Business News

Sunday, 12 November 2023 04:49

Dangote Refinery secures permit to process Nigerian crude oil; to start production ‘very, very soon’

Aliko Dangote, Africa’s richest person, said his refinery has secured a license to refine more than 300,000 barrels of Nigerian crude per day and will begin to process gasoline “soon.” “We don’t want to start our refinery with foreign goods, we want to start with the Nigerian crude,” the billionaire said in an interview Saturday in Riyadh on the sidelines of the Saudi-Nigeria business roundtable. “We’re more than ready and you will see our gasoline products soon.” The refinery was supposed to start production in August but missed that target in addition to several other over the years. But Dangote…

Saturday, 11 November 2023 04:45

Bolt Food exits Nigeria ‘due to business reasons’

Nigerians will no longer be able to place food orders on the Bolt Food app as Bolt is shutting down its food delivery service in the country from December 7, 2023. The company announced its decision as a move to streamline its resources and maximise its overall efficiency. Bolt, which currently offers food delivery services in 16 countries and 33 cities across the world, launched Bolt Food in Nigeria in October 2021 after increased demand for food delivery services during the pandemic. Since its launch in the country, Bolt Food claims it has partnered with over 10,000 restaurants, delivered over…

Friday, 10 November 2023 04:55

Seeds of success: 6 skills every entrepreneur must posses

“The difference between a successful person and others is not lack of strength, not lack of knowledge, but rather a lack of will.” ― Vince Lombardi LinkedIn's research reveals that entrepreneurs consistently report the highest levels of job satisfaction among professionals. This study is logically understandable given that entrepreneurs typically venture into businesses aligned with their passions. While the concept of ditching the corporate ladder and becoming your own boss is undeniably alluring, it's crucial to acknowledge the substantial risks involved. Income is far from guaranteed, traditional employer-sponsored benefits become a thing of the past, and in cases of business…

Thursday, 09 November 2023 04:48

CEO says she can tell how successful someone is just by watching them place an order at a coffee shop

Can success really be determined from a coffee shop order? Mary-Faith Martinez Can you tell how successful someone is just from watching how quickly they place an order? One CEO is convinced that she can. In a recent podcast interview, Codie Sanchez, CEO of Contrarian Thinking, shared a few controversial thoughts on people who hold up a line by taking a long time to order. “Show me how long it takes you to order at a counter, and I will show you your bank account,” she said. Sanchez used the example of waiting behind someone in a coffee shop line…

Wednesday, 08 November 2023 04:59

$700m of foreign airlines’ funds remains trapped in Nigeria - Operators

Foreign airlines have disclosed that about 90 per cent of their $783m trapped funds have not been paid. The airlines stated this during a stakeholders’ forum convened by the Minister of Aviation and Aerospace Development, Festus Keyamo, in Lagos recently. According to data from the International Air Transport Association, as of August 2023, Nigeria accounted for a substantial $783m of airlines’ blocked funds. Despite recent efforts to alleviate the situation, the airlines said a significant portion of those funds remained inaccessible to them. Chairman of International Airline Operators, Chima Kingsley, emphasised that while international banks had received some funds from…

Wednesday, 08 November 2023 04:53

The No. 1 ‘hidden’ skill behind Bill Gates’ success—it works ‘in any field,’ says psychology expert

Optimism and pessimism are hard to deal with. Pessimism is vital for survival, and it helps us prepare for risks before they arrive. But optimism is equally essential. The belief that things can — and will be — better even when the evidence is murky is one of the most essential parts of everything from a sound relationship to making a long-term investment. Optimism and pessimism seem like conflicting mindsets, so it’s more common for people to prefer one or the other. But in my book, “Same as Ever: A Guide to What Never Changes,” I write about why knowing…

Monday, 06 November 2023 04:42

7 things the middle class spends money on that hurt their chances of being rich

We often don’t realize when we’re making poor financial decisions. Many middle class people spend mindlessly on stuff that looks impressive but only ends up draining their savings and keeping them from growing their wealth. “One of the most damaging habits is spending more than you earn,” said Christopher William, a CPA finance expert and founder of Balanced News Summary. “This is a common problem in the middle class, as people are often tempted to buy more than they can afford,” he explained. William notes that this often leads to high levels of debt, which makes it difficult to save…

Sunday, 05 November 2023 04:40

Dangote, Rabiu feud publicly, accuse each other of treachery

Nigerian billionaire Aliko Dangote blamed fellow tycoon Abdul Samad Rabiu for attempting to instigate a probe into alleged money laundering at companies run by Africa’s richest man. Dangote, who runs Nigeria’s biggest cement maker and is about to start operating Africa’s largest oil refinery, in a seven-page advertisement published in local newspapers alleged that Rabiu was behind an attempt to get President Bola Tinubu’s government to embroil Dangote Industries Ltd.in a probe into the Central Bank of Nigeria. Dangote’s companies aren’t under any investigation. A spokesman for Dangote didn’t answer phone calls or respond to messages, while a spokesperson for…

Saturday, 04 November 2023 04:53

Factories close down, haulage costs soar as diesel sells for N1,300 per litre

Manufacturers have expressed concerns as the price of diesel has risen to N1,275 per litre in Lagos and above N1,300 outside the state. The product is selling for N1,270 per litre in Kano State and above that outside the metropolis. This implies a 26 percent increase in the price of the product in less than one week. It had sold for N1,030 on October 23. As of Thursday, many filling stations in Lagos adjusted their price to between N1,250 and N1,270. Manufacturers, who said they are still battling with forex crisis, high interest rate and poor power supply, fear that…

Thursday, 02 November 2023 04:54

Local crude oil producers insist on selling to domestic refineries in dollars

Local crude oil producers in Nigeria are demanding to be paid with United States dollars as the currency of their operations by local refiners in Nigeria. The producers made the demand at a meeting with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), convened to activate local domestic crude supply obligation. Section 109 of the Petroleum Industry Act (PIA) introduces the obligation by the oil industry in Nigeria and stipulates that the supply of crude oil to the domestic market shall be on a willing supplier and willing buyer basis. The volume of crude oil that oil-producing companies shall dedicate to…

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Thursday, 02 November 2023 04:52

Nigerian stock index jumps to new record high

Nigerian stocks rose the most in nearly four months and hit a record high on Wednesday, driven by strong earnings releases from banks and some manufacturers including Dangote Cement. The All Share Index rose 1.9% at 2.30 p.m in Lagos, the most since July 10, to 70,581.76, the highest on record, according to data compiled by Bloomberg. The Nigerian index outperformed the MSCI Emerging Markets Europe, Middle East and Africa Index, which advanced 0.6%. Earnings from banks have been solid, alongside reports from manufacturers including Dangote Cement, Tunde Abidoye, a securities analyst at investment bank FBNQuest in Lagos, said by…

Thursday, 02 November 2023 04:47

'If people weren't so often wrong, we wouldn't be so rich' — Warren Buffett

Legendary billionaire investor Warren Buffett is widely recognized as one of the greatest financial minds of this era. Over the course of several decades, he amassed a significant fortune through shrewd investment strategies and timeless wisdom. During the 2015 Berkshire Hathaway Inc. annual meeting, Buffett shared his perspective on the curious dynamics of discussing the company's investments. He offered insights into why he refrains from "talking up" Berkshire's investments, shedding light on the intricacies of investment strategies that may not always align with Wall Street's expectations. Buffett's remarks from the meeting were candid and reflected his no-nonsense approach to investing.…

Wednesday, 01 November 2023 04:33

3 steps to recruit the best talent for your business

With all the layoffs going around, it should be easier than ever to scoop up the right talent, at least in theory. Yet after talking to several founders and high-level executives over the last few days, it's clear to me that finding and recruiting the best people is still one of the biggest challenges companies are facing this year. The hiring market is brutal right now. Here are three steps you need to follow to recruit the best talent before others do: 1. Find Something You Admire and Look for Talent Given everything that's going on in the world, recruiters…

Tuesday, 31 October 2023 05:29

Young workers don't want to become managers — and this study uncovers the reason why

As a young computer developer, I never had any aspirations of being a manager, let alone a CEO. When I started my career some 30 years ago, everybody in my field seemed to be following the so-called IBM model of climbing the corporate ladder — starting at the entry level for a few years and then hopping from rung to rung into more senior managerial roles. It wasn't for me. Luckily for me, I worked for a progressive company that understood the need to create dual career paths. You could remain an individual contributor, sometimes leading technical projects, or you…

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