Business News

Wednesday, 08 December 2021 06:10

Fuel subsidy consumed all NNPC’s export revenue in October, leaving nothing for remittance into Federation Acct - Report

Nigerian National Petroleum Company (NNPC) says it recorded zero revenue from crude oil export as fuel subsidy gulped another N199 billion in October. Despite recording zero revenue from oil export, the state-owned oil firm said the country produced an average of 1.417 million barrels per day in September. This is contained in NNPC’s November 2021 FAAC report released over the weekend. Nigeria’s oil output belongs to the NNPC and other oil companies through its joint venture arrangements. The corporation also said it paid N14.85 billion to the federation account allocation committee (FAAC) account for the month under review. It added…

Wednesday, 08 December 2021 06:09

These are Nigeria’s export-import numbers for first 3Qs 2021

Nigeria Foreign Trade in Goods Statistics for Quarter Three, 2021 has revealed that the country imported used vehicles worth N185.4bn. Statistician-General, Simon Harry who disclosed this yesterday said Nigeria’s total merchandise trade rose to N13.3 trillion in Quarter Three of 2021, representing 10.43 per cent increase over N12.02 trillion recorded in Quarter Two. According to the recently released foreign trade report published by National Bureau of Statistics, Nigeria spent a total of N601.51 billion on the importation of motor vehicles in the first half of the year. This represents a 15% increase compared to N523.57 billion recorded in the corresponding…

Wednesday, 08 December 2021 06:08

US firm Equinix acquires Nigeria’s MainOne for $320m

Equinix Inc., the world’s digital infrastructure company, on Tuesday announced its expansion into Africa through its intended acquisition of MainOne, a leading West African data centre and connectivity solutions provider, with presence in Nigeria, Ghana and Côte d’Ivoire. The acquisition is expected to close in the first quarter of 2022, subject to the satisfaction of customary closing conditions including the requisite regulatory approvals. The transaction has an enterprise value of US $320 million, marking the first step in Equinix’s long-term strategy to become a leading African carrier neutral digital infrastructure company. With more than 200 million people, Nigeria is Africa’s…

Wednesday, 08 December 2021 05:53

In 1922 Einstein scribbled the secret to happiness on a Note. Hundred years later it sold for $1.56m

A note containing the genius's 'theory of happiness' later sold at auction for $1.56 million. Albert Einstein is famous for discovering the theory of relativity, among other world-changing insights. But the great physicist didn't concern himself just with the rules governing space and time. He was also interested in the rules of our internal state of mind. As Psychology Today has noted, Einstein spoke regularly about the search for happiness. "It's happiness we're after," he told an interviewer who asked him what humans desired most in 1931. "Will any student of history agree that the inhabitants of an American city…

Tuesday, 07 December 2021 06:07

MTN makes Covid-19 vaccination compulsory for its workers, vows to fire employees who refuse

MTN Group says it will enforce a mandatory Covid-19 vaccination policy for all its employees from January 2022. In a statement on Monday, MTN said the move is part of its efforts to protect the health and safety of staff. It added that the policy would be subject to risk assessment and local laws that apply in its various operating companies and subsidiaries. Speaking on the development, Ralph Mupita, MTN group president and CEO, said: “The science is clear. Vaccination against Covid-19 reduces rates of serious infections, hospitalisation, and death. “As an employer, we have a responsibility to ensure that…

Tuesday, 07 December 2021 06:06

Oil extends gains on easing Omicron fears

Oil prices edged up on Tuesday after a near 5% rebound the day before as concerns about the impact of the Omicron variant on global fuel demand eased while Iran nuclear talks hit roadblocks, delaying the return of Iranian crude supplies. Brent crude futures rose 34 cents, or 0.5%, to $73.42 a barrel at 0124 GMT, after settling 4.6% higher on Monday. U.S. West Texas Intermediate crude was at $69.92 a barrel, up 43 cents, or 0.6%, building on a 4.9% gain in the previous session. Oil prices were pummelled last week over concerns that vaccines might be less effective…

Tuesday, 07 December 2021 06:05

Cement prices skyrocket as Dangote, other producers make huge profits

Despite the surge in profits of cement manufacturers in the country, the end price of the commodity has continued an upward surge in the last 18 months. This is in spite of assurances by the manufactures that they are increasing production. Consequently, the rising price of cement is causing a sharp increase in the cost of building development. Nigerian cement market is dominated by three players –Dangote Cement, Lafarge Africa Plc and BUA Cement. Investigation reveals that the price of a 50kg bag of cement initially rose from N2,500 to N3,600 around November 2020. Currently, there is a huge difference…

Tuesday, 07 December 2021 06:04

Southeast traders petition CBN over excessive bank deductions

Southeast Amalgamated Markets Traders Association has decried what it described as “multiple and indiscriminate charges and deductions on customers” by commercial banks. The association complained about the bank charges in an open letter to Governor of Central Bank of Nigeria, Godwin Emefiele, made available to our correspondent in Enugu on Monday. It was signed by its President-General, Gozie Akudolu, and its Secretary-General, Alex Okwudiri. It said, “Part of the major responsibilities of the commercial banks, we know, is to accept money deposits from customers and keep safe custody of the same, and perform such other transactions for and as directed…

Tuesday, 07 December 2021 05:53

Employees with this 1 quality are high performers. Here's why, plus how to identify it

When it comes to soft skills, this might be the most valuable employee asset there is. When you think of the most desirable qualities an employee can have, your mind might first go to mainstays like strong leadership skills, ambition, or work ethic. These traits are, of course, impressive and no doubt contribute to good performance, but having the ability to perform at a certain level is different than having the desire to. That's what puts passion at the top of the list when it comes to high-performing employees. Passion drives performance In a study of more than 450 employees…

Monday, 06 December 2021 05:57

8 things I discovered while working with affluent clients in New York

A high-net-worth individual (HNWI) is somebody with around $1 million in liquid financial assets. According to the 2021 World Wealth Report, North America surpassed Asia-Pacific to become the 2020 leader in both HNWI population and wealth. The city with the highest number of millionaires is New York City, with nearly one million millionaires. I have more than a decade's worth of experience in the luxury design industry, building relationships with affluent clients across North America and in NYC. During this time, I discovered eight traits my clients all have in common. 1. They spend time with impressive people I noticed…

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Friday, 03 December 2021 06:07

9 Nigerian banks get Moody’s rating upgrade

Moody’s Investors Service (Moody’s), a global rating agency has upgraded its outlook on nine Nigerian banks to ‘Stable’ from ‘Negative’ even as it affirmed it’s B2 rating of the banks. Moody’s explained that the affirmation of the Nigerian banks’ ratings is based on expectation that the banks’ solvency will remain at adequate levels over the next 12-18 months. The banks are Access Bank Plc, Zenith Bank Plc, First Bank of Nigeria Limited, United Bank for Africa Plc, Guaranty Trust Bank Limited, Union Bank of Nigeria Plc, Fidelity Bank Plc, FCMB Limited and Sterling Bank Plc. The rating agency, yesterday, stated:…

Friday, 03 December 2021 06:00

You can have it all — just not all at once, says first woman to head major Wall Street bank

Karen Gilchrist Jane Fraser's appointment as the first woman CEO of a major Wall Street bank was a huge feat, not only personally but also for others hoping to balance professional ambitions with their private lives. But she is adamant other career-climbers can have it all too — perhaps just not all at once. Fraser was named CEO of Citigroup in September and will take the reins from Michael Corbat next year. She will be the first woman to helm one of Wall Street's four major banks which include Bank of America, JPMorgan Chase and Wells Fargo. "There is some…

Thursday, 02 December 2021 14:44

Poultry firm drags Hybrid Feeds to court over sale of poisonous poultry feeds in Ibadan

A poultry farm, Redi Foods has dragged Hybrid Feeds Limited to court over sale of poisonous poultry feeds in Ibadan, the Oyo state capital. Our correspondent gathered that Redi Foods had over a three-month period last year bought poultry feeds from Hybrid Feeds. It was however revealed that more than 2,000 birds that consumed the feeds purchased by Redi Foods died few days after consumption of the feeds. Tests conducted by a government approved laboratory revealed that the laying birds kept for breeding by the claimant died as a result of the contaminated feeds. Our correspondent who witnessed the Court…

Thursday, 02 December 2021 05:41

Buhari off to Dubai to mobilise businesses to Nigeria

PRESS RELEASE President Muhammadu Buhari departed Abuja Wednesday (yesterday) to attend EXPO 2020 Dubai in the United Arab Emirates (UAE). EXPO 2020 Dubai, with the theme, "Connecting Minds, Creating the Future", creates the environment for Nigeria to join over 190 countries to forge true and meaningful partnerships "to build a better future for everyone.” The Expo will provide another opportunity for the Nigerian delegation to highlight significant strides in the economy in the last six years as a basis for making the country an important destination for foreign direct investment. Aside touring the Nigerian Pavilion at the Expo on Friday,…

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