Business News

Saturday, 15 August 2020 04:21

Naira slides further at parallel market as forex scarcity persists

Naira on Friday exchanged to dollar at 475 at parallel market as foreign exchange scarcity persisted. Continued volatility experienced in crude oil prices and low demand had continued to take its toll on the naira as exchange rate worsened. Recently, Central Bank of Nigeria officially changed the exchange rate of naira to dollar from N361 to N379. The apex bank had earlier expressed its decision to unify the exchange rates in the country as the market defied interventions. During the last Monetary Policy Committee meeting, Deputy Governor, Financial Systems Stability Directorate, Ms Aisha Ahmad, said the exchange rate was still…

Saturday, 15 August 2020 04:19

Lagos drops 10 percent service charge for Uber, Bolt, others

Lagos State government has reversed plans to impose 10 per cent service charge on every trip through e-hailing platforms like Uber and Bolt. Commissioner for Transport, Mr Frederic Oladeinde, who announced the new measure Friday, said the implementation of the levies on operators has been shifted by a week to August 27, this year. Also, the government had reached an agreement with operators to charge N20 per trip instead of 20 per cent of the charges for each trip. The commissioner, who disclosed that the N20 per trip charges would be housed under the Road Improvement Fund, added that the…

Saturday, 15 August 2020 04:16

Hair from everywhere: Nigerians’ love of fancy wigs fuels a global trade

My outfit for the day determines what hair I will be wearing,” says Olayinka Titilope, a Nigerian wigmaker. She has a different peruke for each day of the month. The weather also influences her choice. On cooler days she might opt for long, thick locks. During the summer she tends towards lighter bob-cuts. Ms Titilope hopes her hairdos will inspire the customers who visit her wig gallery in downtown Lagos, Nigeria’s commercial capital. She sells wigs for between $60 and $800. Those at the top end are made of human hair from Cambodia, she says. Some African feminists argue that…

Friday, 14 August 2020 05:20

Jeff Bezos uses this simple leadership trick to overcome toxic mindsets

It starts with a simple but challenging fact. And if you're not careful, it can lead to more problems. Here's a simple trick that Jeff Bezos suggests using to overcome a basic business leadership problem. It stems from the fact that the most important business decisions are often also the hardest ones--and those tough decisions often result in an additional cascade of leadership challenges. It's pretty simple really. If you make a choice from among several reasonable choices in your business, some of your team members or stakeholders will likely conclude you've made the wrong choice. And once you've made…

Thursday, 13 August 2020 05:12

Banks’ total assets rise to N47.82tn

Total assets of the banking sector rose to N47.82tn as of the end of June, 2020. A member of Monetary Policy Committee of Central Bank of Nigeria, Mr Rafindadi Sanusi, disclosed this during the last MPC meeting in his presentation, which was obtained by our correspondent on Wednesday. He also said the report on the banking system stability review showed that despite challenges posed by Covid-19 lockdown, the banking system remained sound and resilient. Sanusi said, “The industry capital adequacy ratio had increased to 15 per cent in June 2020, which meets the industry’s prudential benchmark. “The non-performing loans ratio…

Thursday, 13 August 2020 05:09

Lagos imposes taxes on Uber, Taxify, others

Passenger fare may be set for an increase as ride hailing services in Lagos including Uber, Taxify and private taxi drivers will now operate under new regulatory guidelines. In January, Lagos had announced the ban of commercial activities of motorcycles and tricycles in 15 council areas within the state, while other ride-hailing services such as taxis were not affected. The new guidelines will take effect from August 20, 2020. The new guidelines also stipulate new licence fees which differ depending on the number of vehicles owned by the operator. “There is an urgent need to upgrade existing guidelines for the…

Wednesday, 12 August 2020 05:39

NNPC opens pipeline, depot repair to private investors

NNPC is asking investors to bid to fix pipelines and depots serving its oil refineries, according to a document posted on its website on Tuesday. Built in the 1970s, the pipeline network is crucial to getting crude oil to NNPC’s three refinery complexes, and moving the finished fuels to consumers. But years of what NNPC described as “incessant” theft and vandalism, as well as simple ageing, have left the pipelines in need of extensive repairs. The refineries themselves have run only sporadically, and NNPC shut them down earlier this year while they await repairs and upgrades. It said on Tuesday…

Wednesday, 12 August 2020 05:37

CBN pegs banks’ equity funding for agric schemes at N2bn

Central Bank of Nigeria (CBN) has pegged non-interest banks’ funding of agricultural programmes at a maximum N2 billion equity. The investment is set at 40 per cent of investee company’s equity subject to a maximum of N2 billion and tenor of up to 10 years. It has an initial lock-up period of three years. The new rule is contained in the guidelines for Agri-Business, Small and Medium Enterprises Investment Scheme (AGSMEIS) for Non-Interest Financial Institutions (NIFIs) released by the apex bank. The guidelines, signed by CBN Director, Financial Policy and Regulations Department, Mr Kelvin Amigo, described AGSMEIS as an initiative…

Monday, 10 August 2020 04:25

One Naira in, two Naira out: Nigeria had net capital outflow of N136.7bn in H1, 2020

For every naira invested, foreign portfolio investors took out N2 in the first half of this year as Nigeria continues to wriggle with disproportionately high outflow of foreign portfolio investments (FPIs) against declining inflow. Regulatory report obtained at the weekend indicated that foreign portfolio outflows rose to N266.68 billion in first half of the year as against inflows of N129.95 billion, representing a net FPI deficit of N136.7 billion. The deficits of N136.7 billion in first half 2020 represented 31.1 per cent increase on N104.29 billion recorded for last year. Total FPIs for the six-month period ended June 30, 2020…

Monday, 10 August 2020 04:24

Nigeria set to make $510m from new oil deal

Nigerian National Petroleum Corporation (NNPC) said it has reached an accord with its partners, to settle all outstanding issues surrounding the development of Oil Mining Lease, (OML) 130 with a prospect of raking in $510 million revenue. A press statement by NPPC spokesman, Mr Kennie Obateru, said the partners are China National Offshore Oil Company (CNOOC) and South Atlantic Petroleum (SAPETROL). NNPC said it was part of its drive to meet the target of revving up oil production to 3m barrels per day and unlock gas revenues to $225m in the short term. Speaking at the signing of Head of…

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Monday, 10 August 2020 04:23

Covid-19: FG working with CBN to restructure SME loans - Osinbajo

Vice President Yemi Osinbajo has said Federal Government is working with Central Bank of Nigeria to help borrowers to restructure their loans as part of efforts to ease the impact of Covid-19 pandemic. Osinbajo said this in a statement on Sunday by Senior Special Assistant to the President on Media & Publicity, Office of the Vice President, Mr Laolu Akande, entitled ‘FG will use part of N2.3tn ESP stimulus as buyer of last resort.’ The statement said he disclosed this at the virtual edition of the 2020 presidential policy dialogue of the Lagos Chamber of Commerce and Industry. As part…

Monday, 10 August 2020 04:20

A family's $35bn fortune evaporates in a blink

A lot can happen in two-and-a-half years. In early 2018, Georg Schaeffler became Germany’s richest person as shares of ContinentalAG, the car-part maker in which he and his mother—Maria-Elisabeth Schaeffler-Thumann—own a major stake, surged in price. At the time, their combined fortune totaled $35 billion. They’re now worth about a quarter of that. That’s partly due to the coronavirus pandemic, which has slowed auto production and significantly curbed sales, as well as the industry’s broader shift toward electric cars. The Schaefflers ended each of the last two years less well-off than they began, and 2020 may be the same. Both…

Monday, 10 August 2020 04:13

Seven areas where businesses habitually overspend

Some dangerous areas and how to fix them Reducing costs and increasing revenue is the only way to keep your business growing, but many businesses are in the habit of overspending for basic business needs. They pay far more for the services they need than they should, neglecting their original budget or building misconceptions and inaccurate estimates into their budgets in the first place. Identifying and reducing these areas of excessive spending are vital steps if you want your business to be financially healthy. Where Businesses Overspend These are some of the most common areas: 1 Labor. Employees are the…

Sunday, 09 August 2020 05:11

CBN further devalues official Naira exchange rate

Central Bank of Nigeria (CBN) on Saturday adjusted the official exchange rate to N379 to the dollar. The official exchange rate had remained at N361 to the dollar for about five months until yesterday’s adjustment, which is seen as a big win for stakeholders – International Monetary Fund (IMF) and World Bank- canvassing for unified exchange rate for Nigeria. The adjustment of the official exchange rate was in line with CBN’s earlier commitment to IMF where the regulator promised to unify the exchange rate as part of the conditions for accessing $3.4 billion IMF loan in May. The loan, which…

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