Business News

Thursday, 10 September 2020 05:44

Negotiations ongoing for FG to relinquish majority stakes in refineries - NNPC

Nigeria is holding talks to give up majority stakes in all four of its moribund oil refineries, Mr Mele Kyari, head of the state oil firm NNPC, said on Wednesday. He told Channels TV that discussions were taking place on an operating model in which the state oil company NNPC or the government would be a minority shareholder in the assets. “It means there will be more scrutiny of shareholders and also becoming more efficient to operate. That conversation is on the table,” said Kyari, NNPC’s group managing director, without specifying how the government planned to transfer ownership, or to…

Thursday, 10 September 2020 05:42

Nigerians are sitting on their savings, thwarting lending - Bloomberg

Nigerian companies are parking more of their funds in bank deposits, upending a push by the central bank to fuel lending to support the economy. “Many rich corporates have simply been content with saving their cash balances and collecting huge interest payments,” central bank said in a statement on Wednesday. That’s at the expense of “expanding their investment, which should lead to hiring more people and producing more goods.” Contrary to Plan It also means that banks aren’t meeting a central bank requirement to use at least 65% of their deposits for loans, or face penalties. The ratio dropped to…

Thursday, 10 September 2020 05:25

Next-level leadership: The new skills and mindsets needed to lead others into the future

Information sharing via the internet has unleashed a whole new playing field for businesses. Leaders have had to begin working on different skills for a few years, but 2020 has pushed the envelope and created a definitive mandate for the shift to happen or else fail. Add in this year’s level of unexpected and volatile events and we are definitely not in Kansas anymore, Toto. The challenge is less about learning something completely new and more about leaders giving themselves permission to embrace a different way of leading. This requires letting go of the way things were and opening ourselves…

Wednesday, 09 September 2020 05:32

Oil marketers will henceforth fix pump price of petrol - FG

Petroleum Products Pricing Regulatory Agency (PPPRA) says it would no longer provide a price band at which marketers will sell petrol. PPPRA executive secretary, Mr Abdulkadir Saidu, said retail price of petrol would henceforth be determined by demand and supply of the commodity and the international price of crude oil. With this move, it means that the downstream sector of the oil industry has been fully deregulated. Saidu, who was represented by PPPRA general manager for administration and human resources, Mr Victor Shidok, also said the agency would remain the regulator to ensure that oil marketers do not cheat consumers.…

Wednesday, 09 September 2020 05:28

CBN tackles Nigerian Economic Summit Group over interest on saving deposits, calls group ‘bourgeoisie’

Total deposits in the banking sector rose from N25tn in January to N29.7tn as at the end of August. Within the same timeframe, bank loans rose by N2tn. Director, Corporate Communications, CBN, Mr Isaac Okorafor, disclosed these in a statement on Tuesday titled ‘Re: Matters of urgent attention’, in response to a press statement issued by Nigerian Economic Summit Group (NESG). He said, “Over the past several months, we have noticed an increasingly large gap between total deposits in the banking system and total credit to the economy. “While total deposits stood at about N25tn in January 2020, total loans…

Wednesday, 09 September 2020 05:26

Naira loses ground to foreign currencies at parallel market

Barely 24 hours after Central Bank of Nigeria (CBN) resumed dollar sales to Bureau De Change (BDC), Naira reversed the gain made against the dollar. Naira traded at N441 to the dollar on Tuesday, losing N6 from N435 recorded on Monday at the parallel market in Lagos. Pound Sterling and Euro closed at N585 and N515, respectively. At BDC window, naira was sold at N386 to a dollar, while Pound Sterling and Euro closed at N585 and N515, respectively. Trading at the investor’s window saw naira closing at N386.21 to a dollar as investors traded a total of 45.22 million…

Wednesday, 09 September 2020 05:10

Bill Gates says these are the 2 questions he always asks when solving big problems

From Microsoft to fighting Covid-19, the billionaire says his approach hasn't changed. Bill Gates has done a few things in his life. I mean, there's Microsoft, one of the most valuable companies on earth, which Gates founded and led until 2008. There's also the Gates Foundation, which has tackled some of the world's largest public health problems like eradicating Polio from its last few strongholds, for one. Of course, there's also the work the foundation is doing to fund Covid-19 vaccines, as well as work to increase access to rapid testing. For someone who could easily sit back and enjoy…

Tuesday, 08 September 2020 05:28

CBN’s dollars sale gives Naira further boost on all exchange windows

The Naira on Monday gained N5 to close at N435 to the dollar at the parallel market in Lagos. The Pound Sterling and the Euro closed at N575 and N515, respectively. At the Bureau De Change window, Naira traded at N386 to the dollar, while Pound Sterling and the Euro closed at N575 and N515, respectively. Trading at the investor’s window saw the Naira exchanging at N386 as investors transacted a total of 45.22 million dollars. The Naira, however, closed at N379 to the dollar at the official CBN window. Mr Aminu Gwadabe, President, Association of Bureau De Change Operators…

Tuesday, 08 September 2020 05:10

7 things employees wish bosses would start doing - immediately

Want to be a better boss? I asked one million LinkedIn followers what they wish every boss would start doing, and here are some of the answers. Great organizations are built by great bosses. (That's why identifying and attracting talented people is almost as important as developing talented people.) How do you become a better boss? You could take a page from the Google book and match your skills to what Google determined are the key behaviors of top managers. Or you could check out the following. I asked one million-plus LinkedIn followers a simple question: "If you could cause…

Monday, 07 September 2020 05:24

Real estate sector contracted 17.18 percent in Q2, 2020 - NBS

Real estate services sector contracted by 17.18 per cent in the second quarter of the year, statistics available from National Bureau of Statistics have shown. NBS disclosed this in its second quarter report on the country’s Gross Domestic Product report. Part of the report said, “In nominal terms, real estate services in the second quarter of 2020 declined by 17.18 per cent per cent, or 19.27 per cent points lower than the growth rate reported for the same period in 2019 and lower by 18.31 per cent points compared to the preceding quarter.” Quarter-on-quarter, the sector growth rate was lower…

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Monday, 07 September 2020 05:21

Emirates, Ethiopian Airlines resume flights to Nigeria

Emirates has announced it will resume passenger services to Lagos on September 7 and Abuja September 9. The resumption of flights to both Nigerian cities takes Emirates’ African network to 13 destinations. Flights to Lagos will operate four times a week on Monday, Wednesday, Friday and Sunday. Flights to/from Abuja will operate as a daily service. Tickets are open for booking on the airline’s website. The addition of Nigerian cities expands the airline’s network to 84 destinations. Passengers travelling from both cities in Nigeria to the Americas, Europe, Middle East and Asia Pacific can enjoy safe and convenient connections via…

Monday, 07 September 2020 05:18

Naira set to gain as CBN resumes forex sales

Resumption of forex sales to Bureau De Change operators by Central Bank of Nigeria on Monday (today) will strengthen the exchange rate of the naira to the dollar, according to the operators. In a circular, CBN had announced plans to resume sale of foreign exchange to BDCs today as part of effort to enhance accessibility to foreign exchange. The naira, which traded on the parallel market at N420 to a dollar on Friday sold for N480 a week earlier. President, Association of Bureaux De Change Operators of Nigeria, Mr Aminu Gwadabe, expressed support for CBN action on forex sale. “The…

Monday, 07 September 2020 05:16

CBN raises Target Credit for small businesses to N100bn

Central Bank of Nigeria (CBN) has increased the N50 billion Target Credit Facility (TCF) to N100 billion with interest rates slashed to 5 per cent from 9%, to keep MSMEs afloat in business. Director, Development Finance, CBN, Mr Yusuf Yila, speaking at the virtual launch of the first Pan-African MSME Academy said MSMEs are an important sector, hence CBN and the bankers committee put in place combined stimulus packages directed at them. Yila, said the apex bank had emplaced several funding support initiatives to enable Micro, Small and Medium Enterprises (MSMEs) survive Covid-19 pandemic and beyond. He encouraged MSMEs to…

Monday, 07 September 2020 05:04

How can you tell you work for a toxic boss? They're known for these 5 things

Does this sound like your boss? With so much of our employees' work lives now blending with their personal lives, having the wrong boss can make the work-life blend a liquified hell. Plenty of research states that people leave bosses rather than jobs. While no manager is perfect, certain behaviors may clue you to the reality that you're reporting to a truly toxic boss. As someone who has literally recovered from the physical and emotional trauma stemming from having worked under a stifling, fear-based corporate dictatorship, I've observed five common toxic boss traits or habits that may be present in…

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