Business News

Monday, 11 July 2022 06:34

Dollar shortage forces diary firms to invest in local cattle farms

Nigeria’s ban on buying dollars to import milk is prompting dairy companies to invest in cattle farms -- some with exotic cows -- in Africa’s biggest economy. The Central Bank of Nigeria rations dollars and has barred importers of 45 products including milk from accessing foreign exchange from the authorized market, which it tightly controls. Nigeria operates multiple exchange rates with an official rate that is 45% cheaper than the unofficial price. The difficulty in accessing dollars has raised the cost of doing business in Nigeria. Denmark-based Arla Foods and French-owned Danone are investing in cattle farms to sustain their…

Monday, 11 July 2022 06:28

Uber broke laws, duped police and secretly lobbied governments, leak reveals

A leaked trove of confidential files has revealed the inside story of how the tech giant Uber flouted laws, duped police, exploited violence against drivers and secretly lobbied governments during its aggressive global expansion.The unprecedented leak to the Guardian of more than 124,000 documents – known as the Uber files – lays bare the ethically questionable practices that fuelled the company’s transformation into one of Silicon Valley’s most famous exports. The leak spans a five-year period when Uber was run by its co-founder Travis Kalanick, who tried to force the cab-hailing service into cities around the world, even if that…

Monday, 11 July 2022 06:22

5 fundamental differences between entrepreneurs and everyone else

As someone who meets and speaks about entrepreneurs regularly, there is one sentence I hate hearing and that sentence is: "I want to be an entrepreneur." A person who says that sentence is most likely to fail at entrepreneurship. You cannot want to be an entrepreneur. You either are or you aren't. And if you are an entrepreneur, you can't work a regular job because you need to be creating and building, not working behind a computer. So, how do you know if you're an entrepreneur or not? Here are 5 signs that you might be an entrepreneur. You're willing…

Saturday, 09 July 2022 06:42

Twitter vows legal fight after Musk pulls out of $44bn deal

Elon Musk, the chief executive officer of Tesla and the world's richest person, said on Friday he was terminating his $44 billion deal to buy Twitter because the social media company had breached multiple provisions of the merger agreement. Twitter's chairman, Bret Taylor, said on the micro-blogging platform that the board planned to pursue legal action to enforce the merger agreement. "The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk...," he wrote. In a filing, Musk's lawyers said Twitter had failed or refused to respond to multiple requests for information…

Friday, 08 July 2022 06:48

Mark Zuckerberg just made a huge mistake. It could destroy Meta and Facebook

Zuckerberg's recent comments may seem par for the course with an impending recession, but it's actually a recipe for disaster. "Realistically, there are probably a bunch of people at the company who shouldn't be here." That's a powerful sound bite from Mark Zuckerberg directed at Meta and Facebookemployees. It was part of broader comments the CEO made at a recent weekly employee Q&A session (which which my Inc. colleague Jason Aten first reported on a couple of days ago). Zuckerberg also announced severe cost-cutting measures and increased pressure on employees to execute as the company braces for tough times ahead.…

Thursday, 07 July 2022 06:48

Naira falls to record low at official, parallel markets

Nigeria’s currency fell to the lowest on record after traders adjusted prices to reflect the rate Central Bank of Nigeria sold the currency amid a lack of dollar supply in the authorized foreign-exchange market. The naira retreated 1.6% to 426.26 a dollar as of 3.30 p.m. local time on the investors and exporters window, also known as Nafex, in Lagos. The Nafex is regarded as the official market for foreign currency transactions in Africa’s biggest economy. Pressure on foreign reserves, which is down 3.4% since the beginning of the year, despite higher oil prices in Africa’s largest crude producer, has…

Thursday, 07 July 2022 06:47

Oil theft an existential threat to industry - Shell

Crude oil theft in Nigeria poses an existential threat to the country's oil industry, the local head of Shell told an energy conference on Wednesday, adding this has resulted in the shutdown of two of its major pipelines. Osagie Okunbor, managing director and country chair for Shell Petroleum Development Company of Nigeria Limited and Shell Companies in Nigeria, said oil theft was one of the reasons that Nigeria could not meet its OPEC quota of 1.8 million barrels a day. "Two of our most important pipelines in this country today are shut down with hundreds of thousands of barrels a…

Thursday, 07 July 2022 06:36

Why you should focus every meeting on helping the other person win

Whoever you are and whatever you do, I can guarantee you that we share one very big challenge in common; we don't have enough time in the day. Our feeds are busier and noisier than ever and standing out has become increasingly difficult. It is clear that you need to do things differently. Here are 5 reasons you should not focus on your own needs but rather on the person with whom you are meeting: By helping others overcome challenges, you learn how to solve diverse problems I've said this before and I'll say it again. In every single meeting…

Wednesday, 06 July 2022 03:49

FG takes over boards, managements of 5 DISCOs as power firms become insolvent

Federal government has announced the restructuring of five electricity distribution companies, also known as DISCOs. This was contained in a statement jointly signed on Tuesday by the Executive Chairman of the Nigerian Electricity Regulatory Commission (NERC), Sanusi Garba, and Director-General of the Bureau of Public Enterprises (BPE), Alex Okoh. According to them, the affected companies are Kano Electricity Distribution Company (KEDCO), Ibadan Electricity Distribution Company (IBEDC), Benin Electricity Distribution Company (BEDC), Kaduna Electric, and Port Harcourt Electricity Distribution Company (PHED). Garba and Okoh explained that the announcement followed Fidelity Bank’s activation of the call on the collaterised shares of KEDCO,…

Wednesday, 06 July 2022 03:39

Reaping the benefits of a participatory company

Ray Dalio wrote about the idea of an "idea meritocracy," where the best ideas rise to the top regardless of their source — a concept that can benefit all companies at all levels. Making the switch to a more idea-focused work environment will help cultivate a responsive culture where everyone can participate and be heard, involving every team member as a source of insights and competitive advantage. As business owners, the risks we take are not only critical to our companies' ability to survive and grow, but also to our personal livelihood and to the employees and their family members…

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Tuesday, 05 July 2022 06:15

This 70-20-10 innovation rule helps to drive business growth

Everything gets disrupted. Today, dozens of industries are in the midst of disruption. Uncertainty is ubiquitous. Electric vehicles are upending the automotive industry. Solar farms are rapidly replacing coal power plants. Healthcare is transitioning to tele-health. And the list goes on. Disruption occurs when new solutions reinvent stale business models. It's easy to become enamored with disruptive innovation. Tesla, Coinbase, Shopify and a host of other companies steal the innovation headlines. Many entrepreneurs and corporate innovators alike want to create the next big thing just like these icons. It makes sense. In the early days of Netflix, I had a…

Monday, 04 July 2022 06:18

Oil is currently $112. JP Morgan projects a ‘stratospheric’ rise to $380 per barrel. Here’s how and when that can happen

Global oil prices could reach a “stratospheric” $380 a barrel if US and European penalties prompt Russia to inflict retaliatory crude-output cuts, JPMorgan Chase & Co. analysts warned. The Group of Seven nations are hammering out a complicated mechanism to cap the price fetched by Russian oil in a bid to tighten the screws on Vladimir Putin’s war machine in Ukraine. But given Moscow’s robust fiscal position, the nation can afford to slash daily crude production by 5 million barrels without excessively damaging the economy, JPMorgan analysts including Natasha Kaneva wrote in a note to clients. For much of the…

Monday, 04 July 2022 06:17

Nigeria got 63 percent of gross fintech funding in Africa in 2021 - Report

Fintech association of Nigeria says the sector accounted for 63 percent of the funding raised by startups in Africa in 2021. Ade Bajomo, president of the association, said this on Saturday at the fintech platinum awards and dinner ceremony held in Lagos. Bajomo said Nigeria had been well-positioned in Africa and the global fintech ecosystem. He added that Africa could currently boast of 10 unicorns out of which seven; (Jumia, Fluttwerwave, Andela, Chipper Cash, Airtel Africa, OPay and Interswitch) are Nigerian. “Nigerian startups raised $1.37 billion of the $4 billion raised in Africa in 2021,” he said. “Of these, the…

Monday, 04 July 2022 06:16

AMCON recovers N1.4trn bad debt - Official

Managing Director/CEO, of Asset Management Corporation of Nigeria, (AMCON), Ahmed Kuru has said the Corporation has recovered about N1.4trn, which comprises of cash N681bn; Property Forfeiture N279bn; Share Forfeiture N140bn; and other strategic assets N208bn. Similarly, a total cash recovery of over N116.9bn has been recovered on Polaris EBAs from date of acquisition to date. AMCON MD/CEO spoke at this year’s edition of the House of Representatives Committee on Banking, and Currency retreat with the Management of AMCON among other stakeholders in Lagos Kuru, represented by Matthew Coker who is AMCON’s Group Head, Asset Management Directorate told the lawmakers that…

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