Category Archives: Business

FEC approves $197.3m loan for electrification, Lagos transport

The Federal Executive Council (FEC) yesterday approved $197.5m for the electrification project and Strategic Transport Master Plan for Lagos State.

The loans were approved in three memos presented by the ministry of Finance during yesterday’s FEC meeting presided over by President Muhammadu Buhari at the State House,  Abuja.

Finance minister, Zainab Ahmed who briefed newsmen on the loans, said $150m loan facility was approved from African Development Bank and $50m loan from African Grow Together Fund to finance the Nigeria electrification project.

“Tbe project is a nationwide initiative to be implemented by the rural electrification agency. The project aligns with the strategy of federal government on electrifying rural community,” she said.

The minister said the project has four components, “ first is solar hybrid mini-grid for rural economic development, the second is productive appliances equipment for up-grid communities and the third is energising education while the fourth component is institutional capacity building.”

She said  about 500,000 people will be able to have access to electricity and that the maximum power that will be generated will be 76.5 megawatts, of which is 68,000 megawatts of solar.

She said eight universities will benefit from the scheme and about 20,000 small, micro, medium enterprises across different communities in the nation.

Another loan approved by the council was  the north Core dorsal regional transmission project.

She said the intention was for the creation of regional power pull in the region of West Africa.

“The post project aims to connect Nigeria, Niger, Benin Republic, Togo, Burkina Faso with a high voltage 330 kilowatts transmission line, to facilitate energy trade amongst participants.

“The project is in the total sum of $640 million out of which each of the four countries involved has a component. Nigeria has the smallest component in this pact which is a total loan of $27.3 million IADE facility, it is a concessionary loan. This is a loan that the four countries are taking together, the other three countries have concluded theirs, so this is one of the final stages for Nigeria to conclude its process,” she said.

She said the third load approval was $20m for the Lagos State Strategic Transport Master Plan.

“This facility is from the French Development Agency. The objective of the project is to improve the living conditions of the inhabitants of Lagos urban area and to promote urban development sitting by efficient and effective transport system. The project has two major components, first is to rehabilitate urban roads and the creation of minimum of eight  bus corridors and the creation of two multi-model inter-changes at Marina and Mile 2. The second objective is to provide technical support for implementation and management.

“When completed, the project is expected to impact on 1.8 million inhabitants of Lagos State and accumulative 1.5 million users per day for inter-model inter-changes with about 620,000 boarding at Mile 2 and 480,000 boarding at Marina. Another estimated 630,000 boarding at QBS.

Igho Sanomi Forfeits Private Jet, 3 London Homes To Swiss Bank Over $3m Debt

Igho Sanomi, a Nigerian billionaire has forfeited his private jet and 3 London homes to a Swiss bank over a $3million debt.The Nigerian billionaire was guarantor for a credit facility extended to one of his companies by Credit Suisse Group AG, the Swiss bank.  It was further gathered that another bank,  Banque Cantonale de Geneva has already made a freezing order against the London properties, just as ING Groep NV filed a suit against Sanomi for Taleveras’s unpaid debts.

A written submission to a London court last week by Andrew Brown, counsel to Credit Suisse, read in part;”Three properties owned by Sanomi, including apartments in Chelsea, West London, and Belgravia, in the heart of London’s diplomatic quarter, have already been identified as assets that may have to be forfeited if he loses”.

Though lawyers of Igho Sanomi, the Nigerian billionaire who has forfeited his private jet and 3 London homes didn’t respond to request for comments but affirmed knowledge of the case, however the bank’s lawyer revealed that the billionaire “has not put in any defence or objection to the charging orders”.

Internet Users In Nigeria Hit 114.7m In February ― NCC

Internet users in Nigeria increased marginally to more than 114,752,357 million in February 2019, the Nigerian Communications Commission (NCC) has said.

The NCC made this known on Monday in its Monthly Internet Subscribers Data for February posted on its website.

The data showed that overall internet users increased to 114,725,357 in February from 113,875,204 recorded in January showing an increase of 850,153 new subscribers.

According to the data, Airtel and MTN gained more internet subscribers during the month under review, while 9mobile and Globacom were the big losers.

The breakdown revealed that MTN gained more with 607,462 new internet users in February, increasing its subscription to 46,538,633 as against 45,931,171 in January.

It further showed that Airtel was second, gaining 430,990 new users in the month under review, increasing its subscription to 30,891,518 in February as against 30,460,528 in January.

It said that Globacom lost 114,268 internet users, decreasing its subscription in February to 27,486,271 from 27,600,539 recorded in January.

The NCC data further showed that 9Mobile also lost 74,031 internet users in February with 9,808,935 as against 9,882,966 recorded in January

5 Common Tech mistakes limiting your business potentials

Your business has big plans for now and the future. You are betting big on technology to take your business to the next level. Unknown to you, it is this same technology that is hindering and preventing your business from attaining its full potential. The interesting thing here is that some of the most common tech mistakes that businesses make are also the easiest to fix. Here are the five tech mistakes that are hindering the growth of your business.

1.You think you’re smarter than robots

More businesses every day are jumping on the artificial intelligence bandwagon, and for good reason. AI can help optimize business operations, sift through huge amounts of customer data, and capture information that can help you make better decisions. The robotic takeover of the manual, repetitive tasks of businesses is inevitable. You can use this development to your advantage, or you can attempt to fight off the robot revolution.
A business like Jumia , Nigeria’s no 1 shopping destination is already taking advantage of the benefits of AI with its chatbot tagged Jumia Bot. The Jumia Bot is the pocket assistant that helps you order food when you are hungry, book a flight or hotel when you want to travel and also assist with your shopping.

2. Weak login password(s)

In this era of online security consciousness and hackers looking for ways to steal information, using weak passwords for your login can put your business in great risk especially if you have customer information on your database. There’s no excuse for not having a more secure login process. You can use two-factor authentication which requires you to use a password to log in as usual, but goes one step further and forces you to confirm the login via a text message or phone call.

3. Not recognizing that technology evolves

Technology is highly dynamic. This means that training within a company must continually evolve. If you don’t focus on keeping up, your business will be left behind. The only way to stay on the cutting edge of technological evolution is to routinely stay updated. Give yourself and your staff as much training as possible, not only on new technologies but on systems currently in use as well. When you accept that you and your business will be lifelong tech learners, you’ll stay one step ahead of the pack.

4. No reliable backup

You should never assume that your backup system is working properly. At least, once each month you should back up a test directory, erase it, and then do a test restore. This will ensure that your backup device is working, but you also need to make sure that the proper data is being backed up.

5. Buying cheap tech equipment

I.T. will cost you a lot of money. In fact, depending on the industry you’re in, tech could be your biggest investment. Cheap, outdated and otherwise unsuitable tech arrangements can cripple your business and cost business owners way more in time, trouble and overall inefficiency. Instead of looking for the least expensive solution, determine what you’re going to need, and then look for the best deals on quality hardware and software.

12 million local passengers travelled through Nigeria’s airports in 2018

Nigeria’s prime statistical agency, the National Bureau of Statistics(NBS) has said that a total of 17.2 million passengers travelled through Nigerian airports in 2018.

This was contained in the air transportation report of the NBS which was released on its website on Thursday.

It said that there was an increase in the total number of international passengers that travelled through Nigerian airports peaking at 4,438,799 in 2018.

The figure, it noted, represented an increase of 9.42 per cent over the 4,056,717 passengers recorded in 2017.

The NBS report put the total number of domestic passengers that passed through Nigerian airports in 2018 at 12,791,639.

This, the NBS report stated, represented an increase of 23.19 per cent over the 10,383,452 passengers that passed through the domestic airports in 2017.

It put the number of aircraft that came into the country at 290,328.

Out of this figure, it said international aircraft was 55,961 in 2018 as against 40,328 aircraft in 2017.

On the other hand, the NBS put the total number of domestic aircraft that passed through Nigerian airports in 2008 at 234,367.

This, it noted, represented an increase of 11.24 per cent over the 210,693 aircrafts in 2017.

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