Business News

Wednesday, 10 March 2021 06:03

Despite new CBN’s bonus payment on forex inflow, Naira falls at parallel market

Naira on Tuesday fell significantly at the parallel market below the 480th mark to the dollar, the first time in nearly four months. The decline comes days after Central Bank of Nigeria (CBN) announced a new incentive for diaspora remittances. On March 5, CBN directed all Deposit Money Banks and International Money Transfer Operators to henceforth pay recipients of diaspora remittances N5 for every $1 received as inflow. At the unofficial market, data from abokiFX.com showed the domestic currency exchanged for the greenback at N484, a N2.0 or 0.42 depreciation from N482 it traded on Monday. The margin is significant…

Wednesday, 10 March 2021 06:02

Bitcoin could prevent society from functioning and is an ‘extreme form of libertarian anarchism,’ warns this fund manager

A portfolio manager at one of London’s leading hedge funds has warned that bitcoin, probably the best known cryptocurrency, has no real social utility other than as a tool for speculation and a means to launder the proceeds of crime. Tim Bond, partner and portfolio manager at Odey Asset Management, also told MarketWatch it was damaging the planet: “To my mind, bitcoin is a particularly vile asset class. “If bitcoin starts to displace fiat currencies [government-issued currency that is not backed by a commodity], governments’ ability to tax, spend and redistribute will be severely impaired.” He believes bitcoin could prevent…

Wednesday, 10 March 2021 06:01

Nigeria, Benin Republic agree to end cross border rice smuggling

Federal government and the Republic of Benin have entered an agreement to end the importation of rice across West African countries. This agreement was announced at the end of a meeting between a delegation from Benin, the Rice Farmers Association of Nigeria (RIFAN) and Ibrahim Gambari, chief of staff to the president, in Abuja on Tuesday. The meeting was to solidify the agreements and tap from Nigeria’s experience in reviving rice production. Representatives of RIFAN recently visited Cotonou, Benin capital, to sign a memorandum of understanding on how the association will help the country boost its local rice production. The…

Wednesday, 10 March 2021 06:00

Conoil loses 30,000 bpd production to facility shutdown by Bayelsa community

A crude production flow station operated by Conoil Production at Ango field in Koluama, Southern Ijaw Local Government Area of Bayelsa, has been shut by the host community. Oil workers at the onshore facility connecting oil wells within the swamps and creeks at Koluama were escorted out of the area by speedboats by armed security men. Aggrieved members of the community had besieged the facility and told the oil workers to shut the facility and leave the site of the 30,000 barrels per day capacity flow station. Young Fabby, a Community leader in Koluama 1, a rural settlement along the…

Tuesday, 09 March 2021 05:52

Nigeria’s foreign trade deficit ballooned to N7.37trn in 2020 - NBS

Nigeria recorded N7.37tn foreign trade deficit in 2020, latest figures from National Bureau of Statistics showed on Monday. NBS disclosed in its ‘Foreign trade statistics report for fourth quarter of 2020’ that the total trade in 2020 stood at N32.42tn. “The annual merchandise trade deficit in 2020 was recorded at N7.37tn,” NBS stated. Part of the report read, “In the fourth quarter of 2020, Nigeria’s total merchandise trade was N9.12tn, representing 8.9 per cent over the level recorded in the third quarter of 2020 but was 9.9 per cent lower when compared to the fourth quarter of 2019. “The value…

Tuesday, 09 March 2021 05:46

Oil prices rise on expected US economic recovery

Oil prices rose on Tuesday on expectations of a recovery in the global economy after U.S. Senate approval of a $1.9 trillion stimulus bill and on a likely drawdown in crude oil inventory in the United States. But a stronger dollar and receding fears of oil supply disruption from Saudi Arabia after an attack on its oil facilities capped price gains. Brent crude futures for May rose by 32 cents, or 0.5%, to $68.56 a barrel by 0125 GMT, while U.S. West Texas Intermediate (WTI) crude for April rose 19 cents, or 0.3%, to $65.24. “Fundamentals remain incredibly supportive, especially…

Tuesday, 09 March 2021 05:31

Tim Cook and Jeff Bezos use this simple technique to get more done than the rest of us

You can get more done if you stop trying to do everything. Tim Cook leads the most valuable company on earth, a company known for creating some of the most innovative products of the last few decades. It has over 145,000 employees and is worth more than $2 trillion. It makes and sells some of the most iconic devices that are used by more than 1.5 billion people, most of whom are more like a fan club than customers. Jeff Bezos leads a pretty big company himself, and it has made him the richest person on the planet. That company,…

Monday, 08 March 2021 03:45

Here's how to tell in 20 seconds if someone will never be successful

Every week at least five people ask me how they can amass a million LinkedIn followers. Others ask how they can write for a site like Inc. Others ask how they can become a best-selling author. And that's a problem, because my LinkedIn following was partly due to circumstance, timing, and being asked to join the fledgling Influencer program. Writing for Inc. was mostly due to one editor who decided to take a chance on a cold email from an unknown writer. No one from the other nine business sites I pitched to even responded. Without those two things going…

Sunday, 07 March 2021 05:57

CBN promises to give extra N5 for every $1 received as diasporan remittance

Central Bank of Nigeria (CBN) has introduced a “Naira 4 Dollar Scheme”, an incentive that pays naira to senders and recipients of international money transfers. The policy is aimed at boosting dollar supply in the country, at a time of foreign exchange crunch that has forced CBN to devalue the naira more than once in year. According to the bank, recipients of diaspora remittances through CBN’s International money transfer operators (IMTOs) will now be paid N5 for every $1 received as remittance inflow. The bank disclosed this in a circular issued to all Deposit Money Banks (DMO) and IMTOs dated…

Friday, 05 March 2021 03:58

Coronavirus pandemic boosts Nigeria banking agent boom

When Lagos imposed a lockdown last year, Nigerian civil servant Ruth Oladimeji saw a way to earn extra money. With people unable to visit banks due to the coronavirus pandemic, she became an agent providing local banking services. Oladimeji signed up with Moniepoint, a mobile money platform on whose behalf she helps customers with services such as opening accounts and withdrawing cash. “It has increased my standard of living. It has helped me be able to support people financially,” said the mother-of-two, adding that she previously struggled to pay school fees and support elderly relatives on her civil service salary.…

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Friday, 05 March 2021 03:57

6,722 companies with N1bn banking turnover paying no taxes - FIRS

Federal Inland Revenue Service (FIRS) says it discovered that 6,722 companies, partnerships and enterprises with a banking turnover of N1 billion were not paying taxes as of May 2018. Mohammed Nami, FIRS executive chairman, was speaking on Wednesday at a virtual meeting on the review of a ‘Report on Illicit Financial Flows (IFFs) in Relation to Tax’ organised by Independent Corrupt Practices and Other Related Offences Commission (ICPC). Nami said the tax agency wrote to all the commercial banks in the country in May 2018, requesting a list of companies, partnerships and enterprises with N1 billion banking turnover. A total…

Thursday, 04 March 2021 03:12

2 critical questions every employer should ask in an interview or check-in meeting

Most people are happy to share this feedback and it's sure to inform you how to best work with them. As a leader, you want to scale and grow your business, manage your team and foster a good company culture. But doing that with a team full of different personality types can be a real challenge. So, today I wanted to talk about an exercise that I do with my executive team and encourage our business coaching clients to do as well. We call it good boss-bad boss. Over the last 25 years, I have worked with thousands of leaders…

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…

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