Business News

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…

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…

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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…

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…

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