It’s difficult for investors to come to Nigeria – Kachikwu

There is some level of latent difficulty for investors to come and invest in Nigeria due to security concerns, among other issues, the Minister of State for Petroleum Resources, Ibe Kachikwu, has said.

This is coming as the Group Managing Director of the Nigerian National Petroleum Corporation, Maikanti Baru, announced that the country’s current crude oil production had risen to 2.2 million barrels per day.


Kachikwu, who spoke at the 6th Sustainability in the Extractive Industries Conference organised by CSR-in-Action on Wednesday in Abuja, noted that although most countries of the world were faced with security issues, it was important for Nigeria to invest more in securing its citizens and investors.

The minister stated this while suggesting measures through which the economy and the oil sector could be revamped for the greater benefit of Nigerians.

He said, “Now, the second aspect of this discussion is that how do you open your economy in terms of foreign participation? There is almost some level of latent difficulty for investors to come into this country. First of all, they deal with the issue of security.

“Now, when we say security, every country has its own difficulties. You may find that if you take a crime-to-crime analysis, I’m sure that we are not necessarily worse than most countries. But it is just the publicity that we give to certain things that happen here.

Nigeria’s debt rose by N4.76tn in 2016 – DMO

Nigeria total debt rose by N4.76tn in 2016, the Debt Management Office has disclosed.

The DMO disclosed this in its 2016 Annual Report and Statement of Accounts obtained by our correspondent in Abuja on Wednesday.

According to the office, Nigeria’s debt as of December 2016 stood at N17.36tn, up from N12.6tn a year earlier. This reflects an increase of N4.76tn or 37.74 per cent within a period of one year.

The significant increase, according to the DMO, is mainly in the domestic debt component and is attributable to additional issuance of debt securities to fund the 2016 budget deficit and the refinancing and redemption of matured securities.

The DMO explained that the increase in borrowing could be looked at from the deficits contained in both the 2015 and 2016 budgets in relation to the Gross Domestic Product.

Thus, the deficit contained in the 2016 budget reflected 2.14 per cent of the GDP, while that of 2015 reflected 1.09 per cent of the GDP.

Court orders seizure of Diezani’s $37.5m Lagos house, funds

The Federal High Court in Lagos, on Wednesday, ordered the temporary forfeiture of a property at Banana Island, Lagos, bought for $37.5m in 2013 by a former Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke.

The property, designated as Building 3, Block B, Bella Vista Plot 1, Zone N, Federal Government Layout, Banana Island Foreshore Estate, has 24 apartments, 18 flats and six penthouses, according to court papers presented on Tuesday by the Economic and Financial Crimes Commission.

According to Bawa, when Nwokedi was questioned by the EFCC, the lawyer explained that he had approached Diezani for opportunities in the oil and gas industry but the ex-minister told him that being a lawyer, she did not have any such opportunity for him and asked him whether he could, in the alternative, manage landed properties, an offer which Nwokedi accepted.

Bawa said Nwokedi later registered Rusimpex Limited at the Corporate Affairs Commission, and named a lawyer in his law firm, Adetula Ayokunle, and a Russian, Vladmir Jourauleu, as the directors.

He added that the address of Nwokedi’s law firm in Ikoyi, Lagos, was registered as the business address of Rusimpex Limited.

Steps to managing a start-up business account

You are about to launch your online store (or maybe you’ve just launched) – congratulations! It takes perseverance and passion to get to the point you are at. However, as you know, business ownership is a constant flood of satisfying milestones coupled with expanding to-do lists. With your launch, you will need to get on top of the accounting tasks that come along with owning a store. These small business accounting steps will give you the confidence to know you have covered your bases, and are ready to move on to the next item on your business to-do list, according to www.shopify.com.

*Open a bank account: After you have legally registered your business, you will need somewhere to stash your business income. Having a separate bank account keeps records distinct and will make life easier. Note that partnerships and corporations are legally required to have separate bank accounts for business.Start by opening up a business account, and then any savings accounts that will help you organise funds and plan for taxes. For instance, set up a savings account and squirrel away a percentage of each payment as your self-employed tax withholding. Next, you will want to consider a business credit card to start building business credit. Corporations are required to use a separate credit card to avoid commingling personal and business assets.

Before you talk to a bank about opening an account, do your homework. Shop around for business accounts and compare fee structures. Most business accounts have fees that are higher than personal banking, so pay close attention to what you will owe.

In order to open a business bank account, you are required to have a business name, and usually be registered.

*Track your expenses: The foundation of solid business record keeping is learning to track your expenses effectively. It is a crucial step that allows you to monitor the growth of your business, build financial statements, keep track of deductible expenses, prepare tax returns, and support what you report on your tax return.

Right from the beginning, you should establish a system for organising receipts and other important records.

*Develop a bookkeeping system: Before we jump into establishing a bookkeeping system, it is helpful to understand exactly what bookkeeping is and how it differs from accounting. Bookkeeping is the day-to-day process of recording transactions, categorising them, and reconciling bank statements.

Accounting is a high level process that looks at business progress and makes sense of the data compiled by the bookkeeper by building financial statements.

As a new business owner, you will need to determine which bookkeeping method to use.

*Set up a payroll system: As a new online store owner, you will likely be a one-person show. However, maybe you will hire a part-time employee to help you out, or a freelancer to design your logo. Right away, you need to establish whether that individual is an employee or an independent contractor. For employees, you will need to decide on a payroll schedule and ensure that you are withholding the correct taxes; there are lots of services that can help with this. For independent contractors, be sure to track how much you’re paying each person.

When sales start rolling in, you will need a way to accept the payments. If you want to accept credit card payments, you will either need a merchant account or you can use a third party payment processor. A merchant account is a type of bank account that allows your business to accept credit card payments from customers.

*Calculate gross margins: Improving your store’s gross margin is the first step towards earning more income overall. In order to calculate gross margin, you need to know the costs incurred to produce your product.

*Constantly re-evaluate your methods: When you first start out, you may opt to use a simple spreadsheet to manage your books; but as you grow, you will want to consider more advanced methods. As you keep growing, it is good to continually reassess the amount of time you are spending on your books and how much that time is costing your business. The right bookkeeping solution means you can invest more time in the business with bookkeeping no longer on your plate, and potentially save the business money.

Conclusion

Starting a business can be an overwhelming process, but if you follow this list, you will have your new store’s finances in order from the beginning. From opening the right type of bank account to determining how much you will bring in per product, these tasks will all contribute to your business’ success, now and as it grows.

D’Banj celebrates father as he turns 70

Legendary pop musician, Adedapo Oyebanji, popularly known as D’banj celebrated his father today as he clocks 70 years.

In a twitter post, D’banj enthusiastically wrote, “And to the Real Kokomaster, my perfect Role Model, my father Celebrating 70 years of Grace. I Love you dad!

Besides the tweets, he also took to his Instagram page to say, “And to the Real kokomaster, the one and only, my king, my perfect Role Model, my mentor, my Pastor, my father. 

“Without you, I wouldn’t be here nor even be rooted with the right Foundation knowing Christ is the way, truth and life. Thanks for the best Gift ever and for bringing this Fine Boy to this world. OoooSssHhhEee. Love you dad, General on check one time Salute.”

It is interesting to note that the Kokomaster welcomed a baby boy recently.

..And to the Real kokomaster, my perfect Role Model , my father Celebrating 70years of Grace. I Love you dad!

Donnarumma apologises after AC Milan renewal: 'I'm sorry to the fans who felt betrayed'

The 18-year-old goalkeeper expressed regret over his contract drama, saying it was not his intent to upset the club's supporters

Gianluigi Donnarumma has apologized to AC Milan supporters after signing a new contract with the club until 2021.

Having previously rejected a deal to extend beyond 2018, the 18-year-old performed a U-turn on Tuesday to commit his future to the club in an agreement that will reportedly pay him €6 million per year.

It marked the end of a dramatic saga in the transfer window, in which relations with his agent Mino Raiola and Milan soured as Donnarumma was linked with a host of Europe's top clubs, including Real Madrid and Juventus.

Milan celebrated the renewal on Wednesday with a media event, where they also presented his brother Antonio as a new signing, and Donnarumma took the opportunity to say sorry to fans who had been upset by a dramatic period.

"I'm delighted and proud to be at Milan," said the goalkeeper.

"I was born and raised at this club and I never had any doubts about staying in my mind.

"I'm sorry to the fans who felt betrayed, but I repeat that was not my intention.

"I'm sorry to them and thank them for their affection for these two years. I am proud to be here."

SOURCE: http://www.goal.com/en-ng/news/4102/transfer-zone/2017/07/12/37016322/donnarumma-apologises-after-ac-milan-renewal-im-sorry-to-the?ICID=HP_TS_7

Uche Jombo’s husband apologises to her over breakup rumours

Actress, Uche Jombo’s husband, Kenney Rodriguez, has publicly debunked rumors of marital crises between him and Jombo, while apologiZing to her for the negative press the false news has caused.

Pictures surfaced last month of Kenney with another woman and this led to marriage crises speculations between the pair. Jombo also fanned rumours of marital crises when she removed her husband’s name from her Instagram page.

The mother of one subsequently released an official statement saying that she was taking her family off the social media. She added that people should respect that decision and stop evil insinuations.

Kenney on his Instagram page has finally come out to dispel the rumors. He further revealed that he had taken legal steps to control the situation.