Business News Politics

LBN News Digest: Porsche Targets Rich Nigerians’ Love for Luxury, Female Entrepreneurs Encourage Collaboration on International Women’s Day

Porsche targets rich Nigerians‘ love for luxury
msnbc.com
“The African continent, and in particular Nigeria, is of growing importance to us at Porsche,” thecompany’s Middle East and Africa head George Wills said, unveiling the new 911 model. High-end goods producers are increasingly targeting sub-Saharan 

Nigeria airline suspends some UK-bound flights
Boston.com
The Nigerian airline has said a government agreement entitles local airlines to 21 slots at UK airports, but the airline refused to pay increased rates for some Heathrow slots, which are administered by a private company. The company suspended flights 

First City Bank of Nigeria Posts Loss of 9.9 Billion Naira
BusinessWeek
By Vincent Nwanma on March 19, 2012 First City Monument Bank Plc (FCMB), a Nigerian lender, posted a full-year loss of 9.9 billion naira ($62.8 million) in 2011, compared with a profit of 7.9 billion naira a year earlier, as it took an impairment 

Nigerian court jails three Indians for contempt
Deccan Chronicle
PTI A Nigerian court has sentenced three Indians of a Lagos-based company to one-month imprisonment each for disobeying its orders. The Indians, who are brothers, include the Managing Director of a private plastic company called Sacvin Nigeria Limited, 

Refineries – ‘Govt Has No Business in Business
AllAfrica.com
Sorry to say, Nigeria is still not developed and, of course, is still in the practise of having its government in business. Not even during the days of the colonial masters did they come only as a government. But when the colonial masters came, 

Female Entrepreneurs Encourage Collaboration on International Women’s Day
Global Press Institute
This month, seasoned and aspiring entrepreneurs in Nigeria gathered on International Women’s Day to teach and learn from one another about advancing their businesses. Acknowledging the nation’s 24-percent unemployment rate and other societal obstacles, 

Nigeria: India Issued 33000 Citizens Visas in 2011 – Commissioner
AllAfrica.com
The envoy said that the commission made consular sections more user-friendly through opening bank extension counters and business lounges. “There are obvious signs of stronger amity and cooperation between Nigeria and India in future.

IDB Votes $466.73m For Development Projects In Nigeria
Leadership Newspapers
Islamic Development Bank (IDB) Group President, Dr.Ahmad Mohammed Ali Al-Madani, has said the cumulative total approved for financing projects in Nigeria was $466.73 million. He made this disclosure at the just concluded IDB-Nigeria BusinessForum 2012 

1850 SMEs to benefit from NERFUND loan facility
BusinessDay
It is a platform for Nigerian business owners to interact, network and do business with one another. According to Inegbedion, “the NERFUND can provide up to N100,000 to N5 million for small and medium enterprises, and N6 million to N100 million to 

‘Passion for your business keeps you going despite challenges’
Vanguard
In a recent chat with Vanguard in her Abuja office, the Economics graduate from the Ahmadu Bello University, Zaria, said despite the myriad of challenges that one faces in the course of doingbusiness in Nigeria, with enough passion, one will overcome.

Stress test lessons for Nigerian banks and regulators
Vanguard
The Federal Reserve assumed that the 19 banks would record losses of $534 billion as a result of this extreme situation and assessed the adequacy of their capital to cover such loses and still be able to continue to lend and do business.

Boko Haram insurgence crashes property prices in the North
BusinessDay
The property market in some northern states of Nigeria has been adversely affected by the destructive activities of Boko Haram, an Islamist religious sect which has been bombing targets, including police stations, recreational centres and churches, 

Cash-less Economy – It’s a Threat to Us – Traders, Artisans Speak
AllAfrica.com
 policy when he has to make huge cash available to respond to quick businesses? How will the illiterate cow seller in the far North buy and sell his cow with the new policy as a cow costs more than the limit set by the Central Bank of Nigeria (CBN)?

Nigeria’s economy Bringing quick recovery through wealth creation
Nigerian Tribune
While highlighting the objectives behind the award, the demand chain General Manager of the company in Nigeria, Mr Hugo Norman, said it started in 2005 primarily to reward performance for excellence in tobacco cultivation and environmental best 

In Lagos, Good-Living Is No Longer a ‘Matter of Cash’
AllAfrica.com
By Clifford Ndujihe, 17 March 2012 Nigerians love cash and they want to show it when they have got it. To the average Nigerian, good living is a matter of cash. The Nigerian politician loves to deal with cash and transacts businesses in ‘Ghana-Must-Go 

Carnival is multi-billion dollar business – Minister
Vanguard
The Minister of Tourism, Chief Edem Duke, says carnival is multi-billion dollar business, whichNigeria ‘s economy needs to tap into in order to grow capacity in Small and Medium Enterprises (SMEs) across the country. Duke made this known in an 

Islamic Banking in Nigeria to help Bilingual Education Program
Press TV
At an Islamic Banking-Nigeria Business Forum in Abuja, the bank and the Federal Government have sealed a 98-million dollar pact to implement the Bilingual Education Program in Nigeria. The aim of the business forum according to the Islamic Development