Business News

Ibom Air on Saturday said it will not take part in an industry plan to stop flights from Monday over the high cost of jet fuel, saying the move would affect revenues needed to service obligations to financiers and suppliers. The Airline Operators of Nigeria said on Friday that members will stop local flights from Monday until further notice. Ibom Air, one of the smaller members of the nine airline association, is the first to say it will not participate in grounding flights. The association said jet fuel has risen to 700 naira ($1.69) per litre in Nigeria from 190…
Airline Operators of Nigeria (AON) have said that due to the high cost of aviation fuel, member airlines will from Monday, May 9, discontinue operations nationwide until further notice. In a statement signed by the President of AON, Abdulmunaf Yunusa and copied to the Minister of Aviation, Hadi Sirika and Director General of the Nigerian Civil Aviation Authority (NCAA), Musa Nuhu, the body said aviation fuel price (JetA1) has risen from N190 per litre to N700 currently and that no airline in the world can absorb the shock from such an astronomical rise over a short period. The body said:…
Friday, 06 May 2022 06:36

Aero Contractors: Going, going …

Barring any urgent intervention, Nigeria’s foremost carrier, Aero Contractors may be on its way out of the skies after over 61 years of flight operations. With only two aged aircraft, Bombardier Dash 8-300 and Boeing 737-500 in their early 30s and bereft of operating cash, the airline is now on its knees about to shut the door for scheduled services. Aero Contractors, which provided shuttle service for oil and gas industry for decades and extended its service to scheduled flight operations since 2000 has become moribund with over N50 billion debt overhang. THISDAY investigations revealed that economic recession occasioned by…
Friday, 06 May 2022 06:24

The best leaders are imperfect

How would you go about acing a corporate job interview at Apple? What strategy would you use to impress admissions officers at Harvard Business School? Or how would you convince savvy venture capitalists that you and your startup are worth investing in? At the pinnacle of your career, how would you persuade a board of directors that you should be the company's next CEO? The answer is simple, but counterintuitive. And unfortunately, no matter how emphatic I am, most people still won't have the courage to follow my advice. But here it is anyway. Don't pretend to be perfect. I…
Telecommunications companies under the Association of Licensed Telecom Operators of Nigeria (ALTON) have asked for upward reviews in voice calls, short message services (SMS) and data costs. ALTON said this in a letter addressed to the Nigerian Communications Commission (NCC), citing the rising cost of running a business. According to ALTON, the proposed upward review of the price of calls will increase from N6.4 to N8.95, while the price cap of SMS will increase from N4 to N5.61. The group said rising energy and other costs had increased their operating expenses by 35 per cent. It added that the introduction…
Debt owed to Nigerian banks by operators in the power sector rose by 12.83 per cent in one year to N861.14bn in December 2021 amid the lingering problems plaguing the sector since it was privatised over eight years ago, according to the Central Bank of Nigeria data. The PUNCH had reported in July 2020 that the core investors in the distribution companies were looking to restructure the loans advanced to them by banks for the acquisition of the power assets. In November 2013, the nation’s distribution and generation companies were privatised through the Bureau of Public Enterprises, fetching about $3.2bn…
Aviation stakeholders have disclosed that the collection of helicopter landing charges in the country would begin on May 9. Also, it was gathered that stakeholders in the sub-sector and helicopter operators have been briefed on the concessionaire’s mandate and informed of the planned collection of landing fees. The body and Helicopter Services Operators in Nigeria, met yesterday, at the Port Harcourt International Airport, Omagwa, to deliberate with the management of Naebi Dynamic Concepts Limited, the concessionaire empowered by the Federal government of Nigeria to collect Helicopter landing charges as well as monitoring and surveillance of Helicopter movements in the country.…
Growing your business with less drama, less stress, and less work may not sound possible. But it is. It comes down to your ability to evolve as a leader as your company reaches each next stage of growth. The way I see it, there are four stages of growth that serve as a roadmap that guides how your focus, priorities, and key decisions change as your company grows. The first stage, the startup stage, is normally formed by one to five employees. Then you have a "Grow Up," with six to 15 employees. When the team needs to grow from…
New business ventures require funding, and quite often, that funding comes from external sources like early stage investors or private equity (PE) firms. It’s crucial to be well-prepared for meetings with potential investors. Savvy investors look for more than just a polished pitch deck; they look for passion and knowledge. They look for clarity of purpose, with a well-developed plan to achieve it. As an entrepreneur and now head of my own investment firm, I’ve been on both sides of the table. Here are the five key questions you’ll need to prepare for. 1. What is your product or service?…
Not knowing how, when, or what to negotiate can be costly. Shonda Rhimes, one of TV's foremost hitmakers, knows this. When asked about her most important rule for negotiating, Rhimes noted: "Never enter a negotiation you're not willing to walk away from." We catch a glimpse of Rhimes' negotiation skills through the character of Penelope in one of her shows, Bridgerton. Penelope adeptly negotiates fees with the shop that prints Lady Whistledown's gossip sheets, and she is described by another character as, "a brilliant woman of business who fools the entire ton, whilst pocket their money." Whether through the fictional…
April 19, 2025

Nigerian Stock market rebounds as capitalization rises by N240bn

The Nigerian Exchange Limited (NGX) bounced back on Thursday as market capitalization increased by N240…
April 21, 2025

Tunde Bakare to Tinubu: ‘Stop playing God, embrace humility’

In a fiery Easter Sunday state-of-the-nation address delivered in Lagos, Tunde Bakare, the serving overseer…
April 21, 2025

How Easter transformed the world like nothing else ever could

Scott S. Powell Across cultures throughout human history, people have sought to flee oppression and…
April 19, 2025

UFO: US Navy reports on mysterious aircraft launching from sea

A group of unidentified flying objects spotted by Navy sailors is raising eyebrows after witnesses…
April 21, 2025

Gunmen kidnap 4 travellers on Kwara highway

Suspected gunmen have abducted four travellers heading to Offa in Kwara state from the Federal…
April 21, 2025

What to know after Day 1152 of Russia-Ukraine war

WESTERN PERSPECTIVE Kyiv and Moscow accuse each other of countless violations of one-day Easter ceasefire…
April 15, 2025

Is it finally safe to ditch your phone case? I put it to the test

Thomas Germain With smartphones tougher than ever, a new wave of phone minimalists say cases…
January 08, 2025

NFF appoints new Super Eagles head coach

The Nigeria Football Federation (NFF) has appointed Éric Sékou Chelle as the new Head Coach…

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