Business News

Tuesday, 02 August 2022 07:09

Oil sinks 4 percent on demand concerns

Oil prices dropped about 4% on Monday as weak manufacturing data in several countries weighed on the demand outlook while investors braced for this week's meeting of OPEC and its producer allies on supply. Brent crude futures fell $3.94, or 3.8%, to settle at $100.03 a barrel, having fallen to a session low of $99.09 a barrel. U.S. West Texas Intermediate crude fell $4.73, or 4.8% to settle at $93.89 a barrel, after hitting a low of $92.42. A break for Brent prices below the support level of $102.68 could trigger a drop into a range of $99.52 to $101.26,…

Tuesday, 02 August 2022 06:58

Warren Buffett's quote about 9 pregnant women may be the best business advice you'll hear today

Warren Buffett has offered a plethora of tips for both investment decisions and making good decisions in life. One of his best is to lean on the belief that good things will happen to those who wait. In his own words, Buffett said: No matter how great the talent or efforts, some things just take time. You can't produce a baby in one month by getting nine women pregnant. But who really wants to wait when we can go full throttle and experience immediate payoffs on a good business strategy when the timing is right? Well, that's certainly a doable…

Monday, 01 August 2022 06:44

Power Distribution companies accuse FG of reneging on N400bn subsidy pledge

Association of Nigerian Electricity Distributors (ANED) has blamed the federal government for failing to provide a N400 billion fund and other promises after the 2013 privatisation to ensure the Distribution Companies (DisCos) improve services. According to a statement by the Executive Director, Research and Advocacy, ANED, Sunday Oduntan, on Sunday, despite the failure of the government on these promises, it announced restructuring of five DisCos early July 2022 by the Bureau of Public Enterprises (BPE) and the Nigerian Electricity Regulatory Commission (NERC). ANED said the “restructuring” was inconsistent with all the guidelines and processes of the privatization agreements and the…

Monday, 01 August 2022 06:41

Corporate Affairs Commission to accept only NIN as means of identification for company registration

Corporate Affairs Commission (CAC) said it will soon replace the existing means of identification for persons applying for business and company registration with the National Identification Number (NIN). Registrar-General of the commission, Garba Abubakar, disclosed this during the 2022 Management Retreat held in Kano. Abubakar said integrating with the National Management Data would replace use of passport, driver’s licence and others for identification for the purpose of registration with the CAC. “For every Nigerian and a foreigner residing in Nigeria, all we will require from you moving forward is your NIN, and we will validate your information from the NIN.…

Monday, 01 August 2022 06:28

8 force multipliers you can use to amplify the growth of your business

The concept of "force multipliers" originally was developed in military science, but certainly applies equally well to business. It refers to multiplication factors that occur when complementary actions or approaches are used together for greater impact. In my role of business advisor to startups, I often recommend these to increase initial brand identity and market penetration. Of course, such actions are equally applicable to businesses at any stage. With the rate of market change today, and the advent of worldwide competitors, you need every strategy you can muster to keep up, and respond quickly to new threats. Here is an…

Sunday, 31 July 2022 06:21

Emirates reduces flights to Nigeria over trapped $85m revenue

Emirates Airlines, flag carrier of the United Arab Emirates (UAE), says it will reduce its flight operations to Nigeria over the inability to repatriate $85 million in revenue. Last month, the International Air Transport Association (IATA) said Nigeria was withholding revenue worth about $450 million earned by foreign airlines operating in the country. The airline said this in a letter addressed to Hadi Sirika, minister of aviation, dated July 22, 2020, and signed by Majid Al Mualla, Emirates airline’s divisional senior vice-president (DSVP), international affairs. Emirates said the planned reductions in its operations in Nigeria would take effect from August…

Saturday, 30 July 2022 07:04

EFCC raids forex parallel market in Abuja amid crashing Naira

Operatives of Economic and Financial Crimes Commission (EFCC) on Friday stormed Wuse Zone 4, in the Federal Capital Territory, Abuja, the base of many Bureau De Change operators in the Federal Capital Territory. It was learnt that the covert operation was carried out in order to dislodge currency speculators who were alleged to be massively mopping up available foreign currencies – a development that has allegedly devalued the Naira. According to a highly placed official of the anti-graft agency, the raid was a product of weeks of surveillance. EFCC officials have reportedly been monitoring activities of many of the Bureau…

Friday, 29 July 2022 06:38

Lagos Commodities and Futures Exchange begins operation

Lagos Commodities and Futures Exchange (LCFE) Thursday officially went live and began trading on commodities targeting to leverage the potential of the commodity ecosystem worth about $1 trillion. The Commodities and Futures Exchange will trade on four asset classes such as crude oil, solid minerals, currency and agriculture. Prior to its incorporation in 2015 and receipt of license to trade the four asset classes of Commodities from the Securities and Exchange Commission in 2019, the Nigerian Commodities Ecosystem was a greenfield. Stakeholders have been buying and selling commodities for many decades without structure, without price discovery and without transparency. What…

Friday, 29 July 2022 06:28

Business coach counsels aspiring entrepreneurs on steps to securing funding support

Going by the gloomy economic climate in Nigeria today, those who wish to make progress must take decisions which enable them to move in terms of career and geographical locations. This was the opinion of a business coach, Gbenga Ogunbowale at a Business seminar held at the Foursquare Gospel Church, Aba Ibeji, Odo Ona Kekere, Ibadan. Ogunbowale who is Co-founder and CEO of Grand Master, an online platform that connects grant seekers to funding, informed his audience that to excel as an entrepreneur, since paid jobs are no longer readily available, one must imbibe five habits of of successful entrepreneurs.…

Friday, 29 July 2022 06:25

Having this 1 trait makes leaders 4x more effective

Helming a company is complicated. There is a strategic vision to develop, employees to inspire, interpersonal complexities to navigate. As you start your entrepreneurial journey it's natural to worry you might not be cut out for such a demanding role. Fine-tuning your leadership skills may be the project of a lifetime, but determining if you have the the most essential building block to lead people is actually simpler than you probably think, according to a new article from Yale's Emma Seppälä and University of Michigan's Kim Cameron in the Harvard Business Review. "The greatest predictor of success for leaders is…

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Thursday, 28 July 2022 06:52

Naira falls to unprecedented level at parallel market

Naira, on Wednesday, weakened to N707 a dollar at the parallel section of the foreign exchange market. The figure represents N42 or 7.45 percent depreciation compared to the N658 it traded last week — further losing value against the dollar. Street traders who spoke to TheCable said the free fall resulted from the lingering foreign exchange (FX) supply constraints. With a profit margin of N17, the traders put the buying price at N690 and the selling price at N707. A parallel market (street market) is characterised by noncompliant behaviour with an institutional set of rules. Central Bank of Nigeria (CBN)…

Thursday, 28 July 2022 06:50

Nigeria Air to start operations with 3 leased aircraft - FG

Federal Executive Council (FEC) has given approval to Nigeria Air to lease aircraft to start operations. Minister of Aviation, Hadi Sirika, announced this Wednesday while briefing State House reporters after the federal cabinet meeting presided over by President Muhammadu Buhari at the Council Chambers of the Presidential Villa in Abuja. The minister, who didn’t disclose when the national carrier would start its operations, said the company would begin with three aircraft. Sirika said Nigeria Air was open to investment from any of the country’s airlines, particularly the 51 per cent shares set aside for Nigerians. Asked about the number of…

Thursday, 28 July 2022 06:36

3 kinds of bad bosses and what to do about them

Is a boss in your company making employees miserable? If so, you are probably struggling to figure out how you can reduce that misery. The ideal solution is to find a great boss and keep working with them as long as that relationship helps each of you get where you want to go. Sadly, there are many kinds of bad bosses. Don't be one of these people. Here are three different kinds and what you should do about them. 1. The risk-averse control freak Some bosses are afraid that their career will be at risk if the project they assign…

Wednesday, 27 July 2022 06:27

Anger, fear, joy: The unspoken side of entrepreneurship

When you're your own boss, managing the highs and lows of business is skill unto itself. Here's a roadmap. Every day, entrepreneurs across the country are taking significant personal risks, creating new companies, and boldly paving previously nonexistent paths forward. They pour their passion, authenticity, and, oftentimes, their finances into these ventures--and there's no guarantee of success. Everyone has ups and downs on a daily basis, but in my experience as an entrepreneur, the highs are higher, and the lows are lower. I'm not the first to observe that there's no way to truly prepare for becoming an entrepreneur. It's…

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