Business News

Friday, 26 July 2024 04:25

CBN still hasn’t settled all FX backlog contrary to claims, local businesses insist

Nigerian corporates and SMEs have decried the non-settlement of Foreign Exchange (FX) forwards by the Central Bank of Nigeria (CBN). The transactions which occurred between 2022 and 2023 are yet to be settled on maturity. Analysts and stakeholders have expressed fears that the delay could have grave implications for the economy. Reports indicate that affected companies could lose about N2.4 trillion which will impact Company Income Tax (CIT) for the next two to three years and also threaten federal government’s income. The development could also exact a huge toll on the fragile FX market which is being rebuilt by the…

Friday, 26 July 2024 04:24

Vehicle importation fell 60 percent in H1 2024 - Report

The number of vehicles imported into the country fell sharply by 60.4 per cent, year-on-year, YoY, to 10,991 in the first half of this year, H1 2024, reflecting the impact of the naira depreciation and general economic downturn. This was contained in the report of the just concluded quarterly meeting of the Nigerian Port Consultative Council, NPCC. The report stated: “Vehicle Traffic shows a total 10,991 units of vehicles was handled during the period under review, indicating a drop of 60.8 per cent from 28,024 units in 2023.” Following the same trend, the number of ships that called at the…

Friday, 26 July 2024 04:17

You need an advisory team more than ever. Here's why — and how to run one effectively

Kalon Gutierrez Key Takeaways For founders, the need for strong advisors early is more pronounced now than ever — given that an increasing number are being funded at notably early stages of their careers. A winning advisory team needs to have a combination of capability, applicability and future flexibility. To support this team, founders must institute an incentivizing compensation package, proper goal setting and regular communication cycles. For founders, building the right team is critical to lasting success. But the right one isn't always what we assume it to be, and choosing wrong can prove detrimental at best to a…

Thursday, 25 July 2024 04:58

Foreign portfolio investors in Nigeria sold more equities than they bought in H1 2024, NGX reports

The Nigerian Exchange Limited (NGX) reported that foreign transactions totaling N540.48 billion were recorded between January and June 2024. This represents a significant increase from the N145.08 billion reported during the first half (H1) of 2023. In its 'Domestic & Foreign Portfolio Investment' report released on Wednesday, NGX highlighted that foreign investors liquidated more portfolio investments in the capital market than they purchased over the six months under review. The report detailed that out of the total foreign transactions, N311.41 billion worth of portfolio investments were liquidated in H1 2024, compared to a foreign outflow of N73.06 billion in the…

Thursday, 25 July 2024 04:46

How to choose the right pricing strategy for your small business

Nicholas Leighton Key Takeaways You can use many different pricing strategies to drive revenue. Assessing competitors and industry standards is crucial for setting pricing strategies. Transparent pricing builds customer trust and fosters positive relationships. Since reaching a peak of over 9% in 2022, inflation appears to finally be cooling for the average consumer. As costs rose over the last two years, companies across the globe have worked to protect their profit margins by increasing prices. For new small business owners, this has created several challenges, and many consumers are still facing the pressures as wages haven't kept pace with inflation…

Wednesday, 24 July 2024 05:04

CEO: Self-doubt is a key to success—not a weakness

I’ve had my fair share of imposter syndrome. As a first-generation college graduate, who also went to a historically Black college or university, jumping into the corporate world was a bit of a culture shock. I wasn’t sure at first if I belonged or how to fit in. Most people, at some point in their lives, feel the same way on their career journey, but according to Cava CEO Brett Schulman, that lack of confidence isn’t a fatal flaw. Rather, self-doubt can be exactly what you need to become highly successful, he recently told Wondery’s “How I Built This with…

Tuesday, 23 July 2024 04:31

Dangote throws more punches, alleges NNPC officials, oil traders own blending plant where dirty fuel is processed

Aliko Dangote, chairman of Dangote Industries Limited, has alleged some personnel of Nigerian National Petroleum Company (NNPC) Limited, oil traders and terminals have opened a blending plant in Malta. Dangote spoke at the house of representatives on Monday. An oil blending plant has no refining capability but can be used to blend re-refined oil (a used motor oil that has been treated to remove dirt, fuel, and water) with additives to create finished lubricant products. The billionaire said the areas of the blending plants are known. “Some of the terminals, some of the NNPC people and some traders have opened…

Monday, 22 July 2024 04:43

Aliko Dangote is angry, offers to sell refinery to govt-owned NNPC; won’t invest again in Nigeria. Here’s why Africa’s richest man is so mad at FG

Africa’s wealthiest man Aliko Dangote said he is willing to give up ownership of his multibillion-dollar oil refinery to the state-owned energy company NNPC Limited. The billionaire spoke as a new dispute with one of the key equity partners in the plant heats up in the latest phase of a bitter row with regulatory authorities in Nigeria. The 650,000 barrel-per-day refinery, which came to life last year after a decade of prolonged construction, cost $19 billion, more than double the initial estimate, promising to help wean Africa’s biggest oil producer off its reliance on fuel from overseas and save up…

Saturday, 20 July 2024 04:41

Dangote’s quest for import ban on diesel bad for Nigeria’s energy security, competition, FG says

Aliko Dangote has asked Nigeria to suspend imports of diesel and aviation fuel in a move that would hand his refinery a monopoly on their sale, the head of the country’s regulatory agency said. “That is not good for the nation in terms of energy security and that is not good for markets in terms of monopoly,” Farouk Ahmed, head of the Nigerian Midstream and Downstream Regulatory Agency, told reporters in remarks shared on social media. A spokesman for Dangote declined to comment. Africa’s richest person controls a massive 650,000 barrel-a-day refinery outside Lagos, the commercial capital, producing aviation fuel,…

Friday, 19 July 2024 04:51

The No. 1 crucial soft skill that good CEOs share, says Jamie Dimon: Without it, ‘you’ll eventually fail’

One key trait separates the best CEOs from all others, according to JPMorgan Chase CEO Jamie Dimon. While some leaders can get complacent in their lofty roles, a great CEO prioritizes learning, inquisitive conversations and taking genuine interest in other people’s points of view, Dimon, 68, told LinkedIn’s “This is Working” video series last week. “I think leaders have to get out [from behind their desks],” Dimon said. “They have to get out all the time. They have to be curious, ask a million questions. They’re learning from competitors, they’re learning from clients.” One of Dimon’s top priorities for himself…

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Thursday, 18 July 2024 04:46

TotalEnergies sells Nigerian onshore oil assets for $860m

TotalEnergies has sold its minority share in a major Nigerian onshore oil joint venture to Mauritius-based Chappal Energies for $860 million, the French energy group said on Wednesday. CEO Patrick Pouyanne said in February that TotalEnergies was looking to exit its 10% stake in the Shell Petroleum Development Company of Nigeria Limited (SPDC), which has struggled with hundreds of oil spills as a result of theft, sabotage and operational issues that led to costly repairs and high-profile lawsuits. Chappal Energies focuses on investments in deep value and distressed brownfield upstream assets in the Niger Delta region. The sale includes an…

Thursday, 18 July 2024 04:42

3 things to consider before your perfect business partner becomes your perfect disaster

Cynthia Kay Starting a business can be daunting. The statistics bear that out, with high failure rates in the first five years and others closing their doors within the five-to-ten-year mark. There are many reasons for failure, including the lack of cash, not doing enough research and poor marketing. But there is one reason that does not get enough attention: a bad partnership. Most would-be business owners are good at what they do or make but might not have all the skills necessary to succeed in the long term. That's why they look to open the doors with a partner.…

Wednesday, 17 July 2024 04:52

NECA, MAN, NACCIMA say with one voice: Tinubu’s economic policies killing businesses

The Nigeria Employers’ Consultative Association, NECA, Manufacturers Association of Nigeria, MAN, and the Nigerian Association of Chambers of Commerce Industry Mines and Agriculture, NACCIMA, have blamed hastily implemented government policy shifts without corresponding plans to mitigate the negative effects of the inception of the present government for the socio-economic crises confronting the country currently. The trio spoke separately on the issue yesterday, with NECA saying major policy shifts undertaken by the government in 2023 and the adverse impacts they had across various sectors, are having terrible effects on businesses and the national economy. President and Chairman of Council, NECA, Taiwo…

Wednesday, 17 July 2024 04:45

AI-related downsizing is growing more common. Is this the future of business?

Fears that AI will be stealing jobs were given fresh life on Wednesday, when accounting giant Intuit announced it would lay off 1,800 employees as part of an AI-centered reorganization. The cuts will affect 10 percent of workers at the company, which owns accounting software TurboTax and QuickBooks. In a memo sent to staff, Intuit CEO Sasan Goodarzi noted that aligning the business with AI will make it competitive as technological change sweeps the economy. "Companies that aren't prepared to take advantage of this AI revolution will fall behind and, over time, will no longer exist," he wrote. The layoffs,…

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