Business News

Sunday, 16 July 2023 03:30

CBN rolls out new rules for banks’ boards, tenures of executives

Central Bank of Nigeria (CBN) has approved a new code of corporate governance which specified that the tenure of a bank’s managing director or chief executive officer (CEO) can only last for a maximum of 12 years. The CBN made the disclosure in a circular dated July 13, 2023, and signed by Chibuzo Efobi, director, financial policy and regulation department. In February, the apex bank had ruled that executives can only serve a cumulative tenure of 20 years across the banking sector. But in the circular, the CBN said the new rules supercede all previous codes, circulars and related directives…

Sunday, 16 July 2023 03:29

CBN stipulates new rules for share acquisition above 5 percent in holding companies

Central Bank of Nigeria (CBN) has restricted the acquisition of controlling stakes in financial holding companies (FHCs). The apex bank said any investor looking to acquire up to 5 percent of any FHC would need prior approval from it. A FHC is a company that controls a group of financial institutions engaged in financial activities such as insurance, banking and securities dealing. Banks such as UBA Group, First City Monument Bank (FCMB), Stanbic IBTC Bank, Access Bank and First Bank have adopted the holding company structure to diversify their portfolio and earnings. The directive is contained in a circular dated…

Sunday, 16 July 2023 03:28

Customers locked out from accessing their funds as GTBank’s new app crashes

Many Nigerians are currently unable to carry out transactions using their Guaranty Trust Bank (GTBank) applications. This is as a result of a major outage. An aggrieved customer said he started experiencing the problem after GTBank launched a new app for its customers on Wednesday. He said the problem reached its peak on Saturday after attempts to use the app and 737 code failed. “I went to a branch nearby to use the ATM for transfer, but still it did not work,” said the customer who simply identified himself as Omezia. After launching the new app, the bank had told…

Friday, 14 July 2023 03:56

How to ride a new-wave advertising model for your business

Traditional advertising, typified by television ads, radio spots, and print media, is grappling with the challenge of how to reach new generations. Both Gen-Z and the forthcoming generation are proving elusive targets, owing to their shifting entertainment preferences and evolving receptiveness to commonplace marketing techniques. This shift prefaces an inevitable shift in strategies, where innovation is required to connect with these tech-savvy, forward-thinking consumers. Turning off the TV and tuning into the digital world Statistically speaking, Gen-Z and the subsequent generation are significantly less engaged with traditional television viewing than their predecessors. According to a report from Morning Consult, Gen-Z…

Thursday, 13 July 2023 04:29

Do you really have to fail to succeed?

Failing your way to success has become the rallying cry for early-stage entrepreneurs worldwide. Partly because failure is ever present and often more likely than success, and partly due to the change in how startup businesses are formed. But do you need to fail at all? Tom Eisenmann’s book, The Fail-Safe Startup, builds on this theme and gives precious lessons to entrepreneurs from the failed attempts of several early-stage ventures. The book sets out to understand the knotty problem of why startups fail. Great question. The author conducted good-quality research on the subject, drawing on dozens of interviews as well…

Wednesday, 12 July 2023 04:03

8 tips to successfully sell yourself in a job interview

Do you know how to sell yourself? No need to panic if that feels alien. Sales expert Rob King is here to help. Sure, a job interview is about getting to know each other and figuring out if you and a role are the right fit. But it’s mainly about one thing: convincing your interviewer that you’re absolutely brilliant. For self-deprecating types and modest mice, this can feel more than a little uncomfortable. The good news is that it’s entirely possible to fake it till you make it. Easy, in fact. The key lies in understanding the basic sales skillsinvolved…

Tuesday, 11 July 2023 05:10

Naira devaluation lures foreign portfolio investors back into Nigeria stock market

Last month’s currency devaluation in Nigeria is bringing foreign investors back to the nation’s stock market. Overseas investment flows have jumped over the past month after President Bola Tinubu’s administration allowed the naira to weaken 40%, according to data from the Nigerian Exchange in Lagos. While the devaluation initially reset the foreign-currency price of the benchmark index lower, stock gains fueled by the flows have mitigated that impact — leading to a 7.5% rebound over the past two weeks. Investors will take heart from history that shows currency devaluations, while causing short-term pain, boost stock values and investment flows over…

Tuesday, 11 July 2023 05:09

FIRS offers ‘goodwill’ extension to companies to file tax returns

Companies that were unable to file their Companies Income Tax returns for the 2023 year of assessment (YOA) that fell due on the 30th of June 2023 have been given up to 31st August, 2023 to submit their returns to the Federal Inland Revenue Service (FIRS). FIRS in a Public Notice signed by its Executive Chairman, Muhammad Nami, stated that it had received numerous calls from companies requesting for the extension of time to submit their Companies Income Tax (CIT) returns as they were unable to meet up with the deadline due on 30th June 2023. It noted that as…

Tuesday, 11 July 2023 05:02

Bill Gates says path to lifelong success and happiness comes down to 4 simple choices

Bill Gates, co-founder of Microsoft, co-chair of the Bill & Melinda Gates Foundation, and one of the world's wealthiest individuals, is known for his insightful wisdom and notable quotes. Here are four memorable tips to help you navigate your path to success: Bill Gates on embracing your uniqueness Don't compare yourself with anyone in this world...if you do so, you are insulting yourself. In today's interconnected world, it's easy to fall into the trap of comparing ourselves with others. Social media platforms, in particular, amplify this tendency. Unfortunately, constant comparisons can lead to a detrimental cycle of self-doubt, anxiety, and…

Monday, 10 July 2023 04:53

Nigeria’s Q1 capital inflows dropped 28 percent year-on-year - NBS

Capital inflows into Nigeria, Africa’s most populous nation, declined 28% in the three months through March to $1.1 billion compared with a year ago, while they rose 6.8% from the previous quarter, according to the statistics agency. The largest capital importats came from portfolio investors, which accounted for 57.3%; “other investment” was responsible for 38.31%, while foreign direct investment was 4.2%, the Abuja-based National Bureau of Statistics said in statement on its website. The United Kingdom accounted for the highest capital importation by country of origin at 59.5%, followed by the United Arab Emirates and the US with 9.6% and…

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Monday, 10 July 2023 04:36

3 effective ways to quickly build credibility as an entrepreneur

You might have heard the old saying that it takes 10,000 hours to become an expert. The problem is, that's more than three years even if you work 60-hour weeks. As an entrepreneur, you shouldn't have to wait that long to showcase your credibility. The faster you can build up your status as a leader in your industry, the sooner you'll reap serious benefits. For instance, having an enviable reputation can be great for your business's bottom line. When you're known as a subject matter expert, people seek you out. This doesn't just include potential clients, although clients will directly…

Sunday, 09 July 2023 04:46

Otudeko displaces Otedola in comeback shares acquisition at FBN Holdings

Femi Otedola, chairman of Geregu Power, has yielded the top spot on the ownership ladder of FBN Holdings to Barbican Capital Limited, an affiliate of Oba Otudeko’s Honeywell Flour Mill, a regulatory filing showed on Saturday. Barbican Capital accumulated shares of about 4.8 billion units in the parent company of Nigeria’s oldest lender FirstBank translating to a 13.3 per cent holding in the corporation. That is more than twice the portion held by Otedola, who in late 2021 had acquired a 7.6 percent interest in the financial services group via off-market deals. He displaced FirstBank’s Chair Tunde-Hassan Odukale to take…

Friday, 07 July 2023 04:23

How to get better at spotting talent

Inc.com columnist Alison Green answers questions about workplace and management issues – everything from how to deal with a micromanaging boss to how to talk to someone on your team about body odor. Here's a roundup of answers to four questions from readers. I like to think I'm pretty good at judging technical abilities, but I'm wondering if I'm actually only looking for the cues that people like me (male/western culture) show. If so, I'm wondering how I can get better. Here's the situation that makes me wonder: At a recent technical conference, we gave prizes to young engineers for …

Thursday, 06 July 2023 04:33

Terminal operator says petrol subsidy removal, forex rates hike forced 36% increase in tariffs on imported vehicles

Months after the Maritime Workers Union of Nigeria requested that terminal charges be reviewed upwards, Ports & Terminal Multipurpose Limited has announced a 36 per cent increase in tariff on imported vehicles with effect from July 1. In a public notice sighted by our correspondent on Tuesday, signed by the management of PTML, the terminal said the current economic conditions of surging inflation, currency devaluation and subsidy removal had increased its operational costs. The terminal in the notice said it had received the approvals of relevant authorities for the tariff hike. The notice read in part, “PTML would like to…

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