ArticleBy Alex C There are signals that banks and other financial institutions are worried over the possibility of not being able to recoup their investment in the power sector. Recent report of the Seventh Lagos Economic Summit, tagged Ehingbeti 2014, reveal that some chief executives of financial institutions expressed concern over the revenue profile of the power companies, especially the recently privatized electricity distribution companies (Discos). They called for an increase in the electricity tariff and price of gas to boost the income generating capacity of the companies. The executives explained that increasing electricity tariff and the price of…
Author: Pride Team
ArticleBy Alex C With Nigeria adjudged as Africa’s biggest economy, eclipsing South Africa following the Gross Domestic Product (GDP) rebasing, electronic payment system is driving Nigeria’s growth. From a cash-based society, where volume of cash or travellers’ cheque were a necessity for visitors, the birth of the modern payments industry is more noticeable than in the retail banking sector with Automated Teller Machines (ATMs), credit cards and Point-of-Sale (PoS)devices now ubiquitous. A decade ago, there were nearly no electronic payment systems with few ATMs ‘through-the-wall’ types at bank branches in existence. At the same period, telecommunications were pretty poor…
ArticleBy Tonte Davies Fighting for the super-middleweight title was definitely not a time for Carl Froch and George Groves to mince words ahead of their rematch. And what a rematch it was on Saturday as Froch defeated Groves with his right-hand power jab retaining the world titles. Described as a “stunning knockout”, the fight was in front of an 80,000 crowd at Wembley stadium, London, and a large TV audience around the world. Quite a number of celebrities were attracted to the fight too. Typical of pugilists, Froch and Groves had fuelled the rematch with war of words which appeared…
ArticleBy Alex C The Federal Ministry of Health (FMoH), the United States Agency for International Development (USAID) and GE Healthcare have signed a 5-year initiative valued at $20 million with the aim of reducing preventable child-maternal deaths in Nigeria. Under the terms of the agreement, each partner is expected to contribute towards the $20 million program in the first phase for the acquisition of point-of-care equipment to strengthen the effectiveness, impact, efficiency and sustainability of primary care health facilities and services in rural and urban areas. The multilateral agreement provides scope for the addition of third parties in phase…
ArticleBy Tonte Davies If you think you have seen the last of Steve Ballmer’s quirky and riotous behaviour, you have to think again. The erstwhile Microsoft CEO, whose bid for NBA franchise Los Angeles Clippers raised eyebrows last weekend, is said to be accepted by Shelly Sterling. The wife of Donald Sterling, ousted owner of the franchise, accepted the bid under authority as the sole trustee of the Sterling Family Trust. Estimated at $2 billion, the bid is widely regarded as the biggest in the history of the National Basketball Association (NBA). A statement released by Mrs. Sterling confirmed an…
ArticleBy Obaji Akpet This year’s Democracy Day celebration witnessed a remarkable show in Calabar, Cross River State, as Nigeria’s A-list highlife singer, Sunny Neji took his home-state by the storm with a back to back comedy and music entertainment show. The event, which was tagged ‘Laugh and Quench’, held at the Cultural Centre, bringing together top comic and music divers to scintillate audiences from all walks of life with exceptional performances. Among the top comic artistes who made spotlight at the show were I Go Dye, I Go Save and Gandoki; while the popular musicians who headlined stunning performances include J.…
ArticleBy Olu Victor Ahead of the MTV Africa Music Awards (MAMA) which will be taking place this weekend, in Durban, South Africa, organizers gave Lagos fans a taste of what to expect at the glamorous show, when, at the Federal Palace Hotel, Lagos, a line-up of nominees serenaded music enthusiasts. It was an exciting moment, with performances from artistes such as Davido, Chidinma, Olamide, Phyno, KCee, the Mavin crew featuring Tiwa Savage, Dr Sid, Afrodija and Korede who thrilled guests as they danced and partied into the night. There was also a surprise performance from Dbanj who performed alongside Burna Boy…
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ArticleBy Alex C Mansard Insurance Plc, provider of risk and investment management services, has recorded a 31% growth in net profit for the year ended December 31, 2013. A peep into the financial Highlights of its audited report reveals that Profit After Tax stood at N2.09billion, compared to N1.60billion in December 2012- an increase of 31% attributable to tax write back. Gross premium written increased by 9 percent, from N12.44 billion in December 2012 to N13.59billion for the year ended December 2013 although its growth was stifled by regulatory enforcement of No Premium, No Cover regulation. This is a…