Business News

Wednesday, 03 March 2021 16:06

Food traders end blockade of supply to southern Nigeria

Leadership of Cattle and Foodstuff dealers under the aegis of Amalgamated Union of Foodstuff and Cattle Dealers of Nigeria (AUFCDN) has agreed to end the blockade of supplies to the south. They reached the agreement at an ongoing meeting with Governor Yahaya Bello of Kogi State in Abuja on Wednesday. Abdullahi Tom, a youth leader of the cattle dealers who is attending the meeting, said that the union has agreed to shelve the strike. Femi Fani-Kayode, former Aviation Minister, attended the meeting. Last week, the union commenced strike to protest the attack on some of their members during the #EndSARS…

Tuesday, 02 March 2021 05:39

MTN emerges Nigeria’s biggest company by earnings

MTN Nigeria Telecommunications Plc, the Nigerian operation of Johannesburg wireless operator MTN, said it achieved a record turnover of N1.346 trillion for the financial year 2020, making it the biggest public company by revenue in Africa’s largest economy. The firm is second only to Dangote Cement as the most capitalised company in the country. Much as the telco expanded revenue by 15 per cent from the N1.170 trillion seen the previous year on the back of over a half rise in data income to N332.413 billion, its profit changed quite little, according to the audited report of the company. “Adoption…

Tuesday, 02 March 2021 05:22

Why do people leave their jobs, exactly? The entire reason can be summed up in a few sentences

We've heard this tune before but we just can't seem to get it right. As a leadership coach and consultant, I spend considerable time combing over exit interview reports, feedback instruments, and employee engagement surveys to determine the causes for employee turnover at client companies. Let me simplify the root of the problem. If you're an executive, senior manager, or HR leader concerned with a revolving door at your company, start by looking at your managers. In Gallup's 2013 "State of the American Workplace" study, Gallup CEO Jim Clifton summarized in a succinct sentence the bottom line of why your…

Sunday, 28 February 2021 05:44

Why Nigeria is a global leader in cryptocurrency trade

More cryptocurrency trading goes on in Nigeria than almost anywhere else in the world, reflecting a loss of faith in more traditional forms of investment, as Ijeoma Ndukwe reports. Tola Fadugbagbe recalls moving to Lagos from his small south-western town 10 years ago with dreams of brighter prospects. Instead, the 34-year-old ended up in a series of odd jobs earning the minimum wage to survive - a typical story for many young Nigerians who are just trying to get by. It was not until 2016 that online adverts for Bitcoin piqued his interest and he began his cryptocurrency journey. "I…

Sunday, 28 February 2021 05:29

Want to be wealthier? Science says marry the right person - but not for the reason you might think

Research shows your significant other makes a huge impact on your financial success. (And so can your business partner.) Money certainly isn't everything. Money isn't anywhere close to the top of the list of things that contribute to happiness. But still: Achieving a degree of financial freedom, and the peace of mind that comes with it, is important. How? Your mindset plays a huge role. Developing greater determination, willpower, and grit -- because those qualities can be developed -- can be key. And so can marriage. According to a 2005 longitudinal study published in Journal of Sociology, married people experience…

Saturday, 27 February 2021 05:26

Osinbajo to CBN: Cryptocurrency ban not wise

Vice President Yemi Osinbajo has called for the regulation of cryptocurrency transactions in the country, saying banning it outright would not be a better idea. Osinbajo made the remark while delivering a keynote address at the CBN Bankers Committee Economic Summit held virtually on Friday, according to a statement issued by Laolu Akande, his spokesperson. “Rather than adopt a policy that prohibits cryptocurrency operations in the Nigerian banking sector, we must act with knowledge and not fear and develop a robust regulatory regime that is thoughtful and knowledge-based,” Osinbajo said. While emphasising the need for monetary authorities to rethink their…

Saturday, 27 February 2021 05:20

Naira falls to three-month low at parallel market

Naira on Friday fell at the parallel market below the 480th mark to the dollar, the first time in nearly three months, a day after the government said it would take time to unify multiple exchange rates. At the unofficial market, data from abokiFX.com showed the domestic currency exchanged for the green back at N482, a 0.42 depreciation from N480 it traded on Thursday. The margin is significant as naira had been at or below 480 for months. The last day naira fell below 480 was on December 9, 2020 when it traded at the black market for 483. I&E…

Saturday, 27 February 2021 05:19

Stocks on NSE lose N155bn on heavy sell-offs

Nigerian stocks tumbled 0.74 per cent on Friday as Wema Bank’s 2020 financials release failed to wow investors, and profit-taking deepened across the market as Zenith Bank and telecom operator MTNN saw huge sell-offs in their shares. The market lost N155 billion, bringing the cumulative loss for February to N1.363 trillion, on its last day of trade. That compares with a total capital gain of N1.130 trillion the month before. A 2.32 per cent slide in the insurance index to 202.09 points, which was the runt of the litter among the five sectorial indices, complicated investors’ woes. Market breadth was…

Friday, 26 February 2021 05:18

Why every entrepreneur should take an 8-hour shower each week: The benefits of creative time

Scheduling entrepreneurial creative time is important. Take some time to stop running your business, and focus on generating new ideas. When do you get your most creative ideas for your business? I suspect it’s not during your normal busy workday or in the middle of a client meeting. Most likely, it’s when you are alone, relaxed, and allow your mind to wander. How many amazing ideas or aha moments have you had while taking a shower? Without distractions and to-do lists, creative ideas flow when mindlessly showering. Psychologist Scott Barry Kaufman, author of Wired to Create, found that 72 percent…

Wednesday, 24 February 2021 05:31

6 unquestionable behaviours separating top leaders from toxic bosses

Getting the best out of your employees requires leaders to be at their best. Whether your company is a startup or an established firm, getting the best out of your employees requires you, the leader, to be at your best. A mountain of evidence published in countless journals and authored by notable thought-leaders continues to reverberate a hard reality: leadership is about relationships and results. The echoes of "people before profits" is a deafening truth too difficult for many perched up in their ivory towers to hear. One research study that I am fond of and use to inform my…

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Tuesday, 23 February 2021 05:45

FG okays private companies, individuals to build, maintain highways

Under the new Highway Development and Management Initiative of the Federal Government, private individuals will be permitted to build, operate or maintain assets on some federal highways up for concession. Already, Federal Ministry of Works and Housing had received the Outline Business Case Certificate of Compliance to commence procurement process for the concession of 12 federal highways under the HDMI. The concession of the roads may also signify the return of toll gates as concessionaires will have to recoup their investments. The Infrastructure Concession Regulatory Commission had handed over the certificate to Minister of Works and Housing, Babatunde Fashola, at…

Tuesday, 23 February 2021 05:44

Customs has started implementation of reduced vehicle import levies, duties. These are the new rates

Nigeria Customs Service (NCS) says it has commenced implementation of the reduced import levy for vehicles. The 2020 finance bill signed into law by President Muhammadu Buhari provides for a downward review of excise duty on tractors and motor vehicles for transportation, as well as levy to be paid on imported cars. Car import levy has been slashed from 35 percent to five percent; import duty of tractors has been reduced from 35 percent to five percent; mass transit vehicles and motor vehicles for goods transport from 35 percent to 10 percent. Joseph Attah, Customs public relations officer, said on…

Tuesday, 23 February 2021 05:43

FG extends oil-for-fuel swap contracts until June - NNPC

Nigerian state oil company NNPC has extended until June its contracts with private companies to swap crude oil for fuels, a company spokesman told Reuters. That’s the second extension of the one-year contracts to exchange more than 300,000 barrels per day (bpd) with 15 company pairings, which had been set to expire in October 2020. “The DSDP was extended till June 2021 to enable us conclude the ongoing process of putting new contact in place,” NNPC spokesman Kennie Obateru said on Monday. NNPC issued a tender for new contracts, known as direct sale, direct purchase (DSDP), in December last year.…

Tuesday, 23 February 2021 05:42

Oil prices move further up on slow U.S. output restart

Oil prices jumped by more than $1 on Tuesday, as U.S. output was slow to return after a deep freeze in Texas shut in crude production last week. Shale oil producers in the southern United States could take at least two weeks to restart the more than 2 million barrels per day (bpd) of crude output that shut down because of cold weather, as frozen pipes and power supply interruptions slow their recovery, sources said. Brent crude was up $1.06, or 1.6%, at $65.30 a barrel by 0204 GMT, after earlier hitting a high of $66.38. U.S. crude rose 81…

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