Business News

Sunday, 18 April 2021 05:49

Uber, Bolt drivers begin strike Monday

Some Uber and Bolt e-cab drivers in Lagos on Saturday asked the e-hailing companies to immediately increase fares being charged by the operators, failing which they would go off the roads on Monday. The e-cab operators, under the aegis of Professional E-hailing Drivers and Private Owners Association (PEDPA), threatened to embark on the strike if their demands were not met. Idris Shonuga, National President of PEDPA, at a news conference in Lagos, called for immediate upward review of e-cab fares to reflect the current economic reality in the country. According to Shonuga, over 95 per cent of e-hailing transactions are…

Saturday, 17 April 2021 05:36

FG refines energy reform bill to attract more investment, cash

Federal government has sweetened the terms of a sweeping oil reform bill in a bid to attract much-needed investment to its oil industry, four people closely involved with the legislation said and a letter from oil companies, seen by Reuters, showed. The proposed changes signal a shift by Africa’s largest oil producer and show the impact of an increasingly competitive environment in the energy business after 2020’s global oil price collapse and an expected shift to renewables. Nigeria in 2019 had fast-tracked a law to boost its take of offshore oil revenue, a move industry experts said at the time…

Friday, 16 April 2021 05:32

The dumbest thing you can say to an employee

I was on a Zoom call when a company founder who shall remain nameless (and his company unwritten-about, because dude, seriously?) yelled at the end of a rant to an employee struggling to share his screen, "You're lucky you still have a job!" Yeah, no. Your employees may like their jobs. They may enjoy their schedule flexibility. Be excited by the developmental opportunities. Be thrilled to work with great colleagues. Feel fulfilledbecause they make a meaningful difference in the lives of others. They may even feel lucky they have a job that is both financially and personally rewarding. But here's…

Thursday, 15 April 2021 05:53

Buyer emerges for Shoprite’s Nigerian business

Nigerian property group Persianas is buying Shoprite’s business in Nigeria as the South African retailer retreats from other African markets, three banking sources told Reuters on Wednesday. Shoprite, with more than 2,300 stores across Africa, is awaiting regulatory approval on the sale of its Nigerian supermarket operation, though no further details have been disclosed. Banking sources told Reuters that Persianas Properties emerged as the buyer after a bidding process and the company is arranging debt for the buyout. The Palms shopping mall, Persianas’ flagship mall, houses a Shoprite store in the West African country’s commercial capital, Lagos. Shoprite has more…

Thursday, 15 April 2021 05:41

The brilliant reason Microsoft just spent $20bn on a company you’ve never heard of

Buying Nuance is a boon to the company's cloud business, especially in one of the fastest-growing industries. On Monday, Microsoft announced it was acquiring Nuance Communications for $19.7 billion, including debt. That makes it the company's second-largest purchase after LinkedIn, though there's a good argument it could be the most important. Nuance certainly isn't nearly as well-known as many of the high-profile acquisitions under CEO Satya Nadella, which have been decidedly focused on consumers. Take, for example, Mojang, the maker of Minecraft, and ZeniMax, which makes Doom. Even LinkedIn, the professional social network, is more focused on individuals than it…

Wednesday, 14 April 2021 05:57

The new 'jollof wars' and why Twitter chose Ghana over Nigeria for its first Africa base

Twitter's announcement Monday that it will set up its first Africa base in Ghana, West Africa, has generated fierce debate among Nigerian users of the social media app, and reignited the never-ending rivalry between the two countries, known colloquially as the 'jollof wars.' Many Nigerians believe that Twitter's decision is a snub to the continent's largest economy, which is seeing rapid growth and investment in its tech scene. According to NOI polls, 39.6 million Nigerians have a Twitter account, which is more than the entire 32 million population of Ghana. Twitter chief executive Jack Dorsey capped a whirlwind tour of…

Tuesday, 13 April 2021 05:42

Naira appreciates at parallel market

Naira appreciated against the U.S. dollar at the unofficial market on Monday, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed. The data posted showed that the naira closed at N482.00 at the black market on Monday, representing N3 or 0.62 per cent appreciation from N485 the rate it has stood since April 1. The last time the currency touched N482.00 at the unofficial market was on March 11. Slight fall Meanwhile, the local unit fell slightly against the U.S. dollar on the I&E window of the foreign exchange market on Monday, as foreign exchange…

Tuesday, 13 April 2021 05:34

3 simple ways any business can increase sales

Sometimes the best methods are hidden in plain sight. I’ve yet to speak with an entrepreneur who doesn’t want more sales. Generating more sales isn’t easy, but it’s simpler than many leaders think. After a decade of teaching leaders how to improve sales, I’ve distilled all creative tactics into three simple ideas that can create more sales now — even in tough markets. Raise your price Think about it for a second. When was the last time you raised your prices? Maybe it’s been a few years. What would be possible if you raised your price by just 5-10%? If…

Monday, 12 April 2021 05:38

Harvard study finds most workers would rather continue working from home

Some would prefer a hybrid schedule, where they spend time at home and in the office. The pandemic changed several factors of everyday life, and one positive change was the new option for many to perform their job duties at home. By the same token, however, some weren't exactly smitten with the idea of having to stay away from their desks and colleagues. But as we slowly pivot toward the idea of "business as usual," a Harvard study reveals that many professionals don't want to go back to the office full time. Instead, they want the option to keep the…

Saturday, 10 April 2021 05:51

The bitter sugar war between Dangote and Rabiu: Inside story

The latest clash between two of Nigeria’s richest men, Aliko Dangote and Abdul Samad Rabiu, is over sugar. It is a dispute over who controls the sugar market in Africa’s biggest economy. While Dangote accuses his competitor of attempting to appropriate undue advantage, Rabiu says Dangote, Africa’s richest man, wants to monopolise the market and manipulate prices. Dangote denied the price-fixing allegation in a statement Friday. But available documents shed light on the accusations and counter-accusations by the two sides, and the government’s role in the feud. In January, Dangote Sugar Plc, supported by Flour Mills of Nigeria Plc, accused…

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Friday, 09 April 2021 06:08

Nigerians react as SEC warns against investment platforms trading foreign stocks

Nigeria Securities and Exchange Commission (SEC) has warned capital market operators to stop giving support to online investment trading platforms providing access to foreign securities in Nigeria. In a statement Thursday, the regulator said those securities were not registered in Nigeria, and platforms providing access to them were acting against the law. It warned capital market operators in partnership with the platforms to desist from providing brokerage services for foreign securities. The apparent move by SEC to bar fintechs from selling, issuing or offering for sale foreign securities not listed on any exchange registered in Nigeria, if seen through, will…

Friday, 09 April 2021 05:43

With just 7 words, Tim Cook perfectly explained the battle between Apple and Facebook

A lot has already been written about the battle between Apple and Facebook. Still, I think there is at least some confusion about what the two companies are actually fighting about. On the surface, it looks like Facebook is upset because Apple has it out for small businesses. Apple, for its part, seems to take issue with Facebook's highly lucrative business model of personalized advertising that collects and monetizes users' personal information. Really, however, the battle is far more simple. It began when Apple announced it would make changes in iOS 14 to require developers to create what Apple has…

Thursday, 08 April 2021 05:58

DPR revokes Chinese firm’s four oil field licences

Nigeria’s oil and gas regulator has revoked four licences held by Addax Petroleum, it said in a statement on Wednesday, a highly unusual move for licences with producing assets. Department of Petroleum Resources director Sarki Auwalu said in a post on the DPR website that Addax was not developing the assets sufficiently. A DPR spokesman said the licences had already been re-awarded to Kaztec Engineering Limited and Salvic Petroleum Resources Limited. Two Addax representatives in Nigeria did not immediately respond to messages on LinkedIn seeking comment. Addax is owned by China’s Sinopec Group. Of the four revoked assets, OML 123,…

Thursday, 08 April 2021 05:57

Nigeria exported coconut worth $150m in 2020 - FG

Minister of Agriculture and Rural Development, Sabo Nanono, on Wednesday in Benin disclosed that Nigeria generated $150m from export of coconut oil and its derivatives in 2020. Speaking through his representative, Bernard Ukattah, a deputy director at the Federal Ministry of Agriculture and Rural Development during a training for coconut farmers organised in collaboration with the Nigerian Institute for Oil Palm Research in Benin, Nanono said that coconut was a major non-oil export foreign exchange earner for Nigeria. He explained that coconut provided livelihood for over 500,000 families, noting that it accounted for 10 per cent of the nation’s agricultural…

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