Category: Business - Page 4 - African News Today

Why Our Cement Costs Less in Zambia Than Nigeria – Dangote Cement Plc

13Apr

By Obiajulu Joel NwoluNo Comments

Cost of Living, News, Nigeria

Why Our Cement Costs Less in Zambia Than Nigeria – Dangote Cement Plc

Following the uproar generated by the recent reports that Dangote Cement Plc sells cement at a higher price than it sells to other countries, Zambia notably, its management has clarified that a bag of cement from its factories and plants across Nigeria (as of 12th April 2021) is N2,450 in Obajana and Gboko and N2,510 in Ibese, VAT inclusive. Reports recently surfaced that Dangote cement sells for 110 Kwacha in Zambia which is equivalent to about N1,800 in naira, while Nigerian consumers buy the same product for at least N3,500. Reacting, the Dangote Cement Group has said it cannot control the prices of its products when it gets to the market. Devakumar Edwin, the group’s Executive Director, Strategy, Portfolio Development and Capital Projects, disclosed that while a bag of Cement ...

Okonjo-Iweala will drive Global Trade – World Bank

12Apr

By Chinedu IbeakanmaNo Comments

Economy, Interview, News, Nigeria

Okonjo-Iweala will drive Global Trade – World Bank

The international financial architecture is ‘skewed in favor of rich and creditor countries’, the World Bank said yesterday. President of the bank, David Malpass exposed the partial state of the architecture at the close of the World Bank/IMF Spring Meetings 2021 Development Committee meeting, in Washington D.C. yesterday. He said the disturbing state of the global financial system was exposed last year by the COVID-19 pandemic, which made challenges and staggering needs of every country’s economy even clearer. Malpass said: “One major challenge is that the current international financial architecture is heavily skewed in favor of the rich and creditor countries. It is ever important that all voices are heard. I urge all of us to consider how we can restore growth in developing co...

Why Zambia Govt Ordered Dangote to Reduce Cement Cost

12Apr

By Obiajulu Joel NwoluNo Comments

News, Nigeria

Why Zambia Govt Ordered Dangote to Reduce Cement Cost

The Zambia Board of Commissioners of the Competition and Consumer Protection Commission has said it ordered Dangote Cement Zambia Limited alongside the Lafarge Zambia Plc and Mpande Limestone Limited to peg cement price between Kwacha 99 to Kwacha 110 following public outcry over its recent hike. The Dangote Cement Group sells its product at a maximum of Kwacha 110 which is equivalent to about N1,800 in Nigeria, while the company sells the same product for not less than N3,500 in Nigeria. According to the Board, it also fined Lafarge Zambia Plc and Mpande Limestone Limited 10% of their annual turnovers for the year 2019 and another 10% of their 2020 yearly turnovers for price-fixing and division of markets. Dangote Cement Zambia was, however, spared for having cooperated with the ...

Customs Intercepts Contraband Goods Worth N786m in Kano, Jigawa

11Apr

By Chinedu IbeakanmaNo Comments

News, Nigeria, Safety

Customs Intercepts Contraband Goods Worth N786m in Kano, Jigawa

Officials of the Nigeria Customs Service, Zone ‘B,’ have intercepted contraband goods worth Duty Paid Value (DPV) of over N786 million in Kano/Jigawa axis. While displaying the intercepted items, the Coordinator of the Strike Force, Deputy Comptroller Osseini Olorukoba, said the seizures were made in the months of January, February and March. The seizures include two exotic vehicles, a N63m 2021 Mercedes Benz turbo 4Matic jeep. Customs said two suspects were arrested in connection to the smuggled goods. The suspects attempted to use a diplomatic plate number to trick Customs officers but ran out of luck, it was learnt. Olorukoba said they were arrested following intelligence reports. He vowed to crack down on smugglers whose activities he said were sabotaging the efforts of the...

MTN snubs Banks, links 77 Million Subscribers to Fintech Platforms

4Apr

By Chinedu IbeakanmaNo Comments

Communication, Information Technology, Interview, News, Nigeria, Press Statement

MTN snubs Banks, links 77 Million Subscribers to Fintech Platforms

MTN customers in Nigeria now have alternative electronic payment platforms to recharge their phones as the mobile network operator on Saturday announced that customers can recharge airtime through payment solutions platforms such as Flutterwave, Jumia Pay, OPay, Kuda, Carbon and BillsnPay. MTN in a statement on Saturday by its Senior Manager, External Relations, Funso Aina, also said customers could recharge airtime by dialing *904# and *606# This is coming barely 24 hours after commercial banks on Friday disconnected MTN customers from banking channels including the Unstructured Supplementary Service Data and banking apps, leaving millions of MTN subscribers frustrated as they were unable to recharge airtime via USSD amid the Easter celebrations. MTN, with about 77 million subscr...

CBN Predicts Further Depreciation of the Naira in January 2021

27Dec

By Obiajulu Joel NwoluNo Comments

Economy, Finance, News, Nigeria, Trade

CBN Predicts Further Depreciation of the Naira in January 2021

The Central Bank of Nigeria has said that a survey conducted by its Statistics Department showed that the naira is projected to further depreciate in January next year. According to the report titled, ‘December 2020 Business Expectations Survey Report’, there might also be a steady rise in the interest rate from December till the next six months, Punch reports. Nigeria’s currency fell to its lowest on November 30, 2020, when it exchanged for N500/$1. Since then, the dollar has been lingering between N460 and N470. As of Friday, however, one dollar exchanged for N465 in the parallel market. Recall that the Nigerian economy fell into its second recession in five years on November 21, 2020. Reports say the recession is the worst in 36 years, according to the data obtained from the Wo...

CBN Withdraws 42 Microfinance Bank’s Operating Licences

21Dec

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

CBN Withdraws 42 Microfinance Bank’s Operating Licences

Nigeria’s apex bank, the Central Bank of Nigeria has withdrawn the operating licences of 42 microfinance banks operating in the country. This was contained in an announcement issued by the Nigeria Deposit Insurance Corporation (NDIC) on its website titled, ‘Notice of closure of 42 microfinance banks’. It read, “This is to inform the depositors, creditors, shareholders and the general public that the operating licences of the under listed 42 microfinance banks have been revoked by the Central Bank of Nigeria effective 12th November, 2020. “The Nigeria Deposit Insurance Corporation, the official liquidator of the banks whose licences were recently revoked, is in the process of closing the listed banks and pay their insured depositors. “We, therefore, request that all depositors o...

Diaspora Remittances: CBN Threatens Sanctions Against Operators Paying Local Currency

17Dec

By Obiajulu Joel NwoluNo Comments

Economy, News, Nigeria, Trade

Diaspora Remittances: CBN Threatens Sanctions Against Operators Paying Local Currency

The Central Bank of Nigeria has cautioned operators against paying recipients of diaspora remittances in the local currency rather than foreign currency. The apex bank threatened to strip violators of their operational licences if they failed to comply with its remittance guidelines. It disclosed this in a circular to International Money Transfer Operators and Payment Services on Wednesday signed by the director, trade and exchange department, and the director, payments system management department. According to the circular, all licensed institutions are required to comply with the guidelines on remittances as contraventions will attract stiff regulatory sanction including revocation of licence. The circular was titled, ‘Receipt of diaspora remittances: Additional operational ...

8Dec

By Chinedu IbeakanmaNo Comments

Africa, Breaking News, Economy, News, Nigeria, Press Statement, Trade

President Buhari To Reopen Borders Soon

President Muhammadu Buhari, on Tuesday, had a closed door meeting with the nation’s 36 state governors on the security challenges across the country. He explained that the closure of the nation’s land borders was partly an attempt to control the smuggling of weapons and drugs. African News Today had earlier reported that state governors did not speak with State House correspondents at the end of the meeting held at the Presidential Villa, Abuja. The Presidency has now issued a statement quoting Buhari as asking the state governors to work more with traditional rulers and community members to improve local intelligence gathering that will aid the work of security agencies. The statement issued by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, wa...

Sanow-Olu Unveils Nigeria’s First Electric Car

13Nov

By Obiajulu Joel NwoluNo Comments

Lagos News, News, Nigeria, Power

Sanow-Olu Unveils Nigeria’s First Electric Car

Governor Sanwo-Olu of Lagos State on Friday unveiled Nigeria’s first electric car dubbed Hyundai Kona. The car which is a product of Stallion Group was unveiled at the VON automoviles Nigeria, Ojo Lagos. Sanwo-Olu while speaking at the launch said that VON has acquired over 40 to 50 years of vehicle manufacturing expertise. The governor who lauded Stallion Group for the innovation pledged that the Lagos State Government will provide electricity charging points for the vehicle across the state to make it easy for users to charge their Electric Vehicles. He also said that the 10 lanes Lagos-Ibadan Express which is nearing completion will facilitate business activities across the state for the benefit of the masses. Sanwo-Olu said, “Lagos-Badagry Expressway which has been expan...