Business News

Monday, 04 July 2022 06:18

Oil is currently $112. JP Morgan projects a ‘stratospheric’ rise to $380 per barrel. Here’s how and when that can happen

Global oil prices could reach a “stratospheric” $380 a barrel if US and European penalties prompt Russia to inflict retaliatory crude-output cuts, JPMorgan Chase & Co. analysts warned. The Group of Seven nations are hammering out a complicated mechanism to cap the price fetched by Russian oil in a bid to tighten the screws on Vladimir Putin’s war machine in Ukraine. But given Moscow’s robust fiscal position, the nation can afford to slash daily crude production by 5 million barrels without excessively damaging the economy, JPMorgan analysts including Natasha Kaneva wrote in a note to clients. For much of the…

Monday, 04 July 2022 06:17

Nigeria got 63 percent of gross fintech funding in Africa in 2021 - Report

Fintech association of Nigeria says the sector accounted for 63 percent of the funding raised by startups in Africa in 2021. Ade Bajomo, president of the association, said this on Saturday at the fintech platinum awards and dinner ceremony held in Lagos. Bajomo said Nigeria had been well-positioned in Africa and the global fintech ecosystem. He added that Africa could currently boast of 10 unicorns out of which seven; (Jumia, Fluttwerwave, Andela, Chipper Cash, Airtel Africa, OPay and Interswitch) are Nigerian. “Nigerian startups raised $1.37 billion of the $4 billion raised in Africa in 2021,” he said. “Of these, the…

Monday, 04 July 2022 06:16

AMCON recovers N1.4trn bad debt - Official

Managing Director/CEO, of Asset Management Corporation of Nigeria, (AMCON), Ahmed Kuru has said the Corporation has recovered about N1.4trn, which comprises of cash N681bn; Property Forfeiture N279bn; Share Forfeiture N140bn; and other strategic assets N208bn. Similarly, a total cash recovery of over N116.9bn has been recovered on Polaris EBAs from date of acquisition to date. AMCON MD/CEO spoke at this year’s edition of the House of Representatives Committee on Banking, and Currency retreat with the Management of AMCON among other stakeholders in Lagos Kuru, represented by Matthew Coker who is AMCON’s Group Head, Asset Management Directorate told the lawmakers that…

Monday, 04 July 2022 06:06

9 things you learn only after failing

Everybody fails. From Jeff Bezos and Elon Musk to the small business owner at your corner store, enduring failure is simply a fact of life for all entrepreneurs. The thing that separates the best founders from their peers is the ability to learn from that failure. In a recently-posted Reddit thread on the r/entrepreneur subreddit, dozens of users shared their perspectives on key lessons that can only be learned after failing. Here are some of the best takes about wisdom gained from failure: 1. Don't forget to focus on sales You can create an essential product that revolutionizes your industry,…

Friday, 01 July 2022 06:53

Shell pauses asset sale pending outcome of case at Supreme Court

Shell Plc paused the divestment of its Nigerian onshore oil assets pending the outcome of a case at the Supreme Court. Earlier this year, Shell Petroleum Development Company of Nigeria Ltd., in which Shell holds a 30% stake, was issued with an order to maintain the status quo until at least Oct. 4, when Nigeria’s Supreme Court is scheduled to consider the company’s appeal of an oil-spill penalty of nearly $2 billion. That order put on hold Shell’s plans to exit its Nigeria onshore oil assets, which it says are incompatible with its long-term transition to clean energy. Chief Executive…

Friday, 01 July 2022 06:41

Small actions that make great leaders

Julie, an organic chemist, was doing drug research at a lab. Her boss, Gordon, was a well-regarded scientist but also very temperamental. One day she walked into Gordon’s office to ask for his feedback on the draft of a research paper they were co-authoring. The paper represented months of arduous research. Gordon told her that it was the “worst piece of rubbish” he’d ever seen. Julie replied, “Gordon, I’m not a bit surprised that you thought the paper was rubbish. To be honest, I had the exact same feeling when I was writing it. I felt like I was rambling…

Thursday, 30 June 2022 06:54

Oil to hit $200 a barrel under planned G7 Russia price cap - Analyst

Oil prices could surge to above $200 a barrel if the G7 decides to try to cap Russian prices, an SEB analyst has said. The G7 said Tuesday it's exploring the feasibility of capping Russian oil prices, to dry up funding for President Vladimir Putin. But Bjarne Schieldrop of Swedish bank SEB said Russian production could drop, ramping up the pressure on the market. Oil prices are likely to surge to above $200 if the G7 implements plans to cap the price of Russian crude and products, according to an analyst at Swedish bank SEB. Bjarne Schieldrop said Wednesday that…

Thursday, 30 June 2022 06:45

5 life lessons from an entrepreneur to his daughter

My grandmother died from congestive heart failure in a slow decline. There's something to be said for dying slowly: Time seems more precious, and she accomplished a lot in her final months. She wrote a letter to everyone she knew. In my letter, she shared a lifetime of wisdom and her hopes for my future. I can't think of a single document that has had a greater impact on my worldview. It was the greatest gift I have ever received. And now I realize that I am also dying ... slowly. In the same way that we're all dying. I'm…

Wednesday, 29 June 2022 06:26

FG rakes in N200bn from marginal oilfield licences - Report

Nigeria has raised more than N200 billion ($482 million) from the issuance of oil prospecting licences after it offered 57 fields for bidding, the petroleum regulator said on Tuesday. Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said over 70% of the awardees have fully paid for their licences, two years after bids were sought for the oil blocks. It did not say how many licences were issued. Marginal fields are smaller oil blocks located onshore or in shallow waters and are typically developed by local companies. The NUPRC, which was established last year after Nigeria passed a new petroleum law, said…

Wednesday, 29 June 2022 06:25

Naira falls further at parallel market

The naira has dropped to N614 against the dollar at the parallel section of the foreign exchange market. The figure signifies a depreciation of N7 or 1.2 percent compared to the N607 it traded last two weeks. Bureaux De Change operators (BDCs), popularly known as ‘abokis’, who spoke to TheCable in Lagos on Tuesday, said they purchase the greenback at N608/$, make a gain of N6, and then sell at N614. At the official market, the naira also depreciated by 0.21 percent to close at N421/$ on Monday, according to information obtained from FMDQ OTC Securities Exchange — a platform…

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Wednesday, 29 June 2022 06:19

The real reason toxic leaders keep getting promoted

When organizational psychologist Mary-Clare Race studied personality disorders at work, she came to a surprising conclusion: A lot of the time, toxic leaders don’t get ahead despite their problematic behavior. They succeed because of it. Race is now chief innovation and product officer at LHH, a recruitment and coaching company with 8,000 staff worldwide. She sees the issue of dysfunctional leadership as one with its roots both in how we as a society view career progression, and in how companies support people once they’re on the leadership track. While studying large financial institutions for her doctorate at University College London,…

Tuesday, 28 June 2022 07:01

CBN recently granted mobile money license to MTN. Within one month of operations, the telecom giant reported N22.3bn loss to fraud. This is what happened

MTN Communications Limited’s newly licensed Mobile Money Payment Service Bank Limited (MOMO PSB) has alleged a fraudulent loss of N22 billion in one month of operations. In a suit instituted by the MOMO bank against 18 banks in the country, the subsidiary service provider revealed that an aggregate sum of N22,300,000,000, which is an equivalent of $53.7 million, was transferred in error to accounts maintained by customers of the banks in the country. In an originating summons dated May 30, brought by Lotanna Chuka Okoli, MTN’s MOMO PSB is comtending that the funds erroneously transfered belonged to it, and not…

Tuesday, 28 June 2022 06:56

Oil rises on tight supply ahead of OPEC+ meeting

Oil rose for a third session as threats to global output risked tightening the market further before OPEC+ meets this week to discuss supply. West Texas Intermediate futures climbed above $110 a barrel after adding about 5% over the past two sessions. Libya is facing more disruptions to its exports due to a worsening political crisis, while anti-government protests in Ecuador threaten to shut down production in the former OPEC member. Any halt to supply could reverberate through the global oil market, which has been squeezed by an economic rebound and upended trade flows from Russia after its invasion of…

Tuesday, 28 June 2022 06:48

How to make your startup profitable from the beginning

The path to profit should never include a mystery step If your company isn't profitable yet, you're probably hearing the clock ticking a little louder these days. You're not alone. My inbox is filling up with panicked founders trying to figure out how to get profitable immediately - yesterday, if possible. Here's how the wake-up call came for one of them: An entrepreneur with a killer idea had done all the homework - the business model was polished, the financial projections were airtight. They had a little traction. They'd been networking, and had already made a few solid investor connections.…

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