Business News

Wednesday, 17 March 2021 06:02

Foreign exchange inflow increased marginally Q4, 2020, fell drastically year-on-year - CBN

Aggregate foreign exchange inflow into the country in the fourth quarter of 2020 rose to $23.60bn from $21.46bn in the third quarter, figure from the Central Bank of Nigeria revealed on Tuesday. CBN stated in its report on ‘Foreign exchange flows through the economy’ for the fourth quarter that though there was an increase in foreign exchange flows through the economy in the review quarter compared with the preceding quarter due to the reopening of most economies including Nigeria, the second wave of Covid-19 hampered a return to the levels experienced in the corresponding quarter of 2019. Part of the…

Wednesday, 17 March 2021 06:00

Telecom operators threatened to cut off bank customers from using USSD for transactions. This is what you’ll now pay for the service that used to be free

Nigerian regulators have set a flat fee for financial transactions done via mobile phones, replacing a billing system that caused disagreements between telecoms firms and lenders. Nigerian Communications Commission and Central Bank of Nigeria said on Tuesday they had agreed a flat fee of N6.98 per transaction to ensure financial inclusion and lower costs. Nigeria wants to open up its digital financial services sector, which will help millions of Nigerians who do not have bank accounts. But regulation has been caught up with intense lobbying from lenders seeking to protect their turf amid stiff competition and a rise in borrowers…

Wednesday, 17 March 2021 05:59

FG hires KPMG as adviser for infrastructure fund - Bloomberg

Nigeria’s central bank hired KPMG LLP as transaction adviser for its newly created infrastructure fund, according to a person familiar with the matter. The bank appointed KPMG after considering bids by firms including PricewaterhouseCoopers LLP, Boston Consulting Group and McKinsey & Co., said the person, asking not to be identified because the information isn’t public yet. KPMG didn’t answer two calls seeking comment on Tuesday. President Muhammadu Buhari last month approved 1 trillion naira ($2.5 billion) of seed capital for the Infrastructure Corp. of Nigeria Ltd., which the central bank initiated last year. The fund has been established to raise…

Wednesday, 17 March 2021 05:53

EFCC gives bankers ultimatum to declare assets

Worried by the role banks are playing in keeping funds acquired illegitimately, Economic and Financial Crimes Commission (EFCC), has given bankers till June 2021 to declare their assets in accordance with the Bank, Employees Declaration of Asset Act. Chairman of EFCC, Abdulrasheed Bawa, made this disclosure after a meeting with President Muhammed Buhari, where they reviewed what the commission has done so far towards eradication of financial crimes in Nigeria. Bawa, said he is working towards a new EFCC that would be different in terms of the way it investigates, prosecutes and the way it would generally execute its mandate.…

Tuesday, 16 March 2021 05:24

‘Nigeria’s jobless rate has more than quadrupled’ under Buhari - Bloomberg

Unemployment in Africa’s largest economy surged to the second highest on a global list of countries monitored by Bloomberg. The jobless rate in Nigeria rose to 33.3% in the three months through December, according to a report published by National Bureau of Statistics on its website Monday. That’s up from 27.1% in the second quarter of 2020, the last period for which the agency released labor-force statistics. A third of the 69.7 million-strong labor force in Africa’s most-populous nation either did nothing or worked for less than 20 hours a week, making them unemployed, according to the Nigerian definition. Another…

Tuesday, 16 March 2021 05:11

If you want to be successful, you must understand these 3 mindsets

Take action before you are ready in order to grow your business. In every action I have taken as an entrepreneur, I was never ready. When I left my corporate job, I didn't feel ready. When I hired my first executive, I felt at odds with myself. When I acquired my first company, I felt out of my wheelhouse. I never felt fully prepared. But I took the leap, and I stepped into action regardless. It comes down to shifting your mindset away from questioning when will you be ready and focusing on what you need to experience in order…

Monday, 15 March 2021 05:35

Warren Buffett: People who ignore these 13 words will probably make bad decisions

Bill Murphy Jr.Recently, I came across a short quote from one of Warren Buffett's old shareholder letters, as part of the process of updating my free ebook, Warren Buffett Predicts the Future. It's stuck with me ever since, and what's funny is that the 13-word quote isn't even Buffett's; instead, he's sharing the advice of a 19th century French philosopher. Don't let that drive you away however. There's nothing academic or anachronistic about it. In fact, all these years later, it's one of the more universal and apt things I've come across. It comes up in the 1985 Berkshire Hathaway…

Saturday, 13 March 2021 05:44

Why you may be unable to make bank transactions using USSD from Monday

Telecom operators in Nigeria on Friday announced that they will stop the use of Unstructured Supplementary Service Data (USSD) by banks and other financial institutions in the country by Monday. This is due to an unresolved dispute over a N42 billion debt allegedly owed the telcos. Association of Licensed Telecommunications Operators of Nigeria (ALTON) the umbrella body of Licensed Telecommunications Service Providers (Network Operators, Infrastructure Companies and Value Added Services Providers) which announced the stoppage in a statement on Friday said Minister of Communications and Digital Economy, Isa Pantami gave them the permission to withdraw their services from the banks.…

Saturday, 13 March 2021 05:43

FG walks back on decision to hike fuel price

Nigeria’s fuel regulators have walked back on the government’s sudden decision to increase petrol price Thursday, with the PPPRA deleting a post announcing the huge increment while the NNPC repeated its earlier claim there would be no increase in March. The decision came after Nigerians furiously reacted to the new rates that put the pump price of petrol at between N209 and 212 a litre, a significant jump from about N162. The increase put the lie to the Nigerian National Petroleum Corporation’s earlier assurance that the government would not change prices despite a global crude oil price rebound. As Nigerians…

Friday, 12 March 2021 03:34

FG assured Nigerians there won’t be increase in price of fuel in March. Now, govt has jerked up petrol price

Federal government has increased the pump price of petrol to N212.61 a litre, less than two weeks after assuring the nation there would be no hike. Petroleum Products Pricing Regulatory Agency (PPPRA) announced late Thursday that the retail price for a litre of petrol for the month will be between N209.61 and N212.61. The ex-depot price, which is the amount sold by fuel depot owners to marketers, will be N206.42, while the landing cost is N189.61 per litre, the agency said. The announcement comes amid a partial scarcity of fuel that has lingered for weeks. There had been concerns the…

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Thursday, 11 March 2021 04:09

Nigerian Stock Exchange has transformed into a public company. Here’s what that means

Nigerian Stock Exchange (NSE) will henceforth run as a public company limited by shares, rather than a private company limited by guarantee of owners or members after consummating a demutualisation process that spanned 11 years. The shift makes NSE the 57th exchange in the world to embrace such a transformation since Sweden’s Stockholm Stock Exchange piloted the move in 1993. The exchange is at liberty to list its own shares and trade them on the bourse like every other quoted firm now that approvals from market watchdog Securities and Exchange Commission (SEC), and Corporate Affairs Commission (CAC) are now in…

Thursday, 11 March 2021 04:07

42 percent of workers in Nigerian banks contract staff - NBS

Two out of every five people working in Nigerian banks are contract staff, analysis of data provided by the National Bureau of Statistics has shown. According to NBS, as of the end of September 2020, 23 banks operating in employed a total of 95,888 workers. Out of this number, 40,382 of them were on contract. This means that 42.11 percent of the workers are on contract. Institutions covered in the employment statistics include commercial banks, merchant banks and non-interest banks. A contract employee is an individual retained by a company for a predetermined time and cost. The employer is usually…

Thursday, 11 March 2021 04:00

Open grazing obsolete, needs to be banned - Miyetti Allah

Ondo State chapter of the Miyetti Allah Cattle Breeders’ Association of Nigeria (MACBAN) has recommended that herders should seek modern alternatives to open grazing, and urged the government to make provision for ranches to end the frequent clashes between herders and farmers. Speaking yesterday in Akure, Ondo State capital, during a public hearing on a bill to regulate grazing of livestock and provide for the establishment of ranches, among other related issues, Chairman of the association in the state, Bello Garba, said the association would support any peaceful move to address the issue. He argued that farmers and herders must…

Thursday, 11 March 2021 03:56

24 things you say that are holding you back at work

When working remotely, your word choice matters just that much more. Your influence isn't so much about what you say but how you say it. The University of California at Los Angeles Professor Emeritus Albert Mehrabian attributesonly about 7 percent of a message's impact to words, with the rest coming from vocal cues (38 percent) and non-verbal communication (55 percent). In the world of online work, we don't have our voices or bodies to soften our written messages. And it's those messages that are holding you back. Here are 24 examples of the words and phrases that my company's AI-based…

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