Business News

Monday, 04 November 2024 03:51

10 banks rake in N4.2tn profit amid factory closures, business failures

Ten Deposit Money Banks raked in N4.20tn in the first nine months of this year, an analysis of their quarterly financial reports has indicated. The banks listed on the Nigerian Exchange Limited saw their profit for the period climb by 102.81 per cent to N4.20tn from N2.07tn recorded at the end of the third quarter in 2023. The financial institutions include Tier-1 banks: Zenith Bank, Guaranty Trust Holding Company, AccessCorp, United Bank for Africa and FBN Holdings. Others are Stanbic IBTC Holdings, Sterling Bank, Ecobank, Wema Bank and Jaiz Bank. This surge in the profits of the banks is coming…

Monday, 04 November 2024 03:44

How to create a positive work environment as a leader

Sam Rockwell How to Create a Positive Work Environment As a Leader A leader's well-being is the cornerstone of effective team management. When leaders support their own and their team's well-being through the practice of 'Expressive Arts,' they create a positive environment that fosters self-awareness, trust, collaboration and productivity within their teams. As a leadership development researcher and consultant, I tend to be intrigued but skeptical when I hear stories about painting as team building or writing poetry to enhance leadership performance. I then found the work of Dr. Michelle Williams, who uses something called "Expressive Arts" to help leaders…

Sunday, 03 November 2024 04:44

Hotels are shutting down due to high running costs - Operators

The high rate of inflation in NIgeria is taking its toll on hotels, forcing them to shut down operations, industry operators have cried out. Hoteliers have called on the government to intervene in the industry to address the escalating cost of doing business. In separate interviews with The PUNCH, the stakeholders noted that their challenges were confirmed by recent figures from the National Bureau of Statistics, which revealed that inflation in the restaurants and hotels division contributed 0.40 per cent to Nigeria’s headline inflation rate, which rose to 32.70 per cent in September. The hospitality sector is hit hard by…

Saturday, 02 November 2024 04:59

IPMAN accuses Dangote Refinery of selling fuel at prices higher than even imported products

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has voiced concerns over the high logistical costs associated with purchasing petrol from the Dangote refinery, leading members to seek more affordable alternatives at other depots nationwide. IPMAN Secretary Suleiman stated, “If Dangote sets a price at N1,000 per litre and another supplier offers it for N900, we can’t prioritize our relationship with Dangote over profitability. We have to buy where the prices are lower.” He noted that last week, Dangote’s price was N995 per litre, while crude prices globally are on the decline. With additional transport and loading costs, he questioned…

Friday, 01 November 2024 04:54

Credit to government jumps 90 percent to N42trn as money supply rises, CBN reports

Banks’ credit to the government surged to a record N42 trillion in September 2024, amid growing money supply (M3). According to data from the Central Bank of Nigeria (CBN), credit to the government rose by 89.8 percent year-on-year to reach N42.01 trillion in September 2024, up from N22.13 trillion in September 2023. This significant increase highlights the growing reliance on bank financing by the government. On a monthly basis, commercial banks’ credit to the government also recorded a sharp rise. In August 2024, this figure was N31.15 trillion but jumped 34.86 percent by September. This monthly increase shows a rising…

Thursday, 31 October 2024 04:43

Fuel marketers to Dangote: If traders aren’t buying your products, check your pricing, loading time

The Independent Petroleum Marketers Association of Nigeria (IPMAN) says its members were unable to load petrol from the Dangote refinery for days. Abubakar Garima, IPMAN’s president, spoke on Channels Television’s ‘Sunrise Daily’ programme on Wednesday. Garima expressed surprise at the comments of Aliko Dangote, founder of the Dangote Petroleum Refinery, that marketers were bypassing his company to purchase imported petrol. On October 29, Dangote had said his refinery had over 500 million litres of petrol available for sale. The billionaire said retailers were not collecting available products to ease petrol queues, resulting in financial losses for the company. In response,…

Wednesday, 30 October 2024 05:20

Dangote says refinery has 500m litres of fuel, but marketers aren’t buying

Aliko Dangote, President of Dangote Group, announced on Tuesday that his refinery is capable of meeting Nigeria’s petrol needs, yet marketers are not taking advantage of the available supply. Dangote revealed that about 500 million liters of petrol remain in the refinery’s tanks, unused by retailers. He spoke to journalists at the State House after attending a meeting with President Bola Tinubu and the Implementation Committee on the Sale of Crude and Refined Petroleum Products. “We have enough crude and can produce over 30 million liters of petrol daily. At full capacity, we could supply all domestic demand. Right now,…

Tuesday, 29 October 2024 04:50

Stocks on NGX drop N448bn on profit taking

The stock market segment of the Nigerian Exchange Limited (NGX) kicked off the new week on a negative note, dropping by N448.41 billion over investors’ profit-taking in BUA Cement Plc and 27 others listed companies. As the stock price of BUA Cement dropped by 10 per cent to close at N99.00 per share, the overall market capitalisation closed yesterday at N59.812 trillion, about N448.41 billion decline from N60.2601 trillion it closed for trading last week. Consequently, the NGX All-Share Index declined by 0.74 per cent to close at 98,708.90 basis points from 99,448.91basis points it opened for trading, with the…

Tuesday, 29 October 2024 04:50

CBN signs funding deal with IFC to boost financing of local businesses in Naira

The central bank of Nigeria has signed an agreement with the International Finance Corp to expand local currency financing for Nigerian businesses and cut foreign exchange risks, the agencies said in a statement on Monday. The IFC, a World Bank Group member, aims to "significantly scale up" its financing in Nigeria, targeting over $1 billion in the coming years, the statement said. The partnership will enable IFC to manage currency risks and increase its investments in Nigeria's naira currency across agriculture, housing, infrastructure, energy, small and medium-sized enterprises, and the creative industry. "Many of these sectors require local currency financing,…

Monday, 28 October 2024 04:51

Fuel price hikes: 10,000 marketers face closure, 1m potential job losses amid consumption collapse

The Nigerian fuel retail sector is facing an unprecedented crisis following the removal of fuel subsidies in May 2023. Fuel consumption has plummeted 92% from 60 million liters per day in May 2023 to just 4.5 million liters in August 2024, according to the Nigerian Midstream and Downstream Petroleum Regulatory Authority. Key impacts: - Fuel prices increased nearly 500%, from N175 to over N1,000 - Only 16 of 36 states received fuel supplies in August 2024 - Cost of a fuel truck rose from N7m to N47m in 16 months - An estimated 10,000 fuel marketers face closure within 45…

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Monday, 28 October 2024 04:45

Dangote Cement turns to CNG, abandoning diesel produced by sister company

In a major pivot, Dangote Cement Plc announced it has invested over $280 million in compressed natural gas (CNG) infrastructure, vehicles, and technology, effectively shifting away from diesel, a product that its sister company, Dangote Oil Refinery, refines. The company said this transition is part of its long-term strategy to power its fleet with 100 percent CNG. Arvind Pathak, Group Managing Director of Dangote Cement, explained that the investment aligns with Dangote’s clean energy goals and its commitment to reducing carbon emissions. Speaking at a recent event, Pathak stated, “By mid-2026, Dangote Cement aims to operate a fleet predominantly powered…

Monday, 28 October 2024 04:40

How (and why) to build a product marketing strategy around your customer lifecycle

In the early days, my company sold one product. Our flagship product. The bestseller. The one we're known for. We built our business around the wired bra. And as a result, in ThirdLove's building stages, we devoted all of our focus to positioning and messaging around one key product. Last year, we extended into a number of new categories. Our original product marketing cadence focused exclusively on the flagship. With irons in so many fires, we found that our strategy had to evolve. Especially when you venture into new categories, customers will visit you (virtually and/or in person) at different…

Friday, 25 October 2024 04:53

Saying no: How successful people protect their time and focus

Jodie Cook Saying yes to everything might seem like the path to success. But the most accomplished people know that saying no is often more powerful. They guard their time fiercely and focus on what truly matters. You’re not being antisocial, unhelpful or rude. You’re simply closing off the options that don’t align with your priorities. Being smart with your most precious resource: time. Here’s how successful people master the art of saying no. How to protect your time like it's your most valuable asset Set clear priorities Successful people know exactly what they want to achieve. They are laser-focused…

Thursday, 24 October 2024 04:46

Nigerian Breweries’ loss surges 161% to N150bn

Nigeria’s biggest beer maker, Nigerian Breweries, plunged deeper into loss in the nine months to September compared to the same period of last year as the brewer’s net loss soared by more than 161 per cent according to its earnings report issued Wednesday. A mix of factors ranging from the country’s galloping inflation, exchange rate volatility and accelerating input costs drove the less impressive performance. “The increase in Net Loss was again significantly influenced by FX loss due to the devaluation of the Naira and high borrowing costs arising from higher interest rates,” the company said in a separate statement.…

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