Category Archives: Business

Payment service firm, UP welcomes new board member

Nigeria’s premier payment service company, UP otherwise known as Unified Payments has announced the appointment of Shehu Abubakar, to its board as an independent non-executive director. Herbert Wigwe, chairman of the board of UP and group managing director and chief executive officer of Access Bank, who made the announcement disclosed that Abubakar is expected to…

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Breaking: INEC extends collection of PVCs to Monday

The Independent National Electoral Commission, INEC has extended the collection of the Permanent Voters Cards, PVCs scheduled to end today Friday, February 8 to Monday, February 11. Mahmood Yakubu, INEC Chairman announced this at the ongoing meeting with States Residents Electoral Commissioners in Abuja. Details later……

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BusinessDay 07 Jan 2019

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BusinessDay 06 Jan 2019

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BusinessDay 04 Jan 2019

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Edo moves against induced darkness with Ossiomo-CCETC 55mw power project

In a bold move to free Edo people and residents from the endless cycle of darkness foisted on electricity consumers in the state, Governor Godwin Obaseki on Wednesday, visited the 55 megawatts CCETC-Ossiomo Power plant as the facility prepares to commence operation.
Addressing journalists after inspecting facilities and progress of work at the CCETC Clean Power/Ossiomo Power Plant, in Ologbo, near Benin City, Obaseki said the first phase of the project will be commissioned in April and would make more electricity available for distribution in the state.
He said the construction of transmission lines to deliver the power from the site to the city centre would soon commence, as the first set of equipment for the project would arrive from China in the first quarter of this year.
According to him, “We believe that before the end of the first quarter of the year, the first 5mw would be delivered to light up government offices and streets within the Sapele Road corridor of Benin City.”
He explained, “To ease distribution of the power, a substation would be set up around Kings Square, which would power streets in the city.”
The governor added: “We are concluding transaction to light up 200 Kilometres of our streets across the city. When the plant is completed, it will free up some electricity for the state. We believe that if the megawatts produced increase, the distribution company will have more power to distribute to other cities in the state.
“The ordinary Edo people will benefit from this power arrangement because there is an arrangement to drop power in certain processing centres where artisans can move into and do their businesses with the assurance of steady power supply.”
Director, CCETC Clean Energy/Ossiomo Power Plant, Dr. Uwa Igiehon, said the power plant is a joint venture between a Chinese Company, CCETC Clean Energy and Ossiomo Power to build a 55Megawatts plant in the state.
He said the power plant started in August 2018 and would be delivered in the next four to five months.
“We will be using natural gas from a 50-metre gas pipeline close to the site. The project will be in phases with the first phase of 5 megawatts to be delivered to the state government.”
The governor was also at the 1800-housing unit Emotan Gardens on Upper Sokponba Road, to see the extent of work at the estate.

Forex market resumes with naira depreciating by 0.11%

Foreign exchange market on Wednesday resumed after the holiday marking the New Year celebration, with the nation’s currency depreciating by N0.41k against the dollar. After trading on Wednesday, naira closed at N364.41k per dollar, losing 0.11 percent compared to N364.00k/$ traded on Monday, the last trading day for 2018, data from FMDQ indicated. However, the…

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Akwa Ibom, Plateau have highest HIV patients in Nigeria – NBS

Akwa Ibom and Plateau states had the highest number of Human Immunodeficiency Virus (HIV) patients in 2016, while Ekiti recorded the least, according to a Social Statistics report released January 1, 2019, by the National Bureau of Statistics (NBS).
BusinessDay analysis of the NBS report shows that out of a population of 5.4 million in Akwa Ibom that year, there were 227,028 people with HIV, followed by Plateau with 212,600 HIV patients out of a population of 4.2 million.
Ojo Sikiru, a medical practitioner based in Lagos, said that the internal crisis and the disputed economics of the two states may have attributed to the states having the highest HIV patients in Nigeria.
“The crisis in Akwa Ibom which is usually from internally displaced persons from the Cameroon borders and the Fulani herdsmen crisis usually lead to an increase in diseases like sexually transmitted disease and HIV,” Sikiru said by phone.
 “Once there is a disruption in an economy it affects the livelihood of people. There will be no access to drugs, awareness and counselling. And it may also force them to look for another source of income, for example, prostitution which will increase the transmission of the virus,” Sikiru further explained.
On a national level, the number of HIV patients in Nigeria increased by 3.2 percent to 3.2 million in 2016 from 3.1 million in 2014, according to the report.
The rise in HIV infestation could be reduced with proper management of funds budgeted for the purpose, says Doyin Odubanjo, Chairman, Association of Public Health Physicians of Nigeria.
“There is a lot of mismanagement of funds and a lot of things that need to be done to control the virus are not taking place. Companies that were given contracts for HIV awareness, counselling and investments are not in existence. So you should not be surprised that the virus is on an increase.”
HIV is a virus that targets and alters the immune system, increasing the risk and impact of other infections and diseases. Without treatment, the infection might progress to an advanced disease stage called AIDS.
According to the World Health Organisation, the higher a person’s socioeconomic status (SES), the more likely they are to enjoy good health, good education, well-paid job, and afford good healthcare.
It is one of the indices that determine productivity of a county’s labour force, which in turn leads to the growth and development of the economy.
The main sources of data for the NBS report are Federal Ministry of Health, National Agency for Food and Drug Administration and Control (NAFDAC), Medical and Dental Council of Nigeria, National Agency for the Control of AIDS/HIV, National AIDS and STDs Control Programme, National Malaria Elimination Programme and Nigeria Centre for Disease Control.

10 predictions for Nigeria’s digital payment landscape in 2019 (2)

2018 was an exciting year for payments in Nigeria. Tons of cash came in as international investments, interbank transfer crossed 700 million transactions, even mCash had a little showing. Of course, the bitcoin bubble made a loud burst with many licking their wounds. As usual, the following are my 10 predictions for 2019. They are mostly influenced…

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EPL: Klopp says Liverpool confident ahead of Manchester City clash

Liverpool will need all their fighting qualities to overcome the “best team in the world” Manchester City on Thursday night, manager Juergen Klopp said.

Both sides meet in a blockbuster English Premier League game at the Ettihad, with the winner having more than the bragging rights and important move in the title race.

Shortly after Manchester City manager Pep Guardiola described table-toppers Liverpool as Europe’s best team in his news conference, Klopp has only returned the compliment with interest.

He said Manchester City could not be taken lightly in spite of a dip in form.

Defeats by Chelsea, Crystal Palace and Leicester City last month have left Guardiola’s side in third place with 47 points.

They are seven points behind unbeaten Liverpool and one behind fellow title contenders Tottenham Hotspur.

“We have to be brave, we have to be full of desire, angry again, all that stuff — like in all the other games — but with the knowledge that the opponent is still the best team in the world,” Klopp told a news conference.

“I said it weeks ago because it’s 100 percent my opinion; the way they play and all the things they have achieved and the things they will achieve. Nothing has changed, only the points changed, but not the preparation for the game.

“And we are a very, very, very good football team as well. That’s why we have the amount of points, that’s why we had the results, that’s clear. But we prepare for one game.”

James Milner missed Liverpool’s last two games due to a hamstring injury, but the midfielder is in contention to feature against his former side.

“He was back in training with us yesterday (Tuesday) for the first time. So, we will see,” Klopp said.

“His influence on the team is massive… experience is always important if you know how to use it.”


Anthony Nlebem