₦airaland Forum

the Bureau of Public Procurement (BPP) has commenced the first phase workshop for the categorisation and classification of contractors as part of the effort of government to enhance transparency in public transaction.
READ MORE AND LIVE YOUR COMMENTS :http://businessnews.com.ng/2011/11/20/classification-of-contractors-exercise-by-bpp-commences/

The Forbes Africa Magazine has published a list of 40 Africans billionaires Using stock prices and currency exchange rates to value privately-held businesses, estimates of revenues or profits with prevailing price-to-sales or price-to-earnings ratios for similar public companies were used.
READ MORE AND LIVE YOUR COMMENTS :http://businessnews.com.ng/2011/11/20/nigerian%e2%80%99s-wealthiest-on-forbe%e2%80%99s-40-african-billionaires/[url]http://businessnews.com.ng/2011/11/20/nigerian%e2%80%99s-wealthiest-on-forbe%e2%80%99s-40-african-billionaires/[/url]

Kenny Dalglish has sealed a major transfer coup as Liverpool have beaten Chelsea to Oluwaseyi Ojo’s signature. The 14 year old who played for MK Dons, before now look set to join Chelsea, who had reportedly agreed a £2 million fee for the teenager.

But Liverpool has stolen a march on their rivals and Ojo will continue his football education at Anfield.

read more :http://businessnews.com.ng/2011/11/18/liverpool-pip-chelsea-to-nigerian-teenage-sensation-oluwaseyi-ojo/

Ikeja Hotel Plc notified the Nigerian Stock Exchange today of its intention to hold its Annual General Meeting (AGM) next month.

read more :http://businessnews.com.ng/2011/11/18/news-flash-ikeja-hotel-plc-notification-of-agm/http://businessnews.com.ng/2011/11/18/news-flash-ikeja-hotel-plc-notification-of-agm/

The Nigerian Labour Congress (NLC) has directed protesting workers of the Power Holding Company of Nigeria (PHCN) to resume work immediately.

This was arrived at after a meeting, which the Congress held with the National Union of Electricity Employees (NUEE) and the government on Wednesday.
read more :http://businessnews.com.ng/2011/11/19/phcn-workers-to-resume-work/

Freight forwarders have advocated for one per cent of freight on board (FOB) as professional fee for practitioners as a measure to end decades of fraudulent practices involved in clearance of goods at the nation’s ports.
read more :http://businessnews.com.ng/2011/11/19/freight-forwarders-advocates-for-1-fob-professional-fee/

Emerging economies are playing catch up with the western economies in a global re-balancing economy. This has led to an urgent adoption of ideas and processes that has set the western economies apart from the rest of the globe, even as countries like Nigeria embark on a pace to catch up.
read more :http://businessnews.com.ng/2011/11/17/nigeria-in-a-rebalancing-global-economy/

The plans to save about N315 billion per annum on the importation of wheat flour into the country has been concluded by the Federal Government.

According to the Minister of Agriculture, Akinwumi Adeshina, Nigeria spends a total of N635 billion per annum on the importation of wheat flour, yet is the highest producer of cassava in the world. The country produces 35million metric tons of cassava, but uses almost none of it, choosing instead to import wheat which it uses in the production of bread.
read more :http://businessnews.com.ng/2011/11/18/n315b-expenditure-on-wheat-importation-in-nigeria/

As the market continues to decline, some stocks on the NSE continue to show a bullish resilience. In the consumer goods sector today, Dangote was the shining star today, as two of the groups companies, Dangote Sugar and Dangote Flour, recorded an uptick of 4.98% and 4.86%.
read more :http://businessnews.com.ng/2011/11/17/stock-market-watch-some-stocks-rose-from-the-concrete/

The Nigerian government has levied a fine of $235 Million on two British carriers. The affected carriers are British Airways (BA) and Virgin Atlantic, and are fined $135 Million and $100 Million respectively.

The carriers have been accused of sharp practices by Nigeria’s aerospace regulators.
read more :http://businessnews.com.ng/2011/11/17/nigeria-levies-235-million-fine-on-ba-and-virgin/

At the second meeting of the Aviation Statistical Committee for 2011 in Ota, Ogun State, The Managing Director of the Federal Airports Authority of Nigeria (FAAN), George Uriesi, challenged the committee to come up with a statistical data framework that would enhance decision making, and proffer solutions to challenges that are peculiar to the industry.
READ MORE :http://businessnews.com.ng/2011/11/18/it-takes-statistical-data-to-proffer-solutions-to-aviation%e2%80%99s-challenges/[url]http://businessnews.com.ng/2011/11/18/it-takes-statistical-data-to-proffer-solutions-to-aviation%e2%80%99s-challenges/[/url]

Helios Investment Partners (HIP) formally announced its acquisition of 100 per cent equity interest in the company from its previous shareholder, Telkom South Africa.

HIP, one of the largest Africa-focused private investment firms, with assets under its management in excess of $1.9 billion, said after resolving the issues battle that trailed Multilink’s formal acquisition by another Code Division Multiple Access operator in Nigeria, decided to formally announce the taken over after reaching an agreement.
READ MORE :http://businessnews.com.ng/2011/11/18/helios-investment-partners-acquires-multilinks/

Honeywelll Flour Mills has released its Q2, 2012 results, reporting a net income of N 941 Million.

The company reported a marginal increase of 2.5% in Revenue which was N 18.7 Billion, up from N 18.2 Billion over the same period last year.
read more : http://businessnews.com.ng/2011/11/16/earnings-watch-honeywell-flour-mills-records-n-941-million-q2-net-income/

The Stock Market declined for the second day in a row, shedding 15 points today and bringing the All Share Index to 20,372.92.

Forte Oil consolidated on previous day gains and took the full 500 points allowed, the company was the biggest gainer in the market today.
read more : http://businessnews.com.ng/2011/11/16/stock-market-watch-asi-in-second-day-decline/

Nigeria’s economic growth slowed slightly in the third quarter to 7.4 percent year-on-year as oil output dipped, but a rise in headline inflation in October strengthened expectations for an interest rate rise next week.

Gross domestic product (GDP) in Africa’s second-largest economy slowed from 7.72 per cent in the second quarter but was in line with expectations.

Food prices, the largest contributor to the consumer index, rose 9.7 percent year-on-year in October from 9.5 per cent the previous month.
read more :http://businessnews.com.ng/2011/11/17/nigerian-economy-takes-a-slow-turn-in-third-quarter/

CJN Ban On Plea Bargain For Graft

The Chief Justice of Nigeria, CJN, Justice Dahiru Musdapher, has banned the use of plea bargain and trial by public parade against suspected criminals and corrupt public office holders. This is coming at a critical time in the nation’s life, where the plea bargaining has smeared the judicial process and has ridiculed effort at securing justice.

While delivering a speech at this year’s 5th annual general conference of the Nigeria Bar Association, he said the two prosecutorial tools were not only alien to the nation’s statute, but also dangerous to its justice system. Specifically, he mentioned that they should never be mentioned in the country’s jurisprudence.

Plea bargain is an agreement in a criminal case whereby the prosecutor offers the defendant the opportunity to plead guilty, typically for a lesser charge for a reduced punishment/sentence. It is a prosecutorial tool that allows criminal defendants to avoid the risk of conviction at trial on the original more severe charge.

This has been wielded by the government and her agencies in impeding the prosecution of top public officials. Examples of its use were for former Inspector- General of Police, Mr. Tafa Balogun, and former Governor of Bayelsa State, Chief Diepreye Alamieyeseigha, who were convicted via this prosecutorial tool.

This tool remains controversial and has been deployed in the resolution of the multi-billion dollar Halliburton and Siemen scandals with the culprit left off the hook. It has been argued that this tool comes handy as a result of our weak legal system.

We are pleased with CJN’s resolve that it should never again be mentioned in our jurisprudence. This alien tool has its origins from the criminal justice system of United State and plays a critical role over there and should be left there for now; if it has to be used then we have to legislate and pass it into law with discreetness.:

http://businessnews.com.ng/2011/11/17/cjn-ban-on-plea-bargain-for-graft/

Emerging economies are playing catch up with the western economies in a global re-balancing economy. This has led to an urgent adoption of ideas and processes that has set the western economies apart from the rest of the globe.

The fact that labour can now be traded on a global scale demands we take a swift approach in make competitive our labour force. For remaining docile in a fast-paced world with changing realities and their dire consequences, we have to begin incorporating ingenious programs being carried out overseas to bring their labour force in global competitiveness and reckoning.
read more :http://businessnews.com.ng/2011/11/17/nigeria-in-a-rebalancing-global-economy/

In the beginning was the internet, it thrives on free web content and by that transformed the world of journalism. But that era might be receding into the past as companies find ways to monetize.
read more :http://businessnews.com.ng/2011/11/16/innovation-paying-for-web-content-to-survive/

The management of the Nigerian Stock Exchange (NSE) has concluded plans to launch the Exchange Traded Funds (ETF) in order to deepen the value of the equities market and provide an alternative investment window for investors.

There would be a formal launch of the ETF on November 21, which will serve as alternative means where investors who are still skeptical about investment in shares could access the stock market for investment purposes.
rea more and live your comments : http://businessnews.com.ng/2011/11/16/etf-to-be-launched-as-an-alternative-for-investors/

The dust might be finally settling down after AMCON cash injections in frail banks. But trust has been orphaned. Before now credit which was the lifeblood of the economy stopped flowing and banks refused to lend to each other because of lack of trust.

While we can begin to sigh because the extreme part of the crisis is over, that is the panic; we should work towards recovery and bring trust in our financial systems.
read more :http://businessnews.com.ng/2011/11/16/building-trust-after-amcon-cash-injections/

•Declares ACN candidate winner

The State and National Assembly Election Petition Tribunal, sitting in Bauchi, yesterday nullified the election of Idi Shehu Tiyin of the Peoples Democratic Party (PDP). The lawmaker is representing the Warji State Constituency in the Assembly and he is the Chairman, House Committee on Security.

The tribunal declared Hamza Gawo of the Action Congress of Nigeria (ACN) winner of the April election.

Gawo had challenged the election of Tiyin for non-conformity with the Electoral Act 2010, as amended. read more : [url]http://dailypost.com.ng/2011/11/16/tribunal-nullifies-pdp-candidate%e2%80%99s-election-and-declared-acn-candidate/[/url]http://dailypost.com.ng/2011/11/16/tribunal-nullifies-pdp-candidate%e2%80%99s-election-and-declared-acn-candidate/

Oceanic Bank would fully merge its customers with Ecobank by the first quarter of 2012. The merging of the two bank customers would allow customers to conduct teller transactions at over 230 locations of Ecobank Nigeria. When implemented, customers also would be allowed to use their Automated Teller Machine cards at Ecobank machines with no extra transaction charge.
read more :http://businessnews.com.ng/2011/11/16/oceanic-and-ecobank-will-merge-customers-by-2012/

The application of bridge bank System according to the Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim, was to resolve the issue of three under-capitalised banks which in all, was in the interest of depositors and customers of the banks.
read more :http://businessnews.com.ng/2011/11/16/the-bridge-bank-system-was-to-resolve-problems-of-undercapitalization-ndic/

THE Managing Director of Unity Bank Plc, Mr. Ado Wanka reveals at the Unity Bank Day of 2011 Lagos Trade fair that the bank had financed the purchase of BRT buses to the tune of $6.3 million (N981.1 million).
read more :[url]http://businessnews.com.ng/2011/11/16/unity-bank%e2%80%99s-financial-contribution-to-brt-buses-sums-up-to-n981-1m/[/url]

NNPC reveals that two local firms had completed the purchase of 45 per cent stakes in two onshore oil blocks, previously owned by Shell, Total and Eni.

NNPC provided that First Hydrocarbon Nigeria (FHN), owned by Afren, bought a 45 pct stake in OML 26 owned jointly by Shell, Total and Eni. The block has target production of 50,000 barrels of oil per day by 2015.
read more and live your comment :http://businessnews.com.ng/2011/11/16/two-local-firms-purchase-oil-blocks-of-shell/

FIDELITY Bank Plc was awarded the certificate confirming that it has fulfilled the necessary requirements and has subsequently joined the only 10 companies in Africa whose information management system has become ISO 270001 compliant.

At the event in Eko Hotel Lagos, Theuns Kotze, Managing Director, British Standards Institute (Europe, Middle East and Africa) described Fidelity Bank as one of the best companies that have successfully carried out the process mapping and compliance tests that lead to the issuance of ISO 27001 certificate.
read more :http://businessnews.com.ng/2011/11/15/fidelity-bank-awarded-iso-27001-to-make-no-10-of-all-banks-in-africa/

Eagles Captain Set To Equal Muda Lawal,Kanu All-Time Nigeria Record
Wants To Win Title,Says:Team’s success better than personal records

Super Eagles skipper Joseph Yobo is set to match the 86 cap all-time Nigeria record for international appearances if he plays today in the international friendly game against Zambia at the Ahmadu Bello stadium,Kaduna.
read more :dailypost.com.ng/2011/11/15/all-eyes-on-yobo-today/

Obafemi Martins has asked new Super Eagles coach Stephen Keshi to give him another chance to prove himself just as he has backed the coach to succeed.

“The Eagles drew 0-0 with Botswana but with more time, the team will be back on top again,” said ‘Obagoal’ from his base in Russia.
read more :http://dailypost.com.ng/2011/11/15/i-want-to-play-for-keshi-obafemi-martins/

The human population has grown at such dazzling a pace, thereby stimulating discussions on where the next innovation in tech could come from. That is the task of the curious mind. Bloomberg Business said our population has doubled over the last past 50 years and could double again, to 14 billion, in the next 50 years.

This human population will lead to increase demand for food, energy, and other stuffs with resources receding at a grave pace. It is for this reason experts have argued that emerging trend will boost a gamut of industries in the areas of water, alternative energy and clean tech too.
read more :http://businessnews.com.ng/2011/11/15/betting-on-tech-where-the-likely-innovations-might-sprout-from/

The national honour is one of the awards prominent Nigerians look forward to. But it has suffered from numerous credibility issues and subsequent rejections that have befell it. Even the gale of celebration couldn’t have stopped another rejection from happening to it again.

While in 2004, the renowned novelist Prof. Achebe rejected the award thereby drawing the irritation of the government of the day, this time it wasn’t different. Even the President has lamented his refusal, trying hard to tell everyone who cares how much electoral reforms he has brought and the impact it has had on the electoral process.
read more :[url]http://businessnews.com.ng/2011/11/15/national-honours-awards-and-professor-achebe%e2%80%99s-2nd-rejection/[/url]

Goldlink Insurance Plc is definitely an insurance company that is worth another look by investors and market analysts.

In an era where insurance companies are renowned for consistently losing money, the company has managed to book a, wait for it, N 1.13 Billion Net income or Profit After Tax, up 17% from N 975 Million recorded over the same period in 2010.
READ MORE ; http://businessnews.com.ng/2011/11/09/earnings-watch-goldlink-insurance-posts-great-3q-results/