Business News

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…

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…

Tuesday, 23 February 2021 05:36

5 lessons for leaders from Jeff Bezos' succession planning

Give potential successors five years to compete and pick the winner six months before leaving on a high note Earlier this month, Amazon CEO Jeff Bezos announced that Andy Jassy would succeed him as CEO. I think the succession process was well received and it presents five lessons for business leaders. 1. Decide what strengths your successor will need to keep your company growing. The first step in picking a successor is to try to imagine what the most important skills your company will need at the top in order to continue to grow after you leave. If you've founded…

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Monday, 22 February 2021 05:19

Is the office dead? This is what studies say about the future of work

In one recent survey, 80% of U.S. workers said they're just as productive or more productive working from home. The pandemic is forcing a sea change in how business leaders view the traditional work environment. It's also raising the argument about where we will end up working post-pandemic. Consider this recent declaration from Salesforce. In his Feb. 9 blog post, Brent Hyder, Salesforce president and chief people officer, wrote: "As we enter a new year, we must continue to go forward with agility, creativity and a beginner's mind -- and that includes how we cultivate our culture. An immersive workspace…

Saturday, 20 February 2021 05:31

Court freezes Shell accounts ahead of Aiteo lawsuit

A federal court in Lagos has issued an injunction barring Royal Dutch Shell’s Nigerian subsidiares from withdrawing money at 20 local banks until it ringfences potential damages in a lawsuit brought against the oil major by Aiteo Eastern E&P. Aiteo is seeking about $4 billion in total over alleged problems with the Nembe Creek Trunk Line (NCTL) pipeline it bought from the Anglo-Dutch group in 2015 and over claims Shell undercounted its oil exports. Court documents seen by Reuters show that Aiteo is seeking compensation over what it says was the poor condition of the pipeline and associated lost oil…

Saturday, 20 February 2021 05:30

With over 1.3 million users, Nigerian-based fintech FairMoney wants to replicate growth in India

There are more than 1.7 billion underbanked people globally, the majority of which are from emerging markets. For them, accessing loans can be difficult, which is a problem fintechs try to solve. One way they do this is by promoting financial inclusion by underwriting credit via a proprietary algorithm. One such company is FairMoney, which describes itself as “the mobile banking revolution for emerging markets.” FairMoney, founded by Laurin Hainy, Matthieu Gendreau and Nicolas Berthozat, is a licensed online lender that provides instant loans and bill payments to underserved consumers in emerging markets. Three years after launching its mobile lending…

Friday, 19 February 2021 06:26

Investors lose N130bn on stock exchange as sell pressure persists

Investors in the nation’s stock market lost N130bn on Thursday as 30 firms saw their share prices decline at the end of trading. Nigerian Stock Exchange All-Share Index fell by 0.63 per cent to 40,212.19 basis points from 40,465.32bps on Wednesday. The market capitalisation of listed equities dropped by N130bn to N21.04tn from N21.17tn on Wednesday. A total of 426.27 million shares valued at N4.75bn were traded in 4,972 deals at the end of trading on the floor of the NSE on Thursday. University Press Plc led the losers on Thursday as its share price declined by 9.09 per cent…

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