Business News

Saturday, 03 April 2021 05:58

All banks in Nigeria have blocked MTN from banking channels. Here’s what that means for you

A feud between Nigerian banks and MTN left millions of subscribers unable to recharge their phones using the USSD services on Friday. That was after banks shut off the telecoms firm over fees charged for the service. MTN advised its subscribers to seek alternative means of recharging their phones without informing them what the problem was. “Dear Customer, our bank recharge channels are currently unavailable. Kindly recharge using physical cards. We apologise for the inconvenience. Thank you,” one message read. Another read: “Please be informed that some of MyCustomers may not be able to purchase airtime and data recharges via…

Saturday, 03 April 2021 05:41

Shoprite stores were shut nationwide. Workers explain why

Shoprite workers at Lugbe, Abuja, on Friday, embarked on another round of protest, shutting down the company over a row with the management. Cherish Ogenyi, the unit chairman and coordinator of the northern region of the National Union of Shop and Distributive Employees (NUSDE), an affiliate of the Nigerian Labour Congress, described the action as “picketing”. “What you see happening here today is just a picketing type of strike, that is what the workers came here to do. Just to picket the entrance of Shoprite. Apparently, in a bid to stop them from trading until our pending proposals and demands…

Friday, 02 April 2021 05:37

Mastercard to invest $100m in Airtel Africa's mobile money unit

Global payment processor Mastercard Inc will invest $100 million in Airtel Africa’s mobile money operations, valuing the business at $2.65 billion, the London-listed company said on Thursday. Airtel Africa is targeting a public listing of Airtel Mobile Commerce BV (AMC BV) within the next four years. Earlier this month, private equity firm TPG’s The Rise Fund invested $200 million in AMC BV. Global payment processor Mastercard Inc will invest $100 million in Airtel Africa’s mobile money operations, valuing the business at $2.65 billion, the London-listed company said on Thursday. Airtel Africa is targeting a public listing of Airtel Mobile Commerce…

Thursday, 01 April 2021 05:32

NNPC says N53.36bn spent on pipeline repairs in 11 months

A total of 441 points on petroleum products pipelines were vandalised in 2020, compared to 1,484 points in 2019, data from Nigerian National Petroleum Corporation have shown. The corporation spent N53.36bn on pipeline repairs and management cost from January to November, according to the latest data obtained on Wednesday. “Products theft and vandalism have continued to destroy value and put NNPC at a disadvantaged competitive position,” NNPC said in its latest monthly report. NNPC said in collaboration with the local communities and other stakeholders, it continuously strove to reduce and eventually eliminate this menace. In December 2020, 43 pipeline points…

Wednesday, 31 March 2021 05:30

Access Bank takes controlling stake in South Africa's Grobank

Nigeria’s biggest lender Access Bank has bought a controlling stake in South Africa’s Grobank for around $60 million and will shore up the bank’s capital, its chief executive said on Tuesday, becoming the first Nigerian lender to venture into South Africa. Access took on both equity and debt in the South African bank, part of a regional expansion to tap into correspondent and trade banking deals on the continent, Herbert Wigwe told CNBC Africa Television. He did not disclose the exact stake size. Nigerian lenders have been seeking new avenues to boost profit amid slow economic growth at home, a…

Tuesday, 30 March 2021 05:42

Analysis: Why CBN won't ease its grip on the naira

Nigeria is keeping control of its naira currency despite demands for deeper reforms from the International Monetary Fund and World Bank and complaints from businesses. The multilateral institutions say a free-floating naira would help the economy withstand future shocks. But Nigerian authorities fear inflation stemming from a sharp devaluation could throw millions into poverty. Last week, central bank governor Godwin Emefiele denied the country was adopting a new foreign exchange management policy, while vice president Yemi Osinbajo said the government would itself use a more flexible rate. What is happening to the naira, and why? Here are some key facts…

Monday, 29 March 2021 05:28

Exporters ship cocoa from Calabar port to US, first in 14 years

Nigeria has shipped 7,000 metric tonnes of cocoa through the Calabar Port in Cross River State to the United States of America for the first time in about 14 years. Starlink Global and Ideal Limited transported the 7,000 tonnes of cocoa through the Ecomarine Terminals in Calabar Port. Draft limitations had challenged the Calabar Port for over 14 years after its concession, but the Ecomarine Terminals Limited had shipped the maiden export of cocoa beans from the seaport. Speaking at the load-out ceremony in Calabar, Governor Ben Ayade said the state was rich in agricultural resources, urging the Nigeria Ports…

Monday, 29 March 2021 05:26

MTN, glo, others lose 11.8m subscribers in four months

Number of telecom subscribers in the country dropped by 11.84 million in four months, according to latest industry statistics from Nigerian Communications Commission. The recent report shows that telecommunications operators in the country recorded yet another loss of 4.13 million active subscribers in February 2021, as the industry recorded 195.73 million GSM users in the month. The telcos had lost 46,648 subscribers in November 2020, followed by a drop of 3.38 million subscribers in December 2020 and then a loss of 4.29 million subscribers in January 2021. The four major telecoms service providers also recorded zero porting activities, following the…

Monday, 29 March 2021 05:17

This is why your business should avoid taking investor money

These five advantages are a few of the reasons why bootstrapping is worth it in the long run. Many entrepreneurs believe they need to raise money from venture capitalists to build a successful startup, but that couldn’t be further from the truth. Rather than chasing capital from investors, it’s often more beneficial to put your head down and commit to a bootstrapped growth approach. Bootstrapping a startup means starting extremely lean and without any outside capital, whether that be from a major venture capital firm or a local investor that came by way of mutual contact. The startup’s growth is…

Saturday, 27 March 2021 05:29

Oil jumps 4 percent on fears Suez Canal blockage may last weeks

Oil prices rose more than 4% on Friday on worries global supplies of crude and refined products could be disrupted for weeks as workers try to dislodge a giant container ship blocking the Suez Canal. It was a rebound from a sharp decline the previous session on concerns that fresh coronavirus lockdowns in Europe would hurt demand. Brent crude rose $2.62, or 4.2%, to settle at $64.57 a barrel, after dropping 3.8% on Thursday. U.S. West Texas Intermediate (WTI) crude gained $2.41, or 4.1%, to settle at $60.97 a barrel, having tumbled 4.3% a day earlier. Brent rose 0.1% over…

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Friday, 26 March 2021 05:30

Fuel price hike imminent as NNPC says subsidy no longer sustainable

Nigeria’s state oil firm is spending up to $315 million a month on fuel subsidies for consumers, a burden that is becoming untenable, its head said on Thursday. Nigeria deregulated its downstream oil sector a year ago, after the Covid-19 pandemic triggered a collapse in the global price of oil, its main export. That ended a system of fuel subsidies that had helped keep the lid on simmering social unrest for decades. But the Nigerian National Petroleum Corporation (NNPC) picked up the tab after the government made it the country’s sole petrol importer. Its managing director, Mele Kyari, said NNPC…

Friday, 26 March 2021 05:20

Why ‘good enough’ is the great enemy of great leaders and how to do better

This simple way of reframing your work can make all the difference. Regardless of industry or field, there's one thing that distinguishes great leaders from good ones: the mindset of making something better versus just getting it done. Good leaders complete a task, great leaders improve upon it. When running a company, it can be tempting to check the box on certain projects or initiatives. After all, time isn't a luxury most leaders have. But I'd argue that doing consistently great work often comes down to your mindset, not how many hours you have in a day. It's about pushing…

Thursday, 25 March 2021 05:26

Skyscraper-sized container ship gets stuck, blocking all traffic in vital waterway of Suez Canal

A skyscraper-sized container ship has become wedged across Egypt’s Suez Canal and blocked all traffic in the vital waterway, officials said Wednesday, threatening to disrupt a global shipping system already strained by the coronavirus pandemic. The Ever Given, a Panama-flagged ship that carries cargo between Asia and Europe, ran aground Tuesday in the narrow, man-made canal dividing continental Africa from the Sinai Peninsula. Images showed the ship’s bow was touching the eastern wall, while its stern looked lodged against the western wall — an extraordinary event that experts said they had never heard of happening before in the canal’s 150-year…

Thursday, 25 March 2021 05:25

Oil prices recover from previous slides after Suez Canal ship grounding

Oil prices jumped about 6% on Wednesday after a ship ran aground in the Suez Canal, and worries that the incident could tie up crude shipments gave prices a boost after a slide over the last week. The crude benchmarks, U.S. crude and London-based Brent, added to gains after U.S. inventory figures showed a further rebound in refining activity, suggesting U.S. refiners are mostly recovered from the cold snap that slammed Texas in February. Brent crude settled at $64.41 a barrel, gaining $3.62, or 6%, after tumbling 5.9% the previous day. West Texas Intermediate (WTI) settled at $61.18 a barrel,…

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