Business News

Thursday, 17 October 2024 05:09

FG rejects Shell's $1.3bn oil asset sale for lack of capacity by buyers - Report

Nigeria's oil regulator has rejected Shell's proposed $1.3 billion sale of its onshore oilfields to Renaissance group because the buyer is not qualified to manage the assets, ThisDay newspaper reported on Wednesday. Shell, which owns the assets via Shell Petroleum Development Company (SPDC), said it was providing the regulator with all the required information without directly confirming the newspaper report. The regulator and Renaissance did not immediately respond to requests for comment. Shell on Jan. 16 announced its exit from Nigeria's onshore and shallow water operations after agreeing to sell the business to a consortium of five, mostly local, companies,…

Tuesday, 15 October 2024 04:50

Oil prices fall as concerns ease on potential Iran supply disruption

Oil prices slid 3% in early Asian trade on Tuesday after a media report said Israel is willing not to strike Iranian oil targets, which eased fears of a supply disruption, and after OPEC lowered its outlook for global oil demand growth in 2024 and 2025. Both benchmarks plunged 3% in early trade on Tuesday, following a 2% drop on Monday. Brent crude futures were down $2.27 at $75.19 per barrel, while U.S. West Texas Intermediate futures fell $2.22 to $71.60 per barrel as of 0127 GMT. Prices have fallen about $4 this week, nearly wiping out cumulative gains made…

Tuesday, 15 October 2024 04:48

Crude oil producer in N’Delta restarts operations after 3-year shutdown due to theft

Nigerian independent producer Belemaoil Producing has resumed operations at its oil block Oil Mining Lease 55 after a three-year shutdown as a result of damage to the facility caused by theft, it said on Monday. Belemaoil acquired OML 55, located about 40 km west of the Bonny oil export terminal in a swamp to shallow water area, from Chevron Corp in February 2015. Operations at OML 55 were halted in 2021 due to rampant oil theft from its delivery line to the Bonny terminal, a Belemaoil spokesperson said in a statement. According to the company, the block contains five oilfields…

Tuesday, 15 October 2024 04:39

Mark Cuban says his best employees share this soft skill: ‘You need to reduce stress, not create it’

The best employees Mark Cuban has hired aren’t the ones with unwavering confidence or sharp business acumen. A different trait sets high achievers apart, according to the billionaire entrepreneur and investor: They’re problem-solvers. “For me, the number one thing is you reduce stress rather than create it,” Cuban, 66, told CNBC Make It at an event announcing his AI partnershipwith Google. “There’s a lot of people that are just a whirlwind and everything seems to be difficult, causing a lot of unnecessary stress.” As an employee, Cuban explained, the best soft skill you can develop is the ability to “analyze…

Monday, 14 October 2024 04:42

Cooking gas price jumps 42% in 3 months - Survey

As Nigerians struggle with the high cost of petrol, the price of Liquefied Petroleum Gas, also known as cooking gas, has also increased to N1,500/kg. But the Managing Director/Chief Executive Officer of NIPCO Plc, Suresh Kumar, said the Dangote refinery and other domestic refineries would bring down the price of cooking gas, expressing concerns that over 60 per cent of cooking gas consumed in Nigeria is being imported. Checks by our correspondent confirmed that the prices of cooking gas peaked at N1,500/kg in some retail outlets in Ogun and Lagos States as of Sunday. In Abuja, the average price for…

Saturday, 12 October 2024 04:54

DisCos rake in N140bn extra revenue in 3 months from Band A tariff hike

The Nigerian Electricity Distribution Company (NERC) has stated that revenue generated by the 11 electricity distribution companies (DisCos) increased by 48 per cent in the second quarter of 2024. The increase was due to the hike in electricity tariff for Band A customers which NERC stated was necessitated due to the rising cost of electricity generation that would have pushed the federal government’s subsidy payment to over N2trn by the end of the year. The regulator in its second quarter report stated that the DisCos revenue moved from N291.62bn in the first quarter of 2024 to N431.16bn in the second…

Friday, 11 October 2024 04:49

Oil prices jump on US storm, Israel-Iran fears

Oil prices jumped about 4% on Thursday on a spike in U.S. fuel use before Hurricane Milton barrelled across Florida, Middle East supply risks and signs that demand for energy could grow in the U.S. and China. Brent <LCOc1> futures rose $2.82, or 3.7%, to settle at $79.40 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $2.61, or 3.6%, to settle at $75.85. In the U.S., the world's largest oil producer and consumer, Hurricane Miltonbarrelled across Florida, where about a quarter of fuel stations sold out of gasoline and where the storm also knocked out power to more…

Wednesday, 09 October 2024 04:58

Tinubu’s foreign investment drive falters as FDI hits record low, capital inflows decline

Despite President Bola Tinubu’s efforts to position foreign capital inflows as a solution to Nigeria’s ongoing economic challenges, latest data from the National Bureau of Statistics (NBS) highlights a troubling trend of underperformance. In the second quarter (Q2) of 2024, Nigeria’s capital importation fell by 22.85% to $2.60 billion, down from $3.37 billion in the first quarter, underscoring the difficulties the country faces in drawing foreign investment. This decline comes despite a year-on-year increase of 152.8% compared to Q2 2023, suggesting that while Nigeria has made some gains, they are not sustainable or robust enough to significantly impact the economy.…

Wednesday, 09 October 2024 04:52

How I transformed my business by letting go of low-value tasks and focusing on high-impact activities

Chris Kille Key Takeaways Low-value tasks can trap business owners in unproductive cycles, preventing them from focusing on high-impact activities that drive growth.Delegating, automating and outsourcing non-strategic tasks frees up time for more important business activities and decisions and leads to increased revenue and sustainability.Letting go of control and empowering others to assume certain tasks can be difficult, but it's crucial for growing your business and achieving long-term success. In the life of every businessman, there is always a time when you glance at the clock and at the list of tasks to be done, and you ask yourself where…

Tuesday, 08 October 2024 04:54

Google’s productivity expert: The No. 1 skill that gives successful employees a competitive edge

Morgan Smith Laura Mae Martin has taught some of the world’s brightest engineers and executives how to work smarter. Martin is Google’s executive productivity advisor. It’s her job to help employees and C-suite leaders at the tech giant get more done — without burning out. When it comes to productivity, she says, the most common problem isn’t a missed hack; it’s that people try to take on too much work. The most productive people share one skill that gives them a competitive edge in the workplace, according to Martin: setting specific, concrete priorities instead of vague, indefinite goals. Accomplish more…

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Monday, 07 October 2024 04:40

Banks declare N3.81trn profit for Half 1 2024 amid Nigeria’s economic downturn

Amid macroeconomic challenges, Guaranty Trust Holding Company Plc (GTCO) and 11 other financial institutions listed on the Nigerian Exchange Limited (NGX) generated an estimated N3.81 trillion profit before tax (PBT) in the half year ended June 2024. This represents a 108.2 per cent increase from the N1.83 trillion PBT generated by these 12 financial institutions in H1 2023. In the period under review, financial institutions operating in Nigeria, and Sub-Saharan African countries were faced with inflationary pressure, and sustained hikes in monetary policy parameters that drained liquidity in the banking system, among other challenges. However, in the period under review,…

Monday, 07 October 2024 04:33

Are you running your business, or is it running you? Here are 10 strategies to help you stay in control

Chris Kille Key Takeaways Managing a business should should center around direction, planning and growth rather than getting bogged down by day-to-day tasks. Implementing the 10 strategies outlined in this article can help you regain control over your business, build a culture that empowers your team, grows your company and allows you to have time and a stress-free environment to enjoy the process. Managing a business should be about direction, planning and development — not about becoming immersed in the day-to-day operations. However, if you are struggling with urgent work, stress and having no personal life, then it is high…

Sunday, 06 October 2024 04:57

Sales of crude oil to local refineries, purchase of refined products in Naira begin, FG announces

The federal government says Nigeria has officially commenced the sale of crude oil and refined petroleum products in naira. Wale Edun, minister of finance and coordinating minister of the economy, in a statement on Saturday, announced that in line with the federal executive council (FEC) directive, the sale of the products in naira commenced on October 1. “Following a meeting of the Implementation Committee, Chaired by the Minister of Finance and Coordinating Minister of the Economy to conduct a post-commencement review of the Crude Oil and Refined Products Sales in Naira initiative, the commencement of this strategic initiative was affirmed…

Saturday, 05 October 2024 04:26

Industrial sector contracted in Sept amidst rising energy costs, CBN reports

The Central Bank of Nigeria (CBN) has reported that while the service and agriculture sectors expanded in September, the industrial sector contracted, marking a continued struggle for Nigeria’s manufacturing and industrial output. According to the CBN’s Purchasing Manager’s Index (PMI) report published on Wednesday, the composite PMI for September 2024 was 50.5 index points, indicating overall economic expansion for the second consecutive month, slightly up from 50.2 points in August. The PMI serves as an indicator of economic trends within the manufacturing and service sectors. An index above 50.0 points indicates an expansion in business activities, while a reading below…

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