Business News

Thursday, 25 June 2020 05:37

FG to create 3 companies from NIPOST

Ongoing reform of Nigerian Postal Service (NIPOST) is expected to birth three commercial ventures - NIPOST Properties & Development Company; NIPOST Transport & Logistics Company; and NIPOST Microfinance bank Limited - when it is eventually completed. Director-General of Bureau of Public Enterprises (BPE), Mr Alex Okoh made the disclosure in Abuja on Wednesday while inaugurating the sub-committee of the implementation committee for the postal sector reform, restructuring and modernisation of NIPOST at the Bureau’s corporate head office. According to him, the reform was not a privatisation exercise but to unbundle NIPOST into viable subsidiary companies which will operate on the…

Wednesday, 24 June 2020 04:59

FG power agency owes electricity companies N120bn for Q1, 2020

Nigeria Bulk Electricity Trading Plc failed to pay 25 power producers a total of N119.55bn in the first three months of this year for the electricity produced and fed into the national grid. The government-owned NBET buys electricity in bulk from power generation companies through Power Purchase Agreements and sells through vesting contracts to the distribution companies, which then supply it to the consumers. NBET received a total invoice of N156.12bn from Gencos in the three-month period but only paid N34.54bn, representing 22.12 per cent of the invoice. The power stations gave NBET a total invoice of N51.85bn in January;…

Wednesday, 24 June 2020 04:53

Ex-Google worker becomes China’s second-richest person

A former Google employee was briefly ranked the second richest person in China, following a surge in sales at his e-commerce business, Pinduoduo. Colin Huang was valued at $45.4bn (£36.4bn) by Forbes, on Sunday, ahead of Alibaba's Jack Ma but behind Tencent's Pony Ma. Mr Huang was previously an intern at Microsoft and then spent three years as an engineer at Google. “These three years were incredibly valuable to me,” he blogged in 2016. “Google gave me far more than I contributed.” According to Forbes, a slip in Pinduoduo's value has since given Mr Ma back the second spot. Shopping…

Tuesday, 23 June 2020 05:13

Virgin Atlantic announces date of flights resumption from Lagos

Virgin Atlantic has announced its intention to resume flights from Lagos to London Heathrow from August 24, 2020. According to a statement by the airline, international flight will be operated on its new A350-1000 aircraft and will provide connections to a range of US destinations. In addition, the airline promised to resume flying to 16 additional destinations around the world. Chief Commercial Officer of Virgin Atlantic, Mr Juha Jarvinen, said, “As countries around the world begin to relax travel restrictions, we look forward to welcoming our customers back onboard and flying them safely to many destinations across our network. “From…

Monday, 22 June 2020 14:19

Want to outpace your competition? This is what to do

A core principle that I learned from over a decade as a Lean/Agile coach is that one of the best sources of learning is your recent past. However, most teams don't learn from this fountain of knowledge because they don't have a system in place for analyzing and processing results. By reflecting on what you've accomplished and where you've failed, you can find key patterns and discover the sources of your outcomes. Once you can see these root causes, you can begin to make strategic changes to improve and get better results going forward. Once this is fully embraced and…

Monday, 22 June 2020 05:19

Youth protests in Delta shut in 44,000 bpd of crude oil

Nigeria has been losing about 44,000 barrels of crude oil daily since Saturday following shutdown of Odidi and Batan oil flow stations by protesting youths in some Delta oil-producing communities. The flow stations remained shut as of Sunday evening, it was gathered. Aggrieved youths from Odidi/Kantu and Diebiri-Batan communities in Warri South West Local Government Areas are protesting against alleged nonpayment of bills owed the host communities by major oil-producing companies. Our correspondent gathered that the protesting youths had vowed that the station would remain shut until the operator, Neconde Energy Limited, had cleared all bills owed the host communities.…

Monday, 22 June 2020 05:18

Electricity companies blame high import duties for slow metering

Electricity distribution companies (Discos) in the country’s power supply chain yesterday blamed federal government’s high import duty on meters for the difficulty in providing the equipment for their customers. The power distributors maintained that among other hurdles slowing the firms’ 2021 metering target of Meter Asset Providers (MAP) regulation, inability to clear the goods from the ports remains a major setback for the industry. Many of the Discos, including Abuja Electricity Distribution Company (AEDC), have recently put the federal government charges at 35 per cent, which has made it almost impossible to get meters into the country. Coming under their…

Monday, 22 June 2020 05:13

Three biases every leadership team needs to watch out for

Leadership teams can fall into thinking traps like any other team. Here are three common pitfalls and how to avoid them. As a strategic coach, I spend a lot of time helping leadership teams assess their current situations and find key areas that need focus. At the core of my role is helping teams identify and articulate the issues and then facilitate the discussion between members. I make sure the conversation stays constructive, that all of the issues are being addressed, and that everyone is contributing their thoughts and ideas to the discussion. Having worked with dozens of leadership teams…

Sunday, 21 June 2020 06:07

Foreign direct investments in Nigeria declined 48 percent in 2019 - Report

The weak demand for Nigeria’s crude oil in 2019 led to a decline in foreign direct investment flow into the country, the latest World Investment Report 2020 stated. The report published by United Nations Committee for Trade and Development said that FDI into Nigeria declined by 48 per cent to $3.3bn in 2019 from $6.4bn in 2018. It noted that that Africa experienced a general slump in FDI flows in 2019 by 10 per cent to $45bn due to more moderate economic growth and dampened demand for commodities. The report said, “Inward FDI to Nigeria almost halved, to $3.3bn due…

Sunday, 21 June 2020 06:06

NNPC commences search for oil in Plateau state

Nigerian National Petroleum Corporation (NNPC) says it is exploring for oil and gas in Wase and Kanam Local Government Areas of Plateau State. NNPC said Wase and Kanam, which are parts of the Upper and Middle Benue Trough have oil and gas prospects capable of contributing to the economic growth of the country. The exploration exercise was disclosed on Saturday when Management of the organisation paid Governor Simon Bako Lalong a courtesy visit at Government House, Little Rayfield, Jos. Group Managing Director of NNPC, Mr Mele Kyari through the Group General Manager, Frontiers Exploration Services, Mr Abdullahi Bomai, while highlighting…

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Saturday, 20 June 2020 05:18

CBN debits banks N126bn to strengthen Naira exchange value

Central Bank of Nigeria has debited N216bn from banks with excess cash holdings as part of measures to strengthen the naira. The naira had come under intense pressure in recent months during the coronavirus pandemic. A sharp fall in the price of oil – Nigeria’s main export – and departing foreign investors caused a large financing gap. The currency had been hitting new lows on the over-the-counter spot and black markets since March after central bank adjusted its official rate, implying a 15 per cent devaluation to absorb the impact of an oil price crash. On Friday, the dollar exchange…

Friday, 19 June 2020 15:47

Company selling citizenship of influential countries opens in Nigeria

Henley & Partners Group, a citizenship and residency advisory firm that helps the rich acquire second passports, will set up an office in Nigeria. Following in the footsteps of other globally mobile nationals from China, Southeast Asia and the former Soviet Union, wealthy Africans represent a steadily increasing part of its business, according to the Zurich-based company. Expressions of interest in either passports or residency rights from Africans have jumped in recent years to more than 1,000 in the first quarter of this year from about 750 a year earlier, it said. Nigeria will be its second outpost in Africa.…

Friday, 19 June 2020 05:50

CBN to fund 9 agric commodities value chains with N432bn

Central Bank of Nigeria on Thursday said it plans to fund the value chains of nine agricultural commodities to the tune of N432bn in the 2020 wet planting season. It outlined the commodities to include rice, cotton, oil palm, tomato, cassava, poultry, fish, maize, cocoa and livestock/diary. Senior officials of the bank disclosed this at a stakeholders’ meeting to review the successes recorded under CBN Anchor Borrowers Programme and the strategies for the 2020 agricultural wet season. This came as the bank said it would release a framework for the integration of non-interest window in all its intervention programmes. It…

Friday, 19 June 2020 05:42

Tesla has overtaken Toyota as world’s most valuable auto company. Here’s what other automakers are worth

Tesla has surpassed Toyota to become the most valuable automaker in the world. According to Visual Capitalist, the Elon Musk-led outfit is currently valued at $183 billion, while Toyota is now the second most valuable car company at $176 billion. Volkswagen and its $84 billion currently sit in third position, while Honda and Daimler round out the top five at $45 billion and $44 billion, respectively. Tesla has increased its value by 375 percent since this time last year. Following a stock surge in January, the company became worth more than Ford and GM combined. Visual Capitalist also points out…

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