Category : Business

Business / Economy - 2019-06-17 23:01:28

ITU urges Ethiopia to learn from Nigeria

The Non-Executive Chairman, Commonwealth International Telecoms Union (ITU) Group (CIG),  Dr Bashir Gwandu, has urged the government of Ethiopia to learn from the experience of Nigeria’s telecoms sector so as not to make mistakes. Gwandu who was a former commissioner and acting Executive Vice Chairman/CEO, Nigerian Communications Coomission (NCC), gave the advice  in his keynote speech at the Innovation Africa Digital Summit (IAD) 2019 held in Addis Ababa last week. He stressed the need for strong and good regulatory framework, encompassing sensible set of rules that encourage investment and protect the consumer, and requiring, effective, professionally competent and sufficiently empowered as well as sufficiently financed regulatory institution. He said good laws is not just sufficient but government support must be total and not half-hearted coupled with adequate funding that will attract good manpower to the regulator. Gwandu said governmet role should be restricted to policy formulation whilst a strong, independent regulatory authority should provide stable, transparent, fair, and non-discriminatory access to telecoms resources in a timely manner. The legal framework apart from guaranteeing independence of the regulator, must enable flexibility of the regulator whilst remainin...

Business / Economy - 2019-06-17 23:00:59

Customs resolves 140 duty paid value disputes

The Nigeria Customs Service (NCS) Dispute Resolution Committee (DRC) has resolved over 140 duty paid Duty Paid Value (DPV) issues at the Tin Can Island Port. The panel settled cases between January and last month, Tin Can Island Customs Command spokesman Uche Ejesieme said in a statement. Ejesieme urged importers and their clearing agents with issues with documentation to take their cases to the panel. He said: “This year alone, we have resolved over 140 cases in the DRC either for or against, all we want is for you to come up with empirical evidence “The committee is made up of almost all the egg heads of the command; we have the APM (Asycuda Project Manager) as a member, Deputy Comptroller Revenue, Deputy Comptroller Valuation, Officer in charge of Customs Intelligence Unit (CIU) is a member, two other senior officers who are actually good in classification and valuation are members. It is an unbiased committee headed by DC Valuation.” Ejesieme denied that the command has introduced “duty benchmark” for containers, saying, the NCS was still having challenges with clearing agents who refused to make genuine declarations. According to him, the core factor that can make for easy facilitation of trade is compliance with laid down rules and procedures. Freight, he said, varied from...

Business / Economy - 2019-06-17 23:00:59

ITU: e-waste holds $62.5b revenue potential

The International Telecommunication Union (ITU) has  said electronic or e-waste presents an opportunity valued at over $62.5 billion per year if treated through appropriate recycling chains and methods. It also has a potential to create millions of decent new jobs globally. The global telecoms body, through the Global E-waste Statistics Partnership, has, therefore, launched a major campaign to address the menace of global electronic or e-waste threat. ITU, which is a founding member of Global E-waste Statistics Partnership, launched, an open source portal that visualises e-waste data and statistics globally, by region and by country, for policy-makers, industry, academia and the public. Discarded equipment, such as phones, laptops, fridges, sensors and TVs, are referred to as e-waste. E-waste contains substances that pose considerable environmental and health risks, especially if treated inadequately. On, users can now access e-waste data from Global and Regional E-waste Monitors for most countries on earth. Data include the amount of e-waste generated in total and per capita and discarded prior to any collection, reuse, treatment, or export; the amount of e-waste formally collected in total and per capita and regulated by environmental protectio...

Business / Economy - 2019-06-17 23:00:50

NOTAP, Medallion seek tech adoption to boost tourism

Two organisations in the private and public sectors Medallion Communications Limited and National Office for Technology Acquisition and Promotion (NOTAP) have advised the deployment of technology in the tourism and travel space to boost buinsesses in the sector. They spoke at the maiden edition of Tourism and Technology Summit in Lagos. President/CEO of Medallion Communications Limited, Mr. Ike Nnamani, said advances in technology has changed the way people travel, adding that the new innovations offer an interactive and exciting experience. Represented by the Chief Financial Officer of Medallion Communications, Mr. Olatunji Sulaiman, he said mobile technology has brought about significant changes in tourism and hospitability industry, noting that mobile phone has become “our tour guide, travel agency, best restaurant locator and maps”. According to him, internet of things (IoT) promises to bring significant changes to the tourism industry. “They include integrating sensors connected to the internet items like cars, suitcases and luggages, building and home equipment. All these enhance the security of the travelers, which makes an holiday to be  spent with relaxed minds,” he said. He also said virtual assistant technology insight into weather brings exciting moments on vacations....

Business / Economy - 2019-06-17 23:00:50

‘We plan to run efficient, sustainable airline’

What has Ibom Air, the new entrant into the airline business, got to offer? Plenty, says its  Chief Operating Officer  (COO), George Uriesi,  who notes that the airline invested in Bombardier Canadian Regional Jet J900 (CRJ 900) aircraft because of their suitability for  Nigeria. Besides being cost effective , the aircraft are equipment suitable for the route and operational structure developed in the carrier’s business plan, he added. Speaking at the airline’s inaugural flight on the Uyo – Lagos- Lagos – Uyo route at the weekend, Uriesi said Ibom Air was investing in modern  planes to ensure reliable services by  a carrier that has designed few routes structure in its business plans. Uriesi, a former managing director of the Federal Airports Authority of Nigeria (FAAN), said the carrier would fill the gaps in the air transport value chain, and assist to develop the Akwa Ibom airport, including the aircraft maintenance repair and overhaul centre. He said Ibom Air  was conceived to provide more reliable air transport services, deploy right aircraft on the route and design passenger friendly fares. Uriesi said: “We looked at the B737 and it is obvious we looked at the economics of the operations of the Embraer and the CRJ900 and eventually we opted for the CRJ. The pros...

Business / Economy - 2019-06-17 23:00:49

Airtel plans listing on Nigerian, London Stock Exchanges

Airtel Africa Limited plans a simultaneous listing of its shares on the Nigerian Stock Exchange (NSE) and London Stock Exchange (LSE). Airtel Africa, a subsidiary of India’s Bharti Airtel Limited, yesterday indicated it would be launching an initial public offering (IPO) on the LSE to raise £595 million, about $749.05 million. Airtel Africa plans to issue about 595.2 million to 744 million new shares at a price range of between 80 to 100 pence per share. The company was valued at between £3.01 billion and £3.62 billion. The company said conditional dealings in its shares were expected to begin around June 28, 2019 and the final pricing would be announced the same day. The company also confirmed ongoing arrangement for the listing of its shares on the NSE. Airtel Networks Limited, Nigeria’s second largest telecommunication company, had said it was considering listing its shares on the NSE as the telco considers various options to further upscale its business. Managing director, Airtel Networks Limited, Mr. Segun Ogunsanya, had said the company was looking at every option, including listing of its shares on the NSE and it will take appropriate decision at the right time. Ogunsanya, who was one of the speakers at the 2nd edition of the CEO Roundtable organised by the NSE and Bloombe...

Business / Economy - 2019-06-17 23:00:43

NBS: Inflation rises to 11.40% in May

Inflation rate rose to 11.40 per cent (year-on-year) in May 2019 according to the National Bureau of Statistics (NBS) report. According to the report, this is 0.03 per cent points higher than the rate recorded in April 2019 (11.37 per cent).  Increases were recorded in all 12 Classification of Individual Consumption by Purpose (COICOP) divisions, that yielded the Headline index. On month-on-month basis, the Headline index increased by 1.11 per cent in May. This is 0.17 percent rate higher than the rate recorded in April 2019 (0.94 percent). “The percentage change in the average composite CPI for the 12 months period ending May 2019, over the average of the CPI for the previous 12 months period was 11.30 per cent, 0.01 per cent points from 11.31 per cent recorded in April 2019. The urban inflation rate increased by 11.76 per cent (year-on-year) in May 2019 from 11.70 per cent recorded in April 2019, while the rural inflation rate increased by 11.07 per cent in May from 11.08 per cent in April. On a month-on-month basis, the urban index rose by 1.15 percent in May, up by 0.15 points from 1.00 per cent recorded in April 2019, while the rural index also rose by 1.07 per cent in May 2019, up by 0.17 from the rate recorded in April 2019 (0.90 per cent). “The corresponding 12-month year...

Business / Economy - 2019-06-17 23:00:43

Nigeria records $14.2b capital flow in five months

Total capital flows to Nigeria between January and May stands at $14.2 billion. Of this, Foreign Direct Investment (FDI) accounts for $2.87 billion. This represents a 20.18 per cent of the total amount. The Central Bank of Nigeria (CBN) gave this figure and denied  Reuters claims that Nigeria suffered a decrease of over 40 per cent in FDI inflows last year. A statement by the CBN explained that “in 2018, the total capital inflows to the country stood at $19.07 billion out of which FDI accounted for $7.78 billion.” Nigeria, the CBN said “continues to enjoy steady capital flows due to the prevailing stable macroeconomic environment and sustained investors’ confidence in the economy.” The statement said “the CBN is not privy to the methodology used in arriving at the figures, we wish to state that available records show a significant increase in FDI in Nigeria during the period 2018, contrary to the Reuters’ report.” Reuters had quoted the World Investment Report, 2019, recently released by UNCTAD on Foreign Direct Investment (FDI) to African countries, alleging that there was a decrease of over 40 per cent in FDI inflows to Nigeria last year.

Business / Economy - 2019-06-17 23:00:34

Turkish Airlines gets brand valuation rating

Turkish Airlines  has emerged as one of the world’s leading independent organisations in brand valuation and strategy consulting. This was made known by Brand Finance during the 2019 result announcement evaluation. According to the results, Turkish Airlines was declared as the most valuable brand of Turkey in all sectors. The national flag carrier, who repeatedly assumed this title before, reinforces its leading position in Turkey with recent results. Commenting on the results, Turkish Airlines Chairman of the Board and the Executive Committee, M. Ýlker Aycý said: “We are proud of our achievements which has been crowned with our strategy to become the best airline company in the world. Continuing the last years’ success indicates that our performance is sustainable. It shows that we are on the right track. We know the value of being the flag carrier of Turkey as we keep our flag flying in 124 countries.” The airline was assessed by Brand Finance, which evaluates thousands of brands on a global scale through the researches centred on finance and marketing variables, annually announces its ranking results, which are shaped according to the brand power and value criteria to the attention of world public opinion and sectors every year since 1996.

Business / Economy - 2019-06-17 23:00:33

Lufthansa hosts clients, partners

In continuation of efforts to offer clients and partners excellent service and maximum satisfaction, Lufthansa German Airlines has relocated its Nigerian head office in Lagos from Victoria Island to Ikoyi. The German Airline which was formerly located at Plot PC 30, Churchgate Street, 2nd  Floor, Churchgate Towers, Victoria Island, is now at the modern state-of-the-art British American Tobacco Building on Olumegbon Road, Off Alfred Rewane Road in Ikoyi poised to offer unrivalled customer experience while providing better proximity to customers. Speaking on the development during a special event hosting top clients and partners at the new office,  Lufthansa Group General Manager Sales, Nigeria and Equatorial Guinea, Adenike Macaulay, reiterated the airline’s commitment to quality and efficient service. “We have been operating in Nigeria since 1962 and have become renowned for our quality and efficient services which our customers have come to expect. I am assuring our clients and partners that we will continue to uphold that fine tradition here at our new office which is open to all,” she said. Macaulay said the event was an opportunity for the airline to bond and interact with its clients and partners, as well as foster networking opportunities amongst those present. She expresse...