Business News

Monday, 11 November 2019 06:20

Border closure boosts Naira at parallel market - Report

Closure of the Nigeria’s land borders to its neighbours has kept the value of the naira strong at the parallel market, a new report has shown. Managing Director and Chief Executive Officer, Financial Derivatives Company Limited, Mr Bismarck Rewane, stated this in a report titled: “A Pound of Flesh,” which he presented at Lagos Business School’s monthly executive breakfast session. President Muhammadu Buhari had in August ordered the country’s land borders shut down as part of the government’s efforts to curb smuggling and other illegal activities. The exercise, code-named Exercise Swift Response, is being coordinated by Office of National Security…

Thursday, 07 November 2019 05:46

Alleged N67bn fraud: Contractor threatens court action against Makinde

An indigenous firm, ENL Consortium Limited, on Wednesday in Abuja, threatened to institute legal action against Governor of Oyo State, Mr Seyi Makinde, over an allegation that the firm jerked up a road project cost from N14 billion to N67 billion. Consequently, the firm has issued a seven-day ultimatum to Makinde to retract the alleged malicious allegations or be prepared for a court action to seek redress. The firm said the remarks of the governor that the road concession was jerked up from N14 billion to N67 billion and that the sum of N11 billion was earmarked for bush clearing…

Thursday, 07 November 2019 05:44

CBN stops treasury bills’ sale to individuals

Central Bank of Nigeria has given a directive to banks and other financial institutions to stop sales of treasury bills to individuals and small firms with effect from November 29. Some bank officials who disclosed this said only big corporate organisations would be allowed to do treasury bills investments. Our correspondents learnt that banks were already notifying their customers of the new directive. The sources, however, said the existing treasury bills investments would be allowed to continue till the end of their maturity dates. A bank official said, “Operators are trying to see if the November 29 deadline given for…

Wednesday, 06 November 2019 05:55

US’ oil output will surpass combined outputs of OPEC members in just 5 years

OPEC's World Oil Outlook for 2019 found that output will fall over the next five years, while America's shale oil production will overtake that of the group. The Organization of the Petroleum Exporting Countries' supply has fallen in the last few years due to a pact with Russia, boosting oil prices. OPEC, the Organization of the Petroleum Exporting Countries, said that the US will overtake it in terms of crude oil output within the next five years. In its World Oil Outlook 2019 report released on Tuesday, OPEC said it expects its own output to fall to 32.8 million barrels…

Wednesday, 06 November 2019 05:52

This is the No. 1 habit self-made millionaires share - and it’s also the most overlooked, says money expert

Tom Corley There are a handful of things that separate the ultra rich from everyone else: research has shown they tend to exercise regularly, maintain a healthy diet, save 10% or more of their income, read books and manage their time wisely. But the most important — and most overlooked — habit they share that helped them grow their wealth, in large part, is their commitment to forge valuable relationships with individuals they aspire to be: positive, success-minded folks. You are who you associate yourself with That’s what I discovered through my “Rich Habits” study, in which I spent five…

Tuesday, 05 November 2019 05:18

NNPC to build two new refineries

Nigerian National Petroleum Corporation has said it is in the process of establishing two new 200,000 barrels-per-day condensate refineries to boost in-country refining capacity. Unlike the conventional refineries, condensate refineries primarily refine condensate, not crude oil. They often produce one product, mostly Premium Motor Spirit, popularly known as petrol. NNPC’s Group Managing Director, Mr Mele Kyari, disclosed this in a statement issued by the oil firm in Abuja on Monday, adding that upon completion, the refineries would help transform Nigeria into a net exporter of petroleum products. He said the exportation of petroleum products from the condensate refineries would be…

Monday, 04 November 2019 05:26

1. 4m Nigerians jostle for 5,000 vacancies in Civil Defence

Over 1.4 million Nigerians have applied for vacancies in Nigeria Security and Civil Defence Corps (NSCDC). But authorities of NSCDC confirmed that there were vacancies for only 5,000 personnel whose fate would be determined by the board of the Corps in the next few weeks. NSCDC, which opened its online portals for online filing of applications, posted the vacant positions on August 9, 2019. But by the time the deadline elapsed on September 7, 2019, over 1.4 million Nigerians had applied for the various positions announced by NSCDC, Fire, Immigration and Prisons Service Board. NSCDC spokesman Emmanuel Okeh, who confirmed…

Monday, 04 November 2019 05:25

McDonald's CEO pushed out after relationship with employee

McDonald’s chief executive officer has been pushed out of the company after violating company policy by engaging in a consensual relationship with an employee, the corporation said Sunday. The fast food giant said former president and CEO Steve Easterbrook demonstrated poor judgment, and that McDonald’s forbids managers from having romantic relationships with direct or indirect subordinates. In an email to employees, Easterbrook acknowledged he had a relationship with an employee and said it was a mistake. “Given the values of the company, I agree with the board that it is time for me to move on,” Easterbrook said in the…

Monday, 04 November 2019 05:23

Zenith Bank ignites Lagos with ‘Style by Zenith 2.0’

Following the success of the maiden edition, Nigeria’s leading financial institution, Zenith Bank Plc is set to ignite Lagos with the second edition of its highly anticipated Lifestyle Fair, “Style by Zenith 2.0”, which holds from Friday, November 29 to Sunday, December 1, 2019. First launched in 2018, the “Style by Zenith 2.0” initiative, which was created with the objective of supporting and creating value for customers by focusing on various aspects of their lifestyle, will hold at the Eko Energy City, Eko Atlantic, Victoria Island, Lagos. This year, “Style by Zenith 2.0” takes things up a notch with the…

Monday, 04 November 2019 05:21

You may have a well-paying job, but if you don't do this one thing, you'll never be rich

Jack Kelly One of the best career advice tips I have to offer you has nothing to do with your job. You can have the best job in the world and earn a small fortune, but if you don’t do this one thing, you will not find long-term success. The secret is that it’s all about what you do with the money you earn. The most common mistake people make is when they spend $3 for each $1 earned. This was drilled into me by my dad—who was a first-generation American and teacher in Brooklyn—when I was a little kid.…

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Saturday, 02 November 2019 05:34

ENL Consortium responds to Makinde’s stoppage of N67bn Ibadan project

PRESS RELEASE The attention of ENL Consortium Ltd has been drawn to various reports in the news media suggesting that ENL Consortium Limited was paid N67 billion by Oyo State Government to construct the Circular Road, in Ibadan Oyo State, and has failed to perform. This followed the site inspection led by the Oyo State Governor, Mr Seyi Makinde yesterday during which he expressed disappointment over the pace of work. For the avoidance of further misunderstanding, here is setting the records straight on the Ibadan Circular Road project: OYO STATE GOVERNMENT NEVER PAID ENL Consortium Ltd any kobo to execute…

Saturday, 02 November 2019 05:33

Google buys Fitbit for $2.1 billion

Google, the company that helped make it fun to just sit around surfing the web, is jumping into the fitness-tracker business with both feet, buying Fitbit for about $2.1 billion. The deal could put Google in direct competition with Apple and Samsung in the highly competitive market for smartwatches and other wearable electronics. But it also raises questions about privacy and Google’s dominance in the tech industry. The company’s announcement Friday came with a promise that it won’t sell ads using the intimate health data that Fitbit devices collect. Fitbit is a pioneer in wearable fitness technology, making a range…

Wednesday, 30 October 2019 06:35

While crude oil is produced in other countries for less than $10 per barrel, it is more than $35 in Nigeria - Minister

Nigeria must do all within its powers to reduce the cost of crude oil production to help boost revenue generation for economic growth and national development, Minister of State for Petroleum Resources, Mr Timipre Slyva, has said. Sylva, who spoke at a seminar on effective cost management in the oil and gas sector in Abuja on Tuesday, said the current production cost of over $30 per barrel in Nigeria was not sustainable. The minister was represented by his Chief of Staff, Mr Moses Olamide. The seminar was organised by Petroleum Technology Development Fund (PTDF) in collaboration with Quantity Surveyors Registration…

Wednesday, 30 October 2019 06:33

Nigerians are shunning payment via POS in supermarkets, fuel stations, others. This is why

More Nigerians are now shunning transactions via Point of Sales (PoS) terminals; owing to the implementation of a ₦50 additional charge by merchants, as imposed by Central Bank of Nigeria (CBN), in collaboration with the Nigeria Inter- Bank Settlement System (NIBSS). CBN described the new service levy as Stamp Duty Charge. Investigations showed that customers now avoid ePayment platform in preference for cash deals, thereby throwing a big spanner in the Federal Government’s financial inclusion drive and in particular, CBN’s cashless policy. Customers, who previously cheered CBN’s decision to infuse the policy, saying it would eliminate the risk of carrying…

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