Business News

Central Bank of Nigeria issued a directive instructing commercial banks on Monday to refrain from utilizing their foreign exchange revaluation gains for dividends and operational expenditures. The new directive was conveyed in a letter dated September 11, 2023, signed by the Director, Banking Division Department, Haruna Mustafa, and it is expected to be implemented immediately. FX revaluation gains refer to the increase in the value of a bank’s assets and liabilities denominated in foreign currency when there is a change in the exchange rate between the foreign currency and the local currency. CBN said it had assessed the consequences of…
When Carter Osborne needed extra cash for graduate school tuition, he decided to monetize his strongest skill: writing. It was 2017 and Osborne realized he could get paid to advise high school seniors on their college admissions essays. He himself had a consultant review his undergraduate personal statement before getting into Stanford University in 2013. He went back to that mentor for help getting the side hustle off the ground. Because the demand for admissions consultants was on the rise, she referred three of her clients to him. Osborne had planned to shutter the side hustle after he finished his…
Four banks recorded N478bn non-performing loans during the first half of this year, according to their financial results Specifically, Guaranty Trust Bank Holding Plc (GTCO), FBN Holdings Plc and two other banks reported N478.93bn non-performing loans by value in the half-year ended June 2023, an increase of nearly 16 per cent from N413.36bn reported in the full year ended December 31, 2022. The other two banks are FCMB Group Plc and Fidelity Bank Plc. With about 4.3 per cent NPL ratio and N5.26trn gross loans & advances, FBN Holdings reported N226.24bn NPL by value in H1 2023 from N204.29bn reported…
Compliance Team of the National Association of Government Approved Freight Forwarders NAGAFF has alleged that over 1,800 laden containers are currently trapped at the various seaports in Lagos due to sharp practices by Maritime Police. The Compliance Team alleged that many of the containers stuck at the Ports have been flagged down for investigation by the Maritime Police division. Speaking with journalists after a protest at Apapa Port at the weekend, the National Coordinator, NAGAFF 100 per cent Compliance Team, Tanko Ibrahim, expressed worries that if not checked, the trend might fuel port and cargo congestion, especially as the end…
Warren Buffett loves offering advice to younger people about life, health, and, of course, investing. But most of the advice he's given to the young over the years is just as useful for people of any age. The personal finance site GOBankingRates has compiled a list of 10 pieces of advice Buffett often gives to millennials who aspire to great wealth. We should all be following every bit of this advice. Here are five of his most useful tips. 1. Use the power of compound interest "Time is your friend, impulse is your enemy," Buffett once said. "Take advantage of…
Soap maker PZ Cussons said on Tuesday it has offered to buy out minority shareholders of PZ Cussons Nigeria (PZCN) and aims to de-list the business from the Nigerian stock exchange amid "foreign exchange challenges" in the country. "The group believes the offer to be attractive for the minority shareholders of PZCN, particularly given the recent macroeconomic developments and foreign exchange challenges," the company said in a statement. Inflation in Africa's largest economy, which has been in double digits since 2016, rose to its highest level in nearly two decades in July at 24.08% against 22.79% in June after the…
As a business professor, I have studied organizations that range in size from startups with just a few employees to huge multinationals that employ tens of thousands of people. In the course of my research, I have seen an irony play out time after time: Small companies almost always yearn to be more "grown up" and professional, while mature companies wish they could be more youthful and freewheeling again. Management consultants have benefited mightily from this, as they help small companies scale up by professionalizing them and as they suggest ways for lumbering behemoths to become more agile. But if…
Italy's Eni has agreed to sell its Nigerian onshore subsidiary to local company Oando, the two companies said on Monday, the latest international energy giant to divest onshore assets in the West African country. With the deal on its Nigerian unit Agip Oil Company Ltd (NAOC), Eni takes another step in its long-term strategy to reduce oil exposure in favour of natural gas following its disposal in June of oil activities in Congo Republic. The Italian group will keep its offshore activities in Nigeria. The acquisition of NAOC Ltd will nearly double Oando's reserves to 996 million barrels of oil…
Over the years, I have personally witnessed counter-productive thinking patterns that hold people back (many of them my own coaching clients). Some examples include lacking emotional intelligence or leading through coercion. But there's one specific mindset that demands attention. I've seen it stifle collaboration and slow down their own and other people's productivity on the job. It's often what answers the question, "Why aren't things working the way I planned?" There's only one word for it: Perfectionism. Perfectionism is a thinking pattern that can be harmful to a team, even if it often goes unnoticed. It usually partners with denial,…
Oil marketers, on Sunday, confirmed that they have received the nod of domestic and international financiers to develop about 30,000 gas stations nationwide. It was also gathered that many of the stations are currently being converted to start dispensing gas, following the decision of the Federal Government to deploy about 11,000 vehicles to run on Compressed Natural Gas, as part of plans to cushion the removal of fuel subsidy. Providing updates on the move by marketers to build about 30,000 gas stations to cushion the effects of fuel subsidy removal, National President, Independent Petroleum Marketers Association of Nigeria, Chinedu Okonkwo,…
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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