Business News

Thursday, 08 July 2021 06:00

Despite FG’s ban on cryptocurrency trading, the business continues to boom in Nigeria. This is why

Nigeria’s regulators tried to crack down on cryptocurrency. Now, a few months later, it’s clear their efforts haven’t worked. The nation is a prime example of how people will turn to crypto to cope with a struggling economy despite the prohibitive stance of the state. In February, the Central Bank of Nigeria ordered banks to “identify persons and/or entities” who were conducting transactions in crypto or running crypto exchanges and “ensure that such accounts are closed immediately.” But that ban didn’t stamp out bitcoin in Nigeria. Rather, the crypto community turned to peer-to-peer trades, or sending payments directly to each…

Thursday, 08 July 2021 05:58

Anticipated banks’ financial reports drive stocks on NSE up by N430bn

Nigerian stocks were up 0.22 per cent on Wednesday, on course for another week of positive return, as traders and investors continued to shift their gaze to some of the big bank stocks to take strategic positions ahead of the release of companies quarterly and half-year earnings reports due any moment from now. Access, the country’s biggest bank by asset, drove the rise, supported by rival Zenith and also Custodian Investment. In the spirit of the earnings season, tier 2 lender Fidelity told the Nigerian Exchange Limited in a Wednesday note of its closed period schedule and the plan of…

Thursday, 08 July 2021 05:43

Want to get rich? 21 self-made billionaires say people who build wealth answer this question the same way

How much money you make definitely matters. But what you do--and don't do--with what the money you make matters even more. If financial success is your goal -- and most of us include some degree of wealth in our individual definitions of success -- your personality definitely plays a role. (According to a 2018 study, rich people possess these five personality traits.) But so does how you answer one simple question. Rafael Badziag interviewed 21 self-made billionaires while writing The Billion Dollar Secret: 20 Principles of Billionaire Wealth and Success. Some credited a willingness to take intelligent risks. Some credited…

Tuesday, 06 July 2021 05:48

4 first-time founder mistakes to avoid at all costs

Recently founded a startup or planning to soon? These are some of the most common founder mistakes to avoid, including how to avoid burnout. When I was only 23, I started my company by myself, with no outside funding or support. In a few years, I scaled the company into a multimillion-dollar business with over 50 people working for me. But then I burned out hard. After a creative retreat, I figured out how to pivot and increase my business' profitability, while spending significantly less time managing it. These days, I'm focused on investing in smart founder's building interesting SaaS…

Monday, 05 July 2021 06:02

4 out of 10 Nigerian bank workers are on contract earning slave wages - Report

For Basit, climbing the corporate ranks of commercial banking in Nigeria has been an exercise in frustration. The 28-year-old, whose name has been changed to protect his identity, has worked as a teller with Fidelity Bank in Nigeria since 2015. Six years on, he is at the same branch, working at the same entry-level position, for the same meagre salary of 68,000 naira ($165) a month. It is not Basit’s work ethic that is lacking, but the arrangement under which he works. He is not technically a full-time employee of Fidelity. The entire time he’s worked there, he’s been a…

Thursday, 01 July 2021 05:52

Naira continues to fall at official, black markets

Naira fell marginally against the U.S. dollar at the parallel market on Wednesday after it remained unchanged for the past two days. The currency also fell at the official market after maintaining steady gains in the last two sessions. Data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed that the naira closed at N503.00 per $1 at the black market window on Wednesday. This represents a N1.00 or 0.20 per cent devaluation from N502.00 it traded in the last two previous sessions. Also, data posted on the FMDQ Security Exchange where forex is officially traded…

Thursday, 01 July 2021 05:45

How to start a business without money ... and in five steps

Step one: The momentum In my case, the impulse started one morning, at 3 in the morning. I looked at myself in the mirror, my face wet, breathing noisily, like Darth Vader in pajamas. I was angry. I was disappointed. I was confused. Above all, he was afraid. He didn't know how he was going to get out of this one. I was terrified. And it was not for less -or at least he believed-. Until a few hours ago ... I had a job. The salary was good and the future looked fabulous. But everything turned to nothing when…

Wednesday, 30 June 2021 05:34

Why people who fail wind up being the bigger successes

You’ve got this. What’s this? Well, it’s anything you’re shooting for right now that other people told you couldn’t happen. Or maybe you doubted you could do it. It’s your comeback. We often experience this phenomenon via sports: “A comeback is when a person or team accomplishes something that they probably shouldn’t, such as a win after facing a deficit or a disadvantage or when their trajectory was on a downward slope,” says Gregory Chertok, a sports psychology consultant in New York City. For you, that might mean selling a book proposal after your first try was rejected dozens of…

Tuesday, 29 June 2021 05:44

Oil falls on rising Covid-19 cases, ahead of OPEC+ talks

Oil prices fell 2% to a one-week low on Monday after hitting their highest since 2018 earlier in the session, as a spike in Covid-19 cases in Asia and Europe put a brake on the rally before this week’s OPEC+ meeting. Brent futures fell $1.50, or 2.0%, to settle at $74.68 a barrel, while U.S. West Texas Intermediate (WTI) crude fell $1.14, or 1.5%, to settle at $72.91. Those declines pushed both contracts out of overbought territory and were their lowest closes since June 18. Earlier in the volatile session, both benchmarks rose to their highest levels since October 2018.…

Tuesday, 29 June 2021 05:36

10 lessons about failure every entrepreneur needs to know

People dread failure and see it as something that's bad. This article is written to provide the tools for how to handle failure, and the perspective to show that failure can bring personal and professional growth. There’s a stigma against failure. Beliefs that “It can’t happen to me.” “It shouldn’t.” “It won’t.” It does. No matter who you are, what you do, how you do it, where you do it — failure is waiting. This isn’t meant to serve as a grim reminder of the day that success is unattainable. Success is viable and waiting for you. So is failure.…

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Monday, 28 June 2021 05:53

FG to tax income made by Google, Facebook, Twitter, others in Nigeria - Osinbajo

Legal provisions will be utilised to collect taxes on profits made locally by global technology and digital firms not based in Nigeria, but with significant economic presence in the country. Vice President Yemi Osinbajo stated this during an interaction with a delegation from Chartered Institute of Taxation of Nigeria (CITN), led by its President, Adesina Adedayo, at the Presidential Villa. Osinbajo’s spokesman, Laolu Akande, made this known in a statement on Sunday in Abuja, “While the Federal Government will not be raising tax rates at this time, based on the Finance Act 2019, it is already empowered to widen the…

Monday, 28 June 2021 05:46

Google CEO Sundar Pichai says his mentor asked him one question every week - and it changed the way he leads

Years ago, Columbia University football coach turned business coach Bill Campbell taught Pichai to ask himself a pivotal question. Pichai is still asking that question today. As CEO of Google and Alphabet, Sundar Pichai is responsible for making sure his companies continue to move forward, continue to evolve to keep up with the demands of millions of users and customers around the world. That's no easy job. But Pichai once shared with me a single question that helps him to remember his role. He learned the question from his mentor, former Columbia University football coach turned business coach Bill Campbell.…

Friday, 25 June 2021 05:57

Kano school tells parents to pay fees with cryptocurrency

A private secondary school in Kano, New Oxford Science Academy, Chiranchi, is accepting cryptocurrency as payment for school fees. Central Bank of Nigeria (CBN) had banned all forms of cryptocurrency transactions earlier in the year. But addressing journalists on Thursday, Sabi’u Musa Haruna, proprietor of the school, said the school management decided to accept cryptocurrencies after consulting parents and guardians. “The decision is aimed at easing the payment of school fees, for the parents,” Haruna said. “We have decided to accept cryptocurrency as school fees because the world today is tilting towards the system. “We believe one-day digital money will…

Friday, 25 June 2021 05:52

5 critical shifts leaders must make to build companies that win

A new workplace paradigm is emerging. Jim Collins on how to lead your company into a new world of work What does it take for leaders to build companies that remain successful for generations? Uncovering the answers to this question has been the driving force of the Socratic business advisor Jim Collins's career. But, what about now, as we emerge from the Covid-19 crisis, in a business landscape that is best summed by the word "disruption"? I got on a call recently with Jim to discuss. For more than a quarter century, Jim's been obsessed with studying what makes great…

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