Business News

Oil marketers have outlined the conditions that will make them patronise the newly rehabilitated Port Harcourt Refinery Company in Rivers State. PHRC, under the management of the Nigerian National Petroleum Company Limited, must dispense its refined petroleum products below the prices of the Dangote Petroleum Refinery, the dealers stated. But the NNPCL, in reaction to claims on Wednesday that its petrol price was about N1,045/litre, stated that the refinery had yet to release its prices, as products from the plant were currently dispensed to only NNPCL stations. The oil firm’s spokesperson, Olufemi Soneye, revealed that the company was still reviewing…
A lesson many business owners learn the hard way is that chasing growth too early can compromise the quality of a product or service. It can also overwhelm a young company’s operations, with potentially disastrous results. So how do you scale a successful business that’s inherently difficult to scale? To answer this question, we turned to three founders whose business models don’t readily lend themselves to fast growth: Sarah LaFleur, founder of womenswear brand M.M.LaFleur; Ariela Safira, founder of mental health care company Zeera; and Christina Tosi, founder of bakery chain Milk Bar. All three of these founder-CEOs have faced…
Wednesday, 27 November 2024 04:55

CBN increases Interest Rate yet again

The Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR) from 27.25% to 27.50%, marking a key decision by the bank’s Monetary Policy Committee (MPC). The MPR serves as the benchmark interest rate for the country. CBN Governor, Olayemi Cardoso, announced that the MPC maintained the asymmetric corridor around the MPR at +500 and -100 basis points. Additionally, the committee retained the cash reserve ratio (CRR) at 50% and the liquidity ratio at 30%. Cardoso explained that the hike in the MPR is aimed at addressing rising prices and stabilizing inflation. He highlighted the committee’s focus on…
If you read my Inc. columns, you know I’m a huge fan and practitioner of emotional intelligence. Of course, I’m biased since I coach leaders for a living. But play along, you might find this useful and maybe even convincing. Did you know 90 percent of top performers have high emotional intelligence? On the flip side, just 20 percent of bottom performers are high in emotional intelligence. That’s according to research by the good folks at TalentSmartEQ. Here are other good reasons to bulk up your EQ muscles: Leaders with high EQ outperform their counterparts by 40 percent in key…
Tuesday, 26 November 2024 04:44

CBN extends deadline for BDCs to recapitalise

The Central Bank of Nigeria (CBN) has granted a six-month extension to Bureau De Change (BDC) operators to recapitalise their businesses, moving the deadline from December 2024 to June 3, 2025. ABCON President Aminu Gwadebe announced the extension during a virtual general meeting with over 220 CBN-licensed BDC operators and stakeholders on Monday. The extension comes after the CBN issued new operational guidelines in May, requiring existing BDCs to re-apply for licences under two tiers with specific capital requirements. Under the new guidelines, Tier 1 BDCs must maintain a capital base of N2 billion, while Tier 2 BDCs need N500…
When Jiji launched in 2014, it entered a competitive e-commerce market in Nigeria, joining the likes of Konga, Jumia, and OLX, which had a two-year head start. But Jiji soon positioned itself as a serious market player. It started by offering free listings for first-time users and partnered with phone manufacturers to ensure its app came preinstalled on affordable smartphones. In 2016, it inked a partnership with Airtel allowing users to access the platform without using mobile data. Jiji’s ambitions grew beyond Nigeria. In 2019, it acquired OLX Africa and took over its operations in Nigeria, Kenya, Ghana, Uganda, and…
The federal government's plan to sell crude priced in the local currency is faltering, with refiners, including the giant Dangote Oil Refinery, saying they are still unable to secure adequate supplies. To address challenges in accessing foreign currency, the government in July said it would sell crude priced in naira to local refineries for an initial six months starting in October. "We need 650,000 barrels per day, (state oil firm NNPC Ltd) agreed to give a minimum of 385,000 bpd but they are not even delivering that," said Edwin Devakumar, head of the Dangote refinery. The refinery built by Nigerian…
David G. Ewing In today’s tech-driven business world, the ability to navigate technological challenges isn’t just for engineers anymore—it’s a must-have skill for leaders across all industries. As an engineer-turned-CEO, I’ve discovered that the most valuable asset isn’t specific technical knowledge, but a mindset primed for problem-solving, adaptation, and continuous learning. My engineering degree taught me to dive deep into technical challenges. But here’s the thing: Whether you have a technical background or not, you need to be ready to roll up your sleeves as a leader and “dive in,” in order to innovate. One of the most striking realizations…
Key Takeaways Dark social refers to sharing online content through private communication channels like email, instant messaging and encrypted apps. It's impossible to track dark social with traditional analytic tools, but it can generate significant traffic since content shared through trusted sources is more likely to be clicked. To effectively tap into this opportunity, businesses should tailor content specifically for dark social, leverage UTM parameters, provide more sharing options to their audience and utilize social listening tools. Social media is a great way for entrepreneurs and small businesses to engage with their customers by sharing useful content, company updates, promotions…
Wednesday, 20 November 2024 04:41

How to collaborate with people you don't trust

Michael Gibbings According to research from the Workforce Institute, 63% of employees and leaders believe that trust needs to be earned. Building trust is the backbone of a strong relationship. However, what if you’ve tried everything—open communication, assuming good intent, even actively supporting your colleague— and yet all these efforts fail? Whether you don’t trust the colleague because they take credit for your work, they’ve let you down in the past, gossip too much, play the political game, are unreliable, or something else, you still need to find a way to work together. Taking a strategic approach puts you in…
April 15, 2025

GenCos warn of nationwide blackout over FG’s N4trn debt

Power Generation Companies (GenCos) have threatened to shut down operations over a N4 trillion debt…
April 14, 2025

‘Tinubu may be a great dad, but he’s Nigeria’s worst president’ – Eedris Abdulkareem

Veteran Nigerian rapper and activist Eedris Abdulkareem has launched a scathing critique of President Bola…
April 13, 2025

The Church’s biggest problem isn’t bad leadership. It's this

Kerry Hasenbalg Idolatry is often thought of as an ancient sin involving golden calves and…
April 06, 2025

Excavation near site where Jesus was crucified and buried results in ancient discovery

Proof of an ancient garden, consistent with biblical scripture, has emerged at the holiest site…
April 15, 2025

At least 51 killed in another attack in Plateau state

At least 51 people were killed by gunmen in the early hours of Monday in…
April 15, 2025

Here’s the latest as Israel-Hamas war enters Day 557

Israel makes new Gaza ceasefire proposal but prospects appear slim Mediators Egypt and Qatar have…
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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