Business News

Saturday, 20 July 2024 04:41

Dangote’s quest for import ban on diesel bad for Nigeria’s energy security, competition, FG says

Aliko Dangote has asked Nigeria to suspend imports of diesel and aviation fuel in a move that would hand his refinery a monopoly on their sale, the head of the country’s regulatory agency said. “That is not good for the nation in terms of energy security and that is not good for markets in terms of monopoly,” Farouk Ahmed, head of the Nigerian Midstream and Downstream Regulatory Agency, told reporters in remarks shared on social media. A spokesman for Dangote declined to comment. Africa’s richest person controls a massive 650,000 barrel-a-day refinery outside Lagos, the commercial capital, producing aviation fuel,…

Friday, 19 July 2024 04:51

The No. 1 crucial soft skill that good CEOs share, says Jamie Dimon: Without it, ‘you’ll eventually fail’

One key trait separates the best CEOs from all others, according to JPMorgan Chase CEO Jamie Dimon. While some leaders can get complacent in their lofty roles, a great CEO prioritizes learning, inquisitive conversations and taking genuine interest in other people’s points of view, Dimon, 68, told LinkedIn’s “This is Working” video series last week. “I think leaders have to get out [from behind their desks],” Dimon said. “They have to get out all the time. They have to be curious, ask a million questions. They’re learning from competitors, they’re learning from clients.” One of Dimon’s top priorities for himself…

Thursday, 18 July 2024 04:46

TotalEnergies sells Nigerian onshore oil assets for $860m

TotalEnergies has sold its minority share in a major Nigerian onshore oil joint venture to Mauritius-based Chappal Energies for $860 million, the French energy group said on Wednesday. CEO Patrick Pouyanne said in February that TotalEnergies was looking to exit its 10% stake in the Shell Petroleum Development Company of Nigeria Limited (SPDC), which has struggled with hundreds of oil spills as a result of theft, sabotage and operational issues that led to costly repairs and high-profile lawsuits. Chappal Energies focuses on investments in deep value and distressed brownfield upstream assets in the Niger Delta region. The sale includes an…

Thursday, 18 July 2024 04:42

3 things to consider before your perfect business partner becomes your perfect disaster

Cynthia Kay Starting a business can be daunting. The statistics bear that out, with high failure rates in the first five years and others closing their doors within the five-to-ten-year mark. There are many reasons for failure, including the lack of cash, not doing enough research and poor marketing. But there is one reason that does not get enough attention: a bad partnership. Most would-be business owners are good at what they do or make but might not have all the skills necessary to succeed in the long term. That's why they look to open the doors with a partner.…

Wednesday, 17 July 2024 04:52

NECA, MAN, NACCIMA say with one voice: Tinubu’s economic policies killing businesses

The Nigeria Employers’ Consultative Association, NECA, Manufacturers Association of Nigeria, MAN, and the Nigerian Association of Chambers of Commerce Industry Mines and Agriculture, NACCIMA, have blamed hastily implemented government policy shifts without corresponding plans to mitigate the negative effects of the inception of the present government for the socio-economic crises confronting the country currently. The trio spoke separately on the issue yesterday, with NECA saying major policy shifts undertaken by the government in 2023 and the adverse impacts they had across various sectors, are having terrible effects on businesses and the national economy. President and Chairman of Council, NECA, Taiwo…

Wednesday, 17 July 2024 04:45

AI-related downsizing is growing more common. Is this the future of business?

Fears that AI will be stealing jobs were given fresh life on Wednesday, when accounting giant Intuit announced it would lay off 1,800 employees as part of an AI-centered reorganization. The cuts will affect 10 percent of workers at the company, which owns accounting software TurboTax and QuickBooks. In a memo sent to staff, Intuit CEO Sasan Goodarzi noted that aligning the business with AI will make it competitive as technological change sweeps the economy. "Companies that aren't prepared to take advantage of this AI revolution will fall behind and, over time, will no longer exist," he wrote. The layoffs,…

Tuesday, 16 July 2024 04:31

The No. 1 question to ‘always’ ask in a job interview, from a LinkedIn career expert

The final minutes of a job interview — when the interviewer is done with their questions and opens up the floor — is time you don’t want to waste. Asking smart, thoughtful questions can give you an edge over other candidates and help you decide whether a role is the right fit for you. There’s one question, in particular, that you should “always” ask in a job interview, says LinkedIn career expert Andrew McCaskill. “What does success look like to you in the first 90 days of this role?” By asking how success is measured within the team or company,…

Monday, 15 July 2024 05:12

NNPC’s stake in Dangote Refinery reduces to 7.2 percent

Aliko Dangote, Africa’s richest person and Chairman of Dangote Group, announced on Sunday that the Nigerian National Petroleum Company (NNPC) Limited's stake in the Dangote Petroleum Refinery has dropped significantly from 20 percent to 7.2 percent. Speaking during a press briefing at the refinery in Lagos, Dangote attributed the reduction to NNPC's failure to pay the balance of their share, which was due in June. “NNPC no longer owns a 20 percent stake in the Dangote refinery. They were meant to pay their balance in June, but have yet to fulfill the obligations. Now, they only own a 7.2 percent…

Monday, 15 July 2024 05:04

Our side hustles bring in $125,000 a year or more: 'Nearly everybody' can make money this way

Sarah and Jamie McCauley are landlords, YouTubers, Walmart pallet flippers, eBay resellers and Amazon product reviewers — and those are just their active streams of income. The McCauleys make their money by researching what makes side hustles profitable, testing them and teaching others how to do the same on YouTube. The Grand Rapids, Michigan-based couple earned nearly $140,000 from eight streams of income last year, according to documents reviewed by CNBC Make It. They're particularly good at two types of gigs, they say: anything involving real estate and their YouTube channel itself, where they share their side hustle exploits with…

Friday, 12 July 2024 05:06

FG brokers oil supply deal between crude producers and refineries

Nigeria's oil regulator has struck a deal with producers to allow sales of crude to domestic refiners at market prices, ending a supply dispute that had strained relations with international oil companies. Nigeria relies on imports for most of its fuel needs due to inadequate refining capacity, although a 650,000 barrel-a-day refinery built by Africa's richest man Aliko Dangote and operational since February, should make it self-sufficient and able to export. An agreement on Wednesday follows complaints from the Dangote Refinery that oil majors were hindering local crude purchases by demanding excessive premiums or saying they had no available supplies.…

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Friday, 12 July 2024 04:57

Don’t cancel meetings to be productive, cancel one-on-ones

The CEO of ClickUp learned through this trial-and-error process that the most inefficient and unproductive meetings are one-on-ones, especially among executives. Time is our most precious asset, and we’re always running out of it. Having spent the past seven years running a company all about productivity, I’ve found that meetings are generally the most inefficient activity across companies. So I started to cancel meetings. That is until I found the meetings that truly needed to be added back. I learned through this trial-and-error process of canceled meetings that the most inefficient and unproductive are one-on-ones, especially among executives. One-on-ones for…

Wednesday, 10 July 2024 04:24

Chocolate startup wanted to end child slavery in cocoa industry—now it brings in $162m a year

If Tony’s Chocolonely founder Teun van de Keuken had his way, he would’ve ended up behind bars long before he created his popular chocolate company. The Dutch journalist made an attempt to get himself arrested in 2005, showing up to a police station and declaring himself a criminal. The crime? Fueling slavery by knowingly purchasing a chocolate bar made with illegal child labor. When his activist stunt failed, van de Keuken came up with a new plan: creating a chocolate bar of his very own that proved the candy could be made without any exploitation of children. His chocolate company…

Tuesday, 09 July 2024 04:43

MTN Nigeria paid taxes totaling N543.9bn in 2023 - Report

MTN Nigeria Communication Plc reported that it paid N543.9 billion in taxes and levies to the Nigerian government in 2023. This disclosure was made in the company’s 2023 sustainability report, which details its Environmental, Social, and Governance (ESG) practices. The report highlights that MTN expanded its network coverage to encompass 92.9% of Nigeria’s landscape and increased its capital expenditure investment by 13.2% to N571 billion in 2023. Despite posting a revenue of N2.46 trillion for the full year, MTN Nigeria recorded a loss after tax of N137 billion, primarily due to net foreign exchange losses. In a filing with the…

Tuesday, 09 July 2024 04:38

Job scams surged 118% in 2023, aided by AI. Here’s how to stop them

Employment scams surged last year, as criminals leveraged artificial intelligence to steal money and personal information from unsuspecting job seekers, experts said. Consumer reports of job scams jumped 118% in 2023 from the prior year, according to a recent report by the Identity Theft Resource Center. Thieves generally pose as recruiters and post fake job listings to entice applicants, then steal valuable information during the “interview” process. Often, they put these phony listings on reputable websites like LinkedIn and other job search platforms, ITRC said, making it tough to disentangle truth from fiction. The typical victim loses about $2,000 A…

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