Business News

Tuesday, 15 March 2022 06:24

Appeal Court stops Shell from selling assets until $2bn case concluded

A Court of Appeal has stopped Shell Plc from selling any assets in Nigeria until a decision is reached on the company's appeal of a nearly $2 billion penalty for an alleged oil spill. A copy of the court ruling, which was seen by Reuters on Monday, was issued on March 11 and also ordered Shell to deposit the money in an account controlled by the court within two working days. A spokesperson for Shell's Nigeria unit said the company would immediately appeal the decision. A panel of three judges said Shell, acting through its agents or subsidiaries was restrained…

Tuesday, 15 March 2022 06:23

Local airlines threaten to shut down operations over aviation fuel price hike

Airline operators in Nigeria have threatened to shut down operations in three days if the price of aviation fuel, popularly known as Jet-A1, is not brought down. They called on Nigeria National Petroleum Corporation (NNPC) Ltd to give them a licence to import the product in order to avert the shutdown. Chairman, Air Peace, Allen Onyema, made the call at a stakeholders’ meeting with the deputy speaker, House of Representatives, Idris Wase, on Monday. The meeting, attended by NNPC Group Managing Director, Mele Kyari, marketers and airline operators in the country, was a follow up to the earlier meeting held…

Tuesday, 15 March 2022 06:21

Nigerian-owned startup Moove raises $105m to scale its vehicle financing product across Asia, Europe and MENA

Moove, an African mobility fintech that provides vehicle financing to drivers of ride-hailing platforms like Uber and other gig networks, has raised $105 million in new Series A2 financing. Existing investors Speedinvest, Left Lane Capital and thelatest.ventures (the first two are lead investors from its Series A) led this round, shared between $65 million equity and $40 million debt. New investors such as AfricInvest, MUFG Innovation Partners, Latitude and Kreos Capital participated. The announcement is coming almost seven months after Moove closed its $23 million Series A round and a month after the mobility fintech closed $10 million in debt…

Tuesday, 15 March 2022 06:19

SEC clamps down on 3 companies over ‘illegal investment activities’

Securities and Exchange Commission (SEC), on Monday, sealed the premises of three companies for allegedly engaging in illegal investment activities. The affected companies are Oxford International Group, Farmforte Agro-Allied Solutions Limited/Agropartnerships and Vektr Capital Investment. The apex capital market regulator accused the companies of carrying out capital market activities without a license. One of the companies — Agropartnerships, an investment platform powered by Farmforte — has been in the news in recent weeks for failing to pay their investors’ money, both capital and profit. According to a statement issued by the commission, the offices of the companies in Lagos, Port…

Tuesday, 15 March 2022 06:16

Oil falls on Ukraine talks, fears of slower demand in China

Oil prices slid to a two-week low on Tuesday on continued ceasefire talks between Russia and Ukraine and concerns about demand in China after a surge in Covid-19 cases. Brent futures dropped $4.20 or 3.9% to $102.70 a barrel by 0125 GMT after falling 5.1% the previous day. U.S. West Texas Intermediate (WTI) crude fell below $100 level for the first time since March 1, dropping $4.30 or 4.2% to $98.71 a barrel. That followed a 5.8% tumble the previous day. "Expectations of positive developments in the Russia-Ukraine ceasefire talks bolstered hopes to ease tightness in the global crude market,"…

Tuesday, 15 March 2022 06:11

There are 4 types of bosses. Here’s the one you’ld want to work for

Great managers know how to coach, engage and motivate their teams. But the job isn’t easy. The way we work is rapidly changing. Responsibilities are constantly shifting. Workers want to upgrade their skills. As a managing vice president at Gartner, a global advisory firm, I oversee research and products for learning. To better understand what the best managers do to develop employees in today’s busy work environment, we surveyed 5,000 managers from around the world in different functions. The data revealed four main types of managers: The four main types of managers Teacher managers develop their employees based on their…

Monday, 14 March 2022 06:14

Oil prices slide, extending last week's decline

Oil prices extended last week's decline to fall by about $4 a barrel during early trade on Monday after a U.S. official said Russia was showing signs it might be willing to have substantive negotiations over Ukraine. Brent crude futures was last down by $4.12 or 3.6% at $108.55 a barrel at 0115 GMT on Monday. U.S. West Texas Intermediate (WTI) crude futures eased $3.93 or 3.7% to $105.40 a barrel. Both contracts have surged since Russia's Feb. 24 invasion of Ukraine and are up roughly 40% for the year to date. On Sunday, U.S. Deputy Secretary of State Wendy…

Monday, 14 March 2022 06:07

Most things don't matter: 3 ways to figure out what actually does

The secret to success isn't always more work, effort or spending, but overcoming the impulse to always react in a way that feels necessary in any given moment. In marketing, we try almost incessantly to force urgency: the last-ditch email, the scarcity run, the exclusive offer. These are a core part of building any business, to be sure, but when we apply the same concept to other aspects of our working lives, we face an ever-escalating to-do list, but without results to match. The truth is: Most things don’t matter. Most of what we think is so important or essential…

Sunday, 13 March 2022 08:46

Venture capital fundraising favours African CEOs who studied abroad

Besides being the chief executives of multibillion-dollar African startups, Olugbenga Agboola of Flutterwave, and Ham Serunjogi of Chipper Cash have one other thing in common: credentials from US universities. In 2021, 73% of the over $4 billion raised by African startups was by CEOs whose latest degrees were masters’ or MBAs obtained from a university outside of Africa, according to LinkedIn profile analysis by Africa: The Big Deal But looking at where VC-backed founders studied suggests that investor bias and inclination to stick to familiar patterns may not come down to color alone. Black Nigerians are responsible for most of…

Saturday, 12 March 2022 06:19

Regulatory, security agencies crack down on digital loan firms in Lagos

At least seven digital loan companies operating in Ikeja, Lagos, were raided in a joint operation with the Federal Competition and Consumer Protection Commission (FCCPC) on Friday for a “possible violation” of consumer rights. The operation led by the commission’s boss, Babatunde Irukera, was in response to several complaints of malpractices on the part of the lenders. A PREMIUM TIMES investigation, last December, revealed how these lending companies offer short-term loans to help subscribers meet urgent needs, but resort to unprofessional measures of harassment, cyberbullying, and breach of data privacy of their customers who may have defaulted in loan repayment.…

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Friday, 11 March 2022 06:21

Zenith Bank, First Bank, others suspend ATM, PoS transactions abroad

Deposit Money Banks (DMBs) have announced temporary suspension of overseas Automated Teller Machine (ATM) card services and Point of Sale (PoS) transactions. The banks’ decision followed consistent dollar scarcity and challenges faced by manufacturers and real sector operators in sourcing foreign exchange from the economy. Zenith Bank Plc, which yesterday confirmed the development in a memo emailed to customers, said the move was in line with current economic realities. The bank said: “Please be informed that we have temporary suspended the use of Zenith Bank Naira cards for International Automated Teller Machine (ATM) cash withdrawals and PoS transactions. “Additionally, the…

Thursday, 10 March 2022 06:34

FG bans foreigners from buying agric produce directly from farmers

Federal Executive Council (FEC) has approved a ban on foreigners and their representatives purchasing agricultural produce at the farm gate. This implies that only licensed and duly registered local buying agents can now buy farm produce directly from farmers in Nigeria. According to the federal government, the effort is to ensure that the farmers are no longer cheated in the purchase of farm produce. Speaking on the development, Niyi Adebayo, minister of industry, trade and investment, said that as part of the FEC approval, the attorney-general would draft a law that would be sent to the national assembly to support…

Thursday, 10 March 2022 06:28

Renowned investor Jim Rogers sees the end of the US Dollar, says 'Washington does not play fair anymore'

Veteran investor Jim Rogers, who co-founded the Quantum Fund with billionaire investor George Soros, says that “what is happening with the U.S. dollar now is the end of the U.S. dollar.” He explained that “an international currency is supposed to be neutral but in Washington, they are now changing the rules,” emphasizing, “Washington does not play fair anymore.” Jim Rogers on the End of the U.S. Dollar Renowned investor Jim Rogers discussed the end of the U.S. dollar and the future outlook for cryptocurrency in an interview published by the Economic Times Sunday. Rogers is George Soros’ former business partner…

Wednesday, 09 March 2022 06:24

FIRS grants concession to taxpayers with foreign currency tax liabilities to pay in naira

Federal Inland Revenue Service (FIRS) says it has offered a one-month concession for taxpayers with outstanding foreign currency tax liabilities to settle their financial obligations in naira. Johannes Oluwatobi Wojuola, special assistant on media and communication to the chairman of FIRS, said this in a statement released on Monday. According to Wojuola, Muhammad Nami, executive chairman of FIRS, had signed and released a public notice on the concession and it will take effect from the 1st of March to 31st March, 2022. FIRS said it had received requests and enquiries from taxpayers on challenges being encountered in sourcing for foreign…

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