Business News

The Central Bank of Nigeria (CBN) has announced a significant change in import procedures, discontinuing the mandatory use of the foreign exchange (FX) price verification system (PVS) portal. This decision, effective from July 1, 2024, marks a departure from the previous requirement established in August 2023. W. J. Kanya, the acting director of CBN's trade and exchange department, issued a statement on Wednesday outlining the policy shift. The move is attributed to recent developments in Nigeria's foreign exchange market and aims to simplify the import process. Under the new guidelines, importers will no longer need to obtain a Price Verification…
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has firmly denied allegations of dirty fuel being imported into Nigeria. Speaking to journalists after a meeting with oil marketers and local refiners at the NMDPRA headquarters in Abuja, Executive Director of Distribution Systems, Storage and Retailing Infrastructure, Ogbugo Ukoha, assured the public of the quality of petroleum products entering the country. "There is no dirty fuel that we would encourage to come into Nigeria. And there is no dirty fuel being brought in," Ukoha stated emphatically. This statement comes in response to accusations made by Devakumar Edwin, Vice President of…
Harvard Business School professor Joseph Fuller has spent the better part of a decade studying — and working with — some of the world’s most successful people, from Fortune 500 executives to Nobel Prize laureates. What sets high achievers apart from everyone else, Fuller has discovered, isn’t their confidence or business acumen — it’s their adaptability. “They’re not wedded to some predetermined career path that they set when they were a student or starting their first job,” he tells CNBC Make It. “They’re open to unexpected opportunities and embrace change instead of fearing it.” It’s great to set career goals…
Retail Supermarkets Nigeria Limited, the operators of Shoprite Mall, have announced that they will cease operations at their Wuse, Abuja branch on June 30, 2024. The announcement was made in a circular signed by Chief Executive Officer Folakemi Fadahunsi. The company attributed the closure to the current business climate in the country, noting that the decision followed a thorough evaluation of the store’s financial performance. Vendors have been informed that their services will no longer be required at the location. Shoprite also stated that it will review its financial records over the next 60 days to address any outstanding balances…
As a Gen Zer, company culture was a major deciding factor when I was job searching.Like many people of my generation, I value a workplace that prioritizes diversity, work/life balance and professional growth. So I was surprised to hear hiring expert and entrepreneur Brianna Doe say it may not be smart to ask “What is the company culture like?” in a job interview.Doe worked in marketing for roughly a decade, started leading hiring interviews seven years ago, and now, as founder of her own agency, Verbatim, will soon be hiring her own full-time staff. Doe says that she hears the…
Devakumar Edwin, vice-president, oil and gas at Dangote Industries Limited (DIL), has accused international oil companies (IOCs) in Nigeria of doing everything to frustrate the survival of Dangote Oil Refinery and Petrochemicals. Edwin said the IOCs are deliberately frustrating the refinery’s efforts to buy local crude by jerking up crude oil prices above the market price, thereby forcing it to import crude from countries as far as the United States, with its attendant huge costs. Edwin spoke to journalists at a one-day training programme, organised recently by the Dangote Group. He also lamented the activity of the Nigerian Midstream and…
Marco's story is a testament to the power of perseverance and the importance of embracing the journey towards success. Growing up in Mexico, Marco witnessed his mother's logistics business and was inspired to follow in her footsteps. He became a customs broker, combining his passion for business with his desire to give back to the community. Marco emphasizes the significance of personal development and positive influence in achieving both personal and professional success. He believes that taking care of oneself and continuously growing as an individual is essential to effectively help others. By focusing on self-care and personal success, Marco…
The founder of Stanbic-IBTC Bank, Atedo Peterside has announced his retirement as a banker. Peterside made this announcement in a post via his verified social media page. The banking icon wrote, “This has been an incredible 35-year journey that ends today, June 10, 2024. “Every single day since Feb 2, 1989, I have been either the CEO, Chairman or Bank Director. All good things must come to an end. I give God the glory at age 68,” he added. His exit comes after over three decades and a half of dedicating his wealth of experience to the Nigerian banking sector.…
Indian steel maker, Aarti, is exiting the Nigerian manufacturing sector, joining a long list of companies leaving the country on account of economic woes. The Ota, Ogun State-based steel maker, has already been put up for sale and big players have submitted unconfirmed bids ranging between $50 million and $100 million. The steel maker’s exit is attributed to a combination of factors, notably high rate of indebtedness, challenging economy, fluffing currency, surging inflation and high energy cost, a source who spoke on condition of anonymity told BusinessDay. “We are aware that Aarti Steel Nigeria has been put up for sale…
It’s easy to grasp why Apple, Microsoft and Google are multitrillion-dollar companies: Just think about how many people around the world interact with the companies’ products and rely on them to go about their daily lives. But these multigenerational brand names are now trailing behind Nvidia, suddenly the most valuable public company in the world. The tech behemoth, whose launch into AI chipmaking sent its stock into the stratosphere is hardly a household name. Many people can’t even pronounce it (it’s en-VID-eeyah, the company says on its website). It’s derived from the Latin word “invidia,” meaning envy, something many companies…
June 26, 2025

How to ace a job interview in 90 seconds, from an Ivy League communication expert

Sophie Caldwell You only have about 90 seconds to make a strong first impression in…
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Peter Obi decries ‘coordinated lawlessness’ after brother’s property is demolished in Lagos without court order

Former presidential candidate Peter Obi has condemned what he described as a brazen act of…
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The reason even successful people struggle to get out of bed some days

Sometimes after a long, productive day, I only have the energy to scroll on social…
June 21, 2025

Man convicted of posing as flight attendant to fly for free 120 times

A 35-year-old American man has been found guilty of impersonating a flight attendant at least…
June 26, 2025

17 soldiers killed, dozens injured in fierce gun battles with terrorists in Niger, Kaduna

Seventeen soldiers have been confirmed dead and at least ten others injured following coordinated attacks…
June 26, 2025

Here’s the latest as Israel-Hamas war enters Day 629

Seven Israeli soldiers killed in Gaza, pressure on Netanyahu for ceasefire The Israeli military said…
June 25, 2025

Tesla robotaxi launch: Why getting from dozens to millions of self-driving cars won't be easy

Tesla (TSLA.O) finally has a robotaxi. Now comes the hard part. The electric-vehicle maker deployed…
May 13, 2025

Nigeria's Flying Eagles qualify for World Cup after dramatic win over Senegal

Nigeria's U-20 national football team, the Flying Eagles, have secured their place at the 2025…

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