lagos Archives - Inside Business Africa

May162021 by Joshua OlotuNo Comments

Marriott to open first premium hotel in Lagos May 19

Business

Riding on the success of its over 8 outlets in Nigeria, Marriott International, the world’s largest hotel group, is set to open its largest hotel in Lagos, Nigeria. The 250-room Lagos Marriott Hotel Ikeja, which is owned and built by Sifax Group, is a premium brand and will open on May 19, 2021. The hotel is the first Marriott designed and purposed-built hotel in Nigeria and the largest in Sub-Saharan Africa, amid contemporary facilities, great service and experience for guests. Speaking at a media preview of the hotel at the Ikeja GRA, Lagos, on Tuesday, Rudi Janse Van Resnburg, general manager of the hotel, described the new hotel as an amazing product, noting that Marriott International is yet again boosting experience for guests who want travel brilliantly with the great ...

May62021 by Joshua OlotuNo Comments

Lagos warns telcos against illegal digging of land

Business

LASRAA registers 5m Lagosians, targets 60 registration centresThe Lagos State Government has warned telecoms operators against illegal land digging for fibre cable laying. Rather, the state said operators should key into the ongoing fibre laying project the state is handling across the 20 local government areas and all the local council development areas. The Lagos State Commissioner for Science and Technology, Hakeem Fahm, made this known during the 2021 ministerial press briefing to commemorate the second year of Babajide Sanwo-Olu-led administration. Fahm said Lagos implemented a 3,000 km of Fibre Metro Network connection in 2020 and an additional 3,000km in 2021 across the state as part of the comprehensive Smart City Programme that seeks to provide a 24-hour driven economy....

Aug252020 by Joshua OlotuNo Comments

Stallion Group – the time-tested conglomerate

Interviews

Stallion Group CEO Mr. Anant Badjatya Over 50 years, Stallion has successfully navigated the Nigerian terrain and has become a time-tested conglomerate that has its presence across the Nigerian economy says the GROUP CEO Mr. Anant Badjatya As a private sector player in the in the Nigerian economy with interest in the growth of Indo-Nigeria relationship and investment, could you speak on the current relationship and the growth trajectory of the two countries? Over 50 years, Stallion has successfully navigated the Nigerian terrain and has become a time-tested conglomerate that has its presence across the Nigerian economy. Our journey started with the commodities business in late 1969 and since then Stallion Group has adopted global best practices practiced by large populous coun...

Jul222020 by Joshua OlotuNo Comments

Economists worry about rising inflation, unemployment as rates stagnate

Economy

With the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) retaining the Monetary Policy Rate (MPR) and other key rates, economists and analysts have urged the apex bank not to lose sight of rising inflation and unemployment. Indeed, the monetary authorities are caught between dealing with the expected negative gross domestic product (GDP) growth for the second and third quarters, as well as rising inflation that has put consumers on the edge and pressure on currency in circulation. While inflation uncertainty has become a growing concern for investors, savers and consumers alike, the need to the GDP to counter the rise in jobless rate may have put authorities on the ledge, thus making a choice to retain rates and observe trends. The MPC held the Monetary Po...

Jul152020 by Joshua OlotuNo Comments

‘Why investors must increase understanding of investment risks’

Capital Market

As the nation’s investment climate continues to pose a challenge to stakeholders, a new report on the Nigerian investment landscape says investors must increase their understanding of investment risks to enable them to enhance their returns. The report by Coronation Research titled, “Navigating the Capital Market: ‘the Investors Dilemma’,” argued that Nigerian investors are faced with difficult investment choices following the unprecedented crash in interest rates. According to the Head of Research at Coronation Asset Management, Guy Czartoryski, investors are left with the alternatives to either wait for rates to rise again in future, or accept more risk in order to increase returns. Czartoryski, while explaining the nitty-gritty of the report at a Webinar, Monday, said the repor...

May122020 by Joshua OlotuNo Comments

ULC flays Lagos State government over demolition of houses during lockdown

Appointments

The United Labour Congress of Nigeria (ULC), has bemoaned the demolition of houses by the Lagos State Government during the COVID-19 lockdown. The labour centre described the action as callous, wicked, and most horrendous. ULC argued that governments should not preside over the destruction of the nation by carrying out actions that put Nigeria at risk. President of ULC, Joe Ajaero, noted that the Lagos state government chose to hide under the cover of the lockdown to demolish the houses of its citizens, lamented that over 55,000 individuals and families were evicted from their homes. He argued that a government that was serious about fighting the outbreak would have at least waited for the scourge to be contained before taking such insensitive and unacceptable a...

May62020 by Joshua OlotuNo Comments

How businesses can stay ahead during COVID-19, by experts

Business

As the lockdown is being relaxed in Lagos, Abuja, and Ogun, experts have charged business owners and policymakers to stay ahead on their operations while being up to speed on trending developments during the coronavirus pandemic.Experts, who gathered at an online webinar meeting organised by the Franco-Nigerian Chamber of Commerce and Industry (FNCCI), titled, “Staying ahead in a pandemic,” urged businesses to fine-tune their policies in relation to the pandemic guidelines while including safety procedures.Director, Advisory, KPMG, Mrs Dolapo Adeosun, said business owners need to show concern and compassion to their staff in this period. As humans are the key resources to organisations, there is a need to check up on them and see how well they are faring with the pandemic.Advertisemen...

Apr162020 by Joshua OlotuNo Comments

Stock market index rises further by 2.32% despite lockdown extension

Capital Market

Despite government’s decision to extend the lockdown in Lagos, Abuja and Ogun states by additional 14 days, the Nigerian equities market commenced trading in an upbeat yesterday, as index appreciated further by 2.32 per cent. The market re-opened for transaction yesterday after the one –day public holidays declared by the federal government to mark the Easter celebrations. Specifically, the All-Share Index (ASI) gained 495.92 absolute points, representing a growth of 2.32 per cent to close at 21,879.95 points. Similarly, the market capitalisation gained N259 billion to close at N11.403 trillion. The upturn was largely boosted by capital appreciation recorded in the shares of the following mid and large capitalised stocks, Dangote Cement, MTN Nigeria, Stanbic IBTC Holdings, Nigeri...

Mar242020 by Joshua OlotuNo Comments

Investors lose N2.3tr in three weeks of first COVID-19 case in Nigeria

Economy

Stock market investors have lost over N2.3 trillion barely three weeks after the first case of coronavirus, which is currently ravaging the whole world, was confirmed in Nigeria on January 28, 2020. Specifically, the market capitalisation of listed equities, which stood at N13.657 trillion as at Friday, February 28, 2020 depreciated by N2.349 trillion to N11.308 trillion yesterday, while the All-share index which measures the performance of quoted companies closed at 21,700.98 from 26,216.46 representing 4,515.48 points or 20.8 per cent drop. Nigeria has recorded fewer confirmed cases of Covid-19, when compared to other countries, but the global pandemic’s impact on the economy is far more significant. While global oil demand drops drastically in the wake of the outbreak, Nige...

Mar242020 by Joshua OlotuNo Comments

Why oil licensing round bids may not hold this year

Oil & Gas

The possibilities of having an oil and gas bid round this year appears to be bleak as the coronavirus pandemic continues to affect global economies and foreign investments. Indeed, the United Nations Conference on Trade and Development (UNCTAD) had projected that the COVID-19 epidemic could bring global foreign direct investment flows to their lowest levels since the 2008-2009 financial crisis. The Minister of State for Petroleum Resources, Timipre Sylvia, had stated that government would conduct smaller bid round for marginal fields and thereafter focus on a major bid. Though unrealistic deadlines have been set for the passage of the Petroleum Industry Bill (PIB) initiated decades ago, Sylva insisted that the PIB, which would facilitate the bid round, would be passed before M...