National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Okoronkwo, has said almost all depots owned by Nigeria National Petroleum Corporation Ltd are not working, hence the persistent fuel scarcity in the country. Okoronkwo stated this during an interview on Channels TV’s Politics Today on Tuesday. The IPMAN president said that private depots owners are now responsible for the distribution of the products since the NNPC depots are not working. He said NNPC had enough stock, but the distribution method was complicating the situation. He said, “It’s very important for you to know where we belong in…

The crypto winter, marked by plunging bitcoin and ethereum prices, as well as the collapse of companies like FTX, Celsius, and Voyager, is now triggering layoffs at Nigerian crypto companies. At least two startups, Quidax and Lazerpay, have acknowledged their ongoing pains. Quidax, an exchange that has processed over $3 billion in crypto transactions, laid off a fifth of its staff last week, citing a need to be “more capital-efficient” to survive the downturn. The four-year-old company laid off employees from its marketing, engineering, business, and product teams, as the drop in the value of cryptocurrencies reduced transaction volumes and,…

Most large restaurant chains across Africa have grown accustomed to using legacy systems and point-of-sale providers to manage operations. However, for smaller restaurants — which represent the biggest segment of this $50 billion industry — these systems can be rather expensive and do not adequately cater to their needs; thus, they stick with running operations manually. Orda, a Nigerian food tech platform that provides a cloud-based restaurant operating system to solve these issues for small, independent restaurants, is announcing that it has secured a $3.4 million seed investment. The two-year-old startup raised $1.1 million in pre-seed funding this January, bringing…

Once upon a time, picking the right leaders was easy. Most notably, our hunter-gatherer ancestors lived in small groups where everybody knew each other really well, and most of the critical leadership skills were easily observable: physical strength, dexterity, courage, and speed. It was also rather costly to pick the wrong leader. You would probably end up beaten, killed, or eaten, as opposed to just changing jobs or moving to a different country. Fast-forward 200,000 years, and things are a great deal more complex. For starters, the critical leadership qualities that enable some individuals to effectively coordinate collective activity, turning…