Showing posts with label business. Show all posts
Showing posts with label business. Show all posts

Monday, June 3, 2019

Emefiele Begins Second Tenure As Cbn Governor

Emefiele Begins Second Tenure As Cbn Governor

Mr Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), on Monday began his second tenure, following the confirmation of his re-appointment by the Senate on May 16.
Emefiele begins second tenure as CBN Governor

According to a statement by the Director Corporate Communications, Mr Isaac Okoroafor,  Emefiele was sworn in by the Bank’s Secretary and Director, Corporate Secretariat Department, Mrs Alice Karau.

Emefiele after taking the oath, expressed gratitude to God, President Muhammadu Buhari for nominating him and the Senate for confirming his appointment.

He also thanked the management and staff as well as the media for all their support during his first term in office.

Emefiele disclosed that he will unfold a new roadmap for the Bank and the economy, in the days ahead, after series of consultations with critical stakeholder groups.

He charged all stakeholders to strengthen efforts at building a healthy and stable system in the best interest of Nigeria.

The CBN governor also reiterated the bank’s focus to play an active role in supporting job and wealth creation in Nigeria.

“We must strengthen our efforts over the coming years to stimulate growth and job creation in critical sectors of the economy, which will help insulate our economy from shocks in the global economy.

“We must also work to build a healthy and stable financial system that will contribute to the growth of our economy, while preserving price stability,” he said.

Emefiele said more work still needed to be done in building a stronger economy for the benefit of all.

According to him, the pace of Gross Domestic Product (GDP) growth remained fragile and was below the rate of Nigeria’s annual population growth at 2.7 per cent.

He, therefore, pledged that the CBN would continue to collaborate with the fiscal authorities to strengthen growth and wealth creation in the country.

Sunday, June 2, 2019

What's Happening: Power Generation Drops By 1,507.3MW Again

What's Happening: Power Generation Drops By 1,507.3MW Again

The total quantum of electricity generated on the Nigeria’s power grid fell by 1,507.3 megawatts, dropping from a peak of 4,845.4MW to 3,338.1MW, the latest data from the Federal Ministry of Power, Works and Housing has revealed.

Aside from the recent drop in power generation, which occurred between Wednesday and Thursday, it was also observed from the latest industry updates that the national grid suffered system collapse twice in May 2019.
Power generation drops by 1,507.3MW as grid collapse continues

The system collapse was recorded on the May 8 and 9 as power generation dropped, from a peak of 5,114.2MW on May 7, to as low as 42MW on May 8.

Although it recorded another peak of 4,448MW on the same May 8, this was not sustained as it nosedived almost completely to 8MW the following day (May 9).

Power generation moved up to 1,889.9MW the next day and it had been stable since then, hovering between 4,500MW and 2,000MW.

It was further showed that the grid recorded a peak of 4,956.3MW on May 30, which is the highest power generation for the month.

Ironically, the lowest generation figure of 3,338.1MW was also recorded same day, according to figures from the FMPWH on Saturday.

Providing reasons for the drop in power generation, the Advisory Power Team in the Office of the Vice President said, The dominant constraint on May 30, 2019 was unavailability of gas, constraining a total of 1,320MW from being made available on the grid.”

It further stated that on May 30, the average energy sent out by the sector was 3,945MW/hour, up by 238.26MW/hour from the previous day.

The APT added, “A total of 1,320MW was not generated due to unavailability of gas; 0MW was not generated due to unavailability of transmission infrastructure, while 1,019.1MW was not generated due to high frequency resulting from unavailability of distribution infrastructure.

Without clerics’ intervention, Nigeria’ll be worse off – Methodist prelate, Samuel Uche
A total of 425MW was recorded as losses due to water management constraint. The power sector lost an estimated N1,327,000,000 on May 30, 2019 due to insufficient gas supply, distribution infrastructure and transmission infrastructure.”

The French Agency for Development in its recent report on the challenges in Nigeria’s power sector, observed that the existing power generation assets across the country were inefficient.

The AFD further stated that the Nigeria power sector had so deteriorated that the revenue collection in the industry was not enough to pay for the generation cost.

It stated, “The industry loss is growing at a rate of at least N474bn per year or N1.3bn per day, but not even including the financial costs of this chaos. Consequently, this liquidity crisis has put the system on the verge of collapsing, which is not able to increase its generation capacity, remove its infrastructure constraints at transmission and distribution networks and aggressively reduce its ATC&C (Average Technical Commercial and Collection) losses.

“In general, the existing power generation assets are inefficient. More than 50 per cent of the generation capacity is not available, either for technical reasons/planned maintenance or due to unavailability of gas or other unplanned outage reasons.”

Friday, May 31, 2019

Nisa Hospital Offers Free Medical Care, Gifts To Orphans

Nisa Hospital Offers Free Medical Care, Gifts To Orphans

Nisa Hospital Offers Free Medical Care, Gifts To Orphans
Nisa Premier Hospital, in collaboration with the Federal Capital Territory (FCT) chapter of the Association of Orphans and Vulnerable Children of Nigeria (AOON) has provided free medical outreach and food items to Facado Orphanage,  New Karu, near Abuja. Speaking on behalf of the hospital, Dr. Obioma Odogwu, a consultant and Head of the Department of Paediatrics, said the exercise was done to put smiles on the faces of the orphans and to enable them join in the celebration of this year’s Children’s Day.

 She said every year the hospital visited different orphanages to  mark the day  with children, adding that  the team came with doctors, nurses and other healthcare professionals to meet the health needs of the children and the community. She said vaccines were provided for children under five, in addition to malaria and urinalysis screening, as well as toys and toiletries for the children.

 “Children, listen to your parents and know that you can achieve so much in life. Be good children, have focus, study hard and become people that can make impact in the country,” she advised the orphans.

Another paediatrician from the hospital, Diana Shola Doye, advised the children  to imbibe the habit of washing  their hands always, adding  that, “Washing hands is very important as it prevents so many diseases that can spread among children.

She said orphans and vulnerable children needed love and care, and that the gesture was geared towards showing them love as they marked their day. 

Coordinator of  Fatherless and Motherless Children Aid Organisation  and Facado Orphanage, Mrs. Ngozi George, said the 12-year-old orphanage had 32 children under its care and that they all went to school; except the youngest orphan. While calling on government to increase effort in ensuring that all children in the country had access to education; at least to secondary level, she said Nigerians should  join hands with the government to fight drug abuse, especially among children.

She thanked Nisa Premier Hospital for the medical outreach and gifts, and called on government and well-meaning Nigerians to assist in providing the  orphanage a better accommodation, generator, computers, beds, food items, and cash for salaries and daily running of the home.

Wednesday, May 29, 2019

Dangote Still Most Admired African Brand — Survey

Dangote Still Most Admired African Brand — Survey

A revelation made in Johannesburg during the weekend had it that the Dangote Group has for the second year emerged the most admired African brand ahead of the telecommunication giant, MTN, in a survey of 100 Africa’s best brands.
Dangote Still Most Admired African Brand — Survey
The South Africa-based Brand Africa, in a survey carried out in collaboration with the Johannesburg Stock Exchange (JSE) and which report was released at the weekend, of 15,000 brands mentioned, Dangote ranked first when consumers were prompted to recall the most admired African brand.

In the top 100 list, Nike, a non-African brand, retains the overall number one brand in Africa spontaneously recalled by consumers. South African telecoms brand, MTN, is the number one African brand spontaneously recalled brand, while surging Ethiopian brand, Anbessa Shoes, at number two, swapped positions with Nigerian conglomerate, Dangote, which is the number three most admired brand of African origin.

However, when consumers were prompted to recall the most admired African brand, Dangote retained the number one position. Just last year, the Dangote brand was named the most valuable brand among the top 50 brands in Nigeria for 2018 by Brand Nigeria.

The Brand Africa 100 rankings are based on a survey among a representative sample of respondents 18 years and older, conducted in 25 countries across Africa.

The founder and Chairman of Brand Africa and Brand Leadership, Thebe Ikalafeng, said of the outcome of the survey, “It is disappointing that despite its vibrant entrepreneurial environment, Africa is not creating new competitive brands to meet the needs of its growing consumer market.”

In his reaction, the Group Chief Corporate Communication Officer of Dangote Group, Anthony Chiejina, said the Dangote brand’s ranking was not unexpected because the company had a long-standing reputation for quality, relevance compliance and social stewardship.

We are touching lives by providing their basic needs and empowering Africans more than ever before creating jobs, reducing capital flight, and helping government conserve foreign exchange drain by supporting different industrial infrastructural projects of African governments. 

“All these are our credo and we do not compromise it. And the ranking is just an acknowledgement of all these by our stakeholders, We keep our brand promise and stay authentic,” he said.

Below are the 15 African companies at the top of the most admired brands in the continent:
1. Dangote Group
Industry: Consumer goods
Country: Nigeria
2. MTN
Industry: Telecommunications
Country: South Africa
3. Anbessa
Industry: Apparel
Country: Ethiopia
4. DStv
Industry: Media
Country: South Africa
5. Globalcom
Industry: Telecommunications
Country: Nigeria
6. Shoprite
Industry: Retail
Country: South Africa
7. Tusker
Industry: Alcoholic Beverages
Country: Kenya
8. Safaricom
Industry: Telecommunications
Country: Kenya
9. Amarula
Industry: Alcoholic Beverages
Country: South Africa
10. Mukwano
Industry: Textile
Country: Uganda
11. Econet
Industry: Telecommunications
Country: Zimbabwe
12. Ankara Clothing
Industry: Textile
Country: Ghana
13. Tiger Brands
Industry: Consumer, Non-Cyclical
Country: South Africa
14. Jumia
Industry: Consumer, Non-Cyclical
Country: Nigeria
15. Azam
Industry: Consumer, Non-Cyclical
Country: Tanzania

Sunday, May 26, 2019

Emefiele Explains How CBN Reduced Rising Inflation In Nigeria

Emefiele Explains How CBN Reduced Rising Inflation In Nigeria

The Governor of the Central Bank of Nigeria (CBN), Dr. Godwin Emefiele has disclosed how the highest banking body in Nigeria was able to reduce rising inflation in Nigeria through heterodox policy, an unconventional monetary policy tool.
Emefiele Explains How CBN Reduced Rising Inflation In Nigeria

 Governor, Mr Godwin Emefiele Emefiele made this known in Ibadan on Friday, during a lecture he delivered at the Distinguished Leadership Lecture, the first of its series by the University of Ibadan (UI) in conjunction with the CBN, held at the International Conference Centre of the university, Ibadan.

 Speaking on the theme: “Up Against the Tide: Nigeria’s Heterodox Monetary Policy and the Bretton Woods Consensus,” the CBN governor averred that for an economy like that of Nigeria which was yet to attain it’s full potential, utilitarian welfare maximisation required a functional consideration for real growth, which, he said, CBN Act of 2007 recognised in the provision of Legal banking to undertake developmental functions that are consistent with price stability.

 He noted that CBN’s experience with heterodox policies expanded during the recent economic crisis, he recalled, began in 2014, adding that due to a number of global shocks, three of which were simultaneous and significant In shaping the trajectory of the Nigerian economy, which Emefiele listed as widespread and rising geographical tensions along critical trading routes in the world, softening of crude oil prices an normalisation of monetary policy by the US Federal Reserve.

Unarguably, the most important of these factors to impact the Nigerian economy was the plunge in the crude oil. Nigeria’s over dependence on the crude oil for over 60 percent of fiscal revenue and over 90 percent of FX inflows, meant that shocks in the oil market were transmitted entirely to the economy via FX markets as many FX manufacturers an traders who required FX for input purchases were faced with dwindling supplies.”

 In a bid to contain rising inflation and to cushion the impact of the drop of the FX supply on the Nigerian economy, Emafiele hinted that the monetary and fiscal authorities took extraordinary measures to tackle these extraordinary challenges.

The measures, according to him, include monetary policy, risk based supervision, development finance intervention, among others, adding that while many these measures were an attempt at using unconventional tools to mitigate the effects of slowdown in growth, they were initially criticised by adherents of conventional monetary policy tools.

“Our development finance initiatives in growth driving and employment generating sectors have equally not gone down well with the proponents of the conventional monetary tools. While they acknowledged our measures have had a positive impact on output and employment they assert that these tools constitute quasi-fiscal activities.

 “Our argument for the unconventional monetary policy approach has always been that just like fiscal, monetary policy could, at a time when development challenges abound, complement the efforts of the fiscal in employment generation, wealth creation and attainment of other growth objectives.”

 “The CBN has been able to reduce inflation, build our FX reserves, maintained FX stability and foster real growth trough the adoption of heterodox macroeconomic policies.”

“Within the CBN, our unconventional methods supported by the orthodox approaches have been able to to optimally balance the delicate objectives of price stability and real output growth,” he disclosed

Sunday, May 19, 2019

CBN Gov Sets Up Panel To Revive 50 Textile Firms

CBN Gov Sets Up Panel To Revive 50 Textile Firms

CBN gov sets up panel to revive 50 textile firms
The Central Bank of Nigeria is targeting to revive at least 20 textile companies before the end of the 2019 fiscal period.
The move is contained in the technical cooperation proposal for revamping the cotton, garment and textile sector in Nigeria.

The proposal was made available to our correspondent shortly after the inauguration of the textile implementation committee.
The committee was inaugurated by the CBN Governor, Mr Godwin Emefiele, on Thursday in Abuja.

Present at the event was the Governor of Kano State, Abdullahi Ganduje, and the Deputy Governors of Kaduna and Jigawa states, among other stakeholders in the CTG sector.

The committee, according to the proposal, is saddled with the responsibility to resuscitate at least 50 textile firms by the end of 2023. The committee is also expected to collaborate with stakeholders to identify, name and shame textile smugglers in Nigeria as well as develop a framework for the eradication of smuggling and dumping of textile products into Nigeria.

The committee would also facilitate the production of 200,000 hectares of cotton fields by 2020 and maintain an annual increase of 100,000 hectares over the next three years.

Other tasks of the committee include to determine power requirements by the textile hubs in each state; develop a framework for the production, transmission and pricing of power within the hub; and facilitate collaboration among all related agencies to ensure compliance with regulations.

It is also expected that the committee would work assiduously to deliver a minimum of 50 megawatts of captive power to CTG firms in the interested states by 2021, and facilitate the effective pricing and delivery of gas, black oil and diesel to CTG firms in Lagos and other interested states.
This is expected to enhance their power generation and consumption.

Speaking at the event, Emefiele noted that the CTG sector within the last 20 years had suffered a lot of difficulties.

He gave the key challenges affecting the CTG sector to include low cotton production, poor power and transport infrastructure, obsolete production lines, smuggling and counterfeiting, inadequate local patronage, high cost of production, and multiple taxation , among others.

The apex bank boss said while farmers and processors had had to deal with low-quality seeds, rising operating cost and weak sales due to the high energy cost of running factories, smuggling of textile goods, and poor access to finance were having a negative impact on the growth of the sector.

For instance, he said smuggling of textile goods alone had been estimated to cost the nation over $2.2bn.

He said,
 “It’s no secret that the past 20 years have been very difficult for the cotton, textiles and garment sector.
“Today, most of the textile factories have all stopped operations and the workforce in Nigeria’s textile industry stands at less than 20,000 people.
“In addition, a large proportion of our clothing materials are imported from China and countries in Europe.


Sunday, April 7, 2019

Dangote : I Withdrew $10m Cash Just To Look At It (Video)

Dangote : I Withdrew $10m Cash Just To Look At It (Video)

The richest man in Africa, Aliko Dangote, said he once withdrew ten million dollars($10m) just to take a view at it and prove to himself that he was indeed rich. (Smiles...)

Dangote made the comment above was made during his interaction with the convener, Ibrahim at the Mo Ibrahim governance in Abidjan, Côte d’Ivoire, on Saturday.

Below is the video, which was shared on Mo Ibrahim Foundation's youtube page.

According to the business tycoon..... “The way it is that when you first start business, your target is to make your first million. Fine, I did that.

"After a year or so, I realised that I had much more, and I said ok, fine, all these numbers are just written numbers.

"One day I went to a bank, and at that time, there were no restrictions, and I wrote a cheque and cashed $10m from the bank and put it in the boot of my vehicle, and I went home and I opened it and I looked at $10m and I said ‘now I believe I have money’."

After all that, he returned the money to the bank the next day.

What do you have to say about this?...

Saturday, March 16, 2019

Access Bank Realised N95bn Profit For 2018

Access Bank Realised N95bn Profit For 2018

Access Bank declares N95bn profit for 2018
Access bank realise 95billion naira as profit after paying all necessary tax for the year 2018.
It was reported that the profit attained after settling all tax rose by 58% when compared to 60.07billion naira recorded in the previous season of 2017.
 The bank’s audited result released by the Nigerian Stock Exchange (NSE) indicated that profit before tax stood at N103.2 billion, against N78.2 billion achieved in 2017, which is an increase of 32 per cent from 2017:News Agency Of Nigeria reports.

In the released results, it showed an increase in gross earnings from 459.1billion to N528.7 billion which is a 15% rise in initial period of 2017 with interest and non-interest income contributing of 72 per cent and 26 per cent, respectively.

 The bank, however, proposed a dividend of 25k per share, bringing total dividend for the year to 50k per share. The asset base of the bank remained strong and diversified with growth of 21 per cent in total assets to N4.95 trillion in December 2018 from N4.10 trillion in December 2017.

According to the Group Managing Director of the bank, Mr Herbert Wigwe, stated that 2018 marked a significant year of progress amidst an unfavourable macro climate.

“We made solid progress throughout 2018 in line with our 2018-2022 five-year strategy, and we remain committed to the achievement of our strategic imperatives going forward.

“As we continue to invest in our people and technology in order to improve operational efficiency and service touch points with earnings growth in 2019,” Wigwe said.

He said that the contribution of the bank’s subsidiaries to group profits grew by 116 per share to N27.9 billion, underlined by the effective implementation of overall strategy.

In pursuit of our vision to be one of the leading banks in Nigeria, we took accelerated strides in the last quarter of the year towards achieving our overall retail strategy.

“The merger with Diamond Bank will enable us to fully entrench ourselves in the retail market with a view to lowering our funding cost.

“This transaction is anticipated to be completed by April 2019, resulting in the creation of an enlarged, efficient and digitally led tier 1 retail banking franchise,”.

Monday, March 11, 2019

MTN On Nigeria Stock Exchange Will Soon Be Achieved - MTN Nigeria

MTN On Nigeria Stock Exchange Will Soon Be Achieved - MTN Nigeria

It will be very nice to see that MTN on nigeria stock exchange becomes a reality.
According to MTN group in Nigeria said it service will soon be included on the Nigeria stock exchange, stating specifically that this might become a reality before July, 2019.
As sent by Mtn Nigeria in a mailed write up there is a very high trade numbers in 2018 fiscal year.

The cable reported that total revenue of 37,971,000,000 South African rand (N965.3bn),
MTN plans to list by introduction on The Nigerian Stock Exchange during the first half of 2019 and is looking to simplify the capital structure ahead of this listing,” MTN said.
MTN On Nigeria Stock Exchange

MTN on Nigeria stock exchange - See How It Goes

"The Company’s listing on the Exchange will create a new telecoms asset class for investors and provide an opportunity for a wider group of Nigerians to participate in our investment story."

"This will be achieved via a listing by introduction and will be followed by a public offer once market conditions are conducive. Over time, and subject to market conditions, we anticipate that the participation of Nigerians in the ownership of the business will increase from around 20% to 35%.

Also Read: Nigeria Tops Rice Producing Country In Africa

In 2018 we rebuilt the base; adding another six million Nigerians to our network, giving a total of 58 million people access to worldwide communication services.

This growth was built on our sustained focus on customer-centric delivery – ensuring that customers get much more value for their money."

Meanwhile, MTN Nigeria has been able to add 6million extra subscribers making it a total of 58million subscribers in Nigeria.

"This included the deployment of proactive interventions to improve customer experience, together with the enhancement of network quality and coverage, and the optimization of our services portfolio.

“We also enabled an additional 8 million people to access the possibilities that the internet provides, bringing our total data subscriber base to 44 million, of which 18.7 million use more than five megabytes per month.

“We are now even better positioned to ensure that everyone can access the benefits of a modern connected life. We are excited to have been given the privilege to continue playing a role in facilitating this, and are grateful to our customers, our people, our partners and our regulator for making this possible.

“We understand how access to the opportunities enabled by the internet can open up new industries even in the remotest areas of our country.

“Thus, we will continue to focus on delivering social innovations like mobile electricity, financial services for all; and leveraging our technology as a vehicle to enable high-impact mobile solutions in education, health and agriculture in our communities – urban and rural.” - MTN Nigeria CEO, Ferdi Moolman.

MTN on Nigeria stock exchange is next thing on MTN Nigeria's agenda.

Wednesday, March 6, 2019

Nigeria Overtook Egypt As Largest Rice Producer In Africa

Nigeria Overtook Egypt As Largest Rice Producer In Africa

Nigeria the largest rice producer in Africa with 4millon tonnes

» Harold Roy-Macauley said Nigeria  is currently rated the largest producer of rice in Africa.

»Nigeria overtook Egypt in production, now producing 4million tonnes per annum.

Nigeria is now the top rice producing country as it has overtaken Egypt, Harold Roy-Macauley said.

It's was noted that Egypt used to produced 4.3million tones of rice annually, but these had changed, it production has reduced by 40% owing to the fact that the Egyptian government want to limit cultivation in this year, 2019 in order to preserve water resources.

According to Harold Roy-Macauley, the Director General of Africa Rice Center(ARC), "Egypt annually consumes about 1.8billion metre of water for irrigation, transpiration and evaporation, and the rough rice produced yearly from Africa is about 14.2million tonnes."

A lot of efforts have being made to make sure that Africa's rice production increases but we're still in doubt if it will really restrain the importation of rice as population is becoming progressively more larger.

Roy-Macauley said they are ready to come in partnership with Nigeria and other African government through training of farmers, export officers and likewise the post-harvest care, understanding marketing demand and scaling up to their expectations.

Recall that the Governor of Kebbi state, Atiku Bagudu, mentioned in a meeting on December 19 that Nigeria is on it way leading Africa in Rice production. Stressing that president Mohammadu Buhari has render a full support into Agricultural practices.

Monday, February 18, 2019

Inflation Rate Drops To 11.37 Per Cent In January - NBS

Inflation Rate Drops To 11.37 Per Cent In January - NBS

Inflation Rate Drops To 11.37 Per Cent In January - NBS

It has been recorded according to National Bureau of Statistics(NBS) that the Customer Price Index(CPI) measured inflation in January 2019.

Report had it that the Price index which is 11.37% drop (inflation) is 0.07% lesser that of December, 2018 which was 11.44%.

The inflated CPI recorded experienced an increase year-on-year by 11.37% in January, 2019.

It was further stated that there was an increase by 11.66% of the urban inflation rate from the initial value of 11.73% in December, 2018.
50866109219162471(MTN) For A Lucky Reader.

And that of the rural inflation rate had a change from 11.18% recorded in December, 2018 to 11.11% in January, 2019.