The Nation Newspaper

Category: Business

  • Mobile apps challenge for girls

    As part of the International Telecommunications Union’s Girls in ICT project & Tech Needs Girls campaign, Women in Technology in Nigeria, has unveiled the Technovation Challenge to Nigeria to encourage young girls develop interest in the development of applications.

    A statement by WITIN noted that the Mobile App Challenge has been opened for secondary school girls (aged 13-18) who would work in teams of five to develop mobile apps, conduct market research, write business plans, and create a “pitch” for funding.

    According to the statement, each team is expected to work with both a classroom teacher at their school and a female mentor/role model from the technology industry, adding that WITIN will lead mentors in Nigeria who would guide teachers to train teams from now till April about how to build the apps. The training, it noted, will culminate in a global competition where teams compete for funding to launch their company and take their app to market.

    The goal of the programme is to promote women in technology by inspiring girls to see themselves not just as users of technology, but as inventors, designers, builders, and entrepreneurs in the technology industry.

     

  • NEXIM boosts export with N85b

    The  Export-Import Bank (NEXIM Bank) gave over N85 billion in support of 900 export projects last year, its Managing Director, Roberts Orya, has said.

    In a statement, Orya said, the bank created over 300,000 direct and indirect jobs and would help in generating over $1.2 billion in foreign exchange earnings for the country, substantial part of the money, he added was spent on Small and Medium Scale Enterprises (SMEs).

    Orya said, as an export credit bank of the Federal Government, NEXIM is working hard to rationalise its authorisation of diversification of the  economy through the provision of finance, risk bearing, and policy support to the non-oil export sector.

    He said:  ”Given our efforts to develop the high growth sectors and increase employment generation in the country, we have also developed a funding programme for the creative and entertainment industry in addition to a special scheme for SME exporters in the ECOWAS region.”

    Orya said the bank has also issued guarantees worth $27.3milion to some manufacturers some of whom are engaged in greenfield projects.

    The interventions, Orya added, were in its target sectors with high growth potential of manufacturing, agro-processing, solid minerals and services.

    The NEXIM Bank’s chief said as a result of these operational interventions, the bank was able to generate and sustain direct jobs of over 14,358 last year.

    He commended the shareholders for fresh capital injection as well as other institutional support through supervisory and regulatory over- sight and guidance from the CBN and the Federal Ministry of Finance.

    He urged the government and other  stakeholders to make use of small manufacturing industries to boost exports.

  • MainOne, Kitskoo, others to hold confab

    A group of technology firms in Nigeria and their offshore technical partners are planning an ICT managers confab in Lagos. The parley is to address the challenges facing the industry and highlight the business benefit of network-based ICT services to managers drawn from different segments of the business community, a statement has announced.

    Gilbert Kimeng, the Service Manager of Kitskoo, said the forum would be organised in partnership with leading technology firms like MainOne Cable Company, Tech Mahindra and Resourcery to highlight the need for collaboration in the industry.

    Kimeng who spoke about its business offerings and benefits to the business community added the IT services company that offers end-to-end Business Services Platform that provides immediate business solutions on demand basis without capital investment taking advantage of cloud computing technologies.

    “There is no doubt that organisations’ IT needs are evolving rapidly and there is the need to take this burdenoff business organisations so that they can concentrate on their core business. That is why Kitskoo, in partnership with leading technology firms like MainOne Cable Company, Tech Mahindra and Resourcery, is responding by providing business focused ICT solutions in Nigeria,” Kimeng said.

    On the firm’s service offerings, he said, “We are an Information Technology services company focused on organisations’ most critical ICT requirements. Kitskoo’s Guardian range provides a fully managed backup, recovery and security services for mission critical data and applications. The Kitskoo Guardian backup and recovery solution is a unique disk-to-disk alternative to traditional backup methods, replacing conventional tape-based systems with a fully automated cloud solution.”

     

  • Low turnout mars SGBN’s account validation

    Majority of the customers of the defunct Societe Generale Bank of Nigeria (SGBN) failed to turn up for the bank’s ongoing account validation exercise, which started last Tuesday, The Nation’s investigation has revealed.

    At the Lagos validation centres visited yesterday, staff of the bank, which now operates under a new name – Heritage Bank, were seen sitting idly with no customer to attend to.

    At the AIB Plaza, Victoria Island; University of Lagos Guest House in Akoka and Eko FM Multipurpose Hall, Ikeja – all in Lagos State where the exercise is taking place, there was low turnout of customers. Not even a single customer was seen at the Eko FM Multipurpose Hall after our correspondent had waited for over 40 minutes yesterday. But a staff of the bank who asked not to be named said 20 customers were able to validate their accounts on Tuesday, adding that by 2pm yesterday, only 10 customers had turned up for the exercise.

    However, at the AIB Plaza centre, only one customer turned out after 30 minutes of waiting.  The source however, explained that for an exercise of this nature, there are likely to be doubts in some quarters before confidence is built. She said: “People have been coming, especially the people that have their money trapped in SGBN over nine years ago. One of the things that we discovered is that because of the goodwill that the bank has, the customers are happy that the bank is coming out of the ashes and many of them have asked that their accounts be retained in the new bank”.

    The source explained that because Tuesday was the first day, there were people with doubts about how the exercise will work. “Some people will want somebody to call them,” she said.

    The source explained that at the point of validation, customers are expected to come with identity card, cash withdrawal form and deposit slip. For current and corporate accounts, the account holders are expected to bring their cheques or cheque stumps. Customers can also come with their Automated Teller Machine (ATM) cards.

    Explaining how the validation exercise is conducted, she said:”We have to call up a customer number from the server base at the head office.  Then, cameras and pictures of the customers will be captured and stored. The forms are submitted to the control officer who sends same to the validation officer. The validation officers will then find out if the accounts exist, and if verified, the account holder is referred to the cashiers who then write a cheque for customers that want their money to be paid”.

    However, for the customer that has no evidence to show that he has an account with the bank, the case can only be treated when the bank finally begins operation. She said the bank has enough funds to pay all depositors should they want their money to be paid. “Management has made adequate preparation for everybody and we have the financial strength to pay everybody if the need arises,” she said.

    The Management of Heritage Banking Company had in a statement issued two weeks ago said the exercise was in line with the terms of the Central Bank of Nigeria (CBN) approval of its banking licence to offer commercial banking services under a Regional Bank status.

     

     

     

     

  • N5b lost to illegal importation of caps

    The Cotton Textile and Garment (CTG) sub-sector is said to be losing N5billion yearly to the illegal importation of caps, as a result of the porous state of the country’s border posts where about 50 million caps find their way into the country.

    The Head of Operations, Crown Natures Nigeria Limited, Mrs Busayo Gbaluwe, who spoke at the presentation of caps and hats in Lagos, said about 50 million inferior caps are imported yearly, thereby denying local manufacturers of their share of the market.

    Mrs Gbaluwe said the need to transfer technology and bridge the gap, especially for people that go out of the country to import caps, informed the decision of the company to float the outfit with its focus on using traditional African fabrics, such as adire and ankara, to make caps.

    Again, she said the company was floated as an agent of wealth and job creation, as a result of the innovation it introduced in cap making, saying the move by Crown Natures Limited is the first in Nigeria.

    The company, which is a beneficiary of the N100 billion CTG intervention fund, managed by the Bank of Industry (Bol) admitted that without the fund, the project would not have been a success.

    She lamented that prior to the introduction of the fund, their experience with a leading commercial bank in Nigeria was traumatic because the interest rate was high and as such, they could not break even with the funds sourced, which she said, was released for a short tenure.

    The fund has helped her firm to reposition and expand its operations beyond the level it was in 2006 when they started operations, saying the company employs over 64 workers and planning to employ more.

    Besides, she said before the company accessed the CTG, the firm produced about 500,000 units of caps yearly, saying this has shot up to 1.2 million at the moment with more room for improved productivity.

    On local content, she explained that about 45 percent of raw materials are sourced locally while the remaining is still imported because there are no companies producing the items locally at the moment.

    Also speaking, the Managing Director of BoI, Ms Evelyn Oputu, lauded the resolve of the firm to promote local fabrics.

    She tasked the management of the company to look beyond the local market and explore the potential in the export market. She assured that the bank would support the firm

     

  • Indomie gets award

    Indomie Instant Noodles has won the Product Excellence Award organised by the Consumers Protection Council (CPC).

    The firm received the award at the Sheraton Hotels and Towers, Abuja.

    Indomie emerged winner through votes by consumers authenticated by a panel whose members were drawn from the Nigerian Labour Congress (NLC), the Media, Organised Private Sector (OPS), the Standards Organisation of Nigeria (SON), the Nigerian Communications Commission (NCC) and the National Association of Nigerian Students (NANS).

    According to the CPC’s Director-General, Mrs. Ify Umenyi, the Nigeria Consumer Award (NiCA) was instituted by the agency to honour corporate bodies that produced products and services that are of highest standards.

    Umenyi said the maiden edition of the awards featured 14 categories. These include: Service Excellence Awards, Product Excellence Awards, Consumer Rights Advocacy Awards and Corporate Social Responsibility Awards.

    Minister of Trade and Investment Mr Olusegun Aganga, who was represented at the ceremony by the Minister of State in the ministry, Mr. Samuel Ortom, said the need to ensure the protection of consumers cannot be over emphasised.

     

     

  • Wema Bank, three others now market making stocks

    THE Nigerian Stock Exchange (NSE) yesterday announced the addition of four new stocks to its market making programme. They are Flour Mill, Unilever, Royal Exchange, and Wema Bank Plc. This brings to 43 the total number of market making stocks at the Exchange.

    According to the NSE, the inclusion of the stocks from Consumer Goods and Financial Services sectors became effective today.

    The addition of the new stocks was in line with the planned phased approach for introducing stocks to the programme from the baskets allocated to the Market Makers on the Exchange.

    Meanwhile, transactions on the floor of the NSE closed with a further appreciation on the twin market indicators. The All-Share-Index and market capitalisation improved by 77 basis points each.

    Specifically, gains recorded by market heavy weights strengthened the indicators’ returns today. Nestle, FBNH, Nigeria Breweries, GTBank and Guinness added values to their previous closes to push indicators to two-day consecutive uptrend.

    Lead indicator, NSE-ASI added 243.99 points to hit 31,815.45 points while the capitalisation went up by N78 billion to close at N10.179 trillion. These represent a growth of 0.77 per cent respectively.

    Nestle continued the streak of appreciation hitting highest price ever at N840.10. It added N49.85, representing 6.31 per cent growth as a market making stock.

    The market equally benefited from value appreciation posted by some mid-capitalised stocks such as Diamond Bank, Julius Berger, Flour Mills, PZ Cussons, UBA and Dangote Sugar.

    However, the volume of shares traded stood at 424.661 million worth N3.850 billion across 6,505 deals. This was lower than 507 million units worth N3.1 billion exchanged in 6,666 deals on Tuesday.

    On the price movement tables, a total of 111 equities were traded while 40 appreciated. The remaining 25 recorded price reduction. Julius Berger topped the gainers’ chart with an increase of N6.00 or 9.92 per cent to close at N66.50 per share while Nestle followed with a gain of N49.85 or 6.31 per cent to close at N840.10 per share. PZ Cussons gained N1.90 to close at N34.00 per share.

    Others on the top 10 were Port Paint, Flourmills, Eterna Oil & Gas, Fort Oil, Livestock, Vitafoam and AG Leventis added N0.20, N4.05, N0.22, N0.75, N0.11, N0.20 and N0.07.

    International Breweries led others on the losers’ chart with a drop of N2.80 to close at N25.20 per share followed by Prestige Assurance with a drop of N0.06 to close at N0.60 per share.

    Others were Unity Bank, UACN, UAC-Property, Berger Paint, CAP, Honeywell Flourmills, JohnHolt and Nigerian Aviation Handling Company.

    On the activity chart, the banking sub-sector maintained its dominance in volume terms with 211million shares worth N1.7 billion followed by the insurance sub-sector with 99 million units valued at N61 million.

    The food products subsector trailed with 27million units worth N169 million.

    Trading in the shares of Unity Bank buoyed activities in the banking sub-sector with 42 million shares worth N30 million while the insurance sub-sector was enhanced by activities in the shares of Niger insurance with 62 million units worth N31 million.

     

  • Konica unveils printing machines

    Monica Minolta, the world’s leading digital print solutions company, has introduced its new range of products and applications into the market.

    The new products were unveiled during the Konica Minolta Digital Print Solutions exhibition, which was held in Lagos.

    The two-day Digital Print Solutions Expo, the firm organised with Skysat Technologies Nigeria Ltd., the authorised distributor for Konica Minolta in Nigeria and Ghana, served as a platform through which products and applications were presented to the primary market.

    the Area Manager, Central Asia, Middle East & Africa for Konica Minolta, described the digital printing possibilities in Nigeria as endless. “Konica Minolta is here to stay. We have come to Nigeria because the digital way is the next big thing in this part of the world and Konica Minolta is proud to be a part of it. The relationship with Skysat Technologies will in no small way develop and boost the economy of Nigeria and for that we are most honoured to be a part of this ride,” Oldfield said, adding that the products would save users up to 70 per cent on printing expenses, quality print production, the highest colour accuracy and so much more.

    Abdusattar Debs, Chairman, Skysat Technologies Ltd., said the firm comes with a promise to help boost the country’s economy. “Regardless of the evident challenges in the Nigerian economy, Konica Minolta has a promise to deliver cost-effective machines, overly efficient after sales service and the cheapest consumables possible. It is surely going to boost the Nigerian economy,” Mr. Debs added.

     

  • Africa is virgin land for investments, says Obi

    ANAMBRA State Governor Peter Obi has described Africa as a virgin land for investment in Information Communication Technology (ICT), agriculture and sectors of life. He spoke at the Canadian High Commission in Abuja during a meeting with the visiting Canadian Minister of International Trade, Hon. Ed Fast.

    Obi, said the country perception by outsiders was worse than the realities on ground.

    He said the country, under the leadership of President Goodluck Jonathan was making significant progress in all areas, adding; “President Jonathan took over the reins of government when things had already gone bad, he is striving to correct the anomalies and I can tell you that he is succeeding. The opposition he has today is the by-product of any reform movement, whereby those that benefited from the past being reformed are fighting back.”

    He described Nigeria as a place that ensures return on investment because of its large market. Obi said there were deposits of one natural resource or the other in all the states.

    He spoke about his state , explaining to Fast the opportunities there for investment and trade. “The South-East, which Anambra belongs to boasts of the highest concentration of entrepreneurial people in sub-Saharan Africa. Nnewi in Anambra State is the leading industrial town in the country. It is the only place where motor vehicles are manufactured, I mean manufactured, not assembled in the country. The people of the State are ingenious and have the capacity to market products everywhere in the world. Investing among such people is always an instant success as with SABMiller that started operations a few months ago in Anambra State.”

    Earlier, Fast said Canada was interested in increasing the volume of trade in Nigeria and investing in ICT, health, education, oil and gas.

    The Canadian High Commissioner to Nigeria, Chris Cooter said Obi was invited to the meeting of his commitment to Nigeria and the people of Anambra.

    The event was witnessed by the Nigerian Ambassador to Canada, Chief Ojo Maduekwe, Minister of the Federal Capital Territory Senator Bala Mohammed, Hon. Chris Azubogu, the Anambra State Commissioner for Education, Uju Okonkwo, among others.

  • Non-oil export revenue drops

    Nigeria’s non-oil export to Europe, America and Asia through Apapa Port, have declined by over N33 billion in one year.

    This decline further heightens apprehension over a major economic crisis in the country.

    Apapa Port, which is the country’s largest seaport, accounts for over 50 per cent of the nation’s non-oil exports through its eight major seaports.

    Area Controller of the command, Comptroller Mohammed Umar, who addressed reporters in Lagos on the activities of the command for last year, listed the export items to include palm kernel cake, cocoa beans and wheat bran pallets.

    Others were cashew nuts, sesame seeds, ginger, hibiscus flower, gum Arabic, processed rubber, shrimps, and lead ingot.

    Economic and trade statistics released by the Apapa Area One Command of the Nigeria Customs Service (NCS) shows that 116,525 metric tonnes of non-oil commodities worth N129.9billion were exported through the Lagos Port complex between January and December last year.

    This compares to a total of 665, 010 metric tonnes of the various goods  worth N133 billion accounted for the previous year. This represented a shortfall of N33.1billion.

    Also exported were 4, 625,837 square feet of processed leather, 74,547 cases of dettol antiseptic, maggi crayfish, 29,062 cartons of biscuits, 97,100 bags of assorted bathroom slippers and 1,655,320 litres of ethyl alcohol.

    The command also in 2011 handled 3.4 million kilogrammes and 2.6 million sq metres of 24 other different non-oil commodities.

    Experts had attributed the increasing export profile to efforts of the government to check the excessive dependence on crude oil exports, which has over the years, remained the main stay of the economy.