Business News

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…

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…

Tuesday, 05 April 2022 06:08

Foreign investments in Nigeria declined 31 percent in 2021. These 24 states got zero investment

Foreign investors ignored 24 states as the value of capital importation into Nigeria fell by 30.78 percent to $6.7 billion in 2021 from $9.68 billion in 2020. National Bureau of Statistics (NBS) disclosed this in its latest Nigerian Capital Importation report for the four quarters of 2021. The report looked into the value of fresh investments that flowed into the Nigerian economy in 2021. According to the report, the 24 states include Adamawa, Bauchi, Bayelsa, Benue, Borno, Cross River, Ebonyi, Edo, Enugu, Gombe, Imo, Jigawa, Kaduna, Katsina, Kebbi, Kogi, Nasarawa, Niger, Ondo, Plateau, Sokoto, Taraba, Yobe and Zamfara. Of the…

Monday, 04 April 2022 06:12

How leaders can manage ‘brilliant jerks’

In nearly 25 years of working with leaders—and more than a decade of one-on-one coaching and advisory to Fortune 500 CEOs—there is one issue raised by virtually every leader in every environment: What to do about the brilliant jerk? Netflix popularized the phrase “brilliant jerk” in an early culture manifesto that made its way around the internet, but whatever we call them, the question is usually the same. As a leader, how do I manage individuals whose delivery of terrific results (measured quantitatively) exists in tandem with terrible interpersonal or cultural impact (measured qualitatively, if at all)? These behaviors manifest…

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Friday, 01 April 2022 05:57

Tribunal bars MultiChoice from increasing DStv, GOtv subscription rates

A Competition and Consumer Protection (CCP) tribunal sitting in Abuja has restrained MultiChoice Nigeria Limited from increasing its tariffs and cost of products and services. A three-member tribunal, presided over by Thomas Okosun, gave the order on Wednesday following an ex parte application moved by Festus Onifade, a legal practitioner, on behalf of himself and the coalition of Nigeria consumers. Other members of the tribunal include Sola Salako Ajulo and Ibrahim El-Yakubu. While MultiChoice Nigeria Limited is the first defendant, the Federal Competition and Consumer Protection Commission (FCCPC) is the second respondent. The suit marked CCPT/OP/1/2022 was filed on March…

Friday, 01 April 2022 05:49

Here’s what you need to know about buying property in Lagos

Purchasing property anywhere can seem like a daunting task and the case is not any different in Lagos State. In the article below we highlight 4 key things you need to know about buying property in Lagos. Planning and Regulatory Laws you should know about The Real Estate Regulatory Authority Bill (LASRERA) This law prohibits any unregistered or non-licensed individual from being engaged in real estate transactions in its State. While unlicensed real estate agents have previously led the charge with regards to real estate transactions in Lagos, identifying licensed agents in the market has been made easier through several…

Thursday, 31 March 2022 06:48

Oil prices fall as US weighs massive reserves release

Oil futures dived more than $5 a barrel on Thursday morning on news that the Biden administration is weighing releasing some 1 million barrels of oil per day from strategic reserves for several months in a bid to calm soaring crude prices. Brent futures were down $4.71, or 4.2%, to $108.58 a barrel and U.S. West Texas Intermediate futures were down $5.45, or 5%, to $102.74 a barrel at 0035 GMT. The Biden administration will give remarks later on Thursday where he is expected to announce the plan, aimed at lowering gasoline prices that have hit record levels following Russia's…

Thursday, 31 March 2022 05:51

Think you're too old to start a business? Science says think again

Because a 50-year-old is almost 3 times more likely to found a successful startup than a 25-year-old. Mark Zuckerberg -- clearly no stranger to startup success -- said "young people are just smarter." Maybe that's true. But that doesn't mean younger entrepreneurs are likely to be more successful than, um, more "seasoned" entrepreneurs. A study conducted by the Census Bureau and two MIT professors found the most successful entrepreneurs tend to be middle-aged -- even in the tech sector. After compiling a list of nearly three million company founders who hired at least one employee, the researchers found that the…

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