Business News

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…

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…

Wednesday, 08 June 2022 06:37

And if a leader is more worried about not seeming to be wrong

It happened every time. Whenever we had to ask our production control coordinator if materials from another manufacturing department would arrive on time for us to start the next job, he would hedge. "I think it's possible they might," he would say. "How possible?" we would ask. Since we were evaluated on productivity, the last thing we wanted was to waste time setting up for a job only to find out we couldn't run it. "Well, while I could be wrong," he would say, "I do think there's a chance that job will be ready." Granted, we understood why he…

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Tuesday, 07 June 2022 06:33

The 3 types of employees you should fire if you want your company to grow

I tell my children to work hard and never, ever give up. I teach them to be grateful, to be full of wonder, to expect good things to happen, and to search for literal and figurative treasure on every beach, in every room, and in every person. But someday, when the treasure hunt is over, I'll also teach them how to fire people. This is because after working with the most inventive people in the world for over three decades, I notice that a key tool in their leadership toolbox is knowing how to handle the pink slip. Recently, a…

Monday, 06 June 2022 02:39

FG offers two savings bonds at N1,000 per unit

Debt Management Office (DMO) says it has offered two new federal government of Nigeria (FGN) savings bonds for subscription at N1,000 per unit. The agency said the offer, which will open on June 6, will close by June 10. According to the circular, the first issuance is a two-year FGN savings bond maturing on June 15, 2024, at an interest rate of 8.20 percent per annum. The second issuance, it said, is a three-year FGN savings bond, which will be due on June 15, 2025, at 9.20 percent per year. The settlement date is June 15, 2022, and interest payments…

Monday, 06 June 2022 02:38

Nigeria’s exports value hits N7.1tn in Q1, 2022

Nigeria’s quest to increase its export earnings received a significant boost in the first quarter of 2022 with a 137.88 per cent jump in the total exports, which amounted to N7.1 trillion as against N2.98 trillion reported in the corresponding period of last year. However, capital inflow into the country declined by 28.09 per cent to $1.57 billion in the same period. In comparison with the data for the last quarter of 2021, when Nigeria’s export value was put at N5.76 trillion, the data for the first quarter of this year shows that Nigeria’s export value rose by 23.13 per…

Monday, 06 June 2022 02:36

Oil jumps after Saudi Arabia hikes crude prices

Oil prices rose more than $2 in early trade on Monday after Saudi Arabia raised prices sharply for its crude sales in July, an indicator of how tight supply is even after OPEC+ agreed to accelerate its output increases over the next two months. Brent crude futures were up $1.80, or 1.5%, at $121.52 a barrel at 2319 GMT after touching an intraday high of $121.95, extending a 1.8% gain from Friday. U.S. West Texas Intermediate (WTI) crude futures were up $1.63, or 1.4%, at $120.50 a barrel after hitting a three-month high of $120.99. The contract gained 1.7% on…

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