The demand for Ginger in the international market has gone up significantly because the root is now being used as raw material in manufacturing process. More »
To make extra income from Garri production business, you need to export your Garri to other countries in West Africa, Europe and America More »
The high demand for chicken meat and eggs has really proven that Poultry farming in Nigeria is indeed a very lucrative business More »
Indeed you can become a millionaire through Poundo Yam production business in Nigeria. You can make up to N500, 000/month producing and selling Instant pounded Yam powder More »
Are you thinking of starting a profitable business of your own in Nigeria? If yes then I will want you to consider setting up a cement block molding industry in the country More »
The export of cashew nuts and other agricultural commodities from Nigeria is fast becoming very lucrative these days; More »
Discover how to make 100percent profits when you invest just N80, 000 in exporting Bitter kola from Nigeria to Europe, America and Asia countries More »
Livestock feeds production is a very profitable business, the demand for animal feeds in Nigeria is high More »
Laundry and Dry Cleaning is indeed a good business opportunity in Nigeria because it has a high return on investment. More »
Category Archives: Business News
A reader just send this girl’s pix to us and we thought we should share. Really, some ladies are in need of help to free themselves from ‘I must look s*xy mentality’. This is pure madness. See the full pix below:
Oh dear, what is this?… I can’t fit shout!
(Reuters) – Alibaba Group Holding priced its initial public offering at $68 a share, the top end of the expected range, raising $21.8 billion on Thursday.
At that price, the IPO, one of the largest-ever, would give Alibaba a market valuation of $167.6 billion. That will vault it above U.S. e-commerce rivals like Amazon and eBay and give it more financial firepower to expand in the Unites States and other markets.
“I’d put them (Alibaba) in a class of Facebook and Google with the scale they have, growth prospects and profitability,” said Scot Wingo, CEO of e-commerce software provider ChannelAdvisor. “There’s a scarcity value there.”
An Ipsos poll conducted for Thomson Reuters found that 88 percent of Americans had never heard of the Chinese e-commerce company, which is responsible for 80 percent of online sales in the world’s second largest economy and works with a number of businesses there including consumer online marketplace Taobao and payment service Alipay.
But that hasn’t sapped enthusiasm among multiple large U.S. institutions, including Blackrock, which have put in orders for allocations of at least $1 billion in shares, according to the sources.
Between 35 and 40 institutions placed orders for $1 billion or more shares each, investors briefed on the matter said.
Investors, keen to buy into China’s rapid growth and evolving Internet sector, have been clamoring to get shares since top executives at Alibaba, including Ma, kicked off the road show last week.
“It was one of the more impressive IPO presentations,” said Jerry Jordan, manager of the $48 million Jordan Opportunity Fund . “I didn’t realize just quite how successful they are.”
At the top end of its range, the IPO would raise almost $22 billion, but if underwriters exercise an option to sell more shares, as many expect, Alibaba’s market debut will top Agricultural Bank of China Ltd’s record $22.1 billion listing in 2010.
Many investors reported difficulty in getting the full allocation of shares they were aiming for.
John Boland, president of Maple Capital Management in Montpelier, Vermont said he had put in orders for about 5,000 Alibaba shares on behalf of high net worth individuals and institutions and had been told the offer was oversubscribed and that they would probably not get the full order.
“Beating the rush doesn’t count in this game,” Boland said.
Alibaba’s revenue surged 46 percent in the April to June quarter on strong gains in its mobile business, with net income attributable to its shareholders nearly tripling to $1.99 billion, or 84 cents a share.
Ma, who founded the company in a one-bedroom apartment, will have a paper fortune worth some $14 billion, vaulting him into the ranks of tech billionaires like Bill Gates and Jeff Bezos. The deal is also expected to make millionaires out of a substantial chunk of the company’s managers, software engineers and other staff.
It also allows cornerstone Alibaba investors like Japan’s Softbank and Yahoo to profit from their foresight in getting in on the ground floor at the e-commerce giant. Yahoo is selling some $8 billion worth of shares in the offering, leaving it with a 16.3 percent stake. Softbank is not selling for now and will be left with a 32 percent stake, making it the largest single shareholder.
The successful IPO sets the stage for Alibaba shares to make their debut on the New York Stock Exchange on Friday, with many investors and analysts betting that there is still room for a substantial first-day jump in the shares.
One investor said that the IPO’s underwriters, who include Credit Suisse Group AG, Citigroup Inc and Goldman Sachs Group Inc, were hoping for a first day “pop” of 10 to 15 percent. That’s about in line with the norm for IPO debuts, whose underwriters typically seek an increase large enough to signal healthy demand but not so much so that it looks like the company and its investors “left money on the table.”
Other big Chinese Internet stocks have performed well in U.S. markets, including Baidu Inc, whose shares rocketed 354 percent on their first trading day in 2005.
Underwriters on the Alibaba deal also include Morgan Stanley and JPMorgan Chase & Co, with Rothschild, which does not have underwriting operations, advising Alibaba on the deal.
Still, concerns that an opaque corporate governance structure and Ma’s outside investments will stymie minority investors’ rights could limit the upside around the deal.
“Rarely in history has there been an IPO of this size for a company that we know less about,” Senator Bob Casey, Democrat of Pennsylvania, said in a statement on Wednesday. “I continue to be concerned that about the level of transparency from Chinese firms listing in our markets.”
Alibaba is selling 320 million shares, equivalent to about 13 percent of the company’s capital. Nearly two thirds of those shares are being sold by existing shareholders including Ma, who will reap $867 million, and Yahoo.
SMEs in Nigeria To Access Business Support Plans From BOI
The Bank of Industry (BOI) has disclosed plans to provide business development support plans for the Small and Medium Enterprises (SMEs) in order to reduce the incidence of business failure which often leads to non-repayment of loans.
In a presentation at a Senior Executive Course 36 of the Nigeria Institute of Policy and Strategic Studies (NIPSS), Jos weekend,managing director of the bank, Mr Rasheed Olaoluwa, stressed that the business development support programme would assist in giving necessary direction to any entrepreneur with viable business plans as it would avert business failure responsible for non-repayment of loans.
While also hinting that the bank would in addition, set up a loan monitoring unit that would address the issue of non-repayment of loans, he denied the allegation that the bank’s loan conditions were unnecessarily cumbersome.
The Federal Government of Nigeria’s transformation agenda in the Agricultural sector, weekend, received a boost, as Honeywell Flour Mills Plc said it has invested N1 billion in the upgrade of its mills for increased cassava flour inclusion.
The cassava inclusion policy requires flour millers in Nigeria to include a minimum of 20 per cent cassava flour in wheat flour meant for the baking of bread and the production of other confectioneries.
The Federal Government a couple of weeks ago, said the policy will save the country about N150 billion annually, explaining that about N750 billion is spent on wheat importation annually.
Mr. Lanre Jaiyeola, Managing Director/Chief Executive Officer, Honeywell Flour Mills, who disclosed this a press briefing in Lagos, also stated that the company is exploring viable backward integration options to further boost cassava flour availability in demonstration of its belief in and support for the initiative.
How Foreign Investor Lost $7.99m Through Oil Scam In Nigeria.
LAGOS — The Economic and Financial Crimes Commission, EFCC, yesterday said it arrested two suspected fraudsters who allegedly defrauded a foreign investor of $7.99 million through a non-existent oil deal .
Spokesman for the commission, Wilson Uwujaren, who gave the identities of the suspects as Victor Uwadiale and Captain Nnaji Everest, said they were arrested separately by the operatives in Festac area and another part of the state.
Uwujaren described Uadiale as the principal suspect and arrow head of an international syndicate, which specialised in defrauding international businessmen seeking investment opportunities in Nigeria.
The low price tag put on Nigerian cassava chips by China is frustrating Nigerian exporters of the commodity. This development is impeding the successful execution of the cassava chip export contract entered by Nigeria and China.
Chinese importers, it was learnt, are offering Nigerian exporters $250 per tonne instead of $400 it goes for in Europe and $350 in Israel. Business advisory services officials at the Bank of Agriculture have advised Nigerian cassava chips exporters that if the contract price is less than $400 per tonne, the business will not be viable.
Financial Vanguard gathered that the Bank of Agriculture team suggested that exporters should explore European markets that offer $400 or Israel that offers $350 as against China’s $250 offering.
Nigerian British Chamber of Commerce, NBCC, has blamed the bad image of Nigerian Cocoa in the world market, on activities of the get rich quick exporters.
Speaking at the launch of the Ondo Kingdom Chamber of Commerce, OKCC, the President of NBCC, Prince Yemi Adefulu, said, when the Marketing Boards were scrapped, standardisation and quality control was thrown out of the window, the reputation of the Nigerian Cocoa suffered from the activities of the get rich quick exporters and the country has not recovered from the reputation damage arising from this misdemeanor.
”Nigeria earned a reputation for poor quality from which we suffer to this day. Prices of Nigerian cocoa crashed and farmers became discouraged and lost the incentive to plant new cocoa seedlings or expand existing plantations.
In consequence, many abandoned the farms causing Sunny Ade to sing- “No farmers on the farm, they have returned home”.
Checkout Reasons Why People Fail in Their Business
Starting your own business can yield amazing rewards but at the same time, it’s a pretty big risk. One of the biggest reasons why people fail is that they enter into a business and do not have profitable market.
They may like what they are doing but they are not making money. One of the keys is to do something you are passionate about, but if you can’t monetize it, then it is not a line of business you may want to go into.
It is necessary to carry out research before you build up a business. At one time or another, we have all fantasized about creating our own business and being successful entrepreneurs.
Starting a new business can very challenging. Below is an article of how young Nigerian man who owns a flushing business he started with just N200.
There is no need to complain about lack of capital,If he can start a business with that little amount, I believe you too can.
Read his story >>> If you live in Lagos or visit Lagos frequently, you might have heard or visited Paradise Hotel and Bars or tested its fresh fish pepper soup popularly known as ‘point and kill’.
Men-in-business-picsAmbassador Sunday Kayode Arowele, is the CEO of Paradise Hotels and bars.
In this interview, the Ondo state born UN Ambassador for Peace ; and also a Universal Peace Foundation ambassador talked about starting from nowhere to becoming a business guru; his humble beginnings and the challenges he encountered while trying to build his multimillion naira hotel business.
Houses For Sale In Lagos
1. Two Storey building comprising 6 Nos of 2 bedroom flats and 3 Nos. of mini-flats on a plot of land at Oregun very close to the main Road.
TITLE: registered conveyance
PRICE: N90m Negotiable Ikeja, Lagos. Good for residential purpose, Hotel etc.
2. A storey building of 3 Nos of 2 bedroom flat and a miniflat on an approximately 580 squares metres at Agege behind first bank, Emmanuel B/stop Lagos.
TITLE: APP. Building Plan, Receipt and survey Plan.
PRICE: N15m negotiable.
3. A storey building of 4 Nos of Miniflats and 3 Nos of tenement bungalows setback on more than a plot of land at Moricas area of Agege, Lagos.
TITLE: C of O.
PRICE: N27m negotiable
For Enquires Contact:
IFECHUKWU & CO
63, Obafemi Awolowo Way,
Ikeja, Lagos State
Tel: 08023709486, 07069445477