Business News

Monday, 08 August 2022 03:55

Disinvestment worth N20trn is ongoing in Nigeria’s oil sector. Here’s why that’s happening

Several reports since 2021 show that some of the international oil companies (IOCs) are in the process of divesting assets worth over N20.8 trillion. For instance, Shell plans to divest about $2.3bn in assets, Eni’s asset divestment is around $5bn and ExxonMobil would offload $15bn in assets. Rystad Energy, an international energy consulting firm, in its energy transition report, estimated that Total and ConocoPhillips would divest assets close to $27.5bn. The five IOCs are major players who currently control over 45 per cent of Nigeria’s oil production assets. Reports so far this year indicate that Total and Chevron plan to…

Monday, 08 August 2022 03:47

3 things you’re sacrificing because of your inability to let go

Trying to control everything in your business is never a good idea. As a business owner, the urge to micromanage is really strong for a lot of us. You put a lot of time and energy into building your business, and as such, you may have the desire to have a hand in everything surrounding your business. But this desire to control everything and the micromanaging that follows can have some serious, long term effects on your business and your ability to be successful. So today, I want to discuss the three things that you may be sacrificing because of…

Saturday, 06 August 2022 03:49

FG disburses N1.24tn to 4.21m enterprises through Bank of Industry, others – Report

Federal Government has disbursed N1.24tn to 4.21 million enterprises through the Bank of Industry in six years, the latest report on disbursements by the bank showed. Data in the report indicated that the disbursements, comprising loans and grants, were received by micro, small and medium enterprises as well as large scale businesses between 2015 and 2021. In the document, titled, “Institutional Turnaround for the Next Level,” obtained by our correspondent in Abuja on Friday, the Managing Director, BOI, Olukayode Pitan, explained that a total of N315bn was disbursed to over 4.2 million MSMEs. This, he said, created an estimated 4.896…

Saturday, 06 August 2022 03:43

Richer childhood friends boost future income, Facebook data shows

It has long been believed that having rich friends can help children rise up out of poverty, but previous research has had small sample sizes or limited data, according to two studies published in the journal Nature on Monday. So a team of US-based researchers turned to Facebook, the world's largest social database, with its nearly three billion users offering unprecedented scale and precision to examine the issue. They analysed the privacy-protected data of 72 million US Facebook users aged between 25 and 44 years. The Facebook friendships were used to represent real-world friendships. The researchers used an algorithm to…

Friday, 05 August 2022 06:54

6 tricks leaders with emotional intelligence use to get along with people

When it comes to leadership and work effectiveness, emotional intelligence (EQ) can matter as much, if not more, than IQ. It can also matter most when it comes to building relationships and connecting with others. A tall order for many. Still, when you master being aware of your emotions and the emotions of others, you can connect and empathize with peers and co-workers much more cohesively to reach solutions faster. Like many things in life, increasing your emotional intelligence and becoming a more effective human being takes practice. You can start by applying these seven useful tricks. 1. Put yourself…

Thursday, 04 August 2022 06:22

5 strategies to successfully lead a company during tough times

A global pandemic, racial riots, the Great Resignation, the spread of gun violence, and now inflation and a recession. We have been caught in a cycle of uncertainty and upheaval for over two years now (although some of these issues have been around much longer). During times of uncertainty, it's crucial for business leaders to measure how well their culture helps employees feel safe, seen, and supported. This is what Edward Sullivan and John Baird, two of the world's top executive coaches, document in their recently published book Leading with Heart. "The key difference between companies thriving during crises and…

Wednesday, 03 August 2022 04:16

Stocks on NGX gain N364.4bn on positive corporate earning sentiments

Nigerian stocks advanced 1.35 per cent or N364.4 billion Tuesday in a rally marking one of biggest daily movements of the benchmark index as the pull of broadly strong half-year corporate performance drew investors to equity. The main equity index hit its lowest level in roughly three months on 28th July but a good number of the half-year financials of big and mid-cap companies turned positive with some declaring dividends, triggering the sentiment needed to drive gains. Sector titans MTN Nigeria and Nestle set the climb in motion, with further boost from Tier 1 lenders Zenith and GTCO. “We expect…

Wednesday, 03 August 2022 04:15

Naira moves further up at parallel market

The naira, on Tuesday, sustained its momentum at the parallel market, appreciating to N665 per dollar a few days after security operatives raided Bureaux De Change (BDC) hub in Abuja. The development represents N30 or 4.3 percent gain compared to the N695 to a dollar on Monday. Currency traders known as Bureaux De Change operators (BDCs) at the Ikeja area of Lagos, who spoke to our correspondent, quoted the buying rate of the greenback at N650 and the selling price at N665 per dollar. According to the traders, the gains are largely influenced by increased dollar liquidity in the market.…

Wednesday, 03 August 2022 04:08

5 ways a business partner can drive long-term business success

In my experience, some of the best businesses have multiple partners, with complementary strengths. Starting and running a business requires many different skills and interests, and not many of us have all of them. For example, I'm an introverted product guy who doesn't care so much about building the personnel relationships needed to keep a motivated team. Thus, in my mentoring of potential technical entrepreneurs who have a real passion for their technology, I often recommend that they find a co-founder who can manage the marketing and execution elements of the new venture. In the restaurant business, I often see…

Tuesday, 02 August 2022 07:10

MTN, Airtel make N1.25tn revenue in six months – NCC

Consumers of telecommunication services spent at least N1.25tn on calls and data in the first six months of 2022. This was contained in the half-year financial report of MTN Nigeria and Airtel Africa. This is a 17.77 per cent increase from N1.06tn that was spent on calls and data in the corresponding period of 2021. In the first six months of 2022, MTN Nigeria disclosed that it made N850.33bn from calls and data, an increase of 18.50 per cent from the N717.56bn it made in the corresponding period of 2021. Airtel disclosed that its Nigerian operation made N399.39bn ($931m) from…

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Tuesday, 02 August 2022 07:09

Oil sinks 4 percent on demand concerns

Oil prices dropped about 4% on Monday as weak manufacturing data in several countries weighed on the demand outlook while investors braced for this week's meeting of OPEC and its producer allies on supply. Brent crude futures fell $3.94, or 3.8%, to settle at $100.03 a barrel, having fallen to a session low of $99.09 a barrel. U.S. West Texas Intermediate crude fell $4.73, or 4.8% to settle at $93.89 a barrel, after hitting a low of $92.42. A break for Brent prices below the support level of $102.68 could trigger a drop into a range of $99.52 to $101.26,…

Tuesday, 02 August 2022 06:58

Warren Buffett's quote about 9 pregnant women may be the best business advice you'll hear today

Warren Buffett has offered a plethora of tips for both investment decisions and making good decisions in life. One of his best is to lean on the belief that good things will happen to those who wait. In his own words, Buffett said: No matter how great the talent or efforts, some things just take time. You can't produce a baby in one month by getting nine women pregnant. But who really wants to wait when we can go full throttle and experience immediate payoffs on a good business strategy when the timing is right? Well, that's certainly a doable…

Monday, 01 August 2022 06:44

Power Distribution companies accuse FG of reneging on N400bn subsidy pledge

Association of Nigerian Electricity Distributors (ANED) has blamed the federal government for failing to provide a N400 billion fund and other promises after the 2013 privatisation to ensure the Distribution Companies (DisCos) improve services. According to a statement by the Executive Director, Research and Advocacy, ANED, Sunday Oduntan, on Sunday, despite the failure of the government on these promises, it announced restructuring of five DisCos early July 2022 by the Bureau of Public Enterprises (BPE) and the Nigerian Electricity Regulatory Commission (NERC). ANED said the “restructuring” was inconsistent with all the guidelines and processes of the privatization agreements and the…

Monday, 01 August 2022 06:41

Corporate Affairs Commission to accept only NIN as means of identification for company registration

Corporate Affairs Commission (CAC) said it will soon replace the existing means of identification for persons applying for business and company registration with the National Identification Number (NIN). Registrar-General of the commission, Garba Abubakar, disclosed this during the 2022 Management Retreat held in Kano. Abubakar said integrating with the National Management Data would replace use of passport, driver’s licence and others for identification for the purpose of registration with the CAC. “For every Nigerian and a foreigner residing in Nigeria, all we will require from you moving forward is your NIN, and we will validate your information from the NIN.…

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