Business News

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…
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…
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…
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…
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…
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…
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,…
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…
It took a crisis for Numerated founder and CEO Dan O'Malley to realize his polite demeanor was harming his company's growth. Would you rather be feared or loved? For three years, Dan O'Malley opted for the latter--and every day, he says, he failed his employees a little more. The founder and CEO of Numerated stumbled onto that epiphany by accident: The four-year-old Boston-based startup, which helps banks and credit unions automate their processes, went into crisis mode in March 2020, when the Small Business Administration launched the Paycheck Protection Program. It turns out, when your entire 55-person team is working…
June 03, 2025

CEO of $190bn chipmaker: The best career advice I ever got

Growing up, kids always called me “scary.” Not because I was intimidating, but because I…
June 02, 2025

Afenifere blasts Tinubu: ‘Midterm report shows woeful failure, economic deforms, and rising despair’

The pan-Yoruba socio-political organization, Afenifere, has issued a scathing midterm assessment of President Bola Tinubu’s…
June 01, 2025

Her daughter was taken and sent abroad - 44 years later, they found each other

The last memory Han Tae-soon has of her daughter as a child is in May…
May 31, 2025

Tools made of whale bones reveal inventiveness of prehistoric people

Artifacts found at archeological sites in France and Spain along the Bay of Biscay shoreline…
June 03, 2025

61 killed in fresh bandit attacks, communal clash in Benue

It was a bloody weekend in parts of Benue State, following the killing of over…
June 03, 2025

What to know after Day 1195 of Russia-Ukraine war

RUSSIAN PERSPECTIVE Russian and Ukrainian chief negotiators held secret private meeting Vladimir Medinsky, the head…
June 02, 2025

Opportunities and challenges unveiled: How AI revolutionizes education and mental health support

Terence Ma Tin Shu Play time helps both kids and adults in prevention and healing…
May 13, 2025

Nigeria's Flying Eagles qualify for World Cup after dramatic win over Senegal

Nigeria's U-20 national football team, the Flying Eagles, have secured their place at the 2025…

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