Business News

Thursday, 03 February 2022 06:13

Startup gets $4m pre-seed to make insurance affordable and accessible to Nigerians

African countries are yet to catch up with social security and safety programs commonly used in the West, where the government provides health insurance and unemployment benefits to citizens. The general perception of insurance on the continent has been bland for years, and its penetration rate, except South Africa, is subpar. Per a McKinsey study in 2018, Africa’s insurance market was at a 3% penetration rate; with South Africa excluded, it was 1.12%. Only 1.9% of its adult population had one form of insurance policy in Nigeria as of 2018. Despite the dire situation, many startups are springing up to…

Thursday, 03 February 2022 06:10

Meta shares sink 20 percent as Facebook loses daily users for the first time

Facebook owner Meta Platforms Inc's shares plunged more than 20% late on Wednesday after the social media company posted a weaker-than-expected forecast, blaming Apple's privacy changes and increased competition for users from rivals like TikTok. Facebook’s global daily active users declined from the previous quarter for the first time, to 1.929 billion from 1.930 billion. Meta said it faced hits from Apple Inc's privacy changes to its operating system, which have made it harder for brands to target and measure their ads on Facebook and Instagram. It also cited macroeconomic issues like supply-chain disruptions. The 18-year-old tech giant, which also…

Thursday, 03 February 2022 06:02

Got a great business idea? Forget your competitors. You need to change the game altogether

You can't just rely on a game-changing product. Here's a three-step plan to build a brand-new market. Business is a lot like sports. I learned loads of business metaphors growing up on fields, courts, and diamonds. And because my biggest startup exit began as a sports-data play, those metaphors were extra-valuable. But there's one glaring difference between business and sports that tends to trip up a lot of business leaders. Unlike sports, talent and hard work aren't enough to get into the business "big leagues." If you want to win with a startup, you need to change the game. I'm…

Wednesday, 02 February 2022 06:08

MTN Nigeria rations shares as investors oversubscribe public offer by 139.5 percent

Telecoms giant MTN Nigeria has announced the closure of its Series 1 offer for sales of shares to the public, alloting 661.3 million shares to investors in a transaction that saw subscription exceed offer by 139.5 per cent. The company made 575 million shares available and received a total application for 802 million units. It decided to allocate 86.25 million units more in addition to what it originally placed on offer. MTNN made the disclosure in a statement on the NGX website on Tuesday, signed by its company secretary, Uto Ukpanah. It announced the public offer on November 26, 2021,…

Tuesday, 01 February 2022 06:11

N100bn spent in 2021 on refineries’ rehabilitation - NNPC

Nigerian National Petroleum Company (NNPC) Limited spent N100 billion on the rehabilitation of the nation’s refineries in 2021. Details of the expenditure are contained in the Nigerian National Petroleum Corporation (NNPC) presentation to the Federation Account Allocation Committee (FAAC) meeting on its funding performance for the year. According to the state oil firm, the fund was used to revamp the facilities throughout the year. Although the specific refineries were not stated, according to the funding report, NNPC said it spent N8.3 billion every month in 2021 to revamp the refineries. The facilities under the NNPC’s management include the Port Harcourt…

Tuesday, 01 February 2022 06:09

Stocks on NGX gain N226.1bn on positive corporate scorecards

Nigerian stocks got off to an optimistic start on Monday, adding 0.91 per cent or N226.1 billion as the earnings season, so far marked by broadly improved performance across sectors, boosted investors’ confidence. NGX Group led the advance, drawing support from GTCO and oil palm processor Presco. For now, the tone of where the market will head in the near time will most possibly be set by whether the outstanding corporate results turn out positive or the other way. And that itself could be specifically determined by the performance of the Big 5 Banks jointly called FUGAZ and of companies…

Monday, 31 January 2022 06:29

CBN issues advisory on how customers may report their banks over ATM issues, excess charges, others

Central Bank of Nigeria has released a guide for bank customers and others on how and where they can lodge complaints against financial institutions regulated by it. The financial institutions include commercial banks, microfinance banks, primary mortgage institutions, and discount houses. CBN noted that it had earlier issued a circular directing all banks to expand their existing ATM help desks to handle all types of consumer complaints. “Therefore, if you have a complaint against your bank, you must first report the complaint at the bank/branch where the issue originated and then allow two weeks (it might be less or more…

Monday, 31 January 2022 06:28

Oil rises to 7-year highs on supply fears, geopolitical tensions

Oil rose 1% on Monday, hovering near 7-year highs hit in the previous session, amid concerns over tight supply as well as geopolitical tensions in Eastern Europe and the Middle East. Brent crude rose 92 cents, or 1.0%, to $90.95 a barrel at 0051 GMT, after adding 69 cents on Friday. The front-month contract for March delivery expires later in the day. The most-active Brent contract, for April delivery was trading at $89.69, up $1.17 or 1.3%. U.S. West Texas Intermediate crude rose 99 cents, or 1.1%, to $87.81 a barrel, having gained 21 cents on Friday. Both benchmarks recorded…

Monday, 31 January 2022 06:13

Emotionally intelligent people ask themselves 6 questions to increase their odds of success

You have a goal. A worthwhile, important, life-changing goal. So you work hard. You stay focused. You create a process designed to give you the best chance to succeed. In short, you need to stay the course. But only to a point. According to a 2020 study published in Proceedings of the National Academic of Sciences, one attribute specifically predicts how effective you will be at pursuing your goals. That attribute? Possessing a strategic mindset. As the researchers write: [Success] requires less routine deployment of well-learned skills and more "thinking through" and "figuring out" of challenging new problems. Indeed, the…

Saturday, 29 January 2022 06:24

CBN amends guidelines to aid recovery of loans by bank debtors

Central Bank of Nigeria (CBN) has amended the operational guidelines of the Global Standing Instruction (GSI) to allow for continuous and unrestricted loan recovery by Deposit Money Banks (DMBs) and financial institutions in the country. GSI creates a contractual mandate from an individual borrower, in favour of a creditor bank to apply monies standing to the credit of the borrower in a third-party financial institution or electronic wallet to offset the debt obligations of the borrower. It helps to facilitate improved credit repayment culture. CBN in a circular titled: “Re: Global Standing Instruction (GSI) – Individuals,” dated January 19, 2022,…

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Saturday, 29 January 2022 06:23

NGX: Airtel overtakes Dangote Cement as most capitalised company

Airtel Africa, a multinational telecommunications company, has surpassed Dangote Cement to become the most capitalised company listed on the Nigerian Exchange Limited (NGX). For the first time, Airtel Africa hit an all-time high of N1,271 per share during the week with a market capital of N4.7 trillion at the end of Friday’s trading — sealing its 10 percent gain week-on-week. With this market cap, Airtel Africa has outstripped Dangote Cement, the cement producing company owned by Aliko Dangote. At the end of trading on Friday, Dangote’s market capitalisation was N4.44 trillion as its shares closed flat. On January 5, Airtel’s…

Friday, 28 January 2022 07:00

Esusu, company owned by Nigerian-American, nets $1bn valuation

More than 100 million Americans spend an average of $1,100 (over $1.4 trillion per year) on their largest monthly household spend: rent. But reports say 90% of these people don’t get credit for paying their rent on time. On a sub-level, over 45 million people in the U.S. don’t have credit scores, according to a 2020 report by the Consumer Financial Protection Bureau. Most of this demography are financially marginalized due to their background and race. Esusu, a fintech that targets immigrant and minority groups and provides rent reporting and data solutions for credit building, said Thursday it has raised…

Friday, 28 January 2022 06:03

NIPOST launches financial services, to issue debit card

Nigerian Postal Service (NIPOST), Thursday, added financial inclusion as part of its services to Nigerians, introducing its own e-debit card, agency banking platform and 27 new logistics vehicles for courier services. While unveiling the products, Minister of Communications and Digital Economy, Isa Pantami, said they will also help the government in improving transparency and fighting corruption. “It is the first of its kind in Nigeria because it works offline and online, and it is the first time that NIPOST has come up with a solution similar to this and it is indeed a multipurpose card for financial transaction, conditional cash…

Friday, 28 January 2022 05:53

Here’s why Elon Musk offered a 19-year-old $5,000 to delete his Twitter account

The exchange between Musk and Jack Sweeney, who runs the @ElonJet account, reportedly began last fall Elon Musk has been vocal lately about the dangers of his travel schedule being made public, particularly for his family’s safety. Earlier this month, one Twitter user announced that he would no longer be posting Musk’s travel schedules and plans in an attempt to “to keep Elon and his family safe,” to which Musk responded that the updating of travel plans was beginning to become a “security issue.” But per a new report, it seems as though Musk has been trying to take down…

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