Sunday, January 23

Business

AMCON takes over Ibadan Electricity Distribution Company
Business

AMCON takes over Ibadan Electricity Distribution Company

The Ibadan Electricity Distribution Company, (IBEDC)Ltd has been taken over by The Assets Management Corporation of Nigeria, (AMCON). Sources claimed that the development is coming a day after Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission EFCC, apprehended AMCON Managing Director, Ahmed Kuru. Kuru was reportedly invited to the headquarters of the anti-graft agency in Abuja on Thursday over alleged assets diversion and selling of seized assets to cronies at below value prices. However, while the MD is still being grilled by the EFCC, reports confirmed that AMCON has taken over IBEDC. The development was disclosed in a memo released today by the Chief Operating Officer (COO) of AMCON, Engineer John Ayodele. The memo dated January 20 which was issue...
Wu Peng attends FOCAC conference via video link
Business

Wu Peng attends FOCAC conference via video link

The Director-General(DG) of the Department of African Affairs of the Foreign Ministry, Wu Peng has attended and addressed the seminar on follow-up actions of the Eighth Ministerial Conference of the Forum on China-Africa Cooperation (FOCAC) via video link. Wu Peng introduced the core outcomes of this FOCAC conference and the positive progress made in the implementation of the outcomes since the end of the conference more than one month ago. Wu Peng in his remarks said that China-Africa cooperation is South-South cooperation and friendly cooperation between brothers. "China has always provided assistance for Africa within its capacity according to the will of African countries, and will do its utmost to upgrade China-Africa cooperation and promote high-quality development. "Chi...
EEDC declares war against energy theft, meter bypass suspects
Business

EEDC declares war against energy theft, meter bypass suspects

By: Awesome Ekene The Management of the Enugu Electricity Distribution PLC (EEDC) has decried the increasing rate at which some of its customers engage in acts of energy theft, especially meter bypass. The Head, Corporate Communications, EEDC, Mr. Emeka Ezeh in a statement, said the ugly development has not only consistently impacted negatively on the company's revenue but on its ability to meet up with its obligations to the Market Operators. He recounted the recent apprehension of one of the company’s Maximum Demand customers by its Task Force team, for involving in meter bypass. He said, "The customer, identified as Nkemjika Industry Limited, totally bypassed the meter installed in its facility and directly connected the armoured cables from the mains to the factory, a situ...
Keke riders in Kano suspend strike
Business

Keke riders in Kano suspend strike

Commercial tricycle riders in Kano have suspended their three-day-old strike. The commercial riders went on strike over operational permits demanded by the Kano State Road and Traffic Agency (KAROTA). The decision followed a meeting held on Wednesday between KAROTA’s managing director Baffa Babba-Dan’agundi, who represented the Kano government and leadership of the tricycle riders. The meeting was held at the Nigerian Bar Association (NBA) headquarters in Kano and moderated by Mahmoud Gadanya, a lawyer. The lawyer of the Keke riders, Abba Hikima, announced the suspension of the strike while addressing journalists shortly after the meeting. Mr Hikima stated that among the resolution reached at the meeting was that members of the association would resume operations on Thursda...
Exness expands presence in Africa with $1 trillion multi-asset broker
Business

Exness expands presence in Africa with $1 trillion multi-asset broker

Exness, one of the biggest multi-asset brokers in the world says it will will continue to expand its presence in Africa in 2022. With a strong presence in Africa over the past year and an FSCA licence under its belt from the South African regulator, Exness’ strategic expansion plans will cover countries like Uganda and Rwanda in 2022, where anyone with a serious interest in accessible and affordable investment options can benefit from the broker’s innovative technology and excellent trading conditions. The leading broker has had tremendous success and growth in its 13-year history and recently surpassed the $1 trillion mark in monthly trading volume (October 2021). This momentous milestone establishes the already successful broker’s leading presence in the financial markets landscap...
DHL Global Expands Presence In Zimbabwe
Business

DHL Global Expands Presence In Zimbabwe

DHL Global Forwarding has launched in Zimbabwe to extend its presence across Africa. The leading international air, ocean, and road freight services provider will give local and regional businesses within the greater Southern African Development Community (SADC) instant access to global markets. As a first step, DHL Global Forwarding has set up a legal entity currently employing eight graduate trainees with an office at 168 Herbert Chitepo Avenue in Harare’s CBD. The new entity comprises a full suite of innovative technology solutions and exceptional market knowledge to successfully address the challenges faced by the country’s freight forwarding and logistics industry. It’s primary purpose is to infuse the sector with international standards synonymous with DHL and show the market ...
Webuye Milk Processing Plant sets to offer market to Bungoma Dairy farmers
Business, KENYA TODAY

Webuye Milk Processing Plant sets to offer market to Bungoma Dairy farmers

The 140M Webuye Milk Processing Plant which was commissioned in 2019 by Governor Wycliffe Wangamati is now complete and ready to offer market to Bungoma dairy farmers. The plant, with a capacity of producing approximately 40,000 litres of milk per day, is set to be fully operational in early 2022 and will see more than 150,000 small-scale farmers in Bungoma and Trans Nzoia counties benefit directly and 200,000 residents benefit indirectly from the multi-million-shilling agriculture project. In preparation for supply of milk to the plant, the County government of Bungoma has installed 21 milk coolers across the nine sub counties that will be used as collection points before transportation to the processing plant while at the same time supported close to 2,000 famers to upgra...
We generate N300m from Abuja-Kaduna train service monthly – Amaechi
Business

We generate N300m from Abuja-Kaduna train service monthly – Amaechi

The Minister of Transportation, Rotimi Amaechi has stated that the Federal Government generates at least N300 million from the Abuja-Kaduna train service every month. The Minister made this known on Channels Television while speaking as a guest on Hard Copy. Amaechi said the operation of the Lagos-Ibadan train service is financed by money generated from Abuja-Kaduna rail line. He said, “We make N300million per month from the Abuja-Kaduna train,” the minister declared. “Currently, we are running Lagos-Ibadan from the money we are making from Abuja-Kaduna rail service, at the end of the day, we pay back over N100million to the Federal Government.” The minister noted that the country is capable of meeting its loan requirements. This is coming after the Debt Management Offic...
Obiano pledges improved security as Radopin launches shopping mall in Awka
Business

Obiano pledges improved security as Radopin launches shopping mall in Awka

By: Awesome Ekene Anambra state Governor, Chief Willie Obiano has reassured investors of continued improvement of security architecture for increased investment, development and employment opportunities in the state. Obiano gave the assurance after inspecting the Radopin Supermarket officially opened at Kwata-Junction, Awka, the state capital. The governor, represented by outgoing Head of Service, Barr. Harry Uduh commended the owner of the mall, Mr Raph Azolo for assisting government in increasing its internally generated revenue and providing employment opportunity for the teaming youths. Also speaking, Commissioner for Trade and Commerce, Mr Uchenna Okafor described the new mall as one of best in the city, calling on other wealthy individuals, both at home and in the diaspo...
Booming business for “boda boda” bikes in Bungoma
Business

Booming business for “boda boda” bikes in Bungoma

By: Dishon Amanya Bungoma Town was formerly known for the Boda boda Operators, in the absence of vehicles and good road networks in the rural areas of Western Kenya, young entrepreneurs started up the environmentally-friendly "boda boda" bicycle business that ferries clients from main roads to villages . In the rural areas of Kenya, some opportunistic youth capitalized on poor road networks and lack of vehicles to earn their daily bread. They offered transportation on a "boda boda," a bicycle with a brightly colored cushioned pad attached behind the seat, used for carrying one passenger at a time. Bicycle shuttle services were, in some areas, the only way of maneuvering around. Boda bodas have been around since 1990, when young people in Busia, a town that shares a border with Ug...
Kaduna Electric distributes free prepaid meters to customers
Business

Kaduna Electric distributes free prepaid meters to customers

The Kaduna Electricity Distribution Company has distributed 1,534 free meters to customers for participating in the ongoing `debt discount promo’. Malam Abubakar Jimeta, Chief Marketing and Revenue Assurance Officer of the Company, made this known during a consultative forum in Kaduna on Monday. Jimeta, represented by Mr Umar Adamu-Gumel, said that the promo was to recover outstanding debts for the company while giving same customers incentive. “Customers whose debts are above N100, 000 will be entitled to 25 per cent discount while those owing below N100, 000 will enjoy 10 per cent discount. “To be eligible, the customer must present his or her recent bill. Immediately, our Customer Counselling Group representative will calculate the discount edition sum and what they shou...
Nigeria Remains Best Investment Destination – Buhari tells investors
Business

Nigeria Remains Best Investment Destination – Buhari tells investors

President Muhammadu Buhari has stated that Nigeria remains the most viable and attractive investment destination in Africa. The President who spoke at the Trade and Investment Forum 2020 in Dubai added that the country is on the path of becoming the continent’s leading industrial and trading nation. The trade and investment forum at Dubai Expo 2020, was organised by Nigerian Arabian Gulf Chamber of Commerce, Nigeria’s Ministry of Industry, Trade and Investment and the Nigerian Investment Promotion Commission (NIPC) on Saturday. Buhari further said that Nigeria is reaping from the efforts his administration has made to consciously improve the investment environment. ‘‘Nigeria’s pavilion at the Expo 2020 clearly shows why we remain the most viable and attractive investment d...
Seamless electricity bills payment as EEDC launches mobile app
Business

Seamless electricity bills payment as EEDC launches mobile app

By: Awesome Ekene The Enugu Electricity Distribution PLC (EEDC) has launched a new Mobile App known as “EEDC Connect” in furtherance to its quest to consistently enhance customer experience and deliver superior services. Head of Corporate Communications, EEDC, Mr. Emeka Ezeh, who dropped the hint in a chat with newsmen, said the multi-functional application is designed to enable customers interface and access the company’s services with ease. He listed some of the services to include; payment of bills, prompt request for support, viewing of payment history, registering complaints and viewing your logged complaint to ascertain its current status. He said, "The company has embraced information technology as a tool to make its operations efficient and transparent, both for the co...
Emirates to resume Nigeria-Dubai flights ten months after
Business

Emirates to resume Nigeria-Dubai flights ten months after

Emirates has announced that it would resume passenger operations between Dubai and Nigeria from December 5, 2021. This development is coming after about 10 months of suspending its flights to Nigeria, following the coronavirus pandemic. The airline in a statement yesterday, stated that Nigerian cities – Abuja and Lagos – would be served with daily flights from the day of resumption. The United Arab Emirates (UAE) removed Nigeria from countries where passengers were required to undergo Rapid PCR test four hours before boarding flights to Dubai. Nigeria’s government also in response lifted the ban on the airline from flying into Nigeria for abiding by the country’s COVID-19 protocol for departing Nigerian passengers to Dubai. “The world’s largest international airline will opera...
Glo, 9mobile missing as NCC qualifies MTN, Airtel for 5G
Business, TECH

Glo, 9mobile missing as NCC qualifies MTN, Airtel for 5G

The Nigerian Communications Commission NCC, on Thursday announced that three telecommunication giants met its standard for the 5G network deployment. While MTN Nigeria Plc, Airtel Networks Limited and one new player were announced by NCC as haven met the criteria for its 5G auction. Globacom and Emerging Markets Telecommunication Service Limited are missing in the list. This development may mean that Globacom and 9mobile will miss out on the deployment of Fifth Generation network for at least two years. The NCC had on Thursday announced that only three qualified bidders met its criteria for the licensing process for the 3.5 gigahertz spectrum which is required for 5G deployment. The Daily Vendor Newspaper however learnt that the three qualifiers paid at least $19.74m each in o...
Cutix Plc seeks tax reduction as firm realizes over N6.7bn turnover
Business

Cutix Plc seeks tax reduction as firm realizes over N6.7bn turnover

By: Awesome Ekene The Chairman, Board of Directors of the Cutix Plc, Nnewi, Anambra State, Ambassador Okwudili Nwosu has described high rate of exchange rate as major obstacle to steady industrial growth in Nigeria. He however, said as micro economic environment kept changing rapidly, his company had to adapt and change very rapidly to increase the local content value of its products, which he said made Cutix to remain competitive. Speaking at the weekend during the company's 38th Annual General Meeting (AGM) in Nnewi, Nwosu said the company remained committed to sustaining increasing value of the company's assets by productivity improvements. He noted that this had led to higher profitability and better returns on equity to the shareholders. He explained that the company h...
FG to de-register clearing agents without academic qualifications
Business

FG to de-register clearing agents without academic qualifications

The Federal Government has threatened to deregister clearing agents who failed to obtain minimum academic qualifications needed for practicing the profession in the maritime and aviation sector. This was disclosed yesterday by the registrar of the Regulation of Freight Forwarding in Nigeria (CRFFN), Barr. Sam Nwakohu, who spoke ahead of the graduation ceremony of 400 persons in freight forwarding, supply chain management at the University of Lagos (UNILAG), on Saturday. Nwakohu revealed that anyone who does not have academic qualification after the deadline would be stopped from practicing the profession, while the council would have such names removed from its register of freight forwarders in the country. The registrar said the course was initiated by the federal government to ...
Benapole Express resumes operations December 2
Business, INDIA TODAY

Benapole Express resumes operations December 2

By: Abhijit Ray, Kolkata, India Good news for Dhaka-Kolkata passengers as the only direct train connecting Dhaka-Jessore Benapole 'Benapole Express' will resume operations from December 2.  The train service between India and Bangladesh was closed for about a year and a half during the Corona period.  Because of pandemic crisis passengers are subjected to a number of harassments.  India-Bangladesh Land port Chamber Commerce's Import-Exporting Sub-Committee Chairman Matiar Rahman said: "In the first phase, there will be a Dhaka-Benapole intercity train. Next, there will be a bullet train. Rail cargo service with India will also be launched."  Benapole Express (Train no. 795-796) is a non-stop intercity train which runs between Dhaka and Benapole. The...
FG flag-off national business skills in Imo to empower 145 youths
Business

FG flag-off national business skills in Imo to empower 145 youths

By:  Ikechukwu Iweajunwa, Owerri Federal Governmet, through Small and Medium Enterprises Development Agency (SMEDAN) on Tuesday in Owerri, flagged off National Business Skills Development Initiative (NBSDI) aimed at training and empowering 145 youths across the state. Director General of SMEDAN Dr Dikko Radda said at the flag-off that the program was designed to serve as COVID-19 support program to help Nigerian youths. The DG, represented by the Deputy Director Enterprise Development and Promotion Chibuzor Osuoha added that the program would help to boost the economy, create wealth and make youths less dependent on governmet employment. "As you may be aware, the Micro, Small and Medium Enterprises (MSME) is a critical sub-sector in the Nigerian economy, they collect...
Price hike won’t affect 4million free meters under NMMP — FG
Business

Price hike won’t affect 4million free meters under NMMP — FG

The Federal Government has announced that the recent increase in the cost of prepaid electricity meters will not affect the four million meters being provided under the National Mass Metering Programme NMMP. This was announced on Monday night following the widespread outrage that greeted the increase in the cost of both single-phase and three-phase meters which was made public on Friday by the Nigerian Electricity Regulatory Commission NERC. The commission had raised the price of a single-phase meter from N44,896.17 to N58,661.69 and increased the price of a three-phase meter from N82,855.19 to N109,684.36. The regulator in a public notice on Monday night announced that the four million meters to be provided under the NMMP would be given free. It said, “The NMMP designed to pr...
Buhari reassures investors of Nigeria’s commitment to improved trade, investment climate
Business

Buhari reassures investors of Nigeria’s commitment to improved trade, investment climate

President Muhammadu Buhari has assured investors that the Nigerian government will continue to support efforts to broaden the economy through multilateral financing. Buhari said this on Sunday in Durban, South Africa, as the President and Chairman of the Board of Directors of the African Export-Import Bank, Prof. Benedict Oramah, paid him a courtesy visit ahead of the opening ceremony of the 2nd Intra-African Trade Fair Conference in the South African city on Monday. The Senior Special Assistant to the President on Media and Publicity, Garba Shehu, disclosed this on Monday in a statement titled, ‘We appreciate your support for the Nigerian economy, President Buhari assures AfreximBank’. He said, “I appreciate the support you are giving Nigerian businesses and by implication, the ...
Nestlé sets for 2nd phase empowerment for rural women
Business

Nestlé sets for 2nd phase empowerment for rural women

Nestle has concluded arrangements for the second phase of her empowerment program for rural women in South West Nigeria. The beneficiaries comprising female retailers in Nestlé’s value chain, will receive grants valued at 300% of their monthly sales in form of Nestlé products. An additional 50 women are to benefit from the second phase of Nestlé Nigeria’s project (www.Nestle-CWA.com)- Empowering Rural Women in Nigeria. This brings the number of women reached so far under the program which aims to reach 300 women across the country to 100. The beneficiaries will also participate in training and mentorship programs which will enable them scale up their businesses, thereby increasing their household incomes. Nestlé Nigeria’s Commercial Manager, Mr. Khaled Ramadan said, “We are ha...
Embrace emerging trends for career opportunity expansion – Architects urged
Business

Embrace emerging trends for career opportunity expansion – Architects urged

Architects in Anambra state have been charged to embrace emerging opportunities in their professions to expand their career goals. A varsity don, Arc. Mike Nwafor gave the charge at the 2021 Anambra Architects Conference themed: "Architectural Practice in Nigeria; Challenges and Future Possibilities", held at the Chikotel Hotel, Awka, the state capital. He further urged them to venture into estate developments and explore various business models relating to the profession. He challenged the achitects not to wait for recognitions but force themselves to be recognized through their products and services. He said, "Architect is created to rule his world. All he needed is to reach out, subdue and conquer his world with innovative ideas and architectural inventions. "Architects ...
BREAKING: Uneasy calm in Anambra over plot to suspend planned Airport inauguration
Business

BREAKING: Uneasy calm in Anambra over plot to suspend planned Airport inauguration

There is palpable anxiety in Anambra state following alleged plans by the federal government to suspend the planned opening of the Anambra International Cargo and Passenger airport for commercial operations. Reports have it that the Nigeria’s National Security Adviser has directed Nigeria Civil Aviation Authority (NCAA), and Federal Airports Authority of Nigeria (FAAN) to suspend the planned opening of the airport citing security reasons. Anambra state government has been advertising heavily the airport’s opening. Sources say that the ruling All Progressives Congress (APC) in the centre, including the party’s candidate for the November 6, 2021 Anambra gubernatorial election, Senator Andy Ubah lobbied and prevailed on the Presidency to scuttle the opening of the airport. The Da...
CBN launches digital currency, mints 500 million eNaira
Business

CBN launches digital currency, mints 500 million eNaira

The Central Bank of Nigeria has launched the eNaira - Central Bank Digital Currency (CBDC). The digital currency went live on Monday following an announcement by President Muhammadu Buhari. Nigeria has now become the sixth country to launch a centralized national electronic money, five other countries like the Bahamas, Saint Kitts and Nevis Antigua and Barbuda, Saint Lucia, and Grenada have all fully launched a digital currency. The official unveiling of the eNaira which was designed to complement Nigeria’s physical currency, but not replace it, took place at the State House in Abuja. It was gathered that the eNaira was developed by fintech company Bitt, whose Digital Currency Management System (DCMS) is also behind the East Caribbean CBDC. Users can download the two applic...
How river sand creates jobs for many in Edo community
Business

How river sand creates jobs for many in Edo community

Despite Nigeria's unemployment rate standing at 33.3% which is 23.2 million of the about 70 million people who should be working but are out of work according to the National Bureau for Statistics (NBS) in March this year, sand from the river flowing through parts of Orhionmwon local government area of Edo state has remove many from the jobless list. 'Orhionmwon River' as locals call it, has variety of sand that are mine manually for sale to buyers from different parts of the country.  Investigations by The Daily Vendor Newspaper shows that the venture contributed to the low unemployment rate in the state, as it created opportunities for able-bodied young men who as early as 3.am set out to the river to begin their day's business.  They use wooden boats fitted wi...
CBN begins new loans offer to graduates, undergraduates
Business

CBN begins new loans offer to graduates, undergraduates

As part of its effort to fight rising youth unemployment and underemployment in the country, the Central Bank of Nigeria has announced new loans for university and polytechnic graduates who are willing to set up businesses. According to CBN, the credit will be implemented under its Tertiary Institutions Entrepreneurship Scheme (TIES). The bank said “The CBN, as part of its policy measures to address rising youth unemployment and underemployment, introduces the Tertiary Institutions Entrepreneurship Scheme (TIES) to create a paradigm shift among undergraduates and graduates of Nigerian polytechnics and universities, from seeking white-collar jobs to entrepreneurship.” “The Scheme aims to provide an innovative financing model that will boost job creation, enhance entrepre...
Reports of Otedola takeover untrue – First Bank
Business

Reports of Otedola takeover untrue – First Bank

First Bank of Nigeria has denied claims by some online media on Friday that a Nigerian business mogul, Femi Otedola has acquired majority stake in the bank. But in a statement obtained by a source from the Nigerian Exchange Limited (NGX) and signed by the FBN Holdings secretary, Seye Kosoko the bank is yet to receive any notification from the individual mentioned on such acquisition. The bank noted that it operates in a regulated environment which required notifications of significant shareholding by shareholders to the company where shares are held in different vehicles. Adding that the bank will always notify the appropriate agencies and authorities whenever it receives any notice of significant shareholding by the shareholder and the company registrars. “The attention of FB...
CBN disburses N60bn to fund Lagos Rail project
Business

CBN disburses N60bn to fund Lagos Rail project

The Central Bank of Nigeria (CBN) has announced its readiness to inject a second tranche of N60 billion into the blue rail line project under construction by the Lagos State government. The CBN director development finance department, Yusuf Philip Yila, made this disclosure during an inspection of the marina blue, red and green lines interchange terminal. Yila noted that the first tranche of the N60 billion has been disbursed through three participating financial institutions. The apex bank stated that through Sterling bank, Fidelity and Access, they have disbursed N45 billion for the Blue line which is a 13.5-kilometer railway. The railway is situated at the business district of Lagos, it would be easily connected to waterways, bus stations in critical parts of the state whic...
45 CEOs train 2,500 youths in Onitsha Business Summit
Business

45 CEOs train 2,500 youths in Onitsha Business Summit

Over 2,500 youths below 45 years have been trained in the Business Repositioning Summit, held by Ultimate Destiny Uplifters Foundation (UDUF) in Onitsha, Anambra State. The summit which held at C.J. Patterson Auditorium, All Saints Cathedral Onitsha, entitled, Under 45 CEO's Business Summit, is an initiative of UDUF, designed from one of its objective number four and to cushion the effect of COVID-19 on businesses. UDUF, objective number four among other things, includes engaging and empowering individuals and families, particularly young business owners, entrepreneurship students and unemployed youths with resources to achieve their career goals. Delivering his welcome address, Founding President of UDUF, Dr Smart Ezuma, noted that many people start a business with the mind of m...