Aliko Dangote is known as Africa’s richest man and a big time business man with operations across the contient. According to Forbes, Dangote has an estimated net worth of $13.5 billion. So how was this net worth arrived at ? Forbes uses holdings in publicly listed companies that are easily verifiable. Here is a break down of how Forbes arrived at his net worth

Dangote Cement $9.6 billion
Data from the 2016 Annual report of Dangote Cement Plc shows Aliko Dangote is the beneficial owner of Dangote Industries Limited (DIL). DIL holds a 90% stake in Dangote Cement totalling 15,494,247,300 shares. Besides this, Dangote also holds 27,642,637 shares totalling 0.16%. Dangote Cement shares closed at N225 per share totalling N3. 4 trillion. Using an exchange rate of N362.5 to a dollar of the estimated value of the DIL stake is $9.6 billion, while his stake in the firm is worth N6.2 billion or $17.1 milllon.

Dangote Sugar $310.1 milllion
Alhaji Dangote through DIL and in his personal capacity holds 8,775,541,295 shares in Dangote Sugar Refineries Plc. Using last Friday’s NSE closing figure of N12.81 per share, the total value of the shares is N112, billion which equates to $310.1 million.

National Salt Company (Dangote Salt) $58.2 million
DIL holds 1,647,763,557 shares in the company. Using last Friday’s NSE closing figure of N12.81, total value of the shares is N21 billion. Converted to dollars, that equates to $58.2 million.

Read more https://nairametrics.com/how-to-calculate-dangotes-networth/

Cc lalastica

For prospective business owners, opening a bank account for the entity is a foregone conclusion. While different banks have slightly different procedures for opening a corporate account, the basic requirements still remain the same across board. This is a list of compulsory documents you’ll need.

Board Resolution: All banks require that a resolution from the Board of Directors (or Proprietors, as the case may be) authorizing the opening of the account be presented to it. In this resolution, it is also expected that the name of the signatories to the account are also clearly stipulated and approved.
Completely filled Corporate Account Opening Form of the bank signed by the company’s designated signatories with all required documents attached on the form
Affix Company Seal
Memorandum and Articles of Association (MEMAT)
Certified True copy of form CO7 (Particulars of Directors)

Read more - http://nairametrics.com/2017/07/13/these-are-the-12-documents-you-must-provide-to-open-a-corporate-bank-account-in-nigeria/ Cc Lalastica

My tenant hasnt paid rent since Dec 2016. Can u help?

Nairametrics| The reign of Godwin Emefiele as CBN Governor will perhaps go down in history as one of the most tumultuous and controversial ever. He has presided over a period where Nigeria has faced its worst economic crisis ever and has faced the wrath of most Nigerian and foreign investors for his handling of the forex crisis.

By February, 2017 the exchange rate had hit an all time high of N520 as calls grew for a change of strategy and possibly change of personnel at the top of the apex bank. One month later, the exchange rate will now gain as over 35% closing below N400 for the first time since August 2016.

Nairametrics has provided coverage of the FX rate like no other business news website and we have put together a timeline of events that may have led to the biggest rally the naira has seen at the black market on record.

http://nairametrics.com/timeline-of-events-that-helped-move-the-exchange-rate-moved-from-n520-to-n390-in-one-month/

Nairametrics| For a lot of Nigerians, the devaluation of the Naira in 2016 was painful, especially when you consider the negative impact it had on their purchasing power and disposable income. The situation was even worse for companies in the manufacturing, consumer goods, and aviation sectors. Most have recorded losses or at best, seen profits drop in double figures.

Whilst the devaluation and the ensuing failed forex polices of the CBN wreaked havoc across the economy, the banking sector reaped the benefits. The weaker the Naira got, the more money some banks made. GTB is a classic example.

The bank reported a record N132 billion profit after tax for the year ended December 2016. However, included in that profit is a massive exchange gain of N87.8 billion up 17 folds from the N5.1 billion reported a year earlier (see below).

http://nairametrics.com/analysis-how-much-gtb-made-from-devaluation/

Nairametrics| I would like to send my good wishes to you Mr. President as you resume work after an extended medical vacation. The fact that in your absence we witnessed a spurt of growth in our economic indices including a resurgent Naira only goes to show the kind of structure you have put in place that ensures a continuity even in the absence of the Commander in chief.

You see the struggle for any democracy is the institutionalization of processes, the demystification of the cult of personality and the enthronement of internationally accepted due processes in decision making and policy execution.

What we have achieved as a nation during this your long stay was the maturity of our democratic processes. We did not see a collapse in government despite all sort of rumors and fear mongering. Policy decisions were implemented, the government’s signature anti-corruption policy maintained its course and apart from the skirmishes in the southern part of Kaduna we witnessed relative peace.

This could only be because of the maturity of the democratic institutions but much more importantly because of your personal leadership style which in my own estimation did not give room for informal subterfuge by the ever-present band of sycophants that daily surround the seat of power.

As you settle down, you must immediately continue the good work on the economy, fueling the strengthening of the Naira which would in turn begin to sign post the reversal of the continuing recession. The fall in the Naira has obviously impacted very negatively on the economy and jobs plus inflation with the latest victim being the giant Etisalat which is today owing a consortium of Banks despite having over 21m subscribers. They have come out to state that they cannot no longer meet up their loan obligations because of the value of the Naira which now by far lower than what they estimated at the point of disbursement. This coupled with the dwindling expenditure power of the public and stringent competition for that shrinking wallet share, you will begin to graphically see the problem with not only Etisalat but Nigerian business in general.

The little achievement which in my own estimation remains pyrrhic must be sustained. What the CBN has done so far, is to continue to push more forex into the market, opening the formal banking system to the disbursement of BTA, medical and school fees. This has increased supply and reduced pressure on the parallel market with attendant effect on the value of the Naira. This at bet is shorter it’s because it is derived by the increase in oil prices because of the OPEC policy on quota regulation. We are still spending without producing, we are not saving and only just pumping in the ‘excess ‘dollar for the continuation of extravagant and avoidable expenditure.

I saw a report recently that shows a little increase in export earnings. This is an area you must look closely at. How do we galvanize export earnings away from oil? How do we build on this recent gains and exponentially increase our export earnings? A massive inflow from export earnings leading to an increase in the value of Naira is much more desirable fall out than what we are having now.

Furthermore, I think in the last two years of this tenure, you should concentrate more on the economy. The corruption ballet is on auto pilot and once again well done for the whistle blowing policy which has driven up recoveries. So now let’s divert these monetary gains into the economy as soon as the judicial processes are complete. The economy should be your focus for I suspect that would be the platform the Presidency come 2019 would be fought on

Read more ; http://nairametrics.com/opinion-a-welcome-back-message-to-mr-president/

Nairametrics| I would like to send my good wishes to you Mr. President as you resume work after an extended medical vacation. The fact that in your absence we witnessed a spurt of growth in our economic indices including a resurgent Naira only goes to show the kind of structure you have put in place that ensures a continuity even in the absence of the Commander in chief.

You see the struggle for any democracy is the institutionalization of processes, the demystification of the cult of personality and the enthronement of internationally accepted due processes in decision making and policy execution.

What we have achieved as a nation during this your long stay was the maturity of our democratic processes. We did not see a collapse in government despite all sort of rumors and fear mongering. Policy decisions were implemented, the government’s signature anti-corruption policy maintained its course and apart from the skirmishes in the southern part of Kaduna we witnessed relative peace.

This could only be because of the maturity of the democratic institutions but much more importantly because of your personal leadership style which in my own estimation did not give room for informal subterfuge by the ever-present band of sycophants that daily surround the seat of power.

As you settle down, you must immediately continue the good work on the economy, fueling the strengthening of the Naira which would in turn begin to sign post the reversal of the continuing recession. The fall in the Naira has obviously impacted very negatively on the economy and jobs plus inflation with the latest victim being the giant Etisalat which is today owing a consortium of Banks despite having over 21m subscribers. They have come out to state that they cannot no longer meet up their loan obligations because of the value of the Naira which now by far lower than what they estimated at the point of disbursement. This coupled with the dwindling expenditure power of the public and stringent competition for that shrinking wallet share, you will begin to graphically see the problem with not only Etisalat but Nigerian business in general.

The little achievement which in my own estimation remains pyrrhic must be sustained. What the CBN has done so far, is to continue to push more forex into the market, opening the formal banking system to the disbursement of BTA, medical and school fees. This has increased supply and reduced pressure on the parallel market with attendant effect on the value of the Naira. This at bet is shorter it’s because it is derived by the increase in oil prices because of the OPEC policy on quota regulation. We are still spending without producing, we are not saving and only just pumping in the ‘excess ‘dollar for the continuation of extravagant and avoidable expenditure.

I saw a report recently that shows a little increase in export earnings. This is an area you must look closely at. How do we galvanize export earnings away from oil? How do we build on this recent gains and exponentially increase our export earnings? A massive inflow from export earnings leading to an increase in the value of Naira is much more desirable fall out than what we are having now.

Furthermore, I think in the last two years of this tenure, you should concentrate more on the economy. The corruption ballet is on auto pilot and once again well done for the whistle blowing policy which has driven up recoveries. So now let’s divert these monetary gains into the economy as soon as the judicial processes are complete. The economy should be your focus for I suspect that would be the platform the Presidency come 2019 would be fought on

Read more ; http://nairametrics.com/opinion-a-welcome-back-message-to-mr-president/

Nairametrics| Despite the Senate’s resolution for the Nigerian Customs Service (NCS) to suspend the planned one month ultimatum to vehicle owners to ensure that their Duty Paid Value (DPV) has been paid, the NCS has gone on to issue a 30-day ultimatum expiring on Wednesday April 12, 2017.

The Acting Public Relations Officer (PRO), Mr. Joseph Attah, said that the Service will provide adequate information to the National Assembly to make them understand the objective which he listed to include increased revenue and enhanced national security through the Vehicles Identification Number (VIN) Project. The Customs PRO, however said that vehicle models manufactured before 2016 would enjoy a 60% rebate on duties expected.

It is baffling though to comprehend why despite a clear order to the contrary from the legislature, the NCS would go on to issue the deadline. In normal societies, the NCS would honor the directive, appear before the Senate Committee on Customs and await the Senate’s decision. Based on what the Senate resolves on, they could go on or scrap the plan. However, it seems Nigeria is not a normal society.

http://nairametrics.com/defiant-customs-says-no-going-back-but-approves-60-rebate-on-pre-2016-vehicles/

Nairametrics| As audited accounts start to trickle in companies will propose dividend payments to their shareholders as recommended by their respective board of directors. It is also important to track these announcements to know who is eligible to collect dividend, when it will be approved and when it will be paid. Dividend payment also affect share prices.

This page will be updated from time to time.

Legend

Date Announced – The date the company announced dividends evidenced by a corporate action published on the website of the NSE

Payment date – This is when dividend will be paid to you either via post (dividend warrants) or direct credit to your bank accounts (e-dividend).

http://nairametrics.com/list-of-dividends-announced-so-far-in-2017-updated-february-23-2017/

Monday is considered the worst day of the week by almost everyone as Monday blues are a real thing. After a long, relaxing weekend, you may find waking up on Monday morning difficult. Aside from the fact that it marks the end of a pleasurable two day holiday (Saturday and Sunday), it comes with it a lot of pressure as it determines the pace for the rest of the week, especially for civil servants and businessmen. Worse is when you find you have to make an impromptu trip on a Monday morning. While impromptu trips are generally not the most adored, they are especially harder when they fall on Mondays as it mounts the pressure already faced on the day.

If you find that you have to make an urgent trip on a Monday, Jumia travel, Africa’s No.1 online hotel suggests 5 ways you can make the best of your trip!

Travel with a team/partner

Everything is automatically better the moment you realize you are not in it all by yourself. A good way to add some sparkle on your impromptu Monday trip is to travel with a team or a partner. If it is a work trip, you could request to travel with an assistant and if it is not possible, you can decide on you own to sponsor a friend or partner to tag along with you. The company you get distracts you from all the pressure and basically, everything seems less difficult.

Focus on the perks of the trip

No matter where you are going or why, the trip -though impromptu- is bound to have perks. It could be that you would be visiting a place you have never been before, or you will be staying in a fabulous hotel or you will be given abundant allowance for the trip. Find the silver lining of your trip and hold on to it. It may just take a change of heart on your end to see the impromptu trip which seemed so difficult as interesting and you can make the most of it.

Carry little luggage

Luggage is a big liability and a lot of it can make you trip even more stressful than it needs to be. Ensure you carry only what is necessary. Know the number of days you will be away, know the things that are absolutely essential and pack only those. Plan to buy any other things from the destination you are headed to if need be. Having less luggage to worry about or cater to will ensure there is less need for you to keep an eye out and you can actually enjoy your trip.

http://nairametrics.com/5-ways-to-make-the-best-of-an-impromptu-monday-trip/

The Governor of Anambra State, Willie Obiano, has scrapped the collection of certain taxes and levies from the grassroot citizens in an effort to ameliorate the hardship brought about by the economic recession currently plaguing the country.

Obiano made this known during a special broadcast to the people of the state, saying that he preferred to take action to ease his people’s pains rather than repeat reasons why the country is in its present state.

“I hereby suspend the sale of consolidated emblems in Anambra State. I suspend the collection of Hawkers Permit on all streets in the state. I suspend the collection of Wheelbarrow Tax in all markets in the state. Lastly, I abolish the imposition of unapproved levies on students in public primary and secondary schools in the state. All these pronouncements shall take immediate effect.”

Obiano further said that the abolishing of these taxes was a part of four intervention areas that his government had come up with in order to ensure that the situation in Anambra State is different from that in other states.


http://nairametrics.com/anambra-state-eases-tax-burden-on-grassroot-citizens/

Cc lalasticala

Since the news about first oil in Aje field, offshore Lagos have reached the wires, not a few Lagosians have openly rejoiced in their new status as an oil producing state. Forget that tripe about becoming a non-oil economy, most people I know want some oil to be found in their backyard. Credit goes to the Lagos government who has moved swiftly, earning early the rights to rents from Aje field from the Revenue Mobilisation and Fiscal Commission. But here is some good and bad news. Much oil and gas has been found and more would be found in the nearest future but Lagos would never benefit from it. Sadly.

I will tell you why.

Before February 2004, the onshore-offshore dichotomy and the 13% derivation principle were the basis for sharing oil wealth in Nigeria amongst the states and federal government. The onshore offshore dichotomy model was derived from the Exclusive Economic Zone Decree (1978) while Sani Abacha’s (yes, the much maligned Sani Abacha) 1995 constitutional conference prescribed and adopted the 13% derivation. With the onshore-offshore dichotomy, littoral states only earned their derivation entitlements from oil revenues found onshore and within their coastal baseline. When democracy returned, the governments of the Niger Delta states started agitating for the abolition of the onshore-offshore dichotomy and demanded access to resources offshore of their states.

In the United Nations Convention on the Law of the Sea (UNCLOS) which Nigeria has ratified and abides with (the USA is not a signatory yet, but that’s for another day) the following maritime zones are recognised:

(i) the 12 nautical mile (22 km) Territorial Sea (TS)

(ii) the additional 24 nautical mile (67 km) Contiguous Zone CZ (according to Article 33 of UNCLOS) making 36 nautical miles beyond the baseline;

(iii) the 200 nautical mile (370km) Exclusive Economic Zone EEZ from the baseline [according to Article 57 of UNCLOS]; this makes the territorial sea AND the Contiguous Zone PART of the EEZ, with an additional 176 nautical miles beyond the Contiguous Zone;

http://nairametrics.com/sorry-lagos-you-dont-have-oil/

Cc lalasticlala

The table below is a compilation of Nigeria’s latest leading economic indicators. It includes all the leading macro and micro economic data in Nigeria. The data is sourced from government agencies such as the National Bureau of Statistics, Central Bank Etc.

This table is updated periodically by the Nairametrics team as information becomes available.

http://nairametrics.com/compilation-of-nigerias-leading-economic-indicators-updated-august-18-2016/

My lord I am constrained to write to you directly this morning on the frenzied search for oil in the northern basin and the Benue plateau. Sir, with all due respect I will say categorically that this cannot be solution to any of our many challenges. If the reason is to shore up oil receipts or limit our direct exposure to the volatility of the Niger delta I also dare say that it will not work.

Sir, the influence of oil in global economics continue to wane seriously. Other nations are getting very close to achieving other sources of energy which are cheaper and less fraught with the controversies and violence in some cases that comes with oil politics. Today, you will agree with me that the demand for oil is at its lowest and the democratization of the product has also impacted on its value leading to a supply side market with its attendant fall in its prices.

Furthermore, even with an unlikely upsurge in prices, the market dynamics has changed in such a way that we have lost our major buyer and have to struggle with better positioned competitors to fight for an Asian market that is not as deep as what we used to have. So my Lord, as you can see drilling and looking for oil in all the plateaus that make up the Northern part of this country is not a solution any which way you look at it; short or long-term.

I really think this is misplaced priority because the huge resources being expended on this search could have been used to diversify the economy to develop other areas whose potentials are near-sighted and whose dividends the masses can start reaping almost immediately. Look at the entertainment industry and you will me amazed at its full potentials. Already providing employment directly and indirectly to millions of Nigerians, generating billions in investments and revenues and also positioning the country as a bastion of culture.

The Jonathan Government did a lot to support the industry and that is why it is where it is today. A little bit more push on your side especially in the areas of tax rebate for its investors, opening clear lines and access to international markets through the signing of bilateral agreements at your level with strategic markets ensuring protection of copyrights, ease of inflows of revenues from these markets, less taxation, support in the fight against piracy and also emporium our cultural attache’s in strategic embassies out there to push for individual Nollywood Film Festivals in those countries you will be amazed that oil revenues will resort to a pittance. India, China did it. Mexico and Brazil are doing it with their telenovelas.

On a second thought before I jump out of the Benue plateau, if we must continue on this search then it must be private sector driven. We can give the firms as much tax concession they need, security and other waivers so that it becomes a risk for private initiative instead of a government thing, this would also mitigate the rise of nationalistic tendencies like the Niger Delta in the event of an oil find.

I really do not want to scream agriculture because I do not want to sound contradictory. I remain in the firm position that Government has no business in business and as such I would not push for full government involvement in this sector despite its full potential. On hindsight, I will support the grazing bill, mid government can assist very serious-minded herds men to constitutionally and legally quite huger tracks of grazing land then we will be better for it. Already the private sector is looking at Agric with the establishment of huge plantations and the rest.

During the Jonathan regime, we achieved self-sufficiency in some farm products due to the revolutionary policies in fertilizer which increased yields and gave rural farmers the every best in life. Today, I do not understand what the situation is. We have the labour force, the climate, huge tracts of land to be coordinated and not only turn us into a food basket but also a major exporter of raw materials or even processed goods,

Today the Chinese to escape the scarcity of forex are exporting our timber and bringing it in as finished woods for our furniture industry. This is the way to go.

Oil is finished and has at best a decade to keep its influence. Other major producers like Saudi Arabia are already looking at other areas, like Gas and other such allied products for o virus reasons. UAE has built an eco my more reliant on tourism and international investments than on oil this is for very obvious reasons.

http://nairametrics.com/letter-to-buhari-it-cannot-be-oil/

Cc lalastica

Nigerians have always been fascinated by thoughts of being millionaires.

Never mind that your one million naira (NGN) is today worth 30 percent less than they were last week as the USD/NGN fell to N280 from N199 yesterday when the Central Bank finally floated the local currency.
You are not alone though as Africa’s richest man Aliko Dangote’s fortune fell $3.7 billion, on the Bloomberg Billionaires Index on Monday after the naira tumbled, knocking him to No. 71 on the Bloomberg ranking, down from No. 46 on Friday.

So if one had $1 million ($3,571), to invest right now what’s the best assets class or portfolio should one put his/her money into to work.

Diversified basket of NSE blue-chips

It’s always best to buy at the bottom and sell at the top. If you believe that Nigeria’s economic slump has hit a trough following reforms to the foreign exchange markets and downstream oil sector, it means company profits should begin to rebound as soon as the 3rd quarter and show up in higher stock prices.

The best place to invest N1m now would then be a 5 stock diversified portfolio consisting of Seplat (oil), Nestle (Consumer), Dangote Cement (Industrial), UBA, Access Bank or GTB (Financial) and Nigerian Breweries (Brewers).

Read more : http://nairametrics.com/where-to-invest-n1-000000-right-now/

Cc Seun lalastica

A new dawn in Nigeria’s exchange rate policy will be ushered in on Monday June 20th by the Central Bank of Nigeria. The new policy is such that the exchange rate will be determined by the forces of demand and supply.

We have covered this subject intensely at Nairametrics by featuring quality articles that help our readers understand better. However, we decided to dedicate a page to frequently asked questions that we know small businesses and individuals may wish to have answers for. The page will be updated frequently as things become clearer. We will also include new questions and suggested answers to ensure that our readers remain informed.
What do they mean when they say “a currency is floating”?

The term “floating” in exchange rate context refers to the exchange rate of a country that is not fixed but “floats” to the direction of demand and supply. If demand is high and supply is low, the exchange rate floats higher. When demand is low and supply is high, the exchange rate floats lower. When demand and supply are nearly equal we have an exchange rate balance or equilibrium.
A devaluation can also occur in an interbank market when the home currency depreciate significantly against the dollar or any other benchmarked currency. In Nigeria and most developing countries, devaluation is more synonymous contextually with the Central Bank depreciating the currency by fiat. For example, when the CBN moved the exchange rate from N165 to N197 it was a devaluation.

Will we still have two exchange rates? If yes, which one do I rely on for transactions –

Whilst the parallel market rate has never been an official rate, it is still very much referenced as the closest to an ideal market determined rate. The interbank market rate and the parallel market rates will therefore remain for some time. The parallel market rates will most be cash based and will serve the retail end of the market for buyers and sellers of forex who do not wish to transact through banks. However, we expect that the difference between both rates will be slim (perhaps plus or minus 5% max).

Will this new policy eliminate black market operators and do I still need to track parallel market rates?

Parallel markets will still remain, however we believe their influence will be mostly minimal and not like we have them today. As such, tracking that rate is still important provided that is where you still buy and sell dollars. As our forex markets develop, the CBN will introduce structures that will cater for the very retail end of the market. For example, some retail FX operators can deal only in online transactions, others purely cash while some card based transactions.

If I want to renew my Visa on Monday or pay for my import duties, at what rate will I pay?
Reead more on: http://nairametrics.com/frequently-asked-questions-nigerias-new-exchange-rate-policy/

lalasticlala, mynd44, akanniade10 gazzuzz kingreign seun dominique
cc: lalastica
cc: osewa

The Central Bank of Nigeria is expected to announce details of its new foreign exchange policy sometime this week according to reports from Bloomberg Media. Investors, analysts and followers of the Nigerian economy have been in limbo since the CBN announced weeks ago that it was going to adopt a new flexible exchange rate policy.

Bloomberg is now reporting that an announcement is imminent quoting sources who were part of a meeting the CBN held with commercial banks.
The Central Bank of Nigeria is close to unveiling a new foreign-exchange policy and an announcement could come as soon as this week, according to a person who attended a meeting between Governor Godwin Emefiele and bankers.

The regulator will probably move to a dual exchange-rate system and make an announcement in a circular to banks, said the person, who asked not to be identified as the talks were private.

While the central bank is still working out details, it is considering a trading band around a new, weaker interbank rate, said the person, who attended the meeting on June 9 in the capital, Abuja. It may also reinstate a minimum holding period for foreign investors buying naira bonds, they said.

As we await details we have received conflicting reports about what policy the CBN is going to adopt. While most expect a free float of the Naira others believe it appears the CBN might be going for a WDAS where the official window is kept open for select transactions and the rest of the market is sent to the interbank market.Read more: http://nairametrics.com/cbn-flexible-exchange-rate-policy-could-be-announced-this-week-as-more-rumours-persist/

You secured the interview, brought your A game, and landed the job. Now comes the hard part: negotiating your salary.

“Salary negotiations are like any other type of negotiations — except the words you use can be extremely powerful, since there is a personal aspect to the discussion,” says HR expert Steve Kane. “The negotiation is not over the worth and price of an inanimate object, but rather the value of you to some enterprise.”

Here are 18 words and phrases that may hurt more than they’ll help in a salary negotiation:

Follow the link below for the rest of the article:

18 things you should never say in a salary negotiation
http://nairametrics.com/18-things-you-should-avoid-saying-during-salary-negotiations/

A one man business as Nigerians like to call it is a business or a company owned and controlled by a single individual. They can range from a business in a small shop to a very big business with hundreds of employees.

A One Man Business can easily be recognized by the share control exerted by a single individual who can either be the CEO and/or Chairman of the company.
Despite being the foundation of most economies including Nigeria one man businesses are viewed with disdain by a lot of Nigerians. The reasons are many and diverse but we list the most common reasons why a lot of employees dislike them.

1.Power to Hire and Fire – One man businesses are often synonymous with high staff turnovers. Owners of these businesses can hire or fire at will and without recourse to anyone. They often breach employment contracts forgoing an employees right to compensation. This is one of the major reasons why employees hate them. Read more - http://nairametrics.com/why-employees-hate-one-man-businesses/

The Minister for State for Petroleum Resources was on Channels TV Sunrise show on Thursday explaining the reason for the hike in petroleum prices which has taken a lot of Nigerians by surprise.

While responding to questions on how they arrived at the pump rice band of between N135 – N145 per liter, the minister confirmed that they had relied on a price of N285/$1 which suggest that the government now believes that should be the right price of the Naira.



“How did we come to the price of 145? It’s a simple conversion of using foreign exchange at N285. That N285 is from nowhere, it is basically the secondary source that people buy FX from versus the 320 which is black market.”

The government has been in denial for months insisting that the price of the dollar was between N197 – N200 insisting that the parallel market was much smaller than the interbank market where they believed the price was no more than N200. The CBN still had an exchange rate of N197 on its website as the official rate at the time of writing this article.

Back in January 2016, the CBN issued a press release that it was banishing the BDC’s from its official window confirming also that it was not going to be prioritizing the following imports
Read more http://nairametrics.com/get-ready-1-n285-official-rate-will-be-coming-soon/

The Federal Government announced an increase in fuel price on Wednesday that saw the price of fuel spike to N145 from N82.50. The government announced that it was focusing solely on price modulation effectively ruling out subsidy and relying on market forces to determine the price of petrol.

This news was welcomed with mixed reactions as some Nigerians felt the timing was bad while other believed it was about time. The increase in fuel price is bound to have a negative impact on inflation as the price of goods and services are expected to sky rocket. It’s a scenario that opponent of fuel subsidy removal dread.



Just as some are quick to criticize this move there are some companies that are immediately benefitting from the increase in the price of fuel. The gainers list of the Nigerian stock exchange on May 12, 2016 and just a day after the announcement had about 36 gainers out of which about 6 of them were oil and gas related stock. Total, Forte, Seplat, Conoil, Mobil and Oando all topped the gainers chart.

See the list below of gainers below with oil stocks in red
Read more on http://nairametrics.com/here-are-6-stocks-that-immediately-gained-from-the-fuel-price-increase/

[img]http://nairametrics.com/5-household-expenses-that-will-soon-go-up-after-the-increase-in-fuel-price/[/img]
The Federal Government Increased the price of fuel to N145 on Wednesday 11th of May to the dismay of some Nigerians. A lot of the people who were angered by this increase believe it will translate to hardship for poor Nigerians. Their concerns are very real with inflation rate set to rise when the National Bureau of Statistics releases its inflation numbers in June 2016. Before then, we already anticipate price increases for a number of goods and services which we believe will immediately take effect.

Transport Cost – Reports reaching Nairametrics already suggest that the intracity transportation cost in Lagos and around the country skyrocketed on Thursday. Transport operators did not hesitate to increase their prices even though some of them bought petrol at the former pump price. Think about your school bus for kids, transport to work and back, driver etc http:///67I5tM

me too

Generalkorex:
I hope it last longer.

The management of the country’s largest Power Generating Company, Egbin Power Plant has confirmed that the Improved gas supply to power stations has helped to substantially increase the power generation.
The Chief Executive Officer, Egbin Power Plc., Mr. Dallas Peavey mentioned that the impressive electricity supply being experienced by consumers, especially in Lagos State and other surrounding states, is due to increased gas supply and huge investment in new and upgrade of power infrastructure by the owners of the company, Sahara Power Group and the Korea Electric Power Corporation (KEPCO).
Peavey said Egbin generates and supplies over 1,100 megawatts (Mw) of electricity to the national grid and hopes to reach plant’s installed capacity of 1,320Mw or a little below it.
He assured that if gas supply is sustained, the output from the power plant would not only be sustained, but well exceeded.
Source: The Nation

[img]http://i2.wp.com/nairametrics.com/wp-content/uploads/2015/08/bed-jumping.jpg?zoom=1.5&resize=660%2C437[/img]

http://nairametrics.com/here-is-one-reason-why-power-supply-has-been-so-good-in-lagos/?utm_source=&utm_medium=twitter

[img]http://i2.wp.com/nairametrics.com/wp-content/uploads/2015/08/zenith-bank3.jpg?zoom=1.5&resize=600%2C437[/img]

[img]http://i2.wp.com/nairametrics.com/wp-content/uploads/2015/08/zenith1.png?zoom=1.5&resize=629%2C278[/img]


The table above comes from the financials of Zenith Bank which has just released its HALF Year 2015 results.
What struck us as odd at nairametrics was the narrow geographic concentration of Zenith Banks loan book.
Basically of the N1.796 trillion of loans and advances to Nigerian customers by Zenith Bank for the period, N1.764 trillion or 98.2 percent of the total were extended to businesses and individuals in the South West of the country, which is dominated by Lagos the commercial capital.
Zenith Bank even extended more loans to customers in the rest of Africa region of its operations (N66.9 billion), and outside Africa (N77.7 billion), than in the 5 other geographic regions that make up Nigeria combined.
Apart from the risk that this level of extreme concentration exposes the bank to, it would be nice to also see the geographic concentration of deposits into the bank, which was not provided.
We believe that Nigerians in other regions (SS, SE,NE,NC and NW), who may be contributing a significant amount of Zenith Banks deposits may not take too kindly to not having an opportunity to access loans from the bank, simply as a result of where they reside.

http://nairametrics.com/has-zenith-turned-virtually-into-a-lagos-only-bank/

[img]http://i2.wp.com/nairametrics.com/wp-content/uploads/2015/08/zenith1.png?zoom=1.5&resize=629%2C278[/img]

The table above comes from the financials of Zenith Bank which has just released its HALF Year 2015 results.

What struck us as odd at nairametrics was the narrow geographic concentration of Zenith Banks loan book.
Basically of the N1.796 trillion of loans and advances to Nigerian customers by Zenith Bank for the period, N1.764 trillion or 98.2 percent of the total were extended to businesses and individuals in the South West of the country, which is dominated by Lagos the commercial capital.
Zenith Bank even extended more loans to customers in the rest of Africa region of its operations (N66.9 billion), and outside Africa (N77.7 billion), than in the 5 other geographic regions that make up Nigeria combined.
Apart from the risk that this level of extreme concentration exposes the bank to, it would be nice to also see the geographic concentration of deposits into the bank, which was not provided.
We believe that Nigerians in other regions (SS, SE,NE,NC and NW), who may be contributing a significant amount of Zenith Banks deposits may not take too kindly to not having an opportunity to access loans from the bank, simply as a result of where they reside.


[img]http://i2.wp.com/nairametrics.com/wp-content/uploads/2015/08/zenith-bank3.jpg?zoom=1.5&resize=600%2C437[/img]

http://nairametrics.com/has-zenith-turned-virtually-into-a-lagos-only-bank/

yes

olafum1:
No

[img]http://i1.wp.com/nairametrics.com/wp-content/uploads/2015/08/4-rice.jpg?zoom=1.5&resize=748%2C437[/img]

Dubious Nigerian importers, in connivance with rice merchants in Thailland, are set to dump contaminated rice from Thailand in Nigeria beginning from this month.
Thai Rice Exporters Association declared in March that government had struck preliminary deals to export a total of 760,000 tons from its huge stockpiles to Nigeria and some other African countries in August.
The rice would be sold at around $430 a ton, netting the exporting country over N78.32 billion ($325 million). New Telegraph had reported in March this year that Thailand may start auctioning some 14.4 million metric tons of its poor quality rice to Nigeria and other foreign buyers from August. Of the 17 million tons stockpiled, some 14.4 million metric tons are substandard while about 694,000 tons are rotten.
Read more:
http://nairametrics.com/are-they-importing-expired-rice-to-you/

Residents of parts of Lagos will experience power disruption for nine days as Ikeja Electric upgrades the Ijaiye 11kV injection substation located at Ijaiye/Ojokoro in the state.
The company, in a statement signed by its Head of Communication Strategy, Mr. Pekun Adeyanju, said the upgrade was in line with its continuing quest to enhance service excellence within its network
It said the upgrade would commence on Thursday, August 6 and end on Saturday, August 15, adding, “Service disruptions are expected within the area during the upgrade period.
“It will enhance the output of the existing 1x15MVA to 2x15MVA, a development that is expected to boost power supply to customers in the axis.”

According to Ikeja Electric, all the existing panels at the substation will be removed during this period, while new ones will be installed to accommodate the additional 15MVA transformer that will be installed.
It said, “Areas to be affected during the period of the job include Jankara, Fadehan, Ojokoro and Millennium Housing Estates, parts of Olaniyi, Agbado Railway Crossing, Akera, Owonikoko, Meiran and environs.

“Ikeja Electric apologises for the inconveniences customers will experience as a result of power interruption during the upgrade.”

http://nairametrics.com/ikeja-electric-is-upgrading-its-substation/?utm_source=&utm_medium=facebook