Business News

Thursday, 13 October 2022 06:29

Oil and gas sector borrowed the most from Nigerian banks in 2021 - NBS

National Bureau of Statistics (NBS) says the oil and gas industry was one of the top credit allocations for private sector businesses in 2021 in its October 2022 banking sector data. The bureau noted that the total credit allocated to the private sector in Q1 2021 was N62.28 trillion. For Q2/2021, total credit allocation increased by 5.64% to N65.79 trillion. The Q3 2021 credit allocations to the private sector increased by 2.33%, showing a total of N67.33 trillion. Bank credit refers to the amount of credit available to a business or individual from a banking institution in the form of…

Thursday, 13 October 2022 06:17

6 simple growth hacks for startups

As many of my readers know, I usually write about strategy, innovation and leadership. But recently I've been asked a lot about how I helped establish Praxie.com as a destination website for hundreds of best practice digital tools and templates using growth hacking strategies. That's because it's incredibly hard to cut through the noise and establish a new brand, website presence and business model in today's increasingly cluttered competitive world. So, here's what we did to build a brand and drive tens of thousands of visitors to our website each month, all without any significant marketing investment. Anyone can do…

Wednesday, 12 October 2022 05:46

Dangote explains how Obajana Cement Plant was acquired, built

Management of Dangote Industries Limited yesterday said its acquisition of the land for Obajana Cement in 2002 followed due process, contrary to claims by the Kogi State Government. It also stated that the company as a responsible corporate organisation had been paying relevant taxes, levies and charges to the state government since 2007 when production commenced in the acquired cement plant. These clarifications were contained in a statement issued on Tuesday by the management of Dangote Industries Limited. The statement partly reads: “The land on which the Obajana Cement Plant is built was acquired solely by Dangote Industries Limited (DIL)…

Wednesday, 12 October 2022 05:42

3 strategies to create wealth and build a legacy

Quite a lot of people claim that the successes they have accrued to date were all done by intuition. "Trust your gut," they'll say, as though it's clear what that means. However, if you're not where you want to be in your life, something isn't working. So allow me to suggest three counterintuitive strategies to build wealthand a legacy that might give you the edge you've been looking for. I want to preface this list by saying there is no one way to do anything. I decry the "cookie-cutter" approach to most things, except cutting cookies. Your charismaas an individual…

Tuesday, 11 October 2022 06:20

Dangote, Bello meet in Aso Villa over Obajana Cement Plant

Aliko Dangote, president of the Dangote Group, on Monday, attended a meeting involving Yahaya Bello, governor of Kogi, at the presidential villa. The meeting, which also had in attendance Ibrahim Gambari, chief of staff to the president, and Abdullahi Sule, governor of Nasarawa, is over the recent tussle for ownership of the Dangote cement factory in Obajana, Kogi state. The meeting started around 4pm. The development comes days after the Kogi house of assembly ordered the sealing of the factory following agitations by indigenes who raised questions about the ownership of the company. However, during an attempt to seal the…

Tuesday, 11 October 2022 06:16

Use this Olympian’s ‘Rule of Thirds’ to chase your big dreams

Runner Alexi Pappas's big dream was to compete in the Olympics. Your dream might be worldwide business success or just to run the most beloved little coffee shop in your hometown. But whatever vision you're chasing, a lesson Pappas once learned from her coach can help you get there. Running might seem far removed from entrepreneurship, but actually tons of founders, executives and even researchers insist that running can teach essential lessons in overcoming hardship, sticking with big goals and mental toughness. So when I came across a piece in blog The Cut interviewing three top international female runners about…

Monday, 10 October 2022 06:04

Nigerians to pay more for cooking gas for these reasons

There are indications that gas prices will further rise and Nigerians may pay more as marketers have hinted that the high exchange rate of dollar to naira is having a negative impact on importation. National Operations Controller, Independent Petroleum Marketers Association of Nigeria, IPMAN, Mike Osatuyi, in a chat with our correspondent, said independent marketers sourced dollars for importation from the black market, hence, gas price would continue to increase until naira strengthened at the exchange market. “Our members, who still sell gas, bought 20,000 metric tonnes at around N11 million last month, but now, the price has jumped to…

Monday, 10 October 2022 06:02

Nigeria’s exports of key fertilizer input jumped 400 percent, with N516.5bn revenue in Half 1, 2022 - NBS

Nigeria’s exportation of urea has increased by more than 400 per cent in the first half of this year when compared to the same period in 2021. According to the Foreign Trade in Statistics, released by the National Bureau of Statistics (NBS), urea moved to the third position of Nigeria’s top traded exports with N208.3bn in the first quarter and N308.1bn in the second quarter, N516.5bn cumulatively. But in the first half of 2021, the commodity named ‘Urea, whether or not in aqueous solution,’ was in the eighth position with N31.3bn exported in Q1 of 2021 and N30.7bn in Q2…

Monday, 10 October 2022 05:57

Cashless policy receives boost as e-payment increased 26 percent in first 9 months of 2022 - NIBSS

Banks network malfunction, among other factors, contributed to N396.18billion or 1.19 per cent decline in Nigeria Inter-Bank Settlement Systems (NIBSS) Instant Payment Platform (NIP) to N32.84 trillion in September 2022 from N33.2 trillion reported by NIBSS in August 2022. The latest data released by NIBSS revealed that total value of transactions worth N271.56 trillion were performed electronically in nine months of 2022, an increase of 26 per cent when compared to N215.76 trillion reported in nine months of 2021. NIBSS NIP is an online real-time Inter-Bank payment solution developed by NIBSS and Banks, Other Financial Institutions (OFI). Customers prefer funds…

Monday, 10 October 2022 05:53

Apple secretly uses these 3 interview tests to easily separate candidates

To identify truly top talent, the tech giant looks to what many overlook. It's no secret that Apple is known as one of the world's top employers, which in turn attracts some of the world's top talents. Being in the fortunate position of receiving a high volume of applicants, the tech giant faces the challenge all hiring managers face, but on a large scale: How to quickly weed through candidates that seem great on paper to discover the best fit for the real world. Apple has found the solution--and it's been brilliantly using it under the radar. To find the…

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Saturday, 08 October 2022 06:15

Glo launches payment service MoneyMaster

Globacom has launched a payment service bank unit, MoneyMaster PSB, to foster financial inclusion. In a statement on Friday, the telecommunication firm said the aim of the launch was to empower Nigerians by providing them with unlimited opportunities. MoneyMaster was granted a payment service bank licence by the Central Bank of Nigeria (CBN) in 2020. Announcing the launch on Friday, Globacom said the PSB is expected to facilitate payment and remittance services within Nigeria, accept deposits from individuals and small businesses as well as issue debit and prepaid cards. The company added that MoneyMaster would also operate electronic wallets, inbound…

Friday, 07 October 2022 06:04

Choose your words carefully to transform your mindset (and your success)

Our experiences lead to our beliefs; our beliefs lead to our actions; and our actions lead to our results. How we use words is one of the best indicators of our beliefs. I've come to notice that so much about how we believe can be gleaned through what we say. Certain words predict how likely someone is to be proactive or reactive, positive or negative, and accountable or blaming. If we make the conscious choice to manage our language, it can have a major impact on our mindset — and in turn, our success. Here are a few examples. 1.…

Thursday, 06 October 2022 06:42

Oil extends gains after OPEC+ agreed to slash output by 2m bpd

Oil prices rose for a fourth session on Thursday, with Brent at a three-week high, after OPEC+ agreed to further tighten global crude supply with a deal to slash production by about 2 million barrel per day, the largest reduction since 2020. Brent crude futures for December settlement rose 22 cents, or 0.2%, to $93.59 per barrel by 0234 GMT after settling 1.7% higher in the previous session. U.S. West Texas Intermediate (WTI) crude futures for November delivery gained 22 cents, or 0.3%, to $87.98 per barrel, building on a 1.4% rise on Tuesday. The agreement between the Organization of…

Thursday, 06 October 2022 06:32

7 tasks every leader must master

Leading and managing people is a learned skill. If you're seeking to be a better leader and create a high-performing organization, master these seven tasks below: 1. Assess and monitor team climate Climate is about shared beliefs and perceptions of groups regarding the attitudes that characterize the group. Inside an organization, the climate is a bottom-up concept and the responsibility of front-line leaders. Climate can change quickly, depending on the actions of front-line leaders. Climate is different than culture. An organization's culture is defined by the shared assumptions, values and beliefs that govern how people behave in the organization. Culture…

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