Business News

Friday, 28 January 2022 07:00

Esusu, company owned by Nigerian-American, nets $1bn valuation

More than 100 million Americans spend an average of $1,100 (over $1.4 trillion per year) on their largest monthly household spend: rent. But reports say 90% of these people don’t get credit for paying their rent on time. On a sub-level, over 45 million people in the U.S. don’t have credit scores, according to a 2020 report by the Consumer Financial Protection Bureau. Most of this demography are financially marginalized due to their background and race. Esusu, a fintech that targets immigrant and minority groups and provides rent reporting and data solutions for credit building, said Thursday it has raised…

Friday, 28 January 2022 06:03

NIPOST launches financial services, to issue debit card

Nigerian Postal Service (NIPOST), Thursday, added financial inclusion as part of its services to Nigerians, introducing its own e-debit card, agency banking platform and 27 new logistics vehicles for courier services. While unveiling the products, Minister of Communications and Digital Economy, Isa Pantami, said they will also help the government in improving transparency and fighting corruption. “It is the first of its kind in Nigeria because it works offline and online, and it is the first time that NIPOST has come up with a solution similar to this and it is indeed a multipurpose card for financial transaction, conditional cash…

Friday, 28 January 2022 05:53

Here’s why Elon Musk offered a 19-year-old $5,000 to delete his Twitter account

The exchange between Musk and Jack Sweeney, who runs the @ElonJet account, reportedly began last fall Elon Musk has been vocal lately about the dangers of his travel schedule being made public, particularly for his family’s safety. Earlier this month, one Twitter user announced that he would no longer be posting Musk’s travel schedules and plans in an attempt to “to keep Elon and his family safe,” to which Musk responded that the updating of travel plans was beginning to become a “security issue.” But per a new report, it seems as though Musk has been trying to take down…

Thursday, 27 January 2022 06:33

Petrol landing cost rises to N282/litre as oil hits $90 per barrel

The upturn in global crude oil prices has pushed the landing cost of Premium Motor Spirit (petrol) imported into Nigeria to over N282 per litre. The further rise in the landing cost of petrol means increased subsidy as the pump price of the product remains steady at N162-N165 per litre. The landing cost of the product rose to N282.29 per litre on January 20 as the international oil benchmark, Brent crude, jumped to $89.75 per barrel that day from $77.24 per barrel on December 31, 2021. Brent rose further on Wednesday to $90.22 per barrel as of 5.19 pm Nigerian…

Thursday, 27 January 2022 06:30

Stocks on NGX appreciate by N324bn on rush for Airtel’s shares

Nigerian stocks scaled up by 1.29 per cent (or N324 billion) on Wednesday, on track for another week of positive yield as telecom powerhouse Airtel and Ecobank Transnational Incorporated (ETI) led the advance. Airtel continued to draw interest from investors, garnering 10 per cent gain, the maximum daily appreciation allowed by the bourse, which catapulted its share price to an all-time high of N1,271. The telco’s new valuation of N4.8 trillion now places it a spitting distance away from that of Dangote Cement, Nigeria’s biggest company by market capitalisation, meaning Airtel could usurp the cement-maker and take the top spot…

Wednesday, 26 January 2022 06:01

Why entrepreneurs need to prioritize their wellbeing as they launch and run businesses

We have all witnessed a significant increase in entrepreneurship amongst young adults over the past years, and that number looks set to only grow further in the future. Indeed, as we look around ourselves today, it is becoming increasingly evident that entrepreneurs are mounting to be fearless leaders of change in our current economy. While the Covid-19 pandemic has presented us with both severe economic instabilities and disruptions of global economies, the period has also seen a surprising surge in the number of business owners, especially in locations that promote startups, such as the United Arab Emirates and other major…

Tuesday, 25 January 2022 05:54

Learning this skill could help reduce work burnout, according to an anxiety expert

Work burnout and stress levels remain sky-high as Americans entered year three of the pandemic. Through it all, leadership expert Deborah Grayson Riegel has had a pulse on where workers are struggling the most, based on the demand for her online courses that cover leadership and communication skills. In 2020, for example, she developed a course on managing anxiety, a skill that saw a 4,000% increase in demand on the online learning site Udemy for Business. In 2021, one of the biggest skills she's seen people struggle with is simply knowing how to ask for help, she tells CNBC Make…

Monday, 24 January 2022 06:18

Oil prices approach $90 on fears of tighter supply

Oil prices jumped on Monday as geopolitical tensions in Eastern Europe and the Middle East heightened concerns about an already tight supply outlook, while OPEC and its allies continued to struggle to raise their output. Brent crude futures rose 87 cents, or 1.0%, to $88.76 a barrel by 0100 GMT, reversing a 0.6% loss on Friday. U.S. West Texas Intermediate (WTI) crude futures gained 86 cents, or 1.0%, to $86.00 a barrel, having fallen 0.5% on Friday. Both crude benchmarks rose for a fifth week in a row last week, gaining around 2% to hit their highest since October 2014.…

Monday, 24 January 2022 06:10

Companies, like people, have habits

The question is, which habits are profitable? All of us are creatures of habit. We often do something because, well, it's just something we do. Routines go unquestioned because that's the benefit of routines--they come easily and don't require much thought. We know which ones are good for us, like regular exercise and good sleep. We know which aren't so good for us, like unmanaged stress or smoking. But the nature of habits, good or bad, is that they're hard to break. Just like people, companies have habits. You can think of a couple right now that keep your company…

Saturday, 22 January 2022 06:37

CBN introduces price verification portal for imports, exports

Central Bank of Nigeria (CBN) yesterday said effective February 1, 2022, all import and export operations would require the submission of an electronic invoice (e-invoice) authenticated by Authorised Dealer Banks (ADBs) on the Nigeria Single Window Price Portal – Trade Monitoring System (TRMS). The apex bank noted that the introduction of the e-valuator and e-Invoice would replace hard copy final invoice as part of the documentation required for all import and export transactions going forward. CBN disclosed this in a circular titled:” Guidelines on the Introduction of E-Evaluator, E-Invoicing for Import and Export in Nigeria “, signed by CBN Director,…

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Saturday, 22 January 2022 06:36

Nigeria’s inability to raise oil output pushes OPEC+ oil cut compliance to 122 percent

OPEC+ compliance with oil production cuts rose to about 122% in December, two sources from the producer group told Reuters, indicating that some members continue to struggle to raise their output. The December figure compares with 117% in November. International Energy Agency said this week that the group missed its production targets by 790,000 barrels per day (bpd) in December as members like African producers Nigeria and Angola struggled to raise output. Compliance from members of the Organization of the Petroleum Exporting Countries (OPEC) was at 127% in December, while non-OPEC producers in the alliance achieved a compliance of 114%,…

Saturday, 22 January 2022 06:34

Why we took over Ibadan Electricity Distribution Company - AMCON

Assets Management Corporation of Nigeria (AMCON) says it took over control of Ibadan Electricity Distribution Company (IBEDC) Limited over inability of the DisCo to clear its acquisition loan from Skye Bank, now Polaris Bank. IBEDC distributes electricity to consumers in Oyo, Osun, parts of Kwara, Ondo, Ekiti states. After a court ruling empowering AMCON to take over the asset, IBEDC came under receivership on Thursday, January 20. The DisCo was acquired by Integrated Energy Distribution and Marketing Limited (IEDML) the same firm that acquired Yola DisCo, all during the 2013 power sector privatisation exercise. It later returned Yola to the…

Wednesday, 19 January 2022 06:13

Oil climbs to 7-year highs on Middle-East tension, supply anxiety

Oil prices on Tuesday climbed to their highest since 2014 as investors worried about global political tensions involving major producers such as the United Arab Emirates and Russia that could exacerbate the already tight supply outlook. The risk added a premium to prices during the session. Brent crude futures rose $1.03, or 1.2%, to settle at $87.51 a barrel. U.S. West Texas Intermediate (WTI) crude futures ended $1.61, or 1.9%, higher at $85.43 a barrel. Both benchmarks touched their highest since October 2014, and some OPEC sources say $100-per-barrel oil is not out of reach. Supply concerns mounted this week…

Wednesday, 19 January 2022 06:04

Thomas Edison made job applicants eat soup in front of him. It sounds crazy but science suggests he was on to something

Edison's bizarre soup-based technique for screening job candidates illustrates an essential truth about effective interviewing. Regular readers of my column will know that last week I wrote about a weird (but apparently researched-backed) nap hack famed inventor Thomas Edison used to come up with new ideas. That means this week the gods of internet tracking have showered me with a million more articles about Thomas Edison. Most of them were bland and useless, but one title stuck out: "Why Thomas Edison Required Job Applicants To Eat Soup In Front Of Him." Wait, I thought, that's totally nuts. The guy must…

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