Category : Economy

Business / Economy - 2 hours ago

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 - 2 hours ago

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 - 2 hours ago

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 - 2 hours ago

‘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 - 2 hours ago

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 - 2 hours ago

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 - 2 hours ago

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 - 2 hours ago

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 - 2 hours ago

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 - 2 hours ago

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...

Business / Economy - 19 hours ago

Shareholders approve Union Bank’s N54.5b capital restructuring

Shareholders of Union Bank of Nigeria (UBN) Plc have approved a proposal to cancel N54.46 billion accumulated permanent losses in the books of the commercial bank. At the extra-ordinary general meeting in Lagos, shareholders authorised the board of directors to reduce the bank’s share premium account by N54.46 billion to net off the legacy deficit, thus removing the main drawback that had disallowed the commercial bank from paying dividends from its net profit. According to the resolution, subject to court’s confirmation, the bank’s issued share capital, including for this purpose its share premium account, be reduced by the sum of N54.458 billion, which has been lost or is otherwise unrepresented by available assets and that the credit arising from the reduction be used to eliminate the retained loss in the company’s audited financial statements as at December 31, 2018. The bank stated that a review of its financial position as at December 31, 2018 established a deficit of N54.46 billion as accumulated permanent losses from legacy transactions, in addition to the N247.87 billion, which had been approved by shareholders in 2017. The bank explained that the proposed balance sheet restructuring will not affect its authorised or issued share capital or regulatory capital, but should...

Business / Economy - 20 hours ago

Osun wins World Bank’s grants for fiscal transparency

OSUN State has won a World Bank grant for its fiscal transparency. The state is among the 21 states that qualified for the grants, according to the Supervisor for Finance, Mr. Bola Oyebamiji. Oyebamiji, who spoke at a meeting of the State Fiscal Transparency, Accountability And Sustainability Programme (SFTAS), said the beneficiary states would use the grants for further development. According to Oyebamiji, who is also in charge of the Ministry of Commerce, Cooperatives and Industry,  Osun State’s financial prudence,  transparency and accountability helped it to make the list. He added that after securing the grants, the state government had inaugurated  a steering committee chaired by him to plan ahead to enable the state to meet and sustain the programme’s eligibility criteria. Read also: Oyetola seeks unity as Osun marks Democracy Day However, Oyebamiji urged the committee, which has the Supervisor for Economic Planning, Budget and Development, Prof. Olalekan Yinusa, as vice chairman, to work very hard to meet the target set for it. Saying transparency in governance makes things work better, he said Governor Gboyega Oyetola was determined to  run a transparent government that would be for the benefit of people. He said: “The World Bank grant is a feat that all of us must be pr...

Business / Economy - 21 hours ago

MD seeks incremental funding for NSIA

The Managing Director and Chief Executive Officer of the Nigeria Sovereign Investment Authority (NSIA), Uche Orji, has called for incremental investment into the agency so as to ensure future accumulated wealth for the nation and guarantee regular source of investment fund for the body. Orji told reporters in Lagos at the weekend that Nigeria should take a cue from Norway and other countries that operate similar bodies to grow its stock of wealth and drive infrastructural development. He said that NSIA’s involvement in infrastructure development, including the Second Niger Bridge, the Lagos Ibadan Expressway and the Abuja, Kaduna and Kano highways, are progressing according to plans, saying the authority would take on other projects, including the Mambila Power Plant, the East-West Road among others with time and availability of funds. He said: “We need to get more money into the fund. It is extremely important to us because if we end up investing all our infrastructure funds, we might run out of capital and you have your margin squeezed. “The Norway story is one that I like to tell all the time. The reason is because in one of my earliest jobs in 1998, the team I worked for was one of those that managed the Norwegian SWF’s assets. They started in 1993 with $10 billion and to see...

Business / Economy - 1 day ago

Lafarge Africa admits matters delaying financial statement

LAFARGE Africa Plc Board of Directors has admitted that unresolved major issues are the cause of the delay in the company’s submission of its audited financial statements and accounts for the 2018 business year and the first quarter of 2019. In a regulatory filing, the Mobolaji Balogun-led board, which had earlier sought extension at the expiration of March 31, 2019 deadline, stated that it was still unable to meet the extended deadline. According to the board, there was further delay due to “pending actions required for the resolution of key matters relating to the closure of the company’s annual audited financial statement for the year ended December 31, 2018”. External auditors usually refer key matters to “those matters that, in professional judgment, are of most significance in the financial statements and audit of a company”. These matters usually play important roles in the conclusive opinion of the external auditors on the accounts. The company said it had sought and received Nigerian Stock Exchange (NSE) approval for the further delay, expressing optimism that “all the issues will be fully resolved and the audited financial statements will be submitted not later than June 28, 2019”. Lafarge Africa had suffered a net loss of...

Business / Economy - 1 day ago

431 debtors owe AMCON between N1b and N10b

Sixty-Two debtors are owing the Asset Management Corporation of Nigeria (AMCON) N10 billion and above each, the agency has said. The corporation was established on July 19, 2010, when AMCON Act was signed into law by former President Goodluck Jonathan, with a mandate to acquire bad loans from banks, pay the banks and recover the loans from the debtors. But eight years into its operation, the corporation is being owed N10 billion and above by each of the 62 high-profile debtors. The debt represents 40 per cent of the 12,537 obligors. AMCON said that 431 debtors, representing 37 per cent of the debtors, owe between N1 billion and N10 billion; 1,998 debtors, constituting 16 per cent of the total obligors, owe between N100 million and N1 billion while 10,046 debtors, representing seven per cent of the total obligors owe between N100 million and below bringing the total number of bad loans under AMCON management to 12,537. AMCON was created to be a key stabilising and re-vitalising tool aimed at reviving the financial system by efficiently resolving the non-performing loan assets of the banks in the economy. Read Also: AMCON: Beyond the here and now The corporation has in the last eight years of operation, bought Non-Performing Loans (NPLs) worth N5.4 trillion from banks. There is N3....