Business News

Tuesday, 10 May 2022 06:25

NNPC, CBN to airlines: Sorry, there isn’t anything we can do to help on price of aviation fuel

Group Managing Director of Nigerian state oil firm NNPC and the Governor of Central Bank of Nigeria told the National Assembly and the country's airline association on Monday that they were unable to help with soaring jet fuel prices. However, in a resolution to the meeting, NNPC agreed to supply jet fuel to marketers nominated by the Airline Operators of Nigeria, and the association will itself apply and be granted a jet fuel import licence, Speaker of the House of Representatives, Femi Gbajabiamila, said. Fuel prices have risen sharply around the world since Western companies began imposing a series of…

Tuesday, 10 May 2022 06:24

MTN, Glo, others pay ‘36 levies and taxes, with additional 5% duty on recharge cards taking effect June 1’ - Telcos

Gbenga Adebayo, chairman, Association of Licensed Telecommunication Operators (ALTON), has asked the federal government to remove “nuisance taxes” placed on operators in the sector. Nuisance tax is a tax imposed as a percentage of the selling price of goods or services, payable by the customer and transmitted by the seller to the taxing authority. Adebayo said this on Sunrise Daily, a Channels Television programme on Monday. Last week, TheCable reported that President Muhammadu Buhari had approved the collection of five per cent excise duty on telephone recharge cards and vouchers. The new 5 per cent duty would add to some…

Tuesday, 10 May 2022 06:20

‘We want to remain farmers, not armed robbers’, Ondo Cocoa farmers cry out in mass protest against sales of farmland to Chinese company

Cocoa farmers in Ofosu in Idanre Local Government Area of Ondo State on Monday protested against an alleged sale of their farmland to a Chinese company by the state government. The protesters barricaded the Lagos/Benin Expressway, carrying placards with different demands. Some read: “Respect Our Right to Livelihood”, “Don’t Give Our Land to Mindless Capitalists” and “We Want to Remain Farmers and not Armed Robbers”. Others read: “No Farmers, No Nation”, “Please, Don’t Take our Farms” and “Have Mercy on Us. Don’t Take our Farms” Speaking with journalists during the protest, a community leader, Kazeem Akinrimisi, the Sasere of Ofosu,…

Tuesday, 10 May 2022 06:14

Elon Musk sets internet on fire with cryptic tweet about dying 'under mysterious circumstances'

Tesla CEO Elon Musk ignited a firestorm on social media by suggesting that he might die "under mysterious circumstances." While some on Twitter rushed to the conclusion that he might fear the Clintons, it seems the CEO may have been referencing a potential threat from Russia. "If I die under mysterious circumstances, it’s been nice knowin ya," Musk, who is also the CEO of SpaceX and who recently acquired Twitter, posted on the social media platform. When Musk's mother Maye Musk responded, "That's not funny," her son replied, "Sorry! I will do my best to stay alive." Many commentators suggested…

Tuesday, 10 May 2022 06:13

Want to be more successful? Avoid the 'Deep Dive Effect'

Access to information is great, but that access often results in the Deep Dive Effect: Post "research," your simple idea, while once inspiring -- because the simple ideas are always the most exciting ideas -- now seems overwhelmingly complex. Take starting a side hustle. After a deep dive into market research and branding and accounting and tax planning and solo 401(k)s... building a few decks for people in your neighborhood can seem way too complicated. So you don't. Even though, as Richard Branson says, the key to business success is simple: "Work hard, take your chances, and seize opportunities when…

Monday, 09 May 2022 06:28

Nigeria and Angola responsible for half of OPEC+ oil supply shortage - Report

Almost half the shortfall in planned oil supply by OPEC and its allies is down to Nigeria and Angola, data seen by Reuters shows, reflecting a number of factors including moves by Western oil majors away from African projects. OPEC and its allies, known as OPEC+, pumped 1.45 million barrels per day (bpd) - equal to 1.5% of world supply - below its target in March, the OPEC+ figures seen by Reuters show. According to the figures, Angola was responsible for almost 300,000 bpd of the OPEC+ supply shortfall while Nigeria was pumping almost 400,000 bpd below target. The war…

Monday, 09 May 2022 06:21

The simple recipe for being your own boss: Vision + people + systems

Three in five Americans dream of starting their own business. That means 61% of people are sitting at their desk or behind a counter, daydreaming about leaving behind the job they’re actually doing and finding the vocation that fills their cup. Of those dreamers, an incredible 92% of them never get started: most people never turn dreaming into doing. Wantrepreneurs are often kept back by funding concerns or lack of technical know-how. Even more say they just don’t know how to begin. But how you start your business doesn’t matter. If you have a fire burning inside to build your…

Sunday, 08 May 2022 06:13

Ibom Air rejects industry plan to stop flights over aviation fuel cost

Ibom Air on Saturday said it will not take part in an industry plan to stop flights from Monday over the high cost of jet fuel, saying the move would affect revenues needed to service obligations to financiers and suppliers. The Airline Operators of Nigeria said on Friday that members will stop local flights from Monday until further notice. Ibom Air, one of the smaller members of the nine airline association, is the first to say it will not participate in grounding flights. The association said jet fuel has risen to 700 naira ($1.69) per litre in Nigeria from 190…

Saturday, 07 May 2022 06:37

Domestic airlines to shut down operations from Monday over high cost of aviation fuel

Airline Operators of Nigeria (AON) have said that due to the high cost of aviation fuel, member airlines will from Monday, May 9, discontinue operations nationwide until further notice. In a statement signed by the President of AON, Abdulmunaf Yunusa and copied to the Minister of Aviation, Hadi Sirika and Director General of the Nigerian Civil Aviation Authority (NCAA), Musa Nuhu, the body said aviation fuel price (JetA1) has risen from N190 per litre to N700 currently and that no airline in the world can absorb the shock from such an astronomical rise over a short period. The body said:…

Friday, 06 May 2022 06:36

Aero Contractors: Going, going …

Barring any urgent intervention, Nigeria’s foremost carrier, Aero Contractors may be on its way out of the skies after over 61 years of flight operations. With only two aged aircraft, Bombardier Dash 8-300 and Boeing 737-500 in their early 30s and bereft of operating cash, the airline is now on its knees about to shut the door for scheduled services. Aero Contractors, which provided shuttle service for oil and gas industry for decades and extended its service to scheduled flight operations since 2000 has become moribund with over N50 billion debt overhang. THISDAY investigations revealed that economic recession occasioned by…

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Friday, 06 May 2022 06:24

The best leaders are imperfect

How would you go about acing a corporate job interview at Apple? What strategy would you use to impress admissions officers at Harvard Business School? Or how would you convince savvy venture capitalists that you and your startup are worth investing in? At the pinnacle of your career, how would you persuade a board of directors that you should be the company's next CEO? The answer is simple, but counterintuitive. And unfortunately, no matter how emphatic I am, most people still won't have the courage to follow my advice. But here it is anyway. Don't pretend to be perfect. I…

Thursday, 05 May 2022 06:41

MTN, Glo, others seek FG’s permission to jerk up call, data rates by 40 percent

Telecommunications companies under the Association of Licensed Telecom Operators of Nigeria (ALTON) have asked for upward reviews in voice calls, short message services (SMS) and data costs. ALTON said this in a letter addressed to the Nigerian Communications Commission (NCC), citing the rising cost of running a business. According to ALTON, the proposed upward review of the price of calls will increase from N6.4 to N8.95, while the price cap of SMS will increase from N4 to N5.61. The group said rising energy and other costs had increased their operating expenses by 35 per cent. It added that the introduction…

Thursday, 05 May 2022 06:39

DisCos, GenCos’ indebtedness to banks grows to N861.14bn amid worsening electricity nationwide

Debt owed to Nigerian banks by operators in the power sector rose by 12.83 per cent in one year to N861.14bn in December 2021 amid the lingering problems plaguing the sector since it was privatised over eight years ago, according to the Central Bank of Nigeria data. The PUNCH had reported in July 2020 that the core investors in the distribution companies were looking to restructure the loans advanced to them by banks for the acquisition of the power assets. In November 2013, the nation’s distribution and generation companies were privatised through the Bureau of Public Enterprises, fetching about $3.2bn…

Thursday, 05 May 2022 06:37

Payment of helicopter landing fees begins on Monday - Report

Aviation stakeholders have disclosed that the collection of helicopter landing charges in the country would begin on May 9. Also, it was gathered that stakeholders in the sub-sector and helicopter operators have been briefed on the concessionaire’s mandate and informed of the planned collection of landing fees. The body and Helicopter Services Operators in Nigeria, met yesterday, at the Port Harcourt International Airport, Omagwa, to deliberate with the management of Naebi Dynamic Concepts Limited, the concessionaire empowered by the Federal government of Nigeria to collect Helicopter landing charges as well as monitoring and surveillance of Helicopter movements in the country.…

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