Business News

Thursday, 10 October 2019 05:01

Four banks make N281bn in 6 months from lending to FG via T-Bills, Bonds

Despite low-yield environment, four leading banks generated N281bn from investing in Treasury Bills and Federal Government bonds in a half year ended June 30, 2019 audited result and accounts. This is an increase of 19.5 per cent from N235.4bn generated by the same four banks in the prior H1 2018 audited result and accounts released to Nigerian Stock Exchange. Our correspondent gathered that United Bank for Africa, followed by Zenith Bank plc continued to dominate the banking industry with investment in securities amidst Central Bank of Nigeria’s move to reduce banks’ exposure to government securities. Investment bankers, who spoke to…

Thursday, 10 October 2019 05:00

Foreign investment: FG plans visa on arrival policy

Federal Government has disclosed its planned visa on arrival policy to encourage foreign investment in the country. Minister of Foreign Affairs, Mr Geoffrey Onyeama made the disclosure in Namibia after deliberations with the Namibian Minister of International Relations and Cooperation, Netumbo Nandi-Ndaitwah, and other Namibian ministers in Windhoek. The plan to issue visas on arrival, according to Onyeama, is part of Federal Government’s Ease of Doing Business policy. The government also agreed with the Namibian government to strengthen cooperation in areas of mutual benefit, not only between Namibia and Nigeria, but with the entire African continent. Media aide to Onyeama,…

Wednesday, 09 October 2019 05:50

Beggars device new means of making money with their wheel-chairs

Some physically-challenged persons in Bauchi have resorted to using their wheelchairs to hawk petty items as against begging for alms as part of efforts to become self-reliant. Our correspondent in Bauchi who came across multiple of such persons on Tuesday reported that the rear part of their wheel-chair had been re-designed to carry their wares ranging from edible items like biscuits, sweets, yoghurts, groundnuts and kola nuts, to detergents, cooking stoves, perfumes and pomades, among others. One of such persons, Musa Bala, who sold locally-produced cooking stoves, said he was making brisk business selling each stove at the cost of…

Friday, 04 October 2019 05:58

Nigeria missed the mobile money revolution - Bloomberg

When it comes to banking by phone, Nigeria is way behind its neighbors. Photographer: Bernard Kalu for Bloomberg Markets Every month, Ifeyinwa Abel, the secretary of a Pentecostal church in Lagos, spends as much as a quarter of her salary sending money to pay for diabetes drugs to her mother 430 miles away in Abia Ohafia, a small agricultural village. It isn’t easy. First Abel, 35, has to go to a bank branch in Lagos, the country’s commercial hub, and transfer 6,000 naira ($17) into the account of a friend in Ebem Ohafia, another town in Abia state. Then she’s…

Friday, 04 October 2019 05:56

Why grit is more important than IQ when you're trying to become successful

Lisa Quast You attended the party of a long-time friend and ran into a lot of people from high school that you hadn’t seen in years. During chit-chat over appetizers and drinks, you could feel the friendly competition heating up. While comparing career accomplishments, you were shocked to learn that the kid from school with the genius IQ, the one all the teachers thought would be spectacularly successful, had struggled with his career. How could this be, you wondered. This was the person everyone thought would invent something that would change the world. It turns out that intelligence might not…

Thursday, 03 October 2019 06:00

We’ve been collecting unprecedented revenues since border closure - Customs chief

Comptroller General of Nigeria Customs Service, Mr Hameed Ali, has declared the agency collected N9.2 billion in one day as a result of the ongoing partial border closure exercise by Federal Government. Ali, answering questions from members of Joint National Assembly Committee on Finance in Abuja, said the agency maintains an average revenue collection of N5billion to N6billion on a daily basis. The customs boss was at National Assembly on the invitation of National Assembly joint committee on Finance presently considering the 2020 – 2022 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) submitted to both chambers by President…

Wednesday, 02 October 2019 06:15

In major crackdown, Customs shuts down car dealers’ shops in Lagos, Kaduna, Sokoto

In continuation of its war on smuggling in line with the closure of land borders across the country, Nigeria Customs Service (NCS) in a major crackdown shutdown some car marts suspected to have smuggled vehicles into the country through land borders. Members of the Comptroller General of the service’s strike force and officers attached to Federal Operations Unit (FOU), Zone ‘A’, Ikeja stormed the popular Berger along Apapa-Oshodi Express Road and other major car dealers’ premises across Lagos in search of smuggled vehicles and subsequently shut down the car marts until further notice. It was learnt that the car marts…

Tuesday, 01 October 2019 05:26

Air Peace gets approval to operate daily flights to South Africa

South African government has granted Air Peace permit to commence commercial flights to Johannesburg, Nigerian Ministry of Foreign Affairs has said. A spokesperson for the ministry, Mr Ferdinand Nwonye, said the proprietor of the airline, Mr Allen Onyema, confirmed that the airline would commence operation as soon as possible to promote air travel between Nigeria and South Africa. The agreement was made at the 9th Session of the Nigeria/South Africa Bi-National Commission Summit in Pretoria on September 27. The joint commission was established in 1999 to encourage relations between the two nations. The Bi-National Commission was upgraded in 2001 to…

Monday, 30 September 2019 05:55

14 foreign banks paired with local banks took $7bn from Nigeria’s Reserves. They never paid back. Here are details of the deal

There are strong indications that a huge chunk of the $7bn reserves which Central Bank of Nigeria under a former Governor, Mr Charles Soludo, gave to 14 banks had yet to be repaid 13 years after it was collected. CBN had in 2006 apportioned $7bn out of the nation’s external reserves, which stood at $38.07bn then to 14 global asset managers and their 14 Nigerian banks local partners, to manage. The amount given to the asset managers represented about 18.39 per cent of the total external reserves, which was hitherto kept with foreign banks. The 14 global asset managers and…

Monday, 30 September 2019 05:54

Nigeria’s revenue threatened as India buys oil elsewhere

Nigeria is about losing one of its major oil customers, India, as the world’s third-largest oil importer has found a new market in cheap crude oil supplies from Iraq, according to a report yesterday by Reuters. India oil imports from Iraq increased to a record high for the first time as it bought about 1.32 million barrels per day (bpd) of Iraqi oil in August. This was 29 per cent higher than its August imports in 2018. Its crude oil imports from Nigeria, Angola, Cameroon and Chad, which are known for its sweet crude also dropped significantly in August by…

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Monday, 30 September 2019 05:53

Banks posted N1.44tn non-performing loans Q2

Total non-performing loans in the banking sector stood at N1.44tn at the end of the second quarter of 2019. This is about 9.3 per cent of the total loans in the sector. Latest statistics revealed that gross loans in the banking sector stood at N15.48tn in the period under review. National Bureau of Statistics revealed that the figure of non-performing loans stood at N1.67tn at the end of the first quarter of 2019, which was 10.79 per cent of the total loan of N15.54tn in the period under review. Mrs C.M.A. Olatoregun of the Federal High Court called on Asset…

Monday, 30 September 2019 05:46

7 money mistakes Bezos, Gates, Buffett, other billionaires never, ever make - that average people do all the time

Ellen Kaplan There are two things we know for certain about millionaires: They know exactly where their money is going, and they know exactly what not to do with it. If you want to reach millionaire status, the single most important thing you can do is to learn from the likes of the super wealthy, from Microsoft co-founder Bill Gates to Google’s ex-CEO Eric Schmidt to Berkshire Hathaway CEO Warren Buffett. Here are seven things you’ll never find the world’s richest people doing, and how you can adopt their healthy financial habits into your own life: 1. They don’t waste…

Saturday, 28 September 2019 05:39

FG sacks Investment and Securities Tribunal chair

Chairman of Investment and Securities Tribunal (IST), Mr Isiaka Idoko, was on Thursday removed from office by the federal government. No reason was immediately given for his removal. Idoko, a lawyer from Kogi State, worked with the Securities and Exchange Commission (SEC Nigeria) before retiring in 2006 as a director. It was not immediately clear if Idoko’s removal had anything to do with allegations of corruption levelled against him by the staff union. IST is an independent, specialised judicial body, originally established under Section 224 of the now-repealed Investments and Securities Act (ISA) No. 45 of 1999. It is currently…

Friday, 27 September 2019 06:08

Dangote is considering giving away half of his wealth. Here’s where the billions will go

Africa’s richest man, Mr Aliko Dangote, has said he is looking forward to when he would be giving out half of his wealth to humanitarian work especially in the health sector. Dangote, who is the chairman of Dangote Foundation, said on Wednesday that “he was looking forward to when he would be giving half of his wealth to charity like Bill and Melinda Gates.” Dangote, who has had his foundation in Nigeria since 1994, said he was ‘unaware’ of the magnitude of humanitarian assistance needed in the country “until he met with Mr Gates.” Dangote was on one of the…

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