Business News

Thursday, 20 May 2021 05:51

Stocks on NSE plunge N301bn on third day of loss

Nigerian stocks reported another loss on Wednesday as the benchmark index toppled 1.48 per cent, with bellwethers – Airtel and Zenith Bank – steering the move to the negative territory. It marked the third successive day of loss, with the size of trade contracting by as much as 25 per cent, raising fears that the current investor apathy in the market could worsen further. The banking index was down by 0.62 per cent, the biggest fall of the five sectorial indexes tracked by the bourse. Conversely, the oil and gas index advanced most, adding 7.12 per cent on the strength…

Thursday, 20 May 2021 05:27

3 ways leaders can get the best out of their employees in the hybrid work age

According to one study, 80% of organizations are planning a hybrid work environment for the long term. As we round the corner of the pandemic, some of the most influential companies across industries announced moves to a hybrid work model. For most companies, the hybrid model is an opportunity for employees to get the best of both worlds. This means a few days in the office per week, particularly for important meetings, and a few days remote. In PwC's latest US Remote Work Survey, PwC surveyed 133 US executives and 1,200 US office workers between November 24 and December 5,…

Wednesday, 19 May 2021 05:43

Shell Nigeria to divest onshore oil stakes over ‘pipeline theft, sabotage, other operational issues’

Royal Dutch Shell is in talks with the Nigerian government to sell the Anglo-Dutch company’s stake in onshore oilfields, CEO Ben van Beurden said on Tuesday. Shell, the operator of the West African country’s onshore oil and gas joint venture SPDC, has struggled for years with spills in the Niger Delta as a result of pipeline theft and sabotage as well as operational issues. The spills have led to costly repair operations and high-profile lawsuits. Speaking at the company’s annual general meeting, CEO Ben van Beurden said that Shell can no longer be exposed to the risk of theft and…

Wednesday, 19 May 2021 05:26

Simplify your time management with the ‘Rule of 4’

There are hard limits to what your brain can manage in a day. Ignore them at your peril. Simon Sinek has spoken about how much value he's gotten from studying the work of his long-time professional rival Adam Grant. Watching another person do very similar work but with his own unique strengths on display, Sinek claims, both frustrated him and helped him grow. For me the person who very often makes me feel that way is Oliver Burkeman. A former Guardian columnist and author of several books, Burkeman is not only obviously more accomplished than me, he also covers similar…

Monday, 17 May 2021 05:44

Here’s how Google knows in less than 5 minutes if a new employee will hit the ground running

Oddly enough, the difference lies in what the manager does--not the employee. Great companies are built by great people; that's why the ability to identify and attract talentis nearly as important as the ability to develop talent. But why do some new employees get up to speed faster than others? That's a good question, one Google spent considerable time and effort trying to answer. (As with determining the qualities of a great leader, it's no surprise that one of the most data-driven companies in the world put some of its analytical horsepower into finding the best way to get new…

Saturday, 15 May 2021 05:51

Banks place limits on domiciliary accounts transfers

Banks have begun to place new limits on transfers domiciliary accounts holders can make from their cash lodgements. The limits range from $5,000 to $10,000, according to findings by our correspondents. A circular from one of the banks obtained by one of our correspondents on Friday said, “The maximum limit for foreign currency transfers by cash deposits is now $5,000 per month. “This means that only a maximum of $5,000 monthly will be allowed for transfers if the source of funds is a cash deposit into a domiciliary account. “Cash deposits of foreign currencies other than USD may be paid…

Thursday, 13 May 2021 05:44

NNPC has finalised new crude-for-fuel swaps for next one year. Here’s the list of the 15 consortia that won the coveted contract

Nigeria National Petroleum Corporation (NNPC) has picked 15 consortia for its new crude-for-fuel swap contracts for one year starting in August, sources with direct knowledge of the matter said. The list includes major Swiss trading firms Trafigura, Vitol and Mercuria, oil major Total as well as large Nigerian traders Sahara Energy, Oando and MRS Oil. The contracts, known as direct sale, direct purchase (DSDP) are coveted since they are used to supply nearly all of Nigeria’s gasoline needs as well as cover some of its diesel and jet fuel consumption. NNPC did not have an immediate comment. The companies were…

Thursday, 13 May 2021 05:42

Beer, beverage manufacturers generated highest company income tax in Q1, 2021. These are the numbers

National Bureau of Statistics said the federal government generated N392.77 billion as Company Income Tax (CIT) in the first quarter of the year. This is against N295.72 billion generated in Q4 2020 and N295.68 billion generated in Q1 2020, representing a 32.82 per cent and 32.84 per cent increase respectively. The Bureau disclosed this in its “Company Income Tax by sectors Q1 2021”, released on Wednesday. The bureau said breweries, beverages and bottling companies generated the highest amount of CIT with N23.26 billion, closely followed by professional services including telecoms which generated N18.17billion. It said state ministries and parastatals generated…

Thursday, 13 May 2021 05:30

Builders groan as cement prices push up construction costs

Property developer Olawale Ayilara is building housing estates in the affluent Lekki district of mega city Lagos, Nigeria’s commercial engine. But the cost of the project is expanding rapidly due to the increased price of cement. The price of a 50 kg (110 lb) bag of cement rose by a third, from 2,500 naira ($6.57) to 3,600 naira ($9.46) around November last year, he said. “It has a large effect in what the price of building development will be,” said Ayilara, CEO of LandWey Investments, which is building 12,000 homes spread across 14 sites in Lekki. “There is nothing the…

Thursday, 13 May 2021 05:25

6 habits of people with remarkable mental focus

Remote work in a pandemic has brought on immense challenges. Workers find themselves overextended and overstressed as they juggle multiple personal and professional demands during the day. While being "always on" was once considered glamorous, our brains have switched to autopilot as we've acclimated to a state of perpetual overwork, often sacrificing our personal lives to get more stuff done. But are we really getting more done? For example, on a typical day, I'll find myself prepping for my next client meeting one minute, only to be interrupted by an urgent email the next that now demands my immediate attention.…

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Wednesday, 12 May 2021 05:46

FG offers N150bn bonds for auction in May

Debt Management Office on Tuesday disclosed that Federal Government would offer N150bn bonds for subscription in May. A circular by DMO on its website showed that the breakdown of bonds comprised three bonds worth N50bn each. They are 10-year reopening bond to be offered at the rate of 16.2884 per cent and to mature in March 2027; a 15-year reopening bond to be offered at 12.5 per cent and mature in March 2035; and a 30-year reopening bond to be offered at 14.8 per cent and mature in April 2045. According to the DMO, the bonds which will be auctioned…

Wednesday, 12 May 2021 05:37

3 ways technology is rewriting the rules of work

How leaders can implement intersecting technologies to drive more value, productivity and even serendipity at work. The pandemic has created a shift in how we conduct business. We've moved from talking across tables to talking to boxes on screens, and as a result, we are seeing a fundamental shift in how we get work done. However, according to Deloitte's 2021 Tech Trends research, the loss of in-person serendipity can create a long-term negative impact on innovation. The opportunity -- and challenge -- for leaders lies in preserving in-person collaboration while welcoming the benefits of digital. Scott Buchholz, Government & Public…

Tuesday, 11 May 2021 05:30

How to get team buy-in for an unpopular change

I am coming into a position that has experienced a large amount of turnover. First, a long-time employee retired, then they had several different managers who did not work out, and then I was hired. The employees have told me that they feel overworked and under-appreciated, and I have heard the dreaded "I don't get paid enough for this" more than once. My employees seem to like me as I listen to their concerns, but my employer has told me that a change the staff has fought against in the past is coming whether they like it or not (the…

Monday, 10 May 2021 05:57

SEC to regulate, monitor trade in foreign stocks by Nigerians

Securities and Exchange Commission has said it will register and actively monitor brokers selling stocks for foreign companies in furtherance of its mandate of ensuring investor protection and market transparency, especially for retail investors. Executive Commissioner Operations, SEC, Dayo Obisan, was quoted in a statement by SEC on Sunday as saying this during an interview with Bloomberg over the weekend. According to Obisan, SEC intends to license firms offering foreign stocks under a “digital sub-broker” regulation, which should provide a form of clarity to their activities. He said the requirement would ensure regulatory responsibilities in on-boarding clients, custody of assets,…

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