Category Archives: Business
It’s a new priority product for female customers with current account. According to the bank, Ruby is a current account offered by UBA exclusively to its female bank customers to satisfy some of their business and personal needs.
1. A statement by UBA said, “Priority Pass’ is the new value added services offered by UBA to Ruby account customers. The ‘Priority Pass’ grants customers access to over 600 VIP lounges in more than 100 countries and 300 cities worldwide regardless of the class of travel or airline a Ruby account holder flies.
It further quoted the bank’s Head, Retail Products, Mr. Olumide Osunyomi as saying, “Priority Pass membership offers great value for money and allows members to use any of 600 airport lounges whenever they travel.”
She said some of the benefits the account holders would enjoy when they travel include: access to over 600 VIP lounges in more than 100 countries and 300 cities worldwide; use lounges regardless of the class of travel or airline they are flying; privileged access to over 70 US Airport VIP Lounges; relaxation ambience for both customer and her guests; complimentary refreshments and snacks as well as access to e-mail, Internet and conference space powered by WiFi technology.
2. “Ruby is a unique current account in the Nigerian banking industry because it is not just a bank account. Once you have a Ruby account, you join an exclusive club of discerning women enjoying access and significant discounts on great services and products.” Olumide said.
Besides, the additional perks that comes with having a Ruby account, account holders also enjoy up to 25 per cent exclusive discounts to access products and services from UBA accredited Ruby Partners nationwide
3. According to the bank, current partners where Ruby account holders can enjoy significant discounts are; AA Rescue, Ruff and Tumble, Laterna ventures, Zaron International, Clear essence Spa, Avis Nigeria, Mega care, Fine and Country, Bulwark Vault & Safes Deposit.
Exquisite Magazine, Nathans Superior Dry-Cleaners, Laserderm Clinics, Body Boost, Prime Wash Drycleaners, Ginger Blu, Bold & Beautiful Salon and many more.
4. “The benefits of having a Ruby account are many. You will hardly have any other bank account that offers so much perks for free. We understand that every woman needs to be pampered and cared for, which is what Ruby has been designed to do,” said Olumide.
She noted that the Ruby current account was the only bank account specifically targeted at women among UBA’s bouquet of retail banking products
The decline in the price of crude oil may have started taking its toll on Nigeria as the Federal Government on Sunday announced measures aimed at cushioning its impact on the economy.
The Minister of Finance and the Co-ordinating Minister for the Economy , Dr Ngozi Okonjo-Iweala, announced this Abuja while addressing journalists on the Federal Government’s response to the crisis in Abuja on Sunday.
The measures which will see Nigerians paying tax on luxury goods, the nation would be experiencing a challenging time owing to the global fall in oil prices.
The other measures, according to her, are a reduction in public expenditures and international travels by public servants.
As part of the efforts to reduce expenditure, she said international travel within the public service would be severely curtailed,
“We are not talking about (cutting) salaries and benefits. We are talking of trainings and travels and these will be only for critical and essential items which will be pre-approved by the Head of Service and the Director-General of the Budget Office and then if someone invites you for overseas course, you can go provided they pay for your training and your stay and you have to furnish evidence that they are paying
“The drop in oil prices is a serious challenge which we must confront as a country. We must be prepared to make sacrifices where necessary.
“But we should also not forget that we retain some important advantages such as a broad economic base driven by the private sector and anchored on sound policies.
“Our strategy is to continue to strengthen the sectors that drive growth such as agriculture and housing while reducing waste with a renewed focus on prudence.”
She stated that the decline in oil prices had given additional impetus to the Federal Government’s focus on increasing non-oil revenues.
In this regard, the collection target for the Federal Inland Revenue Service, which has been working with Mckinsey to increase receipts will be revised upwards for next year.
Se said the country had recorded good success in reaching the initial target set this year of N75bn; noting that so far N65bn of this had been collected.
For 2015, the minister put the revised target at N160bn above the 2014 base.
Okonjo-Iweala also unveiled plans by the government to introduce what she called “tax on luxurious goods,” stating that this was a part of measures aimed at increasing revenue from non-oil sources.
She said that users of luxurious items, such as private jets, yachts, alcoholic beverages and expensive cars, would be required to pay special taxes for such goods.
The minister, who said the government was still compiling the list of luxurious goods to be taxed under the new initiative, assured that the proceeds from these items and services would be used to support the economy from external shocks.
She said, “We all know the definition of luxury goods, we are still compiling the lists and one of the things we can tax is champagne, alcoholic beverages, jets, luxury cars- we will look at the engine capacity, and yachts.
“We are putting the list together but we intend to do a surcharge going forward on these items.
“The principle is that those who are better off in the society and I hope they won’t mind will be willing to share a bit more in remitting a little bit more to the treasury than what they normally do .
Rejects calls to print more Naira
On calls from some quarters that the Federal Government should respond to the decline in revenues by printing more naira to fund projects, the minister said that such recommendations would be disastrous for the country if implemented.
Okonjo-Iweala , who argued that such prescriptions ignored the elementary principles of economics, said “printing money without adequate revenue support will lead to serious consequences for the country.
“It will spur inflation as the experiences of Germany in the early part of the last century and more recently, Argentina and Zimbabwe demonstrate.
“This prescription will victimise the poor and the middle class that it is supposedly protecting.”
She explained that the best way to protect the interest of the ordinary people was to control inflation as much as possible, expand the economic base, strengthen the sectors that drive growth, boost critical infrastructure and create more jobs.
The minister added, “We have already started doing that, the results are already coming but we still have a lot of work to do.
“To show how serious government is about job creation, President Jonathan will tomorrow, (Monday) November 17 launch the 4th edition of YouWin to support another 1,500 entrepreneurs along with a private equity fund for entrepreneurs.
“That is an expression of government’s commitment and seriousness to job creation.”
The implementation of the new mortgage system, including the current processing of over 66,000 applicants for mortgages, according to her, will go on as planned.
This, she added, would help to ensure that the country reaps the strong benefits that will come from unleashing the housing revolution which is attracting serious interest from local and international investors.
Also, unaffected are public sector wages as well as key initiatives in education, health and other areas critical to the country’s human development.
Meanwhile, financial experts have said that Nigerians should be ready for a harsh economy in the nearest future as a result of the continued fall in the prices of oil.
The experts, while reacting to the measures adopted by the Federal Government, stated that the decline was only the beginning.
They spoke with our correspondents during separate interviews on Sunday.
A renowned economist and Chief Executive, Financial Derivatives Company, Mr. Bismark Rewane, stated that the step by the government was a good start, but wondered if the measures would actually cushion the impact of the falling oil prices.
He said, “That is a good start. The most important thing is the fact that the government has come to accept that it has to do something with respect to the falling oil prices. What we are seeing now is not a short-term phenomenon. Whether the therapy is adequate is another issue. But I think it is a good move and it has not ruled out other moves.
“On the $2bn withdrawal from the ECA, I don’t think that will make any impact. The reality is that we have to look at what is important. And what is important is that the Nigerian government has come to terms to the fact that it has to start austerity. So it is encouraging and this is the beginning of a number of steps to be adopted.”
On whether there might be more measures, Rewane said, “Certainly, this is just the beginning. And I will like to say that it will be good for Nigeria to accept the reality on ground presently.”
Also, a former President, Association of National Accountants of Nigeria, Dr. Samuel Nzekwe, said the government’s resolve to adopt austerity measures was not surprising.
He said, “About 80 per cent of our earning is from oil and so it is not a surprise that the government is adopting austerity measures considering the fact that oil prices are falling. This is actually the beginning o things to happen. Apart from imposing tax on luxuries, they should look at how to diversify the economy by creating enabling environment so that industries can thrive.
“Increasing or taxing more utilities is not the major solution. The government should now make more efforts to diversify the economy. They should make concerted efforts to ensure that the agricultural sector and a few others are working.
“Nigerians may not worry much about the tax issue because it is expected but this tax should be used wisely. It should not end in the pockets of a few individuals because since the country’s earning is mostly from oil, it means a fall in the price of this commodity will deny Nigeria a lot of income to build roads, power plants and many other things that will benefit the ordinary Nigerian.”
The All Progressives Congress, through its National Publicity Secretary, Lai Mohammed, described the proposed austerity measures as a reflection of the massive corruption inherent in the Jonathan-led Peoples Democratic Party government .
It argued that it was unfair for the Federal Government to subject Nigerians to austerity measures after frittering away the “petrodollars accruable to the country in the last 15 years.
Dawnward review of cement price to N1000 per bag by Billionaie Aliko Dangote has become the talk-of-town locally and globally. It has changed prices of competitive, complimentary, substitute and auxiliary products.
One of the competitors the Chairman of BUA Group, Alhaji Abdulsamad Rabiu, has even thrown his weight and support behind the Dangote Cement reduction in the cost of bag of cement to N1000, a 40 per cent price cut.
Rabiu said he has always been concerned about the high cost of cement in the country and has often advocated for a reduction in cost so that more Nigerians can have access to the product and realise their dream of owning houses.
“It is against this background that I commend Alhaji Aliko Dangote for this patriotic initiative, which is long overdue.”
“What Dangote has done today is significant. I am very pleased about it because it would make the cost of the product more affordable to Nigerians. With the price being low, it will result in more consumers buying the product which will drive up volume and increase market share for all stakeholders. I hereby urge all cement producers to emulate Dangote and bring down the cost of cement. There is absolutely no reason for a bag of cement costing so much. While it is true that we have infrastructural challenges, it is not so much as to make the cost of cement so expensive.
“On our part, I have already directed all our plants to follow suit and implement the new price regime. We still believe that more can be done to bring down the price even further for the benefit of Nigerians.”
There is really no reason for cement to cost more than N1000 per bag, bearing in mind the massive success of the backward integration policy, which implementation commenced 12 years ago, in which tens of billions of dollars has been directly and indirectly injected into the Nigerian cement industry with Dangote Cement accounting for more of this. This has seen cement national productivity rising from a mere 2.2 million tonnes to over 30 million tonnes.
BUA Group acquired the Edo State Cement Company three years ago and has pumped over $500 million in putting up a greenfield, three million tonnes per annum plant deploying the latest technology in cement production. The plant is billed to be commissioned in the first quarter of next year. It has gone from its 500,000 tonnes capacity annual production to 3.5 million tonnes per annum.
The company also has controlling equity in Sokoto Cement Company also known as Cement Company of Northern Nigeria (CCNN), which is also being expanded with an installation of 1.5 million tonnes per annum. Construction is in progress and is expected to be commissioned in early 2016.
The Board of Directors of Diamond Bank has announced the resignation of Dr Alex Otti effective October 30th 2014 and the appointment of Mr. Uzoma Dozie as its new Group Managing Director effective November 1st 2014.
The Bank’s Board approved the appointment of Uzoma Dozie as Group Managing Director/ CEO- designate subject to CBN approval.
2. Uzoma Dozie who is 45 years old, began his banking career 20 years ago spanning various roles and functions related to Credit and Marketing, Planning and Financial Control and Business Process Re-engineering.
3. He is currently the driving force behind the Bank’s market leadership in the Nigerian Retail Banking space, championing major innovations in e-banking (Diamond Mobile app), banking the un-banked (Diamond Yello and BETA proposition) and masterminding the strategy for promoting a seamless transition to a cashless economy.
4. Uzoma Dozie graduated in 1991 with a Bachelor of Science degree in Chemistry from the University of Reading, Berkshire England. He obtained a Master of Science degree in Chemical Research from University College, London in 1992. As he progressed in his professional career, he enrolled at the Imperial College Management School, London, where he obtained an MBA with specialisation in Finance (MBA finance) in 1998.
5. He started his banking career from Guaranty Trust Bank Plc in 1993 where he worked in the Commercial Banking Unit, and later moved to Citizens International Bank Limited where he worked in the Oil and Gas Division. In 1998, he joined Diamond Bank Plc as an Assistant Manager and Head of the Bank’s Oil and Gas Group where he expanded the Bank’s Oil and Gas businesses.
6. Having acquired years of experience in business development, Uzoma moved to the Financial Control Group of the Bank in 2000 and rose through the ranks to become the Bank’s Financial Controller. As the Financial Controller, Uzoma was charged with the responsibility of managing the Bank’s balance sheet, developing various MIS reports and reporting the Bank’s financial records to regulatory authorities. While in Financial Control, Uzoma served in various Management Committees including the Assets and Liabilities Committee, Cost Management Committee, Personnel Management Committee, New Products Committee, Management Credit Committee, and other ad hoc Committees at various times. He implemented various initiatives including laying the foundation for the deployment of paperless office programs and improved Management Information Systems.
7. In 2004, Uzoma spent time with the Amalgamated Bank of South Africa (ABSA) where he was exposed to the rudiments of Retail Banking and Wealth Management, Organizational Behaviour and Human Resources Management. Upon his return, he set up the Personal Banking Group with focus on offering propositions to the Affluent and Mass Market customer segments (Retail Business). Uzoma developed various partnerships with business franchises for retail business growth, created market awareness and developed various retail propositions to drive liability generation.
8. Following his success in Personal Banking, Uzoma was appointed an Executive Director in 2006. In 2008, he was reassigned the Corporate Banking portfolio where he was responsible for managing and developing relationships in Oil and Gas, Power, Infrastructure, Construction, General Commerce and Manufacturing businesses. In 2010, Uzoma’s responsibilities were expanded to include acting as the Bank’s Chief Financial Officer (CFO) following the retirement of the erstwhile CFO. As the acting CFO, Uzoma oversaw the Bank’s corporate strategy, Financial Management, Business Transformation and Investor Relations.
9. In February 2011, following the appointment of a new CFO, Uzoma’s responsibility was modified to cover Corporate Banking and all Businesses in Lagos and West regions. While in charge of Corporate Banking and Regional Business, Lagos, Uzoma developed and nurtured business clienteles in the middle market and national corporate segments, in addition to his corporate banking functions.
10. In January 2014, he was re-assigned to the Retail Banking Directorate and appointed Deputy Managing Director in April 2014. During his banking career, Uzoma attended various local and offshore training programs including the High Performance Leadership Program in IMD International, Sao Paulo, Brazil; Program for Management Development at Harvard Business School; Credit Risk Analysis and Management at Citibank, New york. He is currently the Secretary of Harvard Business School Alumni Association of Nigeria (HBSAN).
The Board believes that Uzoma’s wealth of experience, remarkable leadership skills and strong mentorship capabilities will serve to help the Bank achieve its short and long term goals especially in the highly competitive Banking industry in Nigeria.
As part of its Corporate Social Responsibility (CSR) initiative, Diamond Bank Plc is empowering 100 Nigerian youths in selected tertiary institutions, with top-of-the-range Information Communication Technologies (ICTs) and Entrepreneurial Skills. At the completion of the three months training programme, the trainees would have learnt and internalised world-class ICT knowledge and skills that would help them face the future with predictable successful outcome.
Ayona Trimnell, Head, Corporate Communications of the Bank, stated that this year’s ICT capacity building programme is scheduled to hold in the South-Eastern part of Nigeria from October to December 2014, noting that preparing and fortifying the youths for the future with the requisite up-to-date ICT knowledge and skills, is one of the surest ways to guarantee certainty, and bring Nigerian youths to play and compete at the global stage.
According to her, “Our activity in this area focuses on training and equipping students of tertiary institutions in the states across the country with (ICT) and Entrepreneurial Skills. The training will not only provide the youths with practical skills that makes them employable but will also serve as a source of livelihood through ICT skills development”.
Trimnell stated further that Diamond Bank is particularly interested in young people because they hold the key for providing superior value and technology-based innovation for the future; and represent the strategic vision of the Bank’s operations; therefore are a core of its strategic focus.
It could be recalled that the first edition of the ICT capacity training programme held in October 2013 with 100 students from two tertiary institutions in Uyo, Akwa Ibom State benefitting from the training scheme.
The initiative is being implemented in partnership with Paradigm Initiative of Nigeria (PIN), a social enterprise organisation that connects underserved Nigerian youths with ICT opportunities. The capacity training initiative will highlight the ill effects of unemployment and cybercrime among other vices that limit the potential contribution of young Nigerians to the nation’s economy. On behalf of the Bank, PIN provides trainees withcontinued post-program mentorship and support for a period of six months after graduation.
Access Bank Plc has emerged the winner of the 2014 World Finance, UK Magazine “Sustainable Bank in Nigeria Award”.
The award recognised the bank’s leadership in the sustainability space in Nigeria and Africa, the bank said in a statement.
The bank has been widely praised for focusing on financial inclusion, providing 30,000 children under the age of nine with banking services, as well as female empowerment, diversity and investment in the local Nigerian community, according to the statement.
Access Bank said its emergence as the winner of the award signalled the growing commitment of Nigerian, and indeed African banks to the adoption of responsible business practice and incorporation of environmental, social and governance considerations into the different facets of their operations.
The Group Managing Director and Chief Executive Officer, Access Bank Plc, Mr. Herbert Wigwe, said, “We are delighted and honoured to receive this prestigious award. We dedicate this award to all financial institutions in the developing and emerging markets, which despite the challenges have chosen to pursue environmental, social and governance best practices.”
According to the statement, World Finance Banking Awards recognise the names that have really spearheaded the transformation and continue to inspire positive change in banking.
This year’s award takes a look at the individuals and organisations that are responsible for banking’s biggest comeback and also helped in changing the shape of the banking industry for the better.
Access Bank said since its inaugural edition in 2005, the World Finance Sustainable Banking Awards had gained an overwhelming acceptance as evidenced by the increase in the total number of entries received and participating institutions and countries yearly.
Arguably, it is one of the most prestigious global banking awards that significantly promotes best practice in triple bottom line banking, the statement said.
The bank said it would use Ixaris Payment Server to deliver innovative payment options for individuals and corporate.
The e-commerce market in Africa is predicted to reach $75bn by 2025. However, many consumers and businesses across the continent currently lack a secure, convenient and low-cost means to make purchases online.
To take a share of the market opportunity, UBA selected Ixaris Payments Server to deploy payments programmes based on virtual prepaid cards.
The Deputy Managing Director and Chief Executive Officer, UBA Africa, Kennedy Uzoka, said in a statement, “We have partnered Ixaris and Ojapay to make this convenient payment option available to customers because virtual cards are not only easy and convenient to use but also protect users against online fraud. They will offer our customers across Africa a new layer protection and security for their online transactions.”
According to the statement, UBA’s new virtual card option will enable more than 10 million customers across 20 African markets to make safe and easy online purchases at any online merchant worldwide.
It added that the new virtual payment card would also enable the bank’s corporate clients to take advantage of the wider range of goods and services available on the Internet, while also enhancing internal controls through full traceability of purchasing and payments activities.
Virtual cards work in the same way as plastic payment cards, but are issued in electronic rather than physical form, according to the statement.
It added that they had now become the payment instrument of choice for a range of flexible solutions for payments-related problems faced by consumers and corporate organisations in many regions of the world.
“Virtual cards offer our customers an exciting new option to securely consummate their transactions. As one of Africa’s leading banks, we are proud to offer customers another innovative payment solutions. The changing dynamics of the African banking industry means that we have to constantly seek value-adding partnerships that meet the financial challenges faced by our customers,” Uzoka said.
The Founder and Chief Executive Officer, Ixaris, Alex Mifsud, said, “We are excited to be working with UBA, one of the most respected banks in Africa, to help bring safe and convenient e-commerce to millions of people who can really benefit from it.”
It’s the INFORMATION age coupled with the jet age. A lot of things have changed as against the old school ways. In the past, we were told to “go to school, secure First Class or Second Class Upper, get a good job, and you will live a good life.”
In reality, this isn’t the case anymore. In the 1970s, 80s and even the 90s, the above statement was valid. You know why? Before you write your final exams, good companies would have lined up to employ you. The reason is obvious.
There were lesser graduates then and there were
many Companies in Nigeria back then.
But now, the reverse is the case. For this reason, many Young Nigerians have to find their square roots. Securing a First Class’ Degree is no longer a guarantee that you will have a dream job and live a great life. Fact!
It’s the INFORMATION age and internet marketing is booming if you learn the ins and outs. Dozens of Nigerian youths have made names for themselves using the power of the internet. I am going to pick on some of these young Nigerians who are doing really great and expose their success secrets to you in this article.
Their achievements in a single year is worth more than what an average Nigerian (take a banker who earns 200k/mnt as example) will earn in 5years. It’s amazing when you see young hardworking guys earning legitimately online.
I can personally count a dozen of these guys that recently bought their first car or added another car to their garage. They all have a hidden secret! A positive one that you and i can explore to also achieve greatness soonest.
There is a secret behind these young Nigerian Internet Marketers changing and Buying cars like t-shirts. Many wouldn’t reveal the hidden secret but, i will!
Yahoo Yahoo? No!
Funny enough, when you and i hear about making money online, the first thing that comes to mind is yahoo yahoo. You have been sold the lie! Because of the activities of criminals/ scammers online in the early years of the advent of Internet in Nigeria, many have mistaken anything online money making as scam or illegality.
Genuine and Legitimate Internet Biz…
If the owner of FACEBOOK, GOOGLE, TWITTER, FIVERR etc earns legitimate income online, Nigerians also earn Legitimate income online.
The list of guys i have above include those YOUNG NIGERIAN NETPRENUERS who pride themselves doing legitimate, clean and profitable internet biz.
What are these guys’ Secrets?
They (we) are all into Information Marketing. Believe me or not, that’s theHIDDEN SECRET. Many of these guys don’t reveal this to you except you are smart enough to pick the idea by understudying them.
You may want to ask “what is information marketing?”
A quick search on google.com for the web definition gives Information Marketing as “The process of selling information-based products.”
Take for example, you may create a simple 13page Information product (ebook) which teaches:
how to get loan up to N200,000 from microfinance bank
how to import goods from abroad and sell for profit
how to satisfy your woman in bed
how to cure mouth odour
how to secure admission into foreign schools
how to make money watching football
(The funny thing is that you may not personally create any of the information product yourself)
You’ll be rich!
Once you have the information product, a website in place and you learn different ways of advertising your information products to your target audience, a fraction of them will buy your information product and guess what? You’ll be rich!
Take for example, i created a product “A-z of importation biz guide“.
I sell for N6,500. I have a website where i sell it. In a month, i got 10,000 traffic to my website. Out of every 200 visitors to my website, i make a sale. In 10,000 visitors, i will make 50 sales. This means i can earn N6,500 x 50 = N325,000.
What if i had up to 20,000 visitors to my website in that single month? It means my income could double to N650,000.
What if i have 2, 3 or 4 different INFORMATION PRODUCTS i sell that bring that kind of result?
Can you now see how these guys earn good income online and change cars like t-shirt?
These guys weren’t born with this knowledge that now fetch them good income online and make them live their dream lives.
If you would love to learn all that INFORMATION MARKETING entails within the next 7days via my daily newsletter,
The Technique and
The marketing skills
Africa’s richest man, Alhaji Aliko Dangote, said further deals with the Investment Corporation of Dubai might run into billions of dollars after the Emirati holding company invested $300m in his cement business last month.
“We have also agreed to invest in other ventures in oil and agriculture,” Dangote said on Wednesday in an interview at a conference in Dubai, according toBloomberg News.
“They already have a seat on our board. This could run into billions of dollars. There are a lot of opportunities that we are looking at with ICD.”
ICD is exploring opportunities to work with the Nigerian billionaire after taking an unspecified holding in Dangote Cement Plc last month, its first major Africa investment, ICD Chief Executive Officer, Mohammed Al Shaibani, also said on Wednesday in Dubai.
The company is diversifying its investments, which include Emirates airline and Emaar Properties.
Dangote, whose cement and commodities businesses built him a $23.1bn fortune, according to the Bloomberg Billionaires Index, partnered with the private-equity firms Blackstone Group and Carlyle Group in August for Africa investments.
He is planning to spend about $3bn to boost production of sugar and rice at his companies, he said.
Dangote’s cement business, the biggest producer in Africa, has the capacity to produce 29 million tonnes in Nigeria and is planning to expand in 13 other countries on the continent.
The billionaire is bidding for gas assets in Nigeria, Africa’s largest economy, to help stem continuing disruptions to his cement plants in the West African nation.
He’s also building a $9bn oil refinery and petrochemical complex in Nigeria’s southwest that is scheduled to be completed in 2016.
“We are looking forward to doing more with Dangote, and we have some things that we are exploring at the moment,” ICD’s Al Shaibani said. “Having the right partner, especially in Africa, is the key thing.”
Nigeria relies on fuel imports to meet more than 70 per cent of its needs. Four government refineries with a combined capacity of 445,000 barrels a day are operating at a fraction of that because of poor maintenance and aging equipment.
Dangote’s businesses offer “huge growth potential and we saw this as the right moment to come in,” Al Shaibani said.