Business News

Tuesday, 11 February 2020 05:26

Nigeria’s e-payment transactions receive boost, exceed N590tr

Nigeria’s electronic payment (e-payment) system landscape has risen to a new height of about N592 trillion worth of transactions in 2019, data from Central Bank of Nigeria (CBN), has shown. The e-payment’s value was recorded in about 93.84 billion different transactions across the country, through various electronic channels. These electronic channels include cheque truncations, ACH/Nigerian Inter Bank Settlement System (NIBSS) Automated Payment Services (NAPS)/PMS, Automated Teller Machine (ATM), Point of Sale (PoS), Internet (Web), Mobile Money, NIBSS Instant Transfer (NIP), m-Cash, E-BillsPay, Central Pay, and Inter-Bank transactions. The new record also contrasts with the e-payment’s activity in 2018, which though…

Monday, 10 February 2020 05:54

Cost of funds to drop further as cash saturates interbank market

Cost of funds is expected to decline further this week in response to massive liquidity inflow of N1.3 trillion into the interbank money market. Last week, short term cost of funds fell by 870 basis points (bpts) to 5.9 percent from 14.65 percent the previous week. Specifically, interest rate on Collateralised (Open Buy Back, OBB) lending fell by 850 bpts to 5.5 percent last week from 14 percent the previous week. Similarly, interest rate on Over night lending fell by 897 bpts to 6.33 percent from 15.3 percent the previous week. The sharp decline in cost of funds was triggered…

Monday, 10 February 2020 05:48

Meet the new boss - Leader, The Economist

On paper this is a golden age for bosses. Chief executives have vast power. The 500 people who run America’s largest listed firms hold sway over 26m staff. Profits are high and the economy is purring. The pay is fantastic: the median of those ceos pockets $13m a year. Sundar Pichai at Alphabet has just got a deal worth up to $246m by 2023. The risks are tolerable: your chances of being fired or retiring in any year are about 10%. ceos often get away with a dreadful performance. In April Ginni Rometty will stand down from ibm after eight…

Sunday, 09 February 2020 05:14

Rich Nigerians will pay more tax - FIRS

Those who make more money from the system will pay a more equitable share of their income as tax towards the public good. A clear roadmap to achieving this national imperative was outlined at the weekend in Abuja on the final day of the Federal Inland Revenue Service (FIRS) Management Retreat by paper presenters, discussants and the audience brain-stormed over the 2019 Finance Act. The Lead Paper delivered by tax expert, Mr Taiwo Oyedele, titled Strategies for implementing the New VAT Regime and the panel discussion which dismissed erroneous public apprehension that the new 7.5% VAT would impact negatively on…

Thursday, 06 February 2020 05:41

Market for Nigeria’s LNG threatened amid global glut

Exporters of Liquefied Natural Gas, including Nigeria, have been told to brace for an oversupplied market and weaker-than-expected global demand depressing prices for their output for another two years. Nigeria, which is among the top 10 largest exporters of LNG in the world, has a capacity of 22 million tonnes per annum. This it does through the Nigeria LNG Limited. The company owned by the Federal Government and three international oil companies took the final investment decision in December on its Train 7 project, which aims to increase its capacity to 30mtpa. Market participants who gathered during the first day…

Wednesday, 05 February 2020 05:45

10 invaluable things I've learnt about money in the past 10 years

In the last ten years I've paid off debt, bought property, gotten married, had children, and changed careers. I've learned some lessons along the way. Some of the first lessons I learned were about investing, like how important it is to start early and invest often so you can take advantage of compound interest. I've also learned that planning ahead can save you a lot of headaches, from building your credit before you need it to prioritizing an emergency fund, even when everything is going OK. Ten years ago, I was graduating from college and had just accepted my first…

Tuesday, 04 February 2020 05:51

As bandits turn on train passengers, airline launches Abuja-Kaduna flights

A Nigerian airline has launched daily flights between the capital, Abuja, and North-west Kaduna State, a fairly short distance for daily air service, after insecurity forced commuters to abandon a major road linking the two cities. Misha Travels started operations on Monday with the slogan: ‘No fatigue, no fear’, appearing to be the first airline with a dedicated service to the route, which is less than three hours by road. Tope Popoola, a management official at Misha Travels, said the route was admittedly too short to be taken seriously, but worsening road travel insecurity was the dominant basis for going…

Monday, 03 February 2020 05:56

Banks make huge profits as gap between interest and lending rates widens

Interest rates are falling to all-time low, investigation has shown. This has widened the gap between lending rates and interests. At some banks visited by our correspondent, interest on savings and fixed deposits was as low as 1.25 per cent while lending rates were as high as 25 per cent. Similarly, yields on treasury bills in the secondary market have fallen to between 2.5 per cent and 4.9 per cent. About a year ago, the yield on these securities could be as high as 12 per cent. Central Bank of Nigeria, in a recent circular to lending institutions, slashed most…

Monday, 03 February 2020 05:50

The number of the best: How big should a business team be?

Finding the optimal size of teams and organisations How big should a business team be? It is an enormously important issue for companies. Teams that are too small may lack the skills required to get the job done; teams that are too big may be impossible to co-ordinate. Similar trade-offs may apply when it comes to firms as a whole. Startups are often short of staff. The founders must play a host of different roles, from obtaining finance to product development and marketing, for which they may not be equally suited. But the upside is that they can have highly…

Monday, 03 February 2020 05:49

How strong is your password, really? 9 rules to make, remember and manage your logins

Strong passwords are of course key to your security. The challenge is to create strong passwords you can actually remember, without stumbling into the bad habits that can harm you -- like reusing the same password for multiple accounts. But how many passwords can you actually remember? You could easily have 85 passwords for all your accounts, from banking to streaming to social media, according to LogMeIn, which makes the LastPass password manager. Weak passwords, or overusing the same password, can have serious consequences if your data is compromised -- even if that password is strong. For example, companies reported…

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Saturday, 01 February 2020 03:06

Jeff Bezos adds $13.2bn to his fortune in just minutes

Jeff Bezos just got a whole lot richer. Shares of his Amazon.com Inc. surged 12% to $2,100 in extended trading at 4:16 p.m. Thursday in New York, after the largest U.S. e-commerce company reported fourth-quarter results that smashed Wall Street estimates. Bezos, already the world’s richest person, added $13.2 billion to his fortune in about 15 minutes. At the current price, his net worth would be about $129.5 billion, according to the Bloomberg Billionaires Index. Bezos, 56, owns about 12% of Amazon’s outstanding stock, making up the bulk of his fortune. His ownership of closely held Blue Origin accounts for…

Friday, 31 January 2020 05:46

Nigeria earns $813m from cashew export - FG

Minister of Agriculture, Mr Sabo Nanono, yesterday, disclosed that the cashew sub-sector generated over $813million between 2015 and 2017. Nanono in his keynote at the Cashew stakeholders and Export meeting, organised by Association of Cashew Farmers, Aggregators, and Processors of Nigeria (ACFAP), pointed out that Cashew being the second non-oil export commodity has been contributing significantly to the nation’s foreign exchange earnings, but unfortunately the potential are not fully taped. Nanono, represented by Director Agriculture Extension in the Ministry, Mrs Karima Babangida, noted that “The cashew sub-sector is one of the commodities Nigeria has comparative advantage in its production, processing…

Friday, 31 January 2020 05:41

Apple displaces Samsung as world's No. 1 smartphone seller

Led by demand for the hugely popular iPhone 11, Apple's share of the global smartphone market topped all competitors in the fourth quarter of 2019, according to statistics released on Wednesday. According to the latest estimates from Strategy Analytics, Apple shipped 70.7 million iPhones during the three-month period ending in December to take a 18.9% share of the global market. That figure is up 7% from 65.9 million units in the year ago quarter, when Apple sat in the No. 2 spot behind Samsung. Whole year iPhone shipments are pegged at 197.4 million units for 2019. "This was Apple's best…

Friday, 31 January 2020 05:39

Facebook to pay $550m to settle privacy lawsuit

Facebook has agreed to pay roughly half a billion dollars to settle a class-action case alleging the company violated Illinois law in the way it collected data for its facial-recognition tools, the tech giant said Wednesday. The $550 million settlement — revealed by company executives during their latest earnings call — comes after Facebook tried, and failed, to quash the lawsuit in a petition to the Supreme Court. If the company prevailed, it might have made it harder for other Web users to bring similar legal actions. The settlement must still be reviewed by a judge. Under Illinois law, tech…

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