Business News

Wednesday, 04 December 2019 05:50

Google co-founders Larry Page and Sergey Brin step down from parent firm

Larry Page and Sergey Brin, co-founders of Google, have announced they are stepping down from running the online giant's parent company. The pair will leave their respective roles as Alphabet's CEO and president but will remain on the company's board. Google's CEO Sundar Pichai will become Alphabet's CEO too, a statement said. Alphabet was created in 2015 as part of a corporate restructuring of Google, which Mr Page and Mr Brin famously founded in a California garage in 1998. The parent company was intended to make the tech giant's activities "cleaner and more accountable" as it expanded from internet search…

Tuesday, 03 December 2019 06:45

Bank customers to present tax card from next month

Evidence of tax payment will be a condition for operating a bank account from January, according to the Financial bill passed by the National Assembly. The Bill, submitted to the lawmakers with Budget 2020 by President Muhammadu Buhari, is designed to improve financial operations of the country and streamline the tax regime. It is expected to be signed with the budget before end of the month, to actualise the return to the January – December budget cycle. According to a section of the Bill, banks will require anybody opening an account to provide his Tax Identification Number (TIN) Those who…

Monday, 02 December 2019 04:42

EFCC seizes Onyema’s passports, restricts his movement

On the 23rd of November, 2019, Mr Allen Onyema, Chairman of Air Peace was charged with 27 counts of money laundering by U.S. Attorney Byung J. “BJay” Pak. Mr Byung said that Onyema moved more than $20 million from Nigeria through United States bank accounts in a scheme involving false documents based on the purchase of airplane. The US court had since then issued a warrant to arrest Onyema and authorised US marshals service to bring him into custody. In view of the above, Economic and Financial Crimes Commission, EFCC, Sunday, went tough on him by seizing his passports and…

Monday, 02 December 2019 04:40

Dutch company to light a million Nigerian homes with solar power

Lumos, which has already fitted more than 100,000 solar home systems around Nigeria, will receive a fee for each new installation from the Rural Electrification Agency, known as REA, Gordon said. The Amsterdam-based company isn’t targeting only rural areas that are not served by the electricity grid but also towns and cities where power outages are frequent and households rely, at least partly, on generators. Lumos’ offering of solar panels and a battery enables families to spend a flat fee of around $15 per month rather than three or four times as much on kerosene or diesel, according to Gordon.…

Saturday, 30 November 2019 05:48

Consume local products, forex support may stop, Emefiele tells Nigerians

Governor, Central Bank of Nigeria, Mr Godwin Emefiele, has urged Nigerians to support production and consumption of local products, as the country may not have foreign exchange to support some activities in the future. He spoke during the 2019 annual bankers’ dinner in Lagos on Friday night. Emefiele while speaking on the topic, ‘Strong sustainable growth for the Nigerian Economy’, said, “We must therefore support measures that will drive domestic productivity and diversify our export base. “We should encourage Nigerians to consume goods that can be produced in Nigeria, knowing full well that a time will come when we may…

Friday, 29 November 2019 05:19

How to turn frustration into a multimillion-Dollar business idea

Daniel Kane explains how a rubber band gave him the idea to launch his accessories company The Ridge. Searching for the next business idea? The opportunity may be much more obvious — and closer — than you imagine. Fed up with having having a bulky wallet in his back pocket, Daniel Kane, CEO and co-founder of The Ridge, turned that frustration into a multi-million dollar brand. What started with The Ridge Wallet — which is now sitting in the front pocket of over a million people worldwide — has turned into a full suite of everyday essentials including phone cases,…

Wednesday, 27 November 2019 06:08

Motorcyclists protest ill treatment by employers in Ibadan

ORide motorcyclists on Monday lamented alleged ill-treatment being meted out to them by their employer, OPay. As a result, the riders gathered at the company’s office in Bodija, Ibadan to stage a protest. One of the riders who spoke to our correspondent during the protest said they were expressing their displeasure because the company was not fulfilling the agreement it had with them. He said: “When we started, OPay told us we would be insured, but now, we have realised there is no compensation given to the family of a late rider. This was not what they told us when…

Tuesday, 26 November 2019 05:55

Capital inflow into Nigeria declined 7.7 percent in Q3 - NBS

Fresh statistics released by National Bureau Of Statistics (NBS) on Monday revealed that the bulk of capital importation into Nigeria declined by 7.7%. The report shows that total value of capital importation into Nigeria stood at $5.37 billion in 2019 third quarter (July to September). This represents a decrease of -7.78% compared to 2019 second quarter and 87.99% increase compared to the third quarter of 2018. The report added that the largest amount of capital importation by type was received through Portfolio investment, which accounted for 55.88% ($2,999.50million) of total capital importation. This is followed by Other Investment, which accounted…

Tuesday, 26 November 2019 05:54

Nigerian investors to pay more for U.S. permanent residency

United States Citizenship and Immigration Services (USCIS) has raised its minimum requirement for the EB-5 immigrant investor scheme from $500,000 to $900,000. Under the programme, individuals are eligible to apply for conditional lawful permanent residency (Green Card) in the United States if they invest in a groundbreaking real estate project or create jobs such as 10 permanent full-time employments for qualified U.S. workers. The new change marks the first significant revision of the programme since 1993. The new rule came into effect on November 21, 2019. The less popular standard minimum investment level will also increase from $1 million to…

Tuesday, 26 November 2019 05:47

5 successful entrepreneurs share how they were able to come up with a business model right for them

When it comes to choosing a business model, there's a lot of wisdom out there on what you should and shouldn't do. But the most important thing is choosing a model that works for you. These five entrepreneurs approached things a little bit differently when starting their businesses. Amelia Kruse, a leadership coach, focused on putting in her "philosophical foundation" before getting into the nitty-gritty. Gelare Danaie foregrounded creativity over profit at her design firm. There's plenty of advice out there for aspiring entrepreneurs on how to determine a business model — lessons on finding product-market fit, building a financial…

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Monday, 25 November 2019 06:02

Nigeria’s aviation business, passengers face crisis as Air Peace chief battles fraud charges

Hard times could hit the local air travel sector following fraud and money-laundering allegations against Air Peace airline’s boss. Although the industry is not new to such allegations, this is the gravest accusation against a major airline that has over 50 per cent dominant share of the local market and its operations. The fresh claims, which came to the fore at the weekend, have sent shivers down the spines of stakeholders who have begun pondering the fate that awaits the airline amid other implications for local, regional and international travels in the country. Experts specifically feared a ripple effect on…

Saturday, 23 November 2019 05:56

Zenith Bank heralds Yuletide season with light-up of Lagos street

Yuletide season comes to life in Lagos as Zenith Bank Plc lights up Ajose Adeogun Street with the theme: “LET THERE BE LIGHT.” This year marks the 14th year since the traditional Light up Ceremony at Ajose Adeogun roundabout came to be. The official lighting was done by Mr Ebenezer Onyeagwu, GMD/CEO, Zenith Bank Plc supported by Executive management, with staff and customers in attendance. Speaking during the Light up Ceremony, the GMD/CEO said: “Ajose Adeogun Street has come to be recognized by not only Lagosians, but Nigerians in general as an iconic place and tourist attraction because of the…

Thursday, 21 November 2019 05:50

Google to restrict political adverts worldwide

Google will no longer allow political campaigns to target advertising at people based on their supposed political leanings. Campaigns will also be unable to match their own database of prospective voters against Google's user base, to target individuals across platforms such as YouTube and Google search. The policy will begin in the UK "within a week", with other regions later. Campaigns will still be able to target based on age, gender and location. Google added it would also take action on obviously misleading statements in ads, putting it at odds with Facebook. Mark Zuckerberg said his social network would not…

Wednesday, 20 November 2019 06:13

Merchants dump PoS, inactive terminals hit 131,201

Some retailers using Point of Sales terminals to receive payments have abandoned the device and reverted to cash payments, investigation has shown. Some of them who spoke with our correspondent said the decision to dump PoS devices meant to facilitate cashless transactions was because customers declined using the terminals to avoid paying N50 stamp duty charge. Central Bank of Nigeria, in a circular to banks, processors and switches on September 17 had authorised banks to unbundle merchant settlement amounts and charge applicable taxes and duties on individual taxes and duties on individual transactions. CBN directed all PoS and web processing…

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