Business News

Monday, 05 October 2020 05:47

FG to bar vessels without licences from operating in Nigerian waters

Federal Government plans to bar vessels without a valid licence to operate in Nigerian waters and has given shipping companies that trade in its coastal and inland waters three months to register, maritime regulator said on Sunday. Nigerian Maritime Administration and Safety Agency (NIMASA) said it will notify international oil companies to bar vessels without valid certificates after the three months expire. Most of the vessels that use Nigerian waters are owned by foreign companies. They mostly transport crude oil for international oil companies. The regulator said the new regime would also apply to vessels whose licences have already expired.…

Monday, 05 October 2020 05:45

Oyo signs gas infrastructure agreement with Shell

Oyo State Commissioner for Energy and Mineral Resources, Mr Seun Ashamu, said the state government has signed a Memorandum of Understanding (MoU) with Shell Nigeria Gas (SNG), to attract investments and boost its economy. Ashamu stated this in a statement signed by Mr Taiwo Adisa, Chief Press Secretary to governor Seyi Makinde, in Ibadan on Sunday. According to Ashamu, the incumbent administration in the state is determined to boost the state’s economy and Internally Generated Revenue (IGR) in a record time. Ashamu said the MoU was part of efforts to increase the economic potentials of the state through the availability…

Monday, 05 October 2020 05:43

Unions direct members in Chevron to shut down operations

Labour unions in the oil and gas sector have directed their members in Chevron Nigeria Limited to commence a total shut down of the company’s operations following sack of 600 Nigerian employees and other alleged anti-Labour practices by management of the company. The Unions, National Union of Petroleum and Natural Gas (NUPENG) and the Petroelum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) gave the directive in a joint statement on Sunday. NUPENG’S President, Mr Williams Akporeha, and President, PENGASSAN, Mr Festus Osifo, said: “We have directed our members in Chevron to withdraw their services. “We also urge Federal…

Monday, 05 October 2020 05:33

Why the 'millionaire mindset' works and can help you become rich

It doesn’t matter where you started. It matters where you finish. Let’s talk about generational wealth. When you hear that term, you might picture “old money” or a huge fortune that gets passed down through the family line and think, But my family never had that kind of money. How could I ever build that kind of wealth on my own? Well, here’s some truth. It doesn’t matter where you started. It matters where you finish. It’s never too late to start building a legacy to leave for your future family, so here are four of the most important things…

Sunday, 04 October 2020 05:42

External reserves rose to $35.72bn in September - CBN

The country’s foreign reserves stood at $35.723bn as of September 29, according to Central Bank of Nigeria. CBN disclosed that the reserves, which had continued to rise and fall in recent weeks, was $35.67bn as of September 1 and rose to $35.81bn as of September 17. The reserves rose by $65m from $35.59bn August 20 to $35.66bn on August 27. It had earlier lost $278.91m from $35.87bn on July 29 to $35.59bn on August 19 after which it returned to a growth path. CBN had stated in its report on ‘Monetary, credit, foreign trade and exchange policy guidelines for fiscal…

Sunday, 04 October 2020 05:41

Nigeria’s exports to US declined 85 percent in H1, 2020

Nigeria’s export to United States under African Growth and Opportunity Act policy declined in the first half of 2020 to $244.1m. According to latest AGOA trade statistics, exports to US under the duty-free policy fell by 85 per cent to $244.1m in H1 2020 from $1.62bn in the same period of 2019. AGOA, a US trade policy enacted in 2000, is a legislation that facilitates a duty-free trade between exporters from sub-Saharan Africa and the US. Annual trade data showed the largest contribution towards AGOA-eligible trade commodities is usually oil exports mainly from Angola and Nigeria, and, to a lesser…

Saturday, 03 October 2020 05:42

GSM users increased to 203m in August. Here’s what each of the four networks gained

MTN and Airtel are the biggest gainers of new mobile phone subscriptions in August, latest monthly subscribers’ data from Nigerian Communications Commission have shown This is as the mobile phone subscribers’ base rose to 203.16 million in August from 198.96 million in July. From July to August, MTN gained 2.73 million new mobile phone subscriptions, while Airtel followed with an addition of 1.06 million new phone users in one month. The NCC mobile phone subscriber’s data showed that in one month, 9mobile added 214,282 new users to its network. Globacom, during the period under review, added 192,327 new GSM customers…

Saturday, 03 October 2020 05:40

Chevron Nigeria announces 25 percent of current staff will go, workers union says ‘no’

Chevron Nigeria Limited has announced it will lay off a quarter of its work force. The firm said Friday it was “reviewing its manpower requirements in the light of the changing business environment”. The company said it will continue to evaluate opportunities to improve capital efficiency and reduce operating costs. “In this process, the company will be streamlining its workforce and improving service delivery and overall performance at all levels,” the company said in a statement signed by Mr Esimaje Brikinn, General Manager, Policy, Government and Public Affairs. The statement noted that the aim is to have a business that…

Saturday, 03 October 2020 05:28

Banditry: Agric production plummets by 30 percent in Katsina - Officials

Activities of bandits and cattle rustlers in Katsina state have forced agricultural production to a 30% decrease this farming season, officials have said. The state Commissioner of Agriculture, who is also the state Deputy Governor, Mr Mannir Yakubu, made the disclosure during a ministerial briefing held at Katsina government house on Friday. Represented by Special Assistant to the governor on Agriculture, Mr Abba Abdullahi, the commissioner said about 500 farms were abandoned by the farmers as a result of criminal activities taking place in their areas. “Those 500 farms amounted to about 58,000 hectares of land and that has decreased…

Friday, 02 October 2020 05:32

Nigerians paid N1.27trn in electricity bills in 3 years - Report

Electricity distribution companies collected N1.27tn from customers in the last three years, data obtained from Association of Nigerian Electricity Distributors on Thursday have shown. ANED, the umbrella body for Discos, said customers paid N363bn in 2017, N437.9bn in 2018 and N473bn in 2019. Discos said the energy billed customers stood at 18,882 gigawatt-hours (equivalent to N597.3bn) in 2017; 20,852 GWh (N661.6bn) in 2018, and 21,702GWh (N695bn) in 2019. The energy received by the power distributors rose to 26,630GWh in 2019 from 26,385GWh in 2018 and 24,616GWh in 2017, according to the data. “Discos only collect an estimated 24 per cent…

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Friday, 02 October 2020 05:30

Flour Mills to reconstruct major Ogun road with tax credit

Minister of works, power and housing, Mr Babatunde Fashola, says Flour Mills of Nigeria Plc will construct Atan-Agbara road, under the road infrastructure task credit (RITC) scheme. The minister disclosed this while speaking on The Platform, a virtual event held to commemorate Nigeria’s diamond jubilee, on Thursday. RITC scheme grants income tax credit to companies and individuals that provide funding for the refurbishment and rehabilitation of roads. He said the Dangote Group is spending about N77 billion which it would have spent on tax, on constructing the Apapa-Oworonshoki road. “The policy, as you rightly put it, allows companies and even…

Friday, 02 October 2020 05:22

Here are 3 school lessons we need to unlearn as adults

As our kids head back to school, some things adults should forget from their own education It's back to school season, and across the country parents are struggling with how to keep their children both safe and educated in unprecedented times. I'm thankful for the education I received as both a child and later as an adult, it helped turn me into the person I am today. But it wasn't without its flaws, and I now find myself often trying to unlearn the lessons I was taught in a more formal setting. While I'm thankful that I didn't have to…

Thursday, 01 October 2020 05:44

Nigeria's pioneering gas flaring plan risks going down in flames

Jonah Gbemre often has no electricity, but he says his home is permanently lit at night by the flames of waste gas being “flared” near his home town in Nigeria’s Delta State. Like Gbemre, nearly half of Nigerians have no stable power supply, yet government attempts to harness gas belching from its oil fields to generate urgently-needed electricity or revenue have stalled. And experts say that without progress towards its 2030 target of virtually eliminating flaring, which releases carbon dioxide along with polluting methane and soot, Nigeria cannot meet its pledge to cut greenhouse gas emissions by 20%. “This flare…

Wednesday, 30 September 2020 04:47

Covid-19: CBN introduces healthcare intervention scheme

Central Bank of Nigeria (CBN) has introduced Healthcare Care Sector Research and Development Intervention Scheme (HSRDIS) as part of its policy response to Covid-19 pandemic in the country. The information is contained in the apex bank’s official website, www.cbn.gov.ng. The bank stated that the intervention is to help strengthen public healthcare systems with innovative financing of research and development in new and improved drugs, vaccines and diagnostics of infectious diseases in Nigeria. It said, “specifically HSRDIS is designed to trigger intense national Research and Development activities to develop a Nigerian vaccine, drugs and herbal medicines/medical devices against the spread of…

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