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  • Slash On Imported Vehicles’ Duties Begins Next Week – Customs

    Slash On Imported Vehicles’ Duties Begins Next Week – Customs

    The planned reduction in the duties on vehicles and tractors from 35 to about 10 per cent may take off next week, the Nigeria Customs Service said on Tuesday.

     

    Comptroller-General of Customs, Hameed Ali, who disclosed this to journalists in Abuja, said the management of the service was expecting an official communication from the finance ministry on the matter any moment from now.

     

    He said the vehicle tariff reduction, as contained in the 2020 Finance Act, was initiated by the NCS to ease the cost of transportation in Nigeria.

     

    He said, “We are the proponents of the new tariff. I’ve been torn apart by many people criticising it, saying I used my connection to get it done. But it is in the overall interest of Nigeria.

     

    “Now, it has become a law. We are now waiting for the finance minister to give us a formal conveyance of that Act. Once we receive it, we commence implementation immediately and inform our commands.

     

    “We are hoping that latest by next week, it will become operational.”

     

    On the African Continental Free Trade Agreement, Ali said all aspects that concerned the NCS had been adhered to.

     

    He, however, noted that the service would need certain inputs from the AfCFTA secretariat, such rules of origin, as this should not be left to chambers of commerce alone, adding that the NCS should part of the team.

     

     

     

  • Xiaomi Introduces Latest Entry-Level King, Redmi 9T Into Nigerian Market

    Xiaomi Introduces Latest Entry-Level King, Redmi 9T Into Nigerian Market

    The world’s third-largest smartphone brand Xiaomi on Tuesday announced the entry of the new king of entry-level, Redmi 9T into Nigeria market.

     

    Redmi 9T was designed to deliver the exceptional performance and multi-day battery life that users crave without compromising on photography capabilities and overall design.

     

    According to Mr. Somoye Habeeb, the Marketing Director Xiaomi Nigeria, Redmi 9T is a photography powerhouse with its 48MP AI quad rear-camera.

     

    The device’s 8MP ultra-wide angle camera accommodates large group photos and wide landscape shots without cropping, while its 2MP macro lens and 2MP depth sensor enable stunning close-up shots with professional-level bokeh.

     

    Redmi 9T is also equipped with a new movie frame feature that gives photos a more cinematic look and feel without editing. It also sports a new time-lapse feature which offers various speed and duration values for shooting so users can capture creative time-lapse photos without tapping a DSLR or other professional camera.

     

    Despite its lightweight design, Redmi 9T packs a punch with its 6,000mAh (typ) battery and Qualcomm® Snapdragon™ 662 chipset. Combined with its 11nm energy-efficient processor, Redmi 9T delivers higher performance with less heat production and lower power consumption than previous generations. Moreover, MIUI battery saving mode and reverse wired charging capabilities help maximize all-day, and even multi-day usage. Redmi 9T comes with 18W fast charging and an in-box 22.5W charger. Said Habeeb.

     

    Redmi 9T features a modern and minimalistic design with its rounded corners and an anti-fingerprint textured back. Its 6.53” FHD+ Dot Drop display with Corning® Gorilla® Glass 3 offers a crisp and clear viewing experience and strong protection against cracks and scratches. Redmi 9T also comes with Widevine L1 and TÜV Rheinland Low Blue Light certifications for a more enjoyable viewing experience. The device is available in four bright powerful colors variants: Carbon Gray, Twilight Blue, Sunrise Orange, and Ocean Green.

    Complete with Dual SIM and microSD expandable storage, Redmi 9T offers expandable storage of up to 512GB so users can keep their favorite apps, games, photos and videos all on one device. Infrared blaster support would come in handy on your Redmi 9T. Redmi 9T will be available in 4GB + 64GB and 4GB + 128GB at N71,200 and N76,700 respectively. Redmi 9T is available nationwide.

     

    Xiaomi Corporation was founded in April 2010 and listed on the Main Board of the Hong Kong Stock Exchange on July 9, 2018 (1810.HK). Xiaomi is an internet company with smartphones and smart hardware connected by an Internet of Things (IoT) platform at its core.

    With an equal emphasis on innovation and quality, Xiaomi continuously pursues high-quality user experience and operational efficiency. The company relentlessly builds amazing products with honest prices to let everyone in the world enjoy a better life through innovative technology.

     

    Xiaomi is currently the world’s third-largest smartphone brand and has established the world’s leading consumer AIoT (AI+IoT) platform with 289.5 million smart devices connected to its platform, excluding smartphones and laptops. Xiaomi products are present in more than 90 markets around the world. In August 2020, the company made the Fortune Global 500 list for the second time, ranking 422nd, up 46 places compared to the previous year. Xiaomi also ranked 7th among internet companies on the list.

  • Amber Energy Drink Announces Top 20 Finalists for the Energy In Your Hustle Challenge

    Amber Energy Drink Announces Top 20 Finalists for the Energy In Your Hustle Challenge

    Twenty participants have advanced to the next phase of the #EnergyInYourHustle challenge, a social media challenge that had participants creatively showcase their everyday hustle with Amber Energy Drink.

     

    The shortlisted finalists, Soji Ayoola, Nuel Davidson Emmanuel, Jumah Kudus, Certified Photography, Xter Berry, Stephanie Mozimo, Fasanmi Afolabi, Grace Oduokene, Annabel Gift Nwoko, Naomi, David Okemiri, Iyke Divine, Oluwadara Oluyemi Ooreofe, Wordiet, Nkana Mma, T9 Grafix, Lotanna Odiyi, Chinaza Ezeani, Lawrence Okeke and Babatunde Taiwo Ipaye were selected based on their ability to capture their hustle in a compelling way.

     

    Speaking on the challenge, the General Manager, Amber Drinks Limited, Lola Adedeji had this to say, “We decided to introduce this challenge to support the different hustles of young Nigerians and we are super excited at the impressive entries we received. It is evident that Nigerians are diligent and progressively dog-headed to make lemonade out of the lemons life offers them. It really is a commendable  attribute for we Nigerians. This is why we just had to show our support”

     

    The shortlisted finalists will be posted on the brand’s social media pages for an online voting process where the top three finalists will emerge. Voting starts the 20th of January and ends on the 30th of January, 2021. Winners will be rewarded with N1,000,000.00, N500,000.00 and N300,000.00 for the first, second and third place respectively.

  • CNN’s Inside Africa meets Nigeria’s Techpreneurs

    CNN’s Inside Africa meets Nigeria’s Techpreneurs

    On this week’s Inside Africa, CNN International showcases Nigeria’s entrepreneurial spirit, meeting four start-up stars who are improving the world from Africa’s largest tech hub.

     

    Firstly, the programme meets Olatunbosun “Bosun” Tijani, the brains behind one of Africa’s biggest networks of tech talent. Tijani founded the Co-Creation (CC) Hub in 2010 as a meeting place for innovators in the heart of Lagos. He speaks about his inspiration, “Science and technology can leapfrog development across Africa and there are so many smart people on this continent, we just need to build a platform that will enable them to create.”

     

    Some of CC Hub’s successful partnerships include a healthcare logistics company that delivers lifesaving blood, a digital security platform promoting internet safety, and Google-sponsored ‘Pitch Drives’ that help introduce African start-ups to Asia. Tijani discusses the Hub’s strategy, “I believe that Africa is going to be a lot stronger if we start to see the continent as one. How do we leverage the expertise and resources that you may find in a country like Kenya and lay eyes on the creativity and energy that you find in Nigeria?”

     

    Tijani’s latest venture is the STEM café, an imaginative space dedicated solely to children. He tells CNN about the project, “I want to help build a generation of people in Africa with a strong belief in science, people that are comfortable in science, that can apply science to change things. So, it’s a maker space for kids. It’s a space where we don’t use curriculums. It’s a nonlinear way of teaching so we actually don’t teach but we encourage kids to build.”

     

    Featured next is Odun Eweniyi one of the founders of PiggyVest, a financial technology company that is teaching young people the value of their money, by helping them to save it. Eweniyi explains the business, “PiggyVest is an automated savings and investment platform that helps young Nigerians put aside little amounts of money daily, weekly or monthly towards their targets or their responsibilities and eventually gives them access to micro-investments to get competency returns.”

     

    According to Eweniyi, PiggyVest now has more than two million registered users. Despite the coronavirus shutdown and the disruptions it has caused, Eweniyi says she remains committed to her original mission of helping people save small in order to achieve big results, “Whether we’re in a crisis or out of a crisis the mission remains the same, to get them to a place where they are financially free with the power to continue to manage their finances.”

     

    The third techpreneur is Chika Madubuko, the co-founder and CEO of Greymate Care. This healthcare start-up is a pioneer in providing on-demand care in Nigeria and Madubuko details the concept, “Before Greymate Care was launched, you would normally find someone who was a caregiver or an auxiliary nurse signing up with the hospital or an agency, but then they stayed for so long without jobs. With Greymate Care they got more jobs quickly, and they got the appropriate jobs that matched the kind of services they could provide.”

     

    Madubuko’s company is one of many start-ups revolutionising the healthcare industry. She speaks about differentiating her product, “I knew we had to be very innovative, we have to make our processes different, we have to differentiate ourselves in the market. We added a training curriculum, which was the best in Africa, training our caregivers to make sure that they can provide adequate care to our service users.  Running background checks on our caregivers to make sure that service users feel safe letting them through their door.”

     

    Finally, Inside Africa meets documentary filmmaker Joel “Kachi” Benson. As the founder and CEO of VR 360 Stories, Benson works as a virtual reality storyteller. He speaks about his first time using the technology, “I think it was February 2018 that I wore a headset for the first time. And my experience was a Coldplay concert. It was like I was there. And I remembered what the guy was trying to tell me two years before about putting viewers in the midst of the action. All I could see was the IDP camps that I’ve been filming in northeast Nigeria, the places that I had been to, and that I felt I did not properly express with my 2D camera. You know, what a tool for storytelling.”

     

    Benson’s 360-degree immersion into the lives of internally displaced people was a first for a Nigerian filmmaker and it influenced another project focusing on the families of the Chibok schoolgirls. He recalls the aims of the film, “With the Daughters of Chibok, what I wanted to do was to take people to Chibok and show them this reality that was almost unreal. It’s so far away, so distance, we’re so detached from the story. I wanted to put people in that space. But I also wanted to amplify the voices of these women that I saw.”

     

    Nigeria’s techpreneurs are innovators across multiple fields of industry and are putting in the hard work to build businesses that both help and inspire.

     

  • Niger Insurance Set To Offset N15bn Property To Recapitalise

    Niger Insurance Set To Offset N15bn Property To Recapitalise

    Niger Insurance Plc has disclosed that it plans to sell off real estate and investment property valued at N15bn.

     

    The underwriter said this would help to boost its cash flow and efforts to meet the recapitalisation requirements of the insurance industry.

     

    The Managing Director, Mr Edwin Egbiti, spoke during the company’s 2019 annual general meeting which was held virtually in Lagos recently.

     

    He said, “Subsequent to the requisite approvals of the board on behalf of shareholders, a number of the company’s real estate and investment property valued at N15bn have been put on sale in order to improve liquidity/cash flows, ensure reserve adequacy and improve solvency margins.

     

    “We are encouraged by the progress made so far, and confident that both capital restructuring and recapitalisation efforts will be successful in line with National Insurance Commission’s regulatory timelines.”

     

    In addition to addressing legacy claims, financial strength and reputational concerns, he said, it recognised that its people were the company’s most critical assets without whom its goals and plans would remain elusive.

  • Firm Launches Cleaning Product To Curb COVID-19 Spread

    Firm Launches Cleaning Product To Curb COVID-19 Spread

    Manufacturer of home products, Aspira Nigeria Limited, has unveiled a new product, Viva Plus Laundry Sanitizer Detergent Powder to reduce the risk of spreading the COVID-19 virus.

     

    The public presentation of the product took place in Kano on Thursday.

     

    In his welcome address, the Head of Marketing, Aspira Nigeria, Santhosh Nair, said that the latest product had undergone all the necessary checks and was carefully manufactured to bring about a more hygienic and healthier society.

     

    He further stated that the product was a result of the company’s desire to serve the society in better ways.

     

    Nair said, “Our commitment to the society and to healthcare has expanded our product range to sanitizers, dish washers and dental healthcare products.”

     

    Aspira’s Product Manager, Ali Jammal, said in the wake of the COVID-19 pandemic in the country, the company decided to develop a detergent that could reduce the risk of spreading sickness-causing bacteria, in addition to keeping clothes stain free.

     

    He said, “The new laundry sanitizer was developed under multi-enzyme and ecofriendly technologies and contains zero per cent bleach. It is gentle on fabrics and works even in cold water.”

     

    In his remarks, the Chairman, Aspira Nigeria, Alhaji Ahmadu Danzago, noted that the product could not have entered the market at a more auspicious time given the current global push for improved personal care and hygiene, including the need for a cleaner and safer environment.

  • NSE Admits 2.64 Billion Shares Of Transcorp Hotel

    NSE Admits 2.64 Billion Shares Of Transcorp Hotel

    The Nigerian Stock Exchange has listed 2.64bn ordinary shares of Transcorp Hotel Plc on the Daily Official List of the Exchange.

     

    According to a report obtained from the Exchange, the additional shares listed on the Exchange arose from the company’s rights issue of 2.66bn ordinary shares of 50 kobo each at N3.76 kobo per share on the basis of seven new ordinary shares for 20 ordinary shares held as at July 13, 2020.

     

    The rights issue was 99.34 per cent subscribed. With this listing of the additional 2.64 billion ordinary shares, the total issued and fully paid-up shares of Transcorp Hotel has now increased from 7.60 billion to 10.24 billion ordinary shares of 50 kobo each.

     

    Shareholders of Transcorp Hotels, owners of Transcorp Hilton Abuja and Transcorp Hotels Calabar, had recently authorised the Board of Directors to raise N10bn in its proposed rights issue to fortify its balance sheet.

     

    The approval given at the Extraordinary General Meeting of the company was to issue 2.66 billion ordinary shares of 50 kobo each by way of a rights issue to the shareholders based on seven new ordinary shares for every 20 ordinary shares of 50 kobo each held at a price of N3.76 per share.

  • Flour Mills Lists N29.8bn Bond on NSE

    Flour Mills Lists N29.8bn Bond on NSE

    Flour Mills Nigeria Plc has listed its tranche A and tranche B bonds on the floor of the Nigerian Stock Exchange.

     

    The listing was commemorated with a digital Closing Gong ceremony at the NSE.

     

    The Divisional Head, Listings Business, NSE, Mr Olumide Bolumole, said, “It has been a positive start to the Nigerian capital market in the new year and we are pleased to commemorate the listing of Flour Mills’ N29.8bn Tranche A and Tranche B Bond Issue, the final series under its N70bn Bond Issuance Programme.

     

    “As is our custom to celebrate significant milestones and accomplishments of our issuers, we also applaud and recognise the contributions of Mr Paul Gbededo who recently retired after 38 years of meritorious service and congratulate Mr (Boye) Olusanya on his appointment as the Group MD/Chief Executive Officer at the NSE, we remain committed to supporting the strategic objectives of our issuers, providing a platform for raising capital even in the toughest of times.”

     

    Olusanya stated, “We thank the NSE for hosting us at this virtual Closing Gong ceremony today and we are excited about the role The Exchange is playing in deepening secondary market activities in the Nigerian market in line with international best practice.

     

    “The issuance of the N29.8bn tranche A and B bond coincides happily with the 60th anniversary of Flour Mills Plc and fully utilises the N70bn programme registered in 2018. We will continue to explore opportunities to raise funds via the capital market as this has allowed us to diversify our funding sources whilst playing a critical role in the development of our market.”

  • NIN: FG Grants Plateau Govt Licence To Register Residents

    NIN: FG Grants Plateau Govt Licence To Register Residents

    Following the challenges faced by residents of Plateau State in enrolling for the National Identity Number (NIN) as a result of few enrolment centres, Plateau State Governor Simon Lalong, says he has secured the licensing of Plateau State as a service provider for the enrolment of Nigerians residing in the State.

     

    The governor’s Director of Press and Public Affairs, Macham Makut, in a statement on Sunday said the licence granted to Plateau State by the Federal Government was for one year subject to renewal upon satisfactory performance during the period.

     

    According to him, the approval which was conveyed to the governor by the Minister of Communications and Digital Economy through the Director General of the National Identity Management Commission, Mr Aliyu Aziz, indicates that the Plateau State Government can now participate in the registration of citizens of the State into the national identity database in line with the provisions of the NIMC Act and other guidelines issued.

  • AMCON Seizes Inducon Nigeria’s Assets Over N1.3bn Debt

    AMCON Seizes Inducon Nigeria’s Assets Over N1.3bn Debt

    The Asset Management Corporation of Nigeria, AMCON said it has taken over an asset belonging to the Chief Promoter of Inducon Nigeria Limited, Dr. John Abebe, over N1.3bn debt.

     

    In a statement on Sunday from the Head, Corporate Communications Department, AMCON, Jude Nwauzor, titled ‘N1.3bn debt: AMCON takes over assets of Inducon Nigeria Limited’ it said this followed the order of Honourable Justice Aikawa of the Federal High Court, Lagos.

     

    “In compliance with the enforcement order, AMCON at the weekend took effective possession of the property situate at Plot12, Block 108, Lekki Peninsula Residential Scheme, Lagos, through its debt recovery agent – Ogunsola Shonibare L.P.

     

    “The court also ordered that the bank accounts of the company and its directors, Dr. John Abebe, Mr Olawole Fatimilehin and Ademola Buraimoh, be frozen pending the final determination of the suit.”

     

    AMCON stated that the case of Inducon Nigeria Limited and its promoters had been interminable shortly after the loan was purchased by AMCON during the first phase of Eligible Bank Asset purchases from the defunct FinBank (now FCMB) since 2011.

     

    Since the purchase, AMCON said it had offered the obligor several concessions and explored all avenues to resolve the debt harmoniously, but the obligor and his company had remained recalcitrant and unenthusiastic to repay the huge debt to AMCON.

     

    They had consistently reneged on several promises they made in the past during negotiations, it stated.

     

    It said that this prompted the debt recovery agency to evoke the corporation’s asset tracing powers granted it under the AMCON (Amendment No. 2) Act, 2019.

     

     

     

    Nwauzor confirmed the success of the enforcement exercise over the weekend but added that all avenues of peaceful resolution were explored to no avail before the hard decision was taken.

     

    He emphasised that the enforcement option was usually the last resort for the corporation whenever a recalcitrant obligor decided to be unreasonable.