Business News

Monday, 08 July 2024 04:45

Money can’t buy you happiness – it’s actually the other way around

The average salary that Americans say would make them happy is $94,696, according to a Moneyzine.com survey of more than 1,200 people done in 2023. But research shows that money can’t buy happiness; happy people just seem to be more successful. Tami Muller is a happiness trainer and positive psychology coach who has studied the science of happiness for the past five years. Through studying the topic, Muller learned that the hedonic treadmill of chasing happiness by trying to land the best job or make the most money isn’t an accurate way to attain it. “Happy people make more money,…

Saturday, 06 July 2024 04:41

Poultry farms shut down in droves as prices of feed inputs skyrocket, insecurity worsens

Nigerian poultry farmers have complained that several poultry farms are shutting down operations due to skyrocketing prices of poultry feed and unsustainable cost of production, among other challenges in the sector. The farmers, who spoke with our correspondents within the week, said the worrying trend could lead to a total collapse of Nigeria’s poultry industry in no distant time if not addressed by those in authority. The skyrocketing prices of essential livestock feed ingredients such as maize and soybeans and the growing spate of insecurity across farming communities are negatively affecting poultry output. The farmers also lamented that general price…

Friday, 05 July 2024 04:40

Nigeria to collect 7.5% VAT on crypto transaction fees

KuCoin, a cryptocurrency exchange, says it will commence collection of a 7.5 percent value-added tax (VAT) on transaction fees for users in Nigeria. The company said a regulatory update in Nigeria led to KuCoin’s decision to introduce the VAT. In a statement on July 3, the cryptocurrency platform said the deduction of the VAT would be effective from July 8. KuCoin said for every trade, the 7.5 percent VAT will be applied to the transaction fee — not the total transaction amount. “We are writing to inform you of an important regulatory update that impacts our users from Nigeria,” the…

Friday, 05 July 2024 04:34

Richard Branson: This is the worst piece of career advice anyone’s ever given me

Many of my career mentors have given me a similar tidbit of advice: Do what you know.For the most part, it seems wise. I personally couldn’t imagine being in a job I knew absolutely nothing about. How long would it take for me to be successful? Would I get on my colleagues' nerves having to constantly ask for assistance?But if you asked billionaire Richard Branson, it’s the worst advice he’s ever received. He broke through by doing the complete opposite.“Most of my successful businesses were in industries where I had no industry experience at all,” Branson said on a recent…

Thursday, 04 July 2024 04:47

FG approves Eni, Equinor assets sale

Nigeria's upstream oil regulator has approved two key onshore assets sale by international oil companies, clearing the way for Oando and new entrant Project Odinmim, to acquire assets, the head of the agency, Gbenga Komolafe, said on Wednesday. Nigerian Upstream Petroleum Regulatory Commission (NUPRC) greenlit deals by Eni's local unit Nigerian Agip Oil Company (NAOC) to Oando and Equinor to Project Odinmim, Komolafe announced at an energy conference in Abuja, the capital. The deals had been pending for months as they required sign-off from the petroleum minister under a recently enacted oil industry law. Approvals for Exxon Mobil's $1.3 billion…

Thursday, 04 July 2024 04:45

Workers protest at food company leaves one dead, others injured in Oyo

A two-day protest by factory workers at Sumal Foods Limited, Ibadan, Oyo State, has left one of the protesters dead, two others injured and some properties destroyed. Sumal Foods, with factories located in Oluyole extension, Ring Road Ibadan, Oyo State, produces Yale biscuits and a range of other snacks. On Monday, scores of casual workers at the company’s ‘Yale 3’ branch in Ibadan, had mobilised to protest unfair labour practices, among other issues. As a result, they declined to work the night shift and suspended production in nine factories. But, according to a witness who identified himself as Jelili Ismail,…

Thursday, 04 July 2024 04:40

I grew up rich: 6 money lessons I wish my parents taught me

There’s no doubt that being born with a silver spoon in your mouth gives you a leg up in the world — but it can also have its downsides, financially speaking. Growing up rich has many perks, but it can also hinder a person from learning essential money lessons. GOBankingRates spoke with people who come from privilege but recognize their upbringing didn’t equip them with the necessary financial skills to set them up for long-term success. Read below for their insights on money lessons they wish they had learned. Wealthy people know the best money secrets. Learn how to copy…

Wednesday, 03 July 2024 04:30

Economic growth won’t happen with 30 percent interest rate, Dangote tells CBN

Aliko Dangote, president of the Dangote Group, says the increase of interest rate to almost 30 percent by the Central Bank of Nigeria (CBN) will stifle growth. Speaking on Tuesday during a three-day summit organised by the Manufacturers Association of Nigeria (MAN) in Abuja, Dangote said the country is battling “a very high” interest rate. In May, the monetary policy committee (MPC) of CBN raised interest rates from 24.75 percent to 26.25 percent The business tycoon said he understands that the CBN aims to tame inflation by increasing interest rate. “Right now, at 30 percent, there is no way anybody…

Wednesday, 03 July 2024 04:23

5 questions to review that will help change course from failure to success

‘By reviewing with an open mind, we can reaffirm what we have already concluded while simultaneously tweaking, improving, revising, and occasionally rejecting old views. It’s not hard if we’re willing to ask questions like these.’ In the movie Paycheck, Ben Affleck finds himself under attack from Uma Thurman’s futuristic weather machine. Buffeted by gale-force winds, Affleck raises his hands and calls out, “Alright, I give up! I give up!” Thurman turns off the weather, smiles mischievously, and coos, “Don’t give up.” There is more than one way to give up. In the sense of surrender, it means to admit defeat,…

Tuesday, 02 July 2024 04:37

Capital importation rose 210 percent in Q1 2024, says NBS

Nigeria's capital importation increased by 210.16% in the first quarter (Q1) of 2024, according to the National Bureau of Statistics (NBS). The total capital imported reached $3.38 billion, up from $1.09 billion in Q4 2023. Capital importation refers to the inflow of funds from outside the country for investment purposes in a country. Year-on-year, foreign investment into Nigeria grew by 198.06%, compared to $1.13 billion in Q1 2023. The NBS reported, "In Q1 2024, total capital importation into Nigeria stood at $3,376.01 million, higher than $1,132.65 million recorded in Q1 2023, indicating an increase of 198.06%. In comparison to the…

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Tuesday, 02 July 2024 04:27

Warren Buffett tells students that they won't measure success by how much money they have when they're older — here's what really counts

We’ve all heard it before: money doesn’t buy happiness — and investing legend Warren Buffett took that sentiment one step further. “When you get to my age, you will not measure how well you’ve done with how much money you’ve got, I can guarantee you that,” he once said in a speech to students at Georgia Tech. “The money isn’t going to be that big a deal.” Buffett is the 10th richest person in the world — behind Elon Musk, Jeff Bezos, and Bill Gates, among others — with an estimated net worth of $135 billion, according to the Bloomberg…

Monday, 01 July 2024 04:20

Warren Buffett gives away another $5.3bn, says his children will manage his estate

Warren Buffett on Friday made his biggest annual donation to date, giving $5.3 billion worth of Berkshire Hathaway shares to five charities. The legendary investor, who’s turning 94 in August, converted 8,674 of his Berkshire Class A shares to donate more than 13 million Class B shares, according to a statement Friday. A total of 9.93 million shares went to the Bill & Melinda Gates Foundation, with the rest going to the Susan Thompson Buffett Foundation, named for his late first wife, and the three charities led by his children Howard, Susan and Peter Buffett. The “Oracle of Omaha” has…

Saturday, 29 June 2024 04:54

CBN accedes to banks’ demand to deposit excess FX at its branches

The Central Bank of Nigeria (CBN) has issued fresh guidelines on foreign currency deposits by deposit money banks (DMBs). CBN made this known in a circular signed by Solaja Olayemi, its acting director of the currency operations department on Friday. In the circular, the apex bank directed banks to transfer all excess foreign currency notes to its Lagos or Abuja branches. The financial regulator said this is aimed at boosting liquidity in the foreign exchange market. According to CBN, each bank would be allowed a maximum deposit of $10 million threshold for $100 notes and $50 notes daily. “In order…

Friday, 28 June 2024 04:50

Yield-hungry investors snap up N284bn in CBN T-Bill auction

The Central Bank of Nigeria (CBN) secured N284.26 billion from eager investors during its latest Nigerian Treasury Bills (NTBs) auction held on Wednesday, June 26, 2024. According to results from the Debt Management Office (DMO), the auction drew substantial interest, with total subscriptions reaching N773.98 billion, significantly exceeding the initial offer of N228.72 billion. Treasury Bills serve as a key tool for the CBN to manage monetary policy by controlling money supply, and they also provide the government with short-term funding to bridge budget deficits. The recent auction marks a notable increase of 417.1% in the amount offered compared to…

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