Business News

Tuesday, 05 November 2019 05:18

NNPC to build two new refineries

Nigerian National Petroleum Corporation has said it is in the process of establishing two new 200,000 barrels-per-day condensate refineries to boost in-country refining capacity. Unlike the conventional refineries, condensate refineries primarily refine condensate, not crude oil. They often produce one product, mostly Premium Motor Spirit, popularly known as petrol. NNPC’s Group Managing Director, Mr Mele Kyari, disclosed this in a statement issued by the oil firm in Abuja on Monday, adding that upon completion, the refineries would help transform Nigeria into a net exporter of petroleum products. He said the exportation of petroleum products from the condensate refineries would be…

Monday, 04 November 2019 05:26

1. 4m Nigerians jostle for 5,000 vacancies in Civil Defence

Over 1.4 million Nigerians have applied for vacancies in Nigeria Security and Civil Defence Corps (NSCDC). But authorities of NSCDC confirmed that there were vacancies for only 5,000 personnel whose fate would be determined by the board of the Corps in the next few weeks. NSCDC, which opened its online portals for online filing of applications, posted the vacant positions on August 9, 2019. But by the time the deadline elapsed on September 7, 2019, over 1.4 million Nigerians had applied for the various positions announced by NSCDC, Fire, Immigration and Prisons Service Board. NSCDC spokesman Emmanuel Okeh, who confirmed…

Monday, 04 November 2019 05:25

McDonald's CEO pushed out after relationship with employee

McDonald’s chief executive officer has been pushed out of the company after violating company policy by engaging in a consensual relationship with an employee, the corporation said Sunday. The fast food giant said former president and CEO Steve Easterbrook demonstrated poor judgment, and that McDonald’s forbids managers from having romantic relationships with direct or indirect subordinates. In an email to employees, Easterbrook acknowledged he had a relationship with an employee and said it was a mistake. “Given the values of the company, I agree with the board that it is time for me to move on,” Easterbrook said in the…

Monday, 04 November 2019 05:23

Zenith Bank ignites Lagos with ‘Style by Zenith 2.0’

Following the success of the maiden edition, Nigeria’s leading financial institution, Zenith Bank Plc is set to ignite Lagos with the second edition of its highly anticipated Lifestyle Fair, “Style by Zenith 2.0”, which holds from Friday, November 29 to Sunday, December 1, 2019. First launched in 2018, the “Style by Zenith 2.0” initiative, which was created with the objective of supporting and creating value for customers by focusing on various aspects of their lifestyle, will hold at the Eko Energy City, Eko Atlantic, Victoria Island, Lagos. This year, “Style by Zenith 2.0” takes things up a notch with the…

Monday, 04 November 2019 05:21

You may have a well-paying job, but if you don't do this one thing, you'll never be rich

Jack Kelly One of the best career advice tips I have to offer you has nothing to do with your job. You can have the best job in the world and earn a small fortune, but if you don’t do this one thing, you will not find long-term success. The secret is that it’s all about what you do with the money you earn. The most common mistake people make is when they spend $3 for each $1 earned. This was drilled into me by my dad—who was a first-generation American and teacher in Brooklyn—when I was a little kid.…

Saturday, 02 November 2019 05:34

ENL Consortium responds to Makinde’s stoppage of N67bn Ibadan project

PRESS RELEASE The attention of ENL Consortium Ltd has been drawn to various reports in the news media suggesting that ENL Consortium Limited was paid N67 billion by Oyo State Government to construct the Circular Road, in Ibadan Oyo State, and has failed to perform. This followed the site inspection led by the Oyo State Governor, Mr Seyi Makinde yesterday during which he expressed disappointment over the pace of work. For the avoidance of further misunderstanding, here is setting the records straight on the Ibadan Circular Road project: OYO STATE GOVERNMENT NEVER PAID ENL Consortium Ltd any kobo to execute…

Saturday, 02 November 2019 05:33

Google buys Fitbit for $2.1 billion

Google, the company that helped make it fun to just sit around surfing the web, is jumping into the fitness-tracker business with both feet, buying Fitbit for about $2.1 billion. The deal could put Google in direct competition with Apple and Samsung in the highly competitive market for smartwatches and other wearable electronics. But it also raises questions about privacy and Google’s dominance in the tech industry. The company’s announcement Friday came with a promise that it won’t sell ads using the intimate health data that Fitbit devices collect. Fitbit is a pioneer in wearable fitness technology, making a range…

Wednesday, 30 October 2019 06:35

While crude oil is produced in other countries for less than $10 per barrel, it is more than $35 in Nigeria - Minister

Nigeria must do all within its powers to reduce the cost of crude oil production to help boost revenue generation for economic growth and national development, Minister of State for Petroleum Resources, Mr Timipre Slyva, has said. Sylva, who spoke at a seminar on effective cost management in the oil and gas sector in Abuja on Tuesday, said the current production cost of over $30 per barrel in Nigeria was not sustainable. The minister was represented by his Chief of Staff, Mr Moses Olamide. The seminar was organised by Petroleum Technology Development Fund (PTDF) in collaboration with Quantity Surveyors Registration…

Wednesday, 30 October 2019 06:33

Nigerians are shunning payment via POS in supermarkets, fuel stations, others. This is why

More Nigerians are now shunning transactions via Point of Sales (PoS) terminals; owing to the implementation of a ₦50 additional charge by merchants, as imposed by Central Bank of Nigeria (CBN), in collaboration with the Nigeria Inter- Bank Settlement System (NIBSS). CBN described the new service levy as Stamp Duty Charge. Investigations showed that customers now avoid ePayment platform in preference for cash deals, thereby throwing a big spanner in the Federal Government’s financial inclusion drive and in particular, CBN’s cashless policy. Customers, who previously cheered CBN’s decision to infuse the policy, saying it would eliminate the risk of carrying…

Wednesday, 30 October 2019 06:31

Dangote says fuel from refinery will be transported by road, sea

The oil refinery being built by Dangote Group will deliver its fuel to Nigerian consumers by road and seaports, and will effectively replace all of the country’s fuel imports once fully operational, an executive of the company has said. The refinery, which is under construction in Lagos, will be able to process 650,000 barrels of crude per day. Reuters reported on Tuesday that congested ports and dilapidated roads led some to expect that the company would build a pipeline or other method of getting its fuel to consumers. Dangote Group Executive Director, Devakumar Edwin, said at Oil Trading and Logistics…

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Monday, 28 October 2019 06:05

24-year old becomes billionaire overnight

He's 24 years old. He parties with Rihanna and Bella Hadid. He watches basketball games with Yao Ming. And on Tuesday, he became a billionaire. Eric Tse, who recently graduated from University of Pennsylvania's prestigious Wharton School of Finance, was gifted about $3.88 billion in his family company's shares on Tuesday. Tse's parents are both executive directors of Sino Biopharmaceutical Limited, and on Tuesday they gave him a fifth of the company's total issued shares "as a gift at nil consideration," according to a company statement. Tse, who is from Hong Kong, is the latest member of Asia's booming billionaire…

Saturday, 26 October 2019 05:40

Zenith Bank reaffirms market dominance, leadership with Q3 2019 results

PRESS RELEASE Zenith Bank Plc has announced its unaudited results for the period ended 30 September, 2019, with numbers that clearly demonstrates its market dominance and leadership. From the unaudited account which was presented to Nigerian Stock Exchange (NSE), gross earnings increased by 4% percent from N474,607 billion recorded in Q3 2018 to N491,268 billion in Q3 2019. Profit Before Tax (PBT) grew by 5% from N167,307 billion in Q3 2018 to a record N176,183 billion in Q3 2019. Also, profit after tax rose by 5% from N144,179 billion in Q3 2018 to N150,723 billion in Q3 2019. Despite a…

Wednesday, 23 October 2019 05:32

Bank MDs disclaim MTN on proposed USSD charges

PRESS RELEASE Our attention has been drawn to SMS sent on Saturday 19th October by MTN Nigeria Communications PLC(“MTN”) to customers of banks in Nigeria in respect of the above. The message states that the banks requested MTN to start charging customers for USSD transactions directly. It also asks customers to contact their banks for more information. We wish to state as follows: • That the banks did not ask MTN to start charging customers as contained in the text message. The decision on whether, and what amount, to charge a customer for accessing USSD is entirely that of the…

Wednesday, 23 October 2019 05:31

Leaked memo reveals bank MDs lied in claims that they didn’t ask MTN, others to charge for USSD

Nigerian banks proposed to telecom companies to charge customers directly for USSD services, a memo seen by TheCable has revealed. This seems to contradict the public denial by bank CEOs on Monday. They said the decision “on whether, and what amount, to charge a customer for accessing USSD is entirely that of the telco company, in the same way a customer is billed for calls, SMS and data”. In a letter to Association of Licensed Telecommunications Operators of Nigeria (ALTON) by Body of Banks’ Chief Executive Officers (BOBCEO) dated September 16, 2019, the bank MDs had proposed an “orderly implementation”…

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