Business News

Saturday, 05 September 2020 04:44

CBN sets N10bn maximum loan per applicant from the gas intervention fund

Central Bank of Nigeria has set N10bn as the maximum loan an obligor can access under its N250bn intervention fund for the gas sector. It disclosed this in a guideline titled ‘Framework for the implementation of intervention facility for national gas expansion programme’, released on Friday. Part of the term loan conditions for manufacturers, processors, wholesale distributors, was that the term loan, “Shall be determined based on the activity and shall not exceed N10bn per obligor; “Working capital is maximum of N500m per obligor.” CBN said it introduced the N250bn intervention facility to help stimulate investment in the gas value…

Friday, 04 September 2020 03:57

Power companies declare force majeure over CBN policy on revenue collection

Six electricity distribution companies (DisCos) have filed for force majeure over a decision by Central Bank of Nigeria (CBN) that all revenues should be ring-fenced by the banks. The firms are Benin DisCo, Port Harcourt DisCo, Kaduna DisCo, Kano DisCo, Abuja and Ibadan DisCos. The DisCos were said to be unhappy with the decision and have written to Bureau of Public Enterprises (BPE) that the agreements under which they bought majority stakes in the entities have been broken. By declaring a dispute, DisCos may return their stakes to the government and demand a refund of their payments when they took…

Friday, 04 September 2020 03:51

Naira strengthens further against dollar

The Naira on Thursday gained one point to appreciate against the dollar at the parallel market in Lagos. Naira exchanged at N439 to a dollar at the parallel market in Lagos, while Pound Sterling and the Euro closed at N580 and N495 respectively. Investors at the investor’s window traded the naira at N386.25 to a dollar as market turnover stood at 92.18 million dollars. However, the naira was sold at 379 to a dollar at the official Central Bank of Nigeria (CBN) window. The planned sale of foreign exchange to Bureau De Change Operators nationwide has sent panic to the…

Friday, 04 September 2020 03:49

FG 'no longer in the business of fixing' fuel prices - Minister

Federal government is “no longer in the business of fixing” fuel prices, minister of state for oil, Mr Timipre Sylva, said on Thursday. Nigeria, Africa’s largest oil producer had been spending 1 trillion naira ($2.63 billion) a year subsidising petrol prices but the global oil price crash had made removing the subsidies “inevitable”, Sylva told an online briefing. “It is about the survival of our country, the economic survival,” he said. “There are certain things that the country can ill-afford at this time.” In March, the government announced a new pricing mechanism that it said would maintain its control, but…

Friday, 04 September 2020 03:48

CBN approves forex for emergency maize importation to stem food shortage

Central Bank of Nigeria (CBN) has granted approval to four agro-processing companies to import 262,000 tons of maize and corn in the bid to complement an anticipated shortfall of the commodity in the country. This was disclosed in an internal memo of Nigeria Customs Service. The memo was endorsed by deputy comptroller–general, Mr T.M Isa (Tariff and Trade), which also was confirmed to the media by the service’s public relations officer, Mr Joseph Attah. “In line with government policy on food security, sufficiency and striking a balance between food imports and local production capacities to meet anticipated shortfall, Central Bank…

Friday, 04 September 2020 03:40

Pivot. Delegate. ‘Be an adult for goodness’ sake.’ Leadership lessons from the world’s top CEOs

Eben Shapiro “I like to sleep late and then take a short nap during the day to recharge,” said no CEO, ever. Whether it’s the demands of the job or self-selection, the typical rising time of chief executives appears to be 5 a.m. And they’re not waking up early to finish binge-watching Season 6 of Alone. They’re hitting the gym for some sort of intense cardio workout. One fiscal quarter into TIME’s weekly Leadership Brief series, we are hitting pause to offer some lessons learned from our first 13 installments. Even though our sample size is relatively small, our interview…

Thursday, 03 September 2020 04:52

What’s the new pump price of petrol: N151.56 or N162?

Barely two days after electricity tariff was increased by about 300 per cent, oil marketers yesterday fixed pump price for Premium Motor Spirit (PMS), popularly called petrol, at N162 per litre. The marketers fixed the new price following Federal government’s announcement that the product would now be sold to marketers at the depot price of N151.56. Marketers’ new price announcement came as Petroleum Products Pricing Regulatory Agency - the agency expected to modulate the price monthly, failed to announce the new retail price. They claimed the absence of PPPRA’s template created confusion coupled with the issuance of two conflicting statements…

Thursday, 03 September 2020 04:47

Nigeria incurred N1.8trn trade deficit in Q2, 2020 – NBS

Nigeria recorded a trade balance deficit of N1.8 trillion at the end of second quarter, making the third consecutive quarter of negative trade balance. National Bureau of Statistics disclosed this in its ‘Foreign trade in goods statistics’ report for second quarter, released on Wednesday. It also revealed that the value of Nigeria’s merchandise trade stood at N6.24 trillion in second quarter of 2020. Part of the report read, “This indicated a sharp fall of 27.30 per cent in Q2, 2020 compared to Q1, 2020 and 27.46 per cent compared to Q2, 2019. “Value of total trade year to date amounted…

Thursday, 03 September 2020 04:37

Tesla introduced a business model the world hasn’t seen before

Alex Voigt You can save tens or hundreds of thousands of dollars with continuous improvements to a Tesla, which is a stark contrast to other automaker that do something else continuously: ask you to pay again! One of the major reasons why Tesla is winning against its competition hands down is completely overlooked, underrated, and rarely mentioned. It is the value creation for customers. Other manufacturers have no answer for. Tesla adds value for its customers like no other company in the world. I am not talking about safety features, being fun to drive, or sustainable transportation soft values, but…

Wednesday, 02 September 2020 05:25

Electricity companies increased tariffs yesterday. But not all consumers will pay the new rates. Here’s how it’ll work

Electricity distribution companies (DisCos) across the country on Tuesday began the implementation of a new electricity tariff regime. In press statements issued on Monday, the distribution companies notified their customers of the commencement of the new charges. Nigerian Electricity Regulatory Commission (NERC) said the electricity tariff reviews will only follow service-based principles and prior consultation with customers. According to a statement issued on Wednesday by Mr James Momoh, Chairman of NERC, under these service-based principles, DISCOs will only be able to increase tariff rates for customers when they consult with customers, commit to increasing the number of hours of supply…

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Wednesday, 02 September 2020 05:24

Naira gains strength at parallel market

Naira strengthened to its strongest level in street trading since at least April as supplies of U.S. currency surged ahead of an auction set for next week by central bank. The local unit traded 440 naira per dollar on Tuesday from a peak of 477 naira last week, according to abokifx.com, which collates rates from street traders in Lagos, the nation’s commercial hub. In the official spot market, the unit weakened 0.1% to 385.78 naira per dollar as of 4.30pm on Tuesday. The parallel rates drifted 5% weaker than the official rate of 380 naira from March after the central…

Wednesday, 02 September 2020 05:22

Stock Exchange suspends six firms, states reason

Nigerian Stock Exchange (NSE) has suspended trading in six companies over their inability to comply with extant corporate governance rules and best practices that mandate them to submit their financial statements within a specified period. The suspended companies include: FTN Cocoa Processors Plc; Medview Airline Plc; Niger Insurance Plc; R.T. Briscoe (Nigeria) Plc; Union Dicon Salt Plc and Capital Oil Plc. NSE suspended trading on the shares of the companies with effect from Tuesday September 1, 2020 over their failure to “file their audited financial statement for the year ended December 31, 2019”. Listing and regulatory rules at the capital…

Wednesday, 02 September 2020 05:12

3 ways great leaders make their organizations adaptable

As businesses work not only to survive this global pandemic, but also to thrive in a rapidly changing world, speed and agility are paramount. To be successful, businesses have had to respond quickly to this year’s major disruption, adapting their operations to provide what their customers need. How Businesses Are Adapting in the Pandemic Through my experience working with Vistage leaders (Vistage International is the world’s largest network of CEOs), as well as the thousands of other businesses I interact with, I’ve seen countless examples of companies that adapted to the demands imposed by COVID-19. They made transformational changes in…

Tuesday, 01 September 2020 05:23

CBN fixes capital base requirement for mobile money licence

Central Bank of Nigeria (CBN) said it will grant more licences for payment service banks but has set a minimum capital base of $13 million, which could deter telecoms firms and some other potential new entrants to the digital financial services sector. CBN in a circular on Monday said that telecom firms, banking agents, retail chains and postal services could apply for licences to become payment banks. To do so they must set up a separate company for it with a minimum capital of 5 billion naira ($13 million) and run it as an independent entity from their existing operations.…

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