Business News

Friday, 08 January 2021 05:04

NNPC seeks $1 billion oil prepay to revamp Port Harcourt refinery

Nigeria’s state oil firm NNPC is in talks to raise around $1 billion in a prepayment with trading firms to refurbish its largest refining complex at Port Harcourt, seven sources familiar with the discussions said. If the financing is concluded, the long overdue rehabilitation of the refinery should reduce Nigeria’s hefty fuel import bill. It would also mark Nigeria’s second oil-backed financing since the Covid-19 pandemic that has added to the difficulty of finding investors as fuel demand is sapped by lockdowns and renewable energy is gaining ground over fossil fuels. The money would be repaid over seven years through…

Friday, 08 January 2021 05:02

Oil hovers near 11-month highs, sustained by Saudi output cuts pledge

Oil prices edged higher on Friday, hovering near 11-month highs hit the previous day, as Saudi Arabia’s pledge to make voluntary cuts to its output continued to buoy the mood in the market though worries over slower fuel demand capped gains. Brent crude climbed 2 cents to $54.40 a barrel by 0122 GMT, after closing slightly higher the previous day. It touched $54.90 on Thursday, the highest since February. U.S. West Texas Intermediate (WTI) also gained 2 cents to $50.85 a barrel. The contract closed up 0.4% on Thursday after also hitting its highest since February at $51.28. Both benchmarks…

Friday, 08 January 2021 05:02

Elon Musk surges past Jeff Bezos as world’s richest man

Elon Musk, the world’s celebrated entrepreneur behind Tesla Inc. and SpaceX, is now the world’s richest man. A 4.8% surge in the electric carmaker’s share price at today’s trading session boosted Elon Musk’s wealth valuation past Jeff Bezos, the founder of Amazon on the Bloomberg Billionaires Index, a ranking of the world’s 500 wealthiest people. What this means: The tech entrepreneur just became the richest person on planet earth with a net valuation of more than $185 billion. Elon Musk’s wealth gain in 2020 marks the fastest surge to the top of the rich list in modern history— and marks…

Friday, 08 January 2021 04:58

Most entrepreneurs don’t need more funding. Here’s what they really need

Most entrepreneurs are too focused on valuations and on raising gobs of money. They are completely misguided. We try to help them actually run a business. The vow "First, do no harm" is associated with doctors, but those exact words aren't written in the Hippocratic oath. And I'd go so far as to say that such a vow is much better suited for other professionals. Take, oh, I don't know, maybe investors--particularly the kind who back young, up-and-coming enterprises. Just imagine how different the world of venture capital would be if firms tried to live by that motto. They'd have…

Thursday, 07 January 2021 05:22

Air fare to drop as FG removes VAT on flight tickets

Federal government has exempted commercial flight tickets from value-added tax (VAT). This is contained in the 2020 finance bill signed into law by President Muhammadu Buhari on December 31, 2020. The bill exempts “airline transportation tickets issued and sold by commercial airlines registered in Nigeria” and “hire, rental or lease of tractors, ploughs and other agricultural equipment for agricultural purposes” from VAT. Value-added tax (VAT) is a consumption tax placed on a product whenever value is added at each stage A five percent VAT is charged on airline tickets and remitted to the federal government. The finance law also states…

Thursday, 07 January 2021 05:18

Sex scandal: FCMB appoints acting managing director

First City Monument Bank (FCMB) has appointed Yemisi Edun as its new managing director in acting capacity, amid allegations of marital infidelity between Adam Nuru, the managing director, and Moyo Thomas, a former employee of the bank. In a tweet on Wednesday, FCMB said Edun will act as the managing director, while Nuru is on leave. In a notice sent to the Nigerian Stock Exchange (NSE) on Wednesday, the Bank said it will conduct a review of what has transpired, adding that Nuru volunteered to proceed on leave which “guarantees the sanctity of the review process.” “In line with normal…

Thursday, 07 January 2021 05:14

Jack Ma reveals what he’ld do if Chinese govt asked him for data on Alibaba’s users

Alibaba founder Jack Ma is not missing following speculation about his whereabouts, CNBC reported Tuesday. Ma is reportedly "lying low for the time being" as the Chinese Communist Party cracks down on Alibaba and Ma's financial tech firm, Ant Group. Over the weekend, Yahoo Finance reported that Ma had been missing from the public eye for two months after China pulled Ant Group's IPO in early November. In 2014, Ma told 60 Minutes about how Alibaba walks a fine line with Beijing, trying to remain independent while benefiting from China's government policies that make it difficult for foreign competitors to…

Thursday, 07 January 2021 05:12

These four leadership mindsets are driving the new economy

Are you able to change the culture of your organization? It’s possible, perhaps, if you can articulate what your culture is or if you are a CEO or C-suite executive. But let me ask a different question: Are you able to set a new tone and mindset for how your team, your project members, or your function work together and with others, both inside and outside your organization? The answer, in this case, is most likely to be a resounding yes. For the past seven years, I have asked these two questions to thousands of managers and leaders from around…

Tuesday, 05 January 2021 05:36

FG has disbursed N4bn bailout to domestic airlines. This is how the money was shared

Federal government has started disbursing the N5 billion it promised operators in the domestic arm of the country’s aviation sector whose operations were ravaged by Covid-19 pandemic. In addition, federal government and airline operators are now working together to ensure that the domestic carriers survive post Covid-19. The first step to rescue the airlines was the release of N5 billion bailout to the airlines and other operators in the industry last weekend by government, while the airlines have kick-started several levels of cooperation, including interlining and code-share to ensure that they are able to sustain their operation. Details of how…

Tuesday, 05 January 2021 05:34

Atiku sells off shares in Intels, accuses Buhari of political persecution

Co-founder of Integrated Logistics Services Nigeria Ltd (Intels), Atiku Abubakar, has been selling his shares in Intels over the years. A statement by his media adviser, Paul Ibe, on Monday in Abuja, said Abubakar, former vice president and presidential candidate of Peoples Democratic Party in the 2019 general elections, took the decision because the Muhammadu Buhari government has destroyed the economy. ”It assumed greater urgency in the last last five years, because this Government has been preoccupied with destroying a legitimate business that was employing thousands of Nigerians because of politics,” a part of the statement read. Abubakar, who was…

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Tuesday, 05 January 2021 05:33

OPEC+ deadlocked over raising oil output

OPEC+ will resume talks on Tuesday after reaching a deadlock over February oil output levels as Saudi Arabia argued against pumping more due to new lockdowns while Russia led calls for higher production citing recovering demand. The unusual decision to push negotiations into a second day was taken after a three-hour debate in a virtual meeting of OPEC+, which groups OPEC and other producers including Russia. The talks are scheduled to resume at 1430 GMT on Tuesday. OPEC+ sources told Reuters that Russia and Kazakhstan had backed raising production while Iraq, Nigeria and the United Arab Emirates suggested holding output…

Tuesday, 05 January 2021 05:32

Stocks begin 2021 on positive note with N459bn gain

Trading activities on the floor of Nigerian Stock Exchange on Monday opened the New Year on a positive note following gains recorded by major blue chip firms. Market performance indices, the NSE ASI and market capitalisation, appreciated by 2.18 per cent as some blue chip stocks recorded price appreciation. Market breadth closed positive as Honeywell Nigeria Flour Mills Plc led 32 gainers as against two losers topped by FCMB Plc at the end of the trading session, an improved performance when compared with the previous day. Consequently, the All-Share Index grew by 876.67 basis points or 2.18 per cent from…

Tuesday, 05 January 2021 05:30

Foreign investors gearing up to plug Nigeria’s $82 billion health-care gap - Report

The coronavirus pandemic has sharpened the lens on a substantial health-care spending gap in Africa’s largest economy, and international investors are seeking to fill the void. When it comes to health care, Nigeria is lagging its comparable African neighbors in terms of expenditure and access. For example, Nigeria’s public spending on health care amounts to just 3.89% of its $495 billion GDP (gross domestic product), according to the latest available figures from the World Bank, compared to 8.25% in South Africa and 5.17% in Kenya. According to a recent report from real estate consultancy Knight Frank, Nigeria would require 386,000…

Tuesday, 05 January 2021 05:19

Want to achieve success? Develop a strategic mindset

The study shows that people with a strategic mindset are the ones who, in the face of challenges or setbacks, ask themselves: “How else can I do this? Is there a better way of doing this?”. As a result, these people tend to apply more effective strategies when working towards their goals in life—including those in education, work, health, and fitness. They tend to get better grades in school, make greater progress towards their professional, health, and fitness goals, and even perform a novel challenging task more efficiently. “These findings are exciting because psychological science has long known that having…

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