Business News

Wednesday, 03 August 2022 04:16

Stocks on NGX gain N364.4bn on positive corporate earning sentiments

Nigerian stocks advanced 1.35 per cent or N364.4 billion Tuesday in a rally marking one of biggest daily movements of the benchmark index as the pull of broadly strong half-year corporate performance drew investors to equity. The main equity index hit its lowest level in roughly three months on 28th July but a good number of the half-year financials of big and mid-cap companies turned positive with some declaring dividends, triggering the sentiment needed to drive gains. Sector titans MTN Nigeria and Nestle set the climb in motion, with further boost from Tier 1 lenders Zenith and GTCO. “We expect…

Wednesday, 03 August 2022 04:15

Naira moves further up at parallel market

The naira, on Tuesday, sustained its momentum at the parallel market, appreciating to N665 per dollar a few days after security operatives raided Bureaux De Change (BDC) hub in Abuja. The development represents N30 or 4.3 percent gain compared to the N695 to a dollar on Monday. Currency traders known as Bureaux De Change operators (BDCs) at the Ikeja area of Lagos, who spoke to our correspondent, quoted the buying rate of the greenback at N650 and the selling price at N665 per dollar. According to the traders, the gains are largely influenced by increased dollar liquidity in the market.…

Wednesday, 03 August 2022 04:08

5 ways a business partner can drive long-term business success

In my experience, some of the best businesses have multiple partners, with complementary strengths. Starting and running a business requires many different skills and interests, and not many of us have all of them. For example, I'm an introverted product guy who doesn't care so much about building the personnel relationships needed to keep a motivated team. Thus, in my mentoring of potential technical entrepreneurs who have a real passion for their technology, I often recommend that they find a co-founder who can manage the marketing and execution elements of the new venture. In the restaurant business, I often see…

Tuesday, 02 August 2022 07:10

MTN, Airtel make N1.25tn revenue in six months – NCC

Consumers of telecommunication services spent at least N1.25tn on calls and data in the first six months of 2022. This was contained in the half-year financial report of MTN Nigeria and Airtel Africa. This is a 17.77 per cent increase from N1.06tn that was spent on calls and data in the corresponding period of 2021. In the first six months of 2022, MTN Nigeria disclosed that it made N850.33bn from calls and data, an increase of 18.50 per cent from the N717.56bn it made in the corresponding period of 2021. Airtel disclosed that its Nigerian operation made N399.39bn ($931m) from…

Tuesday, 02 August 2022 07:09

Oil sinks 4 percent on demand concerns

Oil prices dropped about 4% on Monday as weak manufacturing data in several countries weighed on the demand outlook while investors braced for this week's meeting of OPEC and its producer allies on supply. Brent crude futures fell $3.94, or 3.8%, to settle at $100.03 a barrel, having fallen to a session low of $99.09 a barrel. U.S. West Texas Intermediate crude fell $4.73, or 4.8% to settle at $93.89 a barrel, after hitting a low of $92.42. A break for Brent prices below the support level of $102.68 could trigger a drop into a range of $99.52 to $101.26,…

Tuesday, 02 August 2022 06:58

Warren Buffett's quote about 9 pregnant women may be the best business advice you'll hear today

Warren Buffett has offered a plethora of tips for both investment decisions and making good decisions in life. One of his best is to lean on the belief that good things will happen to those who wait. In his own words, Buffett said: No matter how great the talent or efforts, some things just take time. You can't produce a baby in one month by getting nine women pregnant. But who really wants to wait when we can go full throttle and experience immediate payoffs on a good business strategy when the timing is right? Well, that's certainly a doable…

Monday, 01 August 2022 06:44

Power Distribution companies accuse FG of reneging on N400bn subsidy pledge

Association of Nigerian Electricity Distributors (ANED) has blamed the federal government for failing to provide a N400 billion fund and other promises after the 2013 privatisation to ensure the Distribution Companies (DisCos) improve services. According to a statement by the Executive Director, Research and Advocacy, ANED, Sunday Oduntan, on Sunday, despite the failure of the government on these promises, it announced restructuring of five DisCos early July 2022 by the Bureau of Public Enterprises (BPE) and the Nigerian Electricity Regulatory Commission (NERC). ANED said the “restructuring” was inconsistent with all the guidelines and processes of the privatization agreements and the…

Monday, 01 August 2022 06:41

Corporate Affairs Commission to accept only NIN as means of identification for company registration

Corporate Affairs Commission (CAC) said it will soon replace the existing means of identification for persons applying for business and company registration with the National Identification Number (NIN). Registrar-General of the commission, Garba Abubakar, disclosed this during the 2022 Management Retreat held in Kano. Abubakar said integrating with the National Management Data would replace use of passport, driver’s licence and others for identification for the purpose of registration with the CAC. “For every Nigerian and a foreigner residing in Nigeria, all we will require from you moving forward is your NIN, and we will validate your information from the NIN.…

Monday, 01 August 2022 06:28

8 force multipliers you can use to amplify the growth of your business

The concept of "force multipliers" originally was developed in military science, but certainly applies equally well to business. It refers to multiplication factors that occur when complementary actions or approaches are used together for greater impact. In my role of business advisor to startups, I often recommend these to increase initial brand identity and market penetration. Of course, such actions are equally applicable to businesses at any stage. With the rate of market change today, and the advent of worldwide competitors, you need every strategy you can muster to keep up, and respond quickly to new threats. Here is an…

Sunday, 31 July 2022 06:21

Emirates reduces flights to Nigeria over trapped $85m revenue

Emirates Airlines, flag carrier of the United Arab Emirates (UAE), says it will reduce its flight operations to Nigeria over the inability to repatriate $85 million in revenue. Last month, the International Air Transport Association (IATA) said Nigeria was withholding revenue worth about $450 million earned by foreign airlines operating in the country. The airline said this in a letter addressed to Hadi Sirika, minister of aviation, dated July 22, 2020, and signed by Majid Al Mualla, Emirates airline’s divisional senior vice-president (DSVP), international affairs. Emirates said the planned reductions in its operations in Nigeria would take effect from August…

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Saturday, 30 July 2022 07:04

EFCC raids forex parallel market in Abuja amid crashing Naira

Operatives of Economic and Financial Crimes Commission (EFCC) on Friday stormed Wuse Zone 4, in the Federal Capital Territory, Abuja, the base of many Bureau De Change operators in the Federal Capital Territory. It was learnt that the covert operation was carried out in order to dislodge currency speculators who were alleged to be massively mopping up available foreign currencies – a development that has allegedly devalued the Naira. According to a highly placed official of the anti-graft agency, the raid was a product of weeks of surveillance. EFCC officials have reportedly been monitoring activities of many of the Bureau…

Friday, 29 July 2022 06:38

Lagos Commodities and Futures Exchange begins operation

Lagos Commodities and Futures Exchange (LCFE) Thursday officially went live and began trading on commodities targeting to leverage the potential of the commodity ecosystem worth about $1 trillion. The Commodities and Futures Exchange will trade on four asset classes such as crude oil, solid minerals, currency and agriculture. Prior to its incorporation in 2015 and receipt of license to trade the four asset classes of Commodities from the Securities and Exchange Commission in 2019, the Nigerian Commodities Ecosystem was a greenfield. Stakeholders have been buying and selling commodities for many decades without structure, without price discovery and without transparency. What…

Friday, 29 July 2022 06:28

Business coach counsels aspiring entrepreneurs on steps to securing funding support

Going by the gloomy economic climate in Nigeria today, those who wish to make progress must take decisions which enable them to move in terms of career and geographical locations. This was the opinion of a business coach, Gbenga Ogunbowale at a Business seminar held at the Foursquare Gospel Church, Aba Ibeji, Odo Ona Kekere, Ibadan. Ogunbowale who is Co-founder and CEO of Grand Master, an online platform that connects grant seekers to funding, informed his audience that to excel as an entrepreneur, since paid jobs are no longer readily available, one must imbibe five habits of of successful entrepreneurs.…

Friday, 29 July 2022 06:25

Having this 1 trait makes leaders 4x more effective

Helming a company is complicated. There is a strategic vision to develop, employees to inspire, interpersonal complexities to navigate. As you start your entrepreneurial journey it's natural to worry you might not be cut out for such a demanding role. Fine-tuning your leadership skills may be the project of a lifetime, but determining if you have the the most essential building block to lead people is actually simpler than you probably think, according to a new article from Yale's Emma Seppälä and University of Michigan's Kim Cameron in the Harvard Business Review. "The greatest predictor of success for leaders is…

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