Business News

Sunday, 05 November 2023 04:40

Dangote, Rabiu feud publicly, accuse each other of treachery

Nigerian billionaire Aliko Dangote blamed fellow tycoon Abdul Samad Rabiu for attempting to instigate a probe into alleged money laundering at companies run by Africa’s richest man. Dangote, who runs Nigeria’s biggest cement maker and is about to start operating Africa’s largest oil refinery, in a seven-page advertisement published in local newspapers alleged that Rabiu was behind an attempt to get President Bola Tinubu’s government to embroil Dangote Industries Ltd.in a probe into the Central Bank of Nigeria. Dangote’s companies aren’t under any investigation. A spokesman for Dangote didn’t answer phone calls or respond to messages, while a spokesperson for…

Saturday, 04 November 2023 04:53

Factories close down, haulage costs soar as diesel sells for N1,300 per litre

Manufacturers have expressed concerns as the price of diesel has risen to N1,275 per litre in Lagos and above N1,300 outside the state. The product is selling for N1,270 per litre in Kano State and above that outside the metropolis. This implies a 26 percent increase in the price of the product in less than one week. It had sold for N1,030 on October 23. As of Thursday, many filling stations in Lagos adjusted their price to between N1,250 and N1,270. Manufacturers, who said they are still battling with forex crisis, high interest rate and poor power supply, fear that…

Thursday, 02 November 2023 04:54

Local crude oil producers insist on selling to domestic refineries in dollars

Local crude oil producers in Nigeria are demanding to be paid with United States dollars as the currency of their operations by local refiners in Nigeria. The producers made the demand at a meeting with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), convened to activate local domestic crude supply obligation. Section 109 of the Petroleum Industry Act (PIA) introduces the obligation by the oil industry in Nigeria and stipulates that the supply of crude oil to the domestic market shall be on a willing supplier and willing buyer basis. The volume of crude oil that oil-producing companies shall dedicate to…

Thursday, 02 November 2023 04:52

Nigerian stock index jumps to new record high

Nigerian stocks rose the most in nearly four months and hit a record high on Wednesday, driven by strong earnings releases from banks and some manufacturers including Dangote Cement. The All Share Index rose 1.9% at 2.30 p.m in Lagos, the most since July 10, to 70,581.76, the highest on record, according to data compiled by Bloomberg. The Nigerian index outperformed the MSCI Emerging Markets Europe, Middle East and Africa Index, which advanced 0.6%. Earnings from banks have been solid, alongside reports from manufacturers including Dangote Cement, Tunde Abidoye, a securities analyst at investment bank FBNQuest in Lagos, said by…

Thursday, 02 November 2023 04:47

'If people weren't so often wrong, we wouldn't be so rich' — Warren Buffett

Legendary billionaire investor Warren Buffett is widely recognized as one of the greatest financial minds of this era. Over the course of several decades, he amassed a significant fortune through shrewd investment strategies and timeless wisdom. During the 2015 Berkshire Hathaway Inc. annual meeting, Buffett shared his perspective on the curious dynamics of discussing the company's investments. He offered insights into why he refrains from "talking up" Berkshire's investments, shedding light on the intricacies of investment strategies that may not always align with Wall Street's expectations. Buffett's remarks from the meeting were candid and reflected his no-nonsense approach to investing.…

Wednesday, 01 November 2023 04:33

3 steps to recruit the best talent for your business

With all the layoffs going around, it should be easier than ever to scoop up the right talent, at least in theory. Yet after talking to several founders and high-level executives over the last few days, it's clear to me that finding and recruiting the best people is still one of the biggest challenges companies are facing this year. The hiring market is brutal right now. Here are three steps you need to follow to recruit the best talent before others do: 1. Find Something You Admire and Look for Talent Given everything that's going on in the world, recruiters…

Tuesday, 31 October 2023 05:29

Young workers don't want to become managers — and this study uncovers the reason why

As a young computer developer, I never had any aspirations of being a manager, let alone a CEO. When I started my career some 30 years ago, everybody in my field seemed to be following the so-called IBM model of climbing the corporate ladder — starting at the entry level for a few years and then hopping from rung to rung into more senior managerial roles. It wasn't for me. Luckily for me, I worked for a progressive company that understood the need to create dual career paths. You could remain an individual contributor, sometimes leading technical projects, or you…

Monday, 30 October 2023 04:48

Top investor shares his No. 1 counterintuitive strategy for making tough decisions

The longtime venture capital investor honed it through decades of experience helping early-stage tech companies like YouTube and Instagram grow into industry giants. He repeatedly watched CEOs get stuck when trying to choose between two options, and it taught him a lesson. “If you find yourself deciding between only two choices, maybe you need to widen the aperture,” Botha said on Sequoia’s “Crucible Moments” podcast, in a recent episode featuring billionaire entrepreneur Jack Dorsey. “Is there a third or fourth option that you haven’t even considered that you need to throw into the mix to really test whether that is…

Friday, 27 October 2023 04:55

Stand out as a solopreneur. These traits are what clients look for when hiring consultants and other solopreneurs

After decades of working with some of the world's best consultants, coaches and solopreneurs, I've assembled a list of qualities that contribute to their success. You don't need to check all these boxes, but if any strike a chord with you, weave them into your marketing, such as your website, LinkedIn profile, presentations and proposals. Credible: You inspire trust and confidence from the first contact. Experienced: You're an expert in your field not just based on x number of years, but also by profoundly understanding your specialty. You're continually learning and staying on top of industry trends, laws and procedures.…

Thursday, 26 October 2023 04:40

FX scarcity forces closure of 90% of fuel depots nationwide - Operators

Ninety percent of depots operated by independent oil marketers are currently closed on the back of a lack of supplies caused by currency volatility and difficulties in the local distribution channel, industry operators say. Mohammad Salaudeen, Executive Director of Northwest Petroleum and Gas Limited, said marketers licensed to import petrol since deregulation couldn’t because of the cost of operations. Representing Winifred Akpani, MD/CEO of the firm, on a panel session titled “Africa Fuels’ Update: Overview of Trends and Market Developments,” at the ongoing Oil Trading and Logistics (OTL) Africa Week 2023 in Lagos, Salaudeen said operations from importation to distribution…

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Thursday, 26 October 2023 04:26

CEO shares his No. 1 tip for finding a mentor—and the big mistake to avoid on your search

Matt Higgins’ “number one” piece of advice for finding a highly successful mentor: Don’t ask anyone to mentor you. The “Shark Tank” investor and RSE Ventures CEO doesn’t like it when people cold-message him with mentorship requests, he said during Tuesday’s CNBC Make It: Your Money virtual event. “Mentorships don’t just form from two strangers,” he said. A request for mentorship from a stranger might seem demanding and come off transactional, Higgins said. Instead, if you have someone you want to enlist as a mentor, reach out with a specific question that you want advice on. Then, you can start…

Wednesday, 25 October 2023 04:49

Tax appeal tribunal orders MTN to pay $72.5m default to FIRS

Lagos state division of Tax Appeal Tribunal has ordered MTN Nigeria Communications to pay $72,551,059, in tax default to the Federal Inland Revenue Services. The fine covers for 2007 to 2017. However, the Tribunal absolved the telecommunication firm from paying $21,039,807, as penalties and interest on the principal sum. A five-man panel led by A. B. Hamed, gave the verdict and order on Friday, while delivering judgment in an appeal numbered TAT/LZ/VAT/075, filed by the telecommunication company against the request by the FIRS to pay the default. Other members of the panel were P. A. Olayemi, Babatunde Sobamowo, Samuel N.…

Tuesday, 24 October 2023 04:29

How do you climb the corporate ladder? ‘Put your hand up,’ says CEO whose company raised $280m

Members of Gen Z — or those born between 1997 and 2012 — are eager to climb the corporate ladder. A majority, 70% say they’re looking to reach the C-suite, according to a September 2023 Adobe survey of 1,011 members of the generation. Whether you’re part of Gen Z or not, there are all sorts of ways to reach the heights of leadership. If you ask Ryan Simonetti, CEO of hospitality company Convene, which has raised more than $280 million in funding, it’s about taking on projects beyond the scope of your role — especially when your company is in…

Monday, 23 October 2023 04:46

Leading by example: Tony Elumelu’s leadership principles

People often ask me, TOE, how do I learn leadership. Should I go on a course? Buy a book? Get a mentor? Are leaders born, or can you become a leader? Just as I say about business success, leadership has many components – luck, being in the right place at the right time. But I also believe that those talents and those disciplines that you bring, creating a vision and the resilience and focus that delivers that vision, can also forge your own personal leadership. I was fortunate to work with Ebitimi Banigo, at the start of my career. My…

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