Business News

Tuesday, 21 June 2022 05:51

Conflict is good for business. Don't manage it, encourage it

Most people feel uncomfortable with conflict. But when that discomfort keeps you from having important healthy discussions with people who disagree, it gets in the way of doing business. As an executive coach who works with founders and executives at startups, I've see the negative effects of this squeamishness. At times it can turn toxic. One company I coached a few years ago had a practice of seeming to agree during the meeting while texting each other on the side to register their displeasure with the decisions and the people who made them. This does not lead to either operational…

Monday, 20 June 2022 07:07

Nigeria blocking repatriation of $450m in foreign airline revenue - AITA

Nigeria is withholding $450 million in revenue international carriers operating in the country have earned, an executive at the world's largest airlines association said on Sunday. Africa's largest economy has restricted access to foreign currency for imports and for investors seeking to repatriate their profits as the nation tackles a severe dollar shortage. The International Air Transport Association's Vice President for Africa and the Middle East, Kamal Al Awadhi, described talks with Nigerian officials to release the funds as a "hectic ride". "We keep chipping away and hoping that it clicks that this is going to going to damage the…

Monday, 20 June 2022 06:42

5 tips to make every business meeting more effective and efficient

As many of us go back to face to face meetings, at least partially, a reminder of how to maximize those meetings is in order. Many of these apply to virtual meetings as well, but their importance is amplified when meeting offline. Here are five tips to get the most out of business meetings. Clarify the context of the meeting before scheduling it As someone wise once said, "Context is everything." In today's day and age with all the noise in our feeds, context is even more important. The one thing no one has enough of is time. Your time…

Friday, 17 June 2022 06:35

Why you should always court monogamous partners in business

Ultimatums can mean the end of a relationship, but I remember one that sparked a new beginning--and this isn't a breakup story. After 12 years in business together, I wanted to start a new venture in the Philippines. I was up-front: Working remotely wasn't an option. My co-founder, Stephen, was either coming with me--or we were splitting up. To some, this might seem dramatic. But Stephen and I were accustomed to candid conversations. We went to the same high school, carpooled to college, and cut our teeth as entrepreneurs together--we've been told we fight like brothers. At that moment, it…

Thursday, 16 June 2022 06:43

Oil edges up as traders weigh US rate hike, rising output

Oil rose after falling almost 5% over the prior two sessions as investors weighed the outlook for supply and demand following a big interest-rate hike from the Federal Reserve and rising US crude output. West Texas Intermediate futures climbed toward $117 a barrel in Asian trading on Thursday. The Fed raised interest rates by 75 basis points as the central bank seeks to combat surging inflation. US crude production rose to 12 million barrels a day last week, the first time at that level since early 2020, according to data from the Energy Information Administration. Crude is up more than…

Thursday, 16 June 2022 06:35

Reputation matters: Build your brand but do it differently, do it right

There are a lot of brands out there but it can be difficult to distinguish between the basic vs. brilliant brands. There are two things that help a company stand out -- the product and the reputation. A lot of companies focus on their product, as they should but many don't pay enough attention to their reputation. The reputation of every company is essentially their bumper sticker for which they're known and ideally the reputation is positive versus notorious. Warren Buffet once said, "It takes 20 years to build a reputation and five minutes to ruin it. If you think…

Wednesday, 15 June 2022 06:26

JP Morgan wins $1.7bn Nigeria oil trial in Britain

JP Morgan Chase has won a $1.7 billion London High Court battle against Nigeria over its role in a disputed 2011 oilfield deal. The civil case, which was heard earlier this year, relates to the purchase by Shell and Eni of the offshore OPL 245 oilfield in Nigeria. Nigeria had alleged JP Morgan was "grossly negligent" in its decision to transfer funds paid by the energy majors into an escrow account to a company closely associated with the country's former oil minister Dan Etete, as per instructions the bank received from authorised government officials. According to Nigeria, the transactions put…

Wednesday, 15 June 2022 06:25

Nigeria spent N1.25trn overseas on aircraft maintenance in 2021 - FAAN

Federal Airport Authority of Nigeria (FAAN) has revealed that Nigeria lost at least $2.5 billion (about N1.25 trillion) in the maintenance of its aircraft to foreign Maintenance, Repair and Overhaul (MRO) facilities in 2021. Speaking on Tuesday in Abuja at the inaugural National Aviation Conferences (FNAC) organised by FAAN with the theme: ‘Advancing the Frontiers of Possibilities for Safe, Secure and Profitable Air Transport,’ Managing Director of FAAN, Rabiu Yadudu, said that such capital flight would have been saved if the country had MRO facilities that could adequately cater for all types of aircraft. To typically carry out C-check on…

Wednesday, 15 June 2022 06:16

5 processes you should go over with every new assistant

In an ideal world you would hire a personal assistant that would stay with your company until retirement. You would only have to onboard an assistant once and for the next twenty years you would never have to worry about teaching someone how to check your email or make bank deposits. But we don't live in an ideal world. Employees come and go, priorities change and you are likely to find yourself having to onboard new team members at least every few years. So today I wanted to go over five processes that you want to go over with every…

Tuesday, 14 June 2022 06:39

The 7 principles of building a successful company while enjoying every single moment

There's a lot of tension happening in the marketplace today. Whatever you call it - the great resignation or maybe it's the great re-shuffle or possibly the great reset. And here's my take on it. Great talent doesn't just want more money, even if it's a major factor in their decision. They don't want more perks, either. They want to enjoy what they do. They want to grow. They want to become better leaders than they ever imagined they could become. And this is what many companies forget, even when things are going great. Here's my advice: Do not, for…

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Monday, 13 June 2022 06:45

Nigeria, Kenya central bankers criticise Bitcoin, other cryptocurrencies; tout digital currencies

Cryptocurrencies pose risks to financial stability, but central bank digital currencies could solve problems such as bringing the poor into the financial system or cutting transaction costs, Kenyan and Nigerian central bankers said on Friday. Nigeria's eNaira digital currency, introduced last October, is a boon for inclusion, Kingsley Obiora, deputy governor of the country's central bank, said on a virtual event moderated by the International Monetary Fund's Africa director Abebe Aemro Selassie. Its launch - the first by an African central bank - was met with scepticism from industry experts and cryptocurrency users, and Obiora did not disclose how widely…

Monday, 13 June 2022 06:29

3 challenges that’ll teach you to think like an entrepreneur

Challenges are certainly social media gold--just about everyone has had people trying to do planks or push ups consistently for a month pop up on their feed. But do these challenges actually work? While experts warn against inflated expectations and pushing yourself too hard too fast, when it comes to the mental side, the verdict is largely positive. A limited timeline helps take some of the terror out of getting started on a new habit, the social aspect of sharing your progress reinforces your commitment, and the sheer repetition of these challenges helps habits stick (though scientists warn that, depending…

Saturday, 11 June 2022 06:08

Nigerian Stock Exchange to adopt blockchain for settling trades by 2023

Nigerian Exchange Ltd., plans to start a blockchain-enabled exchange platform next year to deepen trade and lure young investors to the market. The move follows the introduction of regulations to guide trade in digital assets by the Nigerian Securities and Exchange Commission, and the growing interest to adopt the distributed-ledger technology by businesses and policy makers across the continent including in Kenya and South Africa. The exchange looks to deploy the blockchain technology in settlement of capital market transactions, Temi Popoola, the chief executive of Nigeria Exchange Ltd., said in an interview. “For a lot of young and upcoming Nigerians,…

Friday, 10 June 2022 06:20

This one interview tip will be a game changer for your next hire

Find the perfect person to fit your working style. When it comes to interviewing candidates for an open position, a lot of business owners don't look forward to the task. There are countless meetings to schedule, dealing with no-shows and having to come up with the right questions to really get a good feel for the candidate and their capabilities. Now, if you are lucky you have someone else on your team or in human resources that can handle a lot of the heavy lifting when it comes to finding a new hire. Or perhaps you delegate the first steps…

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