Business News

Wednesday, 11 August 2021 05:44

Air Peace opens Ibadan, Cameroon routes

Air Peace Limited has announced the expansion of its network routes to Douala, Cameroon and Ibadan, the Oyo state capital. In a statement issued by the airline on Tuesday, the airline said that scheduled commercial flights from Lagos and Port Harcourt to Douala would commence August 19. The statement also noted that the airline was set to launch Abuja – Ibadan route on the same day. Spokesperson for the airline, Stanley Olisa, stated that the Douala route would operate three days weekly while Ibadan service would be operated daily. Olisa said, “These new routes will be operated with our ultramodern…

Wednesday, 11 August 2021 05:39

Why the 10% rule is the smartest path to success

It takes time to master valuable skills and a lot of time to become the master of a single skill. So it’s not surprising that only a few people in the world are good enough to make a living from a single skill. But people who are extremely great at just a single skill are often not good at other, complementary skills. Specialists in the top 1% have few opportunities to succeed. And when they do, they become authority figures — sometimes they get global recognition. But that life requires 100% commitment early in life. Luckily for the rest of…

Tuesday, 10 August 2021 06:05

NNPC has moved around its senior management staff and sacked a COO. Here’s who’s where

Nigerian National Petroleum Corporation on Monday announced the promotion and redeployment of some staff to fill vacant positions, as well as the disengagement of a chief operating officer. Group General Manager, Group Public Affairs Division, Kennie Obateru, announced in a statement issued in Abuja that Billy Okoye had been appointed the new Group Executive Director, Ventures and Business Development, while Aisha Ahmadu-Katagum, was promoted to the position of Group Executive Director, Corporate Services. “Until their new appointments, Okoye and Mrs Ahmadu-Katagum were Group General Managers, Crude Oil Marketing Division and Supply Chain Management Division in the Corporation, respectively,” the statement…

Tuesday, 10 August 2021 06:03

Stocks on NSE shave off N127bn on sell pressure

Nigeria stocks slid 0.63 per cent on Monday, easily surrendering the little gain garnered at the previous trading session. The industrial index taking the biggest blow of the five sector indexes, in turn setting in motion the drop in the benchmark index. Dangote Cement, Nigeria’s biggest company by market value led the pullback at individual equity level alongside Flour Mills as investors desired more to dispose of stocks than own them. Market breath narrowly positive, with 19 gainers recorded compared to 18 losers. The all-share index closed 243.49 points lower at 38,567.26. Market capitalisation declined to N20.1 trillion. Year to…

Tuesday, 10 August 2021 06:02

MTN to Nigerians on 20th anniversary: We’re grateful

MTN has extended its gratitude towards Nigerians as the telecoms and ICT company celebrates its 20th anniversary. The company began its operation in Nigeria in 2001 and has grown to become leader in the telecommunications sector providing call, data, and mobile money services to Nigerians. As part of its expression of gratitude towards Nigerians for their support over the years, MTN would be commissioning an ultra-modern head office in Nigeria to be powered by renewable energy. Karl Toriola, CEO of MTN Nigeria, said the building would serve as a central hub for creativity and innovation. He said: “In line with…

Tuesday, 10 August 2021 05:54

3 ways to delegate without forfeiting your power

I’ll admit that when I first started as a founder, I had a propensity to micromanage. Back when my business was just a handful of people, I was hands-on to a fault—down to dictating where the buttons would go on the website. As the company grew, I read some management books, got enlightened, and realized I needed to zoom out; from now on, I’d set the goals, and the team would figure out how to achieve them. There was just one problem: This approach turned out to be too hands-off. I’d end up swooping back in at the end of…

Monday, 09 August 2021 05:54

Widespread belief holds that most productive Nigerians don’t pay taxes. This empirical study shows otherwise

SBM Intelligence, an Africa-focused geopolitical research firm, says 98 percent of businesses in Nigeria’s informal sector paid their taxes — but to both state and non-state regulated actors. The research firm disclosed this in its report titled, “Under the Hood: A Look into Taxation in Nigeria’s Informal Sector”. The informal sector has business activities that operate outside of government regulation and are largely unregistered. They include commercial bus drivers, artisans such as dressmakers, hairdressers, vulcanisers etc., mainly those in the low socio-economic strata, with low skills and poor education. It surveyed the informal sector in nine states across Nigeria, including…

Monday, 09 August 2021 05:52

Nigeria’s startup raises $26.5m finance, to train software engineers

This past decade, Nigeria has seen several companies cater to the development and growth of software engineers and tech talent in general. It’s a space many in the Nigerian ecosystem like to think is budding yet overcrowded. So when Chika Nwobi started Decagon in 2018, the perception was generally “here comes another tech talent accelerator.” Two years on, the entrepreneur who is a household name has significantly scaled the company to new heights. Decagon is announcing its $1.5 million seed round and a student loan financing facility of $25 million from Nigerian financial institution Sterling Bank. As a serial founder,…

Monday, 09 August 2021 05:50

Oil slumps on China travel curbs, strong U.S. dollar

Oil prices dropped 2% on Monday, extending last week’s steep losses on the back of a rising U.S. dollar and concerns that new pandemic curbs in Asia, especially China, may set back the global recovery in fuel demand. Brent crude futures slid $1.41, or 2%, to $69.29 a barrel by 0125 GMT, after having slumped 6% last week, their biggest weekly loss in four months. U.S. West Texas Intermediate (WTI) crude futures fell $1.32, or 1.9%, to $66.96 a barrel, after having slumped nearly 7% last week in their steepest weekly decline in nine months. “Concerns about potential global oil…

Monday, 09 August 2021 05:37

It took Elon Musk 1 short paragraph to teach the greatest lesson a manager will hear today

The simple solution to all your communication problems. In April 2018, Tesla CEO Elon Musk sent his employees a lengthy email laying out a number of changes that included 'productivity recommendations' in light of the halt in Model 3 production that garnered considerable media scrutiny. That email was leaked to the public and included a noteworthy "warning" to his managers that if a certain communication habit was displayed, they'd be packing their bags. Here's the leadership lesson: Communication should travel via the shortest path necessary to get the job done, not through the "chain of command". Any manager who attempts…

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Saturday, 07 August 2021 05:59

Nigeria CEOs among best paid in Sub-Saharan Africa - PwC

Chief executives of Nigerian-listed companies are among sub-Saharan Africa’s highest earners, according to a new report by PwC. The median value of total-guaranteed packages, which includes base pay and benefits, for the heads of Nigerian companies is $323,000, the accounting firm said Thursday in a remuneration report. That’s the highest among seven sub-Saharan African countries excluding South Africa and is based on data published by 382 companies, it said. Chief financial officers in Africa’s biggest economy are also among the best paid in the region, with median earnings of $219,000, according to PwC. More than 40% of Nigerians, or 82.9…

Saturday, 07 August 2021 05:45

The ageism problem hurting young workers

Leia was fresh out of college when began working as a member of a business-development team at a mid-size tech company. Though her skills had earned her the job, she was the youngest person in the team. “Everybody else was pretty much twice my age,” she says. Leia went into the job with gusto, identifying inefficiencies and suggesting how to streamline things. Some of those working above her didn’t like that. “I exhibited ‘too much ambition’ in the eyes of my superiors,” she says. “I heard about comments being made behind my back. There were a couple times when my…

Thursday, 05 August 2021 05:59

FG grants approval for NNPC’s acquisition of 20 percent stake in Dangote’s oil refinery

Federal government has given Nigerian National Petroleum Corporation (NNPC) the green light to acquire a 20% stake in Dangote’s oil refinery for $2.76 billion, junior oil minister Timipre Sylva said on Wednesday. The 650,000-barrel-per-day oil refinery, owned by Africa’s richest man Aliko Dangote, is under construction in Lagos, the biggest city in the most fuel-consuming nation in the region. The refinery is scheduled for commissioning by January. Sylva said the government approved NNPC’s acquisition at a Cabinet meeting, he told reporters in Abuja, adding that the country also awarded contracts for the modernisation of two state-owned refineries. NNPC had said…

Thursday, 05 August 2021 05:44

1 rare habit that’ll take you down the path to real leadership

A courageous way to avoid sabotaging your success and destroying your reputation. Vote counts, pandemic stats, vaccination hesitancy. Fact-based consensus--commonly called truth--has become a gobsmackingly rare commodity in this divisive world of multiple and opposing "truths." Honesty itself is in critically short supply these days. Heck, even the 2021 Kentucky Derby winner flunked his post-race drug test. In the business world, today's quicksilver fluidity of "truth" has become a license to fake it till you make it for many in leadership roles. But others see the honesty shortage as a remarkable business opportunity. When the demand for a valued good…

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