Business News

Monday, 18 November 2024 04:54

Capital flight accelerates as foreign outflows outpace inflows. Here’s what that means for Nigeria’s economy

Key Market Developments Foreign Investment Flows - Foreign inflow hit a 2024 low of ₦11.26 billion in September - Foreign outflow increased to ₦30.15 billion (from ₦24.38 billion in August) - YTD foreign inflow: ₦310.99 billion (substantially higher than ₦108.93 billion in 2023) - Peak inflow was ₦54.87 billion in May 2024, followed by steady decline Market Activity - Total transactions increased 29.90% month-over-month to ₦493.01 billion - Year-over-year increase of 66.67% compared to September 2023 - Domestic investors dominated with 84% of transactions - Retail investors outperformed institutional investors by 28% Economic Implications Immediate Concerns 1. Capital Flight Risk…

Monday, 18 November 2024 04:53

Dangote Refinery’s high prices boost fuel imports. These are the numbers

Current Market Situation Import Statistics (Oct 1 - Nov 11, 2024) - Total petrol imports: 1.5 million metric tonnes (~2 billion litres) - Diesel imports: 414,018 metric tonnes - Jet fuel imports: 13,500 metric tonnes Port-wise Distribution (October) - Lagos: 555,121 metric tonnes - Warri: 281,100 metric tonnes - Port Harcourt: 94,224 metric tonnes - Calabar: 64,000 metric tonnes Dangote Refinery Performance - Current stock: 500 million litres of petrol - Actual delivery (Sept 15 - Oct 5): 148 million litres - Expected delivery by NNPCL: 575 million litres - Capacity potential: 650,000 barrels per day Market Dynamics Analysis Price…

Friday, 15 November 2024 04:56

Oil production rises to 1.8m barrels per day, NNPC announces

Nigeria's state oil firm NNPC said on Thursday it had increased oil production to 1.8 million barrels per day (bpd), with the possibility of getting to two million bpd by year-end. Oil production at Africa's top crude exporter was estimated at 1.3 million bpd in October, according to producer group OPEC's latest report. Nigeria often counts condensate production of around 250,000 bpd as part of its production. The NNPC said the increase was a result of collaborative efforts with its joint venture operators and its partners on production-sharing contracts, alongside security agencies and the government. "The team has done a…

Friday, 15 November 2024 04:55

MultiChoice had $21m cash in defunct Heritage Bank. Company says the money is unrecoverable

MultiChoice Group Limited has written off $21m deposited in Nigeria’s Heritage Bank following the financial institution’s liquidation earlier this year. This disclosure was contained in the company’s interim financial statements for the half-year ending September 30, 2024. The sum was classified as irrecoverable after the Central Bank of Nigeria revoked Heritage Bank’s operating licence, effectively shutting down the institution. The financial statement document read, “Following the revocation of Heritage Bank’s banking licence by the Central Bank of Nigeria on 3 June 2024 and its subsequent liquidation, the group wrote-off its receivable relating to the cash held with the bank.” MultiChoice’s…

Thursday, 14 November 2024 04:46

NNPC signs 10-year gas sale deal with Dangote Refinery

Nigeria's state oil firm, NNPC Ltd said on Wednesday one of its subsidiaries has agreed to supply 100 million standard cubic feet of gas per day to the Dangote oil refinery for the next 10 years. Financial details were not disclosed. Under the agreement, NNPC Gas Marketing Limited will supply the refinery built by Nigerian billionaire Aliko Dangote in Lagos with natural gas for power generation and feedstock. The contract has options for renewal and additional supply. NNPC, Africa's biggest oil producer, is seeking to promote domestic gas consumption for industrial growth. Reuters

Thursday, 14 November 2024 04:39

From setback to success: Turn business failure into a big break

Melissa Houston In business, setbacks and failures are inevitable. Every successful entrepreneur can share stories of moments they stumbled or faced rejection, obstacles, or outright failure. But here’s the truth: setbacks don't define the end of your journey; they are simply chapters in your story. If harnessed correctly, failures can be the stepping stones to your success. Here’s how to transform your setbacks into valuable lessons: 1. Accept and Embrace Failure as a Learning Opportunity Many entrepreneurs feel immense pressure to be perfect and avoid failure. However, failure is often the best teacher. When you experience a setback, the first…

Wednesday, 13 November 2024 04:40

DSTV, GoTV operator lost 243,000 subscribers in 6 months due to weak purchasing power of Nigerians - Report

Multichoice Group, an African pay-TV operator, says its Nigerian subsidiary lost 243,000 subscribers across its DStv and GOtv services between April and September 2024. In its financial result for the year ended September 30, 2024, published on Tuesday, MultiChoice said high cost of food, electricity, and petrol have forced many of its customers to ditch their decoders. The company said Nigeria and Zambia recorded the largest share of subscribers loss. It added that the pressure on its subscriber base in Rest of Africa (RoA) operations continued from the previous year leading to a loss of 566,000 subscribers across the operations…

Tuesday, 12 November 2024 04:40

Manufacturers had unsold goods worth N1.24trn in H1 2024 - MAN

The Manufacturers Association of Nigeria (MAN) says unsold goods in the manufacturing sector rose to N1.24 trillion in the first half (H1) of 2024. In the association’s first-half economic report, Francis Meshioye, president of MAN, said the unsold products rose by 357.57 percent year-on-year. Meshioye attributed the significant rise in unsold inventory to a drop in consumer purchasing power, driven by rising inflation, the removal of subsidies, and the devaluation of the naira. He said the high volume of unsold inventories highlights the challenges consumers are facing, stressing the need for measures to boost demand and enhance the sector’s performance.…

Tuesday, 12 November 2024 04:34

Here’s what happens when employees don’t trust their leadership

Sarah Sabin As the adage goes, trust takes years to build, seconds to break, and forever to repair. Today, trust in leaders is incredibly low. According to a report by HR consultancy DDI, only 46% of leaders report fully trusting their direct manager to do what’s right. Even more troubling, fewer than one in three trust senior leaders within their organization. The side effects of this lack of trust are sobering. Here are just a few of the ways in which diminished trust impacts teams: EMPLOYEES DON’T LISTEN When employees don’t trust their leaders, they don’t listen to their advice.…

Saturday, 09 November 2024 04:38

Manufacturers deploy solar power to counter ‘Band A’ charges

The Manufacturers Power Development Company Limited, a firm founded under the Manufacturers Association of Nigeria, has said that current energy costs in the country are unsustainable for manufacturing firms, especially those receiving electricity in the Band A category. To tackle this, the firm revealed that it now provides 10 companies with sustainable energy solutions as part of its effort to bridge the energy gap nationwide. The acting Managing Director of MPDCL, Oweh Mba-Sam, who disclosed this in Lagos, said working with the 10 companies was the first stage of a broader project aimed at reducing power costs and enhancing energy…

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Friday, 08 November 2024 04:32

Globacom taps MTN’s ex-CEO to head company

Globacom, one of Nigeria’s leading telecommunications providers, has appointed telecom veteran Ahmad Farroukh as its new chief executive officer. According to the telecom provider, the leadership change aims to strengthen the company’s corporate governance and operational performance, aligning with the Nigerian Communications Commission’s (NCC) recent drive for improved governance standards within the telecom industry. Farroukh’s extensive experience in African telecommunications positions him as a strong candidate to guide the company through an anticipated restructuring. Ahmad Farroukh brings over two decades of experience to Globacom. He began his career in 1995 as CEO of Investcom Group, a Lebanon-based telecom entity that…

Friday, 08 November 2024 04:24

3 secrets to finishing the year strong — make these smart moves to boost your revenue in the final quarter

Joy Gendusa When you're on a long journey, there are many twists and turns that require critical decisions. Once you've reached the very last few miles, your choices become even more significant. In business, this means that the end of the year could require you to make some last-minute (but pivotal) moves in order to generate additional revenue and end 2024 strong. The good news is you do still have time to finish strong. In my experience taking a business from nothing to over $100 million in annual revenue, the last quarter can get intense. Here are my best words…

Thursday, 07 November 2024 04:31

Marketers fight back as Dangote asks court to block fuel imports

Three oil marketers, AYM Shafa Limited, A. A. Rano Limited, and Matrix Petroleum Services Limited, have asked the Federal High Court in Abuja to dismiss a suit filed by Dangote Petroleum Refinery and Petrochemicals. The marketers, in a joint counter affidavit marked: FHC/ABJ/CS/1324/2024, and dated November 5, 2024, a response to an originating summon filed by Dangote Petroleum Refinery and Petrochemicals, argued that granting the application of refinery would spell doom for the country’s oil sector. They emphasised that the plan to monopolise the oil sector is a recipe for disaster in the country. Dangote refinery in its originating summon…

Wednesday, 06 November 2024 04:55

3 steps you can't miss when growing your business

Peter Daisyme Key Takeaways Consistent, strategic effort is essential for long-term business growth; shortcuts won't sustain success. Analyzing competition, building authentic brands, and forging partnerships are crucial for business expansion. When you grow a plant from seed, you can't afford to miss a step. You must plant it at the correct depth, in proper soil, and give it the right amount of water and sun. Do everything right, and it will grow and flourish. Fail, and it will as well. Your business is no different. It takes time, attention, and knowledge to help it expand by whatever criteria you think…

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