Business News

Monday, 09 January 2023 05:36

Customs hikes duties on imported vehicles by another 10 percent

Freight forwarders have said there may be congestion of imported vehicles at the nation’s seaports following Nigeria Customs Service’s decision to raise duty on imported vehicles by 10 percent. The agents, in exclusive interview with our correspondent in Lagos on Sunday, accused the service of effecting 10 per cent duty increase but failed to apply the 10 per cent yearly depreciation value on imported used vehicles. Deputy President of the National Association of Government Approved Freight Forwarders, Nnadi Ugochukwu, wondered why the NCS started a new financial calendar in January when this was meant to be done in April. He…

Monday, 09 January 2023 05:30

6 strategies that could be catastrophic for business growth

As you know, growing a business is hard, especially the first time. Unfortunately, every new initiative is different, so don't get too smug if you have had some success and can't wait to repeat it again. In my years as a business advisor, I have seen many of you crash and burn the second time around, despite the confidence. I advise working the next one as thoroughly as the first one. Here are some key insights that I and others have collected for mature company leaders, as well as serial entrepreneurs. They often justify strategies in their own minds that…

Friday, 06 January 2023 05:51

FG mandates oil companies to disclose beneficial equity holders

Nigerian Upstream Petroleum Regulatory Commission on Thursday issued a seven-day ultimatum to all lease and licence holders operating in Nigeria’s oil and gas sector, to disclose the real owners of their companies. In the directive signed by its Chief Executive, Gbenga Komolafe, the commission demanded that the information to be disclosed must include identity(ies) of the beneficial owner(s), the level of ownership, and details of how control is exerted. He stressed that the full list of real owners of their companies is submitted to the commission. The new directive released by NUPRC was tagged, “Notification No. 1 to All Licence…

Friday, 06 January 2023 05:45

4 behaviours that’ll quickly point to someone with bad leadership skills

Managers make all the difference in the world for their valued employees, especially newcomers. When new employees accept an offer, they don't know what fate has in store working for their new boss. Their work experience may be the greatest ever or the most stressful ever. For all bosses, certain behaviors are inexcusable, especially if the pattern keeps repeating. Here are four that will tell you whether they should even be in a leadership role or not. 1. Unable to listen effectively Mastering communication skills is clearly and undeniably a prerequisite before your feet are firmly planted in Leadership Land.…

Thursday, 05 January 2023 06:05

Oil falls 9.4 percent in 2 days on global recession fears, China Covid cases

Oil fell by more than $4 a barrel on Wednesday, posting the steepest percentage loss in the first two trading days of any year for over 3 decades, as investors worried about fuel demand as the global economy slows and Covid-19 cases grow in China. Brent futures settled at $77.84 a barrel, falling $4.26, or 5.2%. U.S. crude settled at $72.84 a barrel, shedding $4.09, or 5.3%. Brent has fallen by about 9.4% this week, its steepest two-day loss at the start of the year since January 1991, according to Refinitiv Eikon data. "Crude oil is trading lower on concerns…

Thursday, 05 January 2023 05:52

Aristotle’s 2,000-year-old advice on how to market your product

What does a man born in 384 BCE have to teach the modern writer? A lot. When I teach persuasive writing, participants are often amazed to learn that Aristotle, the Greek philosopher who taught the world about everything from chemistry to metaphysics, also contributed mightily to the study of rhetoric. Rhetoric is using language effectively and persuasively. And in this, Aristotle's philosophy is as relevant today as it was 2,000 years ago. Aristotle taught his students the art of persuasion. Today's business people use persuasion daily. Managers must persuade employees to follow through on projects, entrepreneurs convince investors to fund…

Wednesday, 04 January 2023 05:56

Elon Musk’s Starlink is rolling out in Nigeria. This is how much it’ll cost you to access the ultra-fast internet service

Elon Musk’s Starlink, a satellite internet service, has announced the prices for its starter kits as preorder sales begin in Nigeria. Starlink made the announcement in statement on Tuesday. The development follows the company’s plans to roll out and expand its services to Nigeria this year. According to the statement, interested customers can preorder the starter kits at the price of $600 (N438,000 at the current parallel market exchange rate) for the hardware. Starlink also said customers will pay $43 (N31,390) per month for subscription to its services. “Order now to reserve your Starlink. Starlink expects to expand service in…

Wednesday, 04 January 2023 05:51

How to survive raising your products’ prices, naked and unafraid

You have committed to first avoiding, at all costs, passing on price increases to your most important retail partners and customers. You've shored up your current customers. You've created new revenue streams. You've innovated marketing. You've reduced overhead. You've synergized to share expenses. You've restructured compensation. You've implemented automation. You've deferred your own pay. And it's still not working. You're still losing money. Now what? This entire series has been dedicated to avoiding, at all costs, passing on price increases to your most important retail partners and customers. But nothing else has worked. How can you pass along increases without…

Tuesday, 03 January 2023 05:38

DMO offers 2 bonds for subscription at N1000 per unit

Debt Management Office (DMO) has announced an offering for two federal government of Nigeria (FGN) savings bonds for subscription at N1,000 per unit. The offer, which marks DMO’s first issuance for 2023, will be opened on January 3 and close by January 6. The FGN savings bond offer is tailored and targeted at retail investors with guaranteed quarterly interest payment and repayment of the principal at maturity. In a statement on Monday, DMO said the first bond is a two-year FGN savings bond maturing on January 11, 2025, at an interest rate of 9.6 percent per annum. The second issuance…

Tuesday, 03 January 2023 05:33

Discussing personal goals in business helps leaders to avoid chasing shiny objects

We spend so much of our lives as entrepreneurs hunting for opportunities. What if new opportunities become the very thing that distracts us from our true goals? I’ve seen many talented business leaders and employees, myself included, wind up led astray by opportunity. This is an inherently challenging situation to recognize. It means we need to know when to say no to something, which is the opposite of the “say yes to everything” advice we get when we’re young, ambitious and hungry for the first rung of just about any ladder. Checking in with personal goals is one of the…

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Monday, 02 January 2023 05:57

Reject the conventional business-is-war paradigm

What is business? A good friend and former investigative journalist recently challenged me: If I say we should reject the conventional business-is-war paradigm, what would take its place? I am very clear that the new paradigm is love. Business is love. When you are really still, you may know it too. Stay with me. I define love as energy that uplifts and connects. As a society, isn't that the purpose of the enterprise we call business? As a leader, isn't that what you want your organization to do? That uplifting and connecting energy translates into more loyal employees, customers that…

Sunday, 01 January 2023 05:09

Wema Bank’s MD, adebise, is retiring. These subordinates of his will take over after his exit

Wema Bank’s board has appointed Moruf Oseni, the bank’s deputy managing director, as its new chief executive. The development followed the imminent retirement of the current CEO Ademola Adebise, who exits the bank at the end of the first quarter of 2023. Wole Akinleye, an executive director, will fill the void Oseni will be leaving by taking up the deputy managing editor’s role. On 2 January, 2023, Adebise will commence a terminal leave, the culmination of his 13-year service to the bank. Under his stewardship, Wema Bank’s asset base grew by 155 per cent to over N1.2 trillion, and its…

Friday, 30 December 2022 05:49

12 questions to ask yourself if you want to reinvent your life in 2023

As 2022 winds to a close, I think we can all agree on one thing – it's been a weird year. With the worst of the pandemic (hopefully) behind us, many people have emerged blinking into the light from two years in survival mode, looked around and wondered: What do I want to do with my life now? That confused determination to chart a new course is reflected in persistently high quit rates, ballooning interest in entrepreneurship and digital nomadism, a surge in labor organizing and millions of posts, articles and think pieces about just how many of us are…

Thursday, 29 December 2022 05:43

7 ways to continue growing as your business matures

Company growth is the ultimate strategic challenge, and it gets harder as your business matures. Once your business is running and sustainable, you're expected to grow quickly as an indication of long-term health and competitiveness. Thus continued growthbecomes the biggest challenge for many business owners I meet in my consulting practice. Everyone is looking for that magic strategy that will keep them growing even during market and company changes. In fact, I have long believed continual growth gets more and more difficult as your company gets bigger and more mature, as your organization develops repeatable processes and adds overhead to…

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