Business News

Friday, 26 April 2024 04:43

Super tanker carrying 2m barrels of crude stranded on Nigerian waters due to payment issues with Dangote Refinery

Chinese state energy major PetroChina has been waiting to unload a cargo of U.S. crude at Nigeria's giant new refinery for nearly a month due to payment issues, according to four trading sources and shipping data. The impasse highlights difficulties the $20 billion plant funded by Africa's richest man Aliko Dangote faces in its aim to be the biggest refinery on the continent and in Europe when it reaches full capacity this or next year. Dangote aims to reverse the trend by which the oil-rich country exports its crude but almost totally relies on imports of fuel and other refined…

Friday, 26 April 2024 04:36

Most people have no business starting a business. Here's what to consider before you become an entrepreneur

Key Takeaways Small businesses could significantly improve their odds by starting the right business at the right time and taking the right steps. Don't rush the following steps. They set the foundation for beating the odds and growing a great business. There is no such thing as the perfect time to start a business. I know. Growing up in a family business, I always thought I would love to own my own business, but I was waiting for the perfect time. Then, I got fired from my job in broadcasting and had to decide what to do. Was I ready…

Thursday, 25 April 2024 04:45

You won't be a successful entrepreneur until you adopt these 3 habits

Key Takeaways Investing in yourself will always pay off. Though you may not see immediate results, its steadiness propels growth and ensures you are equipped to carry on for the long run. Contrary to popular belief, reaching professional goals doesn't always have to equate to revenue. Although money makes a difference when growing your brand and solidifying your place as a successful entrepreneur, make sure you're investing in yourself in other ways as part of a long-term strategy. Sometimes, that means creating (and sticking to) healthy daily habits. In other instances, it may mean a small monetary investment for a…

Wednesday, 24 April 2024 04:31

Dangote Refinery slashes diesel, aviation fuel prices further

Dangote Petroleum Refinery has once again reduced the prices of diesel and aviation fuel to N940 and N980 per litre, respectively. This adjustment follows a previous reduction just two weeks ago when the diesel price was lowered to N1,000. The new pricing structure offers N940 per litre for customers purchasing five million litres and above, while those buying one million litres and above can avail themselves of diesel at N970 per litre. Anthony Chiejina, Head of Communication, emphasized that these adjustments align with the company's commitment to alleviating the economic challenges facing Nigeria. In an effort to make fuel more…

Wednesday, 24 April 2024 04:25

'I've cleaned more toilets than all of you combined': Nvidia founder Jensen Huang says he wishes ‘pain and suffering’ on Stanford students. Here’s why and what to learn from his rise

Thanks to investors' insatiable appetite for artificial intelligence, Nvidia (NVDA) — a key player in powering AI advancements — has become a market darling. The stock has skyrocketed, showing a 70% increase year to date and a staggering 1,749% return over the past five years. The surge in Nvidia’s share price has significantly increased the wealth of its founder and CEO, Jensen Huang. According to Forbes, Huang now ranks as the 20th richest person in the world, with a net worth of $72.2 billion. However, he didn’t begin his career in the billionaire club — far from it. During a…

Tuesday, 23 April 2024 04:45

What to consider when hiring new talent

Exceptional talent will do exceptional work when their personal values align with their workplace values. Business leaders across the globe worry about attracting and retaining top talent, especially as remote and hybrid workforces are becoming the norm. In their responses to surveys they often list it as a main inhibitor of profitable growth into the future! Despite this, most business leaders and managers prioritise other tasks over recruitment and talent selection rather than seeing it as a vital part of their jobs. In addition, many business leaders and managers do not have the skills required to ensure that the right…

Monday, 22 April 2024 05:09

First Bank appoints new MD to replace Adeduntan who resigned abruptly

The Board of Directors of First Bank has appointed Segun Alebiosu, the Executive Director and Chief Risk Officer, as the acting Managing Director and Chief Executive Officer following the sudden resignation of Adesola Adeduntan. Alebiosu, with over 28 years of experience in the banking and financial services industry, will serve in this interim role until clearance from the Central Bank of Nigeria (CBN) is obtained. The decision came after a board meeting convened to address the rapid developments following the cancellation of an extraordinary general meeting and Adeduntan's unexpected resignation. Adeduntan, who communicated his resignation from Washington, is expected to…

Monday, 22 April 2024 04:52

5 strategy lessons from tech company that just raised $205m

To start a company and keep it growing, leaders must get and keep customers. As I will share with students this fall in my Babson College course, Scaling Strategy: Mastering the Four Stages from Idea to $10 Billion, achieving that simple-sounding goal is challenging. This comes to mind in considering the journey of Saviynt, a privately held El Segundo, Calif.-based provider of identity and access management products. Founded in 2010, the 545-employee company generated $72 million in revenue, according to Zippia. Savyint defied the current venture capital winter – raising $205 million in growth financing in January 2023, VentureBeat reported.…

Sunday, 21 April 2024 04:55

First Bank MD resigns ahead of tenure expiration ‘to pursue other interests’

Adesola Adeduntan, the Managing Director of First Bank Nigeria Limited, has announced his resignation after leading the institution for eight years. In a letter addressed to the Chairman of First Bank, Tunde Hassan-Odukale, titled ‘Notice of Retirement,’ Adeduntan, whose tenure was set to end on December 31, 2024, has voluntarily stepped down, commencing his pre-retirement leave immediately. Adeduntan, who took on the role of CEO on January 1, 2016, cited his desire to pursue other interests as the reason for his departure. The boards of FBN Holdings Plc and First Bank respectively accepted his resignation and expressed gratitude for his…

Friday, 19 April 2024 04:44

Dangote Refinery announced disruptive price of N1,000 per litre of diesel. Here’s what made that possible

S&P Global has revealed that the Dangote refinery's relaxed quality standards for diesel have resulted in a significant reduction in domestic prices, marking a notable shift in Nigeria's fuel landscape. The decision to lower domestic prices by 37 percent was attributed to the production of high-sulphur diesel at the refinery. In its report released on Thursday, S&P Global detailed how the high-sulphur diesel produced by the Dangote refinery led to the strategic move to decrease domestic prices. Unlike low-sulphur diesel, which is considered cleaner for the environment with sulphur levels below 500 ppm, high-sulphur diesel is primarily used for off-road…

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Friday, 19 April 2024 04:43

FG, Shell reach agreement on gas supply for $3.8bn Brass Methanol project

Nigeria has reached a pivotal agreement with Shell for the supply of gas to its ambitious $3.8 billion Brass methanol facility, marking a significant breakthrough in overcoming key obstacles towards the final investment decision on the project. Minister of State for Gas, Ekperikpe Ekpo, announced the milestone on Thursday, heralding a new era of progress for Nigeria's natural gas sector. Blessed with Africa's largest natural gas reserves exceeding 200 trillion cubic feet, Nigeria has long grappled with unlocking the full potential of this valuable resource, hindered by financial limitations and inadequate infrastructure. However, with the Gas Supply and Purchase Agreement…

Thursday, 18 April 2024 04:50

CBN’s new monetary tightening measures starve banks of loanable funds, with dire consequences for the real sector

Commercial banks, grappling with the Central Bank of Nigeria's (CBN) monetary tightening measures aimed at curbing persistent inflation, find themselves constrained in extending credit to bolster the faltering economy. As per analysis by Daily Trust, mandatory reserve deposits with the central bank surged by 70.37 percent to N17.26 trillion by December 2023, up from N10.13 trillion the previous year. This surge in the Cash Reserve Requirement (CRR) compels banks to park a growing portion of local currency deposits with the central bank, limiting their lending capacity as these reserves are only accessible for intervention purposes. Notably, Zenith Bank leads with…

Thursday, 18 April 2024 04:42

7 ways to increase productivity at the office

Getting things done at the office can sometimes be a lackluster experience, especially if you're performing similar tasks on a regular basis. You want to increase your productivity levels, but at the same time you wonder how you can motivate yourself enough to take the next step forward. Sometimes, a change in the way you perform work can give you a much-needed boost of productivity. Adjusting how you think, relate, and process your work can help reenergize your work sessions for the better. Here are seven surprising ways you can increase productivity at the office, while having fun at the…

Wednesday, 17 April 2024 04:46

Dangote Refinery slashes diesel wholesale price to N1,000

Dangote Refinery has slashed the price of automotive gas oil (diesel) to N1,000 per litre, down from N1,200. The move aims to make the product more accessible and affordable, with potential benefits for the economy, including mitigating high inflation rates. The refinery recently set a minimum purchase volume of one million litres for oil marketers.

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