Business News

Beer drinkers in Nigeria will have to pay as much as N1,300 for a bottle, after the Nigerian Breweries Plc on Monday announced an increase of 40 percent in the prices of the products. Nigerian Breweries last week issued a statement, announcing an increase in the prices of its products with effect from February 19, 2024. The new price list shows that a bottle of Gulder that used to sell for N700 will now sell for N950, Star Lager beer which was N600 will cost N850 while the same goes for 33 Extra which will now cost N850. Beer drinkers…
Heineken NV’s Nigerian unit is facing the worst downturn in the history of its operations in Africa’s most populous nation, the firm’s chief executive officer said in an investor call Monday. “It has been unprecedented year for our business in Nigeria,” Hans Essaadi, CEO of Nigerian Breweries Plc told investors in Lagos. “We saw a significant decline in the mainstream lager market as a result of Nigerian consumers no longer able to afford a Goldberg after a hard day’s work,” he said, adding that the businesses also suffered huge losses because of the naira devaluation, which resulted in a 153…
The active fleet of domestic airlines has shrunk in recent times leaving many of the airlines gasping for breath, findings by Daily Trust have shown. From a fleet of over 100 aircraft, less than 50 are active while many of the planes are either grounded or have gone for maintenance abroad. Many of the airlines are said to be facing acute shortage of foreign exchange to carry out scheduled maintenance abroad while airlines that already sent their aircraft abroad were accruing millions of dollars in demurrage in addition to the actual cost of maintenance. Virtually all the airlines are affected…
Commodity trader Olam Group said that its investigation found no evidence to support allegations of a reported scandal at its Nigerian units, spurring a surge in its Singapore-listed shares. The audit and risk committee, assisted by external counsel and independent accountants, had completed the review, without identifying any evidence, the company said in a statement. No charges have been brought against the subsidiaries nor any of their officers, with local businesses operating normally, it said. The company — which is about 51% held by Temasek Holdings Pte, Singapore’s state-owned investment fund — has been under scrutiny following news reports in…
Are you pushing a rock uphill? When you're working on bringing a product or service to market, sometimes it can feel very burdensome – like you're pushing a heavy load skyward. A lot of effort is required and you're becoming exhausted in the process. But this is to be expected, right? You're always hearing that every new idea takes time, effort, patience, determination and plain hard work to become successful. It's true that what we perceive as an overnight success is usually at least 10 years in the making. There's more to it than that, though. Some ideas really are…
Nigeria’s economy faces fresh concerns as data released by the National Bureau of Statistics (NBS) showed a significant decline in the country’s capital importation in 2023. Amid gruelling foreign exchange woes, the NBS said Nigeria only attracted a meagre $3.91 billion in foreign capital inflow last year — the lowest since 2007. According to TheCable Index analysis, in the five years between 2007 and 2011, inflow ranged from $5.7 billion to $9.57 billion. A significant jump occurred in 2012, with inflows reaching $16.62 billion. This was followed by two consecutive increases exceeding $20 billion between 2013 and 2014. Inflows dipped…
Nigerian Association of Road Transport Owners (NARTO) has vowed to suspend operations on Monday. Its National President, Yusuf Lawal Othman, made this known in a press statement he issued in Abuja on Thursday. He noted that the statement is an official announcement from the association’s headquarters that the members are parking their trucks from Monday. Reason provided for the strike action is because “what we spend on operation is more than what we get in total: both in local and bridging.” According to him, members have been operating at a loss and it is no longer sustainable for them to…
Central Bank of Nigeria has set a limit on foreign currency transfers from crude export proceeds by international oil companies to their parent firms, in its latest measure to improve dollar supply in the local currency market. In a circular dated Feb. 14, the CBN said banks could in the first instance transfer a maximum of 50% of crude export proceeds to oil companies abroad. They could then transfer the balance after 90 days of the deposit of the proceeds. However, because international companies lend and borrow between themselves in a process known as "cash pooling", analysts expect the impact…
The smallest tasks on our to-do lists can often be the most draining. Even just looking at the mountain of unread emails in your inbox or files that need to be decluttered on your desktop can trigger feelings of stress or anxiety. Cecily Motley, the co-founder of Harriet, an AI-powered workplace assistant, calls these repetitive, tedious activities “vampire tasks” — and warns that getting bogged down by admin work is the number one thing that kills people’s productivity. “It’s those dull, time-sucking tasks like scheduling meetings and responding to emails that drain your energy and take time away from deep-focus…
Association of Master Bakers and Caterers of Nigeria yesterday said it would embark on nationwide strike from February 27, should the Federal government fail to implement the agreement it entered into with the association in 2020. A statement by the National President of AMBCON, Mansur Umar, read on his behalf by the Kogi State Chairman of the association, Gabriel Adeniyi, yesterday, explained that the decision to go on strike was reached after due consideration of the “multifarious increase in the prices of baking materials such as flour, sugar, yeast, vegetable oil, petrol, diesel all occasioned by subsidy removal and forex…
December 20, 2024

Naira expected to weaken further, says CBN business survey

Nigerian businesses anticipate further depreciation of the naira through early 2025, despite maintaining overall optimism…
December 20, 2024

Atiku questions alleged hack of NBS website, says timing suspicious

Former Vice President Atiku Abubakar has raised concerns over the recent claim that the website…
December 22, 2024

How to know if your memory lapses are serious or not

The older I get, the more panicked I become when something slips my mind. Is…
December 21, 2024

‘Professional Back-Scratchers’ charge up to $130 per hour

The Scratcher Girls is an unconventional relaxation therapy studio that charges clients up to $130…
December 21, 2024

NAFDAC busts illegal rice repackaging operations in Nasarawa, Abuja

The National Agency for Food and Drug Administration and Control (NAFDAC) has cracked down on…
December 22, 2024

Here’s the latest as Israel-Hamas war enters Day 443

Israel and Hamas appear close to a ceasefire deal. These are the sticking points Israel…
December 20, 2024

OpenAI launches voice and text access to ChatGPT through new phone service

OpenAI has introduced a novel way to interact with its popular ChatGPT artificial intelligence system…
December 17, 2024

Ademola Lookman named 2024 CAF Men’s Player of the year. These players won in other…

Ademola Lookman, the Super Eagles winger, was crowned the 2024 CAF Men’s Player of the…

NEWSSCROLL TEAM: 'Sina Kawonise: Publisher/Editor-in-Chief; Prof Wale Are Olaitan: Editorial Consultant; Femi Kawonise: Head, Production & Administration; Afolabi Ajibola: IT Manager;
Contact Us: [email protected] Tel/WhatsApp: +234 811 395 4049

Copyright © 2015 - 2024 NewsScroll. All rights reserved.