Business News

Monday, 16 November 2020 05:29

6 learnable skills that will define you as a business leader

You don't have to be a born leader to succeed in business today--it's a learnable skill. In these difficult days of the pandemic, the visibility of leadership in business, as well as in politics, seems to be at an all-time low. In my view as a business adviser, it's an ideal time for aspiring entrepreneurs and small-business owners to get ahead of the crowd by driving an innovative solution to a painful problem with the passion, perseverance, and work ethic I see every day. Some people are convinced that leadership is a character trait that you must be born with,…

Sunday, 15 November 2020 05:08

Mobile money agents take over as ATMs fail to dispense cash

The growing number of mobile money agents offering cash withdrawal services to Nigerians across the country has been linked to quick depletion of cash at Automatic Teller Machines. Many Nigerians in recent times have complained of the inability to withdraw cash from ATMs, which they had been using for withdrawals successfully. Also, interactions with some mobile money operators offering payment services with Point of Sales terminals showed that they were also having difficulty getting cash to meet clients’ demands. Some of them said they go to ATMs very early in the morning to get cash ahead of other users. It…

Sunday, 15 November 2020 05:00

The most successful people take these 3 kinds of breaks daily

You'll get more done (and feel better) if you do each of these things at least once a day. Common sense suggests that taking breaks would mean getting less done. But that's not what science shows. Study after study confirms that the boost in productivity you get after taking a rest more than makes up for the minutes you lose kicking back and relaxing. Once you accept this truth, you're faced with an important question - exactly what kind of breaks should you take and when? Plenty of experts have weighed in on this question, recommending everything from mid-day tree…

Saturday, 14 November 2020 05:30

Buhari signs law to create credit tribunal to go after loan defaulters

President Muhammadu Buhari has signed a law to create a credit tribunal that will improve loan recovery and strengthen the regulatory framework for managing failing or distressed lenders, the presidency said on Friday. The aim of the Banks and Other Financial Institutions Act 2020 is to update existing laws and it comes in response to developments in the financial sector over the past 20 years, spokesman Garba Shehu said. Nigeria’s banking sector has faced increased competition, especially after oil prices collapsed, turning once-lucrative oil sector loans sour and leading to a rise in non-performing loans, creating capital problems for lenders.…

Saturday, 14 November 2020 05:28

FG has slashed N2 off new ex-depot price of petrol. This is the confirmed price range at fuel stations nationwide

Nigerian National Petroleum Corporation (NNPC) has cut N2 from N155.17 ex-depot price of petrol earlier announced on Friday. With this new price, a litre of petrol will now sell at between N166.17 and N170.17 across the country. The state oil company announced the reduction in a statement on Friday night. “NNPC is aware of a document widely circulating in the media purporting an increase in the PPMC Ex-Coastal Price and Ex-Depot Price (with collection) to N130 and N155.17 respectively and wishes to clarify that although there was a slight increase in the price based on the prevailing realities of market…

Saturday, 14 November 2020 05:16

3 choices in life separate true leaders from mere managers

Managers are promoted to esteemed leadership roles every day who have no business belonging there. Can you imagine working for someone in a high-level management role and suddenly it dawns on you: This person isn't leadership caliber. Your next thought may be, How in the world did he (or she) make it this far up the ladder? It's a fair question. Sometimes it's political or favoritism; other times it's the easier choice -- promote from within and avoid the high cost of recruitment -- but a bad choice, nonetheless. Sure, good managers may know how to effectively manage the nuts…

Friday, 13 November 2020 05:20

NSE triggers ‘circuit breaker’ as stocks surge in volatile trades

Stocks on Nigerian Stock Exchange posted their biggest daily gain in more than 5-1/2 years on Thursday, triggering a circuit breaker on the bourse for the first time to halt volatility after the index hit a five-percent limit. Domestic funds piled into shares, taking gains on the index to 6.23%, or 35,342.46 points. Stocks rose to a more than two-year high on Thursday, extending gains for a fifth session to a level last seen in August 2018. Shares last gained 8.3% in April 2015, when Muhammadu Buhari became the first Nigerian to oust a president through the ballot box, putting…

Friday, 13 November 2020 05:19

Nigeria case against JP Morgan over oil deal fraud to go to trial in London court

A lawsuit launched by the federal government against U.S. bank JP Morgan Chase, claiming over $1.7 billion (1.29 billion pounds) for its role in a disputed 2011 oilfield deal, will proceed to trial, London’s high court ruled on Thursday. The suit filed in the English courts in 2017 relates to the purchase of the offshore OPL 245 oilfield in Nigeria by oil majors Royal Dutch Shell (RDsa.L) and Eni (ENI.MI) in 2011, which is the subject of an ongoing trial in Milan. The six-week London trial will start on the first available date after Nov. 1 next year, meaning that…

Friday, 13 November 2020 05:18

Yahaya Bello imposes tax on every loaf of bread sold in Kogi

Kogi state government has introduced a levy on every loaf of bread baked in the state. The state ministry of commerce and industry said the levy is aimed at improving the internally generated revenue. But the state chapter of the Association of Master bakers and Caterers of Nigeria (AMBCN) said on Thursday that the bakers were against the levy. An executive member of the association simply identified as Godfirst said the association has begun moves to meet with the consultant the state charged with collecting the fee. Godfirst said they received a memo from the ministry imposing a levy to…

Friday, 13 November 2020 05:08

Why retraining and adaptability will define the next generation of top performers

Codecademy co-founder and CEO Zach Sims sees a future where fewer top hires have college degrees, and continued skills training is standard for CEOs. Zach Sims is co-founder and CEO of Codecademy. The company has taught millions of people how to program since launching in 2011 and has worked with organizations like Google, Amazon, and IBM to train and place talent. In Inc.'s series on the future of business, he shared predictions about training and education. --As told to Vickie An Did you see a jump in people wanting to learn coding during the pandemic? Yes. As the pandemic peaked,…

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Thursday, 12 November 2020 05:14

Oil rises further on hopes OPEC+ will hold back supply as Covid-19 cases soar

Oil prices rose in early trade on Thursday, taking the week’s gains to more than 12% on growing hopes that the world’s major producers will hold off on a planned supply increase as soaring cases of Covid-19 dent fuel demand. Algeria’s energy minister said on Wednesday that OPEC+ - grouping the Organization of the Petroleum Exporting Countries (OPEC) and other suppliers including Russia - could extend current production cuts of 7.7 million barrels per day (bpd) into 2021, or deepen them further if needed. The weakening outlook has piled pressure on OPEC+ to delay a supply increase of 2 million…

Thursday, 12 November 2020 05:08

Jigawa farmers lose farmland to flooding

Jigawa State in north-western Nigeria experienced the worst floods in decades in September. 15,000 people were made homeless and are currently living in makeshift camps. The farming community was hit the hardest, as the majority of Jigawa’s population relies on farming as a source of income. BBC

Thursday, 12 November 2020 05:07

Nigerian billionaire plans to dig platinum mine in Zimbabwe

Bravura Holdings Ltd., owned by Nigerian billionaire Benedict Peters, has $1 billion available for the development of a platinum mine in Zimbabwe, its country manager said. The 3,000 hectare (7,413-acre) concession where it plans to dig the mine is in Selous, 80 kilometers (50 miles) south of Zimbabwe’s capital Harare and close to existing platinum mines. “From where we are now, we will go to resource definition, after that we will go to resource modeling, after mine development and then mine construction,” Lionel Mhlanga, Bravura’s manager in the southern African country, said in an interview at the mine on Nov.…

Wednesday, 11 November 2020 05:51

FG grants Dangote, 2 others permission to export products through shut land borders - Report

Federal government has allowed Dangote Cement to resume exports across Nigerian land borders, raising hopes that Africa’s most-populous nation may be opening up trade with neighbors after a year-long blockade. President Muhammadu Buhari’s administration gave permission for Africa’s biggest cement producer to export to Niger and Togo in the third quarter for the first time in ten months, Michel Puchercos, chief executive officer, said on an investor call Monday. The exemption to Dangote Cement is seen as a softening of the government’s position on a border closure that started in August last year, and could open the way for other…

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