₦airaland Forum

Buharists are Dundee United..Period!

Jumia Technologies, a pan-African technology company, has listed on the New York Stock Exchange (NYSE), becoming the first-ever technology company from Africa to list on the world’s largest stock exchange.

The largest e-commerce operator in Africa started its first day of trading with an opening price of $14.50 but the stock traded at the close of the day at $25.46 per share.

The initial public offering (IPO) of the pan-regional tech start-up, founded in Lagos in 2012, surged more than 75 per cent on its first day of trading at NYSE on Friday.



Jumia Nigeria CEO Juliet Anammah, was present to ring a ceremonial bell when the company’s stock began trading on the floor of NYSE.

Mr Alex Ibrahim, Head of International Capital Markets at the NYSE, told the News Agency of Nigeria that Jumia listed as an African technology company on the stock exchange.

According to him, however, Germany was only Jumia’s country of incorporation and the technology giant was a pan-African company.

“We are very excited about Africa because what we saw here today was amazing. This company priced extremely well, traded up largest volumes.

“So, that showed the interests by investors not only very large institutions but even the retails here in the U.S., the dynamics was extremely impressive.

“We are expecting to see other companies from the region in different segments of the tech space to potentially consider U.S. listing,” he said.

Ms Lisette Kwong, Corporate Communications officer, Intercontinental Exchange at the New York Stock Exchange, also told NAN that Jumia’s IPO was set at $14.50 but it actually opened and closed at higher prices.

“Last night before the stock opened, it was set at the price of $14.50. The opening price was $18.95 and then it closed at the end of the day at $25.25. So, it was really great,” Kwong said.



According to Ibrahim, Jumia had a 30 per cent bump at the opening and then continued to trade up until the end of the day. So as we said, it was a very successful transaction; a lot of demand.

“The interests by the U.S. investors was extremely strong so I’m assuming that investors will continue to look into Jumia because they provide the vehicle to tap into the region that is growing and providing access to U.S. investors to buy these products that actually mirrors the growth of the region,” Ibrahim said.

He said Jumia chose to list on New York Stock Exchange as against NASDAQ, which was usually traditional technology companies, because it saw the benefits.

Ibrahim said NYSE had large volatility than its competitor, NASDAQ, adding that NYSE provides more visibility, certainty of execution and when companies do transactions, they trade very well.

(NAN)

https://punchng.com/jumia-becomes-first-african-start-up-to-list-on-new-york-stock-exchange/?fbclid=IwAR361Fl1S_t3nMBWAbQSiYLJ2bRJEVnWL3PL6GqR0Aq36SpO3fgdEdf-gMA

The International Monetary Fund has criticised the government of Nigeria for mismanaging the Excess Crude Account and not saving enough for the rainy day.

The Director, African Department at the IMF, Abebe Selassie , in an interview with Nigerian journalists after presenting the regional economic outlook on the sub-Saharan Africa at the ongoing joint annual spring meetings with the World Bank in Washington DC, explained that though the country had done well with the Sovereign Wealth Funds managed by the Nigeria Sovereign Investment Authority, it decried the poor handling of the Excess Crude Account.



Selassie said, “There have been two Sovereign Wealth Funds in Nigeria. There has been the Excess Crude Account and the Nigeria Sovereign Investment Authority. The NSIA has been run transparently and based on standard best practice and it has been doing a good job.

“The concern that we have is about the ECA, because if you recall that the ECA economically was set up to save resources when oil prices are high, and to be drawn on when oil prices are low. We do not think that the ECA has been doing effectively enough job that way.

“Because you see, when oil prices fell, the economy was very hard in the last couple of years, we feel like much better job could have been done, saving enough more in the ECA when oil prices were at $100 and $120 per barrel.”

Former President Olusegun Obasanjo established the ECA in 2004 to promote savings and every dollar above the annual oil benchmark was deposited in the account. The Obasanjo government built up the ECA to $20bn at the end of its tenure in 2007.

However, successive governments since after Obasanjo have grossly abused the ECA and treated it like a slush fund that could be spent by the President and the governors whenever they wanted.

For instance, the withdrawal of about $Ibn and another $496m from the ECA by President Muhammadu Buhari without the constitutionally required legislative appropriation sparked outrage from some states and opposition political parties recently. The funds were said to have been used to intensify the fight against Boko Haram and acquire military aircraft from the United States.

Using the management of the ECA as a basis, the IMF had ranked Nigeria second-worst performer on the Sovereign Wealth Funds user index only ahead of Qatar in the Fiscal Monitor report also released on Wednesday.

Though the IMF said the index was compiled using the corporate governance and transparency scores of the sovereign wealth funds and the size of assets as a percentage of 2016 GDP of the countries considered, Selassie clarified on Friday that IMF considered the ECA and not the fund managed by the NSIA (which was put at $2.15bn as of May 2018) to arrive at Nigeria’s Sovereign Wealth Fund ranking.



The IMF also urged Nigeria to sign the Africa Continental Free Trade Area Agreement noting that when completed, the trade deal would establish a market of 1.2 billion people with a combined GDP of $2.5tn.

Recall that President Muhammadu Buhari has yet to sign the AfCTA, saying the country could not afford to go back to the days of signing agreements without understanding and planning for the consequences of such actions.

Selassie said, “From our perspective, we think that the AfCTA will help the region integrate; it’s been the dream of our leaders dating back to independence days and we think that it’s a very important initiative and beyond politics, it will have a positive impact economically.

“Like all trade agreements, like all integration measures, there can be adverse effects but these can be identified and policies are introduced to address those. We have to look at the big picture. Coming to Nigeria specifically, we think that Nigeria will also benefit as the largest economy from joining the AfCTA and being a full participant of that. In my view, looking at how dynamic Nigeria is and looking at the business people Nigeria has, the wealth of talent and entrepreneurs that it has, I don’t think you have to fear anybody else in terms of competition.”

The Managing Director of IMF, Christine Lagarde, had on Thursday called on the Federal Government to remove fuel subsidy, saying it was the right thing to do.

According to the IMF 2019 Article IV Consultation on Nigeria, phasing out implicit fuel subsidies while strengthening social safety nets to mitigate the impact on the most vulnerable will help reduce the poverty gap and free up additional fiscal space in Nigeria.

Selassie, who reiterated the same position, noted that removing subsidy was important because the lion share of the benefit of the subsidy went to the rich people.

https://punchng.com/nigeria-mismanaging-excess-crude-account-imf/?fbclid=IwAR0pGhZqvGtorin1_g_S7Ccm2WumMKKIk3O4qUCp5ZU77r1gsEpaLifYbo8

Zainab Ahmed, Nigeria's Finance Minister, says the government would make the process of removing fuel subsidy gradual.

She stated this in response to the position of the International Monetary Fund (IMF’s) on the need for the government to consider removing the fuel subsidy and channel the resources into developing the country.

Speaking on the sidelines of the IMF/World Bank Spring meetings in Washington D.C, Ahmed agreed with the IMF's position, but stated that the government needs to take certain steps first.

She said: “The advice from the IMF on fuel subsidy removal was a good one, which will be implemented in a manner that is both successful and sustainable. We are not in a situation where we will wake up one day and just remove subsidy. We have to educate the people, we have to show Nigerians what the replacement for those subsidies will be.

"So, we have a lot of work to do. We also need to understand that you don’t remove large amounts of subsidy in one go. It has to be gradual and the public has to be well informed on what you are trying to do”.

http://saharareporters.com/2019/04/13/well-remove-fuel-subsidy-gradually-says-nigerian-govt?fbclid=IwAR0dvHimUtS59rNq11rnOJ0tyN7y4gc0jFHY9XiMp3243Tv8npRsLzwas1I

Am not surprised say them be Chelsea..Na wetin them know that agbero club to be..

sinaj:
Ha!

If you dance like this in my area, you will take an oath after the burial to prove that you didnt kill your mother inlaw

The woman must be extremely old..probably over 90.In cases like that family,friends and relatives celebrate it in a big way because no be small person die.or you think its easy living up to 90 in Nigeria?

Wike and Ganduje will simply call the candidate in their state and give them a post in government..It once happened in Oyo state..Taiwo Otegbeye's name was omitted,He said he would go to court until the Ajimobi government gave him the post of a commissioner..I think twice sef am not sure..All these ones na gra gra..

Houseofglam7:
People are really jobless

very jobless..

SageMK:
Low budget Ronaldo.

Chelsea should come & sign this one to replace Hazard.

omolola15

Does people suffering depression out on weight?I am not understanding..

Girl you suppose wire belle first,una dey kneel down..Mumu.

President Muhammadu Buhari says the cyberspace is now being used for election manipulation, subversion of the democratic rights of citizens, as well as propagation of violence among the populace.

The President said this while delivering a keynote speech at the 2019 Annual Investment Meeting (AIM) in Dubai.

He said a level of regulation was required in order to protect the misuse of cyberspace and preserve the integrity of the digital economy, noting that Nigeria is taking the lead in cyber policing in West Africa due to its collaborations with regional and global partners.

Buhari restated the need for collective efforts by the public and private sector to deal with these threats to cyberspace.

He said: ”Today, we have a cyber-world that is intangible but real. This borderless world is powerful, and it impacts the lives of billions of people, no matter how remote their physical locations are.

“People work in it. People socialise in it. And people invest in it. This presents enormous opportunities. But it also remains a constant threat if left unregulated.

“On the one hand, it has made the human race more productive and more efficient. Today, we have digital banking, virtual currencies and many social platforms that connect people and cultures. On the other hand, we have seen platforms hijacked and manipulated as evidenced by the steady rise in fake news and cybercrimes.

“More recently, we are also witnessing the use of the cyberspace to manipulate elections, subvert the democratic rights of citizens as well as propagate violence.

“In effect, the digital world has become the new frontier for both good and evil. Therefore, the challenge for world leaders must be to ensure that this space is inclusive, accessible and safe,”

“In Nigeria, our mobile phone penetration exceeds eighty per cent. This means the majority of Nigeria’s 190 million citizens are fully connected to this new digital world, especially our youth.

“Sixty-five per cent or 170 million Nigerians are under the age of 25 years. These bright minds are the drivers of this emerging digital sector. Today, Nigeria has close to 90 technology hubs and every day, new ones are coming up and they are all developing solutions for Nigerian, and indeed global problems.

“Already, these young entrepreneurs have attracted investments of over $100million dollars, a sizeable amount from overseas, including Silicon Valley. As many of you from this region are aware, Nigerian start-ups always have a very impressive outing at the Gulf Information Technology Exhibition (GITEX). Many have won prizes.

“When we came in 2015, we immediately agreed that any future economic growth must be inclusive. As the Nigerian youth population is fully digitalised, it is clear that the idea of having an inclusive economy cannot be achieved without digital inclusion.”

http://saharareporters.com/2019/04/09/buhari-laments-use-cyberspace-manipulate-elections?fbclid=IwAR1tdP3C6l-E2EXrlAsv-PhFOp6LZslc8913dMcnuFy-tao0sCdqvrmuRO8

Next Level joooo..You aint seen nothing yet..

DrHost:
Hello,

I'm Tobiloba, a student of the university of Ibadan College of medicine.

I'm passionate about quality health delivery and reduction of long waiting hours at our hospitals.

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Thank you


Pls Rb

Doctor,how can I get a sexy female doctor that will be playing with daddddy..thats all what I want..A freaking doctor and a doctor alone!

twinskenny:
When it come to this thing, size of building varies... I have seen a three bedroom bungalow that’s bigger than some 4bedroom bungalow... using Mr A building to judge yours might not be accurate

Fact!

Amazonboss:
Lolzzzz I like this especially the last paragraph explicit and informative as well as interesting. She hates teaching jobs too. Any alternative to where she may do her PPA?

Thanks alot.

You welcome..However have got no idea of where else she can do her PPA apart from teaching as I dont know her area of discipline..However there are lots and lots of places where this individual can do her PPA..

tempex88:
How much on the average should be charged as plastering workmanship for a 4 bedroom bungalow? My guy wants 430k as plastering workmanship alone.

Also I will appreciate if anyone can recommend

430K for workmanship?that's pretty high naa..too bad..Mine was 200K for workmanship for a 3bedroom.either 190 or 200K cant remember now..Please find another bricklayer o

SaucyBenks:
Have missionary with a plus sized lady n you'll know how in there feels... Ooh feels like current ran through my body right now


Ogbono! if you know, you know...

If you know you know my brother..I dont like Lepa at all..I mean all the pussy go be bone..You got to have some meat..Ass,nice asss..not too big but got some ass baby

cc veekid.

Thats the real Nigga there...

kay29000:
Wow! I didn't know that. But I sure believe it.

Yes bro it is..Anything food you gonna get it there..I saw where the OP even showed the picture of the Babaloja..The Alhaji go be one stupid multi millionaire with choice properties all around..