Business News

Saturday, 26 September 2020 05:36

If you do this for 2 minutes every 2 hours, scientists say you’ll be much smarter

Entrepreneurs face considerable mental and emotional challenges, making decisions every day that they hope will pay off for years to come. So you probably know that exercise helps you perform better under stress; that exercising at moderate intensity for 20 minutes elevates your mood for up to 12 hours; that exercise increases the production of a protein that supports the function, growth, and survival of brain cells; and that exercise is one of the five daily habits a 30-year Harvard study shows can not only increase your lifespan by 12 to 14 years, but also cut your risk of Alzheimer's…

Friday, 25 September 2020 05:11

Kano, Kaduna, Lagos lead as 174,574 apply for Covid-19 N75bn small businesses survival fund - FG

Within 48 hours, 174,574 persons successfully registered for the N75bn National MSME Survival Fund and the Guaranteed Off-take Stimulus schemes under Nigeria Economic Sustainability Plan, Federal Government announced on Thursday. Registration for MSME Survival Funds commenced at 11pm on Monday. The schemes were introduced by the Federal Government to support individuals and businesses negatively affected by the Covid-19 pandemic. Minister of State for Industry, Trade and Investment, Mrs Mariam Katagum, told journalists in Abuja that “as at 8.30am this (Thursday) morning, successful registrations stood at 174,574.” She added, “The following states have the highest applications as follows, Kano, 19,895; Kaduna,…

Friday, 25 September 2020 05:05

Govts globally lose $500bn to ‘profit-shifting’ methods annually - UN

Profit-shifting enterprises cost governments about $500 billion (N190 trillion) in losses annually, according to a United Nations panel of experts. Profit shifting is a corporate tax planning strategy used by multinationals to move profits from higher-tax jurisdictions to lower-tax jurisdictions thus reducing their tax burdens in the higher-tax jurisdictions. The estimate came in an interim report of the High-Level Panel on International Financial Accountability, Transparency and Integrity for Achieving 2030 Agenda (FACTI) published on Thursday. According to the report, $7 trillion (N2.6 quadrillion) in private wealth is hidden in haven countries, while 10 per cent of world Gross Domestic Product…

Friday, 25 September 2020 04:52

Warren Buffett says 4 choices in life separate doers from dreamers

Now 90 years young, the Oracle of Omaha is still impressing with important life lessons. Ever read something Warren Buffett said or did and mumble to yourself, "Why didn't I think of that?" Outside of Buffett's mastery of investing, his down-to-earth wisdom is not only legendary but we all nod in agreement with the simple and yet profound effect it has on our lives. Take, for example, the advice below. Common sense, yes. But to many of us, it's not common practice. That is, until we become believers that the principles actually work. All you need to do is act…

Thursday, 24 September 2020 05:47

CBN eases collateral requirements for Anchor Borrowers

Central Bank of Nigeria (CBN), has approved additional incentives under its Anchor Borrowers Programme (ABP), through which it will share equal risks with smallholders farmers (SHFs). This is expected to boost production and ensure food security in the country, while checking inflation tide, and slashing farmers risk portfolio from 75 to 50 per cent, and increase CBN’s collateral guarantee to 50 per cent up from 25 per cent. The development is aimed at ensuring that farmers increased their productivity level to lower the component of food import into Nigeria. The additional incentive was announced at the launch of this year’s…

Thursday, 24 September 2020 05:46

FG auctions bonds at lower yields after surprise rate cut

Nigeria sold bonds on Wednesday at yields lower than the secondary market despite double-digit inflation, auction results showed, after an unexpected central bank interest rate cut aimed at stimulating the economy. The debt office paid 8.94% for the longest 30-year paper, while the bond fetched 9.7% on the secondary market. The maturity received most of the subscription at the auction. The debt office offered to sell 185 billion naira ($486.07 million) at the auction but sold 106.15 billion naira worth of debt. Central bank on Tuesday cut interest rates by 100 basis points to 11.5%, to support an economy that…

Thursday, 24 September 2020 05:45

FG September bonds oversubscribed by 215.22bn

Federal Government’s bonds for September worth N145bn which were auctioned on Wednesday, were oversubscribed by N215.22bn, Debt Management Office disclosed on its website. The total subscription received from investors for the bonds was N360.22bn, comprising N83.83bn for 12.5 per cent FGN January 2026 bonds; N71.4bn for 12.5 FGN March 2035 bonds; N41.06bn for 9.8 per cent FGN July 2045 bonds; and N163.93bn for 12.98 per cent FGN March 2050 bonds. The auction results added that out of the 78, 71, 57, 104 total bids for the bonds, 50, 13, seven, and six bids were successful. It stated that a total…

Wednesday, 23 September 2020 05:27

CBN disbursed N3.5trn Covid-19 intervention cash. Here’s who got what

Central Bank of Nigeria (CBN) has disbursed N3.5 trillion to different sectors of the economy to cushion the effects of coronavirus pandemic. It will also contribute N1.8 trillion into the N2.30 trillion Federal Government’s one-year Economic Sustainability Plan (ESP) through its Participating Financial Institutions (PFIs). CBN Governor, Mr Godwin Emefiele stated this on Tuesday after Monetary Policy Committee (MPC) meeting in Abuja. Emefiele gave a breakdown of who got what out of the N3.5 trillion Covid-19 intervention as follows: Real Sector (N216.87 billion); Covid-19 Targeted Credit Facility (N73.69 billion); Agri-Business/Small and Medium Enterprise Investment Scheme (N54.66 billion); Pharmaceutical and Health…

Wednesday, 23 September 2020 05:23

Fuel transporters suspend strike after NNPC, DSS intervention

Nigerian Association of Road Transport Owners (NARTO) has ordered its members, comprising of truck and tanker owners, across the country to resume operations, following the decision of federal government to suspend implementation of the ban on fuel tankers with over 45,000-litre capacity. National President of NARTO, Mr Yusuf Othman, said this on Tuesday in Abuja while addressing journalists on the update of the association’s decision to stop lifting of fuel and withdraw other services they render with their trucks nationwide. According to him, suspension of the strike action followed intervention of Group Managing Director of Nigerian National Petroleum Corporation (NNPC),…

Wednesday, 23 September 2020 05:19

IBEDC appeals to customers over poor electricity supply

Management of Ibadan Electricity Distribution Plc (IBEDC),Tuesday, apologised to its customers in Mowe, Ibafo and Magboro over poor supply of electricity in the area. Chief Operating Officer (C00) of the company, Mr. John Ayodele, in a statement, said the dismal power situation being experienced in those communities is a shared challenge between the company and Transmission Company of Nigeria (TCN). He explained that the three communities get their supply from Oke-Aro 132KV/33KV Transmission station with allocation by TCN standing at 13 MW, stating that the communities however require about 40 MW. Ayodele said because TCN cannot allocate the energy required…

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Wednesday, 23 September 2020 05:17

Coronavirus accelerates Nigeria's digital banking push

Civil servant Amos Dam is frustrated after waiting two hours to enter a bank in Nigeria’s capital Abuja. He is one of about 20 people sitting on plastic chairs under a canopy to protect them from the sun on a pavement between a busy road and the bank. “It has become much more tedious trying to carry out any transactions in the bank,” said Dam, referring to the impact of social distancing measures reducing numbers inside branches to halt spread of the new coronavirus. The pandemic has increased the use of digital banking services in Nigeria where restrictions on the…

Wednesday, 23 September 2020 05:05

My employee resigned but now isn't leaving ... and four other tricky workplace dilemmas

Inc.com columnist Alison Green answers questions about workplace and management issues--everything from how to deal with a micromanaging boss to how to talk to someone on your team about body odor. Here's a roundup of answers to five questions from readers. 1. My employee resigned but now isn't leaving I recently took over as manager for a small team. One of the employees on the team, Jane, announced that she was leaving and had a new job lined up. Jane's replacement was hired but before she could start, there were some problems with Jane's new job. This is no fault…

Tuesday, 22 September 2020 05:02

Naira sinks at parallel market as CBN warns of further slide

Declining export receipts from oil and speculative activities of Bureau De Change operators among other challenges of the Covid-19 pandemic on the economy will put more pressure on the naira. Central Bank of Nigeria said this in its report on ‘Monetary, credit, foreign trade and exchange policy guidelines for fiscal years 2020/2021’. Value of the naira plunged further as it exchanged at 465/$ on the parallel market on Monday, after it exchanged at 460/$ on Thursday. It had earlier exchange at 430/$ when the CBN commenced forex sales to BDCs earlier in September. Sequel to Covid-19 pandemic, it said, the…

Monday, 21 September 2020 05:24

Appeal Court upholds N3.8bn, $4.9m verdict against Customs

Court of Appeal in Abuja has upheld a N3.82 billion and $4.95 million monetary judgment against Nigerian Customs Service Board (NCSB) and its Chairman by a Federal High Court in Abuja. A three-man panel of the Appellate Court, in a unanimous judgment by Mr Emmanuel Agim, dismissed an appeal filed by NCSB and its chairman. In dismissing the appeal, the appellate court held that Federal High Court was in order when it held in favour of the plaintiff – Maggpiy Trading TFZE – in the judgment given by Mr Inyang Ekwo on July 10, 2019. In the judgment given on…

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