Zenith Bank
Business and Economy

Business and Economy (229)

A new online radio station - X365radio.com - has been launched. The 24/7 hour internet radio station is based in New York City, but transmits to every corner of the world with internet access. A press statement by the founders said yesterday that the new radio station "hopes to become a beacon of hope to people of all races, and to help to promote freedom, liberty and happiness in all societies." Available at http://www.x365radio.com, the new radio station according to the press statement, hopes to help to transform the way people live and conduct business 24/7 in every nation on the planet. 

Heritage Banking Company Limited has introduced Nigeria’s pioneer portable POS solution christened “PortaPOS” to ride on the mPOS revolution, which is fast gaining acceptance worldwide.

Aimed at providing a seamless payment channel for the bank’s esteemed merchants, the Heritage PortaPOS is being introduced to address payment challenges within the retail payments space and also in support of the cashless Nigeria project spearheaded by the Central Bank of Nigeria.

The PortaPOS is a payment channel that performs the functions of an electronic point of sale terminal. Its implementation allows services and sales industries to conduct financial transactions, receive payments and provide value added services via a specialised app on their mobile phones, which in turn helps to improve customers experience and free up valuable real estate that would otherwise be dedicated to the regular POS countertop.

According to Niyi Adeseun, executive director, Manila Banking, Heritage Bank, “today, small businesses and large retailers are turning to mobile point of sale (or mPOS) to increase sales and broaden their customer base. Existing large retailers are also adopting mobile POS solutions and integrating them into their current point of sales environment to enhance payment methods.

“The Nigerian retail and corporate market is undergoing a massive transformation in a battle for digital consumers who shop through a variety of channels, and as such expect a more integrated payment experience that is quick, seamless, convenient, and most importantly secure.

“Any smartphone or tablet is compatible with the Heritage PortaPOS, via a free downloadable app. It is also cost effective, allowing a small business owner to conduct transactions and receive payments without having to invest in an electronic register or pay support licenses for software. Additionally, the solution is also extendable to cater for inventory management requirements of the merchant, so our customers can truly have a mobile business.”

The Heritage PortaPOS, which is free to all Heritage customers, has several distinct features including ability to accept all EMV chip and PIN cards, MasterCard, Verve, and Visa cards. It is portable and light (@ 120g only, as light as a regular mobile handset); it has long-lasting and rechargeable Li-Ion battery and syncs to phone and printer via Bluetooth technology.

Its benefits include being able to work with all networks; direct credit of payments into business accounts; triple receipt option (paper print, email, and SMS) and assured transaction security.

Heritage Bank was founded on a commitment to support its customers in wealth creation, preservation and transfer, and the Heritage PortaPOS is one of the numerous innovative ways through which the bank hopes to empower Nigerian merchants to truly maintain a timeless rhythm to their business payment needs.

Heritage Banking Company Limited has introduced Nigeria’s pioneer portable POS solution christened “PortaPOS” to ride on the mPOS revolution, which is fast gaining acceptance worldwide.

Aimed at providing a seamless payment channel for the bank’s esteemed merchants, the Heritage PortaPOS is being introduced to address payment challenges within the retail payments space and also in support of the cashless Nigeria project spearheaded by the Central Bank of Nigeria.

The PortaPOS is a payment channel that performs the functions of an electronic point of sale terminal. Its implementation allows services and sales industries to conduct financial transactions, receive payments and provide value added services via a specialised app on their mobile phones, which in turn helps to improve customers experience and free up valuable real estate that would otherwise be dedicated to the regular POS countertop.

According to Niyi Adeseun, executive director, Manila Banking, Heritage Bank, “today, small businesses and large retailers are turning to mobile point of sale (or mPOS) to increase sales and broaden their customer base. Existing large retailers are also adopting mobile POS solutions and integrating them into their current point of sales environment to enhance payment methods.

“The Nigerian retail and corporate market is undergoing a massive transformation in a battle for digital consumers who shop through a variety of channels, and as such expect a more integrated payment experience that is quick, seamless, convenient, and most importantly secure.

“Any smartphone or tablet is compatible with the Heritage PortaPOS, via a free downloadable app. It is also cost effective, allowing a small business owner to conduct transactions and receive payments without having to invest in an electronic register or pay support licenses for software. Additionally, the solution is also extendable to cater for inventory management requirements of the merchant, so our customers can truly have a mobile business.”

The Heritage PortaPOS, which is free to all Heritage customers, has several distinct features including ability to accept all EMV chip and PIN cards, MasterCard, Verve, and Visa cards. It is portable and light (@ 120g only, as light as a regular mobile handset); it has long-lasting and rechargeable Li-Ion battery and syncs to phone and printer via Bluetooth technology.

Its benefits include being able to work with all networks; direct credit of payments into business accounts; triple receipt option (paper print, email, and SMS) and assured transaction security.

Heritage Bank was founded on a commitment to support its customers in wealth creation, preservation and transfer, and the Heritage PortaPOS is one of the numerous innovative ways through which the bank hopes to empower Nigerian merchants to truly maintain a timeless rhythm to their business payment needs.

The  naira was little changed on Thursday after the central bank increased the amount of dollars it sold at a twice-weekly auction the previous day, dealers said, citing ample of dollar liquidity on the interbank market.

The unit opened for trade at 179.53 naira to the dollar, up 0.21 percent from its previous close. It then stabilised at 180.25 at 1140 GMT, a range it has been trading at for the past three hours.

But the currency remained outside the central bank’s new target range of 160-176 naira to the dollar, which the bank set last week, when it devalued the naira by 8 percent to halt the decline to its foreign reserves.

At a separate forex auction late on Wednesday, the central bank sold $289 million at 168 naira to the greenback, more than the $200 million it offered, to meet demand for dollars.

Dealers said the market was also expecting the central bank to intervene to reduce volatility as it has done since it devalued the currency. Some commercial lenders were selling dollars on behalf of their clients, they said.

The central bank sold treasury bills on Wednesday with maturities ranging from three months to one year at an auction, to raise 129.17 billion naira (717 mln). Result of the auction is expected on Thursday.

The Asset Management Corporation of Nigeria (AMCON) has announced the successful completion of the sale of the entire issued and fully paid up ordinary shares of Enterprise Bank Limited to HBCL Investment Services Limited (HISL) for a consideration of N56.1 billion.

According to a statement signed by Kayode Lambo, head, corporate communications strategy & research, the transaction was structured as a broad public auction process, which attracted interest from multiple domestic and international bidders, with HISL emerging as the preferred bidder.

The statement said the completion of the transaction follows from the fulfillment of the terms and conditions stated in the share purchase agreement (SPA) executed between AMCON and HISL. It said the transaction has been approved by the board of directors of AMCON and relevant regulatory approvals have been obtained from the Central Bank of Nigeria (CBN) and the Securities & Exchange Commission (SEC).

“In line with AMCON’s strategic objectives, this transaction marks the divestment of the first of three banks that were acquired by AMCON in August 2011 and represents a landmark transaction in the Nigerian banking sector”, the corporation said.

Tuesday, 04 November 2014 14:30

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Are you looking to work with an international media agency? Journalists Beyond Borders inc of New York, publishers of five reputable online platforms, is looking to engage freelance writers, reporters and correspondents for its five online platforms:

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Nigerian fuel retailer Conoil said on Monday its 9-month pretax profit fell 32.1 percent to 2.09 billion Nigerian naira ($12.63 million) from 3.08 billion naira a year earlier.

Turnover fell to 104.22 billion naira in the nine months to September from 121.80 billion a year ago, the company said in a filing with the Nigerian Stock Exchange.

Shareholders of Nigeria’s leading indigenous oil and gas company, Oando PLC, were treated to a dividend payout of N2.4billion at the company’s recently concluded 37th Annual General Meeting.

The Board of Oando recommended a 30K dividend for the 2013 financial year and an interim 70K dividend for the six months ended June 30, 2014, which amounted to N2.4 billion at N1 per share.

The company posted N8.9 billion profit in H1 2014

In an unprecedented move to compel businesses operating in Nigeria to comply with the provisions of the Consumer Protection Council Act, especially relating to product quality standard, the federal government has instituted legal action against the Nigerian Bottling Company Limited, NBC, and Coca-Cola Nigeria Limited, alongside their chief executives before at a federal high court in Abuja over an alleged criminal breach of the CPC Act.The charge filed before the court by the Attorney General of Nigeria and Minister of Justice accused the managing directors of the companies, Mr. Ben Langat, for Nigerian Bottling Company Limited, and Mr. Adeola Adetunji, for Coca Cola Nigeria Limited, and their companies respectively, of having committed an offence by violating the Orders of the Consumer Protection Council by deliberately failing, refusing and/or neglecting to comply with the Council’s Orders duly made and served on them. The offence is said to be contrary to Section 21 of the Consumer Protection Council Act, Cap C. 25, Laws of the Federation of Nigeria, 2004 and punishable under the same section.

In the first count of the two-count charge against Coca-Cola Nigeria Limited and its Managing Director, Mr. Adeola Adetunji, the federal government alleged that the accused committed an offence by refusing to attend the hearing of the Consumer Protection Council held in Abuja in relation to investigation of violation of product quality standard under the Consumer Protection Council Act after Summons was duly issued and served on them and thereby committed an offence contrary to Section 18 of the Consumer Protection Council Act Cap C. 25 of the Federation of Nigeria, 2004 and punishable under the same section.

Coca-Cola and its Chief Executive, as in the case of NBC, were also charged with violating the Orders of the Council by deliberately refusing to comply with the Order duly made and served on them, thereby committing an offence contrary to Section 21 of the Consumer Protection Council Act, Cap C. 25, Laws of the Federation of Nigeria, 2004 and punishable under the same section.

CPC had earlier found NBC and Coca-Cola culpable following its findings from the administrative panel set up over a consumer complaint regarding two half-empty cans of Sprite manufactured by Nigerian Bottling Company, NBC, Limited under the license and authority of Coca Cola Nigeria Limited.

The Council had alleged that the Coca Cola company bluntly refused to attend the proceedings at the administrative panel level where, following an extensive investigation, findings by the panel substantiated the allegation of product defect and a violation of the Consumer Protection Council’s Act. It thereafter based on made some recommendations and Orders to Coca-Cola and NBC.

According to Mrs. Dupe Atoki, the Director General of the CPC, part of the recommendations and orders issued Coca-Cola Nigeria Limited and the Nigerian Bottling Company was to subject their manufacturing processes to COC’s inspection for a period of 12 months to ensure compliance with laid down safety standards and regulations and compensation for the consumer who filed the complainant.

The case has been assigned to Justice Evoh Chukwu but no date has been fixed for the hearing.

Saturday, 25 October 2014 05:34

Diamond Bank appoints Uzoma as CEO

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The Board of Dia-mond Bank Plc, has announced the appointment of Mr. Uzoma Dozie  as Managing Director/Chief Executive following the  voluntary resignation of  Dr. Alex Otti, from the bank Friday. The appointment of Uzoma is subject to the approval of the Central Bank of Nigeria (CBN).

In an official statement released by the Bank’s Corporate Communications Department, Chairman of the Board of Directors, HRM Igwe Nnaemeka Alfred Achebe, Obi of Onitsha, announced the changes in management.

Speaking on the outgoing GMD/CEO, the chairman said he would be sorely missed, adding that Dr. Alex Otti’s achieved enviable landmarks during his time. He described his tenure as, “the brightest years of Diamond Bank’s 24 year-history”.

“Dr Alex Otti is a fine gentleman with an outstanding career in the Nigerian Banking industry. We are pleased with the time he spent at the helms of affairs of Diamond Bank Plc and wish him every success in his future endeavours,” Igwe Achebe added.

Under Dr. Alex Otti’s stewardship, Diamond Bank made a remarkable return to profitability and has continued to record  growth across all performance indicators year-on-year.

After writing off toxic risk assets which resulted in the loss of N16 billion in 2011, the Bank posted a profit before tax of N28.36 billion in 2012 and N32.5 billion Naira in 2013.

The Bank also saw its total assets rise from N564.9 billion in February 2011 to N1.18 trillion by December 31, 2012 and N1.52 trillion on December 31, 2013.

He is credited with creating the office of the Chief Risk Officer and designating an Executive Director to head the department.

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