Business News

Friday, 08 December 2023 04:30

P&G, others’ exit from Nigeria paves way for ‘investors partnering with politicians’ - Atedo Peterside

Atedo Peterside, president and founder, Anap Foundation and Anap Jets, said investors who cherish the rule of law are being replaced by those who “partner with politicians”. He made this known in a post via his X, formerly Twitter, account, on Thursday, while addressing a report by TheCable that Procter & Gamble (P&G) is halting local production. On Tuesday, during a presentation at the Morgan Stanley global consumer & retail conference in New York, United States, Andre Schulten, chief financial officer, P&G, disclosed the company’s plan. Schulten said P&G, producer of Pampers, Always, Oral B, Ariel and Gillette, will end…

Thursday, 07 December 2023 04:45

P&G, manufacturer of pampers, pads for Nigerian children & women is also leaving the country

Procter & Gamble (P&G), an American multinational consumer goods, says it has plans to transition from local production to solely importing its products as the firm winds down its on-ground presence in Nigeria. Andre Schulten, chief financial officer, P&G, disclosed this on Tuesday, during his presentation at the Morgan Stanley global consumer & retail conference in New York. P&G is the manufacturer of common Nigerian household items such as Pampers, Always, Oral B, Ariel, Ambi-pur, SafeGuard, Olay and Gillette. Schulten said the decision is a result of the challenging business environment in Nigeria, as well as the difficulty in creating…

Thursday, 07 December 2023 04:36

Trends in innovation that’ll affect your 2024 business growth

There's an ever-changing landscape in today's business world. It's vital for companies to constantly stay ahead of the curve for consistent growth. Failure to do so can render your business practices outdated at best and obsolete at worst. One of my favorite events to attend each year is Ernst and Young's Strategic Growth Forum. In 2016, I was an award winner and have attended every year since. It's fascinating to meet the individuals and companies who also attend and to note the changing trends in growth and innovation each year. With that being said, here are a few innovative trends…

Wednesday, 06 December 2023 04:51

Investors on NGX claw back N166bn gain after Monday market rout

After starting the week in the red zone, the Nigerian Exchange Limited on Tuesday, closed in the green zone with N166bn gain. Losses recorded in the equities of some medium-cap companies dragged the market capitalisation of the Nigerian Exchange Limited to a loss of N259bn on Monday. Recouping part of the previous day’s losses, both the market capitalisation and the All-Share Index rose by 0.43 per cent to close at N38.989tn and 71,250.17 respectively. The drivers of the market trend were primarily the stocks of AccessCorp, United Bank for Africa, Zenith Bank Plc, FBNHoldings, and MTN Nigeria. Transaction volume rose…

Wednesday, 06 December 2023 04:45

Billionaire Charlie Munger wanted his kids to hold onto 3 parenting lessons 'until their 100th birthdays'

Charlie Munger died on Nov. 28 at age 99. These reflections on his life and career, which he wrote for CNBC Make It, are among his final writings. My children and grandchildren might not think exactly the way I do, but I hope they can observe my life as an example of how to be successful in their careers and relationships — just as I did with the generations before me. When I was very young, my father practiced law. One of his best friends, Grant McFayden, Omaha's Pioneer Ford dealer, was a client. He was a brilliant and self-made…

Tuesday, 05 December 2023 04:37

Charlie Munger: These ‘basic rules’ made me successful in life—‘with Warren Buffett, I had all 3’

Charlie Munger died on Nov. 28 at age 99. These reflections on his life and career, which he wrote for CNBC Make It, are among his final writings. One's journey to career satisfaction is not always linear. After graduating from Harvard Law School, I joined a well-regarded firm in California. I built a home and a family, and I worked hard for years. Even so, I wanted to earn more than what a senior law partner could expect. I started investing in stocks, businesses and property development before starting a law firm with some of my colleagues. I spent many…

Monday, 04 December 2023 04:42

With 4 words, Elon Musk responded to Jeff Bezos' space ambitions. It's a lesson about competition

With ideas this big, the more competition, the better Five years ago, in an interview with the CEO of Axel Springer, Amazon's founder and former CEO, Jeff Bezos, talked about his ambitions to send humans to Mars. "The solar system can easily support a trillion humans," Bezos said. "And if we had a trillion humans, we'd have a thousand Einsteins and a thousand Mozarts...and unlimited, for all practical purposes, resources from solar power." It's why Bezos has been selling $1 billion a year in Amazon shares to fund Blue Origin, his rocket company. The thing is, so far, the only…

Saturday, 02 December 2023 05:01

Chocolate prices rising everywhere yet cocoa farmers earn less in West Africa. Here’s why

The muck from incessant rain sloshes around Nestor N’Guessan’s feet as he points to a plot of cocoa trees ravaged by rot on his farm in Ivory Coast. The 52-year-old grower can’t save those plants from black pod disease, so he’s focusing efforts on quarantining whatever healthy ones he has left. The soakings of recent months mean fewer pods on his trees, with some supporting just a handful of cocoa buds. “I had to create a boundary to prevent the rest of the plantation from being contaminated,” he said while pruning the healthy thicket. “Yields are low. The weather hasn’t…

Thursday, 30 November 2023 04:29

Norway’s Equinor sells Nigeria business to local oil company

Equinor said on Wednesday it had agreed to sell its Nigerian business, including the company's share in the Agbami oil field, to Nigerian-owned Chappal Energies. Equinor did not reveal the price of the transaction. "Our business in Nigeria has been very profitable and we expect to book a gain when the deal closes," an Equinor spokesperson said. The Norwegian group will sell Equinor Nigeria Energy Company (ENEC), which holds a 53.85% ownership in oil and gas lease OML 128, including a 20.21% stake in the Agbami field, operated by Chevron. Equinor's presence in Nigeria dates back to 1992, the company…

Thursday, 30 November 2023 04:23

Oprah Winfrey: Here's the 'No. 1 signal' you're stuck in your career

Oprah Winfrey is a media mogul worth $2.5 billion, but even she has felt stuck and confused at different points throughout her career. “I have been off course — I mean, in my 20s,” Winfrey, 69, said in a recent interview with Caroline Wanga, the president and CEO of Essence Ventures. “I just say the 20s are about figuring it out.” Like many young people, Winfrey held jobs early in her career that did not bring purpose or meaning to her life. In the late ’70s, Winfrey worked as a news anchor and reporter at Baltimore’s WJZ station. But, as…

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Wednesday, 29 November 2023 04:40

Treat your happiness like an investment portfolio and focus on these 4 areas, says Harvard professor

There is no framework for sustaining joy, but Arthur Brooks, a Harvard instructor who teaches a class all about building a happier life, believes that any such plan should start with treating your happiness like a well-balanced investment portfolio. Put simply, people should aim to invest in four areas that are equally important in order to feel more fulfilled in life, Brooks says in one of the happiness course’s videos. “We need all of them, so our happiness can grow in a balanced way,” he says. “Each aspect of the portfolio is critically important to experiencing happiness. Just like any…

Tuesday, 28 November 2023 04:45

Nigerians spent N2.6trn on data, voice calls in 9 months on MTN, Airtel - Report

The amount spent on airtime and data by Nigerian telecom subscribers rose to at least N2.59tn in the first nine months of 2023. This is according to the financial statements of MTN Nigeria and Airtel Africa. This was a 32.57 per cent increase from the N1.95tn both telcos recorded from both income sources in the corresponding period of 2022. The increase in voice and data revenue was partially driven by rising data subscriptions and the devaluation of the naira on Airtel’s part. In the first nine months of 2022, Airtel made $1.41bn from airtime and data. When converted at the…

Tuesday, 28 November 2023 04:40

This common trait is a red flag of a toxic boss, says ex-IBM CEO: 'I used to think it was a great skill'

Perfectionism might seem like a great quality for a boss to have. It's actually pretty toxic, says Ginni Rometty, former president and CEO of IBM. Rometty worked at the tech giant for 39 years, starting as a systems engineer in 1981 and rising to the top post in 2012 before stepping down in 2020. In her early days as a boss, she was a poster-child for perfectionism, she said at the 2023 World Business Forum summit on Wednesday. "My nickname in my early career was Red Pen. I mean, you'd send anything to me [and I'd send it back] completely…

Monday, 27 November 2023 04:45

Dangote Refinery to list on NGX; NNPC to retain 20 percent equity - Dangote

Dangote Refinery and Petrochemical Limited will be listed on the floor of the Nigerian Exchange (NGX) Limited, Chairman of the company, Aliko Dangote, has revealed. Dangote, who is the richest man in Africa, confirmed this in an interview with the Financial Times published on Saturday. The refinery will join other businesses of Dangote currently trading their equities on the NGX, Dangote Cement, Dangote Sugar, and NASCON. The oil facility, believed to be worth about $20 billion, was launched in May 2023 by the immediate past president of Nigeria, Muhammadu Buhari, though it is yet to commence operations. A few weeks…

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