Business News

Saturday, 20 January 2024 04:57

Unilever Nigeria stops production of Omo, Lux; leases out factory

Unilever Nigeria says it has stopped production and sales of home care and skin cleansing products — 10 months after the company announced plans to exit both markets. The company disclosed this in its unaudited interim financial statements for the year ended December 31, 2023, published on the Nigerian Exchange Limited (NGX) on Wednesday. On March 17, 2023, Unilever Nigeria revealed its intention to discontinue production of its homecare and skin-cleansing brands, which include Omo, Sunlight and Lux. In a statement in the company’s earnings report, Unilever Nigeria said production and sales “ceased in December 2023”. Unilever said the factory…

Friday, 19 January 2024 04:44

This ‘risky’ negotiation strategy doesn’t always work out, says pay transparency expert

Hannah Williams isn't afraid to ask strangers how much money they make. In 2022, she quit her six-figure job to make a business out of it, Salary Transparent Street, which brought in $1 million last year. Since launching her TikTok channel, Williams, 27, estimates she's interviewed upwards of 1,000 people, from teachers to nurses to entrepreneurs and more, about their earning power and money habits. She's learned a few important salary negotiation strategies, including one popular tactic that may be on the riskier side: Leveraging an offer with a new company in order to get a raise with your current…

Thursday, 18 January 2024 04:28

Young people virulently opposed to capitalism will soften stance on this one condition - Report

Business leaders in Davos this week discussed a new Fast Company survey in which some participants said they reacted negatively to the word capitalism. People under the age of 40 are more negative about capitalism than their older counterparts, according to a recent survey from Fast Company. But these younger generations aren’t defined simply by a story of “just complete anti-capitalism,” argues Megan Holston-Alexander, a partner at Andreessen Horowitz. Rather, they’ll be more excited about the future if they feel like they’re included and have ownership in the companies they help to build and grow. “We think participation in a…

Wednesday, 17 January 2024 04:35

Shell concludes arrangements to sell onshore oil business to 4 companies on these terms

Shell is set to conclude nearly a century of operations in Nigerian onshore oil and gas after agreeing to sell its subsidiary there to a consortium of five mostly local companies for up to $2.4 billion. The British energy giant pioneered Nigeria's oil and gas business beginning in the 1930s. It has struggled for years with hundreds of onshore oil spills as a result of theft, sabotage and operational issues that led to costly repairs and high-profile lawsuits. Since 2021, Shell has sought to sell its Nigerian oil and gas business, but will remain active in Nigeria's more lucrative and…

Wednesday, 17 January 2024 04:29

‘Cash-strapped’ single mom started saving $25 a month—she used it to launch a business that brings in $440,000 a year

In 2000, Penny Bowers-Schebal was a 31-year-old “cash-strapped” single mother struggling to cover basic household bills. She wanted to “build financial security” beyond the 401(k) program at her employer, Progressive Insurance, she tells CNBC Make It. So, at the advice of Suze Orman, she started putting $25 per month into a Dividend Reinvestment Plan (DRIP). Under that plan, you invest in a single company — Bowers-Schebal picked Home Depot because Progressive didn’t offer DRIP accounts at the time — and all earnings are automatically used to buy more of that same company’s shares. It seemed like a small, realistic option…

Tuesday, 16 January 2024 04:44

Foreign airlines threaten strike over trapped funds

Foreign airlines in Nigeria, under the aegis of the Association of Foreign Airlines and Representatives in Nigeria (AFARN), have threatened to go on strike over unrepatriated funds in the country. The warning comes a week after Central Bank of Nigeria (CBN) announced the payment of $61.64 million to foreign airlines through various deposit money banks (DMBs). Speaking to our correspondent on Sunday, Kingsley Nwokoma, AFARN president, expressed disappointment at the amount paid by the government. Instead, he suggested a quarterly payment of the airlines’ blocked funds in the country. He said the association hopes the government would look into and…

Tuesday, 16 January 2024 04:40

This scheduling hack can help you be more productive and happier at work—here’s how

The secret to productivity doesn’t lie in overhauling your schedule or becoming an expert multi-tasker. Instead, to get more work done in fewer hours — without burning out — try timeboxing. Setting clear guidelines for how you spend your time and energy is the easiest and most effective way to boost productivity, according to new research from Salesforce subsidiary Slack and research firm Qualtrics. Regardless of job tier, the survey of more than 10,000 desk workers and executives found an ideal balance of focus time, collaboration time, social connection and downtime to be productive while maintaining a healthy work-life balance.…

Monday, 15 January 2024 04:41

38-year-old took on $218,000 in debt to launch a burger restaurant—it brought in $739,000 just last year

Build My Burgers founder Aly Lalani always knew that a typical desk job wasn't for him. He wanted something more challenging and unpredictable. The 38-year-old has worked in the restaurant industry for the last 16 years, spending most of that time employed by other people — until 2021, when he opened Build My Burgers in Orlando, Florida. The burger joint uses an open design concept to entice customers — roughly 400 per day, Lalani says — who watch their meals being made up close, a more personal experience than a typical fast food chain. That first year, Build My Burgers…

Sunday, 14 January 2024 04:48

Dangote refinery starts production after years of delays

Dangote oil refinery has begun producing diesel and aviation fuel, the company said on Saturday, after years of construction delays at the 650,000 barrel per day (bpd) plant. The refinery, Africa's largest, was built on a peninsula on the outskirts of the commercial capital Lagos at a cost of $20 billion by the continent's richest man Aliko Dangote. Although Nigeria is Africa's top energy producer, it has relied on imports for most of the fuel it consumes. The Dangote refinery is expected to not only make it self-sufficient but also allow it to export fuel to neighbouring West African countries,…

Saturday, 13 January 2024 04:49

Deal to sell off Bayo Ogunlesi-led GIP consolidates the Nigeria-born entrepreneur in the billionaires’ league. Here’s the ‘big deal’

“Bayo” Ogunlesi had already racked up enough accolades to rival any of his elite friends. There’s the undergraduate degree with first-class honors from Oxford University, the law degree and MBA from Harvard and a clerkship on the Supreme Court under Thurgood Marshall. He was head of Credit Suisse’s investment-banking division and lead independent director at Goldman Sachs Group Inc. He even got a shout-out from Nigerian superstar Burna Boy, who sang he hustles “like Adebayo Ogunlesi” in his hit “Wonderful.” Now a deal to buy the $100 billion asset-management firm he co-founded and heads, Global Infrastructure Partners, is set to…

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Friday, 12 January 2024 04:53

'Money has no utility to me': Warren Buffett says having more houses or a boat means nothing to him — here's 1 thing he values more than money

Warren Buffett, one of the richest men on the planet, once said: “Money has no utility to me. Time has utility to me.” In a 2016 interview on Bloomberg’s The David Rubenstein Show: Peer-to-Peer Conversations, the Berkshire Hathaway chairman said if there were anything on his bucket list, he would have done it already. “Money in terms of making trips or owning more houses or having a boat or something — it has no utility to me whatsoever.” That's quite a statement coming from a man whose net worth, at last check, was sitting at more than $100 billion. But…

Thursday, 11 January 2024 04:46

Equities on NGX down N638bn as banking stocks take a hit

Market capitalisation of the Nigerian Exchange Limited depreciated for the first time in the New Year. At the close of trading on Wednesday, the eight-day rally in the market was halted as the market cap dipped by about N638bn to close at N44.885tn. This is coming a day after the market cap crossed the N45tn milestone. Although the benchmark index of the exchange, the All-Share Index remained above 80,000 points, it shed 1,167.46 points or 1.40 per cent to close at 82,024.38 on Wednesday. Impacted by the depreciation were banking stocks, most of which suffered losses except for Jaiz Bank…

Thursday, 11 January 2024 04:40

Why emotionally intelligent leaders embrace the Ikea effect

In the early 1950s, the pioneering motivation researcher Ernest Dichter told General Mills to stop using powdered eggs in their Betty Crocker cake mixes and have homemakers use fresh eggs instead. Why? Taste mattered, but so did the underlying psychology. Cracking a few eggs and spooning in a little vegetable oil made the cake maker feel more engaged. More skilled. More invested in the process. And therefore the outcome. The result is what a 2011 study published by Harvard Business School called the Ikea Effect: The idea that "labor alone can be sufficient to induce greater liking for the fruits…

Wednesday, 10 January 2024 04:32

Warren Buffett and Bill Gates were asked to give the secret to their success in 1 word. They both gave the exact same answer

World-renowned billionaires Warren Buffett and Bill Gates were once asked at a gathering to write down on a sheet of paper their secret to success in one word. They both gave the same answer: focus. “The thing you do obsessively between age 13 and 18, that's the thing you have the most chance of being world-class at,” Gates told Charlie Rose in a 2016 television interview. In his case, the activity Gates was obsessed with was coding — which worked out pretty well. Gates went on to co-found Microsoft and became a millionaire in his 20s. He’s now the seventh…

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