Business News

Tuesday, 15 October 2019 05:36

Oil prices extend losses as weak China data compounds U.S.-China trade deal doubts

Oil prices dropped again on Tuesday after falling heavily in the previous session, as weak Chinese economic data for September added to lingering concerns about the feasibility of the U.S.-China trade deal announced by President Trump late last week. Brent crude futures (LCOc1) fell 30 cents, or 0.5%, to $59.067 barrel by 0142 GMT, while U.S. West Texas Intermediate (WTI) crude futures (CLc1) was at $53.38 a barrel, down 21 cents or 0.4%. “China’s exports and imports shrunk more than expected in September, as ongoing tariffs and a slowdown in global trade undercut demand,” analysts at ANZ bank wrote in…

Monday, 14 October 2019 04:48

6 ways to gracefully handle the most difficult people in your life

Co-workers or any difficult people in your life don't have to cause you so much angst. The only certainties in life may be death, taxes, and the presence of difficult people. Whether it's co-workers or anyone you find hard to deal with, we all go through it. Regarding the former, a study among 5,000 office workers titled "The Global Human Capital Report" indicated that 85 percent of co-workers have to deal with interpersonal conflict of some sort at work. Interacting with difficult people drains our energy, productivity, and even happiness. But those that are oil to your water don't have…

Saturday, 12 October 2019 06:04

Nigeria set to recover $62bn from oil majors – FG

Federal government says it is determined to recover over $62 billion from multi-national oil companies for ‘under-payment’ to the country since 1998. Under the country’s joint operating agreement, Nigeria is authorised to review the existing profit-sharing formula with its partners once crude oil prices at the international oil market rise above $20 per barrel. But, the Minister of Justice, Mr Abubakar Malami, was quoted to have said that Nigeria was unable to enforce the law since October 1998 when oil prices rose above the agreed threshold. Reuters reported the Minister as confirming that the joint venture partners with the Nigerian…

Saturday, 12 October 2019 06:02

After decades of search, oil found in northern Nigeria

Nigerian National Petroleum Corporation (NNPC) says it has discovered hydrocarbon deposits in the Kolmani River II Well on the Upper Benue Trough, Gongola Basin, in the North Eastern part of the country. The corporation disclosed this in a statement signed by its acting spokesperson, Mr Samson Makoji, in Abuja on Friday. It would be recalled that drilling of the Kolmani River II Well was flagged-off by President Muhammadu Buhari on February 2nd. Makoji said NNPC acquired 435.54km2 of 3D Seismic Data over Kolmani Prospect in Upper Benue Trough, Gongola Basin. He said this was to evaluate Shell Nigeria Exploration and…

Saturday, 12 October 2019 06:01

Uber launches boat service in Lagos

Global ride-hailing firm Uber Technologies Inc on Friday launched a pilot test of a boat service in Nigeria’s commercial capital Lagos to attract commuters seeking to avoid the megacity’s notoriously congested roads. United Nations predicts that Nigeria’s population will more than double to 400 million by 2050, which would make it the third most populous country in the world after China and India. The combination of population growth and congestion has made Nigeria, and more broadly West Africa, attractive to foreign transport companies. Uber’s chief business officer told Reuters in June the company planned to launch the service to carry…

Friday, 11 October 2019 05:08

Here's when you should (and shouldn't) apologise at the office

Express your remorse because you've genuinely grown, not to manipulate and pacify. Done properly, saying "I'm sorry" is a beautiful thing. It does, after all, take courage to admit that you had a negative influence on someone else. But if you spew apologies too profusely when they aren't really warranted, you actually can corrode how well people think of you. Here are a few cases when saying "I'm sorry" isn't called for: 1. You need authority Women are often guilty of this one, but it often happens to new hires or those with less experience in their careers, as well.…

Thursday, 10 October 2019 05:01

Four banks make N281bn in 6 months from lending to FG via T-Bills, Bonds

Despite low-yield environment, four leading banks generated N281bn from investing in Treasury Bills and Federal Government bonds in a half year ended June 30, 2019 audited result and accounts. This is an increase of 19.5 per cent from N235.4bn generated by the same four banks in the prior H1 2018 audited result and accounts released to Nigerian Stock Exchange. Our correspondent gathered that United Bank for Africa, followed by Zenith Bank plc continued to dominate the banking industry with investment in securities amidst Central Bank of Nigeria’s move to reduce banks’ exposure to government securities. Investment bankers, who spoke to…

Thursday, 10 October 2019 05:00

Foreign investment: FG plans visa on arrival policy

Federal Government has disclosed its planned visa on arrival policy to encourage foreign investment in the country. Minister of Foreign Affairs, Mr Geoffrey Onyeama made the disclosure in Namibia after deliberations with the Namibian Minister of International Relations and Cooperation, Netumbo Nandi-Ndaitwah, and other Namibian ministers in Windhoek. The plan to issue visas on arrival, according to Onyeama, is part of Federal Government’s Ease of Doing Business policy. The government also agreed with the Namibian government to strengthen cooperation in areas of mutual benefit, not only between Namibia and Nigeria, but with the entire African continent. Media aide to Onyeama,…

Wednesday, 09 October 2019 05:50

Beggars device new means of making money with their wheel-chairs

Some physically-challenged persons in Bauchi have resorted to using their wheelchairs to hawk petty items as against begging for alms as part of efforts to become self-reliant. Our correspondent in Bauchi who came across multiple of such persons on Tuesday reported that the rear part of their wheel-chair had been re-designed to carry their wares ranging from edible items like biscuits, sweets, yoghurts, groundnuts and kola nuts, to detergents, cooking stoves, perfumes and pomades, among others. One of such persons, Musa Bala, who sold locally-produced cooking stoves, said he was making brisk business selling each stove at the cost of…

Friday, 04 October 2019 05:58

Nigeria missed the mobile money revolution - Bloomberg

When it comes to banking by phone, Nigeria is way behind its neighbors. Photographer: Bernard Kalu for Bloomberg Markets Every month, Ifeyinwa Abel, the secretary of a Pentecostal church in Lagos, spends as much as a quarter of her salary sending money to pay for diabetes drugs to her mother 430 miles away in Abia Ohafia, a small agricultural village. It isn’t easy. First Abel, 35, has to go to a bank branch in Lagos, the country’s commercial hub, and transfer 6,000 naira ($17) into the account of a friend in Ebem Ohafia, another town in Abia state. Then she’s…

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Friday, 04 October 2019 05:56

Why grit is more important than IQ when you're trying to become successful

Lisa Quast You attended the party of a long-time friend and ran into a lot of people from high school that you hadn’t seen in years. During chit-chat over appetizers and drinks, you could feel the friendly competition heating up. While comparing career accomplishments, you were shocked to learn that the kid from school with the genius IQ, the one all the teachers thought would be spectacularly successful, had struggled with his career. How could this be, you wondered. This was the person everyone thought would invent something that would change the world. It turns out that intelligence might not…

Thursday, 03 October 2019 06:00

We’ve been collecting unprecedented revenues since border closure - Customs chief

Comptroller General of Nigeria Customs Service, Mr Hameed Ali, has declared the agency collected N9.2 billion in one day as a result of the ongoing partial border closure exercise by Federal Government. Ali, answering questions from members of Joint National Assembly Committee on Finance in Abuja, said the agency maintains an average revenue collection of N5billion to N6billion on a daily basis. The customs boss was at National Assembly on the invitation of National Assembly joint committee on Finance presently considering the 2020 – 2022 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) submitted to both chambers by President…

Wednesday, 02 October 2019 06:15

In major crackdown, Customs shuts down car dealers’ shops in Lagos, Kaduna, Sokoto

In continuation of its war on smuggling in line with the closure of land borders across the country, Nigeria Customs Service (NCS) in a major crackdown shutdown some car marts suspected to have smuggled vehicles into the country through land borders. Members of the Comptroller General of the service’s strike force and officers attached to Federal Operations Unit (FOU), Zone ‘A’, Ikeja stormed the popular Berger along Apapa-Oshodi Express Road and other major car dealers’ premises across Lagos in search of smuggled vehicles and subsequently shut down the car marts until further notice. It was learnt that the car marts…

Tuesday, 01 October 2019 05:26

Air Peace gets approval to operate daily flights to South Africa

South African government has granted Air Peace permit to commence commercial flights to Johannesburg, Nigerian Ministry of Foreign Affairs has said. A spokesperson for the ministry, Mr Ferdinand Nwonye, said the proprietor of the airline, Mr Allen Onyema, confirmed that the airline would commence operation as soon as possible to promote air travel between Nigeria and South Africa. The agreement was made at the 9th Session of the Nigeria/South Africa Bi-National Commission Summit in Pretoria on September 27. The joint commission was established in 1999 to encourage relations between the two nations. The Bi-National Commission was upgraded in 2001 to…

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