Category: Business

NECA Slams National Lottery Regulatory Commission For Breach of Rule of Law

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The Nigeria Employers’ Consultative Association (NECA) has expressed its shock and utter dismay at the gruff actions and jungle behaviour of Mr. Lanre Gbajabiamila, new D.G. of the National Lottery Regulatory Commission (NLRC) in shutting down the offices and business premises of Nigeria Brewery Plc across the nation.

Organised Businesses under the auspices of NECA had approached the Courts in the case CA/A/207/2016, NECA & 1 or vs. AG Federation & 3 ors. The case is currently at the Federal Court of Appeal and parties in the case had maintained status quo ante since 2016. This was in obedience to the Court order which had restrained the National Lottery Commission and /or its Agents from imposing/further imposing its own interpretation of “promos” on NECA’s members and/or from further harassing, intimidating and/or sealing-up the offices of NECA’s members.

Speaking in Lagos, the Director General, Mr Olusegun Oshinowo, expressed shock that the new helmsman at the NLRC, Mr Lanre Gbajabiamila, will go all out to act in breach of the rule of law and utter contempt of court by shutting down the offices and business premises of Nigeria Brewery Plc in a case that is still before the Court of Appeal.

Oshinowo noted that “since 2016 when the case was filed in court, the past leadership of the Commission had exercised restraint and due respect for the law of the land”. He decried the resort to jungle behaviour by the power drunk “public servant” in a civilized society where all hands are on deck to boost the ailing economy of the nation. According to him, “It is unthinkable that a Public Servant will rashly shut down business premises of a multi-billion dollar investment without considering the dire implications on the economy”

The Director General, NECA called on the Presidency and the Honourable Minister of Industry, Trade and Investment to call Gbajabiamila to order as his actions are not only illegal, unlawful and ultra vires the powers conferred on him, but he is working at cross purpose against the laudable efforts of the Federal Government in improving the Ease of Doing Business (EODB) in Nigeria. “He should be called to order to avoid further damage to business and the fragile economy at large”

NECA’s call on the Presidency and the Honourable Minister is informed by government’s belief in fairness and justice, and its several unequivocally affirmation of its belief in enterprise rights and those of ordinary Nigerians. These are hallmarks of good governance which will shore up investors’ confidence in the economy”

Oshinowo further hoped that “the Commission’s leadership will depart from its new ways and manner of carrying out its activities, which is totally at variance with Democratic Ethos”. In the same vein, “Gbajabiamila should await the court’s interpretation on the definition of promos which we believe is not the same as lottery. This will enable the Commission operate within the limits guaranteed by law and also promote the survival of Enterprises in the country, who are the engine of growth in any economy.””

EFCC Intercepts N211m Worth of Gold at Lagos Airport

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The Economic and Financial Crimes Commission on Tuesday said its operatives intercepted gold worth about N211m being illegally transported through the Murtala Mohammed International Airport, Lagos to Dubai, United Arab Emirates.

Following intelligence report, the operatives were said to have on Friday, November 9, intercepted the gold weighing about 35kg at the point of departure from a suspect, who is currently in the EFCC’s custody.

“Investigations are currently ongoing to unravel the suspect’s accomplices in the illegal movement of the goods. Meanwhile, the suspect is cooperating with operatives,” the acting Head, Media and Publicity, EFCC, Tony Orilade, said in a statement on Tuesday.

The anti-graft agency had in March 2017 intercepted bags containing N49m being illegally transported out of the country through the Kaduna International Airport.

Michelle Obama’s ‘Becoming’ Finally Hits Shelves

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Michelle Obama’s memoir, “Becoming,” which officially published today, is the No. 1 best seller on Amazon under the category of Biographies & Memoirs > Professionals & Academics > Lawyers & Judges. Of course, it’s also the top-selling book on the site as a whole.

The publishing industry might have to think back to Harry Potter’s heyday for a book that has garnered as much attention as the former first lady’s has. Secondary sellers of tickets for Obama’s upcoming rock ’n’ roll-like arena tour have high hopes of their own. Floor seats for the event at Barclays Center in Brooklyn on Dec. 1 are currently being offered on StubHub for between $1,000 and nearly $4,000.

Also like a rock band, Obama is hitting the road with a significant merchandise table, offering hoodies, mugs, onesies and other items festooned with her own motivational sayings. (The label on a $35 candle reads: “Find your flame and keep it lit.”) Unlike most rockers, however, the net proceeds of Obama’s merch sales will go to charity: her own Global Girls Alliance, centered on the education of adolescent girls around the world.

Obama’s book has gotten a little-needed additional boost from Oprah Winfrey, who has made it her next book club selection. Winfrey also interviews Obama in the December issue of Elle magazine. Obama and her publisher, Crown, struck a deal with Hearst Magazines to promote the memoir across several of the company’s publications and websites.

“Becoming” includes criticisms of President Trump, but Obama maintains a mostly personal focus in the book, sharing details of her upbringing in Chicago as well as intimate scenes from her marriage, including couples counseling and the news that she and Barack Obama used fertility treatments to conceive their daughters, Malia and Sasha.

The book is being translated into dozens of languages, including Albanian, Hungarian and Lithuanian. So far, Obama’s only global arena dates are in London and Paris.

Diamond, Access Bank Dispel Merger Rumour

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Diamond Bank Plc and Access Bank Plc have notified the Nigerian Stock Exchange (NSE) and the general public that both banks are not in any merger or acquisition talks as being circulated in some media.

The banks, in separate statements to the exchange on Monday, denied the rumours that they were engaged in merger and acquisition talks.

Mr Uzoma Uja, Diamond Bank’s Company Secretary, said it was not in discussion with any financial institution at the moment on any form of merger or acquisition.

Uja said that the attention of Diamond Bank had been drawn to the rumour in the media stating that the bank was purportedly in discussion with Access Bank to acquire the bank.

“We wish to state categorically that the bank is not in discussion with any financial institution at the moment on any form of merger or acquisition.

“We trust that the above clarifies the position of the bank with regards to the rumour on the various media platforms,” Uja said.

Also, Mr Sunday Ekwuochi, Company Secretary, Access Bank, said the bank had not entered into any such discussion with Diamond Bank or any other institution.

“As a publicly quoted company built on best practice, the bank is fully cognisant of its disclosure obligations in respect of any such corporate action and will always discharge its obligations in the most professional manner.

“Consequently, any statement regarding any such corporate action that is not issued by the bank should be disregarded,” Ekwuochi said.

How Bank Supports Economic Summit, Growing Local Enterprises

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By Simon Echewofun Sunday

 

The need to raise Nigeria and Nigerians from poverty to prosperity was the anchor point for economists, captains of industries, key policymakers and corporate institutions like the First Bank of Nigeria (FBN) at the recent 24th edition of the Nigeria Economic Summit (NES#24) in Abuja.

 

The two-day summit themed: ‘Poverty to Prosperity: Making Government and Institutions Work’, was organised by the Nigeria Economic Summit Group (NESG) with support from the Ministry of Budget and National Planning, had President Muhammadu Buhari represented by Vice President Yemi Osinbajo.

 

NES#24: How we’re boosting infrastructural provision – Buhari

President Buhari at the summit said government has spent over N2.7 trillion in the last three years to develop key infrastructures that include rail, road, power among others that will aid business development and economic growth.

 

He said government will ensure about 30 per cent of the annual budgetary spending is sustained on capital expenditure. “Therefore, infrastructure based policy will not only reduce unemployment but also improve the living condition,” Osinbajo who represented the President said.

 

Chairman of NESG, Mr Asue Ighodalo called for more actions towards reducing unemployment and underemployment. He said: “The latest jobs report from the National Bureau of Statistics (NBS) shows that the combined unemployment and underemployment rates rose from 35.2 per cent in Q4 2016 to 40 per cent by Q3 2017.”

 

Ighodalo noted that from the report, about four million Nigerians may have lost their jobs, remained unemployed or were employed at jobs that can’t cater to their needs.

The Minister of Budget and National Planning, Udoma Udo Udoma said the States through the National Economic Council (NEC) were being carried along to strengthen capacity for the implementation of the governance components of the Economic Reform and Growth Plan (ERGP).

 

On her part, the Minister of Finance, Mrs Zainab Ahmed while speaking as a panelist on a session for sustainable economic opportunities for Nigeria said the federal government was working with the private sector to raise access to finance for small scale businesses, while expanding the reach of infrastructure.

 

We’ve actively supported NES for 20yrs

FirstBank in its brief justified its 20th year sponsorship for the 23 year old Summit saying it “has helped shape many of the reform policies that have underpinned the evolution of the nation’s economic growth strategy.”

The bank in its policy thrust document obtained by this paper said the summit positions the Bank as a front-liner in driving strategic policy influencing initiatives for national economic development.

The platform has worked as Launchpad for the Bank to pursuing business development opportunities through Public-Private sector Partnerships (PPP).

One of the several opportunities for promoting local enterprises by the Bank was at the NES#22, themed ‘Made in Nigeria’.

FirstBank which was deeply involved in the deliberation on the practical issues and panaceas to achieving the “Made in Nigeria” vision, presented various economic analysis to support such cause.

Chairman of FirstBank, Mrs Ibukun Awosika, a panel discussant at the ‘Ease of Doing Business’ Plenary Session during the summit brought out her entrepreneurial skills, unveiling secrets on how to do business and prosper in it.

 

Bank holds 3 multi-sector summits in 5 months

Besides being a consistent sponsor of the annual NES, FirstBank has sustained renowned multi-sector summits and expo. Analysis of the bank’s report shows that between June and October 2018, it created three platforms to support technology, export and import businesses and the agriculture sector.

 

A three day FINTECH Summit 2018 themed: ‘The Future of Banking – The Role of Artificial Intelligence (AI) and Big Data was held between October 11, 12 and 17 in Lagos. The Group Head, Marketing & Corporate Communications of the Bank, Folake Ani-Mumuney said the first two days of the summit was for a coding competition tagged, Hackathon. The core summit then held the third day where over 700 Fintech players, key stakeholders and tech lovers participated.

 

At the Hackathon, 10 teams contested for the grand prize of N3 million as they showed off their technological and artificial intelligence capabilities with the second and third best teams winning N1.5m and N750,000. They also showcased their tech solutions at the core Fintech summit.

 

Away from the youth and tech-lovers oriented summit, FirstBank said on July 17, 2018, it held the FirstBank Chinese Business Forum to deepen intercontinental partnerships.

 

The forum was also an affirmation for the Central Bank of Nigeria (CBN) recent currency swap agreement with the Peoples Bank of China to ease liquidity issues faced by Nigerian entrepreneurs. FirstBank is among the four banks appointed as settlement banks in the deal.

 

The Managing Director/CEO, First Bank of Nigeria Limited & Subsidiaries, Adesola Adeduntan at the forum, said the Bank has a Representative Office in Beijing, China since 2010 adding that: “Our promise is that we will always deliver the ultimate gold standard of value and financial excellence as we put customers at the heart of our business.” It is the first Nigerian bank to record its presence in the Asian country.

 

 

In pursuit of sustainable economic diversification in Nigeria, FirstBank held the ‘FIRSTBANK AGRIC EXPO 2018’ on June 28, 2018 in Lagos state. The Expo triggered conversations and collaborations that promote sustainable businesses for Agropreneurs whilst creating avenues for growth and increased per capita income in the larger economy.  

 

Launched in 2017, the is a lead to national discourse on the economic benefits of sustainable agriculture value-chain as an alternative source of economic development and foreign exchange through export.

 

FirstBank said the 2018 edition was over-subscribed by 100 per cent. Dr Adeduntan said: “Over 124 years ago, our Bank commenced operations with a major strategic focus on financing agriculture development as well as enabling farmers and agrobusinesses.”

 

He added that agricultural financing across all value chains has remained a core part of the Bank’s business at present.

 

The Expo featured master classes facilitated by enterprising experts who shared their success stories with focus on building capacity for agropreneurs.

 

 

Access Bank Set To Acquire Diamond Bank

Posted on by The Elites

Access Bank is set to add Diamond Bank’s portfolio to its assets in the next  few months, The Nation has learnt.

Talks on the acquisition are on, according to sources,  who  said the fusion is set for  the first quarter of next year.

It was gathered that both financial institutions have reached an agreement in broad terms on the acquisition. What is left is the valuation of assets, with a view to determining the level of compensation  and systems’ integration, the sources said, pleading not to be named because they are not allowed to talk to the media on the matter.

It was learnt that the development leading to the impending acquisition was triggered by Diamond Bank directors who approached Access Bank  for intervention in a bid to stave off  a possible regulatory intervention that could lead to the withdrawal of the lender’s operating licence in the light of the bank’s depleting capital adequacy ratio  on account of a huge  Non Performing Loans (NPLs) portfolio put at over N150billion.

The Nation gathered that Access Bank directors examined the proposal and,  after series of meetings and evaluations, accepted to acquire the entity. However, the agreement so far reached, it was understood, will not alter the name of Access Bank nor its management structure.

“It’s a complete acquisition and not a merger,” a source, who asked not to be identified, but who is familiar with the transaction, said, adding that one of the major considerations that swayed Access Bank’s directors in accepting the offer was the large branch network of the lender. “ It’s burgeoning NPLs,  however,  was of serious concern to Access Bank and almost becoming a disincentive, but  it has been addressed,” the source added.

It was also gathered that the CBN is well acquainted with the development. The regulator’s acquiescence to the deal was informed by the recent event that led to the liquidation of Skye Bank, and the apex bank not being disposed to following that route because of the huge cost implication that a bailout of Diamond Bank might require, encouraged the discussions, “and the regulator is pleased with the level of discussions so far.”

“ The CBN encouraged the ongoing arrangement, given the fate that befell  the defunct Skye Bank a few months ago. The apex bank gave its consent  and approval for the actualisation of the marriage. ”

The Nation learnt that the regulator’s un-alloyed support for the emerging entity followed its unpreparedness to commit any further huge funds for the rescue of any wavering bank.

Bloomberg reported that a major investor was in the process of injecting funds into Diamond Bank  on condition that the CEO, Uzoma Dozie, exits his position. The report attributed to the Chairman, Seyi Bickersteth, has since been denied by the bank.

Diamond is one of a number of smaller Nigerian lenders struggling to maintain a regulatory requirement for banks with international operations to have reserves of capital that cover at least 15 percent of outstanding loans. The company’s ratio stood at 16.3 percent at the end of September, the lender has said.

The bank cut its full-year profit forecast by more than half on Tuesday after income from operations declined. It now expects profit before tax to reach 3.8 billion naira ($10.4 million), down from a previous target of 8 billion naira.

The shares rose 2.5 percent on Wednesday, trading at 1.21 naira at the close in Lagos. The stock is down 19 percent this year, compared with a 12 percent fall on the NSE Banking 10 Index.

Diamond Bank, in a statement, said contrary to media articles, “the Board wish to clarify that the company has not received an offer from an investor to inject cash. Further to the Company’s announcement of 26 October 2018, Diamond Bank and its Board of Directors continue to review all strategic options on a regular basis. Diamond Bank would also like to clarify it enjoys the support of its major shareholders, including The Carlyle Group and Kunoch Holdings who are, as ever, working in cooperation with the Board and management as appropriate to ensure the successful operation of its business in Africa’s most dynamic banking market.

“Further to the announcement of 24 October 2018, Diamond Bank is in active discussions with regards to the appointment of  new non-executive directors to the Board and, subject to CBN approval, these will be announced in due course.” “Diamond Bank’s recent Third Quarter results published on October 26, 2018 show the business continues to execute its clearly articulated tech-led retail strategy despite headwinds in the Nigerian economy,” the bank stated.

 

Christopher Kolade To Unveil Book On Non-oil Sector

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A former chairman of Cadbury Nigeria Plc, Christopher Kolade is expected as chief guest of honour at the launch of a book on the non-oil sector that would attract many dignitaries all over the country.

The book entitled, ‘Export Architecture Roadmap: The Nigerian and Global Perspectives,’ details opportunities in the non-oil export sector and why it is key to reviving the economies of countries, including Nigeria” and written by Bala Yesufu, Director, Corporate and Government Affairs (West Africa) at Cadbury, would be unveiled next week in Lagos.

The book describes the various ways of becoming an exporter in Nigeria, steps required to attain this status and why export is important for individuals and nations. Answers to questions such as, Who gains from exports? What happens to nations that pay little attention to exports? and other related questions are answered by the author.

The book also enumerates associated risks in export, and exposes intending exporters to exportable commodities and products, including the countries where they are needed. The book challenges Nigerians and Africans to begin to get creative to earn more foreign exchange from export to serve as a buffer against external shocks

The foreword was written by Sanusi Lamido Sanusi, former Central Bank of Nigeria (CBN) governor and current Emir of Kano, with endorsements from captains of industry, academics and diplomats.

REVEALED: Leo Stan-Ekeh Owns Best Digital House In Europe

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By Lanre Alfred

If Leo Stan Ekeh doesn’t strike you, at first sight, it’s probably because he is a masterpiece of a man disguised as a blank canvas. Ekeh affects a flurry of beings curled into one: he is science, an art, a foundation of genius with dashes of brilliance brightening the creativity of his mind and soul, thus illumining the world.

A product of pure intellect, Ekeh can become any form he creates; he is a library of masterpieces, an intricate web of sensitivity and hope attuned in full measure to the world’s needs. This is a glimpse of who he truly is.

Despite his genius and acclaimed successes, the group chairman of Zinox Tech Group and now owners of Konga.com, a shopping site, is unusually humble. He is a workaholic no doubt, but he is highly spiritual and sophisticated too.
Ekeh, better known as Africa’s leading digital entrepreneur, has pioneered and delivered the largest ICT projects in the continent, quietly, with few of his companies. It is his philanthropy that wins hearts, among other traits thus his investiture as an ICON of Hope for Nigerian Youths by former President Olusegun Obasanjo as far back as October 1, 2001

For the umpteenth time, Ekeh was on song courtesy his genius and unrivalled accomplishments, amid the classy and well laid out conference room of a five star hotel in Parklane, West London, where I was privileged to join a select group of professionals and digital aficionados, some days ago. The name and remarkable feats of Africa’s most formidable digital magnate sprang to the fore as the discussion segued to humanity’s chances of living and surviving in the future.

Everyone in the conference hall was shocked when the moderator mentioned among others, that possibly the best digital home in Europe was built from the foundation by a African leading digital entrepreneur (Leo Stan Ekeh), who could not do it in his home country, Nigeria, due to lack of adequate infrastructure and certified professionals.

The house in a leafy, exclusive neighborhood area in the UK, though a similar design like his house in Lagos, Nigeria, which he built over 15 years, was designed by one of United Kingdom (UK)’s best modern lifestyle architects, who filed for bankruptcy on the project. While the automation was designed by different specialist companies across the globe, every detailed aspect of the design and deployment was directed and supervised by Ekeh, “a restless gentleman who works almost 24 hours and is impatient with delays.

His UK bankers who believed his story and took the risk with him must be commended for extending a loan for him to achieve this real future home. The house has everything in the world that we expect in living well in the next 25 years,” enthused the moderator.

Ekeh’s digital home is indeed a marvel. Fully connected to a digital cloud with zero failures backup, it has multiple and scalable analytics triggered by several high-level sensors, which alerts the owners wherever they are in the world to any happenstance.

The analytics rates the weight and possibly health status of every visitor when you go in and out and an unusual entry triggers some adapters which alarm the police in three countries and could unveil any visitor no matter how he or she camouflages.
The quality of breathable air inside the house is analysed by the sensitive systems put in place to make sure it is pure for healthy living.

According to him, “Ekeh’s healthy living lifestyle is discernible by his installations and overall design of the house. The genius, who does not take alcohol or smoke endeavours to perpetuate his preferred lifestyle in the digital residence’s intricate technology”.

The apartment’s entertainment system is integrated with an A++ indoor swimming pool with digital filtration system and analytics that interprets breathing frequency of the swimmer and alerts emergency contacts if the swimmer’s heart beat is going beyond normal limit.

There is no gainsaying Ekeh like the world’s privileged few, is already experiencing the future, a reality that does not necessarily require being the richest but a painstaking focus on maximising the resources of the present to live the lifestyle of the future.
Ekeh’s house is priceless; built in a privileged location in the UK, it will be put up for sale in the A-list property market in Europe, very soon, for the few who can afford it.

D’banj Signs Fresh Deal With Sony Music

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Oladapo Oyebanjo, aka D’banj, and Sony Music Africa, have signed a record deal.

Michael Ugwu, a Sony Music Entertainment West Africa, representative, made this known on his instagram handle on Thursday.

D’banj signed the undisclosed deal under his record label, DKM record.

Ugwu also posted images from the signing captioned in pidgin: “DKM+SONY Music Africa, this one no be welcome, this one nah welcome back #ibelieve.

“We cannot wait to see what is next for the kokomaster, D’banj,’’ Ugwu said.

D’banj recently walked the runway at the African Fashion International Johannesburg Fashion Week.

The musician, singer, songwriter, entrepreneur, television personality and rapper, teamed up with South African designer David Tlale, as he showcased a suit while strutting comfortably down the runway recently in Johannesburg.

He has won several music awards, including the awards for Best African Act at the MTV Europe Music Award 2007, Artist of the Year at the MTV Africa Music Awards 2009.

Best International Act: Africa at the 2011 BET Awards, and Best-selling African Artist 2014 World Music Awards, Evolution award at the 2015 MTV Africa Music awards.

Dangote Unveils New Products At Exhibition, Employs 500,000

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President, Dangote Group, Alhaji Aliko Dangote, has said the  group employs over 500,000 direct and 200,000 indirect employees, pledging to put Nigeria in the spotlight in the comity of nations. Dangote, whose cement business spans West, Central and Eastern Africa, said his company controls over 65 per cent of the cement industry in Nigeria.

Speaking through his Sales Manager, Mr. Josiah Nweke, at the ongoing International Trade fair in Lagos, he said the group has recently introduced the block master cement that is best for block moulding and construction, beating competitors to it.

About 20 new products of the group, including stew mix, curry and thyme were unveiled at the fair. He invited people to take up distributorship of the group’s products and grow their personal income and the economy.

President, Lagos Chamber of Commerce & Industry (LCCI), Babatunde Paul Ruwase, while commending the efforts of the group, said the group’s investments cut across all sectors, noting that hardly will one find a house without any of their product. He added that the group has topped it with a world class oil refinery outfit.

The LCCI, he said, is setting a platform for cross pollination of ideas among the private sector, the government and the public. He said: “Our aim is to encourage bilateral trade relations while creating value for exhibitors. This is a wake-up call for the government not to allow the gains of the International Trade Fair to be missed.” He urged the government to improve access to finance, build infrastructure and improve manufacturing activities.