Business News

Wednesday, 26 June 2024 04:52

FG replies Dangote Refinery: No dirty fuel being imported into Nigeria

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has firmly denied allegations of dirty fuel being imported into Nigeria. Speaking to journalists after a meeting with oil marketers and local refiners at the NMDPRA headquarters in Abuja, Executive Director of Distribution Systems, Storage and Retailing Infrastructure, Ogbugo Ukoha, assured the public of the quality of petroleum products entering the country. "There is no dirty fuel that we would encourage to come into Nigeria. And there is no dirty fuel being brought in," Ukoha stated emphatically. This statement comes in response to accusations made by Devakumar Edwin, Vice President of…

Wednesday, 26 June 2024 04:38

The No. 1 trait that sets highly successful people apart, but ‘rare to find’

Harvard Business School professor Joseph Fuller has spent the better part of a decade studying — and working with — some of the world’s most successful people, from Fortune 500 executives to Nobel Prize laureates. What sets high achievers apart from everyone else, Fuller has discovered, isn’t their confidence or business acumen — it’s their adaptability. “They’re not wedded to some predetermined career path that they set when they were a student or starting their first job,” he tells CNBC Make It. “They’re open to unexpected opportunities and embrace change instead of fearing it.” It’s great to set career goals…

Tuesday, 25 June 2024 05:14

Shoprite to close Abuja mall, citing adverse business climate

Retail Supermarkets Nigeria Limited, the operators of Shoprite Mall, have announced that they will cease operations at their Wuse, Abuja branch on June 30, 2024. The announcement was made in a circular signed by Chief Executive Officer Folakemi Fadahunsi. The company attributed the closure to the current business climate in the country, noting that the decision followed a thorough evaluation of the store’s financial performance. Vendors have been informed that their services will no longer be required at the location. Shoprite also stated that it will review its financial records over the next 60 days to address any outstanding balances…

Tuesday, 25 June 2024 05:04

3 questions to ask in a job interview to reveal the company's culture

As a Gen Zer, company culture was a major deciding factor when I was job searching.Like many people of my generation, I value a workplace that prioritizes diversity, work/life balance and professional growth. So I was surprised to hear hiring expert and entrepreneur Brianna Doe say it may not be smart to ask “What is the company culture like?” in a job interview.Doe worked in marketing for roughly a decade, started leading hiring interviews seven years ago, and now, as founder of her own agency, Verbatim, will soon be hiring her own full-time staff. Doe says that she hears the…

Monday, 24 June 2024 04:55

Dangote accuses International Oil Companies, FG of sabotaging refinery efforts

Devakumar Edwin, vice-president, oil and gas at Dangote Industries Limited (DIL), has accused international oil companies (IOCs) in Nigeria of doing everything to frustrate the survival of Dangote Oil Refinery and Petrochemicals. Edwin said the IOCs are deliberately frustrating the refinery’s efforts to buy local crude by jerking up crude oil prices above the market price, thereby forcing it to import crude from countries as far as the United States, with its attendant huge costs. Edwin spoke to journalists at a one-day training programme, organised recently by the Dangote Group. He also lamented the activity of the Nigerian Midstream and…

Monday, 24 June 2024 04:46

How faith powers this entrepreneur's ability to persevere and grow

Marco's story is a testament to the power of perseverance and the importance of embracing the journey towards success. Growing up in Mexico, Marco witnessed his mother's logistics business and was inspired to follow in her footsteps. He became a customs broker, combining his passion for business with his desire to give back to the community. Marco emphasizes the significance of personal development and positive influence in achieving both personal and professional success. He believes that taking care of oneself and continuously growing as an individual is essential to effectively help others. By focusing on self-care and personal success, Marco…

Saturday, 22 June 2024 04:46

Stanbic-IBTC founder Atedo Peterside announces retirement as a banker

The founder of Stanbic-IBTC Bank, Atedo Peterside has announced his retirement as a banker. Peterside made this announcement in a post via his verified social media page. The banking icon wrote, “This has been an incredible 35-year journey that ends today, June 10, 2024. “Every single day since Feb 2, 1989, I have been either the CEO, Chairman or Bank Director. All good things must come to an end. I give God the glory at age 68,” he added. His exit comes after over three decades and a half of dedicating his wealth of experience to the Nigerian banking sector.…

Friday, 21 June 2024 04:52

Exits of multinationals gather pace as Indian steel maker prepares to leave Nigeria

Indian steel maker, Aarti, is exiting the Nigerian manufacturing sector, joining a long list of companies leaving the country on account of economic woes. The Ota, Ogun State-based steel maker, has already been put up for sale and big players have submitted unconfirmed bids ranging between $50 million and $100 million. The steel maker’s exit is attributed to a combination of factors, notably high rate of indebtedness, challenging economy, fluffing currency, surging inflation and high energy cost, a source who spoke on condition of anonymity told BusinessDay. “We are aware that Aarti Steel Nigeria has been put up for sale…

Friday, 21 June 2024 04:37

How a company whose name you probably can’t pronounce is now most valuable public company in the world

It’s easy to grasp why Apple, Microsoft and Google are multitrillion-dollar companies: Just think about how many people around the world interact with the companies’ products and rely on them to go about their daily lives. But these multigenerational brand names are now trailing behind Nvidia, suddenly the most valuable public company in the world. The tech behemoth, whose launch into AI chipmaking sent its stock into the stratosphere is hardly a household name. Many people can’t even pronounce it (it’s en-VID-eeyah, the company says on its website). It’s derived from the Latin word “invidia,” meaning envy, something many companies…

Thursday, 20 June 2024 04:39

How keeping things simple helps your company innovate and grow

Though it can be challenging, keeping things simple can significantly drive innovation and growth for your company. Innovation doesn't have to be about creating groundbreaking new technologies. Simplifying existing technologies and making them user-friendly can be a powerful strategy. Simplifying communication and processes within a company is crucial for efficiency and collaboration. A simplification mindset in product development can lead to better user experiences. Incremental changes tested with users helps inform larger updates and can lead to more impactful and user-friendly products. According to Steve Jobs, "Simple can be harder than complex: You have to work hard to get your…

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Wednesday, 19 June 2024 04:39

8 phrases successful people use to be calmer and happier at work

Long hours, heavy workloads, tight deadlines, job insecurity, a lack of control over your schedule and generally feeling unsupported can leave you feeling unhappy and discontented with your work environment. If gone unchecked for too long, this kind of chronic workplace stress can lead to job burnout. As a Harvard-trained psychologist, one of the best ways to cope with these stressors is to set healthy boundaries. It might sound like a tall order. You may worry that you will make yourself seem difficult or unprofessional. But setting healthy boundaries is key to mental health and stress-relief. Simply put, boundaries are…

Tuesday, 18 June 2024 04:53

Global petrol refining margins slump while Dangote Refinery delays production till July

Oil refiners are making less money selling their gasoline as demand during the peak summer driving season has fallen short of what they expected when many of them boosted production. Softness in gasoline markets have upended years of record profits on selling transportation fuels. In the U.S., the world's largest gasoline market, refiners ramped up sharply, expecting demand that never materialized. U.S. gasoline demand was 9 million barrels per day (bpd) in the first week of June, 1.7% below last year and seasonally the lowest since 2021, government data showed. In Asia, weakness in the gasoline market has already led…

Tuesday, 18 June 2024 04:45

People who make this common mistake are the 'unhappiest in their careers'

Accomplishing a longtime career goal — whether that's crossing the six-figure mark in your salary or getting a huge promotion — might seem like the solution to feeling completely satisfied at work. But chances are, you could still feel empty, bored, or unfulfilled even after achieving this milestone. That's normal, Joseph Fuller, a Harvard Business School professor and co-chair of the school's "Managing the Future of Work" initiative, tells CNBC Make It. "Our careers rarely align with every expectation we have for them," he says. The same logic applies to any professional goal you pursue: If you have unrealistic expectations…

Monday, 17 June 2024 04:09

You won't have a strong budget until you follow these 5 tips

Just the mention of budgeting can conjure up thoughts of scarcity and cutting out fun, enough to have even the most seasoned entrepreneurs shaking in their boots. But it's time to reframe how you think about budgeting for your business. Your financial numbers represent the reality of your company's performance, regardless of whether you know them or monitor them. Can you confidently answer if you have sufficient funds to expand into a new office space, hire additional staff or launch a new product line? How can you make informed decisions if you don't know your numbers? Without a clear understanding,…

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