Inside

Oct172018 by EditorNo Comments

Nigeria’s Internet Exchange Point Grows Local Traffic By 10,000% In Five Years

The Internet Exchange Point of Nigeria (IXPN), has grown traffic on its network by over 10,000 per cent in the last five years, and currently exchanges over 110 gigabits per second of traffic. The Chief Executive Officer of IXPN, Muhammed Rudman, who disclosed this in Lagos, explained that the measurement of this growth in traffic was from 2013 to 2018. He largely attributed the connection of some international content service providers to the exchange point as one of the reasons for the growth. An Internet exchange point (IXP) is a physical infrastructure that allows several Internet Service Providers (ISPs) and network operators to exchange traffic between their networks, generally referred to as autonomous systems.The Guardian gathered that Nigeria has about five spread across the re...

Oct172018 by EditorNo Comments

‘How To Curb Incidence Of Banks’ Failure In Nigeria’

Business, Economy, Inside, News

As the nation grapples with the issue of Skye Bank takeover, the bank’s shareholders, University Dons, Professors Franklin Ngwu and Uche Uwaleke have prescribed ways to stem the prevalence cases of failed banks in Nigeria. The duo, who spoke in an interview with The Guardian, argued that urgent steps must be taken to address the anomaly to restore depositors and shareholders confidence in Nigerian banks for improved financial inclusion. Indeed, there has been increasing level of banks failure in Nigeria in recent times, which has become as source of worry and elicited reactions from various stakeholders. The occurrence has caused shareholders to lose investment worth billions of naira and subsequently subject them to untold hardship. For instance in the case of the three nationalized ba

Oct162018 by EditorNo Comments

AfDB Woos Nordic Investors For Nigeria, Others

Business, Inside, Money Market, News

The African Development Bank, in multidisciplinary team roadshows, has presented financial products and investment opportunities on the continent to Nordic investors to leverage more access to financing. A statement issued by the bank on Monday said it hosted roadshows in Norway, Sweden, Finland and Denmark to attract investors to Africa. The roadshows brought together more than 50 private sector companies, investors and government and public institutions in the Nordic countries, the bank said. It noted that the aim of the events was to bring the bank closer to customers in order to increase awareness of key private sector stakeholders to understand its financial and risk mitigation products for investment projects. The roadshows, it added, also generated significant interests of bus...

Oct162018 by EditorNo Comments

Fidson Leads Losers As Stock Market Weakens

Capital Market, Inside, News

The Nigerian stock market opened the week on a negative note as market participation weakened on Monday, causing both the volume and value of trades to decline by 43.72 per cent and 57.08 per cent, respectively. The market capitalisation of stocks listed on the Nigerian Stock Exchange dropped from N11.849tn on Friday to N11.833tn on Monday, while the All-Share Index declined by 0.13 per cent close at 32,413 basis points. Fidson Healthcare Plc led 17 losers on Monday, having seen its share price decline by 10 per cent to close at N5.40. Other laggards on the chart were Wapic Insurance Plc, UACN Property Development Company Plc, Lafarge Africa Plc and Unilever Nigeria Plc. Wapic saw its share price drop by 9.09 per cent to close at N0.40, while UPDC’s share price declined by eight p

Oct162018 by EditorNo Comments

Edo Launches Agric Cluster To Boost Food Sufficiency

Agriculture, Inside, News

The Edo State Government said it had begun a knowledge-driven food sufficiency plan to address the challenges faced by farmers, through training in good agricultural practices. Governor Godwin Obaseki stated this at the launch of the Edo Food and Agriculture Cluster in Ehor, Uhunmwonde Local Government Area of the state, according to a statement by his Special Adviser on Media and Communication Strategy, Crusoe Osagie. According to the statement, the cluster, involving over 200 farmers, has the full complement of an agricultural training centre in the area. The governor, who was represented by his Special Adviser on Political Matters, Chief Osaro Idah, explained that the state government was committed to exploiting agriculture and providing avenues to train farmers to boost their knowle...

Oct162018 by EditorNo Comments

Avon HMO, Piggybank.NG Offer Affordable Health Plan To Savers

Business, Inside, News

Avon Healthcare Limited and Piggybank.NG, a digital savings platform, have formed a strategic partnership to give disenfranchised Nigerians access to affordable health care. The partnership, according to a statement by Avon HMO, will provide health insurance plans to users with flexible monthly payments. As part of the collaboration, the partners said they would create a unique health care plan called AvonFlex, which is focused on affordability and flexibility for Piggybank.NGusers. According to the statement, Nigeria is home to over 67 million youths, with limited understanding of the importance of health insurance and equally limited health care coverage. It added that while Avon HMO had used its platform to advocate for health education by pioneering the sale of health care plans

Oct162018 by EditorNo Comments

Quantity Surveyors Demand Construction Development Board

Business, Inside, News

he Nigerian Institute of Quantity Surveyors, (NIQS) says the Federal Government should, as a matter of urgency, establish a Construction Industry Development Board, (CIDB). President of the Institute, Mr. Obafemi Onashille explained that CIDB or Construction Industry Development Council, (CIDC) would be responsible for the formulation, implementation and regulation of policies. These policies, he said would galvanise and breathe life into the ailing sector which, according to him, was regarded as the barometer for measuring the economic health of a country. Onashile, who briefed newsmen at the Institute’s liaison office in Victoria Island, Lagos, said the Board could be established through collaboration of the government, built environment professionals and contractors, adding that t

Oct162018 by EditorNo Comments

Dangote Introduces New Cement Brand

Business, Inside, News

Dangote Cement Plc on Monday unveiled a new brand of its product known as the Dangote BlocMaster, a 42.5 grade cement. The Group Managing Director, Dangote Cement Plc, Mr Joseph Makoju, said the new product had been formulated to make a difference in the construction industry. “We identified an opportunity that we can have a product combining all the qualities of good cement; the cement market is relatively sophisticated with different products. This particular product is good for multi-level structures,” he said. According to him, block moulders were involved in the research leading to the formulation of the product. “We took samples to them to test before we finally concluded the product. This new product is up to 50 per cent stronger after one day and is ideal for all block and co

Oct162018 by EditorNo Comments

Group Urges CBN To Enforce Ban On Sale Of New Naira Notes

Business, Capital Market, Inside, News

Prof. Ishaq Akintola, the Director of Muslim Rights Concern (MURIC), an NGO, has urged the Central Bank of Nigeria (CBN) to enforce the ban on sale of new naira notes at parties. Akintola, who made the plea in Lagos on Monday, said that the hawkers were aiding and abetting “spraying” of money at parties. “MURIC calls the attention of the CBN to those who sell new naira notes. They are the ones who aid and abet spraying at parties. “The Police should be empowered to seize such money and return it to government treasury. Those who desecrate the naira deserve punishment. “Emphasis should be placed on imprisonment for spraying at parties. There should be no option of fine. “By doing this, we can save the society from materialism and moral decadence,’’ he said in a statement. Akintola als

Oct162018 by EditorNo Comments

CBN, Institute Task Risk Managers On Fintech Threats

Business, Economy, Inside, News

As fintech continues to revolutionalise financial services in Nigeria, the Central Bank of Nigeria (CBN) and the Chartered Institute of Bankers of Nigeria (CIBN) have advised risk managers to stay ahead of trends and step up their risk management mechanisms to avert imminent risks that may arise from modern technology. Speaking at the Risk Management association of Nigeria (RIMAN) mandatory seminar for certified risk managers, in Lagos at the weekend, the Deputy Governor CBN, Mrs Aishah Ahmad argued that risk functions of banks must be in line with latest information and ‘up to date’ to address new and emerging risks from technology. While delivering her paper titled ‘Regulatory perspective on the future of risk management in Nigeria’ Ahmad, who was represented by the Director, Banki