₦airaland Forum

The Chief Executive Officer of Konga, Nnamdi Ekeh, has disclosed that the e-Commerce company has taken an unusual path by offering its merchants, loans and credit facility. Ekeh said Konga was committing significant funds by partnering with Simple-Fi.

The online marketplace said the financial provision is in line with its effort to support its merchants. Konga is one of the two top e-commerce platforms in Nigeria. The company competes with Jumia but none of them is profitable yet.

Speaking about the credit facility, Ekeh said Konga wanted to... https://nairametrics.com/2019/10/17/konga-now-offering-merchants-loan-at-interest-rates-of-2-08/

Innoson Vehicles, indigenous automaker, may change its trademark logo if the company’s meeting with a student of University of Ibadan (UI), Farouq Osuolale, who designed the trending logo, is in favor of the young graphic designer..

Innoson had responded to the criticism that trailed its designs by asserting that, ‘Rome wasn’t built in a day’ and there’s room for more development and improvements. It also said its vehicles were designed based on the feedback received from its users and customers.

The response ushered in various design options which Nigerians urged the company to incorporate and change its existing logo. Innoson’s announcement on its Twitter account that... https://nairametrics.com/2019/10/17/innoson-vehicles/

It is believed that the capital market in Nigeria can attain the feat of the Sports Betting Industry in Nigeria. Therefore, in order to achieve this and attract both the youths and lower-class population to adopt an investment-lifestyle, the Nigerian Stock Exchange (NSE) held a three-day programme to enhance reportage of the securities market.

The lecture series was organised to uncover vital areas in the capital market that could drive its growth. It was implied that the stock market could become as popular as the sports betting industry in Nigeria if the youths and lower class were better informed about the stock market.

Why this matter: Buying shares of companies on the stock market is like placing a bet on your favourite team. However, while sports betting is short-term, the stock market offers both short-term and long-term options. Also, it offers... https://nairametrics.com/2019/10/15/nse-takes-step-to-lure-lower-class-youths-to-stock-market-like-bet-companies/

The economy situation under President Muhammadu Buhari’s administration is forcing more Nigerians into the unemployment market after several workers at Nigerian hair production company, X-Pression, were sacked as the local hair manufacturer can no longer maintain its present workforce due to the harsh economic situation and its battle against fake X-Pression products produced by Chinese nationals.

X-Pression has been operating since 1997, manufacturing hair products like weave-on, braid, and hairpieces. Popular X-Pression brands include Yaki Flip, Daniela, Lagos Braid, Funky, Active and Diva.

The employees of X-Pression, a subsidiary of Solpia Nigeria Limited, were informed of the downsizing through a memo seen by Nairametrics. The company said it was cutting down the size of its workers, and the affected employees were workers recruited by outsourcing company, Amalya Consults Limited.
[b]
The many problems facing X-Pression: [/b]The sack of the workers by X-Pression is a response to the current economic woes in Nigeria. According to the company, the harsh economic realities in Nigeria prompted the decision to terminate the contract as it can no longer afford the workforce it has.

When Nairametrics contacted X-Pression regarding the downsizing, the company said... https://nairametrics.com/2019/10/15/x-pression-sacked-its-workers/

President Muhammadu Buhari has called for local data collection that is not dependent on foreign support, stating that data from international bodies like World Bank and International Monetary Fund (IMF) are not reliable because they are developed abroad.

The President said while his administration welcomes support from international data agencies, he believes the country will be better off with local agencies offering statistics on activities within Nigeria.

He made this comment on his official Twitter account “@MBuhari” while addressing the role of data in policymaking. President Buhari tweeted that for policies to be tailored in line with the reality of Nigeria, the country needs data that reflects true events within the country.

According to him, the data on Nigeria provided by the World Bank and IMF are ludicrous because they do not reflect the reality of Nigeria. President Buhari stated that the data collated abroad are wild.... https://nairametrics.com/2019/10/10/president-buhari-says-world-bank-imf-data-are-not-reliable/

The border closure by Federal Government is gradually affecting small and medium businesses in Nigeria. The latest to speak out against the closure is the co-founder of So Fresh, Olagoke Balogun, who said the closure had resulted in loss of revenue for the company due to unavailability of critical raw materials.

Balogun said the border closure was beginning to have a ripple effect on other sectors or markets that have nothing to do with rice importation or banned items. The borders were shut to tackle rice smuggling into the country.

Although So Fresh sources for some raw materials within Nigeria, the country is unable to provide all the raw materials needed by small business owners like So Fresh.

This is one of the reasons the company depends on raw materials imported from Cotonou, Benin, where it sources for specific kinds of pineapples and green apples. But since the closure of the border, business hasn’t been the same, as suppliers continue to call to report unavailability of these fruits.

Speaking to Nairametrics during an interview, Balogun said the decision to close the border wasn’t... https://nairametrics.com/2019/10/10/border-closure-affecting-revenue-and-nigeria-is-not-food-sufficient-so-fresh-co-founder-olagoke-balogun/

Innoson has reacted to the criticism received over the ability of the company’s design engineers, stating that Rome wasn’t built in a day. The originality of Innoson’s car designs was called into question after some Nigerians called it a replica of Benz and Chinese vehicle brand, BAIC Motors.

The striking resemblance between Innoson SUV and BAIC BJ80 resulted in a series of condemnation and accusation of the Nigerian vehicle manufacturer being a replica. The criticism is just one of the many challenges Nigerian manufacturers struggle with in Nigeria.

Penetrating the Nigerian market has been difficult for Nigerian manufacturers because the market is saturated with foreign-made products which are often rated above local producers. While cement manufacturers like Dangote and BUA have succeeded in making the cement market theirs, manufacturers of some other products have struggled against foreign-made products. Innoson Vehicles is, however, unperturbed about the criticism that trailed its vehicles.

In a series of tweets on the company’s Twitter page, Innoson said there’s... https://nairametrics.com/2019/10/10/rome-wasnt-built-in-a-day-innoson-reacts-to-criticism-of-its-vehicles/

MTN Nigeria has revealed how an upgrade in its system is causing mobile data of its internet subscribers to get exhausted fast. The revelation was made after a Nairametrics report disclosed that MTN Nigeria lost 664,245 Internet subscribers as rivals, Airtel and Visafone gained more.

MTN Nigeria is the largest telecommunications company in Nigeria but other network providers have continued to gain more ground against the yellow telco. In July 2019, MTN Nigeria had 52.2 million internet subscribers but the number of its data users dropped in August.

Nairametrics had reported that the number of MTN Nigeria’s internet users dropped to 51.6 million in August. That’s a loss of 664,245 Internet subscribers according to the Nigerian Communications Commission.

Reason for data depletion: While the reason for quick exhaustion of data has left many users in the dark, MTN Nigeria responded to a Nairametrics reader, Ulayefa Orubu, who tweeted with the Twitter handle @macheteros, “@MTN180 una dey see so? Your data doesn’t last at all…it’s sort of how fuel evaporates when it comes in contact with air.”

Reacting to the accusation, MTN Nigeria disclosed that in... https://nairametrics.com/2019/10/09/mtn-reveals-why-its-data-get-exhausted-faster-as-it-loses-over-600000-subscribers-to-rivals/

The Chairman of Association of Licensed Telecoms Companies of Nigeria (ALTON), Gbenga Adebayo, wants social media platforms like Facebook and WhatsApp to pay levy because Nigerians no longer use SMS.

According to Adebayo, network providers are being charged for services that are becoming redundant in the era of On-The-Top services. OTT services are Facebook, Whatsapp and Youtube. He said the regulator charges the telecommunications companies annual operating levy for SMS and data services, whereas, the main beneficiaries (OTT platforms) of the services offered by the network providers do not pay levy for their service.

Adebayo said there’s a need for the telecommunications regulator to review its regulations, stating that licenses should now be awarded based on technology and not services. He argued that platforms like Whatsapp, Facebook and Youtube have social and economic implication, stating that.... https://nairametrics.com/2019/10/09/network-providers-want-facebook-whatsapp-to-pay-levy-as-nigerians-dump-sms/

The Country Manager for OPay in Nigeria, Iniabasi Akpan, has finally reacted to the role ORide played in the temporary shutdown of Gokada‘s (its ride-hailing rival) operation in August 2019. Although the shutdown lasted for two weeks, ORide was identified as one of the reasons it happened. But despite the growth of ORide compared to its competitors including Max.ng, Nairametrics confirmed ORide isn't profitable.

ORide and Gokada have been involved in the gradual transformation of Nigeria’s public transportation through ride-hailing services. Though ORide is the most recent entrant into the ride-hailing market, the competition they provide has not only affected traditional operators of motorcycle business (Okada riders) but also the bike-hailing rivals who have not been spared by its onslaught.

Nairametrics had reported how Gokada lost some of its top staff members to ORide. Four staff, including co-founder and COO of Gokada, left the company for ORide. While Gokada said the poaching was nothing significant, Akpan told Nairametrics the company wouldn’t stop any staff of rivals seeking better opportunities in ORide.

“If you are in a market, people always... https://nairametrics.com/2019/10/07/opays-country-manager-reacts-to-orides-role-in-gokadas-temporary-shutdown/

South African company, Momentum Metropolitan Holdings, has exited the Nigerian market by selling off its subsidiary in Nigeria as the National Insurance Commission (NAICOM) begin its shake-up process by downsizing the number of players in the Nigerian insurance market.

Momentum Metropolitan Holdings sold its 100% stake in Metropolitan Life Nigeria to Verod Capital Management, an investment firm based in Nigeria. This deal comes three years after Momentum Metropolitan acquired the 50% stake of United Bank for Africa to become majority stakeholder.

While it was stated that the exit of Momentum Metropolitan Holdings was due to... https://nairametrics.com/2019/09/30/metropolitan-life-insurance-nigeria-to-get-new-owners-as-south-africa-firm-divests/

Did you know that the first indigenous bank in Nigeria, Industrial and Commercial Bank only survived for fifteen months before it went into liquidation? ICB was established in 1929, at a period when financial inclusion wasn’t extended to Nigerians and Nigerian business owners lacked equal access to credit as the colonial rulers.

But thanks to mismanagement, accounting incompetence, and embezzlement, ICB went into liquidation one year and four months after it began operation. Its exit from the financial market at the time opened the door for another Nigerian-owned bank in 1931, Mercantile Bank.

Mercantile Bank replaced ICB, serving as an offshoot of the latter, as most of its directors were reportedly from ICB. And just like ICB, Mercantile Bank went into liquidation, though voluntarily. However, it... https://nairametrics.com/2019/10/01/evolution-of-nigerian-banks-in-59-years/

How “crazy” are you? Crazy enough to quit a job in an oil and gas company to sell fruits and salads? In 2017 when singer, Mr Eazi, disclosed that he resigned from his oil and gas job to become a musician, Nigerians thought he was crazy. Well, that craziness is not limited to the Banku singer, as the founder of So Fresh, Olagoke Balogun, also took that leap of faith.

Just like Eazi, Balogun didn’t find fulfilment in his six figures 9-5 job. Usually, snagging a job in the oil and gas sector is a dream come true for most Nigerians, but Balogun didn’t find joy working there, as his passion lay elsewhere—selling fresh fruits.

While Balogun’s decision to quit a high paying job to sell fruits would seem ludicrous to many, for Balogun, it was a rational move because the job did not bring him contentment. “I wasn’t really satisfied with the work I was doing. I didn’t feel like I was making an impact and I wasn’t maximizing my strength and my potentials.

“Even though I was earning well, the family was... https://nairametrics.com/2019/09/24/how-so-fresh-founder-dumped-oil-money-to-sell-fruits-and-salads/

The Country Manager for OPay in Nigeria, Iniabasi Akpan has said traditional banks should be worried about the fintechs and telecommunications companies granted approval by the Central Bank of Nigeria (CBN) to operate in the financial market.

Since the CBN began to seek alternative channels to serve the underbanked population and drive financial inclusion in the country to 80% next year, the spotlight has been on how valuable banks will be to Nigerians years from now.

More financial and payment services that are not bank-led have continued to make their way into the financial market. The latest driver of the tech onslaught against the traditional banks is OPay which is an interconnected system harbouring payment for local canteens, motorcycle (okada), bus drivers and other bills payment, as well as enabling transfer and receiving of funds. OPay is the parent company of ORide, OBus and OFood.

Akpan, during an interview with Nairametrics said that... https://nairametrics.com/2019/09/25/opays-country-manager-reveals-banks-that-will-fizzle-out-to-mtn-other-fintechs/

MTN Nigeria’s share price dropped on the Nigerian Stock Exchange (NSE) a day after some of its centres were attacked in three states. The telecommunication company and other South African companies were subject of a reprisal attack in Nigeria following the Xenophobic attack on Nigerians in South Africa.

Although the company had a decline in its share price at the end of trading on Monday, September 2, 2019, after its share price dropped from N141 (as of Friday, August 30, 2019) to N138.50 kobo per share, it, however, recovered on Tuesday, rising to N140 per share.

Though the rise in MTN Nigeria’s share price happened the day some Nigerians started attacking the South African companies, the market had closed before the violent protest intensified.

MTN Nigeria’s share price, however, dropped yesterday, September 5, 2019, following the attack and call for a boycott of its services. Investors sold off their shares considering https://nairametrics.com/2019/09/05/mtn-nigerias-shares-drop-on-nse-following-attack-on-its-centres-in-nigeria/

Though Uber and Bolt (Taxify) changed the taxi system in Nigeria, both companies have a pricing method that isn’t fit for a country that is prone to traffic congestion like Nigeria. This erratic pricing system is why some Nigerians still favour the Yellow Taxi, and with InDriver, customers will now have the best of both services.

Before the advent of car-hailing service in Nigeria, there were regular taxis. Their outlooks and car types varied across states in the country: for Lagos residents, it was the yellow taxi. However, since Uber entered the Nigerian market in 2014, and Bolt in 2016, the Yellow Taxi operators have been gradually loosing patronage.

But while Technology and urban lifestyle might have diminished the value of Yellow Taxi in Lagos, there’s one feature that still makes the Oko Ashewo (as the yellow taxi is fondly called in Lagos) relevant in the era of car-hailing service — its payment system that shields customers from the risk of unpredictable ride fees.

Although Uber and Bolt offer price estimates before trips, the trip fee is determined by the time spent from one’s pickup point to the destination. This means that your fee is at the mercy of traffic, which Lagos State is highly prone to.

This is what differentiates the likes of Uber and Bolt from the Yellow Taxi. For the Yellow Taxi, a fixed price is agreed upon before the trip. So, traffic or not, your fee is fixed. Because of this distinct disparity in both services (Car-hailing and Yellow Taxi), Nigerians couldn’t have it both ways.

Another disruption hit Nigeria’s taxi market

All that is changing. Now, Nigerians can have their cake and eat it too, with InDriver’s ‘trips on your terms’ service. The Russian car-hailing service allows riders (customers) to https://nairametrics.com/2019/09/05/car-hailing-business-indriver-threatens-ubers-and-bolts-operations-with-its-pricing-model/

MTN Nigeria has announced that all its stores and centres would be closed across Nigeria after its facilities, customers and some stakeholders were attacked in three states yesterday, September 3, 2019. MTN, alongside Shoprite was a subject of reprisal attack after the resurgence of Xenophobic attacks on Nigerians and their properties in South Africa.

Though the parent companies of MTN Nigeria and Shoprite are based in South Africa, the Nigerian subsidiary of the telecommunication company has a huge presence in Nigeria and generates a substantial amount of its revenue from the country. However, some Nigerians protested the attack on Nigerians in South Africa by damaging some outlets of MTN and Shoprite because of the link they have with South Africa.

In a statement sent to the Nigerian Stock Exchange (NSE) and seen by Nairametrics, MTN Nigeria disclosed that, “Over the last day (yesterday), our facilities, customers and some of our stakeholders have https://nairametrics.com/2019/09/04/mtn-closes-centres-across-nigeria-after-being-attacked-in-three-states/

The Lagos State Government and Lai Mohammed, Nigeria’s Minister of Information and Culture have reacted to the attacks on Shoprite outlets in Lagos State. The attacks occurred at Shoprite Complexes located in Jakande and Sangotedo Area of Ajah, following the destruction of properties belonging to Nigerians in South Africa.

The State Government condemned the attacks, advising Lagosians to distance themselves from violence and any unlawful acts. According to the State government, such attack is against the culture that Nigerians are known for.

The tension between Nigerians and South Africans intensified after the National Association of Nigerian Students (NANS) gave South African businesses 7-days to stop operation and leave Nigeria in August over violent attacks being experienced by Nigerians in South Africa. The issue was later settled when Abike Daibiri-Erewa, the chairman, Nigerians in Diaspora Commission intervened.

However, the matter took another turn some days ago when a Nigerian was reportedly killed in his home by some South African police officers.

Also, a few days after the incident, videos of burnt cars and other properties belonging to Nigerians and other African citizens in South Africa were circulated. This led to a reprisal attack on South African businesses in Nigeria yesterday, September 3, 2019.

The Lagos Statement Government said https://nairametrics.com/2019/09/04/lagos-state-government-lai-mohammed-react-to-attacks-on-shoprite-in-nigeria/

Two days after Nigeria’s Minister of Finance, Zainab Ahmed, faulted financial experts, stating that Nigeria’s N24.9 trillion debt was not a problem, members of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) have countered her claim.

The members of the MPC raised a concern about the debt level of the states and the Federal Government which they said was worrisome when compared to other countries that the Minister of Finance used to defend the current debt problem.

Nairametrics reported that Ahmed decried the insensitivity of experts concerning the debt situation of the country at a meeting with the management staff of the Ministry of Finance and Budget & National Planning on Monday. She said that despite the misgivings amongst experts over the rising debt profile of Nigeria, what the country faces now is a revenue problem rather than debt challenge.

MPC says Nigeria’s debt is a Problem: Contrary to the minister’s claim, one of the members of CBN’s MPC, Dr Robert Asogwa, said the debt would... https://nairametrics.com/2019/08/29/cbn-monetary-policy-committee-and-minister-of-finance-clash-over-nigerias-debt/

In 2016, Rite Foods set off a cola-war that shook the operations of market leaders. The introduction of Bigi Cola ruffled the feathers of Coca-cola and Pepsi, leading to the reduction of their shares in the Nigerian market. Three years later, Rite Foods has taken the fight to La Casera, and the clash has sparked off a chapman-war.

Rite Foods is a Fast Moving Consumer Goods company and subsidiary of Ess-Ay Holdings. The company was established in 2007, offering sausage rolls, but Bigi didn’t become a household name until the company made inroads into the carbonated drinks market in 2016.

This move proved to be vital for the company, accelerating its growth in the FMCGs market. Within three years, Bigi became such a prominent player that Coca-cola and Pepsi had to rebrand their products and restructure their prices to respond to its presence in the cola market.

Now, Rite Foods has taken its strategic imitation tactics up a notch by... https://nairametrics.com/2019/08/29/smoov-steps-into-ring-against-bigi-chapman/

Nigerian banks are beginning to review their business model which is still very much the traditional banking system as technology is penetrating deeper into the tasks that workers carry out.

Technology has already compelled some banks to limit their expansion rate, while others are shutting down their brick and mortar structures to accommodate technology. All these are happening because technology is projected to handle 30% of the work currently done at banks.

Part of the 30% of work that will be taken over by technology is collation of tellers. This means that the staffs who work as tellers will be major casualties of the onslaught of technology. Banks are reviewing their work system because in the next... https://nairametrics.com/2019/08/28/massive-job-loss-looms-in-the-banking-sector/

In just five minutes, you can become an investor or stakeholder in Guaranty Trust Bank, Access Bank and Zenith Bank, at the same time, with as less as N1000. The process of becoming an investor in these selected companies is now equivalent to the time-frame of opening a Facebook account.

Investing in stocks or other investment options wasn’t a culture among the lower-class and to some extent, the middle-class – it used to be a lifestyle that seemed to be for the wealthy and upper-class society, but regardless of your income level, no company is too expensive to tap into its profitability.

In the past, searching, identifying and accessing the walk-in stockbrokers (certified by Securities and Exchange Commission) handling your preferred stocks was in most cases cumbersome, but the advancement in technology has eliminated traditional back and forth documentation or constant filing of paperwork.

With Wealth.ng, a product of WealthTech Limited, you can own stocks in MTN, Access Bank, Zenith Bank and Guaranty Trust Bank (GTBank) regardless of your income level and without leaving the comfort of your home by... https://nairametrics.com/2019/08/28/become-a-shareholder-in-gtbank-access-and-zenith-bank-with-as-low-as-n1000/

The founder of Konga, Sim Shagaya has reignited a 7-year old war with his reaction to the Jumia scandal of $17.5 million improper orders, inflated figures and U.S class action for false statement claimed to have been used to deceive investors.

Shagaya was the Chief Executive Officer of Konga before stepping down earlier this year. His position is now occupied by Shola Adekoya. Konga is the closest rival of Jumia in Africa. Both e-commerce companies started operation in Nigeria before branching out to other Neighbouring countries.

In a series of tweets on his social media handle, Twitter (@SimShagaya), Shagaya condemned the false statement Jumia was accused to have given their investors. According to Shagaya, such act has a detrimental ripple effect on other players and customers.

What Jumia did: Nairametrics had reported that Jumia is battling several issues like improper orders by some of its employees, several class-action lawsuits for misinforming investors, as well as the increasing losses which grew 59.2% in one year.

While admitting that he and his partners in Konga made mistakes during his time at the helm of affairs at Konga, he said they never deceived investors like Jumia is being accused of.

In his assertion, engaging in such activity hurts the whole e-commerce chain, “We made many operational mistakes in the companies I founded but one thing we never did was mislead investors. Never. @JasonNjoku (Founder of IrokoTV) was prescient several years ago (paraphrasing): the actions of players who do this not only hurt themselves & their investors but entire ecosystems.”

Jumia management knows: While he didn’t name Jumia, Shagaya said there was no way Jumia’s employees engaged in fraud of $17 million without support from the management of the company.

“For someone who has built a large-scale e-commerce business, I can confidently tell you that there is no way that a $10m+ fraud can happen without the complicity or, at the minimum, the tacit consent of management. It’s impossible.”

Jumia hurting Konga: Shagaya in his Twitter thread, said Konga is being hurt by the activities Jumia has been accused of and the figure inflation by Jumia workers.

He said investors are constantly comparing Konga’s growth with that of Jumia whenever they had a meeting and this usually pained him. According to Shagaya, Jumia’s ‘make-believe’ figures were often rubbed on his face, with investors asking.... https://nairametrics.com/2019/08/22/kongas-sim-shagaya-reignites-e-commerce-war-as-he-reacts-to-jumias-scandal/

Jumia is currently involved in some issues which are threatening its corporate existence. The company is facing class-action lawsuits in the United States as a member of its staff engaged in fraud worth $17.5 million and the company’s financial report revealed that its loss grew by 59.2% in one year.

Jumia’s staff and some members of the Jumia Force (Jumia’s agents) were said to have inflated the volumes of order on the marketplace. Although, Jumia claimed the fraudulent activity didn’t affect its figures in the financial statement, however, the improper order accumulated to $17.5 million in between... https://nairametrics.com/2019/08/22/17-million-fraud-rocks-jumia-as-company-battles-with-several-us-lawsuit/

Guaranty Trust Bank (GTBank) is making plans to expand its market base beyond its present locations. To achieve this, the tier-1 lender is considering the East African region.

Although the country that GTBank intends to invest in is not known, the company is in search of more growth opportunities in the Eastern part of the continent. This will increase the bank’s base to 10 countries in the Sub-Saharan Africa.

Speaking on the expansion plan of GTBank, the Chief Executive Officer, Segun Agbaje, said the management was... https://nairametrics.com/2019/08/22/gtbank-in-acquisition-talks/

The future of commercial banks is gradually slipping into the hands of telecommunication companies, and this doesn’t bode well for the Nigerian lenders, as the inroad into mobile money market by network providers is likely to make banks redundant soon.

Before the entrance of the GSM firms in Nigeria’s telecommunication industry in 2001, having a mobile phone and getting across to people within seconds, no matter how far they were, was something akin to a miracle. They had made the seemingly impossible to become easy. But no matter how much of a feat it had accomplished, no one expected it to grow into an industry capable of making financial payments. Drawing a correlation between network providers and bank functions was far-fetched, but fast track to 2019, and they are now officially recognized as operators of payment service bank (PSB).

Mobile money is the payment of services or financial transaction between a buyer and merchant through mobile phone. The payment system is also called mobile payment and mobile wallet. Individuals can buy goods and pay for services through the use of USSD code or mobile app.

The quest to bring banking closer to the under-served for financial inclusion has accelerated the value of telecoms firms. The idea of allowing telcos to operate as mobile money service providers had been frowned at in the past, but all that is changing, as Central Bank of Nigeria (CBN) has come to realize that achieving its 80% financial inclusion is impossible without the likes of MTN Nigeria, Airtel, Glo and other telecoms firms.

The likes of Ifie Sekibo, Managing Director and CEO of Heritage Bank, Nnamdi Okonkwo, MD/CEO, Fidelity Bank, and some others have all stated that the presence of telecoms in the mobile money service brews no fear.

Such is expected, as market rivals are known to never speak of themselves as inferior to competitors; but if statistics are anything to go by and with comparison to other market in Africa where mobile money is thriving, banks are gradually heading towards that “inferior” direction if the threat posed by telcos is not handled properly.

Numbers are against banks

It would be unwise to bet against telecoms firms in the mobile money market, considering the position they hold and number of... https://nairametrics.com/2019/08/21/mobile-money-war-telecoms-threaten-banks-future-in-nigeria/

Three months after MTN Nigeria debuted on the Nigerian Stock Exchange (NSE), the telecommunications company has leapt pass Dangote Cement to become the most capitalised company on the NSE.

Recall that MTN Nigeria had agreed to list on the NSE after the Nigerian Communications Commission fined the company N1.04 trillion for the deactivation of more than five million unregistered SIM cards in 2015. The Commission later reduced the fine to N330 billion after much negotiation and diplomatic intervention. The reduction was, however, on the condition that MTN Nigeria would list on the NSE.

On May 31, 2019, MTN Nigeria concluded payment of the N330 billion fine, and also listed on the country’s bourse on May 16 in fulfilment of the agreement.

At the close of trading at the capital market, the network company’s market capitalisation peaked at N2.823 trillion, surpassing the previous day of trading which was N2.699 trillion. MTN Nigeria’s recent market cap overlapped that of Dangote Cement which... https://nairametrics.com/2019/08/20/mtn-nigeria-overtakes-dangote-cement-on-nse-attains-highest-market-cap/

Ikenna Ordor’s lack of desire for the white collar or eight-to-five job led him to adopt the entrepreneurial lifestyle of his mother and abandon his school certificate. Today, he owns and heads Starr Luxury Cars, the Airbnb of luxury cars in London.

The UK luxury car hire company came to be after clients of his entertainment outfit began to request for luxury transportation and lifestyles. His ability to meet their demand gave birth to Starr Luxury Cars.

But just like Airbnb, an individual interested in luxury vehicles can hire any high-class brand for personal use and receive delivery few hours after. While similarities can also be drawn between Starr Luxury Cars and car-hailing company, Ordor’s company offers only luxury cars which are driven by the hailer themselves.

Ordor left Nigeria at the age of 14 with his mother. He said his mother didn’t graduate from the University, however... https://nairametrics.com/2019/08/21/meet-the-successful-nigerian-who-owns-the-airbnb-of-luxury-cars-in-uk/

By 2022, Nigerians and other users of Toyota’s Land Cruiser will no longer be able to purchase the Sport Utility Vehicle (SUV) following the decision of the carmaker to stop producing it. The decision was attributed to a sales drop.

Land Cruiser has been in existence for ten years, but Toyota is no longer interested in the production as it has experienced reduction in the demand of the SUV brand. One of the factors restricting the demand for Land Cruiser is the... https://nairametrics.com/2019/08/21/toyota-to-cancel-land-cruiser-opens-ancillary-auto-centre-in-abia/

The Chief Executive Officer of Invictus Group, Obinwanne Okeke, who made it into Forbes Africa’s 30 Under 30 List in 2016, has been arrested by the Federal Bureau of Investigation (FBI) for conspiracy to commit computer fraud.

Okeke was arrested by the FBI over $11 million wire fraud after an Office365 account belonging to a steel company’s CEO was hacked. The suspect was said to have conspired with several individuals to access the CEO’s computers without authorization.

According to an Affidavit seen, Marshall Ward, a Special Agent of FBI, said Okeke’s intention, alongside other conspirators, was to initiate a fraudulent transfer of funds. Ward stated that Okeke should be charged for conspiracy to commit computer fraud and conspiracy to commit wire fraud.

The Backstory: It was learnt that the FBI was contacted by the representatives of Unatrac Holding Limited, the export sales office for Caterpillar heavy industrial and firm equipment, last year after they experienced a fraudulent wire transfer of $11 million through an email compromise.

The affidavit further disclosed that Unatrac’s Chief Financial Officer received a phishing email containing... https://nairametrics.com/2019/08/17/fbi-arrests-invictus-groups-obinwanne-okeke-forbes-africa-30-under-30-list-nominee/

Barely a day after Gokada suspended its operations in Nigeria, research carried out by Nairametrics has revealed that the company’s temporary shutdown could be as a result of the targeted poaching of some of its riders and senior executives by the newcomer, ORide.

It was discovered that ORide poached Gokada's Riders and some senior staff who occupied vital positions at Gokada, including its co-founder sometime this year – barely 3 months the former started operation.

The Nigerian bike-hailing market currently has Max.ng, ORide and Gokada, competing for market share. However, it is currently experiencing a point and kill season with Gokada falling victim to ORide’s sword. The new entrant is on the offensive, aggressively recruiting experienced hands to accelerate its growth in the market. While this might look like a surprise move, it is however common for growing industries that require employees that are highly skilled.

Poached employees: Poaching is not new in the business world, it’s a method that even Nigerian plantain chips companies apply to conquer a market faster than the already existing players. ORide perfected this business strategy by poaching capable hands from Gokada.

Names of senior employees that left Gokada to join ORide includes Gokada's co-founder and COO, Awolowo... https://nairametrics.com/2019/08/15/is-oride-behind-gokadas-shutdown-of-operation/

The Federal Government (FG) has again denied the fraud allegations raised against N-Power, the job creation and empowerment initiative of the Social Investment Programme (SIP). The scheme has been dragged into application scandal several times.

While distancing the empowerment programme from fraud and corruption claims, the FG said such narratives were being driven by individuals who were pessimistic towards the social intervention programme of the President Muhammadu Buhari’s administration.

In a statement made public by the Communications Manager, National Social Investment Office (NSIO), Justice Bibiye, the government said the allegations arose due to... https://nairametrics.com/2019/08/15/fg-denies-fraud-allegation-against-n-power-again/