Business News

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…

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…

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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…

Friday, 27 September 2019 06:06

NDIC commences payment to depositors of failed Micro Finance Banks

Nigeria Deposit Insurance Corporation (NDIC) said it had commenced payment to depositors of 154 Micro Finance Banks (MFBs) that Central Bank of Nigeria (CBN) revoked their licences in 2018 due to insolvency. Managing Director of NDIC, Mr Umaru Ibrahim, said this at the Corporation’s day at the ongoing 14th edition of Abuja International Trade Fair. The event scheduled for September 21 to 29 is with the theme “Remodelling SMEs Financing: Option and Solutions’’. Represented by Director of Research, Mr Mustapha Ibrahim, the Managing Director said the payment was extended to depositors of six Primary Mortgage Banks (PMBs). According to Ibrahim,…

Thursday, 26 September 2019 05:29

Top Nigerian artistes thrill fans at Zenith Bank Aspire Music Festival

It was a night filled with magnificence and splendor as music lovers and fun seekers were treated to topnotch entertainment at the Zenith Bank Aspire Music Festival which held on Saturday, September 21, 2019 at Harbour Point Event Centre, Victoria Island, Lagos. The musical festival lived up to its billing as the most anticipated entertainment event of the year, as the audience were treated to electrifying and captivating musical performances by Nigeria’s top artistes including Olamide, Flavour, Phyno, Niniola, Mayorkun and Rema. Also on hand to anchor the event and thrill the audience with rib-cracking jokes was Kenny Black, while…

Tuesday, 24 September 2019 05:25

CBN sanctions four banks for money laundering, others

Central Bank of Nigeria and Financial Reporting Council of Nigeria sanctioned four commercial banks between January and June for various infractions, our correspondent has learnt. It was learnt that the apex bank imposed a number of sanctions on the banks for failure to comply with its Know-Your-Customers guidelines and in the anti-money laundering requirement. The banks disclosed the sanctions in their audited financial statements for the six months ended June. For its infractions, GTBank Plc was asked to pay N10 million while United Bank for Africa Plc and Access Bank Plc were asked to pay N8 million each. Fidelity Bank…

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