Business News

Saturday, 21 December 2019 05:05

Govs from Nigeria’s 6 geo-political zones visit Dangote Refinery, awed by project size

Ten governors on the platform of Nigerian Governors Forum (NGF) friday visited the Dangote Refinery and Petrochemicals at Ibeju-Lekki in Lagos, stating that it is a pride to Nigeria and Africa. The governors, led by the Forum’s chairman, who is Governor of Ekiti State, Mr Kayode Fayemi, described the Dangote Refinery and Petrochemicals as a salute to entrepreneurship. Fayemi said the project would contribute immensely to the economic growth of the nation and provide employment to thousands of Nigerians. He said: “This is an inspirational initiative by President of the Dangote Group, Mr Aliko Dangote. It demonstrates the possibility where…

Thursday, 19 December 2019 04:57

Forte Oil changes name

Forte Oil Plc has announced a change of name of the company to Ardova Plc. In a notice filed at Nigerian Stock Exchange on Wednesday, the company said the change of name was approved by its shareholders at an Extra-ordinary General Meeting, which held in Lagos on Tuesday. It said the notice was pursuant to the post-listing requirements of the NSE for quoted companies. According to the statement, the directors of the company have been authorised to approve, sign and execute all documents and appoint such professional parties as may be necessary to give effect to the resolutions made. It…

Tuesday, 17 December 2019 06:00

Foreign reserves drop further by $558.68m in two weeks

The country’s foreign exchange reserves continued its downward trend as it dropped from $39.8bn on November 11 to $39.24bn on December 13, latest figures from Central Bank of Nigeria have revealed. The reserves fell by $1.26bn from $41.76bn on October 2 to $40.5bn as of the end of the month. According to CBN, the reserves dropped by $482.18m from N45.14bn as of July 8 to $44.65bn on August 8, 2019. CBN Governor, Mr Godwin Emefiele, said recently that Nigeria’s overdependence on crude oil for over 60 per cent of fiscal revenue and over 90 per cent of forex inflows meant…

Monday, 16 December 2019 06:11

Foreign investors may shun Nigeria as Buhari resurrects hard-man habits to curb dissent - Bloomberg

Nigeria’s government is reviving old habits from its authoritarian past to stifle criticism. Evoking memories of Nigeria’s three decades of military rule, the repression risks undoing progress Africa’s top oil producer has made since the restoration of multiparty democracy in 1999. Governance and other reforms have helped more than double average annual foreign investment since then -- a pace President Muhammadu Buhari needs to sustain to help reduce the world’s largest number of people living in extreme poverty. Known for disregarding human rights and introducing protectionist economic policies during his dictatorship from 1983 to 1985, Buhari won a popular vote…

Monday, 16 December 2019 06:10

Naira depreciation to persist as reserves drops to 2-year low

The downward trend in the fortune of the naira against the dollar is expected to persist this week even as the nation’s external reserve falls to the lowest level in two years. Last week, the naira depreciated for the fourth consecutive week and to the lowest level in four months in the Investors and Exporters (I&E) window and in parallel market. In the I&E window, the indicative exchange rate rose to N363.49 per dollar, last week from N363.14 per dollar the previous week, representing 35 kobo depreciation for the naira. Meanwhile, closing exchange rate of N363.49 per dollar represents the…

Saturday, 14 December 2019 05:59

Nigeria recorded trade surplus in Q3 as imports dropped - NBS

Nigeria’s external merchandise trade rose to N9.19 trillion in the third quarter of the year (Q3, 2019) compared to N8.61 trillion in the preceding quarter, according to National Bureau of Statistics (NBS). The performance represented 6.77 per cent increase over the value recorded in Q2 at N8.61 trillion and 1.33 per cent increase relative to the N9.07 trillion in Q3, 2018. The period was characterised by higher exports and lower imports, as the former accounted for N5.29 trillion or 15.02 per cent compared to the N4.60 trillion in Q2 estimates and 8.97 per cent when compared with the N4.85 trillion…

Tuesday, 10 December 2019 05:34

Electricity tariff increase coming soon - FG

Federal government has said it is expecting an improvement in electricity supply to Nigerian, just as it revealed that an increase in electricity tariff will be inevitable. Minister of Power, Mr Saleh Mamman, said this a statement signed by his media aide, Mr Aaron Artimas. He said the government was heavily burdened by the financial interventions it was providing the power sector to cushion its challenges. Mamman, equally complained that while the cost of electricity units in neighboring Niger Republic was higher than it is in Nigeria, consumers in Niger were prudent in their payment for electricity bills unlike in…

Tuesday, 10 December 2019 05:28

Billionaire is worth half of his country’s GDP. Here’s the source of his wealth

Christoph Zeller is Liechtenstein's only billionaire, according to Forbes. The 62-year-old billionaire, who made his fortune in dental products, is worth $3.1 billion. That's half of the tiny European country's $6.2 billion GDP. Zeller spent 13 years as the CEO of Ivoclar Vivadent AG, a dental products company that brought in $818 million in sales in 2018. There are an estimated 2,153 billionaires in the world, according to Forbes. But in Liechtenstein, a tiny central European country of 38,547 people, there's just one: Christoph Zeller. Zeller's is worth an estimated $3.1 billion, according to Forbes, a fortune derived from dental…

Monday, 09 December 2019 05:46

5 leadership lessons I learned from doing my own 'undercover boss'

When was the last time you saw your CEO or vice president shadow the call centre or the factory floor? When was the last time your managing director came up to talk to employees about their needs and pain points in the workplace? The answer for most employees is never. There are employees who never see their executives over an entire career, save on the internal website or the latest organisational chart. The corporate hierarchy today creates executives who focus upwards rather than leaders who focus on building the foundations of their business. In the new digital age, where speed,…

Thursday, 05 December 2019 05:58

FG introduces new electricity distribution policy to bypass DisCos

Federal Ministry of Power’s new electricity distribution policy called “Willing Seller, Willing Buyer” was designed to bypass middlemen and sell power directly to consumers, a statement on Wednesday by Aaron Artimas, Special Adviser (Media and Communications) to Minister of Power, has said. Under the differential power distribution policy, electricity will be wheeled directly from generation companies (GenCos) to willing consumers who are ready to fully settle their bills. The willing consumers may include community and commercial clusters, industrial areas and hospitality sectors, the statement said. Speaking on a Freedom Radio phone-in programme in Kano on Tuesday, Minister of Power, Mr…

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Wednesday, 04 December 2019 05:50

Google co-founders Larry Page and Sergey Brin step down from parent firm

Larry Page and Sergey Brin, co-founders of Google, have announced they are stepping down from running the online giant's parent company. The pair will leave their respective roles as Alphabet's CEO and president but will remain on the company's board. Google's CEO Sundar Pichai will become Alphabet's CEO too, a statement said. Alphabet was created in 2015 as part of a corporate restructuring of Google, which Mr Page and Mr Brin famously founded in a California garage in 1998. The parent company was intended to make the tech giant's activities "cleaner and more accountable" as it expanded from internet search…

Tuesday, 03 December 2019 06:45

Bank customers to present tax card from next month

Evidence of tax payment will be a condition for operating a bank account from January, according to the Financial bill passed by the National Assembly. The Bill, submitted to the lawmakers with Budget 2020 by President Muhammadu Buhari, is designed to improve financial operations of the country and streamline the tax regime. It is expected to be signed with the budget before end of the month, to actualise the return to the January – December budget cycle. According to a section of the Bill, banks will require anybody opening an account to provide his Tax Identification Number (TIN) Those who…

Monday, 02 December 2019 04:42

EFCC seizes Onyema’s passports, restricts his movement

On the 23rd of November, 2019, Mr Allen Onyema, Chairman of Air Peace was charged with 27 counts of money laundering by U.S. Attorney Byung J. “BJay” Pak. Mr Byung said that Onyema moved more than $20 million from Nigeria through United States bank accounts in a scheme involving false documents based on the purchase of airplane. The US court had since then issued a warrant to arrest Onyema and authorised US marshals service to bring him into custody. In view of the above, Economic and Financial Crimes Commission, EFCC, Sunday, went tough on him by seizing his passports and…

Monday, 02 December 2019 04:40

Dutch company to light a million Nigerian homes with solar power

Lumos, which has already fitted more than 100,000 solar home systems around Nigeria, will receive a fee for each new installation from the Rural Electrification Agency, known as REA, Gordon said. The Amsterdam-based company isn’t targeting only rural areas that are not served by the electricity grid but also towns and cities where power outages are frequent and households rely, at least partly, on generators. Lumos’ offering of solar panels and a battery enables families to spend a flat fee of around $15 per month rather than three or four times as much on kerosene or diesel, according to Gordon.…

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