Business News

TotalEnergies, the French energy giant, has finalized its first supply deal with Dangote Refinery in Nigeria, as announced by Chief Executive Patrick Pouyanne on Friday. This development follows a meeting with Africa's wealthiest individual, Aliko Dangote. Speaking at the Africa CEO Forum in Kigali, Rwanda, Pouyanne stated, "We met this morning and reached our first agreement. The two CEOs, along with our head of trading, collaborated to finalize the deal." Dangote has been seeking crude supplies for his 650,000 barrels per day (bpd) refinery, which will be the largest in Africa and Europe once fully operational. In May, Dangote issued…
Nigeria’s new Dangote mega refinery near Lagos plans to purchase millions of barrels of US crude over the next year, highlighting the challenges Africa’s largest oil producer faces in boosting its own output. According to an analysis by Thisday, the refinery, built by Africa’s richest man Aliko Dangote, has issued a term tender for the purchase of 2 million barrels a month of West Texas Intermediate (WTI) Midland crude for 12 months starting in July, according to a document seen by Bloomberg. The tender closes on May 21. The request for US oil underscores the refinery's growing influence in global…
On Friday afternoon, on the floor of the annual meeting of Berkshire Hathaway shareholders, I ran into my seatmate from the flight from Washington, D.C. to Omaha — a lovely woman working the Geico booth. “Bill Murray is here,” she told me. I told her I’d keep my eyes peeled. Of course, to the tens of thousands of shareholders who flock each year to Nebraska, Murray, or any other celebrity, is second fiddle to the real star of the show, Warren Buffett, and in years past his right-hand man Charlie Munger, who died in 2023. Around these parts, the honchos…
Dropping your prices to get more customers may not lead to more profit. While this approach may have benefits in the short term, pricing psychology research reveals that lowering your prices too much can negatively impact your customer satisfaction scores and brand perception. Years ago, I had the chance to learn valuable lessons about pricing psychology from Brad Fallon, a lawyer-turned-entrepreneur with whom I interned as a college senior. Brad and his wife co-founded MyWeddingFavors.com in 2004. Within two years, they had turned a $2,000 investment into $32 million. Following this success, Brad launched StomperNet, an internet marketing company, which…
In business, you can never win every battle, but you must win the critical ones for your own longevity and the success of your business. Picking the right ones is more than half the battle. In my experience as a business advisor, I find that many people spend most of their time on the wrong problems, usually due to ego, daily pressures or emotions. You must re-prioritize daily. For example, I once had a business associate who loved to help his peers, which is a positive attribute, until he was unable to complete his own commitments on time and his…
Nigeria's manufacturing export revenue has taken a significant hit, plummeting by 166% to ₦778.4 billion, according to the latest findings from the World Bank's 'Africa Pulse' report. This stark decline marks a sharp contrast from the ₦2 trillion peak recorded in 2019. The report highlights a downward trajectory since 2019, attributing a substantial decline to the impact of Covid-19. In 2020, revenue dipped to ₦960.7 billion, followed by a modest recovery to ₦1.15 trillion in 2021. However, 2022 witnessed a substantial drop to ₦781.1 billion, further exacerbating to ₦778.4 billion in 2023. The World Bank identifies poor infrastructure and inefficient…
Are you pushing a rock uphill? When you're working on bringing a product or service to market, sometimes it can feel very burdensome – like you're pushing a heavy load skyward. A lot of effort is required and you're becoming exhausted in the process. But this is to be expected, right? You're always hearing that every new idea takes time, effort, patience, determination and plain hard work to become successful. It's true that what we perceive as an overnight success is usually at least 10 years in the making. There's more to it than that, though. Some ideas really are…
The Securities and Exchange Commission (SEC) has unveiled fresh regulations governing the issuance and allotment of securities by private companies. According to the new rules, any individual who issues or allocates securities without prior approval from the SEC, or breaches any of its regulations, will face penalties starting at N10 million initially, with an additional daily penalty of N100,000 for each ongoing violation. These regulations, outlined in the proposed guidelines by the SEC, encompass various aspects including debt securities offerings by private companies through public offers, private placements, or other approved methods. The rules also extend to registered exchanges and…
I recently returned from teaching a class of executive education students at Harvard. Most of the business leaders enrolled in this particular class were accomplished real-estate and property developers from around the world. Builders are always sharpening their communication skills because nothing gets built until investors, city leaders, and local citizens buy into a developer's vision. So, to be convincing, developers constantly refine their plans and pitches to 'resonate with stakeholders.' Regardless of your field, if your messagedoesn't resonate with your audience, you stand little chance of gaining their support. The only question that really matters to them is: "Why…
Larry David For those who prioritize some standard of decorum, conventional or nontraditional social norms and expectations, here are three valuable lessons about unwritten rules that every business stakeholder can glean, especially if their aim is to build meaningful connections. Unwritten rules serve several important functions in society and business – they keep things running smoothly by guiding how we interact with one another and avoid unnecessary drama. Basically, they're like the invisible hand that keeps things in check without needing to call in the big guns of formal rules and regulations or, dare I say, HR. 1. Be fair…
January 09, 2025

This is the ‘biggest barrier to building wealth,’ says behavioral finance expert

I’ve been meaning to sell some company stock and diversify into another investment for awhile…
January 10, 2025

Bauchi Gov to Tinubu: Your policies not working, hardship worsening

Governor Bala Mohammed of Bauchi State has urged President Bola Tinubu to address the growing…
January 10, 2025

Detty December: ‘an ode to Nigeria’s unyielding spirit’

It’s a world of endless parties and sleepless nights. A relentless celebration that turns West…
January 04, 2025

Shy man cuts off 4 fingers instead of telling boss he wanted to quit his…

A 32-year-old Indian man admitted to cutting off four fingers on his left hand to…
January 08, 2025

Borno attack: Soldiers missing, casualties mount after base overrun

Four days after Boko Haram militants launched a deadly assault on a military base in…
January 10, 2025

What to know after Day 1051 of Russia-Ukraine war

RUSSIAN PERSPECTIVE Kremlin ‘would welcome’ contact from Trump Moscow would be willing to talk to…
December 25, 2024

Stem cell therapy to correct heart failure in children could 'transform lives'

Renowned visionary English physician William Harvey wrote in 1651 about how our blood contains all…
January 08, 2025

NFF appoints new Super Eagles head coach

The Nigeria Football Federation (NFF) has appointed Éric Sékou Chelle as the new Head Coach…

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