Business News

Friday, 01 October 2021 06:09

IBEDC congratulates Nigeria @61, restates commitment to excellent service delivery

Ibadan Electricity Distribution Company (IBEDC) Plc, has congratulated Nigerians on the occasion of the nation’s 61st Independence anniversary. Chief Operating Officer of the company (COO), John Ayodele, in a statement, said every anniversary of Nigeria’s independence is a unique privilege to re-commit to the service of this great country with profound diversities and opportunities. He further stated that building a strong and formidable society is also largely dependent on its economic strength, assuring that IBEDC as a player in the power sector is committed to that value. Ayodele added that IBEDC is dedicated to contributing its quota to Nigeria’s economic…

Thursday, 30 September 2021 06:13

Nigeria’s Andela valued at $1.5bn as it raises $200m in latest funding round

Andela, a Nigerian startup that connects African software engineering talent to global companies, has become the country’s newest startup to attain the unicorn status after raising $200 million from investors. The firm, which is based in New York, is now worth $1.5 billion. In the startup world, a unicorn is a company, mostly in the software or technology sector, valued at more than a billion dollars. Flutterwave and Opay, two other Nigerian fintech companies, reached that status earlier in 2021, coming behind Interswitch. Andela’s latest round of fundraising was led by SoftBank Group Corp., a Japanese tech investor, with participation…

Thursday, 30 September 2021 06:12

Stocks on NSE gain N382bn in stunning single day rebound

Nigerian stocks made a resounding rebound on Wednesday, climbing 1.89 per cent in its biggest performance in many days, which saw equities generally appreciate by N382 billion. The benchmark index touched its peak since August 19, drawing support from investors’ vast demand for the shares of FBN Holdings, Nestle, and Dangote Cement. “In the final trading session for the week, we anticipate an extension of this positive momentum as investors snap up bargains ahead of the weekend”, analysts at broker Afrinvest said of Thursday’s trade. Market breadth, often used to measure investors’ attitude towards trade, closed in the positive after…

Thursday, 30 September 2021 05:55

6 strategies to better your leadership skills and confidence

Being a real business leader is more than just echoing the voice of the majority. Most business leaders focus first on providing guidance to their team, but neglect self-leadership as equally important. In my experience, many entrepreneurs rely too much on the perspective of a trusted advisor or try to emulate a competitor who is getting attention. Personal leadership is setting your own direction and making real decisions first. For example, no one really believes that Elon Musk is following someone else's lead as he charges ahead with Tesla, SpaceX, and other initiatives. Steve Jobs famously is quoted as saying,…

Wednesday, 29 September 2021 05:50

The 11 worst business ideas of the past 40 years - and how to fix them

The business world has its fair share of bad ideas and dumb fads, but here are the 11 that I think are by far the most egregiously stupid: 1. Open Plan Office It seemed like a win-win-win. Employees would be able to build more of a community, ideas would be communicated faster, and the offices would have a smaller and therefore cheaper footprint. In fact, it was lose-lose-lose. Employees hated the noise and distraction, communicated less (and usually through email), creating a productivity loss that far outstripped any rental cost savings. The fix: remote work combined with private or semi-private…

Tuesday, 28 September 2021 05:43

4 things every new CEO should do in the first 60 days

If you're new to being the one in charge, take these first few steps to find your footing as the head of your company. Leading a team is demanding work, but the ascension to the role of CEO elevates the challenges, triumphs, and lessons of leadership in an entirely new way. You are the face of a company, and everyone-- customers, partners, employees, and the broader market-- is looking to you for focus and clarity. Having the right focus as CEO will allow you to improve the manner in which your team works, which in the end, will allow you…

Monday, 27 September 2021 06:09

Banks make a kill as customers pay 36 percent interest on loans while they get 1.15 percent on deposits. This is what the different banks charge

Bank customers are paying 36 per cent maximum lending rates for loans but getting an average of 1.15 per cent interest on savings deposits with their banks, the Central Bank of Nigeria (CBN) data has shown. The report, released at the weekend in furtherance of the apex bank’s transparency and full disclosure stance, showed that as of September 17, 2021, manufacturers pay a maximum rate of 36 per cent per annum for Stanbic IBTC loans, Heritage Bank (35 per cent), FCMB (30 per cent), Zenith Bank (30 per cent), Fidelity Bank (24 per cent) and Keystone Bank (34 per cent),…

Monday, 27 September 2021 06:06

Oil gains for fifth day, reaching 3-year high

Oil prices rose for a fifth straight day on Monday with Brent heading for $80 amid supply concerns as parts of the world sees demand pick up with the easing of pandemic conditions. Brent crude was up $1.14 or 1.5% at $79.23 a barrel by 0208 GMT, having risen a third consecutive week through Friday. U.S. Oil added $1.11 or 1.5% to $75.09, its highest since July, after rising for a fifth straight week last week. “Supply tightness continues to draw on inventories across all regions,” ANZ Research said in a note. Rising gas prices as also helping drive oil…

Monday, 27 September 2021 06:05

Naira hasn’t stopped falling at parallel market

The naira exchanged to the dollar at 580 on Friday, while the Pound Sterling traded for 780 at the parallel market. Some Bureau de Change operators who spoke to our correspondent said that the naira to the dollar was bought and sold at 575 and 580, while the Pound Sterling was bought and sold at 775 and 780. At the I&E forex window, the naira reached a high of 415.20 to close at 414.90. The official website of the Central Bank of Nigeria’s licensed Bureau De Change operators, www.naijabdcs.com, used for the publication of exchange rates of the naira to…

Monday, 27 September 2021 05:57

People who embrace the 'Z-Y-X rule' have very high emotional intelligence

'Accomplished [X] as measured by [Y], by doing [Z].' This is a story about a simple trick that will help you communicate better and achieve the things you want in life. It's deeply rooted in emotional intelligence, so if you find it intriguing, I invite you to download my ebook: Improving Emotional Intelligence 2021, which you can find here for free. We'll call it the "Z-Y-X Rule." Why? Because the easiest way to explain it and make it stick is to show how it's really a reverse-engineered understanding of the key advice that Google gives applicants on how to improve…

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Saturday, 25 September 2021 05:57

China bans crypto trading and mining, sending bitcoin tumbling

China’s most powerful regulators on Friday intensified a crackdown on cryptocurrencies with a blanket ban on all crypto transactions and mining, hitting bitcoin and other major coins and pressuring crypto and blockchain-related stocks. Ten agencies, including the central bank, financial, securities and foreign exchange regulators, vowed to work together to root out “illegal” cryptocurrency activity, the first time the Beijing-based regulators have joined forces to explicitly ban all cryptocurrency-related activity. China in May banned financial institutions and payment companies from providing services related to cryptocurrency transactions, and issued similar bans in 2013 and 2017. The repeated prohibitions highlight the challenge…

Friday, 24 September 2021 06:11

Nigerians producing for export markets can’t get products out because of huge extortions at airports. Here’s how Nigeria loses $250bn annually

Foreign cargo airlines and local exporters are fast abandoning the multi-billion dollar worth Nigeria agro-export, over stifling official bottlenecks at airports. Besides the hurdles of importing into the country, more complicated roadblocks have been mounted by government agencies in the form of extortions, harassment and multiple charges on export goods, causing international cargo airlines to prefer flying out of Nigeria empty. Though export was supposed to be free, investigations by The Guardian showed that the anomaly began at the beginning of the year, with multiple government agencies now on revenue overdrive – both for “government purses and private wallets.” Among…

Friday, 24 September 2021 06:10

Oil approaches 3-year high as supplies tighten

Oil prices rose for a fourth day on Friday, taking Brent towards three-year highs, as investors focused on tighter supplies amid strong appetite for riskier assets like crude and high hopes for recovery from the pandemic. Brent crude was up 40 cents, or 0.5% at $77.65 a barrel, by 0037 GMT, after touching a two-month high on Thursday and closing at its highest since October 2018. U.S. oil was up 27 cents, or 0.4%, at 73.57 a barrel, having closed 1.5% in the previous session, the highest since the start of August. “Crude prices appear to be on a one-way…

Friday, 24 September 2021 06:08

Akeredolu signs N160bn foreign direct investment for establishment of glass factory in Ondo

Governor of Ondo State, Rotimi Akeredolu, has decried importation of glass into the country despite the huge availability of the needed raw materials for its production in the state. Akeredolu spoke on Thursday while receiving investors from the Horn Glass Industries from Germany led by the Chief Executive Officer, Stephan Meindl. The Governor recalled that when the Moribund Oluwa Glass was functional, it was supplying the then Peugeot glasses windscreen and mirror as part of the production of the vehicles. The Ondo State Government had signed a Public Private Partnership agreement with the ZMP Industrial Limited for the establishment of…

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