Business News

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.…
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.…
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…
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…
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…
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…
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…
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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December 29, 2024

Elon Musk’s Starlink announces price increase for Nigerian subscribers

Starlink, Elon Musk's satellite internet service provider, has announced plans to raise its subscription prices…
December 27, 2024

Bauchi governor accuses Tinubu of anti-North policies, warns of backlash

Bauchi State Governor Bala Mohammed has criticized President Bola Tinubu’s tax reform policies, calling them…
December 30, 2024

As prices of vegetable oil hit the roof, Nigerians use this kitchen gadget as alternative

It seems the high cost of vegetable oil has done what no culinary innovation could—turn…
December 29, 2024

Missing dog returns home on Christmas Eve, rings doorbell

Athena disappeared from her Florida home on Dec. 15 and had her family worried they…
December 27, 2024

Christmas Day attack on Benue community claims 11 lives

At least 11 people have been reportedly killed in Tor Azege community in Kwande Local…
December 30, 2024

Here’s the latest as Israel-Hamas war enters Day 451

Gaza captors tortured hostages, including minors, Israeli report says Hostages held in Gaza were subjected…
December 25, 2024

Stem cell therapy to correct heart failure in children could 'transform lives'

Renowned visionary English physician William Harvey wrote in 1651 about how our blood contains all…
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…

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