Business News

Thursday, 21 January 2021 05:43

Exchange rate, supply deficit push up price of cooking gas - Report

Price of 20 metric tonnes of Liquefied Petroleum Gas, popularly known as cooking gas, sold to marketers in the country rose by over 29 per cent in the past two months. Terminal operators and importers increased the price of 20 metric tonnes of LPG to N5.3m on December 22 from an average of N4.4m a month ago, with retailers refilling a 12.5kg cylinder at between N4,000 and N4,500. The price of the product increased further this month, as 20 MT was sold for as high as N5.5m on Tuesday, translating to an increase of 29.41 per cent since November 20,…

Thursday, 21 January 2021 05:31

Take these steps to shake off anxiety and take control of your financial life

Stress and anxiety can wreak havoc on your financial life. A pile of bills, a lost job or pay cut, no child care or in-person schooling, and a pandemic that feels never-ending can impact anyone's psyche. In fact, more than 4 in 5 Americans, or 84%, are feeling stress on their personal finances due the crisis, an October survey by the National Endowment for Financial Education found. Here's a look at six steps you can take to shake off those emotions, so that you don't freeze up or make bad money decisions. 1. Recognize you are anxious or stressed Pay…

Wednesday, 20 January 2021 05:27

10m jobs threatened as costs of feed soar, poultry farmers raise the alarm

Poultry Association of Nigeria has warned that the acute scarcity and astronomical prices of soya beans and maize would threaten additional five million poultry jobs in the short term if the government does not intervene. Olalekan Odunsi, the South-West general-secretary, Poultry Association of Nigeria (PAN), spoke on Tuesday during a press conference organised by the South-West wing of the association in Ibadan. “Today, maize is sold for N210, 000/MT in most states of South-West, Soya meal N240, 000/MT,” Mr Odunsi said. “Due to the importance of these two items, the price of poultry feed has continuously been on the increase…

Wednesday, 20 January 2021 05:21

The top 5 leadership lessons I've learnt over a 20-year career

Leadership is not without its pitfalls. I've now been working for 20 years across a number of industries-- in tech, politics, non-profit and state government. In that time, I've had the opportunity to work with a wide range of leaders. However, one of the worst aspects of leadership is receiving bad advice and then acting on it. Over the course of my career, I've received my share of leadership advice-- some great and some awful. It takes a certain level of discernment to understand what's worth listening to and what's unhelpful. Here are five nuggets of wisdom that I've received…

Tuesday, 19 January 2021 05:33

Over 8,000 bought Abuja-Kaduna train ticket online in 3 days - Report

Three days into the test run, 8,051 passengers on Abuja-Kaduna train route reportedly accessed the e-ticketing platform of the Nigeria Railway Corporation (NRC). Taiye Elebiyo-Edeni, media assistant to minister of transportation, said in a statement released in Abuja. Federal government on January 13 announced commencement of the e-ticketing test run on Abuja-Kaduna train route. Elebiyo-Edeni said on the first day of the test booking, 1,174 passengers used the platform to purchase tickets while 3,479 passengers accessed the e-ticketing platform on the second day and 3,398 passengers accessed the platform on the third day. The train service, inaugurated for commercial operations…

Saturday, 16 January 2021 05:21

Increasing food prices drive inflation to highest rate since 2017 - NBS

Inflation rate in Nigeria jumped in December to its highest level in more than three years, data released on Friday by National Bureau of Statistics showed. Inflation was 15.75 per cent in December, compared with 14.89 per cent in November, marking the 16th straight month of increases. The consumer inflation rate in December was the highest since November 2017, when it was 15.90 per cent. NBS said composite food index rose by 19.56 per cent in December from 18.30 per cent in November. “This rise in the food index was caused by increases in prices of bread and cereals, potatoes,…

Saturday, 16 January 2021 05:20

First Bank’s assets targeted over $479m judgment debt against Shell

Nigerian authorities moved to seize assets belonging to one of the nation’s largest banks to recoup damages owed by Royal Dutch Shell Plc to a local community over a decades-long dispute. Federal court officials and police visited First Bank of Nigeria Ltd.’s main branch in the southern oil hub of Port Harcourt on Jan. 12 to enforce an order to confiscate its property, Nigeria’s third-biggest lender said Wednesday in an emailed statement. The action, which resulted in unspecified properties being taken, was “unjustified, illegal and a reckless misuse of the machinery of justice,” it said. The intervention stems from First…

Saturday, 16 January 2021 05:19

Tony Elumelu’s Heirs Holdings buys 45% stake in OML 17 onshore oilfield

Nigeria’s Heirs Holding announced on Friday it had bought a 45% stake in an onshore oilfield as part of a deal that it said included $1.1 billion in financing from a consortium of global and regional banks and investors. International oil majors have been trying to sell stakes in onshore oilfields in Nigeria for years as they pivot their investments to assets offshore the West African nation and to other regions. Shell, Total and Eni each sold stakes in the OML 17 field, which has production capacity of 27,000 barrels of oil equivalent per day and estimated reserves of 1.2…

Friday, 15 January 2021 04:58

NSE market capitalisation moves up with N325bn gain

Equity trading on the floor of Nigerian Stock Exchange, on Thursday, closed on a positive note with a gain of N325bn. NSE All-Share Index appreciated by 1.54 per cent with the market breadth closing positive with 49 gainers as against seven losers. ASI rose by 622.09 basis points or 1.54 per cent to close at 40,963.14 as against 40,341.05 recorded the previous day while market capitalisation of equities appreciated by N325bn to close higher at N21.42tn from N21.09tn as market sentiment remained in the green territory. Meanwhile, a turnover of 809.45 million shares in 6,708 deals was recorded in the…

Friday, 15 January 2021 04:57

Reduced passenger traffic, VAT removal force down domestic airfares

Air fares have started coming down after the Yuletide celebration as passenger traffic has dropped at the airports. Checks by our correspondents revealed that there has been reduction in passenger traffic on many of the routes, but the Abuja-Lagos; Lagos-Abuja and Abuja-Owerri; Owerri-Lagos routes still record high traffic, even. However, cost of economy class has come down to N27,000 from the over N60, 000 sold during the Yuletide. Spokesman of Arik Air, Adebanji Ola, said airfares have marginally come down, but still relatively high compared to this time the previous years. He attributed this to the weakening exchange rate against…

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Wednesday, 13 January 2021 05:38

FG secures funds, land to build gemstone market in Ibadan – Minister

Minister of Mines and Steel Development, Olamilekan Adegbite, says the federal government is set to build a gems’ market in Ibadan, Oyo State. Adegbite made this known on Tuesday in Ibadan when he received two hectares of land documents donated for that purpose by the Oyo State Government. The land is located at Ojoo, along Ibadan – Oyo road, in Akinyele Local Government Area of the state. “This is an initiative of President Muhammadu Buhari; part of the post Covid-19 palliatives that is being done by Ministry of Mines and Steel Development. “Its aim is to develop the activities in…

Wednesday, 13 January 2021 05:33

Here’s how to tell within 10 seconds if you’re about to spend more money than you should

And how you can use this cognitive bias for good, not evil. When I was a wedding photographer (because no one should be just one thing) my wife convinced me to add an extremely expensive option to our list of wedding packages. I figured it was a waste of time since no couple would ever choose it. Turns out -- as with countless instances where my wife's better judgment is concerned -- I was wrong. Some couples did choose that package. Even if we didn't include that package in the calculation, our average sale price went up. Possibly, because to…

Tuesday, 12 January 2021 04:25

The skills founders need to succeed in 2021

Are you delegating enough? Are you working on your ability to be resilient? Here's how to identify and work on your weaknesses. Even the best company can flop if its founder lacks the right skill set. Our partners at Inspired Capital have started ten companies between the four of us. We know up close and personal what traits are most critical for success. The journey from building a company in a garage and growing it until its worth billions of dollars can seem quite glamorous. But behind-the-scenes, there are sleepless nights and gut-wrenching decisions. Or as Jonathan Neman, co-founder of…

Monday, 11 January 2021 06:28

The newly signed Finance Act 2020 covers many areas of business. This is how the law affects you and your business

The newly signed Finance Act 2020 ensures a balance between broader macro economic strategies to attract investments, grow the economy and fiscal plan for domestic revenue mobilisation in response to COVID-19 pandemic, domestic and global economic downturn. President Muhammadu Buhari signed the 2020 finance act on December 31, 2020. The Act, which takes effect from January 1, 2021 amends the provisions of the capital gains tax act; companies income tax act; industrial development (income tax relief) act; personal income tax act; tertiary education trust fund (establishment) act, customs & excise tariff (consolidation) act and value added tax act. Others include…

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