Business News

Sunday, 18 February 2024 04:52

Foreign investment flows into Nigeria plunge to 17-year low - Report

Nigeria’s economy faces fresh concerns as data released by the National Bureau of Statistics (NBS) showed a significant decline in the country’s capital importation in 2023. Amid gruelling foreign exchange woes, the NBS said Nigeria only attracted a meagre $3.91 billion in foreign capital inflow last year — the lowest since 2007. According to TheCable Index analysis, in the five years between 2007 and 2011, inflow ranged from $5.7 billion to $9.57 billion. A significant jump occurred in 2012, with inflows reaching $16.62 billion. This was followed by two consecutive increases exceeding $20 billion between 2013 and 2014. Inflows dipped…

Saturday, 17 February 2024 04:50

Fuel scarcity looms as tanker owners begin strike Monday

Nigerian Association of Road Transport Owners (NARTO) has vowed to suspend operations on Monday. Its National President, Yusuf Lawal Othman, made this known in a press statement he issued in Abuja on Thursday. He noted that the statement is an official announcement from the association’s headquarters that the members are parking their trucks from Monday. Reason provided for the strike action is because “what we spend on operation is more than what we get in total: both in local and bridging.” According to him, members have been operating at a loss and it is no longer sustainable for them to…

Friday, 16 February 2024 04:37

CBN sets limits on oil firms' FX repatriation from crude

Central Bank of Nigeria has set a limit on foreign currency transfers from crude export proceeds by international oil companies to their parent firms, in its latest measure to improve dollar supply in the local currency market. In a circular dated Feb. 14, the CBN said banks could in the first instance transfer a maximum of 50% of crude export proceeds to oil companies abroad. They could then transfer the balance after 90 days of the deposit of the proceeds. However, because international companies lend and borrow between themselves in a process known as "cash pooling", analysts expect the impact…

Thursday, 15 February 2024 04:44

‘Vampire tasks’ are killing your productivity at work, says workplace expert—how to focus and get more done

The smallest tasks on our to-do lists can often be the most draining. Even just looking at the mountain of unread emails in your inbox or files that need to be decluttered on your desktop can trigger feelings of stress or anxiety. Cecily Motley, the co-founder of Harriet, an AI-powered workplace assistant, calls these repetitive, tedious activities “vampire tasks” — and warns that getting bogged down by admin work is the number one thing that kills people’s productivity. “It’s those dull, time-sucking tasks like scheduling meetings and responding to emails that drain your energy and take time away from deep-focus…

Wednesday, 14 February 2024 04:48

Bakers, caterers fix date for commencement of nationwide strike

Association of Master Bakers and Caterers of Nigeria yesterday said it would embark on nationwide strike from February 27, should the Federal government fail to implement the agreement it entered into with the association in 2020. A statement by the National President of AMBCON, Mansur Umar, read on his behalf by the Kogi State Chairman of the association, Gabriel Adeniyi, yesterday, explained that the decision to go on strike was reached after due consideration of the “multifarious increase in the prices of baking materials such as flour, sugar, yeast, vegetable oil, petrol, diesel all occasioned by subsidy removal and forex…

Wednesday, 14 February 2024 04:47

Do you still drink beer or nonalcoholic beverages? Nigerian Breweries says you’ll pay more from next week

Nigerian Breweries (NB) Plc has announced an upward review in the prices of some products in its stock-keeping units (SKUs) to mitigate the impact of rising cost of input. The company, in a leaked memo to customers, said the price adjustments would take effect from February 19, 2024. SKU is a unique identifier used to track inventory within a business. Nigerian Breweries is the producer of major alcoholic products like Star Lager, Gulder, Legend Extra Stout, Heineken, Goldberg, Life, and Star Radler amongst others. Non-alcoholic drinks produced by the company include Maltina, Amstel Malta, Fayrouz, Climax Energy drink, and Malta…

Wednesday, 14 February 2024 04:43

How to lead a successful cause marketing campaign

Your marketing money is precious and spending it to promote another organization may not seem worthwhile. But think again. Indeed defines cause marketing as a "type of campaign in which a for-profit business seeks to advocate for a social cause while increasing profits." In this way, cause marketing is different from charitable giving, says Lauren Reed, CEO of Reed Public Relations, a Nashville-based public relations and marketing agency that offers cause marketing services: "It's truly a marketing function that drives sales and awareness for your organization while also benefiting your nonprofit or community partner." Pulling together a top-tier cause marketing…

Tuesday, 13 February 2024 04:49

Access Holdings appoints replacement for late CEO Herbert Wigwe

Access Holdings Plc on Monday announced the appointment of Ms. Bolaji Agbede as the Acting Group Chief Executive Officer. This follows the death of its former Group Chief Executive Officer, Herbert Wigwe. Wigwe died in a helicopter crash alongside his wife, son, and a former chairman of the Nigeria Exchange Group, Abimboloa Ogunbanjo on Friday A statement made by the company’s Board of Directors and dated February 12, 2024, stated that the appointment was subject to the approval of the Central Bank of Nigeria “Further to its announcement dated February 11, 2024, the Board of Directors of Access Holdings Plc…

Tuesday, 13 February 2024 04:45

The No. 1 resume mistake according to ex-Amazon recruiter

Lindsay Mustain has looked at a lot of resumes in her more than a decade in talent acquisition. “Literally a million,” she says. The former Amazon recruiter is now the CEO of career coaching company Talent Paradigm and has seen candidates include some mind-boggling elements to their resumes — like stickers and a picture of themselves holding a shotgun. But there’s one mistake she sees jobseekers make over and over again, what she calls giving “Miss America answers,” or ones she’d imagine hearing in a pageant. These are simple statements that don’t give much insight into what candidates actually accomplished…

Monday, 12 February 2024 04:45

I became a millionaire at 27. Here are 4 ‘unpopular’ rules rich people follow that most don’t

I wasn’t always good with money. I had to learn how to be. I grew up in an immigrant Chinese home with two very loving but frugal parents — where clipping coupons and reusing ziplock bags was the norm. It wasn’t until I began my career on Wall Street that I realized the ultra-wealthy were less concerned with scrimping and saving and more focused on investing and growing their wealth. By observing and learning from their habits, I made my first million by age 27. Here are four unpopular rules rich people follow that most others don’t: 1. Don’t worry…

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Saturday, 10 February 2024 04:46

Airlines warn of collapse of domestic operations as aviation fuel hits N1,300

Airline Operators of Nigeria (AON) on Friday raised the alarm over high cost of operation even as aviation fuel has hit over N1300. This is despite the rising dollar to Naira exchange rate of over N1,500 to a dollar which has made it difficult for airlines to carry out scheduled maintenance of their aircraft. The operators said the situation poses existential threat to them, saying the aircraft that are due for maintenance have been grounded and cannot be ferried overseas because of the scarcity of forex. According to them, there is continuous depletion of equipment without replenishment and warned that…

Friday, 09 February 2024 04:32

TotalEnergies to exit Nigerian onshore oil, after Shell, Eni, others did same

French energy giant TotalEnergies is seeking to sell its minority share in a major Nigerian onshore oil joint venture, following Shell's divestment last month, CEO Patrick Pouyanne said. Shell Petroleum Development Company of Nigeria Limited (SPDC), in which TotalEnergies holds a 10% stake, has struggled with hundreds of onshore oil spills as a result of theft, sabotage and operational issues that led to costly repairs and high-profile lawsuits over the years. "We want to divest our share of SPDC, and we are looking to reshape the portfolio," Pouyanne said at TotalEnergies' annual results presentation on Wednesday. "Fundamentally it's because producing…

Friday, 09 February 2024 04:31

MultiChoice agrees to pay N35bn to FIRS, withdraw lawsuits

MultiChoice Group has agreed to pay N35.4 billion as part of its tax obligations to the Federal Inland Revenue Service (FIRS). Multichoice owns the satellite television services, DStv and GOtv — popular subscription-based platforms in Nigeria. In a statement to shareholders on Thursday, the firm said the payment is to offset against “security deposits”. “Shareholders are advised that MultiChoice has reached a settlement with the FIRS in Nigeria in relation to the tax assessments raised in April 2021 on MultiChoice Nigeria (MCN) and in June 2021 on MultiChoice Africa Holdings BV (MAH),” the company said. “The parties (FIRS, MCN and…

Friday, 09 February 2024 04:30

NCC withdraws disconnect approval as MTN, Glo settle interconnect debt dispute

Nigerian Communications Commission (NCC) on Thursday announced that the interconnect debt dispute between MTN Nigeria Communications Plc (MTN) and Globacom Limited (Globacom) has been amicably resolved. In accordance with this resolution, the NCC said the approval granted to MTN for the disconnection of Globacom has now been withdrawn. Following its initial public notice, the NCC said it undertook further regulatory intervention, by mediating between the parties and facilitating the reconciliation process. “The Commission reiterates that strict adherence to the terms and conditions of licenses, particularly those delineated in interconnection agreements, is imperative for all Mobile Network Operators (MNOs) and other…

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