Business News

Friday, 21 October 2022 06:24

Naira falls further at parallel market on dollar demand pressure

Naira, on Thursday, weakened to N751 per dollar at the parallel section of the foreign exchange (FX) market amid increased demand. The figure represents N9 or 1.2 percent depreciation compared to the N742 it traded a week ago. Bureaux De Change (BDC) operators, popularly known as ‘abokis’, who spoke to our correspondent in Lagos, quoted the buying rate of the greenback at N745 and the selling price at N751 per dollar. The traders said the FX scarcity intensified last week, explaining that business owners have been trooping to the market. On the official market side, the naira depreciated by 0.06…

Friday, 21 October 2022 06:23

CBN sells Polaris Bank on the following terms

Central Bank of Nigeria (CBN) has announced completion of the sale of Polaris Bank. Osita Nwanisobi, CBN’s Director, Corporate Communications, disclosed this in a statement on Thursday. Nwanisobi announced that the new core investor in the bank is Strategic Capital Investment Limited, disclosing that the deal was sealed with SCIL by the CBN and Asset Management Company of Nigeria (AMCON). “Polaris has been operating as a bridge bank since 2018 when the Central Bank of Nigeria intervened to revoke the licence of the former Skye Bank Plc and established Polaris Bank to assume its assets and certain liabilities. As part…

Friday, 21 October 2022 06:07

4 ways to penetrate a saturated market

Saturated markets are often considered one of the biggest challenges for entrepreneurs looking to implement their business ideas. However, while competing with established businesses is often seen as a bane, it is actually a boon. The saturation or oversaturation of a market is a clear indication of a demand for a good or service, making it only a matter of standing out and finding where opportunities lie. Unproven markets, on the other hand, require expensive and extensive testing, as well as risk-taking which might not always be necessary. Imagine you have an idea for a great smartphone and would like…

Thursday, 20 October 2022 06:23

FG orders MTN, Airtel, others to reverse hike in tariffs

Federal Government has directed mobile network operators (MNOs) to reverse the 10 per cent hike in tariffs, especially on data services, which they implemented recently. In a statement, yesterday, signed by Director of Public Affairs, Nigerian Communications Commission (NCC), Reuben Muoka, the telecoms regulator said its board didn’t give final approval for the price adjustment. Recall that MTN and Airtel had, a fortnight ago, announced a 10 per cent hike in some of its packages, citing rise in cost of doing business in the country and circumstances beyond their control. For example, 10GB of data, which use to cost N3,000,…

Thursday, 20 October 2022 06:21

Kogi drags Dangote Cement to court over Obajana plant

Kogi State Government has dragged Dangote Industries Limited to a Kogi State High Court, sitting in Lokoja over the controversial ownership of Obajana Cement Company, now Dangote Cement Plc. In the originating summons, the state government wants the court to determine whether upon careful examination and consideration of the agreements made between the Kogi State Government and Dangote Industries Limited on July 30, 2002, and February 14, 2003, respectively, it is not apparent that consideration (an essential ingredient of a valid contract) is lacking? The government is also asking the court to determine whether in view of the clear lack…

Thursday, 20 October 2022 06:14

What you don't know could kill your company

"We never saw it coming." That could be the epitaph of many companies that have faded into history: Studebaker, Sears, Shearson Lehman, AltaVista. But why couldn't they see the dangers lurking in the not-too-distant future? And it is not just companies that get blindsided but governments, NGOs and non-profits alike. Consider the legions who were unprepared for Covid-19 or Russia's invasion of Ukraine, and the ensuing supply chain crises, inflation and further bifurcating world order. Organizations benefit disproportionately if they see looming threats or embryonic opportunities sooner than rivals. To do so, however, requires leadership teams that orchestrate vigilance at…

Wednesday, 19 October 2022 06:22

Lafarge Cement fined $778m for making ‘a deal with the devil’

French cement maker Lafarge pleaded guilty in U.S. court on Tuesday to a charge that it made payments to groups designated as terrorists by the United States, including Islamic State, so the company could keep operating in Syria. The admission in Brooklyn federal court marked the first time a company has pleaded guilty in the United States to charges of providing material support to a terrorist organization. Lafarge, which became part of Swiss-listed Holcim in 2015, agreed to pay $778 million in forfeiture and fines as part of the plea agreement. U.S. prosecutors said Lafarge and its Syrian subsidiary Lafarge…

Wednesday, 19 October 2022 06:11

If you focus on problems, you'll only find more problems. Here's how to focus on solutions

Years ago, I began using a technique in my business that I learned from my friend Dr. Mark McKergow, co-author of The Solutions Focus. It was a game changer in dealing with the negative attitudes that tend to arise when a company is trying to problem-solve. It is human nature to focus on the problems and not the solutions. In fact, many times people seem to fixate on the problems over and over and over again. They focus on them to the point that they become experts – on the problem. I've discovered that it is critical that we facilitate…

Tuesday, 18 October 2022 06:15

FG loses out at ICC in $5.8bn Mambilla power project suit

International Court of Arbitration administered by the International Chamber of Commerce (ICC), Paris, France, has affirmed the legal and beneficial ownership of Sunrise Power and Transmission Company Limited (SPTCL) in the $5.8 billion Mambilla hydro-electric power project. Sunrise and its Chairman/Chief Executive Officer, Leno Adesanya had been involved in a running legal battle with the Federal Government over the unlawful termination of the contract, which was signed on May 22, 2003, but re-awarded to a Chinese firm, Messrs China Gezhouba Group Corporation/China Geo-Engineering Corporation (CGGC/CGC). Specifically, Sunrise launched series of judicial counters to the termination of the contract on May…

Tuesday, 18 October 2022 06:12

Inflation rises to 17-year high on increases in food, commodity prices

Consumer Price Index (CPI) which measures the rate of change in prices of goods rose to 20.77 per cent in September 2022, compared to the 20.52 per cent recorded in August 2022, National Bureau of Statistics (NBS) disclosed yesterday. Inflation was 16.63 per cent in September 2021, when compared on a year-on-year basis. NBS noted that the 4.14 percentage rise in the headline index (when compared on a year-on-year basis), the highest in 17 years, indicated that the general price level was higher relative to the preceding year. The food inflation rate increased by 3.77 per cent to 23.34 per…

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Tuesday, 18 October 2022 06:07

Even the best leaders get it wrong sometimes. Here's how to bounce back

Even the best leaders get it wrong sometimes. Here's what to do instead of crawling under your desk. I failed to land a pretty significant client opportunity this month. It's one I'd been pursuing for the better part of a year. I poured time, energy, company resources, and a lot of myself directly into it. The way I knew the players, the industry, and the issues, you would think that I worked for this company. When we got the call that they'd decided to go a different direction, it was kind of like what I imagine it would feel like…

Monday, 17 October 2022 06:07

3 reasons to decentralize your leadership team

Joseph Frost an Entrepreneurs' Organization (EO) member in Nebraska, is a decentralized entrepreneur, university professor of entrepreneurship, and a three-time founder. He is the founder of yorCMO, the first decentralized leadership franchise business, and heads the Fractional Professionals Association, the first and only community for decentralized, fractional executives and leaders. We asked Joe to explain the benefits of decentralized leadership. Here's what he shared: The world is changing at a faster-than-ever pace. Out of those changes emerges a new model for leadership and hiring: fractional. Fractional hiring implies that an executive leader joins an organization on a flexible, part-time basis,…

Saturday, 15 October 2022 06:12

FG: Kogi, Dangote Cement agree to reopen Obajana plant

Federal government says an agreement has been reached between Kogi state government and Dangote Group to reopen the Obajana cement plant. Mohammed Dingyadi, minister of police affairs, confirmed this to state house correspondents at the end of the national security council meeting on Friday in Abuja. Kogi government and Dangote Group have been at loggerheads following a move by the state to seal off the cement plant amid an ownership tussle. On Thursday, the state government insisted that the plant must remain shut after claiming that the purported transfer of the facility to Dangote was not “proper”. Dangote on the…

Friday, 14 October 2022 05:38

Naira hits new lows as dollar scarcity persists

The naira has dropped to a record low of N742 per dollar at the parallel section of the foreign exchange (FX) market, popularly called the black market. The figure represents a depreciation of N5 or 0.7 percent from the N737 it tradedtwo weeks ago. With the depreciation, the gap between the official and parallel market exchange rates continued to widen amid increased demand for the greenback. At the official market, the naira gained 0.11 against the dollar to close at N440.67 on Wednesday, according to details on FMDQ OTC Securities Exchange — a platform that oversees official FX trading in…

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