Business News

Wednesday, 22 January 2025 04:16

Start a business or stay employed? How to make the right choice

Melissa Houston Many are taking the entrepreneurial leap in 2025, and if you have that burning desire to join them but aren’t quite sure if it’s the right move for you, you are in good company. Transitioning from steady employment to start a business is a big decision, and one that shouldn’t be taken lightly. Understanding Your Motivation When it comes to entrepreneurship, you need to know why you want to start a business. Is it because you have a passion for an idea, or maybe you are dissatisfied with your current job, or have a strong desire for independence.…

Tuesday, 21 January 2025 04:47

MTN, Airtel, Glo, others get green light for 50% tariff increase

The Nigerian Communications Commission (NCC) has authorized telecommunications companies to implement their first tariff increase since 2013, though at a lower rate than requested. The approval caps the increase at 50%, falling short of the 100% hike sought by some operators. In an announcement released Monday, NCC Director of Public Affairs Reuben Muoka explained that the decision was made under the commission's statutory authority to regulate telecommunications pricing. The adjustment aims to address the growing disparity between operational costs and existing tariffs while ensuring service quality remains uncompromised. "This measured increase reflects our careful consideration of ongoing industry reforms and…

Monday, 20 January 2025 04:49

Here’s what a good boss does during a company crisis

Art Markman It’s easy to be in a leadership role during good times. You’re the equivalent of Oprah telling everyone in the audience that they just got a new car. But, when times are tough, that’s when you have to look in the mirror and say “that’s why they pay me the big bucks.” To be prepared for these times, you should make sure that you have a plan for how to address a crisis, when one inevitably arises. Obviously, the details of that plan will have to be developed on the fly, because the specifics of most crises are…

Saturday, 18 January 2025 04:39

Petrol sells higher across Nigeria as Dangote Refinery raises prices

The price of Premium Motor Spirit (PMS), commonly called petrol, has risen sharply across Nigeria following an upward adjustment in the gantry price by the Dangote Refinery and subsequent increases by private depot operators. In an email to customers, Dangote Refinery announced that effective 5:30 p.m. Friday, the gantry price of petrol would rise from ₦899.50 to ₦955 per litre for purchases of 2–4.99 million litres, and from ₦895 to ₦950 per litre for quantities of 5 million litres and above. The refinery noted that all stock balances yet to be lifted as of the effective time would be repriced…

Thursday, 16 January 2025 04:58

USSD debt: NCC approves disconnection of FCMB, Zenith, 7 other banks

The Nigerian Communications Commission (NCC) has authorized Mobile Network Operators (MNOs) – MTN, Airtel, Globacom, and 9mobile – to disconnect the Unstructured Supplementary Service Data (USSD) codes of nine commercial banks over unpaid debts. The affected banks include First City Monument Bank (FCMB), Zenith Bank, Sterling Bank, Jaiz Bank, UBA, Polaris Bank, Unity Bank, Fidelity Bank, and Wema Bank. This decision stems from years of complaints by telecom operators regarding the banks’ failure to pay for USSD services, despite charging their customers for the platform. If the disconnection goes into effect, millions of customers of these banks will lose access…

Thursday, 16 January 2025 04:52

How to build a business without going into debt

Melissa Houston You may have heard “You need money to make money.” It’s one of the most common phrases you will hear in entrepreneurship. It can hold true in some cases, but to get started, you can start a business without going into debt. Building a business without debt is not only possible, but also a smart approach. With careful planning, strategic decision-making, and a resourceful attitude, you can launch and grow a successful business without the stress of loans or credit card debt weighing you down. Let’s look at some tips to learn how to build a business without…

Wednesday, 15 January 2025 04:37

Nigerian stock market loses N1.1trn in major selloff

The Nigerian Exchange Limited (NGX) experienced a significant decline yesterday as investors lost N1.1 trillion in a broad market selloff affecting 41 stocks. The All-Share Index fell by 1,745.16 points (1.66%) to close at 103,622.09, while the market's total value dropped to N63.188 trillion. Major companies, including Dangote Cement, Julius Berger Nigeria, and MTN Nigeria Communications, led the downturn. The market showed overall negative sentiment, with 41 stocks declining compared to just 23 gainers. Among the top performers, Northern Nigeria Flour Mills led with a 10% gain, closing at N45.10. Other notable gainers included Livestock Feeds (+9.91%) and Academy Press…

Tuesday, 14 January 2025 04:39

4 ways to pursue wealth and success efficiently

Jennifer Taylor Finding enough time in the day to reach your financial goals can be tough. However, it might not be as hard as you think, thanks to former journalist and time management researcher Oliver Burkeman. His most recent book “Meditations for Mortals” offers tips to help make time for things that matter most in life. If you’re looking to become more successful and build greater wealth, he has some advice for you. You might be thinking you don’t have enough time to read a book right now and that’s OK, because CNBC did it for you. Consider the Consequences…

Monday, 13 January 2025 04:46

Fuel prices in Nigeria likely to surge as Brent crude rises above $81

Fuel prices in Nigeria are expected to climb further as Brent crude prices surged above $81 per barrel on Monday, marking a four-month high. The increase follows the imposition of broader U.S. sanctions on Russian oil exports, raising global supply concerns and driving up costs. Brent crude futures rose by $1.48 (1.86%) to $81.24 per barrel after reaching an intraday high of $81.49, the highest since August 27, 2024. Similarly, U.S. West Texas Intermediate (WTI) crude climbed to $78.10 per barrel, reflecting a 2% increase. Both benchmarks have gained over 6% since January 8. The U.S. Treasury’s expanded sanctions, announced…

Monday, 13 January 2025 04:39

5 tips from self-made millionaires: How to build wealth from nothing

Melissa Houston Building wealth from nothing might feel like you would be doing the impossible, but there are countless of self-made millionaires who have proven that it can be done. It takes hard work, resilient, smart strategies, and discipline, but the hard work pays off. Let’s explore the proven methods that millionaires have used to build their wealth: 1. Start with the right mindset Mindset is everything when it comes to building your wealth. You need to have the right mindset from the start as you will need to adapt your behavior, learn new ways, and grow despite any challenges…

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Thursday, 09 January 2025 04:26

This is the ‘biggest barrier to building wealth,’ says behavioral finance expert

I’ve been meaning to sell some company stock and diversify into another investment for awhile now. Here’s the thing, though: it’s hard. Not the actual sale – that’s as easy as clicking a few buttons. But first I need to look up a bunch of stuff related to taxes. There are other details, too, that I’m going to have to call someone and ask about. Because that sounds miserable, I haven’t done it. Behavioral finance experts have a name for this cognitive bias: complexity aversion. In my particular case, it’s not a huge deal. But if it’s keeping you from,…

Wednesday, 08 January 2025 05:15

Nigerian stock market records first loss of 2025 with N152bn decline

The Nigerian stock market experienced its first decline of the year yesterday, with market capitalization dropping by N152 billion to close at N63.051 trillion. The all-share index (ASI) fell by 249.42 points (0.24%) to close at 103,398.82 points, primarily due to sell-offs in Northern Nigeria Flour Mills (NNFM) and 50 other stocks. Market Performance: The market showed negative investor sentiment, with 51 stocks declining compared to 19 advancing. Trading volume increased by 30% to 1.112 billion units, valued at N14.638 billion across 16,617 deals. Top Gainers: - Abbey Mortgage Bank and PZ Cussons Nigeria: Both up 10% (closing at N3.63…

Wednesday, 08 January 2025 05:06

The hardest interview question this business executive likes to ask

Morgan Smith Starface World president Kara Brothers has interviewed dozens of prospective employees since she joined the cult-favorite skincare brandin 2021. In those conversations, the 39-year-old executive is assessing candidates for an important soft skill: emotional intelligence. Research dating back decades has found that emotional intelligence — the ability to manage your own feelings and the feelings of those around you — is the strongest predictor of success in the workplace. Yet, measuring it can be tricky. Unlike technical skills or experience, emotional intelligence is built on intangible qualities like empathy and self-awareness, which don’t always fit neatly onto a…

Monday, 06 January 2025 05:04

Marketers request N100bn loan to prevent mass closure of fuel outlets

The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has called on the Federal Government to provide a N100 billion grant to prevent the closure of approximately 10,000 fuel retail outlets nationwide. In a position paper jointly signed by PETROAN President Billy Harry, National Secretary Adedibu Aderibigbe, and National PRO Joseph Obele, the association highlighted the financial strain on its members following the removal of the fuel subsidy. According to the group, high interest rates of 38–40% on bank loans have made it nearly impossible for members to purchase petroleum products, threatening their businesses and the stability of fuel…

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