Business News

Friday, 30 April 2021 05:51

Why did CBN take the drastic step of sacking all directors of First Bank? This is what happened

These are not the best of times for one of Nigeria’s financial powerhouses, First Bank Nigeria Plc. The bank is on fire and has ran into troubled waters with the Central Bank of Nigeria (CBN). The CBN is unhappy with First Bank over the financial machination of its one-time Chairman, Oba Otudeko who, until yesterday, was the Group Chairman of First Bank Holding Company. That is not all, the nation’s apex bank has also frowned at the sudden announcement Gbenga Shobo as the new GMD/CEO of the bank without due process. In a letter dated April 26, 2021 with serial…

Thursday, 29 April 2021 05:53

New law passed by Senate empowers AMCON to seize debtors’ assets beyond those provided as collateral

Senate has passed the Asset Management Corporation of Nigeria (AMCON) amendment bill which seeks to strengthen the agency in the area of loan recovery. The bill was passed during plenary on Wednesday following consideration of a report by the senate committee on banking, insurance, and other financial institutions. The bill, which is an act to amend the AMCON Act No.3, 2014 to extend the tenor of the resolution cost fund and for related matters 2021, passed second reading on March 23. A total of 350 obligors are reportedly holding on to debts worth N3.6 trillion out of AMCON’s total N4.4…

Thursday, 29 April 2021 05:40

Why all entrepreneurs should rethink their ‘why’ in 2021

Finding a greater purpose behind your goals is the best way to thrive in a post-pandemic world. Adaptation has always been a natural consequence of problems and chaos. A change comes, and organisms are tasked with an option: fight or disappear. It’s a system that has worked within nature for billions of years. In a big way, the Covid-19 pandemic has been this sort of change catalyst. All of the parameters by which we operate are different now. Entrepreneurs who want to survive and become stable again must evolve their goals, aspirations, and the methods through which we achieve them.…

Wednesday, 28 April 2021 05:43

Warren Buffet made a bold decision. The payoff was enormous

Got plans this week? This is a story about how disappointing news led Warren Buffett to make a bold decision, and how it ultimately changed his life. It all took place on a Saturday in January 1951, but to set the stage, we have to go back to the previous year. That's when Buffett, aged 19, graduated from college with "good but not stellar" grades, according to Alice Schroeder's book, The Snowball, and fully expected to be admitted to Harvard Business School. But, he got some bad news in spring 1950: a rejection. This led Buffett to apply at the…

Tuesday, 27 April 2021 05:38

5 keys to choosing the best business name

If you're looking to name a business, there aren't any hard-and-fast rules. But there are some secrets. The people who named Ring, Swiffer, and Impossible Foods have some advice for you. Naming your new business can be harder than it first appears. The perfect company name should convey what makes you unique but also grow with you as you add new products and services. The right name should be easy to understand quickly, yet unusual enough that it hasn't already been trademarked. Most important, you need a name that won't hinder your company's success, yet that's a mistake too many…

Monday, 26 April 2021 05:51

E-payment transactions rose 325 percent in 2020 - NBS

The value of electronic payment (e-payment) transtions rose year-on-year (YoY) by 325 per cent to N704.04 trillion in 2020 from N165.8 trillion in 2019. Similarly, the volume of e-payment transactions rose YoY by 142 per cent to 7.16 billion in 2020 from 2.96 billion in 2019. Analysis of data from National Bureau of Statistics (NBS) Selected Banking Sector Report further showed that value of Non Performing Loans (NPLs) ticked up by 16 per cent to N1.23 trillion in 2020 from N1.05 trillion in 2019. Similarly, banks’ credit to the private sector recorded growth during the period. Analysis showed that banks’…

Monday, 26 April 2021 05:40

Does remote work really work? 4 CEOs on the future of their workplaces

Is work...a place? Founders are divided on whether to return to their old way of doing business. Founders and executives around the globe have taken lessons learned over the past year to inform their view of what their workplace will look like in the future. At this week's Collision conference, the future of the workplace was top-of-mind--though founders had a wide diversity of expectations about how their companies will work coming out of the pandemic. Here are a few of the most fascinating. More satisfied, talented, global workforces. Phil Libin, the founder of Evernote, All Turtles, and upstart video-presentation platform…

Saturday, 24 April 2021 05:08

Why you should talk about your losses more as a business owner

Learn to appreciate the lows as much as the highs. Mistakes will happen and although you might be tempted to bury what happened under the rug, there is value in sharing what happened with others. Success stories are great for inspiration and motivation, but loss stories have the potential to teach lessons and to prevent others from experiencing the same struggles as you. Sure, you won't be a perfectly polished figure, but you will walk away with far more value. Here is what I have found from communicating my lessons and losses with others. 1. The more you share, the…

Thursday, 22 April 2021 04:39

Like Twitter, Amazon side-steps Nigeria to set up Africa headquarters in South Africa

Amazon, an American multinational technology company based in Seattle, Washington, has announced that it would set up an African headquarters in South Africa. It would be recalled that Twitter is actively building a team in Ghana and is considering opening an office there. The decision sparked heated reactions on Nigerian Twitter with commentators saying the social media giant’s ‘snub’ of Africa’s most populous nation is a testament of its perception as a difficult place to do business. According to Business Tech report, “the City of Cape Town has greenlit the R4 billion River Club mixed-use development, which will be the…

Thursday, 22 April 2021 04:29

George Floyd: This verdict was about the power of bystanders - Dahlia Lithwick

It is hardly an original observation that getting to “guilty” on all three counts for Derek Chauvin took too much. His conviction required too much video, too many eye witnesses—far more evidence, argument, and proof than most victims of racialized police shootings will ever be able to amass. By that measure, tonight’s verdict is both a huge win and an impossibly small one. Police killings of unarmed Black men have happened since George Floyd was murdered, and more will come. It cannot be the case that this quantum of proof will be required to bring them to justice. And yet.…

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Wednesday, 21 April 2021 05:57

Late to fintech boom, Nigerian banks turn to regulators for help

Nigerian banks’ dominance of their home turf is virtually unparalleled. Largely protected by regulators from foreign competition, Nigerian lenders control 94% of their domestic market, by assets, the world’s largest share of local ownership after Israel, according to a report published before Covid-19 hit in 2020 by Chris Ogbechie and Lilac Nachum, scholars at Lagos Business School. But the threat is now homegrown. Nigerian banks are only now starting to counter the emerging financial-technology firms riding the online wave spurred by the pandemic. As they set out their mobile-money ambitions, they’re deploying their political muscle with regulators to bolster the…

Wednesday, 21 April 2021 05:56

CBN warns banks against rejecting old dollar notes, lower denominations

Central Bank of Nigeria (CBN) has warned Deposit Money Banks (DMB) and forex (FX) dealers to stop rejecting old series and lower denominations of the United States Dollar (USD). The apex bank gave this warning in a circular signed by Ahmed Umar, director of currency operations department at the CBN, on April 9. CBN directed banks and FX dealers to accept both old series and lower denominations of USD that are legal tender for deposit from their customers. “Central Bank of Nigeria (CBN) has in recent times been inundated with complaints from members of the public on the rejection of…

Wednesday, 21 April 2021 05:47

5 signs that identify someone with true leadership skills

Look for greatness in those you lead. The dramatic shift to remote work has forced every organization to rethink the workplace experience for their employees. Recruitment and onboarding processes are now done remotely, and many new hires are yet to meet their colleagues in person. As the world opens back up, many leaders are trying to understand how they can successfully transition to a hybrid workforce. Ensuring that on-site, remote, and distributed staff feel engaged, motivated, and an integral member of the team will require a more caring leadership style. A recent report revealed that half of employees are already…

Tuesday, 20 April 2021 05:42

Nigeria's Access Bank makes further Africa push, buys Botswana bank

Nigeria’s biggest lender Access Bank has agreed to buy a majority stake in African Banking Corporation of Botswana for cash, a month after acquiring a South African bank. Access Bank is expanding across the African continent to counter stagflation and dollar shortages in Nigeria that have frustrated businesses, shrinking the lending market. The Nigerian bank will acquire just over 78% of BancABC Botswana for an undisclosed cash sum of around 1.13 times book value as well as a two-year deferred payment, Atlas Mara said in a statement on Monday. The deal with ABC Holdings, the local unit of London-listed Atlas…

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