Business

Echeruo: the Nigerian, Apple bought his ICT firm for $1b

Echeruo: the Nigerian, Apple bought his ICT firm for $1b

August 26, 2019 2:07 am

United States of America’s most celebrated brand, Apple, has bought Nigeria’s Chinedu Echeruo’s HopStop.com. According to The Wall Street Journal’s publication, AllThingsDigital, it informed that though the term of the deal has not been disclosed officially, but HopStop has been compared to Israel’s Waze, which was acquired by Google for $1 billion.

Founded in 2005, HopStop.com makes mobile applications for both iOS and Android that covers over 300 cities and that helps people get directions or find nearby subway stations and bus stops.

Echeruo, formerly an analyst at investment banks and hedge funds, who founded HopStop, is now chairman …

Nigeria, others, to attract $103b gas investment in 2019

Nigeria, others, to attract $103b gas investment in 2019

August 22, 2019 9:51 pm

Nigeria, Egypt, South Africa, Mozambique, Senegal, and Mauritania have been identified as African countries that will spur investment in Liquefied Natural Gas (LNG) on the continent to about $103 billion this year.

Holding about 7.1 per cent of proven global gas reserves, a report yesterday, from the 5th Gas Summit in Malabo, Equatorial Guinea, said the continent will contribute nearly 10 per cent of global LNG production growth through to 2024.

It added that on the demand side, Africa’s large, urbanised and industrialised societies of the future would require reliable and sustainable power generation.Citing greenfield investments in Nigeria, Egypt, Mozambique, …

Oil prices fall on weak economic data from Europe , China

Oil prices fall on weak economic data from Europe , China

August 14, 2019 9:38 am

Oil prices fell on Wednesday on weak economic data from China and Europe and a rise in U.S. crude inventories, almost erasing the previous session’s sharp gains after the U.S. said it would delay tariffs on some Chinese products.

Brent crude LCOc1 was down $2.08, or 3.4 per cent, at $59.22 a barrel at 1214 GMT, after rising 4.7 per cent on Tuesday, the biggest percentage gain in a day since December.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were down $2.13, or 3.7 per cent, at $54.97 a barrel, having risen four per cent the previous session, the …

NNPC reports $226m oil revenue drop in June

Refinery: NNPC not in competition with Dangote – Kyari

August 1, 2019 1:30 am

The Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Malam Mele Kyari says the corporation is not in contest for market share with the forthcoming Dangote Refinery.

Kyari disclosed this in a statement signed by Mr Ndu Ughamadu the spokesman for the corporation, in Abuja, on Wednesday.

He said that NNPC focus was on providing support to the promoters of the project to boost the country’s refining capacity.

Kyari was quoted to have said this while receiving the President of Dangote Group, Alhaji Aliko Dangote, at the towers.

He explained that as the chief enabler of the …

Breaking: MTN Nigeria closes shops nationwide

MTN earns ₦98b half year profit, adds 3.3m new subscribers

July 27, 2019 12:48 am

Telecommunications firm, MTN has earned ₦98.9 billion profit in the first half of 2019, ended June 30 and added 3.3 million new subscribers to its network, pushing its subscribers base in Nigeria to 61.5 million.It explained that its service revenue increased by 12.2 per cent; voice revenue by 11.4 per cent, while data earnings grew by 31.7 per cent.

Its result released yesterday indicated that its Fintech revenue increased 21.2 per cent, while earnings from its digital businesses increased by 64.5 per cent.

The telecommunications firm, which made significant changes in its Nigerian board composition on Wednesday, said with its …

Nigeria losing over $3 billion to piracy - NCC DG

Nigeria losing over $3 billion to piracy – NCC DG

July 13, 2019 2:37 am

Speaking to newsmen on the sideline at the commission’s Governing Board meeting, Nigerian Copyright Commission (NCC) Director General, Mr. John Asein, said that effect of piracy is not only in monetary terms but also the colossal damage it does to practitioners.

Asein noted that the over $3b is just an estimation as its actual value is almost immeasurable.

He added: “Unfortunately, like most aspects of our national life, we don’t have exact figures, but you can only imagine when you have the size of Nigerian creative industry, you know that more than half of what should have come in goes …

IMF approves Congo Republic bailout after China debt deal

IMF approves Congo Republic bailout after China debt deal

July 12, 2019 12:12 am

The International Monetary Fund’s (IMF) executive board approved a bailout worth nearly $449 million for OPEC member Congo Republic on Thursday, potentially setting a precedent for other nations struggling under the weight of large debts to China.

Congo’s economy suffered from a sharp drop in crude prices in 2014, and debt levels had ballooned to 118% of GDP by 2017. But even as its oil producing neighbors secured IMF programs, Congo’s negotiations for a bailout dragged on for two years.

The Fund demanded that Congo ensure the long-term sustainability of its debt as a precondition for a three-year extended credit …

GTBank named ‘Best Bank in Africa’ at Euromoney awards

GTBank named ‘Best Bank in Africa’ at Euromoney awards

July 12, 2019 12:01 am

…Also emerges Best Bank in Nigeria for a record 9th time

Foremost African financial institution, Guaranty Trust Bank Plc, has been named the Best Bank in Africa 2019 by Euromoney at its annual Awards for Excellence, which held in London on Wednesday, July 10, 2019, at the London Hilton Hotel, Park Lane.
GTBank was also named the Best Bank in Nigeria for a record ninth time, reflecting the Bank’s position as one of the best managed financial institutions in the country, with strong and focused leadership that keep the business in a constant state of re-invention and innovation.

Now in …

Afreximbank approves $1b for African trade

Afreximbank approves $1b for African trade

July 9, 2019 12:41 am

African Export-Import Bank (Afreximbank), has instituted a $1billion Agreement for the African Continental Free Trade Area (AfCFTA) Adjustment Facility to enable countries adjust in an orderly manner to sudden tariff revenue losses as a result of the implementation of the AfCFTA.

Afreximbank President, Prof. Benedict Oramah, who addressed the 12th Extraordinary Summit of African Union (AU) Heads of State, announced a series of initiatives to support the implementation of AfCFTA, yesterday in Niamey, Niger.

“This facility will help countries to accelerate the ratification of the AfCFTA,” he said, telling the heads of state that, by starting the operational phase of …

Governor Obiano, wife, aides arrive in U.S. for business

Governor Obiano, wife, aides arrive in U.S. for business

July 8, 2019 2:10 am

Governor Willie Obiano of Anambra on Sunday evening arrived in the United States on a business visit to the City of Orange in New Jersey.

The News Agency of Nigeria (NAN) reports that the governor landed at the Newark Liberty International Airport in company with some party and government officials.

With him were the National Chairman of the All Progressives Grand Alliance (APGA), his party, Mr Victor Oye, and the state Attorney-General and Commissioner for Justice,  Anali Chude.

Others include the Speaker of the State House of Assembly,  Mr Uche Okafor, and the Managing Director, Anambra State Investment Promotion and …

African leaders launch free-trade zone

African leaders launch free-trade zone

July 8, 2019 12:16 am

African leaders launched a continental free-trade zone on Sunday that if successful would unite 1.3 billion people, create a $3.4 trillion economic bloc and usher in a new era of development.

After four years of talks, an agreement to form a 55-nation trade bloc was reached in March, paving the way for Sunday’s African Union summit in Niger where Ghana was announced as the host of the trade zone’s future headquarters and discussions were held on how exactly the bloc will operate.

It is hoped that the African Continental Free Trade Area (AfCFTA) – the largest since the creation of …

SPARK programme: FirstBank to empower 500 widows

July 5, 2019 12:21 am

First Bank of Nigeria Limited says it will scale up its empowerment of widows to 500 before the end of the year.

The bank, which provided funding to the widows to grow their micro-medium scale businesses, has empowered 125 widows as identified by the International Women Society (IWS).

Mrs Bashirat Odunewu, the Group Executive, International Banking Group (ITBG), said this at the 125 widows’ endowment empowerment programme in commemoration of FirstBank 125th Anniversary in Lagos,

She said the bank’s partnership with IWS was designed to further the empowerment of women, especially widows, as part of activities marking 2019 Corporate Responsibility …

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