Business News

Wednesday, 12 January 2022 06:05

5 key components of every successful business leadership framework

Every business leader needs help generating engagement, loyalty, and bottom-line success. Every business leader I know struggles with the challenges of leadership, and is constantly honing their formula for success. We all wish it could be boiled down to a short list of actions, but we continue to be surprised and frustrated by new situations that seem to be beyond our thinking. Thus, ever after years as an executive in IBM and other companies, I'm still looking for the magic. I was impressed by a recent book, "The Leadership Star," by Brian Hartzer, an experienced business executive, offering a concise…

Tuesday, 11 January 2022 06:07

Akeredolu says Southwest loses N2.5bn daily to beef consumption, suggests alternative

Rotimi Akeredolu, governor of Ondo state, says the southwest region is losing N2.5 billion daily to the consumption of beef. Beef is meat from cattle. Proscribed Indigenous People of Biafra (IPOB) had recently banned the consumption of beef and the keeping of cows in the southeast. Speaking at a meeting with stakeholders in the state’s education sector in Akure, Ondo capital city, Akeredolu said people in the south-west should consider using chicken meat for their ceremonies. Represented by Akin Olotu, his special adviser on agriculture, the governor said chicken meat is healthier than beef, and that it will enhance the…

Tuesday, 11 January 2022 05:59

Instead of being friends with your employees, do these 5 things

Everyone deserves kindness--even the employee who drives you nuts. Being friends with your direct reports can cause problems. You need to treat everyone fairly, and if you're besties with one employee and not others, you can be biased. And even if you're perfectly fair, you still look biased, which isn't good for morale. But, what can you be if you aren't friends with your direct reports? A fifth-grade teacher gave her students these instructions: You can't be best friends with everyone but you can notice everyone be friendly to everyone make room for everyone root for everyone empathize with everyone…

Monday, 10 January 2022 05:52

Nigeria loses N1.68trn as foreign investments decline

Foreign investors appear to have boycotted the Nigerian market as capital importation dropped by $4.08bn (N1.68tn) in one year, latest statistics have shown. Between January and September 2020, total capital importation amounted to $8.55bn, data from the National Bureau of Statistics revealed. However, according to the latest capital importation report by the NBS, during the same period in 2021, foreign capital inflows into the country fell by $4.08bn (N1.68tn) to $4.47bn. A breakdown of the 2020 figures shows that in the first quarter of 2020, capital importation into Nigeria was $5.85bn, representing an increase of 53.97 per cent compared to…

Monday, 10 January 2022 05:45

5 psychology-based ways to make customers obsessed with your products

If you're aspiring to satisfy your customers, then you're aspiring to mediocrity. Entrepreneurs often think they must do whatever they can to satisfy their customers. But satisfied customers defect all the time, and if you want to derive competitive advantage from the product or service experience you offer, it's not enough to satisfy people--you need to impress them. That's what success in business really comes down to: Delivering experiences that people don't just enjoy in the moment, but remember well into the future--thereby cultivating the repurchase and referral behavior that's the lifeblood of any organization. The companies that do this…

Saturday, 08 January 2022 06:04

Stocks on NGX gain N131bn on investors’ positive sentiment

Nigerian stocks traded up 0.57 per cent or N131 billion on Friday as interest in equities continued to rise, helping the yield so far this year to advance to 2.66 per cent. Newly admitted BUA Foods, contributed most to the climb as investors splurged N10.1 billion on the stock, equivalent to 81.2 per cent of the total value of shares traded, supported by Lafarge and FBN Holdings. There were 31 gainers compared to 9 losers, which made the market record a positive breadth. The all-share index added 246.48 basis points to close at 43,854.42, while market capitalisation jumped to N23.6…

Friday, 07 January 2022 06:28

Shell's oil assets attract interest from local firms, sources say

At least five Nigerian oil and gas companies are preparing to submit bids this month for Royal Dutch Shell's onshore oilfields in a sale that could fetch up to $3 billion, three sources involved in the process told Reuters. Shell started talks with the Nigerian government last year about selling its stake in the West African country's onshore fields, where it has been active since the 1930s, as part of a global drive to reduce its carbon emissions. The Anglo-Dutch company has stakes in 19 oil mining leases in Nigeria's onshore oil and gas joint venture (SPDC), which the industry…

Friday, 07 January 2022 06:12

Thomas Edison's weird (but research-backed) nap trick can help you solve your toughest problems

Can you sleep your way to a creative breakthrough? The great inventor and modern science say yes. Thomas Edison held more than 1,000 patents and played a role in inventing the telegraph, light bulb, phonograph, movie camera, and alkaline batteries, among other pillars of the modern world. Clearly the guy was good at generating breakthrough ideas and solving tough innovation challenges. What was his secret? A big brain and incredible work ethic clearly played a role, but according to a fascinating new Scientific American article so did naps -- and not just your ordinary, every day afternoon snooze. Can you…

Thursday, 06 January 2022 06:32

FG plans to tax digital non-resident firms at 6% of turnover

Federal government plans to tax digital non-resident companies that sell products to local customers at 6% of turnover, Finance Minister Zainab Ahmed said on Wednesday, as part of fiscal reforms to boost revenues and diversify the oil-dependent economy. At around 4.5% of GDP, Nigeria has one of the lowest tax rates in the world and has struggled to increase tax collection from its non-oil sector. The World Bank said last year Nigeria could raise the proportion to around 7% over the coming three years, assuming property tax, excise duty and personal income reforms are undertaken, and that non-oil taxes needed…

Thursday, 06 January 2022 06:21

Want to be a great leader this year? The smartest ones will be doing these 3 things

Three executives weigh in on talent retention in 2022. Planning for 2022, many leadership teams have had to consider employee retention to a degree like never before. What once was enough to keep employees happy -- think remote work, office perks, and more -- simply won't cut it anymore. Amid the biggest talent shift in recent memory, I connected with three executives to get fresh strategies about talent retention strategy for the new year. Put a premium on the act of listening "There's no 'one size fits all' solution when it comes to employee retention. Everyone wants something different out…

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Wednesday, 05 January 2022 06:10

OPEC+ to further increase oil output in February

OPEC+ agreed on Tuesday to stick to its planned increase in oil output for February because it expects the Omicron coronavirus variant to have a short-lived impact on global energy demand. The group of producers comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia has raised its output target each month since August by 400,000 barrels per day (bpd). The United States has urged the group to pump more crude to help the global economic recovery from the pandemic and cool prices as they trade near $80 a barrel. But the group has said the market…

Wednesday, 05 January 2022 06:03

To build a real company, start by building a system

All entrepreneurs are creators of simple systems What is an entrepreneur? There are many answers to this question. However, the one that I like the most is, "An entrepreneur is anyone who provides value in exchange for monetary compensation, with or without them having to be there." That last part is critical because if all you do is exchange value for money, an entrepreneur would be no different from a freelancer. The added statement of "with or without them having to be there" is what allows an entrepreneur to differentiate themselves from a freelancer. To build a business where they…

Monday, 03 January 2022 06:17

OPEC meets today to discuss replacement for Nigeria’s Barkindo

OPEC ministers are due to hold a meeting on Monday (today) to discuss the appointment of a new secretary general, two OPEC sources said, with Kuwait's candidate for the job holding widespread support from the group. Haitham al-Ghais, a former Kuwaiti governor to the Organization of the Petroleum Exporting Countries, is the only candidate for the role, OPEC sources have said. Current OPEC Secretary General Mohammad Barkindo of Nigeria, who helped clinch a deal with non-OPEC producers such as Russia to cut global oil output to balance the market, is due to step down at the end of July once…

Monday, 03 January 2022 06:10

12 timeless ways to be a better boss in 2022

Over the years I've worked with dozens of managers and interviewed hundreds more. As I consider how they approach their jobs and how they characterize their successes, I've noticed they tend to adhere to the following rules: 1. Manage individuals, not numbers. Conventional business thinking is that what's important is slicing and dicing the numbers, putting the numbers into graphs, and talking about where the numbers are and where they ought to be. However, numbers are the result of how well you manage people, not how well you manage numbers. The only way to get better numbers (regardless of your…

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