Business News

Monday, 31 October 2022 06:14

5 steps for turning your next business crisis into a leadership moment

Every business leader expects to encounter one or more crises eventually. The challenge for each of you is to get it handled quickly and effectively, without losing the trust of constituents, as well as customers. In my role as a business advisor, I see leaders who handle it well instinctively and others who fall apart under the stress by letting their emotions and biases lead them astray. In my experience, there are only a few basics to remember and practice. I saw these summarized clearly in a new book, BUILD, by entrepreneur Tony Fadell. He writes that these strategies apply…

Friday, 28 October 2022 05:40

Elon Musk takes ownership of Twitter, fires top executives

Elon Musk became Twitter Inc's new owner on Thursday, firing top executives he had accused of misleading him and providing little clarity over how he will achieve the lofty ambitions he has outlined for the influential social media platform. The CEO of electric car maker Tesla Inc has said he wants to "defeat" spam bots on Twitter, make the algorithms that determine how content is presented to its users publicly available, and prevent the platform from becoming an echo chamber for hate and division, even as he limits censorship. Yet Musk has not offered details on how he will achieve…

Friday, 28 October 2022 05:34

Entrepreneurs can navigate the law of unintended consequences

For a lot of companies, the battle for success is often lost in the margins. And quietly. A company can be quickly doomed by a decision that seemed less than critical, almost innocuous, at the time it was made. This is the law of unintended consequences and it's a nightmare for both startups and mature companies. It can strike in sales, technology, finance, hiring, just about anywhere. The more mature the company, the more likely it can absorb the damage when the unforeseen becomes seen. On the other hand, I've seen the law of unintended consequences take out startups in…

Thursday, 27 October 2022 06:42

To meet tomorrow's challenges, business needs more truth tellers

Business seems to have turned a corner and I couldn't be happier or more grateful. It's been a long time coming, but the days of management walking on eggshells to appease snowflakes, Millies and other entitled employees could soon be ending. The timing couldn't be better. If the US is planning to compete for the future on a global scale, employers have to get back to seriously taking care of business after enduring several soul-sucking and defeatist decades of political correctness, lip-biting and tongue-holding. Billions of dollars and millions of hours were wasted on frivolous and foolish efforts to make…

Wednesday, 26 October 2022 06:31

Fuel scarcity spreads from Abuja to Lagos, Ogun, Katsina; petrol sells for N350/litre

Petrol scarcity hit different parts of Nigeria on Tuesday, forcing motorists to spend hours at filling stations while battling to get the product. Black marketers had a field day, selling a litre of fuel at N300-N400 in many parts of the country. Many motorists were forced to patronise them as the unpalatable alternative was to wait for hours in filling stations. Amid long queues and waiting hours in Lagos, some filling stations sold a litre of the Premium Motor Spirit at N200/litre as against the approved price of N180-N185/litre. One of our correspondents who visited some filling stations around Ikotun,…

Wednesday, 26 October 2022 06:22

Six Ps to build perfect infrastructure for your company

Have you ever wondered why some businesses thrive while others take a nosedive or why some entrepreneurs are successful when so many are not? Why do some businesses sell for maximum value, some sell for pennies on the dollar and some don't sell at all? Over the last 20-plus years, my clients have asked me all the above. Many of them expect me to give a variety of complex answers. They are quite startled when I simply say, "Yes, I know the answer and it's not complicated, it's actually quite simple". As a 22-year veteran in the M&A industry, I…

Tuesday, 25 October 2022 06:20

Domestic card scheme will become effective January, CBN announces

Central Bank of Nigeria, in line with its mandate to promote stability, inclusion and growth in the financial and payment system, says it has introduced a national domestic card scheme that will become effective on January 16, 2023. A statement from Director, Corporate Communications, CBN, Osita Nwanisobi, said Nigeria is Africa’s largest and most vibrant economy and the pace of digitisation and innovation, alongside the expansion of mobile penetration and the proactive policy initiatives of the CBN, had driven the accelerated adoption of digital financial services. He said, “Considering the strength and breadth of its banking sector and the rapid…

Tuesday, 25 October 2022 06:12

10 strategies to propel business success without needing luck

Many business professionals and entrepreneurs I know are quick to attribute success of a peer to luck, rather than any recognition of a unique strategy or personal attributes. Over my many years as a business advisor and angel investor, I have become a firm believer in the opposite position, that you make your own luck, which drives business success, rather than the other way around. As with most investors and advisors, I always look first at some key personal characteristics and leadership strategies that I find often make you a more likely survivor and winner in the highly competitive world…

Monday, 24 October 2022 06:10

Stocks on NGX lost N2.27trn in the last 3 weeks. This is what happened

The stock market of the Nigerian Exchange Limited (NGX) has depreciated by N2.27 trillion in market capitalisation to N24.182 trillion in the first three weeks of October 2022, following investors’ profit-taking in Airtel Africa Plc. The market capitalisation of the Exchange had opened October trading at N26.450 trillion. Consequently, NGX All-Share Index dropped by 9.4 per cent in its Month-till-Date (MtD) performance to 44,396.73 basis points from 49,024.16 basis points the stock market opened for trading in October. The market performance in its Year-till-Date (YtD) has slowed down to 3.93 per cent. Key contributing factor to the decline in the…

Monday, 24 October 2022 05:59

Leadership lessons I learnt from a Baboon

I was just at a conference for entrepreneurs and told a group I was presenting to that I always "win the award" for having had the most toxic micromanager of anyone in the room. I told them the story. Well, not the whole story. We were in a meeting with a prospect when things got ugly fast. My manager and the CFO butted heads. There was this weird ego standoff, and my boss was escalating it rather than finding common ground. Before long, the client became so enraged by my boss's toxic attitude that she stood up, grabbed the proposal…

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Saturday, 22 October 2022 06:10

Newly purchased Polaris Bank announces board, CEO

Polaris Bank says it has constituted a new board and management team. The bank made the announcement in a statement on Friday. This comes a day after the Central Bank of Nigeria (CBN) announced the acquisition of 100 percent equity stakes in the bank by Strategic Capital Investment Limited (SCIL). CBN said SCIL paid an upfront consideration of N50 billion to acquire 100 percent of the equity of Polaris Bank and has accepted the terms of the agreement, which include the full repayment of the sum of N1.305 trillion, being the consideration bonds injected. Polaris Bank, in the statement, said…

Friday, 21 October 2022 06:24

Naira falls further at parallel market on dollar demand pressure

Naira, on Thursday, weakened to N751 per dollar at the parallel section of the foreign exchange (FX) market amid increased demand. The figure represents N9 or 1.2 percent depreciation compared to the N742 it traded a week ago. Bureaux De Change (BDC) operators, popularly known as ‘abokis’, who spoke to our correspondent in Lagos, quoted the buying rate of the greenback at N745 and the selling price at N751 per dollar. The traders said the FX scarcity intensified last week, explaining that business owners have been trooping to the market. On the official market side, the naira depreciated by 0.06…

Friday, 21 October 2022 06:23

CBN sells Polaris Bank on the following terms

Central Bank of Nigeria (CBN) has announced completion of the sale of Polaris Bank. Osita Nwanisobi, CBN’s Director, Corporate Communications, disclosed this in a statement on Thursday. Nwanisobi announced that the new core investor in the bank is Strategic Capital Investment Limited, disclosing that the deal was sealed with SCIL by the CBN and Asset Management Company of Nigeria (AMCON). “Polaris has been operating as a bridge bank since 2018 when the Central Bank of Nigeria intervened to revoke the licence of the former Skye Bank Plc and established Polaris Bank to assume its assets and certain liabilities. As part…

Friday, 21 October 2022 06:07

4 ways to penetrate a saturated market

Saturated markets are often considered one of the biggest challenges for entrepreneurs looking to implement their business ideas. However, while competing with established businesses is often seen as a bane, it is actually a boon. The saturation or oversaturation of a market is a clear indication of a demand for a good or service, making it only a matter of standing out and finding where opportunities lie. Unproven markets, on the other hand, require expensive and extensive testing, as well as risk-taking which might not always be necessary. Imagine you have an idea for a great smartphone and would like…

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