Business News

Thursday, 07 November 2024 04:31

Marketers fight back as Dangote asks court to block fuel imports

Three oil marketers, AYM Shafa Limited, A. A. Rano Limited, and Matrix Petroleum Services Limited, have asked the Federal High Court in Abuja to dismiss a suit filed by Dangote Petroleum Refinery and Petrochemicals. The marketers, in a joint counter affidavit marked: FHC/ABJ/CS/1324/2024, and dated November 5, 2024, a response to an originating summon filed by Dangote Petroleum Refinery and Petrochemicals, argued that granting the application of refinery would spell doom for the country’s oil sector. They emphasised that the plan to monopolise the oil sector is a recipe for disaster in the country. Dangote refinery in its originating summon…

Wednesday, 06 November 2024 04:55

3 steps you can't miss when growing your business

Peter Daisyme Key Takeaways Consistent, strategic effort is essential for long-term business growth; shortcuts won't sustain success. Analyzing competition, building authentic brands, and forging partnerships are crucial for business expansion. When you grow a plant from seed, you can't afford to miss a step. You must plant it at the correct depth, in proper soil, and give it the right amount of water and sun. Do everything right, and it will grow and flourish. Fail, and it will as well. Your business is no different. It takes time, attention, and knowledge to help it expand by whatever criteria you think…

Tuesday, 05 November 2024 04:47

Marketers insist imported petrol cheaper than Dangote’s N990/litre

The Petroleum Products Retail Outlets Owners Association of Nigeria says the Dangote Petroleum Refinery is inconsiderate for selling petrol at N990/litre, stressing that the company enjoyed massive concessions while accessing foreign exchange during its construction. PETROAN also insisted that imported petrol was cheaper than the N990/litre price of Dangote petrol. Major marketers recently revealed that the landing cost of imported petrol as of October 31, 2024, was N978/litre. On Sunday, the Dangote refinery alleged that PETROAN and the Independent Petroleum Marketers Association of Nigeria were planning to import substandard petroleum products into the country. Reacting to this in a statement…

Tuesday, 05 November 2024 04:39

The 3 hardest things about being a CEO, according to Inc. 5000 entrepreneurs

CEOs never get a day off. Oftentimes, their lives can feel like an endless slog from one hard decision to the next. Inc.’s 2024 CEO Survey found that many of the leaders of Inc. 5000 companies cite strikingly similar challenges that come along with being the boss. For Robbie Harrell, founder and CEO of Saint Paul, Minnesota-based sculpture-grade ice company Minnesota Ice, running a company means constantly trying to avoid burnout. Founded in 2013, the company claimed the No. 1,416 spot on the 2024 Inc. 5000 list. Here are the three hardest things about being a CEO, according to the…

Monday, 04 November 2024 03:55

Dangote Refinery succumbs to pressure, reveals prices it sells petrol

The Dangote Petroleum Refinery says any oil marketer that sells petrol cheaper than the price it offers is importing substandard products. In a statement on Sunday, the refinery countered claims by some oil marketers that the cost of the product is higher than that of the imported petrol. On November 1, the Independent Petroleum Marketers Association of Nigeria (IPMAN) said petrol — also known as premium motor spirit (PMS) — from the refinery was more expensive than buying from other sources. Yakubu Suleiman, national assistant secretary of IPMAN, speaking on Arise Television’s Morning Show programme, said the group’s members go…

Monday, 04 November 2024 03:51

10 banks rake in N4.2tn profit amid factory closures, business failures

Ten Deposit Money Banks raked in N4.20tn in the first nine months of this year, an analysis of their quarterly financial reports has indicated. The banks listed on the Nigerian Exchange Limited saw their profit for the period climb by 102.81 per cent to N4.20tn from N2.07tn recorded at the end of the third quarter in 2023. The financial institutions include Tier-1 banks: Zenith Bank, Guaranty Trust Holding Company, AccessCorp, United Bank for Africa and FBN Holdings. Others are Stanbic IBTC Holdings, Sterling Bank, Ecobank, Wema Bank and Jaiz Bank. This surge in the profits of the banks is coming…

Monday, 04 November 2024 03:44

How to create a positive work environment as a leader

Sam Rockwell How to Create a Positive Work Environment As a Leader A leader's well-being is the cornerstone of effective team management. When leaders support their own and their team's well-being through the practice of 'Expressive Arts,' they create a positive environment that fosters self-awareness, trust, collaboration and productivity within their teams. As a leadership development researcher and consultant, I tend to be intrigued but skeptical when I hear stories about painting as team building or writing poetry to enhance leadership performance. I then found the work of Dr. Michelle Williams, who uses something called "Expressive Arts" to help leaders…

Sunday, 03 November 2024 04:44

Hotels are shutting down due to high running costs - Operators

The high rate of inflation in NIgeria is taking its toll on hotels, forcing them to shut down operations, industry operators have cried out. Hoteliers have called on the government to intervene in the industry to address the escalating cost of doing business. In separate interviews with The PUNCH, the stakeholders noted that their challenges were confirmed by recent figures from the National Bureau of Statistics, which revealed that inflation in the restaurants and hotels division contributed 0.40 per cent to Nigeria’s headline inflation rate, which rose to 32.70 per cent in September. The hospitality sector is hit hard by…

Saturday, 02 November 2024 04:59

IPMAN accuses Dangote Refinery of selling fuel at prices higher than even imported products

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has voiced concerns over the high logistical costs associated with purchasing petrol from the Dangote refinery, leading members to seek more affordable alternatives at other depots nationwide. IPMAN Secretary Suleiman stated, “If Dangote sets a price at N1,000 per litre and another supplier offers it for N900, we can’t prioritize our relationship with Dangote over profitability. We have to buy where the prices are lower.” He noted that last week, Dangote’s price was N995 per litre, while crude prices globally are on the decline. With additional transport and loading costs, he questioned…

Friday, 01 November 2024 04:54

Credit to government jumps 90 percent to N42trn as money supply rises, CBN reports

Banks’ credit to the government surged to a record N42 trillion in September 2024, amid growing money supply (M3). According to data from the Central Bank of Nigeria (CBN), credit to the government rose by 89.8 percent year-on-year to reach N42.01 trillion in September 2024, up from N22.13 trillion in September 2023. This significant increase highlights the growing reliance on bank financing by the government. On a monthly basis, commercial banks’ credit to the government also recorded a sharp rise. In August 2024, this figure was N31.15 trillion but jumped 34.86 percent by September. This monthly increase shows a rising…

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Thursday, 31 October 2024 04:43

Fuel marketers to Dangote: If traders aren’t buying your products, check your pricing, loading time

The Independent Petroleum Marketers Association of Nigeria (IPMAN) says its members were unable to load petrol from the Dangote refinery for days. Abubakar Garima, IPMAN’s president, spoke on Channels Television’s ‘Sunrise Daily’ programme on Wednesday. Garima expressed surprise at the comments of Aliko Dangote, founder of the Dangote Petroleum Refinery, that marketers were bypassing his company to purchase imported petrol. On October 29, Dangote had said his refinery had over 500 million litres of petrol available for sale. The billionaire said retailers were not collecting available products to ease petrol queues, resulting in financial losses for the company. In response,…

Wednesday, 30 October 2024 05:20

Dangote says refinery has 500m litres of fuel, but marketers aren’t buying

Aliko Dangote, President of Dangote Group, announced on Tuesday that his refinery is capable of meeting Nigeria’s petrol needs, yet marketers are not taking advantage of the available supply. Dangote revealed that about 500 million liters of petrol remain in the refinery’s tanks, unused by retailers. He spoke to journalists at the State House after attending a meeting with President Bola Tinubu and the Implementation Committee on the Sale of Crude and Refined Petroleum Products. “We have enough crude and can produce over 30 million liters of petrol daily. At full capacity, we could supply all domestic demand. Right now,…

Tuesday, 29 October 2024 04:50

Stocks on NGX drop N448bn on profit taking

The stock market segment of the Nigerian Exchange Limited (NGX) kicked off the new week on a negative note, dropping by N448.41 billion over investors’ profit-taking in BUA Cement Plc and 27 others listed companies. As the stock price of BUA Cement dropped by 10 per cent to close at N99.00 per share, the overall market capitalisation closed yesterday at N59.812 trillion, about N448.41 billion decline from N60.2601 trillion it closed for trading last week. Consequently, the NGX All-Share Index declined by 0.74 per cent to close at 98,708.90 basis points from 99,448.91basis points it opened for trading, with the…

Tuesday, 29 October 2024 04:50

CBN signs funding deal with IFC to boost financing of local businesses in Naira

The central bank of Nigeria has signed an agreement with the International Finance Corp to expand local currency financing for Nigerian businesses and cut foreign exchange risks, the agencies said in a statement on Monday. The IFC, a World Bank Group member, aims to "significantly scale up" its financing in Nigeria, targeting over $1 billion in the coming years, the statement said. The partnership will enable IFC to manage currency risks and increase its investments in Nigeria's naira currency across agriculture, housing, infrastructure, energy, small and medium-sized enterprises, and the creative industry. "Many of these sectors require local currency financing,…

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