Showing posts with label Business. Show all posts
Showing posts with label Business. Show all posts

Tuesday, 9 August 2022

Nigeria, Three Others Top World Bank Debtors’ List

Nigeria, Three Others Top World Bank Debtors’ List

 Rising debt has pushed Nigeria up the World Bank’s top 10 International Development Association borrowers’ list.

The World Bank Fiscal Year 2021 audited financial statements, known as the IDA financial statement, showed that Nigeria was rated fifth on the list with $11.7bn IDA debt stock as of June 30, 2021.

However, the newly released World Bank Fiscal Year 2022 audited financial statements for IDA showed that Nigeria has moved to the fourth position on the list, with $13bn IDA debt stock as of June 30, 2022.

This shows that Nigeria accumulated about $1.3bn IDA debt within a fiscal year, with the country taking over the fourth top debtor position from Vietnam.

This debt is different from the outstanding loan of $486m from World Bank’s International Bank for Reconstruction and Development.

The top five countries on the list slightly reduced their IDA debt stock except Nigeria.

India, which is still the first on the list reduced its IDA debt stock from $22bn in the previous fiscal year to $19.7bn, followed by Bangladesh from $18.1bn to $18bn.

It is followed by Pakistan which cut its debt from $16.4bn to $15.8bn, and lastly, Vietnam, which went down the list to fifth position, from $14.1bn to $12.9bn.

Nigeria has the highest IDA debt in Africa, as the top three IDA borrowers (India, Bangladesh and Pakistan) are from Asia. The World Bank disclosed recently that Nigeria’s debt, which may be considered sustainable for now, is vulnerable and costly.

The bank said, “Nigeria’s debt remains sustainable, albeit vulnerable and costly, especially due to large and growing financing from the Central Bank of Nigeria.”

However, the Washington-based global financial institution added that the country’s debt was also at risk of becoming unsustainable in the event of macro-fiscal shocks.

The bank further expressed concerns over the nation’s cost of debt servicing, which according to it, disrupted public investments and critical service delivery spending.

Economists have also raised concerns over the rising debt profile of the Federal Government.

The Fiscal Policy Partner and Africa Tax Leader of PwC, Mr Taiwo Oyedele, expressed his agreement with the World Bank on the high cost of debt servicing.

He said, “I agree with the World Bank. Although the debt to GDP ratio is not too high, if you think about the debt service cost to revenue ratio, it is already over 70 per cent. That’s when you know it’s costly.

“Nigeria borrows at double-digit, and even when we borrow in dollars, the rates are very high and then you devalue the naira and the cost of servicing the debt in naira goes up because it is dollar-dominated debt.

“Put all of that together, and you can easily say to yourself that even though our debt to GDP ratio is very low, our cost of borrowing is unsustainable because it is very high, and therefore, make it very costly.”


Tuesday, 19 July 2022

NNPC Announces Increase In Petrol Pump Price From Today

NNPC Announces Increase In Petrol Pump Price From Today


The Nigerian National Petroleum Limited has approved an upward review in the pump price of Premium Motor Spirit from N165 per litre to N179 per litre, effective today (Tuesday).

In a notice to fuel marketers, it directed them to change the petrol price on pumps to the new price effective today.

This was even as the company equally increased the ex-depot price from N148.17 to N167 per litre.

It would be recalled that Daily Sun had exclusively reported on Monday the unofficial deregulation attempts by fuel retailers as they have adopted different price bands.

Findings by Daily Sun across some filling stations in Lagos revealed that majority of the filling stations have adopted different price models.

While some filling stations have changed the price on their meters to reflect the current price they are selling at, others have left theirs to show the approved retail price of N165 per litre but were selling above the displayed price.

For instance, the Mobil filling station on Agidingbi sold a litre of petrol at N170 per litre on Friday and that was evidently displayed on their meters.

The development was also the same at Enyo filling station at Chisco Bus Stop in Lekki,  which now sells for N170 per litre, Eterna filling station at Jankade Bus Stop, Lekki at N180 per litre and Mobil Filing station, by Osapa London, Lekki now selling at N170 per litre.

All the above three filling stations in Lekki have had the new prices reflected on their meters while the big board which normally have their prices displayed for motorists to see have equally been changed.

Thursday, 13 January 2022

UList: Geewealth Technology Launches Business Directory Site for Nigerian Businesses and Startups

UList: Geewealth Technology Launches Business Directory Site for Nigerian Businesses and Startups

One of the big technology firms in Nigeria called Geewealth Technology and Integrated Services, with brand name 'Geewealth Technology' has launched a website called UList Business Directory.

While speaking with EReporters Media, the CEO of the company, Engr. Olatuja Gabriel-Wealth confirmed the launch on Wednesday. He said that his team is passionate about the success of Nigerian businesses, hence, the birth of UList.

We launched Business Directory this year. The idea of UList was born out of our passion and quest to help Nigerian startups and SMEs grow and scale profitably.

The idea of UList was born out of our passion and quest to help Nigerian startups and SMEs grow and scale profitably.

He added that businesses need online visibility, especially to customers who are are searching online every moment for products and services to consume via search engines like google, yahoo, bing etc. He said it's only those who have put their businesses, products or services that are visible to the customers in the search engine results. 


Your business needs online visibility. All your target audience are online and they are searching for a product or service to consume online in search engines like Google, bing, yahoo, yandex etc. It's only those who have put their businesses, products or services that are visible to the customers in the search engine results. If your own product is not online, then you have loosed the market to your competitors who have online presence.

To be able to have a good share of the market and industry where you play, it is expedient to make your products and services or offerings to be available to your global audience and get both local and international patronage.

Mortar and bricks businesses have been swept out of the market and have lost competitive edge to smart businesses who are strongly leveraging on digital technology.

So many businesses don't have business websites. UList is a free solution for them. Also those who have websites improve their exposure by listing on UList. If you have a website, you can list your business together with your website on ULIST for you to improve your site ranking, that is, Search Engine Optimisation, SEO.

Having your presence everywhere online is what you need to scale profitably this year.
I know you have set goals for this year in terms of revenue generation, clientele base etc. UList has gotten you covered. Listing your business on this powerful directory will showcase your products and services to the faces of your services consumers who will buy from you if they have access to you.

UList is a free marketing tool that you can adopt at no cost. serves as your own website as we will give you a space for free to write about your business, product or services. You will also be able to give out your contact details like phone number, email address, website address(if any), social media handles (if any). You will be able to upload logo or images of your product or services for easier interaction with your prospects.

When asked, Engineer Olatuja Gabriel-Wealth said that everyone one who has business ranging from trades, small, medium and large businesses, as well as tech startups need to list on UList. 


If you fall into any of these categories, UList is sure for you to explore:

1. All business owners.
2. All products sellers.
3. All service providers.
4. Those who have website and those who don't have website.
5. Those who want to sell more.
6. Those who need more buyers/customers.
7. Those who don't want to struggle in business.
8. Those who have online presence.
9. Those who don't have online presence.
10. Bloggers who want to improve their SEO.
11. Content creators who want to increase traffic to their digital platforms like website, YouTube, Facebook, Tiktok etc.
12. Affiliate marketers.
13. You reading this post.


He added that businesses and business owners who wish to scale their sales can access UList using phone or laptop or tab should go to  get listed.

You can decide to sign up before submitting a list. However, you can go straight to submit your business and account will be created for you automatically as you submit your listing. For the second option, you will have to reset your password to create a password if you wish to login to the account subsequently.


Engineer Olatuja also said that users should come up with s comprehensive writeup about their businesses and provide other information with which prospective customers can reach them.

You can list a business once and also list different products or services that you offer in different listing.

Never do copy and paste of your write up from the Internet. Even if the details in the submission was copied from your own website or another website or any digital platform, you will need to rewrite such content before you submit.
If you submit copy and paste write up, our algorithm will definitely flag your account and delete your listing and get your account deactivated without any consideration. I'm sure you, don't want that. Hence, do a good job once and for all and start eating popcorn while customers are trooping to patronise you.

It's is better for you to write detailed information about your business than submitting few lines of text. With that, customers will know the detailed of what they want to buy and they won't have any option than to contact and patronise you.


When journalists asked Engineer Olatuja about other solutions that his team has launched, he said his team has launched another telemedicine/telehealth app called Virtual Doctors

Another solutions that we have launched to serve the underserved in terms of accessibility to medical services/facility is Virtual Doctors APP. Virtual Doctors is a way to make quality healthcare accessible, available and affordable for all class of people in Nigeria, from low income earners to high income earners. We have over 50 Nigerian trained and certified medical doctors with several years of experience in inpatient care. 

From Virtual Doctors App, you can have access to medical doctors in different areas of specialty teleconsult for you. 

To use virtual doctor, all you need do is book an appointment with a doctor. At the appointment time, you join the conference room with a doctor who is specialised in your area of health condition. Doctors can give you prescriptions or recomenend dignosis to carry out and come back with the results to be able to prescribe the right treatment.

In a situation where treatment cannot be done via teleconsulting, patients are refered to our trusted partner hospitals for adequate care. It is a big one and we are looking for investors into Virtual Doctors.

Thank you for reading.

Saturday, 16 October 2021

Nigerian Government To Demolish Globacom Masts Nationwide Over N5.9bn Debts

Nigerian Government To Demolish Globacom Masts Nationwide Over N5.9bn Debts


The Nigerian Civil Aviation Authority (NCAA) has decided to begin dismantling telecommunication masts owned by Globacom Ltd, a Global Sattelite Mobile (GSM) telecommunications provider, in various locations across the country due to the company’s failure to pay the agency N5.9 billion in renewal fees for height clearance.

According to insiders, the development came as a result of a presidential direction to some of the presidency’s departments and parastatals to pursue creditors and defaulters and reclaim all due funds for the government.

According to sources, the problem came to a head after Globacom and NCAA exchanged mail and organized meetings to assure payment of the collected costs by the communications network, which failed.

A letter dated October 4, 2021, addressed to the Managing Director, Globacom, and titled “Re: Illegal Erection of High Structures and Refusal to Renew Expired Aviation Height Clearance Certificates by Globacom Limited,” stated that the regulatory agency had no choice but to begin dismantling the company’s masts across the country after Globacom failed to pay the required fees totaling N5.9 billion.

“In the circumstance, having exhausted all avenues for a resolution of this matter, we are now left without choice but to apply the relevant sanctions, including the dismantling of all your non-compliant masts nationwide. And this shall be without further notice to you”, it said.

The letter signed by Legal Adviser/Head, Compliance and Enforcement, Mr. Emmanuel Chukwuma, recalled that, “The meeting to discuss the above subject-matter, was fixed for September 23, 2021, at your instance.

“You may wish to recall that you had on August, 25, 2021, requested that the meeting, earlier rescheduled, at your instance, from Monday, July 26, 2021 to Thursday, August 26, 2021, be further rescheduled to Thursday, September 23, 2021, to enable your Chief Operating Officer/COO to attend.

“It is unfortunate that despite our concurrence to a further rescheduling of the meeting to the requested date, and so informing you through our letter of 13th September, 2021, you failed to turn up for the meeting”, it said.

In an earlier communication with Globacom, NCAA listed the indebtedness of globacom to include application fee for 2006 to 2007 at N100,000 per mast, totalling N689,800,000, annual renewal fee for 2007-2022 (15years), N50,000 per mast amounting to N6,898 and inspection fee covering N6,898 masts across the nation all totalling N6,064,230,000.

Sources, however, gathered from one of the documents sighted that, Globacom had only paid the sum of N100 million on July 31, 2019 and had not made any further payment.

An earlier letter from NCCA to Global said total application fee for the period under review stood at N604,800,000 while cost of inspection amounted to N190,930,000.

The letter also stated the position of NCAA in law with regards to regulation of masts.

“Please be reminded that Section 30(3)() of the Civil Aviation Act 2006 empowers the Nigerian Civil Aviation Authority (NCAA) by law to prohibit and regulate the installation of any structure (including telecommunication mast), which by virtue of its ‘height or position is considered to endanger the safety of air navigation,” it said.

Wednesday, 6 May 2020

The No Pain, No Gain: The Reward of Banning foreign Rice by Olatuja Gabriel-Wealth

The No Pain, No Gain: The Reward of Banning foreign Rice by Olatuja Gabriel-Wealth

By Olatuja Gabriel-Wealth.


This is Nigerian rice. It has improved from what it used to be in the past months. No rocks of stones in this one. It is cleaner and sweet. 


A paint container full of rice in mile 12 Lagos ranges from #1,800-#2,000 while the foreign ones are solve at a range of #2,200-#2,500.

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I personally want to say kudos to president Muhammadu Buhari @mbuhari for this hard decision on the ban on importation of rice. 

Although, a lot of smugglers still bring in foreign rice into the country and they are sold everywhere. The government should look into a more stricter means to curb smuggling in rice to reduce competition with the local producer. 

Meanwhile, so many investors are now going into rice farming in Nigeria. 

The rice market is huge. FAS Lagos forecasts Nigeria's rice consumption in MY 2018/19 at 7.5 MMT, up over 5.5 percent compared to the previous marketing year. In 2020, this value may be doubled.

Rice is a good source of foreign exchange. A more cleaner rice can now be exported to other African countries. 

As the oil price has crashed, the government meets to put more efforts in diversified economy. 

When the decision to ban the important of rice was take a by the federal government, a lot of Nigerians complained about the decision. Nigerians expected the government to have put plans in place and even have huge volume of locally produce rice in stock before the ban. That would have been an alternative for the people to eat. 

Diversification is very important at this point if we must have a better economy.

Monday, 23 March 2020

Latest Update: Corona Virus Cases in Nigeria is going out of Hands

Latest Update: Corona Virus Cases in Nigeria is going out of Hands

The Nigeria Centre for Disease Control (NCDC) announced this on Monday via its verified Twitter handle that a case has been confirmed in Edo.
NCDC in the tweet also reported an additional five cases of Coronavirus. This brings the total number of cases in the country to 36.
Below is a breakdown of the figures across Nigeria as at the time of these reports:
Lagos- 25
Federal Capital Territory- 6
Ogun- 2
Ekiti- 1
Oyo- 1
Edo- 1

Source: Channesttv.

Monday, 9 March 2020

How to Sell to Whatsapp Contacts 2020

How to Sell to Whatsapp Contacts 2020

You can sell to thousands of people on WhatsApp by sending broadcast messages to them for free.

All you need to do is to get the WhatsApp number database and begin to sell.

Geewealth | Web Development & Professional Service Agency in Nigeria is a platform where they sell WhatsApp number database.

You can just send them WhatsApp message to request for a quote right on their site.

Try them out.

Wednesday, 19 February 2020

FCMB: Get A Business Loan Of Up To N5 Million With Zero Percent Interest.

FCMB: Get A Business Loan Of Up To N5 Million With Zero Percent Interest.

Seeing your business grow is of great importance to FCMB, and their zero percent interest loan is one of the ways through which they can help you accomplish this without stress.

From now until February 27th, 2020, you stand a chance to be one of 40 female entrepreneurs to get a business loan of up to N5 million without any interest.

Since they launched this unique proposition in 2019, 120 female entrepreneurs have gotten loans ranging from N500,000 to N5 million at 0% interest to support their businesses. You could be next!

Please note that the maximum loan tenor is 3 months and you can only access 50% of your monthly turnover.

Benefits of the Offer
  1. Zero interest on loan
  2. Training
  3. Capacity building
  4. Mentoring
  5. Networking.
You could be one of the 40 women who will qualify to get access to 5million at 0% interest rate; and get training and mentorship for a quarter. Applications close on the 27th of Feb 2020.
Please note that applications after deadline will not be considered

Click here to apply.

Monday, 17 February 2020

All Business is MMM: A Case Study of  ORide -By Olatuja Gabriel-Wealth

All Business is MMM: A Case Study of ORide -By Olatuja Gabriel-Wealth

I'm sure you were trying hard to relate MMM with ORide and can't find any connect.

This article is aimed at showing you that every business has its own level of risk.

A couple of years ago, during the recession time, there was a popular ponzi scheme called MMM where people donate money to themselves in form of "Get Help" and "Provide Help". This scheme was so structured globally and had a session in so many countries, including Nigeria.

MMM was going on smoothly in Nigeria, people were happy to donate to each other. People of different classes from down-dog to the rich did MMM. So many people diverted their school fees, family funds, personal funds, company's funds into MMM and they were GHing and PHing without problems.

At a point, a lot of people were raising all sorts of suspicion about the scheme. Those whose businesses were also at a disadvantage owing to the scheme were also giving reasons as to why it should be stopped.

One of the main reasons is that the scheme didn't have a product or service they were trading, hence, no value.

They called on government and decision-makers in the country to clam down on the participants of the scheme. The participants at that point were panicking and so many couldn't put in money into the scheme.

Within 24hours that the National Assembly called for the investigation of MMM, there was tension in the systems and those who have money in the scheme were trying to withdraw. At a point, no money to withdraw, as people were not willing to pay in, hence, that those who wanted to withdraw could get funds. That was how MMM crashed.

The other part of this article where I will use the case study of ORide (a bike operator in Lagos). The international investors invested millions of dollars into the company, there were bikes everywhere in Lagos.

ORide came to play in the quest to solve the problem of traffic and transportation from one place to another, faster and cheaply.

Through the company, so many youths were gainfully employed both at the upstream and downstream level
The operator of ORide also got a licence from the State government led by Mr Akinwumi Ambode in Lagos. The company contributed to the increase in Lagos State Internally Generated Revenue.

On assumption of office of another governor,  Mr Sanwo-Olu who banned bikes from major roads in Lagos, ORide and its counterpart were forced out of business.

A since threat by decision-makers crashed MMM and single government policy led to the end of the multi-billion dollar investment Oride.

In strategic management, I learned that there are factors that can affect a business which is put in the acronym "PESTLE".

What is PESTLE Analysis? A Tool for Business Analysis

What is PESTLE Analysis? PESTLE analysis, which is sometimes referred to as PEST analysis, is a concept in marketing principles. Moreover, this concept is used as a tool by companies to track the environment they’re operating in or are planning to launch a new project/product/service etc.

PESTLE is a mnemonic which in its expanded form denotes P for Political, E for Economic, S for Social, T for Technological, L for Legal and E for Environmental. 

Every business has a level of risk, either calculable or incalculable.
From PESPLE, a single political change or decision may make or mar a business or an idea. It happened to MMM. It happened to ORide.

A lot of people have invested heavily and owning to a bad economy, they loosed all their investments. Also for some socio-cultural, technological, legal and environmental reasons, a lot of investors have loosed their funds.

That's why I concluded by saying all business is MMM. Businesses do well if all these factors are favourable and vice versa.

If you dispute this argument, please leave a comment and let's discuss. This will be a guide for those who want to invest in one industry or the other.

Written by Olatuja Gabriel-Wealth ([email protected])

Monday, 6 January 2020

Top free sites for career development, free courses, training

Top free sites for career development, free courses, training

Here are top sites for career development, free courses, training.

Top 10 Sites for your career:
1. LinkedIn
2. Indeed
3. Careerealism
4. Job-Hunt
5. JobBait
6. Careercloud
7. GM4JH
8. Personalbrandingblog
9. Jibberjobber
10. Neighbors-helping-neighbors

Top 10 Tech Skills in demand in 2019:

1. Machine Learning
2. Mobile Development
3. SEO/SEM Marketing
4. Data Visualization
5. Data Engineering
6. UI/UX Design
7. Cyber-security
8. Cloud Computing/AWS
9. Blockchain
10. IOT

Top 10 Sites for Free Online Education:

1. Coursera
2. edX
3. Khan Academy
4. Udemy
5. iTunesU Free Courses
6. MIT OpenCourseWare
7. Stanford Online
8. Codecademy
9. Open Culture Online Courses

Top 10 Sites to learn Excel for free:

1. Microsoft Excel Help Center
2. Excel Exposure
3. Chandoo
4. Excel Central
5. Contextures
6. Excel Hero
7. Mr Excel
8. Improve Your Excel
9. Excel Easy
10. Excel Jet

Top 10 Sites to review your resume for free:

1. Zety Resume Builder
2. Resumonk
3. Resume dot com
4. VisualCV
5. Cvmaker
6. ResumUP
7. Resume Genius
8. Resumebuilder
9. Resume Baking
10. Enhancv

Top 10 Sites for Interview Preparation:

1. Ambitionbox
2. AceTheInterview
3. Geeksforgeeks
4. Leetcode
5. Gainlo
6. Careercup
7. Codercareer
8. InterviewUp
9. InterviewBest
10. Indiabix

Wednesday, 11 December 2019

Niger/Kogi customs intercept 79 bags of foreign rice, despite border closure

Niger/Kogi customs intercept 79 bags of foreign rice, despite border closure

The Niger/Kogi Command of the Nigeria Customs Service (NCS), on Wednesday declared that it has intercepted no fewer than seventy-nine bags of foreign rice.
DAILY POST gathered that the interception of the rice is coming after over three months of the closure of Nigerian borders.

Public Relations Officer (PRO), of the command, Mr. Benjamin Lomba in a statement made available to DAILY POST, said that despite the border closure, the command, through intelligence gathering, intercepted and arrested one (1) Mitsubishi Canter loaded with Seventy-Nine (79) 100kg bags of foreign rice along Yauri road in Kontagora axis of Niger State.
He added that the duty paid value of the seized items is put at two million, six hundred and eighty-six thousand naira (N2,686,000.00.)

Lomba said, “The Niger/Kogi Command of the Niger Customs Service has continued to reinvigorate and intensify efforts in its anti-smuggling drive, on Sunday 8th December, 2019 at 0300hours through intelligence gathering a patrol team intercepted and arrested one (1) Mitsubishi Canter loaded with Seventy-Nine (79) 100kg bags of foreign rice along Yauri road in Kontagora axis of Niger State.

“The Duty Paid Value for this bags of rice is put at N2,686,000.00.
“This seizure is coming on the heels of One Iveco fourteen (14) tyre truck loaded with Two hundred and Ninety-Two (292) 50kg bags of imported rice concealed with sugarcane in order to beat our officers on routine patrol.
“The Customs Area Controller is using this medium to state that there is no hiding place for smugglers within the Niger/Kogi Command area, especially during this Christmas season.
“We Officers and men of Niger/Kogi Command are ready to confront all the challenges that militate against our successes.

“We will continue to build on the achievements so far made in both revenue generation and anti-smuggling feats, while the Command wishes everyone a Merry Christmas and a prosperous New Year ahead

Friday, 29 November 2019

Telcos ask banks to pay or get disconnected from USSD service

Telcos ask banks to pay or get disconnected from USSD service

Telecommunications companies say they may stop offering Unstructured Supplementary Service Data (USSD) services to financial institutions for free.

The companies, under the aegis of Association of Licensed Telecommunications Operators of Nigeria (ALTON), said banks would have to pay for the service if they want to continue receiving it.

According to PUNCH, Gbenga Adebayo, ALTON chairman, told reporters in Lagos on Wednesday that network operators incurred costs daily for providing the services.

The Telco’s, who provide the platform for the USSD service, had proposed to take a cut of N4.50k per 20 seconds from the charges paid by customers to the banks.

However, the banks kicked against it, alleging that it would raise cost by 450 percent.

“The USSD is a service we are providing for the banks and there is a cost incurred by telecom operators for providing those services,” Adebayo said.

“The bank has given an erroneous impression to the public that it is a sunk cost and it is not because for the service to be allowed, the cell site must be powered, there must be transmission link available and our systems must interconnect with the systems of the banks. It is a recurring cost other than the initial capital.”

Adebayo said if banks wanted to get the service for free, they should stop charging telecoms subscribers for it.

“If they think we should not charge, they also should not charge our subscribers,” he said.

“A time will come when we will have to invoke our rights under the Communications Act, which allows us to seek a request to disconnect the link.”

The Punch.