NAIJA BIZ

Why DisCos, TCN insist Nigerians should pay more for electricity supply

Stakeholders in the electricity industry in Nigeria are planning to introduce another tariff hike despite the rejection of the previous one. This was made known after the Nigerian Electricity Regulatory Commission received a new request from the Power Distribution Companies (DisCos) and the Transmission Company of Nigeria Plc (TCN) to review their tariffs. It was reported that the DisCos and TCN are eager for […]

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Eyowo launches product to boost SMEs operations

Tech firm, Eyowo Integrated Payment Limited has launched an initiative to ease retailers and business owners’ mode of operations in Nigeria. The series is reportedly aimed at creating an avenue where retailers and business owners can learn how to improve business performance using modern tools and strategies. The initiative, which is tagged the Boost Your Business with […]

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Over 9 million Nigerians living in poverty – Report

The National Social Safety Nets Coordinating Office (NASSCO) has released a statistic from its ongoing assessment in Nigerian communities, which revealed that about 9.45 million Nigerians located in 35 states of the Federation are poor. The NASSCO statistic is from the agency’s National Social Register of Poor and Vulnerable Households. According to NASSCO, as of January […]

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CBN lists major constraints affecting businesses, as borrowing rates projected to rise

The Central Bank of Nigeria (CBN) has released its ‘January 2020 Business Expectations Survey Report’ detailing the challenges affecting businesses in Nigeria. The CBN, through its Statistics Department, listed high-interest rates of Nigerian banks as one of the many constraints preventing business growth within the country. According to the regulatory body of the banking industry, the business environment […]

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PenCom threatens companies with no insurance covers for staff, issues March deadline

The National Pension Commission (PenCom) has announced that effective from March 2020, companies, with no insurance covers for their staff, would no longer be allowed to do any government business. PenCom disclosed this in its recently issued compliance guidelines on Life Insurance Policy for employees and submission of insurance certificate for 2020. It noted that the deadline was […]

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IMF moves to replace first Deputy MD, David Lipton

The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva has announced that the institution’s first Deputy Managing Director, David Lipton would be stepping down by the end of February. The IMF said the search for a successor for Lipton would begin shortly. There is no assurance that Georgieva would continue the tradition of selecting an American […]

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Tony Elumelu Foundation disburses first tranche of $5million partnership commitment from African Development Bank

Tony O. Elumelu, CON, has congratulated the African Development Bank (AfDB), and its  President, Akinwumi Adesina, on their commitment to African entrepreneurship, with the disbursement of $2.5 million seed capital to the AfDB-sponsored beneficiaries of the 2019 TEF Entrepreneurship Programme. The $2.5 million was released today, with the balance expected to be disbursed to the […]

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Aella Credit raises $10 million debt financing round from Singapore

Aella Credit said it has secured a $10 million debt financing round from Singaporean company – HQ Financial Group. This information is contained in a press statement that was released via the financial technology (fintech) company’s website earlier this morning. According to the statement, the new capital raise from Singapore is expected to facilitate the credit company’s effort to provide financial inclusion […]

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Experts weigh in as Lagos okada ban continues to bite hard

Bismarck Rewane, the Chief Executive Officer of Financial Derivatives, and Atedo Peterside, the former Group Chairman of Stanbic IBTC Holdings Plc, are some of the notable experts, who have expressed misgivings over the Lagos State Government’s decision to ban commercial motorcycles and tricycles in 15 LGAs and LCDAs across the state.   Speaking to CNBC Africa, Rewane stated that although the move to rid Lagos of commercial motorcycles […]

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Maersk, Safmarine deny dumping Lagos, as port challenges affect operations

Despite challenges affecting their operations in Lagos port, Maersk, the world’s largest container carrier, and Safmarine, a subsidiary of Maersk, have both denied relocating their shipping operations from Lagos, a state that has lost some companies in recent years. Maersk, a Danish business conglomerate with activities in the transport, logistics and energy sectors, said it was sticking […]

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CBN injects $218.41 million in SMIS

The Central Bank of Nigeria (CBN) has injected $218.41 million into the inter-bank retail Secondary Market Intervention Sales (SMIS). The dollar-denominated intervention, which is meant for only agricultural and raw materials sectors, is in continuation of its intervention in the inter-bank foreign exchange market. According to the CBN Director of Corporate Communications, Isaac Okorafor, the exercise, just like in previous […]

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Analysis: AIICO Insurance, who is buying?

A visit to AIICO Insurance Plc’s website homepage reveals a vividly depicted ‘Buy Now” phrase. Underneath these words are captivating images highlighting a slew of products and services offered by the company. It’s hard not to get convinced to buy any of the products if you focus on the images and their underlying messages. AIICO, by the […]

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Nollywood: Senator Fadahunsi ‘bombs’ Fashola

The Senator representing Osun East senatorial district at the upper chamber of the National Assembly, Francis Fadahunsi has berated the Minister for works and Housing, Mr Babatunde Fashola over his recent outburst against Nollywood. The lawmaker expressed disappointment over what he termed “unintelligent blame games” on the part of government, in a bid to play […]

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PIB and its unsurmountable obstacles

A Reuter’s story reports the Senate President saying Nigeria’s legislature has begun consulting with the president to draft “from scratch” a bill overhauling the nation’s petroleum sector and will aim to pass it by the end of 2020. According to the Senate President, the ninth National Assembly will likely break the jinx this time around […]

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Pay attention to revenue to debt service ratio, Standard Chartered’s Chief Economist to FG

Chief Economist, Africa, and the Middle East, Standard Chartered Bank Group, Razia Khan, has described the status of Nigeria’s revenue as problematic, and as a source of concern to foreign investors. She stated this while presenting the bank’s Nigeria 2020-Economic Outlook. Despite the measures being taken by President Muhammadu Buhari to mobilise revenue, the economist […]