Business News

Saturday, 14 December 2019 05:59

Nigeria recorded trade surplus in Q3 as imports dropped - NBS

Nigeria’s external merchandise trade rose to N9.19 trillion in the third quarter of the year (Q3, 2019) compared to N8.61 trillion in the preceding quarter, according to National Bureau of Statistics (NBS). The performance represented 6.77 per cent increase over the value recorded in Q2 at N8.61 trillion and 1.33 per cent increase relative to the N9.07 trillion in Q3, 2018. The period was characterised by higher exports and lower imports, as the former accounted for N5.29 trillion or 15.02 per cent compared to the N4.60 trillion in Q2 estimates and 8.97 per cent when compared with the N4.85 trillion…

Tuesday, 10 December 2019 05:34

Electricity tariff increase coming soon - FG

Federal government has said it is expecting an improvement in electricity supply to Nigerian, just as it revealed that an increase in electricity tariff will be inevitable. Minister of Power, Mr Saleh Mamman, said this a statement signed by his media aide, Mr Aaron Artimas. He said the government was heavily burdened by the financial interventions it was providing the power sector to cushion its challenges. Mamman, equally complained that while the cost of electricity units in neighboring Niger Republic was higher than it is in Nigeria, consumers in Niger were prudent in their payment for electricity bills unlike in…

Tuesday, 10 December 2019 05:28

Billionaire is worth half of his country’s GDP. Here’s the source of his wealth

Christoph Zeller is Liechtenstein's only billionaire, according to Forbes. The 62-year-old billionaire, who made his fortune in dental products, is worth $3.1 billion. That's half of the tiny European country's $6.2 billion GDP. Zeller spent 13 years as the CEO of Ivoclar Vivadent AG, a dental products company that brought in $818 million in sales in 2018. There are an estimated 2,153 billionaires in the world, according to Forbes. But in Liechtenstein, a tiny central European country of 38,547 people, there's just one: Christoph Zeller. Zeller's is worth an estimated $3.1 billion, according to Forbes, a fortune derived from dental…

Monday, 09 December 2019 05:46

5 leadership lessons I learned from doing my own 'undercover boss'

When was the last time you saw your CEO or vice president shadow the call centre or the factory floor? When was the last time your managing director came up to talk to employees about their needs and pain points in the workplace? The answer for most employees is never. There are employees who never see their executives over an entire career, save on the internal website or the latest organisational chart. The corporate hierarchy today creates executives who focus upwards rather than leaders who focus on building the foundations of their business. In the new digital age, where speed,…

Thursday, 05 December 2019 05:58

FG introduces new electricity distribution policy to bypass DisCos

Federal Ministry of Power’s new electricity distribution policy called “Willing Seller, Willing Buyer” was designed to bypass middlemen and sell power directly to consumers, a statement on Wednesday by Aaron Artimas, Special Adviser (Media and Communications) to Minister of Power, has said. Under the differential power distribution policy, electricity will be wheeled directly from generation companies (GenCos) to willing consumers who are ready to fully settle their bills. The willing consumers may include community and commercial clusters, industrial areas and hospitality sectors, the statement said. Speaking on a Freedom Radio phone-in programme in Kano on Tuesday, Minister of Power, Mr…

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…

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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…

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