Economy

Chinese Firm Targets Green Investment Opportunities In Nigeria

Chinese Firm Targets Green Investment Opportunities In Nigeria

Business, Economy, Inside, News
Elion Resources Group, a Chinese green industry company, has signed a Memorandum of Understanding (MoU) in Owerri, Imo State as part of its exploration of investment opportunities in Nigeria. The company’s planned projects, facilitated by Converge Business Limited, are in the areas of desertification control, agriculture and development of new energy resources, a statement from the firm indicated. President, Wang Wenbiao, who led the company’s delegation to Nigeria, signed the MoU with Imo State State Government in Owerri at the weekend. Both parties expressed their readiness to unlock and harness the potential of natural gas resources to increase domestic and industrial power supply, raise people’s living standard and support sustainable economic growth and diversification. Wang sai
Labour Tasks Employers On Tenets Of Decent Work

Labour Tasks Employers On Tenets Of Decent Work

Business, Economy, Inside, News
Organised Labour has demanded an immediate end to all forms of employment that offend human dignity, deny workers access to living wage and social protection. They also urged the Federal Ministry of Labour to step up and renew its commitment to further enhance its monitoring duties, ensuring that every employer complies with the provisions of the labour laws. They said where the law is breached; the Ministry of Labour and other agencies of government should enforce the laws. They agreed that work could only be decent when it has a fairly reasonable income that enhances their standard of living, with social protection for the family. Addressing affiliates of Industrial Global Union, Nigeria, in commemoration of the 2018 World Day for Decent Work (WDDW), tagged ‘Change the Rules’ yest
Again, MTN Group’s Shares Slide as Officials Meet with CBN

Again, MTN Group’s Shares Slide as Officials Meet with CBN

Business, Economy, Inside, News
Shares in MTN Group, Africa’s biggest telecoms company, have dropped more than four per cent over the uncertainty about the outcome of yesterday’s meeting between the Central Bank of Nigeria (CBN), officials of CBN, and the four banks involved in the alleged MTN’s illegal repatriation of $8.134 funds from Nigeria. According to report, the shares further droppeåd yesterday by 2.21 per cent at 84.10 rand over uncertainty about the outcome of the meeting. The MTN Group shares had on Monday rose by 2.55 per cent, following the announcement on Sunday by the CBN Governor, Mr. Godwin Emefiele, of the plans by the apex bank to reduce the $8.134 billion fines. But the shares, it was gathered, plunged again, as a result of the uncertainty about the outcome of the meeting which held yesterday in Ab
300,000 Persons Get N15.183bn Interest-Free Loans, Says Osinbajo

300,000 Persons Get N15.183bn Interest-Free Loans, Says Osinbajo

Business, Economy, Inside, News
Vice-President Yemi Osinbajo on Monday said the present administration had so far provided interest-free loans totalling N15.183bn to over 300,000 beneficiaries across the country. He said the beneficiaries included traders, artisans and farmers. Osinbajo spoke at the 9th Presidential Quarterly Business Forum held at the old Banquet Hall of the Presidential Villa, Abuja. He said each of the beneficiaries got between N50,000 and N350,000 under the scheme. Osinbajo expressed the belief that the present administration would make a massive difference if N1tn was spent on the poor yearly. He stated, “A total of N15.183bn in interest-free loans ranging from N50,000 to N350,000 has been disbursed to more than 300,000 market women, traders, artisans and farmers across all 36 states of the co
Sterling Bank Intensifies Debt Recovery Drive

Sterling Bank Intensifies Debt Recovery Drive

Business, Economy, Inside, News
Sterling Bank Plc has said it will always adopt amicable resolution or when necessary, drastic legal actions to achieve debt recovery outcomes. Such strategies include restructuring for accelerated payoffs and possible foreclosure or disposal of pledged assets of defaulting debtors. This is expected to ensure a progressive drop in the bank’s non-performing loan (NPL) ratio which has decreased significantly year on year since 2016. Commenting on the intensified debt recovery drive, the bank’s Group Head, Credit Collection and Recovery, Abiodun Aderoju, said: “Sterling Bank witnessed a 383 per cent increase in recoveries between 2016 and 2017. This resulted in a significant improvement in asset quality as reflected in the reduction in non-performing loan ratio by 370 basis points to 6.2 p
Report Ranks GTBank Among Digital Banking Leaders in Africa

Report Ranks GTBank Among Digital Banking Leaders in Africa

Business, Economy, Inside, News
Guaranty Trust Bank (GTBank) has revealed that is atop a new generation of multinationals in developing markets with the competitive strength and capacity to become a major player in the global scene. A statement from the bank quoted the Economist Intelligence Unit (EIU), the research and analysis division of The Economist, to have revealed this. The bank, which operates out of 10 African countries and the United Kingdom, was one of 12 companies, selected from four continents and spanning six industries, that the EIU believes has the strategy and potential to dominate domestic markets and expand its business outlays internationally. In its report, “Going Global: 12 Companies to Watch in Developing Markets,” the EIU said “Guaranty Trust Bank is leading the digital banking race in Sub-
SON Sustains Clamp Down On Substandard Building Materials

SON Sustains Clamp Down On Substandard Building Materials

Business, Economy, Inside, News
Standards Organisation of Nigeria (SON) says it will continue to sanitise the Abuja building markets to rid them of substandard materials. The agency sealed premises of some dealers engaged in marketing substandard aluminum roofing sheets in the Federal Capital Territory (FCT). Ganbo Dimka, FCT Coordinator, SON, said the estimated cost of affected products across the city was about N75m. According to him, the products were basically imported from China. “Many of the roofing sheets being sold in the market have thickness diameters lower than what is specified in the Nigerian standard, which is the minimum requirement for any roofing sheet in the country to withstand the peculiar weather condition and give value on investment made on them,” he said. He explained that the menace of subst
CIBN Seeks Roles For Professionals In Politics

CIBN Seeks Roles For Professionals In Politics

Business, Economy, Inside, News
The President, Chartered Institute of Bankers of Nigeria, Dr Uche Olowu, has said that professionals should be allowed to play their roles in the country’s polity. He said this during the board meeting of the Association of Professional Bodies of Nigeria in Lagos. He said, “As key stakeholders in the Nigerian project, the time has come for a strategic repositioning of the association to play a more active and relevant role in the polity. Our ultimate goal should be for the APBN to be a stronger and constructive national voice that will occupy an important place in the national polity discourse.” As professional bodies, he said members should redefine how they could work more collaboratively with themselves, and other stakeholders to build the APBN envisaged by its founding fathers. H
‘Lingering Unemployment Due To Disparity In Skills Between Real, Educational Sectors’

‘Lingering Unemployment Due To Disparity In Skills Between Real, Educational Sectors’

Business, Economy, Inside, News
The Bank of Industry Limited (BoI), has advocated alignment of town and gown, especially in the real sector, as part of measures to address lingering unemployment challenges in the country. According to the bank, the potential in the nation’s real sector remains largely untapped, thereby limiting job creation efforts. The Bank hinged underdevelopment in the sector on the harsh business environment and difficulties in doing businesses in Nigeria, thus limiting the growth capabilities of existing industries, while some have been forced to liquidate and others discouraged from commencing operations. Giving the Convocation Lecture at the 2018 Graduation Ceremony of Gateway ICT Polytechnic, Sapaade Remo, Ogun State, at the weekend, the bank’s Chief Risk Officer, Dr. Ezeikel Oseni, stresse
‘Apprenticeship Crucial To Small Businesses’ Growth’

‘Apprenticeship Crucial To Small Businesses’ Growth’

Business, Economy, Inside, News
Micro, Small and Medium Enterprises (MSMEs) in the country have been urged to leverage apprenticeship and training to upscale their businesses. Entrepreneurs who spoke at the third Fate Foundation yearly alumni conference in Lagos, opined that start-up owners need to learn as apprentices before starting to grow and scale their businesses. Founder, Cosharis Group, Cosmos Maduka, said start-ups must understand that enduring businesses are not products of chance, they are characterised by clear vision and growth strategies actualised through prepared, structured and efficient leadership. Maduka, who also doubles as the guest speaker at the conference, urged start-ups to undergo apprenticeship programmes to gain practical knowledge to build their businesses. “People will only invest in y