Business News

Wednesday, 10 November 2021 06:00

Naira losses at official market, gains at parallel market

Naira fell further against the U.S. dollar at the official market on Tuesday, after the currency witnessed a significant loss at the market segment in the previous session on Monday. The local unit exchanged hands with the foreign currency at N415.07 to a dollar on Tuesday, data from FMDQ securities exchange windows where forex is officially traded showed. The performance of the domestic currency on Tuesday represents a N0.52 or 0.13 per cent depreciation from N414.55 it exchanged in the previous session on Monday. Naira which opened at N413.57 to a dollar experienced an intraday high of N404.00 and a…

Wednesday, 10 November 2021 05:59

Farmers default on repayment of N463bn Anchor Borrowers loans - CBN

Farmers who subscribed to Central Bank of Nigeria’s Anchor Borrowers’ Programme owed the apex bank N463bn as of the end of March 2021, data from CBN Economic Report for April have shown. ABP was launched on November 17, 2015, by President Muhammadu Buhari to reverse the country’s negative balance of payments, especially in the area of food. Beneficiaries of the programme include farmers cultivating cereals (rice, maize, wheat, etc.), cotton, roots and tubers, sugarcane, tree crops, legumes, tomato and livestock. Loans are disbursed to the beneficiaries through deposit money banks, development finance institutions and microfinance banks, which the programme recognises…

Wednesday, 10 November 2021 05:55

This simple 15-minute creative exercise is how the best leaders build world-class companies

"Creativity is intelligence having fun," quipped Albert Einstein. He wasn't wrong. It's in the playful freedom of intelligence that innovation happens -- and with innovation, growth. Don't just take Albert's word for it. Alongside think tanks and research organizations, the World Economic Forum pegged creativity as the third most important skill for thriving in the modern world -- specifically for leaders shaping the future of government and business. The problem is, leadership work has become a time-sucking drudge. As the Harvard Business Review reported, many CEOs are trapped in an email spiral, responding to unceasing messages from employees, shareholders, customers.…

Tuesday, 09 November 2021 06:02

Cooking gas sold for N3,000 in January, now it’s N10,000 for 12.5kg. Price will go up further for these reasons

Importers of Liquefied Petroleum Gas, popularly called cooking gas, have stopped importing the commodity. Investigations also show that the cost of the product increased by 240 per cent for 12.5kg, jumping from N3,000 to N10,200 between January and October. About 65 per cent of LPG is imported into Nigeria, while domestic production accounts for 35 per cent, hence the halt in imports could further shoot up cooking gas price if the situation is not addressed. Executive Secretary, Nigerian Association of Liquefied Petroleum Gas Marketers, Bassey Essien, told our correspondent on Monday that the reintroduction of customs duty and Value Added…

Tuesday, 09 November 2021 05:54

CBN granted approval to MTN, Airtel for payment services. Here’s how their operations will be different from those of conventional banks

Last week, the Central Bank of Nigeria (CBN) granted approval-in-principle (AIP) to MTN Nigeria and Airtel Africa towards the process of commencing payment service banks (PSBs). The move is expected to close the unbanked population gap and help the country achieve its National Financial Inclusion Strategy (NFIS) — a projection that 95 percent of Nigerians would have access to financial services by 2024. An AIP implies that the approving party (CBN) finds the proposal acceptable. It also means that telecommunication companies still need to fulfil certain conditions before securing a PSB licence. According to the CBN, the decision is to…

Tuesday, 09 November 2021 05:50

Stocks on NGX make whooping single day gain of N643bn on positive sentiments

Nigerian stock market began the week on a positive note as investors gained N643.14bn at the end of trading on Monday. All-Share Index of the Nigerian Exchange Limited jumped by 2.93 per cent to 43,246.87 basis points from 42,014.50bps on Friday. Market capitalisation of equities also went up to N22.57tn from N21.93tn amid positive investor sentiment in large-cap stocks. Market activities were positive as the total volume of shares traded on the floor of the NGX climbed by 60.12 per cent to 443.61 million units valued at N5.05bn in 5,233 deals from 277.04 million units valued at N2.38bn traded in…

Tuesday, 09 November 2021 05:45

Warren Buffett says you can ruin your life in 5 minutes by making 1 critical mistake

The Oracle of Omaha offers valuable advice about challenging and stressful situations. Warren Buffett, chairman and CEO of Berkshire Hathaway, has been able to build and sustain one of the strongest reputations in the business world. What's even more astounding is that most of the companies owned by Berkshire Hathaway have outstanding reputations of their own. Buffett puts his own reputation on the line through the decisions made by the managers that run his companies. This is why one of Buffett's highest measures of success is your reputation, bar none. It's an invaluable asset that should be guarded every day.…

Monday, 08 November 2021 06:00

Access Bank, GTCO, 4 others rake in N146bn revenue on CBN’s stoppage of FX to Bureau de Change

With Central Bank of Nigeria (CBN) suspending Foreign Exchange (FX) supply to Bureau De Changes (BDCs), a total of six banks in nine months of 2021 generated N145.6 billion income from trading in FX. The six banks in prior nine months of 2020 had generated a total of N47.16billion from trading in the FX market. The six banks are Sterling bank Plc, Union Bank of Nigeria Plc, Wema Bank Plc, Guaranty trust Holding Company Plc (GTCO), Access bank Plc and United Bank for Africa Plc (UBA). For instance, Sterling Bank reported N4.75 billion from FX trading in nine months of…

Monday, 08 November 2021 05:56

7 costly mistakes entrepreneurs are making every day

Time is the biggest asset of all, and entrepreneurs can have more than 24 hours a day if they buy it from others. Entrepreneurship is a calling that not every person is meant to answer. For those who do, there are many rewards and many achievements to be had. However, with each opportunity for success, there are risks of failure and downfall, and there are easily avoidable mistakes that can have a huge impact on their businesses. Many major errors go unnoticed, leaving business owners unaware that the choices they make are having negative consequences on their organization. Thankfully, once…

Saturday, 06 November 2021 06:03

Bank says non-performing loans to entrepreneurs more than 80 percent

Bank of Industry has said the country’s entrepreneurs don’t have the habit of repaying loans, saying its non-performing loan portfolio awarded to entrepreneurs ranges between 80 and 100 per cent. The bank’s managing director, Olukayode Pitan, disclosed this recently at the first edition of the community engagement development workshop organised by the Arthur Mbanefo Digital Research Centre (AMDRC) of the University of Lagos (UNILAG), Akoka. The workshop, with the theme; “Building the Nigeria’s Economy for the Immediate Future: The Role of Innovation and Entrepreneurship and Startups Creation,” featured scholars and industry leaders including the director of the university’s Institute of…

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Friday, 05 November 2021 05:57

MTN Nigeria to sell shares via public offer

MTN Group Ltd will begin book-building this month for a public offer to sell up to 575 million shares in its Nigeria business, South Africa's biggest telecoms operator said on Thursday, as it reported higher third-quarter revenue and core profit. The company, which has been exiting or reducing its stakes in some areas including its Ugandan and Zambian units, said the separation of fintech and fibre assets was on track. MTN, which along with Vodacom Group Ltd controls more than 70% of the South African mobile market in terms of subscribers, said this month's bookbuilding exercise would target institutional investors…

Thursday, 04 November 2021 05:46

5 lessons to follow as you take your product to market

Don't overly complicate things when launching your business. Instead, follow this advice from a successful entrepreneur so you'll do things right. When launching a new business, product, or service, the most common mistake entrepreneurs make is trying to do too many things at once in the belief that going to market with “more” is better. It isn’t. During your initial launch period, or when relaunching new products or services, “more” means additional risk. More also means unnecessary complexity, as well as additional time to market, so more capital will be required. Below are some important things to remember as you…

Wednesday, 03 November 2021 06:09

Industrial policy paved the way for Dangote's empire, but didn't deliver for all Nigerians. Here’s why

Dangote Industries Limited dominates the Nigerian cement market and is a key player in the rapidly expanding African cement business. The conglomerate has also expanded its manufacturing activities in a range of food processing industries such as sugar and salt. This expansion has made it the biggest group listed on the Nigerian Stock Exchange. By 2020, the three Dangote subsidiaries listed on the Nigerian Stock Exchange employed 19,672 workers. This is equal to 51% of all workers in listed manufacturing firms. Dangote has been a main beneficiary of Nigeria’s backward integration policy. Introduced in 2002, it was operated through tariffs,…

Wednesday, 03 November 2021 06:07

FG offers generous incentives to solid minerals investors

Nigeria is offering would-be investors a generous three-year tax holiday and other incentives in a bid to turn around its moribund mining industry Minister of Mines and Steel Development, Olamilekan Adegbite, on Tuesday called on foreign investors to invest in the country’s mining sector to benefit “100 per cent ownership” of their investments. “Some foreign mining investors are not aware that Nigeria is a mining nation; we want them to come and invest in Nigerian mining as our incentives are good compared to other mining nations,” he told journalists ahead of forthcoming sixth edition of the Nigeria Mining Week on…

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