Business News

Thursday, 09 January 2020 18:46

Oil slips as focus shifts from Iran tensions to U.S. crude stocks

Oil prices retreated further on Thursday after sharp losses in the previous session, as the market shifted its focused towards rising U.S. crude stocks and away from fears of an imminent escalation of conflict between the United States and Iran. Broadly, prices were moving back towards where they stood before the Jan. 3 U.S. drone strike that killed a top Iranian general, prompting an Iranian rocket attack on Iraqi airbases hosting U.S. forces. These events had pushed crude to its highest in four months. After a 4.1% fall on Wednesday, Brent crude futures were down 39 cents at $65.05 a…

Thursday, 09 January 2020 06:20

Oil revenue may decline as IOCs move to divest from Nigeria

The nation’s oil and gas sector may not get a much-needed revamp this year as a number of international oil companies operating in the country look set to divest more assets amid a lack of reforms. S&P Global Platts reported that Nigeria’s radical move in November to hike taxes on companies operating in its lucrative deepwater blocks might have raised the government’s share of the revenue from oil but could backfire by deterring IOCs from the country and hindering output growth. The nation’s oil and gas production structure is majorly split between joint ventures onshore and in shallow water with…

Thursday, 09 January 2020 06:19

Nigeria’s GDP growth remains sluggish at 2.1 percent in 2020 - World Bank

World Bank Group, yesterday, raised Nigeria’s growth expectations in 2020 to 2.1 per cent, describing it as an “edge up”, a development that confirms the country’s continued stay in sluggish economic path for another year. It also warned that the macroeconomic framework is characterised by multiple exchange rates, foreign exchange restrictions, high persistent inflation, and a central bank targeting manifold objectives that are not conducive to confidence. Meanwhile, the global economic growth is also forecast to edge up to 2.5 per cent in 2020, as investment and trade gradually recover from last year’s significant weakness, but downward risks persist. World…

Thursday, 09 January 2020 06:16

Miyetti Allah bans night grazing nationwide

Miyetti Allah Cattle Breeders Association of Nigeria (MACBAN) yesterday banned night grazing nationwide as part of measures to curb the perennial clashes between herders and Farmers. National Secretary of MACBAN Mr Baba Uthman told journalists after its Annual General Meeting yesterday in Damaturu, Yobe State capital that the decision would become an instruction that would be communicated to every member of the group, including those at the grassroots. “This is a decision that has been taken by the highest decision-making body of the association. As it is taken here, it will go down the ladder down to our members at…

Wednesday, 08 January 2020 05:52

Oil, stocks, gold zigzag as Iran strikes push Mideast to brink

Financial markets were roiled on Wednesday after Iran fired missiles at U.S. forces in Iraq, sending Asian stocks and U.S. Treasury yields sliding and sharply lifting oil prices as investors feared a wider conflict in the Middle East. Iran’s missile attacks on the Ain Al-Asad air base and another in Erbil, Iraq, early Wednesday came hours after the funeral of an Iranian commander whose killing in a U.S. drone strike has intensified tensions in the region. By late morning in Asia, however, equities had trimmed losses, the yen had stabilised somewhat and U.S. bonds tempered their rally as investors paused…

Wednesday, 08 January 2020 05:49

Nigeria’s foreign reserves drop to two-year low

Nigeria’s foreign exchange reserves have hit two-year low at $39.84 billion, an Economic Report by Financial Derivatives Company Limited, has shown. The report also said that quarterly oil revenue could hit $15 billion at the new oil price of $68 to $69 per barrel as the market awaits Iran response to the killing of its military commander, Qassem Soleimani. The foreign reserves level stood at $39.65 billion by November 21, 2019, compared to $40.33 billion as at end of September 2019. CBN data showed that the reserves were at $43.83 billion at end of December, 2012 as against $68 billion…

Tuesday, 07 January 2020 06:02

Companies with less than N25m turnover will no longer pay tax - FG

The Finance Bill 2019, when signed into law, will ensure that small businesses with turnover less than N25m will be exempted from Companies Income Tax. Currently, all companies are expected to pay Federal Government 30 per cent of their profit as Companies Income Tax. However, Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, said once the bill is signed into law, companies that make a turnover of less than N25m will no longer pay this tax while those that have a turnover of between N25m and N100m yearly will now pay 20 per cent as companies income tax.…

Tuesday, 07 January 2020 05:57

Why heroic efforts are damaging your company’s growth

Dependence on Talent over Systems can Stall Your Growth One of the things we celebrate, particularly in entrepreneurial organizations, is the last-minute effort a person or a team puts in to beat a tough deadline. Maybe it's a product team hustling to complete a prototype against the clock, a group of accountants and lawyers working through the night to close an acquisition, or even a CEO swooping in to save a key account at the last minute. Heroic efforts like these should be celebrated, right? Actually, no. These kinds of heroic efforts are actually damaging the long-term growth prospects for…

Monday, 06 January 2020 06:09

Oil surges again after Trump threatens Iraq sanctions, Iran retaliation

Oil prices shot more than 2% higher on Monday, with Brent rising above $70 a barrel, after U.S. President Donald Trump issued a threat to impose sanctions on Iraq amid escalating tensions with Iran in the Middle East. Brent crude futures (LCOc1) soared to a high of $70.27 a barrel at 0222 GMT, up $1.67, or 2.4%, from Friday's settlement. U.S. West Texas Intermediate (CLc1) crude was at $64.39 a barrel, up $1.34, or 2.1%, after touching $64.44 earlier, the highest since April. The gains extended Friday’s more-than-3% surge after a U.S. air strike in Iraq killed top Iranian commander…

Monday, 06 January 2020 05:56

5 lifestyle changes to make if you want to get rich in 2020

If your're looking to build more wealth in 2020, money won't simply appear — you're probably going to have to make some changes to reach your goals. Here are five lifestyle changes that have helped self-made millionaires get to where they are today. If they worked for them, they could also work for you. Generate two incomes — or more The richest people focus on earning, and they typically aren't content with one source of revenue. As author Thomas C. Corley found in his multi-year study of self-made millionaires, the rich "do not rely on one singular source of income,"…

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Sunday, 05 January 2020 05:59

FG reviews electricity tariffs for power distribution companies, freezes hike till April

Nigerian Electricity Regulatory Commission (NERC) has published a reviewed power tariff for December 2019 with no hike for customers of the 11 Distribution Companies (DisCos) until April 2020. NERC, in the published December 2019 Minor Review of the Multi Year Tariff Order (MYTO) 2015 and the Minimum Remittance Order (MRO) for 2020, gave a caveat on the frozen tariff hike. “The Federal Government’s updated Power Sector Recovery Programme (PSPRP) does not envisage an immediate increase in end-users tariffs until 1st April 2020 and a transition to full cost reflectivity by end of 2021.” To bridge this gap since customers won’t…

Saturday, 04 January 2020 06:09

Oil, safe havens surge after U.S. strikes kill Iran commander

Oil prices surged as much as $3 a barrel as gold, the yen and safe-haven bonds all rallied on Friday after the U.S. killing of Iran’s top military commander in an air strike in Iraq ratcheted up tensions between Washington and Tehran. Traders were spooked after the death of Major General Qassem Soleimani, head of the elite Quds Force who was also one of Iran’s most influential figures, and by Iranian Supreme Leader Ayatollah Ali Khamenei’s vow of revenge. U.S. Secretary of State Mike Pompeo said the strike aimed to disrupt an “imminent attack” that would have endangered Americans in…

Friday, 03 January 2020 05:46

Boko Haram, herdsmen undermining food production in Nigeria - World Bank

Boko Haram insurgency and herdsmen attacks in parts of the country undermined the growth of Nigeria’s agricultural sector, according to a report released by the World Bank. Federal Government’s Economic Recovery and Growth Plan targets agriculture as a key sector to support economic diversification and promote import substitution. The strategy aims to achieve production self-sufficiency in certain partly imported commodities, including rice, wheat, sugar, and palm oil. In recent years, Central Bank of Nigeria had supported agriculture through concessionary financing and risk-sharing programmes such as the Commercial Agricultural Credit Scheme, the Nigerian Incentive-Based Risk Sharing in Agricultural Lending programme, and…

Wednesday, 01 January 2020 05:34

FG orders Discos to stop collecting cash from electricity consumers

Federal Government has ordered power distribution companies to migrate to cashless settlement platforms with respect to collection of electricity bills from residential, industrial and commercial customers. It stated that the distributors have till January 31 and March 31, depending on the class of customers, to comply with the order issued by Nigerian Electricity Regulatory Commission in a document with reference ‘Order No/NERC/183/2019.’ The document, dated December 30, 2019 and obtained by our correspondent in Abuja, was signed by both NERC Chairman, Mr James Momoh; and NERC Commissioner, Legal, Licensing and Compliance, Mr Dafe Akpeneye. In the document, the commission noted…

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