Business News

Wednesday, 23 February 2022 06:18

London court set to begin hearing in Nigeria’s $1.7bn suit against JP Morgan over oil deal

A London court will on Wednesday (today) begin to hear a lawsuit launched by Nigeria against U.S. bank JP Morgan Chase, claiming more than $1.7 billion for its role in a disputed 2011 oilfield deal. The civil suit filed in the English courts in 2017 relates to the purchase by energy majors Shell and Eni of the offshore OPL 245 oilfield in Nigeria, which is also at the centre of ongoing legal action in Milan. In the court documents seen by Reuters, Nigeria alleges JP Morgan was "grossly negligent" in its decision to transfer funds paid by the energy majors…

Wednesday, 23 February 2022 06:08

These 5 factors will make you more promotable

When I was seven years old, I decided that I wanted to raise chickens. For some, this might be a little odd. Even in my small Oklahoma town, a young girl managing chickens isn’t an everyday sight. But I was committed. Thankfully, my beloved grandad was all in and even encouraged me to consider starting a business selling eggs. My time as a chicken manager was chaotic but lucrative (more on that later). Those days offered something else: opportunities to fail, learn, and experience deep joy from a job well done. The business world isn’t a chicken coop, but it’s…

Tuesday, 22 February 2022 06:30

Oil jumps to 7-year high as Putin orders troops into Ukraine

Oil jumped to a seven-year high, safe-havens rallied and U.S. stock futures dived on Tuesday as Europe's eastern flank stood on the brink of war after Russian President Vladimir Putin ordered troops into breakaway regions of eastern Ukraine. Brent crude futures rose 4% to $97.35, their highest since September 2014. S&P 500 futures fell 2% and Nasdaq futures fell 2.7%. European equities dropped (.STOXX) 1.3% overnight to a four-month low, while the Russian rouble tanked and Russia's MOEX equity index (.IMOEX) fell 10.5%. U.S. markets were closed for a holiday on Monday. Australia's ASX 200 (.AXJO)fell 1.3% in early trade.…

Tuesday, 22 February 2022 06:28

Nigerian owned Africa’s most valuable startup Flutterwave launches SME lending, fintech-as-a-service, others

Pan-African fintech firm Flutterwave on Friday announced a rebrand of its logo and dashboard as well as the addition of small business lending, fintech-as-a-service (FaaS), and more to its suite of offerings. The announcement comes 2 days after Flutterwave confirmed it had raised $250 million in a Series D round that tripled the company’s valuation to over $3 billion. Led by founder and CEO Olugbenga Agboola, the company facilitates cross-border payments transactions of small-to-large businesses in Africa via one API. In a virtual event themed “Flutterwave 3.0”, Africa’s most valuable startup and payments giant rolled out a series of products…

Tuesday, 22 February 2022 06:19

England ends Covid-19 rules in major policy shift

Boris Johnson confirmed coronavirus rules will end in England, a significant boost to the U.K. prime minister as he announced the first major Western economy to scrap government restrictions relating to the pandemic. From Thursday, people who have the virus will no longer be legally required to self-isolate, though they will still be advised to stay at home, Johnson told the House of Commons on Monday. The universal and free availability of coronavirus testing will end from April 1. “Restrictions pose a heavy toll on our economy, our society, our mental well-being,” Johnson said. “We do not need to pay…

Tuesday, 22 February 2022 06:17

Warning! Startup investor monies always come with strings…

When starting a business and sourcing much-needed funding, it will be naïve to think that any investment into your business may have come because of perhaps your good looks, excellent presentation or even proposed business profitability numbers. Seriously, and without mincing words, most investors, if not all in certain cases, come into your business for a level of control, pure and simple. Thus, if as an entrepreneur you seek total control of your own venture, with no one looking over your shoulder, you should learn to work within the limits of your own resources, a process called business bootstrapping (more…

Monday, 21 February 2022 06:00

High-profile study reveals why most meetings are ineffective. It only takes 1 simple step to fix it

Most meetings participants are passive observers -- which is why you need a method for actively engaging each one of them. Meetings, meetings, meetings. We all suffer from an overabundance of meetings. It seems to be our reflex whenever there's a bump in the road. "What do we do now? Let's call a meeting." As Harvard Business Review reported back in 2019, however, meetings are often ineffective. Their deep dive into meeting culture is worth a full look, but this stat (highlighted from a TED study) stood out to me: 73% of those who attend meetings use the time to…

Saturday, 19 February 2022 06:17

Nigerian fintech Earnipay raises $4m to help employees in Nigeria get faster access to their salaries

Earnipay, a fintech that provides flexible and on-demand salary access to income-earners, has raised $4 million in seed financing led by early-stage venture capital firm Canaan. Participating investors include XYZ Ventures, Village Global, Musha Ventures, Voltron Capital, Ventures Platform and Paystack CEO Shola Akinlade. Earnipay, which has been in beta since September 2021 and only launched last month, plans to offer its on-demand salary solution to 200,000 employees by the end of 2022. Most of Africa’s workforce is paid monthly but live paycheck to paycheck. Unlike more developed countries like the U.S., where weekly or bi-weekly salaries can take care…

Thursday, 17 February 2022 06:46

Nigeria-based Flutterwave becomes Africa’s most valuable startup

African fintech Flutterwave has raised $250 million in a Series D round that tripled the company’s valuation to over $3 billion in just twelve months. In March 2021, the San Francisco-headquartered and Lagos-based startup raised $170 million in a Series C round from Tiger Global and Avenir at a valuation of $1 billion. The latest financing, which confirms a Bloomberg scoop from October, brings Flutterwave’s total raise since its inception six years ago to $475 million (it raised a $35 million Series B in 2020 and a $20 million Series A in 2018). At $3 billion, Flutterwave is currently the…

Thursday, 17 February 2022 06:38

Oil slides on ‘positive news from US-Iran nuclear negotiations’

Oil slid more than 2% in early Asian trade on Thursday after both France and Iran said parties are closer to an agreement to salvage Iran's 2015 nuclear deal with world powers, offsetting ongoing concerns over the situation in Ukraine. U.S. West Texas Intermediate (WTI) crude was trading down $2.50, or 2.7%, at $91.16 a barrel at 0058 GMT, after it ended up 1.7% the previous day. Brent crude was trading down $2.43, or 2.6%, at $92.38 after the contract closed up 1.6% in the previous day's trade. "Positive news from the U.S.-Iran nuclear negotiations is providing much-needed relief to…

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Wednesday, 16 February 2022 06:28

Naira falls further at parallel market

The Nigerian naira has weakened to N577 per dollar at the parallel section of the foreign exchange market. This represents N5 or 0.9 percent depreciation compared to the N572 it traded last week. Street traders at the black market in Lagos who spoke to TheCable on Tuesday quoted the buying rate of the greenback at N572 and selling price at N577 per dollar. A parallel market (street market) is characterised by noncompliant behaviour with an institutional set of rules. Central Bank of Nigeria (CBN) has consistently maintained that the parallel market represented less than one percent of foreign exchange (FX)…

Tuesday, 15 February 2022 06:15

MTN, glo, others lost 12.3m internet subscribers in 2021 - NBS

Nigeria’s internet users dipped by 7.99 percent to 141.9 million — as telecoms operators lost 12.3 million data subscribers in 2021. National Bureau of Statistics (NBS) said this in its telecoms data released on Monday. TheCable had reported how restrictions on sales of SIM cards stifled the telecoms sector in 2021 — coupled with the ongoing national identification number (NIN) and SIM integration exercise. In 2020, the federal government directed Nigerian Communications Commission (NCC) to audit the subscriber registration database. The directive instructed mobile network operators to suspend the sale, registration and activation of new SIM cards. The controversial policy…

Tuesday, 15 February 2022 06:09

5 office romances that went horribly awry

There are over 7 billion people in the world. You can date all of them but the people at work. Sometimes, office romance makes headlines and ruins careers, like CNN head Jeffrey Zucker's affair with Allison Gollust and University of Michigan president Mark Schlissel, who had an affair with a direct report. But most office romance flies under the radar -- except when it doesn't. All that contact tracing when someone tested positive for Covid? Turns out that HR noticed when Jane and John always showed up on the lists as having been together. Honestly, though, the rules are set…

Monday, 14 February 2022 06:16

Private sector raises N100bn to fight insecurity

Nigeria’s private sector has mobilised N100 billion to support the fight against insecurity in the country, Chairman, UBA Group, Tony Elumelu, has said. Speaking in Abuja at the UBA Group’s Chairman Forum, Elumelu, who paid glowing tributes to Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, attributed the success of the private sector coalition to the governor’s support and commitment. He said: “It was during the Covid-19 outbreak that some Nigerians were able to know what the private sector could do under the governor. I am sure my members would not like me to talk about it. “We, the…

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