Business News

Thursday, 08 December 2022 05:39

The customer isn’t always right. Here's a better approach

You probably don't need research to tell you that customers have become more badly behaved as of late, but if you want confirmation, it exists. All those headlines about rude customers, screaming airline passengers, and entitled patrons are backed up by various reports that confirm terrible customer behavior is on the rise. What should businesses do about it? The classic approach to difficult customers is to grin and bear them. But according to new research out of the University of British Columbia recently highlighted on the Harvard Business Review website, this "the customer is always right" approach is actually a…

Wednesday, 07 December 2022 04:10

Secrets to success you can learn from the world's best soccer coaches

The World Cup is on, which means over here in soccer-mad Europe, much of the population has spent the last ten days trying to figure out how to watch four matches a day while still maintaining a bare minimum of productivity and day-to-day functioning. In America interest might be slightly less obsessive, but even if you didn't sneak out of work to watch Tunisia play Poland, there are plenty of reasons for business leaders to catch at least a few matches. And not just because of patriotic support of team USA or the incredible athleticism on display. Recent research out…

Tuesday, 06 December 2022 05:36

Google just taught everyone an important lesson about failure - something many leaders never learn

Google has developed something of a reputation for launching a product or service, investing billions of dollars and then dropping it completely. There is even an entire website called the Google Graveyard, dedicated to projects Google has abandoned. YouTube Originals, Google+, Google Goggles and the Nexus smartphone all found their final resting place in the Google Graveyard, along with hundreds of other products and services. Many of these weren't without an audience entirely. Take the latest product to land in the graveyard, Stadia – Google's cloud streaming video game service. "A few years ago, we also launched a consumer gaming…

Monday, 05 December 2022 05:56

Nigeria manufacturing activity improved in November on strong consumer demand - Report

Nigeria’s Purchasing Manager Index (PMI), which assesses the overall health of the manufacturing sector including the direction it is headed, saw further improvement in November as demand for goods swelled and the number of people ordering them similarly jumped. The PMI reading of Africa’s largest economy rose to 54.3 in the month that just went by from 53.6 a month earlier, the Stanbic IBTC Bank Nigeria PMI, issued Thursday showed. It was the quickest pace at which factory activity has improved since April. A reading under 50 points to contraction, while that above the threshold indicates advance in activity. Central…

Monday, 05 December 2022 05:48

talked to over 100 women leaders. These are the top 3 things I learnt about what makes them successful

I was inspired to write my new book, "When Women Lead", by the odds-defying stories of phenomenal female leaders I've met and interviewed over the years as a reporter at CNBC and at Fortune Magazine before that. The 120-plus mix of CEOs, founders, and VC investors are — by definition — exceptional in the male-dominated business world. I wanted to both share their stories and also to find takeaways in their successful strategies. As I started to report the book, just before the pandemic hit, I had an unexpected opportunity: the ability to analyze their approaches and follow their progress…

Saturday, 03 December 2022 05:52

Supreme Court allows Shell to appeal N800bn ordered compensation to Rivers communities

Nigeria's Supreme Court on Friday allowed Shell Plc's local unit to appeal a ruling that directed the company to pay $1.8 billion compensation over an alleged spill, in a dispute that has held back the company's sale of its onshore assets. Shell said in June it would pause the disposal of local assets until the court ruled on an appeal brought by its subsidiary Shell Petroleum Development Company of Nigeria Ltd (SPDC) and partner NNPC Ltd against a lower court judgment. On Friday, the Supreme Court ruled that it had jurisdiction over the matter and would hear the substantive case.…

Friday, 02 December 2022 04:54

'Don't be a donkey': The best leadership advice from the last 120 years

"I'm NOT a donkey, and I don't have a field," goes the witty comeback from German political economist, Max Weber, after a faculty criticized him for publishing outside his discipline. More than a century later Weber's decry of the "narrowing of scholarship" is more pertinent than ever – and not just in academia but business as well. To be a entrepreneurial donkey is especially risky. Starting and owning a business requires a breadth of knowledge to be able to: i) understand where the market opportunities exist ii) create new and innovative products and most important iii) lead a growing team…

Thursday, 01 December 2022 06:17

Fuel scarcity is getting worse across the country. IPMAN boss explains why

National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Okoronkwo, has said almost all depots owned by Nigeria National Petroleum Corporation Ltd are not working, hence the persistent fuel scarcity in the country. Okoronkwo stated this during an interview on Channels TV’s Politics Today on Tuesday. The IPMAN president said that private depots owners are now responsible for the distribution of the products since the NNPC depots are not working. He said NNPC had enough stock, but the distribution method was complicating the situation. He said, “It’s very important for you to know where we belong in…

Thursday, 01 December 2022 06:12

Staff layoffs as ‘crypto winter’ breezes into Nigerian startups

The crypto winter, marked by plunging bitcoin and ethereum prices, as well as the collapse of companies like FTX, Celsius, and Voyager, is now triggering layoffs at Nigerian crypto companies. At least two startups, Quidax and Lazerpay, have acknowledged their ongoing pains. Quidax, an exchange that has processed over $3 billion in crypto transactions, laid off a fifth of its staff last week, citing a need to be “more capital-efficient” to survive the downturn. The four-year-old company laid off employees from its marketing, engineering, business, and product teams, as the drop in the value of cryptocurrencies reduced transaction volumes and,…

Thursday, 01 December 2022 06:10

Nigerian startup Orda which digitizes African restaurants raises $3.4m in new funding

Most large restaurant chains across Africa have grown accustomed to using legacy systems and point-of-sale providers to manage operations. However, for smaller restaurants — which represent the biggest segment of this $50 billion industry — these systems can be rather expensive and do not adequately cater to their needs; thus, they stick with running operations manually. Orda, a Nigerian food tech platform that provides a cloud-based restaurant operating system to solve these issues for small, independent restaurants, is announcing that it has secured a $3.4 million seed investment. The two-year-old startup raised $1.1 million in pre-seed funding this January, bringing…

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Thursday, 01 December 2022 06:00

5 red flags to watch when assessing leadership potential

Once upon a time, picking the right leaders was easy. Most notably, our hunter-gatherer ancestors lived in small groups where everybody knew each other really well, and most of the critical leadership skills were easily observable: physical strength, dexterity, courage, and speed. It was also rather costly to pick the wrong leader. You would probably end up beaten, killed, or eaten, as opposed to just changing jobs or moving to a different country. Fast-forward 200,000 years, and things are a great deal more complex. For starters, the critical leadership qualities that enable some individuals to effectively coordinate collective activity, turning…

Wednesday, 30 November 2022 05:54

Forex inflow of $4.9bn came in from non-oil exports in 9 months - CBN

Central Bank of Nigeria (CBN) says non-oil exporters repatriated $4.98 billion into the country in the first nine months of the year. Godwin Emefiele, CBN governor, disclosed this during his keynote address at the second edition of the RT200 biannual non-oil export summit, held in Lagos on Tuesday. The summit is themed ‘RT200 Non-Oil Export Programme: The Journey So Far’. In February, CBN disclosed plans to pay a rebate of N65 to exporters for every $1 of goods sold to third parties through the investors and exporters (I&E) window. The N65 bonus is a benefit under the RT 200 non-oil…

Wednesday, 30 November 2022 05:51

CAC opens portal to enable search for who owns what in Nigerian companies

Corporate Affairs Commission has unveiled a Beneficial Ownership Register platform. This was made public on Friday night, following the platform’s unveiling in Abuja by the CAC Registrar General, Garba Abubakar. He said this will make it simple to look up information on people with significant control. The CAC Registrar said, “The portal is an automated platform where PSC records compiled by CAC are saved and made available for use by the general public as well as the government, according to Oasis Management Company, the company that developed the BOR.” According to him, the worldwide standard of beneficiary ownership data standards,…

Wednesday, 30 November 2022 05:44

Be thankful you’re still in business and prepare for worse

As the holiday celebrations approach after another year of mixed blessings, we're all more likely to be relieved about what we avoided rather than thankful for what modest blessings we've received. But there's at least one group I know of who wouldn't trade places or positions with anyone, notwithstanding all the grief they've been through for the last several years. Entrepreneurs. They're people who know that they've hung in, that they've hung tough, and that, while the battle's far from over, they're proud and grateful that their businesses are still standing. And they're especially thankful for the people and plans…

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