Business News

Thursday, 26 September 2024 05:02

Nigeria's instant payments hit N566.39trn in first 7 months of 2024 – NIBSS

Instant payments in Nigeria's banking sector reached N566.39 trillion in the first seven months of 2024, according to the Nigeria Inter-Bank Settlement System (NIBSS). In July alone, instant payments surged to N89.50 trillion, a 12.45 percent increase (N9.91 trillion) from the N79.5 trillion recorded in June. This also marked an 89 percent year-on-year growth compared to N47.38 trillion in July 2023. The total value of instant payments for 2024 so far brings the overall electronic transaction volume to N566.39 trillion. For context, in 2023, the country processed N600 trillion in electronic transactions. In July, instant payment transaction volume rose by…

Thursday, 26 September 2024 05:01

Coca-Cola made exact same hollow promise of $1bn investment to Buhari’s govt as now to Tinubu - CAPPA

The Corporate Accountability and Public Participation Africa (CAPPA) says Coca-Cola’s promise of a $1 billion investment in Nigeria is a hollow pledge. In a statement on Wednesday signed by Robert Egbe, CAPPA’s media and communication officer, the non-governmental organisation (NGO) said Coca-Cola’s latest investment promise was made to the previous administration under President Muhammadu Buhari, but nothing came of it. On September 19, Coca-Cola announced a $1 billion investment pledge to Nigeria over a period of five years. According to CAPPA, the government has embraced the company’s latest pledge with undue fanfare, whereas their presence is allegedly harmful to Nigerians.…

Wednesday, 25 September 2024 04:39

Airtel says it spends N28 billion on diesel monthly

Airtel Nigeria has revealed that it spends N28 billion monthly on diesel to power its over 15,000 sites across the country. The telecom giant is set to embark on a sustainability drive aimed at reducing its reliance on diesel and lowering its carbon footprint. Femi Adeniran, Airtel Nigeria’s Director of Corporate Communications and CSR, shared this during a media roundtable in Lagos. He noted that the company currently consumes 22 million litres of diesel each month, which contributes significantly to environmental degradation. However, collocation, a practice that allows telecom operators to share infrastructure, has helped reduce potential higher costs. “We…

Tuesday, 24 September 2024 04:55

Dangote advocates further hike in petrol prices, says it’s cheaper in Nigeria than Saudi Arabia

Aliko Dangote, founder of the Dangote Petroleum Refinery, has urged the federal government to remove the petrol subsidy, stating that now is the opportune time to take this step. In an interview with Bloomberg TV on Monday, Dangote explained that many countries have already eliminated subsidies, and Nigeria should follow suit. According to Dangote, subsidies are a complex issue that can lead to inflated prices. He pointed out that government spending on subsidies often exceeds what is necessary, adding that removing them could help alleviate financial pressure. Dangote also revealed that petrol sold by his refinery within Nigeria would be…

Monday, 23 September 2024 04:34

Construction, manufacturing sectors had negative outlook in August, CBN reports

Manufacturers in Nigeria expressed a lack of confidence in the nation’s economic outlook in August 2024. This is according to the latest Business Expectations Survey (BES) conducted by the Central Bank of Nigeria (CBN). The survey, which involved 1,600 business enterprises, revealed that while many sectors were optimistic about the economy, the manufacturing sector was notably pessimistic. The report highlights that the manufacturing sector posted a negative confidence index of -5.5 points, reflecting ongoing concerns about the current business climate. Mixed sentiments towards Nigeria’s economy According to the BES report, the sectors, such as manufacturing, construction, mining, and utilities, had…

Friday, 20 September 2024 04:29

PZ Cussons set to exit Nigeria, following trend of departing multinationals

British consumer goods giant PZ Cussons Plc is contemplating a partial or complete withdrawal from its African operations, with Nigeria and Kenya as its primary manufacturing centers. This move comes as the latest in a series of multinational companies reconsidering their presence in Nigeria due to challenging economic conditions. The potential exit was announced in a statement by PZ Cussons Nigeria, the local subsidiary, revealing that the parent company has "received a number of expressions of interest for our African business." This development follows the group's disappointing 2024 financial results, which saw a 39.7% drop in net profit, largely attributed…

Friday, 20 September 2024 04:28

Coca-Cola announces $1bn investment plan in Nigeria

Coca-Cola Hellenic Bottling Company has revealed plans to invest $1 billion in Nigeria over the next five years. This commitment was announced during a meeting with Coca-Cola's global leadership team, including John Murphy, President and Chief Financial Officer, and Segun Apata, Chairman of the Nigerian Bottling Company. Murphy highlighted Coca-Cola's significant economic impact in Nigeria, noting that the company generates ₦320 billion annually from nearly 300,000 customers and contributes close to ₦90 billion in revenue to the Nigerian government. "We are very proud of the growth of the business over a long period and its impact on the daily lives…

Friday, 20 September 2024 04:21

5 lessons I learnt from running a business

Sui Guillory Every entrepreneur is on her path to running a business, and each will learn her own lessons in time. But take it from me, an entrepreneur who has started several successful businesses over the past 20 years: Sometimes it’s helpful to learn from others’ experiences! And so I offer five deceptively simple lessons I’ve learned as a business owner. Lessons learned from running a business 1. It’s okay to pivot When you start a business, there’s often this drive to build the business, make it a success, and then…what? Most entrepreneurs keep running their businesses for years and…

Thursday, 19 September 2024 04:46

Independent marketers shut out as major marketers begin lifting petrol from Dangote Refinery

The Nigerian National Petroleum Company Limited, NNPCL, has authorised major petroleum marketers to commence lifting the premium motor spirit, PMDS, otherwise known as petrol, from Dangote Petroleum Refinery under the existing agreement between it and the refinery. The initial agreement stated that NNPCL is the sole distributor of the refinery’s petrol with the first batch of the consignment put at 16.8 million liters lifted by NNPCL’s retail entity. Findings by our correspondents indicated that some major marketers, including 11 Plc have already lifted the product for distribution to their outlets in Lagos and other parts of the nation. One of…

Thursday, 19 September 2024 04:41

The biggest red flag in a job interview, according to hiring expert of 20 years

Jennifer Liu Like a lot of hiring managers, Adriane Schwager likes to ask candidates about times in their career they've made a mistake. Usually, it's to get an idea of how you handle stressful situations and how you learn from previous errors. For Schwager, the CEO and co-founder of the hiring platform GrowthAssistant with 20 years of recruiting experience, the answer can uncover a big red flag: whether the person has low ownership of their work. In listening to the response, Schwager tells CNBC Make It that she tries to assess whether the person can own up to the mistake,…

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Tuesday, 17 September 2024 04:41

The silent killer of success: Why leaders must master focus

Tom Oliver It is not uncommon for a lot of our clients, from ultra-wealthy business owners to Fortune 500 CEOs, to juggle two to three cellphones while in a meeting. Attention deficit is the silent success killer that is the root cause of a lot of bad boardroom decisions. Leaders are continuously told to innovate, strategize and think big. Yet, while most business owners, CEOs and executives focus on expanding their vision for the future, there’s an invisible force at play that is undermining their ability to do so: shrinking attention spans. It’s a silent disease that seeps into our…

Monday, 16 September 2024 04:25

I started my business with $1,000; now worth billions, serves over 163m people. These 7 principles were my secrets to success

Key Takeaways Dream big and don't try to please everyone. You can chart your own course, challenge the crowd mentality and ignore the status quo.Hire people who will elevate you and your business, not just those who think exactly like you.Don't overcomplicate or catastrophize issues. Most problems have simple solutions, but you need to pause to think about it.You will fail if you seek perfection, because it doesn't exist. Sometimes you have to "just do it." And when you do have to make a decision, live up to your values 100% of the time. Forty years ago, I started my…

Sunday, 15 September 2024 04:50

Foreign tech companies in Nigeria paid N2.55tn tax in half 1 2024 – Report

Google, Netflix, Facebook and other foreign companies operating in Nigeria paid N2.55tn in taxes to the Federal Government in the first six months of 2024. The amount represents an increase of 158.76 per cent from N985.27bn collected in the preceding period of 2023. The figure includes Company Income Tax and Value Added Tax, collated from data obtained from the National Bureau of Statistics. According to the Federal Inland Revenue Service, CIT is a 30 per cent tax imposed on companies’ profit, and VAT is a 7.5 per cent consumption tax paid when goods are purchased, and services are rendered and…

Friday, 13 September 2024 04:52

Oil marketers reported us to Tinubu that our diesel, jet fuel prices too low - Dangote Refinery

The Dangote Petroleum Refinery says only 3 percent of local oil marketers are purchasing refined petroleum products. Devakumar Edwin, vice-president of Dangote Industries Limited (DIL), spoke during an X space organised by Nairametrics. He said due to the low patronage, the refinery is forced to export 97 percent of its refined products. “The conglomerate of all the importers are refusing to buy from us. It is very strange that after putting up the refinery to supply the products locally, I have to export every diesel and jet fuel because they do not want to buy from us,” Edwin said. “We…

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