Business News

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…

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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Friday, 05 August 2022 06:54

6 tricks leaders with emotional intelligence use to get along with people

When it comes to leadership and work effectiveness, emotional intelligence (EQ) can matter as much, if not more, than IQ. It can also matter most when it comes to building relationships and connecting with others. A tall order for many. Still, when you master being aware of your emotions and the emotions of others, you can connect and empathize with peers and co-workers much more cohesively to reach solutions faster. Like many things in life, increasing your emotional intelligence and becoming a more effective human being takes practice. You can start by applying these seven useful tricks. 1. Put yourself…

Thursday, 04 August 2022 06:22

5 strategies to successfully lead a company during tough times

A global pandemic, racial riots, the Great Resignation, the spread of gun violence, and now inflation and a recession. We have been caught in a cycle of uncertainty and upheaval for over two years now (although some of these issues have been around much longer). During times of uncertainty, it's crucial for business leaders to measure how well their culture helps employees feel safe, seen, and supported. This is what Edward Sullivan and John Baird, two of the world's top executive coaches, document in their recently published book Leading with Heart. "The key difference between companies thriving during crises and…

Wednesday, 03 August 2022 04:16

Stocks on NGX gain N364.4bn on positive corporate earning sentiments

Nigerian stocks advanced 1.35 per cent or N364.4 billion Tuesday in a rally marking one of biggest daily movements of the benchmark index as the pull of broadly strong half-year corporate performance drew investors to equity. The main equity index hit its lowest level in roughly three months on 28th July but a good number of the half-year financials of big and mid-cap companies turned positive with some declaring dividends, triggering the sentiment needed to drive gains. Sector titans MTN Nigeria and Nestle set the climb in motion, with further boost from Tier 1 lenders Zenith and GTCO. “We expect…

Wednesday, 03 August 2022 04:15

Naira moves further up at parallel market

The naira, on Tuesday, sustained its momentum at the parallel market, appreciating to N665 per dollar a few days after security operatives raided Bureaux De Change (BDC) hub in Abuja. The development represents N30 or 4.3 percent gain compared to the N695 to a dollar on Monday. Currency traders known as Bureaux De Change operators (BDCs) at the Ikeja area of Lagos, who spoke to our correspondent, quoted the buying rate of the greenback at N650 and the selling price at N665 per dollar. According to the traders, the gains are largely influenced by increased dollar liquidity in the market.…

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