Business News

Friday, 02 September 2022 06:57

Flutterwave secures CBN’s approval for switching and processing ahead of planned IPO

Flutterwave Inc., an Africa-focused financial technology firm, obtained a switching and processing license for electronic payments in the continent’s biggest market Nigeria as it seeks to expand across the region. The permit from Nigeria’s central bank enables Flutterwave to process fund transfers between banks and fintechs, handle card transactions, participate in agency banking and engage in other payment services without an intermediary, it said in emailed statement on Thursday. The license comes at at time when the Lagos and San Francisco-based firm is planning an initial public offering on the Nasdaq while battling allegations of financial misconduct, including claims of…

Friday, 02 September 2022 06:46

A simple hack to make your next product a runaway success

We've all heard the stories: Companies building products for 6+ months only to find out no one wanted them. These mistakes are costly since the average software-as-a-service company spends 23% of their budget on research and development, which can make or break your company. That's because R&D, when executed well, has proven to be an effective, although risky, growth strategy. According to the Harvard Business Review, companies have dramatically increased their investment in R&D since the 1970s when the average company spent less than 1% of its budget on R&D. And these mistakes are shockingly common: 42% of companies in…

Thursday, 01 September 2022 06:41

Capital importation declined 2.4 percent in Q2, 2022. These are the 4 states that got inflow

Capital importation into the country dropped by 2.4 percent in the second quarter (Q2) of 2022, latest report by National Bureau of Statistics (NBS) has shown. The total capital imported into the country in (Q2) 2022 stood at $1.54 billion from $875.62 million in the corresponding quarter of 2021, showing an increase of 75.34 percent. When compared to Q1 2022, capital importation decreased by 2.40 percent from $1.57 billion. Only four states out of 36 states and the federal capital territory (FCT), received capital investments in Q2 2022. These states are Lagos ($1.05 billion), FCT ($454 million), Anambra ($24.7 million),…

Thursday, 01 September 2022 06:31

3 ways to reduce company costs during difficult times

As markets continue to sag, organizations need to start thinking proactively about cutting costs. Like many companies, mine went through a cost-cutting exercise at the beginning of Covid-19. In those early days, no one had any clue how the pandemic would affect businesses. So, my company took a close look at what we were spending and instituted org-wide cost-efficiency standards. It turned out to be a prudent thing to do. In a generally bearish economic climate, we're in much better shape than we'd be otherwise. Two years after that first Covid-induced shock to the markets, we're seeing round two. But…

Wednesday, 31 August 2022 07:03

Crude oil purchase agreement for 20 years secured with Dangote refinery - NNPC

Federal government says it has high hopes the Dangote Refinery will help solve its petroleum importation challenge. And it hopes for more: amid fears of oil glut as nations move to cleaner energy, Nigeria will still be able to sell to the privately-owned refiner for at least 20 years. To do this, the government has locked down a right-of-first-refusal agreement with the company, with Nigeria owning 20 per cent of the firm. Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, said this on Tuesday in Abuja. He said Nigeria will stop importing refined fuel by…

Wednesday, 31 August 2022 06:58

Successful innovation needs you to tap into people's unspoken needs

Henry Ford once said, "If I'd ask customers what they wanted, they would've told me a faster horse." Most people in the early 20th century would not have been able to envision a motorized vehicle replacing horse-drawn buggies. But, they definitely knew they wanted to get from their homes to the store faster. I have spent the entirety of my career (as an entrepreneur, designer, venture capitalist and business school professor) focusing on how to ensure that innovative ideas successfully gain traction in the market. One of the biggest lessons I have learned in my experience working with companies of…

Tuesday, 30 August 2022 07:11

Foreign airlines make available cheaper tickets after CBN’s release of trapped funds

Following announcement of the release of $265 million trapped funds to foreign airlines by the Central Bank of Nigeria (CBN), the international carriers have reintroduced their lower class tickets, better known as lower inventory in their operations in Nigeria. Some foreign airlines had raised the alarm over their inability to remit their revenues in Nigeria, amounting to about $450 million.Last week, Emirates Airlines announced that it would suspend all flights to Nigeria from September 1, 2022, over its stuck $95 million. However, the federal government bowed to the foreign airlines’ pressure on Friday with the release of $265 million of…

Tuesday, 30 August 2022 06:59

Success needs a growth mindset but it also needs a fixed mindset

According to research on achievement and success by Stanford psychologist Carol Dweck, most people embrace – whether consciously or not – one of two mental perspectives where talent is concerned: Fixed mindset: The belief that intelligence, ability and talent are inborn and relatively fixed. Someone with a fixed mindset might think, "Numbers have never been my thing... so I probably shouldn't try to start a business." Growth mindset: The belief that intelligence, ability and talent can be learned and improved with effort. Someone with a growth mindset might think, you're likely to think things like, "I didn't do well in…

Monday, 29 August 2022 06:40

3 tips for better negotiation outcomes, according to research

Business leaders can't go it alone. They must work with employees, customers, investors, suppliers, partners, and communities. Each of these relationships is at risk when leaders enter into negotiations. Here are some examples of how negotiations can put your business at risk: An engineering leader developing your company's new product gets an offer from a rival. If you can't agree on a new pay package, your competitor will be better off and your company could lose a growth opportunity. A supplier of a key raw material proposes a 20 percent price increase due to a surge in demand and a…

Saturday, 27 August 2022 07:07

CBN releases $265m to airlines threatening to halt Nigeria flights

To halt the crisis in the aviation sector, Central Bank of Nigeria (CBN) says it has released $265 million to airlines operating in the country to settle outstanding ticket sales. Osita Nwanisobi, director, corporate communications, CBN, said this in a statement issued on Friday. Nwanisobi said Godwin Emefiele, CBN governor and his team were concerned about the development and what it portends for the sector and travellers as well as the country in the comity of nations. He reiterated that the apex bank was not against any company repatriating its funds from the country, adding that what CBN stood for…

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Friday, 26 August 2022 06:50

Google CEO Sundar Pichai is asking employees 3 thought-provoking questions. It's a lesson in how to handle criticism

"I would love to get all your help." That's what Google CEO Sundar Pichai told employees at an all-hands meeting, as reported by CNBC. He spoke about challenges related to a slowing economy, went on to ask Google's more than 174,000 employees for critical feedback, to help find areas to improve focus and productivity. He then introduced what he called a "Simplicity Sprint", an initiative to crowdsource ideas for improvement from the entire company. The sprint, which was first reported on by my Inc. colleague Jeff Haden, includes the following three questions: What would help you work with greater clarity…

Thursday, 25 August 2022 06:35

Great business leaders have these 8 traits

As a lifelong entrepreneur, I know firsthand the highs and lows of running a successful company. I've run several marketing firms, each catering to different national markets, as well as co-run a financial investments company and several lucrative mobile app ventures. Although it hasn't always been picture-perfect, I don't regret the ups and downs for a second — all of the learning experiences have made me the leader I am today. It can be both exhilarating and challenging at the same time, but serial entrepreneurship is the perfect fit for me. In truth, not everyone is cut out to be…

Wednesday, 24 August 2022 07:20

Nigeria spent $11bn to import sugar, plastics, pharmaceuticals in 2 years - Report

Plastics, pharmaceuticals and sugar worth $10.98bn were imported into Nigeria between 2020 and 2021, according to data from the International Trade Centre. Within the time under review, the country spent $1.82bn on sugar products, $4.21bn on pharmaceutical products, and $4.95bn on plastic products. Countries from which these products came from included: China, Korea Republic, Saudi Arabia, India, United States of America, India, Netherlands, Denmark, United Arab Emirates, Brazil, and Switzerland, among others. According to the ITC, sugars and sugar confectionery products that were imported included cane or beet sugar and chemically pure sucrose; chemically pure lactose, maltose, glucose and fructose;…

Wednesday, 24 August 2022 07:16

Naira continues to fall at parallel market, approaches N700 to $1

The naira, on Tuesday, fell to N692 per dollar at the parallel market amid the lingering scarcity of the greenback. The figure signifies a depreciation of N9 or 1.3 percent compared to the N683 it traded last week. Bureaux De Change operators (BDCs) said they purchased the greenback at N685/$, made a gain of N7 and then sold at N692. According to the traders, the persistent naira depreciation is due to increased demand by customers and the scarcity of the dollar. “I know a trader who wants to buy goods from China. He has been looking for $40,000 in this…

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