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Nigerian startups making international connections

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One of the most exciting things to see in 2019 is the fact that there are more and more companies originating from Nigeria that are starting to become more successful But, the most exciting thing to see is that they are not just starting to be successful locally, but are starting to make international connections. International connections are not significant just because they bring attention to the country, but because these are able to access larger pools of investment capital and thus are able to offer their better services to more people and, possibly even internationally. In order to bring the good news to everyone who needs to hear them, we are giving you a list of companies that have managed to garner some international attention and international clientele. The number and variety of companies are all over the place, so we are not going to be going into detail about them. We are just going to talk about how some of the companies are managing to get international attention by providing a list of games at Playamo Australia, getting investment from large international banks, or other interesting stuff.

Nigerian startups making international connections

A Nigerian logistics company

Kobo360 is a Nigerian freight logistics company that is aiming to change how things are transported in, out and around the country. It has a fleet of strong vehicles that transport freight goods all across the country and it has been active for a relatively short time. But this time, it has managed to garner the attention of local businesses as one of the most reliable businesses to deal with if you are looking to transport goods from one point in the country to the other. So, when the company decided to go looking for financial investment, it was easily able to show off its capabilities and portfolio to some of the biggest international investment banks. While there were companies that were not really interested in investing in the African region, there were those who saw value in it. After all, the local economy is one of the growing ones in the world, and it is showing quite a lot of promise. Which is where Goldman Sachs decided to intervene. It is not easy to transport freight goods across Africa. There are many issues that a driver faces on the way. Lack of infrastructure, issues with local bureaucracies, corruption often get in the way of a successful business. But, Kobo360 has somehow managed to avoid having to deal with these problems on a day to day basis successfully. This became enough of an impressive feat for the investment bank that it decided to invest $20 000 000 into the company, thus giving it the ability to grow to a size that would allow it to serve not just the entire country, but the entire region. The company is thus expected to become much more profitable over the next few years and contribute to the local economy in a much more significant way. With more people employed, more trucks deployed and more work to be done, this i\ a great development for Nigeria and the Nigerian economy, as much as it is an incredible success for Kobo360.

Nigerian FinTech

But the logistics companies are not the only ones getting attention on the international stage. Some of the most successful companies from Nigeria and some of the most successful start-up industries within the country have been the FinTech companies that are springing up left and right within the country. These Fintech companies are looking to start offering new kinds of services to Nigerians in order to make their lives and their work easier and cheaper. It is a hard thing for FinTech to take off in a country where a significant portion of the population does not employ electronic devices, but the population that does have these devices is demanding these apps. As a result, more and more Fintech companies are starting to appear within the industry, and it is getting crowded.

But while people do not know what to expect of the industry and don’t think it will be successful in any significant way, the proof of the success of the industry is rearing its head on its own. According to reports, recently the industry within Nigeria managed to raise around $300 000 000 within a year, and grow by 60% without much international help. And as the growth continues, so will the international attention continues to increase. It is an exciting time for the Nigerian Fintech companies that are looking to expand, as international investment banks are starting to look into getting to work with them, in order to produce positive results for the company. It seems like the Fintech industry within Nigeria is only going to be growing, as companies move outside of the borders of the country and expand their operations to other areas of Africa with significantly enough developed infrastructure to handle the internet and electric requirements to support this industry.

 

 

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MSMEs In Nigeria Rise To 41m

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A recent survey by the National Survey on Micro Small and Medium Enterprises (MSMEs) in conjunction with the Medium Enterprises Development Agency of Nigeria (SMEDAN) and the National Bureau for Statistics (NBS), has revealed that the number of MSMEs in Nigeria has risen to 41,543,028.
The Minister of State, Industry, Trade and Investment, Mariam Katagum who stated this in Abuja yesterday at the presentation of a report and the formal launch of the National MSME Database online portal, said there are limiting factors like the dearth of veritable and useable data on MSMEs.
He said this has also created employment for 59,647,954 people across the country, saying the purpose of the National MSME database is to give a face and identity to a number of players especially within the small and growing businesses.
Katagun said: “The National MSME database is an initiative of SMEDAN. It will also give visibility to all the enablers. I have been informed that the first phase of the database capture of MSMEs in 2018 covered four commercial activities of Kano, Abia, Lagos and Ogun.
“The harvested database of MSMEs from other states and will gradually be uploaded into the national database portal over time as funds are made available.
The Director General, SMEDAN, Dikko Umaru stated that the agency has been burdened with tons of request regarding key information bordering on MSMEs over the years.
The Tide reports that the purpose of the database is to complement on sectoral basis the huge details contained in the national survey on MSMEs jointly conducted by SMEDAN and NBS.

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3,051 Depositors Petition Banks Over Charges,

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About 3,051 depositors have petitioned their banks and other financial institutions over various complaints such as excess/unauthorised charges, fraudulent activities, guarantees, dispense errors and funds transfers in 2018, a report by the Central Bank of Nigeria (CBN) has indicated.
While 1,439 complaints were lodged to the CBN in the first half of 2018, 1,612 complaints were reported in the second half of 2018.
This was disclosed in a report by the CBN in its financial stability report on complaints management and resolution for 2018.
The report said, “A total of 1,612 complaints from consumers of financial services were received in the period under review, indicating an increase of 173 complaints or 12.02 per cent over the 1,439 received in the first half of 2018.
“Of this number, 1,602 complaints or 99.38 per cent were against banks, while 10 complaints or 0.62 per cent were against OFIs.
“The complaints were in various categories, such as excess/unauthorised charges, fraud, guarantees, dispense errors, funds transfers.”
It added, “A total of 1,496 complaints were successfully resolved or closed in the period under review, compared with 4,723 in the first half of 2018, indicating a decrease of 3,227 or 215.71 per cent.
“Total claims made by complainants during the period amounted to N7.99bn and $1.77m, while the sums of N3.09bn and $1.724m were refunded to customers.”
The Director, Corporate Communications, CBN, Mr Isaac Okorafor, had earlier said customers should not always be too much in a hurry to let some grievances go away, but should take a further step by reporting to the regulator.
“We have actually helped a lot of displeased depositors to get monies from their banks after they complained,” he said.
According to him, any depositor who felt extorted by his bank, if after complaining and the bank denied should send an email to the CBN.
He said if customers failed to lodge their complaints, it would be impossible for the CBN to go into the banking hall and defend their rights.
“The depositors should lodge their complaints with us. So, please find time to report any wrongdoings by the banks,” he said.
Okorafor noted that there were all manner of complaints, but said that convenient banking services required various levels of investments, which customers must pay for, but only at appropriate rates.
“Banking services are not free anywhere in the world,” he added.
He explained that if a person could sit in his comfort zone to make transactions, it was only made possible because some people invested in the banks.
“It is not government subsidy; some people are paying for it but what the CBN would not do is to allow your banks to rip you off,” he said.
He added that the apex bank had published on its website the appropriate ways to address bank problems.

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NDDC’s Debtors: NASS Lists FG, 17 Oil Firms Says They Owe Agency N1.27trn, $73m

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The Federal Government and 17 local and international oil companies have questions to answer over alleged indebtedness to the Niger Delta Development Commission (NDDC) to the tune of N1.27trillion and $73million, respectively.
The National Assembly on Monday said it would invite some Federal Government officials and 17 oil firms over the alleged indebtedness to the NDDC.
The officials to appear before the joint Senate and House of Representatives Committee on the NDDC next week Wednesday include the Minister of Finance, Zainab Ahmed, Governor of the Central Bank of Nigeria, Godwin Emefiele; Accountant-General of the Federation, Ahmed Idris; and Auditor-General of the Federation, Anthony Ayine.
Some of the oil companies invited are Shebah Express Petroleum, Atlas Petroleum, Allied Energy, Frontier Oil, Seven Energy Limited, Belma Oil Producing Limited, Aiteo Exploration and Production, Dubri Oil, Conoil Producing, and Continental Oil and Gas.
Others are Nigeria LNG Limited, Enageed Resources Limited, New Cross Exploration and Production, Pan Ocean Oil Corporation Nigeria Limited, Nigerian Petroleum Development Company, Munipulo Petroleum Development Company, and Prime Exploration and Production Company.
The Chairman, House Committee on NDDC and Co-chairman of the joint committee, Olubunmi Tunji-Ojo, confirmed the development to journalists in Abuja on Monday.
He said, “We are expecting the IOCs and other oil companies to come by Wednesday next week to tell Nigerians why they have blatantly refused to abide by the laws of the nation. I can assure, we will recover every dime due to the NDDC.”
The lawmaker stated that records had shown that the affected oil companies jointly owed the NDDC N72billion and $73million, while the Federal Government alone owed N1.2trillion.
Tunji-Ojo said, “These companies we are investigating owe the NDDC huge sums of money, which when remitted, would improve the fortune of the people of the Niger Delta area. By the records we have, a company like Shell Petroleum Development Company owes more than N54.9bn.
”We also have it on good authority that Pan Ocean owes as much as $46.6million, while Allied Energy is indebted to the tune of $43m; and Shebah Express Petroleum owes as much as $23.8million and then, Atlas Petroleum owes $22million.
“The 9th National Assembly cannot afford to sit and watch oil companies deny the NDDC of its statutory revenue from firms operating in the country.”
He added that a technical audit of the NDDC conducted by the 8th National Assembly was very revealing.

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