Category : Economy

Business / Economy - 15 hours ago

Samsung launches first 5G network smartphone

Mobile Technology Company, Samsung has officially announced the company’s first 5G network smartphone, Galaxy S10 5G in Nigeria. The company also unveiled Galaxy S10+ and Galaxy S10e. According to the Managing Director, Samsung Electronics West Africa, David Suh, all variants of the Galaxy S10 run on Android 9 pie operating system and have fingerprinting sensor, water and dust resistant features. While speaking during the launch in Lagos, Suh said the Galaxy S10 and the Galaxy S10+ are similar in specifications, but differs in some functional areas. He explained; “The S10+ is a higher variant to Galaxy S10. It comes with a bigger screen size, better processor and also with a better battery option.” Suh further noted that the Galaxy S10 variant is engineered to meet the distinct needs of today’s smartphone market, so consumers can do more of what they love. Each device he said, delivers a next-generation experience in the categories consumers care about most with ground-breaking innovations in display, camera and performance. “For consumers looking for a supercharged device, Galaxy S10+ takes every spec. From display, to camera, to performance, Galaxy S10e is built for those who want all the premium essentials in a compact package on a flat screen.” “Galaxy S10,...

Business / Economy - 19 hours ago

ABCON alerts public over fake $100 bills import from India

.Gets CBN, EFCC nod on campaign against fake currency & The Association of Bureaux De Change Operators of Nigeria ( ABCON ) on Friday alerted the public over ongoing security investigation on $100 bills being imported from India into Nigeria. The ABCON President, Alhaji Aminu Gwadabe, who disclosed the development to financial journalists after the group’s National Executive Council (NEC) Meeting in Lagos, said the $100 bill is majorly counterfeited because of huge profit margins that come with it. He said some of the fraudsters objectives is not only to make profit, but to undermine Nigeria chances for automatic membership of the Financial Action Task Force (FATF) after assessment of the country’s financial system scheduled for the first quarter of this year. The ABCON boss said the issue of fake dollar in circulation has been observed and reported at the relevant security agencies adding that the ABCON, has in the interest of the economy and Bureaux De Change (BDCs) businesses, secured Central Bank of Nigeria (CBN) and Economic and Financial Crimes Commission (EFCC) backing to begin nationwide campaign against fake currencies in the country. He said rising cases of fake currencies in circulation has led to huge losses to BDC operators and the economy. Gwadabe s...

Business / Economy - 19 hours ago

Nigeria generates N298bn from VAT in Q4, 2018

The National Bureau of Statistics ( NBS ), said Nigeria generated N298.01 billion from Value Added Tax (VAT) in fourth quarter, 2018. NBS said this in a Sectoral Distribution of VAT report for the fourth quarter, 2018 posted on its website. The News Agency of Nigeria reports that VAT is a consumption tax placed on a product whenever value is added at each stage of the supply chain, from production to the point of sale. The report said that the figures in the quarter under review rose by 8.96 per cent quarter-on-quarter and by 17.28 per cent year-on-year. It said the sum of N298.01 billion was generated as VAT in fourth quarter 2018, as against N273.50 billion generated in third quarter 2018, and N266.73 billion in second quarter, 2018. & According to the report, the manufacturing sector generated the highest amount of N28.82 billion VAT. This, the report said, was closely followed by Professional Services generating N24.12 billion, while Commercial and Trading generating N16.02 billion. Also, it said the mining sector generated the least amount of N35.75 million, Pharmaceutical N209.33 million, while Chemical and Allied Industries generated N258.39 million. The report said N138.42 billion was generated as Non-Import VAT locally, while N47.89 billion was generated as VAT for...

Business / Economy - 1 day ago

NSE lauds NNPC on women engineers

The Nigerian Society of Engineers (NSE) has commended the Nigerian National Petroleum Corporation (NNPC) for its exemplary role in the advocacy of science and engineering-based education for the girl child through support for the activities of the Association of Professional Women Engineers of Nigeria (APWEN). President, Nigerian Society of Engineers (NSE), Engr. Adekunle Mokuolu, stated this yesterday in Abuja while receiving NNPC’s management led by the corporation’s Group Managing Director, Engr. Maikanti Baru, to the Headquarters of the society. Read also: Avoiding excessive bleeding after childbirth (2) The NSE president said by identifying with APWEN in its quest to engender a sound foundation for female engineering professionals in the country, the corporation was taking a step that would invariably illuminate the nation’s engineering and technological landscape a few years from now. & &

Business / Economy - 1 day ago

Fed Govt asks IOCs, others to pay $20b tax arrears

The Federal Government has ordered foreign oil and gas companies to pay nearly $20 billion in taxes it said are owed to local states, industry and government sources said, in a move that could deter investment in Africa’s largest economy. In a letter to the companies earlier this year through the Nigerian National Petroleum Corp (NNPC), the government cited what it called outstanding royalties and taxes for oil and gas production. Royal Dutch Shell, Chevron, Exxon Mobil, Eni, Total and Equinor were each asked to pay the central government between $2.5 billion and $5 billion, said the sources, who saw or were briefed on the letters. Norway’s Equinor, which produced around 45,000 barrels per day (bpd) of oil in 2017, confirmed the request. “Several operators have received similar claims in a case between the authorities in Nigeria and local authorities in parts of the country,” an Equinor spokesman said. Exxon “is currently reviewing the matter”, a spokeswoman for the U.S. company said. Shell, Total, Eni and Chevron declined to comment, as did the Presidency, petroleum ministry and NNPC. The charge came after the Federal Government and local states settled a dispute over the distribution of revenue from hydrocarbon production. The sides agreed la...

Business / Economy - 1 day ago

Glo urges subscribers to pre-order Samsung S10

Globacom has urged its subscribers to pre-order the Samsung Galaxy S10 phones and be among the first set of subscribers worldwide to use the next generation device. Announcing the unique opportunity in Lagos, the telco called on any of its  interested subscribers to pre-order the Samsung Galaxy S10 2019 flagship phones. Globacom, in a statement, listed the phones to include S10E, S10, and S10 plus, which were specially designed to mark the 10th anniversary of Samsung and its unique “S” series. Globacom assured that any phone user in the country who acquires the S10 series through its Gloworld outlets across the country will have the opportunity to win Galaxy Buds, the new revolutionary headset, worth N45,000 and six-month data. & Samsung, the producer of the series, had announced that the phones are “engineered to be a conversation changer with a novel-looking infinity 6.1-inch O-screen and triple-lens rear camera that takes ultra-wide photos with QHD+ resolutions and 8GB RAM”. The phones also have in-screen fingerprint sensor and wireless power share that could serve family and friends. Samsung explained that the Galaxy S10E is cheaper as it was specially designed for low budget subscribers wishing to enjoy the same avant-garde features.

Business / Economy - 1 day ago

NCC Tackles Google Over Free Wi-Fi

Investigations by the Nation revealed that the Nigerian Communications Commission (NCC), the regulatory body for telecommunications in the country, has reported global internet giant, Google, to the Federal Government for evading regulatory oversight in its bid to expand its ‘free’ Wi-Fi deployment in Nigeria. Google is currently rolling out the ‘free’ Wi-Fi service in Lagos and Abuja with plans to expand to other locations in the country, a development that has caused great concerns in the industry because of the threat to the investment made by existing telecoms operators and privacy issues occasioned by the internet giant’s mode of operation. A letter from NCC to the Presidential Enabling Business Environment Council (PEBEC) under the Office of the Vice President, sighted by our correspondent, indicated that Google may be illegally providing its ‘free’ Wi-Fi in the country under obscure conditions that put it beyond regulatory purview. The letter, signed on behalf of NCC’s Executive Vice Chairman by the Executive Commissioner (Stakeholder Management), Mr. Sunday Dare, reported to the Office of the Vice President (PEBEC) that “Google is operating in Nigeria without being licensed by the Commission with the implications that it does not pay applicable fees, levies and taxes that...

Business / Economy - 1 day ago

‘Discourage importation of ICT technologies’ sourced locally

An Information and Communications Technology (ICT) expert, Mr. Badmus Ajayi, has urged the Federal Government to decline approval for importation of ICT technologies that can be sourced locally. Ajayi, who is the Managing Director of Pinnacle Informatics, an ICT company, made the call in an interview in Abuja. He said Nigerians’ preference for foreign products had become worrisome, adding that “The preference for imported goods among Nigerians was affecting the growth of the country’s economy.” According to him, the inclination of Nigerians to buy foreign products was too high and there was the need to look at whatever is driving it. Ajayi argued that Nigeria had the capacity to develop modules that could enable Ministries, Departments and Agencies (MDAs) to solve their problems technologically. He condemned the situation where government agencies, companies and individuals resort to local products only after trying foreign options. He said: “Whereas we can automate everything happening in these organisations and agencies with our indigenous technologies, we continually spend money on foreign options, making foreign countries richer and our nation impoverished. “We annually produce science and technology graduates and computer scientists who have no work to do. If we want this co...

Business / Economy - 1 day ago

UNILORIN trains students on cosmetics production

The Technical and Entrepreneurship Centre (TEC) of the University of Ilorin (UNILORIN), Kwara State, has held a workshop for students of the university on how to make cosmetics and personal health products. The Resource person, Mr. Abdul Ganiyu Abiodun of the Low Cost Investment, Ibadan, urged participants to do their best to become independent. He explained that he never worked for anyone since he graduated as an Industrial Chemist more than a decade ago. Read also: Court quashes Edo Speaker’s suit Abiodun said to survive in the business, it was important to produce quality products and maintain the standard.He said packaging of products attracted customers to new producers in the market “but that lasts only in the short run’’. Abiodun demonstrated how to make items, such as after-shave, hair cream, candle, disinfectants, body cream and spirit. TEC Director, Dr. Jamiu Odusote, urged the students to take full advantage of the workshop. He also urged them to approach the centre if they encounter any challenge in the course of getting raw materials. According to him, this was part of the university’s drive towards graduating employers rather than job seekers. &

Business / Economy - 1 day ago

Maritime retirees protest ‘non-payment’ of pension

Pensioners of the defunct Nigeria National Shipping Line (NNSL) have protested the non-payment of their pension arrears by the Pension Transitional Arrangement Directorate (PTAD) since last April. Their protest,  they said, was to draw attention to their suffering because of the non-payment of their accumulated arrears. Their President, Comrade Patrick Azu Ogobuegwu, who addressed the protesters at the Federal Ministry of Justice, Marina, Lagos, said over 200 of his members had died of hardship and lack of care. Ogobuegwu recalled that in 2012 they joined other pararstatals, including NITEL, NICON, and Delta Steel Company, Aladja, to mount pressure the Federal Government to reinstate them into the pension payroll in accordance with the Pension Act. He said although their request was granted, PTAD accidentally omitted NNSL later corrected it via a letter to the Ministry of Finance dated December 22, 2017, which also directed Finance Ministry to carry out verification and biometric capture of beneficiaries. While the pension of other parastatals had since been effected, Ogobuegwu said his members had been left to their fate. He said: “We are asking to know the crime NNSL pensioners committed that has made PTAD to deny us verification and payments as was done to others. “It is neces...

Business / Economy - 1 day ago

Labour chief urges Saraki to address minimum wage bill

A Labour leader, Issa Aremu, has urged Senate President Bukola Saraki to toe his father’s footstep on the minimum wage Bill. The late Dr Olusola Saraki, was the Senate leader in the Second Republic. Aremu, who spoke with reporters in Ilorin, the Kwara State capital,  recalled that the late Saraki, presided over the Senate committee that midwived the first minimum wage in 1981 under the late President Shehu Shagari. Aremu, who described the late Saraki as “a wonderful symbol of democracy,’’ said he showed concern to the plight of workers. Aremu urged the Senate President to also write his name in gold by reconvening the Senate to pass the bill. “Senate President Bukola Saraki should be on duty regarding this all important Bill. I remind him to emulate his father. ”Today, he is going up and down as campaign Director-General of the Peoples’ Democratic Party’s candidate, Alhaji Atiku Abubakar, but  he should remember that he has not resigned as the Senate President. “He should resume his work to pass the bill to concur with the House of Representatives,’’ he said. Aremu said the Senate President must see the bill as a commitment and, therefore, suspend partisanship to resume his statesmanship work in the National Assembly. “He must declare his position on the N27,000 and N30,000 reco...

Business / Economy - 1 day ago

Neem tree juice effective pesticide

The Programme Manager, Gombe State Agricultural Development Programme (GSADP), Mr Binus Maina, has said Neem tree juice is one of the best pesticides against tutaabsoluta, commonly known as tomato disease. Maina said this in an interview in Gombe. Tutaabsoluta is a serious tomato pest found in Europe, Africa, Western Asia as well as South and Central America. According to him, the disease  occured in Kwadon and Boltango villages in Yamaltu-Deba Local Government Area, Gombe State, noting that the disease had devastated farms in the area. He said: “One good solution to deal with tutaabsoluta is to pound the Neem tree leaf, extract the juice put in knapsack sprayer and spray on the farm. It  will reduce the population of the pests. “Tutaabsoluta has devastating effect on tomatoes because it reduces yield by 60 to 70 per cent, hence the need to tackle it with all seriousness. “Therefore, tomato farmers should take advantage of the relatively cheap means of preserving their farms from pests that destroy tomatoes.” Maina advised farmers not to easily give up when they encounter such challenges. He urged farmers to report  unusual thing on their farms to the agency to enable experts saddled with giving a technical advice to address the challenges.

Business / Economy - 2 days ago

Nigeria loses billions of dollars to prolonged bid rounds

BILLIONS of dollars have been lost due to government’s inability to conduct bid rounds for major and marginal oil fields, former co-founder and Executive Director, Pillar Oil Limited, Seye Fadahunsi, has said. Fadahunsi could, however, not give a specific figure, but he maintained that the figures run into billions of dollars. “This is what the country could have been able to add to the economy over the last 12 years, especially from proper licensing rounds of blocks that are fallow,” he said. He explained that blocks are amass of fields.  “Imagine what the country could do with that, that’s why companies like Proton, Seplat, and the ND Western now have blocks, producing about 90,000, 70,000, 50,000 barrels per day respectively. It’s a substantial production and a major addition to the economy,” he said, adding: “They were only able to do that because there were assets available for them to bid and win.” “Some of them are producing about 300million standard cubic feet of gas a day, that’s a lot. Imagine what that could do to the power sector and to the industries,” he said. The last marginal field bid round was in 2003 while the last bid round for blocks was in 2007. Fadahunsi said it was too long, noting that if some people are not given the opportunity, they wouldn’t be where t...

Business / Economy - 2 days ago

Oil firm invests N8b in downstream

The Chief Executive Officer, ENYO Retail and Supply Limited, an retail outlet,  Abayomi Awobokun, said the company has invested over N8 billion in the downstream retail business with eyes on expanding its market share in the petroleum sub-sector. Awobokun, in a press outing yesterday in Lagos, said set up the company to impact positively in the downstream subsector of the oil and gas industry, adding that despite the challenges confronting the petroleum industry, his team of investors is ready to expand beyond its present market share, going forward. He said Enyo is the first to offer customers what he termed loyalty scheme, which he said is an opportunity to reward its loyal buyers. “We want to use innovations and modern designs to our advantage to grow business in the downstream. Enyo doesn’t want to get involved in the business of importing products. We buy from those that import and then sell,” he said. He urged the government to look at issues such as supply shortages, customers distrust, congestion and poor road facilities. He said the firm is looking at delving into a 24-hour service in the future with a combination of pumps where customers can either serve themselves, or be served by attendants. He added that the firm is planning on buying over stations across the country...

Business / Economy - 2 days ago

Motorists, OPS lament return of trucks to Lagos roads

Lagosians thought the end had come to the traffic gridlock on its major roads  with the visit of President Muhammadu Buhari two week ago on a campaign tour. But like a flash in the pan, the traffic nightmare has since returned. Their joy and relief was  short-lived as these tankers have returned to the roads, causing stressful traffic and frustrating ride on road users. The frustration is not limited to commuters alone, but other businesses, such as real estate in Apapa and environs have fallen victims as people are moving out of the area in droves. They cited poor business as a result of lack of patronage, unhealthy living conditions and increased rate of accidents. Motor bikes, which serve as veritable alternatives are causing incalculable damage and losses to their riders and passengers. The roads have been so terrible that no matter how careful a motorist or a biker is, he is not guaranteed a smooth and safe drive or ride, as he will try to avoid potholes and ditches to the detriment of other road users. The  Organised Private  Sector (OPS), which also expressed grave concern at the return of the tankers to the roads, especially areas leading to Apapa Wharf  and ports, raised concerns on the current dilapidated state of roads leading to traffic gridlock. They said the challen...