Business News

Saturday, 26 February 2022 06:12

Seplat acquires Mobil Producing Nigeria Oil assets for $1.3bn

Seplat Energy Plc says it has entered into an agreement to acquire the entire share capital of Mobil Producing Nigeria Unlimited (MPNU) from Exxon Mobil Corporation, Delaware (ExxonMobil). The company disclosed this in a statement on Friday. The statement added that the transaction is subject to ministerial approval and other required regulatory backings. “This is the first transaction to be announced since the Nigerian Government’s recently ratified Petroleum Industry Act (PIA), and supports its key objectives,” the statement reads. According to the statement, Seplat Energy Offshore Limited, a wholly-owned Nigerian subsidiary of Seplat, entered into a sale and purchase agreement…

Friday, 25 February 2022 06:36

Oil surges past $100 on Russian invasion of Ukraine

Oil prices surged, with Brent breaching $100 a barrel for the first time since 2014 on Thursday as Russia attacked Ukraine, exacerbating concerns that a war in Europe could disrupt global energy supplies. After Russian President Vladimir Putin authorised what he called a special military operation, Ukraine's Foreign Minister Dmytro Kuleba said in a tweet that Russia had launched a full-scale invasion of Ukraine and was targeting cities with weapons strikes. Brent crude hit a high of $102.48 a barrel, the loftiest since September 2014, and was at $102.06 a barrel at 0547 GMT, up $5.22, or 5.4%. U.S. West…

Friday, 25 February 2022 06:23

New study of 1m people: Happiness makes you dramatically more successful

Jessica Stillman Here on Inc.com I often write about psychology and personal development topics, like boosting your well-being, tinkering with your personality, or even improving your love life. This is mostly because I find these topics fascinating (though based on traffic data so do many of you). But sometimes I get pushback from my editors. Can't you make this a little more obviously related to entrepreneurs and running a great business?, they ask. From now on I am going to show them this study. It's massive (looking at nearly one million people), conducted by some of the biggest names in…

Wednesday, 23 February 2022 06:18

London court set to begin hearing in Nigeria’s $1.7bn suit against JP Morgan over oil deal

A London court will on Wednesday (today) begin to hear a lawsuit launched by Nigeria against U.S. bank JP Morgan Chase, claiming more than $1.7 billion for its role in a disputed 2011 oilfield deal. The civil suit filed in the English courts in 2017 relates to the purchase by energy majors Shell and Eni of the offshore OPL 245 oilfield in Nigeria, which is also at the centre of ongoing legal action in Milan. In the court documents seen by Reuters, Nigeria alleges JP Morgan was "grossly negligent" in its decision to transfer funds paid by the energy majors…

Wednesday, 23 February 2022 06:08

These 5 factors will make you more promotable

When I was seven years old, I decided that I wanted to raise chickens. For some, this might be a little odd. Even in my small Oklahoma town, a young girl managing chickens isn’t an everyday sight. But I was committed. Thankfully, my beloved grandad was all in and even encouraged me to consider starting a business selling eggs. My time as a chicken manager was chaotic but lucrative (more on that later). Those days offered something else: opportunities to fail, learn, and experience deep joy from a job well done. The business world isn’t a chicken coop, but it’s…

Tuesday, 22 February 2022 06:30

Oil jumps to 7-year high as Putin orders troops into Ukraine

Oil jumped to a seven-year high, safe-havens rallied and U.S. stock futures dived on Tuesday as Europe's eastern flank stood on the brink of war after Russian President Vladimir Putin ordered troops into breakaway regions of eastern Ukraine. Brent crude futures rose 4% to $97.35, their highest since September 2014. S&P 500 futures fell 2% and Nasdaq futures fell 2.7%. European equities dropped (.STOXX) 1.3% overnight to a four-month low, while the Russian rouble tanked and Russia's MOEX equity index (.IMOEX) fell 10.5%. U.S. markets were closed for a holiday on Monday. Australia's ASX 200 (.AXJO)fell 1.3% in early trade.…

Tuesday, 22 February 2022 06:28

Nigerian owned Africa’s most valuable startup Flutterwave launches SME lending, fintech-as-a-service, others

Pan-African fintech firm Flutterwave on Friday announced a rebrand of its logo and dashboard as well as the addition of small business lending, fintech-as-a-service (FaaS), and more to its suite of offerings. The announcement comes 2 days after Flutterwave confirmed it had raised $250 million in a Series D round that tripled the company’s valuation to over $3 billion. Led by founder and CEO Olugbenga Agboola, the company facilitates cross-border payments transactions of small-to-large businesses in Africa via one API. In a virtual event themed “Flutterwave 3.0”, Africa’s most valuable startup and payments giant rolled out a series of products…

Tuesday, 22 February 2022 06:19

England ends Covid-19 rules in major policy shift

Boris Johnson confirmed coronavirus rules will end in England, a significant boost to the U.K. prime minister as he announced the first major Western economy to scrap government restrictions relating to the pandemic. From Thursday, people who have the virus will no longer be legally required to self-isolate, though they will still be advised to stay at home, Johnson told the House of Commons on Monday. The universal and free availability of coronavirus testing will end from April 1. “Restrictions pose a heavy toll on our economy, our society, our mental well-being,” Johnson said. “We do not need to pay…

Tuesday, 22 February 2022 06:17

Warning! Startup investor monies always come with strings…

When starting a business and sourcing much-needed funding, it will be naïve to think that any investment into your business may have come because of perhaps your good looks, excellent presentation or even proposed business profitability numbers. Seriously, and without mincing words, most investors, if not all in certain cases, come into your business for a level of control, pure and simple. Thus, if as an entrepreneur you seek total control of your own venture, with no one looking over your shoulder, you should learn to work within the limits of your own resources, a process called business bootstrapping (more…

Monday, 21 February 2022 06:00

High-profile study reveals why most meetings are ineffective. It only takes 1 simple step to fix it

Most meetings participants are passive observers -- which is why you need a method for actively engaging each one of them. Meetings, meetings, meetings. We all suffer from an overabundance of meetings. It seems to be our reflex whenever there's a bump in the road. "What do we do now? Let's call a meeting." As Harvard Business Review reported back in 2019, however, meetings are often ineffective. Their deep dive into meeting culture is worth a full look, but this stat (highlighted from a TED study) stood out to me: 73% of those who attend meetings use the time to…

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Saturday, 19 February 2022 06:17

Nigerian fintech Earnipay raises $4m to help employees in Nigeria get faster access to their salaries

Earnipay, a fintech that provides flexible and on-demand salary access to income-earners, has raised $4 million in seed financing led by early-stage venture capital firm Canaan. Participating investors include XYZ Ventures, Village Global, Musha Ventures, Voltron Capital, Ventures Platform and Paystack CEO Shola Akinlade. Earnipay, which has been in beta since September 2021 and only launched last month, plans to offer its on-demand salary solution to 200,000 employees by the end of 2022. Most of Africa’s workforce is paid monthly but live paycheck to paycheck. Unlike more developed countries like the U.S., where weekly or bi-weekly salaries can take care…

Thursday, 17 February 2022 06:46

Nigeria-based Flutterwave becomes Africa’s most valuable startup

African fintech Flutterwave has raised $250 million in a Series D round that tripled the company’s valuation to over $3 billion in just twelve months. In March 2021, the San Francisco-headquartered and Lagos-based startup raised $170 million in a Series C round from Tiger Global and Avenir at a valuation of $1 billion. The latest financing, which confirms a Bloomberg scoop from October, brings Flutterwave’s total raise since its inception six years ago to $475 million (it raised a $35 million Series B in 2020 and a $20 million Series A in 2018). At $3 billion, Flutterwave is currently the…

Thursday, 17 February 2022 06:38

Oil slides on ‘positive news from US-Iran nuclear negotiations’

Oil slid more than 2% in early Asian trade on Thursday after both France and Iran said parties are closer to an agreement to salvage Iran's 2015 nuclear deal with world powers, offsetting ongoing concerns over the situation in Ukraine. U.S. West Texas Intermediate (WTI) crude was trading down $2.50, or 2.7%, at $91.16 a barrel at 0058 GMT, after it ended up 1.7% the previous day. Brent crude was trading down $2.43, or 2.6%, at $92.38 after the contract closed up 1.6% in the previous day's trade. "Positive news from the U.S.-Iran nuclear negotiations is providing much-needed relief to…

Wednesday, 16 February 2022 06:28

Naira falls further at parallel market

The Nigerian naira has weakened to N577 per dollar at the parallel section of the foreign exchange market. This represents N5 or 0.9 percent depreciation compared to the N572 it traded last week. Street traders at the black market in Lagos who spoke to TheCable on Tuesday quoted the buying rate of the greenback at N572 and selling price at N577 per dollar. A parallel market (street market) is characterised by noncompliant behaviour with an institutional set of rules. Central Bank of Nigeria (CBN) has consistently maintained that the parallel market represented less than one percent of foreign exchange (FX)…

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