Business News

Thursday, 26 January 2023 05:50

Another oil company puts up assets for sale preparatory to leaving Nigeria

Norway's Equinor has launched the sale of its stake in an offshore Nigerian oilfield, joining a retreat by Western energy firms from the West African country as they focus on newer and more profitable operations, three industry sources said. The company has hired investment bank Standard Chartered to run the sale process, which could raise up to $1 billion, the sources said. Equinor and Standard Chartered declined to comment. Equinor was entitled to net production of around 25,000 barrels per day of oil equivalent (boed) through its 20.2% stake in the Agbami field, which is operated by Chevron, according to…

Thursday, 26 January 2023 05:49

Nigeria raked in $250m from cashew nut exports in 2022 - FG

Federal government says Nigeria generated over $250 million from cashew nuts export in 2022. Mohammed Abubakar, minister of agriculture and rural development, said this at the Nigerian cashew day and cashew season event. Represented by Ernest Umakhihe, permanent secretary of the ministry, Abubakar added that the crop is also expected to bring about $500 million to farmers in 2023. The programme, themed, “industrialising the Nigeria cashew sector through inclusive policies”, was held on Tuesday in Abuja. Abubakar said the agro-product has grown in importance as an export-oriented cash crop since the 1990s and have become an important source of non-oil…

Thursday, 26 January 2023 05:43

Amazon founder Jeff Bezos says 1 fundamental choice separates those who achieve from those who only dream

Jeff Bezos believes in many things. The Amazon founder believes in using a simple framework to make even the most complex decisions. That a timeless approach to startup success is building your business on a foundation of things that won'tchange. That, where assessing intelligence is concerned, frequently changing your mind is a key measure. He even believes, at least to some degree, in two-pizza teams. Yet one of his most fundamental beliefs is that you should only be proud of your choices. Not your gifts. According to Bezos: You may be really good at math. It might be really easy…

Wednesday, 25 January 2023 05:26

NNPC adopts Build-Operate-Transfer model for pipeline, depot rehabilitation

Nigerian National Petroleum Company Limited, on Tuesday, announced that it had put in place a build, operate and transfer scheme for the rehabilitation of pipelines and depots across the country. It said contracts for the BOT would be awarded to successful investors this year, adding that the move would effectively diversify the mode of transporting petroleum products nationwide. Group Chief Executive Officer, NNPC, Mele Kyari, disclosed this at the 23rd Annual General Meeting/Conference of the Nigerian Association of Road Transport Owners in Abuja. He said the oil company was supporting the Federal Government in rehabilitating the country’s road, as approval…

Wednesday, 25 January 2023 05:23

The African founder’s dilemma: To internationalise or not?

In Africa, only some ventures can achieve the consumer and market reach required to be successful solely in their own domestic markets. As a result, they are often required to internationalise much earlier than is the norm in developed markets. Paradoxically, this comes with additional costs, complexity and challenges. Business conditions in most African economies have improved significantly over the last 15 years. A flurry of pro-business continental and regional multilateral agreements – including the African Continental Free Trade Agreement, AfCFTA – and new startup regional laws have helped to address some of the challenges. But conditions need to be…

Tuesday, 24 January 2023 05:38

Banks lend to customers at 29.1% interest, pay 4.13% on savings deposit - Report

The maximum lending rate in the banking sector hit 29.13 per cent while savings deposit rates was 4.13 per cent as of the end of December 2022. Figures obtained from the Central Bank of Nigeria on money market indicators revealed on Monday. According to the report, prime lending rate was 13.85 per cent, while inter-bank call rate was 12 per cent. Treasury bill rate was 4.35 per cent, one month deposit rate was 8.15 per cent, three months deposit rate was 3.79 per cent, six months deposit rate was 8.68 per cent, while 12 months deposit rate was 8.22 per…

Monday, 23 January 2023 05:49

How to sell to the young: A myth-busting memo for your boss

Dear boss, You have always tried to attract young and youngish consumers, and our consultants have always come up with new ways to label them. I don’t need to remind you that “millennials” and, increasingly, “Gen Z” are our most important markets. Together they make up a majority of the world’s population and a third of America’s. The trouble is that coming up with rules to define a swathe of humanity is more art than science. It is liable to become an exercise in applying stereotypes; not every youngster is sipping kombucha in a Brooklyn warehouse. Luckily you have me,…

Friday, 20 January 2023 05:22

6 habits of people with exceptional mental focus

In our ever-expanding, dynamic digital world it can often seem impossible to complete even the simplest of tasks, to achieve a state of focus amidst endless distractions and constant interruption. A new email alert, a text from a loved one or the irresistible urge to refresh our Instagram or Twitter feeds, can become more than irritating distractions and get in the way of accomplishing anything. In fact, research shows that our attention spans are noticeably shrinking as technology advances. Psychologist and University of California's Chancellor Professor of Informatics and author of the forthcoming book Attention Span: A Groundbreaking Way to…

Thursday, 19 January 2023 05:50

Tim Cook said what’s behind Apple’s success in just two words

Apple CEO Tim Cook recently shared his advice to students on what it takes to be successful during a speaking engagement at his alma mater, the University of Naples Federico. While his insights on the personality traits Apple looks for in prospective staff took the spotlight, the most heavy-hitting wisdom he had to impart went largely unnoticed. What Cook offered his audience was a lot more than what it takes to become a successful applicant at Apple. But rather, how to build companies like Apple using a very simple two-word strategy: Improve lives. But not just the lives of your…

Wednesday, 18 January 2023 06:00

How to use employee engagement to build loyalty among your staff

Do you feel like you're swimming in plans? Maybe drowning? Recently, I finished planning out plans – it felt slightly meta. As we finished up, I had this sense of acceptance about where we are as a business. Coming out of a period of uncertainty, we wanted to take back some control while seizing an opportunity to change our work environment for the better. In order to achieve that, there is a lot to do when we have high expectations, feelings of being overwhelmed, and a desire to enact our vision of a better future. Some plans are mandated but,…

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Tuesday, 17 January 2023 05:58

How I restarted my family's business nearly a century after it disappeared

Andy Rieger's great-great-great-grandfather, Jacob Rieger, started selling whiskey under the J. Rieger and Co. brand in 1887. During its time, the company grew to be the largest mail-order whiskey house in the US. That is, until the Volstead Act forced the company to close its doors in 1920. Nearly a century later, Rieger rebooted the historic brand with new whiskey and a 100,000 square foot distillery and event space in the Electric Park district of Kansas City. In doing so, he brought new life into a historic brand and a forgotten neighborhood. – As told to Brit Morse In 2010,…

Monday, 16 January 2023 05:31

Fear of taking risks may be holding you back in life. These 2 mental strength exercises will help you conquer that fear

Your brain will try to convince you to play it safe. It will tell you that you can't succeed or that you shouldn't bother trying something new. But even when these thoughts lack a rational basis, we still sometimes allow our anxiety to prevail. Instead of thinking about what could be when we take a risk, we focus on "what if?" But risks don't have to be reckless. And while avoiding all risk might seem like a smart way to manage anxiety, in the long run, playing it safe is the perfect recipe for depression. The problem is that we…

Saturday, 14 January 2023 05:47

Nigeria's Access Bank loses bid to buy another Kenyan bank

Kenya's Centum Investment Co. Plc said it had ended a pact with Nigeria's Access Bank to sell its 83.4% shareholding in Kenya's Sidian Bank, as the timeframe for completion of the transaction had lapsed. In June, Centum announced plans to sell the stake to Access Bank, a subsidiary of Access Holdings, subject to regulatory approval in Kenya and Nigeria. Centum said in a statement late on Thursday that the planned sale was to be guided by conditions set out in the share purchase (SPA) agreement that were meant to be met by a certain date, known as the 'Long Stop…

Friday, 13 January 2023 05:27

Nigeria's female bouncers show their strength fighting stereotypes - Report

For years, Emem Thomas’ body drew snarky remarks from slimmer classmates in southern Nigeria that shattered her confidence and natural affability. As teasing and taunts marred her teenage years, she gave up on dreams like competing in a local beauty pageant. Then she found a niche that values what Thomas now proudly describes as her “plus-sized” body type: the “Dragon Squad Limited”, a team of female bouncers. “I love what I see dragons do in movies,” she said. “They are also a symbol of power and protection.” Founded in 2018, Thomas only employs women of a certain weight and shape,…

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