…

15/01/2016

Communication minister commends Nigerian IT firm for contributing to other economic sectors

Adebayo Sh*ttu, minister of communications, recently visited the head office of Sidmach Technologies Nigeria Limited, an indigenous software development company, where he commended the company for making tremendous contributions across the education, youth and other sectors of the Nigerian economy.…

15/01/2016

IGP orders psychological evaluation of arms bearing officers

In a show of concern for the recent extrajudicial killings by some policemen in some parts of the country, the Inspector General of Police (IGP), Solomon Arase, has ordered that all police officers bearing fi****ms in the performance of official duties be subjected to psychological test and…

15/01/2016

N400m Dasukigate; EFCC slams Metuh with 7-count charge

Economic and Financial Crime Commission (EFCC) has filed a seven-count charge against the National Publicity Secretary of the People’s Democratic Party (PDP), Olisa Metuh. The charges, which bother on breach of trust, criminal diversion of public fund and money laundering, were filed against the…

15/01/2016

Naira may exchange for N320/$ next week as Senate summons Emefiele

Naira may exchange for N320 against the dollar next week at the parallel market if shortage of the greenback persists, traders have said. Naira yesterday traded between N300 and N305 against the dollar at the parallel market following the discontinuation of dollar sales to Bureau De Changes (BDCs)…

15/01/2016

N34bn fraud: Court issues bench warrant on Tompolo

Justice Ibrahim Buba of the Federal High Court sitting in Lagos has issued a warrant of arrest on Government Ekpemupolo (alias Tompolo) over his failure to appear before the court to answer to charges of money laundering preferred against him by Economic and Financial Crimes Commission (EFCC). The…

15/01/2016

How FG will doll out conditional cash transfers to vulnerable Nigerians – Ngige

Minister of labour and employment, Chris Ngige, has stated that government’s promise to doll out conditional cash transfer to vulnerable youths and unemployed Nigerians is still alive, saying that plans are underway to collaborate with states governments to achieve this. Ngige said that while many…

15/01/2016

Nigeria loses $1bn annually to unpaid gas flare fines

Despite its current struggle to consolidate on existing revenue structures and explore new ones in the face of dwindling oil prices, Nigeria is said to be losing an estimated $1 billion annually to unpaid fines for the flaring of gas by international oil companies (IOCs) operating in the country.…

15/01/2016

The King’s Court marketplace discourse seeks knowledge, righteousness in business

A marketplace discourse to be organised by The King’s Court (TKC) Nigerian Economic Outlook Forum, with BusinessDay as media partner, will be holding tomorrow, Saturday, January 16. The forum is aimed at equipping participants with requisite knowledge and encouraging them to enthrone righteousness…

15/01/2016

Economic hardship won’t stop support to RSUST – Rivers

Rivers State government has said that dwindling financial resources will not deter its quest to improve educational institutions in the state, particularly the Rivers State University of Science and Technology, Port Harcourt. Kaniye S. A. Ebeku, commissioner for education, said this when he paid a…

15/01/2016

Udom seeks more FDI in maritime, tourism sectors

Governor Udom Emmanuel of Akwa Ibom State has solicited for more foreign direct investment (FDI) in developing the maritime and tourism sectors of the state’s economy. Udom said with the numerous opportunities in the maritime sector, including the development of the beaches, the ongoing deep-sea…

15/01/2016

Metuh drags FG to court over abuse of fundamental rights

Embattled national publicity secretary of the People’s Democratic Party (PDP), Olisa Metuh, has dragged the Federal Government before an Abuja Federal High Court over abuse of his fundamental human rights. Ifedayo Adedipe, who represented the PDP spokesman, before a newly transferred Justice Abang…

15/01/2016

Outbreak of Lassa fever in Abuja, one death recorded

Nigeria’s Federal Capital Territory, Abuja, has recorded its first casualty of the Lassa fever. One person has been reported dead as a result of the disease at the National Hospital Abuja. This has increased the number of death recorded since the outbreak of the disease in August 2015 to 43…

15/01/2016

Court orders arrest of Edo House of Reps member over alleged forgery of tax document

A Benin High Court, presided over by Justice Esther Ikponmwen on Thursday, issued a bench warrant for the arrest of Philip Shaibu, a federal lawmaker representing Etsako Federal Constituency in the National Assembly over his absence from court. BusinessDay reports that the federal lawmaker was…

15/01/2016

The power of ‘believe’

It is difficult to inspire those who do not believe in themselves. As a life coach and motivational speaker, I am constantly inundated after an inspiring talk by people who have condemned themselves by themselves. In my long and successful career in the talk business, I have also met those who…

15/01/2016

Nigeria’s new car market drops by 67% in 2015

The combined effect of 70 percent tax on fully built cars (FBUs) comprising a 35 percent duty element and 35 percent levy, unfavourable exchange rate of the naira to the dollar and volatility in global oil prices which have adversely resulted to serious economic slowdown in Nigeria, adversely…

15/01/2016

On Oshodi market demolition

Most people think there is only one market at Oshodi in Lagos and this market was in the first week of January 2016 demolished by the Lagos State government. There are actually more markets in this ever bustling place, each flowing into another. The one destroyed is known as Owonifari Electronics…

15/01/2016

Orange will acquire 100% of the mobile operator Cellcom Liberia

Orange today announced it has entered into a firm agreement with Cellcom Telecommunications Limited to acquire, through its subsidiary Orange Côte d’Ivoire, 100 percent of Cellcom’s Liberia subsidiary, the leading mobile operator in Liberia, with the strongest market commercial momentum. Orange…

15/01/2016

NB improves local sourcing of raw materials

Nigerian Breweries (NB) Plc, a leading brewer in the country, has continued to improve development of local sourcing of raw materials with focus on sorghum and maltose syrup derived from cassava. “Local sourcing of raw materials creates shared value for us and our stakeholders,” Nigerian Breweries…

15/01/2016

NSE targets derivatives market in 2016 growth plan

Nigerian Stock Exchange (NSE) is looking to prioritise three initiatives in 2016, which include establishment of a Derivatives Market; Demutualisation – listing own shares on the Exchange, and monetising market services. The exchange-traded derivatives market, which goes live this year at the NSE,…

15/01/2016

Investors await Buhari’s New Year economic plan

As 2015 witnessed absence of clarity in the policy direction of the Muhammadu Buhari-led Federal Government, investors are once again looking forward to his New Year plan in order to be cock-sure of where to put their money. Investors say though some ministers like Babatunde Fashola have unveiled…

15/01/2016

Indigenous investors set to pool N7.6bn tourism investment in Ife

La Campagne Tropicana, an indigenous resort development company based in Lagos, is collaborating with other investors as it veers into the tourism and hospitality sector, in line with government’s determination to diversify the economy. The outfit, with over five resorts in Nigeria and Côte…

14/01/2016

Thinking like the rich

The rich and financially successful are worthy of emulation. The very few who have been able to acquire wealth through dint of inspiration and perspiration has worthy experiences and tales that could be extremely useful to those who intend to become like them. Unfortunately those who are not…

14/01/2016

Oil price tumble hits jobs and capital expenditure

Oil prices tumbled to within a whisker of $30 a barrel on Tuesday, extending a savage New Year sell-off as BP axed thousands of jobs and Brazil’s Petrobras cut tens of billions of dollars in spending. Signalling that it expects no let-up in a market downturn being likened to the slump of the 1980s,…

14/01/2016

Microsoft, Udemy sign MoU on MEA Youth Empowerment

In a bid to further promote youth employability in the Middle East and Africa, Microsoft recently signed Memorandum of Understanding (MoU) with Udemy, under which platform that youths can access online skills training for highly sought-after careers. Under the marriage of convenience, the MoU…

14/01/2016

China exports up first time since June 2015

The depreciation the Yuan hasn’t helped China’s collapsing stock markets, but it seems to have boosted exports. Trade by the world’s second biggest economy grew in December for the first time since June. China’s exports exceeded expectations in the last month of 2015, rising 2.3 percent from a…

14/01/2016

Accounting rule adds $3tn to balance sheets globally

Companies around the world will be forced to add close to $3tn of leasing commitments to their balance sheets under new rules from US and international regulators — significantly increasing the net debt that must be reported by airlines and retailers. A new financial reporting standard — the…

14/01/2016

Nigerians lament over repetitive SIM registration exercise

As telecommunications operators in Nigeria deal with the surge arising from the ongoing subscriber identity module (SIM) revalidation exercise, Nigerians have expressed dissatisfaction over the repetitive process of registration. A BusinessDay visit to the service centres at Ikeja City Mall, shows…

14/01/2016

Ericsson introduces three IoT solutions for smart homes and cities

Ericsson has revealed plans to launch three new solutions to equip communication service providers and utility companies to address services and requirements in the fast-growing Internet of Things (IoT) market. According to the company, those new additions will strengthen Ericsson’s unique position…

14/01/2016

Nigeria airfreight export revenue surges

Experts say they see an unprecedented revenue surge for Nigeria from export of goods through airfreight in 2016. This follows a 30 percent increase in the volume of goods exported through airfreight last year, as against the 25 percent decrease in imports between 2014 and 2015. The volume of goods…

14/01/2016

Chinese self-made ‘everyman’

Few people have heard of Li Yonghui or Fincera, his transportation and financial services company, or even Shijiazhuang, the northern Chinese city where he was born into poverty and made his fortune. He prefers to keep a low profile. But Mr Li’s career, like those of many of his peers, is…

14/01/2016

Abraaj Group to acquire majority stake in CARE Hospitals

The Abraaj Group (‘Abraaj’ or the ‘Group’), a leading investor operating in global growth markets, has announced that it has agreed to acquire, through one of its Funds, a majority stake in Quality CARE India Limited (‘CARE’ or ‘the Company’), one of the largest multi-specialty healthcare…

14/01/2016

Buhari orders investigation into the kidnap of 219 Chibok girls

President Muhammadu Buhari has approved the commencement of a new phase of investigation into the abduction of the 219 gIrls from Government Secondary in Chibok, Borno State. The panel to investigate the incident which happened in April 2014 is soon to be named by the National Security Adviser,…

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