Business News

Thursday, 04 January 2024 04:48

CBN slaps strict rules on banks after lifting ban on cryptocurrency transactions

Central Bank of Nigeria has released inaugural guidelines for banks opening cryptocurrency accounts, while retaining its ban on them holding or trading in virtual assets on their own behalf. The rules, published on the CBN website on Tuesday, flesh out the regulator’s decision last month to lift its prohibition on banks operating accounts for crypto service providers. “Current trends globally have shown that there is need to regulate the activities of virtual assets service providers which include cryptocurrencies and cryptoassets,” it said. Nigeria joins other African regulators in extending oversight of cryptocurrencies, spurred by a string of corporate collapses capped…

Wednesday, 03 January 2024 04:34

4 principles to success according to a former Pastor turned business coach

Entrepreneur Ken Joslin's story is one of determination, personal growth, and a deep-rooted belief in the power of community. Joslin is the CEO of the Ken Joslin Team & the GROW STACK DRIVE brand. He is a former Pastor turned Coach and a real estate professional. Here are some key takeaways from our interview on the latest episode of The Jeff Fenster Show. Support others Joslin believes in an unwavering commitment to the well-being and success of others. He maintains that great leaders want something for people— not from them. This mindset has been the driving force behind his entrepreneurial…

Tuesday, 02 January 2024 04:28

The ‘self-destructive’ habit to jettison in 2024, says Simon Sinek

There are many bad habits that can hinder your goals — but the “most self-destructive” habit is so common, you may not realize just how damaging it is.″[As] human beings, we can’t help but to compare ourselves to others, and comparison is the deadliest thing we can do to ourselves because we will always come up short,” Simon Sinek, a bestselling author and leadership expert, said in a 2021 YouTube video. “All it does is exaggerate all of our insecurities.”“It’s OK to enjoy other people’s success, but you let them live their lives and you live your life,” he added.…

Saturday, 30 December 2023 04:32

Stocks on NGX end 2023 with N13trn gain amid massive Naira devaluation, rising inflation

In an extension of their impressive performance in recent years, Nigerian stocks closed 2023 in Lagos on Friday, gaining 46.6 per cent or N13 trillion. This means that the market value of equities improved by almost half when set beside that of last year. On Friday, the total value of the 155 equities at the end of trade was N40.9 trillion. A change of government in May had sparked a couple of market-friendly reforms that boosted share prices and drove the benchmark equity index to its all-time high of 74.773.77 basis points at year-end. But the case is different for…

Friday, 29 December 2023 04:50

Oil prices to end year 10% lower as demand concerns weigh

Oil prices are set to end 2023 about 10% lower, the first annual decline in two years, after geopolitical concerns, production cuts and global measures to rein in inflation triggered wild fluctuations in prices. Brent crude futures were up 18 cents, or 0.2%, at $77.33 a barrel at 0126 GMT on Friday, the last trading day of 2023, while the U.S. West Texas Intermediate (WTI) crude futures were trading 11 cents higher at $71.88 a barrel in early Asian trade. At these levels, both benchmarks are on track to close at the lowest year-end levels since 2020, when the pandemic…

Saturday, 23 December 2023 04:39

CBN removes restrictions on cryptocurrency transactions

Central Bank of Nigeria (CBN) has issued operational guidelines on virtual assets service providers (VASPs) to all banks and other financial institutions (OFIs). Released on Friday, the guidelines are contained in a circular dated December 22, 2023, and signed by Haruna Mustapha, CBN’s director of the financial policy and regulation department. According to the CBN, VASPs means any entity that conducts exchange between virtual assets (cryptocurrencies) and fiat currencies, and transfers of virtual assets. The development signals a shift from CBN’s initial position which restricts crypto transactions. In February 2021, CBN issued a circular to deposit money banks (DMBs), non-bank…

Tuesday, 19 December 2023 04:40

Spike Lee: Don't believe this 'lie' about how to become successful

No matter who you are, you won’t become successful overnight — and the sooner you internalize that, the better, says film director Spike Lee. “One of the worst lies that’s been told to young people is that there’s a thing called ‘overnight success.’ That’s done a lot of damage to people,” Lee, 66, said at the 2023 LinkedIn Talent Connect Summit in New York earlier this year. “It’s not like you’re just out there, and the hand of God is going to come down from the heavens and say, ‘You are the next one.’ That is BS.” For even the…

Monday, 18 December 2023 04:44

Investors on NGX gain N464bn in 5 days of trading

After recording four bullish trade sessions last week, investors in the Nigerian Exchange gained N464 billion. The market opened on a positive note and sustained the sentiment till Thursday, with investors earning N501 billion in the process However, the market suffered a decline on Friday on the back of sell-offs in some banking stocks. The NGX All Share Index concluded the trading week with a 1.18 per cent week-on-week increase, as it crossed the 72,000 mark to close at 72,389.23 points. This appreciation in the ASI was underpinned by robust rallies observed across key sectors, namely banking, consumer goods, telecoms,…

Thursday, 14 December 2023 04:43

Stock holders on NGX gain N415bn in 3 days of trading as bull run continues

Benchmark index of the Nigerian Exchange Limited, All-Share Index rose by 0.55 per cent on Wednesday at 72,299.79 points, thus crossing the 72,000 basis points for the first time in history. This was as trading activities on the NGX entered the fourth day of positive trading, which resulted in an N415bn gain for equity market investors. On November 1, the ASI crossed the 70,000 mark milestone to close at 70,581.76. This had followed days of sustained bullish trading. Thus far, the year-to-date gain of the ASI has risen above 40 per cent. At the close of trading on Wednesday, market…

Thursday, 14 December 2023 04:41

Jumia to shut down its food delivery business in Nigeria, 6 other African countries

African e-commerce firm Jumia Technologies will close its food delivery business in all seven countries in which the unit operates by the end of the year to focus on growing its core online retail business, it said on Wednesday. Jumia is aggressively cutting costs in order to turn profitable, including head count reductions, exiting everyday grocery items and reducing delivery services not related to its e-commerce business. The move is in line with Jumia's "strategy to optimize its capital and resource allocation and to continue its path to profitability," the retailer said, adding that Jumia Food is not suitable to…

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Thursday, 14 December 2023 04:31

Apple's simple rule of 3 S's is the last productivity hack you'll need

We all want to be able to do more in less time because, in an ideal world, it would mean that we will have more time to do everything else we want to do. However as we manage to fast-track our productivity, we aren't left with more time to ourselves but just more time to do more work. The result of high productivity is often highly burnt-out staff. But as Apple is working to prove, it doesn't have to. Perhaps what we need isn't another productivity hack that helps us cross an extra item off our ever-growing to-do list. Instead,…

Wednesday, 13 December 2023 04:33

With 10 short words, Warren Buffett explains the simple success strategy most people never notice

They call him the Oracle of Omaha, and sure enough, thousands descended on the Cornhusker State to hear what Warren Buffett had to say at the annual Berkshire Hathaway shareholders meeting. There's a lot to pull out of it, but Buffett, 92, has a way with words sometimes, and when he was asked at one point what the future looks like for investors, he had such a pithy answer that I think people will be repeating it among his other Buffett-isms for a while to come. Are we running out of opportunities? The exchange went like this: Buffett was asked…

Tuesday, 12 December 2023 04:34

Taking this one extra step after a job interview can pay off—'hardly anyone' does it, says career coach

In-person job interviews typically last between 45 and 90 minutes, according to job search site Indeed. In that time, you'll probably be asked about your work history and be told about the role you're interviewing for. When the interview's over, It's customary to send a thank you email to everyone who interviewed you within 24 to 48 hours — but if you want to go that extra mile, send a physical thank you note as well. "Hardly anyone does that ever," says Vicki Salemi, career expert at Monster. But it can pay off — here's why. It shows you 'really…

Monday, 11 December 2023 04:48

Workers pension funds get N8trn profits from investments by PFAs - Report

Pension Fund Administrators have recorded N7.98tn profit from investing contributions made by workers into their Retirement Savings Accounts under the Contributory Pension Scheme, according to a new report. The report, obtained from the Pension Fund Operators Association of Nigeria, revealed that the total funds under the CPS was 17.37tn as of the end of second quarter of 2023. Contributions made by the workers from both private and public sectors totaled N9.37tn in the period under review. The report titled, ‘At the dawn of 20 years of pension reform, what are the gains?’ and released by the Chief Executive Officer, PenOp,…

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