Glo customers, for the most part, did not experience the internet downtime and black out that many of us experienced in the past few days. The reason for this is not far-fetched. Mike Adenuga, the owner of Glo, was so intentional by making sure that Glo has its own submarine cable that passed through from Bude, a seaside rural town in north Cornwall, England and traversed seventeen countries, including Ghana, before terminating in Nigeria. By going from Europe to the West Coast of Africa, it avoids the more turbulent but cheaper to maintain MENA region (Middle-East and North Africa). Glo-1…
Author: Chukwudi Iwuchukwu
The reason why Indomie noodles and your favourite bread are expensive is not only because of the dollar. The dollar issue is inclusive, though, but not the total sum of the story. The main reason why you are struggling to buy indomie at 20,000 per carton or your favourite breed at 1,500 per loaf is because of a grain called wheat. Why is wheat that important? Wheat is a major raw material needed to produce bread and indomie noodles. It is an important component. However, we grow wheat in Nigeria, but not enough and not in commercial quantities. So manufacturers…
Nigerian banking giant Zenith Bank has reported remarkable financial results for the first half of 2023, with profits soaring by a staggering 161.85 percent, propelling Jim Ovia, one of Nigeria’s most prominent bankers, who is also the highest shareholder and founder of Zenith bank to receive an interim dividend of N2.54 billion from his stake in the bank. Ovia, recognized as Nigeria’s richest banker and a top figure in Africa’s financial services industry, stands to benefit significantly from Zenith Bank’s robust performance. The bank’s interim dividend payout follows an impressive financial showing and reflects the substantial profits earned during H1…
Neil Armstrong was the first man to conquer the moon. After he had achieved his lifelong dream, he dropped a quote. A quote that defined his courage and explained what he has done And he said: “One small step for man, one giant leap for mankind.” The late Steve Jobs was a genius. His curiosity and spirit of adventure founded the world’s biggest company by valuation, called Apple. It is befitting that I’m typing this message on an iPhone, a product that was the poster boy of Steve’s ability to dare During his lifetime, Steve Jobs said so many immutable…
Emekeme Joseph, popularly known as Semikolo, the Chairman of Covenant Suites, a hotel chain and a Deacon of Winner’s Chapel, is dead. Sources said the man fell gravely ill after his sons assaulted him. It is alleged that the sons who graduated from Covenant University caught their father with a side chick and demanded a million naira bribe, or they’ll inform their mom, who was holidaying in the United States then. It is said that the father called off their bluff, and true to their threat, they reported the sleazy affair to their mother, who was incensed. The next day…
Following the new world record in the cooking marathon set by a Nigerian female chef, Hilda Baci, Madonna University has congratulated her on her achievement. The university, acknowledging that Chef Hilda is an alumna of the institution awarded her scholarship until PhD level. In a statement titled ” Celebrating Excellence and Congratulating our proud Alumna, Hilda Bassey Effiong, signed by the school congratulated the new record breaker for the award of scholarship to PhD. Celebrating Excellence and Congratulating our proud Alumna, Hilda Bassey Effiong signed by Associate Prof. Martin Anagboso, DVC(Admin) the school confirms the award of scholarship to Hilda…
The co-founder of Access Bank and the current MD, Herbert Wigwe, is going back to school. The University of Nigeria-trained accountant is going back to school to study law. Let’s hear the Isiokpo-born first-class banker explain the reasons why he chose to go back to school. “To the African youth: don’t let age or any other factor hold you back from pursuing your passions. As I embark on getting a law degree at a later stage in my life, I hope to inspire others to never stop learning and growing.” This is following in the footsteps of Osita Chidoka and…
Ovation Publisher, Dele Momodu Shares A Touching Story Of How Glo Chairman,Mike Adenuga Gave Him 2 Luxury Cars Worth 85 Million In 2 Years And How He Changed His Business Let’s read him: As for me and my house, I consider my encounters with him as being spiritually ordained. Not many people can boast of seeing and knowing Adenuga at close range. I’m privileged to have Dr. Adenuga as my mentor and benefactor. I can readily write a PhD thesis on the extraordinary nature of the Spirit of Africa, a spirit you hardly see but feel his impact all around…
In case you have been refreshing your Zenith Bank app and wondering why it is not opening or at any of the bank branches but stranded as you are told that the network is not available Here is why: A fire incident at Zenith Bank’s primary data center caused network downtime and is the reason why the Zenith Bank app is experiencing downtime. A data center is the engine room that powers the bank’s electronic transactions and IT-related services. The data room is the reason why the bank has the service to either give you cash or solve your problem…
At the height of his fame and wealth, Goddy Anabor, the publisher of now-rested Hearts Magazine, was the toast of musicians and Lagos big babes because of his generosity of heart and his large pocket. Goddy, who is now a taxi driver on the streets of Lagos, allegedly made money from Yahoo, known as 419 at the time. When asked about his fraud background and how he made money “Goddy waxed philosophically that Yahoo is not a crime; rather, he collected from those who stole from his ancestors.” What a defense! He invested the money by starting different businesses, including…
Health officials in Malaysia and Taiwan said they had detected ethylene oxide, a compound, in Indomie’s “special chicken” flavor noodles, according to a report from CNN. Ethylene oxide is a colourless, odourless gas that is used to sterilise medical devices and spices and has been associated as a cancer causing chemical. The ministry of health in Malaysia said it had examined 36 samples of instant noodles from different brands since 2022 and found that 11 samples contained ethylene oxide. The ministry said it had taken enforcement actions and recalled the affected products. It is unclear if other brands were implicated.…
The battle for the ownership of Nigeria’s biggest conglomerate between two of Nigeria’s finest business tycoons, Tony Elumelu and Femi Otedola, has finally come to an end as Femi Otedola has sold his Transcorp shares with a premium to Tony after mutual friends led by Aliko Dangote intervened in the battle, putting an end to an intriguing corporate drama that has shocked, rocked, and rolled Nigeria’s capital markets over the past several days. According to multiple sources that I spoke to, the two businessmen share so many mutual friends, and one of them is Aliko Dangote. As a result, when…
In the wake of the last Anambra state election, all the Anambra big billionaires doing business in Lagos were summoned to an emergency meeting by Lagos state governor, Jide Sanwo Olu. The purpose of the meeting with these men, which includes Obi Cubana, Ned Okonkwo, E-Money, and so many others, was the fact that our landlord, Bola Ahmed Tinubu, was interested in capturing Anambra through Andy Uba, who was the APC candidate in that election, so he needs their assistance and influence in achieving this ambition. After hearing the governor out, it would have been a cardinal sin to say…
Club promotions seem to be the new oil wells in this Lagos What club promoters do is simple: Sign up with a night club/lounge. Use your clout to attract clients or members with deep pockets to the club every night and then share commissions with the club. For the most part, the commission shared is like 10% of the total income made that night. So let’s say a lounge made 100 million naira in one night; the promoter will go home with 10 million naira tax-free from the club. You must be an extrovert, popular and influential with yahoo boys…
The Nigerian unit of Heineken NV, the world’s second-largest brewer, had its worst February in 15 years after the central bank drained about 2.1 trillion naira ($4.6 billion) of cash from Africa’s biggest economy. The Central Bank of Nigeria began replacing old 200-, 500- and 1,000-naira notes with news ones in December, triggering a cash scarcity that’s intensified in recent weeks. Residents have spent hours — often in vain — waiting in ATM queues to withdraw banknotes. Nigerian Breweries Plc, Heineken’s local unit, depends on cash for about 80% of its retail sales, according to Chief Executive Officer Hans Essaadi.…
Africa’s richest man Aliko Dangote is going to pocket N292.12 billion ($640.6 million) in dividend from its cement business for 2022 financial year as the largest builder of the building materials continues to thrive amid a challenging operating environment. The $640.6-million dividend, which will be paid directly from Dangote Cement’s retained earnings of N969.48 billion ($2.1 billion) as of Dec. 31, 2022, is higher than the annual government expenditures of African countries such as Rwanda, Burkina Faso, and Malawi. Dangote Cement is Africa’s largest cement producer, with a total production capacity of 51.55 million tonnes of cement per year across…
Former president Olusegun Obasanjo and major campaigner for Labour party Presidential Candidate, Peter Obi, has failed to deliver his polling unit. The former president who voted at ward 11, unit 22, Olusomi compound, Totoro/Sokori Abeokuta-North lost to the All Progressives Congress . The APC had 56 votes, People’s Democratic Party had seven votes, African Democratic Congress scored eight votes while LP had 9 votes. According to the presiding officer ,91 voters cast their votes for four political parties out 693 accredited voters.
Governor Ortom of Benue State convened a meeting of his appointees and PDP stakeholders in Benue State two weeks ago. During the meeting, he announced to the stunned audience that his candidate for the 2023 presidential election is Mr. Peter Obi of the Labour Party. In his words to the gathered PDP faithful inside the expansive hall, any body in that hall who worked against Peter Obi’s candidacy at the poll is a betrayer who has betrayed his benevolence, so all hands must be on deck to make sure that Benue State is delivered for Peter Obi. To show his…
Wife of the Governor of Ondo State, Chief Betty Anyanwu-Akeredolu, has described her husband, Arakunrin Oluwarotimi Odunayo Akeredolu, SAN, CON, as her strong support system. The governor’s wife disclosed this while giving address at the Inaugural Annual General Meeting (AGM) of the Health Promotion & Education Alumni Association, Ibadan College of Medicine, University of Ibadan, at SDM Hotel Ibadan, Oyo State Capital. In her words: “I have always made the point that, to survive breast cancer, it is important that you have a good support system, like your children, spouse or close relation. There are instances where a man would…
As of this time last year, Dangote had $3.6 billion in his bank account. No other living person today in Nigeria has that kind of money in his bank account. For proper context, Dangote’s cash in the bank is more than the combined market value of GTBank, Zenith Bank, and UBA. Only one person. Going forward, Dangote’s wealth is almost entirely derived from his 86% stake in Dangote Cement, which is publicly traded. Dangote Industries, the conglomerate he owns shares in, holds shares directly in the company. Putting it in proper perspective, Dangote owns 86% of the shares of Dangote…
Founder, Salvation Ministries, Port Harcourt, Pastor David Ibiyeomie has banned husbands and wives from having sex for 21 days as the church begins fasting and prayer. Speaking during the church’s first service on Sunday, Ibiyeomie said husbands and wives must not have sex for 21 days, the period the fasting would last. “Abstain from sex this fasting season because I’ve heard people say, ‘My husband said that once we break since we eat food, we should eat this one too’! So, ah! I’ve heard it! As a Pastor, they say please talk to my husband that we are fasting! They…
I was startled last April when I read on Nairametrics that a 31-year-old real estate investor called Nola Adetola wants to borrow 5 billion naira on a commercial paper loan from the Financial Market Dealers Quotation Securities Exchange. Before I continue, let me explain what a commercial paper is. Commercial paper is a short-term loan that most Nigerian corporates access to grow their businesses and boost their capital. Most Nigerian big corporates prefer commercial paper because it is cheaper than bank loans. You can get a commercial paper loan with less than 8% interest, while banks charge 25% to give…
Aguata Local Government Area of Anambra State held its maiden edition of the Aguata 21-km marathon race on Wednesday, January 3, 2023. The 21-km marathon race, which took place in Ekwulobia, the commercial hub of Aguata, was initiated by the Chairman of the Local Government Area, Dr Chibueze Ofobuike. Speaking on the success of the event, Dr Ofobuike described the marathon race as a dream come true. The Council Chairman thanked partners, participants, and dignitaries who made the event a success. In his words: “I dreamt of a Yuletide season in Aguata where we could prove certain things to the…
A student of Modibbo Adama University, Yola in Adamawa State, Raudah Sheik-Jimeta, has revealed that she earns ₦80,000 monthly from the sale of spices. According to the News Agency of Nigeria, The final-year student gets her spices from local sources. Sheik-Jimeta, who is an Information Technology student said, “I started dealing in spices like chili powder, ginger and garlic paste, ‘Daddawa’ processed from locust beans, pap and dumpling powder locally called ‘Garin-danwake.’ “I began the business in 2020 during the COVID lockdown with N30,000 seed capital because I really wanted to be self-reliant, so that I can help myself and…
As it were, the DSS has declared CBN Governor Godwin Emiefele, who is on the run, wanted for alleged involvement in the financing of terrorism. Emiefele is outside of the country where he is hiding. To achieve their aim of arresting the CBN governor, the domestic intelligence office has deployed several officers to monitor the CBN headquarters, Mr. Emefiele’s family residence in Lagos, and the Abuja home of businessman Christopher Emefiele. The mandate given to the officers deployed is simple: arrest the CBN chief and bring him to the DSS office for interrogation and possible detention. Emiefele was lucky enough…
It is good to sound woke and support Meghan with what she is doing to the royal family with the permission of her cowardly husband Harry. It is also beautiful to sound cool in this Meghan conversation, but the same people applauding Meghan would not approve or allow their brothers to marry a divisive woman like Meghan because they know the dire implications for the unity of their nuclear family. My family is my number one priority; my parents are not perfect, which shows that they are human beings before being parents. But I would rather die than allow my…
My Lagos landlord and APC presidential candidate, Bola, on Tuesday invited captains of industry, the business community, and the CEOs of the largest businesses in the country to a town hall meeting at the Eko Hotel. At the hall that day were the best and brightest of our business community, which included 1) Aliko Dangote of Dangote Cement 2) Abdulsamad Rabiu of BUA cement 3) Jim Ovia of Zenith Bank 4) Mke Adenuga of Glo 5) Tony Elumelu of Heir Holdings and UBA 6) Nduka Obiegbena of Arise TV 7) Herbert Wigwe of Access Bank 8 Allen Onyema of Air…
Yesterday, the internet was abuzz with the news that Dangote’s best friend, Femi Otedola, splashed over 3 billion naira on a yacht owned by late Greek ship owner Onassis. Femi wants to celebrate his 60th birthday by cruising around the world for one month, surrounded by his family, on one of the world’s biggest yachts. What many people did not know was that Otedola made double of what he spent on that yacht last month, so splurging 3 billion naira on his vanity is, in fact, chump change compared to the money he cashed out. The question is, “How did…
Diplomatic passport; is a type of international identity document issued by the Ministry of Foreign Affairs defining the positions of diplomats and grants them privileges. Diplomatic passports are issued to government officials and their families who have been sent abroad to attend congresses and conferences. Who Can Get Diplomatic Passports? Diplomatic passports are issued to officials working at certain levels of the state and to their families under certain conditions. Members of National Assembly, Ministers. President and members of the National Judicial council Supreme Court justices, Council of State members President of Appeal court Attorney General of the Republic, Generals,…
Paying a lobbyist is not a crime and not wrong. This is why the US allowed lobbying as an industry, and it is a powerful industry that employs thousands of people in the US. At the height of his power, the leader of IPOB, Nnamdi Kanu, was paying lobbyists thousands of dollars every month. I attached evidence below. Nnamdi Kanu was paying US lobbyists and a PR firm over $75k a month. The purpose of the payment was to secure a foreign international report on IPOB and the massacre of Christians by Fulani herdsmen and Boko Haram in the north.…
