Category Archives: Business

Mascot Uzor-Kalu: Creating a New Platform for Youths to Excel

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By: Emeka Nonyelu
 
Prominent Investment Banker and former Chief of State to Abia State Governor, Mascot Uzor-Kalu is an established entrepreneur who has been making huge strides in developing his community and various regions for over a decade. With a career that has impacted on various industries; he has worked with top organizations that create real time solutions for a wide range of people. His quest to create a great and exciting platform for new entrepreneurs to grow is unparalleled. His numerous businesses and projects have received many positive accolades from those in the private and public sectors.
 
The philosophy that drives Mascot is built on the understanding that everyone has the capacity to define how they want their lives to be. He ensures that each of his business service channels creates rich experiences for individuals. On a professional scale, he has carved a niche for himself that has earned him respect and accolades in his field. Interestingly, it had not always been this way as he is always quick to share the story about his rise in business. He has learned the ropes and is a master in his game; so he is eager to pass the torch to the next generation of entrepreneurs.
 
In a bid to foster the growth of entrepreneurship across the board, Mascot is currently pushing a mentorship/coaching program. He has ensured that a well laid out plan to help anyone succeed has been put together. He believes that people can get to a place where they are fully involved in solving the various economic problems that bedevil our world. He is open to share with anyone about systems that can help them build a formidable workforce, raise capital for their business, explore the opportunities in today’s economy, etc. The spread of his interest which cuts across building corporate leaders to helping business owners’ access credit for their organization has made him a leading voice in today’s world. He believes, supports and trains individuals about ways in which they can bring transformation to our society.
 
With the growing number of individuals who need a platform to excel, this mentorship plan from Mascot is quite timely. He has been there, seen it all and is a model for everyone who has a dream that they want to pursue. He works with those who have good ideas and products and are willing to follow his plan which will ultimately help them succeed. Beyond giving the nuts and bolts of building a viable business, he also shares tips/quotes that can spur people to new levels of accomplishment.
 
Mascot knows the pain of failure, the triumph in success and the path to lead others there. With the new playing field, information and opportunities that abound; it is possible for anyone to position themselves to keep experiencing ever-growing success. Mascot Kalu remains an icon that makes successful businesses happen.
 
His values are laced with a well acclaimed appeal that builds bridges across various people and cultures. The positive effects that are generated from his brand of leadership and business building framework has created an enriching atmosphere in various spheres of life. With the understanding that many organizations, individuals and social groups are looking to expand the possibilities of what they experience business-wise; Mascot offers top line empowerment that cuts across the board. His rich base appeals to people of different faiths, economic status and social strata. This dynamic community builder is consistently raising his game to ensure that he puts a smile on the faces of many individuals.
 
Nonyelu writes from Lagos

No Investor Can Invest His Funds in Abia, Dr. Enyinna, Investment Expert

A businessman and Chairman Fundvine securities and investment group ltd, Dr. Michaeal Kasarachi Enyinna has decried the decay in infrastructure and lack of basic and necessary amenities required to make businesses and investments grow in Abia state.

Speaking to newsmen in Umuahia on Sunday during the Eid Mubarak holidays ,Dr.Enyinna expressed surprise at the state of infrastructure in Abia inspite of all the funds that has been credited to the state from the federation account within the past two years in the life of Dr. Okezie Ikpeazu administration.

In his words I was shocked seeing the huge decay in infrastructure which has seriously slowed down businesses and killed investments in the state, he expressed shock that the governor is yet to embark on serious infrastructural repairs in the state and that all he had seen in Abia especially aba is nothing but paying lip service to duty.

He decried the governor’s unseriousness to duty and wondered how he expects any investor to invest his funds in a dying and unstable economy as we have it in Abia today.

Dr Enyinna said he was surprised that while states like Ebonyi, Anambra, cross river etc. are advancing in infrastructure and investors are trooping in, what we see in Abia is hunger, decay in infrastructure especially roads, insecurity, kidnapping, robbery etc. he advised the governor to cut short his overseas jamboree, tagged investment hunt, come home and concentrate on developing the enabling environment needed to attract investors, he said, what woos investors is the business environment and not preaching or smooth talking, he added that no serious investor both local and international will invest in Abia because the investment environment is lacking.

The security and investment expert, who hails from Ukwa, said he supported Okezie Ikpeazu PhD, during the elections believing that he will grow the state from where he met it, but unfortunately all that he had seen in every sector is depreciation and decay, he advised the governor to pay salaries and embark on road reconstruction across the state.

He went ahead to advise Ikpeazu that if he fails to improve on service delivery which at the moment is lacking, he should also forget coming back to 2019 to ask for votes as no Abian will vote for a man who could not pay salaries or improve the much needed infrastructure.

Abia Online Media Tour of Uche Ogah’s Multi Billion Dollars Industrial Estate in Uturu Abia (Photos)

 

While #Gov_Ikpeazu is Owing & Sacking Workers, #Uche_Ogah is employing Over 6000 Workers in His Multi Billion Dollars Industrial Estate in Uturu Abia State.
 
Biafrans, This is a True Igbo Leader, not those red cap fake leaders who think only about their pockets and their families.
 
Igbere TV Boss, Emeh Anyalekwa James posted:
 
As the President, I led members of Online Media Practitioners AMPON to a tour of Dr. Uche Sampson Ogah’s Multi Billion Dollars Industrial Estate in Abia State on Saturday August 19.
Friends, What I saw was mindblowing; am yet to recover from the shock.
I wept for my state Abia. How can we have such personalities with the ‘magic wand’ and yet allow those who have no business being in government to occupy our government house and run the state down like this?
It’s a shame!
It will not be well for those who stole Ogah’s mandate and gave it to these misfits, who have no vision, no direction, no love for the people but re only driven by greed.
May Chukwu Okike Abiama Deliver his people.
Friends, we need more people like Ogah in Abia and Biafra Land.
The Online Media Giants present during the tour included:
Emeh Anyalekwa James, MD/Editor in Chief Igbere TV Iroegbu Emenike ,Abia Facts Newspaper MD/Editor in Chief, Uche Aguoru, Senior Political Correspondent Abia Facts Newspaper, Ifeanyi Okali Ubaka, MD/Editor in Chief Abia Breaking News, @Ugochukwu Nwankwo, MD/Editor in Chief Abia Pulse, Promise Uzoma Okoro, MD/Editor in Chief PUO Reports (Represented), Ngozi Blessed Onwukwe, MD/Editor in Chief Aba City Blog, Emmanuel , Reporter the Educator, Nneka Torti, Editor in Chief Nnekatorti’sblog , @Zubby, Editor in Chief Zubbyblog.
 
Eminike Iroegbu of Abia Facts News has this to say:
 
Yesterday, Abia State Online Media Practitioners paid Dr. Uchechukwu Sampson Ogah a media visit.
 
During the visit, he took us on a tour round his Masters Energy Group Industrial Complex located in his hometown Onuaku, Uturu in Isuikwuato Local Government Area.
 
I was personally amazed at the facilities inside this complex, this industrial complex has more than 20 factories inside at the moment and Dr. Ogah said it is just the first phase, he said this complex is of five phases.
 
Most of us were amazed because we had already walked for above 3 hour touring what he called the first phase, this means if the 2nd, 3rd, 4th and 5th phases come alive the tour will surely be for two days or more.
 
From Masters Noddles to Masters Plastics, from Masters PVCs to Masters Organic Fertilizer, From Masters Tricycle Line to Masters Engine Oil Plant and a lot others.
 
Indeed, Ogah is an industrial Master.. Guess what, he from Isuikwuato and I am from Isuikwuato, so he is my nwanneukwu.
 
Before I forget, we had a great lunch together with my team. It seems even the cooks in Masters kitchen are also Masters in cooking.
 
Ndewo.
 
I am Emenike Iroegbu, I write from Isuikwuato LGA of Abia State.
 
I LOVE ABIA STATE

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BREAKING!!! Orji Uzor Kalu’s Solcarbon Acquires 50% Equity in FS Energy Belgium (Photos)

Orji Uzor Kalu’s Solcarbon yesterday acquired 50% equity in FS Energy, Brussels Belgium. .

At the succesful meeting were Orji Uzor Kalu, Benjamin Kalu, Giovanni Afflisio, Damien Bindels , christian Bouvier,David Boulanger,Jean Brusselmans and Nicolas Bindel.

 

Broadcast Stations To Be Fined N500,000 For Callers’ Hate Speeches – NBC

The new rule, which will take effect on October 1, 2017, was communicated to media houses on August 10 during a meeting held at

Meet 10 Biafran Billionaires All From The Same Town Nnewi

IGBERE TV earlier reported that a church in Ozubulu, not far from Nnewi had attacked by unknown gunmen. Governor Willie Obiano of Anambra state said two persons from Ozubulu who are known drug barons in South Africa were the prime suspects of the attack on St Philips Catholic church.

Nnewi, Anambra state is once again in the news and this time it is because of a well-researched story written by journalist Eromo Egbejule for Forbes Africa on the number of billionaires in the town.

Nnewi has possibly bred more billionaires than any other town in Africa and is nicknamed the Japan of Africa.

According to Forbes Africa, these are 10 of the most prominent naira billionaires from Nnewi, in no particular order:

1. Cletus Ibeto

Cletus Ibeto is the chairman of the Ibeto Group. According to Wikipedia, he started out as a spare parts import dealer, after spending some time as an apprentice in the motor parts business, a gradual step taken by many eastern traders.

In March 1988, he stopped direct importation of lead acid automotive battery and plastic motor accessories after completing his factory in Nnewi. By 1995, The Ibeto Group had become one of the largest auto spare parts manufacturing outfits in the country.

2. Cosmas Maduka

Dr Cosmas Maduka according to his website is the founder, President/CEO of Coscharis Group. He started Coscharis Motors as a one-man business and over the years has transformed it into one of the largest car dealerships in Nigeria that deals in BMW, Jaguar, Range Rover and Rolls-Royce.

3. Innocent Chukwuma

Dr Innocent Ifediaso Chukwuma started trading in spare parts under the name of Innoson trading Nigeria Ltd in 1981.

It now produces sport utility vehicles, commercial buses and passenger cars at the first indigenous assembly plant in Nigeria.

4. Gabriel Chukwuma

Gabriel Chukwuma is the owner of former club side, Gabros International FC, and ex-Vice Chairman of the Nigeria Professional Football Association.

He is also the elder brother of Innoson who began business as a patent medicine dealer.

5. Alexander Chika Okafor

In 1981, Chief (Dr) Alexander Chika Okafor, founded Chicason Group of Companies. A-Z Petroleum and other of his products are now household names in Nigeria.

6. Augustine Ilodibe

Late Augustine Ilodibe pioneered the interstate luxury bus transport service; for years, he was the sole importer of these buses.

After helping organize vehicles for the Biafran side during the civil war, he established the

One Nigeria: Kaduna Dry Port Begins Business

Port activities have already taken off in the Kaduna Inland Dry Port, thus making it the first of such in the country. The port mamager Mr Rotimi Oledele Raimi told our correspondent that northern businessmen, importers and exporters as well as their counterparts from Chad, Niger, Cameroon and Central African Republic can now consummate their transactions, using the port.

The port is now equipped for port operations and shipping services, international and local logistics, freight and forwarding to the inner reaches of Northern Nigeria and landlocked neighbouring countries of Niger Republic, Chad, and Cameroon.
According to the Nigerian Shippers Council, Kaduna State Chapter, it is expected that about 300, 000 people will get direct jobs from the Kaduna Inland Dry Port in a few years to come.

Our correspondent observes that the port is fully equipped to handle more than 29,000 containers per annum, and agents can legitimately take delivery of their imported cargoes and as well as forward their export goods directly to various countries abroad without hindrances
Already, Nigerian Customs and other relevant agencies now operate at the port having been provided with well-equipped office accommodation within the premises to enhance trade facilitation and reduce turnaround time.

Maritime experts are on ground in the port to provide counseling and consultancy services for import and export business processes and procedures. The dry port has an expansive container terminal, accessible by both rail and road with availability of modern cargo handling equipment and tools to facilitate quick delivery and turnaround time.

Available are large warehouses for cargo storage, export consolidation, stuffing/unstuffing operations and groupage which is fully equipped with a technical workshop, modern examination bay, expansive container terminal, and modern Assycuda systems (for customs). Also available is an expansive trailer park, CCTV cameras, police post, restaurants, sick bay and banking services.

Speaking to our correspondent the president of Nigerian Shippers Council, Kaduna State Chapter, Mohammed Kasali Abdulsalam declared that Kaduna now has a full-fledged port. He was optimistic that activities taking place at the port will transform Kaduna State into a business and commercial hub of the North.

According to Abdulsalam, the business community in Northern Nigeria and nearby countries have received a boost with the huge business potential, provided by the port. He said with the Kaduna Inland Dry Port, there will be greater ease of doing business which will also save cost and time.
“That is a major critical factor in business. For instance, as a shipper, I don’t need to go to Lagos to clear my goods. All I need to do is to inform my suppliers anywhere in the

Finally, MMM Returns! Announces New Strategy

Mavrodi Mundial Moneybox (MMM), which collapsed months ago, has made a return.

A letter displayed on the pages of participants of the scheme, urges them to invite new members. Members must invite new participants and register them as referrals to qualify for the contest.

The ponzi scheme is offering cash prizes between N30,000 and N500,000 in a “Promo-Task Contest.”

The letter reads in part: “MMM Nigeria launches Promo-Task Contest.

“MMM Nigeria launches the first Promo-Task Contest – which a relevant section has been created for the contest in the Personal Office.

“Winners are selected based on the number of points received for completing promo-tasks. Whoever receives the biggest number of points becomes the winner.

“The contest period is from Monday to Sunday while at the end of each week; winners are announced and awarded Mavros (cash prizes) available for output.

“In the first contest, there are 50 prizes. First place will win N500,000; second place N300,000 and third place winner will take home N200,000.

“Fourth place to 10th place winner get N100,000 each; 11th to 30th place wins N50,000 each while participants who placed 31th to 50th wins N30,000 each.

“Members can complete both online and offline tasks with focus to promoting the community and contribute to growth of the scheme.

“The promo-task contest is a serious tool aimed at community growth, and as such, would be continuously adjusted and refined to enable MMM Nigeria to overcome.”

MMM has been mired in controversies, after it placed a one-month freeze on all withdrawals in December 2016.

Nigeria loses $300bn oil investments

The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, on Monday lamented the loss of 300 billion dollars in oil investments globally in three years, due to the decline in oil price.

It is sad Nigeria still imports apple, cucumber, toothpicks – CBN governor, Emefiele

​The Central Bank of Nigeria (CBN) has blamed the ongoing economic recession in Nigeria on overdependence on importation of goods from other counties.

Emefiele said it was shameful that Nigeria still imported items such as apple, cucumber and eggs from South Africa, beef from Zambia and toothpicks from China.

He, however, assured Nigerians that the country will move out of the current recession before the end of the year.

CBN governor, Mr. Godwin Emefiele, spoke at the weekend while delivering a lecture entitled: “The Dilemma of Monetary Policy and Exchange Rate Management in a Recession: Potential Options for Nigeria,” at the University of Nigeria, Nsukka (UNN).

He explained that he was optimistic that with all the interventions of the Federal Government, the CBN and other authorities, “the country will be out of recession before the end of 2017.”

According to Emefiele who graduated from the University: “In January 2017, inflation was 18.8 per cent, it is now down to 16.24 per cent. Last quarter, which was fourth quarter of 2016 growth, was negative 1.72 per cent. First quarter of 2017 growth had improved to negative 1.52 per cent.

“What that means is that we have an improvement in growth by about 1.2 per cent. If we see another 1.2 per cent growth in the second quarter we are out of recession.”

He noted that with the enthusiasm shown by the Federal Government in the area of agriculture, “with support for local farmers and private sector investments in agriculture, I believe that barring any other shock the prices of foodstuff in the markets will come down.”

“In those good days the South East and South South were known for palm oil, the South West for cocoa and the North for groundnut but with the advent of oil we abandoned agriculture.’’

The CBN boss noted that the idea of importing all that the country consumes was responsible for the current recession. “How do we justify the importation of items like apple, cucumber and eggs?’’from South Africa; beef from Zambia and toothpicks from China?

“These are items we can locally produce and used money in importing these items to beef up local industries that will in turn create employments for our youths.

“We must take cognizance of the fact that imports are leakages to every economy.” The CBN governor said the apex bank was aware of the pains Nigerians are going through as a result of the economic recession and said this is the opportunity needed to look inward to diversify the economy and come out of the recession stronger.

BREAKING!!! Strange Fire Outbreak At Biggest Market In Nasarawa State (Photos)

Goods worth millions of Naira were lost as fire razed shops and shades in Masaka market of Nasarawa State, few Kilometers from the country’s capital.
The fire happened in the early hours of Sunday, at around 12am in the morning – 23/07/2017.
The inferno occurred at the heart of the Market, which is the most busiest part of the market.
Attempts by the Fire Service to quench the fire were futile as perpetrators damaged their pipes.
The market is the biggest market in Karu L.G.A of the state, bringing buyers and sellers from various part of the country.

Hoodlums used the opportunity to burgle unaffected shops and carter away with items such as bags of grains. The unlucky ones were caught by a team of the Vigilante Group of Nigeria.
According to reports, 2 people were feared dead.

“Father send your rain,” a woman cried as the fire was still on in the early hours of Sunday.

“My brother’s shop got burnt,” a Trader said.
“I was called around 12am that the Market is on fire, till now i am still shocked,” a Woman said.
“Two people lost their lives in the fire. The place where we do keep our meats was burnt,” a Meat seller said.

Others lamented their loss sorrowfully.

Presently the cause of the fire is uncertain as investigations are going on by security operatives.

Photos below.

 

Photo credits: Martha Efe Okugbe

Meet The Drop-out That Makes Glass Screens For iPhones And She’s Now The Richest Self Made Woman On Earth [Photo]

According to Bloomberg, 47 year old Zhou Qunfei, the founder and CEO of Lens Technology, which makes glass screens for iPhones is the richest self-made woman on earth.

Her net worth has been estimated at over $9 billion which makes Zhou not only the youngest self-made female billionaire, but also the richest self-made woman on earth.

For those who don’t know, Zhou grew up on a farm and dropped out of high school at the age of 16 to start working on the floor of a watch lens factory. She came of age at the perfect time to get in early on China’s liberalizing market.

With only a few thousand dollars, she founded her own company making watch lenses in 1993, at the age of 22.

According to Zhou in an interview with Times back in 2015, “dduring the period of China’s rapid economic growth, there were plenty of opportunities for entrepreneurs, including women, It allowed me to develop my business. In the village where I grew up, a lot of girls didn’t have a choice of whether to go to middle school. They would get engaged or married and spend their entire life in that village”.

Today, Zhou’s company, Lens Technology now has at least 32 factories in seven different locations and employs more than 90,000 staff. She is married with two children. She works 18-hour days, and keeps a living quarters in her office.

Meet The Biafran Widow Who Feeds Her Family Riding ‘Keke Napep’ (Tricycle) in Umuahia [Photos]


_______
Mrs Joy Mark, from Amangwu, in Arochukwu LGA of Abia state is a woman who is into one of the few professions where you can hardly see people of her gender engaged in.

When asked by Abia Breaking News how she took up the tricycle operator job. Joy a widow, said she had no option than to take up the job after the death of her husband Mr. Mark Onwubiko a secondary school teacher.

Instead of going into prostitution, I decided to help myself and my family by riding Keke and by God’s grace it has been sustaining me and my children.

Joy a mother of 3 said that she will appreciate it if large hearted individuals can come to her help as she has not been finding it very easy paying the school fees, house rent and feeding the family all alone with the proceeds from the tricycle.

Joy who operates within Umuahia town said she is appealing to God and kind hearted individuals for assistance.
Share, so that it will reach to a helper……

 

Innoson Motors Breaks New Record, Sells 400 Vehicles To Mali as Company Goes Continental (Photos)

Innoson motors has metamorphosed into a continental business venture, with the Mayor of Bamako leading a delegation from Mali to the automobile manufacturing plant in Nnewi, Anambra State, to purchase about 400 vehicles.

According to the information released by the company yesterday, the chairman of Innoson Vehicle Manufacturing Co Ltd, Dr. Innocent Chukwuma, received a delegation from Mali led by the Mayor of Bamako, Mr. Harimakan Keita, for a factory tour of Innoson Vehicle Manufacturing Plant in Nnewi.

The visit, which was facilitated by the Nigerian Export Promotion Council led by Segun Awolowo, witnessed the signing of aMemorandum of Understanding with Innoson Vehicle Manufacturing on purchasing about 400 Innoson IVM vehicles that will be exported to Mali.

The Malian delegation also included The Charge D’ affaires, Nigeria Embassy, Mali, Zayyad Abdusalami, Minister of Employment and Professional Training Mali, Director of Regulation Urban Transport of Bamako, CEO of TAXI Plus Mali, CEO GINCO Group Mali.

Earlier, the delegation paid a courtesy call to the Minister of Industry, Trade, and Investment, Dr. Okechukwu Enelamah.

Young Biafran Man Begins Mass Production Of Biafran Shoes (Photos)

Iyierioba Uzoezie‎ is a passionate supporter of the highly publicized agitation for the restoration of the defunct Biafra Republic.

He makes shoes in Aba, the Abia State commercial capital. The young man has begun the mass production of shoes designed to match the colors of his dream nation, Biafra Republic.

He wrote on Facebook:

Biafra have been existing ka mgbe Eri 5000 years before the creation of nigeria Eri mgbe mgbe enu bu ana osa i will destroy the zoo nigeria with ihe ana aru na aka obasanjo the baboon inbox me ur size i will dash u any Biafra product kam tie gi igba,only a fool will remain in slavery because of oil and gass we have something inside that is greater than oil and gass just allow us to go kanyi gosi mba uwa ihe anyi jiri biri .
More photos:

 

Igbo Leads In Technological Innovations…. (See Photos)

This is not about fastfood, banks,semovita or sweets….this is high technological innovations….
The Igbo’s are the future of Africa…..

Let’s roll down…

 

The Igbo’s are just a superior being….
Still on Igbo made cars…

 

it is not about sweet and chewing gum…it is about highly technological innovations….

Igbo’s are just too much

 

Peace car manufacturing industry, Enugu….
Igbo’s are just supreme beings….
God really bless them.

 

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Etisalat Nigeria Gets New Name

Etisalat Nigeria has just greatly accelerated the pace of its effort to stabilize the troubled telecoms company by changing the name brand.

It was exclusively gathered that the new name is 9Mobile. At an executive meeting held in Lagos two hours ago, the name 9Mobile was adopted and all staff across the country are being notified of the change of name.

Emerging Markets Telecommunication Services Ltd. (EMTS) trading as Etisalat Nigeria on Tuesday informed its customers that a proposed change of brand name will not affect its operations.

The telecoms company is yet to unveil the new brand to the public.

Etisalat Nigeria has 20 million subscribers, making it the country’s number four mobile operator with a 14 percent market share. Our mandate is to make sure the business runs as profitably as it can. What is most important now is to … ensure that the business runs and meets its obligations,” the company’s new chief executive Boye Olusanya said on Tuesday.

He said the telecom company is focused on getting the group back on track.

Meet Pretty Biafran Slay Queen Who Sells Banana For A Living & Travels By Air (Photos)

 

A beautiful Biafran lady who sells banana for a living is trending across social media after her photos was shared online.

Some photos of the young lady were shared on Facebook.

According to a Facebook user who shared the photos, the beautiful lady has become very successful selling banana on the street.

The Facebook user wrote;

Just look at this picture and do better ladies. She still climb 911 to bring down her goods.she sales Banana on the road.travels by aircraft. And yet she sales her banana.

Please men if any girl want to start small business, like recharge cards business or any small business that 10k,20k etc can start, and throughly she want to be useful to herself, please and please if you have please help her sincerely from your mind and not to request her body in return..

Men encourage your women bikonu. Thanks and God bless you all

It was stated that the young lady has been able to live a comfortable life with her earnings from hawking banana.

 

Naira To Dollar Exchange Rate From 1972 – 2017 Will Amaze You (Photos)

Not so long ago the Nigerian Naira was a very strong currency, so strong that in the 70’s and 80’s and to be specific as at 1979/1980 fifty five kobo (55k) could fetch you about one dollar ($1).

Ever since the exploitation and discovery of crude oil in Nigeria, the major source of foreign currency (Forex) in Nigeria shifted from agriculture to crude oil hence the foreign reserves was deeply affected with the discovery of shale oil process of extracting oil, the crude oil price dropped significantly hence depleting the foreign reserves.

The love for western made products also played a significant role in fall of the Naira currency as most products were imported into Nigeria which required Dollars to purchase hence making the demand for the Dollar a scarce commodity. Importation was so bad that Nigeria which was one of the highest exporters of agricultural products became an importer to products such as rice, garri, cocoa and much more.

Older generations would be able to relate to the good times better when the Naira was as strong as the Dollar but for the newer generation seeking the history of the Naira against the dollar this article should help you with that.

Find Below Naira to Dollar Exchange Rate History

1972 $1 = N0.658

1973 $1 = N0.658

1974 $1 = N0.63

1975 $1 = N0.616

1976 $1 = N0.62

1977 $1 = N0.647

1978 $1 = N0.606

1979 $1 = N0.596

1980 $1 = N0.550 (0.900 Black Market Rate)

1981 $1 = N0.61

1982 $1 = N0.673

1983 $1 = N0.724

1984 $1 = N0.765

1985 $1 = N0.894 (N1.70 Black Market Rate)

1986 $1 = N2.02 (N3.90 Black Market Rate)

1987 $1 = N4.02 (N5.90 Black Market Rate)

1988 $1 = N4.54 (N6.70 Black Market Rate)

1989 $1 = N7.39 (N10.70 Black Market Rate)

1990 $1 = N7.39 (N10.70 Black Market Rate)

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BREAKING!!! Nigeria In Trouble As Production Of Petrol Cars Ends In 2025

Nigeria may likely be in deeper economic trouble with the recent verdict Standford University economist that leading automobile manufacturers in Asia, Europe and the United States, to discontinue the manufacture of petrol-powered cars, buses and trucks in the next eight years.

After eight years, he said that the entire market for land transport will switch to electronic powered transport system. According to him, this will lead to the collapse of oil prices and the demise of the petroleum industry, Nigeria’s key foreign exchange earner.

In a futuristic forecast by Standford University economist, Tony Seba, people will switch en masse to self-drive electric vehicles (EVs) that are 10 times cheaper to run than fossil-based cars, with a near-zero marginal cost of fuel and an expected lifespan of 1 million miles (1.6 million kilometres).

Seba, however, said that only nostalgics will cling to the old habit of car ownership whereas the rest will adapt to vehicles on demand.

He observed that it will become harder to find a petrol station, spares, or anybody to fix the 2000 moving parts that bedevil the internal combustion engine and dealers will disappear by

2024.

“Cities will ban human drivers once the data confirms how dangerous they can be behind a wheel. This will spread to suburbs, and then beyond. There will be a “mass stranding of existing vehicles”. The value of second-hand cars will plunge. You will have to pay to dispose of your old vehicle. It is a twin “death spiral” for big oil and big autos, with ugly implications for some big companies on the London Stock Exchange unless they adapt in time” he said.

According to him, the long-term price of crude will fall to $US25 a barrel while most forms of shale and deep-water drilling will no longer be viable.

“Assets will be stranded. Scotland will forfeit any North Sea bonanza. Russia, Saudi Arabia, Nigeria, and Venezuela will be in trouble. It is an existential threat to Ford, General Motors, and the German car industry.

They will face a choice between manufacturing EVs in a brutal low profit market, or reinventing themselves a self-drive service companies, variants of Uber and Lyft. They are in the wrong business. The next generation of cars will be “computers on wheels”. Google, Apple, and Foxconn have the disruptive edge, and are going in for the kill.

Silicon Valley is where the auto action is, not Detroit, Wolfsburg, or Toyota City. The long-term price of crude will fall to $US25 a barrel. Most forms of shale and

Africa Development Bank DG Dies After Collapsing In Her Office (Photos)

African Development Bank (AfDB) director-general for Southern Africa, Dr Tonia Kandiero, has died after collapsing in her office in Pretoria, South Africa.

AfDB Malawi’s Benson Nkhoma, who confirmed her death said AfDB was still investigating the cause of death, but she had “complained of health issues” prior to her collapse on Wednesday night, June 28.

According to Nkhoma, arrangements were being made to have her body repatriated to her country, Malawi for burial.

Kandiero, who took up the post in November 2016, was tasked with development and business delivery in the region.

Before joining the bank, Kandiero had worked for SA Treasury, first as director of trade and macroeconomic policy, and later as director for global development policy and international economics.

She studied at Morehead State University and Howard University in the US, and held a PhD in economics.

Nigeria’s unemployment rate giving me sleepless nights – Dangote laments

The Chairman of Dangote Group, Alhaji Aliko Dangote, has said he is uncomfortable with the current high rate of unemployment in the country.

Dangote, who responded to a question from a woman entrepreneur in a team of business executives from Lagos Business School (LBS), who visited his multi-billion dollars refinery and petrochemical projects in Ibeju-Lekki, Lagos, on Saturday, said the problem is giving him sleepless nights.

He said: “What keeps me awake at nights is not really the enormity of business ideas running through my mind, but it is actually high rate of unemployment in the country. It is an eyesore and I think we have collective responsibility to solve this problem.”

The businessman said the nation’s growing population should have been a blessing if the youth energy is harnessed to drive growth, but regretted that poverty increases with the population.

He added: “The more poverty that you have in a society without education, the more criminals you breed. It is surprising that poverty grows in this country as population grows, especially in the North where you have low income families bearing score of children they cannot cater for.”

Dangote said it is not the duty of government to create jobs, stressing that creation of enabling environment for entrepreneurs to thrive should be the focus of any government.

He said developed economies were not created by the government, but private sector which acts as drivers of growth and development.

He linked insurgency and militancy to unemployment, saying criminality would fester in a society where government does not encourage entrepreneurs to create jobs.

The billionaire said joblessness was the reason for the recent quit notice issued by Arewa youths to Igbo traders in the North.

“Some guys who have no relevance and values came out to issue a warning that Igbo should leave the North. I am surprised everybody started talking about this nonsense. Why are we talking about it? Obviously, in a place where there is a lot of joblessness, it is expected that this kind of jobless people would come out with all sorts of anger.

“We understand the reasons why they are angry, but they cannot justify their action when they have decided not to work. They only issue senseless warning to keep themselves relevant,” Dangote told the visiting team.

He said the refinery project would create thousands of direct jobs for the youths, while millions of indirect jobs would be generated in the value chain.

Igbos Are Silently Taking Over The Cattle Market In Enugu

By a Reader:

Passing through Orba and Obollo Afor express in Nsukka, I could count nothing less than 30 mini ranches of some sort on that road alone with names like “Ifeanyi cattle bus stop”, “Emeka cow junction” etc.

Unfortunately I was the one driving and couldn’t take pics.

I am looking forward to taking pics the next time I pass there.
Igbo kwenu!

PHOTOS FROM OUR ARCHIVES

JUST IN!! We have paid N450bn debt we owe federal government – NNPC

​The Nigerian National Petroleum Corporation (NNPC) has said it has paid a N450 billion debt it owed the Federal Government.

According to its April 2017 Monthly Financial and Operations Report, released yesterday, the NNPC said the last tranche of the sum was paid in March 2017, after paying N6.33 billion on a monthly basis over several months.

To this end, the NNPC said it transferred N95.56 billion into the Federation Account during the month under review from the net domestic crude oil and gas receipt, including gas receipts of N2.23 billion.

The Federation Accounts Allocation Committee (FAAC) had in September 2011, resolved that the NNPC should refund over N450 billion in 32 installments after the NNPC said it withheld the money that should have been paid into the Federation Account as stipulated by law.

Furthermore, the April 2017 financials noted that NNPC’s receipts from domestic crude oil and gas in the month of April stood at N142.09 billion, consisting of receipts of N2.23 billion from domestic gas sale and N139.86 billion from domestic crude oil.

The NNPC noted that of its total naira receipt, N46.54 billion was transferred to Joint Venture Cash Call, JVCC, being a first line charge and to guarantee continuous flow of revenue stream to Federation Account.

On the other hand, the report stated that the NNPC recorded total export proceeds of $142.12 million in April 2017 as receipt against $404.55 million in March 2017.

According to the report, contribution from crude oil amounted to $71.81 million, while gas and miscellaneous receipt stood at $70.29 million and $0.013 million respectively.

The report, however, stated that the NNPC remitted the total export proceeds receipt of $142.12 million to fund the JV cash call for the month of April 2017 to guarantee current and future production.

It further stated that total export crude oil & gas receipt for the period of April, 2016 to April 2017 stood at $2.50 billion.

Furthermore, the NNPC said it recorded operating revenue of N327.47 billion in the month of April, compared to N354.65 billion in March; while its operating expenditure stood at N326.88 billion, dropping from N360.19 billion recorded in March.

To this end, the report said: “The April 2017 report indicated a trading deficit of N5.27 billion, representing 6.20 per cent decrease in deficit compared to the previous month’s deficit of N5.62 billion.

“This decrease in the deficit is mainly attributed to the decrease in NPMC/NPSC/ML expenses relatively, although depleted by lower Nigerian Petroleum Development Company (NPDC) and revenue.”

How Etisalat Destroyed Themselves By Choosing Buhari Over Jonathan – GEJ Aide

Former Special Assistant to ex-President Goodluck Jonathan on New Media, Reno Omokri, has mocked telecommunications outfit, Etisalat, after they were taken over by a consortium of banks on Tuesday.
Omokri claims the company “destroyed” themselves by backing President Muhammadu Buhari and not his former boss.
He tweeted: “Those behind Etisalat backed PMB and undermined GEJ, thinking they were destroying GEJ. Today they find that it’s themselves they destroyed!?”

The banks, led by Access Bank PLC and other local and foreign banks have taken over the telecommunication company effective June 15.
The take-over came as a result of a futile effort by Emerging Markets Telecommunications Services, EMTS, promoted by-one time Chairman, United Bank for Africa, UBA, Hakeem Bello-Osagie, to reach agreement with the banks on debt restructuring plan in the protracted $1.72 billion (about N541.8 billion) debt impasse.

However, EMTS Holding BV, established in the Netherlands, has up to June 23 to complete the transfer of 100 percent of the company’s shares in Etisalat to the United Capital Trustees Limited, the legal representative of the consortium of banks.
Etisalat Group, the parent company of Etisalat Nigeria, announced the takeover on Tuesday, in a letter filed to the Abu Dhabi Securities Exchange in Abu Dhabi, United Arab Emirate.

BREAKING NEWS: Access Bank, Others Take Over Etisalat Nigeria Over Multi-billion Debt

​Following the seeming collapse of talks between Etisalat Nigeria and a consortium of Nigerian giant banks, the financial institutions have moved and taken over the telecom firm.

Etisalat said a Nigerian bank syndicate will take over the Nigerian unit it owns with Mubadala Investment Company and a local partner, after the parties failed to reach a deal over a debt restructuring.

The banks had declared default on a US$1.2 billion loan in March and had resisted taking a “haircut” so that the company could continue to operate without a further substantial injection of capital.

The loan has a US dollar component and the terms turned against Etisalat Nigeria when the Nigerian currency, the naira, was severely devalued over the last two years.

In an announcement through the Abu Dhabi Securities Exchange on Tuesday morning, Etisalat’s chief financial officer Serkan Okandan said the syndicate had set a June 25th deadline for transfer of ownership of Etisalat Nigeria shares.

It said that discussions between Emerging Markets Telecommunications, which is the holding company for the Etisalat Nigeria stake, and the Nigerian bank syndicate “did not produce an agreement on a debt restructuring plan”.

Etisalat said it would make a further announcement if there was any change in the situation.

Etisalat Nigeria is 45 per cent owned by Mubadala Investment Company, an Abu Dhabi government-owned strategic investment company, 40 per cent owned by Etisalat and 15 per cent owned by MyaCynth, an investment vehicle controlled by Hakeem Belo-Osagie, a Nigerian businessman who serves as chairman of Etisalat Nigeria.

Etisalat said it has already written down its Nigerian unit investment to nil and has remaining exposure of Dh191m through agreements to provide services such as international roaming. It seconded Matthew Willsher three years ago to act as the company’s chief executive. Etisalat didn’t say if Mr Willsher would leave the company.

BREAKING!!! DSS Reportedly Releases Capital Oil Boss, Ifeanyi Ubah

According to reports trending online now, the Department of State Security Service has released the Chairman of Capital Oil and Gas Limited, Dr. Patrick Ifeanyi Ubah.

He was released last night after scores of days of fruitless investigation by the DSS.

This is a developing story.

More details shortly.

 

BREAKING!!! NNPC Crashes Diesel Price Nationwide By 42%

 

Price of Automotive Gas Oil (AGO), also known as Diesel, has crashed to about 42% nationwide, a huge downslide over the last six months, following key strategic interventions by the Nigerian National Petroleum Corporation (NNPC).

It would be recalled that in the first quarter 2017, retail prices of AGO, which is one of the deregulated products, shot to an all-time high of N300/litre in major demand centres across the country.

Such unpleasant situation placed a huge burden on truck drivers, who need the product for transporting their vehicles; the nation’s manufacturing sector, which requires it to run its operations as well as on the masses, who need it for household power generation.

However, following strategic intervention efforts by the NNPC towards sustained improvement in the supply of the diesel, the product’s retail prices as at the end of May 2017 ranged from N175 to N200 across the country (a significant price drop of about 42%), while ex-depot prices also dropped to between N135 and N155.

Shedding more light on this remarkable achievement, NNPC Spokesperson, Mr. Ndu Ughamadu, said some of the Corporation’s strategic interventions in this regard include improving the supply of AGO and remodeling of the product distribution to address sufficiency issues across the country.

“Since January this year, we have worked very hard with relevant stakeholders to improve distribution from refinery depots, by implementing a robust loading programme,” Ughamadu affirmed.

Also, in its quest to enhance efficient distribution of AGO, the Corporation was able to resuscitate its critical pipelines and depots in places such as Atlas Cove-Mosimi, Port-Harcourt Refinery-Aba and Kaduna Refinery-Kano. Efforts are also ongoing to revamp and commission other critical pipelines across the country.

Another key intervention that has enhanced supply and distribution of diesel, the NNPC Spokesperson noted, was the Corporation’s robust engagement with critical downstream stakeholders where salient issues were raised and duly addressed. These stakeholders include: Major Oil Marketers Association of Nigeria (MOMAN), Nigerian Association of Road Transport Owners (NARTO), Petroleum Tanker Drivers (PTD) as well as Independent Petroleum Marketers.

Furthermore, as a result of consistent positive engagement with the Central Bank of Nigeria (CBN), NNPC equally extended the expansion of Premium Motor Spirit (PMS) Foreign Exchange Intervention Scheme to accommodate Diesel and Aviation Fuel.

The general public is hereby assured that the Corporation would continue to ensure seamless supply and distribution of diesel and other petroleum products across the country to make the lives of Nigerians better.

Ndu Ughamadu

Group General Manager,

Group Public Affairs Division,

NNPC, Abuja.

18th June, 2017.

BREAKING!!! Petroleum Industry Bill: Kano, Kaduna, Gombe Listed As Host Communities, To Share From Funds

The new Petroleum Industry Bill (PIB) before the House of Representatives has expanded the concept of host communities to include some non-oil states.

The Bill, read for the second time yesterday, provides that state where there is a refinery, petroleum depot or where pipeline passes through will draw from the host communities’ funds.

According to the NNPC, Nigeria has 5000 kilometres of pipeline network and twenty-one (21) storage depots. Independent marketers account for over 83 depots spread across the country.

The pipeline networks (depending on the product they are conveying) crisscross states in the West mostly Lagos and South Warri, Port Harcourt, East Aba, Owerri down to the North, Kaduna, Kano and Gombe.

The House yesterday passed three different bills on the petroleum industry for second reading including the Senate version already passed by the upper chamber last month.

Although some lawmakers picked holes in the bill, they allowed it pass for second reading for stakeholders to contribute their quota during public hearing.

The bill provides that the benefits to be derived by non-oil communities will be less than those for communities where oil exploration and production take place.

The bill is titled: ‘A Bill for an Act to provide for a framework relating to Petroleum Host Community’s participation, cost and benefit sharing amongst the government, petroleum exploration companies and petroleum host communities and for related matters.’

Leading debate on the Bill, Rep Joseph Akinlaja (PDP, Ondo), said the draft law provides that there should be a Petroleum Communities Trust Fund as a corporate body for each local government hosting upstream facilities to manage the monies received as payment for hosting petroleum operations.

He said there shall be a board for the fund and that 0.5 percent of the fund would be allocated to local government councils in the affected communities.

He said the federal government shall pay to each fund the following monies: 10 percent of the total amount payable to a state government from its derivation revenue and 20 percent of an aggregate of the total royalties accruing to the federal government to be evenly distributed by all concerned local governments.

Other monies to be paid by the federal government are 50 percent of government receipt from levies for pipelines payable to host communities hosting such pipelines and

FG Apologises To Saudi Arabia

 

The Ministry of Foreign Affairs has apologised to the government of Saudi Arabia over the sales of free dates donated by the kingdom to Nigeria.
About 200 tons of dates packaged and circulated as gifts to Nigerian Muslims observing the Ramadan fasting are being sold in the open market in Abuja.

 
The ministry, in a statement by its spokesperson, Clement Aduku, expressed “disappointment” over the “unfortunate turn of events” but said the matter is being investigated to avoid a repeat in the future.

 
Aduku said the dates were warehoused by Saudi embassy in Abuja and distributed in the presence of the Charge d’Affaires, Dr Yahya Ali Mughram and the ministry’s director of Middle East and Gulf in conjunction with the National Commission for Refugees, Migrants and Internally Displaced Persons.

 

“It is important to note that once the dates were delivered to their final destinations, the ministry of foreign affairs became devoid of any subsequent responsibility. It is therefore disappointing to learn that some of the consignment is being sold for profit,” he said.

 
The ministry, according to him, expressed gratitude to the Saudi government for the generosity during the holy month of Ramadan.
“We look forward to continuous close cooperation as well as fruitful and fraternal relations between our two countries,” he added.