Business News

Nigeria has been demoted from a frontier market to an unclassified market one year after an annual equity country classification review by FTSE Russell, a subsidiary of London Stock Exchange Group, placed Africa’s largest economy on its watch list of countries monitored for possible reclassification. The downgrade takes effect from 18 September when Nigerian index constituents will be deleted at zero value from FTSE Frontier Index Series, including the FTSE Frontier 50 Index, FTSE IdealRatings Islamic Index Series, FTSE/JSE All Africa Index Series, FTSE Middle East & Africa Extended Index Series and FTSE/MV Exchange Index. FTSE Russell equity indices are…
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,…
June 26, 2025

How to ace a job interview in 90 seconds, from an Ivy League communication expert

Sophie Caldwell You only have about 90 seconds to make a strong first impression in…
June 26, 2025

Peter Obi decries ‘coordinated lawlessness’ after brother’s property is demolished in Lagos without court order

Former presidential candidate Peter Obi has condemned what he described as a brazen act of…
June 23, 2025

The reason even successful people struggle to get out of bed some days

Sometimes after a long, productive day, I only have the energy to scroll on social…
June 21, 2025

Man convicted of posing as flight attendant to fly for free 120 times

A 35-year-old American man has been found guilty of impersonating a flight attendant at least…
June 26, 2025

17 soldiers killed, dozens injured in fierce gun battles with terrorists in Niger, Kaduna

Seventeen soldiers have been confirmed dead and at least ten others injured following coordinated attacks…
June 26, 2025

Here’s the latest as Israel-Hamas war enters Day 629

Seven Israeli soldiers killed in Gaza, pressure on Netanyahu for ceasefire The Israeli military said…
June 25, 2025

Tesla robotaxi launch: Why getting from dozens to millions of self-driving cars won't be easy

Tesla (TSLA.O) finally has a robotaxi. Now comes the hard part. The electric-vehicle maker deployed…
May 13, 2025

Nigeria's Flying Eagles qualify for World Cup after dramatic win over Senegal

Nigeria's U-20 national football team, the Flying Eagles, have secured their place at the 2025…

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