Employees who perpetrate fraud through stealing in the workplace have been labelled as “Workplace Rats” in a new book, which has just been released to the public. The book which admits that poor business models and financial management contribute to business failures specifically identified stealing as a major cause of bankruptcy in organisations. The book asserts that some employees and executives within the lowest and highest rung of the organizational ladder are pilfered, and often exploit any cavity within the system to generate unearned income for selfish ends. It refers to such employees as Workplace Rats. The book which reveals…
Author: Elvis Eromosele
The Federal Government has proposed to borrow N11.3 trillion to fund the N19.76 trillion proposed 2023 budget. The Minister of Finance, Budget and National Planning, Dr Zainab Ahmed, disclosed this while presenting the 2023 to 2025 Medium Term Expenditure Framework (MTEF) and Fiscal Policy Paper (FSP) to the House of Representatives’ Committee on Finance chaired by Honourable Abiodun Faleke. According to her, the fiscal parameters for the year showed that oil production volume was pegged at 1.69mbpd, oil benchmark – $70 per barrel, exchange rate – N435.57/$; N8.501 trillion as total oil and gas revenue; N1.105 trillion as derivation; N7.396…
African Industries Group, a steel conglomerate, is set to boost its investment in Ogun State to over $500m. This will mark a huge boost for the investment drive and economic development plans of Governor Dapo Abiodun-led administration in the state. The chairman of the group, Mr Raj Gupta who made this known at the weekend stated that the company, which deals mainly in steel and aluminium, is interested in growing its business in the state. Gupta revealed that the company currently has over 5,000 employees on its payroll and expressed admiration for the level of infrastructural development embarked upon by…
Photo caption: L-R: Professor Ekata Rosemary Isibor of Amachree University, Benin Republic presenting Value for money multivitamin brand of the year 2022 (Reload Multivitamin) to Pharm. Jude Elue, Director, Sales and Marketing, Pharmacy Plus Ltd and Pharm. Ikechukwu Aneke, Head of Marketing at the first edition of Consumers Value Awards/Dinner held in Lagos, last week By Elvis Eromosele The value of a thing is intrinsic. It is hidden yet visible. It is the ‘why’ of a product or service. It is what it is purpose-fit for. It is said that value determines the acceptance or otherwise of a thing. Typically,…
The Central Bank of Nigeria (CBN) has released the sum of $265 million to airlines operating in the country, to settle outstanding ticket sales in a bid to arrest the crisis in the aviation industry due to the inability of some airlines to repatriate their revenue from the country. In a statement on Friday, the regulatory bank said the sum of $230 million was released as special FX intervention while another sum of $35 million was released through the Retail SMIS auction. The statement signed by the Bank Director of Corporate Communications, Osita Nwanisobi said the Governor, Godwin Emefiele and…
Dr Joy Ogaji, Executive Secretary, Association of Power Generation Companies (APGC), last week, revealed that generation companies were being owed about N1.75 trillion for power generated for the electricity market since 2013. Ogaji spoke during a panel session at the Association of Energy Correspondents of Nigeria (NAEC) Strategic International Conference in Lagos. The session’s topic was: ”Power Sector Dilemma: Issues, Challenges, Opportunities and Strategic Key Solutions.” She said the liquidity challenge of the Nigerian Electricity Supply Industry had made operating in the generation value chain very difficult for the companies. Ogaji said GenCos were currently owing their gas suppliers about N1…
MTN Nigeria Communications Plc has started 5G trial services this week to begin its launch of fifth-generation mobile telecommunications in seven cities across Nigeria’s six geo-political zones. Commercial 5G services will become effective from October, less than six weeks away, in Lagos, Abuja, Port Harcourt, Ibadan, Kano, Owerri, and Maiduguri, Nigeria’s biggest operator by subscription and turnover said in a statement. By October, the operator expects to be running its 5G services on no less than 600 cell sites all over Nigeria. It will be recalled that in December 2021, after 11 rounds of bidding that lasted eight hours, MTN…
Olam Agri, a leading agribusiness in food, feed, and fibre, has appointed Ashish Pande as the new Country Head of Olam Agri in Nigeria, effective 23rd September 2022. Ashish has been instrumental in establishing Olam Agri’s animal feed business, successfully integrating the acquired Dangote Flour Mills, setting up Crown Flour Mills’ extensive fleet operations, and overall leading a successful wheat milling business in Nigeria. He will lead Olam Agri to its next stage of growth in the country which is an important market for the company globally. Under Ashish’s leadership, the flour milling business unit of Olam Agri, Crown Flour Mill Limited’s immense contribution to…
The 70 per cent national broadband target set by the Nigerian government before 2025 is set to be achieved if recent data from the Nigerian Communications Commission (NCC) is to be believed. The NCC revealed that the country’s broadband penetration moved from 40.9 per cent in February 2022 to 44.5 per cent in July 2022. The Executive Vice Chairman of NCC, Prof. Umar Danbatta, who disclosed this in Abuja recently noted that the increase in broadband penetration is a good omen for Nigeria’s broadband and digital economy pursuit. He stated that such growth will help to accommodate emerging technologies and…
Nigeria and the United States government have reached an agreement on the return of over $23 million of the Abacha loot. The agreement signing ceremony held in the office of the Minister of Justice and Attorney General of the Federation, Mr. Abubakar Malami, Tuesday. While Mr. Malami signed on behalf of the Nigerian government, the U.S Ambassador to Nigeria, Mary Beth Leonard signed on the behalf of the U.S government. According to Mr Malami, the fund when returned will be invested in three ongoing projects by the Federal Government, including the ongoing Abuja-Kaduna road and the 2nd Niger Bridge. Nigeria has…