Business News

Thursday, 16 September 2021 05:44

Dangote is looking for money to complete refinery

Africa’s richest man Aliko Dangote is in talks with some of the world’s biggest oil traders to help finance his mega refinery project outside of Nigeria’s commercial centre Lagos, sources with knowledge of the matter said, although his company denied the discussions. The 650,000 barrel-per-day refinery, once complete, will be the continent’s largest plant and redraw major trade flows of crude and fuel in the Atlantic basin. Despite being Africa’s biggest oil producer and exporter, the country depends almost entirely on fuel imports after allowing its significant refining capacity, 445,000 barrels-per-day, to become dilapidated over several decades. Many past and…

Thursday, 16 September 2021 05:43

Shell Nigeria wants to sell assets worth $2.3bn

Nigeria’s lenders likely don’t have enough dollars to fund clients seeking to acquire oil assets put on sale by the local unit of Royal Dutch Shell Plc, the country’s biggest lender said. Guaranty Trust Bank Plc doesn’t see the likelihood of any client raising the estimated $2.3 billion needed to purchase the Shell assets, said Segun Agbaje, CEO of the financial group that owns the lender. Such a deal would require a syndication of up to $1.8 billion, and it “can be very tough to raise this kind of funding locally at the moment,” Agbaje said. Shell said in May…

Thursday, 16 September 2021 05:41

Naira hits new low at the parallel market

Naira fell significantly against the U.S dollar at the parallel market on Wednesday, as the currency exchanged hands with the hard currency at N562.00 per $1. This implies a N5.00 or 0.90 devaluation from the N557.00 it traded on Tuesday. Meanwhile, the naira remained stable against the greenback currency at the official market on Wednesday, as foreign exchange turnover remained unchanged from what was posted in the previous session on Tuesday. Data recorded on the FMDQ securities exchange window where forex is officially traded, showed that the naira closed at N412.06 per $1 at the official window on Wednesday, the…

Thursday, 16 September 2021 05:29

8 signs you should turn down a job offer

If you are looking for a new job, you’re not alone. More than half (55%) of Americans plan to look for a new job in the next 12 months, according to Bankrate’s August 2021 Job Seekers survey. Add a tight labor market, and that there are more open jobs than people looking for work, and chances are that someone who’s got good skills is going to be an attractive target. But just because a job is offered to you doesn’t necessarily mean you should take it. “It’s important to look for red flags during the interview process,” says Vicki Salemi,…

Wednesday, 15 September 2021 05:49

The wealthiest entrepreneurs have this essential characteristic in common

Do you have what it takes to join the ranks of the most successful business leaders? Many people dream about leaving their 9-to-5 jobs to become full-time entrepreneurs doing what they love. Unfortunately, this dream will never come true for most of them. The reasons vary, from being afraid to risk what they have worked so hard for to self-imposed limitations such as not being confident enough about the change they want to see in the world. But often, it is the misinformation surrounding entrepreneurship that leads people to abandon their dreams. It is the whole purpose of being an…

Tuesday, 14 September 2021 05:36

Naira’s fall continues at parallel market

Naira fell significantly against the U.S. dollar at both the unofficial and official markets on Monday, taking what has become the trend in the last week to a new low. According to abokiFX.com, a website that collates black market rates in Lagos, the local unit closed at N550.00 per $1 at the black market window on Monday. This implies a N5.00 or 0.92 per cent devaluation from the N545.00 it exchanged on Friday last week. Naira, which opened at N545.00 at the parallel market segment, hit N549.00 at noon, before closing at N550.00 on Monday. The currency has maintained a…

Tuesday, 14 September 2021 05:29

The most important first step when starting a business

While there are many things to consider and tasks to do when starting a business, this first step alone may decide whether your new venture is successful. Whether you call it the mass exodus, the Great Resignation, re-evaluating your life, or a midlife crisis, there are scores of people leaving traditional jobs to start their own businesses. However, the question often asked — whether it’s pondering from behind the desk in the corner office or in a bit of panic having just been let go from your job — is “What’s the first thing I should do to start my…

Monday, 13 September 2021 05:47

Aviation: FG approves new handling rates for ground operations

Federal government has approved a new Safety Threshold Ground Handling Charges for foreign and domestic airline operators, 35 years after the last adjustment. A circular signed by Director-General of the NCAA, Musa Nuhu, dated September 6, 2021 with the reference number: NCAA/DG/AIR/11/16/315, and addressed to “All Airlines and Ground Handling Companies” (foreign and local), with the subject: “Safety Threshold Ground Handling Charges,” said that the new ground handling charges will take effect from October 1, 2021 for international carriers and January 1, 2022 for domestic airline operators. “All stakeholders are directed to ensure full compliance with the safety threshold ground…

Monday, 13 September 2021 05:43

5 basic skills you must have to be a successful entrepreneur

If before, entrepreneurship required emotional strength and the firm decision to do so,during the pandemic , for many it became a priority, awakening the entrepreneurial spirit that some carry inside and pushing that dream of having a profitable business of their own. To this we must add the digital reality in which we live, where the strengths that entrepreneurs require are not limited only to having an attractive product or service, or to knowing perfectly the market and what you sell; It has to do more with the skills to carry out digital businesses, lead teams, projects, processes, among others.…

Saturday, 11 September 2021 05:49

Naira’s race to the bottom intensifies at parallel market

The Naira was at a record low against the dollar on Thursday, depreciating to nearly N550 at the unofficial market from N530 at last week’s close as demand for the greenback from importers continues to bump up against scarce market liquidity. Checks in Kano revealed the record high forex rate especially at the Kano’s popular Wapa BDC market in Wapa, where forex traders said as of Thursday evening, a dollar was exchanging for N549, and that it could even exceed N550 before the close of the day. Aminu Shua’ibu Malan, a trader in the market, said: “Prior to the last…

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Thursday, 09 September 2021 05:56

Buhari recently declared N287bn profit for NNPC. Audit report says however that the corporation’s liabilities exceed assets by N4.6trn. Here are the numbers

Nigerian National Petroleum Corporation (NNPC) has published its audited financial statements (AFS) for 2020, declaring N287 billion profit — even as liabilities exceeded assets by N4.6 trillion. According to Investopedia, if a company’s liabilities exceed its assets, it is a sign of an asset deficiency – meaning that the company is headed for bankruptcy. The financial health of such companies is at risk. Also in 2019, auditors raised concerns over material uncertainties in the book that cast considerable doubt on the ability of the group and corporation to continue to operate as a going concern. In its 44-year history, this…

Thursday, 09 September 2021 05:54

Naira continues to fall at parallel market

Naira fell against the U.S. dollar at the parallel market on Wednesday after maintaining stability in the previous session of the market segment. According to abokiFX.com, a website that collates the parallel market rates in Lagos, the currency exchanged hands with the greenback currency at N535. 00 per $1. This represents a N3.00 or 0.56 per cent devaluation from the N532.00 it traded in the previous session on Tuesday. Similarly, the local unit weakened against the U.S dollar at the official market on Wednesday as foreign exchange supply rose significantly. According to data posted on FMDQ securities exchange window where…

Thursday, 09 September 2021 05:41

How emotionally intelligent people use the 'Golden Question'

Use the golden question to manage your emotions, make better decisions, and live life with fewer regrets. You really wanted to quit your job. After months of careful planning, you figured out how to turn your side hustle into a full-fledged business--and you built up the courage to do so. So, you handed in your resignation. Immediately, your boss tries to convince you to stay, promising a huge raise. You start having second thoughts. Some years ago, I learned a practice that helps me to get control of my emotions in challenging situations like this one, so that I make…

Wednesday, 08 September 2021 05:47

6 qualities that will make you a more innovative employee

We tend to think innovators should fit a certain profile, one that looks suspiciously close to the innovators we most admire, write about, and study. We’ve seen Jeff Bezos with his clean-shaven head and shades or Steve Job’s signature black turtleneck and jeans. Richard Branson upset corporate suit culture with his relaxed, casual attire. It may seem that a world class innovator is supposed to challenge the status quo, care little about what others think of them, and act like a larger-than-life character. But the truth is actually far different. If you are not the kind of person who likes…

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