Business News

Tuesday, 28 June 2022 07:01

CBN recently granted mobile money license to MTN. Within one month of operations, the telecom giant reported N22.3bn loss to fraud. This is what happened

MTN Communications Limited’s newly licensed Mobile Money Payment Service Bank Limited (MOMO PSB) has alleged a fraudulent loss of N22 billion in one month of operations. In a suit instituted by the MOMO bank against 18 banks in the country, the subsidiary service provider revealed that an aggregate sum of N22,300,000,000, which is an equivalent of $53.7 million, was transferred in error to accounts maintained by customers of the banks in the country. In an originating summons dated May 30, brought by Lotanna Chuka Okoli, MTN’s MOMO PSB is comtending that the funds erroneously transfered belonged to it, and not…

Tuesday, 28 June 2022 06:56

Oil rises on tight supply ahead of OPEC+ meeting

Oil rose for a third session as threats to global output risked tightening the market further before OPEC+ meets this week to discuss supply. West Texas Intermediate futures climbed above $110 a barrel after adding about 5% over the past two sessions. Libya is facing more disruptions to its exports due to a worsening political crisis, while anti-government protests in Ecuador threaten to shut down production in the former OPEC member. Any halt to supply could reverberate through the global oil market, which has been squeezed by an economic rebound and upended trade flows from Russia after its invasion of…

Tuesday, 28 June 2022 06:48

How to make your startup profitable from the beginning

The path to profit should never include a mystery step If your company isn't profitable yet, you're probably hearing the clock ticking a little louder these days. You're not alone. My inbox is filling up with panicked founders trying to figure out how to get profitable immediately - yesterday, if possible. Here's how the wake-up call came for one of them: An entrepreneur with a killer idea had done all the homework - the business model was polished, the financial projections were airtight. They had a little traction. They'd been networking, and had already made a few solid investor connections.…

Monday, 27 June 2022 06:55

Nigeria’s frontier market status at risk due to dollar shortage

Nigeria is poised to lose its frontier market status because of persistent foreign-exchange shortages in Africa’s largest economy. MSCI Inc. is considering downgrading the MSCI Nigeria indexes to standalone markets status from frontier market, the New York-based company said in a statement. “There has been a continual and severe deterioration in the ability to repatriate funds from Nigeria,” Craig Feldman, global head of Index Management Research at MSCI, said in a statement. “Given the prolonged nature of the issues affecting the market’s accessibility, we have put forth the consultation to reclassify the MSCI Nigeria Indexes.” Africa’s biggest crude producer has…

Monday, 27 June 2022 06:54

FG to issue marginal oilfield licences Tuesday, regulator says

Nigeria will issue prospecting licences on Tuesday to companies that won rights to develop marginal oilfields, the petroleum industry regulator said on Saturday, some two years after authorities sought bids for the oil blocks. Marginal fields are smaller oil blocks located onshore and in shallow waters and are typically developed by local companies. Gbenga Komolafe, head of the Nigerian Upstream Petroleum Regulatory Commission, said in a statement that issuing the licences was one of the most critical tasks for the agency, which was established last year after Nigeria passed a new petroleum law. Nigeria, Africa's biggest oil producer and exporter,…

Monday, 27 June 2022 06:47

6 key lessons you can't ignore if you're a first-time entrepreneur

The first year is always the hardest. The first year of trying to get back into shape. The first year of learning a language. The first year of learning a new skill. For us, it was the first year of launching our company. While this wasn't my first time starting a new business, I've learned that it doesn't get any easier. And it should be this hard. Because the rewards of building a startup are boundless. It's a never-ending rollercoaster that brings with it ecstasy, pain, and fulfillment -- often simultaneously. Here are 6 startup lessons that you'll learn as…

Saturday, 25 June 2022 06:31

It’s official: Coffee drinkers have a much lower risk of death. Is there a business opportunity for you there?

I don't know about you, but as a business owner, I start every single workday with a cup of coffee. Often, more than one. That's why I was happy to see a massive new scientific study that says people who drink lots of coffee have lower risk of death for any reason than people who don't. (There's no better way to get people excited than to tell them that something they already do is good for them.) Writing in the journal, Annals of Internal Medicine, university researchers say they examined lifestyle, health and biographical data relating to 171,616 people in…

Friday, 24 June 2022 06:21

And, kids who must do chores will be more successful as adults

Want to raise your kids so that they grow up to become successful adults? Remember these four words: Make them do chores. Granted, they might not love the idea, but scientific study after study backs it up. And now there's a new research project to add to the mix. Writing recently in the peer-reviewed Australian Occupational Therapy Journal, researchers from La Trobe University set out to determine whether children who do household chores develop better working memory, inhibition and other functions that predict success as they grow more mature. They broke the chores into three categories: Self-care (example: making their…

Thursday, 23 June 2022 06:42

Admitting what you don’t know is key to effective leadership

Old notions die hard. Over two decades teaching business students and coaching executives, I’ve seen firsthand how outdated notions of leadership still persist. Leaders are imagined to always be in control and ready with the right answer. Leaders are often idealized in the media, our educational systems, and our social systems. A strong leader is portrayed as an unflappable expert in practically everything. When we then become leaders, we shoulder that burden. We begin to believe having authority also means being infallible. Since infallibility is an unattainable goal, it makes sense that we create distance, resist admitting mistakes, and protect…

Wednesday, 22 June 2022 06:49

Nigeria's sovereign fund to pivot to asset management, CEO says

Nigeria's Sovereign Investment Authority (NSIA) is seeking to take over underperforming government assets, including a power plant, as it transitions into an asset management firm, CEO Uche Orji said on Monday. "We are looking at many industrial projects and government-owned enterprises that are either moribund or not performing sub-optimally," Orji told Reuters on the sidelines of the launch of Africa Sovereign Investors Forum (ASIF) by nine funds. NSIA's growth strategy was to take these assets and revitalise them, he said. Orji cited "advanced discussions" with the government to take over a power plant that was 85% complete "but required a…

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Wednesday, 22 June 2022 06:32

Cryptocurrency and the ‘greater fool’ theory of economics

Jonny Thomson As the adage goes, “You don’t have to run faster than the bear to get away. You just have to run faster than the guy next to you.” In the world of economics, this is called the greater fool theory, which posits that it doesn’t matter if an asset is risky, has a massively inflated price, or is worthless. All that matters is that someone else is willing to buy it from you for more than you bought it. Think: Beanie Babies. Fools, everywhere The greater fool theory is usually applied to a market bubble. This is where…

Tuesday, 21 June 2022 05:57

Stocks on NGX fall further as selloffs cause N551bn loss to market capitalisation

Nigerian stocks crumbled to their lowest level since May 4 on Monday, with the benchmark index dropping almost 2 per cent or N550.6 billion as investors dumped huge volumes of Dangote Cement for sale, forcing the cement-maker to lose as much as one-tenth its value. Depreciation in the shares of FBN Holdings and International Breweries also compounded the plight of the market, which is yet to report a gain in the past ten days. Analysts at brokerage firm and investment bank United Capital are holding an upbeat view for this week regardless and noted in their outlook: “we anticipate return…

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…

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