Business News

Monday, 10 April 2023 03:27

FG to enforce new regulations barring online banks from accessing customers’ photos, contacts

Loan apps on Play Store will lose their ability to access their users’ contacts or photos from May 31, 2023. This came as the Federal Government said it would enforce the latest policy by Google, saying the action was consistent with the Nigerian authorities’ move to curtail the invasion of customers’ privacy by loan app firms. The Federal Government had in recent time taken major decisions aimed at tackling the violation of customers’ privacy by loan apps. Notably, the Federal Competition and Consumer Protection Commission had recently registered 170 loan apps out of the 200 operating in the country. Google,…

Monday, 10 April 2023 03:20

A ‘one-second rule’ to make better decisions under pressure: How to make the right choice with complete confidence

We often hear about ways to engage. Engage employees, colleagues, potential business partners and potential life partners. As a means to connect, we attempt to engage. But not just to the people around us – but to the decisions that surround us (and sometimes consume us). In an effort to engage, we "zero in," "set our sights," and we become "laser-focused." We chase the proverbial rabbit deep into the forest, losing our way along the way. As they say, "you can't see the forest through the trees," and you surely can't see much of anything from the depths of a…

Friday, 07 April 2023 03:59

1 simple, ancient rule smart leaders use to master misinformation

Who doesn't want to impress the boss and share the latest news about rival competitors or emerging customers? In the battle against misinformation and fake news, most people tend to blame media and manipulators, scammers and screens. But a more subtle risk pervades every office, canteen and workplace. The human impulse to share information. As a leader, protecting brand integrity is about promoting sense-checking and curbing the impulse to share unsubstantiated information with a given network. Ancient wisdom can help employees with a simple technique and six words. Modern Misinformation Fake news and misinformation have all the X factors: Ewe,…

Thursday, 06 April 2023 02:43

Want to speed up your path to success? Use this 4-step framework for goal setting

Life is confusing and difficult to navigate. It's easy to find yourself in a spot you want out of quickly. Luckily, almost any circumstance can be changed, though depending on the odds stacked against you, the distance between where you are and where you want to be may be greater and more perilous than it is for others trying to get to the same place. Even so, setting informed goals and working against them is the best way to put yourself in the driver's seat. When I was in high school, several of my close friends were killed by gun…

Wednesday, 05 April 2023 03:19

Persuading anyone comes down to 4 simple words

Much of what we do in life is an act of persuasion. As a father to two small children, I can tell you that at any moment in my day-to-day life, I am trying (usually failing) to convince the two little ones to do something: brush their teeth, eat breakfast, get dressed, hang up their coat. On and on it goes. If not parenting, we are trying to convince and influence adults as part of our jobs. As leaders we're continually trying to rally the troops. Whether it's meeting deadlines, driving excellence on client deliverables, or responding to internal briefs,…

Tuesday, 04 April 2023 03:35

International airlines warn of flight disruptions in Nigeria, other African countries over trapped funds

Association of airlines worldwide has issued a warning that if funds owed to its members remain frozen in African countries and elsewhere, there could be a disruption of air services. International Air Transport Association (IATA) stated that approximately $1.6 billion in funds are being withheld due to currency shortages or other issues in various African countries. Willie Walsh, Director General of IATA, pointed out that consumers in these markets will be the ones to suffer as airlines cannot continue providing services if they are not paid. Money owed to airlines grew 25% in the last six months of 2022 alone,…

Tuesday, 04 April 2023 03:34

173 loan apps get FG’s approval to operate in Nigeria

Federal Competition and Consumer Protection Commission has granted approval to 173 digital lending apps to operate in Nigeria. Among these, 119 apps have received full approvals while 54 have conditional approvals. The approval comes after several Nigerians were harassed by loan apps, which prompted the FCCPC to initiate a registration drive to protect citizens from their malpractices. To regulate the digital lending space and make registration and approval mandatory for companies seeking to operate, the FCCPC released a ‘Limited Interim Regulatory/ Registration Framework and Guidelines for Digital Lending 2022.’ The commission set March 27, 2023, as the registration deadline and…

Tuesday, 04 April 2023 03:28

What really matters in business: Shift attention away from money and toward customer experience

When it comes to running a business, it can be easy to become fixated on one thing: Making money. But is that really the most important thing? While it's true that a business needs to be profitable in order to survive, focusing solely on the bottom line can lead to a host of problems, both for the business itself and for the people involved with it. When a business becomes too focused on making money, it can lead to a host of problems. Here are some of the pitfalls of a money-focused approach to business. Lack of creativity and innovation:…

Monday, 03 April 2023 03:38

Oil prices surge after surprise OPEC+ cuts

Monday saw a surge in oil prices following an unexpected announcement by Saudi Arabia and other OPEC+ oil producers to reduce output. This decision, which came just days after a slowdown in U.S. price data had raised optimism in the market, has raised concerns about the potential impact on global inflation. Brent oil futures jumped by nearly $6 to $85.54 per barrel, while U.S. crude climbed $5.22 to $80.89. The announcement was made one day ahead of a virtual meeting of an OPEC+ ministerial panel, which was expected to maintain the 2 million bpd of cuts already in place until…

Monday, 03 April 2023 03:31

Here’s the biggest mistake I made as a first-time manager—and how you can avoid it yourself

Your job is not to micromanage people. Your job is to step up to coach and lead. I remember being so excited for one of my first promotions. It was my very first time becoming a manager, overseeing a team, and finally evolving from doing all of the work to directing some of it. And like many first-time managers, I had no idea that I was actually not prepared to lead. According to the Center for Creative Leadership, more than 25% of first-time managers acknowledged that they were not ready to lead others. And almost 60% of individuals said they…

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Saturday, 01 April 2023 03:31

Hubris can sabotage your career. Here’s how to avoid it

Unrestrained pride in your abilities or achievements can lead to shame, humiliation, and—without correction—disaster. Excessive pride can sabotage your career. But unfortunately many of us experience a similar pattern: First we are strivers, then we are achievers, and then hubris takes hold. I’ve experienced this pattern more often than I care to admit. Maybe you have, too. Power and success are tricky to manage. We’re all prone to hubris. The trick, especially at work, is recognizing hubris and adjusting our behavior before it causes damage. Hubris has a stealthy way of warping our self-awareness when we need it most. And…

Friday, 31 March 2023 01:53

From grief to growth: Dealing effectively with death and dying in the workplace

Grief is the most potent emotion an individual can feel. The impact of grief on the families, teams and communities around that individual can be equally powerful. It follows, then, that grief can also affect businesses. When employees experience a significant loss, either through the death of a colleague or that of a loved one, it can and usually does have a ripple effect throughout the workplace. “In Africa, where work culture is often closely tied to family and community, workplace support for grieving employees is particularly important.” Let’s explore how grief affects businesses, and share strategies for managers and…

Thursday, 30 March 2023 02:43

A new Report has very bad news for white collar workers

This year has seen wave after wave of job cuts at companies that once seemed the most stable places to work, like Google, Facebook, Amazon, and Disney. Many people feel nervous about the stability of their own jobs -- and after the thousands of economy-related layoffs were announced, another threat to employment seems to have reared up. According to a new report from investment bank Goldman Sachs, as many as 300 million jobs worldwide could be replaced by AI. "If generative artificial intelligence delivers on its promised capabilities, the labor market could face significant disruption,” the report reads. But before…

Wednesday, 29 March 2023 03:24

Elon Musk: What separates great leaders from the pack really comes down to 3 things

OK, let's face it: Since buying Twitter and abruptly laying off half his workforce without notice (some who have since sued Twitter), the brilliant but impulsive Elon Musk has not exactly been the poster boy for inspiring his employees. But let's cut the tech billionaire some slack. Most of us will never face the kind of decisions that come with being the world's second wealthiest person (as of this writing)--while facing such incredible, mostly negative media scrutiny. Call me a Musk sympathizer, but I'm giving him a break because I've seen (and written about) the bright spots that suggest, in…

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