Business News

In the fast-paced business world, conventional wisdom dictates that admitting mistakes is a sign of weakness or a loss of power and authority. It also transmits to others that you failed. The reality is quite the opposite. Here's the brutal truth: Acknowledging when you are wrong and when you made a mistake can be a game-changer for your leadership journey. As reported previously on Inc., Amazon founder Jeff Bezos has "observed that the smartest people are constantly revising their understanding, reconsidering a problem they thought they'd already solved. They're open to new points of view, new information, new ideas, contradictions…
Federal government and major cement manufacturers have agreed to peg the price of 50kg bags of cement between N7,000 and N8,000. David Umahi, minister of works and housing, disclosed this to journalists on Monday after a prolonged meeting with major cement manufacturers in Abuja. In a report on February 12, 2024, the Real Estate Developer’s Association of Nigeria (REDAN) said the rising cost of cement would worsen the country’s economy. REDAN said there is economic hardship in the country and the upward trajectory of cement prices would exacerbate the already difficult situation for Nigerians, particularly those working in the real…
Beer drinkers in Nigeria will have to pay as much as N1,300 for a bottle, after the Nigerian Breweries Plc on Monday announced an increase of 40 percent in the prices of the products. Nigerian Breweries last week issued a statement, announcing an increase in the prices of its products with effect from February 19, 2024. The new price list shows that a bottle of Gulder that used to sell for N700 will now sell for N950, Star Lager beer which was N600 will cost N850 while the same goes for 33 Extra which will now cost N850. Beer drinkers…
Heineken NV’s Nigerian unit is facing the worst downturn in the history of its operations in Africa’s most populous nation, the firm’s chief executive officer said in an investor call Monday. “It has been unprecedented year for our business in Nigeria,” Hans Essaadi, CEO of Nigerian Breweries Plc told investors in Lagos. “We saw a significant decline in the mainstream lager market as a result of Nigerian consumers no longer able to afford a Goldberg after a hard day’s work,” he said, adding that the businesses also suffered huge losses because of the naira devaluation, which resulted in a 153…
The active fleet of domestic airlines has shrunk in recent times leaving many of the airlines gasping for breath, findings by Daily Trust have shown. From a fleet of over 100 aircraft, less than 50 are active while many of the planes are either grounded or have gone for maintenance abroad. Many of the airlines are said to be facing acute shortage of foreign exchange to carry out scheduled maintenance abroad while airlines that already sent their aircraft abroad were accruing millions of dollars in demurrage in addition to the actual cost of maintenance. Virtually all the airlines are affected…
Commodity trader Olam Group said that its investigation found no evidence to support allegations of a reported scandal at its Nigerian units, spurring a surge in its Singapore-listed shares. The audit and risk committee, assisted by external counsel and independent accountants, had completed the review, without identifying any evidence, the company said in a statement. No charges have been brought against the subsidiaries nor any of their officers, with local businesses operating normally, it said. The company — which is about 51% held by Temasek Holdings Pte, Singapore’s state-owned investment fund — has been under scrutiny following news reports in…
Are you pushing a rock uphill? When you're working on bringing a product or service to market, sometimes it can feel very burdensome – like you're pushing a heavy load skyward. A lot of effort is required and you're becoming exhausted in the process. But this is to be expected, right? You're always hearing that every new idea takes time, effort, patience, determination and plain hard work to become successful. It's true that what we perceive as an overnight success is usually at least 10 years in the making. There's more to it than that, though. Some ideas really are…
Nigeria’s economy faces fresh concerns as data released by the National Bureau of Statistics (NBS) showed a significant decline in the country’s capital importation in 2023. Amid gruelling foreign exchange woes, the NBS said Nigeria only attracted a meagre $3.91 billion in foreign capital inflow last year — the lowest since 2007. According to TheCable Index analysis, in the five years between 2007 and 2011, inflow ranged from $5.7 billion to $9.57 billion. A significant jump occurred in 2012, with inflows reaching $16.62 billion. This was followed by two consecutive increases exceeding $20 billion between 2013 and 2014. Inflows dipped…
Nigerian Association of Road Transport Owners (NARTO) has vowed to suspend operations on Monday. Its National President, Yusuf Lawal Othman, made this known in a press statement he issued in Abuja on Thursday. He noted that the statement is an official announcement from the association’s headquarters that the members are parking their trucks from Monday. Reason provided for the strike action is because “what we spend on operation is more than what we get in total: both in local and bridging.” According to him, members have been operating at a loss and it is no longer sustainable for them to…
Central Bank of Nigeria has set a limit on foreign currency transfers from crude export proceeds by international oil companies to their parent firms, in its latest measure to improve dollar supply in the local currency market. In a circular dated Feb. 14, the CBN said banks could in the first instance transfer a maximum of 50% of crude export proceeds to oil companies abroad. They could then transfer the balance after 90 days of the deposit of the proceeds. However, because international companies lend and borrow between themselves in a process known as "cash pooling", analysts expect the impact…
January 09, 2025

This is the ‘biggest barrier to building wealth,’ says behavioral finance expert

I’ve been meaning to sell some company stock and diversify into another investment for awhile…
January 10, 2025

Bauchi Gov to Tinubu: Your policies not working, hardship worsening

Governor Bala Mohammed of Bauchi State has urged President Bola Tinubu to address the growing…
January 10, 2025

Detty December: ‘an ode to Nigeria’s unyielding spirit’

It’s a world of endless parties and sleepless nights. A relentless celebration that turns West…
January 04, 2025

Shy man cuts off 4 fingers instead of telling boss he wanted to quit his…

A 32-year-old Indian man admitted to cutting off four fingers on his left hand to…
January 08, 2025

Borno attack: Soldiers missing, casualties mount after base overrun

Four days after Boko Haram militants launched a deadly assault on a military base in…
January 10, 2025

What to know after Day 1051 of Russia-Ukraine war

RUSSIAN PERSPECTIVE Kremlin ‘would welcome’ contact from Trump Moscow would be willing to talk to…
December 25, 2024

Stem cell therapy to correct heart failure in children could 'transform lives'

Renowned visionary English physician William Harvey wrote in 1651 about how our blood contains all…
January 08, 2025

NFF appoints new Super Eagles head coach

The Nigeria Football Federation (NFF) has appointed Éric Sékou Chelle as the new Head Coach…

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