Business News

Fidelity Bank Plc, Nigeria’s best-performing bank share this year, plans to expand in at least five African countries after finalizing the acquisition of the London unit of rival Union Bank of Nigeria Plc. The 35-year-old institution is negotiating a second purchase, Chief Executive Officer Nneka Onyeali-Ikpe said, without identifying the target. The lender expects to complete the transaction this year, she said. “The strategy is for us to move footprint outside Nigeria and be able to compete favorably with our peers,” Onyeali-Ikpe said in a phone interview from Lagos, the country’s commercial hub. “In the next three years, we should…
Nigeria’s manufacturing activity pulled off a sharp growth last month, shaking off successive contractions in the two months preceding April. The growth was recorded as the squeeze resulting from the central bank’s push to wean Africa’s largest economy off dependence on physical cash softened. The country’s Purchasing Manager Index (PMI) came in at 53.8 for the month on increased production level and improvement in new business, according to newly issued factory activity data. A reading higher than 50 points to growth, while any below that threshold implies a shrinking in PMI, which assesses the overall direction that business condition in…
Dramatically improve the customer service at your business by emulating the great hotels, including The Ritz-Carlton, Four Seasons and Michael Dell's newest ultra-luxury property. As a customer service consultant and trainer, I'm the guy business owners ask to turn their company into "The Ritz-Carlton of Industry X" (retail banking, fintech, automotive retailing, B2B enterprises or whatever) or, nearly as often, "The Four Seasons of Industry Y." In other words, companies in every sector of the economy look to the hospitality industry, especially the great luxury hotel brands, as the exemplar of exceptional customer service. If you want your company's customer…
Jobs and work are going through a major transformation right now — with millions of roles potentially being eliminated or created in the coming years, according to non-governmental organization the World Economic Forum. This relates to a wide range of reasons, from technological advancements to climate change. But one thing is certain: many workers will have to adapt. Having the skills to navigate this change — and maybe even new job requirements — is therefore crucial. In its latest "Future of Jobs" report, WEF lays out which skills are key right now, and which will become vital in the coming…
Wednesday, 03 May 2023 01:34

5 secrets of profitable business growth

The pursuit of venture capital can distort a company's growth trajectory. During the boom period from 2010 to 2021, many startups used venture capital to finance loss-making rapid growth – knowing the market for initial public offerings would enrich the investors and founders before the startup burned through its cash. In 2022, all that ended. The plunge in venture capital investment – down 35 percent in 2022, according to Crunchbase – revealed the perils of unbridled growth. CB Insights found that 47 percent of startup failures in 2022 were due to a lack of financing (in 2021 that percentage was…
The manufacturing sector has recorded a 52 per cent increase in unsold finished goods in six months, a new report by the Manufacturers Association of Nigeria has shown. This was despite a 32 per cent (N1.31tn) decrease in the manufacturing sector factory output in the second half of 2022, when compared with N3.99tn recorded in the preceding half of the year. These were contained in the Manufacturers Association of Nigeria’s Bi-Annual Economic Review report. The document presents summary of findings of survey of the manufacturing sector by MAN for the second half of 2022. According to the report, the value…
The stock market of the Nigerian Exchange Limited (NGX) depreciated by N1.01trillion in April 2023 amid impressive 2022 financial year corporate earnings and dividend payout to shareholders by listed companies. Although the stock market has gained 2.25 per cent in four months of 2023, inflationary pressure, scarcity of foreign exchange, among other macroeconomy challenges have continued to erode investors’ participation in low-priced fundamental stocks listed on the Exchange. Specifically, the overall market capitalisation of the NGX closed April 2023 at N28.534trillion, dropping by N1.01trillion or 3.42 per cent from N29.544trillion, while NGX All-Share Index dropped by 3.37 per cent to…
There's a leadership theory that most people don't talk about called "Leader-Member Exchange," or LMX for short. The idea is based on the relationships between leaders and those reporting to them. There is a relationship between leaders and followers and that relationship's stability makes organizations work. I have written before that people leave because of their manager – this is why. To say that another way, if leaders want to scale their organizations and maintain a healthy retention rate, they need to understand they have a relationship with each of their employees. The health of relationships is the crux of…
Exxon Mobil Corp resumed operations at its facilities in Nigeria after resolving a labour dispute over pay and conditions with its in-house union, a company spokesperson said on Thursday. The industrial action had forced Exxon to declare force majeure on oil liftings at its terminals in the country. A spokesperson for Exxon said in email responses that its three ventures, Mobil Producing Nigeria Unlimited, Esso Exploration and Production Nigeria Limited, and Esso Exploration and Production (Offshore East) Limited were now operating at normal levels. "This follows the discontinuation of the industrial action earlier embarked upon by our in-house workers union,"…
The majority shareholders and directors of the civil engineering firm, Soleh Boneh have been sued over their alleged mismanagement of the firm to the detriment of the minority shareholders. The minority shareholders, in a petition filed before the Federal High Court in Abuja, accused the majority shareholders/directors of running Solel Boneh aground by surreptitiously diverting its assets and businesses to other companies which they exclusively control. The affected shareholders/directors are: Musa Nakhla, Adedayo Odeyemi, Shari Arison, Natty Saidoff, and Adamu Safuratu Idowu the Company Secretary, who are listed among the respondents. Also sued are Reynolds Construction Co. Ltd, Reynolds Construction…
June 09, 2025

Nigerian energy firm achieves 200,000 barrels daily output after Shell acquisition

Renaissance Africa Energy Company Limited (RAEC) announced it has successfully increased crude oil production beyond…
June 09, 2025

Northern leaders criticize Tinubu for focusing on 2027 re-election instead of national challenges

The Arewa Consultative Forum (ACF) has criticized President Bola Tinubu and the ruling All Progressives…
June 09, 2025

The two kinds of people in the world - and why it matters for leadership

Robert E. Siegel One provocative assertion I often make when teaching is that there are…
June 07, 2025

‘Nigerians are marrying all our daughters’, Kenya’s President Ruto, cries out

Kenyan President William Ruto has stirred up a storm on social media with his provocative…
June 06, 2025

Gunmen kill two policemen, abduct Chinese in Kwara

The Kwara State Police Command on Thursday confirmed the killing of two policemen and the…
June 09, 2025

Here’s the latest as Israel-Hamas war enters Day 612

Israel reveals tunnel under Gaza hospital, says body of Sinwar's brother found there The Israeli…
June 08, 2025

Let God back into the lab: Why science without God is failing us

David Rives In recent decades, a subtle and sinister revolution has occurred in our scientific…
May 13, 2025

Nigeria's Flying Eagles qualify for World Cup after dramatic win over Senegal

Nigeria's U-20 national football team, the Flying Eagles, have secured their place at the 2025…

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