Business News

Tuesday, 22 March 2022 06:12

Oil rises further as EU members consider Russian oil ban

Oil futures extended gains on Tuesday morning on news that some European Union members are considering imposing sanctions on Russian oil and as attacks on Saudi oil facilities sent jitters through the market. Front-month West Texas Intermediate futures were up $2.21, or 1.97%, to $114.33 a barrel on NYMEX and Brent futures were up $2.51, or 2.26%, to $118.23 a barrel on the Intercontinental Exchange at 0014 GMT. Both contracts had settled up more than 7% on Monday as the potential for more supply disruptions weighed on the market. European Union foreign ministers are split on whether to join the…

Tuesday, 22 March 2022 06:08

Why leaders should move from a ‘Me’ to ‘We’ perspective

“We” is a simple, two-letter word. Yet, it is one of the most powerful in any leader’s communication toolbox. “We built this company.” “We are our clients’ second home.” “We provide the perfect blend of people and technology.” An organization is more than a logo and strapline; it is an evolving entity comprised by a group of people with a shared purpose—a “we.” See what I mean? Compare it to the following: “I built this company.” “It’s my decision.” “They are my clients.” This me-focused language smacks of egotism and individualism. I am not saying there is not a time…

Monday, 21 March 2022 06:33

Oil climbs on pressure from Ukraine conflict, tight market

Oil prices jumped $2 on Monday as Ukrainian forces dug in against heavy Russian attacks, while major oil producers reported they are struggling to produce their allotted quotas under a supply agreement. Brent crude futures climbed $1.96, or 1.8%, to $109.89 a barrel at 0039 GMT, adding to a 1.2% rise last Friday. U.S. West Texas Intermediate (WTI) crude futures rose $2.09, or 2%, to $106.79, extending a 1.7% jump last Friday. Prices moved higher after Ukraine's deputy prime minister, Iryna Vershchuk said early on Monday there was no chance that the country's forces would surrender in the besieged eastern…

Monday, 21 March 2022 06:27

How to build a culture of innovation

For decades, all high jumpers cleared the bar using similar techniques. In many ways, the sport was stuck in a rut. Then a 16-year-old high jumper, Dick Fosbury, decided to try something new. He went headfirst and backwards over the bar—what became known as the Fosbury Flop. Initially, Fosbury’s coaches, both in high school and college, pushed him toward the traditional methods. But the results of the Flop spoke for themselves, and as Fosbury broke record after record, his coaches had to relent. In the 1968 Olympics, using his signature Flop, Fosbury took gold and set a new Olympic record.…

Sunday, 20 March 2022 06:36

Nigeria’s trade deficit worsened in 2021. These are the imported items

The value of manufactured goods trade deficit has grown to N27.33tn in two years, according to data from the National Bureau of Statistics. In its ‘Foreign Trade in Goods Statistics’ for the four quarters of 2020 and 2021, NBS disclosed that manufacturing imports rose from N12.71tn in 2020 to N16.73tn in 2021, while exports rose from N960.7bn in 2020 to N1.15tn in 2021. Cumulative imports for both years under review totalled N29.44tn, making up 93.30 per cent of foreign manufactured trade. Exports for both years totalled N2.11tn, making up 6.69 per cent of the same trade. Total manufactured goods for…

Friday, 18 March 2022 06:23

Oil rises again as peace talks stall

Stockmarkets took a breather on Friday after several days of sizeable gains, while commodities were set on edge by the lack of progress in Russia-Ukraine peace negotiations. Oil rose sharply and back over $100 overnight and Brent crude futures were up another 2% to $108.73 in early trade. Commodity exporters' currencies rose with it. S&P 500 futures fell 0.6% in Asia. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) eased 0.6% in early trade, but were headed for a 3% weekly gain. Japan's Nikkei (.N225) rose 0.2%. "It's very difficult to get any confidence that you're going to be…

Thursday, 17 March 2022 06:16

Naira falls to new low at parallel market

Naira has dropped to N585 against the dollar at the parallel section of the foreign exchange market. The figure represents N4 or 0.7 percent depreciation compared to the N581 it traded last week. Bureaux De Change operators (BDCs), popularly known as ‘abokis’, who spoke to our correspondent in Lagos on Wednesday, said the naira exchanges for N585 to the dollar while they purchase at N578/$1, leaving a gain of N7. A parallel market (street market) is characterised by noncompliant behaviour with an institutional set of rules. Since the suspension of trading information by abokiFX — citizens have resorted to street…

Thursday, 17 March 2022 06:06

How emotionally intelligent people use the ‘rule of the Chess Player’ to strengthen relationships, perform under pressure

Learn how a simple principle taken from the game of chess can help you in business--and life. When I lived in New York, one of my favorite activities was taking a stroll through Washington Square Park, where I'd make my way to the chess tables. There, a few of us novice players would gather around, watching the older gentlemen hone their skills and talk trash. But every time, the same thing would inevitably happen: Whenever a player made a big mistake, the rest of us recoiled in horror. We'd let out loud gasps of exasperation, so as to say: How…

Wednesday, 16 March 2022 06:18

CBN is introducing centres to deposit and withdraw cash without going to your bank. This is how it’ll work

Central Bank of Nigeria (CBN) has introduced cash collection centres called Bank Neutral Cash Hubs (BNCH), to be established by registered processing companies or deposit money banks (DMBs) based on business needs. The apex said this in the guidelines for the registration and operation of BNCH in Nigeria, released on Monday and signed by Ahmed.B.Umar, director, currency operations department. The CBN said BNCHs would provide a platform for customers to make cash deposits and receive value irrespective of the bank with which their account is domiciled. They will be located in areas with high volumes of commercial activities and cash…

Wednesday, 16 March 2022 06:11

10 basic business practices that you can't afford to learn from your mistakes

I agree with those of you who tell me that you learn the most from your own mistakes, but that shouldn't keep you from starting with some best practices, and the feedback from others who have been there and done that. In my experience, mistakes in business are an expensive and painful way to learn, and in these days of rapid change, you just can't afford the time to recover. Thus, over the years of my mentoring and consulting efforts with entrepreneurs, I have a key list of practices that I recommend to everyone starting and growing a business. Even…

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Tuesday, 15 March 2022 06:24

Appeal Court stops Shell from selling assets until $2bn case concluded

A Court of Appeal has stopped Shell Plc from selling any assets in Nigeria until a decision is reached on the company's appeal of a nearly $2 billion penalty for an alleged oil spill. A copy of the court ruling, which was seen by Reuters on Monday, was issued on March 11 and also ordered Shell to deposit the money in an account controlled by the court within two working days. A spokesperson for Shell's Nigeria unit said the company would immediately appeal the decision. A panel of three judges said Shell, acting through its agents or subsidiaries was restrained…

Tuesday, 15 March 2022 06:23

Local airlines threaten to shut down operations over aviation fuel price hike

Airline operators in Nigeria have threatened to shut down operations in three days if the price of aviation fuel, popularly known as Jet-A1, is not brought down. They called on Nigeria National Petroleum Corporation (NNPC) Ltd to give them a licence to import the product in order to avert the shutdown. Chairman, Air Peace, Allen Onyema, made the call at a stakeholders’ meeting with the deputy speaker, House of Representatives, Idris Wase, on Monday. The meeting, attended by NNPC Group Managing Director, Mele Kyari, marketers and airline operators in the country, was a follow up to the earlier meeting held…

Tuesday, 15 March 2022 06:21

Nigerian-owned startup Moove raises $105m to scale its vehicle financing product across Asia, Europe and MENA

Moove, an African mobility fintech that provides vehicle financing to drivers of ride-hailing platforms like Uber and other gig networks, has raised $105 million in new Series A2 financing. Existing investors Speedinvest, Left Lane Capital and thelatest.ventures (the first two are lead investors from its Series A) led this round, shared between $65 million equity and $40 million debt. New investors such as AfricInvest, MUFG Innovation Partners, Latitude and Kreos Capital participated. The announcement is coming almost seven months after Moove closed its $23 million Series A round and a month after the mobility fintech closed $10 million in debt…

Tuesday, 15 March 2022 06:19

SEC clamps down on 3 companies over ‘illegal investment activities’

Securities and Exchange Commission (SEC), on Monday, sealed the premises of three companies for allegedly engaging in illegal investment activities. The affected companies are Oxford International Group, Farmforte Agro-Allied Solutions Limited/Agropartnerships and Vektr Capital Investment. The apex capital market regulator accused the companies of carrying out capital market activities without a license. One of the companies — Agropartnerships, an investment platform powered by Farmforte — has been in the news in recent weeks for failing to pay their investors’ money, both capital and profit. According to a statement issued by the commission, the offices of the companies in Lagos, Port…

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