Business News

Tuesday, 02 February 2021 06:12

Nigeria, Morocco renew commitment to gas pipeline, fertilizer plant

Morocco and Nigeria renewed their commitment on Sunday to building a gas pipeline that will take an onshore and offshore route and a fertilisers plant, the royal palace in Rabat said. The renewed commitment came during a phone call between Morocco’s King Mohammed VI and Nigerian President Muhammadu Buhari, the palace said. The two countries agreed to the pipeline in December 2016 and launched feasibility studies. The pipeline will be 5,660 km (3,517 miles) long, the two countries said in June 2018, adding that construction will be in phases covering 25 years. The two leaders also agreed to speed up…

Tuesday, 02 February 2021 06:11

FG floats new savings bonds at N1,000 subscription

Debt Management Office (DMO) on Monday announced an offer for subscription for two years and three years federal government savings bonds. The unit of sale, the nation’s debt management office said, is N1,000 per unit. DMO said in a circular posted on its website Monday that the two years bond with Feb. 10, 2023 as due date would attract an interest rate of 4.214 per cent per annum. On the other hand, the three-year bond, with Feb.10, 2024 as due date, will attract an interest rate of 5.214 per cent per annum. The bond is subject to a minimum subscription…

Tuesday, 02 February 2021 06:09

Lagos port traffic congestion expected to ease as Apapa port is connected to Lagos-Ibadan rail line

China Civil Engineering Construction Company (CCECC), the contractor handling the construction of Lagos-Ibadan rail line, says it has linked the tracks to Apapa port in Lagos. The construction company said, in a tweet on Monday, that the connection was achieved on January 25 “with the successful pouring of the last 25-meter monolithic track bed superstructure of Apapa Port Break Bulk Line.” “The Apapa Port Spur Line of Lagos-Ibadan Railway starts from the Mobolaji Johnson Station, Ebute Metta and extends southward to Apapa Port, with a total length of 8.72km. As a crucial channel linking the main line of the Lagos-Ibadan…

Tuesday, 02 February 2021 06:08

Many poultry farms fold up as costs of feed inputs skyrocket

For several months now, Ibrahim Abdullahi, a maize farmer in Lere, Kaduna State, has not been able to cultivate his farm. He is afraid. Being on his farm means being vulnerable to attacks by bandits or being kidnapped for ransom. This fear, he acknowledges, has spread like a pestilence amongst farming communities. “I am not alone,” Abdullahi said, “Insecurity has made many farmers in the North avoid their farms.” This fear, coupled with other challenges such as poor yields, crop diseases and floods have resulted in a looming food crisis. Maize, which constitutes the staple meal for a significant number…

Tuesday, 02 February 2021 06:03

4 lessons CEOs taught us about the value of prioritizing employees

Your employees are your business. Take care of them. It's estimated that the average adult makes about 35,000 decisions each day. As absurd as even that sounds, consider, too, that as your level of responsibility grows, so does the gamut of choices. Founders and CEOs from companies of all sizes, in every category and market worldwide, are subject to lauding and criticism alike for the decisions they make every day. But there is one resounding corporate strategy that has prevailed: take care of your employees and they will take care of your business. After a year where kindness and compassion…

Monday, 01 February 2021 06:05

Rising crude oil prices boost Nigeria’s external reserves

Nigeria’s external reserves was $36.39bn as of January 27, latest figures from Central Bank of Nigeria revealed. Figures obtained from CBN showed that the reserves, which commenced the year at $35.65bn, rose to $36.52bn as of January 25, before experiencing a slight decline. On the external reserves position, CBN noted that there had been an increase in the level of external reserves, which was $36.23bn as of January 21 compared with $34.94bn at the end of November 2020. It stated that this reflected improvements in crude oil prices, partial global economic recovery amid optimism over the discovery and distributions of…

Friday, 29 January 2021 05:31

FG redeems $500m Eurobond, commits to paying outstanding $10.37bn at maturity

Debt Management Office has said that Nigeria’s 6.75 per cent $500m January 2021 Eurobond, which matured on Thursday, will be redeemed. It disclosed this on Thursday in a press release titled ‘Nigeria redeems $500m’. DMO had earlier disclosed that Nigeria’s eurbond debt profile was $10.87bn as of the end of September 2020, most of which had future maturing dates. This leaves an outstanding of about $10.37bn after the redemption of $500m. For this purpose, it added, funds had been made available by the Federal Government to the fiscal agent to repay the principal sum of $500m and final interest payment…

Friday, 29 January 2021 05:30

Ghana displaces Nigeria as West Africa air travel hub

Nigeria has lost the West African air market to Ghana as no Nigerian airline is operating to destinations such as Accra, Abidjan, Dakar, Freetown, Monrovia and the Gambia. Industry operatives said the aforementioned routes used to be lucrative for Nigerian airlines, where they generated dollar revenue and were known as low hanging fruits. Since international flights started on September 5, last year, no Nigerian airline has been operating to any of the aforementioned routes, which are currently dominated by Ghana-based African World Airlines (AWA), Asky, Air Senegal and others. Along with the loss of these air travel market are also…

Friday, 29 January 2021 05:28

Airtel pays FG N71.6bn for license renewal

Nigerian Communications Commission (NCC) has approved the renewal of the spectrum licenses in the 900 megahertz (MHz) and 1800MHz bands for Airtel Nigeria. In a notice to the Nigerian Stock Exchange (NSE) on Thursday, Airtel Nigeria said it paid N71.61 billion ($189 million) in respect of the license renewal fees, adding that the payment is under the terms of the spectrum licences. According to the telecom company, these spectrum licences were otherwise due to expire on November 30, 2021. Following the approval, NCC offered Airtel Nigeria the opportunity to renew its spectrum licences in both the 900MHz and 1800MHz bands…

Friday, 29 January 2021 05:27

Stock market gains N125bn on increasing demand for banking stocks

Gains in banking stocks comprising Stanbic (+5.9 per cent), Zenith (+3%) and Guaranty (+2.4%), saw the market capitalisation advanced by ₦124.9 billion to settle at ₦22.1 trillion, while return improved to 4.7% on Thursday. The All share index pushed higher by 57bps to close at 42,169.41 points. Activity level was mixed as volume traded rose 2.2% to 555.3m units while value traded dipped 21.3% to ₦5.8bn. The most traded stocks by volume were Transcorp (76.2m units), UBN (75.9m units) and Zenith (35.2m units) while Zenith (₦936.8m), Wapco (₦726.7m) and Guaranty (₦708.7m) led by value. Performance across sectors under review was…

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Friday, 29 January 2021 05:25

‘Mother’ of iconic Indomie flavour is dead

The woman behind instant noodle giant Indomie's iconic "mi goreng" flavour has passed away at the age of 59. Tributes poured out for Nunuk Nuraini, who worked as a flavour development manager at the cult favourite Indonesian brand for nearly 30 years. Many thanked her for her "legacy", one calling her a "non-cape wearing hero". Indomie has become almost synonymous with instant noodles in Indonesia, where many have grown up eating the popular brand. But it has in recent years also become a global hit, finding popularity not just across South East Asia but also Australia and Nigeria. However, even…

Friday, 29 January 2021 05:17

Why genuinely collaborative leaders follow the rule of 6 and 1

A simple way to build a stronger, more inclusive team. And be a more emotionally intelligent leader. Think of Steve Jobs and you think of the person who knew what was best for Apple. Think of Elon Musk and you think of the person who knows what is best for Tesla and SpaceX. Think of Jeff Bezos, and you think of the person who knows what is best for Amazon. The same is true for you: As a leader, you are the keeper of a company, a team, or a project. In most cases, you know best. Even so, sometimes…

Thursday, 28 January 2021 05:02

CEOs can sometimes earn 2,000 times the average wage of workers in their company. This is why

At around 1730 on Wednesday 6 January, about 34 office working hours into 2021, bosses of top British companies had earned the same amount that an average worker in the UK earns in an entire year. According to research from the High Pay Centre, an independent think tank based in London, FTSE 100 chief executives earn a median of £3.6m ($4.9m) a year – more than 100 times the £31,461 earned by full-time employees. At the top of the pile of those CEOs is Tim Steiner, chief executive of the online supermarket Ocado, who was paid £58.7m in 2019. That's…

Wednesday, 27 January 2021 05:22

Customs gives date for commencement of new duties on imported vehicles

The reduction in duties on vehicles and tractors from 35 to about 10 per cent may take off next week, Nigeria Customs Service said on Tuesday. Comptroller-General of Customs, Hameed Ali, who disclosed this to journalists in Abuja, said the management of the service was expecting an official communication from the finance ministry on the matter any moment from now. He said the vehicle tariff reduction, as contained in the 2020 Finance Act, was initiated by the NCS to ease the cost of transportation in Nigeria. He said, “We are the proponents of the new tariff. I’ve been torn apart…

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