Business News

Saturday, 03 February 2024 04:48

CBN bars banks, fintech from international money transfer operations

Central Bank of Nigeria has banned banks and fintechs from International Money Transfer Operations. In its ‘Guidelines on International Money Transfer Services in Nigeria,’ the apex bank said, “All banks are prohibited from operating International Money Transfer services but can act as agents. “Also, financial technology companies are not allowed to obtain approval for IMTO. The new guidelines by the CBN are meant to guide the IMTOs in conducting money remittances in compliance with the regulatory framework established by the CBN.” This new guideline raises concerns about the fate of fintechs like Flutterwave, Interswitch, Paga, and others, which have IMTO…

Friday, 02 February 2024 04:53

42-year-old brings in more than $1m a year from newsletter, podcast

Lenny Rachitsky has started some successful ventures in his life. The 42-year-old founded his newsletter, Lenny’s Newsletter, about product management in 2019. It now boasts more than 570,000 subscribers and brings in more than $500,000 per year. He writes one post a week and works on each for 10 to 20 hours. In 2022, Rachitsky started Lenny’s Podcast. He releases two episodes per week and interviews leaders in the product management space to get concrete, actionable advice about their work. He’s hired a producer to help with components like audio engineering and puts in just four to five hours per…

Thursday, 01 February 2024 04:52

First Bank Holdings gets new board chairman

First Bank of Nigeria Holdings has appointed Nigerian billionaire and businessman, Femi Otedola, as the new chairman of its board of directors. Otedola, who recently expressed his excitement about his return to the Forbes African Billionaires list after a seven-year hiatus, takes over from the outgoing Chairman of the board, Ahmad Abdullahi. Sharing a picture of the announcement on his Instagram page, he wrote, “Interesting”, and added smiley and dollar emojis.” The 61-year-old entrepreneur currently sits at number 20 on the list with a net worth of $1.1bn. According to Forbes, the wealth of the 2024 list of 20 billionaires…

Wednesday, 31 January 2024 04:35

Everyone said, ‘Work harder and you’ll succeed’. They were wrong. Here’s what actually works

As a lifelong advocate for mindfulness and eastern philosophy, I’ve always been fascinated by the age-old advice, “Work harder and you’ll succeed.” But after years of study, reflection, and personal experience, a caveat to this mantra started to reveal itself. Let me be clear: I’m not against hard work. But the notion that success is purely a derivative of relentless effort is something I’ve come to question. And so, I set out on a mission to debunk this widely accepted belief and find out what truly leads to success. Over the years, I’ve written extensively on human potential and even…

Tuesday, 30 January 2024 04:49

Hiring managers spend ‘3-to-5 seconds’ on your resume, says recruiter who’s read hundreds—here’s what they look for

Recruiters spend very little time looking at each resume — “three-to-five seconds” before they decide if they want to keep going, says Simon Taylor, former Disney recruiter and author of the forthcoming leadership book “Build Smart.” “Five is generous,” he says. To get the information they need in such a short period of time, recruiters become “master keyword scanners,” he says, zeroing in on exactly the elements of your resume that prove whether or not you should be moving along in the interview process. Here’s what they’re really looking at. ‘The current job title’ First, recruiters are looking at your…

Monday, 29 January 2024 04:33

How did Jeff Bezos make $7.9m per hour last year? No matter how you define 'rich' or 'wealthy,' there's only one way to get there

In early 2023, Jeff Bezos was worth approximately $107 billion. A year later – to make the math easier – he was worth $177 billion. That's a difference of $70 billion, which means he made a little under $8 million per hour last year. Granted, that's not his per-hours-worked rate. That's his per-total-hours-in-the-year rate. Which is the point. To use the old passive income cliche, Bezos made a lot of money while he slept because he's an owner, not an employee. Hold that thought. Many people want to be rich. (How you define "rich" is of course up to you;…

Saturday, 27 January 2024 04:47

Otedola’s Dangote Cement’s shares purchase helps boost Aliko Dangote’s wealth to highest in decade - Bloomberg

Nigerian tycoon Femi Otedola said he will add to his purchases of Dangote Cement Plc’s shares after his recent acquisition in part helped propel the wealth of billionaire Aliko Dangote, founder of the cement maker, to the highest in a decade. Dangote Cement’s shares have more than doubled this month helping add $6.9 billion to its founder’s wealth, which jumped to $22 billion as of Thursday, according to the Bloomberg Billionaires Index. Otedola’s purchases are “work in progress,” after the tycoon bought the stock last week, he said. The cement maker is also seen as a proxy for Dangote’s new…

Friday, 26 January 2024 04:28

Setting new business goals?You also need a 'what I don't want' list

When gearing up for the new year and plotting your business course and role in it, a smart starting point is to pinpoint what you're not keen on pursuing. Your business success hinges on aligning goals with your vision and general expertise. Enter your "What I Don't Want" assessment – a pivotal tool steering your business toward its intended outcomes. Here are seven crucial questions to consider. 1. What new business pursuits don't sync with my skills and sector? Consider the alignment between your current skills and the sector you're in. For instance, if your strengths lie in collaborative work…

Thursday, 25 January 2024 04:44

We asked business leaders what the biggest threat to capitalism is. One big theme kept coming up

As the superrich gathered in Davos last week, business leaders polled by ‘Fast Company’ say capitalism exacerbates the wealth gap at its own peril. Capitalism is at an existential crossroads, and figuring out how to make it work better for people who are not top earners will require focused cooperation from world business leaders and policymakers, according to a new survey from Fast Company. The global survey of professionals ranging from early-career managers to C-suite executives found that favorability toward capitalism in 2024 is decidedly mixed, with 36% saying they had a positive reaction to the word and 35% saying…

Tuesday, 23 January 2024 04:49

Use ‘design thinking’ to come up with great ideas: This is how to do it

If someone tells you, “Come up with a great idea,” your mind might go blank. It can be an overwhelming request.But it doesn’t have to be. There’s a simple framework used by designers that can apply to any problem requiring a creative solution, says Allison Butler, a psychology professor and director of the Innovation and Design Experience for All program at Bryant University. Whether you want to impress your boss, invent a new product or start a successful business, Butler recommends a five-step method called “design thinking.” Executives at companies like Apple and Google have used this process, she says,…

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Monday, 22 January 2024 04:43

Couple spent $0 to launch business from their tiny apartment—now it brings in $26.5m a year

Tessa Barton and Cole Herrmann lived in a 250-square-foot New York studio apartment, with a showerhead that spit brown water and a radiator capable of giving second-degree burns. You’d never have known it from Barton’s Instagram account. At the time, in 2017, she was a freelance photographer — gaining followers by posting images of their living space that made their home life look aspirational. She and Herrmann, a software engineer, realized they could bottle up her aesthetic into pre-made photo filters and sell them. Her followers could make their lives look Instagram-worthy — no fancy cameras or editing programs required.…

Saturday, 20 January 2024 04:57

Unilever Nigeria stops production of Omo, Lux; leases out factory

Unilever Nigeria says it has stopped production and sales of home care and skin cleansing products — 10 months after the company announced plans to exit both markets. The company disclosed this in its unaudited interim financial statements for the year ended December 31, 2023, published on the Nigerian Exchange Limited (NGX) on Wednesday. On March 17, 2023, Unilever Nigeria revealed its intention to discontinue production of its homecare and skin-cleansing brands, which include Omo, Sunlight and Lux. In a statement in the company’s earnings report, Unilever Nigeria said production and sales “ceased in December 2023”. Unilever said the factory…

Friday, 19 January 2024 04:44

This ‘risky’ negotiation strategy doesn’t always work out, says pay transparency expert

Hannah Williams isn't afraid to ask strangers how much money they make. In 2022, she quit her six-figure job to make a business out of it, Salary Transparent Street, which brought in $1 million last year. Since launching her TikTok channel, Williams, 27, estimates she's interviewed upwards of 1,000 people, from teachers to nurses to entrepreneurs and more, about their earning power and money habits. She's learned a few important salary negotiation strategies, including one popular tactic that may be on the riskier side: Leveraging an offer with a new company in order to get a raise with your current…

Thursday, 18 January 2024 04:28

Young people virulently opposed to capitalism will soften stance on this one condition - Report

Business leaders in Davos this week discussed a new Fast Company survey in which some participants said they reacted negatively to the word capitalism. People under the age of 40 are more negative about capitalism than their older counterparts, according to a recent survey from Fast Company. But these younger generations aren’t defined simply by a story of “just complete anti-capitalism,” argues Megan Holston-Alexander, a partner at Andreessen Horowitz. Rather, they’ll be more excited about the future if they feel like they’re included and have ownership in the companies they help to build and grow. “We think participation in a…

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