Business News

Thursday, 06 February 2025 04:50

IBM exits Nigeria, others; transfers operations to another company

International Business Machines (IBM) Corporation, an American multinational technology company, has announced plans to exit Nigeria, Ghana, and other key African markets. According to TechCabal, IBM revealed in a statement that it is transferring the company’s regional operations to MIBB, a subsidiary of Midis Group, a multinational information technology (IT) and telecommunications conglomerate. The exit is part of a new operating model IBM is implementing in select African countries, effective April 1, 2025. IBM did not respond to TheCable’s enquiry on the exit and transfer of operations to MIBB. Under the new model, MIBB will market and sell IBM’s products…

Thursday, 06 February 2025 04:46

Nigerian digital payments soar: PoS transactions hit N18trn in 2024

Nigeria's digital payment landscape achieved a milestone in 2024 as Point of Sale (PoS) transactions reached an unprecedented N18 trillion, according to data from the Nigeria Inter-Bank Settlement System (NIBSS). This marks a dramatic 69% increase from the N10.7 trillion recorded in 2023. The surge in PoS usage was driven by two key factors: persistent ATM cash shortages and an ambitious expansion of PoS terminals by fintech companies. Transaction volume also saw modest growth, increasing 8% to reach 1.5 billion transactions in 2024, up from 1.4 billion the previous year. While traditional banks historically dominated PoS terminal distribution, the landscape…

Wednesday, 05 February 2025 04:11

2 job interview red flags, according to an ex-Microsoft HR executive

Gili Malinsky During her 15 years at Microsoft, "I was looking at thousands of resumes a year," says Sabina Nawaz. Nawaz, who served in roles such as Director of Human Resources, eventually left to start an executive coaching company where she's been working with senior leaders. She has a book coming out in March, "You're the Boss," about how to be a good manager. Among the resume red flags she suggests job seekers avoid are general statements that give no sense of what the candidate did in previous positions. And here are two of her top job interview red flags.…

Tuesday, 04 February 2025 04:27

Use this brilliant response the next time you’re asked, ‘What do you do?’

As someone who regularly attends networking events, I get asked, "What do you do?” multiple times a month. In my experience, either you sound like you're too full of yourself or you sound boring.Global communication expert Jessica Chen says she has a formula for answering the question in a creative way.“Over time, I’ve discovered that the key — and often missing — ingredient for better small talk is relatability,” she says. Instead of just saying a job title, you should say, “You know how [talk about issues you solve]? So what I do is [share the solutions you offer]. In…

Monday, 03 February 2025 04:11

Oil prices jump on supply disruption fears from US tariffs

Oil prices jumped on Monday after U.S. President Donald Trump imposed tariffs on Canada, Mexico and China, raising fears of crude supply disruption from two of the biggest suppliers to the U.S., but the prospect of lower fuel demand capped gains. U.S. West Texas Intermediate crude futures were at $73.97 a barrel, up $1.44, or 2%, by 0042 GMT, after hitting more than a week's high at $75.18 a barrel earlier in the session. Brent crude futures rose 62 cents, or 0.8%, to $76.29 a barrel, after touching a high of $77.34. Trump on Saturday ordered sweeping tariffs on goods…

Sunday, 02 February 2025 04:38

Dangote Refinery slashes N60 off petrol price

Dangote Petroleum Refinery has announced a reduction in its ex-depot petrol price from N950 to N890 per litre. The price cut was revealed in a statement issued on Saturday by Anthony Chiejina, the group's chief branding and communications officer. The company attributed the price adjustment to favorable conditions in global energy markets, particularly noting the recent decline in Brent crude oil prices from $81 to $77.48 per barrel between early January and Friday. "This price revision directly responds to positive trends in global energy markets," the refinery stated. The company expressed confidence that the N60 reduction would help lower nationwide…

Friday, 31 January 2025 04:40

3 tried-and-true strategies For small businesses to emerge stronger no matter what the economy looks like

Nathan Miller Key Takeaways Small businesses showcase optimism for 2025 despite economic challenges such as inflation, rising operational costs and unpredictable interest rates. Adaptability, financial prudence and a customer-first approach are key strategies for small businesses navigating the economic volatility. Property management industry insights reveal the importance of leveraging technology and customer feedback to maintain a competitive edge. The Small Business Optimism Index from the National Federation of Independent Business is trending upward as we begin 2025. Still, small businesses continue to face nationwide challenges from rising operational costs to supply chain disruptions to wage pressures. Unpredictable inflation and fluctuating…

Thursday, 30 January 2025 04:51

Nigeria achieves historic milestone in digital payments, crosses the quadrillion Naira mark

Nigeria's digital payment ecosystem has reached a significant milestone, with electronic transactions totaling N1.07 quadrillion in 2024, marking the first time transactions have crossed the quadrillion naira threshold. This figure, equivalent to approximately $702.6 billion at the reported year-end exchange rate, represents a 79.6% increase from the previous year's N600 trillion. The NIBSS Instant Payment (NIP) platform processed 11.2 billion transactions throughout the year, up 15.5% from 9.7 billion in 2023. December 2024 saw peak activity with N115.1 trillion in transactions, attributed to increased festive season spending. This dramatic growth in digital payments appears to be driven by several factors:…

Wednesday, 29 January 2025 04:46

FG grants gas distribution licences to 6 companies

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has issued 10 Gas Distribution Licences (GDLs) to six companies as part of efforts to expand and deepen gas utilisation in Nigeria. The GDL, as outlined in Sections 148–152 of the Petroleum Industry Act (PIA), grants exclusive rights to establish, construct, and operate gas distribution systems within designated Local Gas Distribution Zones (GDZs). The recipients of these licences include NNPC Gas Marketing Company, Shell Nigeria Gas Limited, NIPCO Plc., Central Horizon Gas Company, Falcon Corporation Ltd., and AXXELA. At the award ceremony in Abuja on Tuesday, Farouk Ahmed, Chief Executive Officer…

Tuesday, 28 January 2025 04:22

DeepSeek, the Chinese nemesis of ChatGPT, Claude, others triggers global AI stocks selloff

Investors sold technology stocks across the globe on Monday as they worried that the emergence of a low-cost Chinese artificial intelligence model would threaten the dominance of current AI leaders like Nvidia, shaving $592.7 billion off the chipmaker's market value. Last week, Chinese startup DeepSeek launched a free AI assistant that it says uses less data at a fraction of the cost of incumbent services. By Monday, the assistant had overtaken U.S. rival ChatGPT in downloads from Apple's app store. This led the tech-heavy Nasdaq to fall 3.1% on Monday. Nvidia was the Nasdaq's biggest drag, with its shares tumbling…

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Monday, 27 January 2025 04:51

Marketers shun Dangote Refinery as imported petrol becomes cheaper

A significant shift is occurring in Nigeria's petroleum market as imported fuel becomes more cost-effective than domestically refined products from the Dangote Petroleum Refinery. According to recent data, the landing cost of Premium Motor Spirit (PMS), commonly known as petrol, has dropped to N922.65 per litre, undercutting Dangote's gantry price of N955 per litre by N32.35. This price differential could prompt oil marketers to return to importing fuel, despite recent efforts to promote domestic refining. The landing cost includes various expenses such as shipping, import duties, and current exchange rates, which are calculated at N1,550 per dollar. Market analysts note…

Monday, 27 January 2025 04:44

At age 24, he made a website out of pure ‘frustration’—now, it’s worth $9bn

Ashton Jackson Drew Houston’s company was born from a very millennial problem. As a student at MIT, Houston repeatedly lost USB drives with important information on them, he told “Lenny’s Podcast” in an episode that aired earlier this month. In 2007, at age 24, he got fed up and created a cloud storage platform for his own personal use. Later, he built it out into the file-hosting company Dropbox — which has a $9.62 billion market cap, as of Thursday afternoon. “I started Dropbox more out of just personal frustration,” said Houston, now 41. “It really felt like something only…

Friday, 24 January 2025 04:17

The billion-dollar mistake: Why failed plans create more success stories than perfect ones

Andrea Zanon Discover why failed plans often lead to greater success than perfect ones. Learn how persistence, adaptability, and unexpected opportunities create billion-dollar breakthroughs. "I'm going to build the next Facebook," declared James, a bright-eyed developer, back in 2012. Today, he runs a thriving cybersecurity firm that protects social media companies, including Facebook. Not quite what he planned, but a success story that perfectly captures life's beautiful irony. Here's what no one tells you about success: it rarely shows up wearing the “outfit” you picked out for it. The real magic happens when you stop forcing things and start recognizing…

Thursday, 23 January 2025 04:14

Nigerian stock market surges on telecom tariff hike, MTN shares shine

The Nigerian stock market experienced a significant boost on Tuesday, with the main equity index rising 0.8 percent, adding N472 billion in value. The surge was primarily driven by the Nigerian Communications Commission's approval of a 50 percent tariff increase, which sparked heightened interest in MTN Nigeria's shares. MTN Nigeria, a telecommunications giant and the country's second-largest company by market capitalization, saw its stock jump 10 percent to close at N256.3. This performance was particularly notable, as the company represents 8.5 percent of the market's total value. The insurance sector emerged as the top performer among market indexes, with the…

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