Business News

Monday, 06 June 2022 02:28

10 ways more open-minded business owners win in the marketplace

You may be surviving in the marketplace, but is your business really thriving and winning? In my role as a mentor, I challenge every business leader to be more open-minded as they face the challenges of change and new competitors entering their space. Most are reluctant to tip that balance between hard-won experience versus new thinking that can take them to the next level. Thus, I challenge each of you to measure yourself against the following practices which I believe will expand your thinking and ability to keep up with the pace of change, and win in the global marketplace…

Friday, 03 June 2022 06:29

New CBN regulation requires bank customer’s indemnity for online transfers above N1m

Central Bank of Nigeria has ordered banks and Payment Service Providers to accept indemnity from customers for highly secured online funds transfers. It stated this in a circular signed by the Director, Payments System Management Department, Musa Jimoh, with the reference number: PSM/DIR/PUB/CIR/01/006, titled ‘Circular on the review of operations of NIBSS Instant Payments System and other electronic payment options with similar features’, which was released on Thursday. The circular stated that “Further to the circular on the above reference BSP/DIR/GEN/CIR/01/011 and dated August 13, 2014, banks are hereby required to comply with the following: “Accept indemnity from customers for…

Friday, 03 June 2022 06:12

This job interview question is unusual but highly effective

Finding and hiring top talent is a challenge at any time. Thanks to a tight labor market, choosy employees, and ongoing debates about what knowledge work will look like post-pandemic right now it's a blood sport. Which makes now the perfect time for Talent, a new book by economist, blogger andnoted super reader Tyler Cowen and VC, Daniel Gross. The book digs into how to spot undervalued talent and its Amazon page is packed with glowing blurbs from luminaries like Malcolm Gladwell, Marc Andreessen and former Google CEO Eric Schmidt. What will you find in it? In his regular Bloomberg…

Thursday, 02 June 2022 06:37

Shortage of oil refineries haunts Nigeria, other African countries as fuel prices rocket

A shortage of oil refineries across sub-Saharan Africa coupled with soaring crude prices because of the war in Ukraine has left countries dangerously short of fuel supplies, disrupting airlines and causing queues at filling stations. The surge in prices comes in tandem with a spike in the cost of food after Russia sent troops into Ukraine, hitting tens of millions of people already living in precarious conditions, as well as government and aid agency budgets. Refineries across sub-Saharan Africa combined can process 1.36 million barrels of oil a day (bpd), in theory, but with many out of action, only 30%…

Thursday, 02 June 2022 06:24

How to spot someone lying in a job interview

There are five common ways candidates lie-- and you need to be wise to them. When interviewing a candidate to hire-- whether for a role in the office, work from home, outsourced, part or full time-- you have one main job to do. Above all else, you need to find out what they're lying to you about. I may have recruited over 1,000 staff members. I've certainly interviewed hundreds, and currently, I have close to 200 in-house and outsourced workers on my payroll or contracting. It took me a very long time to learn the importance of lying candidates, maybe…

Wednesday, 01 June 2022 06:15

Delivery apps ignored business basics to supercharge growth — and now they're facing layoffs, stock crashes, and a brutal war for survival

Delivery apps ran on an unsustainable business for years, but the tech industry crash and economic slowdown may finally spell their doom. Entertain a thought experiment: In this day and age, how would you build the world's biggest lemonade-stand business? The business of lemonade should be simple: You need the raw goods (lemons, sugar, water) and a sales platform (table, cardboard signs, and coolers). Using this model, you might eke out $0.10 in profit for each $1 cup sold — not bad, but hardly a high-growth, paradigm-shifting business. Suppose you become more ambitious. You sprinkle some caffeine into your concoction,…

Wednesday, 01 June 2022 06:13

Yuan-Ruble trading surges as America’s rivals rebuff dollar - Bloomberg

The emerging multi-polar world now includes foreign-exchange markets -- as China and Russia, the biggest challengers to U.S. supremacy, boost direct trading between their currencies. Monthly volumes on the ruble-yuan pair have surged 1,067% to almost $4 billion since the start of the war in Ukraine as the two nations seek to reduce their reliance on the dollar and boost bilateral trade to overcome current and potential U.S sanctions. The spike coincides with a rally in the ruble to a five-year high against the yuan. That’s a sign Russians are increasingly turning to Chinese goods to replace stalled Western imports…

Wednesday, 01 June 2022 06:09

How to find and groom your successor

One of the responsibilities that can be difficult, even for great CEOS, is to make the time to consider their succession plan. While it's human nature not to think too far into the future, you owe it to your organization to groom prime talent to replace you, regardless of how invincible you still feel. Think of it as a contingency plan. Great organizations build successor plans deep into their organization as well. The idea is that if a lower-level manager wants a promotion, they'd better have someone ready to take over for them. But, for this article, let's focus on…

Tuesday, 31 May 2022 06:36

Analysis: ‘Satchetisation’ and Nigeria’s economy

In February 2019, Eat’n’Go, the Nigerian franchisee of popular pizza maker Domino’s, introduced a miniature version of the pizza boxes the market was familiar with, for 550 naira ($1.50). Smaller in size and far cheaper than the medium-sized pizza which costs N3,900 ($9), this new version was designed to be affordable for everyone. It was a necessary decision given the economic instability at the time, CEO Patrick Michael told Al Jazeera. “The Nigerian market is diverse, and the potential for profit remains high,” he said. “However, we can’t overlook the economic instability [which] has, in some way, affected purchasing power.…

Monday, 30 May 2022 07:10

Successful founders offer insight into the best company values

Your company's values are everything. They're the cornerstone of the most successful ventures. The very foundation of every business decision you make. Actually, not just the foundation. They are the mortar holding the bricks. The grout between the tiles. The caulk and paint, too. All that stuff. So it's reasonable to start considering what your company stands for the moment you launch, right? Wrong. That's too late. Not only must you establish your values before day one, you must also refine them throughout the life of your venture. You actually needed to start yesterday. And, also, start now. And then…

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Monday, 30 May 2022 06:21

Citibank targets Nigerian smallholder farmers with new facility

Citigroup Inc. has entered a partnership with Lagos-based social enterprise Babban Gona to increase lending to local smallholder farmers in a bid to boost agricultural output in Africa’s most populous country. Babban Gona will administer a $10 million Citigroup Inc. financing to about 41,000 small farmers in the West African nation, it says in an emailed statement. Even though agriculture contributes a third of Nigeria’s economic output, it attracts less than 5% of bank loans. The facility will enable farmers improve income by 350% per hectare, Babban Gona said. The organization has extended nearly $200 million in loans to over…

Monday, 30 May 2022 06:15

Failing to win: A page-turner for entrepreneurs

I am no stranger to failure. In fact, one might say it’s my one constant success factor, so when I had the opportunity to review this book, I jumped at the chance. Failing to Win by Mike Quinn is a well-written codification of the success and failure of a FinTech business. Mike Quinn was the co-founder and CEO of Zoona. In this book, he has done a deep dive into the anatomy of why he believes that the company “failed to win.” The business, an early play in the payments transfer space, was a success and was undoubtedly the darling…

Saturday, 28 May 2022 06:15

The three monkeys of strategy

We are all familiar with the three monkeys advising against evil—‘See no evil. Hear no evil. Speak no evil.’—but what do the three monkeys of strategy advocate? Unlike the three monkeys who recommend passive avoidance, the three monkeys of strategy urge contributory action: ‘See Unusual. Hear Uncut. Speak Uncommon.’ When you see unusual, you see opportunity—in situations such as: What the customer could accomplish, even if the customer didn’t realise that—as smartphone makers foresaw. What the customer might outsource—as task-runner companies noticed. What the customer wants to use but not own—as ride-sharing companies espied. What the customer doesn’t want to…

Friday, 27 May 2022 06:43

4 tips to help you get what you want in any negotiation

Back in the days before Amazon's retail dominance, I went into bookstores to see which titles the store managers opted to display. I often noticed that there were many copies of Herb Cohen's "You Can Negotiate Anything: How to Get What You Want" and no copies of mine. That made me feel sad that my book was not popular and curious about why Cohen's book was so appealing to people. To some extent the appeal was obvious -- everybody wants things that they can't get and reading the book might help them win more often. Recently. Herb's son Rich wrote…

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