Business News

Wednesday, 20 April 2022 06:50

Nigeria leads as African startups raised record $5.2bn in venture capital last year - Report

African start-ups attracted a record $5.2 billion in venture capital last year, bouncing back from a pandemic-induced dip in 2020 with a nearly five-fold increase in investments, according to data released by an industry group on Tuesday. The success of companies like Nigeria's Paystack, acquired in 2020 by U.S. payments firm Stripe, and fellow fintech Flutterwave, valued at over $3 billion, has fuelled international interest in up-and-coming businesses on the continent. "African startups raised more in 2021 alone than the preceding seven years combined," the African Private Equity and Venture Capital Association (AVCA), which promotes private investment on the continent,…

Wednesday, 20 April 2022 06:33

He began his entrepreneurial career at 16. Now he's the founder of a $400m startup

When Delane Parnell, 29, was growing up on Detroit's West Side, gang violence was a part of life. His mom decided her sons needed to get out of the neighborhood -- at least in the hours she wasn't home. The solution for Parnell quickly became an after-school job at a cell-phone store. There, he learned not just the basics of doing business but also "the value of character, honesty, and the idea that you should always put your best foot forward in everything that you do," Parnell tells Kevin Ryan on Inc.'s What I Know podcast. Turns out, Parnell was…

Tuesday, 19 April 2022 06:22

Will you be successful, or just a dreamer? Steve Jobs said your answer to one question reveals the answer

Work for someone else, and your success (at least your professional success) is in large part outside your control. You can control how hard you work, how dedicated you are, how loyal you are... but you can't promote yourself. And you definitely can't give yourself a raise. That's just one reason why entrepreneurs become entrepreneurs. They embrace the opportunities -- and the risks -- inherent in "choosing" themselves. They embrace an "If it is to be, it's up to me" mindset. Which is great. Until it's not. According to Steve Jobs, independence and self-reliance often get in the way of…

Monday, 18 April 2022 06:30

Tech talents are leaving Nigerian banks in droves. Here’s why

Nigerian banks have been hit by an exodus of tech talent, chief executives of the nation’s lenders say. “So many of our very experienced talents especially in the area of software engineering are either leaving the industry or leaving the country,” Abubakar Suleiman, chief executive officer of Sterling Bank Plc, told reporters at the end of a meeting of bank CEOs on Thursday, according to a voice recording shared by the central bank. He referred to it as a “great resignation.” The meeting came as traditional lenders in Africa’s largest economy face stiff competition for talent from technology startups attracting…

Monday, 18 April 2022 06:29

Oil prices rise on supply concerns as Russia-Ukraine war intensifies

Oil prices rose on Monday as concerns grew about tighter global supply, with the deepening crisis in Ukraine raising the prospect of heavier sanctions by the West on top exporter Russia. Brent futures were up $1.50, or 1.3%, at $113.20 a barrel at 0030 GMT, and U.S. West Texas Intermediate futures rose 98 cents, or 0.9%, to $107.93 a barrel. Ahead of Easter weekend holidays, both contracts gained more than 2.5% on Thursday on news that the European Union might phase in a ban on Russian oil imports. EU governments said last week the bloc's executive was drafting proposals to…

Monday, 18 April 2022 06:19

Use the 10-10-10 rule to get your spending under control

The problem with most attempts to get your financial house in order isn't the planning, it's the execution. The finer points of money management may be endlessly complex, but experts insist the basics can fit on an index card. Most of us know we need to spend less than we make, pay down high-interest debt, and start saving for emergencies and longer-term goals. Sometimes unpleasant surprises or economic realities get in the way of our well-intentioned financial plans. Other times it's just that we're human and get distracted by shiny new things. Financial experts alone can't do much to make…

Friday, 15 April 2022 06:30

Foreign airlines in Nigeria will no longer accept Naira for ticket purchases - Report

APG Interline E-Ticketing (APG IET), an airline servicing firm, on Wednesday announced that it would begin sales of air tickets in U.S. dollars from April 19 amidst scarcity of foreign currency in Nigeria. “Dear travel partners, warm greetings from APG. This is to bring to your notice that with effect from April 19, 2022, GP would only accept issuing of tickets in US dollars and not naira,” APG IET said in a travel advisory to its trade partners. The group said the move became necessary due to the difficulty in repatriating airlines’ funds stuck in Nigeria and other countries, coupled…

Friday, 15 April 2022 06:23

Musk makes $43bn offer for Twitter

Billionaire entrepreneur Elon Musk took aim at Twitter Inc (TWTR.N) with a $43 billion cash takeover offer on Thursday, with the Tesla CEO saying the social media company needs to be taken private to grow and become a platform for free speech. "I think it's very important for there to be an inclusive arena for free speech," Musk, already San Francisco-based Twitter's second-largest shareholder, said at a TED Talk in Vancouver when asked about his bid. Musk made the bid on Wednesday in a letter to the board of Twitter - the micro-blogging platform that has become a global means…

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.…

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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…

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