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Bitcoin jumps to nearly 3-month high as crypto attempts to clear next hurdle at $51,000, analyst says

Olufemi David OLUFEMI DAVID - Tuesday, August 10, 2021

According to Dow Jones Market Data, bitcoin was trading near its highest levels since May 15 when it changed hands at $48.254.76. Bitcoin has rallied more than 10% over the past five days, and is up 32% over the past month. Prices for the asset are still well off the mid-April peak at around $65,000.

Meanwhile, Ether ETHUSD, 1.64% on the Ethereum blockchain, was changing hands at $3,124.37, up 1.5%, at its loftiest level since May 18, based on 5 p.m. Eastern Time closing levels on CoinDesk.

Katie Stockton, technical strategist at Fairlead Strategies, told MarketWatch that bitcoin has cleared three tiers of resistance in the past three weeks: including the 50-day moving average; a separate metric known as the cloud model, which helps define an asset’s support, resistance and momentum, and “(as of today) the 200-day [moving average].”

“The minor breakouts reflect positive short-term momentum and improved intermediate-term momentum following July’s successful test of support near $30K. The next hurdle on the chart is just above $51K,” she wrote.

Bitcoin has been under pressure for months on the back of growing scrutiny by regulators around the globe. China cracked down on trading in crypto and banned mining of bitcoin, forcing the mining complex in the region, one of the biggest in the world, to leave for new territories more amenable to digitally extracting bitcoin using high-powered computers that can solve complex mathematical problems.

Meanwhile, lawmakers on Capitol Hill were reviewing an amendment to the bipartisan infrastructure bill to make clear that miners and providers of crypto services wouldn’t be required to follow new tax-reporting rules on crypto brokers.

However, it seems unlikely that any amendment will be included in a final draft of the infrastructure legislation.

Still, not everyone believes that bitcoin and other assets, like dogecoin DOGEUSD, 1.64%, are out of the bearish woods.

Yves Lamoureux, president of macroeconomic research firm Lamoureux & Co., told MarketWatch that the crash in commodities like gold GC00, 0.38% and silver SI00, 0.80% in Asian trade on Monday highlight the fragility of markets like bitcoin, which are relatively thinly traded compared with more traditional assets.

“This latest [fear of missing out, or FOMO] isn’t helping the market price discovery,” he said.

Bitcoin is up nearly 58% so far in 2021, Ether is up 322%, while dogecoin, the popular meme asset, has risen more than 5,000% in the year to date. By comparison, gold is down 8.3%; while the Dow Jones Industrial Average DJIA, -0.30% is up nearly 15% so far in 2021, the S&P 500 index SPX, -0.09% is up by about 18% and the Nasdaq Composite Index COMP, +0.16% has gained more than 15%.

Crypto-related funds also were trading higher on Monday. Crypto index fund provider Bitwise Asset Management’s Bitwise Crypto Industry Innovators ETF BITQ, +4.32% was up 5%, the Grayscale Bitcoin Trust GBTC, +7.05%, one of the largest bitcoin asset managers, was trading up over 6%, while bitcoin miner Marathon Digital Holdings Inc. MARA, +5.05%, and crypto-adjacent company MicroStrategy Inc. MSTR, +2.54%, one of the biggest holders of bitcoin, were all trading sharply higher.

Credit Marketwatch

Bill Gates opens up about divorce at 'summer camp for billionaires,' blames himself

Olufemi David OLUFEMI DAVID - Friday, July 16, 2021

Bill Gates opened up about his divorce from Melinda Gates during an annual exclusive conference for billionaires and some of the most powerful people in sports, technology and media, where one witness said the Microsoft founder was on the verge of tears.

The revelation happened during Allen & Company Sun Valley Conference – widely known as "summer camp for billionaires" – in Sun Valley, Idaho, the New York Post reported.

During an "off the record" Q&A session after talking about climate change, Gates was asked by CNBC host Becky Quick about his messy divorce from his wife of 27 years.

"He fessed up to messing up," an attendee said

"He basically referred to the fact that [the divorce] was his fault. He did seem a bit emotional about it. He might have been on the verge of tears."

Another attendee described it as "very moving," according to the newspaper. Others weren't impressed. One guest said Gates seem agitated throughout his stay and brushed off others who tried talking to him.

"Bill Gates was pretty much a total [expletive]" the attendee said.

Gates, who is worth $129 billion according to Forbes, resigned as Microsoft CEO in 2014 but has come to the conference in the past. This year's scheduled appearance raised eyebrows because it coincided with several recent embarrassing disclosures.

They included new revelations about his relationship with Jeffrey Epstein — Gates has a more extensive relationship with the pedophile than previously reported — and extramarital affairs.

FOX Business has reached out to Microsoft and the Gates Foundation but has not heard back.

Credit:Fox Business

DOLLAR CRASH: PRICES OF BUILDING MATERIALS REMAIN HIGH

Olufemi David OLUFEMI DAVID - Thursday, March 02, 2017

The prices of building materials have remained unchanged in spite of the naira appreciating in value at the foreign exchange market. Some said in interviews with the News Agency of Nigeria (NAN) in Abuja on Thursday said prices remained unchanged because they bought the goods when the exchange rate of the dollar to naira was one dollar to over N500.
Mr Peter Okechukwu who sells iron rods said he bought the materials when naira was N520 to the dollar. Okechukwu said although the naira was appreciating in value against major international currencies, he would not sell the products below the cost price. ‘`It is good a thing that the naira is gaining strength against the dollar but I have to sell my products to make some gain,’’ he said.
Another trader, Mr Gabriel Okereke said for two days he had not made any sales because people expected the prices of goods to drop immediately. He said the prices of building materials would not drop immediately because the traders needed to sell off their old stocks which they brought when the naira had low value. “I have some products in my warehouse which I believe I will sell before the prices of things will go down,’’ Okereke said. Mr Polycarp Nzeli, who sells different types of building materials, said before the end of the month the prices of goods would drop.
Nzeli appealed to people to showing understanding with traders because most of their goods were brought in December and January 2017 when the value of the naira was low.
According to him, it is not the best of times for dealers in building material products as business activities have remained relatively low. Mr Moses Ibanga, who came to buy some building materials, said he thought prices had dropped since the naira had appreciated in value. Ibanga said he would wait till prices dropped considering that building materials were not like foodstuffs that perished in a short time. “I will suspend my building work till the prices of things come down, I believe by April, we will smile again,’’ he said.
The Central Bank of Nigeria (CBN) increased liquidity in the foreign exchange market with additional 180 million dollars for the settlement of various transactions. The spokesman for CBN, Mr Isaac Okorafor, had said that the bank’s intermediation in the FOREX market was to ease the pressures on Nigerians to access foreign exchange to meet their obligations.

MTN ANNOUNCES FIRST EVER LOSS

Olufemi David OLUFEMI DAVID - Thursday, March 02, 2017

South African telecoms giant MTN said Thursday that it made a $200m loss in 2016 – the company’s first – after suffering a huge fine in Nigeria and currency challenges in key markets.
“MTN Group’s financial results for 2016 reflect the most challenging year in the company’s 22-year history,” MTN said in a statement.
Johannesburg-based MTN reported profits of 20.2 billion rand ($1.6bn) before tax for 2015.
Overall performance was hindered by lower than expected growth in both South Africa and Nigeria — as well as the depreciation of the rand against the dollar and the continued impact of a $1bn fine by Nigerian authorities.
Nigerian authorities fined MTN in October 2015 for failing to disconnect unregistered mobile accounts in the country — originally ordering it to pay $1,000 for each improperly registered SIM card.
The Nigerian Communications Commission had ordered the purge for security reasons, as the country battles Boko Haram Islamists as well as criminality — especially kidnapping for ransom.
The original NCC penalty was equal to roughly a quarter of the country’s annual federal budget.
Nigeria, Africa’s most populous country, is MTN’s largest market, where it now has 62 million subscribers out of a total of 233 million — a 1.2 percent increase on 2015.
MTN’s operations in South Africa were hit by technical issues and customer service problems during the year, which also hurt the bottom line, the company said.
“Towards the end of 2016 our two largest operations (South Africa and Nigeria)… began to show signs of a turnaround following an extended period of underperformance.”
Revenue was fractionally up for the year at 146.9 billion rand ($11.3bn, 10.7 billion euros), the company said.
The MTN share price on the Johannesburg stock exchange rose five percent after the announcement of the company results compared to the close on Wednesday.

Naira Drops To 493 As Dollar Demand Rises (Read)

Olufemi David OLUFEMI DAVID - Monday, January 09, 2017

The naira fell further against the United States dollar at the parallel market on Friday to 493, from 490 on Thursday as increased dollar demand weighed on the market.
Forex traders said the local unit plummeted following an increased demand for the dollar and other hard currencies by parents seeking to pay school fees of wards studying overseas.
The naira had closed flat against the dollar at the official interbank window and at the parallel foreign exchange market last Tuesday, the first official trading day of the year.
It closed at 305 to a dollar at the official window, the same rate it closed on the last working day of 2016, while the local currency closed at 490/dollar on the black market.
The naira had similarly closed at 490/dollar on Friday, the last official trading day of 2016.

“In the week ahead, we expect pressure on the naira to linger, especially at the parallel market, as unmet demand from the official market continues to stoke imbalances,” United Capital had said in a research note to clients on Tuesday.

The local currency also closed flat at 490/dollar last Wednesday and Thursday at the parallel market, before recording loss on Friday.
Economic and financial experts have expressed divergent views over the outlook of the naira this year.
The naira beat analysts’ expectation and closed the year 2016 at 490 against the dollar at the parallel market.
Due to the persistent pressure on the naira, currency and financial analysts had predicted that the local currency would hit 500/dollar on or before the new year.
The naira has been under severe and continuous pressure as the scarcity of the US currency continues to create ripples in the financial markets and economy.
The CBN had about two weeks ago sold about $1bn on the forward market to clear a backlog of dollar obligations in selected sectors.
Traders said the CBN told banks to prioritise airlines, manufacturing firms, petroleum products importers and agriculture, the sectors worst hit by the dollar shortage, in the auction.
The CBN has struggled to support the naira as the country’s external reserves continue to fall.

Glo grows Nigeria’s internet subscriber base by .3m in October

Olufemi David OLUFEMI DAVID - Friday, December 30, 2016

A total number of 297,623 lines was added to Nigeria’s internet subscriber base in one month, courtesy of grandmasters of data, Globacom, which moved from 26,887,929 data customers in September to 27,185,552 in October.

This was gleaned from telecom industry statistics published on the website of Nigerian Communications Commission (NCC) which showed that Globacom was the only network that recorded an increase in its internet subscriber base in the month of October, 2016.

On the contrary, MTN and Etisalat had their subscriber figures whittled down during the period, while Airtel did not record any increase in the month under review.

Globacom’s increase in internet subscriber base has, therefore, reconfirmed its position as the number one company in Nigeria’s data market, thus living up to the payoff, “Grand masters of Data.”

It will be recalled that Globacom became the first network to launch a nationwide rollout of the 4G LTE advanced network in October through which subscribers on the Glo network have been enjoying instant efficient broadband internet connectivity across the country.

The NCC report further showed that the total number of internet users on the networks of the four major operators dropped from 93.5m in September to 93.1m in October, a reduction of 378,015.

During the period, MTN lost 306,480, moving from 32,771,259 million internet subscribers on its network in September to 32,464,779 in October.

Also, Etisalat moved from15, 062,650 internet subscribers in September to 14,693,492 in October, dropping 369,158 subscribers. Airtel, however retained the same figure of 18,832,238 million internet users in September and October respectively.

The report also revealed that the CDMA operators lost 13,664 internet users, moving down from 51,973 recorded in September to 38,309 in October.

Dora Akunyili's daughter's painting sells for over $1m at auction

Olufemi David OLUFEMI DAVID - Tuesday, November 29, 2016

Daughter of former NAFDAC boss, Dora Akunyili, Njideka Akunyili Crosby beat her personal record last Thursday when she sold one of her paintings for almost $1.1 million at Sotheby’s Contemporary Art Evening Sale.

The painting named Drown (pictured above) which was done in 2012, was initially estimated to sell for $200,000 – $300,000 but was eventually sold for $1,092,500.

No fewer than 11 people made a bid for the painting and it was eventually sold to an anonymous bidder.

“Drown,”is an intimate double portrait of the artist embracing her husband, Justin. Njideka's previous auction record was $93,750 when she sold her artwork named “Untitled” at Sotheby’s New York in September 2016.

Bad Product!! Samsung Recalls Galaxy Note 7 From Nigeria

Olufemi David OLUFEMI DAVID - Wednesday, November 02, 2016

Dealers in Nigeria have returned several unsold Galaxy
Note 7 phones and had their money refunded. However,
the buyers of the sold phones have refused to return
them to the dealers for onward return to Samsung.
Although the Galaxy Note 7 phones had not been
officially released in Nigeria before the recall, some
dealers and customers had already purchased the
phone from other countries.
The News Agency of Nigeria reports that Samsung
Electronics West Africa had made provision for dealers
to safely package and return the phones to the
company due to fault it admitted.
Vincent Anago, a dealer in phones and accessories at
Banex plaza, said “dealers across the country have
been asked to return the Galaxy Note 7 phones which
they have in stock.
“We have returned the ones we have and have been
refunded but we still haven’t had many of our
customers return the ones we sold them.”
Uche Okoro, a phone dealer, said that quite a number
of the phones had been returned to the company but
many Nigerians failed to oblige with the request.
“We have been asked to return these phones because
of the malfunction which is hazardous but it seems
Nigerians are not worried about the situation.
“Some of us were able to get these phones and
introduce them to the Nigerian market on time and
despite the high cost they sold well.
“We have had a few reported incidences of the phone
batteries heating up and leading to a fire and we
expected that more people will be convinced of the
danger the phone poses.
“We are still pleading with Nigerians to return these
phones for an exchange or refund and to take
advantage of the opportunity now because the phones
won’t be accepted after Samsung stops requesting for
them.”
Samsung had first called for the return and halting of
sales of the Samsung Galaxy Note 7 products in
September due to the number of battery explosions
that were reported by consumers.
(NAN)

Sterling Business Network (SBN) and Centre for Law & Business (CLB) present:

Olufemi David OLUFEMI DAVID - Tuesday, October 11, 2016

“Law and Business: Working to promote sustainable development”

In this current economic climate, sustainability in every business remains key. Therefore, it is important for all individuals and organizations to understand how intertwined business transactions are with law. This workshop seeks to reinforce the idea of the symbiotic relationship between law and business, & the need for both to work together in the process of promoting sustainable development.

This workshop is suitable for Corporate Entities and Companies, Businessmen and women, Entrepreneurs, Banks and Financial Institutions, Accounting Firms, Consulting Firms, Chambers of Commerce and Business Associations, Professional Bodies, Regulators, Legal Practitioners and Lawyers in banks and financial institutions, Government Ministries, Agencies and Parastatals, Law Enforcement Agencies, the Media and all other interested persons.

This workshop targets individuals at the strategic level of the organizations within both the public and private sectors. It is intended to provide participants with a profound understanding of the administrative framework of conducting business in Africa, particularly in Nigeria.

Also, this workshop aims to demonstrate to participants how globalization and the creation of an interconnected global economy are impacting on the administrative, regulatory and legal framework, which in turn influences organizational change.

Finally, this workshop will sensitize participants on the need for Corporate Social Responsibility and the promotion of good governance; and would also highlight the key role of teams and enlightened leadership in the creation and sustainability of competitive businesses.

WORKSHOP DETAILS
The workshop details are as follows:

Venue: Four Points by Sheraton
Plot 9/10 Block 2 Oniru Chieftaincy Estate, Victoria Island, Lagos
Date: 3rd - 4th November, 2016
Time: 8:30am – 4.30pm

COURSE FEES
N125, 800.00 | Early Bird: N95,800 (payments made before 14th October, 2016)
5 delegates and more will attract a 20% discount.
Cost to cover course materials, training, certificate of participation, refreshments, and lunch for 2 days.

To register, click on the following link:
http://bit.ly/2cScNkU

CONTACT US:
SBN: Akin Matanmi
Email: akin@sbn-nigeria.com
Telephone: 08135638058
www.sbn-nigeria.com

CLB: BunmiOmeke
Email: bunmi.omeke@clb.com.ng
Telephone: 08166445122
www.clb.com.ng

List of banks CBN barred from foreign exchange transactions

Olufemi David OLUFEMI DAVID - Wednesday, August 24, 2016

- United Bank for Africa (UBA) -$530m

- First Bank of Nigeria (FBN)- $469m

- Diamond Bank Plc-$287m

- Sterling Bank Plc-$269m

- Skye Bank Plc -$221m

-Fidelity Bank -$209m

- Keystone Bank- $139

- First City Monument Bank (FCMB) -$125m

‎- Heritage Bank-$85m

There suspension will be lifted once they remit the NNPC funds into the TSA

List of banks CBN barred from foreign exchange transactions

Olufemi David OLUFEMI DAVID - Wednesday, August 24, 2016

The Central Bank of Nigeria CBN yesterday barred 9 commercial banks from participating in Foreign Exchange transactions. The banks were suspended for failing to remit funds from NNPC into the Treasury Single Account TSA. See the list of the nine suspended banks and how much they failed to remit below: 
- United Bank for Africa (UBA) -$530m 
- First Bank of Nigeria (FBN)- $469m
- Diamond Bank Plc-$287m 
- Sterling Bank Plc-$269m 
- Skye Bank Plc -$221m
 -Fidelity Bank -$209m 
- Keystone Bank- $139 
- First City Monument Bank (FCMB) -$125m
‎-  Heritage Bank-$85m

There suspension will be lifted once they remit the NNPC funds into the TSA

Executive Dashboards, Business Data Analysis and In-depth Excel Training in Lagos and Abuja

Olufemi David OLUFEMI DAVID - Tuesday, August 23, 2016

The business world is now data driven and every business professional must now be fluent in the language of data. William E. Deming had the most accurate way of portraying this new age: “In God we trust; all others must bring data.” Without data skills you will have a tough time influencing in the business world. You must learn to manipulate data, make compelling data stories and leverage data for insights. 
  

UrBizEdge Limited, Nigeria’s leading business data analysis company is putting together this special training for proactive business professionals. This training is aimed at making you extremely good in Microsoft Excel, dashboard making, data presentation and business data analysis; teaching you with live business scenarios from our experience consulting for multinationals within and outside Nigeria. It's intended for Sales Managers, Financial Analysts, Business Analysts, Data Analysts, MIS Analysts, HR Executives and power Excel users.

This training is coming up on Friday 16th September 2016 to Saturday 17th September 2016 for Lagos and Friday 23rdSeptember 2016 to Saturday 24th September 2016 for Abuja. You will get tea break + lunch, a branded DVD with over 20 training videos and practice files, training notepad with pen, a comprehensive training reference material, a training certificate from us (UrBizEdge Limited, a registered Microsoft Partner) and free refresher classes.

The training will be facilitated by a Microsoft recognized Excel Expert and the only Microsoft Excel Most Valuable Professional (MVP) in Africa (there are just about 125 in the whole world and it is the highest level of recognition from Microsoft to an industry expert). We have had participants of our training from Citi Bank, Dalberg, SaveTheChildren, Mobil, Chevron, Vodacom, Nestle, Guinness Nigeria, Nigerian Breweries, Delta Afrik, LATC Marine, Broll, Habanera (JTI), SABMiller, IBM, Airtel, Diamond Bank, ECOWAS, Biofem Pharmaceuticals, Ministry of Finance, FMDQ, Schlumberger, Palladium Group, Nokia Siemens Networks and DDB.

To register reach Michael on 08089382423 and mike@urbizedge.com or Hannah on 08021180874 and hannah@urbizedge.com to register. There is a class size limit.

Lagos Date: Friday 16th September 2016 to Saturday 17th September 2016

Lagos Venue: Kristina Jade Learning Center, 70b Olorunlogbon street, Off Alade Lawal street, Anthony Village, Lagos. 

Abuja Date: Friday 23th June 2016 to Saturday 24th September 2016 for Abuja.

Abuja Venue:Rosebud Hotel, 33 Port Harcourt crescent, off Gimbiya street, Garki 11, Abuja.

The training outline is:

1) Data Manipulation in Excel 

We’ll show you, from a consultant expertise level, how to manipulate data in Excel. From data preparation/cleaning to data formatting the professional way. We’ll cover both the science and the art of data manipulation in Excel, and share very useful keyboard shortcuts and expert tricks that will speed up your productivity in Excel.

2) Data Visualization and Presentation in Excel

A picture is worth a thousand words. And in the business world, it is often the only way to not bore your audience and pass the valuable message you’ve uncovered in your data analysis. We will teach you the foundations of data visualization – from the different types of charts to when to use each of them. Then we will work through business samples to learn the art part of doing data visualization right. You will learn the rules of business data reporting via charts and gain from our industry wealth of consulting for businesses in this vital area.

3) Large Data Analysis: Pivot Table, Pivot Chart and PowerPivot
You should never say you know Excel if you don’t know how to use Pivot Table. It is that important. It is Excel’s premium tool for analysing large data – sales data, inventory data, HR data, transaction data and most business operations data. We are going to cover from the basics to the very advanced use of Pivot Tables. We will show you how to create dynamic reports with Pivot Table; how to overcome some of its layout issues; how to turn off the distracting controls in your final report; how to create calculated fields; how to create Pivot Charts; and the special tricks only a full-time Excel consultant can show youthat will turbo-charge you Pivot Table skills. Then we’ll show you how we analyse data of up to (and even above) 30 million rows in Excel. Yes, in Excel. Heard of PowerPivot?

4) Business Data Analysis 

In this section, we teach you the secrets that separate the analysis experts from the people with head/academic knowledge Excel. It is one thing to know the different tools in Excel and it is another completely different thing to know how to expertly mix them together to creatively deliver value at high speed. As full-time Excel chef, we will show you the secret ingredients that make companies consult us even when they have Excel super users in their organization.

5) Executive Dashboards and Reporting
This is the level self-knowledge will not get you to. How do you create an uncrowded insightful visualization for a report with 37 rows? Then how about for your sales analysis report of many rows and columns? How do you show the different interactions in your data? In short, how do you bring your data to life and take it from a boring confusing mass of text to an interactive exciting visualization? You have to come to get the answers.

6) Excel to PowerPoint

Management level reports are best presented in PowerPoints. When you’ve got a delicate story to tell, you have to guide your audience through a one idea/insight a slide PowerPoint. We won’t teach you how to design slides but we will teach you how to make your chart slides speak very loud. You will also learn the tricks of linking your PowerPoint charts to Excel. It will help cut down the hours you spend on weekly/monthly PowerPoint reports. We will also show you how to embed Excel files in your PowerPoint slide. No more sending separate Excel files when you can embed them right on the very slide you reference their data.

7) Excel VBA
Forget about all you’ve heard about Macros or VBA. Let’s show you how easy and exciting it is to break into the Excel VBA world.

Reach Michael on 08089382423 and mike@urbizedge.com or Hannah on 08021180874 and hannah@urbizedge.com to register. There is a class size limit.

Glo's subscriber base climbs to 36.3m, adds 5m new lines in 1 year

Olufemi David OLUFEMI DAVID - Monday, August 15, 2016

Telecom industry reports show that the GSM subscriber base of data grandmasters, Globacom, has in the last one year increased sharply by 5,063,895. The company's number of customers which stood at 31,256,677 by June 2015 rose to 36,320,572 at the end of June this year. The new 5,063,895 customers represented 68% of the 7,477,977 additional GSM lines in the country in the last 12 months.

The latest statistics published on the website of Nigerian Communications Commission (NCC) showed that Airtel placed second on the table with 2,414,082 new customers or 32%. However, it was reverse fortunes for MTN and Etisalat as they both suffered losses.

While Etisalat lost 382,336 customers, MTN's subscriber base went down by 4, 403,344 in the last one year. Details of the NCC report showed that Globacom's market share has risen from 21% to 24%, while MTN which once overwhelmingly dominated the sector by over 45% suffered a significant reduction to 39% as it recorded 58.4m subscribers compared to 62,813,111 it had a year ago.

Thus, while Glo has reduced the gap between it and MTN, it has substantially widened the gap between it and Airtel. Both Glo and Airtel previously had the same 21% market share a few months ago, with Glo enjoying a marginal lead then. Airtel which had 29,564,766 subscribers at the middle of last year, had 31,978,848 customers at the end of June 2016.

This still keeps it at 21% share of the GSM market. Fourth operator Etisalat has 15% share with 22,469,896 customers at the end of June, 2016, compared to 22,852,232 in June last year. Globacom has also for the last one and half years been the leader in the data market.

Nigeria Is Still Africa’s Number One Economy – Dangote

Olufemi David OLUFEMI DAVID - Friday, August 12, 2016

Despite the widely reported story yesterday that South Africa had overtaken Nigeria as Africa’s biggest economy, the continent’s richest man; Aliko Dangote has averred that Nigeria remains the number one economy in Africa.
The president of the Dangote Group spoke on Thursday at the Lagos Chamber of Commerce and Industry 2016 presidential policy dialogue session, arguing that the problem with the economy did not start with the present administration.
After over two years in the position, Nigeria lost the enviable position to South Africa owing to the appreciation of the rand, South Africa’s currency, and the devaluation of the Nigerian naira following the introduction of a flexible foreign exchange rate regime. However, Dangote was resolute that Nigeria’s place in the African economy has not yet been overtaken.

Infinix unveils ‘Infinix HOT S’ at Slot store with celebrity ‘Dbanj’ at Ikeja City mall

Olufemi David OLUFEMI DAVID - Wednesday, August 10, 2016

Infinix Mobility unveils its first lifestyle smartphone series ‘HOT S’ in Nigeria with offline partnerSlot Limited&Dbanj at Ikeja city mall in Lagos on Friday 5th July 2016.

Infinix & Slot introduced the new smartphone to fans, customers and members of the media.

‘Dbanj’ Slots brand ambassador also showcased the new smartphone and its unique features, taking selfies with finger print scanner with fans and customers using Infinix Hot S.

Dbanj & Infinix also awarded the winner from the #InfinixHotSLargestselfie competition that engaged Infinix fans on social media for two weeks. The winner with the largest selfie ‘UsmanHorlarniyiBoladale’ was awarded a brand new Infinix HOT S.

Infinix continues to thrill Nigerian consumers with its innovative products, making its new smartphone the excellent photography device for users. With effortless selfies, using 8MP front camera & Finger print scanner. The new smartphone is available at all Slot stores nationwide and online on Jumia.com.ng

See pictures from the InfinixHot S Launch event at Slot store with Dbanjat Ikeja city mall

Microsoft buys LinkedIn for $26.2B in cash, as Bill Gates makes big move into social media enterprise

Olufemi David OLUFEMI DAVID - Tuesday, June 14, 2016

Microsoft, today, announced that it is acquiring LinkedIn, the social network for professionals with 433 million users, for $26 billion, on $196 per share, in cash. The transaction has already been approved by the boards of LinkedIn and Microsoft.

LinkedIn is keeping its branding and product. It will become a part of Microsoft’s productivity and business processes segment. LinkedIn’s CEO Jeff Weiner will report to Microsoft CEO Satya Nadella. Read the letter Microsoft CEO Satya Nadella sent to employees about the buy after the cut:

Team,

I'm excited to share that today Microsoft announced a deal to acquire LinkedIn. You can see how Jeff Weiner, the CEO of LinkedIn, and I envision the opportunity ahead in this public presentation.

This deal brings together the world's leading professional cloud with the world's leading professional network. I have been learning about LinkedIn for some time while also reflecting on how networks can truly differentiate cloud services. It's clear to me that the LinkedIn team has grown a fantastic business and an impressive network of more than 433 million professionals.

Given this is the biggest acquisition for Microsoft since I became CEO, I wanted to share with you how I think about acquisitions overall. To start, I consider if an asset will expand our opportunity — specifically, does it expand our total addressable market? Is this asset riding secular usage and technology trends? And does this asset align with our core business and overall sense of purpose?

The answer to all of those questions with LinkedIn is squarely yes. We are in pursuit of a common mission centered on empowering people and organizations. Along with the new growth in our Office 365 commercial and Dynamics businesses this deal is key to our bold ambition to reinvent productivity and business processes. Think about it: How people find jobs, build skills, sell, market and get work done and ultimately find success requires a connected professional world. It requires a vibrant network that brings together a professional's information in LinkedIn's public network with the information in Office 365 and Dynamics. This combination will make it possible for new experiences such as a LinkedIn newsfeed that serves up articles based on the project you are working on and Office suggesting an expert to connect with via LinkedIn to help with a task you're trying to complete. As these experiences get more intelligent and delightful, the LinkedIn and Office 365 engagement will grow. And in turn, new opportunities will be created for monetization through individual and organization subscriptions and targeted advertising.

Jeff and I both believe we have a significant opportunity to accelerate LinkedIn's growth and the value it brings to its members with Microsoft's assets and scale. In fact, when Reid Hoffman, the founder of LinkedIn, and I spoke about the opportunity for us to come together, he called it a "re-founding" moment for LinkedIn and an opportunity to reach the mission the company set out on 13 years ago.

The opportunity for Office 365 and Dynamics is just as profound. Over the past decade we have moved Office from a set of productivity tools to a cloud service across any platform and device. This deal is the next step forward for Office 365 and Dynamics as they connect to the world’s largest and most valuable professional network. In essence, we can reinvent ways to make professionals more productive while at the same time reinventing selling, marketing and talent management business processes. I can't wait to see what our teams dream up when we can begin working together once the deal closes, which we expect will happen this calendar year.

A big part of this deal is accelerating LinkedIn's growth. To that end, LinkedIn will retain its distinct brand and independence, as well as their culture which is very much aligned with ours. Jeff will continue to be CEO of LinkedIn, he'll report to me and join our senior leadership team. In essence, what I've asked Jeff to do is manage LinkedIn with key performance metrics that accrue to our overall success. He'll decide from there what makes sense to integrate and what does not. We know that near term there will be no changes in who reports to whom so no reporting relationships at Microsoft will change in that regard. This approach is designed to keep the LinkedIn team focused on driving results while simultaneously partnering on product integration plans with the Office 365 and Dynamics teams. During the integration, we'll pick key projects where we can go deep together that will ultimately result in new experiences for customers. Kurt DelBene will lead the overall integration efforts at Microsoft in close partnership with Qi Lu and Scott Guthrie.

I'm on the LinkedIn campus today in California and will host a call for investors at 8:45 a.m. PT with Jeff, Brad and Amy – please join if you can. Following that, I'll then spend the day meeting with the LinkedIn team. Tomorrow, I'll host a special Microsoft employee Q&A — I hope you can make it.

So far, what I've learned about the LinkedIn team is how much our cultures share many of the same attributes. We both care deeply about individual and collective growth, and find deep meaning in the work we do to make a difference in our world. Together we'll do just that.

While I'm in northern California sharing our vision to empower professionals, the Xbox team is in southern California at E3 sharing our vision to empower gamers. I encourage you to check out the E3 press briefing, which starts at 9:30 a.m. Pacific Time.

Finally, if you're not on LinkedIn, join up now and start using and learning more.

Satya

How Angel Investors Can Boost SMEs’ Growth

Olufemi David OLUFEMI DAVID - Tuesday, June 07, 2016

Collins-Onuegbu — Executive Vice Chairman, Signal Alliance, Mr. Collins Onuegbu

Peter Uzoho

Owners of small and medium scale enterprises (SMEs) have been advised to embrace the services of angel investors to accelerate the growth of their business.

The Executive Vice Chairman, Signal Alliance, Mr. Collins Onuegbu said this at the 11th Annual CEO Forum organised by LEAP AFRICA with the theme: “Attracting Financing For Your Business: Strategies And Opportunities'” that took place in Lagos recently.

An angel investor is an affluent individual, who provides capital for a business start-up, usually in exchange for convertible debt or ownership equity.

“You need an angel investor to scale-up your business. And when do you need the services of an angel investor? I think the best time is at the start stage when you are just coming up, when you have not yet made some mistakes in your business decisions. So that’s the best time to seek the services of an angel,” Onuegbu said.

“Although, getting one might be difficult, you have to persevere. Normally, they will be turning you around, telling you to give them time to think about it. But you just have to keep talking to them, you need to talk to banks and those that you know can come in, “he added.

Also contributing, Partner, Adleva Capital, Mr. Folabi Esan, who spoke on the “Prerequisites For Accessing External Financing,” advised business owners to ensure good corporate governance, adequate financial record and understanding the strength of management team, saying that these are what prospective investors would look out for before coming to invest in the business, adding that a sound business model and profile should be adopted and strictly adhered too.

“It’s very imperative for you as the CEO of your company to ensure there is good governance in your company; that there is policy scrutiny and enforcement. That the rules set out for your company is being adhered to. Also, there should be good financial record of all your business transactions; record of your income and expenditure, record of all business agreements and deals,” Esan said.

“Have a strong management team that can be able to make worthwhile inputs. More importantly, the model of your business should be able to achieve the motive of the business, and if it doesn’t, then you remodel. Again, your company should have good profile. Company profile is its reputation. So people know your company through you; if you have good profile it reflects on your company and if you have bad profile, automatically people withdraw from your business,” Esan added.

“So the bottom line is that for you to be able to access fund for your business from external sources, all these need to be put in place,” he noted.

Desperate for Funding, Nigeria Prepares to Face Bond Investors

Olufemi David OLUFEMI DAVID - Tuesday, June 07, 2016

Nume Ekeghe with agency report

The odds are stacked against Nigeria as it looks to raise debt on the international markets for the first time in almost three years.

According to Bloomberg, Minister of Finance Kemi Adeosun is leading a team of officials that will meet bond investors at London’s five-star Corinthia Hotel on Tuesday at a time when Africa’s biggest economy is on the verge of a recession, oil production has fallen to about a three-decade low, and the budget deficit has swelled to a record. Yields on Nigeria’s existing dollar debt are almost twice as high as those for Kazakhstan and Colombia, two other developing-nation oil producers.

While they’re interested in plans to revive growth, investors said they will also demand to know when and how the central bank will end capital controls and a currency peg that have starved the country of dollars and slowed foreign investment to a trickle.

Tapping the offshore bond market this year is crucial for Nigeria to fund a budget of N6.1 trillion ($31 billion) meant to stimulate the economy, according to Rand Merchant Bank.
“They will be under immense scrutiny,” an analyst at RMB, FirstRand Limited’s investment-banking unit, Nema Ramkhelawan-Bhana said from Johannesburg.

The Eurobond market, which Nigeria may try to tap for as much as $1 billion, is “an avenue of financing they’re in desperate need of. It’s going to be a tough week for the finance ministry,” she said.
Nigeria has sold dollar bonds twice, the last time in mid-2013, when it raised $1 billion of five- and 10-year debt. Yields on its $500 million of securities maturing in July 2023 fell three basis points to 7.5 percent by 12:15 p.m. in London on Monday and have dropped 1.18 percentage points this year. Nigeria’s Eurobonds have gained 8.3 percent in 2016, compared with the average of 9.6 percent for high-yielding emerging-market sovereign dollar-debt tracked by Bloomberg.

Bond investors blame Nigeria’s rigid foreign-exchange regime for draining reserves, which have fallen to a more than 10-year low, and hindering the economy, according to Bank of America Merrill Lynch. The second-biggest U.S. bank by assets says Nigerian Eurobonds would rally more if the government allowed the naira to weaken.

Central Bank Governor Godwin Emefiele has fixed the naira at N197-N199 per dollar since March 2015, even as other oil exporters from Angola to Kazakhstan have let their currencies drop. Forward contracts suggest it will fall 39 percent to N277 in three months and to N324 in a year. The black-market rate has plummeted to around N355 as the central bank runs out of the foreign-currency that companies need to import raw materials and equipment.
“Without some kind of exchange-rate reform, we doubt the market would look favorably upon a Eurobond,” a London-based economist at Exotix Partners LLP,Alan Cameron said.

“The government’s unwillingness to adjust is likely to be seen as a major turn-off for many investors, even if the headline debt ratios are low.”

The economy contracted for the first time since 2004 in the three months through March, and a recession is imminent, the central bank said on May 24.

“Feedback from our clients suggests that the removal of the naira peg would be a positive catalyst for the dollar bonds,” a London-based economist at Bank of America, Oyin Anubi, said in an e-mailed response to questions.
“The dramatic slowdown in economic growth combined with uncertainty on foreign exchange and risks to oil production means that this is a difficult time to invest in Nigeria.”

Labels : BUSINESS

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