Business News

Thursday, 11 August 2022 07:01

Buhari backs down, bows to regulator’s rejection of Seplat’s purchase of ExxonMobil’s oil block

President Muhammadu Buhari has reversed his authorisation of Seplat Energy’s takeover of ExxonMobil’s shallow water business in Nigeria, throwing his weight instead behind the regulator’s decline of the $1.3 billion transaction. A spokesperson said the president decided the position of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is to be supported, and the earlier confusion was because “various agencies involved in (the) decision had not coordinated well among themselves.” “It has become clear that the various agencies involved in decision had not coordinated well among themselves and having looked at all of the facts with all of the ramifications, the…

Thursday, 11 August 2022 06:59

Nigeria leads the world in terms of interest in Cryptocurrencies, study shows

Africa’s most-populous nation showed more interest in cryptocurrencies than any other country since the digital assets began to decline in April, according to a study by price tracker CoinGecko. Nigeria scored 371 in the study that looked at Google Trends data for six searches such as “buy crypto” or “invest in crypto” that were then combined to give each English-speaking nation a total search ranking. The West African country was followed by the United Arab Emirates and Singapore. Crypto Obsession “This study provides interesting insight into which countries remain most interested in cryptocurrency in spite of market pullbacks,” CoinGecko’s co-founder…

Thursday, 11 August 2022 06:58

Naira resumes fall after appreciation at parallel market

The naira, on Wednesday, weakened against the dollar at the parallel section of the foreign exchange market. Bureaux De Change operators (BDCs), popularly known as ‘abokis’, who spoke to TheCable in Lagos, said the local currency depreciated by N15 or 2.3 percent to trade at N680 per dollar at the street market. Last week, the naira closed at N665 to a dollar at the street market. The street traders put the buying price of the dollar at N665 and the selling price at N680, leaving a profit margin of N15. They said scarcity has returned to the FX market. “Demand…

Thursday, 11 August 2022 06:55

Jumia shares jump 16 percent on e-commerce firm’s announcement of loss reduction

African e-commerce firm Jumia Technologies said on Wednesday it was past peak losses and would focus on promotions, marketing and cost cutting in its quest towards profitability, driving its shares up 16% despite a wider quarterly loss. Jumia is an online marketplace for vendors and food sellers, with associated services including logistics and payments. It was the first Africa-focused tech startup to list on the New York Stock Exchange in 2019. It reported an adjusted loss before interest, tax, depreciation and amortisation of $57.2 million for the second quarter ended June 30 from $41.6 million in the same period last…

Thursday, 11 August 2022 06:49

Elon Musk just explained his 'life-changing decision' and the story is quite entertaining

Of all the Elon Musk mini-controversies we've been collectively sucked into over the past decade or so, the one we put to bed last week might have been the "Elon Musk-iest." It had everything: Innovation, rumor, miscommunication, assumption, futurism, minimalism, financial mystique, oneupsmanship, forgotten Tweets, obfuscation, nuance, secrecy and – if we're being honest in the end, triviality. Its conclusion (for now) probably came the only way it could have for this story: As a footnote to a footnote during a three-hour-long YouTube interview that Musk did with the guys behind Full Send. Now that we can piece together the…

Wednesday, 10 August 2022 06:46

FG has supported drugs manufacturers with N100bn loan facilities - Buhari

President Muhammadu Buhari says the Federal Government has released N100bn to indigenous pharmaceutical manufacturers and healthcare investors as loans to expand their capital base and boost local production of medicines and medical consumables. He said this Tuesday in Abuja while receiving the new executive members of the Nigerian Medical Association (NMA). He said the loan was extended through the Central Bank of Nigeria’s support to the private pharmaceutical sector. Speaking on brain drain in the health sector, Buhari said he had directed the Minister of Health to look into ways of turning “brain drain” to “brain gain” by engaging top…

Wednesday, 10 August 2022 06:39

The truth of what happens when you 'Marie Kondo' your business

Doing the work to get your metaphorical house in order is exactly like cleaning out your actual closet using Marie Kondo's KonMari method. You'll excavate all of the years of stuff out onto the floor, separate them into piles: 'trash, donate, keep', and then get overwhelmed because things felt way less messy before you started this process. Trust that there is relief on the other side and everything will feel lighter, cleaner and clearer. Keep going, even when it feels messy and uncomfortable. You're on the verge of a breakthrough.⁠ I see this all the time with clients: they dig…

Tuesday, 09 August 2022 06:42

Buhari approves Seplat purchase of Exxon’s Nigeria oil blocks

President Muhammadu Buhari approved Seplat Energy Plc’s $1.28 billion purchase of Exxon Mobil Corp.’s shallow water business in the West African country, seemingly putting an end to efforts by the national oil company to block the deal. Buhari, who also serves as oil minister, consented to the transaction due to the “extensive benefits” it will bring to Nigeria’s energy sector and larger economy, his spokesman Femi Adesina said in an emailed statement on Monday. The decision clears the way for Seplat to complete an agreement announced in February to acquire four permits from Exxon. The Nigerian National Petroleum Co. had…

Tuesday, 09 August 2022 06:41

No, Buhari lacks power to approve Seplat’s purchase of ExxonMobil’s oil blocks - Upstream regulator

Nigeria’s upstream petroleum regulator has contradicted a statement by the Presidency announcing President Muhammadu Buhari’s approval of Seplat Energy’s acquisition of Mobil Producing Nigeria Unlimited from Exxon Mobil Corporation. Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said Monday the matter was a regulatory one and nothing had changed after it had earlier notified ExxonMobil the transaction had been declined. “The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) affirms that status quo remains in respect of ExxonMobil/Seplat Energy share acquisition,” said a statement by NUPRC chief executive, Gbenga Komolafe. “Responding to media enquiries on latest development about the transaction, the Chief Executive of…

Tuesday, 09 August 2022 06:31

10 ways to show your value as an employee

During my many years of mentoring professionals and entrepreneurs in business, I more often see people focusing on how to get their ideas heard, than how to promote themselves. I'm convinced that great results are better than great ideas and a great perception of you as a person is better than both ideas and results. Your first priority should always be to sell yourself. Of course, how you do this effectively is critical. No one is impressed by braggadocio and a huge ego or constantly taking credit for the accomplishments of others. On the other hand, don't expect others to…

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Monday, 08 August 2022 03:55

Disinvestment worth N20trn is ongoing in Nigeria’s oil sector. Here’s why that’s happening

Several reports since 2021 show that some of the international oil companies (IOCs) are in the process of divesting assets worth over N20.8 trillion. For instance, Shell plans to divest about $2.3bn in assets, Eni’s asset divestment is around $5bn and ExxonMobil would offload $15bn in assets. Rystad Energy, an international energy consulting firm, in its energy transition report, estimated that Total and ConocoPhillips would divest assets close to $27.5bn. The five IOCs are major players who currently control over 45 per cent of Nigeria’s oil production assets. Reports so far this year indicate that Total and Chevron plan to…

Monday, 08 August 2022 03:47

3 things you’re sacrificing because of your inability to let go

Trying to control everything in your business is never a good idea. As a business owner, the urge to micromanage is really strong for a lot of us. You put a lot of time and energy into building your business, and as such, you may have the desire to have a hand in everything surrounding your business. But this desire to control everything and the micromanaging that follows can have some serious, long term effects on your business and your ability to be successful. So today, I want to discuss the three things that you may be sacrificing because of…

Saturday, 06 August 2022 03:49

FG disburses N1.24tn to 4.21m enterprises through Bank of Industry, others – Report

Federal Government has disbursed N1.24tn to 4.21 million enterprises through the Bank of Industry in six years, the latest report on disbursements by the bank showed. Data in the report indicated that the disbursements, comprising loans and grants, were received by micro, small and medium enterprises as well as large scale businesses between 2015 and 2021. In the document, titled, “Institutional Turnaround for the Next Level,” obtained by our correspondent in Abuja on Friday, the Managing Director, BOI, Olukayode Pitan, explained that a total of N315bn was disbursed to over 4.2 million MSMEs. This, he said, created an estimated 4.896…

Saturday, 06 August 2022 03:43

Richer childhood friends boost future income, Facebook data shows

It has long been believed that having rich friends can help children rise up out of poverty, but previous research has had small sample sizes or limited data, according to two studies published in the journal Nature on Monday. So a team of US-based researchers turned to Facebook, the world's largest social database, with its nearly three billion users offering unprecedented scale and precision to examine the issue. They analysed the privacy-protected data of 72 million US Facebook users aged between 25 and 44 years. The Facebook friendships were used to represent real-world friendships. The researchers used an algorithm to…

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