Business News

Power distribution companies have stepped up the quantum of electricity load allocation that they receive and distribute to consumers across the country, as the latest data from the Federal Government showed a reduction in the amount of unutilised energy by the Discos. Data released on Thursday by the Federal Government-owned Transmission Company of Nigeria on Daily Discos Load Summary from February 4 to 10, 2023, showed that the cumulatively excess load allocation that was taken and distributed by the Discos during the period was 897MW. The report, however, indicated that the total quantum of energy that was not utilised during…
So many leaders view their struggles as unique. For example, unforeseen situations they couldn't have predicted and were impossible to avoid. Not true, according to serial entrepreneur and equity investor Matt Higgins, who I had the opportunity to interview. Higgins says that some of the best preparation for his career goes all the way back to his early days as a reporter. The reason, he insists, is pattern recognition. "A reporter sits in the stream of information," Higgins told me, "and sees the patterns of life play out again and again. If you witness enough business crises, you learn to…
Federal government has picked local energy firm Mainstream Energy Solution Ltd to operate and manage a Chinese-funded hydro electric power station at a cost of $70 million a year for the next 30 years, the Bureau of Public Enterprises (BPE) said on Wednesday. BPE had said in November it was looking to grant a concession for the 700 megawatt (MW) Zungeru Hydroelectric Power Plant that is being built at a cost of $1.3 billion in Northcentral Niger state. BPE spokesperson Uzoma Ibeh said in a statement that Mainstream Energy Solution Ltd offered the highest bid. The firm says on its…
Thursday, 23 February 2023 06:01

Naira falls further at parallel market

The naira, on Wednesday, depreciated further against the dollar at the parallel section of the foreign exchange market. Bureaux De Change operators (BDCs), popularly known as ‘abokis’, who spoke to our correspondent in Lagos, quoted the naira at N766 to the dollar at the street market. The figure signifies a N10 or 1.3 percent slip compared to the N756 it traded three weeks ago — further widening the gap between parallel and official rates. The street traders put the buying price of the dollar at N758 and the selling price at N766, leaving a N8 profit margin. Some of the…
Thursday, 23 February 2023 06:00

Oil drops 3 percent on demand worries

Oil prices fell by $2 per barrel to their lowest in two weeks on Wednesday, as investors became more concerned that recent data will prompt more aggressive interest rate increases by central banks, pressuring economic growth and fuel demand. Brent crude futures settled $2.45, or 3%, lower at $80.60 per barrel. West Texas Intermediate crude futures (WTI) dropped $2.41, or 3%, to end at $74.05 a barrel. The settlement levels were the lowest for both benchmarks since Feb. 3. Minutes from the latest U.S. Federal Reserve meeting showed a majority of Fed officials agreed the risks of high inflation remained…
When Steve Jobs took the stage to unveil the iMac almost a quarter of a century ago, he was basically beaming with pride: He'd returned just nine months earlier to lead the company he'd co-founded, after his unceremonious firing a dozen years earlier. He was thrilled to have been successful already at changing Apple's image; this was after Apple's "Think Different" marketing campaign, that people still talk about today. And, he was practically bouncing off the stage as he rolled out the first new products since his return -- a massive upheaval after Jobs has gotten rid of 70 percent…
I spend a lot of time in meetings and am surprised to see the stance that Shopify is taking to curb the amount of time their employees are spending in meetings. Shopify's approach, implementing a set of rules about how, when and who can attend meetings, isn't addressing the issue. That employees are meeting isn't the problem – it's how the meeting is conducted that makes the difference. I have run companies remotely for more than two decades. Focusing on the following aspects ensures that meetings accomplish their intended purpose. Invite the Right People Whether it's two people, or 200…
When you think about what you want to do in life, you know that it is something that you both excel at and love doing. However, this is easier said than done in many cases. Previously, we have discussed identifying gaps and becoming an expert in your industry to help turn your passion into a startup business. But doing your research and due diligence isn't always enough to escape from your day job or turn that unusual degree into something unexpected. To transform what you love doing into a strongly reputable and profitable business in 2023, you need to create…
They are all vertically integrated. Vertical integration is a business model that controls the supply chain process, from manufacturing to sales. Starbucks’ vertical integration model allowed the coffee chain to maintain a 10.1% market share. The company could ethically source 99% of its Arabica beans by managing its own supply chain. Zara runs a vertical integration model that includes design, manufacturing, marketing, and sales. As a result, Zara can meet consumer demands in a short amount of time and respond quickly to market demands. A McKinsey survey revealed that companies in Africa that vertically integrate have a higher chance of…
Foreign exchange shortages faced by local Nigerian companies may threaten bank liquidity, while a devaluation of the naira precipitated by these shortages would weaken banks' capital, ratings agency Moody's said in a note on Thursday. Banks have been providing trade finance to companies to cover the foreign exchange (FX) costs of imports, meaning they are on the hook if the companies fail to make the foreign currency payments, Moody's said. Off-balance sheet, trade-related exposure of the Nigerian banks it rates was about $9.8 billion in 2022, 54% of banks' liquid FX assets, Moody's said. Nigeria regularly suffers from acute foreign…
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 05, 2025

Northern elders call for suspension of Tinubu’s ‘draconian’ Tax Reform Bills

The Northern Elders Forum (NEF) has urged the Federal Government to suspend the implementation of…
January 07, 2025

5 tips for success in 2025

I’ve had my fair share of failed New Year’s resolutions. In the past, I’ve had…
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 09, 2025

Here’s the latest as Israel-Hamas war enters Day 461

Israeli troops recover body of Gaza hostage with signs son also killed The body of…
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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