Business (60)

AONSouth African based reinsurance broker, AON Benfield is eying business opportunities in the Nigerian insurance market. The company’s team which were in the country the previous week however did not disclose their mission, was not, but strategic meetings with top insurance firms suggest the company is discussing new risks and possibly partnership to explore the Nigerian market.

AON Team led by Simon Chikumbu, CEO; Shola Ajibade, senior Broker and Victor Mushaya, treaty executive, BusinessDay learnt spent four days in the country for new deals to be known latter.

Aon South Africa provides insurance and risk solution services with decades of experience, local alliances and global links as well as expertise. The company offer a broad range of products, services and solutions to clients ranging from individuals to multinational corporations.

CanadaCanada has invested about $2.9 million in Nigerian research project for the ‘Sustainable Productionand Utilisation of Under-utilised Nigerian Vegetables’, which will enhance food security.

The study, which is currently being carried out by the Osun State University, Osogbo, was only announced after a Memorandum of Understanding (MoU) was signed by all the parties.

It is jointly funded by the International Development Research Centre (IDRC) and Canadian International Development Agency (CIDA) under the Canadian International Food Security Research Fund (CIFSRF), and will see the University of Manitoba and Cape Breton University, both from Canada, also participate in the project.

Power TransmissionWest Power and Gas, Integrated Energy Distribution and Marketing Company and Amperion Power Company Limited Tuesday beat the deadline given to bidders to pay the outstanding 75 per cent for the distribution and generation companies being sold to investors through the privatisation process.

Sources in the Bureau of Public Enterprises (BPE) informed THISDAY that West Power and Gas, which won the bids for Eko Distribution Company (Disco) Plc, paid $101.25 million to the account of the privatisation agency, being full and final payment for the acquisition of the power utility.

West Power and Gas is a consortium promoted by the trio of Dr. Tunji Olowolafe, a major contractor in Lagos; Charles Momoh, a businessman; and Ernest Orji, who as managing director of Southern Sun Hotel, Ikoyi, Lagos (formerly Ikoyi Hotel/Nigerian Hotels Limited), is a veteran of the privatisation process.

MoneygramMoneyGram International and eTranzact Tuesday signed an agreement to enable PocketMoni customers in Nigeria to receive MoneyGram Money transfers from all over the world on their phones.

PocketMoni is an independent mobile wallet solution offered by eTranzact with more than 3,000 agent locations across the country providing cash-in, cash-out service to customers.

Both parties explained that the move was in line with efforts aimed at supporting the ongoing drive for financial inclusion by the Central Bank of Nigeria (CBN).

The Business Development Manager, Lagos, MoneyGram, Mrs. Kemi Okusanya, said her firm was concerned about how to help Nigerians derive more value by deploying huge mobile technology penetration to achieve financial transaction that promotes convenience and unlimited accessibility.

Coal PlantPresident Goodluck Jonathan said on Monday that Nigeria can generate up to 30 per cent of its energy needs from its coal resources the coal resources using environmentally-friendly, clean technology.

President Jonathan who said this at a one-day Workshop on the Solid Minerals Sector Development, which he presided over at the Banquet Hall of the Presidential Villa, Abuja added that Nigeria is endowed with abundant coal reserves of the required quality necessary for power generation.

The workshop which was organised to ginger interest of investors in Nigeria solid minerals sector also featured the signing of Memorandum of Understanding (MoU) on Coal to Power for the development of Ezinmo Coal Block in Enugu and a 1000 megawatts coal power generating plant.

Nigerian-StudentsNigeria has won the Students for Advancement of Global Entrepreneurship (SAGE) World Cup 2013 competition, the News Agency of Nigeria reports.

It was organised by SAGE Global on Sunday Night in Abuja in collaboration with Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and other Federal Government agencies.

Nigeria was represented by Junior Secondary School (JSS), Jikwoyi, Abuja, and University of Calabar International School (UCIS), Calabar.

JSS took the lead in the Social Enterprises Business (SEB) category, while China emerged second and South Africa came third.

Olusegu AgangaIt is good news to all Nigerians especially, those in the diaspora. Nigeria is a step closer to launching its global online business registration platform, as it moves closer to divesting from the oil and gas sector – its economy’s mainstay.

The soon-to-be-launched platform will allow Nigerians living in the diaspora or foreigners planning to register their businesses in Nigeria to register their businesses in Nigeria from any part of the world within the next two months.

Nigeria’s Minister of Industry, Trade and Investment, Olusegun Aganga confirmed this at the 2013 Ministerial platform in Abuja on Tuesday, saying, “Global online business registration will take off in two months’ time. This will ensure that anyone can register their businesses in Nigeria from any part of the world and also make online payments for their registration without the hassles of having to be present in Nigeria.”

Thursday, 25 July 2013 09:34

Nigeria vs SA in flawed GDP battle

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Central Bank_of_NigeriaSince 2012, the government of Nigeria has been working to revise the calculation of economic performance with a view to producing new measures for its gross domestic product (GDP). The central goal of this reform is to update the so-called base year, which is the benchmark for all calculations used in computing the GDP of a nation.

The base year is of critical importance as it determines the year in which prices are held constant, (which enables statisticians to distinguish economic growth from inflation), the weighing of each economic sector with respect to the whole economy and, crucially, the type of data that is in the final calculation.

Although most higher income countries revise their base year every five years in order to account for changes in the nature and shape of their economies, the majority of low- to middle-income countries do so more sporadically, as they lack the technical resources to overhaul the national income accounts at regular intervals.

MTNMTN picks Harvard-trained executive to head Nigeria

(Reuters) - Africa's largest mobile operator MTN Group on Wednesday named its Ghana chief executive to head up its key Nigerian business, in a job reshuffle sparked by the abrupt resignation of its chief financial officer.

Nigeria is the second-biggest revenue earner for Johannesburg-based MTN, which has operations in nearly two dozen countries in Africa and the Middle East.

Monday, 15 July 2013 12:59

Bye Bye 8ta

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8ta-Telkom-MobileTelkom's recent decision to brand its SIM-Sonke pre-paid product under Telkom Mobile has sounded the death knell for its 8ta brand.

Telkom Mobile recently launched it new SIM-Sonke pre-paid product, but curiously didn’t launch it under the 8ta brand.

This is despite Telkom’s statements that it was simply repositioning the 8ta brand for particular market segments, and the fact that the “8ta More” pre-paid offering appeared to be the only remaining 8ta-branded product at Telkom Mobile.

BMW DealershipThe lack of economic diversification throughout sub-Saharan Africa means that despite South Africa’s pledges to help Nigeria make the automotive sector the West African nation’s flagship industrial target, it may be difficult to do so, experts say.

Earlier this month, South African Trade and Industry Minister Rob Davies announced the initiative during a visit here by Nigerian President Goodluck Jonathan.

It is a move that is seen as an important milestone in inter-African industrial cooperation. However, Peter Draper, a research fellow at the South African Institute of International Affairs, questioned whether this collaboration would develop into economic integration.

JabuMabusaIf a Free Trade Area were to be negotiated between Africa’s two largest economies, South Africa and Nigeria, it would have a powerful effect on trade across the sub-continent and would challenge other countries to respond.

“In my view it would bring substantial economic benefits to both sides in terms of exports, investment, competition enhancement and, ultimately, productivity,” Peter Draper, a senior research fellow at the South African Institute of International Affairs, told IPS.

The countries have already entered into an informal agreement of cooperation. In May, South African Trade and Industry Minister Rob Davies announced during a visit to this country by Nigerian President Goodluck Jonathan that South Africa pledged to help Africa’s most populous nation make the automotive sector the West African nation’s flagship industrial sector.

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