Business News

Thursday, 16 January 2025 04:58

USSD debt: NCC approves disconnection of FCMB, Zenith, 7 other banks

The Nigerian Communications Commission (NCC) has authorized Mobile Network Operators (MNOs) – MTN, Airtel, Globacom, and 9mobile – to disconnect the Unstructured Supplementary Service Data (USSD) codes of nine commercial banks over unpaid debts. The affected banks include First City Monument Bank (FCMB), Zenith Bank, Sterling Bank, Jaiz Bank, UBA, Polaris Bank, Unity Bank, Fidelity Bank, and Wema Bank. This decision stems from years of complaints by telecom operators regarding the banks’ failure to pay for USSD services, despite charging their customers for the platform. If the disconnection goes into effect, millions of customers of these banks will lose access…

Thursday, 16 January 2025 04:52

How to build a business without going into debt

Melissa Houston You may have heard “You need money to make money.” It’s one of the most common phrases you will hear in entrepreneurship. It can hold true in some cases, but to get started, you can start a business without going into debt. Building a business without debt is not only possible, but also a smart approach. With careful planning, strategic decision-making, and a resourceful attitude, you can launch and grow a successful business without the stress of loans or credit card debt weighing you down. Let’s look at some tips to learn how to build a business without…

Wednesday, 15 January 2025 04:37

Nigerian stock market loses N1.1trn in major selloff

The Nigerian Exchange Limited (NGX) experienced a significant decline yesterday as investors lost N1.1 trillion in a broad market selloff affecting 41 stocks. The All-Share Index fell by 1,745.16 points (1.66%) to close at 103,622.09, while the market's total value dropped to N63.188 trillion. Major companies, including Dangote Cement, Julius Berger Nigeria, and MTN Nigeria Communications, led the downturn. The market showed overall negative sentiment, with 41 stocks declining compared to just 23 gainers. Among the top performers, Northern Nigeria Flour Mills led with a 10% gain, closing at N45.10. Other notable gainers included Livestock Feeds (+9.91%) and Academy Press…

Tuesday, 14 January 2025 04:39

4 ways to pursue wealth and success efficiently

Jennifer Taylor Finding enough time in the day to reach your financial goals can be tough. However, it might not be as hard as you think, thanks to former journalist and time management researcher Oliver Burkeman. His most recent book “Meditations for Mortals” offers tips to help make time for things that matter most in life. If you’re looking to become more successful and build greater wealth, he has some advice for you. You might be thinking you don’t have enough time to read a book right now and that’s OK, because CNBC did it for you. Consider the Consequences…

Monday, 13 January 2025 04:46

Fuel prices in Nigeria likely to surge as Brent crude rises above $81

Fuel prices in Nigeria are expected to climb further as Brent crude prices surged above $81 per barrel on Monday, marking a four-month high. The increase follows the imposition of broader U.S. sanctions on Russian oil exports, raising global supply concerns and driving up costs. Brent crude futures rose by $1.48 (1.86%) to $81.24 per barrel after reaching an intraday high of $81.49, the highest since August 27, 2024. Similarly, U.S. West Texas Intermediate (WTI) crude climbed to $78.10 per barrel, reflecting a 2% increase. Both benchmarks have gained over 6% since January 8. The U.S. Treasury’s expanded sanctions, announced…

Monday, 13 January 2025 04:39

5 tips from self-made millionaires: How to build wealth from nothing

Melissa Houston Building wealth from nothing might feel like you would be doing the impossible, but there are countless of self-made millionaires who have proven that it can be done. It takes hard work, resilient, smart strategies, and discipline, but the hard work pays off. Let’s explore the proven methods that millionaires have used to build their wealth: 1. Start with the right mindset Mindset is everything when it comes to building your wealth. You need to have the right mindset from the start as you will need to adapt your behavior, learn new ways, and grow despite any challenges…

Thursday, 09 January 2025 04:26

This is the ‘biggest barrier to building wealth,’ says behavioral finance expert

I’ve been meaning to sell some company stock and diversify into another investment for awhile now. Here’s the thing, though: it’s hard. Not the actual sale – that’s as easy as clicking a few buttons. But first I need to look up a bunch of stuff related to taxes. There are other details, too, that I’m going to have to call someone and ask about. Because that sounds miserable, I haven’t done it. Behavioral finance experts have a name for this cognitive bias: complexity aversion. In my particular case, it’s not a huge deal. But if it’s keeping you from,…

Wednesday, 08 January 2025 05:15

Nigerian stock market records first loss of 2025 with N152bn decline

The Nigerian stock market experienced its first decline of the year yesterday, with market capitalization dropping by N152 billion to close at N63.051 trillion. The all-share index (ASI) fell by 249.42 points (0.24%) to close at 103,398.82 points, primarily due to sell-offs in Northern Nigeria Flour Mills (NNFM) and 50 other stocks. Market Performance: The market showed negative investor sentiment, with 51 stocks declining compared to 19 advancing. Trading volume increased by 30% to 1.112 billion units, valued at N14.638 billion across 16,617 deals. Top Gainers: - Abbey Mortgage Bank and PZ Cussons Nigeria: Both up 10% (closing at N3.63…

Wednesday, 08 January 2025 05:06

The hardest interview question this business executive likes to ask

Morgan Smith Starface World president Kara Brothers has interviewed dozens of prospective employees since she joined the cult-favorite skincare brandin 2021. In those conversations, the 39-year-old executive is assessing candidates for an important soft skill: emotional intelligence. Research dating back decades has found that emotional intelligence — the ability to manage your own feelings and the feelings of those around you — is the strongest predictor of success in the workplace. Yet, measuring it can be tricky. Unlike technical skills or experience, emotional intelligence is built on intangible qualities like empathy and self-awareness, which don’t always fit neatly onto a…

Monday, 06 January 2025 05:04

Marketers request N100bn loan to prevent mass closure of fuel outlets

The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has called on the Federal Government to provide a N100 billion grant to prevent the closure of approximately 10,000 fuel retail outlets nationwide. In a position paper jointly signed by PETROAN President Billy Harry, National Secretary Adedibu Aderibigbe, and National PRO Joseph Obele, the association highlighted the financial strain on its members following the removal of the fuel subsidy. According to the group, high interest rates of 38–40% on bank loans have made it nearly impossible for members to purchase petroleum products, threatening their businesses and the stability of fuel…

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Monday, 06 January 2025 04:54

This money bias is ‘the biggest barrier to building wealth,’ says financial psychologist

Ryan Ermey It’s officially the time of year when you get around to that thing you’ve been putting off. And for millions of Americans, that means coming to grips with their finances. If you’ve been avoiding funding your 401(k) or opening a brokerage account, you’re not alone. Nearly half of U.S. adults — 48% — report owning no investable assets, according to a 2024 survey from Janus Henderson. And for many, the reasoning behind the procrastination is simple: Investing is (seemingly) too complex. It’s a pattern of thinking that, if not overcome, could cripple many young people financially, says Amos…

Thursday, 02 January 2025 04:23

NewsScroll analysis: Nigerian stock market soars in Naira but falters in dollar terms amid economic struggles

The Nigerian stock market achieved a robust 37.65% return in 2024, marking another year of significant growth for the Nigerian Exchange (NGX). This performance capped a remarkable period of expansion, with the market capitalization climbing from N40.9 trillion to an all-time high of N62.8 trillion. However, when viewed through the lens of the depreciating Naira, the picture becomes more nuanced, revealing a sobering story of economic hardship for Nigerian investors. The NGX All-Share Index (ASI) rose to 102,926 points at year-end, up from 40,000 points at the start of 2023, a notable achievement in Naira terms. Several key factors contributed…

Thursday, 02 January 2025 04:14

Money rules to follow In 2025 that’ll make you rich

Melissa Houston Many want to be rich, but few are willing to follow the money rules that will make you rich. Building and maintaining wealth doesn’t happen by chance; it requires a clear strategy, discipline, and consistent action. While the journey may not always be easy, those who commit to these principles position themselves not just to achieve wealth but to sustain it over the long term. The path to financial success often feels daunting but building wealth doesn’t require winning the lottery or stumbling upon a golden opportunity. Instead, it’s about consistent, disciplined actions over time. By following some…

Wednesday, 01 January 2025 05:11

Tips for work success in 2025, from a former Google exec: It’s ‘the kind of stuff that gets you promoted’

Gill Malinsky After nearly 18 years at Google, Jenny Wood now dedicates her time to helping people grow their careers. She does this through her weekly newsletter, Big Small Things, and she hopes to do this with her forthcoming book, “Wild Courage,” due out in March 2025. “I made so many mistakes as I rose from entry-level to exec,” she says, adding that “these mistakes included the actions I didn’t take (which led to the most regret) and the actions I did take (some of which were cringe-worthy).” When it comes to setting yourself up for success in 2025, Wood…

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