Former Kenyan spy chief, Major-General Michael Gichangi, may not have retired voluntarily in September as many believed. Indications are that President Uhuru Kenyatta and his deputy William Ruto hold him responsible for their embarrassing indictment before the International Criminal Court. As head of the National Intelligence Service under Kenyatta’s predecessor Kibabaki, Gichangi expectedly played a big role in compiling the then Finance Minister Kenyatta’s alleged involvement crimes against humanity and the submission of the Kenyatta/Ruto indictment first to the local Waki Commission and subsequently to the ICC. Kenyatta aides believe Gichangi and some senior bosses in NIS and some high…
Author: Pride Team
By Alex C PricewaterhouseCoopers (PwC), one of the world’s leading tax and advisory firm predicts that Nigeria, which has the biggest entertainment and media industry in Africa, will hit $8.5 billion in 2018; this is more than double the 2013 figure of $4 billion. However, revenue from the entertainment and media segments in Kenya is expected to exceed $3.1 billion (Sh276.7 billion) within five years because of rising internet penetration. According to the report, “Kenya recorded $1.7 billion (Sh151.74 billion) in entertainment and media revenues in 2013, and this is forecast to rise to $3.1 billion (Sh276.7 billion) in 2018.…
By Alex C Nigeria is set to roll out its first seed funding for local software development, Omobola Johnson, Minister of Communication Technology disclosed recently. The $9 million seed capital will be Nigeria’s first investment in a number of Nigerian and African tech startups, Omobola said at the kickoff of the DEMO Africa event in Lagos. The DEMO Africa event, which is holding in Nigeria for the first time since it was launched about three years ago will see 40 African start-ups pitch their solutions on how they intend to use technology to create opportunities and solve challenges. They are…
By Alex C Unity Bank, one of Nigeria’s financial lender said its pretax profit for the first nine months of its financial year jumped 900.3 percent to N12.01 billion ($73.13 million) from N1.20 billion in the corresponding period of last year. The rise in the bank’s was considerably smaller, increasing by 7.45 percent to N48.77 billion ($296.8 million) from N45.39 billion ($276.2 million) last year. The Bank had in September raised $117.4 million from sale of shares to existing shareholders in a bid to bolster its capital base and finance working capital as the country’s Central Bank implements stricter international…
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A philosophy professor stood before his class with some items on the table in front of him. When the class began, wordlessly he picked up a very large and empty mayonnaise jar and proceeded to fill it with rocks, about 2 inches in diameter. He then asked the students if the jar was full. They agreed that it was. So the professor then picked up a box of pebbles and poured them into the jar. He shook the jar lightly. The pebbles, of course, rolled into the open areas between the rocks. He then asked the students again if the…
By Alex C Keystone Bank Limited has unveiled an Automated Teller Machine (ATM) gallery showcasing a new innovation, the provision of features that allow physically challenged persons to operate the machines without third party support. Yvonne Isichei, Executive Director for Operations and Technology, Keystone Bank, said the gallery was set up as part of its Corporate Social Responsibility, and chose the Maryland area of Lagos because of its unique positioning at the center of Lagos. “It is all about touching the lives of people, to demonstrate our commitment to financial inclusion as a developmental goal as well as to align…
By Alex C Following the decision to exercise a right to acquire 20 percent stake (4.5 billion shares) in West African banking group, Ecobank Transnational Incorporated (ETI) for $493.4 million (N79 billion), the South African banking group has now emerged Ecobank’s second biggest shareholder. Nedbank gained the right to buy the shares from Ecobank based on a convertible loan it issued to the pan-African lender in 2011 to purchase defunct Oceanic Bank Plc. Under the terms of the deal, Ecobank was expected to repay $285 million loan to Nedbank. ETI also took another convertible loan from Public Investment Corporation (PIC),…
By Alex C Nigeria’s pharmaceutical imports have been forecast to reach $789m by 2018, gaining 10.4 percent from a value of $481m in 2013 as a result of importation of Active Pharmaceutical Ingredients (APIs) and other raw materials used in finished pharmaceutical products which have direct effect in the diagnosis, treatment or prevention of diseases from India, United States of America, Germany, etc. While analysts believe this has widened the country’s pharmaceutical trade deficit from $475m in 2013 to $778m in 2018, opportunities exist for investors to take advantage of the gap in Africa’s largest economy with rebased Gross Domestic…
HOLY HUMOUR NO ENTRY One of the older Lagos Pentecostal churches is notorious for its exclusiveness. A bum took a fancy to the church, and promptly told the Pastor that he wished to join. The clergyman sought to evade the issue by suggesting to the man that he reflect more carefully on the matter, and makes it the subject of prayers for guidance. The following day, the bum encountered the Pastor. “Ah done pray, sah,” he declared, beaming, “an’ God he done send me an answer las’ night.” “And what was it?” queried the clergyman, somewhat…