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Africa’s 29 Billionaires And Their Net Worth.

Africa’s 29 Billionaires  And Their Net Worth.

Africans especially Nigerians are making giant strides all over the world. We reveal to you Africa’s financial heavyweights worth billions of dollars. This year, a record 1,826 billionaires made it to Forbes’ annual ranking of the world’s richest people. There are 29 African billionaires, the same number as at 2014.

 While 2 tycoons – South African mining magnate, Desmond Sacco and Moroccan real estate mogul, Anas Sefrioui fell off the billionaire rankings, Mohammed Dewji of Tanzania makes his debut on the list with a fortune estimated at $1.3 billion. At 39, Dewji is the youngest billionaire in Africa. Nigerian-born Femi Otedola, 50, rejoins the list of African billionaires after a 5-year hiatus with a $1 billion fortune. Folorunsho Alakija of Nigeria and Isabel dos Santos of Angola are the only two female billionaires on the continent.

 Meet the 29 Africans who are worth $1 billion or more:

 1. Aliko Dangote – $15.7 billion

Nigerian, Cement, Flour, Sugar

 2. Johann Rupert & Family – $7.4 billion

South African, Luxury Goods

 3. Nicky Oppenheimer & Family, $6.7 billion

South African, Diamonds

 4. Christoffel Wiese, $6.3 billion

South African, Retail

 5. Na55ef Sawiris, $6.3 billion

Egyptian, Construction

 6. Mike Adenuga, $4 billion

Nigerian, Telecoms and Oil

 7. Mohamed Mansour, $4 billion

Egyptian, Diversified

 8. Nathan Kirsh, $3.9 billion

Swaziland. Real Estate

 9. Isabel Dos Santos, $3.1 billion

Angolan, Investments

 10. Issad Rebrab, $3.1 billion

Algerian, Diversified

 11. Naguib Sawiris, $3.1 billion

Egyptian, Telecoms

 12. Youssef Mansour, $2.9 billion

Egyptian, Diversified

 13. Koos Bekker, $2.3 billion

South African, Media

 14. Othman Benjelloun, $2.3 billion

Moroccan, Banking

 15. Ya55een Mansour, $2.3 billion

Egyptian, Diversified

 16. Patrice Motsepe, $2.1 billion

South African, Mining

 17. Stephen Saad, $2.1 billion

South African, Pharmaceuticals

 18. Mohamed Al Fayed, $2 billion

Egyptian, Property

 19. Folorunsho Alakija, $1.9 billion

Nigerian, Oil

 20. Onsi Sawiris, $1.8 billion

Egyptian, Diversified

21. Aziz Akhannouch, $1.7 billion

Moroccan, Diversified

 22. Allan Gray, $1.6 billion

South African, Investments

 23. Miloud Chaabi, $1.3 billion

Moroccan, Diversified

 24. Mohammed Dewji, $1.3 billion

Tanzanian, Diversified

 25. Samih Sawiris, $1.1 billion

Egyptian, Property Development

 26. Sudhir Ruparelia, $1.1 billion

Ugandan, Property, Banking

 27. Femi Otedola, $1 billion

Nigerian, Gas Stations

 28. Abdulsamad Rabiu, $1 billion

Nigerian, Diversified

 29. Rostam Azizi, $1 billion

Tanzanian, Telecoms.

Read more at: http://stellanaija.ng/list-of-africas-29-billionaires-and-their-net-worth-see-how-many-nigerians-made-the-list/

 

 

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Ten Notable Mobile Products In Nigeria.

Ten Notable Mobile Products In Nigeria.

Mobile phones are essentially communication devices. The proliferation of smartphones in Nigeria is also considered a symbol of social class and mobile business ports. “The smartphone culture is growing amongst Nigerians and other African nation,” said Chika Maduegbuna, founder of Afrinolly. For a country where the number of smartphone users is projected to increase from 5.6 million to 35 million between 2013 and 2017, the smartphone business market holds enormous prospect for investors.

Nokia: Nokia remains a handset of choice in Nigeria’s mobile phone market, with a market share of about 73 percent over the year through April, according to statistics by analytics firm Statcounter. The reason is because of the age-long reputation of the company to produce phones with long-lasting battery lives.

Blackberry: Sales of Blackberry smartphones by RIM may be dwindling in other countries, but that news probably does not make any difference to their Nigerian customers. The purchase of blackberry phones still remains steady, suffering only a minor drop with the emergence of Tecno brand  and growth of other brands running on Android platforms.

 Tecno: If you cannot afford a blackberry or an android but still want to ‘feel among’, a Tecno smartphone may be a good buy. The main selling point of this phone is its affordability, and despite its relative low quality, it is fast becoming one a popular phone amongst Nigerians.

 Samsung: Samsung did not start out with the manufacture of telephones when it was established in 1938. Not many people are aware of this fact. In 1969, Samsung diversified its business by venturing into electronics, and began the manufacture of mobile phones about a decade ago. Most people buy Samsung androids because of their versatility and functionality, which, impressively, improves with every new upgrade.

iPhone: The iPhone is mostly attractive to its users because of its elitist appeal. It is easily the most expensive brand on this list, and is seen by most as a status symbol. it is known for its easy navigation, and the only disadvantage would be that it sometimes compromises functionality to fit its elitist standard.

HTC: The HTC Desire, HTC Incredible and HTC Sensation are amongst the highest selling HTC smartphones in the Nigerian market, thanks to their affordable prices and reliable operating system. Although the two newest HTC phones – the One X and the One – may have aroused interest amongst the general phone

Sony: This is a brand that remains an old darling in the hearts of many Nigerians. Just like Samsung and Nokia, this brand name is very familiar and is known for its quality products.

Huawei: Huawei has a limited smartphone market, and are rather rare in Nigeria, but their CDMA phones can still be found amongst subscribers to telecommunication service providers such as Visafone, Multilinks, and Starcomms.

LG:  The electronics company is not a stranger to most Nigerians, and their products can easily be found in most households. However, you are more likely to find their refrigerator, washing machine, or an air conditioner with Nigerians, than a smartphone.

Motorola: There was a time when Motorola phones competed well with Nokia brands in the Nigerian market. Not anymore. When it comes to Motorola phones and Nigerians, suffice it to say that there has been a dearth of demand.

Read more at: http://connectnigeria.com/articles/2013/08/top-ten-mobile-phone-brands-in-nigeria/

 

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The Top 10 Polytechnics In Nigeria

The Top 10 Polytechnics In Nigeria

 

RANKS

POLYTECHNIC NAME

POLYTECHNIC LOCATION

1

Auchi Polytechnic

Auchi in Edo state

2

Yaba college of technology

Yaba in lagos state

3

Federal polytechnic nekede

Nekede in imo state

4

Polytechnic Ibadan                                             

Ibadan in oyo state

5

Lagos state polytechnic

Ikeja in lagos state

6

Osun state polytechnic

Iree in osun state

7

Federal polytechnic Ilaro

Ilaro in ogun state

8

Imo state polytechnic

Umuagwo in imo state

9

Federal polytechnic Oko

Oko in anambra state

10

Kaduna polytechnic

Kaduna

 

Read more at: http://nigerianinfobox.com.ng/best-polytechnics-in-nigeria-2016-2017-top-10/

 

 

 

 

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Top 20 Universities In Nigeria

Top 20 Universities In Nigeria

RANKS

UNIVERSITY NAME

UNIVERSITY LOCATION

1

University of Ibadan

Ibadan

2

University of Lagos

Lagos

3

Covenant University

Ota

4

Obafemi Awolowo University                                                  

Ile-ife

5

University of Ilorin

Ilorin

6

University of Nigeria

Nsukka

7

Federal University of Technology, Owerri

Owerri

8

University of Benin

Ugbowo

9

Lagos State University

Ojo

10

Michael Okpara University of Agriculture

Umuahia

11

Federal University, Oye-Ekiti

Oye

12

Babcock University                                                            

Ilishan-Remo

13

Ahmadu Bello University

Zaria

14

University of Agriculture, Abeokuta  

Abeokuta

15

Kwara State University

Ilorin

16

Landmark University

Omu-Aran

17

University of Port Harcourt

Portharcourt

18

Afe Babalola University

Ado-ekiti

19

Bayero University Kano

Kano

20

Ekiti State University, Ado Ekiti

Ado-ekiti

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NNPC – 3 Refineries Produce 4.6m Litres Of Kerosene.

NNPC –  3 Refineries Produce 4.6m Litres Of Kerosene.

Yesterday, NNPC said that the country’s three refineries produced more 4.6 million litres of Dual Purpose Kerosene, DPK, also known as kerosene and 7.7 million litres of Automative Gas Oil also known as diesel.

The refineries are all running, they are producing and they are all fully re-streamed. We are ready to take Senators of this committee on a facility tour of all of them on a date that is convenient for the Senators to have a first-hand status of the refineries. Queue for kerosene at a Nigerian National Petroleum Corporation, Mega Filling Station in Yelwa, Bauchi State, He noted that efforts were on for the refineries to commence the production of Aviation Turbine Kerosene otherwise known as Jet A1 fuel.

NNPC Chief Operating Officer of the refineries, Mr. Anibor Kragha, said this in a statement during his presentation before the Senate Committee on Petroleum Downstream on the current status of the refineries. Kragha said the Port Harcourt Refining Company Limited, Warri Refining and Petrochemical Company, and the Kaduna Refining and Petrochemical Company, are all back on stream and that the production data was for Tuesday.

He also explained that the NNPC was also working on a holistic plan to ensure the operational integrity of the refineries, adding that the challenges of ageing equipment within the refineries were defeatable, he assured the committee that the NNPC will continue to work hard to ensure the availability of petroleum products nationwide, stressing that the refineries were also producing Premium Motor Spirit otherwise known as petrol.

Read more at: http://www.vanguardngr.com

 

 

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OIL PRICES DROPS

OIL PRICES DROPS

As at yesterday,the oil prices slipped over doubts that large oil producers will reduce production as promised and on expectations that United States production would come up again this year. Benchmark Brent crude oil was down 23 cents a barrel at $55.22, while U.S. light crude fell 21 cents to $52.16. The Organization of the Petroleum Exporting Countries has agreed to cut production by 1.2 million barrels per day  to 32.5 million bpd from January 1 in an attempt to clear global oversupply that has depressed prices for more than two years. 

Comments by Saudi Arabia’s Energy Minister Khalid al-Falih, combined with a federal holiday in the United States are adding further downward pressure on prices, according to Olivier Jakob of consultancy Petromatrix. Falih said that OPEC and non-OPEC producers are unlikely to extend their agreement to cut oil output beyond 6 months, especially if global inventories fall to the 5-year average. We don’t really  think it’s necessary given the level of compliance, the rebalancing that started slowly in 2016 will have its full impact by the first half,thats my expectation.

Russia and other key exporters outside OPEC have said they will also cut output. But global oil production remains high and, with inventories near record levels in many areas, investors doubt that OPEC and its allies can trim output enough to push up prices. Oil money “Cuts by OPEC and non-OPEC countries have just started and it will take some time for them to filter through. We do not really expect the oil price to strengthen much more in the first quarter of 2017, said Bjame Schieldrop, Chief Commodities Analyst at SEBMarkets in Oslo, Norway. 

Meanwhile, OPEC Secretary-General Mohammad Barkindo had said in a Bloomberg Television interview last Friday that oil producers will adopt compliance mechanisms at a meeting in Vienna on January 22. Members will also meet in the city in May to assess the market and decide whether the group, as well as non-OPEC producers, need to extend the agreement to curb production, Barkindo said. Russian oil and gas condensate production averaged 11.1 million bpd for January 1-15, two energy industry sources said, down only 100,000 bpd from December.

Read more at: http://www.vanguardngr.com

 

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Featured

Get 2 million email addresses & 100 million GSM Phone numbers.

Get 2 million email addresses & 100 million GSM Phone numbers.



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FG says Nigeria to become world’s largest cocoa producer

FG says Nigeria to become world’s largest cocoa producer

Yesterday, the FG declared that Nigeria will become Africa’s largest cocoa producer and exporter soon. This was disclosed by the Minister of Agriculture and Rural Development, Chief Audu Ogbeh, during the inauguration of Cocoa Re-launch Committee with Dr Olayiwola Oluwole as Chairman at the headquarters of the Ministry in Abuja. Ogbeh said the government’s move to realise this lofty ambition within the shortest time was possible and with the inauguration of the Oluwole-led committee Nigeria will move to the top from its current seventh position in world cocoa producing countries’ ranking. He said: “In-house here we can say is a shame for us to be number seven on the list of cocoa producers in the world, but we must reverse it to be at the top and that is why we are here. This is the time to do it and no other time than to do it now. “Cocoa can be grown in many parts of the country. We are going to have cocoa relaunch campaign in March at Ondo State, and we want all cocoa farmers from cocoa producing states to be present.

 “We cannot afford to remain seventh cocoa producing nation. We are going to take over from Cote D’Ivoire as the largest cocoa producer in the world. “We can earn huge foreign exchange from cocoa because oil and gas has done damage to our economy and we have to go back to agriculture to rescue the economy. “You have to come up with materials that could be used for cocoa production because cocoa can be grown in many parts of the country and presently there are 27 states that can grow cocoa. The cocoa farmers need to be enlightened on what they could do to improve on what they have been doing in the industry.”

The Minister also expressed confidence in the newly inaugurated committee and charged them not hesitate to come up with useful approach to move Nigeria’s cocoa producing capacity higher than it has been, and also stated that farmers are to be in charge of cocoa and not government. Speaking on behalf of the committee who is also the chairman, Dr Olayiwola Oluwole, said the confidence reposed in the members who are drawn from both the public and private sectors, promised to work assiduously work to ensure Nigeria recovers her lost glory of being the largest producer of the commodity in the world and also number one cocoa exporting country in the world.

 

 

Read more at: http://www.vanguardngr.com

 

 

 

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CBN Recertifies 3,147 BDCs, 71 Finance Houses

CBN Recertifies 3,147 BDCs, 71 Finance Houses

Yesterday, the CBN  said that it has recertified 3,147 bureaux de change (BDCs) operators and 71 finance companies. Governor of the  Central Bank of Nigeria, Mr Godwin Emefiele Vanguard investigation reveals that the recertification of the BDCs follows the payment of N786.8 million (N250, 000 per BDC) annual licence renewal fee.

Meanwhile, the apex bank licenced 308 BDCs and two new finance companies in 2016. The apex bank disclosed this in the updated list of BDCs posted on its website yesterday. The list reveals that the number of BDCs increased from 2,998 at end-June 2016 to 3,147 as at January 10, 2017. This indicated that the CBN granted operating licences to 149 new BDCs in the second half of 2016 which added to 159 new licences it granted in the first half of the year, to bring the total to 308 in 2016.

CBN also revealed that the number of FCs increased from 69 as at June 2016 to 71 as at year end indicating that the apex bank licenced two new FCs in the second half of the year, bringing the total new FC licences in 2016 to five. According to the CBN half year report for the finance companies sub-sector, “The number of licenced finance companies (FCs) stood at 69 at end-June 2016, including the three (3) newly licenced that were yet to commence operations.

Total assets of FCs at end-June 2016 stood at N109.43 billion compared with N128.58 billion at end-December 2015, reflecting a decrease of 14.89 per cent. Nevertheless, funds available to the sub-sector increased significantly to N1.19 billion at end-June 2016 from N0.12 billion at end-December 2015, arising from the injection of new capital. FCs’ balances with banks increased by 24.48 per cent to N3.33 billion from N2.68 billion at end-December 2015, resulting in increased liquidity in the subsector.

 

Read more at: http://www.vanguardngr.com

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MICROSOFT, Local Business Leaders To Connect With Innovators: NexTech Africa 2017

MICROSOFT, Local Business Leaders To Connect With Innovators: NexTech Africa 2017

How can we build technology that best supports African creators? How can companies start to breed a data culture for success? What does it mean for African innovations to be globally relevant? These are some of the questions that Microsoft will be exploring at NexTech Africa, the organisation’s new flagship Africa technology event taking place on 2 and 3 February 2017 in Nairobi, Kenya. The capacity building event is expected to connect technology and business leaders, Microsoft engineers, local developers and entrepreneurs, in an effort to listen, engage and collaborate on developing more locally relevant technology.

Our goal with this event is to bring various players together and collaborate, so that we can equip our innovators with the right technology-based tools and infrastructure, helping them create and scale more of these solutions, Kunle Awosika, Country Manager of Microsoft Kenya, said. The two-day line-up will include a series of talks, sessions and forums on topics including cloud, big data, machine learning, the Internet of Things, digital transformation and technology in emerging markets. In addition, attending entrepreneurs and developers will have the opportunity to engage with Microsoft engineers on a 1:1 basis. For Amrote Abdella, Regional Director of Microsoft 4Afrika, “Microsoft, through initiatives like 4Afrika, has been doing a lot of work on the ground.

 External speakers at the event, according to the promoters will include Joseph Mucheru, Cabinet Secretary of the Kenyan ICT Ministry; Ranjith Cherickel, CEO of icolo.co; Regina Honu, CEO of Soronko Solutions; and Andreas Fruhen, CIO of M-KOPA Solar. Microsoft representatives include Toni Townes-Whitley, Corporate Vice President of Worldwide Public Sector at Microsoft; T.K Rengarajan, Corporate VP of AI & Research; Hoop Somuah, Technical Advisor to the Microsoft CEO; and Kunle Awosika, Country Manager for Microsoft in Kenya. NexTech Africa 2017 is running under the theme: Building for Africa. African entrepreneurs seek to solve many business and market related challenges, and developers play a critical role in developing locally relevant solutions across various sectors from healthcare to fintech. We believe in the power of the emerging technologies to connect people to key services and boost productivity, while utilizing unique and differentiated business models. .

Through this work, we’re seeing first-hand how mobile and cloud technology is accelerating growth for Africa, but also how our innovators are using these platforms to accelerate technology for the world. NexTech Africa is an opportunity to fast-track the application of products and services, tailored to meet our needs in Africa. Similarly, NexTech will also showcase world-class African solutions that are ready to go global.

Read more at: http://www.vanguardngr.com

 

 

 

 

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FG Begins Audit of Govts: N510bn Bail-Out Funds.

FG Begins Audit of Govts: N510bn Bail-Out Funds.

The FG of Nigeria is set to commence an audit of the utilization of Fg bail-out funds to state govts amounting to about N510bn last year. Consequently, 8 accounting firms have been appointed to review how state governors have been spending the said money and whether or not they complied with stipulations of the fiscal sustainability plan which was the basis for the funds.

The firms are KPMG, Ernst & Co and Ijewere & Co. Minister of finance, Mrs. Kemi Adeosun, Price watercopers, PKF, Muhtari Dangana & Co, S.S Afemikhe & Co, said in Abuja yesterday that the accounting firms would evaluate the states based on their implementation of the 22 point FSP.

According to her, the ministry has been monitoring the utilization since last year but found it necessary at this stage to employ independent firms for  the monitoring and verification of the states against agreed milestones under the FSP. She said that the firms were expected to vigorously monitor, evaluate and verify the performance of the states against the agreed milestones set by each state govt under the FSP.

The minister warned that state govts that fail to implement the action plans as stated, would be taken off the facility with immediate effect. The funds under a programme of budget support facility, a 12 month stand by loan facility was designed to bring immediate financial relief to state governments and enable them meet their financial obligations with a monthly amount of N50 billion in the first three months and N40 billion available for the remaining nine months to 35 States. The Fiscal Sustainability Plan is a 22-point reform programme which commenced in June, 2016 with requirements including increasing internally generated revenues, introduction of biometric payroll, publication of audited annual financial statements, and reduction of wastages by establishing efficiency units.

She also introduced the FSP in 2016 to which State Governments acceded, with the view to enhancing fiscal prudence and transparency in public expenditure. The Plan is part of the nationwide Public Financial Management Reform which is being implemented by the administration of President Muhammadu Buhari.

Read more at: http://www.vanguardngr.com

 

 

 

 

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Book launch & discussion: Religion and the Making of Nigeria

Book launch & discussion: Religion and the Making of Nigeria


Special invitation to a Book launch & discussion.

Book Title: Religion and the Making of Nigeria

Date: January 12, 2017
Venue: Shehu Musa Yar' Adua Centre. Abuja

Book launch & discussion on “Religion and the History of Nigeria”, authored by ‘Femi Vaughan promises to bring together, prominent personalities and authoritative speakers of literature and history in Nigeria. At the book discussion, speakers will lend their voices to the interesting topic of reglion and how it contributes to the basis of the socio-cultural development of our dear country.

Click here to register free

Special Guests and Distinguished Reviewers.

Prof. Yemi Osinbajo
Special Guest of Honour

Prof. Wole Soyinka
Special Guest

Sen. Bassey Ewa-Henshaw
Chief Host

Prof. Ibrahim Gambari
Chairman

Read more.

Click here to register free

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Lagos Plans To Generate Electricity From Garbage

Lagos Plans To Generate Electricity From Garbage

The lagos state government has proposed a new model in its approach to environmental waste management. According to the state government olusosun, a popular landfill that has been a dumping ground for years will soon become a model for the urban renewal and waste to wealth initiatives being undertaken by the state.

The commissioner for the environment, Dr. Babatunde Adejare while announcing the inauguration of the cleaner lagos initiative said the government was committed to finding renewable energy sources for the grossly underserved parts of the state. Adejare said that 5 new power stations would be built to generate electricity from the waste, one on each division of the state, and that the numerous dumpsites dotting the state would soon be a thing of the past.

We are very serious about meeting lagos electricity needs because power is the key to economic freedom, we have shown in the past that renewable energy projects can work in lagos with the use of solar energy, but we have just started.

We must bring expertise from the private sector and utility partners to work with us as we move towards a cleaner, sustainable and healthier  lagos. We will shut  down olusosun and solus dumpsites sometime next year, dumpsites are dangerous to the health and the environment, the leachate and gas to be recovered from the proposed sanitary landfills will be put to good use.

He also stated that the state planned to regenerate olusosun and turn it into a park where intercity buses would end their journey and would no longer be allowed to enter into the city.

Read more at: http://www.businessnews.com

 

 

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SIM CARD MANUFACTURER GETS GOVERNMENT SUPPORTS FOR EXPANSION.

SIM CARD MANUFACTURER GETS GOVERNMENT SUPPORTS FOR EXPANSION.

Secure ID limited has been assured of government support to produce more sim cards for the local and export market, the mi ister of industry, trade and investment Dr. Okechukwu Enelamah and his counterpart, the minister of communication barrister shittu Adebayo gave an assurance during the commissioning ceremony of the company’s new manufacturing line in lagos.

Secure ID is an intercession of 3 things that are important towards the country: Entrepreneurship, manufacturing and the whole technology and telecoms space. It is not often that you get a company that can somehow have all these in one.

First you have to appreciate hem for the leadership and drive for the vision that kofo has and her foreign partners. As a country and as a government, we try to support them and pursue their dreams and having had subscribers to telecom at least on the African continent. Nigeria must also take the leadership of the African continent and possibly in the east Europe and asia.

Also speaking at the event, managing director/chief executive, bank of industry Mr Waheed Olagunju said with this new line, Nigeria can now export sim cards to other African countries and generate foreign exchange. He said that the sim card commissioning will create more jobs which means that more workers will also pay more tax which will be beneficial to lagos state  government and that the company will also pay more tax to FG.

 

Read more at: http;//www.vanguardngr.com  

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There Will Be No ‘Royal Wedding’ For Zahra.

There Will Be No ‘Royal Wedding’ For Zahra.

The President of Nigeria has said that the FG is not spending any money on the wedding ceremony of his daughter, Zahra, slated for Friday in Abuja. The president’s Senior Special Assistant on Media and Publicity, Malam Garba Shehu stated this in his Facebook page on Thursday.  

Shehu said that all the wedding expenses including the printing and distribution of invitation cards, souvenirs, lunch event for the men and dinner for the women as well as other miscellaneous expenses would be financed by the family and personal aides. Zahra and Ahmed Indimi , the president has said that even though the family wants to make Zahra happy on her wedding day, she will not enjoy “royal wedding’’.

Zahra Muhammadu Buhari’s wedding to Ahmed Mohammed Indimi starting today is a celebrity event to savour any day. Much as the family wants to make their daughter happy they, however, will not make it a royal wedding. The President’s family is trying hard to keep it as simple as possible.

 

Wedding Lalle  Fatiha, lunch event for the men and dinner for the women who must have come from far and near and the bride heads to her husband, In a twist from what was a norm among past leaders, the President asked to be given the bill for the food at the banquet.

 

The government has no business paying for that, this should be treated as private. His family and personal aides put the money together to foot the bill, no government money in invitation cards, souvenirs or Aso-Ebi. That’s essential Buhari for you. The Wedding Fatiha will be conducted at the National Mosque, Abuja on Friday, while reception for guest will be held at the Presidential Banquet Hall.

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Eight Common Investing Errors.

Eight Common Investing Errors.

It has happened to most of us at some time or another: You're at a cocktail party enjoying your drink and hors d'oeuvres, and "the blowhard" happens your way. You know he's going to brag about his latest big accomplishment. This time, he's taken a long position in Widgets Plus.com, the latest, greatest online marketer of household gadgets. You come to find he knows nothing about the company, is still completely enamored with it and has invested 25% of his portfolio in it hoping he can double his money quickly.

Despite your resistance to hearing him drone on, you start to feel comfortable and smug in knowing that he has committed at least four common investing mistakes and that hopefully, this time he'll learn his lesson. This article will address eight of those common mistakes, including: investing in something you don't understand, falling in love with a company, lack of patience, turning over your portfolio too often, market-timing, waiting to get even, failing to diversify and letting your emotions rule the process.

1. Investing in Something You Don't Understand

One of the world's most successful investors, Warren Buffett, cautions against investing in businesses you don't understand. This means that you should not be buying stock in companies if you don't understand the business models. The best way to avoid this is to build a diversified portfolio of exchange-traded funds (ETFs) or mutual funds. If you do invest in individual stocks, make sure you thoroughly understand each company those stocks represent before you invest.

2. Falling in Love with a Company

Too often, when we see a company we've invested in do well, it's easy to fall in love with it and forget that we bought the stock as an investment. Remember: you bought this stock to make money. If any of the fundamentals that prompted you to buy into the company change, consider selling the stock.

3. Not having Patience

How many times has the power of slow and steady progress become imminently clear? Slow and steady usually comes out on top - be it at the gym, in school or in your career. Why, then, do we expect it to be different with investing? A slow, steady and disciplined approach will go a lot farther over the long haul than going for the "Hail Mary" last-minute plays. Expecting our portfolios to do something other than what they're designed to do is a recipe for disaster. This means you need to keep your expectations realistic in regard to the length, time and growth that each stock will encounter.

4. So many Investment Turnover

Turnover, or jumping in and out of positions, is another return killer. Unless you're an institutional investor with the benefit of low commission rates, the transaction costs can eat you alive - not to mention the short-term tax rates and the opportunity cost of missing out on the long-term gains of good investments.

5. lack of Good Market Timing

Market timing, turnover's evil cousin  also kills returns. Successfully timing the market is extremely difficult to do. Even institutional investors often fail to do it successfully. A well-known study, "Determinants Of Portfolio Performance" (Financial Analysts Journal, 1986), conducted by Gary P. Brinson, L. Randolph Hood and Gilbert Beerbower covered American pension-fund returns. This study showed that, on average, nearly 94% of the variation of returns over time was explained by the investment policy decision. In layman's terms, this indicates that, normally, most of a portfolio's return can be explained by the asset allocation decisions you make, not by timing or even security selection

6. Waiting to Get Even

Getting even is just another way to ensure you lose any profit you might have made. This means you are waiting to sell a loser until it gets back to its original cost basis. Behavioral finance calls this a "cognitive error." By failing to realize a loss, investors are actually losing in two ways: first, they avoid selling a loser, which may continue to slide until it's worthless. Also, there's the opportunity cost of what may be a better use for those investment dollars.

7. Failing to Diversify

While professional investors may be able to generate alpha, (or, excess return over a benchmark) by investing in a few concentrated positions, common investors should not try to do this. Stick to the principal of diversification. In building an ETF or mutual fund portfolio, remember to allocate an exposure to all major spaces. In building an individual stock portfolio, allocate to all major sectors, and selectively to underweightsectors you feel might have potential. Do not allocate more than 5 to 10% to any one investment.

8. Letting Your Emotions Rule the Process

Perhaps the No.1 killer of investment return is your emotions. The axiom that fear and greed rule the market is true. Do not let fear or greed overtake you. Focus on the bigger picture. Stock market returns may deviate wildly over a shorter time frame, but over the long term, historical returns for large cap stocks can average 10 to 11%. Realize that, over a long time horizon, your portfolio's returns should not deviate much from those averages. In fact, you may benefit from the irrational decisions of other investors.

 

Read more at: http://www.businessinsider.com

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The Reps Want Local Vendors In Oil And Gas Sector Paid.

The Reps Want Local Vendors In Oil And Gas Sector Paid.

On Wednesday, The house of Rep  called for the payment of local vendors in the oil and gas industry in the order to save the industry, this followed a motion by Rep. Henry Nwawuba (PDP-Imo), which was unanimously adopted by members through a voice vote. Moving the motion, Nwabuba explained that Local Content Act was primarily intended to promote local players in the oil and gas industry, he also  added that the Act was also to protect them against unfair practices tending to give their foreign counterparts dominance in the oil and gas sector of the Nigerian economy.

All  contracts between the FG and the contractors on one hand and the contractors amongst themselves on the other hand are regulated by a policy of 60 to 40% ratio, the payment is supposed to be 60% payment in dollars and 40% in naira. He expressed concern that the new policy required 100% payment in naira to local contractors, even when government and foreign contractors still retained the practice of 60 to 40% payment in dollars in their transactions.

 

The House  therefore mandated its Committees on Petroleum Resources (Upstream), Petroleum Resources (Downstream), Gas Resources and Local Content to interface with the agencies and stakeholders in the oil and gas industry on the policy, the committees were mandated by the house to report back within 6 weeks for further legislative action.

The local content contractors, in many contracts and transactions still procure and pay for items and services in dollars and now have to source for foreign currency at the parallel market, If this policy is not reviewed, it will throw many local contractors out of business, thereby defeating the purpose of the Local Content Act; According to him.

Read more at: http;//www.businessnews.com

 

 

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Thank you for patronizing us

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The FG Brings Down kerosene Importation By 51.8 million Ltrs.

The FG Brings Down kerosene Importation By 51.8 million Ltrs.

The FG has systematically brought down the importation of house hold kerosene in a bid to increase domestic  of liquefied petroleum gas various homes across the country and analysis of the latest report on petroleum products imports statistics released by the national bureau of statistics showed that the volume of HHK imported into Nigeria between may and September this year dropped by 51.894 million litres.

A further analysis of the report showed that the country recorded a reduction of N6.369bn in the amount spent on kerosene importation during the review period, in May this year a total of N10.61bn was spent on kerosene importation, while the figure reduced to N4.25bn in September. The Federal Ministry of Petroleum Resources and the Nigerian National Petroleum Corporation had both joined in the increased use of cooking gas as opposed to kerosene, both organizations recently stated that the gas sector had the potential to revolutionalize Nigeria’s fuel consumption, as they noted that a gas policy was being developed to address the country’s gas growth issues.

The Vice-President Yemi Osinbajo recently stated that Nigeria spent $1bn as subsidy on kerosene in 2015 and stressed that this was because of the massive dependence on kerosene and firewood by millions of households in the country, he, however declared that the government had decided to unlock the domestic LPG value chain as this was one policy that the current administration was passionate about since Nigeria had one of the largest gas reserves in the world. Also, to deepen the LPG usage, the government recently constituted an inter-ministerial committee to expand the use of the LPG, chaired by Osinbajo. In the NBS report, which was obtained by our correspondent in Abuja on Friday, the bureau stated that a total volume of 86.031 million litres of kerosene was imported in May. The volume dropped to the 34.137 million litres in September.

Operators, however observed that despite the progress recorded in the domestic LPG sub-sector, there were still bottlenecks frustrating the full-fledged development of the market. The bottlenecks included dearth of investments in the LPG reception facilities and supply infrastructure; throughput challenges as well as fiscal regime and regulatory environment such as imposition of value added tax on the LPG produced in the country while the imported product was granted waiver. The volume was increased to 250,000MT in 2012, and from a pricing perspective, these efforts have helped to reduce the price of a 12.5kg cylinder by more than 50%.

Read more at: http;//www.businessnews.com

 

 

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The Free Education In Imo State Crashes.

The Free Education In Imo State Crashes.

The free education, which brought the Rochas owelle Okorocha administration into power, may have hit a brickwall, following the reintroduction of various fees and levies in Imo State University, Owerri. This was one of the findings of journalists, who went to IMSU on a facility tour of the institution as part of the activities to mark the 2016 Press Week of the Imo State Council of Nigeria Union of Journalists(NUJ).

 The acting Vice Chancellor of  Imo state university owerri “Professor Adaobi Obasi”, who spoke through the Registrar Professor Emeka Ejinkonye, confirmed that students of Imo state university who are indigenes of the state now pay a token for certain services in the school. “Students of Imo origin only pay N19,500 as auxiliary fees for medicals, identity card and others.

When the Governor of imo sate emerged as the winner  in 2011, he declared free education for all before it was later restricted to indigenes of Imo State, due to economic downturn. Answering a question on the non-accreditation of some courses in IMSU, Obasi assured people seeking admission into the school that the issue would soon become history. We lost accreditation in six courses, but soon and very soon, we will have full accreditation for Law and others.

This amount is paid from the second to the final year in the school, she also said that upon completion of studies, a student of Imo state is expected to pay completion and certification levy of N20,000 and N7,700 for project binding. The VC confirmed that non-indigenes in the Faculty of Law pay N180,000, while those studying Medicine and Surgery pay N190,000 and others pay N150,000

 

Read more at: http://www.vanguardngr.com

 

 

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