Let there be light in Africa, Tony Elumelu tells US congress

Mr. Tony Elumelu, Chairman, Heirs Holdings and Founder Tony Elumelu Foundation has called on the United States Congress to pass the ‘Electrify Africa Act’ stating that the passage in to law would make a world of difference in Africa.

Business leaders,Bankers to address SME Business owners in Lagos

Founder of Leap Africa, Mrs. Ndidi Nwuneli has been named as the Keynote Speaker of January 9 Collective 4th Anniversary lecture scheduled for Tuesday, January 12th, 2015 at the MUSON Centre, Onikan, Lagos.

Nwuneli, who is co-Founder of AACE Food Processing & Distribution, an indigenous agro processing company will be speaking on the theme: “SMEs the engine room of the economy; who’s talking to them?”

According to Mr. Wole Olagundoye, the Chairman, Anniversary Committee, “Every year, we celebrate our anniversary with various activities, the high point of which is our annual lecture during which we debate and proffer solutions to burning topical issues affecting our nation. This year, rebuilding our economy is one of the federal government’s priorities hence we are focusing on SMEs, being the major driver of true economic growth”

He stated that apart from Nwuneli, Kunle Sonola, Executive Director, Union Bank will deliver a speech as Special Guest while Bunmi Lawson, MD Accion Microfinance bank, Henry Akwara, Director, Mansard Insurance, Akin Oyebode, Head, SMEs StanbicIBTC Bank, Funmi Ajila-Ladipo, President, FADAN will act as Panelists. The event would be moderated by Fanen Acho, Founder/CEO Medleypark Group

J9 Collective’s Publicity Secretary, Michael Effiong noted that the group believes that if the SME sector is galvanized in terms of favourable funding, friendly tax regimes and

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TONY ELUMELU ENTREPRENEURSHIP PROGRAMME PORTAL OPENS FOR APPLICATIONS

  LAGOS, NIGERIA - January 1, 2016 - Budding entrepreneurs across Africa can now apply to join the second annual Tony Elumelu Entrepreneurship Programme (TEEP) for start-up businesses based in Africa.

The Tony Elumelu Entrepreneurship Programme application portal opens for entries today, January 1, 2016 and will accept applications until Midnight WAT on March 1, 2016.  To apply, entrepreneurs must complete the online application form on the web portal here

Successful applicants who complete the programme will receive

AliBaba's Jack Ma buys South China Newspaper

 By Gistmaster,

E-commerce Billionaire,Jack  Ma is buying the South China Newspaper.It would be recalled that fellow ecommerce billionaire,Jeff Bezos of Amazon also bought Washington Post in 2013 for $250 Million.

Techcrunch wrote that Alibaba has jumped into the news business after the Chinese company confirmed on Friday that it has agreed to acquire the South China Morning Post (SCMP) following weeks of rumors. The Hong Kong-based newspaper and SCMP Group’s other assets, which includes local editions of Esquire and Elle, will cost Alibaba a little over HK$2 billion — around US$262 million — according to a regulatory filing.

Alibaba didn’t disclose the cost of the deal when

BUA is Killing Nigerian Economy-NSDC

The federal government has raised the alarm over continuous sabotage of its economic policies by local business conglomerate, BUA group.   The regulatory body charged by the federal government to see to the transformation of the sugar industry in the country from one dependent on massive importation to an integrated producer of the essential commodity, the National Sugar Development Council (NSDC), which made the claim, said some companies especially BUA had flouted the terms and conditions for obtaining a three-year low tariffs for sugar importation into the country. 

The Executive Secretary of the council, Dr. Abdullatif Demola Busari, said in January 2013, that the federal government approved concessionary low tariffs of 5 per cent duty and 5 per cent levy for raw sugar imports for three companies including the BUA Group as against the 5 per cent duty and 70 per cent levy contained in the National Sugar Policy. 

The Executive Secretary said though the high tariffs for refined sugar import into the country was deliberately designed to discourage importation and encourage local production of sugar, the concession became necessary in order not to hike the local price of the commodity since the country has not achieved self-sufficiency in sugar production yet. 

He noted Nigeria still depended on sugar importation to meet 90 per cent of local consumption, which led to the plea by stakeholders that if sugar is to be imported at that high tariff, the cost of sugar will be prohibitive. The concession was then given to Dangote Group, BUA Group and Golden Sugar companies all of who had signed a Backward Integration Programme (BIP) commitment with the federal government in which the money saved from the concession will be invested in their cane sugar farms and integrated sugar processing. 

This move was expected to slowly lead to the phasing out of the massive importation of sugar in the medium and long term and transforming the country into one that is self-sufficient in sugar production and consumption. Overall, the target is that by the year 2018, the three of them will be capable of integrated production of 700,000 metric tonnes of sugar sourced locally from their farms. 

The purpose of this plan of the federal government is obvious. By maintaining the status quo, the economic activities generated in the process of refining dirty brown-coloured raw sugar imported from Brazil and transforming it into white sugar crystals is only about 5 per cent of the gamut of farm jobs, out grower-farmers schemes, sugar cane suppliers and large numbers workers needed for fully integrated processing of sugar straight from sugar cane harvested locally from Nigerian farms. 

The extensive value chain created from fully integrated sugar production is therefore essential for the nation’s economic growth, while the little value addition of sugar refining currently being carried out does not do the economy much good. According to Busari, the NSDC chief executive: “One particular refiner, the BUA group, has not lived up to expectation. 

Just about three weeks ago, the Sugar Council had to apply a sanction. The sanction is simple. Recall the concession of 5 per cent levy, 5 per cent duty because you are expected to put the savings back to your BIP and we’ve been monitoring the BIP and nothing has happened in BUA’s investment.” Investigations revealed that the BUA Group’s BIP site in Kwara State has nothing to show for the three years the company enjoyed concessionary low tariffs for sugar imports. 

“By now, it supposed to have over 400 hectares of planted sugar cane in the site. It is supposed to have brought in its machineries by now. That is, by March 2015, it is supposed to have imported it’s machineries but nothing like that has happened,” Busari  said.  

Seyi Shay signs Pepsi Endorsement deal

Seyi Shay the new Pepsi Ambassador is here! Last night global beverage brand Pepsi announced on their instagram page that Seyi Shay will be joining their star studded line up of brand ambassadors in Nigeria, this makes her the face of one of the biggest beverage brands in the world.

Nigeria Breweries honour media executives at Golden Pen Awards 2015

Nigeria's leading brewer, Nigerian Breweries Plc rewarded distinguished journalists at the 7^th edition of the Nigerian Breweries Golden Pen Award on Friday October 30 2015 at Oriental hotel.

Anthony Akaeze, a Senior Assistant Editor with Tell magazine emerged the Nigerian Breweries Golden Pen Reporter of the Year. Anthony’s work, “The ivory towers of rot”, an investigative piece on the infrastructural, social and moral

BREAKING NEWS: LAMORDE REMOVED AS EFCC CHAIRMAN

Ibrahim Larmode has been removed as Chairman of Economic and Financial Commission.Those who have been following the trend of events in the anti-graft agency knew it was only a matter of time before President Mohammadu Buhari sacks

MTN GROUP MD RESIGNS OVER MTN NIGERIA $5.2 BILLION FINE

Phuthuma Nhleko

JOHANNESBURG 

The CEO of Africa's biggest telecommunications company resigned on Monday because of a $5.2 billion fine meted out to from MTN Group's Nigerian subsidiary.

Sifiso Dabengwa was quoted in a company statement as saying he resigned "due to the most unfortunate prevailing circumstances occurring at MTN Nigeria."

Former group president Phuthuma Nhleko will act in

Hello! Union Bank wants to break the Youth market

By Niyi Tabiti

Back in the days, Union Bank pay off "Big, Strong,Reliable" was very exciting to the ears.The adverts was shown regularly on television with the logo of a horse.Union bank was always on the top five best banks in Nigeria.

  

However, Gistmaster findings show that Union bank management forgot to consolidate on the achievement of the

LEAP Africa set for Social Innovators Programme and Awards 2015

LEAP (Leadership, Effectiveness, Accountability and Professionalism) Africa, a leading nonprofit organisation in Nigeria will announce emerging social innovators finalists at the Social Innovators Programme and Awards ( SIPA) 2015 in Abuja on November 12, 2015 themed Rage for Change: Creating Impact.

According to Iyadunni Olubode, Executive Director, LEAP Africa, ‘Social innovation is

Here is what Stanbic IBTC told Gistmaster about the Financial Council Issue

After publishing the news of Financial council suspension of IBTC directors,Gistmaster got a message from the bank stating their own side of the story.

Our attention has been drawn to the media statements by the Financial Reporting Council of Nigeria (FRCN) in which several inaccurate and unseemly allegations were made against Stanbic IBTC Holdings PLC (“Stanbic IBTC”). Although the matter is in court, we are

Stanbic IBTC Directors suspended by Financial Council over Irregularities in Financial Statements

The Financial Reporting Council of Nigeria has suspended the Chairman of Stanbic IBTC Bank Plc, Atedo Peterside; its Managing Director, Sola David-Borha; and two staff of KPMG, Arthur Oginga and Dr. Daru Owei, over accounting irregularities and improper disclosures in Stanbic IBTC’s 2013 and 2014 financial statements.

The FRC in a statement on Monday, said Peterside, David-Borha and the KPMG staff remain suspended until the conclusion of investigation into the

Is Jumia losing Nigeria market to Konga?

 

Jumia just sacked about 300 staff and that is really no good news to many people who have been following the trend in e-commerce business in Nigeria. Rocket Internet the major investor behind Jumia have not issued a statement on the future of it business in Nigeria.

  But Gistmaster gathered that Jumia's office in Zambia is shut and out of business.Felicia Omari-Ochelle, writing for Venture Africa noted that despite the huge investor fund,Jumia is yet to declare profit in Nigeria.
   If Jumia sacks 30 per cent of it workforce in Nigeria. What does that mean? Do i hear you say Konga, it major competitor led by Sim Shagaya is winning? Well, Konga carried out it own mass sack in the past.

UBA Records 44% Growth in Profit, As Gross Earnings Rise To N247.2 Billion

Pan-African financial services group, United Bank for Africa (UBA) Plc, yesterday, released its 9 months unaudited financial results for 2015 showing a strong 44% rise in profit after tax to N48.6 billion and a 17% rise in gross earnings to N247.2 billion. 

The third quarter results also show Net Operating Income (NOI) recorded a strong 21% growth to N167.4 billion. 

 The cost to income ratio remained within management's

Global Recognition for Nigerian Stock Exchange

The Nigerian Stock Exchange’s efforts to at promoting corporate social responsibility and sustainability received boost recently when the bourse was honored with the Best Corporate Social Responsibility Company Award in New York, United States at the African Business Awards. 

The African Business Awards, launched in 2008 by African Business magazine, is designed to celebrate excellence in African businesses, by recognizing the individuals and companies that are driving Africa’s rapidly transforming economy and creating new socio-economic opportunities for citizens and communities all over the continent.

  The Managing Director of IC Publications and Group Publisher of African Business magazine, Mr. Omar Ben Yedder said “It is encouraging

UBA supports Ebola movie, celebrating courage and selflessness

Head Marketing and Corporate Communications, UBA Plc, Mr. Charles Aigbe in warm handshake with Legendary Hollywood actor, Actor, Danny Glover at the World conference organised for the Unveiling of the cast of 93 Days movie

Pan African banking and financial services group United Bank for Africa (Plc) has restated its commitment to the growth and development of the African movie industry by supporting the

First Bank announces Adeduntan as Onasanya's successor,Awosika takes over as Chairman

Adeduntan

FBN Holdings Plc, the leading and most diversified financial services group in Nigeria, today announced major changes to its leadership team, effective January 1 2016. Mr. Bello Maccido, pioneer Group CEO, FBN Holdings, is leaving his position to become pioneer Chairman of the newly-licenced FBN Merchant Bank Ltd, while Mr. UK Eke (MFR), currently

Forbes: Three ways to get poached from your current job

As the summer months wane, do you find yourself disgruntled about your current job, but wondering where you’ll find the time to hunt for a new one during the inevitable fall busy season that plagues most industries?

You’re not alone.

Money: OAU makes N200 Million from post UTME

 

  Following the introduction of the post-UTME into tertiary institutions in Nigeria, most schools have been making good money off admission seekers. A statement issued the public relations officer of Obafemi Awolowo University,Ile Ife (OAU) shows that no fewer than 27,000