Business News

The Nigerian National Petroleum Company Limited, NNPCL, has authorised major petroleum marketers to commence lifting the premium motor spirit, PMDS, otherwise known as petrol, from Dangote Petroleum Refinery under the existing agreement between it and the refinery. The initial agreement stated that NNPCL is the sole distributor of the refinery’s petrol with the first batch of the consignment put at 16.8 million liters lifted by NNPCL’s retail entity. Findings by our correspondents indicated that some major marketers, including 11 Plc have already lifted the product for distribution to their outlets in Lagos and other parts of the nation. One of…
Jennifer Liu Like a lot of hiring managers, Adriane Schwager likes to ask candidates about times in their career they've made a mistake. Usually, it's to get an idea of how you handle stressful situations and how you learn from previous errors. For Schwager, the CEO and co-founder of the hiring platform GrowthAssistant with 20 years of recruiting experience, the answer can uncover a big red flag: whether the person has low ownership of their work. In listening to the response, Schwager tells CNBC Make It that she tries to assess whether the person can own up to the mistake,…
Tom Oliver It is not uncommon for a lot of our clients, from ultra-wealthy business owners to Fortune 500 CEOs, to juggle two to three cellphones while in a meeting. Attention deficit is the silent success killer that is the root cause of a lot of bad boardroom decisions. Leaders are continuously told to innovate, strategize and think big. Yet, while most business owners, CEOs and executives focus on expanding their vision for the future, there’s an invisible force at play that is undermining their ability to do so: shrinking attention spans. It’s a silent disease that seeps into our…
Key Takeaways Dream big and don't try to please everyone. You can chart your own course, challenge the crowd mentality and ignore the status quo.Hire people who will elevate you and your business, not just those who think exactly like you.Don't overcomplicate or catastrophize issues. Most problems have simple solutions, but you need to pause to think about it.You will fail if you seek perfection, because it doesn't exist. Sometimes you have to "just do it." And when you do have to make a decision, live up to your values 100% of the time. Forty years ago, I started my…
Google, Netflix, Facebook and other foreign companies operating in Nigeria paid N2.55tn in taxes to the Federal Government in the first six months of 2024. The amount represents an increase of 158.76 per cent from N985.27bn collected in the preceding period of 2023. The figure includes Company Income Tax and Value Added Tax, collated from data obtained from the National Bureau of Statistics. According to the Federal Inland Revenue Service, CIT is a 30 per cent tax imposed on companies’ profit, and VAT is a 7.5 per cent consumption tax paid when goods are purchased, and services are rendered and…
The Dangote Petroleum Refinery says only 3 percent of local oil marketers are purchasing refined petroleum products. Devakumar Edwin, vice-president of Dangote Industries Limited (DIL), spoke during an X space organised by Nairametrics. He said due to the low patronage, the refinery is forced to export 97 percent of its refined products. “The conglomerate of all the importers are refusing to buy from us. It is very strange that after putting up the refinery to supply the products locally, I have to export every diesel and jet fuel because they do not want to buy from us,” Edwin said. “We…
You've just had a wonderful idea for a startup company. It's been spinning around in your head for months now, and you just know that you have something special on your hands. Your thinking is, "If only I could make it work" or "If only someone would give me the money to get it off the ground!" Well, guess what? No one's going to hand you a sack of cash. But the good news is that you don't need anyone's money if you can't find anyone to help fund your business idea. Here are the steps you need to take…
Tax payments from local companies in Nigeria saw a massive 249.2 percent jump in the second quarter (Q2) of 2024, according to the latest company income tax (CIT) report by the National Bureau of Statistics (NBS). The CIT, also known as corporate tax, is levied on the profits made by companies operating in Nigeria. It is regulated by the Companies Income Tax Act (CITA) and enforced by the Federal Inland Revenue Service (FIRS). Currently, the tax is charged at 30 percent for companies with more than N100 million in turnover, and 20 percent for companies with a turnover ranging between…
Moniepoint, a financial technology firm (fintech), says 58.9 percent of women-owned businesses in Nigeria struggle to access funding. Moniepoint, in a report focusing on funding for women-owned businesses in Nigeria, said 40.2 percent of women use their funds and savings to run or start their businesses. The fintech said while 16.7 percent of women manage to get access to loans from their financial institutions, 83.3 percent are left to rely on family, friends, and personal funds to start or keep their businesses running. “For many women-owned businesses, sources of funding are few. With a financing gap of 32%, women are…
Melody Wilding “Eric” is a program manager at a fast-scaling tech company. He’s hungry for career growthand perfectly positioned to take on more responsibility. He’s eager for exposure to senior management and hopeful he’ll eventually advance to a director-level position. Yet despite his ambition and potential, Eric finds himself constantly repeating two toxic words: I’ll wait. “I’ll wait until I’ve finished this major project rollout,” he tells himself when a new leadership opportunity opens up. “I’ll wait until after my quarterly review to bring this up,” he decides when considering whether to pitch an idea to his boss. “I’ll wait…
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September 19, 2024

Independent marketers shut out as major marketers begin lifting petrol from Dangote Refinery

The Nigerian National Petroleum Company Limited, NNPCL, has authorised major petroleum marketers to commence lifting…
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