₦airaland Forum

agabusta:
Why not post the full story here? This your referral to that site is sure a counter productive way of promoting the site.

I am very sorry about that. It was never done to promote the website, but because of some Nairalanders who complain of very long articles. The full version has now been posted. Thanks.

The inequitable distribution of income is present at the global level where the nominal gross domestic product (GDP) of the top 10 economies adds up to over 66% of the world’s economy, and the top 15 economies add up to over 75%. The remaining 172 countries constitute only 25% of the world’s economy.

Here’s the list of the top 10 economies based on the criteria of GDP, current prices (US dollars) which is simply known as nominal GDP. The rankings differ if the same list is prepared using the GDP based on purchasing-power-parity (PPP).

As a general rule, developed countries have a smaller gap between their nominal GDP (i.e., current prices) and GDP based on PPP.

The difference is greater in developing countries, which tend to have a higher GDP when valued on purchasing-power-parity basis. This list is based on IMF data, which is updated twice annually.

This list was last updated on July 18, 2016.

United States

The U.S. economy is the largest in the world in terms of nominal GDP (measured at current prices in US dollars). The $17.95 trillion US economy is approximately 24.5% of the gross world product. The United States is an economic superpower that is highly advanced in terms of technology and infrastructure and has abundant natural resources. However, the U.S. economy loses its spot as the number one economy by a slight margin to China when measured in terms of GDP based on PPP. In these terms, China’s GDP is $19.4 trillion and the U.S. GDP is $17.95 trillion. However, the U.S. is way ahead of China in terms of GDP per capita (PPP) - approximately $55,805 in the U.S. versus $14,107 in China.

China

China has transformed itself from a centrally planned closed economy in the 1970's to a manufacturing and exporting hub over the years. The Chinese economy is propelled by an equal contribution from manufacturing and services (45% each, approximately) with a 10% contribution by the agricultural sector. The Chinese economy overtook the U.S. economy in terms of GDP based on PPP. However, the difference between the economies in terms of nominal GDP remains large. China is currently a $10.98 trillion economy and has been growing at around 7% in the recent years, although that growth is starting to slow down.

Japan

Japan’s economy ranks third in terms of nominal GDP, while it slips to fourth spot when comparing the GDP by purchasing-power-parity. The economy has been facing hard times since 2008, when it was first showed recessionary symptoms. Though the government’s stimulus packages have helped the economy recover a bit, the massive earthquake in 2011 gave the fragile economy another jolt. Economic growth has hovered between 0.5–2% in recent times, but is forecasted to stay below 1% during the next six years. The nominal GDP of Japan is $4.12 trillion, its GDP (PPP) is $4.83 trillion, and its GDP (PPP) per capita is $38,054.

Germany

Germany is Europe’s largest and strongest economy. On the world scale, it ranks as the fourth largest economy in terms of nominal GDP. Germany’s economy is known for its exports of machinery, vehicles, household equipment, and chemicals. Germany has a skilled labor force, but the economy faces demographic challenges like most European nations. The size of its nominal GDP is $3.36 trillion, while its GDP in terms of purchasing-power-parity is $3.84 trillion. Germany’s GDP (PPP) per capita is $46,893, and the economy has moved at a moderate pace of 1-2% in recent years and is forecasted to stay that way.

United Kingdom

The United Kingdom, with a $2.85 trillion GDP, is the world’s fifth largest. The economy of the UK is primarily driven by services, as the sector contributes more than 75% of the GDP. With agriculture contributing a minimal 1%, manufacturing is the second most important contributor to GDP. Although agriculture is not a major contributor to GDP, 60% of its food needs is produced domestically, even though less than 2% of its labor force is employed in the sector. After the referendum in June 2016 when voters decided to leave the European Union, economic prospects for the UK are highly uncertain, and the UK and France may swap places. The country will operate under EU regulations and trade agreements for two years after the formal announcement of an exit to the European Council, in which time officials will work on a new trade agreement. Economists have estimated that a Brexit could result in a loss of anywhere from 2.2-9.5% of GDP, depending on the trade agreements replacing the current single market structure.

France

France, the most visited country in the world, is the sixth largest economy with a nominal GDP of $2.42 trillion. Its GDP in terms of PPP is around $2.65 trillion. France has a low poverty rate and high standard of living, which is reflected in its GDP (PPP) per capita of $41,180. The country is among the top exporters and importers in the world. France has experienced a slowdown over the past few years and the government is under immense pressure to rekindle the economy, as well as combat high unemployment which reached 10.35% in 2015. According to IMF forecasts the country's GDP growth rate is expected to rise over the next six years, and unemployment is expected to go down.

India

India ranks third in GDP in terms of purchasing-power-parity ($7.97 trillion), while its nominal GDP ($2.09 trillion) puts it in a seventh place. The country’s high population drags its GDP (PPP) per capita down to $6,162. India’s GDP is still dependent on agriculture (17%), compared to western countries. However, the services sector has picked up in recent years and now accounts for 57% of the GDP, while industry contributes 26%. The economy’s strength lies in a limited dependence on exports, high saving rates, favourable demographics, and a rising middle class. India recently overtook China as the fastest growing large economy.

Italy

Italy’s $1.16 trillion economy is the world’s eighth largest in terms of nominal GDP. Italy is among the prominent economies of the eurozone, but it has been impacted by the debt crisis in the region. The economy suffers from a huge public debt estimated to be about 135.8% of GDP, and its banking system is close to a collapse and in need of a bail-out/bail-in. The economy is also facing high unemployment, but saw a positive economic growth in 2015 for the first time since 2011. The government is working on various measures to boost the economy that has contracted in recent years. The GDP measured in purchasing-power-parity for the economy is estimated at $2.17 trillion, while its per capita GDP (PPP) is $35,708.

Brazil

Brazil with its $1.77 trillion economy, it is the ninth largest economy by nominal GDP. The Brazilian economy has developed services, manufacturing, and agricultural sectors with each sector contributing around 68%, 26%, and 6% respectively. Brazil is one of the BRIC countries, and was projected to continue to be one of the fastest growing economies in the world. However, the recession in 2015 caused Brazil to go from seventh to ninth place in the world economies ranking, with a negative growth rate of 3.8%. The IMF does not expect positive growth until 2018, and the unemployment rate is expected to grow over 3% – to 10.4% – over the same time period. The Brazilian GDP measured in purchasing-power-parity is $3.19 trillion, while its GDP per capita (PPP) is $15,614.

Canada

Canada pushed Russia off the list with a nominal GDP of $1.55 trillion. Canada has a highly service oriented economy, and has had solid growth in manufacturing as well as in the oil and petroleum sector since the Second World War. However, the country is very exposed to commodity prices, and the drop in oil prices kept the economy from growing more than 1.2% in 2015 (down from 2.5% the previous year). The GDP measured in purchasing-power parity is $1.6 trillion, and the GDP per capita (PPP) is $45,553.

The Bottom Line

Some other economies that are a part of the “trillion-dollar” club and have the potential to make it to the top 10 going ahead are South Korea ($1.38 trillion), Russia ($1.32 trillion), Australia ($1.22 trillion), Spain ($1.2 trillion), and Mexico ($1.14 trillion).

www.businesspost.ng/2016/09/27/worlds-top-10-economies/

By Dipo Olowookere

Africa’s richest man, Mr Aliko Dangote, has debunked reports claiming he’s dead.

Nigerians woke up to reports on social media on Sunday, September 25, 2016, that the Chairman of Dangote Group was dead.

But Mr Dangote reacted to the rumour on via his verified Twitter handle @AlikoDangote on Sunday afternoon, urging people to disregard the tale.

Mr Dangote wrote, “I am hale, hearty and alive. Please disregard malicious report saying otherwise. Thank you.”

The successful businessman attended the just concluded United Nations General Assembly in New York, which had world leaders in attendance, including President Barack Obama of America and President Muhammadu Buhari of Nigeria.

http://www.businesspost.ng/2016/09/25/im-hale-hearty-alive-dangote/

By Ebitonye Akpodigha

The ‎Federal Government has been warned not to sell off any of the national assets as being planned.

If the government fails to heed to this call and goes ahead with the alleged plot, then it should be ready for a big showdown.

This threat was issued by one of the major associations in the oil sector in Nigeria, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN).

In a statement issued on Sunday in Lagos by its Public Relations’ Officer, Mr Emmanuel Ojugbana, PENGASSAN warned that it would be forced to go on strike, crippling the oil sector, if the FG sells any of the national belongings, including the Nigeria Liquefied Natural Gas (NLNG) and the three refineries in Kaduna, Warri (Delta State) and Port Harcourt (Rivers State).

Mr Ojugbana stressed that these assets should not be sold in the interest of Nigerians.

The FG is planning to sell the properties to raise funds to revive the economy, which has dipped into recession.

The suggestion for the sale of the assets was first given by Mr Aliko Dangote in an interview with CNBC Africa and was later backed by the Senate.

But Mr Ojugbana described the move as unpatriotic, warning that it would further plunged Nigeria into crisis.

“We will not watch our national assets sold, especially those in the oil and gas industry such as NLNG that has become a huge revenue earner for Nigeria; refineries and shares in the upstream oil and gas JV operations.

“Any attempt to sell these assets will be resisted as PENGASSAN will ensure that every activity in the oil and gas sector is brought to a halt,” he said in the statement made available to the News Agency of Nigeria (NAN).

PENGASSAN urged the federal, state and local governments to generate money elsewhere to revive the economy and not sell any of the assets belonging to all Nigerians.

He argued that these assets had been generating revenue and would still generate revenue for the country.

Mr Ojugbana claimed that the planned sale was ill-timed, unwarranted and would not serve national interest, pointing out that no nation could develop, survive or feel secure after selling all national assets.

He said selling the properties would further mortgage the future of the country in the hands of few who could take advantage of it to loot the country’s wealth.

www.businesspost.ng/2016/09/25/pengassan-threatens-strike-assets-sale/

By Modupe Gbadeyanka

About 700,000 companies are presently being tracked by the Federal Inland Revenue Service (FIRS) for failing to pay tax to the government.

Executive Chairman of FIRS, Mr Babatunde Fowler, told Reuters in an interview that his agency was hunting down on the tax defaulting firms because it was looking for ways to increase the country’s revenue sources.

According to him, the economic crisis in the country meant government must look at other ways to get money since its major source of income, crude oil, was suffering huge setbacks.

Mr Fowler also told Reuters that 10 million individuals are expected to be absolved into the tax system by December 2016 for the first time.

He said, “We collected a little over N2.3tn so far, from January to August 31. It is almost at par with last year but take into consideration that the economy is going through a little slowdown.”

Mr Fowler said further that, “We have been able to add about 700,000 companies and we expect to add about 10 million individuals across the nation by December.”

He disclosed that with this, the total number of taxable individuals in Nigeria would have hit 20 million.

According to him, revenue from Value Added Tax had increased by 25 per cent year-on-year and corporate income tax held steady over the same period, but petroleum profit tax was expected to have halved, mainly due to low oil prices.

http://www.businesspost.ng/2016/09/24/tax-payment-firs-targets-new-10m-individuals/

By Dipo Olowookere

President Muhammadu Buhari has told Nigerian professionals in varied fields of endeavour living in the United States of America (USA) that he cannot complain of what he met on ground when he took over power on May 29, 2015.

According to him, “I prayed so hard for God to make me President. I ran in 2003, 2007, 2011 and in 2015, He did. And see what I met on ground. But I can’t complain, since I prayed for the job.”

Mr Buhari, while speaking with the Nigerians as part of his trip to the United Nations General Assembly in New York, stated that, “We need quality hands to run Nigeria, and we will utilize them. I will like to welcome you home when it’s time. But I’ll like you to be ready.”

During the meeting, ways of moving Nigeria forward were discussed and the professionals included top flight aeronautics engineers, physicians, IT experts, a judge, a top policewoman, entrepreneurs, an import specialist at US Customs and Border Protection, professors, two straight A students, and many others.

The President praised the Nigerian professionals for making the country proud in foreign lands, saying, “Wherever you go in the world, you find highly competent and outstanding Nigerians. They not only make great impact on their host countries and communities, their financial remittances back home also help our economy, particularly at a time like this, when things are down.”

Mr Buhari narrated how God was good to him during in his military career.

“In the military, I rose from 2nd Lieutenant to Major-General. I was military governor in 1975 over a state that is now six states.

“I was head of state, got detained for three years, and headed the Petroleum Trust Fund (PTF), which had N53 billion of that time in Nigerian banks. God has been very good to me, so I can’t complain. If I feel hurt by anybody, I ask God to help me forgive. He has done so much for me,” he said at the meeting.

http://www.businesspost.ng/2016/09/24/i-cant-complain-of-the-mess-i-inherited-buhari/

By Modupe Gbadeyanka

Earlier this month, First Bank Nigeria reacted to media reports that its officials forged signatures of late Arisekola Alao and that of his son, Ismaila, on the Deed of Guarantee of Lister Oil limited, owned by the late Ibadan-based businessman.

First Bank had in a statement described the reports as not only false, but a deliberate attempt to tint the facts.

But weeks later, Lister Oil has reacted to the issue, maintaining that the bank officials tampered with the said documents.

In a statement issued Saturday, September 24, 2016, by counsel to Lister Oil Limited, M.A. Banire & Associates, which was made available to Business Post, the company emphasised that the bank is trying to mislead the public on the issue.

M.A. Banire & Associates admitted that the matter was already in court because First Bank had tried to hijack “Lister Oil Limited’s tank farm without cause and without a pending valid order of court.”

It also said the police have already “established a prima facie case of forgery of the signature on the purported deed of guarantee.”

“The attention of the management of Lister Oil Limited and the Estate of Alhaji Abdulazeez Arisekola-Alao has been drawn to a report, published in the Daily Post Newspaper Publication of September 7, 2016.

“In the report, First Bank of Nigeria Limited is credited with saying that Lister Oil Limited and the Estate of Alhaji Abdulazeez Arisekola-Alao are First Bank of Nigeria Limited’s debtors who are employing media tactics to scuttle the bank’s debt recovery efforts.

“Although Lister Oil Limited is currently in court with First Bank of Nigeria over the bank’s hijacking of Lister Oil Limited’s tank farm without cause and without a pending valid order of court, it is imperative to notify the general public that First Bank of Nigeria Limited has never granted any banking facility to either Lister Oil Limited or the Estate of Alhaji Abdulazeez Arisekola-Alao.

“Also, Lister Oil Limited and the Estate of Alhaji Abdulazeez Arisekola-Alao did not execute any deed of guarantee in favour of First Bank of Nigeria as alleged by the bank.

“Contrary to the denial issued by First Bank of Nigeria, the Nigeria Police Force has recently established a prima facie case of forgery of the signature on the purported deed of guarantee, which emanated from First Bank of Nigeria purportedly to guarantee a facility granted to Lister Flour Mills Limited, a company that is distinct from Lister Oil Limited.

“Therefore, it is untrue that the allegations of forgery perpetrated against Lister Oil Limited by the Bank and its officials are baseless.

“This release is essentially to correct the misleading information being peddled by the Bank and set the record straight,” the law firm said.

http://www.businesspost.ng/2016/09/24/lister-oil-insists-first-bank-officials-forged-documents/

By Dipo Olowookere

Governor Akinwunmi Ambode of Lagos State has expressed his readiness to commence the deployment of Close Circuit Television (CCTV) Cameras across the state in October.

Mr Ambode, who made this disclosure on Friday, also said there were plans to link inner roads in the State to the Lagos Smart City Project.

“One of the cardinal areas in which we focus on is security in the State and we have realised that the manpower for policing the state is not sufficient if you look at the ratio of the policemen that we have to the citizens of the State.

“We have come up with an initiative which is an ongoing project and it is called the Smart City Project.

“In the area of security, we are going to be deploying CCTV Cameras to ensure that when you are sleeping, you have a guaranty that you are being watched.

“The present administration is interested in making sure that this city is safe and technology is one of the areas we are looking at by deploying CCTV Cameras which will be linked to our Command and Control Centre in Alausa.

“We are going to have an eye over Lagos and this is because of the importance this government is paying to security of lives and property,” the Governor said at the commissioning of roads in Coker Aguda area of the State, which were among the 114 newly constructed roads in the state.

Mr Ambode, who was represented at the occasion by the Commissioner for Science and Technology, Mr Olufemi Odubiyi, noted that security remained one of the cardinal objectives of his administration, and that technology will play a key role in securing residents.

The roads commissioned in the area were the 500 meters Bolaji Banwo Street and the 580 meters Opere Street through a member of the Lagos State House of Assembly representing Surulere Constituency 1, Mr Desmond Elliot.

The Governor warned that vandalism of public infrastructure would not be taken lightly, tasking community leaders in the areas where the new roads were built to take custody of them.

Mr Ambode promised that his administration would continue to carry out people-oriented projects to make life more comfortable for Lagosians.

http://www.businesspost.ng/2016/09/23/ambode-deploy-cctv-cameras-lagos-october/

By Dipo Olowookere

For a long time, there had been debates over the better way to drive a vehicle; either with shoes on or barefoot.

But the Federal Road Safety Corps (FRSC) seems to have made a clarification on this and has now put the matter to rest.

The agency said via its official Facebook page on Thursday, September 15, 2016, that experts have advice people to drive barefoot because it was safer that way than putting on high heels, which could slip off the pedals.

However, FRSC concluded that if one has to drive with the shoes on, then such person must wear comfortable shoes with grippy soles, so as not to slip off the pedals while driving.

The agency noted that it was legal to drive barefoot.

“Contrary to what many people believe, it is legal to drive barefoot. In fact road safety experts would rather you drove barefoot than in thongs or high heels, which can slip off the pedals.

“Ideally, however, drive in comfortable shoes with grippy soles,” the FRSC posted.

A transport expert, Mr Bosun Aromolaran, agreed totally with the FRSC on this.

Mr Aromolaran, who operates a driving school in Lagos, told Business Post that they always advice their students to drive with grippy shoes if they must wear any.

He said driving barefoot gives confidence to the driver and a direct connection to the brake and throttle pedals for those who drive vehicles with automatic transmissions.

“Also, it has been observed that shoes get spoilt quickly when you wear them to drive vehicles,” Mr Aromolaran told Business Post.

A transporter in Lagos, Mr Audu Gambari, who drives a heavy-duty vehicle, echoed both the FRSC and Mr Aromolaran’s thoughts.

“For me, I drive without my shoes on. I cannot imagine wearing my shoes or slippers when I do long distance drive,” Mr Gambari said.

In the US, driving a car barefoot is legal, though the risks of barefoot driving remain largely debatable in all the states.

In the UK, it is also legal to drive with no shoes on as long as the driver can operate the controls safely.

However, what is illegal is driving a car with wet feet, because it puts the driver, passengers and other road users at risk.

www.businesspost.ng/2016/09/22/no-crime-driving-barefoot-frsc/

By Ebitonye Akpodigha

Due to dollar shortages in Nigeria, which has weakened the Naira against the US dollar at the foreign exchange market, Guinness Nigeria has announced receiving a loan of $95 million from its parent company, Diageo.

This is to help organisation cope with the adverse effect of the dollar shortages in Nigeria due to a fall in crude oil prices in the international market.

On Tuesday, Guinness Nigeria announced a loss of over N2 billion in the first half of 2016 because of unfavourable economic situation in the country.

Nigeria has been in recession due to crude oil and economic crisis.

On Wednesday, Guinness Nigeria’s Chief Finance Officer, Mr Ronald Plumridge, stated that the company’s currency needs were bigger than it was able to source locally, which forced its parent company to wade into the matter.

According to Mr Plumridge, the loan was priced at 3-month Libor plus 4.75 percent.

http://www.businesspost.ng/2016/09/21/fx-crisis-guinness-nigeria-picks-95m-loan/

By Modupe Gbadeyanka

Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has explained why the Monetary Policy Committee (MPC) retained all key indicators as against the many expectations of Nigerians.

The MPC met on Monday and Tuesday in Abuja to discuss important issues concerning Nigeria’s ailing economy.

At the end of the meeting, Mr Emefiele, who read the communiqué, announced that the benchmark Monetary Policy Rate would remain at 14 percent, while the Cash Reserve Ratio and Liquidity Ratio would stay at 22.50 percent and 30 percent respectively.

This comes after the Minister of Finance, Mrs Kemi Adeosun, had called on the CBN to review the interest rates downward so as to boost the economy.

But Mr Emefiele disagreed with her boss, saying cutting down the interest rate, which presently stays at 14%, cannot alone boost the country’s economy.

The CBN boss explained that “cutting interest rates is not advisable”, stressing that the “current stance will help to limit inflation.”

He said it was in the best interest of the country for the interest rate to be kept at 14 percent.

The rate was raised from 12 to 14 percent last July when the MPC held its meeting in Abuja.

The Nigerian government has been working hard to get the country out of recession.

http://www.businesspost.ng/2016/09/20/left-interest-rate-14-emefiele/

By Ebitonye Akpodigha

Contrary to expectations from all quarters, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has kept all key indicators intact.

Minister of Finance, Mrs Kemi Adeosun, had urged the CBN to lower the interest rates so as to boost domestic borrowing by the government.

She had explained in an interview with CNBC Africa that lower interest rates would allow the government to take more local loans without increasing the burden of debt servicing.

But at the end of the two-day MPC meeting in Abuja, the CBN, through its Governor, Mr Godwin Emefiele, announced that all rates would remain unchanged.

Reading the communiqué after its September MPC meeting, Mr Emefiele said that the benchmark Monetary Policy Rate would remain at 14 percent, while the Cash Reserve Ratio and Liquidity Ratio would stay at 22.50 percent and 30 percent respectively.

When the Committee last met in July 2016, it changed the MPR from 12 percent to 14 percent.

http://www.businesspost.ng/2016/09/20/mpc-meeting-cbn-leaves-rates-unchanged/

By Dipo Olowookere

Many know Mrs Folorunsho Alakija as one of the richest persons in Africa, who boasts of an oil block in Nigeria, but not many know the true story behind her riches.

Mrs Alakija told Peace Hyde of Forbes Africa in an interview that she is where she is today because of her decision to give her life to Jesus Christ about 25 years ago.

Hear her: “I don’t think I could have got this far if I had not entered into a covenant with God. It was 25 years since I gave my life to Christ. I entered into an agreement that if he would bless me I would serve him all the days of my life.”

As CNBC reports it, Mrs Alakija thereafter founded the Rose of Sharon Glorious Ministry International in Lagos, where people meet every Tuesday for fellowship and prayer. They are dedicated to a common purpose, to serve God.

The ministry is one of many ways Mrs Alakija is keeping her promise to God. Another is through her work with the Rose of Sharon Foundation, a not-for-profit providing care, financial support and scholarships for widows and orphans. In return, God has kept his side of the bargain.

Mrs Alakija is worth a staggering $1.73 billion according to Forbes, making her the fourth richest person in Nigeria and second richest woman in Africa behind Isabel dos Santos. She is the Vice Chair of Nigerian oil exploration company, Famfa Oil, which shares a joint partnership agreement with international giants Chevron and Petrobras.

With a 60 per cent stake of block OML 127 of the Agbami field, one of Nigeria’s largest deepwater discoveries, Famfa Oil produces approximately 250,000 barrels of crude per day, according to Mrs Alakija.

Having just turned 65 in July, Mrs Alakija has a lot to be thankful for. She is blessed with a dedicated husband, four sons and grandchildren.

Mrs Alakija’s feet are firmly on the ground but her journey to becoming one of Forbes’ 100 most powerful women in the world began with an encounter 36,000 feet above sea level.

“I met a friend of mine on a flight on my way to England and she asked me if I could help her partners to be able to lift crude oil from Nigeria. So I called around and set up an appointment with the petroleum minister but he discouraged me. He said are these people willing to invest in Nigeria because the government did not want to encourage more foreigners to come and lift its crude. I asked my friend who said they didn’t want to invest in Nigeria and that was the end of that,” says Mrs Alakija.

With that, the new oil opportunity came to an end. But her dogged determination transformed this negative conclusion into one of the most renowned success stories to come from Africa. This tenacity began at an early age.

“I come from a Muslim background and it was a polygamous lifestyle. My father had eight wives and 52 children. All the wives had to cooperate with each other. To them that was how life was, they cooperated with one another, they quarrelled and made up again, most of us were living under one roof in private bedrooms, I think about four floors of a building, in the heart of Lagos Island,” says Mrs Alakija.

Born into a family of traders, Mrs Alakija cut her teeth in the textiles trade while still a child.

“My siblings and I used to help my mum in the store and that is where we learned a lot about textiles, textures, colours, patterns and merchandising. That is where I learned all the practical steps that I later on applied to my fashion business.”

The fashion business came after her stint in the corporate banking world. After qualifying as a secretary in Britain, a place where she also went to school from the age of seven to 11, Mrs Alakija worked as an executive secretary with the bank, Sijuade Enterprises, in Lagos for a year and a half before joining the International Merchant Bank of Nigeria.

“I joined them as a secretary and I was there for about 12 years. I was promoted to other departments of the bank, including heading the corporate affairs department. From there I moved into proper banking, working in the treasury department. I loved it because I was trading with the bank’s money to make money for the bank.

“Later on, the bank was expanding and they started putting extra cogs between the wheels to ensure that people did not get promoted too fast to get to top positions within the bank. So I asked myself, ‘how long will it take me to get from a treasury officer to a general manager?’” says Mrs Alakija.

She quit her job and decided to study fashion design. She enrolled in the American College in London as well as the Central School of Fashion where she obtained a distinction. Immediately after that, Supreme Stitches was born and Mrs Alakija became renowned for her haute couture range, which was worn by women around the world.

Mrs Alakija says divine intervention persuaded her to rename her fashion business.

“I rebranded to Rose of Sharon House of Fashion because God gave me a revelation that I needed to change the name. It was a revelation initially given through a pastor but I decided I was not going to change it until I heard from God myself. I had a dream a year after the prophecy was given and I saw the new name on the body of my van in the dream and I changed it overnight,” says Mrs Alakija.

Read concluding part here: http://www.businesspost.ng/2016/09/20/giving-life-christ-changed-life-folorunsho-alakija/

By Dipo Olowookere

Candidate of the All Progressives Congress (APC) in the Edo State governorship election, Mr Godwin Obaseki, has promised to produce not less than 100 millionaires in the state within four years if elected.

Mr Obaseki made this known on Monday during an interactive session with a group called Grassroots Youth Initiative in Ikpoba Okha Local Government Area of the state.

The APC candidate explained that this would be achieved through various empowerment programmes he would set up in the state if he becomes Governor of the state.

According to him, Edo State has no reason to be poor because of the huge resources in the state. He attributed the present situation in the state to bad leadership.

“We have done a research in government. I do not want to be a Governor where people fight to be senior special assistants before they can buy cars.

“I want to be a Governor that will produce 100 millionaires after four years. That is my goal, so that at the end my tenure, the people will truly lead because they will be empowered,” Mr Obaseki said at the occasion.

The governorship candidate disclosed further that, “God has blessed us in Edo. No state is like Edo. We do not have any reason to be poor; the only reason why we are poor is because of bad leadership. With good leadership, the sky is our limit.”

He also said, “The first thing I am going to emphasise in employment is to register the unemployed because we have employed a lot of people in the last eight years.”

Mr Obaseki noted that, “We are inaugurating our programme on agriculture called the anchor programme. Edo has been selected for oil palm, rubber, cassava, maize, livestock, poultry and fishery. Government is going to support all you want to do.”

He urged people of the state to support him if elected into office because “alone, I cannot do it; I need all of you to support the project to make it work, so that by the time we come here, almost everybody will be gainfully and skilfully employed.”

The gubernatorial poll is expected to hold in the state on Wednesday, September 28, 2016.

http://www.businesspost.ng/2016/09/20/ill-produce-100-millionaires-edo-4-years-obaseki/

***Suicide Bombing Becoming Rare

By Ebitonye Akpodigha

President Muhammadu Buhari has assured foreign investors of safety of their lives, properties and investments in the country, noting that terrorism was now being defeated by his government.

Mr Buhari gave this assurance on Monday while speaking with his South African counterpart, Mr Jacob Zuma in New York, on the sidelines of the 71st Session of the United Nations General Assembly.

During the bilateral meeting between the two African leaders, Mr Buhari pointed out that advances being made against Boko Haram insurgents go beyond degradation through just force of arms, explaining that de-radicalization process was also going on.

He remarked that “we are achieving some measure of success. Even suicide bombing is becoming rare, as the local people are themselves rejecting indoctrination by the insurgents.”

The President assured existing and potential investors in Nigeria of adequate protection of their lives, investments and property, as the security situation in Nigeria is now very much better and conducive.

Mr Buhari said Nigeria was working hard to diversify the economy and expressed willingness to collaborate with South African businessmen especially in the areas of mining and agriculture, for the mutual benefit of the two countries.

In his remarks, President Jacob Zuma of South Africa recollected his visit to Nigeria earlier this year which he described as "very successful.” He added that he was interested in the promotion of economic and trade partnerships between the two countries.

http://www.businesspost.ng/2016/09/20/nigeria-now-safer-for-doing-business-buhari/

By Dipo Olowookere

Africa’s richest man, Mr Aliko Dangote, has explained how the Federal Government can take Nigeria out of her economic woes.

Mr Dangote, speaking with exclusively CNBC Africa, advised President Muhammadu Buhari to start selling off some of the country’s assets.

According to the successful businessman, it would be wrong for the FG to turn to the IMF or World Bank to borrow money to inject into the economy.

He said, “I think the real challenge for us is now for us to have the political will in terms of selling some assets.

“I think it’s an easier route than the IMF (International Monetary Fund) or the World Bank to borrow money, because what you need to do is actually to beef up the reserves.”

Mr Dangote stressed that if his point is looked into and advice taken, Nigeria would be on the verge of restoring her economy.

The business mogul disclosed that the government must take urgent steps to restore sanity into the economy.

His comments came before the country’s credit rating was downgraded to B from B+ by S&P Global Ratings on Friday.

According to the S&P Global Ratings, “Nigeria’s economy has weakened more than we expected owing to a marked contraction in oil production, a restrictive foreign exchange regime and delayed fiscal stimulus.”

http://www.businesspost.ng/2016/09/17/get-nigeria-recession-dangote/

By Adeniyi Ogunfowoke

Apple, famed for sophisticated phones, is at it again with the launch of the new iPhone 7 and iPhone 7 plus which are the mobile phones of the moment. As expected, it was launched by Apple with so much pomp and pageantry and fans are very excited and look forward to laying their hands on this gadget.

Some of the key features of the phones are: Capacity- 32 GB, 128 GB and 256 GB, colour-Rose Gold, Gold, Silver, Black, Jet Black, Weight- 138 grams (iPhone 7) 188 grams (iPhone 7 plus), Display 4.7 (iPhone 7) 5.5 (iPhone 7 plus), water and dust resistant and 12 megapixel camera.

In addition, both phones have nifty processors, improved cameras, and durable battery life. However, there are certain things or features that may discourage you from buying these iPhones. Jumia Travel Africa’s No 1 hotel booking identify some them.

No radical design changes

If you use the iPhone 6 series, you probably do not need to worry about upgrading to the new iPhones. Why? Because there are no huge differences in design. The only noticeable changes are that iPhone 7 and 7 plus have bottom stereo speakers and 2 back cameras (iPhone 7 plus). Beyond this, there are no major design changes.

No Headphone jack

Apple has gotten rid of the headphone jack. Now, you can only use wireless earphones with iPhone 7 and iPhone 7 Plus. Hence, you may be unable to use the earphones for other mobile devices.

Nothing special about water and dust resistant

Thankfully, iPhone is finally water resistant. It may not catch the fancy of Apple fans because water and dust resistant is already a key feature in the Samsung Galaxy S7 for over several models.

It can easily shatter

The iPhone glass screen is very fragile which means it can easily shatter when it drops. Meanwhile, other mobile phones are shatter proof even if iPhones are virus and hack proof.

Cost

The new iPhones cost $649 (approximately N270,000). And considering the economic recession, buying these phones may not be on your priority list. Unfortunately, instalment payment options are not available in Nigeria.

http://www.businesspost.ng/2016/09/16/5-essential-things-to-consider-before-buying-iphone-7/

By Ebitonye Akpodigha

If you have been praying very hard to get Nigeria out of recession as soon as possible as suggested by Senate President, Bukola Saraki, recently, then you have to read this.

The Anambra State Governor, Mr Willie Obiano, has hinted that Nigeria may not get out of recession until the end of 2017.

According to him, “No recession lasts less than 18 months.”

Mr Obiano, speaking during the commencement of the Anambra State Fire and Safety Summit in Awka on Wednesday, also said it was wrong for governments to owe their workers, describing this as wicked and sinful.

He wondered how such governments want their employees to survive the present economic recession when they refuse to pay them.

Mr Obiano pointed out that the payment of workers’ salaries would energise the economy in a recession and make life more meaningful for the people.

The Governor, who expressed fear that the dollar would continue to rise against the naira, said it would take no fewer than 18 months for the economic downturn in the country to subside.

“A state that does not pay its workers is inviting calamity. Payment of workers’ salaries energises the economy.

“We saw this recession early and made agriculture one of the pillars of our administration.

“This is why we have been paying our workers. It is wicked to owe workers at a time like this.

“People should embrace risk management. That is the solution to disaster, especially in a recession.

“No recession lasts less than 18 months, so we need to wake up. The naira is moving to N500 per dollar.

“We need to secure our certificates and other valuables of ours so that nothing will happen to them overnight. That’s the way to survive in a recession,” he said.

The Governor urged Nigerians to develop the culture of insuring their lives and property, arguing that it was one sure way of mitigating the adverse effects of disasters whenever they would occur.

“My expectation is that our people will be better informed about disaster and its management after listening to the various speakers at this summit,” he said.

http://www.businesspost.ng/2016/09/16/nigeria-will-remain-recession-till-2017-obiano/

By Ebitonye Akpodigha

No fewer than 100,000 farmers in Adamawa State have been rejected for the Anchor Borrowers Programme of the Central Bank of Nigeria (CBN) due to inappropriate registration.

This has made Governor of the state, Mr Muhammadu Jibrillah, unhappy and has promised to do all possible within his reach to avoid such in the future.

“I am worried and disturbed on how about 100,000 farmers captured in the national anchor borrowers initiative in the state were rejected by CBN due to lack of Bank Verification Number.

“There is need for the state ministry of agriculture and farmers associations to closely work together and sensitise the farmers to avoid this rejection in future,” the Governor said on Thursday while launching the distribution of farm inputs to farmers participating in the programme in Yola.

He said that the only 28,000 farmers that were successfully approved were not enough for the state, adding that more effort should be made to register more farmers.

Mr Jibrillah noted that money meant for Adamawa under the initiative was lying at the CBN, but assured that effort would be made to enable the farmers get it.

Speaking earlier, Mr Waziri Ahmadu, the state Commissioner for Agriculture said that out of 120,000 registered farmers only about 28,000 were approved and registered for the initiative

Mr Ahmadu said that the ministry would strategise to ensure that those that were rejected were captured again.

In his remark, Mr Venantius Jiddere, the Adamawa State Chairman of All Farmers Association of Nigeria (AFAN) thanked Federal Government for the initiative.

Mr Jiddere promised the support and cooperation of members of the association to the state government for successful implementation of the programme.

http://www.businesspost.ng/2016/09/16/cbn-rejects-100000-adamawa-farmers-bvn/

By Modupe Gbadeyanka

Part of the N230 million meant to pay pensioners in Kogi State, but diverted by some officials has been recovered by the state government.

Kogi State Auditor-General, Mr Ahmed Ododo, informed AIT on Wednesday in an interview monitored by Business Post that the state government has so far got N25 million back from the alleged looters.

According to him, another N12.7 million has been traced and recovered from the Albarka Cooperative Society.

The money, he said, was meant for the College of Education Technical in Kabba.

Mr Ododo disclosed that the N230 million was money meant for the payment of state pensioners, adding that the government was also making efforts to recover close to a billion Naira money meant to pay staff salaries and upgrade the structures at the College of Education Technical in Kabba.

He reiterated the state government’s commitment to retrieving every fund stolen from the state’s purse.

The state government, since coming into power on January 27, has made known its intention to recover all stolen funds from its treasuries.

The government has lamented the high rate of diversion of public funds, saying it was one of the reasons it had over-bloated wage bill.

It has severally assured citizens that it would recover every kobo and prosecute the culprits.

http://www.businesspost.ng/2016/09/15/kogi-recovers-n25m-looted-n230m-pension-fund/

By Modupe Gbadeyanka

A former Minister in Nigeria, Mr Kenneth Gbagi, has accused commercial banks in the country of making the dollar become a scarce commodity in Nigeria.

Mr Gbagi, who served as Minister of State for Education under former President Goodluck Jonathan, alleged that most of the banks endangered Nigeria’s economy through shady and malicious disbursement of foreign exchange to cronies, associates and foreigners.

He dismissed the claim that Nigeria currently did not have enough foreign exchange, maintaining that the country had enough dollars to meet the demands of genuine end users in manufacturing and other services.

Mr Gbagi, who was a guest on BEN TV’s current affairs programme, ‘Dialogue in Diaspora,’ noted that the fight against corruption by the current Buhari administration in Nigeria would be unable to solve Nigeria’s perennial foreign exchange scarcity until commercial banks and their operators were made to account for the disbursement of all dollar allocations from the Central Bank of Nigeria.

He said commercial banks were deliberately sabotaging Nigeria’s economy by selling the dollars to their cronies, friends and associates who were often non-Nigerians carting the money abroad.

Mr Gbagi said many of the people who were currently having access to dollars from commercial banks engaged in hoarding or capital flight as they did not believe in the ability of Nigeria’s economy to rebound strongly.

The former minister said that there would be enough dollars in circulation to force down the current high exchange rate if Nigeria’s president issued an order compelling the CBN to instruct all commercial banks in Nigeria to give an account of how they have disbursed the dollars allocated to them and for what purpose.

He said the EFFC, CBN and other financial intelligence services had failed Nigerians for their inability in identifying financial and economic criminals who engaged in dubious dollar transactions to the detriment of the country.

Gbagi claimed that every single dollar in the last 16 years allocated by the CBN to commercial banks or any other relevant agency was traceable if the government had the will to deal with economic and financial criminals and their accomplices operating as commercial banks and bureau de change in Nigeria.

http://www.businesspost.ng/2016/09/14/banks-deliberately-sabotaging-nigerias-economy-former-minister/

By Dipo Olowookere

Chieftain of the All Progressives Congress (APC), Asiwaju Bola Tinubu, has urged Nigerians to remain steadfast as the present administration leads the country into the Promised Land.

Mr Tinubu, in his Sallah message to Nigerians, admitted that citizens of the country deserved a better Nigeria and economy, but expressed optimism that “we shall [soon] overcome” the present hardship.

“During this Season of Eid-el-Kabir, I wish to felicitate with the Muslim brotherhood. We must give thanks to almighty Allah for keeping us alive to celebrate this Eid.

“This spirit of sacrifice and unselfish giving that defines this celebration must guide us all in the way we relate to others and in our quest for a better society. Through sacrifice and a heart and hand of charity we can lift up many who will in turn become better tools for the socio-economic rejuvenation we so desire,” Mr Tinubu said in a statement issued by his media office.

He further said, “We must see our current economic situation as a passing phase. We shall overcome. Our faith summons us to have faith but also to work so that things can get better.”

“This economic predicament is not of our making or choosing. It came not by invitation. The economic downturn represents a tough challenge not lightly overcome. No one wished that such an impediment would confront us. Now, we must rise to the occasion. Our economic situation presents an opportunity for us to do something we have avoided too long.

“The present circumstance demands that we engage in a discourse concerning the type of ‘post-oil era’ economy we truly want and what are the ideological underpinnings and policy thrusts needed to erect this new architecture.

“This architecture must be inward looking and home-grown starting with the boosting of the agricultural economy leading to a diversification we have all longed for.

“As the government re-tools and re-fines different policies, we as citizens must locate our role and responsibility and join hands with this government until the clouds of recession recede.

“A new horizon beckons for Nigeria sooner rather than later as we pass through a necessary phase often experienced in the life of virtually all nations.

“Nigerians deserve a better country, more empowerment, job opportunities and an overall strong economy. The current government is committed to achieving this,” the former Lagos State Governor said in the statement.

http://www.businesspost.ng/2016/09/12/nigerians-deserve-a-better-country-economy-tinubu/

By Dipo Olowookere

Business Post has been reliably informed that some hoodlums attacked the campaign office of candidate of the Ali-Modu Sheriff-led faction of the Peoples Democratic Party (PDP) for the 2016 Ondo State governorship election, Mr Jimoh Ibrahim.

The office, located along Oyemekun Road in Akure, the state capital, was raided by the yet-to-be identified thugs on Saturday night.

The office is not too far from secretariat of the All Progressives Congress (APC) in Ondo State, which is also on the same stretch of road.

A giant banner bearing Mr Ibrahim’s picture mounted at the office was pulled down by the suspected criminals.

It was learnt that pieces of banners of the PDP and the party’s flags scattered around the premises.

Meanwhile, we learnt police have launched investigation into the incident, but no arrest made at the moment.

Mr Ibrahim emerged candidate of the Sheriff-led faction of the PDP after it held its primary in Ibadan, Oyo State.

This was after the former Attorney General and Commissioner for Justice in Ondo State, Mr Eyitayo Jegede (SAN) emerged winner of the primary of the PDP held in Akure.

www.businesspost.ng/2016/09/11/thugs-raid-jimoh-ibrahims-campaign-office/

By Dipo Olowookere

President Muhammadu Buhari has assured Nigerians that he was making efforts to alleviate their sufferings.

In his Sallah message to the nation, Mr Buhari commended the steadfastness of Nigerians despite “the difficult economic times the country is going through.”

He said Nigerians have exhibited the lessons of the Eid, which are “piety and sacrifice.”

The President however blamed the present recession on “cumulative effects of worldwide economic downturn and failure in the past to plan and save for difficult times.”

He said it was “impossible to separate the present from the past to appreciate the extent to which mistakes of the past are affecting everyday life today.”

“I assure you that this administration is working round the clock to remove the hardships the country is going through,” Mr Buhari said.

“Rail and road constructions, projects in the housing sector, support for farmers and for small and medium scale industries, youth and women's empowerment programmes, support for revival of industries are all designed to reinvigorate the economy and enhance living standards of ordinary people.

“We are getting security right. We are stopping corruption in its tracks and we will get the economy right by the Grace of God.

“I enjoin Muslims to live by the dictates of Islam, to keep good relationships with their Christian brothers and sisters and as patriots to maintain the spirit of the Nigerian nation.

“I wish everyone happy holidays,” he said.

http://www.businesspost.ng/2016/09/11/im-working-hard-change-things-buhari/

By Dipo Olowookere

Bank customers involved in fraudulent activities will now be placed under the radar of the Central Bank of Nigeria (CBN).

The country’s apex bank disclosed yesterday that it was working out regulatory framework that would enable it either blacklist these set of bank customers or put them on watch-list across the banking industry.

Speaking at the Finance Correspondents Association of Nigeria (FICAN) Bi-Monthly Forum in Lagos, CBN Director, Banking and Payment Systems Department, Mr Dipo Fatokun, said the Bank Verification Number (BVN) it recently introduced would be used to achieve this.

Mr Fatokun explained that the BVN involves capturing of customers’ physiological or behavioural attributes like fingerprint, signature among others which is coordinated by the CBN and banks in collaboration with the Nigeria Interbank Settlement System (NIBSS).

At the event hosted by the CBN, Mr Fatokun, who spoke on the theme ‘Recent Developments in the Electronic Payments System and Implications for Consumers of Electronic Payment Services’ disclosed that data from the apex bank showed that although e-fraud rate in terms of value dropped by 63 per cent last year, after the BVN introduction and improved collaboration among banks via the fraud desks, the total fraud volume rose significantly by 683 per cent within the year compared to 2014 figures.

He further disclosed that Nigeria experienced a total of 3,500 cyber-attacks with 70 per cent success rate and loss of $450 million within the last one year mainly through cross channel fraud, data theft, email spooling, phishing, shoulder surfing and underground websites.

“I want to assure you that the BVN has assisted us a lot in the banking system. It has assisted us to check frauds, and we are working on a framework, that will enable us if not to blacklist customers, because of some legal implications, but at least to watch-list a customer that is identified to have been fraudulent, or have done what he is not supposed to do across the banking sector,” he said.

He said the PSV 2020 strategy is aimed at providing a roadmap for efficient payments system infrastructure that would be nationally utilized and internationally recognized.

“The payments system plays a very crucial role in any economy, being the channel through which financial resources flow from one segment of the economy to the other. In setting out the objectives of the National Payments System (NPS), the goal is to ensure that the system is available without interruption, meet as far as possible, all users’ needs, and operate at minimum risk and reasonable cost,” he said.

He added that the BVN project is jointly undertaken by the CBN in collaboration with the Bankers Committee and remains a strategy of ensuring effectiveness of Know Your Customer (KYC) principles.

“Each Bank customer is given a unique identity across the Nigerian Banking Industry, including Nigeria bank customers in Diaspora,” he said.

The CBN Director said the number of BVN linked to customers’ accounts as at August 23, this year was 36.7 million while the total number of individual customers in the banks was reported as 59.9 million as at the same date.

“Any bank customer resident in Nigeria without a BVN would be deemed to have inadequate KYC while effort is on-going to ensure that customers of Other Financial Institutions (OFIs) such as Microfinance Banks (MFBs) & Primary Mortgage Institutions (PMIs) are brought into the system begin to get their BVNs,” he said.

Mr Fatokun said the e-Payment remains an initiative of CBN under the Payments System Vision 2020 as part of the overall FSS 2020 Strategy adding that one of the CBN mandates is the promotion of a sound financial system (Section 2 (d) of the CBN Act 2007).

He disclosed that Section 47(2) of the CBN Act 2007, stipulates that the CBN shall continue to promote and facilitate the development of efficient and effective systems for the settlement of transactions, including the development of electronic payment systems, adding that the promotion of a sound financial system entails active support for the effectiveness, efficiency and systemic safety of the payments system.

http://www.businesspost.ng/2016/09/11/cbn-monitor-dubious-bank-customers/

By Modupe Gbadeyanka

The Senator representing Ogun East District at the National Assembly, Mr Buruji Kashamu, has concluded plans to put smile on the faces of people across the state.

Business Post correspondent learnt that the lawmaker has purchased some items to be distributed to people in his constituency in Ijebu Igbo, Ogun State to celebrate the Eid el-Kabir with next week.

Muslims in Nigeria will join others across the world to mark the celebration and the Federal Government has already declared Monday and Tuesday next week as public holidays to celebrate Eid el-Kabir.

It was reliably gathered that the politician will distribute items like rams, bags of rice, vegetable oil, motorcycles, sewing machines, generators, cash and others to the people.

This is not the first time the Senator has distributed items to people from his senatorial district in Ogun State.

http://www.businesspost.ng/2016/09/10/kashamu-distribute-rams-motorcycles-ogun/