News on Business Teller

Welcome to Business Teller. Get the latest about business and how it affects you and let your mind travel on Business Teller.

News on Business Teller

Welcome to Business Teller. Get the latest about business and how it affects you and let your mind travel on Business Teller.

News on Business Teller

Welcome to Business Teller. Get the latest about business and how it affects you and let your mind travel on Business Teller.

News on Business Teller

Welcome to Business Teller. Get the latest about business and how it affects you and let your mind travel on Business Teller.

News on Business Teller

Welcome to Business Teller. Get the latest about business and how it affects you and let your mind travel on Business Teller.

Friday, 17 May 2013

World`s highest paid employee

Mr del Missier's pay for 2010 consisted of £10.9m in salary and bonus plus a long-term incentive award of £3.35m, making him the highest paid senior executive of the bank. He was just ahead of Rich Ricci, the other co-head of Barclays Capital, who received £14m in salary and bonus for 2010.

10 tips on writing a successful CV

When it comes to applying for a new job, your CV could be just the ticket to get you that initial foot in the door and secure an interview – but how do you ensure your CV is added to the interview pile rather than thrown straight in the bin?

Thursday, 16 May 2013

World's Richest Dog

Trouble, the beloved Maltese of
billionaire Leona Helmsley,
became an international celebrity
when Helmsley died and left him
$12 million.

Wednesday, 15 May 2013

How to set up your first research laboratory

Building your lab

By the time John J. Curtin, PhD,
was ready to set up his own lab,
he was an old hand. During
graduate school, his mentor
turned to him for help setting up
his lab when he expanded into a
new space, then hired him to set
up another new lab when he
switched universities.
"I set up my own lab very much
the way I set up his," says Curtin,
now director of the Addiction
Research Lab and associate
psychology professor at the
University of Wisconsin–
Most new researchers aren't so
lucky. And how to set up a lab
isn't something that grad school
curricula typically cover, say
Curtin and other researchers.
"I had to learn by asking around
when I showed up," says Jeffrey
M. Zacks, PhD, who directs the
Dynamic Cognition Lab and is
associate professor of
psychology and radiology at
Washington University in St.
Louis. But you're better off if
you start preparing even before
you start your job, say Zacks and
others. They urge beginning
scientists to carefully research
their equipment needs, be
assertive during negotiations
with would-be employers and
invest in whatever they need to
set themselves up for productive
Zacks, Curtin and other early
career psychologists offer more
specific advice:
Determine your needs. Ask your
mentor and other researchers in
your field for the equipment lists
they used to establish their own
labs, says Curtin. Or, start
assembling your own list by
paying close attention to the
day-to-day functioning of labs
you work in during grad school
or as a postdoc, advises Melissa J.
Glenn, PhD, director of the
neuroscience lab and an
assistant psychology professor
at Colby College in Waterville,
Maine. By noting the cost and
vendors of supplies, she says,
you'll be ready to put together a
detailed budget to use when
negotiating with would-be
employers. Keep in mind that the
psychology department or other
departments at the schools
you're interviewing with may
already have some of the
equipment you need, she adds.
Negotiate a start-up package. "A
generation ago, if you got a
computer and a desk, you were
sitting pretty," says Zacks, who
co-wrote a chapter on setting up
labs in "The Compleat Academic:
A Career Guide" (APA, 2003).
These days, he says, most
colleges and universities offer
new faculty start-up packages
that might include funds for
equipment and lab renovations,
access to fMRI scanners or
animal facilities, paid research
staff and other resources.
Packages vary by institution and
even within departments
depending on researchers'
needs, he says. "Some people say
to ask for the moon," says Glenn,
although this was advice she
didn't follow. "I felt really
uncomfortable with the idea of
asking for things I didn't need."
But do be assertive when it
comes to negotiating, she
recommends. She was able to
negotiate a package that
included a pricey microscopy
system by explaining it was a
long-term investment that would
expose students to state-of-the-
art equipment.
Don't skip the details.
Negotiations can be especially
tricky in medical settings, says
Kevin A. Hommel, PhD, director of
a treatment adherence research
lab at Cincinnati Children's
Hospital Medical Center and
assistant professor of pediatrics
at the University of Cincinnati
College of Medicine. That's
because start-up packages aren't
always the norm, and space is
extremely limited. "You might
have to come in with a grant," he
explains. Be sure to dig into the
details and get things in writing,
he recommends. If a position
requires you to spend half your
time seeing patients, for
example, note in the contract
exactly how many billable hours
you'll be expected to spend with
patients. In any setting, find out
how long the start-up package
lasts, if there are restrictions on
the funds and what happens to
money you don't use. Also, ask
what's available in terms of
technical support, such as on-
campus computer programmers,
support staff and grant
preparation assistance.
Get a head start. If possible,
establish your lab the summer
before your job officially begins
so you can start the year ready
to research, says Curtin. If you
can negotiate a summer salary—
which Curtin says is fairly easy
to do as part of your start-up
package negotiations—so much
the better. Even if you can't be
there, order your equipment as
soon as possible. "It can take two
months for stuff to arrive after
you order it," says Curtin. "That's
very frustrating when you're
excited to get started."
Don't hoard your funds. Early
career researchers are
sometimes tempted to hold off
on buying equipment or hiring
staff for fear that they'll use up
their money too soon, says
Zacks. "That's not smart
strategy," he emphasizes. "Failing
to be as research-productive as
you can only hurts your ability
to get that first or second grant."
Instead, use your start-up
package to invest in whatever
you need to launch your
research program.
Gather a great group. Choosing
the right lab personnel—even
volunteers—can be a challenge,
says Hommel, noting that
enthusiasm doesn't always
translate into good work. When
choosing a research assistant, he
supplemented his own judgment
by asking other faculty members
to interview candidates as well.
Because the ability to work well
with others is so important, he
now insists that anyone hoping
to work in his lab do group
interviews with lab members.
Retention is also important, says
Glenn. To keep the students
working in her lab, she
encourages them to "take
ownership of some of the
research" rather than merely
take on lists of tasks. "That way
they feel like researchers in a lab
rather than just workers," she
says. "I want them to feel they're
making a meaningful
contribution to the field."
Establish good habits. Taking
the time to set things up
properly in your first year will
serve you well in the future, says
Curtin. Set up a central server
rather than letting personnel
work off their own computers,
and you'll find you may save a
lot of time in the long run. And
develop a lab manual—whether
it's a computer file, Web site or
wiki system—with answers to
questions that come up
repeatedly. "The next time a
student or staff member comes
with a question," says Curtin,
"you just point them to the

Nigeria: Dangote Sugar Withdraws Investment From Algeria

Dangote Sugar Refinery Plc has pulled its investment from Algeria and is planning to make more acquisitions of local sugar farms to boost its backward integration programme and benefit from the Federal Government Sugar Master Plan.
DSR had planned to expand its operations to Algeria with a 1.1 million metric tonnes of sugar refining facility in that country. However, chairman of DSR, Alhaji Aliko Dangote, disclosed last Monday that the plan had been halted and all the equipment shipped back to Nigeria.
In his address to shareholders at 7th Annual General Meeting (AGM) held in Lagos, Dangote explained that the decision to pull out the investment stemmed from unfavourable policies by the Algerian government that would impede the achievement of the goals with which the investment was targeted.
However, he noted the acquisition of Savannah Sugar Company (SSC) in Numa, Adamawa State by DSR has positioned the company to operate sugar refineries in Nigeria.
"Our target is to achieve local production of 1.5 million metric tonnes of raw sugar per annum by year 2018 harvest season. In addition to Savannah, other sites will be acquired and the necessary steps taken to ensure that our foray in backward integration project becomes a good part of our success story," Dangote said.
Reviewing the performance of the company for the year ended December 31, 2012, he said despite the challenging operating environment, the company posted a remarkable performance.
According to him, turnover stood at N106.868 billion, while profit after tax was N10.735 billion in 2012 compared with N107.2 billion and N7.244 billion respectively in 2011.
"This performance is an indication of the positive outcome of the various changes and strategic initiatives implemented in the company during the year under review. Our emphasis is now on growing new markets for higher volumes, a more improved bottom-line, increased market share and value creation for all stakeholders," he said.
Speaking in the same vein, the Managing Director of the DSR, Abdullahi Sule, said the focus was to grow its market within Nigeria and Africa with high quality products, reinforced and effective supply chain and information management system.
"We will continue to build our existing competencies to enable us set the needed platform for continuous market expansion, volume growth and delivery of desired benefit to all stakeholders," Sule said.

Nigeria Loses U.S.$6Billion Annually to Crude Oil Theft

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) yesterday disclosed that the country loses $6 billion annually to crude oil theft.
PENGASSAN's President, Mr. Babatunde Ogun, made this known at a joint forum with the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) in Lagos.
He said that Nigeria also lost N105 billion to theft of refined products.
"This is a threat to our national security and our democracy. If this kind of huge amount of money gets into the wrong hands, it can destabilise our democracy and national security," Ogun said.
He blamed the incessant loss of billions of money on vandalism of crude oil and petroleum products' pipeline.
He express regrets that security forces had been unable to arrest the unwholesome practice which led to fire disaster in Arepo and Ogun and the subsequent shut down of Nembe Creek Trunk line by Shell.
"An estimated 60,000 barrels per day of crude oil is stolen at Nembe Creek. Agip also suspended production in Bayelsa because 60 per cent of its production of about 90 barrels is stolen per day."
He said it was sad that no one had ever been caught or prosecuted even when the miscellaneous offence Act provides for life imprisonment for anyone who stole crude oil, petroleum product or vandalised pipelines.
He advised government to beef-up security and warned that the oil and gas sector would suspend production of crude oil and supply of petroleum products if nothing was done.
Ogun called on government to deal with the insecurity problem in view of the resurgence of kidnapping and continuous bombings.
The president urged governors and local government chairmen to channel their security votes to step-up intelligence gathering and surveillance to nip crime in the bud at the planning stage.
In a related development, an oil pipeline security outfit has said that surveillance on pipelines in the Niger Delta region will not be achieved when majority of the youths remain unemployed.
The Chief Executive Officer, Yaful Integrated Services, Mr. Luke Eneriene, made this known in an interview with the News Agency of Nigeria (NAN) in Port Harcourt.
Eneriene said that militancy and oil bunkering were crimes that should be handled in the same way.
"The same way amnesty was granted to stop the activities of militants, so will jobs be created for youths to stop bunkering in the region.
"Our duty as a company is to ensure total elimination of oil pipeline vandalism and bunkering, especially in some parts of the Niger Delta coast stipulated in our terms of contract.

Explanation: How Brain Training Can Make You Significantly Smarter

As many people hit middle age, they often start to notice that their memory and mental clarity are not what they used to be.  We suddenly can't remember where we put the keys just a moment ago, or an old acquaintance's name, or the name of an old band we used to love.  As the brain fades, we euphemistically refer to these occurrences as "senior moments."
While seemingly innocent, this loss of mental focus can potentially have a detrimental impact on our professional, social, and personal well-being.
It happens to most of us, but is it inevitable? 
Neuroscientists are increasingly showing that there's actually a lot that can be done.  It turns that the brain needs exercise in much the same way our muscles do, and the right mental workouts can significantly improve our basic cognitive functions.  Thinking is essentially a process of making neural connections in the brain.  To a certain extent, our ability to excel in making the neural connections that drive intelligence is inherited.  However, because these connections are made through effort and practice, scientists believe that intelligence can expand and fluctuate according to mental effort.
Now, a new San Francisco Web-based company has taken it a step further and developed the first "brain training program" designed to actually help people improve and regain their mental sharpness.  Called Lumosity, it was designed by some of the leading experts in neuroscience and cognitive psychology from Stanford University.
Lumosity, is far more than an online place to exercise your mental skills.  That's because they have integrated these exercises into a Web-based program that allows you to systematically improve your memory and attention skills.  The program keeps track of your progress and provides detailed feedback on your performance and improvement.  Most importantly, it constantly modifies and enhances the games you play to build on the strengths you are developing--much like an effective exercise routine requires you to increase resistance and vary your muscle use.
Does it work?
Apparently it does. In randomized, controlled clinical trials, Lumosity was shown to significantly improve basic cognitive functions. One study showed students improved their scores on math tests by 34 percent after using Lumosity for six weeks, significantly greater gains than those made by other students in the same class, who were not training with the Lumosity program.
The company says its users have reported clearer and quicker thinking, improved memory for names, numbers, directions, increased alertness and awareness, elevated mood, and better concentration at work or while driving.
While many of the games at Lumosity are free, a modest subscription fee is required to use the full program over the long term.
However, Lumosity is currently offering a free trial of their program to new users so that you can see how well it works before you decide to subscribe.  The trial is completely free (no credit card required) and the company believes the results will speak for themselves.
Click here to try for yourself.

Unilever Rewards Retailers to Encourage Patronage

Unilever Nigeria Plc, makers of Knorr and Royco seasoning cubes, has rewarded 55 retailers in the ongoing Visibility Challenge organised to reward its loyal consumers in the savoury market in 42 markets across the country.
The highlight of the contest, which ended its first phase, came when one market woman won the grand prize of a Kia Picanto car. The winner was one Mrs. Kehinde Ganiyat Abari, who confessed to have been a loyal consumer of Knorr brand for decades.
Speaking at the award presentation held at Oke-Arin market in Lagos, the Regional Sales Manager, Mrs. Nkechi Omozeje, said the initiative was one of the numerous ways fashioned out to reward its partners among who are the retailers.
She said it was necessary to extend this kind of gesture to them, knowing full well that they remain the interface between the company and the consumers. She added that the reward scheme was a sign of good relationship that had existed between it and the retailers adding that it was a mark of appreciation for the support received on the part of the retailers.
She said: “It is a way of expressing our appreciation to our numerous consumers. We want to acknowledge their support having been with us through thick and thin. That is why we are giving something back as a mark of appreciation”.
Buttressing the significance of the activation, its Sales Director, Mr. Kweku Boateng, said the whole essence of the exercise was to show appreciation to retailers the same way it has shown to wholesalers. Boateng said unlike in the past when only wholesalers get some forms of encouragement on the basis of their patronage with Unilever, the reward was a means of informing them of their support.
He said” In this promo, we are targeting retailers. We want to show that they occupy a pride of place in our business hence the need for the contest.”
The Knorr/Royco Visibility activation contest, which lasted for four weeks, runs in 42 markets across Nigeria with winners emerging through the various divisions of its markets. These divisions include Lagos, West, South Central, South East, Middle Belt, North West and North Central. Apart from the grand prize, other prizes that were won range from deep freezers, refrigerators, coolers and other consolation prizes.
Meanwhile, to participate in the competition, retailers are expected to have a minimum of ten cases of any Unilever seasoning product and get awarded points for the creative display of these products within their shops.
In a related development, the company, as part of its continued efforts to maintain a mutually beneficial relationship with all its stake-holders, recently organised an elaborate customer forum for its trade partners. The event took place at Festac in Lagos.
The forum was aimed at rewarding trade partners across the country that performed outstandingly well. It also gave trade partners and Unilever an opportunity to discuss more ways to improve their partnership.
Customers were rewarded with gift items ranging from a brand new Hyundai SUV, Flat screen TVs, all-expense paid trips to Dubai, washing machines, freezers and lots more for their impressive performance over the given period of time.
Speaking at the occasion, Managing Director Unilever Nigeria Plc, Mr. Thabo Mabe, said “we are going to continually be with our partners at every given point in time. We would continue to give them a listening ear and try to understand what challenges they are going through and how we can better partner them to make sure at the end of the day, business is mutually beneficial to all stakeholders”.

The Average Yearly Salary of an Airline Pilot

Airline pilots fly jet and turboprop-powered aircraft to transport people from one location to another. These individuals are highly trained professionals: first officers (also known as "copilots" or "FOs") must hold at least a commercial pilot certificate and an aircraft type rating, while captains must hold an airline transport pilot certificate with a type rating. Although many have the impression that airline pilots receive high salaries, that is usually not the case.
  Regional airlines, also known as "commuter" or "connector" airlines, act as feeders for the major airlines, taking passengers from smaller cities and ferrying them to major hubs. Pilots typically begin their careers at the regionals before advancing to the major airlines. Average starting regional airline pilot pay ranged from $17,000 to $26,000 per year, according to a June 2010 article in the Pittsburgh Tribune-Review. Regional airline captains earned an average of $76,000 per year as of June 2009, according to Bloomberg.
Major airlines fly large passenger aircraft between major hubs, both domestic and international. These carriers employ pilots with upward of 5,000 hours of total flight time. Although these carriers pay more on average than the regionals, regional airline captains often take a pay cut to move into a major airline FO position. According to The Wall Street Journal, the average starting salary at major airlines was $36,283 per year, while the average top airline captain annual salary was $165,278 as of June 2009.
Although average salaries reflect the mid-point of pilot earnings, airline pilot annual salaries cover a wide range, from as little as $16,000 per year (equivalent to a full-time minimum-wage job) to over $200,000 as of 2010. The biggest influence on pilot salary is seniority. Both regional and major airline pilots receive yearly pay raises. However, if a pilot leaves her airline for any reason, she will move to the bottom of the seniority scale, taking a pay cut.
In addition to seniority, other factors have an influence on pilot pay. Pilots at large cargo airlines such as UPS, FedEx and DHL earn the highest salaries in the industry (over $200,000 per year as of June 2009), while pilots flying for low-cost major air carriers see the lowest top salaries in the industry. Additionally, aircraft type plays a role in pay, with pilots of smaller, less-prestigious aircraft earning significantly less than those flying large aircraft capable of crossing oceans.

Central Bank Sells N134 Billion Treasury Bills

The Central Bank of Nigeria (CBN) Monday sold a total of N133.885 billion treasury bills through its open market operations (OMO).
The breakdown of the fixed income instrument showed that while the central bank offered a total of N86.709 billion in a 178-day tenor treasury bills, it also sold a total of N147.177 billion in 164-day bills.
The 178-day tenor bill was oversubscribed to the tune of N103.072 billion at the rate of 12.35 per cent. Similarly, the 164-day tenor was oversubscribed as banks and discount houses staked a total amount of N48.561 billion at 12.30 per cent.
OMO is a monetary policy instrument used for the discretionary selling and buying of eligible securities in the money market by the central bank, in order to regulate the cost and availability of credit so as to achieve the  desired level of money stock or macroeconomic objective.
Central banks engage in OMO in order to regulate the cost and availability of credit and thereby influence the banking system credit ability hi the economy so as to achieve economic stability and desired level of money supply.
In line with its desire to contain inflation, the CBN had resuscitated the OMO market to reduce liquidity in the system.
The CBN Governor, Mallam Sanusi Lamido Sanusi, has never hidden his disdain for double-digit inflation rate.  The CBN had also sold a total of N63.512 billion OMO last Friday.
Meanwhile, the naira was stable at the central bank’s regulated Wholesale Dutch Auction System (WDAS) yesterday as it maintained its value of N155.75 to a dollar. Whereas the CBN offered a total of $300 million, only $294 million was purchased by the 17 banks that participated in the auction.
The local currency was also stable at the interbank market where it closed at N157.45 to a dollar. Similarly, the naira closed at N159.50 to a dollar at the Bureau De Change segment of the market.

Multinationals 'Steal' $50bn Per Year From Africa

It comes as no surprise that large sums of money illicitly leave the African continent each year, but the scale of this movement, as revealed in a new report by the UN Economic Commission for Africa, is shocking.
The report, compiled by a high-level panel probing the illicit financial flows from Africa and chaired by Thabo Mbeki, the former President of South Africa, says that illicit transfer of funds from the developing world to the developed countries could amount to a staggering $1.5 trillion every year.
The panel points an accusing finger at the global multinationals that use a variety of means to siphon off vast amounts that the developing world, including Africa, desperately needs.
It terms this horrendous practice as ‘economic sabotage’ and adds that these illegal transfers undermine trade and deal lethal blows to the socio-economic fabric of poor communities in Africa.
This wholesale vacuuming of Africa’s resources extracts a terrible toll on life expectancy, women and child mortality and social development by taking away resources that could otherwise have been spent on vital social services such as health care.
According to the report, Africa has lost an estimated $854bn over a 39-year period from 1970–2008. This works out at an average of $22bn per annum – an amount that could have easily made a huge difference in the lives of the continent’s poorer communities.
In fact, and despite all the pious statements about social responsibility made by multinationals, the panel says the trend is getting worse. Between 2000 and 2008, the average illicit flows amounted to $50bn per year, which is also the estimate for the current year.
The report says that “just one third of the loss associated with illicit financial flows would have been enough to fully cover the continent’s external debt which reached $279bn in 2008”, and that for every $1 received in aid, $10 is lost in illicit transfers.
According to Global Financial Integrity, illicit financial flows refer to money that is illegally earned, transferred or utilised. This is different from capital flight, which encompasses both licit and illicit cross-border transfer of funds.
Who are the main culprits involved in this massive drain of Africa’s resources? The report says that two African regions – West Africa and Central Africa – are responsible a large chunk of illicit flows from Africa of about 49%, while North Africa follows with 18%; the other parts of the continent – East and Southern – account for the rest.
In terms of individual countries, Nigeria leads the bottom 10 hall of shame with cumulative illicit transfers of $212.7bn, followed by Egypt with $105.2bn, South Africa with $81.8bn, Morocco with $33.9bn, Angola with $29.5bn, Algeria with 426.1bn, Côte d’Ivoire with $21.6bn, Sudan with $16.6bn, Ethiopia with $16.5bn and Republic of Congo with $16.2bn.
The most popular method of illicit transfers is trade mispricing. This involves both local companies and multinationals. The panel believes that multinationals, with their strong global presence and influence are the main perpetrators. According to the World Trade Organisation, corporations control around 60% of world trade, amounting to $40 trillion.
In addition to mispricing, corporations are involved in the equally damaging practice of tax avoidance and evasion and laundered commercial transactions. These activities, says the report, shift money beyond the reach of domestic authorities and, in effect, denies them the ability to put such resources in their own development.
Throw into this mix illicit and illegal transfers involving theft, bribery and other forms of corruption by government officials, drug trading, racketeering, counterfeiting, contraband and terrorist financing and you have a witch’s brew of malfeasance.
The report quotes studies from Global Financial Integrity which pinpointed a number of African countries in which the national wealth has been captured by an unaccountable elite and also the multinational banks that do business with these elites.
Africa, with its underdeveloped governance structures, is particularly vulnerable to this form of exploitation. While the outside world has always been very quick to pin the corruption label on Africa, we have always argued that it takes two to make this deadly dance work. Now it is obvious that powerful multinationals are as complicit, in fact more so, in sucking Africa’s lifeblood as the worst local despot.
The ECA panel has suggested some remedies to this continental bleeding and wants the stolen cash returned to the continent where it belongs. It can count us among its campaigners.

Pharmaceutical spending is expected to reach $40bn by 2020

As in other sectors, Africa is slowly but surely winning the war against disease and ill health but there is still a very long way to go. While scourges like malaria have declined by about a third and the battle against HI V/Aids is gradually being won, too many people continue to die from preventable illnesses and new threats, such as high blood pressure, are making their mark. The most encouraging trend has been that the cost of drugs has been declining as Africa turns increasingly towards generic drugs and local production. Pharmaceutical spending is expected to reach $40bn by 2020, making Africa an attractive proposition for both local and foreign investment. The question is: how can local producers carve out a larger slice of the growing pharmaceutical market as the continent continues its march towards a healthier Africa? Report by Neil Ford.

Fidelity Unveils Banking Service to Support SMEs

 Fidelity Bank Plc yesterday launched an initiative tagged the: ‘Fidelity Managed SMEs Business’, in line with its commitment to the growth of small businesses in the country.
The bank also disclosed plans to commence a national radio programme aimed at encouraging small and medium scale enterprises (SMEs).
Group Managing Director/Chief Executive Officer, Fidelity Bank, Mr. Reginald Ihejiahi, who briefed the media in Lagos, said the initiatives would help to address the challenges affecting small businesses in the country. These, according to him, would also tackle the high mortality ratio experienced by SMEs in the country.
Ihejiahi said with the initiative, his bank would help to guide small businesses in their efforts to penetrate the market by providing advisory support and enhanced capacity building programmes that would aid the survival of their businesses.
He explained: “Most times, small businesses feel access to capital is a major challenge but that is not the reality as there are avenues for funding. But, many of the SMEs lack the exposure to drive them through the necessary value chain. Each business has its own future and to make this a reality, a lot of things need to be done.
“As a bank, we have concluded plans to focus on managed SMEs, those with commitments. We are looking at trying to convert opportunities to success. We are planning to build the next generation of SMEs in Nigeria. They are the driving force of every economy and that target market should not be taken for granted”, he added.
In his remark, the Executive Director, Lagos and South West, Fidelity Bank, Mr. IK Mbagwu, said: “We believe the SMEs are the gateway to economic development. Developments usually take place by having a strong SMEs sector. It helps to generate employment in any economy. That is a major reason for doing this and we also want to let people know that Fidelity Bank has capacity and interest in this area.”
The bank’s Division Head, Managed SMEs and Consumer Sales Force, Ken Opara, while unveiling the business explained that the bank’s approach to the scheme would be geared towards providing advisory support and catering for the mass SMEs.
Opara added: “The focused radio programme will be launched in a couple of days and anchored by Martin Odogie, one of our SMEs experts. Through this effort, we hope to position the bank as an attraction point for SMEs’ incubation. The capacity building programme would be done in collaboration with other agencies.”

Africa`s Richest Man

Aliko Dangote of Nigeria tops the list for the second year running, with a net worth of $12 billion, up from $10.1 billion in November 2011. Most of his net worth lies in publicly traded Dangote Cement, which operates in 14 African countries. Nicky Oppenheimer of South Africa comes in once again as the second richest, with a $6.4 billion fortune—down $100 million from a year ago. Oppenheimer decided in late 2011 to sell his family’s 40% stake in diamond producer DeBeers to mining company Anglo American for $5.1 billion. The deal got final regulatory approval in July 2012, marking the end of 85 years of Oppenheimer family control of DeBeers.
Notable newcomers include the list’s first two women: Folorunsho Alakija of Nigeria, whose joins due to her stake in the prolific Agbami oil field; and Isabel dos Santos of Angola, an entrepreneur, investor and daughter of that country’s president.  South Africa’s Desmond Sacco debuts as a billionaire thanks to his shares in mining concern Assore, which he chairs. Another South African newcomer: Koos Bekker, who since 1997 has turned media group Naspers into a true multinational firm, taking neither a salary nor a bonus along the way. His $450 million net worth lies mostly in vested Naspers options.
South Africa, the continent’s economic giant, is home to 12 of Africa’s 40 richest, followed by Nigeria, with 11. Egypt comes next, with 8 list members, and Morocco with 5.  It is perhaps no surprise that the overwhelming majority of Africa’s 40 Richest come from the countries with the largest stock exchanges.
The wealthiest hail from 8 countries –up from six last year. The two new countries represented are Angola (Isabel dos Santos) and Tanzania (Said Salim Bakhresa). Cairo is home to more of Africa’s 40 Richest than any other city – with 8 list members. Thirty-two fortunes are self-made; 19 people have net worths higher than a year ago, while 10 have fortunes that dropped in value.  The average age is 63 –up from an average of 61 last year. The minimum net worth required to make the list of richest Africans was $400 million, up from $250 million in 2011.
Africa is perhaps best known for its abundant natural resources, but its 40 richest operate in an array of  industries, bolstered by a growing consumer sector. Just 4 of the 40 draw their net worth from oil. Ten, by contrast, have diversified fortunes, either through ownership of a conglomerate (like Egypt’s Mansours) or ownership of assets in diverse realms, like Kenya’s Naushad Merali. Six built their wealth in the financial industry.