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Business Journal, Author at Business Journal - Page 126 of 141

July 12, 2015

The N714bn Bailout: Matters Arising

It was good news the other morning when news filtered out that the federal government has graciously given cash-strapped states a bailout of approximately N714 billion to settle outstanding salaries and other forms of wages to workers in their states.

To the workers, it was probably the best news of the year 2015, given that some that had fallen into arrears for upwards of seven to nine months. To ordinary Nigerians not directly affected by the salary crisis in the affected states, the bailout represents a moment of relief from the plight of the workers.

For the state governments, the bailout is only a temporary measure to relieve them of the scandalous inability to meet their obligations to workers in the states.

  • By : Business Journal
  • News
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US banks
July 12, 2015

1bn Women Worldwide Lack Access to Financial System

$300bn Financing Gap Between Men & Women.

Financial exclusion remains a major constraint for women, particularly in developing countries. More than one billion women still do not use or have access to the financial system, according to the World Bank Group’s latest Global Findex Report.

IFC has estimated that worldwide, a $300 billion gap in financing exists for formal, women-owned small businesses, and more than 70 percent of women-owned small and medium enterprises have inadequate or no access to financial services.

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July 12, 2015

Firm to Develop Affordable Homes for Calabar Residents

An indigenous firm, Turn – Over Plus Limited, is set to develop a housing estate, Green City Estate, Calabar, Cross River State, in an effort to boost the housing stock in the state.

The Green City Estate is located in Ikot Offfiong, Ambia, said to be the most serene part of Calabar metropolitan city, with a clean, beautiful, well developed infrastructure, hospitable and good safety and security facility.

The Green City Estate which will be fully flagged off in August, currently houses a number of two to three bedroom apartments spread over three bays, just as duplexes are also been developed. Apart from the planned modification of the existing structures to meet the green city codes, the management of the city plans to develop additional 140 future homes within the next 12 months.

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Afican's Mobile Futrure
July 12, 2015

West Africa Needs Advanced Mobile Infrastructure, says IBM Nigeria Boss

Increased investments in relevant new technologies like mobile, cloud and big data analytics that offer advanced solutions and services are essential for West Africa’s socio-economic development.

In practically all sectors of the regional economy, these advanced technologies allow economies and companies to ensure the integrity of their data assets, providing them with hitherto unseen levels of data mining capabilities which, allows them to derive fresh insights and business intelligence from these data.

These salient points were made recently by Taiwo Otiti, Country General Manager for IBM West Africa, on the sidelines of the HR Leaders Africa Summit held recently in Lagos.

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Forex trade
July 5, 2015

Nigeria Must Rethink Forex Policy to Spur Investment

There is need for Nigeria to seriously rethink her Forex policy to spur investment and quicker economic recovery. At the same time, the country recorded growth of only 3.96% y/y in Q1, 2015, down from 5.9% in Q4-2014, according to Razia Khan, Economist at Standard Chartered Bank, London.

She said Nigeria’s oil sector contracted by 8% y/y in Q1, following growth of 1% in the previous quarter. “Decelerating growth was seen across most sectors in Q1, with the exception of crop production. Q2 growth may be slower still, reflecting a slowdown in activity around the elections, and the transition to a new government.”

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US banks
July 5, 2015

U.S. Banks Plan $16.6bn Digital Transformation in 2015

Retail banks (including thrifts and credit unions) in the U.S. will spend nearly $16.6 billion on hardware, software, services, and internal IT staff in order to develop and implement digital transformation initiatives in 2015.

And this spending on digital transformation will grow at an average CAGR of 10.4% into 2019, according to recent IDC Financial Insights spending models. This compares to an overall IT spend growth of 3.9% for U.S. banks. A new report from IDC Financial Insights, “The Cost of Digital

Transformation in US Banking: The Critical Technology Investments in 2015 and Beyond,” outlines how much money is being invested by U.S. banks in digital transformation, where those investments are going, and where IDC Financial Insights believes the growth will be the strongest in digital transformation investment.

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NNPC
July 5, 2015

NNPC: An Ugly, Dirty Story!

The Nigerian National Petroleum Corporation (NNPC) is a Bad Story. Today, right thinking members of the Nigerian society are asking just one question: What is wrong with NNPC?

In the past few years and running, the NNPC has been in the news for all the wrong reasons- from frequent sacking of its group managing directors, which gives a picture of instability and incompetence, to endless allegations of insolvency and rampant fraud.

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Win-it-like-Buhari
July 5, 2015

Win it Like Buhari: 5 Start-up Lessons to Take Away from Nigerian Elections

March 28 was a historic date in Nigeria’s history as it marked the first time the opposition defeated the ruling party in democratic elections in Africa’s most populous country and biggest economy.

Muhammadu Buhari, a former military leader who had ruled Nigeria for a 20-month period in the early 1980s, campaigned as a born-again democrat and saw the tide of public opinion turn in his favor. Here, CNN’s African Start-Up examines Buhari’s campaign strategy and reveals the key business lessons entrepreneurs can adapt for startup success.

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The-future-of-Facebook
July 5, 2015

Mark Zuckerberg: The Future of Facebook is Telepathy

Mark Zuckerberg just dropped a big clue about Facebook’s future. The social network’s founder and CEO believes that one day, we’ll be able to share our thoughts directly — brain to brain –using technology.

“You’ll just be able to think of something and your friends will immediately be able to experience it too if you’d like,” Zuckerberg said. “This would be the ultimate communication technology.” He made his comments during a public Q&A session on hisFacebook (FB, Tech30) page on Tuesday afternoon.

The response was addressed to a user who asked about Facebook’s long-term plans. In the past decade, the company has expanded the way users communicate on the platform. First there were plain profile pages. Next came comments, and then the Wall, Likes, Groups and News Feed.

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Banks
June 28, 2015

Banks Have Low Expertise in Oil & Gas Business

Nigerian banks have limited k n o w l e d g e and understanding of oil and gas business, thus making it difficult for financial institutions in the country to tailor the right financing model for operators in that sector of the economy.

That was a crucial point from the Nigeria Oil & Gas (NOG) 2015 communiqué issued over the weekend According to the communiqué, the restricted lending capacity of indigenous banks and rate disadvantage cannot compare to various money lenders elsewhere while poor credit rating also affect money lenders’ ability to support indigenous companies operating in oil and gas business.

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June 28, 2015

PwC Report: Real Estate Contribution to GDP Target N2.7tr by 2016

PricewaterCoopers (PwC) has projected the contribution of real estate to the country’s Gross Domestic Product (GDP) to grow by almost N3 trillion in 2016.

The accounting firm however said this is dependent on the right environment, which include adherence to global best practices in the sector, transparency and timely delivery on project execution, among others. The sector currently contributes about N1.8 trillion to the GDP.

“Going by PWC revelation and the quest to meet the vision 2020 target, a lot needs to be done towards improved public infrastructure to drive the required positive change in the real estate and facilities management industry, in addition to improving the living condition of the average Nigerian.

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Femonomics women
June 28, 2015

Why Women are Driving Rethinking of the Sales Model (2)

When you recognise that women are not just the majority but actually the vast majority of consumers, and that their power is only going to increase, it completely changes the commercial urgency of getting to grips with women buyers.’

In a day and age when everyone can buy almost anything from anywhere, the “feelgood” factor at every customer touchpoint has never been more important. Youth is Not What it Appears to Be While many marketers still seem obsessed with talking to Gen X and Y consumers, and still think of them as the longest term market worth tapping, the most powerful women financially are often past their youth.

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Aliko Dangote
June 28, 2015

Aliko Dangote & Arsenal FC: The 30-Year Love Affair!

Aliko Dangote, Africa’s richest man, and President/CEO of the Dangote Group in passionately in Love! It is a love affair that spans over 30 years and is looking set to transform from mere relationship to something much more serious-marriage.

Recent media reports have it on good authority that Dangote is set to bid for Arsenal FC, a club he has ardently supported and loved passionately for over 30 years. Listed by Forbes magazine as the 67th richest person in the world with net worth of over $17 billion, Dangote’s business interest spans from cement to various household products.

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Shelter
June 28, 2015

YES-Let’s Talk About Shelter!

Way back in my college days, we were taught that every man needs three basic things for normal living: Food, Clothing and Shelter. For me and my folks then, the teacher was only teaching us to pass our exams and move on to the next class.

Why should we really bother about the teacher’s sermon of Food, Clothing and Shelter as three basic needs of man when our Daddy and Mummy were there for us 24/7, providing all the food we need, the clothing to cover our bodies and shelter to sleep in overnight.

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Independent
June 28, 2015

Independents to Account for 25% Oil Production by 2020

Independents are projected to account for about 500kbpd by the year 2020, representing 25% of crude oil production in Nigeria, from the current level of 10%. The development is seen as a reflection of the changing landscape of the oil and gas industry in Nigeria.

Key Recommendations:
• Integration of the upstream to other parts of the value chain may eventually be driven by the independents.
• Challenges such as security, especially for independents operating in shallow waters.
Local companies reiterated that security and community challenges have greatly altered their cost of production which cannot be fully ascertained. When coupled with Government take and interest from loans the cost per barrel increases.
• Government is to ensure that an enabling environment is created – independents need to be able to deliver on capacity growth and funding.

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