Business News

Wednesday, 27 November 2019 06:08

Motorcyclists protest ill treatment by employers in Ibadan

ORide motorcyclists on Monday lamented alleged ill-treatment being meted out to them by their employer, OPay. As a result, the riders gathered at the company’s office in Bodija, Ibadan to stage a protest. One of the riders who spoke to our correspondent during the protest said they were expressing their displeasure because the company was not fulfilling the agreement it had with them. He said: “When we started, OPay told us we would be insured, but now, we have realised there is no compensation given to the family of a late rider. This was not what they told us when…

Tuesday, 26 November 2019 05:55

Capital inflow into Nigeria declined 7.7 percent in Q3 - NBS

Fresh statistics released by National Bureau Of Statistics (NBS) on Monday revealed that the bulk of capital importation into Nigeria declined by 7.7%. The report shows that total value of capital importation into Nigeria stood at $5.37 billion in 2019 third quarter (July to September). This represents a decrease of -7.78% compared to 2019 second quarter and 87.99% increase compared to the third quarter of 2018. The report added that the largest amount of capital importation by type was received through Portfolio investment, which accounted for 55.88% ($2,999.50million) of total capital importation. This is followed by Other Investment, which accounted…

Tuesday, 26 November 2019 05:54

Nigerian investors to pay more for U.S. permanent residency

United States Citizenship and Immigration Services (USCIS) has raised its minimum requirement for the EB-5 immigrant investor scheme from $500,000 to $900,000. Under the programme, individuals are eligible to apply for conditional lawful permanent residency (Green Card) in the United States if they invest in a groundbreaking real estate project or create jobs such as 10 permanent full-time employments for qualified U.S. workers. The new change marks the first significant revision of the programme since 1993. The new rule came into effect on November 21, 2019. The less popular standard minimum investment level will also increase from $1 million to…

Tuesday, 26 November 2019 05:47

5 successful entrepreneurs share how they were able to come up with a business model right for them

When it comes to choosing a business model, there's a lot of wisdom out there on what you should and shouldn't do. But the most important thing is choosing a model that works for you. These five entrepreneurs approached things a little bit differently when starting their businesses. Amelia Kruse, a leadership coach, focused on putting in her "philosophical foundation" before getting into the nitty-gritty. Gelare Danaie foregrounded creativity over profit at her design firm. There's plenty of advice out there for aspiring entrepreneurs on how to determine a business model — lessons on finding product-market fit, building a financial…

Monday, 25 November 2019 06:02

Nigeria’s aviation business, passengers face crisis as Air Peace chief battles fraud charges

Hard times could hit the local air travel sector following fraud and money-laundering allegations against Air Peace airline’s boss. Although the industry is not new to such allegations, this is the gravest accusation against a major airline that has over 50 per cent dominant share of the local market and its operations. The fresh claims, which came to the fore at the weekend, have sent shivers down the spines of stakeholders who have begun pondering the fate that awaits the airline amid other implications for local, regional and international travels in the country. Experts specifically feared a ripple effect on…

Saturday, 23 November 2019 05:56

Zenith Bank heralds Yuletide season with light-up of Lagos street

Yuletide season comes to life in Lagos as Zenith Bank Plc lights up Ajose Adeogun Street with the theme: “LET THERE BE LIGHT.” This year marks the 14th year since the traditional Light up Ceremony at Ajose Adeogun roundabout came to be. The official lighting was done by Mr Ebenezer Onyeagwu, GMD/CEO, Zenith Bank Plc supported by Executive management, with staff and customers in attendance. Speaking during the Light up Ceremony, the GMD/CEO said: “Ajose Adeogun Street has come to be recognized by not only Lagosians, but Nigerians in general as an iconic place and tourist attraction because of the…

Thursday, 21 November 2019 05:50

Google to restrict political adverts worldwide

Google will no longer allow political campaigns to target advertising at people based on their supposed political leanings. Campaigns will also be unable to match their own database of prospective voters against Google's user base, to target individuals across platforms such as YouTube and Google search. The policy will begin in the UK "within a week", with other regions later. Campaigns will still be able to target based on age, gender and location. Google added it would also take action on obviously misleading statements in ads, putting it at odds with Facebook. Mark Zuckerberg said his social network would not…

Wednesday, 20 November 2019 06:13

Merchants dump PoS, inactive terminals hit 131,201

Some retailers using Point of Sales terminals to receive payments have abandoned the device and reverted to cash payments, investigation has shown. Some of them who spoke with our correspondent said the decision to dump PoS devices meant to facilitate cashless transactions was because customers declined using the terminals to avoid paying N50 stamp duty charge. Central Bank of Nigeria, in a circular to banks, processors and switches on September 17 had authorised banks to unbundle merchant settlement amounts and charge applicable taxes and duties on individual taxes and duties on individual transactions. CBN directed all PoS and web processing…

Saturday, 16 November 2019 05:27

Customs to begin electronic clearance of imported, exported goods

Nigeria Customs Service (NCS) said it had obtained approval from President Muhammadu Buhari to begin electronic process for clearing imported and exported goods. Comptroller General of Customs, Mr Hameed Ali disclosed this on Friday at the graduation ceremony of 40 officers from the Senior Course 3 session at Nigeria Customs Command and Staff College in Gwagwalada, Abuja. Ali said the E-Customs deployment will transform the operations of the Service, providing for faster clearance of goods. When this happens, Ali said, “Export and import processing will be paperless. Your performance evaluation report will not be written on paper and will fill…

Friday, 15 November 2019 05:14

Petrol, diesel imports drop after border closure - NBS

The nation’s imports of petrol and diesel fell by about 11 per cent and 15 per cent, respectively in September, latest data released by National Bureau of Statistics on Thursday showed. The decline in the imports of the petroleum products followed the partial closure on August 22 of the nation’s land borders with countries such as Benin and Niger in order to check smuggling of contraband into the country. Volume of the Premium Motor Spirit, also known as petrol, imported into the country dropped to 1.46 billion litres in September, down from 1.64 billion litres in August and 1.99 billion…

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Thursday, 14 November 2019 05:49

Top global designers storm Lagos for ‘Style By Zenith 2.0’ lifestyle fair

Top global designers and brands will storm Lagos for the “Style by Zenith 2.0” Fair, second edition of Zenith Bank’s anticipated Lifestyle Fair, which holds from Friday, November 29 to Sunday, December 1, 2019 at Eko Energy City, Eko Atlantic, Victoria Island, Lagos. Some of the top designers billed to feature at the fair include Tom Ford, Dolce and Gabbana, Tokyo James, Eyola, Mai Atafo, Okunnoren Twins, Ejiro Amos-Tafiri, Telvin Nwafor, Fikirte Addis, House of Kaya, Gozen Green, Trish O, Chulaap, Agatha Moreno, Sunny Rose, Nonnistics, Caesar Couture, Yartel, Orapeleng Mdutle, Mustapha Hassanali and the Fabric Hub, amongst others. Aside…

Tuesday, 12 November 2019 05:54

Cooking gas to sell for N6,000 from N3,500 current price - Marketers

Marketers of Liquefied Natural Gas, LPG, otherwise known as cooking gas, have challenged the current imposition of 75 per cent price hike on the product by federal government. This development may lead to possible scarcity of the product across the country, as the marketers have threatened to down tool. The marketers are concerned over what they described as an indiscriminate artificial hike in the price of the product by 75 per cent in the last two weeks. Executive Secretary of Nigerian Association of Liquefied Petroleum Gas Marketers, NALPGAM, Mr Bassey Essien, expressed this concern in a press briefing in Lagos.…

Monday, 11 November 2019 06:20

Border closure boosts Naira at parallel market - Report

Closure of the Nigeria’s land borders to its neighbours has kept the value of the naira strong at the parallel market, a new report has shown. Managing Director and Chief Executive Officer, Financial Derivatives Company Limited, Mr Bismarck Rewane, stated this in a report titled: “A Pound of Flesh,” which he presented at Lagos Business School’s monthly executive breakfast session. President Muhammadu Buhari had in August ordered the country’s land borders shut down as part of the government’s efforts to curb smuggling and other illegal activities. The exercise, code-named Exercise Swift Response, is being coordinated by Office of National Security…

Thursday, 07 November 2019 05:46

Alleged N67bn fraud: Contractor threatens court action against Makinde

An indigenous firm, ENL Consortium Limited, on Wednesday in Abuja, threatened to institute legal action against Governor of Oyo State, Mr Seyi Makinde, over an allegation that the firm jerked up a road project cost from N14 billion to N67 billion. Consequently, the firm has issued a seven-day ultimatum to Makinde to retract the alleged malicious allegations or be prepared for a court action to seek redress. The firm said the remarks of the governor that the road concession was jerked up from N14 billion to N67 billion and that the sum of N11 billion was earmarked for bush clearing…

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