Several Nigerian businesses that rely on imports have been cut off by their foreign suppliers who are rejecting letters of credit (LC) and refusing to deliver goods without payment as foreign currency shortages worsen in Africa’s biggest economy. A letter of credit is a mode of payment used for the importation of visible goods. It is a written undertaking given by a bank at the request of its customer, in which the bank obligates itself to pay the exporter up to a stated amount within a prescribed time frame upon presentation of stipulated documents in exchange for goods. Foreign suppliers…

About 30 percent of shipping companies in Greece have removed Nigeria from their charter party, following complaints over hostile environment and alleged harsh treatment meted out to crew members of vessels caught up in maritime security issues.Disclosing this during the Maritime and Offshore Awards (OMIS) at the weekend, President of Maritime Security Providers Association of Nigeria (MASPAN), Emmanuel Maiguwa, said Greece, which holds about 70 per cent of global tonnage on vessel operations, has stopped its vessels from coming to Nigeria.Consequently, Grecian vessels with Nigerian-bound cargoes stop in Togo or any other ports.Maiguwa said insecurity, hostile environment and other harsh…

Few people who write about Elon Musk get the kind of access to the controversial genius as Walter Isaacson did. Simon & Schuster sent me an early copy of Isaacson's new, 600-page biography, Elon Musk. It has everything you'd expect from a book on Musk – stories of tragedy, triumph, and turmoil. Isaacson spent two years shadowing Musk, watching him make decisions, and getting a peek – as best as anyone could – into what makes Musk tick. While the stories are fascinating and guaranteed to spark a mountain of coverage, founders and entrepreneurs will also unearth valuable lessons, especially…

Equinor ASA has chosen a little-known company as the preferred buyer of its stake in one of Nigeria’s largest deep-water oil fields, according to people familiar with the matter. The Norwegian energy giant is trying to sell its 20.2% interest in the Agbami field – joining other international producers such as Shell Plc, Exxon Mobil Corp. and Eni SpA in looking to offload assets in Africa’s biggest crude producer. Chappal Energies Mauritius Ltd. has emerged as the favored buyer of Equinor’s interest in the asset, which is operated by Chevron Corp. and produces about 100,000 barrels of oil a day,…