Business News

Monday, 22 April 2024 05:09

First Bank appoints new MD to replace Adeduntan who resigned abruptly

The Board of Directors of First Bank has appointed Segun Alebiosu, the Executive Director and Chief Risk Officer, as the acting Managing Director and Chief Executive Officer following the sudden resignation of Adesola Adeduntan. Alebiosu, with over 28 years of experience in the banking and financial services industry, will serve in this interim role until clearance from the Central Bank of Nigeria (CBN) is obtained. The decision came after a board meeting convened to address the rapid developments following the cancellation of an extraordinary general meeting and Adeduntan's unexpected resignation. Adeduntan, who communicated his resignation from Washington, is expected to…

Monday, 22 April 2024 04:52

5 strategy lessons from tech company that just raised $205m

To start a company and keep it growing, leaders must get and keep customers. As I will share with students this fall in my Babson College course, Scaling Strategy: Mastering the Four Stages from Idea to $10 Billion, achieving that simple-sounding goal is challenging. This comes to mind in considering the journey of Saviynt, a privately held El Segundo, Calif.-based provider of identity and access management products. Founded in 2010, the 545-employee company generated $72 million in revenue, according to Zippia. Savyint defied the current venture capital winter – raising $205 million in growth financing in January 2023, VentureBeat reported.…

Sunday, 21 April 2024 04:55

First Bank MD resigns ahead of tenure expiration ‘to pursue other interests’

Adesola Adeduntan, the Managing Director of First Bank Nigeria Limited, has announced his resignation after leading the institution for eight years. In a letter addressed to the Chairman of First Bank, Tunde Hassan-Odukale, titled ‘Notice of Retirement,’ Adeduntan, whose tenure was set to end on December 31, 2024, has voluntarily stepped down, commencing his pre-retirement leave immediately. Adeduntan, who took on the role of CEO on January 1, 2016, cited his desire to pursue other interests as the reason for his departure. The boards of FBN Holdings Plc and First Bank respectively accepted his resignation and expressed gratitude for his…

Friday, 19 April 2024 04:44

Dangote Refinery announced disruptive price of N1,000 per litre of diesel. Here’s what made that possible

S&P Global has revealed that the Dangote refinery's relaxed quality standards for diesel have resulted in a significant reduction in domestic prices, marking a notable shift in Nigeria's fuel landscape. The decision to lower domestic prices by 37 percent was attributed to the production of high-sulphur diesel at the refinery. In its report released on Thursday, S&P Global detailed how the high-sulphur diesel produced by the Dangote refinery led to the strategic move to decrease domestic prices. Unlike low-sulphur diesel, which is considered cleaner for the environment with sulphur levels below 500 ppm, high-sulphur diesel is primarily used for off-road…

Friday, 19 April 2024 04:43

FG, Shell reach agreement on gas supply for $3.8bn Brass Methanol project

Nigeria has reached a pivotal agreement with Shell for the supply of gas to its ambitious $3.8 billion Brass methanol facility, marking a significant breakthrough in overcoming key obstacles towards the final investment decision on the project. Minister of State for Gas, Ekperikpe Ekpo, announced the milestone on Thursday, heralding a new era of progress for Nigeria's natural gas sector. Blessed with Africa's largest natural gas reserves exceeding 200 trillion cubic feet, Nigeria has long grappled with unlocking the full potential of this valuable resource, hindered by financial limitations and inadequate infrastructure. However, with the Gas Supply and Purchase Agreement…

Thursday, 18 April 2024 04:50

CBN’s new monetary tightening measures starve banks of loanable funds, with dire consequences for the real sector

Commercial banks, grappling with the Central Bank of Nigeria's (CBN) monetary tightening measures aimed at curbing persistent inflation, find themselves constrained in extending credit to bolster the faltering economy. As per analysis by Daily Trust, mandatory reserve deposits with the central bank surged by 70.37 percent to N17.26 trillion by December 2023, up from N10.13 trillion the previous year. This surge in the Cash Reserve Requirement (CRR) compels banks to park a growing portion of local currency deposits with the central bank, limiting their lending capacity as these reserves are only accessible for intervention purposes. Notably, Zenith Bank leads with…

Thursday, 18 April 2024 04:42

7 ways to increase productivity at the office

Getting things done at the office can sometimes be a lackluster experience, especially if you're performing similar tasks on a regular basis. You want to increase your productivity levels, but at the same time you wonder how you can motivate yourself enough to take the next step forward. Sometimes, a change in the way you perform work can give you a much-needed boost of productivity. Adjusting how you think, relate, and process your work can help reenergize your work sessions for the better. Here are seven surprising ways you can increase productivity at the office, while having fun at the…

Wednesday, 17 April 2024 04:46

Dangote Refinery slashes diesel wholesale price to N1,000

Dangote Refinery has slashed the price of automotive gas oil (diesel) to N1,000 per litre, down from N1,200. The move aims to make the product more accessible and affordable, with potential benefits for the economy, including mitigating high inflation rates. The refinery recently set a minimum purchase volume of one million litres for oil marketers.

Wednesday, 17 April 2024 04:42

The No. 1 skill young people need to thrive in the AI era

As a Gen Zer who works in journalism, thinking about how AI could change the future of work is a little daunting. I don’t know the first thing about coding, machine learning, robotics or data science. Luckily, these knowledge gaps won’t make or break my ability to be successful in the AI era, according to millionaire entrepreneur Scott Galloway. A more counterintuitive skill will be the most valuable. “If I could give my 13- and 16-year-old one competence that I think would stand the test of time, it’d be storytelling,” Galloway told CNBC Make It, after a live recording of…

Tuesday, 16 April 2024 04:43

Warren Buffett once explained what he'd do to turn $10,000 into a huge fortune if he were a new investor — here are 3 of his simple strategies

At their annual meetings, Berkshire Hathaway’s shareholders have the opportunity to pick CEO Warren Buffett’s brain on any number of topics. However, one investor who attended the conference in 1999 cut right to the chase. “Mr. Buffett, how do I make $30 billion?” he asked. As always, the Oracle of Omaha conveyed complicated theories in simple terms. Here are the three crucial rules that helped the 93-year-old accumulate a massive fortune and could help ordinary investors too. Start young Buffett’s best advice for investors is to get started as early as possible. He has a simple metaphor to explain his…

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Monday, 15 April 2024 04:51

Investors on NGX lose N633bn as banks’ recapitalization bids induce negative sentiments

Investors have continued to backpedal on the stock market, especially in the banking sector, on the back of the proposed recapitalization of the banks announced late last month by the Central Bank of Nigeria, CBN. The risk-off sentiment resulted in the loss of N633 billion as investors took profits from the banks. Consequently, the market capitalization of all the listed equities fell to N57.87 trillion at the close of the holiday-shortened week from N58.498 trillion in the previous week, representing a 1.1 per cent decrease. Also, the benchmark All Share Index (ASI) of the Nigerian Exchange Limited (NGX) declined by…

Saturday, 13 April 2024 04:58

Nigerian Breweries shuts down two of its 9 plants due to ‘persistently challenging business environment’

Nigerian Breweries Plc (NB plc) has indicated plans for company-wide reorganisation as part of strategic recovery plan which entails the temporary shutting down of two out of its nine breweries in Nigeria. Following the recent announcement of its business recovery plan, the conglomerate which is a member of the HEINEKEN Group and Nigeria’s pioneer and largest brewing company indicated plans for a company-wide reorganisation aimed at securing a resilient and sustainable future for its stakeholders. The company said the move is essential to improve its operational efficiency, financial stability and enable a return of the business to profitability, in the…

Friday, 12 April 2024 04:44

How to master business growth on a shoestring budget

Attaining business growth on a shoestring budget can be a daunting task, but it is by no means impossible. Over the past few years, we have seen some compelling stories across industries, but one of the strong use cases is playing out in the entertainment and film industry, revolutionized by the growth of streaming platforms. The recent changes in the industry have seen a steady growth in independent film studios, which are beginning to take their slice of the pie in the industry where major studios have monopolized for over a century. To glean some industry insight, I had a…

Thursday, 11 April 2024 04:49

Cocoa extends gains as supply shortage boosts prices

Cocoa gained in New York, with prices heading back toward a record high amid lingering fears about global shortages. Futures climbed as much as 4% to head for a fourth straight increase. Prices have surged this year — recently exceeding $10,000 a ton — as poor West African harvests put the world on course for another annual deficit, threatening to further raise chocolate prices. “West African near-term supply remains very tight at the start of the mid-crop harvest, and that has provided underlying support to the cocoa market,” the Hightower Report said. The crunch is making it harder and more…

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