₦airaland Forum

ICM is ok, I think Freedom Park is way better though. Those guys keep upgrading

rosieluv:
Lol yes Ikeja city mall is good but crowdy during weekends

Na why I talk say make you add your own for the ending of the write up. Na my own be this one, no vex say I no include those areas you hear?

Ifakiland:
Na only vi u just dey mention....Bobo u need expand ur coast, ur coast is limited.....what happen to festac? Ikeja? Apapa? Badagry? And so many other resorts in lagos

Thank you

TheLadiesGuy:
Good

True story! Many people cry jews whenever WW2 is discussed as if they are sybconsciously scared of been labeled and anti-semetic.

panafrican:
World war II is NOT only about Jews. Its sickening every time people talk about this world tragedy they quickly bring Jew stuff in and overlook the other 60 million to 70 million dead.
27 million Russians were killed, not to count the real figures on African people who were killed.
Fed up with nonsense.

Lol, fela's shrine na old school na

gabinogem:
Interesting, but u forgot to include Fela Shrine.

Hanging out is very generic so I am going to assume you are between 20 – 40 years, want to be in a place you can see other people, have fun, maybe a snack with drinks, cool your heels and have a sense of some security.

Ok, here goes.

Cafe Neo outlets on Victoria Island
Coffee place, good ambiance, reasonable prices for snacks to go with the coffee, budget of 4,000 will take care of two of you with something left over. Better to go with a friend though and maybe a book or magazine to browse. Oh, there is free WiFi but don’t get sucked into your phone, you went to hangout, right? I forgot to add, good music too and not loud stuff.

TerraKulture along Tiamiyu Savage, VI. Terra Kulture
Nice place, serves drinks, coffee, local cuisine and some special dishes. Check prices before ordering! But you can ‘hang out’ here within your budget if you select what you drink and eat.

Ambiance is good and it is a place one can stay for hours. They have shows in the theatre behind on weekends and almost always have art shows running in the salon upstairs all week long.

Good crowd at all hours here and you may get to meet some famous authors and other artsy types.

On transport, I favour a non symmetrical spend on taxis, use regular buses or taxis on way to destination, charter a cab (take a drop) on return so you do not have walk too far from the place.

Nike’s art gallery in Lekki
A place you can check out if you love art or want to be inspired, or even as a first date. its sure to make a great first impression. And its free!!

Rele gallery at Military street, Obalende
Also a gallery but a smaller yet more vibrant and youthful in the its exhibitions. And its free!!

Get Arena in Victoria Island
If you want fun and excitement in a not-so-crowded-place, then get arena is it.. for as low as 4000/10laps, you will enjoy a 10-laps go cart drive. And its extra fun if you go with a ton of friends or just that special one.

IMAX Cinemas
If you are into cinemas, then check out Imax new cinema in Lekki phase one. the theater screens are as realistic as their ticket prices.. 1500 per ticket.

Freedom Park
If you are a lover of live bands and good music in the comfort of the out doors, then check out Freedom park at night time (especially Thursdays). you will be hosted to great sounds, poetry readings and a variety of good food. Gate fee/200–400 and the rest is according to your budget.

If you want to watch movies or hang-out in a mall-like environment, try:
Genesis Deluxe Cinemas, The Palms Shopping Mall, Lekki
Leisure Mall, Surulere
Circle Mall, Jakande
Festival Mall, Festac
Ikeja City mall

Add your own!

View more here http:///2rmLBU3

You just got the Social media job shey, nice one, congrats. Is your office in lekki area? I used to know an online auction company around that area....krackbid i think...

KikiA:
The first thing that probably comes to the mind of most Nigerians is that an auction is where a man in a black suit, holds up one antique painting, some people sitting down scream prices (every voice screaming a higher price than the last) and then the man screams the words “GOING, GOING, GONE!, as he hits one hammer down on a table (LOL) e.g. Catholic Bazaar.

Now if you think that way you are not exactly wrong as some auctions are done that way. An auction refers to several types of sales where the price is neither set nor arrived at by negotiation, but is discovered through the process of competitive and open bidding. There are different kinds of auctions. However, the purpose of this is to bring what online auctions are to the light for Nigerians. Online auctions sites are steadily becoming quite popular as one of the most visited web pages on the internet, but do we really know what they are?

An online auction is an auction which is held over the internet that people can go in order to buy or sell goods or services online for a small fee. Bidding is used to determine the cost or value of something. Bidding can be performed by a "buyer" or "supplier" of a product or service based on the context of the situation. In the context of auctions, the price offer a business or individual is willing to pay is called a bid. A[b] bidding fee[/b] auction, also called a penny auction, is a type of all-pay auction in which all participants must pay a non-refundable fee to place each small incremental bid. The auction ends after a period of time, typically ten to twenty seconds. Without new bids, the last participant to have placed a bid wins the item and also pays the final bid price. Such auctions are typically held over the Internet.

Online auction business model is an interesting concept born of technological prowess to market goods and services and the success of E-commerce. Where else could you buy an iPhone for #150 (one hundred and fifty naira) from the comfort of your room in Lagos? We've come such a long way with technology!

LOOKING TO GET GREAT STUFF AT EXTREMELY AFFORDABLE AND CHEAP PRICES? CHECK THESE SITES OUT (some are for those in just a particular country, while others are for everyone, anywhere):

Ebay - www.ebay.com

Craybid (Nigeria) - www.craybid.com

Amazon – www.amazon.com

Madbid - www.madbid.com

Even the best can be afforded, do your research and get out there! (If you’re in Nigeria, I strongly recommend you check the Nigerian site, Craybid, out).

All possible causes for the explosion in the St. Petersburg Metro are being considered, including those linked to terrorism, Russian President Vladimir Putin said.


“The causes of this event have not been determined yet, so it’s too early to talk about [possible causes]. The investigation will show. Certainly, we will consider all variants, common, criminal, first of all, of a terrorist nature,” he said.

Vladimir Putin is currently in St. Petersburg taking part in the All-Russia People’s Front media forum that opened on April 1.

The explosion happened between the Sennaya Ploshchad station and Tekhnologichesky Institut at around 2:40pm local time, Russia’s National Anti-Terrorism Committee said.

The blast was caused by an unidentified explosive device, officials announced, adding that all metro stations in St. Petersburg have been closed.

The metro is “basically” fully evacuated, according to Russia’s National Anti-Terrorism Committee.

Credit: http://www.smeonline.biz/putin-terrorism-among-causes-considered-st-petersburg-metro-blast/

Please add me

08098610490

thedantewest@gmail.com

ADOLF HITLER’S PHONE, WHICH THE NAZI LEADER USED TO DEMAND THE DEATHS OF MILLIONS OF JEWS AND SCREAM HIS LAST INSTRUCTIONS AS THE RUSSIANS CLOSED IN ON HIS BUNKER, IS SET TO FETCH £400,000 AT AUCTION.


Hitler is said to have travelled everywhere with the red telephone.

The item, described as “virtually unequalled in historical importance,” was recovered from the ‘Fuhrerbunker’ beneath Berlin.

Among the last calls he made on the phone was one in which he ordered the execution of his brother-in-law, General Hermann Fegelein, for treason. Another was made to instruct his aides to torch his apartments once he and his wife, Eva Braun, had committed suicide.

The phone was recovered by a British officer, Brigadier Sir Ralph Rayner, who arrived at the hidden bunker shortly after Hitler’s suicide in April of 1945 as Russian forces approached.

After the war, he brought the phone, engraved with a swastika and Hitler’s name, back to the UK hidden in a suitcase, as he was afraid he’d be accused of ‘looting,’ from which British troops were forbidden under penalty of court martial.

Before his death in 1977, Rayner passed the phone on to his son, Ranulf Rayner, who has now decided to sell it in the hope it is put on display as a reminder of the terrible crimes carried out by the Nazis.

The phone was recovered by a British officer, Brigadier Sir Ralph Rayner, who arrived at the hidden bunker shortly after Hitler’s suicide in April of 1945 as Russian forces approached.

After the war, he brought the phone, engraved with a swastika and Hitler’s name, back to the UK hidden in a suitcase, as he was afraid he’d be accused of ‘looting,’ from which British troops were forbidden under penalty of court martial.

Before his death in 1977, Rayner passed the phone on to his son, Ranulf Rayner, who has now decided to sell it in the hope it is put on display as a reminder of the terrible crimes carried out by the Nazis.


https://www.youtube.com/watch?v=QzhGmrgCGuM

Auction houses such as Sotheby’s and Christie’s have a policy of not dealing in Nazi memorabilia. Rayner said the phone has been rejected by British museums, including the Imperial War Museum.

The phone is being sold in the US by Alexander Historical Auctions of Maryland later this month.

Credit: http://www.thebusinessdispatch.com/hitlers-phone-used-order-death-millions-auction/

ACCORDING TO GLOBAL ADVISORY FIRM ARTON CAPITAL’S LATEST PASSPORT INDEX, SOUTH AFRICA’S PASSPORT IS THE MOST VALUABLE ON THE AFRICAN CONTINENT, WITH A SCORE OF 90, WHICH RANKS IT 49TH IN THE TABLE, FOLLOWED BY BOTSWANA WITH A SCORE OF 69, LESOTHO WITH A SCORE OF 66 AND MALAWI WITH A SCORE OF 65. WHILST SOUTH AFRICA IS RANKED THE MOST VALUABLE PASSPORT IN AFRICA IT SHOULD BE NOTED THAT ITS PASSPORT IS LESS VALUABLE THAN COUNTRIES SUCH AS THE RUSSIAN FEDERATION AND ALBANIA


The lowest-scoring African countries are Nigeria (41), Ethopia (34) and Somalia, while the world’s least-desirable passport goes again to Afghanistan, with a score of just 23. Pakistan (26) and Sri Lanka (35)

The Index ranks national passports by the cross-border access they bring, assigning a “visa-free score” according to the number of countries a passport holder can visit visa-free or with visa on arrival.

Globally Germany takes the lead with a visa-free score of 157. Singapore overtakes South Korea and becomes the highest ranked Asian passport, with a visa free score of 156, coming second.

The index also shows changes to the ranking of countries in 2016. Marshall Islands is on top of the winners’ list by adding 35 countries to its visa-free score. Palau, Micronesia, follow with 34 additional countries, while Solomon Islands and Tuvalu added 33. Peru is the biggest winner in South America with additional 31 countries.

The newly added World Openness Score (WOS) tracks the progression of freedom of mobility across the globe. The world openness score in 2016 was 17,925. In the first few days of 2017, the score has increased to 17,948. This trend shows opening of borders but will it continue? With the recent backlash against globalisation and ongoing immigration issues, the World Openness Score may be in danger of decline.

The comparison tool also has a newly added Improve function, which demonstrates how the addition of one or more passports to an existing travel document can improve the holder’s Global Mobility Score (GMS). For example, a Lebanese citizen has a GMS of 38. However, by adding a passport of Saint Lucia, their Global Mobility Score increases drastically to 123, which would represent the possibility of visa-free travel to over 61% of the countries we examine. For many people, this is priceless.

New Top 10 Passport Power Ranking:

157 – Germany
156 – Singapore, Sweden
155 – Denmark, Finland, France, Spain, Switzerland, Norway, UK, USA
154 – Italy, Netherlands, Belgium, Austria, Luxembourg, Portugal, Japan
153 – Malaysia, Ireland, Canada, New Zealand
152 – Greece, South Korea, Australia
151 – Czech Republic, Iceland
150 – Hungary
149 – Malta, Poland
148 – Slovenia, Slovakia, Lithuania, Latvia
New Top 10 Individual Passport Power Ranking:

Germany
Singapore
Sweden
Denmark
Finland
France
Spain
Switzerland
Norway
United Kingdom

Credit: http://www.thebusinessdispatch.com/africas-valuable-least-desirable-passports-nigerias-position-shocking/

The UN Security Council has passed a resolution demanding an end to the construction of Israeli settlements on occupied Palestinian territories after the US abstained from voting.



The resolution was introduced to the UNSC by New Zealand, Malaysia, Venezuela and Senegal on Friday, a day after Egypt withdrew reportedly under pressure from Israel and US President-elect Donald Trump.

Earlier, Trump and Israeli authorities also called on the US to veto the resolution. The document was eventually adopted with 14 of 15 UNSC members voting in favor. The US was the only nation to abstain from voting.





The Israeli envoy to the UN criticized the US' decision to abstain. However, he expressed his confidence that the new US president would “no doubt” usher in a new era in UN-Israeli ties, as well as the new UN Secretary General.

Credit: http://www.thebusinessdispatch.com/unsc-passes-resolution-demanding-end-israeli-settlement-building-occupied-palestinian-land/

They must have been through a lot to react this way.

I pray they find peace

Lalastica! Do the needful. Front page!!

Each afternoon, after school, nine-year-old Success Damisa changes out of his uniform and eats lunch in the one-room shanty he shares with his three siblings and parents in one of Nigeria’s poorest neighbourhoods. He then heads straight to an after-school programme and joins other children in extra-curricular lessons.


“When he comes back from these lessons, he still goes to read his books,” says his mother, Blessing Damisa, who works as a food vendor. “The classes have helped him to perform so well in school that he was recently given a double promotion, skipping one class.”

Small and shy, Success wants to emulate Lionel Messi and become a superstar footballer when he grows up. It’s a big dream for someone growing up in Dustbin Estate, the Lagos neighbourhood built on a swamp. An estimated 5,500 people, who cannot afford to live elsewhere, call the estate home.

It needn’t be a barrier to success, though. Some of Nigeria’s most prominent footballers, – including Watford FC’s Odion Ighalo, former Newcastle striker Obafemi Martins and Arsenal legend Kanu Nwankwo – learned their skills in Lagos.

The slum is divided in two by a sewage canal full of stagnant water, responsible for the putrid smells that permanently linger. A few decades ago, roaming homeless people who were too poor to sand-fill the swamps continued to dump refuse until the area resembled dry land – and then they moved in.

The nickname for the neighbourhood came from the children, says Solomon Aare of the LOTS Charity Foundation, a local NGO that works in the area. Originally from the Dustbin Estate, the 21-year-old joined as a volunteer in his last days of high school and returned to work there full-time after obtaining a diploma in computer engineering. He is now the administrator of a three-bedroom flat that serves as a house, school, church and playground for the children.

“When it rains, everywhere is flooded and the canal overflows, so it spills some of its content into the houses. It’s a sorry sight and it’s not healthy for the children,” says Aare. In a country with a critical unemployment rate – currently at 13.3% – a number of the residents fend for their families by charging people who want to dump refuse in the community, between N100 and N200 (20 to 40p) per drop.

“We pay N1500 [around £3] every month to rent this house,” says Blessing, pointing to her squalid ramshackle apartment made of wooden boards and old banners nailed together. “But it is too much to pay because the economy is bad.” Her family shares a single toilet with four others.

Like many other shanties, the foundation of litter is covered with old, grey, wet rugs with peeping strands of algae. Beside some of the houses, refuse is piled high in heaps large enough to swallow a child.

There are half-a-dozen boreholes that the entire community relies on for water. Four of them were donated by LOTS, but because of overload one is no longer functional. Across the community, there is no sign of a government project or initiative. A couple of years ago, however, a government bulldozer arrived to demolish a school just days after it made the front page of a national newspaper for its state of neglect.

Success’s dream of becoming a superstar footballer is mostly down to the work of LOTS, which organises the after-school learning programme for 150 children from the community. There are computer classes during the week, and football practice and aerobics classes on the weekends. LOTS also operates in two other slums – Makko and the Beggars’ Colony in Oko-Baba.
Tolulope Sangosanya started LOTS in 2005 when she was still an undergraduate student. “I needed to be part of a lasting change and build a positive legacy,” she says. “[The children] have seen the worst and they will now work for the best. Their attitudes keep getting better as we show them the possibilities that education opens up for them.”

LOTS has provided a home for some children, such as 11-year-old Basit Abayomi, who was taken in by the charity four years ago when his abusive mother threw a knife at him. “I’m happy to be here,” he says. “I don’t want to stop living here but if I have to, I will come back and visit a lot.” Basit is in his last year of primary school and wants to be a banker. “I like doing mathematics and I want to help my country save its money,” he says.

LOTS also stepped in to pay for 16-year-old Faith Eze’s last three years of school when her parents could not come up with the N38,000 (£76) for her tuition each term. Faith travels to school from Amukoko, another community two bus journeys away.

“It feels like part of a family, sharing things with them and learning with them,” she says. The teenager idolises some of Nollywood’s finest stars and wants to be an actress. “Since childhood, I have always wanted to be involved in the arts, in singing and in entertainment.”

Faith and Basit are two of more than 30 children who attend schools outside the community, with financial help from LOTS. The charity’s apartment-office is small and a larger facility is needed, but the organisation’s budget is stretched thin with all of its projects and six full-time staff to pay for.

For now, most funding comes from the sale of proceeds from Sangosanya’s farm, because “emotional marketing is hard to do in a recession and there’s no government support”, she says.

Sangosanya has plans to organise a soup kitchen initiative for the rest of the community, and to increase the number of medical outreaches she currently coordinates. “My dream is to turn Dustbin Estate into Treasure Estate, [and make it a] housing project with basic facilities available for families.”

Credit: http://www.thebusinessdispatch.com/children-dustbin-estate-growing-lagos-swamp/

Its easy to call it slavery since you aint in the country. Dont assume what the media spews out are accurate.

Shared office spaces, commonly known as ‘co-working spaces’, is a fast emerging trend across Africa.

Not everyone who runs a small business can afford the burden of rent, and all the accompanying expenses and hassle that come with running a functional physical office. And this is exactly why the concept of shared office spaces has proved to be an exceptional favourite for young entrepreneurs and mobile business owners in Africa’s major cities.

The lady we’re about to meet abandoned her comfortable job in the banking industry to follow a more fulfilling entrepreneurial path. After cutting her teeth with a small business focused on selling baby products, she teamed with her husband to start a shared office space in the heart of Lagos, Nigeria’s commercial capital.

In this interview, she shares her interesting journey from employee to entrepreneur, and how she’s bracing up to take on the future.

Let’s meet her.

TELL US ABOUT YOURSELF. HOW DID YOU END UP RUNNING YOUR OWN BUSINESS?

My name is Toyin Akinlade, an ex-banker now turned business woman (as I like to call myself). I left the world of banking where I had worked for a little over 7 years to join my husband in running an IT consulting firm. While at Zenith Bank, one of Nigeria’s biggest banks, I took on several roles in the Operations, Customer Service, and Marketing departments.

Working in the bank was not without its upsides and downsides as typical of any profession but year 2012 happened to be the year that I had the brainwave to quit my lucrative job and decided to go it on my own. That decision is one of the craziest things I’ve ever done because I left at a time when I was doing considerably well.

I left because I no longer found the job mentally stimulating as much as I wanted and I felt it did not make a lot of demand on my MBA which had cost a fortune to acquire. Coupled with that was the stress of juggling work with three young children under 5 years old at the time.

Two months after I left the bank job, I started a business I called Cradle and Beyond. I started the business with the token I was given from the bank as gratuity. It wasn’t a significant amount, but rather than moan about it, I thought to make good use of it and multiply it. I got into the sale of baby food, cereal, diapers and wipes which I sold to my former colleagues in different branches of the bank, as well as nursing mothers in my church and neighbors as well, doing home, office and church delivery.

I ended up joining my husband’s consulting firm as the Chief Operating Officer. After helping to put certain systems in place, the business started to run and perform better. However, a general lull in business in the middle of last year forced us to start thinking of diversifying into other areas to keep us and our business afloat.

Before the lull, we had always wanted to create another business by the side, a ‘bread and butter’ business. By this, I mean having a business that will always ensure there is cash flow; which is the lifeline of any business.

The kind of IT consulting services we render are quite bespoke and there were instances where we had quite a tidy sum of money tied down in projects and the issue of cash flow was always a problem. So late last year (2015), we went back to the drawing board, changed our business strategy and decided to sweat our assets more. Our asset at the time was our well-furnished office from where The Plectrum Hub kicked off.

WHAT EXACTLY IS THE PLECTRUM HUB, AND HOW DID YOU COME UP WITH SUCH AN INTERESTING NAME?

The Plectrum Hub is a Serviced Office and Virtual Office provider; basically what is now known as co-working spaces. The whole idea is provide a ready-to-use office space and work spaces for both budding entrepreneurs and established business owners, so they can focus on growing their businesses and avoid the burden and inflexibility of rent.

Our goal is to encourage young businesses to ‘Stay Lean To Grow Big’. We do more than just renting out office spaces, we also endeavor to create an environment for businesses to network and collaborate through the events we hold within our space. That is why our core values are; Convenience, Professionalism and Collaboration.

A plectrum is the tiny stick used to strum a guitar or stringed instrument causing it to belt out the melodious tunes. It is actually the name of our parent company. We are of the opinion that no matter how profound and detailed any business strategy is, it will still require some seemingly tiny but absolutely essential business processes like the plectrum, required to execute the business strategy. We are plectrum that provides perfectly stringed business solutions.

HOW DID YOU MOVE FROM ‘IDEA’ TO ‘ACTION’ WITH THE PLECTRUM HUB?

It was sort of easy for us to move from ‘idea’ to ‘action’ as we already had the basic things required to set up a co-working space. We had the offices already well partitioned, the right ambience, conducive environment, good location (in the heart of Ikeja, Lagos) and generally the professional image required to boost any corporate brand. To have a good start, we got an advisory team in place for guidance and then hit social media prospecting our target audience. Interestingly, we got our first client right off Twitter a month after we opened shop for serious business.

WHO EXACTLY ARE YOUR TARGETS IN THE MARKET?

Our target market is primarily businesses that are into professional services. These include business consultants, accountants, online businesses and others like them who are looking to save startup costs and operational expenses, and who like to work in a community of like-minded business people.

HOW DID YOU KNOW THE MARKET WOULD BE RECEPTIVE TO ANOTHER ‘SHARED OFFICE’ IDEA, WHEN SEVERAL ALREADY EXIST?

While we know quite a number of co-working spaces already exist, we believe that this is one industry where demand outweighs supply. Currently, there are not enough shared offices to go round for the high number of entrepreneurs and businesses who need this service. From the reception that we have gotten so far, we know we are not too far off the mark.

WHAT WERE THE MAIN CHALLENGES YOU FACED WITH GETTING THE BUSINESS OFF THE GROUND?

The main challenge in getting the business off ground was getting additional funds to bring the business to the level we aspired to. We however worked our way round it by scaling things and choosing to grow organically.

WHAT’S THE KIND OF FEEDBACK YOU’VE RECEIVED SO FAR FROM CUSTOMERS? WHAT ARE THE TOP 3 REASONS THEY PREFER THE PLECTRUM HUB?

Feedback gotten so far has been encouraging. I’ll say some of the reasons we are preferred will be first and foremost the flexibility of our service offerings, our top notch customer service and the human face we put to doing business. At The Plectrum Hub, we strive to always put ourselves in the customers’ shoes because we have been there before and know how increasingly frustrating it can be to do business in this clime.

HOW DOES THE PLECTRUM HUB MAKE MONEY?

For now we are not smiling to the bank yet as we are just less than a year in business, but like I said earlier, we have a parent company that acts as a ‘big brother’ of sorts but things are looking up and we hope to break even in the shortest time.

WHERE DO YOU SEE YOUR BUSINESS IN THE NEXT 5, 10 AND 20 YEARS?

At the risk of sounding myopic, I can only talk about the next 5 years for now. We hope to have a few more branches within the next 5 years; at least two in Lagos and one in Abuja.

IT’S COMMON BELIEF THAT ENTREPRENEURS ARE RESTLESS PEOPLE. TELL US ABOUT THE NEXT BIG IDEA YOU HAVE IN THE PIPELINE.

Our next big idea is in the Media cum Entertainment sector. All I can say at this stage is watch this space.

WHAT’S YOUR SINGLE MOST IMPORTANT ADVICE TO ENTREPRENEURS WHO ARE LOOKING TO START A BUSINESS?

To any entrepreneur just starting out in business, I’ll say just three words; Perseverance, perseverance, and more perseverance. Rome was not built in a day. I abandoned the first business I started when I left the bank after a little over a year because I felt the margins were too small and customers were not being reasonable. I wanted to start making big money in very little time but I have since come to learn that business does not run that way, it has to go a full cycle and one must be prepared to go through the learning curve.

Credit: http://www.smeonline.biz/2016/12/19/abandoned-comfortable-bank-job-pursue-business-dreams-today-shes-building-formidable-brand-shared-office-spaces/

Zimbabwean President Robert Mugabe was confirmed on Saturday as his party’s sole candidate for the next presidential election in 2018, when he will be 94.

Supporters at a party conference sang a song titled “Mugabe should rule until eternity” as the veteran leader rose to give a speech in which he called for an end to infighting within the ruling ZANU-PF over his eventual successor.

“We came with our problems, which we heard. We also came knowing we had differences. We agreed our differences should end and fighting should stop,” said Mugabe, who has faced unprecedented protests this year.

Mugabe, the only ruler that the southern African nation has known since independence from Britain in 1980, has come under pressure from a deteriorating economy, corruption and cash shortages that have seen the central bank introducing a new “bond note” currency in November.
In July, he was deserted by some of his once stalwart supporters, war veterans that have backed him in previous elections.

Still, Mugabe retains unrivalled support in ZANU-PF, which is grappling with factional fights as party officials manoeuvre for advantage in a post-Mugabe era.

ZANU-PF’s various entities, including the youth and women’s wings, confirmed him as the sole candidate to contest the 2018 election at the end of a two-day conference on Saturday, which was held in Masvingo town, 300 km (186 miles) south of the capital, Harare.

That means potential successors who wish to challenge Mugabe for the leadership of the party would have to wait for the 2019 party congress when ZANU-PF chooses its leaders.

There are two camps vying to succeed Mugabe, with one with faction supporting Vice President Emmerson Mnangagwa while another backs first lady Grace Mugabe.

In one of its resolutions, the ZANU-PF Youth League said presidential term limits should be abolished and Mugabe should be declared life president.

Under the constitution adopted in 2013, Mugabe can only serve one final term.

Political analysts say Mugabe runs an effective patronage system that rewards supporters and punishes those who seek to challenge his rule, as happened to his former vice president of 10 years Joice Mujuru in 2014.

Credit: http://www.thebusinessdispatch.com/zimbabwes-mugabe-rule-eternity-sing-supporters/

A diplomatic row might affect Nigeria's hopes of getting the proposed $29.9 billion loan from the Chinese government. China may withhold $29.9b proposed loan to Nigeria

The loan is part of Nigeria's plan to spend N7.298 trillion for its 2017 budget.

According to The Nation, the Chinese government is upset by the federal government’s diplomatic recognition of Taiwan as a sovereign nation.

The issue may also affect the implementation of the $80billion MoU between the Nigerian National Petroleum Corporation (NNPC) and China.

The Chinese government reportedly raised the matter when President Muhammadu Buhari visited Beijing and the president was said to have assured his hosts that the issue will be addressed, but checks reveal that nothing concrete has been done.

Taiwan and its associated territories are regarded as a province of China, but the small nation have refused to concede to Chinese authorities.

Taiwan Marketing Mission had been operating as a full-fledged mission since the days of former President Goodluck Jonathan.

All efforts by the Chinese government to reverse the status have fallen on deaf ears.

Of the $29.9billion loan, the federal government’s share is $25.8billion, while state governments will have a $4.1billion facility.

The external borrowing plan is a three- year plan covering proposed projects for 2016 – 2018. As such, the borrowings will be phased over the three year period.

The borrowings are highly concessional (non-commercial), with low interest rates and long tenors.

A source quoted in the report said:“The Chinese government is now a bit reluctant to grant loans to Nigeria through its EximBank because of the issue of distrust between the two nations over Taiwan.

“The Chinese government is unhappy with the federal government that it is operating a two-China diplomatic policy. The government relates with China and Taiwan on equal basis.”

Meanwhile a government source said: “It is not correct to say that Nigeria is operating a two-China policy.

“I am aware that since February 10, 1971, Nigeria and the People’s Republic of China have established diplomatic ties and the issue of Taiwan had been carefully handled.

“In spite of the fact that Nigeria has a representative office in Taipei, Taiwan, the two nations agreed in 2005 that the PRC is the only legitimate government representing the whole of China and Taiwan is an unalienable part of its territory.

“We have not deviated from this agreement. If there is any infraction, the federal government has to investigate it thoroughly before taking a clear-cut position.”

Meanwhile, Nigeria and other developing countries lost about $16.3 trillion between 1980 and 2012, a report by Global Financial Integrity (GFI) has revealed.

The GFI, which is the Centre for Applied Research at the Norwegian School of Economics, worked with a consortium of global economic experts in Brazil, India, and Nigeria to publish the report, representing huge social costs borne by the citizens of affected countries around the world.

Credit: http://www.thebusinessdispatch.com/nigeria-china-diplomatic-row-recognition-taiwan-may-affect-2017-budget/

The nation’s economy is set to contract in 2016 for the first time in more than two decades as the crash in oil prices, militants blowing up pipelines and capital controls deter foreign investment. Nigerian stocks have been the world’s worst this year, losing 42 percent in dollar terms.

The following charts show the rout probably isn’t over.

CURRENCY VALUATION

Until investors are convinced the naira is priced fairly, they’re unlikely to re-enter Nigerian markets. The currency, which has already depreciated 37 percent to around 315 per dollar since central bank Governor Godwin Emefiele ended a peg on June 20, is still trading well below the black-market rate of 485. One-year non-deliverable forward contracts trade at 436, another sign investors see more weakening to come.

CORPORATE PROFITS

Investors are anything but optimistic about the prospects for company profits over the coming year. Even after rising for five straight days, Nigerian stocks are the cheapest in Africa. The 12-month price-to-earnings ratio for members of the Nigerian Stock Exchange All Share Index was 8.1 as of Wednesday, below even that of Zimbabwe’s main gauge.

With Nigeria’s weighting in in the MSCI Frontier Markets stock index down to 7.3 percent from 15.3 percent two years ago, there’s less demand for the nation’s equities from the $12 billion of funds tracking the gauge. Argentina, Pakistan, Morocco and Vietnam overtook Nigeria in the weightings, while Kenya and Oman closed the gap.

Credit: http://www.thebusinessdispatch.com/nigerian-markets-cant-catch-break/

Exploration activities in Benue state may be gradually yielding success as a quantity of crude oil has been discovered.

It is however not yet known if the discovery would be of commercial quantity, but the deputy governor of the state, Engr Benson Abounu, is urging the federal government and the Nigerian National Petroleum Corporation (NNPC) not to relent.

The excitement came as the sole administrator of the Apa local government in the state, Danjuma Solomon, visited the deputy governor to brief him on the discovery of the product in his domain.
READ MORE: Economy: APC, PDP And Politics Of Recession

According to Solomon, oil seepage was discovered in his local government.

He also spoke about the further discovery of exploratory oil wells drilled in the 1960s by Chevron Nig Ltd.

Engr Abounu said, based on results of several geological investigations, the government was convinced that the state had oil and that exploration is just what was needed.

Benue News reports that Abounu urged the federal government to intensify the search.

In August, 2016 President Muhammadu Buhari reportedly ordered the Nigerian National Petroleum Corporation to search for oil in state.

Credit: http://www.thebusinessdispatch.com/amazing-discovery-excitement-northern-nigeria-oil-discovered/

After paying $127 million, Bharti Airtel International (Netherlands), a wholly owned subsidiary of Bharti Airtel, has completed the acquisition of Econet Wireless Limited’s entire 4.2 per cent shareholding in Airtel Nigeria, according to a statement on its website.

Recalled that Chairman of Econet Wireless, Strive Masiyiwa, had dragged the Nigerian shareholders of Airtel to court, for over 10 years, following what he described as his forceful removal as the technical partner to the Nigerian network.

Indeed, under the terms of the 2010 Share Sale/Purchase Agreement, Zain had provided Airtel certain indemnities covering the Nigeria Litigation and for certain tax claims.

As a result of the transaction, which was carried out through a wholly owned subsidiary of Bharti Airtel International (Netherlands), the firm’s overall holding in Airtel Nigeria has increased to 83.25 per cent.
The minority stake held by Econet Wireless had been in dispute since Bharti Airtel acquired Zain Group’s African business in a $10.7 billion transaction in 2010.

At the start of this month, Airtel reached an agreement with Zain Group, under which the Kuwaiti firm agreed to pay around $129 million ‘for the settlement of all of Airtel’s claims on account of the Nigeria litigation, certain tax matters and associated legal costs’.

At the same time, Bharti Airtel announced that a separate settlement had been reached with Econet, which resolved all claims and disputes between the pair, including in Nigeria and the Netherlands. ‘With these settlements, Airtel has closed several ongoing major litigations in Nigeria, the United Kingdom and the Netherlands,’ the firm said.

Already, from a $170 million loss a year ago in its Africa’s operations, India’s telecommunications firm, Bharti Airtel, sharply narrowed its net loss in the continent’s operations to $91 million.

The firm, owned by India’s business mogul, Sunnil Bharti Mittal, hinged the slash on growth in data customers and consumption and currency stabilisation in most markets, except for Nigeria, where the Naira depreciated by 7.9 per cent. Revenue for the continent rose 3.7 per cent to $898 million.

Chief Operating Officer of Africa, Raghunath Mandava, said that underlying Africa revenue growth for the quarter was 4.7 per cent year- on-year, backed by focus on profitable top line growth, led by localised distribution, stronger data networks and the company’s war on waste programme.

In Nigeria, the firm, which is headed by Segun Ogunsanya, currently controls 22 per cent of the market and services over 32 million customers across the country.

The telecommunications firm claimed that its second-quarter net profit fell almost five per cent from a year earlier as its voice and data businesses came under pressure with the entry of Reliance Jio Infocomm in India and its interest burden rose. India’s top telecom company beat market estimates, though, as it controlled costs.

According to ET India, the company posted a net profit of Rs 1,461 crore for the three months ended September, topping the average estimate of about Rs 1,200 crore in an ET poll of analysts. Profit was little changed from Rs 1,462 crore in the April-June quarter.

Credit: http://www.thebusinessdispatch.com/corporate-struggle-continues-bhart-airtel-pays-127m-acquire-econets-stake-nigerian-unit/

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When they don't give loans nko