Business News

Despite Nigeria’s oil production increasing to over 1.4 million barrels per day, domestic refiners, including modular refineries, continue to face severe challenges in accessing crude oil, with allocations remaining virtually nonexistent. This has prompted refinery owners to urge the Federal Government to prioritize crude supply to local refiners before allowing exports, as the lack of access has crippled their operations and limited their contribution to the energy sector. The Crude Oil Refinery-owners Association of Nigeria (CORAN) highlighted this issue on Thursday, revealing that many refiners have resorted to importing crude to sustain operations. Eche Idoko, CORAN’s Publicity Secretary, stated in…
The Nigeria Customs Service's (NCS) implementation of a four percent charge on all imported consignments has sparked widespread criticism from manufacturers, economists, and business leaders who warn the policy could deepen the country's economic challenges. The new charge, embedded in the Comprehensive Import Supervision Scheme (CISS), increased from one percent to four percent last week. According to NCS calculations, the four percent charge on the Free On Board (FOB) value of imports is expected to generate N2.84 trillion annually, based on the country's estimated annual imports of N71 trillion. The Nigeria Employers' Consultative Association (NECA) warned that the new policy…
Will Fan Key Takeaways AI is great for automating repetitive tasks and and identifying patterns at scale, but it's not ready to make sophisticated decisions that require intuition, creativity or context. AI should be used as a tool to support decision-making, not replace it — businesses should integrate AI to enhance efficiency and provide insights, but human oversight is essential for making strategic and context-rich decisions. The best approach is to start small by identifying repetitive tasks and testing AI tools to see how they perform. Then you can gradually expand AI's role while ensuring that humans remain at the…
International Business Machines (IBM) Corporation, an American multinational technology company, has announced plans to exit Nigeria, Ghana, and other key African markets. According to TechCabal, IBM revealed in a statement that it is transferring the company’s regional operations to MIBB, a subsidiary of Midis Group, a multinational information technology (IT) and telecommunications conglomerate. The exit is part of a new operating model IBM is implementing in select African countries, effective April 1, 2025. IBM did not respond to TheCable’s enquiry on the exit and transfer of operations to MIBB. Under the new model, MIBB will market and sell IBM’s products…
Nigeria's digital payment landscape achieved a milestone in 2024 as Point of Sale (PoS) transactions reached an unprecedented N18 trillion, according to data from the Nigeria Inter-Bank Settlement System (NIBSS). This marks a dramatic 69% increase from the N10.7 trillion recorded in 2023. The surge in PoS usage was driven by two key factors: persistent ATM cash shortages and an ambitious expansion of PoS terminals by fintech companies. Transaction volume also saw modest growth, increasing 8% to reach 1.5 billion transactions in 2024, up from 1.4 billion the previous year. While traditional banks historically dominated PoS terminal distribution, the landscape…
Gili Malinsky During her 15 years at Microsoft, "I was looking at thousands of resumes a year," says Sabina Nawaz. Nawaz, who served in roles such as Director of Human Resources, eventually left to start an executive coaching company where she's been working with senior leaders. She has a book coming out in March, "You're the Boss," about how to be a good manager. Among the resume red flags she suggests job seekers avoid are general statements that give no sense of what the candidate did in previous positions. And here are two of her top job interview red flags.…
As someone who regularly attends networking events, I get asked, "What do you do?” multiple times a month. In my experience, either you sound like you're too full of yourself or you sound boring.Global communication expert Jessica Chen says she has a formula for answering the question in a creative way.“Over time, I’ve discovered that the key — and often missing — ingredient for better small talk is relatability,” she says. Instead of just saying a job title, you should say, “You know how [talk about issues you solve]? So what I do is [share the solutions you offer]. In…
Oil prices jumped on Monday after U.S. President Donald Trump imposed tariffs on Canada, Mexico and China, raising fears of crude supply disruption from two of the biggest suppliers to the U.S., but the prospect of lower fuel demand capped gains. U.S. West Texas Intermediate crude futures were at $73.97 a barrel, up $1.44, or 2%, by 0042 GMT, after hitting more than a week's high at $75.18 a barrel earlier in the session. Brent crude futures rose 62 cents, or 0.8%, to $76.29 a barrel, after touching a high of $77.34. Trump on Saturday ordered sweeping tariffs on goods…
Dangote Petroleum Refinery has announced a reduction in its ex-depot petrol price from N950 to N890 per litre. The price cut was revealed in a statement issued on Saturday by Anthony Chiejina, the group's chief branding and communications officer. The company attributed the price adjustment to favorable conditions in global energy markets, particularly noting the recent decline in Brent crude oil prices from $81 to $77.48 per barrel between early January and Friday. "This price revision directly responds to positive trends in global energy markets," the refinery stated. The company expressed confidence that the N60 reduction would help lower nationwide…
Nathan Miller Key Takeaways Small businesses showcase optimism for 2025 despite economic challenges such as inflation, rising operational costs and unpredictable interest rates. Adaptability, financial prudence and a customer-first approach are key strategies for small businesses navigating the economic volatility. Property management industry insights reveal the importance of leveraging technology and customer feedback to maintain a competitive edge. The Small Business Optimism Index from the National Federation of Independent Business is trending upward as we begin 2025. Still, small businesses continue to face nationwide challenges from rising operational costs to supply chain disruptions to wage pressures. Unpredictable inflation and fluctuating…
June 24, 2025

Oil prices fall to over one-week lows as Trump announces Israel-Iran ceasefire

Oil prices tumbled on Tuesday to their lowest level in more than a week as…
June 25, 2025

Tinubu’s controversial biography reignites as Atiku disputes claim of Belarusian ‘schoolmate’

President Bola Tinubu’s already controversial academic record has come under renewed scrutiny following his recent…
June 23, 2025

The reason even successful people struggle to get out of bed some days

Sometimes after a long, productive day, I only have the energy to scroll on social…
June 21, 2025

Man convicted of posing as flight attendant to fly for free 120 times

A 35-year-old American man has been found guilty of impersonating a flight attendant at least…
June 25, 2025

Over 40 security operatives killed by bandits in Zamfara, Daily Trust reports

One of Nigeria’s most notorious bandit kingpins, Kachalla Bello Turji, reportedly killed more than 40…
June 25, 2025

Israel Vs Iran: Here’s what to know after Day 12

Fragile ceasefire holding, Trump envoy says peace talks with Iran 'promising' The ceasefire brokered by…
June 25, 2025

Tesla robotaxi launch: Why getting from dozens to millions of self-driving cars won't be easy

Tesla (TSLA.O) finally has a robotaxi. Now comes the hard part. The electric-vehicle maker deployed…
May 13, 2025

Nigeria's Flying Eagles qualify for World Cup after dramatic win over Senegal

Nigeria's U-20 national football team, the Flying Eagles, have secured their place at the 2025…

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