Business News

Friday, 18 August 2023 04:59

CBN activates FX price verification system portal for importers

Central Bank of Nigeria (CBN) has introduced a foreign exchange (FX) price verification system (PVS) portal to enable importers to access forex. The CBN, in a statement on Thursday night, said a price verification report from the portal is now mandatory for all Form M requests, effective from August 31, 2023. The Form ‘M’ is a declaration of intention to import physical goods into Nigeria. “Following the successful conduct of the pilot run and various trainings held with all the banks, the Central Bank of Nigeria hereby announces the Go- Live of the Price Verification System (PVS),” the statement reads.…

Friday, 18 August 2023 04:58

Transcorp-led consortium acquires controlling stake in Abuja DisCo

A consortium led by Transcorp Power Limited has acquired a 60 percent stake in Abuja Electricity Distribution Company (AEDC). Following the acquisition, Christopher Ezeafulukwe has been appointed managing director/chief executive officer (MD/CEO) of AEDC. Ezeafulukwe, who is currently the MD/CEO of Transcorp Power Limited, will play a pivotal role in rejuvenating AEDC, the supplier of power to the nation’s capital. “Prior to his appointment as MD/CEO of AEDC, Ezeafulukwe was the MD/CEO of Transcorp Power Ltd, Ughelli, a 972-MW thermal plant,” a statement seen by TheCable reads. The Tony Elumelu-led Transcorp secured approval as the strategic investor in AEDC in…

Friday, 18 August 2023 04:52

Why the Japanese practice of Kaizen, or continuous improvement, accelerates your success

Do you have big goals you're hoping to reach, but can't seem to make any progress toward achieving them? Kaizen, the Japanese practice of continuous improvement might just be the perfect tool to help you work toward seemingly out-of-reach goals. That suggestion comes from Jonny Thomson a philosophy teacher and author of Mini Philosophy: A Small Book of Big Ideas. In an article for Big Think, Thomson argues that kaizen is the most effective way to get there. Behavioral science suggests that he's right. For most of us, the term kaizen is associated with Toyota, which made the practice famous…

Thursday, 17 August 2023 04:52

Uber's CEO used a brilliant 5-word phrase to reply to an ex-employee's insult. It's a lesson in Emotional Intelligence

Dara Khosrowshahi doesn't have time for your hot takes. Since taking over as Uber's CEO six years ago, Khosrowshahi has taken a beating from critics. Most acknowledge that Khosrowshahi has had a difficult task – turning around a toxic culture – but they also claim he hasn't done enough to leverage the company's potential since then. Take Uber's former chief business officer Emil Michael. On a podcast earlier this year, Michael admitted that he and former Uber CEO Travis Kalanick left Khosrowshahi with "challenges." Khosrowshahi worked out those challenges, said Michael, because he was a better diplomat, and someone who…

Wednesday, 16 August 2023 03:47

The secret to persuading almost anyone comes down to 4 simple words

Getting someone to do a thing you want them to do is one of the most challenging things about interacting with other humans. We all have our own agendas and desires and they are often informed by our individual values and perception of the world around us. If you are in a job that involves persuading people – like sales, or leading a team – you know that one of the most important aspects of persuasion is creating the right expectations. If you want a person to do something, it's helpful to start by getting buy-in from them, and expectations…

Tuesday, 15 August 2023 04:56

Naira loses key support after Nigeria’s forex reserve revelations - Bloomberg

Naira has lost an essential source of support after the central bank’s long-delayed financial statements revealed that effective foreign-exchange reserves at its disposal were much lower than previously disclosed. The accounts published last week showed a previously undisclosed $7.5 billion in transactions with JP Morgan Chase & Co. and Goldman Sachs Group Inc. In addition, it detailed an exposure in foreign-currency forward contracts of almost $7 billion. The central bank also showed it vastly exceeded the limit placed on its lending to the government. The Nigerian currency had already been plunging since the regulator allowed it to trade more freely…

Tuesday, 15 August 2023 04:54

Shell resumes crude oil exports at Forcados terminal, official says

Exports of Nigeria's Forcados grade of crude oil resumed on Sunday, a Shell spokesperson said on Monday, roughly a month after loadings of the medium sweet grade were suspended because of a potential leak at the export terminal. Sources had told Reuters that exports of the grade, which was scheduled to ship 220,000 barrels per day (bpd) in July, were halted on the evening of July 12 after workers saw fumes near a single buoy mooring where oil was being loaded onto a vessel. A single buoy mooring is essentially a floating loading facility that allows large tankers to moor…

Tuesday, 15 August 2023 04:44

If you're too busy for these 3 things, your leadership skills may need a tune-up

This will reveal the leader's true intent. Hundreds of books, articles, and podcasts are published each year offering the answer to the question: How do I lead well? To really grasp the principles of effective leadership that will lead to results, one primary lesson that many of those books and podcasts won't teach comes down to one short sentence: Leadership is a heart matter. If the heart is not right, your leadership isn't going to be right. The heart of a leader has to be focused on serving others first. This will reveal the leader's true intent. It is not…

Monday, 14 August 2023 04:21

How to build your company culture 10 seconds at a time

When it comes to company culture, many business owners, particularly ones that haven't been in business for very long, will dismiss it as a big company issue. You might hear terms like "we are all family here" as if to dismiss the idea that your company and those that you employ have an unspoken hand that guides their decisions when you aren't around. But whether you believe it or not, your company has a culture. And it's up to you to help shape that culture into one that will not only benefit your team members, but also the growth and…

Thursday, 10 August 2023 04:30

Azman Air shuts down, sends workers on leave without pay

Azman Air has sent all of its staff on a compulsory leave without pay, indefinitely. Nurudden Aliyu, the airline’s spokesperson, said the decision was made due to a number of factors, including the ongoing C-checks on its aircraft and the high cost of operations. In aviation, C-check is a deep inspection of the majority of an aircraft’s components usually done by a maintenance technician. The goal is to check the functionality of the plane. “We have temporarily suspended operations due to all our 737 used for domestic operation being due for C-checks,” Aliyu said. “We have already sent two of…

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Thursday, 10 August 2023 04:19

Warren Buffett says what separates doers from the duds boils down to 1 simple choice

Warren Buffett, the legendary investor and one of the wealthiest people in the world, has attributed a significant part of his success to a simple yet powerful choice: investing in oneself. Here's what he shared with Good Morning America years back: Investing in yourself is the best thing you can do. Anything that improves your own talents. As entrepreneurs and business leaders, we often focus on external opportunities and investments, but Buffett's timeless advice reminds us that the most critical investment lies within ourselves. Following Buffett's advice can lead to a lot of great things, like knowledge attainment in your…

Wednesday, 09 August 2023 04:37

Manufacturing output fell N720bn in one year - MAN

Manufacturers Association of Nigeria has said due to a harsh economic environment, the value of manufacturing production decreased from N7.39tn in 2021 to N6.67tn in 2022, indicating a decline of N720bn. Chairman, MAN, Apapa branch, Frank Onyebu, made the revelation on Tuesday during the annual general meeting of the branch. Onyebu said 2022 was mostly characterised by a harsh operating environment, themed by record-high inflationary pressure, high interest rates, multiple taxation, high energy costs, forex illiquidity, shortage of raw materials, among others. He added that supply shortages, surging material prices and difficulty in hiring qualified staff stalled the growth of…

Wednesday, 09 August 2023 04:24

The potential in a Ghanaian peanut

When Uju Uzo-Ojinnaka, CEO and founder of Traders of Africa (TOFA), was informed about the need for groundnuts in India by her friend in Ghana, she had no idea that her online trading platform would stem from this demand. She discovered that there was no platform to locate groundnut producers, resulting in the loss of the deal. She woke up in the middle of the night, puzzled. She shouldn’t let this opportunity slip by. Having studied Jack Ma and being able to relate to his frustration of not seeing Chinese beer online, she decided to create TOFA that very evening.…

Tuesday, 08 August 2023 04:18

Naira falls further at official window, approaches 900 to dollar at parallel market

The naira, on Monday, closed at N774.78 per US dollar at the investors and exporters (I&E) window. The figure signifies a depreciation of N31.71 or 4.27 percent compared to the N743.07 it traded on Friday, according to data obtained from FMDQ Securities Exchange, a platform that oversees foreign exchange (FX) trading in Nigeria. The I&E FX window is the market trading segment for investors, exporters and end-users that allows for FX trades to be made at exchange rates determined based on prevailing market circumstances. It is the country’s official FX market. Since the government unified the exchange rate windows, the…

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