₦airaland Forum

mrAMG2:
You’re the owner of nairametrics?

No, I'm one of the Business Analyst.

mrAMG2:
How profitable is this business sef?

It is not profitable in the real sense, although they make revenue, but its cost of operation is high that's why even a company like Uber and Lyft haven't reported any profit. For more information on ride-hailing service, you can visit Nairametrics.com.

Amidst rising competition in the mobility hailing market in Nigeria, bike–hailing app company, Gokada, is shutting down its operations in Nigeria today, August 14, 2019. The shutdown was announced by the Chief Executive Officer (CEO), Fahim Saleh.

Saleh revealed this in a note he wrote and published on a news website yesterday, August 13, 2019. The decision to exit the market immediately was compelled by his personal experience on one of the company’s bikes in Victoria Island, Lagos.

The motorbike hailing market is still relatively new but it’s an emerging market that promises so much revenue potential to investors. Its entry barrier is high, and costly to operate.

Speaking on reasons Gokada shutdown operation in Nigeria, Saleh said... https://nairametrics.com/2019/08/14/gokada-suspends-operation-in-nigeria-two-years-after-establishment/

Video on-Demand (VoD) platforms have been having a field day in the media circle in recent years, changing the way content consumers watch their favourite shows. However, leading the streaming wave and disrupting consumers’ behavioural pattern is Netflix, a company that was once put up for sale.
Netflix as the Goliath

Netflix started out as a DVD rental company in 1997. However, since it began streaming in 2010, it has caused a major disruption in the media business, forcing its Pay-TV rivals to restrategise, as its onslaught encouraged a cord-cutting campaign among TV viewers in Western countries.

The growth of Netflix, aided by its romance with content creators, forced cable companies to put aside their rivalry and engage in boardroom meetings that eventually led to mergers and acquisitions. Notable consolidations include Comcast’s $40 billion takeover of Sky Media and AT&T’s $85 billion takeover deal for Time Warner.

The shock wave that hit the media space in Europe and the United States is currently spreading through Africa, Nigeria specifically, causing the likes of DSTV to have cold feet concerning the future of Pay-TV in Africa. While MultiChoice, the parent company of DSTV, currently dominates the media business in Africa, the penetration rate of Netflix signals the end of Pay-TV.

To secure its position in the media business, MultiChoice has been trying to rejuvenate... https://nairametrics.com/2019/08/13/showmax-vs-netflix-is-a-battle-david-will-lose-to-goliath/

Ever since President Muhammadu Buhari signed the African Continental Free Trade Area (AfCFTA), there have been different shades of opinion regarding the impact of the African trade agreement, with the likes of Aliko Dangote and BUA‘s Chairman, Abdul Samad Rabiu, warning Nigeria of a possible setback in the implementation of the agreement. A recently released report has now attested to the negative impact of AfCFTA.

The report stated that the trade agreement among African countries will cause a surge in importation when it comes into full force. It was learnt that the importation rate of Nigeria will shoot up to 251% within 15 years.

Nigeria signed the agreement in July, a year after over twenty other African countries signed. The delay was caused by anxiety and doubt over the efficiency of the AfCFTA as Nigeria had been in other African trade agreements that weren’t productive.

The new report is a research work done by the Centre for Trade and Development Initiatives of the University of... https://nairametrics.com/2019/08/09/new-report-shows-afcfta-will-negatively-affect-nigeria/

The meeting between President Muhammadu Buhari’s Senior Special Assistant on Foreign Affairs and Diaspora, Abike Dabiri-Erewa and National Association of Nigerian Students (NANS) has ended with a resolution that MTN Nigeria, MultiChoice, Shoprite and other South African companies in Nigeria should stop operation and quit the business environment within seven days.

These companies were given seven days ultimatum to shut down their businesses and leave Nigeria pending the time the South African government end the killing of Nigerians in South Africa. The continuous crackdown on Nigerians and other African nationals by South Africans has given rise to intense tension between both countries since the targeted Xenophobic attack began some years back.

Speaking on behalf of NANS, the President, Comrade Danielson Akpan, urged Nigerians living in South Africa to cancel their stay, while advising South Africans in Nigeria to leave Nigeria as well, as the group plans to start treating South Africans in the country the same way Nigerians are being assaulted, killed, leaving their properties destroyed or stolen.

“Behold, the killings have continued and have even assumed a more dangerous dimension. This worsening development calls for a swift reaction. Importantly, we want to call on Nigerians in South Africa to reconsider their stay in South Africa and return home.

“Having gone through the first phase without any remorse or practical action to end xenophobic attacks in South Africa, we wish to announce that Nigerian students have decided to take on South Africans same way they are doing to our people. We have seen the helplessness of the South African government in reigning in on their citizens and wish to condemn in unambiguous terms the continued pampering of those involved. Every nation has its own internal crisis hence no citizen of other nation should be sacrificed for criminal activities of South Africans or any other.

“Since the economic prosperity of Nigerians can no longer be tolerated and their lives secured in South Africa, there’s no... https://nairametrics.com/2019/08/08/multichoice-mtn-shoprite-others-given-7-days-to-stop-operation-in-nigeria/

What is the major factor that you put into consideration when purchasing bottled water to quench your taste? Do you consider your health, brand value, product price or availability of the product in the market? These are the four major factors that drive the growth of the table water market in Nigeria. However, only a few bottled water companies have been able to build their products around them.

While only a few brands have perfected their market presence, the table water market is fragmented, as the market structure doesn’t provide any company with enough influence to move the market in its desired direction. This has enabled the growth of the table water market, which reportedly gulped about N938 billion in 2016.

The market is flourishing because majority of those who patronise it in Nigeria are youths and adults, especially those in the workforce. This is the case because the cost (per bottle) of the various available brands falls between economy and premium prices fixed at N50 and N100 respectively.

However, despite SME manufacturers offering their brands for less, a recent consumer survey and research proved that Nigerians would rather purchase a premium brand. This consumer behaviour is not obtainable in other drink segments such as the carbonated market which experienced a disruption after the introduction of competitive prices by Bigi and Big Cola. According to a result of a poll conducted by... https://nairametrics.com/2019/08/06/despite-high-cost-of-living-premium-table-water-brands-hold-market-ace/

The Group Managing Director/Chief Executive Officer of United Bank for Africa (UBA), Kennedy Uzoka, and singer Ayo Balogun, popularly known as Wizkid, have addressed the importance of their partnership to Nigerian small and medium businesses.

While speaking on the reason behind the choice of Wizkid as the bank’s Ambassador, Uzoka said the decision was prompted by UBA’s commitment to small and medium enterprises.

Speaking during the fireside chat at the 2019 Tony Elumelu Entrepreneurship Forum, the UBA CEO said the bank is unrelenting in its effort at ensuring SMEs thrive within the business environment in Nigeria, “We are unveiling Wizkid as our brand ambassador to show our unrelenting support for SMEs and to further create a platform for them to thrive. This is a strong collaboration that will help us as an institution to propel our dream of making Africa a truly self-sufficient economy.”

The music industry is saturated with small and medium record labels that are single-handedly operated by Nigerian artistes themselves. The international success recorded by the likes of Wizkid, Davido and Tiwa Savage has renewed foreign interest in the music industry as it was during the early era of the industry.

The only record label that has enjoyed private placement remains Mavin Records, a label established by music producer, Michael “Don Jazzy” Collins. Mavin in January this year, announced a “multimillion-dollar” equity investment partnership with Kupanda Holdings for its expansion drive.

With the industry expected to hit N18 billion next year, having clocked $33 million in 2015, it’s no surprise that UBA is positioning itself as a key partner as the bank continues to diversify its interest to include fashion and other SME-driven markets on its focus list.

On his own part, Wizkid stated that the music industry and entertainment as a whole was in need of capital support from financial institutions to propel its growth. The ‘Ojuelegba’ crooner hinted that the partnership with UBA will not be... https://nairametrics.com/2019/08/05/wizkid-uba-ceo-speak-on-partnership/

President Muhammadu Buhari said on Thursday that at least five million Nigerians have been alleviated from extreme poverty since he assumed office in 2015.

The living condition of Nigerians have been a subject of debate in recent times and while addressing the impact of his administration on Nigerians since he came to power, President Buhari said his government understands the need to focus on youth empowerment for quality standard of living.

The President’s statement came few weeks after it was reported that Nigerians have become poorer during his administration..

According to him, the National Social Investment Programme has assisted his administration in creating two million job opportunities in the last three years, and as a result of the initiative, five million Nigerians have been lifted from extreme poverty.

It would be recalled that a United States-based publication, The Economist, had said in its May report that Nigerians are poorer under President Buhari’s administration.

The report said: “The Nigerian economy is stuck like a stranded truck. Average incomes have been falling for four years; the IMF thinks they will not rise for at least another six. The latest figures put unemployment at 23%, after growing for 15 consecutive quarters. Inflation is 11%. Some 94 million people live on less than $1.90 a day, more than in any other country, and the number is swelling. By 2030 a quarter of very poor people will be Nigerian, predicts the World Data Lab, which counts such things.”

But President Buhari disagreed, stating his administration made significant... https://nairametrics.com/2019/08/02/we-lifted-five-million-nigerians-out-of-extreme-poverty-buhari/

For several days, network users of both MTN Nigeria and Globacom were in the dark regarding why they couldn't contact one another. Subscribers of both telecommunications companies were unaware that they were the grasses suffering the clash of two elephants.

According to an insider, MTN lifted the ban because of stakeholders intervention in the dispute, with an insider stating that pressure was mounted on MTN because of the wide-ranging implications this could have on subscribers and the sector in general.


Why MTN banned Glo calls: MTN Nigeria placed a ban on incoming calls from Glo users for at least five days after the latter's failure to... https://nairametrics.com/2019/08/01/interconnect-dispute-mtn-lifts-partial-ban-on-glo-calls/

A Nigerian cement company, Lafarge Africa, has concluded the transaction for divestment of its South African subsidiary, Lafarge South Africa Holdings. The decision to offload the subsidiary was approved last month by the company’s shareholders.

Lafarge Africa finalised the sale with an exchange of documents as specified in the Share Purchase Agreement at a meeting held on Wednesday, a statement published on the website of the Nigerian Stock Exchange (NSE) disclosed. According to the statement, the approval was granted on July 22 during the company’s 60th Annual General Meeting (AGM).

Who is the buyer? Lafarge South Africa Holdings was sold to Lafarge Holcim. The latter was the parent company of the South African subsidiary before Lafarge Africa acquired it in 2014 to expand its footprint on the continent. Lafarge Holcim is the seller’s majority shareholder.

Why sell back to Lafarge Holcim? The company took advantage of the proximity to beat time. Searching for another buyer would have been a waste of time for them. Lafarge Holcim’s renewed interest in Lafarge South Africa Holdings helped shorten the time-space to search for an investor willing to acquire the company.

Why the company is offloading: The company had bought Lafarge South Africa Holdings to expand but post-acquisition period in South Africa didn’t go as planned as the country’s cement sector became hostile resulting to the following:... https://nairametrics.com/2019/08/01/lafarge-finalises-sale-of-south-african-subsidiary/

The Federal Government has set up a task force comprising the Economic and Financial Crimes Commission (EFCC), Nigerian Financial Intelligence Unit (NFIU), the Independent Corrupt Practices Commission (ICPC), and the Ministry of Justice in a bid to recover the N5trillion owed the Asset Management Corporation of Nigeria (AMCON) by individuals and organisations.

The team is expected to draft strategies for recovery of the debts. This came after Vice President Yemi Osinbajo met Heads of agencies tackling financial crimes and Permanent Secretaries of ministries at the State House, Abuja, on Monday night. Those at the meeting were heads of the EFCC, ICPC, NFIU, ICPC, AMCON and the Ministry of Justice and Transportation.

In a statement released after the meeting, the federal government said... https://nairametrics.com/2019/07/31/fg-goes-after-amcons-n5trillion-debtors-sets-up-task-force-on-funds-recovery/

Oluwatobi Boshoro, one of the few female Chief Executive Officer in the Financial sector, has been replaced. Boshoro resigned from her position in Renmoney which she took over last year November.

Renmoney has revealed in a statement that her position has been filled. The prompt replacement comes as a shock as Boshoro was only appointed 10 months ago. And during her tenure, Renmoney improved its penetration rate with a mobile experience center. When she was first appointed, Boshoro had promised to drive the growth of the company through innovation.

Renmoney in the statement named foreigner, Kieran.... https://nairametrics.com/2019/07/31/renmoneys-ceo-bashoro-quits-chairman-steps-down/

The Chief Executive Officer (CEO) of Renmoney Microfinance Bank Limited, Oluwatobi Boshoro, has been replaced shortly after she resigned from her position which she took over 10 months ago.

Renmoney did not disclose the reason for Boshoro’s resignation which came as a surprise to many staff of the organisation, as she took the reins in November last year. It has, however, been disclosed that her position has been filled by.... https://nairametrics.com/2019/07/31/renmoneys-ceo-bashoro-quits-chairman-steps-down/

The Chief Executive Officer (CEO) of Renmoney Microfinance Bank Limited, Oluwatobi Boshoro, has resigned from her position ten months after she was appointed, while the Chairman, Kieran Donnelly has also stepped down from his role.

Boshoro’s resignation came as a surprise, as she took the reins in the first week of November 2018. Boshoro’s resignation was disclosed in a statement signed by the Company Secretary, Igbiwi Erhahon, on Tuesday. It was also stated that the Chairman, Donnelly, would be stepping down from his position. According to Renmoney, this change is because... https://nairametrics.com/2019/07/31/renmoney-ceo-resigns-chairman-steps-down/

Several companies have been using shrinkflation to rip off customers for years. In 2015, Pepsi and Coca-cola effectively utilized the strategy until Bigi and Big Cola disrupted the market—a move that reversed both household brands into default setting.

However, Pepsi and Coca-cola aren’t the only fast-moving consumer goods makers involved in shrinkflation as this deceptive but legal activity dates back to over a decade in the Nigerian market.

Shrinkflation is a word coined from shrink and inflation. It simply implies a reduction in the quality or quantity of a product with the product price remaining the same. In the case of Nigeria, product price increases without justifiable reasons given by manufacturers. This is common among FMCG firms even with regulators’ connivance. Thus it is the act of giving customers less value for their money.

Shrinkflation is how some companies pass on costs of production to their customers in a manner that is not usually noticeable. It is deceptive from the customers’ perspective. But in the business world, it is a legal concept particularly in Nigeria where consumer protection is weak.

Why brands engage in shrinkflation

When companies’ production costs rise, they often put the burden on customers to cut back operation expenses. One of their most effective methods is the reduction of products’ quality and quantity while the price remains unchanged.

Companies prefer this strategy because it’s less visible to non-discerning customers since the difference is usually small or unnoticeable unlike price increments which can’t go unnoticed by customers.

Occasionally, brands opted for shrinkflation over fears that price hike will provoke customers to switch loyalty to their competitors who maintain their prices though they may have reduced their product sizes.

One reasons given by customers or loyalists of a particular brand when such brand reduce the quality or size of its product is economy. They often cited the unhealthy economic situation in the country for sharp practices or misdemeanor by manufacturers or any other individual.

For instance, the 2016 Cola War in Nigeria brought to fore the... https://nairametrics.com/2019/07/30/how-food-and-beverage-firms-rip-off-consumers-with-shrinkflation/

Several companies have been using shrinkflation to rip off customers for years. In 2015, Pepsi and Coca-cola effectively utilized the strategy until Bigi and Big Cola disrupted the market—a move that reversed both household brands into default setting.

However, Pepsi and Coca-cola aren’t the only fast-moving consumer goods makers involved in shrinkflation as this deceptive but legal activity dates back to over a decade in the Nigerian market.

Shrinkflation is a word coined from shrink and inflation. It simply implies a reduction in the quality or quantity of a product with the product price remaining the same. In the case of Nigeria, product price increases without justifiable reasons given by manufacturers. This is common among FMCG firms even with regulators’ connivance. Thus it is the act of giving customers less value for their money.

Shrinkflation is how some companies pass on costs of production to their customers in a manner that is not usually noticeable. It is deceptive from the customers’ perspective. But in the business world, it is a legal concept particularly in Nigeria where consumer protection is weak.

Why brands engage in shrinkflation

When companies’ production costs rise, they often put the burden on customers to cut back operation expenses. One of their most effective methods is the reduction of products’ quality and quantity while the price remains unchanged.

Companies prefer this strategy because it’s less visible to non-discerning customers since the difference is usually small or unnoticeable unlike price increments which can’t go unnoticed by customers.

Occasionally, brands opted for shrinkflation over fears that price hike will provoke customers to switch loyalty to their competitors who maintain their prices though they may have reduced their product sizes.

One reasons given by customers or loyalists of a particular brand when such brand reduce the quality or size of its product is economy. They often cited the unhealthy economic situation in the country for sharp practices or misdemeanor by manufacturers or any other individual.

For instance, the 2016 Cola War in Nigeria brought to fore the... https://nairametrics.com/2019/07/30/how-food-and-beverage-firms-rip-off-consumers-with-shrinkflation/

FMDQ Securities Exchange Plc is planning to make changes to its name and the company’s shareholders have approved the decision. The new name will reflect the company’s growth and portfolio expansion.

FMDQ began operation in Nigeria in 2013 but was registered by the Securities and Exchange Commission (SEC) in 2012. It’s a self-regulatory organisation for the OTC markets. It focuses on organising and deepening the markets.

The change in the company’s name will see ‘Holdings Plc’ replace ‘Securities Exchange’. This means that FMDQ will now be known as FMDQ Holdings Plc. The change was approved at the company’s 7th Annual General Meeting in Lagos on Friday.

The reason for the change: According to the company, the change was prompted by the... https://nairametrics.com/2019/07/30/fmdq-changes-name-reveals-new-identity/

Work is underway to meet the 2020 date set for the commencement of production at the Dangote refinery, as China Petroleum & Chemical Corporation announced that it had shipped a piece of vital equipment which would be installed at the Dangote Refinery.

The Chinese company, which is also known as Sinopec Corporation said the equipment, ‘atmospheric tower’, is the world’s largest and it set sail yesterday, July 29, 2019. The Chinese oil and gas company based in Beijing, China, didn’t reveal when the equipment is expected to reach the shores of Nigeria, but there is a projection that it will reach Nigeria in the next... https://nairametrics.com/2019/07/30/world-largest-atmospheric-tower-leaves-china-for-dangote-refinery/

The Federal Government (FG) has disclosed that some sections of the Lagos-Ibadan Expressway would be closed for four months for reconstruction by Julius Berger Nigeria Plc. The road has been under construction since the administration of Goodluck Jonathan.

The FG had postponed the reconstruction of the road in the past, but the possibility of another postponement has been ruled out. The closure is expected to begin next month, from August 3 and end in November.

Completion of the reconstruction has continued to drag because of contract issues between President Jonathan’s administration and Bi-Courtney Consortium. Julius Berger Nigeria Plc and RCC Nigeria Ltd were later contracted by the former President. The 127.6 kilometres road is the busiest in Nigeria, with more than 250,000 vehicles plying the road daily.

The problem with the August closure is that.... https://nairametrics.com/2019/07/29/fg-to-close-lagos-ibadan-expressway-for-four-months/

Nigerian singer, David “Davido” Adeleke, has been ranked above fellow Nigerian singer, Ayo Balogun, fondly called “Wizkid“, on the 2019 Instagram Rich List. The report released by the London-based Instagram tool scheduling firm, Hooper HQ, has four Nigerian celebrities – three singers and one actress. Kylie Jenner topped the list.

The 2019 Instagram Rich List is made up of celebrities who monetise their followers and influence by promoting goods and services of known and unknown brands across the world. Hooper HQ compiled a list of top brand influencers across the world, and according to the research firm, 2019 has seen the highest amount of money for... https://nairametrics.com/2019/07/26/davido-three-others-make-instagrams-most-valuable-posts-list/

Fidelity Bank Plc has announced that its Executives Directors, other employees, their family members and persons related to the employees and the lender have been barred from trading in the company’s shares.

The restriction on the bank’s staff and related persons was carried out in accordance with Fidelity Bank’s Insider Trading Policy. The development was conveyed through a statement published on the Nigerian Stock Exchange (NSE).

[READ ALSO: MTN Nigeria gets new Chairman as Pascal Dozie steps down]

More Details: The Insider Trading Policy of Fidelity Bank prohibits the aforementioned categories of persons from dealing in the lender’s shares at certain times. And one of such periods includes when the company is working on its financial accounts.

The period leading to the release of the company’s finances is often... https://nairametrics.com/2019/07/26/fidelity-bank-temporarily-bans-its-directors-and-families-from-trading-its-shares/

A Net Worth report published by London-based research firm, Hooper HQ, has revealed Nigerian singer, David Adeleke, popularly known as “Davido” is richer than his colleague and rival, Ayo “Wizkid” Balogun.

The net worth of both Davido and Wizkid had earlier been disclosed in Hooper’s 2019 Instagram Rich List. Net worth is the value of all non-financial and financial assets owned by a company or an individual. It doesn’t include outstanding liabilities. The list cuts across Celebrity, Beauty, Fashion, Fitness, Food, Lifestyle, Sport and Travel.

Davido started his career several months after Wizkid entered the Nigerian music industry between 2010 and 2011. Their rise to fame at almost the same time caused... https://nairametrics.com/2019/07/26/heres-davidos-and-wizkids-net-worth-for-2019/

The acquisition of Konga by Zinox Group seems to be yielding positive results, as the e-commerce company announced that it has made a turnover growth of 800% since the acquisition which took place last year.

The e-commerce business is yet to be profitable for online-marketplace companies in Nigeria, however, Konga in the past had reiterated that it would be the first e-commerce company to hit profit, despite the presence of strong competitors like Jumia.

E-Commerce companies in Nigeria (and Africa at large) have generally struggled overtime to make profits. Not only does the online retail sector have a high-entry barrier, but the cost of sale is also usually high, thereby making profitability nearly impossible. This challenge has led to companies such as Efritin shutting down their operation.

Although the details of Konga’s financial result were not made public, Co-Chief Executive Officer of the company, Prince Nnamdi Ekeh, said the company had recorded an impressive turnover since Zinox acquisition of Konga in February 2018. He said the company’s growth was in line with... https://nairametrics.com/2019/07/25/kongas-turnover-increases-by-800-as-company-claims-to-be-self-sufficient/

MTN Nigeria has announced that its Board Chairman, Pascal Dozie, will be leaving his position alongside five other Non-Executive Directors. Dozie has occupied the Chairmanship position for 18-years since MTN began operation in Nigeria.

MTN Nigeria said Dozie will step down alongside five Non-Executive Directors after their tenure ends on September 2, 2019. Dozie became the network operator’s chairman in 2001 and would be replaced by.... https://nairametrics.com/2019/07/25/mtn-nigeria-gets-new-chairman-as-pascal-dozie-steps-down/

All is set for the signing of electricity road map agreement between the Federal Government of Nigeria and German-based Siemens. The deal is the product of a meeting President Muhammadu Buhari held with German Chancellor, Angela Merkel on August 31, 2018.

The Global Chief Executive Officer of Siemens, Joe Kaeser, will meet with President Buhari today in Nigeria to sign a Letter of Agreement on the Nigerian Electrification Roadmap which was submitted to President Buhari last year November.

According to reports, several meetings have been held by power distribution companies, other stakeholders in the power sector and the Chief of Staff to the President, Abba Kyari. The meeting focused on the key areas where the help of the German government is needed.

The partnership on the road map for power generation with Germany's Siemens will.... https://nairametrics.com/2019/07/22/fg-siemens-sign-electricity-deal-today/

From the late 1970s to early 2000s, Mr. Bigg's was the most sought-after fast food restaurant, but 46 years later, the company is gradually winding up, becoming a fading memory in an era of competition; the fall of this giant will, however, cost Nigerians a lot.

How Mr. Biggs’ problems started

Self-inflicted harm: Mr. Biggs adopted a business strategy to operate by proxy. The company subscribed to franchising, monetising its brand for QSR entrepreneurs interested in using its name to capture market share. This system helped Mr. Biggs to break new grounds faster, and meet growing demand in its early years.

This was the only way start-ups could survive against Mr. Biggs then, as competing against the UAC-owned fast-food chain was considered a suicide mission. But while the franchise move aided the popularity and expansion of Mr. Biggs, the franchise outlets couldn’t... https://nairametrics.com/2019/07/18/46-years-after-mr-biggs-is-not-so-big-anymore/

Staff of MTN Nigeria have reportedly been told to stay back at home after the company received a warning of a planned protest by Nigerian students. According to information uncovered by Nairametrics, some university students and groups intend to picket the company’s headquarter located at Falomo, Lagos State.

MTN Nigeria was reportedly informed by the protesters last week that they (the protesters) will be holding a protest at the company’s premises this week. Although staff members were at work on Monday, the company’s buses were not parked in the complex due to fears and uncertainty regarding when the protest will take place. MTN Nigeria had experienced similar protests which ended in damage of properties.

Why the protest? The Students and groups plan to protest the... https://nairametrics.com/2019/07/17/mtn-nigeria-staff-reportedly-told-to-stay-home-due-to-picketing/

Beside the road along Adeniyi Jones Ikeja, Lagos, is a blue canopy where multitudes of customers are catered to by a handful of individuals, every weekday morning. At first glance, you’d think that it’s a typical Mama Biliki akara or dundun business. But then you’d be dead wrong because this joint is a snack startup which averages a return of about a million naira monthly.

“This is a snack startup owned by O’Event Concept,“ said the manager, Bashiru Muhammad Babajide.

O’Concept, as it is also called, is a 7-year-old company established by Mariam Olugbemiro without a bank loan or private equity placement. The company has another breakfast outlet within the same area, and its head office is located at Ogba.

The company is one of the 65% of small and medium enterprises in Nigeria managed by sole proprietors. It began as one of the many SMEs that explored personal savings to raise startup funding of less than N10 million.

Within the company’s second and third years of operations, it struggled to keep head above water, and to create a niche for itself, while competitors like 12 Baskets were... https://nairametrics.com/2019/07/16/oconcept-the-qsr-reengineering-snack-on-the-go-to-flip-the-market/

The bleach category in the hygiene and households cleaning products segment has always been a competitive market in Nigeria. Every brand is backed by deep-pocketed investors who willingly stake it all just to make the market their fortress.

While the household bleach market is not saturated, it is capital-intensive. This is because new players are known for adopting aggressive TV and outdoor advertising just to capture sizeable market share.

The market has since experienced the introduction of quite a handful of brands —from Jik to Harpic, and now Hypo which reigns supreme. The brand is present in almost every Nigerian household.

Since Multipro Enterprise Limited launched the Hypo brand into the Nigerian bleach market, it has recorded... https://nairametrics.com/2019/05/23/hypo-wipes-out-rivals-in-a-market-determined-by-price-and-media-campaign/

As the emergence of mobile money services in the Nigerian financial sector continues to generate speculations about whether or not it poses a significant threat to the banking industry, the CEO of United Bank for Africa (UBA), Kennedy Uzoka, sees it differently.

According to the CEO, banks will always be most preferred for monetary transaction due to the level of security in Nigeria. This is despite some people’s belief that mobile money services could reduce the value of banks in financial transactions and savings.

Uzoka, who recently said all these while speaking to Nairametrics on the sideline of the UBA annual general meeting in Lagos, also revealed that the success of mobile money in Kenya which resulted in the closure of some Kenyan banks, was telecom-driven. That is not the case in Nigeria, he said.

Telecoms are looking to take the driver’s seat

The mobile money service was recently expanded by the Central Bank of Nigeria and the Nigerian Communications Commission (NCC) to include telecommunication companies, with MTN Nigeria and Airtel Nigeria already expressing interest in the market. This decision was made to achieve CBN‘s financial inclusion goal.

Why the banking industry should be worried

Initially, telecommunications Companies only served as infrastructure providers. As such, it posed no threat because they were excluded from the mobile money business. But with the PSB-licence, telecoms firms can utilise their over 100 million subscribers to kickstart their new service.

Note that mobile money transaction occurs with the use of Unstructured Supplementary Service Data (USSD) platform on mobile networks. Considering that telecoms firms have about 146 million active mobile phone lines and over 100 million mobile internet subscribers among themselves, there’s every reason for banks to be worried.

The Success of M-Pesa in Kenya is a motivating factor. M-Pesa was launched by Vodafone for Safaricom and Vodacom (all of whom are Telecommunications Companies). Now, there are about 93 percent of Kenyans who have access to mobile payments. M-Pesa now records more accounts than banks, leading to the closure of ATMs and some banks in Kenya.

Almost all the telecoms companies in Nigeria have made their interest to operate mobile money service known. They have the numbers that put them at an advantage and make the market theirs, rendering banks to the level of a..... https://nairametrics.com/2019/04/26/mobile-money-service-ubas-kennedy-uzoka-unfrightened-of-telcos-threat-but-theres-need-to-be/

Four years ago, it was business as usual — drive to the port to clear your goods, and maybe tip the security agencies if you so wish. But in 2016, this routine changed, the decision to tip was no longer yours to make, as the value of the tip became subject to the desires of the security agencies.

What used to be a friendly gesture has now metamorphosed into daylight robbery, and there’s no law enforcement agency to call on as, according to one of the container managers, Ibrahim Olawale, most of the security agencies are involved in the corrupt activities, leaving a trail that leads to the state government... https://nairametrics.com/2019/03/04/day-light-robbery-behind-apapa-gridlock/