Business News

Wednesday, 16 September 2020 05:08

Despite CBN’s interventions, Naira plunges further in parallel market

Naira continued its downward trend, as it exchanged for dollars at N460 in the parallel market on Tuesday, despite resumption of forex sales to Bureau de Change Operators. Naira had earlier dropped from N480/$ following Central Bank of Nigeria’s announcement to resume forex sales to the BDCs, and exchanged at N440/$ as of Thursday. CBN on September 7, sold $51m to 5,180 BDCs when it commenced sales. Central Bank Governor, Mr Godwin Emefiele, on Tuesday, said the drop in crude oil earnings as well as the drop in foreign portfolio inflows significantly affected the supply of foreign exchange into Nigeria.…

Wednesday, 16 September 2020 05:03

Arik Air resumes flight operations

Management of Arik Air has announced resumption of flight operations following the shut down of its operations by aviation unions on Monday. Mr Adebanji Ola, Arik Air’s public relations and communications manager, said all early morning flights operated as scheduled on Tuesday. “All our early morning flights for Tuesday, September 15, 2020, operated in and out of Lagos on schedule and all other flights for the day will operate as scheduled,” Ola said in a statement on Tuesday. “Once again, we apologize to all our valued customers for the disruption to their travel plans on Monday and assure them of…

Tuesday, 15 September 2020 05:10

Nigeria reels from twin crises that threaten food availability

Shehu Ladan took a boat across what was, until this month, a growing rice paddy. Now, like thousands of hectares of rice in Nigeria’s Kebbi state, it is under water. “Almost all my farm has been flooded. I didn’t harvest any rice,” Ladan told Reuters. “It’s going to be devastating.” Floods early this month across northwest destroyed 90% of the 2 million tons that Kebbi state officials expected to harvest this autumn, head of the state branch of the Rice Farmers Association of Nigeria told Reuters. The loss amounts to some 20% of the rice grew last year, and the…

Tuesday, 15 September 2020 05:05

CBN introduces solar intervention fund, fixes credit limit

Central Bank of Nigeria has introduced a solar intervention fund that will offer obligors access to credit facility that will not exceed a maximum of N500m maximum, with the aim of providing affordable electricity to rural dwellers. CBN disclosed this in a document on Monday entitled ‘Framework for implementation of the solar connection facility.’ It said, “Central bank has introduced solar connection intervention facility to complement Federal Government’s effort of providing affordable electricity to rural dwellers through provision of long-term low-interest credit facilities to Nigeria Electrification Project pre-qualified home solar value chain players that include manufacturers and assemblers of solar…

Tuesday, 15 September 2020 05:04

FG moves to regulate crypto currencies, other digital investments

Securities and Exchange Commission (SEC) on Monday announced that it would begin to regulate digital currencies and crypto-based companies. A statement by SEC said the general objective of regulation is not to hinder technology or stifle innovation but to create standards that encourage ethical practices that ultimately make for a fair and efficient market. Federal government had in past described digital currencies as illegal and warned its citizens against it. The crypto-coin investment environment in Nigeria has, thus, been devoid of extant regulation, despite a surge in peoples’ interest in the digital offerings. According to 2020 Global Crypto Adoption Index…

Tuesday, 15 September 2020 05:00

Unions ground Arik Air over salary defaults, others

Operations of Arik Air were on Monday shut down by aviation unions over alleged non-payment of staff salaries since April after placing 90 per cent of workforce on compulsory leave and other anti-labour practices. The unions include National Union of Air Transport Employees (NUATE) and Air Transport Senior Staff Services Association of Nigeria (ATSSSAN). The shutdown extends to all Arik Air operations, including airlines. Chairman, ATSSSAN, Arik Air Branch, Mr Innocent Atasie, told journalists that the workers resolved to shut down Arik operations nationwide when all efforts made to resolve the problem failed. Atasie said that the unions were miffed…

Tuesday, 15 September 2020 04:44

Why smart bosses never make counteroffers when employees resign

The best time to make employees want to stay? Long before they even think about looking for another job. A solid employee -- an above-average performer, but not a superstar -- gave me his two-week notice. (We'll call him Mark.) I mentioned it to my boss later that day. "Is it a money thing?" he asked. "I'm sure money is a factor," I said, "but he'll also have a much shorter drive to work. And he won't have to work as many weekends." "Tell you what," he said. "Offer Mark a 10 percent raise and see if he will stay."…

Monday, 14 September 2020 05:54

Naira instability presents ‘golden opportunity’ for local investors - Fund manager

The currency risk that’s keeping foreigners from the Nigerian market is a golden opportunity for local investors, according to a London-based fund manager who’s dumped all his Nigerian assets. While the probability of a naira devaluation remains a turn-off for foreign investors, it could boost the local stock market, as it happened in Zimbabwe, said Erik Renander, a portfolio manager at Emerging Markets Investment Management Ltd, known as Duet Group/UK. More investment by locals would also bolster confidence in the market, he said. “You could be sitting in front of a great opportunity,” Renander said in virtual conference. “Generally, when…

Monday, 14 September 2020 05:43

How to sculpt yourself into a future-ready leader

Angela Kambouris Create a leadership mindset that encourages reflection, big-picture thinking and decisive plans of action. Overnight, Covid-19 changed the leadership menu from survival to evolving in a crisis. Leading through a crisis can feel like a heavyweight boxing championship — fifteen rounds to decide who will emerge on the other side. Change disrupts people’s expectations of the future, reduces their sense of control and their ability to process information. In times of high stress, Daniel Goleman coined the term “amygdala hijack” to capture how you analyze and interpret behavior resulting in a fight, flight, or freeze response. Left unchecked,…

Sunday, 13 September 2020 05:46

FG partners private developers for construction of low-cost houses in Ibadan

Federal Housing Authority (FHA) has commenced construction of low and medium cost houses in Ibadan, Oyo State capital. The buildings will sit on 1,000 hectares of land set aside as Ajoda New Town along Ibadan-Ife expressway. The cheapest flat in the estate will cost a little over N4 million according to a building partner, Mr Mike Anjorin. In a chat with the media, after a familiarization tour of the project yesterday, Managing Director/Chief Executive Officer, FHA, Mr Gbenga Ashafa, said the housing scheme was aimed at providing affordable houses for Nigerians as part of the promise of President Muhammadu Buhari…

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Sunday, 13 September 2020 05:31

Of all habits, these 3 made me the most successful

Nicolas Cole We are all human. Which means that success and how it is achieved is also largely universal. What someone learns in one industry is often extremely similar to what someone learns in a completely opposite industry — when reduced down to their simplest habits. Regardless of what industry you play in, or what your undertaking in life is, the recipe for success will always be the same. Always. Yes, the nuances and the specifics will change depending on what it is you’re pursuing — a CEO is going to face different challenges than a music artist, for example…

Saturday, 12 September 2020 05:33

Dollar shortage squeezes World Bank-backed Nigeria power plant

A World Bank-backed power plant that provides a tenth of Nigeria’s electricity is at risk of a default on its loan payments because of a severe dollar shortage in the continent’s biggest economy, according to three people briefed on the matter. The $900m Azura-Edo Independent Power Plant in Edo state has been unable to source dollars through the Central Bank of Nigeria, which has restricted access to the greenback in an effort to support the local naira currency, according to an industry executive and a financier briefed on the matter. “They have the funds [in naira]— they just can’t make…

Friday, 11 September 2020 05:50

FG has rolled out stimulus schemes for small businesses. Depending on your business or vocation, this is how much you’ll get from the N2.3trn fund

Special Assistant to President Muhammadu Buhari on Micro Small and Medium and Medium Enterprises (MSMEs), Mr Tola Johnson, says 100,000 small businesses will get N50,000 each as part of Covid-19 economic stimulus. He spoke at the inauguration of the Implementation of Survival Fund and Guaranteed Off-Take Stimulus Schemes for MSMEs yesterday in Abuja. Johnson, who is also the Project Coordinator, said the schemes were part of the Economic Sustainability Plan drafted by Vice President Yemi Osinbajo-led committee and approved by President Muhammadu Buhari. Johnson said the schemes would go a long way in mitigating the impact of Covid-19 lockdown on…

Friday, 11 September 2020 05:44

Three banks chiefs quit Economic Summit board over criticism of CBN policies

Chief executive officers of three banks have resigned from the board of Nigerian Economic Summit Group. The CEOs, Mr Kennedy Uzoka of United Bank for Africa (UBA); Mr Abubakar Suleiman of Sterling Bank and Mr Adesola Adeduntan of First Bank Plc, were reported to have resigned from the board in protest of NESG’s criticisms of Central Bank of Nigeria’s interventions. Chairman of NESG, Mr Asue Ighodalo, is also the chairman of Sterling Bank. A source at NESG told reporters on Thursday that the issues have not been finalised and that there has been no discord in the board whatsoever. In…

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