Business

Omidyar Network Backed Andela Raises $24M To Teach The Next Generation Of Africans

Posted in Business on 21 June 2016. 81 hits.
LAGOS, Nigeria, June 16, 2016 — Andela, a company that identifies the most talented software engineers and problem solvers in Africa and prepares them for successful careers with top global tech companies, announced a $24M in Series B funding to catalyze its growth across the African continent....

United Airlines To Stop Flights To And From Nigeria

Posted in Business on 01 June 2016. 171 hits.
United Airlines will discontinue flights to and from Nigeria beginning on June 30, 2016. The American airline’s last flights to Nigeria will depart on June 29 from Houston and June 30 from Lagos. While United has not yet formally announced the suspension of flights, the company’s official...

UBA And Konga Boost E-Commerce With Mobile POS

Posted in Business on 01 June 2016. 79 hits.
Pan African banking group, United Bank for Africa (UBA) Plc has partnered Konga, Nigeria’s leading e-commerce company  and   Innovectives Nigeria Limited to create a seamless delivery and payment system by integrating mobile point of sale solution into Konga's delivery system.   Mobile POS...

Foreign Affairs Minister Onyeama Addresses Embassy Reforms And Non-Payment Of Student Tuition For Nigerians Abroad

Posted in Business on 09 April 2016. 120 hits.
The Nigerian Minister of Foreign Affairs, Geoffrey Onyeama, gave an exclusive interview to SaharaReporters in the United States capital, Washington, D.C. Mr. Onyeama discussed some of the top priorities of the Ministry of Foreign Affairs, including reforming Nigeria’s foreign embassies and...

The Dangote Paradox By Moses E. Ochonu

Posted in Business on 26 March 2016. 107 hits.
Two years ago, I wrote a brief update on my social media page to praise the business ingenuity and nationalist economic instinct of Africa’s richest man, Aliko Dangote. The recent revelations of how the Dangote Group has enjoyed privileged, almost exclusive access to government-subsidized...

Na Who Be Dis Paraya Sef? By Pius Adesanmi

Posted in Business on 19 March 2016. 90 hits.
Less than a year into President Obasanjo’s first term in office at the end of military rule in 1999, he had served notice to Nigerians that he was intent on presiding over the affairs of Nigeria from the sky. President Obasanjo travelled. And travelled. And travelled again.  The mood of the...

Why #BuyNaijatoGrowNaira Is A Waste Of Time By Olaotan Oladitan

Posted in Business on 19 March 2016. 96 hits.
Pundits and amateur economists everywhere would remember this line from Adam Smith's classic, Wealth of Nations:  "It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest." In an earlier article in response to...

Why the Economists Recommendations for Nigeria's Current Issues are a Load of Cr*p

Posted in Business on 05 February 2016. 129 hits.
The Economist recently published an article  profiling the current dilemma the Nigerian economy is facing in which they made a case for devaluing the Naira. While, as the article noted, devaluation of a currency in the face of market forces can have attendant benefits, as it encourages foreign...

The 'Real Reason' Nigeria's Economy Is Now Haemorrhaging By Ken Uwotu

Posted in Business on 06 January 2016. 124 hits.
Nigeria is the 136th least corrupt nation out of 175 countries, according to the 2014 Corruption Perceptions Index (CPI) reported by Transparency International. Corruption Rank in Nigeria averaged 117.37 from 1996 until 2014, reaching an all time high of 152 in 2005 and a record low of 52 in...

Nigeria’s Anti-People Public Institutions And The ‘Ise-Ijoba’ Syndrome By Simbo Olorunfemi

Posted in Business on 30 October 2015. 182 hits.
The World Bank Group has only just released its "2016 Annual Ease of Doing Business Measurement report". Even though Nigeria moved from its 2015 ranking of 170 to 169 in 2016, the country lagged behind other countries in sub-Saharan Africa, including our immediate neighbor, Benin Republic. It...

Pilot Saves Pilgrims From Major Air Disaster

Posted in Business on 21 September 2015. 276 hits.
A pilot with Max Air Ltd. thwarted what would have been a major disaster involving a plane full of pilgrims at the Sir Ahmadu Bello International Airport in Kebbi State. The incident occurred during takeoff when the pilot noticed that one of its engines was not “powering very well.” Spokesman...

Establishment Of New National Airline: Government Sets Up Committee

Posted in Business on 21 September 2015. 253 hits.
Nigeria on Monday took a major step towards establishing a new national airline with the inauguration of a committee in Abuja to look into the issue.   A press statement issued by the Ministry of Aviation said Permanent Secretary Hajya Binta Bello charged the Ministerial Committee on the...

Nigeria Energy Crisis 2: The NNPC Reforms We Deserve

Posted in Business on 18 August 2015. 273 hits.
The Nigeria National Petroleum Corporation (NNPC) is an organization that epitomizes the dysfunction of Nigeria’s energy industry. Nigeria’s inability to produce power is directly related to the inefficiency of NNPC, and their singular mismanagement of Domestic Gas Infrastructure Projects....

Nigeria’s Energy Crisis -Part 1: Crash Or Cruise? By Michael Oluwagbemi

Posted in Business on 12 August 2015. 240 hits.
It has been said severally that if all that the new administration of President Buhari does is to save Nigeria from bleeding by securing the nation and tackling corruption, then he would have given a good account of his stewardship. But this won’t make him a great president. President Buhari...

Before Wal-Mart Comes to Nigeria By Chidi Oguamanam

Posted in Business on 08 August 2015. 222 hits.
Recently, the Governor of Lagos, Nigeria’s most cosmopolitan State, was full of smiles and excitement as he hosted regional executives of America’s global retail chain, Wal-Mart. Governor Akinwunmi Ambode rolled out the red carpet and literally gave the Wal-Mart envoys a blank cheque of...

Wal-Mart Is Coming To Lagos? Seriously? By Nwike Ojukwu

Posted in Business on 06 August 2015. 244 hits.
I read with consternation the statement credited to Governor Ambode of Lagos State when a delegation of Wal-Mart executives paid him a visit recently. There was something out of our character or un-Nigerian with the Governor’s exuberance and unusual generosity in his unequivocal commitment to...

Union Bank Takes Over Sani Dangote’s Company Over Unpaid N4b Loan

Posted in Business on 24 July 2015. 314 hits.
Sani Dangote, the younger brother of the world’s richest black person,  Aliko Dangote, appears to have run into a major business crisis as Union Bank has taken steps to seize his Dansa Foods Limited. The latest development follows the inability of Sani to pay back a loan of N4billion he...

Nigerian Telecom Company MTN Sued For N200m Over Breach Of Contract

Posted in Business on 24 July 2015. 270 hits.
A Lagos Lawyer, Charles Dumber Mekwunye, has slammed a N200 million suit on telecommunications giant MTN Nigeria Communication Limited (MTNN), over an alleged breach of contract. ‪Joined as co-defendants in the suit are Lotus Capital Limited, an investment company; Stanbic IBTC Asset...

Stanbic IBTC Awards N4m To Customers

Posted in Business on 21 July 2015. 313 hits.
Stanbic IBTC Awards N4m To Customers By OLUSHOLA BELLO, Lagos — Jul 21, 2015 5:24 am | Stanbic IBTC Bank said that it has given out N4.22 million in prize money to 16 lucky winners of its Visa Gold credit card promo tagged Spend-and-Win. The promo, which was in conjunction with Visa,...

SEC Restates Commitment To Capital Market Master Plan

Posted in Business on 21 July 2015. 268 hits.
The Securities and Exchange Commission (SEC) has restated its commitment to implement the 10-year Capital Market Master Plan as the commission gets ready to host the Second Quarter 2015 Capital Market Committee (CMC) meeting. According to a statement from the SEC yesterday, the CMC meeting will...
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