Category: Business

  • 4 Important Things To Do Differently During Recession

    Since the beginning of the world,Recession is a regular occurrence. Time of plenty and time of farming. It’s just normal for recession to happen. A lot of things to do differently during recession and I will share 4 with you.

    1) Cut your expenditure by half or more. This is the time to reduce spending, particularly on things that are not asset. Anything that takes money from you is a liability, cut your spending on them. You have 6 Cars for examples, sell 3 now!

    2) Switch! If you have lost your job or business or things are shaky, this is the time to consider other careers or Product/Services that are not affected by recession and switch.

    3) Increase your asset investment by over 100% this is the time to buy land,as they will be cheaper. Buy stocks if you understand or have competent broker. Cofounding a business by putting your money down. Real assets can be gotten for half the price due to recession, cash crunch has its own advantage to smart investors.

    4) Cut your outflow and increase your inflow. This is the time as a company to get your customers to pay you faster and slow the pace of paying debt. Why? If you rush to pay debt and your customers are slow in paying you, you will be out of business in a matter of weeks. You must survive this time. Part of what to do is reduce your staff or pay them base on sales, Raise affiliates.

    Article By Stephen Akintayo

  • NUPENG Finally Suspends 12-day Strike In Rivers State

    NUPENG had on June 9 embarked on an indefinite strike in solidarity with more than 150 of its members who were unlawfully sacked by five oil companies in Rivers and Bayelsa State. Channelstv.com reports. 

    The Acting Eastern Zonal Chairman of NUPENG, Charles Aleto, announced the suspension on Monday night in Port Harcourt.

    He directed petroleum tanker drivers to immediately commence the loading of petrol.

    On his part, the National Industrial Relations Officer of NUPENG, Bassy Harry directed all petroleum deports to load trucks servicing Rivers State first before any other State.

  • Naira slumps to Dollar as Official Price reaches N288 per $1

    Nigeria Naira is actually dying as it’s value slumps again in the global currency exchange market. 

    The naira plunged by 31 per cent to 288.85 against the United States dollar on Monday at the close of trading at the newly established interbank market.

    The local currency also depreciated at the parallel market where it closed at 346 to the greenback, down from around 330 and 335 on Friday.

    The Central Bank of Nigeria had last week introduced new guidelines for the nation’s foreign exchange market with the adoption of a single structure through the interbank/autonomous window.

    The naira, which was pegged at 197-199 per dollar before the emergence of the new forex policy, closed at 288.85 to the dollar on Monday, with the forces of demand and supply coming to play to determine the value of the nation’s currency after the CBN allowed it to float freely.

    The CBN said it cleared a total foreign exchange demand backlog of $4bn with a dollar exchanging for N280 at the foreign exchange market.

    The apex bank, in a statement issued on Monday by the Acting Director, Corporate Communications Department, Mr. Isaac Okoroafor, expressed satisfaction with the performance of the market on its first day.

    The statement reads in part, “Nigeria’s new foreign exchange market made a robust take-off on Monday, June 20, 2016, clearing all the backlog of $4bn pent-up demand for foreign exchange, with the naira exchanging at 280 to the United States dollar.

    “The objectives of the CBN to clear the forex demand backlog, perform its role as strictly a market intervention participant, and re-launch a functioning and efficient interbank market were met.

    “The CBN, in line with its desire to promote a transparent, liquid and efficient market, and in order to engender market confidence and ensure credible price formation, intervened in the market through a special secondary market intervention sales addressing the issue of the FX demand backlog by clearing $4.02bn through spot and forward sales.

    “This served in no small way to stimulate price discovery, with the determination of a marginal rate of $/280.00 through the special SMIS process. So, we can state to you categorically that the FX demand backlog has now been cleared and behind us for good.”

    Okoroafor assured market participants and the general public that the bank was committed to making the FX market globally competitive, credible, transparent, liquid and efficient.

    Our correspondents gathered that the naira was trading around 270 to a dollar in the early hours of trading on Monday with no deals consummated by the banks as dealers were only interested in buying.

    A currency analyst at Ecobank, Mr. Kunle Ezun, said when the market opened in the morning, the naira went up to 285 to the dollar and later came down to 255 to 260 before the CBN intervened in the market by selling over $500m at the rate of N280 per dollar.

    He said, “We didn’t have any firm deals; no deal was consummated until when the CBN intervened and gave the rate at 280 and that became the rallying point for the market. We saw price discovery; different banks were quoting on two-way quote for the naira and dollar.

    “We saw a lot of quotes today; banks were willing to quote but everybody was willing to buy, not to sell until the CBN came to the bank later in the day to sell. When the CBN sells to you, you are expected to sell in the market. So that created activity in the market.

    “What we had today (Monday) is more like a market depreciation of the naira to 280. Tomorrow (Tuesday), you may see appreciation of the naira or further depreciation. It depends on how much the CBN is willing to supply to the market. If they are able to supply what they supplied today in two or three times consecutively, the market will be calmed and the naira will appreciate in the next few days.”

    The Head, Research and Investment Advisory, Sterling Capital, Mr. Sewa Wusu, said the naira closed at 288.85 after a little bit of oscillation, adding, “The interplay of demand and supply has started. I think the proper value of the naira will be determined as time goes on and more dollars will also come.”

    He, however, said foreign portfolio investors might still be on the sidelines to watch developments to see how the current mechanism would play out before they would begin to have some level of comfort on the level of dollar liquidity.

    The President, Association of Bureau De Change Operators of Nigeria, Alhaji Aminu Gwadabe, said the naira fell to 346 against the dollar at the parallel market, because “the interbank market has not effectively taken off.”

    He said, “There is no way demand can reduce at the parallel market now because the 41 imported items are still banned from accessing official forex market,” he said, adding that the backlog of dollar demand was far higher than $4bn.

    “Up untill now, many correspondent banks have yet to send their unmet obligations to the Central Bank of Nigeria. And for the foreign inflow that we are expecting, there is still lack of confidence by the investors as to how liquidity is going to be sustainable so that when they want to move out, they won’t have the problem of dollar scarcity. So, they are watching to see how liquid the market will be, and that will take a couple of weeks before this can be unravelled,” Gwadabe explained.

    There may be “higher volatility until the market becomes more functional,” Bloomberg quoted the Head of Africa Strategy at Standard Chartered Bank Limited in London, Samir Gadio, as saying in an e-mailed response to questions.

    Culled from www.punchng.com

  • Long queue surge Calabar South as fuel is sold for N139 per litre

    Motorists in the Calabar South axis have continued to throng into a filing station along Mayne Avenue that has dropped the price of Premium Motor Spirit from N145 to N139 per litre.

    Already, vehicular activities along the busy Mayne Avenue are experiencing traffic jam as a result of the development.

    Southern City News observed on Friday that the fuel consumers have ignored other filing stations along the busy road for the station, which is located at Webber Street by Mayne Avenue following the reduction in price.

    A motorist, Amaka Uche, described the development as surprising, considering the harsh economic realities in the business world.

    According to Uche, it is shocking to note that at a time when most ventures are folding up due to low patronage, the company has reduced the price of PMS for the purpose of payback to loyal customers.

    He said, 

    “This development is surprising to us. I am sure motorists did not expect this to come at this time, especially now that the economy is down. We commend the management of the filing station for this.”

    Another fuel consumer, Mr. Kufre Archibong, who said he had been a loyal customer, noted that the gesture was a welcome development.

    An official of the petrol station told Southern City News that the compensatory promotion was a way of giving back to the society.

    He said, “We saw what our customers went through during that period of scarcity and we felt bad. We are to fill the gap of that suffering; that was why we made up our mind that we shall do something for the people when there is steady supply of PMS.

    “In the past, you see hundreds of trucks loading from Calabar depot to be taken out of the country, but the situation has changed. We used to consume 400, 40 metric tons on a daily before the subsidy and the bulk of the product which has been subsidised found their way out of the country. The field is now level for those who genuinely need to invest. Now I am coming down to N139, another can go below,” he said.

    The company’s senior manager said the quantity of tankers loading the product from Calabar depot had dropped since the removal of subsidy.

  • How Will Cross River State Make Use Of FG’s 14.1 Billion Bail Out Funds?

    We’ve seen states like our neighbouring Benue, Osun, Ekiti and many others collects the 2016 FG’s Bail Out Funds but still struggling as their economy is going down the mud as the days pass by. What will Cross River State Government do with her own Bail Out if it’s granted?

    On Wednesday in Calabar, Cross River State Government said it will access the 14.1 billion Naira fund available to each state of the federation from the federal government in order to support developmental projects in the state.

    Speaking to journalists, the State Commissioner for Finance, Mr. Asuquo Ekpenyong said: “We have now being granted access to the sum of 14.1 billion Naira which will help to smoothen and stabilize the expenses of state governments” Ekpenyong said, adding that, “The outcome of that meeting (with Finance Minister Adeosun) led to the emergency Exco to get approval for us as a state to access this funding from the Federal Government, and after these we shall be approaching the House of Assembly to get clearance and an issuance of a resolution so as to support our documentation.


    “The terms of this budget support facility are, a tenure of ten years, a concessionary interest rate of 9 percent as well as a 1 year moratorium which will really help the state.
    Our question is, how will this funds be managed to lift the state higher? 
    Please drop your comments below, please no scam. 
  • Students Pour Water On Provost As Cross River College Of Education Protest Over Poor Services

    Photo Credit: CrossRiverWatch 

    Students of Cross River College Of Education, Akamkpa stones SUG and pours water on provost during protest after another fire Outbreak rocks their hostel.

    About 3 weeks since the first outbreak occurs in the students hostel, another one came up on the 13th of June, 2016 inside the same source during midnight.

    The next day being 14th June, the hostel dweller (both male and female) teamed up and staged a protest.

    According to crossriverwatch.com, during the protest, the angry students locked the school gate preventing anyone from entering until the provost, Dr. Ejue James and some management team arrived the scene.

    As a result, Dr. Ejue, lecturers, and staff of the college and other students were not allowed in, cars were parked outside, after which the Provost lead the team trekking from the school gate to the open pavilion where the angry students poured water on him.

    The euphoric students were seen jubilating and singing, “Provost promise and fail, lie lie Provost, you ate our money.”

    Also while trying to calm the situation, the Students Union Government President of the College, Oben Bassey was stoned and prevented from talking.

    The Provost in his address vowed to fix the hostel as soon as possible, as he expressed dismay with the water poured him.

  • FG has sacked the management of Niger Delta Power Holding Company (NDPHC)

    A report reaching our office yesterday, says the Federal Government has announced the dissolution of the Executive Management of Niger Delta Power Holding Company of Nigeria Limited. 

    Notice of the dissolution was contained in a statement issued by Mr Babachir Lawal, the Secretary to the Government of the Federation (SGF) in Abuja on Friday.

    He directed the Managing Director of the company, Mr James Olotu, to handover immediately to Mr Chiedu Ugbo, who had been appointed as acting Managing Director of the company.

    All Executive Directors of the company and the General Manager, Audit, are to handover immediately to the most senior officers in their respective departments.

    At least, this may help bolster the power issue curtailing the south and the Niger Delta area respectively. 
  • FG has sacked the management of Niger Delta Power Holding Company (NDPHC)

    A report reaching our office yesterday, says the Federal Government has announced the dissolution of the Executive Management of Niger Delta Power Holding Company of Nigeria Limited. 

    Notice of the dissolution was contained in a statement issued by Mr Babachir Lawal, the Secretary to the Government of the Federation (SGF) in Abuja on Friday.

    He directed the Managing Director of the company, Mr James Olotu, to handover immediately to Mr Chiedu Ugbo, who had been appointed as acting Managing Director of the company.

    All Executive Directors of the company and the General Manager, Audit, are to handover immediately to the most senior officers in their respective departments.

    At least, this may help bolster the power issue curtailing the south and the Niger Delta area respectively. 
  • MTN finally agrees to pay FG N333bn over failure to reveal unregistered phone numbers


    MTN Nigeria has agreed to pay a fine of $1 billion which is equivalent to 330 billion naira over three years, the company said.

    The company has also said it would ensure the listing of its shares in the Nigerian Stock Exchange.

    The sanction was due to its refusal to comply with a directive to disconnect 5.1 million improperly registered lines before the deadline given to telecoms operators in the country.

    Although the fine was subsequently reduced by 25 per cent to N780 billion, MTN Nigeria failed to pay the penalty.

    Chairman of the group, Phuthuma Nhleko, who retired in the heat of the crisis, led the negotiation process.

    He had said in his resignation letter, 

    “The relationship between MTN, the Nigerian government and the Nigerian Communications Commission has been restored and strengthened.”

  • UNICEM (LAFARGE) Completes the Rehabilitation of the 1km Akpabuyo Road (Photos)

    The United Cement Company (UNICEM) now called LAFARGE has completed the rehabilitation of Akpabuyo. 

    Over the years now, the road that has been a major entry and exit point for goods and services to and fro Akpabuyo and Bakassi LGAs has been neglected. But, now UNICEM has taken it a task to themselves to solve the problem since it’s another way of transporting Cements from their factory to consumers. 
    One of the staff told Calabar Reporters that in meantime the road has to be fixed since it’s the only way their trucks can pass to deliver their Cements to consumers. 
    He added; 

    “we are working on our major route which is the Oban Road through MCC, across Goodluck Jonathan bypass. And the management is also constructing another major road worth Billions of Naira at Odukpani junction beside the Nigerian Police Ground which will lead directly to the Plant and will in turn reduce the cost of trucks transportation”.

    Although, the road has been put to halt as it’s awaiting permission on how it’ll emerge, whether to create a roundabout or to let it pass through the Police Command at Odukpani junction. 
    The rehabilitated area covers a distance of about 1km starting from  the Nigerian Navy Barracks, Atimbo, Calabar to the Akpabuyo bridge. 
    Look at the photos of the new Akpabuyo Road below…