The Zinox Group has concluded the acquisition of e-commerce giant, Konga, in a move that is expected to alter the e-commerce landscape in Nigeria. ThisDay quotes an industry source, as saying that the transaction had been approved by the SEC. The move marks a bold return for Zinox to an industry it pioneered in Nigeria with the launch of BuyRight Africa.com, which was challenged by the country’s lack of an e-payment infrastructure when it was launched 12 years ago.
Former Cross River governor and a leader of the Coalition for Nigeria, Donald Duke, dismissed concerns that the newly-formed political movement proposed by former President Olusegun Obasanjo could ultimately benefit President Muhammadu Buhari in 2019. “I don’t see how this would favour him,” Premium Times quotes Duke as saying on the sidelines of the formal launch of Coalition for Nigeria Movement in Abuja. Duke’s comment was aimed at debunking claims that
Olusegun Obasanjo, Nigeria’s military chief of state from 1976 to 1979 and its civilian president from 1999 to 2007, published a thirteen-page statement, “The Way Out: A Clarion Call for Coalition for Nigeria Movement” on 23 January in which he sharply criticised Nigerian politics, comparing the country’s state to that of lice-infested clothes. Specifically, he identified “poor performance in government—poverty, insecurity, poor economic management,
The main NSE index has surged 12 percent this year in dollar terms, the most among 96 major bourses according to Bloomberg. It added ₦1.76 trillion in the first two weeks of the year, pushing it to ₦15.37 trillion, the highest level since 2008. The largest company on the exchange, Dangote Cement has climbed to a record high. FirstRand Asset Management believes the advance will probably be sustained thanks to rising prices for oil, Nigeria’s main export, and as
A batch of 373 Edo indigenes who returned from Libya at the weekend protested against the non-payment of their in-state transportation stipends. The protesters, 73 of whom are females and some of whom are pregnant, were among 481 Nigerians flown from Libya on Sunday by a federal government constituted repatriation committee. According to a New Telegraph report, the protests were prompted when returnees, upon completion of medicals and biometric capturing, were told
2017 offered a ray of hope for Nigeria as the country exited a recession. However, the feeling remains that Nigeria failed to make good use of the opportunity presented by the economic recession. Our economy remains non-diversified and heavily reliant on oil To all intents, Nigeria has wasted the crisis.
In 2017, the Buhari Administration had a chance, with its second full year budget, to effect a change the budgeting process, and break a cycle which has kept the economy
2017 has been an eventful year in Nigeria as the country finally exited its first recession in a generation. As we put finishing touches to our review of 2017 and our forecast of 2018, due for release this Friday at noon, we did a review of our key 2017 predictions from last year and how these have panned out as the year unfolded.
A year ago, we forecast that the following were likely to happen in 2017:
1 – Oil prices would hover in the mid $50/bbl for the most part of 2017.
- We have scored this forecast CORRECT as can be seen in the chart below.
The Senate voted on 5 December to launch an investigation into alleged acts of brutality by a specialist unit of the police. The move follows a social media campaign calling for the Federal Special Anti-Robbery Squad (F-SARS) to be scrapped. The campaign, which has gathered pace in the last few days, involves people sharing stories of alleged maltreatment by the unit’s officers. The Senate said lawmakers on a security committee would consider the claims about SARS.
Nigeria’s economy grew 1.4 per cent year-on-year in the third quarter, the statistics office said on Monday, extending its slow climb out of its first recession in a generation. Africa’s largest economy returned to growth in the second quarter of 2017 but the recovery has been fragile due to depressed oil revenues and a shortage of hard currency. The NBS said oil production stood at 2.03 million barrels per day in the third quarter. Agriculture grew by 3.06 per
Annual inflation in Nigeria slowed for the ninth month in a row in October, easing to 15.91 per cent, the NBS said on Wednesday in a report. A separate food price index showed inflation at 20.31 per cent in October, compared with 20.32 per cent in September. “The rise in the food index, in October 2017 was caused by increases in prices of bread and cereals, meats, oils and fats, coffee tea and cocoa, milk cheese