Business News

In a bid to promote a strong and credible payment system in the country, Central Bank of Nigeria, CBN, has approved new license categorization for payment systems in Nigeria. In a circular to all Payment Service Providers, Banks and Other Financial institutions issued yesterday, the apex bank noted that payments system licensing has been streamlined according to permissible activities in four broad categories namely: Switching and Processing; Mobile Money Operations (MMOs); Payment Solution Services (PSSs); and Regulatory Sandbox. The circular signed by Director, Payment System Management Department, CBN, Musa Jimoh stated: “CBN in line with its commitment to promote a…
It’s not just the pandemic that’s putting Nigerian bank earnings at risk: Competition for customers in the recession-hit economy is driving interest rates on loans lower. Mid-tier lender FCMB Group Plc is forecasting that first-quarter earnings will fall more than 20% as rates decline, pushing the Lagos-based bank to accelerate lending to compensate for the profit squeeze. Guaranty Trust Bank Plc, Nigeria’s biggest bank by market value, reported flat interest income for the first nine months of 2020 compared with a year earlier. “Customers have come forward to renegotiate rates and competitors are dropping rates,” FCMB Chief Financial Officer Kayode…
Friday, 11 December 2020 05:23

4 steps to replace a bad leader

Once the bad leader loses board support, it's important to time the incumbent's departure with hiring a better replacement For the last several years, many venture-backed startups have been backed by funds that call themselves "founder friendly." This means that as long as the founders keep the startup barreling to an IPO, the venture capitalists who fuel that growth will let them get away with all sorts of shenanigans. Founder-friendliness works out very well for investors and founders until it suddenly doesn't. Two examples that come to mind: short-term office rental purveyor WeWork and its CEO Adam Neumann and blood…
Bermuda and the Bahamas aren’t exactly big players in the oil-and-gas world. They don’t produce any of the fuels at all. Yet the islands are deep wells of profit for European oil giant Royal Dutch Shell Plc. In 2018 and 2019, Shell earned more than $2.7 billion - about 7% of its total income in those years - tax-free by reporting profits in companies located in Bermuda and the Bahamas that employed just 39 people and generated the bulk of their revenue from other Shell entities, company filings show. If the oil-and-gas major had booked the profits through its headquarters…
The U.S. government and 48 states and districts sued Facebook Wednesday, accusing it of abusing its market power in social networking to crush smaller competitors and seeking remedies that could include a forced spinoff of the social network’s Instagram and WhatsApp messaging services. The landmark antitrust lawsuits, announced by the Federal Trade Commission and New York Attorney General Letitia James, mark the second major government offensive this year against seemingly untouchable tech behemoths. The Justice Department sued Google in October for abusing its dominance in online search and advertising — the government’s most significant attempt to buttress competition since its…
This simple, but powerful, framework helps top software CEOs be highly productive and improve their quality of life. What are your goals for 2021? I plan to grow my Youtube audience to more than 10,000 followers, write an inspirational yet cynical book, launch an independent rap album, and triple my company's revenue, among other aspirations. As a serial software entrepreneur, tech investor, writer, rapper, and fashion designer, I have an extremely busy schedule. Before the pandemic, I traveled internationally at least four times a year. People often ask me: "How do you manage to do all these things?! Do you…
Export-Bound goods worth N868 billion might be wasted at seaports, unless the Federal Government tackles obstacles inhibiting export trade. Central Bank of Nigeria (CBN) had directed exporters to register with Nigeria Export Proceeds (NXP) agency before exporting their goods. Some of them have failed to meet deadlines for registration and had their cargoes stuck at seaports. Exporters have consistently appealed to CBN and other government agencies to liberalise the process to encourage struggling entrepreneurs. Meanwhile, Maritime Workers Union of Nigeria (MWUN) has threatened to embark on a three-day warning strike from today, December 9, over deplorable state of access roads…
A telecommunication and agritech services provider, Tingo International, which hitherto produced Tingo-branded phones in the country, yesterday, disclosed that it has relocated to China after shutting down its manufacturing plants in Nigeria. The company said it has struck a deal with UGC China to have its Tingo-branded devices temporarily produced in the Asian country. Tingo International Group CEO, Dozy Mmobuosi, said in a release that the deal was made pending the acquisition of Yekani Manufacturing, a South African-based manufacturing company that indicated an interest in acquiring the brand earlier this year. Mmobuosi disclosed that the electricity and foreign exchange crises…
Learn to identify emotional intelligence when you see it. Smart employers recognize the value of emotional intelligence in the workplace. In a survey of more than 2,600 hiring managers and HR professionals, HR company CareerBuilder found that: Emotionally intelligent employees are invaluable because they help build chemistry. Great chemistry leads to great teams. And great teams do great work. But as an employer, how can you identify emotional intelligence when you see it? Here are five things to look for. 1.Look for “learn-it-alls.” Not “know-it-alls.” As an employer, you want to see candidates who are confident in their skills. But…
One of the most expensive pricing regimes in local airfares may be upon the aviation industry, as ticket rates have more than doubled in a week. The spike, which operators blamed on an exchange rate that hit N500 to $1 at the black market last week, has seen an average one-hour economy class seat of N33,000 rise to N75,000 over the counter of some airlines. Its average return trip variant also climbed to N121,000 from about N60,000 a week ago. Stakeholders are unanimous it was one of the highest price leaps in years, warning that the last has not been…
December 23, 2024

Investors on NGX gain over N1trn in 5 days

The Nigerian Exchange Limited (NGX) posted strong gains last week, with investors adding more than…
December 20, 2024

Atiku questions alleged hack of NBS website, says timing suspicious

Former Vice President Atiku Abubakar has raised concerns over the recent claim that the website…
December 22, 2024

How to know if your memory lapses are serious or not

The older I get, the more panicked I become when something slips my mind. Is…
December 21, 2024

‘Professional Back-Scratchers’ charge up to $130 per hour

The Scratcher Girls is an unconventional relaxation therapy studio that charges clients up to $130…
December 21, 2024

NAFDAC busts illegal rice repackaging operations in Nasarawa, Abuja

The National Agency for Food and Drug Administration and Control (NAFDAC) has cracked down on…
December 23, 2024

Here’s the latest as Israel-Hamas war enters Day 444

Israel's Netanyahu eyes Iran after triumphs over Hamas, Hezbollah, Syria 2025 will be a year…
December 20, 2024

OpenAI launches voice and text access to ChatGPT through new phone service

OpenAI has introduced a novel way to interact with its popular ChatGPT artificial intelligence system…
December 17, 2024

Ademola Lookman named 2024 CAF Men’s Player of the year. These players won in other…

Ademola Lookman, the Super Eagles winger, was crowned the 2024 CAF Men’s Player of the…

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