GUARDIAN
The UNIDO Representative to ECOWAS and Regional Director, Nigeria Regional Office Hub, Mr. Jean Bakole yesterday revealed that the country ranks very poorly in the Ease of Doing Business 2017 report, ranked 169th in 190 countries, making it one of the most difficult places to do business in. Within Africa, the country is ranked 37th in 52 countries, doing better than just 15 other nations.
Showing posts with label Business. Show all posts
Showing posts with label Business. Show all posts
Saturday, May 27, 2017
Tuesday, May 9, 2017
DAVIDO, WIZKID, DON JAZZY MAKES TOP 10 RICHEST AFRICAN MUSICIANS LIST
Respected business magazine, Forbes, has released a list of its top 10 African richest musicians. Acts like, Akon, Jidenna, Wizkid, Tinashe, Davido, Don Jazzy and Sarkodie, made the list.
Tuesday, May 2, 2017
OH MY!!! MTN FIRES 280 LONG SERVING EMPLOYEES
In one fell swoop, South African telecoms firm, MTN, on Friday sacked 280 of its employees in Nigeria, in a major job cut that affected about 15% of the company’s entire Nigerian workforce.
Wednesday, April 19, 2017
Alas!!! Coke, Sprite and Fanta banned by Ebonyi State Governor
The Governor of Ebonyi State, David Umahi has banned the consumption of Coke, Sprite and Fanta at government functions in the state.
Finally!!! Nigeria officially out of Recession: see Proof
According to Worldeconomics.com, a renowned organization in the UK dedicated to producing financial analysis of the world economy, has declared that Nigeria’s economy is out of recession.
Dangote sells off Noodles company to Makers of Indomie, Dufil
Tuesday, April 18, 2017
DANGOTE TO LEAD LARGEST EXPORTER OF RICE IN THE WORLD BY 2021 - AKINWUNMI ADESINA MAKES HUGE CLAIM
Thursday, April 13, 2017
Waawu!!! EFCC uncovers $38M, N23M and E27k cash vaulted in a house in Ikoyi, Lagos
Men of the Economic and Financial Crimes Commission (EFCC) have discovered another large sum of money in a house in Ikoyi, Lagos.
Wednesday, April 12, 2017
Oh My!!! Sprite and Fanta passes saftey test but check out popular drink that is dangerous to your Health
According to Olufamous, the four-week old controversy over the safety of Benzoic acid levels in Fanta and Sprite has taken a new twist, as the Consumer Protection Council (CPC) said it found samples of Seven Up (a product of Pepsico) and Lucozade (a product of Glaxo SmithKline) to contain Benzoic levels of up to 330.0mg/kg and 323.53mg/kg respectively – far higher than the Nigerian regulatory standard of 250mg/kg; while Fanta and Sprite, two brands that have been in the eye of the storm, were found to contain levels that were within the standard.
Tuesday, April 11, 2017
Wow!! Money is Good!!! See the collection of Cakes Dangote used for his birthday at 60: See photos
Black richest man, Aliko Dangote, and particularly, one of the richest man in the world, turned 60 yesterday, 10th April and the iconic businessman received a buttload of creative cakes from his family and staff.
EFCC recovers N250M through whistle-blowers at Balogun market
EFCC has announced that they have recovered the sum of N250million at a bureau de change located inside the popular Balogun market.
Monday, April 10, 2017
Prof. Ukpong of the University of Uyo Speaks on Why The Naira Currency Will Continue to Fall
Wednesday, March 22, 2017
Finance Minister, Kemi Adeosun Black Market Destroying The Naira
Finance Minister, Kemi Adeosun has said that the thriving of the Naira Black market is damaging the country’s economy. Adeosun said, to this end, directives have been given to the Central Bank of Nigeria, CBN, to eliminate Naira black market saying it has contributed to the current scenario where the naira trades about 40 percent below the official rate against the dollar.
Thursday, March 9, 2017
EEYE MONEY GOOD OOO!!! YOU WONT BELIEVE THIS MANS AGE, SEE HOW Founder of FCMB group LOOKS AT 83 YEARS (PHOTOS)
Otunba (Dr.) Michael Olasubomi Balogun, the Founder of FCMB Group and Olori Omo-Oba of Ijebuland is clocking 83 years today.
Otunba has come a long way from a young man with dreams of instilling the culture of excellence into every facet of the average Nigerian’s life, to exceeding those dreams and becoming one of the most outstanding bankers, entrepreneurs and esteemed philanthropists Nigeria has ever produced.
He was born like any other child. But very early in life, his confidence that greatness was achievable sat in his heart like a rock. Fate in his new faith, having been born by Muslim parents, began to create the pathway to this destiny.
Today, after many years in the sector, Otunba Balogun’s legacies are indeed difficult to equal. His achievements are numerous, but one which often comes to mind includes surprising detractors with his “can-do and no guts no glory” instincts as he made history by founding the first ever Nigerian private bank to be established in Nigeria without foreign direct investments or funding from the government of Nigeria. This has remained an enduring legacy.
Otunba Balogun is forever setting up rungs on the ladder of success for young people everywhere. He has awarded over 300 scholarships to many Nigerians at secondary and tertiary levels, including his annual award of scholarships to the best students in Muslim College, Ijebu-Ode, in honour of his late father; and another scholarship endowment in honour of his mother known as “Iye Subomi Scholarship”.
His contributions to the Nigerian School for the Blind at Oshodi, Annual National Marathon Championship for Disabled Athletes, Otunba Tunwase National Paediatric Centre-Otnpc- Ijebu Ode(an emergency children’s unit in University of Ibadan named after him), and so many others, all display his commitment to the welfare of the less privileged and physically challenged in our society.
We wish him the happiest birthday ever!
Sunday, March 5, 2017
Nigeria Trade Balance Turns Positive In Q4 As Exports Jump
Nigeria's trade balance turned positive in the fourth quarter of 2016 after exports rose by more than half, the national bureau of statistics said on Saturday, the first positive reading since the same quarter a year ago.
But Africa's largest economy shrank 1.5 percent over the course of the full year due to lower oil
revenues and a shortage of hard currency, its first annual contraction in quarter of a century.
With limited manufacturing capacity, Nigeria imports most of what it consumes. Fourth-quarter imports rose 46.4 percent from the previous year to 2.31 trillion naira ($7.6 billion), the statistics
bureau said.
But exports more than compensated for that rise, jumping 53.5 percent in value terms from a year
earlier to 2.98 trillion naira, the statistics bureau said.
The balance of trade for the fourth quarter was 671 billion naira. The net trade balance stood at minus
290 billion naira ($953 million) for all of 2016. ($1 = 304.2000 naira)
(Reporting by Paul Carsten;
Editing by Hugh Lawson)
© Thomson Reuters 201
But Africa's largest economy shrank 1.5 percent over the course of the full year due to lower oil
revenues and a shortage of hard currency, its first annual contraction in quarter of a century.
With limited manufacturing capacity, Nigeria imports most of what it consumes. Fourth-quarter imports rose 46.4 percent from the previous year to 2.31 trillion naira ($7.6 billion), the statistics
bureau said.
But exports more than compensated for that rise, jumping 53.5 percent in value terms from a year
earlier to 2.98 trillion naira, the statistics bureau said.
The balance of trade for the fourth quarter was 671 billion naira. The net trade balance stood at minus
290 billion naira ($953 million) for all of 2016. ($1 = 304.2000 naira)
(Reporting by Paul Carsten;
Editing by Hugh Lawson)
© Thomson Reuters 201
Monday, February 27, 2017
Two Chinese arrested for allegedly importing N5Bn worth of fake tyres
The Standards Organisation of Nigeria has reportedly arrested two Chinese nationals, Taolung Shen and Xu Jing Yau, who were said to have dealt in substandard tyres worth over N5bn.
The suspects, according to a statement on Sunday, were paraded following their arrest, and the sealing of the warehouse where they had been cloning different sizes of tyres under different brand names.
The suspects, the statement added, churned out the substandard tyres into the Nigerian market under brand names such as Powertrac, Aptany, Harmony, Duraturn, Bearway, City Tour, Winda, Glory, Chachland, City Grand, Grandsonte and Sunny.
According to SON, the suspects brought the substandard tyres into Nigeria by stuffing them into one another.
“Sometimes as many as five tyres were stuffed into one and the tyres would have bent and ruptured in several places, thereby looking weak and slack.
“But the Chinese adorned the tyres with new labels and shinny linings to create the impression of being new and healthy,” SON said.
Some of the tyres found in the warehouse had post-dated manufacturing dates.
The agency’s Director General, Osita Aboloma, who conducted journalists round the warehouse, described the tyres as dead on arrival, saying allowing the sale of such tyres in the country amounted to “surreptitiously taking away the lives of millions of Nigerians.”
He observed that by stuffing the tyres into one another and conveying them through the sea from China to Lagos, the quality of the tyres had already been compromised.
Aboloma also noted that the crude way the tyres were separated on arrival in Nigeria and the poor storage facility, without sufficient aeration, in the warehouse had further compromised their quality.
“The SON Directorate of Compliance intercepted one of their trucks on the highway, tracked it and then this.
“You can see the amount of danger that these people are posing to our people and our economy just because they want to make huge profit at the expense of the lives of Nigerians.
“It is a clear case of investing millions in illicit business in order to take away the lives of millions of Nigerians, to destroy the lives of millions of Nigerians. If we allow something like this, it will amount to killing Nigerians,” Aboloma said.
The DG said there would be no hiding place for people who dealt in adulterated products in the country.
Wednesday, February 22, 2017
We would investigate imported Indian Garri - Minister for Agriclture
The Federal Ministry of Agriculture and Rural development says it will liaise with the National Agency for Food and Drug Administration and Control (NAFDAC) to investigate the alleged importation of garri from India.
Chief Audu Ogbeh, the Minister of Agriculture and Rural Development, who made this known on Wednesday in Abuja, said that it is ”strange and ridiculous” that garri would be imported when there is enough supply of cassava and garri in the country.
He said that the country produces more cassava that India, adding that Nigerians must change their attitude towards imported goods.
“Whoever buys that kind of garri should be blamed.
“I have heard of it. I will find out by tomorrow if NAFDAC indeed did certify any garri from India; unless it is some Indian companies packaging the garri here.
“Nigerians are too ready to buy anything imported. They will bring in apples and some of them have been preserved with ethanol which is not healthy for our consumption.
“Whoever is importing garri from India, something must be wrong with them. Why import garri when you do not know the conditions through which the garri was produced over there.
“ I have no powers to stop imports, but I can recommend to the Nigerian Customs that this is unreasonable. I produce and encourage Nigerians to eat what they produce because it is safer for them,’’ Ogbeh said.
The News Agency of Nigeria recalls that some sections of the media reported the existence of NAFDAC certified imported garri from India in some departmental stores and open markets across the country.
NAFDAC has however, denied the certification of such imported agricultural produce.
Source: thegaurdian
MMM at it again!!! Introduces new rules amidst fears
As millions of Nigeria continue to hope they get their money back from MMM Nigeria, the Ponzi scheme has decided to implement a new strategy.
The latest announcement from MMM Nigeria was released on Wednesday, February 22.
Participants are already saying the message is a confirmation that the MMM admin has been listening to their complaints and suggestions.
The new message reads: “You constantly reproach us stating we don’t listen to your opinions. However we really do. We try to carry out the most reasonable and efficient suggestions immediately.
Particularly, in accordance with your suggestions, we will soon take the following measures:
– We will stop the growth of confirmed Mavros acquired before the 1st of January 2017.
– We will freeze the bonuses received before the 1st of January 2017 (so that limited withdrawal of Mavro-2016 will include only contributions, not bonuses).
– We will introduce a new rule according to which the withdrawal amount cannot exceed triple amount of the provided help (so, GH cannot exceed PH more than in 3 times).
Many participants and guiders withdraw bonuses in such big amounts without PH that it threatens the stability of the whole System. (We don’t agree, however we will accept preferences of the majority. With this rule, you can’t withdraw only bonuses without providing help.
Therefore, keep on sending us your suggestions. We will take them into account. At least, we will try.”
Source: thesun
Tuesday, February 21, 2017
SEE GOBE - Newly introduced imported garri has no NAFDAC number!!!
In a post on the ministry’s Medium page, Adewole said that the Ministry got to work upon discovery of the photo.
Our actions and findings are outlined below: (Updates via @NafdacNigeria)
- NAFDAC Officers visited the Supermarket in Ikoyi today
- 26 packets of 500mg each of the products were seized for analysis
- The product has no NAFDAC number
- The product is said to be from Ghana but packaged in UK
- The Management of the Supermarket have been invited for further discussion in our Lagos office
Investigation continues.
Monday, February 20, 2017
Nigeria Pronounced as the Second Largest Producers of Rice
If the words of the media aided to President Buhari are to be considered valid and reliable, Nigeria has swiftly attained an international feat in the most consumed cereal in the country, rice production. The Senior Special Assistant to the President on Media and Publicity, Malam Garba Shehu, says Nigeria has achieved the status of second largest producer of rice in the world..
Malam Garba said this in Abuja at the weekend at a special interactive session with the youths organized by Citizens Support for Good Governance in Nigeria (SGGN). The presidential media aide, who spoke on the efforts being made by President Muhammadu Buhari to restructure the economy, called for more patience. He said the government met a situation in which the economy had been ravaged, while the people had been used to lifestyles that could no longer be sustained.
He said,
No country will develop when you have to import virtually everything, including tooth pick and tissue paper. All the food we eat in this country was being imported. So, all of the money earned was just going to buy food.
But as I speak to you now, Nigeria just achieved the record of the second largest producer of rice in the world. The rice revolution just started a year ago. Some of you from Nasarawa know the kind of things going on there. A newspaper did an investigation in Kebbi and they found out that there were 48,000 new millionaires in Kebbi state alone last year for growing rice.
This over reliance on oil has killed this country and we cannot continue like this. So, the diversification of the economy means more money will be in the hands of ordinary Nigerians. And there will be widespread prosperity all over the country.