Business News

Friday, 15 April 2022 06:11

11 quotes on kindness that every entrepreneur needs to read

The business world is often portrayed as a highly competitive ecosystem in which you need to fight to get ahead. To a good extent, that’s very true. Entrepreneurs need thick skin, drive and intense focus to succeed. But it’s also important for entrepreneurs to remember the value of kindness. With World Kindness Day coming up on November 13, take a few minutes to read these 11 quotes. They can all teach us important lessons about business, entrepreneurship and being good human beings. 1. “Remember there’s no such thing as a small act of kindness. Every act creates a ripple with…

Thursday, 14 April 2022 06:18

5 lessons on life as an entrepreneur that you don't learn in school

As we focus on continuing to elevate entrepreneurs from all parts of the world and from all backgrounds, I’m reflecting a lot on how nontraditional entrepreneurs can realize their dreams. Sometimes that means unlearning lessons we were taught in school. On the day you graduate and enter the professional world, there is no instruction manual waiting for you. (If only!) There is so much I wish I’d known at the start of my own career, and I wish I could spare young entrepreneurs that same learningcurve. Below are a few key lessons about entrepreneurship that aren’t taught in school. 1.…

Wednesday, 13 April 2022 06:08

To build a successful company, people have to be a priority

In my new book, 'Winning in the Digital Age,' I lay out the best strategies for succeeding in the fourth industrial revolution. Becoming an entrepreneur is easier and more advantageous than at any other time in human history. That's because we are living in the Digital Age, or what the World Economic Forum defines as the Fourth Industrial Revolution. I like to call it the Age of the Entrepreneur. New opportunities are abundant because of the shift in technologies, business models, customer preferences, and the speed of change. If you can identify and solve just one customer pain-point, you can…

Tuesday, 12 April 2022 06:30

MTN gets final CBN approval to run payment service bank

Telecom firm, MTN, has received final approval from Nigerian regulators to run a payment service bank, the wireless carrier said in a regulatory filing on Monday. “The date of commencement will be communicated to the CBN (Central Bank of Nigeria) in accordance with its requirements,” the telco heavyweight said of the bank to be known as MoMo Payment Service Bank Limited in a note to the Nigerian Exchange. The approval, the fruit of well over two years of waiting for the permit, gives the local unit of Johannesburg-headquartered MTN Group Limited the leave to operate virtually all the services offered…

Tuesday, 12 April 2022 06:30

Nigerian start-up Sabi doubles funding target to $125m

A Nigerian start-up, Sabi, ramped up the sum it is setting sights on to raise from investors come September by more than twice to $125 million after conveniently attaining its financial targets, Bloomberg reported on Monday, citing an interview with one of its co-founders. The B2B marketplace is backed by Norrsken22, a new $200 million Swedish tech growth fund led by a coterie of foreign investors, and focuses on bringing informal traders and suppliers in contact with each other. According to CEO Ademola Adesina, Sabi plans to establish a finance vehicle that will enable clients access capital to expand. Sabi…

Tuesday, 12 April 2022 06:29

Clearing agents mull strike after Customs imposed 15 percent levy on imported vehicles

Clearing agents operating in the nation’s maritime sector may withdraw their services following the reintroduction of a 15 per cent National Automotive Council levy on imported used vehicles by the Nigeria Customs Service. NAC had in 2011 proposed 35 per cent duty differentials between imported fully-built units and locally assembled cars. The proposal reportedly failed later. But years after the introduction of the levy, the Nigeria Customs Service on Saturday reintroduced 15 per cent NAC levy on used imported vehicles. Speaking on the development, Chairman of the National Council of Managing Directors of Licensed Customs Agents, Ports & Terminal Multipurpose…

Tuesday, 12 April 2022 06:21

How to spot a team player in an interview

Remote and hybrid working arrangements can negatively impact teamwork. A survey from Microsoft found that employees who work from home are less interconnected and more siloed, reducing the amount of collaboration time spent with cross-group connections by about 25% of the pre-pandemic level. But companies are built on teams, says Cheryl Hyatt, partner with Hyatt-Fennell Executive Search, an executive recruiting firm. “One individual can’t run an organization alone,” she says. “They have to have others who work along with them for an organization to be successful. Any individual who does not work as a team is detrimental to the organization.”…

Monday, 11 April 2022 06:24

Let the other side win if you want to negotiate a truly great business deal

Letting others win in negotiation results in deeper relationships and alliances that may be worth much more one day, even if the deal seems to be to your detriment at first. A guy once called me about some business I had done with his employer nearly 20 years back. He told me he was never reimbursed by this employer for a credit card purchase of $4,000. I told him to call the employer and hold him accountable, but the guy told me he already had. The former employer had said no. He wanted me to pay. I was on the…

Sunday, 10 April 2022 06:44

Customs slashes duty on imported cars

Nigeria Customs Service (NCS) says duty payable on imported cars has been reduced from 35 percent to 20 percent. Timi Bomodi, spokesman for NCS, confirmed the development on Saturday. “The new common external tariff (CET) 2022 to 2026 puts the duty for cars at 20 percent. However, we await further directives from the federal ministry of finance with regards to levies,” he said. He explained that the CET is the harmonised system for the World Customs Organisation (WCO) for the processing of imports adopted by the Economic Community of West African States (ECOWAS) for common duty rates. “These rates are…

Friday, 08 April 2022 06:24

$1.5bn lost to oil thieves in less than 100 days - NNPC

Group Managing Director of Nigerian National Petroleum Company (NNPC) Ltd, Mele Kyari, has lamented the negative impact of the activities of oil vandals and operators of illegal refineries. Speaking when he appeared before the House of Representatives Committee on Petroleum (Upstream), on Thursday, he said this has led to the loss of $1.5 billion worth of crude from January till date. He said the country’s oil sector was recording an all-time low crude oil production of 1.49 million barrels per day due to increase in the activities of vandals and operators of illegal refineries. “What is going on has nothing…

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Friday, 08 April 2022 06:14

4 reasons decentralized business management is booming

A quiet revolution is taking place in the workplace right now. Here's why centralized, hierarchal corporate structures are out. The nature of the workplace is changing thanks to evolving societal attitudes. While remote work is hogging the headlines, another revolution is taking place in workplaces: Centralization is out, and decentralized management is in, reflecting wider technological trends. Cryptocurrencies, Decentralized Autonomous Organizations (DAOs) and Web3 emphasize the benefits of a lack of centralized authority. Given the technological bent every organization has these days, it makes sense to adopt these principles in workplace management as well. Here's how companies are using decentralized…

Thursday, 07 April 2022 06:25

CBN imposes N800m fine on 3 banks for non-compliance on cryptocurrency ban

Central Bank of Nigeria has imposed an N800m fine on three Deposit Money Banks in the country for violating regulations barring customers from transacting in cryptocurrencies. According to a Bloomberg report released on Wednesday, the three banks are Access Bank Plc, Stanbic IBTC, and the United Bank for Africa Plc. The report noted that the penalties were part of efforts by the apex bank to ensure that banks implement an order to block trading in cryptocurrencies due to the threat they pose to Nigeria’s financial system. The directive was contained in a circular issued by the CBN in February 2021.…

Thursday, 07 April 2022 06:22

Oil spills in N’Delta doubled in 2021, Shell says

Shell said on Tuesday the volume of crude oil spills caused by sabotage in Nigeria's oil-rich Delta more than doubled to 3,300 tonnes last year, a level last seen in 2016. While the volume of spills rose, the number of major spills fell to 106 in 2021 from 122 incidents the previous year, Shell said in its sustainability report. It said in 2020, oil spills in Nigeria was 1,500 tonnes. Shell is the operator of Nigeria's main onshore oil and gas joint venture SPDC which has struggled for years to contain spills in the Delta caused due to operational incidents,…

Wednesday, 06 April 2022 06:25

FG to institute criminal prosecution against digital money lenders

Federal Competition and Consumer Protection Commission (FCCPC) says it will institute criminal prosecution against any digital money lender whose conduct is in violation of extant laws. Babatunde Irukera, Executive Vice Chairman of FCCPC, said this in a document signed on behalf of the Joint Regulatory Task Force (JRTF) addressing ‘loan sharks’ in Abuja on Monday. Irukera said the Commission would also hold employees, collaborators or agents of money lenders accountable in line with extant laws in the event of any conduct violation. He disclosed that some money lenders under investigation and whose accounts were frozen had approached the Commission and…

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