Business News

Tom Huddleston Jr. To become successful, you might have to learn to take yourself less seriously and be willing to keep doing the work, even when times get tough. That’s according to Jake Loosararian, the co-founder and CEO of Gecko Robotics, a tech startup that makes wall-climbing robots for jobs too dangerous for humans, like scanning the inside of a power plant boiler or nuclear missile silo for critical structural issues. After starting as a college engineering project, Gecko launched as a business in 2013. It ranked 42nd on the 2024 CNBC Disruptor 50 List and was most recently valued…
Holcim, a Swiss building materials company, has agreed to sell its Nigerian business to Huaxin Cement Ltd., a Chinese firm. The deal, valued at $1 billion, would lead to the sale of Holcim’s 83 percent stake in Lafarge Africa, according to a statement on Sunday. Lafarge Africa Plc is a member of the Holcim Group — a maker of roofing and other housing products, such as cement, aggregates for construction and ready-mix concrete. The company said the agreement has been signed, noting that the transaction is expected to close next year. “Holcim has signed an agreement with Huaxin Cement Ltd…
When I think about rebranding, it’s a bit like cleaning out my closet. At first glance, everything seems fine—comfortable, familiar. But when I start looking closer, I realize some of the clothes I’ve held onto no longer fit who I am or where I’m headed. That’s when I know it’s time for a refresh, not just to feel better about the present, but to reflect the future I’m stepping into. Rebranding is similar. It’s not about discarding everything, but about taking stock, making purposeful changes, and positioning yourself for where you want to go next. Why are you rebranding? Before…
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…
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December 20, 2024

Naira expected to weaken further, says CBN business survey

Nigerian businesses anticipate further depreciation of the naira through early 2025, despite maintaining overall optimism…
December 20, 2024

Atiku questions alleged hack of NBS website, says timing suspicious

Former Vice President Atiku Abubakar has raised concerns over the recent claim that the website…
December 15, 2024

102-year-old on living a long, happy life: 'I don't do exceptions'

Often, centenarians, people ages 100 and up, say their purpose in life keeps them going,…
December 21, 2024

‘Professional Back-Scratchers’ charge up to $130 per hour

The Scratcher Girls is an unconventional relaxation therapy studio that charges clients up to $130…
December 21, 2024

NAFDAC busts illegal rice repackaging operations in Nasarawa, Abuja

The National Agency for Food and Drug Administration and Control (NAFDAC) has cracked down on…
December 21, 2024

Here’s the latest as Israel-Hamas war enters Day 442

Israeli military says Yemen missile lands near Tel Aviv, 14 lightly injured, ambulance service says…
December 20, 2024

OpenAI launches voice and text access to ChatGPT through new phone service

OpenAI has introduced a novel way to interact with its popular ChatGPT artificial intelligence system…
December 17, 2024

Ademola Lookman named 2024 CAF Men’s Player of the year. These players won in other…

Ademola Lookman, the Super Eagles winger, was crowned the 2024 CAF Men’s Player of the…

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