Nigeria: Freedom Mirrored by Media Evolution

There are strong indications that the Nigerian National Petroleum Corporation (NNPC) may sought relieve from the nation’s strategic reserve estimated at N94.5 billion worth of PMS (petrol) to cushion the effect of the current fuel scarcity nationwide.

The NNPC says the nation has enough stock of petrol in Port Harcourt, Warri and Calabar to service the country for 27 days at a national consumption rate of 40 million litres per day even as it has stepped up other efforts to end the distribution challenges in the fuel supply system.

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Xenophobia Row Exposes Rivalry Between Nigeria, South Africa

Business Journal

04/05/2015

The recall of Nigeria’s top diplomat after a spate of xenophobic attacks in South Africa follows several similar spats that expose the two countries’ deep rivalry for economic and political dominance in Africa.

Nigeria’s Acting High Commissioner to South Africa Martin Cobham said he had been “invited” to Abuja to discuss this month’s anti-immigrant attacks in South Africa, which have killed at least seven people. Televised images of armed gangs attacking immigrants and looting foreign-owned stores in Johannesburg have sparked a backlash in Nigeria, where hundreds protested in front of shops owned by South African brands like MTN and Shoprite.

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The Indonesia Executions

Business Journal

04/05/2015

Last week, Indonesia stood its ground on its declared war on hard drugs through the firing squad execution of eight convicted drug offenders despite global appeals for clemency. The eight-4 Nigerians, 2 Australians, 1 Brazilian and 1 Indonesian paid the ultimate price for daring to challenge the Death-For-Drug-Dealers- Law in Indonesia.

For months, the international media followed the death penalty on the convicted drug dealers and the ensuing campaign to free them from violent death.

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Nigeria’s 2015 Appropriation Bill: Legislators Adopt the Ostrich Strategy

Business Journal

04/05/2015

A week after the House of Representatives passed the 2015 Budget, the Upper Chamber fulfilled its part of the Appropriation process by passing a N4.5tn budget. This is N134.4bn in excess of the N4.4tn submitted by the Executive arm late 2014.

Meanwhile, recurrent expenditure was reduced slightly by N0.5bn to N2.6tn while capital expenditure was scaled down by additional N85.9bn to N557.0bn from N642.8bn proposed by the Executive arm. Effectively, this implies that recurrent expenditure is approximately five times the capital expenditure.

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Mayweather Vs Pacquiao: The $300m Fight of History

Business Journal

04/05/2015

The Most Lucrative Fight Ever-The Greatest?

The fight on May 2 between Floyd Mayweather Jr. and Manny Pacquiao is one that boxing fans and writers have sought more than any other in recent years, even though both fighters have passed their respective peaks.

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An Industry Roadmap for Next Commissioner for Insurance

Business Journal

29/04/2015

Considering the contests Nigeria has experienced to have candidates elected into political offices this year, I would sometimes wish that other offices, though professional but equally political, undergo such contests involving manifesto-based campaigns and broad consultation with stakeholders.

More than the just concluded elections, the emergence of a new Commissioner for Insurance (CFI) and helmsman of National Insurance Commission (NAICOM) through appointment by the President matters and should matter for many Nigerians.

This is because the Nigerian insurance industry bears the promise of employment to increasing number of young job seekers, the opportunity of long term investible funds as we enhance our infrastructural base and the hope for improvement in the management of the emergent risks associated with decisions concerning our national economy.

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Real Madrid tops Football Rich List for 10th Straight Year

Business Journal

29/04/2015

Story highlights
• Real Madrid tops Deloitte’s annual Money League for the club with the highest revenue
• Manchester United surpasses Barcelona and Bayern Munich to move into second spot
• List is dominated by English football with all 20 Premier League clubs in the world’s top 40.

Can anybody stop Real Madrid, on the football pitch and off it? For the 10th year running, European champion, Real Madrid is the world’s richest club in the annual Football Money League published by accountants Deloitte, with a revenue of $639 million.

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Red Star Express Plc Partners DealDey to Enhance eCommerce Industry

Business Journal

29/04/2015

In a strategic bid to constantly exceed customers’ expectations and enhance the eCommerce industry in Nigeria, Red Star Express
Pl, has partnered with DealDey to take the online shopping business to greater height.

Online shopping is fast gaining ground in Nigeria, taking up most conventional shopping as people, especially the elite, working class and the youth, who run tight/ busy schedules, place their orders from the online stores at the comfort of their homes and offices, and their purchases are delivered to them.

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Promasidor Nigeria Named Best Corporate Social Responsibility Company 2014

Business Journal

29/04/2015

In recognition of the enormous contributions of Promasidor Nigeria to the Isolo community of Lagos, Nigeria, the Osolo of Isolo Kingdom, the Council of Chiefs and the entire Isolo Kingdom have named Promasidor- The Best Corporate Social Responsibility Performing Company of The Year 2014.

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Economic Diversification, Non-oil Export Growth Back on the Front Burner

Business Journal

28/04/2015

A peaceful outcome of the 2015 presidential election was the desire of the generality of Nigerians and the international community. Thankfully, we got it; and more. President Goodluck Jonathan converted his loss of the election to something remarkably positive for the country and for his legacy. His concession of defeat and early call to congratulate General Muhammadu Buhari, who emerged as President-elect, is surely an indelible mark in our strides to entrenching a democratic culture in Nigeria.

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How Fortune Ran Out for Nigeria’s Goodluck Jonathan

Business Journal

28/04/2015

Nigerian President Goodluck Jonathan makes a declaration in front of supporters at a ceremony in Abuja on November 11, 2014.
Goodluck Jonathan’s rise to the top of the pile in Nigeria’s ruthless political world has been described as accidental — a matter of good luck. But the amazing run of coincidence and chance that brought the son of a canoe-maker to the Presidential Villa in the capital, Abuja, seems to have come to an end.

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Global Devices Shipments to Grow 2.8% in 2015

Business Journal

28/04/2015

Worldwide combined shipments of devices (PCs, tablets, ultra-mobiles and mobile phones) are estimated to reach 2.5 billion units in 2015, an increase of 2.8 percent over 2014 according to Gartner.

In spending terms, the global computing devices market (PCs and ultra-mobiles) is on pace to reach $226 billion, a 7.2 percent decline in current U.S. dollars. Stripping out the impact of exchange-rate movements (constant U.S. dollars), the global computing devices spending will decrease 3.1 percent in 2015.

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Diamond Bank Earnings: Succumbing to Cost & Regulatory Pressures?

Business Journal

28/04/2015

Diamond Bank Plc recently published its audited FY: 2014 and Q1:2015 results on March 30, 2015 and April 13, 2015 respectively
on the floor of the Nigerian Stock Exchange (NSE).

The results show mixed performances at the top and bottom lines. We present the highlights of the FY: 2014 result, Q1:2015 and our 2015 estimates below:

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GT Bank Appoints Osaretin Demuren as New Chairman

Business Journal

28/04/2015

Guaranty Trust Bank Plc has announced the appointment of Mrs. Osaretin Afusat Demuren as the New and 6th Chairman of its Board of Directors, at the 25th Annual General Meeting of the Bank which held on Tuesday March 31st, 2015 at Oriental Hotel, Lekki-Epe expressway, Lekki, Lagos.

Demuren was presented to Shareholders as a replacement for the outgoing Chairman, Mr. Egbert Imomoh, who is retiring from the Board in compliance with the Bank’s Code of Corporate Governance, which stipulates a retirement age of 70 years for Non-Executive Directors of the Bank.

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Pension Industry Will Invest in Infrastructure, Real Estate to Diversify Investment

Business Journal

28/04/2015

As the new Contributory Pension Scheme (CPS) continues to celebrate its runaway successes, Mrs. Chinelo Anohu-Amazu, Director General, National Pension Commission (PenCom) speaks on the challenges of the scheme and the way forward.

Review of Pension Industry in 2014

The activities in the Pension Industry were guided by the need to ensure sustainability and safety of pension funds as well as payment of retirement benefits. In the course of the year, and in line with the dynamics of the operating environment, some of the supervisory and regulatory frameworks were modified.

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