The Business Of Photography Conference Is Set To Change The Face Of Photography In Nigeria

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The Nigerian photography industry is about to take a new turn as all roads leads to the Business of Photography Conference at Landmark Event Center, Lagos on Tuesday, April 24, 2018.

The Business of Photography Conference is aimed at bringing Photographers, photography manufacturing and servicing companies as well as photography retail businesses together under one roof to discuss, learn, exhibit, sell and buy everything photography. In recent times the need to efficiently monetize the photography industry and define its future as a major part of the current and future national revenue generation sector has become more important.

The conference seeks to address the evolution of the photography sector from a business perspective and discuss a way forward as a means of charting a proper course for the future.

It promises to be an exciting and engaging event as there are lots of activities planned for the day.

The 12hour event is set start at 9am and end at 9pm. The conference would feature five segments; the Opening, the Conversation (panel session), Break out time (master classes), Cocktails/Networking and Exhibition. During the conversation segment, attendees would have the opportunity to listen to and chat with award winning Nigerian photographers about the future of photography in Nigeria.

There would also be master classes where photographers learn certain set skills from the industry’s best hands. An exhibition area would also be set aside where attendees can buy and sell everything that has to do with photography.

The grand ambition is to establish ‘Business of Photography’ as an annually held gathering of photography stakeholders, with attendees including creatives, investors, equipment manufacturers, retailers and buyers of creative work.

To attend the event, register here: I want to attend BOPConference

For sponsorship and Exhibition enquires: roseline@businessofphotography.net

For Media enquiries: ydagency@yettyd.com

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Bitcoin: World Bank Likens Cryptocurrencies To Ponzi Schemes

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The World Bank has compared cryptocurrencies to “Ponzi schemes,” a cautionary comparison that further raises questions about the legitimacy of digital currencies such as Bitcoin.

“In terms of using Bitcoin or some of the cryptocurrencies, we are also looking at it, but I’m told the vast majority of cryptocurrencies are basically Ponzi schemes,” Bloomberg quoted the World Bank Group President Jim Yong Kim as saying this on Wednesday, February 8, at an event in Washington.

“It’s still not really clear how it’s going to work.”

The development lender is “looking really carefully” at blockchain technology, a platform that uses so-called distributed ledgers to allow digital assets to be traded securely. There’s hope the technology could be used in developing countries to “follow the money more effectively” and reduce corruption, Kim said.

The value of cryptocurrencies soared in 2017 before slumping, with Bitcoin losing nearly two-thirds of its value since mid-December.

While cryptocurrency technology has the potential to reshape global finance, concerns have been raised about its volatility and the potential for money laundering or other crimes.

 

  • BIS Chief Slams Bitcoin As Ponzi Scheme and Threat to Central Banks

The head of the Bank for International Settlements (BIS) has blasted bitcoin as “a combination of a bubble, a Ponzi scheme” and, due to the energy consumption required for mining it, an “environmental disaster”

Calling for more regulation in a speech on Tuesday, Agustin Carstens, general manager of the BIS, warned that cryptocurrencies could become “parasites” on the financial system and argued that they must be held to the same standards as other banking and payment services, Reuters reports.

Forbes further cites Carstens as saying that cryptocurrencies should not be allowed to undermine trust in central banks. He argued that the consequences of debasing this trust have historically been detrimental, referencing the 19th century production of currencies by private banks as a cause of financial turmoil that subsequently brought about the creation of the Federal Reserve System.

“The tried, trusted and resilient modern way to provide confidence in public money is the independent central bank,” Carstens stated, while lauding the protections banks afford consumers and investors.

Cryptocurrency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.

While Ponzi scheme is a fraudulent investment operation where the operator generates returns for older investors through revenue paid by new investors, rather than from legitimate business activities or profit of financial trading.

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The All New Peugeot 3008 SUV Now in Nigeria (Photos)

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On 31st January, 2018 Peugeot Nigeria officially unveiled the all-new Peugeot 3008 SUV at an exclusive unveiling ceremony which had in attendance, the former Deputy Governor of Lagos State, Otunba Femi Pedro who was the Chairman of the event; Prince, Alhaji Munir Ja’ Asaru MNI OFR, Chairman Board of Directors PAN; Ibrahim Boyi, MD/CEO PAN; Business Partners, Executive Stakeholders, Prominent business personalities, Government officials and the Media.

Since inception, Peugeot Automobile Nigeria (PAN) has been able to boast of quality vehicles meticulously designed to understand the Nigerian terrain, providing driving experiences that endear the brand to the heart of many generations.

Peugeot 3008 SUV -Page-4-Image-4-360nobs

The all-new Peugeot3008 is designed to meet up to the Peugeot standard, reaching out to the motoring needs of the modern-day driver. Being a true evolutionary innovator, Peugeot understands that the world is evolving and so has designed a SUV that is headed in the direction to which the world is (maybe even a step ahead).

Sitting behind the wheels of the-all new Peugeot 3008 goes beyond simple driving but reaches out to provide sensorial experience. It has sensors located at the tail of the vehicle where a simple leg movement opens the trunk of the car in a situation where your hands are full and you can’t reach for your key in your handbag or pocket. Peugeot 3008 SUV -Page-5-Image-8-360nobs

The all-new Peugeot3008 has won over 30 awards including the prestigious European Car of the Year Award.

Some of the highlights of the unveiling ceremony are; the presentation and unveiling of the all-new Peugeot 3008 amidst confetti rain, excitement and loud applause.

Peugeot 3008 SUV -Page-6-Image-9-360nobs

The unveiling and demonstration of the functions and features of the all-new Peugeot 3008 was done by the MD/CEO PAN Ibrahim Boyi.

Peugeot 3008 SUV -Page-7-Image-10-360nobs

The first buyer of the all-new Peugeot 3008, Total Nigeria was presented with keys to the SUV at the unveiling ceremony and Otunba Femi Pedro (Former Deputy Governor, Lagos state) was also presented with a Peugeot 3008.

Peugeot 3008 SUV -Page-8-Image-12-360nobs

Shepuya Icha, Head of Marketing PAN did the Introduction and Product talk while Mr Bawo Omagbitse, GM Sales and Marketing PAN gave the Vote of Thanks.

Peugeot 3008 SUV -Page-8-Image-12-360nobs

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The All New Peugeot 3008 SUV Now in Nigeria (Photos)

Featured Image

On 31st January, 2018 Peugeot Nigeria officially unveiled the all-new Peugeot 3008 SUV at an exclusive unveiling ceremony which had in attendance, the former Deputy Governor of Lagos State, Otunba Femi Pedro who was the Chairman of the event; Prince, Alhaji Munir Ja’ Asaru MNI OFR, Chairman Board of Directors PAN; Ibrahim Boyi, MD/CEO PAN; Business Partners, Executive Stakeholders, Prominent business personalities, Government officials and the Media.

Since inception, Peugeot Automobile Nigeria (PAN) has been able to boast of quality vehicles meticulously designed to understand the Nigerian terrain, providing driving experiences that endear the brand to the heart of many generations.

Peugeot 3008 SUV -Page-4-Image-4-360nobs

The all-new Peugeot3008 is designed to meet up to the Peugeot standard, reaching out to the motoring needs of the modern-day driver. Being a true evolutionary innovator, Peugeot understands that the world is evolving and so has designed a SUV that is headed in the direction to which the world is (maybe even a step ahead).

Sitting behind the wheels of the-all new Peugeot 3008 goes beyond simple driving but reaches out to provide sensorial experience. It has sensors located at the tail of the vehicle where a simple leg movement opens the trunk of the car in a situation where your hands are full and you can’t reach for your key in your handbag or pocket. Peugeot 3008 SUV -Page-5-Image-8-360nobs

The all-new Peugeot3008 has won over 30 awards including the prestigious European Car of the Year Award.

Some of the highlights of the unveiling ceremony are; the presentation and unveiling of the all-new Peugeot 3008 amidst confetti rain, excitement and loud applause.

Peugeot 3008 SUV -Page-6-Image-9-360nobs

The unveiling and demonstration of the functions and features of the all-new Peugeot 3008 was done by the MD/CEO PAN Ibrahim Boyi.

Peugeot 3008 SUV -Page-7-Image-10-360nobs

The first buyer of the all-new Peugeot 3008, Total Nigeria was presented with keys to the SUV at the unveiling ceremony and Otunba Femi Pedro (Former Deputy Governor, Lagos state) was also presented with a Peugeot 3008.

Peugeot 3008 SUV -Page-8-Image-12-360nobs

Shepuya Icha, Head of Marketing PAN did the Introduction and Product talk while Mr Bawo Omagbitse, GM Sales and Marketing PAN gave the Vote of Thanks.

Peugeot 3008 SUV -Page-8-Image-12-360nobs

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‘Bitcoin Banned By Islam’: Egypt’s Top Islamic Cleric Issues Fatwa Against Cryptocurrency

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Egypt’s Grand Mufti Shawqi Allam has declared that the trading of the digital currency Bitcoin is unlawful; thus, issuing a sternly worded fatwa (religious edict) that trading with the cryptocurrency can lead its users to “fraud, betrayal and ignorance” and could be used by terrorists.

Allam also said that terrorist and criminal groups can abuse the crypto-currency to fund their illicit activities such as moving drugs and weapons, Daily Mail reports.

Egypt's grand mufti Shawqi Allam (pictured) has declared the trading of the digital currency bitcoin unlawful - issuing a fatwa and calling it forbidden in Islam. (Reuters)

Egypt’s grand mufti Shawqi Allam (pictured) has declared the trading of the digital currency bitcoin unlawful – issuing a fatwa and calling it forbidden in Islam. (Reuters)

Egypt’s Grand Mufti is the highest official of Islamic law in Egypt and the one who issues legal opinions, fatwas and interpretations of Islamic jurisprudence.

The theological leader said in a published ruling that Bitcoin – launched in 2009 and based on a peer-to-peer payment system – poses ‘high risks to individuals and states.’

Suggesting his decision to declare a fatwa was based on discussions with economic experts, he concluded bitcoin is not permissible as it undermines the state – a central feature in Islamic sharia.

Minting and issuing currency is an ‘absolute right’ of monetary institutions and ‘one of the most specific functions of the state,’ said the country’s official interpreter of Islamic law.

“This currency is used directly to fund terrorists,” Ashour told Egypt Today, adding that its usage could cause major damage to the country’s economy.

“It has no set rules, which is considered as a contract annulment in Islam, that is why it is forbidden,” the counsellor said.

Last month, a team of Australian researchers found that nearly half of bitcoin trades they tracked over the past decade were used for illegal activities.

“Bitcoin is like all other currencies so what are the reasons that have suddenly made it so unlawful” said Atef Al Khateeb, a Cairo based Bitcoin trader who has set up a Facebook group to discuss the finer points of crypto-currencies and to help other new traders understand how to invest their money.

“It’s all commerce in the end, you win some, you lose some. Even the Prophet Muhammed was a trader”, he told Quartz.

The stateless digital currency has grown this week on the back of early Facebook investor, Peter Thiel’s bet rising in its price to over $15,000 after its bubble burst late last year with a sharp drop of 30% over six straight days.

There are no reliable figures on the number of bitcoin users in Egypt as its first bitcoin exchange only went live in August.

Bitcoin has been booming in other African countries such as Nigeria and Zimbabweowing to bypassing capital controls and weak foreign exchange markets.

Bitcoin is a virtual currency created from computer code.

It and other virtual currencies use blockchain, which records transactions that are updated in real time on an online ledger and maintained by a network of computers.

Its value surged as high as $19,500 in December from around $1,000 last January, but has slipped back after a series of warnings from governments and analysts about the risk and volatility associated with cryptocurrencies.

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5 Bidders Emerge For 9Mobile As NCC Reiterates On Dec. 31 For Handover

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The Nigerian Communications Commission (NCC) has confirmed that five entities have emerged as bidders for the embattled telco, 9Mobile (formerly Etisalat).

Speaking in an interview with pressmen in Abuja on Thursday during the 82nd edition of the Nigerian Telecom Consumer parliament, the Executive Vice Chairman, NCC, Prof. Umar Danbattaa, who indicated that the NCC was supervising the takeover process alongside the Central Bank of Nigeria (CBN), said the final bidder that would be allowed to take over the mobile operator must have the financial and technical capabilities to run the company.

He also reiterated that the December 31 deadline for the handover of 9mobile to the preferred bidder is sacrosanct.

The five entities – all of them telcos – are Airtel, Globacom, Smile Communications, Helios, and Teleology Holdings Limited.

He said, “Five bidders have emerged for 9mobile. They have been allowed to assess the data room of 9mobile in order to enable them to assess the financial status of the company and subsequently make bids for its takeover. But the takeover must be in a regulated manner.

“The CBN and the NCC are supervising what is going on through an interim board jointly appointed by the NCC and the CBN. We are going to do due diligence on the financial capacity of any potential bidder as well as the technical capacity.

“In the final analysis, we will like to see a 9Mobile taken over by a bidder who has the financial and technical capacity to improve on the operations of the telco and add value in delivery of qualitative telecoms services in the country.”

9mobile, which was formerly Etisalat, rebranded after its major owners in Abu Dhabi, United Arab Emirates, pulled out and a new board was inaugurated to run its affairs.

This was after failed negotiation with its lenders over a missed payment of the $1.2billion loan taken from a consortium of 13 Nigerian banks in 2013.

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Naira Steadies As CBN Boosts Currency Market With $210Million

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The Central Bank of Nigeria (CBN) on Tuesday said it had injected 210 million dollars into the interbank foreign exchange market, extending efforts to boost liquidity and alleviate dollar shortages.

In a statement it issued yesterday, the country’s apex bank said it had released 100 million dollars earmarked for the wholesale market, 55 million dollars for small businesses and individuals, and 55 million dollars for certain dollar expenses such as school fees and medical bills.

According to figures obtained from the Bank, Tuesday’s interventions were for the Wholesale, Small and Medium Enterprises (SMEs) and invisibles segments of the market.

The Acting Director, Corporate Communications at the CBN, Mr. Isaac Okorafor disclosed that the Bank offered the sum of $100million to the wholesale segment, while the SMEs and invisibles segments each received the sum of $55 million.

He reiterated that the releases were meant to boost liquidity, trade and ease of remittances for legitimate personal commitments.

In spite of the stable rate of N360/$1 and the expected inflow from various sources such as the Eurobond and remittances from the Diaspora, Okorafor said the Bank would continue to intervene in the inter-bank forex market to guarantee liquidity.

While also noting that the interventions had largely checked unwholesome activities of currency speculators, he said that the CBN would not relent in its daily monitoring of activities in the market in order to ensure that all concerned operate in line with extant rules.

Meanwhile, the naira maintained its steady rate against major currencies around the globe, exchanging for N360/$1 in the BDC segment of the market on Tuesday, December 12, 2017.

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World Bank Says It Will Stop Financing Upstream Oil And Gas Projects After 2019

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The World Bank on Tuesday announced that it will no longer finance upstream oil and gas projects after 2019, apart from certain gas projects in the poorest countries in exceptional circumstances.

The Bretton Wood institution made this known in the early hours of today at One Planet Summit intended to boost global shift to cleaner energy.

“As a global multilateral development institution, the World Bank Group is continuing to transform its own operations in recognition of a rapidly changing world,” the bank said in a statement.

“The World Bank Group will no longer finance upstream oil and gas, after 2019,” it added.

The prominent bank also said that the exception to this decision will be certain projects in some of the world’s poorest countries.

“In exceptional circumstances, consideration will be given to financing upstream gas in the poorest countries where there is a clear benefit in terms of energy access for the poor and the project fits within the countries’ Paris Agreement commitments.”

According to the statement, this decision will help countries meet their greenhouse gas-curbing pledges, which they had made in support of the 2015 Paris Agreement to limit global warming.

The World Bank is like a cooperative, made up of 189 member countries. These member countries, or shareholders, are represented by a Board of Governors, who are the ultimate policymakers at the World Bank.

World leaders, including President Muhammadu Buhari, are attending the One Planet summit in Paris.

The summit is jointly organised by the United Nations, the World Bank Group, and the French Government in partnership with non-governmental organisations.

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World Bank Says It Will Stop Financing Upstream Oil And Gas Projects After 2019

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The World Bank on Tuesday announced that it will no longer finance upstream oil and gas projects after 2019, apart from certain gas projects in the poorest countries in exceptional circumstances.

The Bretton Wood institution made this known in the early hours of today at One Planet Summit intended to boost global shift to cleaner energy.

“As a global multilateral development institution, the World Bank Group is continuing to transform its own operations in recognition of a rapidly changing world,” the bank said in a statement.

“The World Bank Group will no longer finance upstream oil and gas, after 2019,” it added.

The prominent bank also said that the exception to this decision will be certain projects in some of the world’s poorest countries.

“In exceptional circumstances, consideration will be given to financing upstream gas in the poorest countries where there is a clear benefit in terms of energy access for the poor and the project fits within the countries’ Paris Agreement commitments.”

According to the statement, this decision will help countries meet their greenhouse gas-curbing pledges, which they had made in support of the 2015 Paris Agreement to limit global warming.

The World Bank is like a cooperative, made up of 189 member countries. These member countries, or shareholders, are represented by a Board of Governors, who are the ultimate policymakers at the World Bank.

World leaders, including President Muhammadu Buhari, are attending the One Planet summit in Paris.

The summit is jointly organised by the United Nations, the World Bank Group, and the French Government in partnership with non-governmental organisations.

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Oil Prices Jump Above $65 – First Since 2015

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Brent crude oil prices jumped – by one percent – above $65 per barrel on Tuesday to their highest since mid-2015, after the shutdown of the Forties North Sea pipeline knocked out significant supplies from a market that was already tightening due to OPEC-led production cuts.

Brent crude futures LCOc1, the international benchmark for oil prices, were at $65.32 a barrel at 07:48 GMT, up 63 cents, or one percent, from their last close. The contract hit a high of $65.70 a barrel earlier in the day.

That marks the first time Brent has risen above $65 since June 2015.

US West Texas Intermediate (WTI) crude futures CLc1 were at $58.38 a barrel, up 39 cents, or 0.7 percent, from their last settlement.

“Brent crude raced higher … as news broke that the North Sea’s Forties Pipeline system would have to be shut down for a ‘number of weeks’ after a hairline crack was found in it,” said Jeffrey Halley, senior market analyst at futures brokerage OANDA in Singapore. “The pipeline … is a significant component underpinning the Brent benchmark.”

Britain’s Forties oil pipeline, the country’s largest at a capacity of 450,000 barrels per day (bpd), shut down on Monday after cracks were revealed.

“The market reaction shows that in a tight market, any supply issue will quickly be reflected in higher prices,” said ANZ bank.

 

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Dear Nigerians, CBN Has Vowed To Jail Anyone Caught Abusing Naira Notes

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The Central Bank of Nigeria (CBN) on Friday cautioned Nigerians against abusing the naira notes, adding that anyone caught abusing the country’s currency would be prosecuted and if convicted the person risked six months in jail or a fine of N50,000.

Mr. Samuel Shuaibu, an official from the Currency Operations Department of the CBN, Abuja, said this in Calabar during the ‘CBN Fair’ and sensitisation campaign for residents in the state on the appropriate use of the naira.

Shuaibu stated that the abuse of the naira was not in line with the CBN’s policy,stressing that offenders would henceforth be arrested and prosecuted.

According to him, the awareness programme was also aimed at sensitising the public on online transfer system, how to identify fake currency notes, how to approach the CBN for complaints, amongst others.

He further lamented the fact that Nigerians accord more respect to the United States Dollar than the naira, saying Nigerians ought to appreciate and value the naira because it serves as a symbol of national identity.

His words: “The naira has suffered abuse from majority of Nigerians. Today, we find some people spraying the naira at occasions, soiling it, writing on it, squeezing it while some are hawking it.

“The CBN spent a lot of money in the printing of these naira notes. We urge Nigerians to respect the naira and value it. Anyone caught abusing the naira will risk a jail term of six months or pay a fine of N50,000.”

He also urged Nigerians to desist from keeping money at home, adding that such money could be gutted by fire or carted away by criminals.

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Naira Steadies At N361/$1 As CBN Injects $210million Into Foreign Exchange Market

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Nigeria’s local currency Naira continued to maintain its steady rate against the United States Dollar, exchanging for N361/$1 in the BDC segment of the market on Tuesday, November 28, 2017.

This is just as the Central Bank of Nigeria (CBN) yesterday announced the injection of another $210 million to boost liquidity in the inter-bank foreign exchange market.

Jeff Bezos Of Amazon Now Worth $100 Billion – Thanks To Black Friday

Speaking about this in Abuja, Acting Director, Corporate Communications Department, CBN, Mr Isaac Okorafor, said $100million of the amount was offered to the wholesale segment, while the Small and Medium Enterprises (SMEs) segment got an allocation of $55 million.

The invisible segment (i.e. tuition fees, medical payments and Basic Travel Allowance (BTA), among others) was also allocated $55 million.

Okorafor said the releases were part of an effort aimed at boosting liquidity in the forex market, facilitating trade and easing remittances for legitimate personal commitments.

While attributing the long spell of calm in the market to the interventions of the CBN and the cooperation of all stakeholders, Okorafor said the convergence of rates between the interbank market and the Bureau de Change segments, had all but converged with customers able to buy forex from either market at not more than N362 to a dollar.

In spite of the development, he stressed that the CBN would continue in its monitoring of the market in order to ensure that authorised dealers abide by the extant rules.

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Jeff Bezos Of Amazon Now Worth $100 Billion – Thanks To Black Friday

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American entrepreneur, Jeff Bezos, who is the founder and chief executive officer (CEO) of Amazon.com and owner of ‘The Washington Post’, is now worth $100 billion, further securing his title as the world’s richest man.

Bloomberg reports that the $100 billion milestone makes Bezos, 53, the first billionaire to build a 12-figure net worth since 1999, when Microsoft Corp. co-founder Bill Gates hit the mark.

It was gathered that Bezos’ fortune went up $2.4 billion to $100.3 billion, as the online retailer’s shares jumped more than 2 percent on optimism for Black Friday sales.

Jeff Bezos is the world’s newest $100 billion mogul.

Jeff Bezos is the world’s newest $100 billion mogul.

Online purchases for the day are up 18.4 percent over last year, according to data from Adobe Analytics, and investors are betting the company will take an outsized share of online spending over the gifting season.

“World’s Richest Man” is a title Bezos officially earned in October when he beat Gates for the title, a feat he also briefly accomplished in July.

Bezos started 2017 as the fourth richest person in the world, and surpassed both Inditex (ZTSTF, +2.98%) founder Amancio Ortega and Berkshire Hathaway’s Warren Buffet this year as well. Bezos’ climbing net worth is due in part to an exceptionally profitable year for Amazon, which saw the acquisition of Whole Foods.

While Gates and Bezos have both been vying for the top spot on the world’s richest person list for some time, Gates made it slightly easier for Bezos to surpass him this year when he donated 5% of his net worth (roughly $4.6 billion) to charity in August. Unlike Gates, Bezos has given very little of his fortune to charity so far.

Gates, who currently has a net worth of $86.8 billion, is estimated to have had a net worth of $150 billion had he not given so much of his fortune to charity.

Meanwhile, Bezos himself has shown interest in philanthropy. This past June he asked Twitter for ideas on how to be a better philanthropist.

His goal was to tackle problems “at the intersection of urgent need and lasting impact.”

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Jeff Bezos Of Amazon Now Worth $100 Billion – Thanks To Black Friday

Featured Image

American entrepreneur, Jeff Bezos, who is the founder and chief executive officer (CEO) of Amazon.com and owner of ‘The Washington Post’, is now worth $100 billion, further securing his title as the world’s richest man.

Bloomberg reports that the $100 billion milestone makes Bezos, 53, the first billionaire to build a 12-figure net worth since 1999, when Microsoft Corp. co-founder Bill Gates hit the mark.

It was gathered that Bezos’ fortune went up $2.4 billion to $100.3 billion, as the online retailer’s shares jumped more than 2 percent on optimism for Black Friday sales.

Jeff Bezos is the world’s newest $100 billion mogul.

Jeff Bezos is the world’s newest $100 billion mogul.

Online purchases for the day are up 18.4 percent over last year, according to data from Adobe Analytics, and investors are betting the company will take an outsized share of online spending over the gifting season.

“World’s Richest Man” is a title Bezos officially earned in October when he beat Gates for the title, a feat he also briefly accomplished in July.

Bezos started 2017 as the fourth richest person in the world, and surpassed both Inditex (ZTSTF, +2.98%) founder Amancio Ortega and Berkshire Hathaway’s Warren Buffet this year as well. Bezos’ climbing net worth is due in part to an exceptionally profitable year for Amazon, which saw the acquisition of Whole Foods.

While Gates and Bezos have both been vying for the top spot on the world’s richest person list for some time, Gates made it slightly easier for Bezos to surpass him this year when he donated 5% of his net worth (roughly $4.6 billion) to charity in August. Unlike Gates, Bezos has given very little of his fortune to charity so far.

Gates, who currently has a net worth of $86.8 billion, is estimated to have had a net worth of $150 billion had he not given so much of his fortune to charity.

Meanwhile, Bezos himself has shown interest in philanthropy. This past June he asked Twitter for ideas on how to be a better philanthropist.

His goal was to tackle problems “at the intersection of urgent need and lasting impact.”

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Naira Weakens As CBN Injects $288million Into Forex Market

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The Central Bank of Nigeria (CBN) disclosed on Friday that it has injected $287.89million into the currency market to meet requests in four industries for dollars, extending efforts to boost liquidity and alleviate shortages.

The four industries targeted were agriculture, airlines, petroleum and raw materials, the CBN said in a statement.

Reuters quoted the country’s apex bank as saying that it would continue to intervene in order to drive growth in the economy and guarantee stability in the currency market.

The dollar sale came on the back of the sharp drop in the value of the naira from 361/dollar last week Friday to 364/dollar on Friday.

Confirming the figures, the Bank’s Acting Director, Corporate Communications Department, Isaac Okorafor, noted that the releases were targeted at sustaining liquidity in the market as well as boosting production and trade.

Okorafor reiterated the Bank’s commitment to ensuring liquidity in the inter-bank sector of the market, adding that it would continue to intervene in order to drive growth in the economy and guarantee stability in the market.

It will be recalled that the CBN on Monday intervened in the inter-bank Foreign Exchange Market to the tune of $210 million, comprising of $100 million for the wholesale segment and $55 million each for the Small and Medium Enterprises and invisibles segment.

Although the naira maintained its steady rate against major currencies around the globe – exchanging for N360/$1 in the BDC segment of the market on Friday – there are growing expectations that the objective of the CBN to achieve rates convergence might be met before the end of December 2017 through a combination of factors such as Diaspora repatriation of funds and continued accretion to the country’s reserves.

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How Nigeria’s Naira Fared Against US Dollar (Nov 21) | CBN Injected $18.7Bn Since April

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The Naira on Tuesday, November 21, traded at N362.5 to the dollar at the parallel market, while the Pound Sterling and the Euro closed at N476 and N426 respectively.

The News Agency of Nigeria (NAN) reports that at the Bureau De Change (BDC) window, the local currency flattened at N362 to the dollar, while the Pound Sterling and the Euro closed at N476 and N426 respectively.

Trading at the interbank window saw the Naira closed at N359.87, while the CBN rate closed at N305.9 to the dollar.

Traders privy to the development disclosed that patronage at the market was slow as they awaited the outcome of the Monetary Policy Committee (MPC) meeting of the CBN.

Meanwhile, Mr Godwin Emefiele, the Central Bank of Nigeria (CBN) Governor, noted that the investors and exports window had maintained a positive influence in the foreign exchange market

Emefiele said at the end of the MPC meeting that the window transacted more than 18.7 billion dollars since it commenced transaction in April.

He added that the Naira had remained stable at the parallel market, while the investors ’window had boosted confidence on the economy.

The MPC meeting of the CBN also retained the benchmark interest rate at 14 per cent alongside other monetary policy parameter.

The CBN had injected 210 million dollars into the foreign exchange market on Monday to boost liquidity.

NAN reports that the series of interventions by the apex bank at the nation’s foreign exchange market had been critical in defending the Naira against the antics of currency speculators.

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BVN: CBN Announces Plans To Replace ATM Code With Biometrics

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The Central Bank of Nigeria (CBN) has, over the weekend, stated that with the Bank Verification Number (BVN) in place, biometrics will soon be used for transactions on the Automated Teller Machine (ATM) instead of the existing pin code.

The Chairman, Nigeria Electronic Fraud Forum (NeFF), Dipo Fatokun, ‎made this known during the Year 2017 annual retreat of the Nigeria Electronic Fraud Forum (NeFF) held at the Best Western Plus Hotel, Iyaganku, Ibadan, Oyo state capital.

He made this known at the retreat with the theme: “Operationalising a Four Sided Approach to Preventing Fraud” were top officials of the Economic and Financial Crimes Commission (EFCC), the US Consulate, Lagos, Consumer Protection Council (CPC) ,Union Bank of Nigeria Plc,  Access Bank, First Bank, Mobile Money Operators, among other stakeholders in the financial sector of the nation’s economy.

According to Fatokun, introduction of biometrics‎ into the banking system was part of the effort of the CBN to ensure successful fight against electronic fraud.

His words; “Your pin and account details are not supposed to be disclosed to third person but as you rightly said, we have some people who are not literate or incapacitated and that makes them to disclosing their details to third party.

“What we are canvassing is that in a time soon to come, with the BVN in place, biometrics will be used for transactions on ATM.

“That means if you want to transact with your ATM, you will need to use your biometrics. There is no way you can give your finger to a third party. If that is enabling, it will make our system to be more secure and make all our transactions to be validated.

“But biometric electronic devises are very expensive because of the technologies involved but I am sure, we shall get there soon.”

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How Nigeria’s Naira Fared Against US Dollar

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The Nigerian currency naira on Thursday appreciated to N359.56 in the Investor and Exporter (I&E) Foreign Exchange, forex.

The indicative exchange rate for the I & E  forex Window, known as Nigerian Autonomous Foreign Exchange (NAFEX) also appreciated to N359.56 per dollar, yesterday, from Wednesday ’s market rate which stood at N360.70 per dollar.

This indicates an appreciation of N1.14 kobo in the value of the naira.

In the meantime, the volume of dollars traded in the window, yesterday, was $191.07 million from $299.80 million exchanged on Wednesday.

This indicates a 2.9 per cent decrease in the volume of dollars traded in the market.

Meanwhile, the Central Bank of Nigeria (CBN) has continued its sustenance of foreign exchange liquidity by injecting another $195m into the inter-bank foreign exchange market, even as the naira maintains its strength.

Figures released by the bank showed that it offered the sum of $100m to the wholesale segment, while the Small and Medium Enterprises segment received the sum of $50m.

The invisibles segment comprising tuition, medical payments and basic travel allowance received $45m.

The bank’s Acting Director, Corporate Communications, Isaac Okorafor, said the intervention was in line with the CBN’s continual determination to ensure forex liquidity and satisfy legitimate demands.

Okorafor said the bank would continue to intervene in the nation’s forex market in order to sustain the liquidity in the market and guarantee the international value of the naira.

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Naira Strengthens As CBN Injects $195m Into Forex Market

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The local currency “Naira” strengthened as the Central Bank of Nigeria (CBN) continued its sustenance of foreign exchange liquidity in the market by injecting another $195 million through the inter-bank segment.

It was learnt that the $195 million intervention, which was made on Monday, November 13, helped the local currency to maintain its strength against its International counterparts.

Nigerian Banks React As CBN Requests For All Accounts Without BVN

Figures released by the Bank show that it offered the total sum of $100million to the Wholesale segment, while the Small and Medium Enterprises (SMEs) segment received the sum of $50 million. The invisible segment comprising tuition, medical payments and Basic Travel Allowance (BTA) received $45 million.

The Bank’s Acting Director, Corporate Communications Department, Mr Isaac Okorafor, said yesterday that the intervention is in line with the CBN’s continual determination to ensure FOREX liquidity and satisfy legitimate demand.

FG Takes Ownership Of Funds Held In Bank Accounts Not Linked To BVNs

Mr Okorafor assured that the Bank will continue to intervene in the nation’s FOREX market in order to sustain the liquidity in the market and guarantee the international value of the Naira.

Meanwhile, the Naira exchanged at an average of N363/$1 in the BDC segment of the market on Monday, November 13, 2017, maintaining its stability in the FOREX market.

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Nigerian Banks React As CBN Requests For All Accounts Without BVN

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The Central Bank of Nigeria (CBN) has written a letter to the Deposit Money Banks (DMBs) in the country, requesting that they submit to it the list of customers and bank accounts without bank verification number (BVN).

The letter came after a Federal High Court in Abuja ordered the CBN and 19 banks to freeze accounts without the BVN and got an interim order seeking the forfeiture of deposits in the accounts without the BVN, among others.

ALSO READ: FG Takes Ownership Of Funds Held In Bank Accounts Not Linked To BVNs

The Punch reports that while quite a number of the banks, if not all, have complied with the directive from the CBN, the DMBs are also lobbying the Office of the Attorney General of the Federation to halt the plan by the Federal Government to seize monies in the bank accounts of customers without the BVN.

Justice Nnamdi Dimgba of the Federal High Court in Abuja had on October 17 granted a request by Attorney General of the Federation, Abubakar Malami, for a temporary forfeiture of all funds held in bank accounts not linked to BVNs and those whose ownership could not be completely identified.

The court ordered all the 19 DMBs operating in the country to release to the Nigerian government names of accounts not yet connected to BVN; account numbers; their outstanding balances; domiciling locations; and domiciliary accounts without BVN and where they are domiciled.

The Judge also ordered the banks to advertise the accounts without the BVN in a widely circulated national newspaper as notice to those who might have any interest in them.

The case was then adjourned until November 16 for the hearing of the substantive application seeking the forfeiture of the sums in the accounts without the BVN.

However, the 19 DMBs named in suit have engaged the services of a top law firm to address the matter, according to top banking industry sources.

Already, the law firm has approached the court for an extension of time to appeal the court order.

“All the banks are ready to appeal the court order. We have engaged the services of a law firm to begin that process. The legal firm is expected to have filed the papers for an extension of time at the court. This will help us prepare for the proposed appeal,” a top executive of a tier-1 bank told The Punch under the condition of anonymity last Monday.

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CBN Releases 2018 Economic Forecasts, Targets $40bn For External Reserves

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The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has released the apex bank’s economic forecast for 2018, even as he announced that the country’s external reserves would hit $40bn next year from $34.3bn as of November 3, 2017.

Mr Emefiele made this known on Friday in the apex bank’s economic forecast for 2018, while also announcing that inflation rate might drop from the current 15.98 per cent to a single digit.

The Punch reports that he hinged his forecasts on the foreign exchange and exchange rate management policies of the apex bank in recent months, which has led to a drop of 65 per cent in the monthly food import bill of the country from an average of $5.5bn to $1.9bn as of June 2017.

The CBN governor released the forecasts at the Chartered Institute of Bankers of Nigeria Annual Bankers Dinner in Lagos in a speech tagged ‘Policy Options for Sustaining Nigeria’s Economic Upturn.’

According to the CBN governor, the economy has recorded some remarkable improvements in recent times and if the pace continues, the apex bank will adopt a growth-focused monetary policy stand that will see more credit to the economy.

Emefiele said, “We have also seen a significant appreciation of the naira from over N500/$1 to about N360/$1. In addition, we have seen stability in the rate for over six months now. I am glad to note that the exchange rate is not only stable, it is also converging across various windows and segments of the market.

“Since the establishment of the I&E Window, we have recorded about $10bn in autonomous inflows through this window alone.

“This reflects the effect of the increased transparency which that window accords the FX market and its benign impact of improving investors’ confidence and business sentiments. Our reserves have recovered significantly from a low of just over $23bn in October 2016 to over $34.3bn as of November 3, 2017.”

“Today, among the benefits of that policy is the considerable decline in our import bills. From an average of about $5.5bn, our monthly import bill has fallen consistently to $2.1bn in 2016 and $1.9bn by half year 2017. This is indeed commendable.”

“I expect that barring any unforeseen shocks, inflationary pressure will continue to ease; I believe that it may return to very low double-digit or high single-digit levels during the next year. Though the base effect had diminished, I expect that as the socio-economic factors that are driving food inflation are resolved, the inertia therein would dissipate and the pace of headline disinflation will grow.

“Foreign exchange reserves will continue to grow. Over the last 12 months, Nigeria’s FX reserves grew by over $10bn from just over $23bn in October 2016 to over $33bn in October 2017. It is my belief that if we remain resolute with our efforts, policies and actions, we can attain an FX reserve position of about $40bn by end 2018.”

“Exchange rate stability will continue. As we entrench and sustain the transparency in the FX market, as FX reserves accretion continues, and market confidence and improved sentiments remain, I expect that the exchange rate will not only be stable but would begin to appreciate against major currencies.

“The adverse competitiveness outcome, which such appreciation may entail, would be adequately mitigated by proactive policies to ensure that our balance of payments position is not undermined.

“Monetary policy stance could change when the underlying fundamentals become supportive. If the pace of disinflation becomes adequate and we see inflation at predicted levels, I am very optimistic that MPC may begin to see strong justification for an easing of monetary policy, which may further accelerate the recovery process.”

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Amancio Ortega Overtakes Bill Gates, Is Now The World’s Richest Man

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Spanish retailer and Zara founder, Amancio Ortega, is now the richest person in the world, with a $200 million edge over previous leader Bill Gates.

According to Forbes’ real time ranking, Ortega is now worth an estimated $85 billion, up an extra $1.2 billion from last month.

The 81-year-old Ortega has held the top position three times before, but he has always relinquished the lead within a day. Most recently, he surpassed Bill Gates on Tuesday, but by the end of the afternoon he was $100 million behind the Microsoft co-founder. Amazon CEO Jeff Bezos, who held the top spot for a brief period last month is now ranked No. 3 with $82 billion.

A former store clerk, Amancio Ortega founded Inditex with his late ex-wife, Rosalia Mera, in 1975. They grew the business into an international juggernaut that now has a market capitalization of more than $100 billion. The company’s flagship store is Zara, but it also owns Zara Home, Massimo Dutti, Bershka, Oysho, Pull and Bear, Stradivarius and Uterque.

 

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Piggybank, Afrotech Girls, Znm Foundation, Tambollo, Others Win SME100 Award

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Every year, SME100Nigeria one of Nigeria’s fastest growing platforms for young entrepreneurs; recognises and celebrates 25 Nigerians under the age of 25 who are doing phenomenal things in Nigeria and contributing to socio-economic development of the country. The Nominee reception and awards ceremony held on Saturday, 26th of August at the Terra Kulture Arena in Victoria Island, Lagos.

The ceremony which was well attended by young entrepreneurs, business managers, innovators, inventors and captains of industries was hosted by Akah Nnani and Seyitan Atigarin. It was an evening of inspiration with words of wisdom and encouragement from Lois Sankey Diamond Bank, Pastor Ituah Ighodalo Senior Pastor Trinity House and Mr Tonye Cole Co-founder Sahara group.

There were also musical performances by Saeon, Jeff Akoh, Ric Hassani and other talented young artists in the Nigerian creative industry.

The keynote speaker was Mr Segun Ogunsanya, CEO Airtel Nigeria who was represented by Emeka Oparah, Head Corporate Communications, Airtel. Emeka Oparah in his address advised young entrepreneurs to continue to strive in their various ventures and employ ethical practices that will set their businesses apart from others. He also spoke on Airtel’s commitment in contributing to entrepreneurship in Nigeria.

The Executive Director of SME100 Nigeria, Charles Odii in his welcome address spoke on the goal and aim of the awards. “The goal of this award is to stimulate an entrepreneurial culture among our youths. We identify young people doing phenomenal work across the country, and shine the spotlight on them so that all others can see them and aspire to set up businesses as well.” He said.

The selection of the finalists was cut down to 100 from 3,500 nominated candidates across the 25 categories of the award. The final 25 winners were decided by the Global Advisory Board of SME100Nigeria based on set down criteria and online voting.

See the full list of the award winners below:

NAME  Company  CATEGORY
1. Maryam Laushi Not too young to run Active Citizenry & Government Engagement
2. Chibuzo Aloizeuwa ACE Palace Farms Agriculture
3. Jekein Lato-Unah Artiste Arts, Craft & Culture
4. Garos Bot Botz Pretty Looks Beauty & Makeup
5. Georgette Monnou Unspoken Words Creative Writing & Content Creation
6. AfroTech Girls Afrotech girls Cyber Security & Technology
7. Abiola Chris-Amusan Rings Nigeria E-Commerce
8. Omozino Eguh Yudimy Education
9. Jennifer Uchendu Susty Vibes Energy & Sustainability
10. Buogo Obi WoodDesignes Environment, Housing & Interior Décor
11. Chinyere Uzuh Qwint Perfect Event Planning
12. Desiree Iyama Desiree Iyama Fashion
13. Joshua Chibueze PiggyBankNG Finance & Fintech
14. Aliyu Abubakar QuickShake Food
15. Precious Obiako Spotlight Skincare Health & Skincare
16. Natalie Obi Ethereal Olores Co. Manufacturing & Logistics
17. Gidado Shuaib Youths’ Digest Media & Communication
18. Tuke Morgan Music
19. Ebiye Performing Arts
20. Rotimi Okungbaye Photography
21. Stephanie Eze Mintville Professional Services
22. Zayyad Nasidi ZNM Foundation Social Entrepreneurship
23. Omimi Okere Qontent Software & Design
24. Georgia Oboh Sport
25. Sikemi Ifederu Tambollo Tourism & Hospitality
Check out pictures from the SME100 Awards











For more information, please visit www.sme100nigeria.com. For enquiries call 08177743650 or send email to communications@sme100nigeria.com

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First Ever International Drinks Festival Comes To Lagos This December

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This December promises to be more fun than ever before as Lagos is set to play host to the first ever International Drinks Festival, as brand owners, retailers, and holiday fun seekers will besiege Lagos in the single largest gathering of stakeholders in the drinks’ business ever witnessed in Nigeria.

During an exclusive press conference and elaborate unveiling ceremony held last Thursday in Lagos, Balmoral, organizers of the event and one of Africa’s biggest event management companies revealed that the event, which will take place from the 1st – 3rd December, 2017 at the Balmoral Convention Centre, Federal Palace Hotel, V.I, is going to be an Exhibition of various drinks brands, Masterclasses with various drink professionals, various summits which will give the attendees opportunities to ask questions and interact with the drink experts.

The festival will also have a lot of interactive fun events to lighten up the atmosphere and introduce various brands to the general public.

The unveiling ceremony, if anything to go by, was an indication of the glamour and finesse that would encapsulate the major event coming in December.

The unveiling brought together members of the press from virtually all the major media outlets, as well as the crème de la crème of the music, movie, and beverage industry and even, the political class.

Guests were treated to a cocktail session on an exquisite artistic floor plan featuring a spirit bar, palmwine joint, and a local beer parlor complete with ladies on stilts, and some standing inside waist-high glass chandeliers. It was a sight to behold!

Coming on the heels of an Euromonitor International (a world renowned business intelligence company) report that Nigeria consumed 36.68 million litres of soft drinks in 2016, its spirits market worth $6 billion, and beer accounting for 55% of the total market share, Balmoral’s First-Ever International Drinks Festival will no doubt take Christmas to a whole new level in Lagos, come December 2017.

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CBN Cautions Nigerian Banks, Others Against E-Payment Penalty

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The Central Bank of Nigeria (CBN) has cautioned banks and other electronic payment service providers in the country to navigate to the evolving and increasing complex regulatory environment to avoid penalty.

The caution was given by the Director, Banking and Payments System Department, CBN, Mr. ‘Dipo Fatokun, in a statement made available to The Punch.

CBN Warns Against Abuse Of The Naira | Offenders Liable To N50,000 Fine Or 6-Month Imprisonment

Fatokun made this known at the Finance Correspondents Association of Nigeria Bi-Monthly Forum in Lagos on Saturday, while making a presentation.

In the statement, he described fraud as the biggest challenge facing the electronic payment sector, stressing the need for banks, customers and regulators to tackle it.

 “Electronic payments continue to be a growth story across the world and Nigeria is not an exception, but banks and other service providers face a number of challenges in ensuring that they make the most of this opportunity,” he said.

He said the Nigerian electronic payments industry had been evolving in line with the evolution in global payments in both wholesale and retail systems.

CBN To Ban Microfinance Bank Customers Without BVN From Withdrawal From Jan 1, 2018 (See Circular)

Fatokun said banks, payment service providers, and the CBN had played various roles in developing the payments system and creating products and channels for electronic payments.

“The ATM channel accounts for the highest volume of transactions, while the NIP accounts for the highest value of transactions annually. This is because the ATM is usually the e-payment channel that new and lower value account holders always interface with, while corporates and upwardly mobile middle class customers make transfers using NIP,” he said.

He said the Retail Payments Transformation Programme of the CBN had led to the introduction of various electronic payment products and services by operators in the industry.

“The electronic products are gradually reducing the usage of cheques and cash, as noticed consistently in the annual performance report since the inception of the Cashless Policy in 2012,” he said.

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