Business News

Thursday, 18 August 2022 05:59

Nigerians to earn more on savings deposits as CBN increases interest rate

Central Bank of Nigeria has raised the minimum interest rate on Naira savings deposits from 0.15 percent to 4.2 per cent. The new directive took effect from August 1, 2022. The bank in a circular dated August 15, 2022, and signed by Haruna Mustafa, director of the banking supervision department, said the rate has been revised from 10 per cent to 30 per cent of the Monetary Policy Rate (MPR). In a bid to address inflation, the bank in July raised the benchmark interest rate to 14 per cent from 13 per cent, making it the second consecutive time the…

Thursday, 18 August 2022 05:57

Electricity companies have combined bank debts of N836bn - Report

Power generation and distribution companies owe Nigerian banks N836.09bn amid the problems plaguing the sector since it was privatised over eight years ago. This is according to the Central Bank of Nigeria’s June 2022 data obtained by The Punch. While power generation firms and independent power producers owed banks N562.19bn, power transmission and distribution firms were indebted to the tune of N273.89bn. In November 2013, the nation’s distribution and generation companies were privatised through the Bureau of Public Enterprises, fetching about $3.2bn for the Federal Government. The Discos and Gencos were sold for $1.7bn and $1.5bn respectively. The Federal Government…

Thursday, 18 August 2022 05:55

Entering a new market? Harness the power of familiarity

When AACo hired me as an advisor, they had a big problem to solve: No one in the US had interest in their product, Australian Wagyu beef, even though they were the world's largest producer of the delicacy and had won some very prestigious global competitions with it. That unfamiliarity caused steak-lovers in the US to stick to the much better-known USDA Prime and Japanese Wagyu, to the detriment of AACo's sales. The company's specific challenge reflects a critical obstacle any innovator faces when introducing their product or idea: Inertia, wherein people habitually favor what they know at the expense…

Wednesday, 17 August 2022 06:23

UK removes tariffs on goods imported from Nigeria, others to boost trade

The UK government says it will remove tariffs from up to 99 percent of goods imported from Africa and other developing countries. In a statement on Tuesday, the British High Commission in Nigeria said the tariff cut is captured under the UK’s developing countries trading scheme (DCTS). It said the DCTS will help UK businesses access hundreds of products from Nigeria and around the globe at lower prices, thereby reducing costs for UK consumers. It added that the scheme will boost trade with 65 developing countries, support jobs and growth in the UK and abroad, and reinforce the country’s economic…

Wednesday, 17 August 2022 06:14

Warren Buffett says 1 simple choice in life separates the bravest people from the rest

Warren Buffett is no stranger to fear. In fact, he was once terribly afraid of public speaking. That is until he took a Dale Carnegie course to improve this critical business skill. Since overcoming his fear of speaking, he's become one of the most frequently quoted speakers in the world. Now Buffett gives his followers a priceless lesson on courage, stated in four powerful words: face down your fears. Buffett advises young and old to not allow fear to limit them from accomplishing the things they need to do to become successful. And yet, fear paralyzes so many for different…

Tuesday, 16 August 2022 05:29

Buhari’s Exxon sale flip-flop risks Nigeria’s oil reform - Bloomberg

President Muhammadu Buhari’s flip-flop over the sale of Exxon Mobil Corp.’s assets could discourage investment in Africa’s largest oil producer in the wake of industry reform meant to grow the sector. A $1.28 billion bid by Lagos and London-listed Seplat Energy Plc for shares in Exxon’s local subsidiary was initially backed by Buhari despite opposition from the state-owned Nigeria National Petroleum Company, Exxon’s partner on the blocks with a total capacity of 95,000 barrels of oil equivalent a day. Buhari, who also doubles as oil minister, went on to reverse his decision, citing a lack of coordination among government agencies…

Tuesday, 16 August 2022 05:22

Use these 10 red flags to spot a difficult client from a mile away

Not every client is right for you. Here are 10 warning signs you can spot early to prevent future client tantrums and headaches. Is more always better? In this market, optimization is the name of the game. Business owners continuously seek opportunities to maximize their reach and win more clients. The more business, the better...right? What happens when there is a challenging client or an angry customer? Conflict resolution isn't always the best use of company resources. Regardless of if a client has unclear expectations or lacks trust in you, not every client is the best fit. Being able to…

Monday, 15 August 2022 07:07

Money transfers, PoS transactions hit N210trn in 7 months as Nigerians go more cashless

Cashless transactions in Nigeria rose by 40.66 per cent year-on-year to N210.08 trillion in the first seven months of 2022, according to data from the Nigeria Inter-Bank Settlement System, NIBSS. From January to July 2022, N210.08tn was processed on the Nigeria Instant Payment System (NIP) and Point of Sales terminals (PoS), which explain how cashless transactions are monitored on the NIBSS. This is N60.73tn higher than the N149.36tn value in the corresponding period of 2021. In the period under review, NIP transactions hit N205.48tn, which is N59.68tn higher than the N145.79tn value in the corresponding period of 2021. Also, PoS…

Monday, 15 August 2022 07:06

Investors on NGX lost N571bn last week - Report

Investors lost N571bn at the end of trading on the floor of the Nigerian Exchange Limited last week. The NGX All-Share Index and market capitalisation of equities listed on the NGX depreciated by 2.09 per cent to close at 49,664.07 and N26.787tn last week. All other indices finished lower with the exception of The NGX Insurance, NGX Consumer Goods and NGX Growth Indices which appreciated by 6.00 per cent, 3.00 per cent and 1.56 per cent while, The NGX ASeM index closed flat. According to the NGX, 33 equities appreciated in price during the week, lower than 41 equities in…

Monday, 15 August 2022 07:00

8 types of coworkers you must seek and avoid to achieve a happy and lucrative career

Your peer group at work is one of the most overlooked decisions when deciding where to work or when to leave a job. It's not just who you work with but also who you don't work with that determines your career trajectory and opportunities for success. The average person will work 90,000 hours in their lifetime. According to the Harvard Study of Adult Development, who you invest those hours with will determine how long you live, how happy you are and how much you earn over your career. It's not just who you work with but also who you don't…

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Saturday, 13 August 2022 06:08

ExxonMobil renews Nigeria deep-water oil licenses, contracts

Exxon Mobil Corp. renewed two deep-water leases in Nigeria for 20 years, among the first permits granted under the country’s new oil and gas law. The US energy giant extended its rights over two oil blocks at a ceremony on Friday in the West African country’s capital, Abuja. It also renewed production-sharing contracts with the state-owned Nigerian National Petroleum Co., it said on its Twitter account. The permits for the so-called Oil Mining Leases 133 and 138 were due to expire in 2026 and 2027, but were renewed early under sweeping legislation passed last year known as the Petroleum Industry…

Friday, 12 August 2022 05:42

Aero Contractors to resume flight operations after acquisition of new aircraft

Aero Contractors, Nigeria’s oldest airline, says it has taken delivery of the first set of two Dash-8 (Q-400) aircraft. The airline announced this in a statement on Thursday. The Dash 8 aircraft is said to be one of the most fuel-efficient and modern aircraft in the market and has a capacity of 74 seats. Last month, Aero Contractors suspended operations due to the “impact of the challenging operating environment” on its daily operations. The airline also said that most of its aircraft were undergoing maintenance. According to the statement, the new aircraft, owned by UMZA Air, will be operated by…

Friday, 12 August 2022 05:31

Where do great innovators get their ideas? 5 tips from a Nobel Prize winner

Contrary to the legends about brilliant ideas just falling from the trees like apples, great innovators don't sit or wander aimlessly waiting for inspiration to hit them in the head. Serendipity is real, of course, as are eureka moments in the shower, but the most prolific innovators actively work to increase their odds of making momentous discoveries. Whether by choosing topics heretofore underexplored, selecting important problems, charting new territory, or leveraging existing skills, great innovators have a knack for positioning themselves in the right place at the right time. In a recent conversation with William G. Kaelin Jr., 2019 Nobel…

Thursday, 11 August 2022 07:01

Buhari backs down, bows to regulator’s rejection of Seplat’s purchase of ExxonMobil’s oil block

President Muhammadu Buhari has reversed his authorisation of Seplat Energy’s takeover of ExxonMobil’s shallow water business in Nigeria, throwing his weight instead behind the regulator’s decline of the $1.3 billion transaction. A spokesperson said the president decided the position of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is to be supported, and the earlier confusion was because “various agencies involved in (the) decision had not coordinated well among themselves.” “It has become clear that the various agencies involved in decision had not coordinated well among themselves and having looked at all of the facts with all of the ramifications, the…

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