Business News

Nigerian corporates and SMEs have decried the non-settlement of Foreign Exchange (FX) forwards by the Central Bank of Nigeria (CBN). The transactions which occurred between 2022 and 2023 are yet to be settled on maturity. Analysts and stakeholders have expressed fears that the delay could have grave implications for the economy. Reports indicate that affected companies could lose about N2.4 trillion which will impact Company Income Tax (CIT) for the next two to three years and also threaten federal government’s income. The development could also exact a huge toll on the fragile FX market which is being rebuilt by the…
The number of vehicles imported into the country fell sharply by 60.4 per cent, year-on-year, YoY, to 10,991 in the first half of this year, H1 2024, reflecting the impact of the naira depreciation and general economic downturn. This was contained in the report of the just concluded quarterly meeting of the Nigerian Port Consultative Council, NPCC. The report stated: “Vehicle Traffic shows a total 10,991 units of vehicles was handled during the period under review, indicating a drop of 60.8 per cent from 28,024 units in 2023.” Following the same trend, the number of ships that called at the…
Kalon Gutierrez Key Takeaways For founders, the need for strong advisors early is more pronounced now than ever — given that an increasing number are being funded at notably early stages of their careers. A winning advisory team needs to have a combination of capability, applicability and future flexibility. To support this team, founders must institute an incentivizing compensation package, proper goal setting and regular communication cycles. For founders, building the right team is critical to lasting success. But the right one isn't always what we assume it to be, and choosing wrong can prove detrimental at best to a…
The Nigerian Exchange Limited (NGX) reported that foreign transactions totaling N540.48 billion were recorded between January and June 2024. This represents a significant increase from the N145.08 billion reported during the first half (H1) of 2023. In its 'Domestic & Foreign Portfolio Investment' report released on Wednesday, NGX highlighted that foreign investors liquidated more portfolio investments in the capital market than they purchased over the six months under review. The report detailed that out of the total foreign transactions, N311.41 billion worth of portfolio investments were liquidated in H1 2024, compared to a foreign outflow of N73.06 billion in the…
Nicholas Leighton Key Takeaways You can use many different pricing strategies to drive revenue. Assessing competitors and industry standards is crucial for setting pricing strategies. Transparent pricing builds customer trust and fosters positive relationships. Since reaching a peak of over 9% in 2022, inflation appears to finally be cooling for the average consumer. As costs rose over the last two years, companies across the globe have worked to protect their profit margins by increasing prices. For new small business owners, this has created several challenges, and many consumers are still facing the pressures as wages haven't kept pace with inflation…
I’ve had my fair share of imposter syndrome. As a first-generation college graduate, who also went to a historically Black college or university, jumping into the corporate world was a bit of a culture shock. I wasn’t sure at first if I belonged or how to fit in. Most people, at some point in their lives, feel the same way on their career journey, but according to Cava CEO Brett Schulman, that lack of confidence isn’t a fatal flaw. Rather, self-doubt can be exactly what you need to become highly successful, he recently told Wondery’s “How I Built This with…
Aliko Dangote, chairman of Dangote Industries Limited, has alleged some personnel of Nigerian National Petroleum Company (NNPC) Limited, oil traders and terminals have opened a blending plant in Malta. Dangote spoke at the house of representatives on Monday. An oil blending plant has no refining capability but can be used to blend re-refined oil (a used motor oil that has been treated to remove dirt, fuel, and water) with additives to create finished lubricant products. The billionaire said the areas of the blending plants are known. “Some of the terminals, some of the NNPC people and some traders have opened…
Africa’s wealthiest man Aliko Dangote said he is willing to give up ownership of his multibillion-dollar oil refinery to the state-owned energy company NNPC Limited. The billionaire spoke as a new dispute with one of the key equity partners in the plant heats up in the latest phase of a bitter row with regulatory authorities in Nigeria. The 650,000 barrel-per-day refinery, which came to life last year after a decade of prolonged construction, cost $19 billion, more than double the initial estimate, promising to help wean Africa’s biggest oil producer off its reliance on fuel from overseas and save up…
Aliko Dangote has asked Nigeria to suspend imports of diesel and aviation fuel in a move that would hand his refinery a monopoly on their sale, the head of the country’s regulatory agency said. “That is not good for the nation in terms of energy security and that is not good for markets in terms of monopoly,” Farouk Ahmed, head of the Nigerian Midstream and Downstream Regulatory Agency, told reporters in remarks shared on social media. A spokesman for Dangote declined to comment. Africa’s richest person controls a massive 650,000 barrel-a-day refinery outside Lagos, the commercial capital, producing aviation fuel,…
One key trait separates the best CEOs from all others, according to JPMorgan Chase CEO Jamie Dimon. While some leaders can get complacent in their lofty roles, a great CEO prioritizes learning, inquisitive conversations and taking genuine interest in other people’s points of view, Dimon, 68, told LinkedIn’s “This is Working” video series last week. “I think leaders have to get out [from behind their desks],” Dimon said. “They have to get out all the time. They have to be curious, ask a million questions. They’re learning from competitors, they’re learning from clients.” One of Dimon’s top priorities for himself…
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