In the fast-paced business world, conventional wisdom dictates that admitting mistakes is a sign of weakness or a loss of power and authority. It also transmits to others that you failed. The reality is quite the opposite.

Here's the brutal truth: Acknowledging when you are wrong and when you made a mistake can be a game-changer for your leadership journey. 

As reported previously on Inc., Amazon founder Jeff Bezos has "observed that the smartest people are constantly revising their understanding, reconsidering a problem they thought they'd already solved. They're open to new points of view, new information, new ideas, contradictions and challenges to their own way of thinking."

In other words, the smart and successful ones admit when they are wrong. As leaders who frequent my musings, I hope you're putting serious thought into practicing this form of intellectual humility.

The brutal truth of it takes one courageous first step: It's admitting when you make the wrong choices while being open to considering other people's ideas. 

The research and the benefits

It takes a lot of emotional intelligence and courage to be willing to expose oneself like this, but the research shows that there are significant payoffs to doing so. A 7-year study involving 12,000 people, published in the book Performing Under Pressure, found that admitting when one is wrong is a rare behavior highly correlated with top performers.

In fact, those in the top 10% of performers were distinguished from average performers by their ability to admit their mistakes.  

Admitting to being wrong also has been found to be positively correlated with promotion. Therefore, when identifying potential leaders, it is essential to look for individuals willing to acknowledge their mistakes.

Acknowledging when you're wrong has many benefits, including breeding trust with teams. Imagine this: You're leading a team and you've made a call that, upon reflection, wasn't the best move. Instead of sweeping it under the rug, you own up to it.

Admitting that someone's idea is better than yours shows your true authenticity and your capacity to be vulnerable when the stakes are high. Your team will respect you more for being genuine. It builds a trust bridge that can withstand the storms of any workplace.

Admitting mistakes ultimately helps you to learn from a great teacher: Failure. When you own up to your mistakes, you're not just admitting a blunder; you're saying, "Hey, I'm learning, just like you." It sets a tone that mistakes are not the end of the world; they're stepping stones to success.

Inc

The parallel section of the foreign exchange market recorded a new all-time low on Monday after the naira depreciated to N1,730 per dollar.

The naira fell by 8.13 percent from N1,600/$ recorded on February 16, 2024.

Currency traders at the street market quoted the buying price of the dollar at N1,700 and the selling price at N1,730 — leaving a profit margin of N30.

“Customers are demanding for the dollars so much and it is affecting the market,” a black market trader known as Aliyu said.

At the official window, the naira depreciated by 2.65 percent to N1,537.96/$ on February 16 — from N1,498.25 per dollar on February 15.

According to data from FMDQ Securities, a platform that oversees foreign exchange trading in Nigeria, the local currency hit an intra-day trading low of N1,631 and a high of N1,000.

Meanwhile, the Central Bank of Nigeria (CBN), in furtherance of its efforts to stabilise the naira, made certain policy changes in the past week.

On February 15, 2024, the CBN announced it had placed limits on the transfer of proceeds from crude exports by international oil companies (IOCs) to offshore parent company accounts.

CBN also halted cash payments of personal travel allowance (PTA) and business travel allowance (BTA) — directing banks to adopt electronic transfers.

The Cable

Residents of Ibadan, the Oyo state capital, protested the economic hardship pervading the country.

The protesters assembled and took off from Mokola axis on Monday morning.

They wielded placards with inscriptions like: “End food hike and inflation”, “insecurity not our birthright”, “Mr President, this is not the hope, this is shege”.

Videos making the rounds on social media showed a truck conveying some of the leaders of the protest.

The Oyo state police command had warned that it would not tolerate a breakdown of law and order during protests.

“The Oyo State Police Command wishes to inform members of the public particularly residents of Oyo State that it has emplaced prompt and adequate measures to prevent any possible breakdown of law and order in the State as a result of plans by faceless agents of mischief to spark up chaos via protests in the State commencing tomorrow, Monday 19/2/2024 within the Capital,” Adewale Osifeso, the command’s spokesperson, said in a statement on Sunday.

“While the Command respects the right of citizens to a peaceful procession, it is sacrosanct to guide against any violation of public order as Law enforcement must be carried along to chart the course of the procession in a conscious bid to protect the lives and property.”

Residents of Kano, Ogun, Niger, and Sokoto states have also staged protests over the economic crisis in Nigeria.

Organised labour has also announced a nationwide protest for February 27 and 28 over the rising cost of living.

Food prices have been soaring since President Bola Tinubu pronounced an end to the petrol subsidy regime on May 29, 2023.

The Cable

Federal government and major cement manufacturers have agreed to peg the price of 50kg bags of cement between N7,000 and N8,000.

David Umahi, minister of works and housing, disclosed this to journalists on Monday after a prolonged meeting with major cement manufacturers in Abuja.

In a report on February 12, 2024, the Real Estate Developer’s Association of Nigeria (REDAN) said the rising cost of cement would worsen the country’s economy.

REDAN said there is economic hardship in the country and the upward trajectory of cement prices would exacerbate the already difficult situation for Nigerians, particularly those working in the real estate sector.

On February 17, 2024, the minister of works called for a meeting with cement manufacturers over the rising cost of the product.

The price of cement has been swinging between N8,000 and N10,000 per bag from about N4,000 a few weeks ago.

Dangote, BUA, and Lafarge are some of the cement manufacturers summoned by the ministry of works.

However, speaking at the meeting on Monday, the manufacturers said the price drop from the current market price would depend on the fulfilment of certain government interventions to ameliorate critical challenges faced in the industry.

They said the price of cement would depend on the location nationwide.

The meeting was against the backdrop of the astronomical increase in the price of the commodity to about N13,000 in several retail stores in the federal capital territory (FCT), Enugu and other parts of the country.

The meeting, called by President Bola Tinubu, to find a lasting solution to the increase, had Umahi lamenting that the price was abnormal and detrimental to the economic prosperity sought after by the current administration.

On his part, the minister said certain issues, including smuggling, bad roads, high energy costs, and the foreign exchange crisis, caused the high price.

However, he said manufacturers are willing to bring down the prices.

“Cement manufacturers and the government have noted that the present high cost of cement in the market is abnormal in some locations nationwide,” Umahi said.

“Ideally, they noted that cement price and retail price to a consumer should not cost more than between N7,000 and N8,000 per 50 kg bag of cement.

“Therefore, the government and the cement manufacturers, which is Dangote Plc, BUA Plc and Lafarge Plc, have agreed to peg their cement price nationwide between N7,000 and N8,000 per 50 kg bag of cement, depending on the location.

“Which means that this price depends on the location. Going forward, the government advised manufacturers to set up a price monitoring mechanism to ensure compliance with the prices that are set today.”

The meeting also had in attendance, Doris Uzoka-Anite, minister of trade and investment, as well as representatives from the major manufacturers.

The Cable

Beer drinkers in Nigeria will have to pay as much as N1,300 for a bottle, after the Nigerian Breweries Plc on Monday announced an increase of 40 percent in the prices of the products.

Nigerian Breweries last week issued a statement, announcing an increase in the prices of its products with effect from February 19, 2024.

The new price list shows that a bottle of Gulder that used to sell for N700 will now sell for N950, Star Lager beer which was N600 will cost N850 while the same goes for 33 Extra which will now cost N850.

Beer drinkers in Nigeria will have to pay N1,300 for a bottle of Heineken, Life beer goes for N850, consumers will now part with N1,250 for a bottle of Legend while Tiger beer is N750.

NB Plc had issued a ‘Price review notification’ dated February 12, 2024 and signed by the Zonal Business Manager (West), Lekan Awosanya.

“This is to inform you that we are constrained to review the prices of some of our Stock-Keeping Units (STUs) effective from Monday, 19th February 2024,” the notification read.

“This review has become necessary because of the continued rising input cost and the need to mitigate the impact.

“In appreciation of our great partnership and your commitment, we will deliver at the current prices all open orders that are fully funded and created in our system before 00.00hrs on Monday, 19th February 2024.

“While thanking you for your commitment to our great partnership, be rest assured that we will continue to support your sales/distribution efforts as always. For further clarification, please do not hesitate to contact your Regional Business Manager.”

The Guardian

Heineken NV’s Nigerian unit is facing the worst downturn in the history of its operations in Africa’s most populous nation, the firm’s chief executive officer said in an investor call Monday.

“It has been unprecedented year for our business in Nigeria,” Hans Essaadi, CEO of Nigerian Breweries Plc told investors in Lagos.

“We saw a significant decline in the mainstream lager market as a result of Nigerian consumers no longer able to afford a Goldberg after a hard day’s work,” he said, adding that the businesses also suffered huge losses because of the naira devaluation, which resulted in a 153 billion naira ($99 million) foreign exchange loss.

The naira has lost about 70% of its value against the dollar since June when the central bank allowed it to trade more freely against the dollar. That’s stoked inflation, which reached an almost three-decade high of 29.9% in January, putting pressure on household incomes in the West African nation where 40% of the population live in extreme poverty.

While the brewer’s revenues rose 9% to 599.6 billion naira, it recorded a net loss of 106 billion naira for 2023, compared with a profit of 13.18 billion a year earlier, according to filing on the Nigerian stock exchange.

It attributed the loss to the cash scarcity that resulted from the nation’s demonetization program that started in the later part of 2022, high double-digit inflation, the removal of fuel subsidies and the devaluation of the naira, which was exacerbated by a foreign exchange scarcity.

The firm expects that the pressure on its operations will continue this year but long-term market fundamentals are still positive, it said. Nigeria’s largest brewer plans to source more raw materials locally to mitigate foreign exchange challenges, even as it introduced higher product prices from Feb. 19.

“Nigerian Breweries is very much committed to weathering the storm that we’re in the middle of,” Essaadi said. “We strongly believe we have the right portfolio, and the right process and the right people in place to continue to win in this market,” he said.

Bloomberg

US pushes for UN to support temporary Gaza ceasefire, oppose Rafah assault

The United States has proposed a rival draft United Nations Security Council resolution calling for a temporary ceasefire in the Israel-Hamas war and opposing a major ground offensive by its ally Israel in Rafah, according to the text seen by Reuters.

The move comes after the U.S. signalled it would veto on Tuesday an Algerian-drafted resolution — demanding an immediate humanitarian ceasefire — over concerns it could jeopardize talks between the U.S., Egypt, Israel and Qatar that seek to broker a pause in the war and the release of hostages held by Hamas.

Until now, Washington has been averse to the word ceasefire in any U.N. action on the Israel-Hamas war, but the U.S. text echoes language that President Joe Biden said he used last week in conversations with Israeli Prime Minister Benjamin Netanyahu.

It would see the Security Council "underscore its support for a temporary ceasefire in Gaza as soon as practicable, based on the formula of all hostages being released, and calls for lifting all barriers to the provision of humanitarian assistance at scale."

Advertisement · Scroll to continue

The United States does "not plan to rush" to a vote and intends to allow time for negotiations, a senior U.S. administration official, speaking on condition of anonymity, said on Monday.

To pass, a resolution needs at least nine votes in favor and no vetoes by the U.S., France, Britain, Russia or China.

The U.S. draft text "determines that under current circumstances a major ground offensive into Rafah would result in further harm to civilians and their further displacement including potentially into neighboring countries."

Israel plans to storm Rafah, where more than 1 million of the 2.3 million Palestinians in Gaza have sought shelter, prompting international concern that an assault would sharply worsen the humanitarian crisis in Gaza. The U.N. has warned it "could lead to a slaughter."

The draft U.S. resolution says such a move "would have serious implications for regional peace and security, and therefore underscores that such a major ground offensive should not proceed under current circumstances."

Washington traditionally shields Israel from U.N. action and has twice vetoed council resolutions since the Oct. 7 attack on Israel by Hamas militants. But it has also abstained twice, allowing the council to adopt resolutions that aimed to boost aid to Gaza and called for extended pauses in fighting.

'WARNING SHOT'

This is the second time since Oct. 7 that Washington has proposed a Security Council resolution on Gaza. Russia and China vetoed its first attempt in late October.

While the U.S. was ready to protect Israel by vetoing the Algerian draft resolution on Tuesday, International Crisis Group U.N. Director Richard Gowan said Israel would be more concerned by the text Washington drafted.

"The simple fact that the U.S. is tabling this text at all is a warning shot for Netanyahu," he said. "It is the strongest signal the U.S. has sent at the U.N. so far that Israel cannot rely on American diplomatic protection indefinitely."

Israel's mission to the United Nations in New York did not immediately respond to a request for comment on the U.S. draft.

A second senior U.S. administration official, speaking on condition of anonymity, said the U.S. draft does not suggest "anything about the dynamics of any particular relationship, whether that's with the Israelis or any other partner we have."

The draft U.S. text would condemn calls by some Israeli government ministers for Jewish settlers to move to Gaza and would reject any attempt at demographic or territorial change in Gaza that would violate international law.

The resolution would also reject "any actions by any party that reduce the territory of Gaza, on a temporary or permanent basis, including through the establishment officially or unofficially of so-called buffer zones, as well as the widespread, systematic demolition of civilian infrastructure."

Reuters reported in December that Israel told several Arab states that it wants to carve out a buffer zone inside Gaza's borders to prevent attacks after the war ends.

The war began when fighters from the Hamas militant group that runs Gaza attacked Israel on Oct. 7, killing 1,200 people and capturing 253 hostages, according to Israeli tallies. In retaliation, Israel launched a military assault on Gaza that health authorities say has killed nearly 29,000 Palestinians with thousands more bodies feared lost amid the ruins.

In December, more than three-quarters of the 193-member U.N. General Assembly voted to demand an immediate humanitarian ceasefire. General Assembly resolutions are not binding but carry political weight, reflecting a global view on the war.

Reuters

RUSSIAN PERSPECTIVE

Ukraine has used US-made chemical weapons – Russia

Washington and Kiev have violated articles of the Organization for the Prohibition of Chemical Weapons (OPCW) as Ukrainian forces have used illegal munitions on the battlefield, Russian Lieutenant General Igor Kirillov has claimed.

The head of Russia’s Nuclear, Chemical and Biological Protection Forces provided several examples of Kiev’s alleged use of banned chemical weapons and non-lethal chemical agents that he said were obtained from the US. 

Kirillov claimed that Ukraine used drones to drop US-made gas grenades on December 28, 2023 containing “CS” compound – a chemical classified as a riot-control tool that irritates the eyes and upper respiratory tract, and can cause skin burns, respiratory paralysis and cardiac arrest when used in high concentrations.

He said the delivery of such munitions by the US to Ukraine was a direct violation of the rules of the OPCW, which states that a country must “never, under any circumstances, transfer chemical weapons directly or indirectly to anyone.”

He also reported that, on June 15, 2023, Moscow’s forces were attacked by a drone carrying a container filled with chloropicrin, which is classified as a Schedule 3 compound under the Chemical Weapons Convention and is strictly prohibited – even for law enforcement purposes. The same chemical was also used by Kiev on August 3 and 11, 2023 near the village of Rabotino, according to Kirillov.

The general also provided several examples of Kiev using toxic substances against Russian military personnel, as well as poisoning high-ranking officials such as the head of Russia’s Kherson Region Vladimir Saldo in August 2022.

Kirillov said Russian intelligence believes that Ukraine’s forces, under the guidance of its Western backers, are developing a new military tactic that would use a “chemical belt.” This would involve blowing up containers with hydrocyanic acid and ammonia to prevent an advance by Russian forces.

He added that plans for such a large-scale use of toxic chemicals were evidenced by the fact that Kiev had asked the EU to supply it with hundreds of thousands of antidotes, gas masks and other personal protective equipment in 2024. That’s in addition to 600,000 ampules of organophosphorus antidotes, and 750,000 bottles of drugs for the detoxification of mustard gas, lewisite and hydrocyanic acid derivatives that were supplied by NATO countries in 2023.

“It is obvious that the volumes requested by Ukraine are excessive for a country that does not have chemical weapons,” Kirillov stated.

There has been no response from the OPCW despite all of this evidence being presented to the organization four months ago, the general said, accusing it of being run by Washington as a tool to target its political opponents.

In November, Russia lost its seat on the OPCW Executive Council after failing to get enough votes from other members of the organization. Kirillov said Moscow was effectively “pushed out” of its seat and was replaced by Ukraine, Poland and Lithuania, who he claimed were pursuing an obvious anti-Russia policy.

WESTERN PERSPECTIVE

After retreat, Ukraine digs in to repel new Russian attacks in east

Ukraine's military said on Monday its troops had taken up new defensive positions in the east after retreating from the captured town of Avdiivka and were repelling Russian attempts to develop the offensive thrust.

Russia took full control of devastated Avdiivka after Kyiv's troops withdrew over the weekend, handing the Kremlin its biggest battlefield advance since capturing the city of Bakhmut in May.

Avdiivka's fall was the clearest sign the tide of the war has turned in Russia's favour as Kyiv struggles to regenerate manpower and U.S. Republicans scupper attempts to rearm Washington's ally battling a much larger and better armed foe.

"The Ukrainian military has established itself on new lines of defence and is successfully repelling attempts by the Russian invaders to develop an offensive," Brigadier-General Oleksandr Tarnavskyi wrote on Telegram messenger.

Russian forces were regrouping and searching for pockets of resistance in Avdiivka, while attacking near the occupied eastern town of Mariinka and near a Kyiv-held southeastern village, military spokesman Dmytro Lykhoviy said.

The capture of Avdiivka pushes Ukrainian forces further from the Russian-held bastion city of Donetsk, an important logistics hub used by Moscow to support its operations across partially-occupied eastern Ukraine, a region known as the Donbas.

Serhiy Zgurets, director of the Kyiv-based Defence Express consultancy, predicted Russian forces would try to "straighten out" the front line around Mariinka and launch a fresh push around the town of Vuhledar, which is held by Kyiv.

Zgurets said Moscow forces had around 80,000 troops deployed around Bakhmut and a further 40,000 troops around Avdiivka, and would likely try to push towards the town of Chasiv Yar.

COMPLETELY SURROUNDED

Russian President Vladimir Putin has described the capture of Avdiivka as an important victory, and Moscow has said Kyiv's pullback was chaotic and rushed, with some soldiers and weapons left behind.

"The withdrawal was prompted by the threat of an enemy breakthrough that would have cut all supply routes for the grouping in the eastern part of the Avdiivka," Zgurets said, adding that he believed the pullback was well executed.

Some troops from Ukraine's Third Assault Brigade, which was rushed into the town to reinforce Kyiv's troops last week, were completely surrounded at one point, but managed to break out, their deputy commander, Maksym Zhoryn, said.

Pavel Mogila, commander of an armoured unit in a Russian militia force fighting for Ukraine, said they helped evacuate forces from the city using three vehicles.

"We were standing in the Lastochkyne area. If the Russians had neared the road, taken the tree lines around it, then that would have been it, the road would have been blockaded and Avdiivka fully surrounded."

Andrii Taran, a commander in the 110th Brigade, said Russia had "exhausted" the defenders with constant attacks by small groups of three or four soldiers, while bombing with guided aerial bombs.

Oleh Zhdanov, a Kyiv-based military analyst, said: "Russia will most likely try to seize as much territory as possible in the near future, especially within the borders of those territories that Putin has declared to be Russian."

Moscow unilaterally declared it had annexed the Ukrainian regions of Donetsk, Luhansk, Kherson and Zaporizhzhia in 2022 despite not fully controlling any of them.

RT/Reuters

A veterinary technologist working at the Obafemi Awolowo University (OAU), Ile-Ife, Olabode Olawuyi, was on Monday attacked and killed by a lion at the institution’s zoological garden.

The development is contained in a statement issued by the university on Monday and signed by its Public Relations Officer, Abiodun Olarewaju.

Olarewaju, who gave the age of the lion as nine, said the deceased had been in charge of its care since it was born on campus.

He said Olawuyi was mauled by the animal during feeding at the zoological garden, and that efforts by other workers to rescue the deceased proved abortive.

The statement, however, added that the lion was eventually put to death in a humane manner following the death of the official.

The statement reads in part: “The management, staff, students, and the entire campus of the Obafemi Awolowo University, Ile-Ife, Osun State, have been thrown into mourning following the untimely death of Olabode Olawuyi.

“…Olawuyi, a Veterinary Technologist, who had been in charge of the zoological garden for over a decade, was attacked this afternoon, Monday, 19th February, by a nine-year-old male lion when he was feeding them in their den at the Zoological garden of the university.”

University management mourns Olawuyi

According to the statement, the university’s Vice-Chancellor, Adebayo Bamire, was reported to have led the management members to the scene of the incident for an on-the-spot assessment of the situation.

Olarewaju said the vice-chancellor and his team who abruptly ended an ongoing meeting to visit the scene were briefed on the failed efforts to rescue the deceased by the Acting Director of the institution’s Health and Medical Centre, Tirimisiyu Olatunji.

The statement further reads in part: “The other members of staff who were at the scene of the incident did everything within their power to rescue their boss but the wild cat had already caused severe fatalities.

“On hearing the sad news, the management team, led by the Vice Chancellor, abruptly ended an ongoing meeting for an on-the-spot assessment.

“The Vice-Chancellor, Adebayo Simeon Bamire, was informed, on arrival, by the Acting Director of the University Health and Medical Centre Tirimisiyu Olatunji, that all first aid and medical efforts to save the life of the victim proved abortive.”

He said the university already sent a delegation to the widow and children of the deceased, “imploring them to take solace in God who gives life and also has the power to take life.”

Lion euthanised

The statement said the development threw the university into mourning, and that to allay the fear of members of the community, the university ordered that the dangerous animal be made to die humanely.

“Saddened by this tragic event, the aggressive lion has been euthanised,” the statement noted.

Meanwhile, the university said the vice-chancellor has ordered “a comprehensive investigation into the immediate and remote causes of the incident.”

PT