Business News

Friday, 18 November 2022 05:21

Three game-changing tips that could lead to greater business success

While business and law might seem to be on opposite sides of the playing field, they are surprisingly similar – and this similarity has only grown through the years. David Nied, a trial/appellate lawyer and mediator with over 30 years of experience representing companies and individuals in business, real estate, and employment, says, "law firms, at least in my experience, have become more and more like a business." But despite this, many lawyers are still unfamiliar with basic business practices. On the other side of the coin, business people (until, perhaps, recently) are often unaware of what exactly goes on…

Thursday, 17 November 2022 06:53

Are you a businesswoman? UK has provided $100m to support your venture

As part of drive to bridge gender gap in businesses, the United Kingdom says it is committing a $100m fund to support women-owned enterprises in Nigeria. The UK government said the $100 million fund programme is launched through the First Bank of Nigeria to provide direct funding to women-owned enterprises. Catriona Laing, British high commissioner to Nigeria, stated this on Wednesday at the gender and inclusion summit organised by the Policy Innovation Center, (PIC), in Abuja on Wednesday. The summit was themed, ‘connecting the dots for a gender-inclusive society’. Laing said the investment was part of the implementation of the…

Thursday, 17 November 2022 06:46

Why open-plan offices kill creativity and hobble your team's ability to innovate

We're twenty years into the 21st century and most organizations – including the high tech firms that are supposedly leading-edge – still have workplaces that reflect non-scientific industrial age ideas of what productivity and creativity is all about. Entrepreneurs and executives seem to be having a difficult time letting go of long-standing concepts that alienate a large percentage of the employees – the introverts – the very people are most likely to create and innovate with technology and systems. Contrary to popular belief, introverts are not more creative than extroverts. They are, however, creative in a quite different way. Extroverts…

Wednesday, 16 November 2022 06:30

Naira rally ends, falls at parallel market

The improving fortune of the naira at the parallel market was reversed on Tuesday as the local currency depreciated to N790 per dollar. The figure represents a depreciation of N80 or 11.3 percent from the N710 it traded on Friday morning. The development is in sharp contrast to the N175 appreciation recorded a week ago when the parallel market exchange rate reduced from N885/$ to N710/$. Currency traders known as Bureaux De Change operators (BDCs), who spoke to our correspondent on Tuesday in Lagos, attributed the depreciation to rising demand for the greenback by customers which worsened demand-supply dynamics. “People…

Wednesday, 16 November 2022 06:18

7 steps to balanced decisions using both intuition and data

Based on my own experience working with business leaders in large organizations as well as small, success is all about making the right decisions at the right time. Some people believe it’s all about intuition and experience, while others are fanatics in gathering data, doing the analysis and suppressing intuition and experience. I’m a proponent of always striking the right balance. I’m sure you all agree that all decisions are not the same, with some being strategic for your future, and others required due to daily operational crises. For some, data collection and analysis is key, while others benefit from…

Tuesday, 15 November 2022 06:54

Visa Ban: Air Peace suspends flights to Dubai

Air Peace has announced suspension of its flight service to Dubai following the government of United Arab Emirates’ (UAE) decision to stop issuing visas to Nigerians. Emirates Airlines recently stopped flight operations to Lagos and Abuja in protest of the failure of the Nigerian government to provide dollars for the airline to repatriate its revenues earned in Nigeria. Also about a fortnight ago, UAE had through licenced travel agents in that country announced the stoppage of issuance of visa to Nigeria and 19 other countries in Africa. Owing to this, in a statement signed by Air Peace management, the airline…

Tuesday, 15 November 2022 06:53

Jeff Bezos pledges to give away most of his $124bn to climate charities, others

Amazon founder said he wants to support people who can unify humanity and heal deep social and political divisions. The tycoon did not give any details about the exact charities he will donate to or how much he will give. Sitting alongside his partner Lauren Sanchez, the businessman told CNN they are 'building the capacity to be able to give away this money'. When asked if he plans to donate most of his wealth during his lifetime, Bezos replied: 'Yeah, I do.' Daily Mail

Tuesday, 15 November 2022 06:50

3 steps for building bold teams that dream big

Building a superstar team is a mixture of art and science. As Google's Project Aristotle taught us, hiring a team of all-stars is not necessarily the surest route to success. In their efforts to crack the code on team effectiveness, Google's researchersdiscovered that the real magic lies in some key characteristics and intangible factors such as dependability, structure and – most important – psychological safety. When everyone on a team feels safe to offer up ideas, take risks, and ask questions, teams become something more than the sum of their parts. It's important to remember that a group of workers…

Monday, 14 November 2022 06:24

Price hike in Nigeria’s Eurobonds leads to lower yields - Report

Following a surge in prices, yields on Nigeria’s Eurobonds tumbled as investors’ demand in the secondary market persisted since the beginning of November 2022, latest data by Debt Management Office (DMO) has revealed. Experts attributed the hike in prices to the Naira redesigning policy of the Central Bank of Nigeria (CBN) as high network investors are demanding risk-free instruments to preserve their wealth in foreign currency. “Once there is high demand in Eurobond, the prices will be increasing and the yield will drop. Part of the reasons for lower yields on Eurobonds could be the recent policy of CBN on…

Monday, 14 November 2022 06:14

How to hire the first 50 people into your company

Hiring is hard. When you're a startup – with no track record, scant funds and less than top-of-line resources and benefits – it's usually a nightmare. Thus, many startups never make it out of the solopreneur stage, a one-person show. There's nothing wrong with that, of course. But if you have billion-dollar valuation dreams or heck, even if you just want the slightest chance of an exit at some point, well, I probably won't be the first to tell you that you can't do it alone. I've been down the growth startup hiring path many times, several as a self-funded…

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Sunday, 13 November 2022 06:35

Naira continues its rally at parallel market. Here’s why

The naira yesterday recorded major gain against the dollar, closing at N680/$ at the parallel market in a new wave of sustained recovery after weeks of depreciation. The recovery of the local currency is linked to ease in dollar demand and release of huge dollars by forex speculators who wanted to take advantage of previous rate spike in the market. The naira, which nearly hit N900/$ early last week, made a major comeback after the Central Bank of Nigeria (CBN) also injected unspecified volume of dollars into the market to boost liquidity. A monitor of the market and rate quotes…

Saturday, 12 November 2022 05:51

FG starts concession process on $1.3bn China-funded hydro power plant

Federal government plans to grant a concession on its $1.3 billion hydropower plant now under construction and is seeking bids from private investors to operate the China-funded plant, authorities said on Friday. The Zungeru Hydroelectric Power Plant (ZHPP), the biggest of its type in Nigeria, is expected to generate 700 megawatts and is being funded by loans from China's Exim Bank, the Bureau of Public Entreprises (BPE), Nigeria's privatisation agency, said. The project, located in northcentral Niger state, will meet around 10% of Nigeria’s domestic energy needs when completed, the agency said. Africa's biggest economy has an installed capacity of…

Saturday, 12 November 2022 05:46

FG promises support for auto manufacturing firm in partnership with UNILAG

Minister of Science, Technology and Innovation, Olorunnimbe Mamora, has expressed excitement over the establishment of an auto assembly plant in University of Lagos by Nord Automobile Limited. He commended the partnership between the University and Nord during the inauguration of the multi-purpose automobile complex in Lagos on Thursday, describing the initiative as “a demonstration of abundant innovative energy of the youths of this country.” Mamora said the project was in line with the motive behind the President Muhammadu Buhari’s recently signed Executive Order 5, “which essentially has to do with indigenous components across all sectors of the economy. That is…

Friday, 11 November 2022 06:47

Naira is appreciating at parallel market. Operators explain why

The naira, which has been falling against major currencies in the past two weeks, has staged a comeback, recording gains on the parallel market as it exchanged for about N730 to a dollar on Thursday. Recall that the Nigerian currency hit an all-time low of about N850 to the US dollar on the black market shortly after the Central Bank of Nigeria (CBN) announced plans to redesign high-value currency notes of N200, N500 and N1,000 and re-issued from December 15. CBN said the affected currency notes will cease to be accepted after January 31, 2023, and asked currency holders to…

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