Business News

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…

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…

Monday, 11 January 2021 06:28

350 individuals, entities owing N3.6tn out of outstanding debt of N4.4tn - AMCON

Management of Asset Management Corporation of Nigeria has called on all agencies of the Federal Government and all stakeholders to join its debt recovery drive to guard against the huge opportunity cost of not recovering its huge total current exposure. The corporation which in recent past had said its obligations was N5tn, disclosed that its exposure has reduced to N4.4tn. It stated this in a statement titled ‘Risk of not recovering over N4.4tn current exposure bad for economy – AMCON’. It stated, “This colossal outstanding going by the 2021 budget estimate rivals the entire budget of the 36 states of…

Monday, 11 January 2021 06:26

Dangote lost $900m in a single day - Report

President/Chief Executive, Dangote Industries Limited, Aliko Dangote, saw his total net worth drop by $900m on Friday as his flagship company emerged the biggest loser at the end of trading on the Nigerian Stock Exchange. Bloomberg Billionaires Index, which is a ranking of the world’s 500 richest people, showed that his wealth fell from $18.4bn on Thursday to $17.5bn on Friday, making him the 114th wealthiest man in the world, down from 106th the previous day. Dangote’s net worth had risen from $15.5bn on December 13 to close the year 2020 at $17.8bn. It further gained $600m in the first…

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Monday, 11 January 2021 06:17

The magic of money: 5 key lessons on commitment

Money? We all want more of it. We are entrepreneurs, and without trophies, often money is our most-used measuring stick. I met with money coach Amanda Marit to learn how she went from five cents in her bank account to over six figures. "Cut up the ticket from the struggle bus, because you’re not getting back on," Amanda Marit says with a laugh. I'm meeting with her to discuss journey from cubicle to podcast and coaching empire. I've always admired Marit's ability to create money and sustainability, and I had a feeling she'd have some secret sauce for each of…

Saturday, 09 January 2021 06:12

Stocks lose N246bn in value within 6 hours of trading

The bears dominated trading activities on the Nigerian Stock Exchange on Friday with the market capitalisation losing N246bn in six hours of trading. Specifically, the News Agency of Nigeria reports that the market capitalisation, which opened at N21.224tn shed N246bn to close at N20.978tn. Similarly, NSE All-Share Index decreased by 470.64 points or 1.16 per cent to close at 40,120.22 from 40,590.85 posted on Thursday. A breakdown of the price movement shows that Dangote Cement topped the losers’ chart with N19.90 to close at N225 per share. Lafarge Africa trailed with a loss of 10k to close at N22.30, while…

Saturday, 09 January 2021 06:08

Bandits kidnap 6 children of same parent in Zamfara

Police Command in Zamfara has confirmed the kidnap of six children of one Sani Gyare and one other in Kadauri village, Maru Local Government Area of the state. The Command’s Public Relations Officer, Shehu Mohammed, confirmed the incident on Friday in Gusau. He said the command received information on the abduction of seven children, six of whom are children of Mr Gyare and the seventh, a female picked from a neighbouring house all in Kadauri village in Jabaka district of Maru LGA. “Commissioner of Police in the state, Abutu Yaro has deployed a combined team of CTU and Police Mobile…

Friday, 08 January 2021 05:05

SMEs, others in agric sector may be granted pioneer status for 6 years - Official

Taiwo Oyedele, West Africa Tax Leader and a member of PwC Global Board for Leadership Development, has revealed that SMEs and other small companies actively involved in primary agricultural production may be granted pioneer status for almost six years. This disclosure was made in a tweet shared by the tax expert who played a major role as a member of the Inter-Ministerial Committee that drafted the 2020 Finance Bill. According to Oyedele, small businesses and companies engaged in primary agricultural production in the pioneer industry such as crop, livestock, forestry and fisheries may be granted pioneer status for an initial…

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