Smart Transport Launches in Abuja by Uber

A growing technology company, Uber on Wednesday added Abuja to the list of smart transportation hubs in Africa where riders are conveniently connected to drivers in real time at the touch of a button on the Uber app that will be configured on a smart phone.

This happened at the launch of the innovative service that took place at the Transcorp Hilton where the Nigerian federal capital became the 400th city to be added across the globe about 18 months after the same service was launched in Lagos.

Speaking at the event, the General Manager for Uber Lagos, Ebi Atawodi said: “We’re really excited to be launching Uber in Abuja. Uber gives the people of Abuja an affordable, easy and flexible choice to move around the city safely and reliably.

“For those who don’t know, Uber moves around millions of global citizens every day, offering affordable and reliable rides at the touch of a button. By offering a friendly and reliable complement to existing transport options, we can help improve urban mobility in Abuja, reduce traffic congestion and the environmental impact of vehicles at the same time.

5 benefits of patronising made in Nigeria products

5 benefits of patronisisng made-in-Nigeria goods and services. Read below:

1. Buying made in Nigeria goods will boost employment generation in the country, as the multiplier effect of patronising local products is the demand of labour.

2. Buying made in Nigeria goods help conserve the nation’s foreign reserve and strengthen the naira against the dollar, thereby making the country financially healthy and self-dependent.

 3. Buying made in Nigeria goods helps to add value to the Nigerian economy. It is important to note that major prosperous economies of the world boost their small and medium enterprises as a way to soldify their economy. Nigeria must follow suit to succeed economically and secure its place as a regional and global economic power.

4. Buying made in Nigeria goods willl boost the nation’s Gross Domestic Product (GDP), which is required to be healthy at all times for smooth and economic progression.

 5. Buying made in Nigeria goods helps to boost domestic production, thereby encouraging technology transfer and also improve Nigeria’s foreign exchange earnings if a vibrant policy is put in place.

Indeed, one of the ways Nigeria can achieve economic prosperity is for Nigerians to identify with Nigerian products; buy them and also make use of local services in Nigeria. 

Innoson SUV, produced locall in Nnewi, Anambra state 

Nigerian companies buying dollars for a vast variety of foreign goods ranging from glass to oil and tomatoes. Already, some Nigerian elites are already setting the pace such as Senator Ben Murray-Bruce representing Bayelsa East senatorial constituency in the Nigerian Senate.

Already, some Nigerian elites are already setting the pace such as Senator Ben Murray-Bruce representing Bayelsa East senatorial constituency in the Nigerian Senate.

Senator Bruce buying made-in-Nigeria goods 

GT Bank declares N99.4 billion gain

Guaranty Trust Bank Plc has declared gross earnings of N301.9 billion for the financial year ended Dec. 31, 2015.

The News Agency of Nigeria (NAN) reports that this was against the N278.5 billion reported in 2014.

The report is contained in the company’s audited result released by the Nigerian Stock Exchange (NSE) on Monday in Lagos.

The gross earnings represented a growth of 8. 4 per cent when compared to the figure for 2014.

The bank’s profit before tax stood at N120.7 billion compared with N116.4 billion declared in 2014.

The bank’s profit after tax also rose to N99.4 billion from N94.4 billion in 2014.

A breakdown of the bank’s result indicates that its Interest income rose to N229.24 billion from N200.60 billion in 2014.

Net interest income rose to N159.947 billion against N142.392 billion achieved in the preceding year.

Its total assets grew by 7.2 per cent to N2.52 trillion in contrast to the N2.36 trillion in 2014.

The results showed that loans to customers also grew by 7.5 per cent to N1.37trillion from N1.28 trillion in 2014.

NAN reports that the bank’s directors proposed a total-year dividend of N1.77 per share (inclusive of the 25 kobo interim dividend paid at half year 2015).

The bank declared N1.50 per share dividend in 2014.

Segun Agbaje, the bank’s Managing Director, attributed the performance to loyalty of its customers as well as hard work and dedication of the staff, management and board.

Mr. Agbaje said the group had delivered a respectable profit before tax of N120.7 billion despite an extremely challenging business environment in 2015.

“As a Bank, we will continue to actively partner with our customers and grow our business in a sustainable manner that is driven by profit objective.

“We will also focus on empowering our customers with a view to growing Nigerian economy,” he said.

Agbaje said that the bank would remain committed to maximising shareholders’ value, delivering superior and sustainable returns whilst actively expanding its franchise in select, high growth African markets.

“The bank has continued to report the best financial ratios for a financial institution in the industry with a Return on Equity (ROE) of 31.0 per cent and a cost to income ratio of 44.4 per cent.”

NAN also reports the bank was the first commercial bank to declare its 2015 audited result on the Nigerian Stock Exchange.

Ikeja Electric New Tariff

Ikeja Electric would like to announce the implementation of its new cost reflective tariff, effective 1st February, 2016. This is in line with the Multi Year Tariff Order (MYTO 2.1) as approved by the Nigerian Electricity Regulatory Commission (NERC), in line with NERC’s mandate of fair dealings in all its regulatory interventions.

The fixed charge has been removed as mandated by NERC. This means that Ikeja Electric’s customers’ monthly bill will no longer have the fixed charge starting from the 1st of February, 2016.

As part of the mandatory prerequisite for the implementation of the new tariff, Ikeja Electric is committed to ensuring that all its esteemed customers are metered. This will assist in eliminating estimated billing and ensure customers only pay for what they consume. So far a total number of 28,619 meters have been installed within the last 12 months.

 

Whilst Ikeja Electric ensures compliance with Nigerian Electricity Regulatory Commission (NERC)directives, we remain committed to delivering excellent service to all our customers.

Click on here to find out more information on your classification and new tariff, or kindly visit your nearest Ikeja Electric Business Unit or Undertaking. Customers can also call Ikeja Electric’s customer care helplines on 01-4483900, 0700-0-2255-453 and 01-7000250, or send an email to customercare@ikejaelectric.com.

Oil rises above $30 on hopes of deal to tackle glut

Oil rises above $30 on hopes of deal to tackle glut

The Organisation of the Petroleum Exporting Countries is making renewed calls for rival producers to cut supply alongside its members.
Russia, seen as key to any deal, has so far refused to cooperate

Oil rose further above $30 a barrel on Tuesday on hopes that the Organisation of Petroleum Exporting Countries and non-OPEC producers may reach deal to tackle one of the biggest supply gluts in decades.
The Organisation of the Petroleum Exporting Countries is making renewed calls for rival producers to cut supply alongside its members.
Russia, seen as key to any deal, has so far refused to cooperate.
Iraq’s oil minister said on Tuesday he saw some flexibility for a deal between OPEC and non-OPEC.
Brent crude rose 17 cents to $30.67 a barrel.
US crude was up seven cents at $30.41.
“Without a production agreement, fundamentals point to lower numbers,” said David Hufton of oil brokers PVM. “With one, oil becomes a 40-to-60 dollars-a-barrel market.”

Google has reportedly made $31 billion in revenue from Android

Google has reportedly made $31 billion in revenue from Android

We know that Google doesn't reveal the revenue or profit it makes off of its Android mobile-operating system. However, looks like the well-guarded secret has just been revealed by Oracle. The the database maker’s attorney in an ongoing lawsuit against Google revealed last week that the latter has made a total of $31 billion in revenue and $22 billion in profit from Android till date.

Google said that the figures were derived from its confidential internal financial documents, adding that the "extremely sensitive information" shouldn't have been publicly disclosed as it was meant for "Attorney’s Eyes Only."

"Google does not publicly allocate revenues or profits to Android separate and apart from Google’s general business," the company said in a court filing. "That non-public financial data is highly sensitive, and public disclosure could have significant negative effects on Google’s business."

The Mountain View, California-based company urged the court to edit related portions of the public transcript of last week’s hearing, following which the transcript was removed from electronic court records.

Filed way back in 2010, the lawsuit accuses Google of copyright violation saying that the company used Java APIs in its Android OS without permission. While Google argued that APIs can't be copyrighted, a court in 2014 ruled otherwise. Following this, the search giant took the battle to the Supreme Court, which upheld the lower court's ruling.

The ongoing arguments are now for the damages that Oracle will receive from Google. "Look at the extraordinary magnitude of commerciality here," Oracle's attorney had said last week while disclosing Android's revenue and profit.