Business News

Saturday, 15 June 2024 02:55

Seplat pledges swift conclusion of $1.3bn acquisition deal with Exxon after NNPC withdrew suit

Seplat Energy is pursuing a swift conclusion to its $1.28 billion acquisition of ExxonMobil's Nigerian shallow water oil assets, it said on Friday after being notified that NNPC had halted a legal challenge to the deal. State oil company NNPC had challenged Exxon's sale of the assets to Seplat, saying it had first right of refusal. The deal was further held up by regulatory issues. "Seplat Energy commends the open cooperation and progress achieved by all stakeholders, and will diligently engage (with) all key stakeholders, including the government, in progressing towards a swift completion of the acquisition," a Seplat statement…

Thursday, 13 June 2024 04:41

The 1 thing that keeps average leaders from becoming great

Hint: Effective communication isn't just about talking. With the increase in flexibility in how and when individuals work, people are reporting higher levels of burnout and difficulty in finding work-life balance. To combat this, leaders and employees alike will have to focus on increasing their empathic social skills. One skill, in particular, increasingly separates average leaders from great ones: Active listening. Activating Your Active Listening Skills Effective communication isn't just about talking; it's having the ability to listen intuitively to the other person's story, ask questions and search conversations for depth, meaning and understanding with their needs in mind. This…

Wednesday, 12 June 2024 04:44

Dangote Refinery delays petrol supply to domestic market till July

Aliko Dangote, Africa’s richest person, announced a delay in petrol supply from the Dangote Petroleum Refinery, now set to commence in July. Dangote made this announcement on June 9 during the inauguration of the Dangote Sinotruk West Africa’s completely knocked-down (CKD) plant in Lagos. Previously, on May 18, Dangote had stated that the refinery would start producing petrol in June, eliminating the need for Nigeria to import the product. However, providing an update, Dangote indicated that the refinery is now expected to begin supplying petrol to the downstream market by July 15. “We had a bit of delay, but PMS…

Wednesday, 12 June 2024 04:42

Guinness’ core investor to exit Nigeria after 75 years amid economic challenges

After operating in Nigeria since 1950, Guinness’ core investor has announced its departure from the Nigerian market, citing the adverse economic climate. The company plans to sell its controlling shares to Singaporean conglomerate Tolaram Group. Between July 2023 and March 2024, Guinness Nigeria recorded a significant loss of N61.9 billion after tax. This financial downturn followed President Bola Tinubu’s decision to float the naira to unify its value across official and parallel foreign exchange markets, a move that backfired and severely impacted multinational companies, including Guinness. The brewery's N61.7 billion loss after tax in Q3 starkly contrasted with the N5.9…

Tuesday, 11 June 2024 04:42

A simple list helped a 68-year-old become a successful CEO

I often write down my goals in a tiny notebook that I keep close to my bed. Most of the time, I don’t go back and read what I wrote — I just move on to the next.But maybe I’ll start revisiting the aspirations in my notebook after reading Julia Stewart’s success story. Stewart, who became IHOP’s first-ever female CEO in 2002, types out her “life’s goals,” then prints and frames them on her desk.It’s something the 68-year-old has been doing for roughly five decades, and says it helped her succeed in her career.“I started my first life goals when…

Friday, 07 June 2024 04:20

Lessons in capitalism from Whole Foods and Trader Joe’s

How to build businesses that last America is not just the land of red-blooded capitalism. It has an esoteric tradition of capitalist altruism, too. Take Trader Joe’s, an own-label grocery chain like m&s in Britain. It somehow retains a local-community feel, like an indoor farmers’ market with good prices and wonderful staff, despite having 549 stores. Whole Foods Market, a 530-store Mecca for well-heeled health nuts and epicureans, has a similar vibe. Or at least it did until 2017, when it was sold to Amazon for $13.7bn. Its co-founder, John Mackey, has recently published a book full of joie de…

Wednesday, 05 June 2024 04:47

International oil companies operating in Nigeria prefer export to supplying us crude - Dangote

Aliko Dangote, Africa’s richest person, has revealed that some international oil companies (IOCs) are facing difficulties in supplying crude oil to the Dangote Petroleum Refinery. Dangote made these comments during an appearance on CNN’s ‘Connecting Africa’ programme, which aired on June 3. When asked whether domestic oil companies have been able to supply crude to the refinery, Dangote acknowledged there are "challenges." However, he noted that the Nigerian National Petroleum Company (NNPC) Limited has been very supportive in supplying crude to the 650,000 barrels-a-day refinery. "The NNPC does its part, but some IOCs are struggling to provide us with crude…

Wednesday, 05 June 2024 04:41

I’ll never hire anyone again without asking Apple's genius interview question

They say recruiting is a lot like dating. Online profiles act as piles of resumes that reduce humans to a comparatively tiny number of choice words they've strung together to entice you to consider them. All are hopelessly vying for your attention, if not approval. Meanwhile, once they do just that, many won't even be interested in what you have to offer, according to daters everywhere and SHRM. For some, your "competitive salary" isn't competitive enough. Others won't find your benefits package to be, well, beneficial enough. And then there are those who are simply using your interest as a…

Tuesday, 04 June 2024 04:42

3 proven methods to grow your personal brand

Content marketing. Are you doing it? If you are, does that content actually serve your growth and the goals of your business? Promotion has never been optional for entrepreneurs and the digital age continues to enhance the potency of content marketing in drawing eyeballs and closing sales. So if you said yes to either of those two questions, this article is for you. One of the most common pieces of advice that people get when it comes to content revolves around "just going out and posting." While the old Gretsky adage is certainly true about missing all the shots you…

Monday, 03 June 2024 04:40

7 key steps to resolving value conflicts in your business

When values conflict, leaders must adopt a relational approach to resolution. Employees who experience value conflicts with your organization do not intend to be difficult when they speak up. The misalignment of their values with those of the organization profoundly affects them and that misalignment feels unsustainable. When the rules or culture of the organization go against the core beliefs or identities of individuals, it leads to a conflict of values. These value conflicts compel people to speak up. If it is not safe for them to speak up, they will likely choose to disengage from the workplace culture. These…

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Sunday, 02 June 2024 04:52

Dangote Refinery ships first jet fuel cargo to Europe

Nigeria's Dangote refinery, situated near Lagos, has exported its first jet fuel cargo to Europe, according to an S&P Global Insights report. BP is transporting the jet fuel to Rotterdam, following a tender of 120,000 metric tonnes offered at the end of May. Four market sources confirmed the shipment, S&P Global Insights reported. The Doric Breeze vessel loaded 45,000 metric tonnes of jet fuel from Lekki on May 27, marking BP's inaugural cargo from Dangote, as per S&P Global Commodities at Sea data. Additionally, Cepsa, a Spanish refiner, secured part of the tender and is expected to deliver supplies to…

Saturday, 01 June 2024 04:56

100 manufacturing companies shut down due to new electricity tariff - MAN

The Director-General of the Manufacturers Association of Nigeria, Segun Ajayi-Kadir, has disclosed that electricity distribution companies have disconnected over 100 manufacturing firms. In an exclusive interview with The PUNCH at the annual general meeting of the MAN’s food, beverage and tobacco sector, on Thursday in Lagos, he revealed that 10 of the association’s members had been disconnected in Kano. “We do not favour legal action against the Discos and NERC. We do not want to go there. One of our branches has done so, and that subsists. The Disco in Kano is still disconnecting our members despite the injunction. As…

Saturday, 01 June 2024 04:54

Cocoa shortage much higher than projected - ICCO

Cocoa’s shortage this season will be bigger than previously expected as consumption holds up despite higher prices, according to the International Cocoa Organization. Demand will exceed production by 439,000 tons, driven by higher cocoa grinding in consuming countries, the ICCO said in its second estimate for the current October-September year. That compares with a Februaryprojection for a deficit of 374,000 tons. “Current available data reveal that cocoa grinding activities have so far been unrelenting in importing countries despite the record cocoa price rallies,” the ICCO said. “As the 2023-24 season progresses, it is certain the season will end in a…

Friday, 31 May 2024 04:58

Firm which makes same products as Procter & Gamble set to also shut down operations in Nigeria

Kimberly-Clark will soon shut down its Ikorodu production facility, citing economic challenges despite a $100 million investment two years ago. High energy costs, expensive raw materials, and reduced customer demand have forced the company to reduce shifts and implement cost-cutting measures. The closure reflects broader industry challenges, mirroring exits by Procter & Gamble and strategic reviews by PZ Cussons, impacting Nigeria’s drive for foreign direct investment Diaper and sanitary pad manufacturer, Kimberley Clark will soon announce an imminent shutdown of its Ikorodu production facility two years after investing $100 million in Nigeria. Sources within the company informed Nairametrics that the…

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