Business News

Thursday, 08 April 2021 05:58

DPR revokes Chinese firm’s four oil field licences

Nigeria’s oil and gas regulator has revoked four licences held by Addax Petroleum, it said in a statement on Wednesday, a highly unusual move for licences with producing assets. Department of Petroleum Resources director Sarki Auwalu said in a post on the DPR website that Addax was not developing the assets sufficiently. A DPR spokesman said the licences had already been re-awarded to Kaztec Engineering Limited and Salvic Petroleum Resources Limited. Two Addax representatives in Nigeria did not immediately respond to messages on LinkedIn seeking comment. Addax is owned by China’s Sinopec Group. Of the four revoked assets, OML 123,…

Thursday, 08 April 2021 05:57

Nigeria exported coconut worth $150m in 2020 - FG

Minister of Agriculture and Rural Development, Sabo Nanono, on Wednesday in Benin disclosed that Nigeria generated $150m from export of coconut oil and its derivatives in 2020. Speaking through his representative, Bernard Ukattah, a deputy director at the Federal Ministry of Agriculture and Rural Development during a training for coconut farmers organised in collaboration with the Nigerian Institute for Oil Palm Research in Benin, Nanono said that coconut was a major non-oil export foreign exchange earner for Nigeria. He explained that coconut provided livelihood for over 500,000 families, noting that it accounted for 10 per cent of the nation’s agricultural…

Thursday, 08 April 2021 05:46

He changed his feedback style - and his company’s revenue grew 1,500 percent

It took a crisis for Numerated founder and CEO Dan O'Malley to realize his polite demeanor was harming his company's growth. Would you rather be feared or loved? For three years, Dan O'Malley opted for the latter--and every day, he says, he failed his employees a little more. The founder and CEO of Numerated stumbled onto that epiphany by accident: The four-year-old Boston-based startup, which helps banks and credit unions automate their processes, went into crisis mode in March 2020, when the Small Business Administration launched the Paycheck Protection Program. It turns out, when your entire 55-person team is working…

Monday, 05 April 2021 05:37

Banks unblock USSD transactions on MTN

Commercial banks have reconnected MTN customers earlier denied access to the unstructured supplementary service data (USSD) payment channels. In a letter seen by TheCable, on Sunday, Karl Toriola, managing director and chief executive officer of MTN Nigeria, announced a decision to revert discount offered to banks on airtime sales to 4.5 percent commission. The mobile network operator (MNO) had reduced banks’ commission from an average of 3.5 percent to 2.5 percent, this led to a disagreement between MTN and commercial banks. “Our virtual meeting between yourself (Wigwe) and Segun Agbaje (MD of GTBank) on the one hand and myself (Toriola)…

Sunday, 04 April 2021 05:49

All banks in Nigeria blocked MTN from banking channels for airtime purchases. These are alternative electronic channels to buy MTN airtime

The telecommunications firm, MTN, has announced alternative channels for consumers to buy airtime for the phones, after commercial banks disallowed MTN subscribers to use their channels. Banks removed the telecom firm from their platforms on Friday, following a feud over the sharing of fees by both sides. The disagreement began after MTN reduced the percentage it remits to the banks for each amount of airtime from 4.5 per cent to 2.5 per cent. Sources within the company defended the move, citing applicable charges elsewhere, while banks said MTN was already paying lower than other telcos. Federal government said it intervened…

Sunday, 04 April 2021 05:33

This company fires people for premarital sex. Can you?

At-will employment doesn't mean anything (or in this case, nothing) goes. Imagine: You find out you're pregnant, and you excitedly go to the Human Resources Department to ask for your Family Medical Leave Act paperwork, and instead, you get fired. Caitlin O'Connor claims this happened to her at Ramsey Solutions, the company run by financial guru Dave Ramsey. Ramsey solutions claim they fired her for premarital sex, not for getting pregnant. Firing a woman because she's pregnant is a clear violation of the Pregnancy Discrimination Act. O'Connor wasn't married to her partner, the baby's father, in what the company maintains…

Saturday, 03 April 2021 05:58

All banks in Nigeria have blocked MTN from banking channels. Here’s what that means for you

A feud between Nigerian banks and MTN left millions of subscribers unable to recharge their phones using the USSD services on Friday. That was after banks shut off the telecoms firm over fees charged for the service. MTN advised its subscribers to seek alternative means of recharging their phones without informing them what the problem was. “Dear Customer, our bank recharge channels are currently unavailable. Kindly recharge using physical cards. We apologise for the inconvenience. Thank you,” one message read. Another read: “Please be informed that some of MyCustomers may not be able to purchase airtime and data recharges via…

Saturday, 03 April 2021 05:41

Shoprite stores were shut nationwide. Workers explain why

Shoprite workers at Lugbe, Abuja, on Friday, embarked on another round of protest, shutting down the company over a row with the management. Cherish Ogenyi, the unit chairman and coordinator of the northern region of the National Union of Shop and Distributive Employees (NUSDE), an affiliate of the Nigerian Labour Congress, described the action as “picketing”. “What you see happening here today is just a picketing type of strike, that is what the workers came here to do. Just to picket the entrance of Shoprite. Apparently, in a bid to stop them from trading until our pending proposals and demands…

Friday, 02 April 2021 05:37

Mastercard to invest $100m in Airtel Africa's mobile money unit

Global payment processor Mastercard Inc will invest $100 million in Airtel Africa’s mobile money operations, valuing the business at $2.65 billion, the London-listed company said on Thursday. Airtel Africa is targeting a public listing of Airtel Mobile Commerce BV (AMC BV) within the next four years. Earlier this month, private equity firm TPG’s The Rise Fund invested $200 million in AMC BV. Global payment processor Mastercard Inc will invest $100 million in Airtel Africa’s mobile money operations, valuing the business at $2.65 billion, the London-listed company said on Thursday. Airtel Africa is targeting a public listing of Airtel Mobile Commerce…

Thursday, 01 April 2021 05:32

NNPC says N53.36bn spent on pipeline repairs in 11 months

A total of 441 points on petroleum products pipelines were vandalised in 2020, compared to 1,484 points in 2019, data from Nigerian National Petroleum Corporation have shown. The corporation spent N53.36bn on pipeline repairs and management cost from January to November, according to the latest data obtained on Wednesday. “Products theft and vandalism have continued to destroy value and put NNPC at a disadvantaged competitive position,” NNPC said in its latest monthly report. NNPC said in collaboration with the local communities and other stakeholders, it continuously strove to reduce and eventually eliminate this menace. In December 2020, 43 pipeline points…

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Wednesday, 31 March 2021 05:30

Access Bank takes controlling stake in South Africa's Grobank

Nigeria’s biggest lender Access Bank has bought a controlling stake in South Africa’s Grobank for around $60 million and will shore up the bank’s capital, its chief executive said on Tuesday, becoming the first Nigerian lender to venture into South Africa. Access took on both equity and debt in the South African bank, part of a regional expansion to tap into correspondent and trade banking deals on the continent, Herbert Wigwe told CNBC Africa Television. He did not disclose the exact stake size. Nigerian lenders have been seeking new avenues to boost profit amid slow economic growth at home, a…

Tuesday, 30 March 2021 05:42

Analysis: Why CBN won't ease its grip on the naira

Nigeria is keeping control of its naira currency despite demands for deeper reforms from the International Monetary Fund and World Bank and complaints from businesses. The multilateral institutions say a free-floating naira would help the economy withstand future shocks. But Nigerian authorities fear inflation stemming from a sharp devaluation could throw millions into poverty. Last week, central bank governor Godwin Emefiele denied the country was adopting a new foreign exchange management policy, while vice president Yemi Osinbajo said the government would itself use a more flexible rate. What is happening to the naira, and why? Here are some key facts…

Monday, 29 March 2021 05:28

Exporters ship cocoa from Calabar port to US, first in 14 years

Nigeria has shipped 7,000 metric tonnes of cocoa through the Calabar Port in Cross River State to the United States of America for the first time in about 14 years. Starlink Global and Ideal Limited transported the 7,000 tonnes of cocoa through the Ecomarine Terminals in Calabar Port. Draft limitations had challenged the Calabar Port for over 14 years after its concession, but the Ecomarine Terminals Limited had shipped the maiden export of cocoa beans from the seaport. Speaking at the load-out ceremony in Calabar, Governor Ben Ayade said the state was rich in agricultural resources, urging the Nigeria Ports…

Monday, 29 March 2021 05:26

MTN, glo, others lose 11.8m subscribers in four months

Number of telecom subscribers in the country dropped by 11.84 million in four months, according to latest industry statistics from Nigerian Communications Commission. The recent report shows that telecommunications operators in the country recorded yet another loss of 4.13 million active subscribers in February 2021, as the industry recorded 195.73 million GSM users in the month. The telcos had lost 46,648 subscribers in November 2020, followed by a drop of 3.38 million subscribers in December 2020 and then a loss of 4.29 million subscribers in January 2021. The four major telecoms service providers also recorded zero porting activities, following the…

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