MTN Nigeria Limited changes to Plc
MTN Nigeria says it has completed its conversion from a private company to a public company. The telecom company, in a statement on Wednesday, said the conversion to a Plc...
Bitumen, in abundance locally, leads Nigeria’s import chart
The shipping position emanating from Nigerian Ports Authority, NPA, showed that a total of 5.491million metric tonnes of bitumen, a petroleum bye-product, was brought into the country in April, 2019....
Oil prices jump as U.S. set to end Iran import sanction waivers
Oil prices rallied by more than 2 percent on Monday to levels not seen since November 2018 as a Reuters source familiar with the matter confirmed a report that Washington...
Electricity consumers, workers back move to break Discos’ monopoly
Electricity consumers and workers have expressed support for the move by Nigerian Electricity Regulatory Commission to break the natural monopoly being enjoyed by distribution companies. NERC released last week a...
Nigerians abroad send home $24.3bn
Diaspora remittances to Nigeria stood at $24.3 billion last year. It was the highest remittance to any country in sub-Saharan Africa and an increase of more than $2 billion compared...
3 signs your business will collapse, taken from startups that failed
Lucas Miller • Your startup has a statistically unfavorable road ahead, as history shows 75 percent of venture-backed startups fail. • How your particular startup performs over the long run...
Nigeria’s daily petrol consumption increased by 10m litres in 2 years - PPPRA
Petroleum Product Pricing Regulatory Agency has put the country’s daily supply of Premium Motor Spirit, otherwise known as petrol, at 56 million litres. In a statement signed and made available...
Here’s why Jeff Bezos is so comfortable with failure
Allana Akhtar Despite achieving significant success for Amazon this year, Jeff Bezos told his shareholdersto embrace failure in the coming months. While the tactic may seem counterproductive, experts and CEOs...
Fuel queues return in Lagos
Filling stations in some parts of Lagos experienced queues on Friday amid a supply hitch that slowed down the distribution of Premium Motor Spirit (petrol). Our correspondent learnt on Friday...
Why sleeping at work could actually make you better at your job
Jamie Gruman In days gone by, when our economy was dominated by agriculture and manufacturing, an employee’s value was gauged by their inputs. If they slacked off by not placing...
FG, states spent N428bn to service external debt in 2018
Federal government and the 36 states spent N428.4 billion to service external debt amounting to N7.76 trillion ($25.3 billion) in 2018. The amount spent on external debt services represents 4.7...
Oil edges higher amid tightening global supply, gains capped by economic slowdown
Oil prices crept higher on Wednesday, supported by supply cuts by producer club OPEC and U.S. sanctions against oil exporters Iran and Venezuela, but restricted by expectations that an economic...
Zenith Bank appoints new head
Zenith Bank Plc. has announced the appointment of Mr. Ebenezer Onyeagwu as Group Managing Director/CEO of the bank effective June 1, 2019, subject to Central Bank of Nigeria (CBN) approval....
Lagos, 3 other states owe over half of states’ foreign debt - DMO
Four states of the federation - Lagos, Edo, Kaduna and Cross River - dominate the list of sub-national governments indebted to foreign bodies, statistics obtained from Debt Management Office, has...
Energy poverty and the rise of off-grid energy in Africa
On any given day, lobbyists, lawyers, and business people in marble offices on Washington’s historic K street utilize the same amount of energy as the entire nation of Liberia. And...
Oil prices mixed, Brent edges up toward $70 level
Oil prices were mixed on Thursday, with Brent edging higher toward the psychologically important $70 level after easing in the previous session on data showing a surprise build in U.S....
N10 trillion wasted on fuel subsidy in 4 years - BudgIT
BudgIT, a leading civic organization that applies technology to intersect citizen engagement with institutional improvement, to facilitate societal change, has asked President Muhammadu Buhari to remove fuel subsidy. The group...
Nigerians spend N8.34bn daily on GSM airtime
Subscribers to mobile telecommunications services in Nigeria spent about N767.23bn on airtime purchase from November 2018 to January 2019, representing N8.34 billion daily, investigations have revealed. This figure is based...
CBN slashes interest rate
Central Bank of Nigeria (CBN) has reduced its Monetary Policy Rate (MPR) from 14.0 per cent to 13.5 per cent. Governor of the bank, Mr. Godwin Emefiele, disclosed this, in...
I lived in Japan for 20 years and saw business there change in 7 big ways
Adrian Shepherd I first stepped off the plane into Japan back in 1994 into Osaka airport, back when Kansai International Airport was still being built. I had no idea what...
Here are tips to ensure you don’t miss out on an online bargain again
Online auctions are a great way to bag a bargain, but all too often savvy shoppers can find themselves outbid at the last moment. But now an expert has revealed...
Oil prices hover near 2019 highs as OPEC supply cuts support
* OPEC cancels April meeting, extends cuts until June * Rising U.S. output, economic slowdown cap prices Oil prices hovered just below 2019 highs early on Tuesday, supported by ongoing...
CBN plans single-digit interest loan for oil palm producers
Central Bank of Nigeria on Monday unveiled fresh plans to revive palm oil value chain to enable the sector generate foreign exchange and reduce the level of unemployment in the...
Zenith Bank’s improved profit of N232bn excites shareholders
In a clear show of its resilience and strong market share, Zenith Bank has announced an impressive result for the year ended December 31, 2018 with profit before tax (PBT)...
Stock market reverses gains, reverts to losing streak
Nigerian equities market has reverted to its losing trend, reversing gains recorded on Wednesday. Investors lost N56bn as market capitalisation of equities listed on Nigerian Stock Exchange dropped from N11.694tn...
The 4 rules of property investing
Property investment requires a lot of knowledge, patience and strong nerves. But once you master all the principles and build up your portfolio, it provides financial security that has you...
US slashes imports of Nigerian crude by 43%
United States cut its imports of Nigerian crude oil by 48.87 million barrels or 43 per cent in 2018, according to the latest data released by Energy Information Administration. US...
No more Forex for textiles - CBN
Central Bank of Nigeria (CBN) Governor Godwin Emefiele yesterday announced restriction of foreign exchange to importers of textiles and clothing materials. The move, said the CBN chief, is to revive...
$20bn tax claims slammed on oil firms may delay major projects – Shell
Royal Dutch Shell said claims that it owes billions in taxes could delay development of a major oil field off the coast of the West African nation. Federal government had...
6 traits shared by most successful CEOs
Do you have these common traits of great company leaders? Starting a business is not for the faint of heart. According to Bloomberg, eight out of ten new businesses fail...
FG recorded N3.4tn fiscal deficit in 2018
Between January and December last year, Federal Government recorded a fiscal deficit of N3.4tn in its operations, figures obtained from Central Bank of Nigeria have revealed. 2018 budget, signed by...
Oil hits three-month high on OPEC cuts, U.S. sanctions on Iran, Venezuela
Oil prices rose to their highest levels since November last year on Monday, lifted by OPEC-led supply cuts and U.S. sanctions on Iran and Venezuela. U.S. West Texas Intermediate (WTI)...
Credit to FG rose 34% in 2018
Credit to Federal Government rose by 34 percent to N4.87 trillion in 2018, while credit to the private sector rose marginally by 1.96 percent to N22.73 trillion. This was revealed...
Forex: CBN approves NIPOST, 4 fintechs, others as IMTOs operators
Central Bank of Nigeria (CBN) last week released the list of 58 firms approved as International Money Transfer Operators (IMTOs) to render international money transfer services. Highlight of the list...
States’ IGR drops in Q3 - NBS
States Internally Generated Revenue (IGR), including Federal Capital Territory (FCT) dropped to N264.38 billion in third quarter of 2018 (Q3 2018) compared to N279.78 billion in the preceding quarter, according...
The mistake that led to a £1.2bn business
When Kristo Kaarmann was kicking himself for being "incredibly stupid", little did he know that it would spark an idea for a business that is now estimated to be worth...
Oil prices rise following U.S. sanctions on Venezuela
Oil prices gained more than 2 percent on Tuesday after the United States imposed sanctions on state-owned Venezuelan oil company PDVSA, a move likely to reduce the OPEC member’s crude...
Connecting African software developers with top tech companies nets Andela $100m
Andela, the company that connects Africa’s top software developers with technology companies from the U.S. and around the world, has raised $100 million in a new round of funding. The...
How Jeff Bezos became world’s richest man
Shoshanna Delventhal Jeff Bezos is now the richest person on earth, with his personal fortune eclipsing the wealth amassed by legendary investor Warren Buffet and Microsoft Corp. (MSFT) co-founder Bill...
FG privatises Warri terminal port
Bureau for Public Enterprises (BPE) has signed an agreement to hand over Terminal “B” of the Old Warri Port to a private firm. It said the action followed an approval...
