Business
Tuesday, 21 May 2013 10:55
Bickering Over Supplementary Budget
The battle of wits between the National Assembly and the Presidency over the 2013 budget is far from abating, as the former may have reneged on its promise to expeditiously pass the 2013 supplementary budget sent to the two chambers by President Goodluck Jonathan If recent comments by Victor Ndoma-Egba, Senior Advocate of Nigeria, SAN, and Senate Leader, are anything to go by, the N273.5 billion supplementary budget forwarded by President Goodluck Jonathan to both chambers of the National Assembly, NASS, for approval on March 20, 2013 may not be passed. According to Ndoma-Egba the joint Committee of Appropriation,…
With growing worries over China’s slack regulation on standards, Nigerian businessmen look towards Malaysia for investments in more than just trade and services When the first shipment of Koolman air conditioners berthed at the Apapa Port, Lagos, for sales and distribution, not a few people snorted in derision at Lanre Omoboriowo, chairman and chief executive officer, Kingsgate West Africa. His company, since last year, entered into partnership with Koolman International, a Malaysian air conditioner manufacturing company. By the initial term of their agreement, Kingsgate would market the range of the air conditioners, which include the commercial, light commercial…
Wednesday, 15 May 2013 16:02
Long Walk to e-Dividend
The electronic dividend payment system introduced by the Securities and Exchange Commission is trailed by myriads of problems hindering its effective implementation When the Securities and Exchange Commission, SEC, introduced e-dividend, an electronic dividend paying system, in the Nigerian stock market, on June 16, 2008, stakeholders in the sector were excited about the innovation, which they said would be beneficial to all. But five years on, the deadline fixed by SEC for all shareholders and investors in public quoted companies to migrate to e-dividend have been shifted four times. From a December 31, 2008 deadline, it…
Monday, 13 May 2013 17:30
IFC Partners Guinea on Private Sector Growth
The International Finance Corporation, IFC, last week, met with Alpha Conde, Guinean president, to explore ways to strengthen private sector participation in the development strategy of the West African country. “The private sector has an essential role to play in Guinea’s economic development – by helping build roads and power stations and develop the country’s natural resources,” Jin-Yong Cai, executive vice president and chief executive officer, CEO, IFC, a member of the World Bank Group, said. According to the IFC boss, the global development institution is well positioned to help Guinea establish an enabling environment for private companies…
Monday, 13 May 2013 17:25
FG Recovers $2 Billion from Oil Companies
The federal government has so far recovered about $2 billion debts owed it by oil companies operating in the country. The Nigeria Extractive Industry Transparency Initiative, NEITI, which made this disclosure in a statement recently, said efforts are being made by an inter-agency group it was leading to recover an outstanding sum of $9.6 billion also owed by oil firms. Orji Ogbonnaya Orji, director, communications, NEITI, who disclosed this in a statement, said the amount represented the difference between what the companies claimed they paid and what government declared it received, stressing that the sum was calculated from…
The four global system for mobile communication, GSM, operators in the country have again come under the hammer of the Nigerian Communications Commission, NCC, regulator of the telecoms sector, for violating the telephone subscribers registration regulations 2011, which proscribes the sale of pre-registered subscriber identification module, SIM, cards. The four operators, MTN, Airtel, Globacom and Etisalat were fined a total of N53.8 million last week with each of the pre-registered SIM cards attracting a penalty of N200,000. The industry regulator based its action on the number of pre-registered SIM cards that were either reported to it or purchased…
Monday, 13 May 2013 17:21
Huawei Unveils Windows Smartphone for Africa
Chinese information and communications technology, ICT, solutions giant, Huawei, in partnership with Microsoft, has unveiled its first Windows Phone 8 smartphone, in Lagos last week. The device, which is designed specifically for the growing African market is based on the Ascend W1 unveiled recently at the Consumer Electronics Show in Las Vegas, United States. Dubbed Huawei 4Afrika, the phone is marketed as an “affordable option” for developers, first-time smartphone buyers, small businesses and students. It is thus seen as a smart and stylish alternative for consumers looking for great technology at a pocket-friendly price. The Huawei device with…
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