Tag Archives: Business

Dangote Clinches ‘Most Compelling Agency Story’ Award Days After Winning Most Admired African Brand

The wealthiest African man company, Dangote Industries Limited has clinched an award through its television commercial featured on the
Cable Network News , detailing its business processes .

A statement issued by the company said the recognition came barely a week after emerging the most admired brand in Africa .

It said the award, dubbed ‘ Most Compelling Agency Story’ by the World Travel Market was won with the ‘ Farm to Table’ commercial, which detailed the process of food metamorphosis from the farm as raw material to the final process as food on tables at home .

The pan – African company said the commercial, which is part of the ‘ Touching Lives’ documentary aired weekly on the CNN , was shot by the
CNN International Commercial, and showcased how Dangote had been touching the lives of the people through its businesses .

Nigeria’s Refineries Count N50 Billion Loss In First Quarter of 2020

Nigeria’s refineries have recorded a combined loss of N50 billion in the first quarter of this year.

The proclamation was made by Mr. Joseph Nwakuwe, during a webinar seminar titled ‘Repositioning the newsroom to respond to changes in the oil sector in a COVID-19 era’ organized by Accountability Workstream Facility for Oil Sector Transformation (FOSTER 11) yesterday.

Nwakuwe, who is the Chairman of Society for Petroleum Engineers(SPE), said the refineries post an average of N10 billion on a monthly basis, saying the country cannot afford to record losses in that huge number.

The oil expert warned that should the country fail to sell the refineries now, they may not get value for it anymore.

He said the refineries have outlived its usefulness and should be sold as soon as possible to those who can add value to it, adding that the amount of money spent on the endless rehabilitation of the refineries was no longer sustainable.

He added that country must come up with a fiscal policy that drives development in the midstream and downstream sectors so that they are more energized.

Nwakuwe lamented that the country was not getting value for its crude oil because a larger chunk of the resources was exported in its crude form and later returned as imported petroleum products.

This, he said, was not good for the industry and the economy as a whole.

From January to October 2019, refineries under the management of the Nigerian National Petroleum Corporation(NNPC) made a cumulative loss of N123.25billion.

An analysis of data in the October 2019 oil and gas report of the NNPC showed that all three entities recorded losses during the period under review.

Findings showed that while Kaduna Refining & Petrochemical Company (KRPC) posted a loss of N49.3billion in the 10-month period, Port Harcourt Refining & Petrochemical Company (PHRC) and Warri Refining & Petrochemical Company (WRPC) lost N36.7billion and N37.24billion respectively during the same period.

It was further observed that the actual revenue made by the three facilities during the period was N68.82billion while their expenses were put at N192.1billion.

Of the three refineries, WRPC made the highest revenue of N59.1billion during the period, even as it posted the highest loss of N96.32billion.

KRPC and PHRC made N6.23billion and N3.46billion as revenues in the 10-month period but lost N55.59billion and N40.16billion respectively.

For October 2019 alone, the facilities posted a cumulative loss of N11.72billion.
Their individual losses in October were N5.24billion, N3.38billion and N3.1billion for KRPC, PHRC and WRPC respectively.

On subsidies, the oil and gas expert said, the time to suspend further funding of fuel subsidy was now as the monies expended on same since 2006 was capable of building about five refineries.

US Dollar Trails South Africa’s Rand For Eight Weeks

South Africa’s rand raced to its highest in more than eight weeks against the U.S. dollar on Tuesday, as optimism about a global recovery from the COVID-19 pandemic boosted riskier assets, with investors looking past Sino-U.S. trade tensions.

At 0605 GMT, the rand traded at 17.4700 per dollar, 0.91 per cent firmer than its previous close.

The currency was at its strongest since March 27.

“The optimistic recovery narrative is holding within markets, keeping the dollar subdued and seeing the rand remain on a stable footing following last week’s rally,” Bianca Botes, executive director at Peregrine Treasury Solutions, said in a note.

“While there are looming geopolitical risks, it seems as though markets are currently pushing them onto the back burner, and will likely continue to do so until there is a new escalation or increased threat.”

Remember that, President Cyril Ramaphosa announced on Sunday a further easing of the country’s lockdown from June 1, allowing the vast majority of the economy to return to full capacity.

‘Treat Workers Well or Risk Losing Your Firms’ NLC Threatens Chinese Quarry Operators

Nigerian Labour Congress (NLC) in Ogun State has threatened showdown with Chinese quarry operators who allegedly treat Nigerian workers “like animals.”

The NLC expressed worry that many quarries owned by Chinese companies in the state treat their workers badly in terms of condition of service and remuneration, deploying what they termed “use-and-dump tactics.”

The NLC State Chairman, Emmanuel Bankole spoke at the weekend during a meeting with representatives of the quarry owners at the NLC Secretariat, Abeokuta.

The meeting which was facilitated by the State chapter of Nigeria Union of Mine Workers (NUMW) was attended by the Federal Comptroller of Labour, Comrade Anthony Olawoyin, the Federal Mining Officer, Bunmi Ayelabola, and the Chairman of the State NUMW, Comrade Fasiu Abiola.

According to the NLC Chairman, the quarry operators, apart from poor condition of service, have no adequate provision of Personal Protective Equipment (PPE) to protect workers from hazards.

“Information at our disposal revealed that many quarries owned by the Chinese, operating in the State hire Nigerians for cheap labour. They hire and fire at will; they use Nigerians as casual workers.

“The NLC law says a company is only allowed to employ a worker as casual staff for six months, after which such worker must be made a staff; but these quarries employ Nigerians for more than 27 years as casual workers,” he said.

Bankole alleged that many of the quarries do not allow their workers to unionise, saying “Unionisation is a fundamental human right that nobody and no employer can take away. If people are willing to unionise, you cannot take it away from them. They are free to unionise, to join any union of their choice.”

“The NLC shall take this no more, we are ready to contend with you (quarry owners). This is Nigeria and we will not allow anybody under any guise to come to Nigeria and use Nigerians anyhow they want. This is a country that is governed by rules and regulations.

“This meeting is not to witch hunt anybody but we are doing this for our country. It is because Nigeria is good, that they (Chinese) are here to do business. If Nigeria is not conducive, they will go back to their country. But this is our own country, and we have nowhere to go. This is why we owe it a duty to protect the weak,” Bankoke said.

While responding, one of the representatives of the quarry operators, Fase Olukayode denied the allegations.
Olukayode, a consultant to CCECC quarry, a Chinese company said, “As far as we are concerned, these allegations are not true. For the quarries that I’m consulting for, we have union, we have union leaders on our sites and there is no way the union will be looking at the Chinese maltreating our people; this is not possible,” he said.

‘How Startup Business Can Thrive During Covid-19’ Expert Gives Insight

Coronavirus pandemic has no doubt affected economies and businesses all over the globe, which has brought unprecedented challenges to the well established firms and start-up businesses as well. It has become more difficult for businesses to keep afloat during this period due to decrease in revenue and general financial crisis in the business environment.

The effect of this present crises on startup or small businesses especially, is more brutal as they have less cash reserves and low margin for meeting up with the sudden global economy fall. Speaking to a leading startup business owner in Sokoto, Olatunde Mustapha gave an account on how the pandemic has affected his Event Planning business and other of its kind.

He also gave an insight on how businesses, most importantly, startups can survive during this period and as well appeals to government to create soft loans for businesses after things might have returned to normal.

“This lockdown has made many of my live events and keynotes to be canceled, not even rescheduled, for you to just know how bad it has been for me event planner. The Academy which I also run concurrently can not go on as usual due to the maximum numbers of people needed to be present at a spot. It is no just an easy moment for me and other businesses that entail coming together of people.

Despite that, as an entrepreneur who ventured into this business with problem-solving ideology, I have been able devise means which will enable me keep my business alive while this pandemic last.

The means I am talking about isn’t rocket science, it is something that many people have been buying into since the start of this pandemic. It’s just going digital. It is not going to be meeting companies to hire me to plan their events but rather, bringing the idea of how creating a virtual experience with them could help the company revived some of its lost revenue. And as usual it is going to be win-win situation for both of us. I am well versed on the fact that not every event can be featured online, but that type of event which will appeal to audience digitally is what is to be explored.

Responding to the ways in which event can be held virtually he said: It is something that has been ongoing for awhile, thanks to the pandemic for making many to realize the necessity in carrying out live event online. All these live activities you see celebrities, influencers and all the likes doing are simply virtual events. It might be just for fun to mere users, but believe me, they are making good fortune off that. So to carry out virtual event, you need to sit down and create a good content, after that you meet an organization, like some sort of brand, to partner with you or you go on with what you have, in the process of executing the plan, you will be bringing your business to more wider folds and as well getting some capital.

On what the Pandemic has come to teach; I think what I’ve realized is that we have this opportunity to make the world a more empathetic place. It makes us realize we’re much more alike than we are different. If we can remember this, maybe we can all be a bit less divisive and a little bit more positive.

Advising other business owners during this period, Olatunde said “ the biggest lesson we can have right now is we shouldn’t be selling or marketing to anyone, we should be reassuring people and building trust and relationships, and figuring out how we can work together to solve problems. We also need to understand that uncertainty exists for everyone and that we have to approach things with empathy for how we connect with people and also how we present opportunities.
If you’re a professional event planner or brand marketer, and all of your events are being canceled, it may feel like the end of the world, but don’t let your spirit down. However, I think we need to look at what is possible and to reinvent what live events might look like. Obviously, you can’t replicate the feeling of being in the same room as people, of feeling each other’s energy, but what you can do is have to have another plan, which is to get involve in virtual events.

He also call for government intervention by saying: “The government in all levels should assist by making available soft loans or intervention packages to support struggling businesses or other supportive policy as incentive for investment which will inturn has positive impact on the economy of the country”.

Mustapha Olatunde is a graduate of sociology, one of Nigeria’s leading certified business, entrepreneurship coach and trainer with over 7 years professional experience. His experience spans across brand and event management, who owns 4M Global Concept in Sokoto.

Written by; Hassan Temitope (@hatdapoet)

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