UKEMVERANEWS

Konga, Nigeria’s largest online mall, and Yudala, Africa’s pioneer composite e-commerce company, have officially announced a merger of their operations which will see them effectively become the biggest organised retail and e-commerce/marketplace outfit on the African continent. The business merger, which will take effect from May 1, 2018, will see both companies operate under the KONGA brand name. The strategic decision will see both companies leverage on the combined strengths of both platforms, and is expected to further broaden the scope of organised retail and e-commerce in Nigeria and deliver more value to customers and merchants. “Combining forces to power the new Konga will enable us effectively achieve our goals of platform expansion and accelerated growth, as we embark on an ambitious journey to redefine the retail ecosystem with the industry’s most advanced technology,” disclosed Konga Chairman, Olusiji Ijogun. He said: “Effective from May 1, Yudala, will now operate unde...

The Nigerian Stock Exchange (NSE) on Thursday announced plans to migrate Access Bank, Lafarge Africa, Seplat and United Bank for Africa (UBA) Plc to its Premium Board. The NSE said in Lagos the four companies would be migrated to its Premium Board on April 16, sequel to their applications and meeting of its listing requirements for the board. Ivy League 300 x 250 The Premium Board is the listing segment for the elite group of issuers that meet the exchange’s most stringent corporate governance and listing standards. The board is a platform for showcasing companies that are leaders in their sectors. Premium Board features companies that adhere to international best practices on corporate governance and meet the Exchange’s highest standards of capitalisation and liquidity. It gives a company access to a global pool of investors who are focused on companies managed in conformity to the highest standards in their target markets. The NSE said Access Bank Plc, Lafarge Africa, Seplat and U...

The federal government’s Tripartite Committee on the new national minimum wage is to hold public hearing across the country, and gather inputs from stakeholders on a new minimum wage. Ayuba Wabba, President, Nigeria Labour Congress (NLC), said this while briefing journalists at the end of the Central Working Committee meeting on Wednesday, in Abuja. *770# Mobile Mr Wabba said the zonal hearing was expected to be conducted in the six geopolitical zones, including Lagos and Abuja beginning from April 23, 2018. The public hearing is to consider memorandum from organised labour, governors and employers of labour. It was reported that the organised labour had recently presented a new demand of over N66,500 to the federal government. Mr Wabba, who confirmed the upward review of the demand of organised Labour, however, did not state the new figure presented to the tripartite committee for consideration. According to him, he will not be drawn to mentioning figures because it is not relevant ...

Commonwealth champion Odunayo Adekuoroye and eight time African champion, Blessing Oborududu, have won gold in the Women’s Freestyle 57kg and Freestyle 68kg respectively. Adekuoroye, who is recording her second Commonwealth gold after grabbing the first in 53kg category in Glasgow, Scotland in 2014, defeated Indian’s Pooja Dhanda 7-5 at the Carrara Sports Arena on Friday. Ivy League 300 x 250 Her compatriot Oborududu wins her first Commonwealth gold after a narrow 4-3 defeat of Canada’s Danielle Lappage also on Friday at the ongoing Commonwealth Games, Gold Coast Australia. Meanwhile, Nigeria’s Soso Tamarau lost 1-3 to Cyprus Alexios Kaouslidis in the Men’s Freestyle 97kg bronze medal match. NAN

To reduce environmental impact across its operations and throughout its supply chain, Guinness Nigeria Plc., has partnered with Wecyclers, a for-profit social enterprise that promotes environmental sustainability, socioeconomic development, and community health to support its waste management agenda. Guinness, a leading beverage alcohol company, said the partnership was expected to, among other things, help to support the implementation of Guinness Nigeria’s 4R waste management strategy. The 4Rs covers REDUCTION, REUSE, RECOVERY and RECYCLING, while addressing increasing local and global concerns around the environmental issues of waste disposal. The Managing Director/CEO, Guinness Nigeria Plc., Mr Peter Ndegwa, said on Wednesday that the partnership with Wecyclers was in line with the company’s commitment to reducing its chain environmental impact. He added that it was also in line with Nigeria’s Extended Producer Responsibility (EPR) policy approach under which producers are given ...

The management of Eko Electricity Distribution Company Plc (EKEDC) has warned customers tampering with pre-paid meters to desist or prepare to face the consequences. Adeoye Fadeyibi, the Chief Executive Officer of the company, gave the warning at a customer’s consultative town hall meeting in Badagry, Lagos State, on Friday. Fadeyibi, who was represented by Joseph Esenwa, the Chief Finance Officer of the company, decried the high rate of energy theft and non-payment of bills by customers within the network. He said that the town hall meeting was to intimate customers within the Badagry network on the high rate of energy theft and equipment vandalism perpetrated by some customers in the communities. The EKEDC helmsman said that the measure became necessary against the backdrop of more than N1billion lost to various forms of energy theft and vandalism in the zone. According to him, any act of infraction will be met with stiff penalty. “Enough is enough; Eko Disco will n...

Vice-President Yemi Osinbajo says Nigeria’s private sector accounts for 90 percent of the nation’s gross domestic product (GDP). Consequently, he said the federal government will ensure it continues to play a critical role in taking vital decisions on the economy. He said this on Thursday at the launch of the Nigerian Economic Diplomacy Initiative (NEDI). “In the case of Nigeria, the private sector is particularly important because it accounts for well over 90 percent of our GDP,” he said. “We are fully aware that building a competitive and vibrant national economy of our dream relies on enabling the innovation and dynamism of our private sector operators to flourish. “Given that private sector actors and indeed talented individuals that would drive trade and investment are numerous: it follows that they may not have access or the means to obtain the information they need about the opportunities that abound especially abroad. “So the vision of the minister to used the N...

The Association of Licensed Telecommunications Operators in Nigeria (ALTON) says its members are burdened by taxes. The association said multiple taxes have been impacting negatively on their operations adding that the 2015 Amended Taxes and Levies Order has led to the imposition of arbitrary levies and charges on telecom firms by state governments. Addressing journalists on Tuesday, Gbenga Adebayo, ALTON chairman, said that item 3 (b) of the Amended Schedule to the Taxes and Levies (Approved List for Collection) Act introduced new levies and taxes under items 12 to 25. “ALTON is concerned that the Amended Taxes & Levies Order, 2015 engendered the institution of the multiplicity of taxes across different tiers of government. The industry is also burdened with the enactment of laws at the state government level to legitimize spurious levies and charges on our members, which negates the ease of doing business in Nigeria. “It is disturbing that the entire instrument has ...

President of the Senate, Bukola Saraki, on Wednesday, stated that the 2018 budget must run for 12 months, in-line with the 2017 Appropriation Act passed by the National Assembly. He also stated that rounding up the budget before its legally stipulated date was not acceptable, as it had to be included in an appropriation act which needed to be compiled and sent to the National Assembly. Speaking after a Point of Order raised by Senator Atai Aidoko, who made mention of a circular that was released to MDA’s on the rounding up of the 2017 budget by 31st March 2018. In his comments, the Senate President said: “The budget runs for 12 months and it goes through May. Chairman of Appropriations is not here. Chairmen of Finance, both of you are here, hence, you will need to communicate to the Minister of Finance and all agencies that the budget was passed to run 12 months, and it must run for 12 months.” Saraki, also read an Executive Communication from President Muhammadu Buhari on ...

Vice President Yemi Osinbajo on behalf of President Muhammadu Buhari, on Thursday in Lekki, Lagos Island, flagged off the Deep Sea Port project while explaining how the port will be of benefits to Nigeria and Nigerians. VP Osinbajo arrives Lekki to flag-off the Deep Sea Port project. This port will service heavier vessels & ease congestion @ Apapa Port & compliment the port. It's a public private sector partnership that will take the Nigerian maritime industry to the next level. — Laolu Akande (@akandeoj) March 29, 2018 The special guest of honour, Vice President @ProfOsinbajo has arrived the Lekki Free Trade Zone, venue of the ground breaking pic.twitter.com/lk28eAdDbp — Nigerian Ports (@nigerianports) March 29, 2018 The port, which is expected to ease congestion at the Apapa port, Osinbajo said the Federal Government was informed will target about 1.5 million 20-foot equivalent unit container capacity annually, and an expected increase to as high as about...

Volkswagen AG has paid more than $7.4 billion to buy back about 350,000 U.S. diesel vehicles stored in 37 centers in the United States through mid-February. The German automaker has been storing hundreds of thousands of vehicles around the United States for months. The lots include a shuttered suburban Detroit football stadium, a former Minnesota paper mill and a sun-bleached desert graveyard near Victorville, California. VW spokeswoman Jeannine Ginivan said in a statement that the storage facility in Victorville, California, is one of many “to ensure the responsible storage of vehicles that are brought back under the terms of the Volkswagen” diesel settlements. “These vehicles are being stored on an interim basis and routinely maintained in a manner to ensure their long-term operability and quality, so that they may be returned to commerce or exported once U.S. regulators approve appropriate emissions modifications,” she said. In total, VW has agreed to spend more than $...

      By myvictoryb Talks by private-equity firm, Milost Global Incorporated, to provide a recapitalisation fund of $1 billion to Unity Bank Plc have been stopped due to ”threats of elimination”, an official said on Tuesday. Bloomberg reports that Milost claimed to have received threatening emails from a man who said he is ”politically connected to powers” that could shut the firm out of Nigeria if the Unity Bank transaction was not terminated. Initially, the firm agreed to provide funds on the agreement that Unity Bank would terminate its Nigerian listing, and trade its stock in the United States, a statement sent on Mondaysaid. Milost said the term sheet was signed and approved by the Unity Bank board as the bank needed the capital to build its buffers and expand. The firm would have acquired 60 per cent shares in the bank. The Chief Executive Officer of Milost, Kim Freeman, in a statement distributed by Globe Wire, disclosed that the firm would focus on i...

      By myvictoryb Someone operating a mobile phone [Photo: IT News Africa] The Nigerian Communications Commission (NCC) said that the country’s phone subscriptions have reached 147 million as at January 2018. The Executive Vice Chairman, NCC, Umar Danbatta disclosed this during the NCC Special Day at the ongoing 29th Enugu International Trade Fair. The fair was organised by the Enugu Chamber of Commerce, Mines, Industries and Agriculture (ECCIMA). Mr. Danbatta, who was represented by the Director of Public Affairs, Tony Ojobo, said that the country’s social media space had continued to thrive. “Our statistics continue to show positive movement in the provision of services with internet and phone penetrations standing at over 100 million and 147 million subscribers respectively in January 2018. “With broadband penetration of 21 per cent, Nigeria’s social media space has continued to thrive and citizens are enjoying access to modern ways of interaction in t...

     By myvictoryb Trading on the Nigerian Stock Exchange (NSE) on Thursday closed on a positive note after dropping for six consecutive days, with the All-Share improving by 0.33 per cent. The index rose by 138.36 points or 0.33 per cent to close at 41,633.79, against 41,495.43 achieved on Wednesday. Also, the market capitalisation which opened at N14.844 trillion inched N196 billion to close at N15.040 trillion. Mobil Oil recorded the highest price gain to lead the gainers’ table, growing by N7.70 to close at N184 per share. GlaxosmithKline followed with a gain of N2.25 to close at N24.30, while Nigerian Breweries appreciated by N1.90 to close at N127.90 per share. PZ Industries inched 60k to close at N23, while Cadbury advanced by 60k to close at N13.25 per share. On the other hand, Access Bank topped the losers’ chart, shedding 65k to close at N11.10 per share. Dangote Sugar trailed with a loss of 30k to close at N20.50, while Africa Prudential Regis...

         By myvictoryb Representatives of the 36 states and the Federal Capital Territory, Abuja returned home on Tuesday disappointed as the Federation Accounts Allocation Committee (FAAC) meeting ended in confusion in Abuja amid disagreements over revenue figures presented by the Nigerian National Petroleum Corporation (NNPC). The meeting, convened to consider and approve statutory revenue allocations for February, came to an abrupt end on a note almost becoming a familiar refrain for NNPC in recent times. About an hour after the inconclusive meeting, the finance minister, Kemi Adeosun, announced it would continue on Wednesday morning. She also said she would hold a crucial meeting with the NNPC chief. Last December, the FAAC meeting was equally stalemated, as members could not reconcile the revenue figures presented by the national oil company, which told a shocked nation at the height of a recent fuel crisis it spends N774 million daily to guarante...

      by myvictoryb The Central Bank of Nigeria (CBN) yesterday sustained its intervention in the foreign exchange (forex) market by injecting the sum of $339.89 million in the Retail Secondary Market Intervention Sales (SMIS). The Acting Director, Corporate Communications, CBN, Mr. Isaac Okorafor, who disclosed this in a statement, noted that the continued interventions were in line with the pledge made by the Governor, Godwin Emefiele, to sustain market liquidity in order to boost production and trade. According to Okorafor, the feedback from the wholesale and retail segments of the Nigerian forex markets showed that customers were satisfied with their level of access to foreign exchange. He also assured Nigerians that the recent confirmation of Deputy Governors and Monetary Policy Committee (MPC) nominees by the Senate would further spur the Bank towards taking sound decisions needed for economic development. Details obtained from the Bank indicate that th...

By myvictoryb Guaranty Trust Bank Plc on Wednesday declared a final dividend of N2.40 per share to its shareholders for the financial year ended Dec. 31, 2017. The bank said in a statement in Lagos that the dividend would bring the total dividend to N2.70 against N2 paid by the bank in the corresponding period of 2016. According to the bank, the dividend will be approved by shareholders at the annual general meeting on April 10. During the period under review the bank posted a profit after tax of N170. 45 billion against N132.28 billion declared in 2016, representing an increase of 28.86 percent. The profit before tax stood at ₦200.2 billion, representing a growth of 21.3 percent over ₦165.1 billion recorded in the corresponding year. Its gross earnings rose by 1.1 percent to ₦419.2 billion from ₦414.6 billion reported in the December 2016; driven primarily by growth in interest income as well as e-payment revenues. The bank’s loan book dipped by 8.9 percent to N1.45 ...

          By myvictoryb The Ikeja Branch of the Nigerian Bar Association (NBA), along with the National Conscience Party (NCP), Committee for the Defence of Human Rights and Joint Action Committee, among others on Tuesday protested against the implementation of the Lagos State Land Use Charge Law 2018 by the state government. The groups stormed the Lagos State Government’s secretariat in Alausa, Ikeja, to protest against the new law, saying it had led to a hike in the levies charged by government on property. The ‘Hell Tax Must Go’ protest started from the Lagos State Magistrate’s Court in Ikeja, from where the protesters marched to the Government House and the Lagos State House of Assembly complex in Alausa. The protesters displayed placards, some of which read, ‘We are not selling houses,’  ‘Lagos is not only for the rich,’ and ‘Land Use Charge increment is wicked and oppressive.’ Submitting a protest letter to the Assembly, the Chairman, NBA, ...

By myvictoryb The Department of Petroleum Resources, DPR, has sealed seven filling stations in Rivers State for selling above government-approved pump price of N145. The sealed filling stations include Abesco on the Eastern By-Pass, Forte Oil in Ogbunabali, Sobaz in Ikwere Road and PatCoin Mgbougba. Others are Coinoil, NTA Road; Mobil Waterlines and Total at Rumuokwuta, all in Port Harcourt and Obio/Akpo Local Government Areas in the state. This came as most fillings stations in the state sell fuel at N180 and above per liter. Speaking in Port Harcourt, Head of Downstream Monitoring and Regulation, DPR, Port Harcourt zonal office, Enwuchola Emmanuel, said the stations were closed for selling above the approved price. Emmanuel said: “We have closed seven filling stations because they are selling above the government approved pump price. They will pay a fine before their premises are reopened.” He vowed that DPR will continue to live to its responsibility, clamp down on e...

By myvictoryb Zenith International Bank has announced gross earnings of N745.19 billion for the financial year ended Dec. 31, 2017. The News Agency of Nigeria (NAN) reports that the figure represented a growth of 46.69 per cent over N507.99 billion posted in 2016. This is contained in the bank’s audited result released by the Nigerian Stock Exchange (NSE) in Lagos on Monday. The company also announced a final dividend of N2.45 per share, amounting to N21.08 billion for the financial year ended Dec 31, 2017. NAN reports that the dividend, to be ratified by the bank’s shareholders at the next Annual General Meeting (AGM). would bring the total dividend for the year to N2.70 against N1.70 paid in 2016. Profit before tax stood at N203.41 billion in contrast to the N156.75 billion posted in 2016, an increase of 29.8 per cent. Its income tax expenses dropped to N25.53 billion from N27.09 billion on a net profit of N177.93 billion against N129.65 billion in 2016, representin...