Paradise News

Category: Business

  • IPMAN Calabar Depot Elects Robert Obi As Chairman

    …put an end to 8 years of leadership tussle
    …promises to reconcile everyone, run a transparent administration
    By Frank Ulom

    The Independent Petroleum Marketers Association of Nigeria, IPMAN, Calabar Depot in Cross River has elected Comrade Robert Obi as its Chairman.

    The election of Obi, THE PARADISE NEWS reports has put an end to the 8 years of leadership tussle of the association in the state.

    Obi was elected alongside 11 Executives at the AGM/Special General Meeting and Election held Monday (4 Dec 2023) at DANIC Hotels in Calabar.

    The new 12-man executive of IPMAN will take charge for 3 years before the next election as is on the association’s constitution.

    In his acceptance speech after being elected chairman, Obi stated that though the Calabar branch of IPMAN has been faced with a lot of challenges, the new team has the capacity to surmount the challenges.

    Robert Obi, IPMAN Calabar Depot Chairman

    “We are fully aware we have been given a serious mandate and we have the capacity to surmount these challenges.

    “We are not going to run a one-man business because it’s so challenging, we need the support of all to return our business back to where it was.

    “We call on all our stakeholders, like the Petroleum Tanker Drivers (PTD), Petroleum Station Workers (PSW), Independent Marketers Branch (IMB) and Oil/Gas Workers (OGS) not to leave us behind but give us the support they have been giving because what affects one affects the other,” Obi said.

    IPMAN Calabar Depot New Executives

    The newly elected IPMAN Calabar Depot Branch said the new 12-man executive will not disappoint and called on all who are outside to come back so that they can collectively rebuild IPMAN.

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    Speaking also, the chairman of the electoral committee, Sir Michael Udofia, said the owners of the depot, filling stations and stakeholders have come together to elect a new leadership.

    On his part, the national president of IPMAN, Alhaji Ahmed Debo, represented by Michael Udofia, the National Legal Adviser, said they have permanently put a stop to the challenges faced by the Calabar Depot Chapter of IPMAN.

    He said the task of the new executive is to make sure that they work together in harmony and reposition their businesses.

    He expressed optimism that the new chairman of the Calabar Depot branch has the experience and capacity to lead the branch.

    THE PARADISE NEWS reports that the AGM was attended by representatives of the National President, Zonal, Elders of IPMAN of the Calabar Depot unit, representatives of PTD, and critical stakeholders.

  • IXPN CEO in Anambra partners local ISP to provide cheaper internet services

    IXPN CEO in Anambra partners local ISP to provide cheaper internet services

    By Ovat Abeng

    The Managing Director and Chief Executive Officer of Internet Exchange Point of Nigeria (IXPN), Mr Muhammed Rudman has pledged to partner local Internet Service Providers (ISP) in Anambra State, to ensure cheaper internet rate.

    Rudman stated this in Awka at the weekend, during an ICT stakeholders interactive session, which was convoked by the Anambra ICT Agency, championed by its CEO, Mr Chukwuemeka Fred Agbata.

    Agbata who had earlier spoken at the event said the one day workshop is geared at pursuing its commitment to enhancing the Internet ecosystem in Nigeria, and Anambra State particularly.

    “We cannot over emphasize the importance of collaborative efforts in reducing internet traffic. Those in the internet business must join hands with the government to make the establishment of an IXP in Anambra State a reality.”

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    Rudman while addressing internet service providers said part of the role of IXPN is keeping Nigerian internet traffic local, contributing to the country’s ICT ecosystem and the broader digital economy agenda.

    He outlined the role of an Internet Exchange Point, including the attraction of content providers, cost reduction, and improved connectivity, underscoring the pivotal role of IXPN as a cornerstone for improving the internet ecosystem in Anambra State.

    “We will be happy to help many ISP in Anambra as possible to come together and reach us, so that they can buy bandwidth at cheaper rate,” he said.

    It was gathered that the one-day workshop brought together various Internet Service Providers (ISPs) and representatives of higher educational institutions in Anambra State, representatives of the Nigerian Communications Commission (NCC) and the Anambra State ICT Agency.

    The primary focus of the workshop was to discuss the possibility, prospects and benefits of establishing and connecting to an Internet Exchange Point (IXP) in the state.

  • Benefits of Mobile Apps in Modern Forex Trading

    By Ben Nsemo

    In the fast-paced world of Forex trading, staying updated on market trends is crucial for success. Traditional means of trading often limit the trader to a physical location, but not anymore. With the advent of the app for forex trading, the whole dynamic of Forex trading has experienced a technological evolution. Let’s delve into the manifold benefits of using mobile apps in modern Forex trading.

    24/7 Access to the Market

    One of the most significant advantages of using a mobile app for Forex trading is the ability to access the market at any time, from anywhere. Whether you’re at a café, in a meeting, or traveling, you can always keep an eye on your investments, which is incredibly valuable in a market that operates 24/5.

    Real-time Analysis and Alerts

    In the realm of Forex, a split-second decision can make all the difference between profit and loss. Mobile apps offer real-time analytics and instant alerts, allowing you to make informed decisions swiftly. You can customize the alerts to focus on particular currency pairs or specific market movements, ensuring you’re always in the know.

    User-Friendly Interface

    Modern trading apps are designed with the user in mind. Navigating through a well-designed app is not only intuitive but also enhances your trading experience. You can execute trades, study charts, and manage your portfolio with ease, all from the palm of your hand.

    Lower Costs

    Some trading apps come with the added benefit of lower transaction fees, providing an economical alternative to traditional trading platforms. In a field where margins are everything, reduced costs can significantly boost your profits in the long run.

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    Social Trading Features

    Many advanced apps for Forex trading now include social trading features, where you can follow and learn from successful traders. You can also engage with a community of like-minded individuals, share insights, and discuss strategies, making the whole experience more enriching.

    Enhanced Security

    Security remains a top concern in Forex trading, given the high volume of transactions. Mobile apps generally come with robust security features like two-factor authentication, ensuring that your data and investments are well-protected.

    Paper Trading for Beginners

    If you’re new to the world of Forex trading, mobile apps often offer paper trading features where you can practice without using real money. It’s an excellent way for novices to get a feel for the market and build confidence before diving in with actual investments.

    Advanced Technical Tools and Indicators

    Another fascinating aspect of using mobile apps for Forex trading is the availability of advanced technical tools and indicators. Traders often rely on complex algorithms and various forms of analyses like fundamental and technical analysis. Many mobile apps now come equipped with these tools, allowing traders to deep-dive into intricate details and make calculated moves. You can apply moving averages, Bollinger Bands, and Fibonacci retracements with just a few taps, facilitating a comprehensive trading strategy without the need for multiple platforms or devices.

    Interactive Learning Modules

    As part of their offering, some Forex trading apps also provide interactive learning modules that traders can access on the go. These modules can range from beginner-level courses on the basics of Forex trading to advanced lessons on strategies and risk management. This form of continuous learning can be instrumental in enhancing your trading skills, keeping you updated with the latest market strategies and trends.

    Automated Trading

    While the idea of automated trading isn’t new, the integration of this feature within mobile apps has simplified the process dramatically. Traders can set up their strategies and let the app execute trades when specific conditions are met. This not only saves time but also removes the emotional elements that often come into play, making your trading more disciplined and objective.

    Multiple Account Management

    Professional traders, as well as individual investors, may need to manage multiple trading accounts. With mobile trading apps, managing different accounts has never been easier. You can switch between accounts seamlessly, allowing for better portfolio management and risk diversification.

    Future of Forex Trading is Mobile

    With the current trajectory of technological advancements, it’s clear that the future of Forex trading is increasingly leaning towards mobile platforms. As smartphones become more powerful and capable of handling complex tasks, trading apps will continue to evolve, offering features that we may not have even imagined yet. This not only makes trading more efficient but also more accessible to a broader audience, from the novice in a small town to the seasoned trader in a bustling city.

    In Summary

    The benefits of mobile apps in modern Forex trading are immense, providing a streamlined, efficient, and interactive platform for traders. Whether you are a beginner looking to enter the market or a seasoned trader aiming to maximize returns, a mobile app can be an invaluable tool in your trading arsenal. The days of being confined to a desk and multiple screens are long gone; welcome to the era of mobile Forex trading, where the world is at your fingertips.

  • Social innovation identifies concept to achieve safe goal, accessible healthcare

    Social innovation identifies concept to achieve safe goal, accessible healthcare

    By Ovat Abeng

    National crowdsourcing innovation is set to open on 21st November, 2023 with a focus on social innovations which educate and empower women to make informed health decisions on prenatal care and child immunisation.

    The programme, which will close on 20th December, 2023, is powered by Social Innovation in Health Initiative (SIHI) Nigeria Hub in partnership with the Federal Ministry of Science, Technology and Innovation (FMSTI) and the Special Programme for Research and Training in Tropical Diseases (TDR).

    The organisations have called for submissions through their website, www.sihinigeriahub.com, adding that one can equally click directly on  https://sihinigeriahub.com/crowdsourcing/3 or make enquiry on nigeria@socialinnovationinhealth.org.

    “Social Innovation in Health Initiative (SIHI) Nigeria Hub in partnership with the Federal Ministry of Science, Technology and Innovation (FMSTI) and the Special Programme for Research and Training in Tropical Diseases (TDR) wishes to invite submissions of social innovations which have been developed and are being implemented in Nigeria.

    “Social innovation has been identified as an important concept which would enable Nigeria achieve goal of safe and accessible healthcare. These innovations are developed at the community level and therefore provide practical solutions to local problems within Nigeria – from maternal health to accessing drugs by persons living in hard-to-reach areas.”

  • 2023 Q3: GTCO Plc Reports ₦433.2bn Profit Before Tax

    …Releases Unaudited Results

    Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has released its Unaudited Consolidated and Separate Financial Statements for the period ended September 30, 2023, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).

    The Group reported profit before tax of ₦433.2billion, representing an increase of 155.2% over ₦169.7billion recorded in the corresponding period ended September 2022.

    The Group’s loan book (net) grew by 17.7% from ₦1.89trillion recorded as at December 2022 to ₦2.22trillion in September 2023, while deposit liabilities increased by 37.9% from ₦4.61trillion in December 2022 to ₦6.36trillion in September 2023.

    The Group’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing at ₦8.6trillion and ₦1.3trillion, respectively.

    Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 25.1%, while asset quality was sustained as IFRS 9 Stage 3 Loans improved to 3.8% in September 2023 from 5.2% December 2022, however, Cost of Risk (COR) closed at 4.1% from 0.6% in December 2022 owing to Management’s conservative stance on provisioning as macros worsened y-o-y, weighing negatively on the ECL variables.

    Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr. Segun Agbaje, said; “Our 3rd Quarter performance underpins our strategic positioning as a leading Financial Holding Company and reaffirms our strong capabilities to successfully navigate the challenges in our operating environment.

    “Going into the final quarter of the year, we will continue to leverage the strengths within our growing financial services ecosystem to improve our products and service offerings, enhance customer experience, and maximise shareholder value.”

    He further said; “We are proud of our work towards Promoting Enterprise across the African continent over the years and remain committed to helping indigenous small businesses thrive through our consumer-focused fairs. The 6th Edition of the GTCO Fashion Weekend is scheduled to hold in Lagos, Nigeria, on 11/12 November 2023, and will give entrepreneurs in the Nigerian fashion retail space a free-business platform to showcase their diverse talents and creativity to a global audience.”

    Overall, the Group continues to post one of the best metrics in the Nigerian Financial Services industry in terms of key financial ratios i.e., Pre-Tax Return on Equity (ROAE) of 52.4%, Pre-Tax Return on Assets (ROAA) of 7.7%, Full Impact Capital Adequacy Ratio (CAR) of 25.1% and Cost to Income ratio of 29.7%.

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    GTCO is a leading financial services group with banking operations in Nigeria, West Africa, East Africa, and the United Kingdom alongside new businesses in Payment, Funds Management and Pension Fund Administration. Its leadership in the banking industry and efforts at empowering people and communities has earned it many prestigious awards over the years.

    Recently, Guaranty Trust Bank was recognized as Nigeria’s Best Bank and Best Bank in CSR at the 2023 Euromoney Awards for Excellence, Best Banking Group in Nigeria by World Finance, and Best Bank in Nigeria by Global Finance. GTCO’s Guaranty Trust Bank is featured in the Top 1000 Banks in the World and Top 100 Banks in Africa rankings by The Banker.

  • Local Meter Manufacturers Withdraw Court Case Against Federal Gov’t

    Local Meter Manufacturers Withdraw Court Case Against Federal Gov’t

    The Association of Meter Manufacturers of Nigeria (AMMON) has formally withdrawn a court case it instituted to stop the procurement process for phase two of the National Mass Metering Program (NMMP).

    This decision was taken after the intervention of the Hon Minister of Power, Chief Adebayo Adelabu at a stakeholder meeting held at the Federal Ministry of Power on Tuesday, where all the association’s concerns were tabled before the Minister.

    In attendance at the stakeholders’ meeting were the Chairman, NERC, represented by Mr. Nathan Shatti; Commissioner, Finance and Administration, Dr. Alex Okoh; the Director General, BPE, the Managing Director of the TCN, and other directors in the Federal Ministry of Power.

    Recall that the World Bank is funding only 1.2million meters.

    During the meeting, the Minister promised that AMMON members would be accommodated in the procurement process for the World Bank-funded NMMP phase 2 through a national competitive bid.

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    The Federal government will also work with the local meter manufacturers to implement other metering initiatives to address the huge metering gap in the power sector.

    According to the President, AMMON, Engr. Ademola Agoro, the Association is happy to observe that the Minister, Chief Adelabu restated the FG’s determination to ensure that Nigeria becomes self-sufficient in local meter manufacturing and production to close the huge metering gap of over 8 million meters.

    “Though this is a painful decision for the members of the association, the decision to discontinue the court case stopping the procurement process was done in national Interest and because of liquidity challenges of the Power sector”, Agoro said.

    “We therefore seek the support of all stakeholders to work with the association to develop the Metering sector and the Backward Integration Program of the FG”, he added.

  • Joby Aviation delivers first electric air taxi to U.S. Air Force

    Joby Aviation, a California-based startup company, announced on Monday that it had delivered its first electric air taxi to the U.S. Air Force, becoming the first company in the United States to deliver a fully electric air taxi.

    The battery-powered, oddly shaped six-rotor aircraft was delivered to the Emerging Technologies Integrated Test Force at Edwards Air Force Base, California, and is the first of nine total to be delivered under a contract with the company. In its press release, the company stated that the value of the company’s contract with the Pentagon is US$131 million (IT Home Note: currently approximately 958 million yuan).

    The aircraft was delivered six months ahead of schedule and was developed through the Air Force’s Agile Prototyping Program, according to the company. Sponsored by AFWERX, the Air Force’s innovation arm, the program works with a variety of industry players to develop proven electric vertical takeoff and landing (eVTOL) technology. Like the tilt-rotor V-22 Osprey, Joby’s electric aircraft can take off and land vertically like a helicopter, but it can also spin its propellers to fly like an airplane.

    The company and the U.S. Department of Defense say the plane’s dual civilian and military uses could help revolutionize the aviation industry, which relies heavily on gasoline for propulsion and produces large amounts of carbon emissions. Joby said its aircraft provides a range of 100 miles (approximately 160.93 kilometers), a top speed of 200 miles per hour (approximately 321.87 kilometers) per hour, and can carry four passengers and a pilot.

    The eVTOL market could be worth more than $22 billion by 2030, according to analytics firm GlobalData. As part of its partnership with the Air Force, NASA will also try to use the Joby aircraft for other uses, with some focus on autonomous driving and is expected to complete a range of missions including cargo and passenger transportation.

    In addition to the support of the US military, Joby Aviation has also received substantial financial support from Intel, Delta Air Lines, Toyota Motor and other companies. Toyota is currently the largest external shareholder of Joby Aviation and has invested approximately US$400 million in the latter. In June of this year, Tetsuo Ogawa, CEO of Toyota North America, also joined the board of directors of Joby Aviation.

  • Blame, Government not Capitalism for Consumerism

    Blame, Government not Capitalism for Consumerism

    In a free market, the high price of a product is generally a function of supply and demand dynamics rather than the result of a “greedy capitalist” setting the price arbitrarily. The price reflects the relative scarcity of the product and what consumers are willing to pay for it. Consumers agree to pay this price because they value the product more highly than the money they must forgo to acquire it. If the supply of a product increases, the price will fall until it equals the demand. Similarly, if the product becomes more scarce, its price will rise until demand is in equilibrium with supply.

    Not only do prices inform consumers about scarcity, they also influence consumption habits. Consumers defer their consumption when they perceive goods to be “too expensive.” They subjectively value the money they would have to spend more highly than the goods themselves. All this seems obvious, yet most people do not realize its implications.

    Participants in the market convey their evolving preferences and conditions to one another by either making purchases or abstaining from buying at specific price points. Prices thus serve as a mechanism for coordinating the allocation and use of resources across a market. By accurately reflecting the relative scarcity of resources, they incentivize producers and consumers to use resources more efficiently.

    In a capitalist system, prices are signals to entrepreneurs and consumers, determined by supply and demand. High prices due to resource scarcity restrict consumption and encourage savings and investment.

    As its name suggests, capitalism is primarily about accumulating capital and capital growth. Notably, one cannot achieve this by consuming wealth. To the contrary, it is forgoing consumption that allows one to save and invest and thus accumulate capital.

    So, if capitalism systematically discourages consumption, what causes consumerism? First, I should highlight that consumerism is a cultural attribute, distinct from the economic system in place. A capitalist society is free to be as consumerist or non-consumerist as the individuals living under it wish to be. Likewise, nothing necessarily prevents a communist society from being consumerist. People under communism are under the whims of the central planners, and one should not assume that could never lead to a consumerist society. At least capitalism does not rob the choice of the people!

    Interestingly, the people who criticize capitalism for promoting consumerism tend to be the ones who argue consumption “drives the economy.” So, they are literally the ones arguing for more consumption. I am referring to the Keynesian, and unfortunately, all too popular argument that “consumption is the key to a healthy economy.” In reality, production precedes consumption and is thus responsible for driving the economy and creating wealth.

    In 2010, as mainstream economists chastised the rich for not spending enough, Lew Rockwell succinctly summed up this point:

    “The trouble is that spending is not the cause of economic growth. Investment, which begins in saving, is the root of economic growth. It doesn’t matter that consumption makes up a certain percentage of economic activity. That’s only the surface you are looking at. Spending and consumption without saving and investment is a prescription for devouring the prospects for prosperity down the line. In this case, the best thing that the rich can do for a future of economic growth is not to spend but to save toward investment.”

    One reason for the existence of a consumerist society could be simply that its people like to buy material things as it gives them a sense of comfort or pride. A lack of financial literacy likely contributes to their materialist tendencies. However, governments can contribute to this trend by weakening the market-based reliable signals previously mentioned.

    To “boost” economic activity, for instance, the government artificially lowers interest rates that guide consumers on whether to save or spend. High interest rates lead to less discounting of the future and more savings, while low rates promote immediate consumption of goods. To induce consumer spending in the short run, the government disrupts this equilibrium by forcing down interest rates. That leads to unsustainable consumer spending due to the distortion of these vital price signals.

    Ironically, behavior induced by government intervention gets labeled as “consumerism,” yet the blame often erroneously falls on capitalism and free markets.

    Source: FEE

  • ICT: We need African solutions for African problems – Silicon Valley Experts

    ICT: We need African solutions for African problems – Silicon Valley Experts

    By Christian Njoku

    Mr Christian Idiodi, a Cross River-born Partner of the Silicon Valley Product Group (SVPG) has disclosed that Africa needs African solutions to its challenges.

    Idiodi made the call on Saturday when he led a team of Information and Communication Technology (ICT) experts from the United States and Europe to Governor Bassey Otu in Calabar.

    SVPG is an ICT-based company created to share senior-level experience and best practices with technology companies and offer services to the government as well as training.

    He said they were interested in training Africans in skills like product management, product design and computer engineering that would help them create solutions with technology to solve problems in diverse areas.

    Idiodi who is also the founder of Innovate Africa Foundation said they needed to invest in young people to equip them with skills they need to work anywhere in the world and be global leaders.

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    “Most importantly, we need to change the mindset of Africans by training them to create African solutions for African problems because we don’t want our talents to leave for other countries.

    “We want them to remain here and be able to create solutions that will provide jobs and boost opportunities in Africa,” he said.

    Responding, Otu disclosed that God had blessed Cross River with intelligent people in the area of Information and Communication Technology (ICT) but what the state lacked was proper ICT hubs.

    He entreated the ICT experts to take advantage of the pool of young and active population to establish ICT hubs adding that the state was ready to partner with SVPG in establishing the hubs and training its citizens.

    “As a technology-friendly government, we want to foster an environment that supports innovation in several ways including research and development.

    “This is by encouraging industry partnerships, and most importantly, creating policies and regulations that incentivise innovation.

    “We have intelligent people in the area of ICT, what we lack are ICT hubs for our young and active people to take advantage of; so, We would love to partner with you in establishing these hubs for training our people,” the governor noted.

    Silicon Valley Experts addressing secondary school students in Calabar

    Similarly, Mr Marty Cagan, Founder and Partner of SVPG  said they were in Nigeria to plant seeds in Africa which would enable the continent to develop solutions for its challenges using ICT.

    The News Agency of Nigeria (NAN) reports that the group which had earlier had a four-day Inspire Africa Conference in Lagos with over 31 African countries in attendance, engaged youths from different secondary schools in Calabar.

  • Oando, Tantalizer, other equity investors lose N40bn

    By Ben Nsemo

    On Thursday, the Nigerian stock market experienced sell-offs that caused losses in Oando, Tantalizer, and other companies before the end of trade.

    After five hours of trading today, the sell-offs reduced the equity capitalisation by N40 billion, from N37.40 trillion to N37.36 trillion.

    The All-Share Index, which had previously closed at 68,335.72 but fell by 64.58 basis points to 68,271.14 today, mirrored the fall.

    On Thursday, investors transacted 7,949 deals totaling 1.12 billion shares worth N5.81 billion.

    More than 8,201 transactions totaling 566.63 million shares worth N5.38 billion were made on Wednesday by shareholders.

    With a N0.15 kobo increase in share price, John Holt moved from N1.57 kobo to N1.72 kobo per share, topping the list of gainers.

    In comparison to its starting share price of N0.21 kobo, DAAR Comm increased by 9.52 percent to close at N0.23 kobo.

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    Omatek’s share price increased from N0.42 kobo to N0.46 kobo, a 9.52 percent increase.

    Mutual Benefit’s share price increased by 9.30 percent, rising from N0.43 to N0.47 kobo per share.

    Shares of Sunu Assurance ended trading at N0.96 kobo, up 9.09 percent from N0.88 kobo.

    Oando topped the losers’ table after shedding N1.45 kobo to drop from N14.60 kobo to N13.15 kobo per share.

    Lasacol’s share price dropped by N0.20 kobo to end trading at N1.86 kobo from N2.06 per share.

    Chams lost N0.14 kobo to end trading with N1.32 kobo from N1.46 kobo per share.

    NNFM lost N1.55 kobo to drop from N16.80 kobo to N15.25 kobo per share.

    Tantalizer’s share dropped from N0.35 kobo to N0.32 kobo per share after losing N0.90 kobo during trading.

    Universal Insurance topped the day’s trading with 669.01 million shares valued at N134.20 million.

    Oando followed with 100.68 million shares worth N1.45 billion.

    Japaul Gold sold 43.73 million shares worth N43.38 million.

    Access Corporation traded 40.14 million shares valued at N681.94 million, while UBA sold 32.45 million shares valued at N552.75 million.