Business News

Saturday, 12 November 2022 05:51

FG starts concession process on $1.3bn China-funded hydro power plant

Federal government plans to grant a concession on its $1.3 billion hydropower plant now under construction and is seeking bids from private investors to operate the China-funded plant, authorities said on Friday. The Zungeru Hydroelectric Power Plant (ZHPP), the biggest of its type in Nigeria, is expected to generate 700 megawatts and is being funded by loans from China's Exim Bank, the Bureau of Public Entreprises (BPE), Nigeria's privatisation agency, said. The project, located in northcentral Niger state, will meet around 10% of Nigeria’s domestic energy needs when completed, the agency said. Africa's biggest economy has an installed capacity of…

Saturday, 12 November 2022 05:46

FG promises support for auto manufacturing firm in partnership with UNILAG

Minister of Science, Technology and Innovation, Olorunnimbe Mamora, has expressed excitement over the establishment of an auto assembly plant in University of Lagos by Nord Automobile Limited. He commended the partnership between the University and Nord during the inauguration of the multi-purpose automobile complex in Lagos on Thursday, describing the initiative as “a demonstration of abundant innovative energy of the youths of this country.” Mamora said the project was in line with the motive behind the President Muhammadu Buhari’s recently signed Executive Order 5, “which essentially has to do with indigenous components across all sectors of the economy. That is…

Friday, 11 November 2022 06:47

Naira is appreciating at parallel market. Operators explain why

The naira, which has been falling against major currencies in the past two weeks, has staged a comeback, recording gains on the parallel market as it exchanged for about N730 to a dollar on Thursday. Recall that the Nigerian currency hit an all-time low of about N850 to the US dollar on the black market shortly after the Central Bank of Nigeria (CBN) announced plans to redesign high-value currency notes of N200, N500 and N1,000 and re-issued from December 15. CBN said the affected currency notes will cease to be accepted after January 31, 2023, and asked currency holders to…

Thursday, 10 November 2022 06:02

Tim Cook says there are 4 traits he looks for in Apple employees

Tim Cook doesn't spend his days reviewing resumes — but in his 11-year stint as Apple's CEO, he's determined what it takes to thrive at the company. At University of Naples Federico II's commencement ceremony this week, Cook told graduates from the Naples, Italy, university that he noticed Apple's success depends on its culture and who it hires. For instance, the company typically seeks out employees with four shared skills: the ability to collaborate, creativity, curiosity and expertise. "It's been a very good formula for us," he said, noting those traits also contribute to an ambitious, yet supportive workplace culture.…

Wednesday, 09 November 2022 06:45

3 things you sacrifice by trying to control everything in your business

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 your inability to let go in your business. 1. Team Growth You…

Tuesday, 08 November 2022 05:39

3 commonly overlooked office organization systems you won't want to ignore

Setting up an office is always an exciting endeavor. Unfortunately, one aspect of office setup that woefully goes overlooked by entrepreneurs is that of office organization. You may be tempted to delay setting up your office for a future date. But taking time now to identify where and how items will be stored in your office offers countless benefits. Having items organized in an office allows you to quickly respond and pivot to queries and requests, provide excellent service to clients and customers and confidently prepare for future growth and expansion. Whether you address these items or work closely with…

Monday, 07 November 2022 06:12

More airlines set to suspend flights to Nigeria as trapped funds hit $567m

Federal Government is to meet foreign airlines operating in Nigeria over issues bordering on the trapped funds belonging to the international carriers, which has risen to over $567m, it was learnt on Sunday. Dubai-based Emirates Airlines had on Thursday announced the suspension of its flight operations in Nigeria indefinitely due to the blocked funds. Operators also stated that other international airlines could halt services too. Data obtained on Sunday from the International Air Transport Association, the umbrella body for airlines globally, showed that as of September 2022, the highest amount of blocked funds ($567m) belonging to foreign carriers was in…

Monday, 07 November 2022 06:03

I quit a stressful marketing job and took a warehouse job. I realized other people's opinions don't matter

This as-told-to essay is based on a conversation with Dainis Gzibovskis, a 32-year-old marketing specialist from Latvia about why he went to work stacking shelves. It has been edited for length and clarity. I remember the first time I had the chance to pack orders at a warehouse. It was then I realized I wanted to do it for a living. I was the head of marketing of one of the country's largest supplement-and-vitamin suppliers, Pro Supply. One day, the power went out and I found myself in the warehouse packing orders. The few hours I spent there felt like…

Friday, 04 November 2022 06:15

Ukraine war: Western companies count the cost of ditching Russia

Hundreds of Western companies that announced their exit from Russia, or suspension of activities there, after Moscow's invasion of Ukraine on Feb. 24 have reported associated losses. These are among the biggest names or highest costs incurred by companies after they have halted operations or left the country: APPAREL: ADIDAS The German sportswear company warned of a one-off cost of around 500 million euros ($498 million) in 2022. H&M The Swedish retailer estimated the wind-down of its Russian business will cost about 2 billion Swedish crowns ($183.57 million), of which about 1 billion crowns will hit cash flow. INDITEX Zara…

Friday, 04 November 2022 06:09

Don't be a boss. Be a changemaker

Companies, communities, and, indeed, our world are calling out for a new type of leader. A leader who is resilient, creative, collaborative and optimistic. A leader who can work across sectors and hierarchies and defies stereotypes and the status quo. A leader who is ready and able to create the future. Gone are the days when a leader should aspire to be a boss – someone who leads by telling others what to do. There's a fresher, more inclusive and aspirational leadership style and it's accessible to everyone, no matter our formal title or authority. Every one of us can…

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Thursday, 03 November 2022 06:11

Amazon opens office in Nigeria, to support startups, others

Amazon Web Services, Inc. (AWS) has announced the opening of its first office in Lagos, Nigeria. Disclosing this in a statement on Wednesday, the company said the new office was part of its support for the growing number of customers and partners in Nigeria. AWS is a subsidiary of Amazon, an American e-commerce company, that provides on-demand cloud computing platforms and APIs to individuals, companies, and governments, on a metered pay-as-you-go basis. The development is Amazon’s latest investment in Africa, and it comes five years after its first office was opened in Johannesburg in 2017. The e-commerce company said the…

Thursday, 03 November 2022 06:07

Want to promote – or hire – the best candidate? Follow the rule of skill over talent

Years ago, I facilitated a promotion committee made up of shop-floor employees who used performance evaluation data to rank all the eligible employees for a machine operator opening. Even though Mike (not his real name) was the top candidate, many in the room still had doubts. "He looks good on paper," one person said, "but I don't think he has what it takes." Others agreed. Early on, Mike had struggled in his current position. He wasn’t quick to learn. He sometimes needed to be shown multiple times. He wasn’t a “natural”. I pushed back. It wasn’t fair to bypass him…

Wednesday, 02 November 2022 06:20

Nigeria, others to end tax waivers to rich individuals, companies

Federal government of Nigeria and the African Tax Administration Forum (ATAF) have announced their resolve to stop tax waivers and incentives to high-net-worth individuals (HNWIs) and multinationals in Nigeria and other African countries. Executive Secretary of the African Tax Administration Forum (ATAF), Logan Wort, and the Executive Chairman, Federal Inland Revenue Services (FIRS) Muhammad Nami disclosed this yesterday at the 7th ATAF General Assembly where tax professionals and stakeholders converged to discuss ‘Rethinking Revenue Strategies: The Human Face of Taxation.’ They both agreed that the continent was in need of funding to cater to its various budget deficits and funding…

Wednesday, 02 November 2022 06:18

NNPCL takes over China's Addax four oil blocks

NNPC Ltd said on Tuesday Sinopec's Addax Petroleum Development (Nigeria) Ltd had exited from its four major oil mining blocks in Nigeria and transferred them to the state-owned oil company. Addax began operations in Nigeria in 1998 by signing Production Sharing Contracts (PSCs) with NNPC. "NNPC Ltd and Addax Petroleum Development (Nigeria) Ltd signed a Memorandum of Understanding on the Transfer, Settlement and Exit Agreement for Oil Mining Leases (OML) 123/124 and OMLs 126/137," NNPC said on its official Twitter account. Bala Wunti, chief investment officer of NNPC Upstream Investment Management Services said "with this agreement, Addax has ceased to…

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