Credit Rating Agency Suggests Reforms to Grow Nigeria’s Economy


Agusto & Co, a credit rating agency, says that Nigeria needs bold economic reforms to get the economy out of the present state of economic recession. The firm stated that the core function of government in the Nigerian economy should be the generation of revenue through taxes and the prioritization of its spending.

Figures released by the National Bureau of Statistics (NBS) showed that the economy contracted by 2.06 per cent year-on-year in the second quarter of 2016 thus confirming the nation to be in a recession. The group made some suggestions to the government to explore taxation as a sustainable source of government revenue.

According to Agusto & Co, the economy will be more competitive when government adopts progressive tax rates for individuals, competitive tax rates on profits of businesses and discriminatory rates of taxes on spending. The research group also suggested the diversification of government equity holding in state owned enterprises (SOEs).

Culled From Thisday Newspaper

Olusegun Alebiosu Becomes First Bank’s Chief Risk Officer

Nigeria’s foremost banking institution First Bank of Nigeria Limited has announced the appointment of Olusegun Alebiosu as its new Chief Risk Officer (CRO). Before his coming on board, Olusegun was the Chief Risk Officer of Coronation Merchant Bank.

He is a qualified accountant with over 24years experience, though his appointment is subject to approval by the Central Bank of Nigeria (CBN). Alebiosu holds a Bachelor’s degree in Industrial Relations & Personnel Management and a Master of International Law & Diplomacy both from the University of Lagos. In addition, he holds a Master of Science degree (MSc) in Development Studies from the London School of Economics and Political Science (LSE).

First Bank CEO, Dr. Adesola Adeduntan, said the choice of the new CRO is a reflection of the Bank’s commitment to attract the best talents in the industry.

Olusegun Alebiosu is an alumni of Harvard University Kennedy School of Government.

Culled from the Guardian

Cape Town’s Property Price Growth ‘Third Highest in the World’

A recent report published by real estate consulting firm Knight Frank indicates that Cape Town, South Africa ranks third globally in terms of annual price growth and prime price performance.

The company’s Prime Global Cities Index shows that Cape Town was a top performer for the second quarter of 2016, with its annual price growth reaching double figures in the year till June 2016.In this report, Shanghai, China comes second while Vancouver, a city in Canada tops the list. In a statement by Knight Frank, the average annual change per world region was put at 9% for Africa, just 1% off North America’s 10% and 2% less than Australasia’s 11%.

Richard Hardie, Knight Frank manager for the Atlantic Seaboard region, said the market in Cape Town was buoyant with domestic and international interests.

Culled from

Governor Ambode Approves Land for a German Firm in Lagos


Governor Ambode, has approved a parcel of land for the Knauf Group a German firm seeking to establish a $75 million building/construction tools manufacturing factory in Lagos. The company will also build a training centre in Lagos where architects, civil engineers and craftsmen would be trained on how to technically install their products. The centre will cost about two million Euros.

The delegation was led by a member of the Management Committee of the firm, Isabel Knauf, and Consular General of German Embassy in Lagos, Ingo Herbert.

The Knauf Group is one of the world’s leading manufacturers of modern insulation materials, dry lining systems, plasters and accessories, thermal insulation composite systems, paints, floor screed, floor systems, and construction equipment and tools.

Ingo Herbert said upon completion, the training center will create 25,000 direct jobs while at least 800 Nigerians will be trained annually in the first phase. The company has 23 training centers globally training about 14,000 people annually.

Culled from Guardian

Accra Ranked As Most Polluted City in the World

Ghana’s capital city, has been ranked as the most polluted city in the world. The ranking was published by numbeo, a website that tracks several countries with respect to pollution, health, crime, among others.

Accra led with a pollution index of 102.13 whilst Beirut followed closely with 97.71.The ranking is based on surveys from visitors of the website.

Each entry in the survey is saved as the number in the range [-2, +2], with -2 having indicating strongly negative and +2 meaning strongly positive.

Culled from Numbeo

Christian Ulbrich Appointed as President and CEO of JLL


Jones Lang LaSalle, a real estate investment management firm has announced Christian Ulbrich, a former President in the company as Chief Executive Officer, effective October 1, 2016.

Ulbrich joined JLL in 2005 as Managing Director of JLL Germany and served as EMEA CEO since 2009 before being named President. As President and CEO, Ulbrich will assume leadership position for JLL’s strategic direction and growth.

He will report to the Board of Directors, on which he serves as an executive member. Ulbrich holds a degree in Business Administration from the University of Hamburg. Under his leadership JLL’s revenues grew more than five times and expanded to more than 100 offices and added 30 new countries to its location base.

Culled from JLL

Nigeria to host AUHF Conference

Nigeria will be hosting a two-day conference organized by the African Union for Housing Finance, in partnership with the Nigeria Mortgage Refinance Company (NMRC) on September 14 and 16 at the Petroleum Technology Development Fund (PTDF) Center, Abuja.

The AUHF conference is a gathering of experts and practitioners of housing and housing finance from across the world. Minister for Power, Works and Housing, Babatunde Raji Fashola, will deliver the keynote address at the Conference, while the Minister of Finance, Mrs. Kemi Adeosun will lead the plenary session.

Other speakers expected at the event include housing finance experts from Ethiopia, Egypt, Ghana, Kenya, Liberia, Senegal, South Africa and Tanzania, and from others like India, China, and Brazil.

Culled from Punch

Sokoto State Fights Desertification With 1million trees

In order to mitigate the effect of desert encroachment threatening parts of the state, the Sokoto State Government has procured more than a million assorted seedlings of economic trees, to be distributed free to the residents of the State.

Governor Aminu Tambuwal said among the trees included are moringa, oleifera, baobab, mango, eucalyptus, cashew, neem, pawpaw and tamarind. The Governor said, the tree seedlings will be distributed free to the people across the 23 local governments of the state.
These trees will help in the real forestation drive in the state.

Culled from Vanguard

Cement consumption Increases in East Africa

Cement consumption is on the rise in East Africa as construction sites are springing up at a rapid rate with strong demand for cement and building materials. The region is reputed to be the fastest growing region in Africa in 2016 with regional growth rates reaching 6.7%.
In Kenya, the population of Nairobi is projected to increase to 14-million people by 2050 and in Uganda cement consumption is projected to increase by at least 12% over the next three years.

East African governments, are now focused on infrastructure delivery while looking for ways to close the most important infrastructure gaps in planning for new cities. The transport and power sectors have critical infrastructure needs.

Current trend projections indicate that 60% of Africa’s populations will reside in towns and cities by 2030.

Culled from

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