Business News

Friday, 03 January 2020 05:46

Boko Haram, herdsmen undermining food production in Nigeria - World Bank

Boko Haram insurgency and herdsmen attacks in parts of the country undermined the growth of Nigeria’s agricultural sector, according to a report released by the World Bank. Federal Government’s Economic Recovery and Growth Plan targets agriculture as a key sector to support economic diversification and promote import substitution. The strategy aims to achieve production self-sufficiency in certain partly imported commodities, including rice, wheat, sugar, and palm oil. In recent years, Central Bank of Nigeria had supported agriculture through concessionary financing and risk-sharing programmes such as the Commercial Agricultural Credit Scheme, the Nigerian Incentive-Based Risk Sharing in Agricultural Lending programme, and…

Wednesday, 01 January 2020 05:34

FG orders Discos to stop collecting cash from electricity consumers

Federal Government has ordered power distribution companies to migrate to cashless settlement platforms with respect to collection of electricity bills from residential, industrial and commercial customers. It stated that the distributors have till January 31 and March 31, depending on the class of customers, to comply with the order issued by Nigerian Electricity Regulatory Commission in a document with reference ‘Order No/NERC/183/2019.’ The document, dated December 30, 2019 and obtained by our correspondent in Abuja, was signed by both NERC Chairman, Mr James Momoh; and NERC Commissioner, Legal, Licensing and Compliance, Mr Dafe Akpeneye. In the document, the commission noted…

Wednesday, 01 January 2020 05:25

Want to motivate your employees in the new year? Foster a sense of community with these 5 tips

If you want your employees to do their best work, use these tips to enhance social connectivity at the office. With what can be years of work ahead of you, it can be difficult to feel passionateabout the job you're doing, especially if you've been at it for a while. A lack of motivation among employees is a dangerous issue that every leader must tackle head on, otherwise it could lead to burnout, poor performance, dragging sales, and resignation letters. Wouldn't it be great if you could create an environment where your employees feel welcomed, inspired and useful at work,…

Tuesday, 31 December 2019 05:50

Nigeria’s stock market ends 2019 in red

With today being the last day of trading this year, it is almost certain that transactions on Nigerian Stock Exchange (NSE) will close in the red zone. The outgoing year is, indeed, turning out to be yet another locust year for both local and foreign investors, due to an unfriendly operating environment. This, analysts said, was in spite of the impressive financial results churned out by most quoted companies. According to the analysts, the market was negatively impacted by the general elections, insecurity and unstable monetary and fiscal policies, among others, even in the face of stability in foreign exchange…

Monday, 30 December 2019 06:27

FG-owned refineries process no drop of crude oil in 3 months, incur loses for 13 months

Refineries under the management of Nigerian National Petroleum Corporation stayed dormant for three consecutive months as they processed no drop of crude oil, latest report on the operations of the facilities has shown. An analysis of the consolidated operations of the refineries showed that the plants were dormant in July, August and September with respect to the processing of crude oil. The refineries under the management of NNPC are the Warri Refining and Petrochemical Company, Port Harcourt Refining Company and Kaduna Refining and Petrochemical Company. It was also observed that the consolidated capacity utilisation of the facilities was zero per…

Monday, 30 December 2019 06:23

FIRS eases process to obtain Tax Clearance Certificate

Federal Inland Revenue Service (FIRS) yesterday announced a new Tax Clearance Certificate (TCC) regime. In a public notice signed by its Chairman, Mr Muhammad Nami, the service granted eligible taxpayers a 30- day window to enable them obtain TCC. The new TCC regime, according to the public notice, will make it easier for taxpayers to obtain their clearance certificate. Nami said the offer to ease issuance of TCC is in accordance with provisions of Section 101 (1) of CITA LFN 2004 and in conformity with Self-Assessment Regulation, 2011. He warned that the service will not fail to invoke the provisions…

Monday, 30 December 2019 06:22

The rich get richer still: $1.2 trillion added to their wealth in 2019

The leveraging of a giant social-media presence, a catchy tune about a family of sharks and a burgeoning collection of junkyards are just a few of the curious ways that helped make 2019 a fertile year for fortunes to blossom around the world. Kylie Jenner became the youngest self-made billionaire this year after her company, Kylie Cosmetics, signed an exclusive partnership with Ulta Beauty Inc. She then sold a 51% stake for $600 million. It has been almost two months since the Washington Nationals captured their first World Series championship, but people around the world are still singing along to…

Monday, 30 December 2019 06:14

The scientific case for hiring a narcissist

Craig Wallace When it comes to hiring, most managers want applicants who are not only smart, conscientiousness and collaborative, but also humble, honest and considerate. If you are nodding your head in agreement, stop — research says you’re wrong. Mounting evidence suggests that extolling “bright” personality traits (think generosity, heightened regard for others’ wellbeing, optimism) while simultaneously demonizing “dark” traits (such as arrogance, willingness to manipulate others, singular focus on one’s own goals) is not only misguided, but may cause many to miss out on valuable potential talent. In one 2017 study, people who bear more pronounced dark personality traits…

Saturday, 28 December 2019 04:30

‘Mr Cement’, Joseph Makoju retires as Dangote Cement GMD

Group Managing Director/CEO , Dangote Cement Plc, Mr Joseph Makoju, will retire as GMD/CEO effective January 31, 2020, a position he has held since 2018; according to a report from Nigerian Stock Exchange. Makoju, popularly called Mr Cement, is bowing out after 45 years of transformational leadership in the cement industry. The board has however approved the appointment of Michel Puchercos as his replacement as the Group CEO, effective February 1, 2020. The outgoing GMD/CEO of Nigeria’s largest cement manufacturer, holds a B. Sc (1st Class) honours degree in Mechanical Engineering from University of Nottingham, UK and an M.Phil. in…

Friday, 27 December 2019 04:32

Oil hits three-month highs

Oil prices rose on Friday, hitting three-month highs after data showed record online spending by U.S. consumers, stoking faith in the world’s no. 1 economy even before the hoped-for end to the trade war between Washington and Beijing. Brent crude futures were up 13 cents, or 0.2%, at $68.05 a barrel at 0150 GMT, while the West Texas Intermediate (CLc1) contract was up 13 cents, or 0.2%, at $61.81 a barrel. A survey on Thursday showed that online holiday purchases by U.S. consumers reached a record, beating analysts’ expectations and sending U.S. stocks to fresh. U.S. consumers are “showing few…

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Friday, 27 December 2019 04:31

Railway Corporation finalises e-ticketing for train rides

Nigerian Railway Corporation (NRC) says the corporation would soon introduce e-ticketing for train services across the country. Mr Fidet Okhiria, NRC Managing Director, announced on Thursday in Abuja that the processes involving the commencement of the e-ticket platform were at its final stage. “The e-ticketing has gone to advanced stage, the process is on, we are just at the final stage of getting the necessary approval for them to be deployed. “It has passed through ICPC, BPE, we hope very soon it will kick-off. I can’t give the time exactly when it will start but FEC will decide,” he explained.…

Wednesday, 25 December 2019 05:16

FG warns merchants against charging consumers N50 stamp duty on PoS transactions

Federal Competition and Consumer Protection Commission on Tuesday stopped the additional N50 charge currently imposed on transactions conducted through Point of Sales Terminal. FCCPC issued the directive in a statement signed by its Chief Executive Officer, Mr Babatunde Irukera, and made available to journalists in Abuja. In recent times, there has been significant contention with respect to merchant imposed N50 stamp duty assessments on consumers for PoS transactions. The fee, which is said to have emanated from Central Bank of Nigeria, was meant to be for consumers who select PoS option to conclude their purchases or transactions. Supermarkets, eateries, filling…

Monday, 23 December 2019 06:16

From Jan, your bank will charge you less for tranfer, ATM withdrawal, others. Here are the new charges

Central Bank of Nigeria (CBN) has reviewed downward electronic transfer and ATM fees as well as card maintenance fees. The new charges were contained in the latest Guide to Charges by Banks and Other Financial Institutions just released by CBN According to CBN, bank customers will now pay N10 for electronic transfers below N5,000, and N25 for electronic transfer between N5,000 and N50,000. Only electronic transfer above N50,000 will attract N50 charge. Previously, bank customers pay N50 charge for electronic transfers below N500,000. Further, CBN in the new Guide to Bank Charges slashed charges for cash withdrawal via Other bank’s…

Monday, 23 December 2019 06:15

Bike-hailing companies are paying a heavy price in bribes and levies to operate in Lagos

Yomi Kazeem Motorcycle-hailing companies became mainstream in Lagos, Africa’s largest city, this year on a simple premise: providing a cheaper way than cars to get around Lagos’ notorious traffic jams and being a safer alternative to the chaotic independent commercial motorcycles known locally as okadas. Even though the rapid uptake of the services of these app-based companies, including Gokada, Max and ORide, has backed up the value proposition they offer to Lagosians, bike-hailing startups are increasingly facing hurdles that pose existential threats. Back in July, the Lagos state government proposed regulation which would see each startup pay annual licensing fees…

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