Business News

Friday, 03 February 2023 06:00

N’Delta communities file damages claim against Shell in London court

More than 11,000 Nigerians from the oil-producing Niger Delta have filed a compensation claim against Shell at the London High Court, the latest step in a case that will test whether multinationals can be held to account for the actions of overseas subsidiaries. In 2021, the UK Supreme Court allowed a group of 42,500 Nigerian farmers and fishermen to sue Shell in the English courts after years of oil spills had contaminated land and groundwater. The judges said at the time there was an arguable case that Shell, one of the world's biggest energy companies, was responsible because it exercised…

Friday, 03 February 2023 05:55

Successful kids have parents who teach them this 4-step process to achieve their goals

One of the best ways to feel you have a healthy work-life balance is to feel you're succeeding as a parent; to feel you're helping your children grow up to be happy, fulfilled, independent and successful. After all, feeling successful – in whatever way you choose to define "success" – is a key factor in overall happiness and fulfillment. But is it possible to help your kids learn to be more successful? Turns out there is. In a study conducted by Gail Matthews of Dominican University, participants were assigned to one of five groups: Group 1 thought about their goals.…

Thursday, 02 February 2023 05:44

8 insights on what it takes to expand or start a new business

As an advisor to business professionals and entrepreneurs, I often hear about an innovative new solution that could lead to business growth or a new business. Unfortunately, in my experience, it takes much more than an innovative idea to launch a successful business today. Some of the additional elements are critical and often overlooked in your passion to move ahead quickly. For example, a while back a passionate entrepreneur approached me with an innovative solution for reducing world hunger, but hadn't focused on the fact that hungry people often don't have any money, and governments are not easy customers. It…

Wednesday, 01 February 2023 05:42

Here’s why you should hire ‘unqualified’ candidates and not hold out for the perfect ones

You are not a perfect boss and you don't run a perfect company. It may be your baby, and you would like to think it's perfect (just as all parents believe their babies are the most beautiful baby ever), but the reality is, your company is just average. There are good things and bad things. Maybe it's slightly above average, maybe slightly below. But the chances of your company being in the top 10 percent of companies to work for are pretty slim. And yet, when you hire, do you look for the perfect person? The person who checks all…

Tuesday, 31 January 2023 05:31

The startup killer that almost every founder ignores

For a lot of companies, the battle for success is often lost in the margins. And quietly. A company can be quickly doomed by a decision that seemed less than critical, almost innocuous, at the time it was made. This is the law of unintended consequences and it's a nightmare for both startups and mature companies. It can strike in sales, technology, finance, hiring, just about anywhere. The more mature the company, the more likely it can absorb the damage when the unforeseen becomes seen. On the other hand, I've seen the law of unintended consequences take out startups in…

Monday, 30 January 2023 05:58

The Royal Family made 2 mistakes about Prince Harry that too many employers make about employees

Prince Harry and Meghan Markle, formally the Duke and Duchess of Sussex, seem to be everywhere these days, giving their account of mistreatment by the British royal family. First, there was the couple's interview with Oprah Winfrey, then a six-part Netflix documentary, and now Spare, Harry's memoir of life as King Charles' younger son. (The title is a nod to the dictum that those in line for the throne should make sure to have two children, "an heir and a spare.") The royals, who make it a point not to discuss internal family conflicts or even their own feelings in…

Friday, 27 January 2023 05:58

CBN launches domestic card scheme in cashless bid

Central Bank of Nigeria on Thursday launched a domestic card scheme to rival foreign cards like Mastercard and Visa, hoping to enhance its drive to make Africa's biggest economy a cashless society and save the country foreign transaction fees. The announcement by CBN governor Godwin Emefiele follows the bank's decision last year to phase out old higher denomination bank notes. Emefiele told a virtual launch of the "AfriGo" card scheme that although penetration of card payments in Nigeria had grown over the years, many citizens remained excluded. "The challenges that have limited the inclusion of Nigerians include the high cost…

Friday, 27 January 2023 05:49

The 6 most important things I've learnt as CEO

My company, Skylum – previously known as Macphun – recently hit its 10-year anniversary. As anyone who's started a company knows, your 10-year anniversary is a reason for celebration. It's hard work keeping a company alive – let alone guiding it to profitability – and it's important to take some time to appreciate that. I know personally that my team has accomplished a lot over the last decade, including winning Apple's Editors' Choice Award, their App of the Year Award (six years running) and passing the two-million users mark. But as much as your 10-year anniversary is a cause for…

Thursday, 26 January 2023 05:50

Another oil company puts up assets for sale preparatory to leaving Nigeria

Norway's Equinor has launched the sale of its stake in an offshore Nigerian oilfield, joining a retreat by Western energy firms from the West African country as they focus on newer and more profitable operations, three industry sources said. The company has hired investment bank Standard Chartered to run the sale process, which could raise up to $1 billion, the sources said. Equinor and Standard Chartered declined to comment. Equinor was entitled to net production of around 25,000 barrels per day of oil equivalent (boed) through its 20.2% stake in the Agbami field, which is operated by Chevron, according to…

Thursday, 26 January 2023 05:49

Nigeria raked in $250m from cashew nut exports in 2022 - FG

Federal government says Nigeria generated over $250 million from cashew nuts export in 2022. Mohammed Abubakar, minister of agriculture and rural development, said this at the Nigerian cashew day and cashew season event. Represented by Ernest Umakhihe, permanent secretary of the ministry, Abubakar added that the crop is also expected to bring about $500 million to farmers in 2023. The programme, themed, “industrialising the Nigeria cashew sector through inclusive policies”, was held on Tuesday in Abuja. Abubakar said the agro-product has grown in importance as an export-oriented cash crop since the 1990s and have become an important source of non-oil…

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Thursday, 26 January 2023 05:43

Amazon founder Jeff Bezos says 1 fundamental choice separates those who achieve from those who only dream

Jeff Bezos believes in many things. The Amazon founder believes in using a simple framework to make even the most complex decisions. That a timeless approach to startup success is building your business on a foundation of things that won'tchange. That, where assessing intelligence is concerned, frequently changing your mind is a key measure. He even believes, at least to some degree, in two-pizza teams. Yet one of his most fundamental beliefs is that you should only be proud of your choices. Not your gifts. According to Bezos: You may be really good at math. It might be really easy…

Wednesday, 25 January 2023 05:26

NNPC adopts Build-Operate-Transfer model for pipeline, depot rehabilitation

Nigerian National Petroleum Company Limited, on Tuesday, announced that it had put in place a build, operate and transfer scheme for the rehabilitation of pipelines and depots across the country. It said contracts for the BOT would be awarded to successful investors this year, adding that the move would effectively diversify the mode of transporting petroleum products nationwide. Group Chief Executive Officer, NNPC, Mele Kyari, disclosed this at the 23rd Annual General Meeting/Conference of the Nigerian Association of Road Transport Owners in Abuja. He said the oil company was supporting the Federal Government in rehabilitating the country’s road, as approval…

Wednesday, 25 January 2023 05:23

The African founder’s dilemma: To internationalise or not?

In Africa, only some ventures can achieve the consumer and market reach required to be successful solely in their own domestic markets. As a result, they are often required to internationalise much earlier than is the norm in developed markets. Paradoxically, this comes with additional costs, complexity and challenges. Business conditions in most African economies have improved significantly over the last 15 years. A flurry of pro-business continental and regional multilateral agreements – including the African Continental Free Trade Agreement, AfCFTA – and new startup regional laws have helped to address some of the challenges. But conditions need to be…

Tuesday, 24 January 2023 05:38

Banks lend to customers at 29.1% interest, pay 4.13% on savings deposit - Report

The maximum lending rate in the banking sector hit 29.13 per cent while savings deposit rates was 4.13 per cent as of the end of December 2022. Figures obtained from the Central Bank of Nigeria on money market indicators revealed on Monday. According to the report, prime lending rate was 13.85 per cent, while inter-bank call rate was 12 per cent. Treasury bill rate was 4.35 per cent, one month deposit rate was 8.15 per cent, three months deposit rate was 3.79 per cent, six months deposit rate was 8.68 per cent, while 12 months deposit rate was 8.22 per…

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