PricewaterhouseCoopers International Limited (PwC) reported total global gross revenue of $34 billion for the fiscal year ended June 30, 2014. Revenue growth was strong across all lines of business for all of PwC’s largest firms and in all geographic regions. At constant exchange rates, PwC’s total global revenues rose by 6 percent. “With organisations and our stakeholders around the world looking to PwC to help build trust in society and solve important problems, PwC firms continued to perform very well in FY 2014. This strong performance was despite economic challenges in some countries, increased regulation and stiff competition in all our markets,” said Dennis M. Nally, chairman, PwC International Limited.
Updated 6 Years ago

The difficulty experienced by the Central Bank of Nigeria (CBN) in mopping up excess liquidity in the banking system may worsen this week on the back of maturing N978.3 billion Asset Management Corporation of Nigeria’s (AMCON) bonds, scheduled for October 31, 2014, analysts have said. Last week, the CBN’s attempt to mop up liquidity seemed futile, as its Open Market Operation (OMO) instruments were shunned by deposit money banks (DMBs). Notably, the OMO auction held on Friday witnessed no subscription.
Updated 6 Years ago

Bristow Nigeria says its $1 million investment in a gas-to-power project at its operation base at the NAF Base, Port Harcourt, Rivers State, underscores its commitment to the provision of better services for Nigeria’s offshore oil and gas industry and by so doing, strengthening the country’s economy. This move to ensure adequate power supply for its operations at the NAF Base is part of an overall strategy for its infrastructural development and further expansion, which will make the heliport the biggest in the world on completion.
Updated 6 Years ago

It is generally acceptable that one of the best measures of economic growth is the employment rate. In developed countries like the United State of America (USA), politicians’ performances are gauged by the number of jobs they have created. The recent job creation report by the National Bureau of statistics (NBS), shouldn’t be construed as a sign that the economy is rebounding as the country’s unemployment is a ticking time bomb.
Updated 6 Years ago

Nigeria’s diary industry is growing moderately, with the compounded annual growth rate (CAGR) of 8 percent over the last three years and an estimated revenue of N347 billion in 2013. This industry is driven by rising demography, high youth and middle-class population, continued westernisation and growth in incomes. Others key drivers include development of modern retail channels, urbanisation, availability of products in small packs, among others, analysts have said. “The continued westernisation, growth in incomes, and development of modern retail channels, means the category is expected to perform better. In particular, the fast growth of modern retail chains will be the main factor spurring growth,” says Euromonitor International, in its 2013 report on cheese, one of the diary products. “The shift of emphasis to smaller packaging units by virtually all manufacturers also helped boost sales among poor and price sensitive consumers, who previously considered drinking milk products as a luxury,” Euromonitor International, says of milk, another diary product.
Updated 6 Years ago

The business community has said that pressure from regulatory agencies is stifling the growth of micro, small and medium scale enterprises (MSMEs) in Nigeria. They add that overlapping functions of these agencies at both federal and state levels often result in endless intimidation, time wasting as well as high operational costs to business owners who are merely struggling to survive in a tough environment. Remi Bello, president, Lagos Chamber of Commerce and Industry (LCCI), singled out agencies whose overlapping functions pile heavy pressure on businesses.
Updated 6 Years ago

He is from a humble background. But through hard work, resilience and dedication, Sijibomi Ogundele has risen to become one of the youngest rich men in the country. He is putting Nigeria’s name on the global map in real estate and construction. You won’t be wrong by comparing him to Donald Trump, who grew up in Brooklyn and later became the king of Manhattan. So is Sijibomi, who was born in Agege, a Lagos suburb, travelled all over the world, and is now living and doing his business in Ikoyi, an elitist area of Lagos.
Updated 6 Years ago

As the two leading aspirants – former military Head of State, Major-General Muhammadu Buhari, and former Vice-President, Atiku Abubakar – on the platform of the All Progressives Congress (APC) slug it out for the presidential ticket of the party, the Kano State Governor, Rabiu Kwankwaso, will be declaring his bid for the presidency on October 23, 2014 as the “compromise candidate” of the APC. This is just as Senator Bukola Saraki, a chieftain of the APC, yesterday announced the suspension of his bid for the presidency in 2015.
Updated 6 Years ago

In a move to cash in on the fracture caused by the defection of the Ondo State Governor, Dr. Olusegun Mimiko, from the Labour Party (LP) to the Peoples Democratic Party (PDP), the All Progressives Congress (APC) at the weekend said its doors are open, ready and prepared to receive true progressive citizens of the state into its fold. The state Chairman of the APC, Mr Isaacs Kekemeke, stated the readiness of the party to receive those who for one reason or the other might want to leave their parties for the APC at a news conference he addressed in the state.
Updated 6 Years ago

The crisis of confidence among leaders of the Peoples Democratic Party (PDP) in Oyo State at the weekend reared its ugly head during the party’s zonal congress, as a former Governor, Adebayo Alao-Akala, surged towards the Deputy-Senate Whip, Hosea Ayoola Agboola, and tore the ballot paper in his hand. The visibly enraged Agboola who was caught unawares by the action of the erstwhile governor nearly retaliated, save for the timely intervention of other stalwarts at the venue of the South-west zonal congress of the party held at the Apex Multipurpose Hall, Agodi Ibadan.
Updated 6 Years ago