Wednesday, November 14News That Matters

Business

We Can Fight Poverty With Leather Industry, Says Minister

Business
Ogbonnaya Onu, Minister of Science and Technology, has said the approved Nigeria Leather Policy would create jobs and position the country to fight poverty. He said this in Abuja on Wednesday, after the Federal Executive Council (FEC) approved the policy. Onu said the policy is aimed at boosting business opportunities in the leather industry, adding that the industry generated $921 million for the government in 2013 alone. He said: “We resolved to harness the national leather and bye products policy that will enable the government to attract more investment into the sector. “We would do this in a manner that will allow us to make more gains instead of exporting raw leather or semi-finished products. We want to prepare our nation so that we can process our leath

Sacked Afren CEO, COO Jailed Over Fraudulent $300m Deal Involving Buhari’s In-Law, Indimi

Business
Osman Shahenshah, 56, former Chief Executive Officer (CEO) of Afren plc, was on Monday sentenced to 16 years in prison. Also sentenced — this time to 14 years in prison — was Shahid Ullah, the 59-nine-year-old former COO. The duo tricked the Afren board into investing $300 million in a deal in Nigeria, without disclosing that the partner, Oriental Energy Resources Ltd, would kick back $45 million to a Caribbean shell company they controlled. Shahenshah and Ullah used some of the money to buy luxury properties in Mustique and the British Virgin Islands, and split the rest with some of Afren's and the partner's employees. Before Monday’s sentencing, a jury at Southwark Crown Court convicted them last week after a six-week trial of one count of fraud by abuse of position and two charges of m

CBN, AGF Delaying MTN Listing On Stock Exchange, Says CEO

Business
Rob Shuter, MTN Group President and Chief Executive Officer (CEO), has said the organisation's plans to be featured on Nigeria's stock exchange listing has been "challenged by the recent Central Bank of Nigeria Attorney General of the Federal Republic of Nigeria matters". His statement was contained in the organisation's 'Quarterly Update for the Period Ended 30 September 2018 and Renewal of Cautionary Announcement'. According to Shuter, the company recorded an increase in operational performance in the third quarter. He, however, said despite the challenges, they remain committed to the listing. He said: “MTN recorded an improved operational performance in many markets in the third quarter. Group service revenue grew by 10.0% year on year, ahead of our medium-term target of

AfDB Approves $50m Credit Facility For Fidelity Bank

Business
The African Development Bank has approved a US$50 million line of credit to Nigeria’s Fidelity Bank Plc to support small and medium-sized, and women-owned enterprises in selected transformative sectors. The credit will also accommodate close to 100 SMEs in manufacturing, health and education. According to a statement by AfDB, the credit was approved by the bank’s board on October 10, 2018, and the facility is fully dedicated to financing micro, small and medium-sized enterprises (MSMEs), with a minimum of 30 per cent going to women-owned enterprises. The statement read: "The loan will enhance Fidelity Bank’s liquidity and help meet the demand for medium-term funding to players in the target sectors, contributing to improved quality of lives, job and wealth creation and tax-revenue

We’re Gradually Coming Back To Our Senses On Politicians’ Unfulfilled Promises, Say Traders

Business
The National Association of Nigerian Traders (NANTS) has said it will no longer tolerate unfulfilled campaign promises by politicians. Ken Ukaoha, President of the association, stated this on Monday at the public presentation of the 'Farmers Manifesto and Traders Charter Demands' in Abuja. He restated the organisation's commitment to ensuring that buying of votes becomes a thing of the past. His words: “We are gradually coming back to our senses to ask why promises made by politicians have not been fulfilled. Promises of 24-hour power supply to help the optimal performance of our businesses and free education at all levels are yet fulfilled. Also, promises of good roads to bring our harvested products from farm to the market and good health, among others, are not yet met. “We are t

Bayelsa Govt Partners Immigration Service On Trade And Investment

Business
Patience Abah, the Director General of Bayelsa Investment Promotion Agency (BIPA), has described the state as “a safe haven for businesses and investments to thrive", noting that there are a lot of business opportunities open to explore in the state. Abah made the remark during a courtesy call on the State Comptroller of the Nigeria Immigration Service (NIS), Chapp Jumbo, in Yenagoa, the Bayelsa State capital. During the courtesy visit, Abah solicited the collaboration of the Nigeria Immigration Service (NIS) on business promotion. According to the BIPA DG, the collaboration with the NIS is to consolidate on the already existing relationship between the Agency and the NIS Bayelsa State Command, as its relates to the ease of doing business in the state, stating that the agency

Nigerian Woman Commits Suicide Over Closure Of Shops In Ghana

Business
Following the closure of her shops by Ghanaian authorities, a Nigerian woman and mother of three children has committed suicide, the National Association of Nigerian Traders (NANTs), Ghana Chapter, reported in Abuja on Tuesday. The association made the development known when the leadership visited the Senior Special Assistant to the President on Foreign Affairs and Diaspora, Mrs Abike Dabiri-Erewa, to seek the intervention of President Muhammadu Buhari on the matter. The President of NANTS, Ghana, Chief Chukwuemeka Nnaji, said Mrs Stella Ogonna Okpaleke, a Nigerian whose shops were locked for her failure to meet strict trading conditions put by the Ghana Government committed suicide on Sept. 22. Nnaji, armed with a petition to Buhari, called for the intervention of the Federa...

IMF: Nigeria To Witness Sluggish Economic Growth In 2019

Business
The three major economies of Africa: Nigeria, South Africa and Angola are projected to witness sluggish growth in 2019 and beyond, the International Monetary Fund (IMF) has said. While Nigeria will grow from 1.9 per cent in 2018 to 2.3 percent in 2019, South Africa and Angola were projected to move from 0.8 to 1.4 and -0.1 to 3.1 per cents respectively, the IMF said yesterday. The projected economic growth of the sub-Sahara Africa from 3.1 percent this year to 3.8 percent in 2019 is not enough to create the needed jobs for the growing population of the region, the Fund added. The Fund in its 2018 World Economic Outlook released yesterday also warned that the fragile growth of the region may not be enough for the attainment of the Sustainable Development Goals, if the trend re...
THE PERFIDIOUSE TINUBU: THE EXCELLENT AMBODE AND THE TALE OF A SECOND TERM

THE PERFIDIOUSE TINUBU: THE EXCELLENT AMBODE AND THE TALE OF A SECOND TERM

Business, Politics
Opinion by Monday Alade My former coworker; Sergeant C C Uzoukwu used to tell us that "there's no discrimination against excellence". This statement is so true in every sense except in the recent case of the deliberate show of power by the highly corrupt and perfidious sole called Bola Ahmed Tinubu in his efforts to ridicule the excellence of the most performing governor in Nigeria; Akinwumi Ambode. In a recent political/economic history of Nigeria especially, looking at the shameful performances of some current governors like Ekiti State; Ayodele Fayose, his counterparts in Ondo State; Akeredolu Oluwarotimi, Osun State; Rauf Aregbesola and Kogi State; Yahaya Bello. The environmental, political, social/economic devastations in the aftermath of governors Adams Oshiohole and Olusegun M...