Business News

Tuesday, 12 November 2024 04:40

Manufacturers had unsold goods worth N1.24trn in H1 2024 - MAN

The Manufacturers Association of Nigeria (MAN) says unsold goods in the manufacturing sector rose to N1.24 trillion in the first half (H1) of 2024. In the association’s first-half economic report, Francis Meshioye, president of MAN, said the unsold products rose by 357.57 percent year-on-year. Meshioye attributed the significant rise in unsold inventory to a drop in consumer purchasing power, driven by rising inflation, the removal of subsidies, and the devaluation of the naira. He said the high volume of unsold inventories highlights the challenges consumers are facing, stressing the need for measures to boost demand and enhance the sector’s performance.…

Tuesday, 12 November 2024 04:34

Here’s what happens when employees don’t trust their leadership

Sarah Sabin As the adage goes, trust takes years to build, seconds to break, and forever to repair. Today, trust in leaders is incredibly low. According to a report by HR consultancy DDI, only 46% of leaders report fully trusting their direct manager to do what’s right. Even more troubling, fewer than one in three trust senior leaders within their organization. The side effects of this lack of trust are sobering. Here are just a few of the ways in which diminished trust impacts teams: EMPLOYEES DON’T LISTEN When employees don’t trust their leaders, they don’t listen to their advice.…

Saturday, 09 November 2024 04:38

Manufacturers deploy solar power to counter ‘Band A’ charges

The Manufacturers Power Development Company Limited, a firm founded under the Manufacturers Association of Nigeria, has said that current energy costs in the country are unsustainable for manufacturing firms, especially those receiving electricity in the Band A category. To tackle this, the firm revealed that it now provides 10 companies with sustainable energy solutions as part of its effort to bridge the energy gap nationwide. The acting Managing Director of MPDCL, Oweh Mba-Sam, who disclosed this in Lagos, said working with the 10 companies was the first stage of a broader project aimed at reducing power costs and enhancing energy…

Friday, 08 November 2024 04:32

Globacom taps MTN’s ex-CEO to head company

Globacom, one of Nigeria’s leading telecommunications providers, has appointed telecom veteran Ahmad Farroukh as its new chief executive officer. According to the telecom provider, the leadership change aims to strengthen the company’s corporate governance and operational performance, aligning with the Nigerian Communications Commission’s (NCC) recent drive for improved governance standards within the telecom industry. Farroukh’s extensive experience in African telecommunications positions him as a strong candidate to guide the company through an anticipated restructuring. Ahmad Farroukh brings over two decades of experience to Globacom. He began his career in 1995 as CEO of Investcom Group, a Lebanon-based telecom entity that…

Friday, 08 November 2024 04:24

3 secrets to finishing the year strong — make these smart moves to boost your revenue in the final quarter

Joy Gendusa When you're on a long journey, there are many twists and turns that require critical decisions. Once you've reached the very last few miles, your choices become even more significant. In business, this means that the end of the year could require you to make some last-minute (but pivotal) moves in order to generate additional revenue and end 2024 strong. The good news is you do still have time to finish strong. In my experience taking a business from nothing to over $100 million in annual revenue, the last quarter can get intense. Here are my best words…

Thursday, 07 November 2024 04:31

Marketers fight back as Dangote asks court to block fuel imports

Three oil marketers, AYM Shafa Limited, A. A. Rano Limited, and Matrix Petroleum Services Limited, have asked the Federal High Court in Abuja to dismiss a suit filed by Dangote Petroleum Refinery and Petrochemicals. The marketers, in a joint counter affidavit marked: FHC/ABJ/CS/1324/2024, and dated November 5, 2024, a response to an originating summon filed by Dangote Petroleum Refinery and Petrochemicals, argued that granting the application of refinery would spell doom for the country’s oil sector. They emphasised that the plan to monopolise the oil sector is a recipe for disaster in the country. Dangote refinery in its originating summon…

Wednesday, 06 November 2024 04:55

3 steps you can't miss when growing your business

Peter Daisyme Key Takeaways Consistent, strategic effort is essential for long-term business growth; shortcuts won't sustain success. Analyzing competition, building authentic brands, and forging partnerships are crucial for business expansion. When you grow a plant from seed, you can't afford to miss a step. You must plant it at the correct depth, in proper soil, and give it the right amount of water and sun. Do everything right, and it will grow and flourish. Fail, and it will as well. Your business is no different. It takes time, attention, and knowledge to help it expand by whatever criteria you think…

Tuesday, 05 November 2024 04:47

Marketers insist imported petrol cheaper than Dangote’s N990/litre

The Petroleum Products Retail Outlets Owners Association of Nigeria says the Dangote Petroleum Refinery is inconsiderate for selling petrol at N990/litre, stressing that the company enjoyed massive concessions while accessing foreign exchange during its construction. PETROAN also insisted that imported petrol was cheaper than the N990/litre price of Dangote petrol. Major marketers recently revealed that the landing cost of imported petrol as of October 31, 2024, was N978/litre. On Sunday, the Dangote refinery alleged that PETROAN and the Independent Petroleum Marketers Association of Nigeria were planning to import substandard petroleum products into the country. Reacting to this in a statement…

Tuesday, 05 November 2024 04:39

The 3 hardest things about being a CEO, according to Inc. 5000 entrepreneurs

CEOs never get a day off. Oftentimes, their lives can feel like an endless slog from one hard decision to the next. Inc.’s 2024 CEO Survey found that many of the leaders of Inc. 5000 companies cite strikingly similar challenges that come along with being the boss. For Robbie Harrell, founder and CEO of Saint Paul, Minnesota-based sculpture-grade ice company Minnesota Ice, running a company means constantly trying to avoid burnout. Founded in 2013, the company claimed the No. 1,416 spot on the 2024 Inc. 5000 list. Here are the three hardest things about being a CEO, according to the…

Monday, 04 November 2024 03:55

Dangote Refinery succumbs to pressure, reveals prices it sells petrol

The Dangote Petroleum Refinery says any oil marketer that sells petrol cheaper than the price it offers is importing substandard products. In a statement on Sunday, the refinery countered claims by some oil marketers that the cost of the product is higher than that of the imported petrol. On November 1, the Independent Petroleum Marketers Association of Nigeria (IPMAN) said petrol — also known as premium motor spirit (PMS) — from the refinery was more expensive than buying from other sources. Yakubu Suleiman, national assistant secretary of IPMAN, speaking on Arise Television’s Morning Show programme, said the group’s members go…

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Monday, 04 November 2024 03:51

10 banks rake in N4.2tn profit amid factory closures, business failures

Ten Deposit Money Banks raked in N4.20tn in the first nine months of this year, an analysis of their quarterly financial reports has indicated. The banks listed on the Nigerian Exchange Limited saw their profit for the period climb by 102.81 per cent to N4.20tn from N2.07tn recorded at the end of the third quarter in 2023. The financial institutions include Tier-1 banks: Zenith Bank, Guaranty Trust Holding Company, AccessCorp, United Bank for Africa and FBN Holdings. Others are Stanbic IBTC Holdings, Sterling Bank, Ecobank, Wema Bank and Jaiz Bank. This surge in the profits of the banks is coming…

Monday, 04 November 2024 03:44

How to create a positive work environment as a leader

Sam Rockwell How to Create a Positive Work Environment As a Leader A leader's well-being is the cornerstone of effective team management. When leaders support their own and their team's well-being through the practice of 'Expressive Arts,' they create a positive environment that fosters self-awareness, trust, collaboration and productivity within their teams. As a leadership development researcher and consultant, I tend to be intrigued but skeptical when I hear stories about painting as team building or writing poetry to enhance leadership performance. I then found the work of Dr. Michelle Williams, who uses something called "Expressive Arts" to help leaders…

Sunday, 03 November 2024 04:44

Hotels are shutting down due to high running costs - Operators

The high rate of inflation in NIgeria is taking its toll on hotels, forcing them to shut down operations, industry operators have cried out. Hoteliers have called on the government to intervene in the industry to address the escalating cost of doing business. In separate interviews with The PUNCH, the stakeholders noted that their challenges were confirmed by recent figures from the National Bureau of Statistics, which revealed that inflation in the restaurants and hotels division contributed 0.40 per cent to Nigeria’s headline inflation rate, which rose to 32.70 per cent in September. The hospitality sector is hit hard by…

Saturday, 02 November 2024 04:59

IPMAN accuses Dangote Refinery of selling fuel at prices higher than even imported products

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has voiced concerns over the high logistical costs associated with purchasing petrol from the Dangote refinery, leading members to seek more affordable alternatives at other depots nationwide. IPMAN Secretary Suleiman stated, “If Dangote sets a price at N1,000 per litre and another supplier offers it for N900, we can’t prioritize our relationship with Dangote over profitability. We have to buy where the prices are lower.” He noted that last week, Dangote’s price was N995 per litre, while crude prices globally are on the decline. With additional transport and loading costs, he questioned…

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