Business News

Thursday, 31 August 2023 04:50

Young people say this is the no. 1 factor in building wealth - but this is ‘the real key,’ according to a money expert

There are a number of ways you can build wealth, from founding a successful start-up to receiving a hefty inheritance. For the everyday consumer, though, becoming wealthy usually requires a longer-term strategy. That can include a number of components, such as budgeting, investing and managing your money well. The most important factor in building wealth: your salary, according to 67% of both millennials and Gen Zers, a recent survey from financial services company Empower found. The younger generations chose salary above other wealth-building factors such as being debt-free, job stability and living below your means. While earning a high salary…

Wednesday, 30 August 2023 04:43

The ‘Tinubu boom’ bursts as foreign inflow into stocks falls back to Buhari-era levels

Foreign investment in Nigerian stocks fell last month to its lowest level since President Bola Tinubu’s reforms that sparked a massive rally in the equities market, new data from the nation’s bourse show. The total amount of stocks bought by foreign investors plunged to N9.45 billion from N22.72 billion in June, according to data from the Nigerian Exchange Limited (NGX). Stocks worth N31.09 billion were offloaded by foreigners in July, compared to an outflow of N23.02 billion in the previous month. Foreign inflow into Nigerian stocks had jumped more than seven-fold in May to N27.51 billion, its highest level since…

Wednesday, 30 August 2023 04:41

Naira devaluation leads top Nigeria miller to first loss since 2019

Flour Mills of Nigeria Plc, the West African nation’s biggest miller, reported its first loss in about four years as naira’s depreciation increased the company’s cost of servicing overseas loans. The Lagos-based company reported a loss of 10.2 billion naira ($13.2 million) in the three months to June 30, compared with a profit of 5.63 billion naira a year ago, according to a regulatory filing. The firm posted a foreign-exchange loss of 22.5 billion naira. “Without the devaluation of the exchange rate, the operating profit would have increased by 52%,” Flour Mills said. Six of the nation’s biggest companies announced…

Wednesday, 30 August 2023 04:31

Warren Buffett's no. 1 hiring rule: Focus on people with this trait instead of IQ

Few names command as much respect and admiration as Warren Buffett in business and investment. The "Oracle of Omaha" is known for his exceptional investment prowess and his unwavering commitment to ethical practices. One of the most crucial lessons he imparts is the significance of hiring people with integrity. He often cites the quote, "In looking for people to hire, you look for three qualities: integrity, intelligence, and energy. And if they don't have the first, the other two will kill you." For Buffett, integrity isn't just a nice-to-have quality; it's a non-negotiable foundation on which successful companies are built.…

Tuesday, 29 August 2023 04:51

Bolt records 250m rides in Nigeria in 7 years

Nigerians and other individuals living within the country have used Bolt for over 250 million rides since the firm began operations in 2016. The firm disclosed this recently as it commemorated 10 years of global operations in Europe and Africa. It stated that it has seen over three billion kilometres in distance recorded by users on the app. According to Bolt, it has surpassed 150 million customers in over 45 countries and 500 cities, and these customers are spread across a suite of mobility products which include ride-hailing, micro-mobility (scooter and e-bike rental), food delivery, grocery delivery, Bolt Drive, a…

Tuesday, 29 August 2023 04:46

Why the best business leaders think and act like elite athletes

In the grand theater of leadership, the spotlight often shines on the relentless pace, complex decisions, and high stakes. Leaders are often portrayed as naturally gifted navigators of these challenges. In our recent research at the Work Innovation Lab by Asana, in collaboration with Dr. Greg Wells, we sought to challenge this perception and establish a science-backed framework for effective leadership. Drawing on a comprehensive study of 6,000 leaders at several large global companies, we discovered that the strategies that define high-performing leaders mirror those adopted by top-performing athletes. As former competitive athletes ourselves, this insight was particularly exciting. Here…

Monday, 28 August 2023 05:05

Elon Musk says Napoleon taught him how to motivate employees. Science says it works – but there is a catch

Like Elon Musk or not (is there a middle ground?), it's hard not to respect his work ethic. Musk sometimes puts in 120-hour weeks, and says startup founders should put in 80-hour weeks. Clearly Musk likes to work, but he also thinks the way he uses some of those hours helps motivate his employees. According to Walter Isaacson, author of the acclaimed biography Jobs (and next month's Elon Musk), Musk likes military history, and applies some of its lessons to leadership. As Isaacson recently said: For example, he believes that wherever Napoleon was, that's where his armies would do best,…

Saturday, 26 August 2023 04:57

Multinational companies exit Nigeria amid growing costs, poor infrastructure

Despite being the largest economy in Africa with an over 200 million human population and potentials to make fortunes, multinational companies are exiting Nigeria because of the high cost of doing business and lack of basic infrastructure, especially electricity. Experts, who noted that even though the ugly development predated the President Bola Tinubu government, said it was always good to bring the issue to the front burner, especially now that a new government was being formed for the new leaders to act fast and salvage the situation. Our correspondent reports that over time the multinational companies have been forced to…

Saturday, 26 August 2023 04:55

Unclaimed dividend rises to N190bn - SEC

Securities and Exchange Commission (SEC) announced that the unclaimed dividend figure has risen to N190 billion from N170 billion recorded as at December 2020. At a Virtual post Capital Market Committee (CMC) Meeting held yesterday, Director General of the SEC, Lamido Yuguda, linked the rising figure to irregularities in identity management and multiple subscriptions from investors. However, Yuguda stated that while the committee constituted by the SEC on identity management is working tirelessly to harmonise various databases of investors and facilitate data accuracy in the market, investors on their part have failed to claim their dividend. According to him, the…

Friday, 25 August 2023 04:54

The 2 most important tips to managing your staff

When it comes to managing staff, there are lots of tips and tricks out there to help you be a good manager and leader. But at the end of the day, it really comes down to a few simple tips and tricks that not only help guide your team to success, but really frees up everyone's time to focus on the things that really matter. So today, I wanted to share with you the two most important tips to managing your staff and team. Tip 1: Assign the Right Task to The Right Person When you have a task or…

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Thursday, 24 August 2023 04:44

8 keys to stepping out on your own in business with minimum risk

In the aftermath of the recent pandemic, which caused many businesses to close, a new raft of business workers and entrepreneurs are deciding to pursue their own dreams of being a new business owner, and controlling their own destiny. The cost of entry has never been lower, with new tools to create your own website, and free social media to get your message out everywhere. Of course, starting and running your own business comes with financial and personal risks, so I always recommend that you do your homework first, and follow some tried and proven strategies to improve your odds…

Wednesday, 23 August 2023 04:41

Nigerian banks pay 5.24% interest on savings deposits, charge 27.38% on loans, get spread of 22.14% - Report

The gap between the maximum lending rate and savings deposit rate in the banking sector widened by 22.14 per cent in July. Banks savings deposit rate rose slightly to 5.24 per cent in July from 5.18 per cent and 5.13 per cent in June and May, according to figures from Central Bank of Nigeria. Figures obtained on money market indicators from the apex bank also revealed that the maximum lending rate fell slightly to 27.38 per cent in July, from 28.94 per cent in June. The CBN revealed that prime lending rate rose to 13.98 per cent in July from…

Wednesday, 23 August 2023 04:12

What brands can learn from this great singer-songwriter, Sinead O'Connor

As brands everywhere strive to be noticed and heard, many invest millions in crafting a distinctive identity. Yet authentic brands don't need to be photoshopped, perfected, or polished to stand out. Leaders can learn much about authenticity from the late singer-songwriter Sinéad O'Connor. Being authentic is the most powerful brand asset you have. Consumers have grown weary of vacuous virtue-signaling. That's why 86 percent insist on authentic brands. As a former chief marketing officer, I've built numerous brands, witnessing both success and failure. Exceptional brands harness three factors that hold true for musicians and marketers alike – identity definition, emotional…

Tuesday, 22 August 2023 04:02

Comfort: The addiction that kills success

These individuals are often called disruptors or innovators. As businesses struggle to create success in their sectors that technological advances have disrupted, these people are now highly sought-after and rare. The key difference between those who disrupt and those who are disrupted is their dependence on comfort. It is often not the physical difficulty of doing something differently that holds us back from change but the emotional discomfort that goes along with it. This emotional discomfort stems from neurobiological, psychological and sociological factors. Dealing with mental discomfort The brain is designed to conserve energy as a survival mechanism. It does…

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