Business News

Friday, 19 November 2021 05:58

Nigeria's Kippa gets $3.2m pre-seed for its small business finance management app

Millions of small businesses globally, especially in emerging markets, have stayed offline for the better part of the past decade. Due to that, most of them still rely on scribbles using pen and paper or ledgers for bookkeeping and storing important information. In Nigeria, some go to the extent of keeping information offhand. All these inefficiencies, asides from being time-consuming, lead to errors and affects cash flow and finance, which is why almost nine out of 10 small businesses in the country fizzle out in the first five years. Nigerian startup Kippa, attempting to improve the life cycle of these…

Friday, 19 November 2021 05:50

Musk, Bezos, Gates, and Buffet had this when they were young

It's surprising that so many self-made billionaires share the same characteristic. Much has been written about the success secrets of billionaires. They work hard, work long hours, take risks, get up before the crack of dawn, etc., etc. However, as good as that advice might be, there are plenty of folk who work hard and long but are barely surviving. So what, then, is the root of the success of these admittedly unusual business people. Well, it turns out they all came from what any reasonable person would identify as highly privileged backgrounds. Elon Musk's father owned a profitable emerald…

Thursday, 18 November 2021 06:27

Nigerian tech startup TeamApt targeting $1bn valuation

Nigerian tech startup TeamApt Ltd. is in the market raising its third round of funding at a value of more than a $1 billion, which will result in the fintech firm joining a spate of Africa-tech companies to become so-called unicorns. “The money will be used for our expansion to Egypt, Ghana and Cameroon,” said Eniolorunda. “And building out our digital banking product targeted at the under-served.” While Africa has a rapidly growing and tech-savvy youth population, the continent often lacks financial infrastructure such as banks and tellers. TeamApt is trying to address the gap by using mobile technology and…

Wednesday, 17 November 2021 06:02

Stocks on NGX gain N112bn, canceling previous losses

Nigerian stocks were 0.52 per cent or N111.6 billion higher on Tuesday in an advance that helped the bourse cancel the loss recorded at the previous trading session. The rebound rested on the performance of telco giant Airtel Africa, which gained 4.39 per cent or N38.30, following its announcement that Mastercard, TPG (a US private equity firm) and Qatar Investment Authority have ploughed additional investments worth $125 million in total into its mobile money unit as minority shareholders. Airtel’s mobile money business on the continent is estimated at $2.65 billion, according to a valuation released in March. Market breadth, which…

Wednesday, 17 November 2021 06:00

Pfizer agrees to let other companies make its Covid pill to allow broader global access

Drugmaker Pfizer Inc. has signed a deal with a U.N.-backed group to allow other manufacturers to make its experimental Covid-19 pill, a move that could make the treatment available to more than half of the world’s population. In a statement issued Tuesday, Pfizer said it would grant a license for the antiviral pill to the Geneva-based Medicines Patent Pool, which would let generic drug companies produce the pill for use in 95 countries, making up about 53 percent of the world’s population. The deal excludes some large countries that have suffered devastating coronavirus outbreaks. For example, while a Brazilian drug…

Wednesday, 17 November 2021 05:56

Your company is one disruption away from becoming irrelevant

A few years ago, I spoke at a conference where I told the leaders in attendance this exact statement. It struck a chord with one attendee: the chief innovation officer of the Great NW + Pacific BBB. He reached out to me to talk about his goals to move his regional Better Business Bureau forward, and we created an innovation academy designed to inspire innovation across every department—the ultimate goal was to jumpstart a culture of innovation. Fast forward 2 years, and 50 employees have graduated from the in-house training, innovation efforts have increased across departments, and the organization continues…

Tuesday, 16 November 2021 06:03

CBN, EFCC, others set to go after ‘loan sharks’ who exploit, humiliate poor Nigerians

Federal Competition and Consumer Protection Commission (FCCPC), Central Bank of Nigeria (CBN) and Economic Financial Crimes Commission (EFCC) have commenced rights violation investigation into the money lending industry. A document signed by Babatunde Irukera, Chief Executive Officer of FCCPC for the Joint Regulatory and Enforcement Committee, said this in Abuja on Monday. Irukera said Independent Corrupt Practices Commission (ICPC) and National Information Technology Development Agency were also members. He disclosed that the committee would lead efforts to address multiple potentially dubious conducts of certain money lenders, otherwise known as loan sharks. According to him, the meeting resolved to collaborate, pursue…

Tuesday, 16 November 2021 05:56

Want to spot trends and easily predict the next big thing? These 6 strategies will help

Most startup ideas represent incremental thinking rather than disruptive change. Learn to think differently. Many of the startup investors I know are disappointed that so few of the startup ideas they see are really innovative or disruptive. Most of us are incremental or linear thinkers and we miss the really big opportunities, like the next smartphone or space travel. That ability to "see around the next corner" seems to be limited to a very few entrepreneurs, such as Steve Jobs and Elon Musk. Of course, some key reasons for incremental thinking are to limit the risk or to get something…

Monday, 15 November 2021 06:00

New excise duties on non-alcoholic drinks to cost manufacturers N1.9trn - MAN

The proposed introduction of excise duty collection on non-alcoholic drinks would see producers of the items lose up to N1.9 trillion in revenue between 2022 and 2025. Manufacturers Association of Nigeria (MAN) revealed this at MMS Plus Business Discourse on, ‘X-raying the Proposed Excise Duty Regime for Carbonated Beverages in a Recovering Economy.’ Chairman of Fruit Juice Producers branch of MAN, Fred Chiazor, stated that the losses indicate a 39.5 per cent loss due to imposition of the new taxes with concomitant impact on jobs and supply chain businesses. The group called for a suspension of the fiscal policy, even…

Monday, 15 November 2021 05:45

VP of Dangote Group, Aliko’s younger brother is dead

Sani Dangote, vice president of the Dangote Group and younger brother to Aliko Dangote, is dead. Dangote died in the United States Sunday after a protracted illness. Relatively less popular than his billionaire brother, Dangote had investments in manufacturing, agriculture, banking and oil services. He sat on the boards of several companies including Dangote Cement, Dangote Sugar, Dangote Agro Sacks, Dangote Refinery, Petrochemical and Fertiliser company. He was better known for his role as the chairman of Dansa Holdings, a subsidiary of the Dangote Group that produces beverages. He also owned Dansa Foods Limited, Dansa Energy, Sagas Energy Limited, Bulk…

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Monday, 15 November 2021 05:44

Lack of trust in govt an impediment to eNaira’s success - Analysts

While Nigerians have seemingly embraced the Central Bank of Nigeria (CBN)’s digital currency, skeptical analysts believe a lack of trust in the government will ultimately limit the e-naira’s prospects for success. Threat From Fintech Startups In addition, some analysts insist the digital currency’s already tenuous position is made worse by the fact that it has to compete with fintech startups. As previously reported by Bitcoin.com News, Nigeria is home to some of the biggest fintech startups and is a country that receives a relatively large chunk of the continent’s fintech investment. According to a Financial Times report, it is this…

Monday, 15 November 2021 05:41

3 simple ways to cultivate trust among your entire team

It happens to even the best of companies: Its leaders don’t learn of a valued employee’s reasons for leaving until their exit interview. It may have never occurred to management that the employee felt anything but happy in their work. As leaders, of course we feel anxious, fearful, frustrated, and possibly even betrayed. However, our company’s research shows that employees trust their managers and colleagues more than entities such as the company’s board. So where’s the disconnect? What are some of the reasons we’re grappling with a “Great Resignation?” Employees need to feel like they matter. An organization that demonstrates…

Friday, 12 November 2021 05:52

Naira makes further gains at parallel market

The naira has appreciated further against the dollar at the parallel market on Thursday to trade at N530 per dollar. The figure is N10 or 1.8 percent higher than the N540 it traded on Wednesday. Street traders across forex markets in Lagos who spoke to our correspondent on Thursday quoted the naira at N530 and 540 to a dollar for buying and selling prices, respectively. A parallel market (street market) is characterised by noncompliant behaviour with an institutional set of rules. Meanwhile, the currency depreciated by 0.1 percent at the official market to close at N414.73 on Thursday, according to…

Friday, 12 November 2021 05:45

17 formerly rich people share their experiences of going from rich to poor

It's one thing to go from not having any money to having a lot of it. But I wanted to know more about what happens when it's the other way around. So, I asked formerly rich members of the BuzzFeed Community to share the things they learned after becoming poor. Here's what they shared: 1. "I grew up very privileged because both of my parents inherited a ton of money when they were young. I went to a very expensive summer camp, everything I owned was designer, and we owned a second home in the Hamptons. Everything changed after my…

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