BY GODDIE OFOSE, Lagos - Tony Elumelu, Chairman of Heirs Holdings, has called for the restructuring of government regulations and taxation to support business growth in Nigeria. He made the call at the Lagos Business School Alumni Association 2017 Conference, held on Thursday, November 16, 2017. Elumelu, who was guest speaker at the occasion, spoke on the conference theme: The Effects of Multiple Government Regulations and Taxation on Business Growth in Nigeria”, emphasised the need for government to embark on radical approach that would shape behaviors of entrepreneurs and business owners towards payment of taxes in a more obligatory manner. According to Elumelu, who is also Chairman of UBA Group and Transcorp Plc, “multiple regulations hinder business growth; and we need to regulate our tax laws and practices in a manner that would create enabling environments for businesses, particularly start-ups and SMEs to thrive in the economy. If taxes are well...
BY GODDIE OFOSE, Lagos - It was an unprecedented turnout as youth numbering over 700 actively took part at the ongoing Port Harcourt edition of the ‘Youth Empowered’ Workshop programme organised by Nigerian Bottling Company Limited (NBC). The workshop programme is part of the Coca-Cola Hellenic global initiative designed to support over 500,000 young unemployed people between the ages of 18 to 30 by 2020, to build life and business skills and long-lasting networks that would translate to meaningful employment and self-sufficiency The three-day workshop, which kicked off on Wednesday and ended Friday, had in attendance, seasoned professionals and youths from different parts of the South-south and South-east region gather to learn from a series of modules, all that is needed to enhance their personal development and self-sustenance. Speaking at the NBC’s Youth Empowered Workshop, the Legal, Public Affairs and Communication Director, Nigerian Bottling Company, Mrs. Sade Morgan, explained that the huge...
BY CHIMA AKWAJA, Lagos - MTN, one of our country’s most iconic brands, is closing the year with a groundswell of goodwill, recognition and celebration. In addition to being named the Most Valuable Brand by Top 50 Brands Nigeria for the second consecutive year, MTN received the highest accolades at the Nigerian Tech Innovation and Telecom Awards (NTITA) organized by the Association of Telecom Companies of Nigeria (ATCON). The slew of awards won at NTITA included the awards programme’s most coveted prize, the ‘Mobile Operator of the Year’; the prestigious ‘LTE/4G Provider of the Year’ and ‘Customer Experience” awards; and the ‘Innovative Project of the Year’ award for the ground breaking Lumos Mobile Electricity Service powered by MTN. Expressing his appreciation, Tobechukwu Okigbo, Corporate Relations Executive, MTN said “We are honoured by this recognition, and would like to acknowledge the role of our customers, communities, partners, policy makers and peers who champion...
By OLUSHOLA BELLO, Lagos - Managing director of Jaiz Bank Plc, Mr. Hassan Usman said many West African countries and companies may fall back on Sukuk bonds to raise non-interest funds to finance infrastructural development and corporate growth plans. Usman said there could soon be a frenzy of Sukuk issuance in West Africa as more countries discover the potential of Sukuk as a major leverage for their national development. Nigeria recently issued its maiden sovereign Sukuk. Nigeria successfully raised N105 billion for its N100 billion Sukuk, raising optimism on the depth of the market. Usman, who spoke at the two-day National Convention of the Moshood Abiola Polytechnic Abeokuta Muslim Alumni (MAPAMA) held in Lagos, said the envisaged scramble for Sukuk issuance in the nearest future could make the non-interest capital market grow bigger and faster than its banking counterpart. According to him, non-interest banking (NIB) in West Africa has a lot of potential...
By ANTHONY AWUNOR, Lagos - Dana Air has assured its guests of its commitment to continuously raising the bar of its operational efficiency with an airline model that guarantees sustainability and professionalism in Nigeria’s aviation industry. The Accountable Manager of Dana Air, Mr. Obi Mbanuzuo made this known during the official presentation of the membership certificate of the International Air Transport Association (IATA) to Dana Air in Lagos. He said Dana Air has and will continue to maintain global best practices in the aviation industry while still churning out world-class initiatives to exceed the flying aspirations of its ever-increasing membership of the airlines’ loyalty program –Dana Miles. ‘’Since becoming an IATA member, we have received a barrage of requests for interline and code-share agreements and we can’t wait to take our unrivaled services in Nigeria to the global stage. Dana Air remains uncompromising in its commitment to maintaining global best practices and as...
Sam Diala examines the gains recorded in Nigeria’s several Agric financing initiatives and underscores the need to address the key challenges plaguing the system to ensure that the desired objectives are achieved. Agricultural financing has been a focal point in the development agenda of the Nigerian government. The measure took accelerated dimension in the 70’s in response to demand for home-grown solutions to Nigeria’s economic challenges. A practical demonstration of this move was the Central Bank of Nigeria (CBN) Agricultural Credit Guarantee Scheme Fund (ACGSF) created in 1977 (but took off in 1978). The Fund guarantees credit facilities extended to farmers by banks up to 75 per cent of the amount in default, net of any security realised. It is managed by the CBN which handles the day-to-day operations of the Scheme. The CBN has, since then, created various micro-schemes under its intervention policy — targeting critical sectors, especially agriculture; to create...
By OLUSHOLA BELLO, Lagos - Unilever Nigeria Plc has listed additional 1.96 billion ordinary shares of 50 kobo on the Daily Official List of the Nigerian Stock Exchange (NSE). The additional shares arose from Unilever’s rights issue of 1.96 ordinary shares of 50 kobo at N30 per share in the ratio of 14 new shares for every 27 shares held as at June 28, 2017 at N30 per share. With this listing of 1.96 ordinary shares, the total issued and fully paid up shares of Unilever Nigeria Plc has now increased from 3.78 billion to 5.75 billion ordinary shares. The Company recently raised the sum of N58.85 billion rights issue, which was 120 percent subscribed. Unilever Nigeria stated that the proceeds of the rights issue would deepen the company’s capital to ensure financial flexibility and to repay foreign exchange liabilities. Recently the managing director of Unilever Nigeria, Mr. Yaw Nsarkoh at the facts behind...

5 Tips On How To Start Trading Forex

In Nigeria, the word Forex Trading has been ringing bells for some years, but very few people actually know that its largest market and it is the "underlying" real asset that the forwards and futures markets are based upon. A brief glance at the history of forex trading is important, to enable the Forex traders understand more about the currencies and how its exchange on forex trading platform . The creation of the gold standard monetary system in 1875 is one of the most important events in the history of the forex market. In July 1944 Bretton Woods system led to the formation of the following: A method of fixed exchange rates; the U.S. dollar replacing the gold standard to become a primary reserve currency; and the creation of three international agencies to oversee economic activity: the International Monetary Fund (IMF), International Bank for Reconstruction and Development, and the General Agreement...
By Chika Okeke, Abuja  Vice President Yemi Osinbajo has disclosed that federal government paid about N50 billion to 62 contractors working on 149 projects this year in order to continue works on the nation’s  roads and bridges and sustain the workforce. This is even as he revealed that payments made to 103 construction companies executing 192 projects during the implementation of the 2016 budget resulted in the employment of 17,749 people directly and 52, 000 indirectly in works section. He stated this in Abuja yesterday at the 27th Biennial Conference of the Nigerian Institute of Quantity Surveyors (NIQS) with the theme, ‘Developing the Economy for Sustainable Growth: The Construction Industry as an Effective Stimulant. The Vice president observed that similar payments were extended to supervising consultants in the housing and powers sectors of the ministry of power, works and housing adding that increased spending led to recall of sacked workers and reopening of...
The Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, in an interview with some business editors in Abuja, recently, explained that the federal government’s drive to facilitate trade and ease of doing business in the country is ongoing. He also spoke on Nigeria’s recent feat in World Bank Ease of Doing Business ranking among others, BAYO AMODU was there. Nigeria’s recently moved 24 places up the ladder in the World Bank Ease of Doing Business ranking. What were the things they considered, and what areas are you looking at for improvement? It’s not something we take for granted and we don’t take it for granted because it’s good to  adopt a purposeful approach to issues because the president came and said one of the priorities he was going to do is making it easier for people to do business. As you know, last year, he inaugurated and commissioned the Presidential Enabling...