Business News

Thursday, 21 October 2021 05:44

5 red flags someone isn’t fit to lead people

People leave managers, not companies. As an executive coach, I do a lot of listening to managers worried about losing good employees. People-oriented managers understand what they need to do to get the best out of people. I'm not concerned about them. I am concerned about managers being promoted into leadership roles when they have no business being there. Leadership is demonstrated through competence, not attitude, confidence, or charisma. It takes ability and skills. That's why the single biggest decision any organization will make is who they name manager. When you name the wrong person manager, nothing fixes that bad…

Wednesday, 20 October 2021 05:51

Why emotionally intelligent people still follow Colin Powell's 13 rules for leaders

A compelling and complicated legacy, plus emotionally intelligent leadership that works. If you served in the U.S. military during the 1990s and early 2000s, I'll bet that at some point, somebody introduced you to Gen. Colin Powell's 13 rules of effective leadership. Powell, who died Monday at age 84, had a compelling and complicated legacy: first Black officer to be a four-star general commanding troops, then chairman of the Joint Chiefs of Staff, and eventually Secretary of State during President George W. Bush's first term. Of course, for many his biggest legacy was the way he pushed inaccurate intelligence in…

Tuesday, 19 October 2021 06:01

AfreximBank says Nigeria got 26.8 percent of its total loan facilities

Total loan approvals to Nigeria from Afreximbank has now risen to $5.5billion representing 26.8 per cent of its African portfolio. This was even as it gave approval to $1.89billion in the last eight 8 months. Executive Vice President, Corporate Governance and Legal Services at Afreximbank, George Elombi, disclosed this during the intra-African Trade Fair 2021 official Nigeria high level roadshow which held in Lagos on Monday. While speaking on the theme; Promoting Nigeria-Africa Trade and Investment under the African Continental Free Trade Area (AfCFTA), Elombi stated that in the context of Covid-19, the AfCFTA has probably taken on an even…

Tuesday, 19 October 2021 05:58

Sell pressure shaves off N153bn in stock value on NGX

Sell-pressure in major blue-chip stocks, especially May & Baker and Royal Exchange Assurance, dragged transactions on the equities sector of the Nigerian Exchange Limited (NGX), forcing the market to reopen on a downward note, yesterday, causing market capitalisation to depreciate by N153 billion. Specifically, at the close of trading, market capitalisation of listed equities declined by N153 billion to N21.471 trillion from N21.624 trillion reported on Friday. All-Share Index, which measures the performance of listed equities, also depreciated by 293.48 basis points to 41144.67 points from 41438.15 points, recorded the previous day. The market’s negative performance was driven by price…

Tuesday, 19 October 2021 05:52

The 4 biggest mistakes companies make when scaling their business

When you work with as many entrepreneurs as I do, you see the same patterns in terms of mistakes that owners make once they are starting to grow and scale. Once a business gets past the initial stages—which come with their own set of mistakes—it moves into a new phase, which is growing and expanding what you’ve worked so hard to launch. As is always the case, a new phase in business, like in life, comes with its share of missteps, and I see owners and CEOs making them time and time again when scaling a business. The following are…

Monday, 18 October 2021 06:02

Oil prices climb to highest in years as recovery from Covid-19, power generators stimulate demand

Oil prices hit their highest in years on Monday as demand continues its recovery from the Covid-19 pandemic, boosted by more custom from power generators turning away from expensive gas and coal to fuel oil and diesel. Brent crude oil futures rose 87 cents, or 1%, to $85.73 a barrel by 0111 GMT, the highest price since October 2018. U.S. West Texas Intermediate (WTI) crude futures climbed $1.12, or 1.4%, to $83.40 a barrel, highest since October 2014. Both contracts rose by at least 3% last week. "Easing restrictions around the world are likely to help the recovery in fuel…

Monday, 18 October 2021 06:01

MTN compensates subscribers for network outage

Karl Olutokun Toriola, MTN Nigeria CEO, has again apologised for the network outage experienced on October 9, 2021. In a video message on Sunday, Toriola said the downtime experienced by network users was not a result of sabotage but a system error. MTN users had October 9 experienced hours of network disruption which affected calls and connections to the internet. Toriola explained that the technical team traced the cause of the downtime to an error that shifted all 4G customers to the 3G, overloading the band. “Last Saturday, we had an outage that left our customers without a connection for…

Monday, 18 October 2021 05:47

With just 7 words, Elon Musk tweeted a remarkable truth about talent that most companies ignore

Tesla understands that attracting the very best means being flexible. You might remember that, a few months ago, Tesla held an artificial intelligence (AI) focused event. If you do remember it, it's probably as the event when the company's CEO, Elon Musk, introduced the Tesla Robot. Well, sort of. The character that danced on stage was actually just an actor in a robot costumer. And, whether Tesla ever intends to introduce a walking humanoid robot that you can buy and have in your house is questionable. On the other hand, Tesla's commitment to improving its AI capabilities seems real, at…

Saturday, 16 October 2021 06:01

Investor exuberance drives stocks on NSE to N195bn gain

Nigerian stocks strengthened 0.75 per cent on Friday, helped by an expanding investor exuberance as the bourse reported its fifth gain for the week. The uptrend continued to rely on exploding demand for the shares of FBN Holdings, which contributed 65.4 and 70 per cent of the trade volume and value respectively. The financial services group alongside GTCO, Nigerian Breweries and UCAP were instrumental in Friday’s strong performance. Market breadth, a barometer for determining the level of investor sentiment towards trade, was positive as 30 gainers were reported compared to 8 losers. The all-share index grew by 308.17 points to…

Friday, 15 October 2021 05:32

Naira in major fall at official market

The Naira has dropped by 2.6 percent to N422 per dollar, hitting an all-time low at the Nigerian autonomous foreign exchange (NAFEX) rate — the default FX reference for official and legitimate transactions. NAFEX rate is the prevailing rate in the investor and exporters (I&E) window which Central Bank of Nigeria (CBN) adopted in May 2021 as the country’s official forex market. The sharp decline came days after Vice-President Yemi Osinbajo called the CBN to allow the Naira reflect the realities of the market. Osinbajo had said the exchange rate was artificially low and deterring investors from bringing foreign exchange…

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Friday, 15 October 2021 05:23

8 simple ways to make social media work for your business

Using social media to promote your business doesn't have to be hard if you just follow these 8 easy steps. In social media, you must not only engage but also engage consistently. The key to building meaningful relationships is to join the conversation. By reaching out to people in your community and responding to their comments, you can set the agenda. Pick one platform to start with, whether it’s Facebook, Twitter, LinkedIn, Instagram or another from the growing list of choices. Learn a little about the channels before you decide. They do have different characteristics and are therefore somewhat different…

Thursday, 14 October 2021 05:42

CBN reviews BVN guidelines, set to sanction violators

Central Bank of Nigeria (CBN) has revised its regulatory framework for Bank Verification Number (BVN) operations noting that violators of BVN rules will be sanctioned. In a circular issued by Director of Payments System Management Department, Musa Jimoh, to all Deposit Money Banks, Mobile Money Operators, Super Agents and Payment Service Providers, the apex bank listed those on the watch-list for violators to include CBN, Nigeria Inter-Bank Settlement System (NIBSS), banks, other financial institutions and bank customers. According to an excerpt of the circular stated that the infractions by participants shall attract appropriate penalties. Such infractions include misuse of the…

Thursday, 14 October 2021 05:37

5 tasks that should be part of your job description as CEO

Make sure you're responsible for these five activities, and you'll watch your business grow. I often ask entrepreneur CEOs the following question: What’s your responsibilityas the person in charge of your business? This is often met with a blank stare. Other times I get a vague response, something like, “Well, I do a lot of things. I guess my job is to keep the company or project moving forward.” These aren’t useful answers. It’s no wonder many CEOs just ricochet between crises without any real thought about how to proactively drive the company forward. Before you assemble your team, you…

Wednesday, 13 October 2021 05:40

CBN insists cryptocurrency trading is banned in Nigeria. But reports say the trade ‘has continued to absolutely skyrocket’

Nigerian art dealer Ebuka Joseph started using cryptocurrencies last year when business ground to a halt due to Covid-19. Now he is hooked even though the financial authorities disapprove. "Crypto just allows me to transact freely and within minutes we are done with our transactions," the 28-year-old told Reuters from a friend's studio in Lagos where he displays his works. Central Bank of Nigeria barred local banks from working with cryptocurrencies in February, warning of "severe regulatory sanctions" and freezing accounts of firms it says are using them. But Joseph's appetite for crypto, like many in Nigeria, has only increased.…

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