Business News

Tuesday, 16 August 2022 05:29

Buhari’s Exxon sale flip-flop risks Nigeria’s oil reform - Bloomberg

President Muhammadu Buhari’s flip-flop over the sale of Exxon Mobil Corp.’s assets could discourage investment in Africa’s largest oil producer in the wake of industry reform meant to grow the sector. A $1.28 billion bid by Lagos and London-listed Seplat Energy Plc for shares in Exxon’s local subsidiary was initially backed by Buhari despite opposition from the state-owned Nigeria National Petroleum Company, Exxon’s partner on the blocks with a total capacity of 95,000 barrels of oil equivalent a day. Buhari, who also doubles as oil minister, went on to reverse his decision, citing a lack of coordination among government agencies…

Tuesday, 16 August 2022 05:22

Use these 10 red flags to spot a difficult client from a mile away

Not every client is right for you. Here are 10 warning signs you can spot early to prevent future client tantrums and headaches. Is more always better? In this market, optimization is the name of the game. Business owners continuously seek opportunities to maximize their reach and win more clients. The more business, the better...right? What happens when there is a challenging client or an angry customer? Conflict resolution isn't always the best use of company resources. Regardless of if a client has unclear expectations or lacks trust in you, not every client is the best fit. Being able to…

Monday, 15 August 2022 07:07

Money transfers, PoS transactions hit N210trn in 7 months as Nigerians go more cashless

Cashless transactions in Nigeria rose by 40.66 per cent year-on-year to N210.08 trillion in the first seven months of 2022, according to data from the Nigeria Inter-Bank Settlement System, NIBSS. From January to July 2022, N210.08tn was processed on the Nigeria Instant Payment System (NIP) and Point of Sales terminals (PoS), which explain how cashless transactions are monitored on the NIBSS. This is N60.73tn higher than the N149.36tn value in the corresponding period of 2021. In the period under review, NIP transactions hit N205.48tn, which is N59.68tn higher than the N145.79tn value in the corresponding period of 2021. Also, PoS…

Monday, 15 August 2022 07:06

Investors on NGX lost N571bn last week - Report

Investors lost N571bn at the end of trading on the floor of the Nigerian Exchange Limited last week. The NGX All-Share Index and market capitalisation of equities listed on the NGX depreciated by 2.09 per cent to close at 49,664.07 and N26.787tn last week. All other indices finished lower with the exception of The NGX Insurance, NGX Consumer Goods and NGX Growth Indices which appreciated by 6.00 per cent, 3.00 per cent and 1.56 per cent while, The NGX ASeM index closed flat. According to the NGX, 33 equities appreciated in price during the week, lower than 41 equities in…

Monday, 15 August 2022 07:00

8 types of coworkers you must seek and avoid to achieve a happy and lucrative career

Your peer group at work is one of the most overlooked decisions when deciding where to work or when to leave a job. It's not just who you work with but also who you don't work with that determines your career trajectory and opportunities for success. The average person will work 90,000 hours in their lifetime. According to the Harvard Study of Adult Development, who you invest those hours with will determine how long you live, how happy you are and how much you earn over your career. It's not just who you work with but also who you don't…

Saturday, 13 August 2022 06:08

ExxonMobil renews Nigeria deep-water oil licenses, contracts

Exxon Mobil Corp. renewed two deep-water leases in Nigeria for 20 years, among the first permits granted under the country’s new oil and gas law. The US energy giant extended its rights over two oil blocks at a ceremony on Friday in the West African country’s capital, Abuja. It also renewed production-sharing contracts with the state-owned Nigerian National Petroleum Co., it said on its Twitter account. The permits for the so-called Oil Mining Leases 133 and 138 were due to expire in 2026 and 2027, but were renewed early under sweeping legislation passed last year known as the Petroleum Industry…

Friday, 12 August 2022 05:42

Aero Contractors to resume flight operations after acquisition of new aircraft

Aero Contractors, Nigeria’s oldest airline, says it has taken delivery of the first set of two Dash-8 (Q-400) aircraft. The airline announced this in a statement on Thursday. The Dash 8 aircraft is said to be one of the most fuel-efficient and modern aircraft in the market and has a capacity of 74 seats. Last month, Aero Contractors suspended operations due to the “impact of the challenging operating environment” on its daily operations. The airline also said that most of its aircraft were undergoing maintenance. According to the statement, the new aircraft, owned by UMZA Air, will be operated by…

Friday, 12 August 2022 05:31

Where do great innovators get their ideas? 5 tips from a Nobel Prize winner

Contrary to the legends about brilliant ideas just falling from the trees like apples, great innovators don't sit or wander aimlessly waiting for inspiration to hit them in the head. Serendipity is real, of course, as are eureka moments in the shower, but the most prolific innovators actively work to increase their odds of making momentous discoveries. Whether by choosing topics heretofore underexplored, selecting important problems, charting new territory, or leveraging existing skills, great innovators have a knack for positioning themselves in the right place at the right time. In a recent conversation with William G. Kaelin Jr., 2019 Nobel…

Thursday, 11 August 2022 07:01

Buhari backs down, bows to regulator’s rejection of Seplat’s purchase of ExxonMobil’s oil block

President Muhammadu Buhari has reversed his authorisation of Seplat Energy’s takeover of ExxonMobil’s shallow water business in Nigeria, throwing his weight instead behind the regulator’s decline of the $1.3 billion transaction. A spokesperson said the president decided the position of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is to be supported, and the earlier confusion was because “various agencies involved in (the) decision had not coordinated well among themselves.” “It has become clear that the various agencies involved in decision had not coordinated well among themselves and having looked at all of the facts with all of the ramifications, the…

Thursday, 11 August 2022 06:59

Nigeria leads the world in terms of interest in Cryptocurrencies, study shows

Africa’s most-populous nation showed more interest in cryptocurrencies than any other country since the digital assets began to decline in April, according to a study by price tracker CoinGecko. Nigeria scored 371 in the study that looked at Google Trends data for six searches such as “buy crypto” or “invest in crypto” that were then combined to give each English-speaking nation a total search ranking. The West African country was followed by the United Arab Emirates and Singapore. Crypto Obsession “This study provides interesting insight into which countries remain most interested in cryptocurrency in spite of market pullbacks,” CoinGecko’s co-founder…

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Thursday, 11 August 2022 06:58

Naira resumes fall after appreciation at parallel market

The naira, on Wednesday, weakened against the dollar at the parallel section of the foreign exchange market. Bureaux De Change operators (BDCs), popularly known as ‘abokis’, who spoke to TheCable in Lagos, said the local currency depreciated by N15 or 2.3 percent to trade at N680 per dollar at the street market. Last week, the naira closed at N665 to a dollar at the street market. The street traders put the buying price of the dollar at N665 and the selling price at N680, leaving a profit margin of N15. They said scarcity has returned to the FX market. “Demand…

Thursday, 11 August 2022 06:55

Jumia shares jump 16 percent on e-commerce firm’s announcement of loss reduction

African e-commerce firm Jumia Technologies said on Wednesday it was past peak losses and would focus on promotions, marketing and cost cutting in its quest towards profitability, driving its shares up 16% despite a wider quarterly loss. Jumia is an online marketplace for vendors and food sellers, with associated services including logistics and payments. It was the first Africa-focused tech startup to list on the New York Stock Exchange in 2019. It reported an adjusted loss before interest, tax, depreciation and amortisation of $57.2 million for the second quarter ended June 30 from $41.6 million in the same period last…

Thursday, 11 August 2022 06:49

Elon Musk just explained his 'life-changing decision' and the story is quite entertaining

Of all the Elon Musk mini-controversies we've been collectively sucked into over the past decade or so, the one we put to bed last week might have been the "Elon Musk-iest." It had everything: Innovation, rumor, miscommunication, assumption, futurism, minimalism, financial mystique, oneupsmanship, forgotten Tweets, obfuscation, nuance, secrecy and – if we're being honest in the end, triviality. Its conclusion (for now) probably came the only way it could have for this story: As a footnote to a footnote during a three-hour-long YouTube interview that Musk did with the guys behind Full Send. Now that we can piece together the…

Wednesday, 10 August 2022 06:46

FG has supported drugs manufacturers with N100bn loan facilities - Buhari

President Muhammadu Buhari says the Federal Government has released N100bn to indigenous pharmaceutical manufacturers and healthcare investors as loans to expand their capital base and boost local production of medicines and medical consumables. He said this Tuesday in Abuja while receiving the new executive members of the Nigerian Medical Association (NMA). He said the loan was extended through the Central Bank of Nigeria’s support to the private pharmaceutical sector. Speaking on brain drain in the health sector, Buhari said he had directed the Minister of Health to look into ways of turning “brain drain” to “brain gain” by engaging top…

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