Business News

Thursday, 29 July 2021 06:01

Naira hits record low at parallel market after CBN clampdown on Bureau de Change

Nigeria’s currency fell 3.3% to hit a record low of 522 naira against the dollar on the black market on Wednesday, after the central bank banned sales of foreign currency to exchange bureaux, traders said. The currency was quoted at 505 naira on the unofficial market before Tuesday’s announcement. The central bank has said the bureaux have become conduits for graft and illicit flows of money. Central bank governor Godwin Emefiele said the bank would channel more foreign exchange to commercial banks for consumers who had legitimate needs, and that it would no longer process or issue new licences for…

Thursday, 29 July 2021 06:00

Foreign investment into Nigeria fell 54 percent in Q2, 2021 - NBS

The total value of capital importation into Nigeria declined to $875.6 million in the second quarter of 2021 from $1.9 billion in the first quarter of 2021, National Bureau of Statistics has said. The figure represents a decrease of 54.06 per cent compared to the first quarter, and 32.38 per cent decrease compared to the second quarter of 2020. NBS disclosed this in its “Nigerian capital importation Q1 and Q2 2021”, released on Wednesday. NBS said the largest amount of capital importation was received through portfolio investment, which accounted for 62.97 per cent ($551.37 million) of total capital importation. This…

Thursday, 29 July 2021 05:55

Cross River launches own airline

Cross River State Government has launched its airline, Cally Air, as part of efforts to boost economic activities in the state and across the country. Governor Ben Ayade on Monday welcomed the maiden flight of the airline into Margaret Ekpo International Airport in Calabar, the state capital. Addressing journalists after the reception, he explained that it was a dream the government had in 2017, occasioned by the high influx of traffic into Calabar and the monopoly of some airlines dominating the Calabar route. “Cally Air belongs to Cross River State. No loan, no facilities were obtained and it is one…

Wednesday, 28 July 2021 06:04

CBN bans sales of forex to Bureau de Change operators

Central Bank of Nigeria says it has ended sales of forex to Bureau de Change operators, saying the parallel market has become a conduit for illicit forex flows and graft. The bank said it will also no longer process applications for BDC licences in the country. Weekly sales of foreign exchange by CBN will henceforth go directly to commercial banks, CBN governor, Godwin Emefiele, said Tuesday in a live TV broadcast after announcing that the bank has retained its benchmark policy rate. “We are concerned that BDCs have allowed themselves to be used for graft,” Emefiele said,. He said international…

Wednesday, 28 July 2021 06:03

AMCON takes over Jimoh Ibrahim’s insurance companies over N69bn debt

Asset Management Corporation of Nigerian (AMCON) on Tuesday announced it has taken over Nicon Insurance Limited and Nigeria Reinsurance Corporation (Nigeria Re). The two companies belonging to the embattled businessman and politician, Jimoh Ibrahim, were taken over an alleged N69.4 billion debt. To enhance the smooth running, efficient and effective management of the two firms, the board and management have been changed, AMCON said. It said the take-over has been approved by National Insurance Commission. “The reason for the changes in the board and management of the two insurance firms is sequel to the takeover of the major investor’s interests…

Wednesday, 28 July 2021 05:54

Biden revives Trump's Africa business initiative

The Biden administration on Tuesday announced a new push to expand business ties between U.S. companies and Africa, with a focus on clean energy, health, agribusiness and transportation infrastructure on the continent. U.S. industry executives welcomed the interest, but said dollar flows will lag until the administration wraps up its lengthy review of Trump administration trade measures and sets a clear policy on investments in liquefied natural gas. Dana Banks, senior director for Africa at the White House National Security Council, told a conference here the administration planned to "re-imagine" and revive Prosper Africa, an initiative launched by former-President Donald…

Wednesday, 28 July 2021 05:52

The 'Five Fs' of successful negotiations, and other tips to get the most out of any deal

A new book from a negotiation expert offers strategies to take the fear out of high-stakes conversations. Over the past 20 years, I have advised many CEOs and senior executives who were selling companies, buying companies, negotiating with critical customers, and crafting partnership and supplier agreements. In all these high-stakes negotiations, I have found that fear holds people back from achieving their ideal results. These fears -- of losing the deal, having the other side walk away, securing a poor outcome, getting embroiled in conflict, or damaging the relationship -- impede both experienced and novice negotiators.In my new book, Negotiate…

Tuesday, 27 July 2021 05:43

Why emotionally intelligent people embrace the 25-5 rule

The 25/5 rule is an emotionally intelligent way to avoid distraction, achieve more focus, and get more done. Tell me if the following sounds familiar: You're working on a major project. In the beginning, you're excited--you know this "thing" is going to be great. But as the months go by, the project never gets finished. In fact, it's not progressing nearly at the rate you want it to...even though you've established it as your number one (work) priority. So, why aren't you further along? The short answer: Because you keep getting distracted. Maybe it's the countless meetings that keep getting…

Monday, 26 July 2021 05:45

Nigerians sink further into poverty as prices of maize, beans, others double in one year - Survey

Prices of major legumes and cereals in Nigeria rose at an average of about 98.85 and 99.9 per cents respectively in the last one year, a PREMIUM TIMES market survey has shown. Prices of staples such as rice, beans, groundnut, soybeans, maize, sorghum, and millet were surveyed across some major markets located in different regions of the country. Prices of grains such as rice, maize, sorghum, and millet have risen by 44.4 and 117 per cents respectively. Likewise, the survey showed that prices of essential cowpeas such as beans and soybeans increased by 159.3 and 76.7 per cent, while prices…

Monday, 26 July 2021 05:35

5 traits of a great CEO

While all are important, the one you can't do without is being an A-Team builder Leaders must raise capital to operate their business. Their related questions include: How much capital does my business need? How does the amount of capital vary by stage? What are the advantages and disadvantages of raising venture capital? What do venture capitalists look for in a CEO? Last week I spent 40 minutes video-conferencing with an incoming student to Babson College's one-year MBA program. Calling in from Zimbabwe, the student -- who is currently running an IT equipment distributor -- was looking for answers to…

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Friday, 23 July 2021 05:50

Bill Gates says lazy people make the best employees. But is your laziness actually masking a deeper issue?

You're not lazy. But there's something else wrong. Bill Gates thinks you should hire lazy people. No, seriously. He famously said, “I choose a lazy person to do a hard job. Because a lazy person will find an easy way to do it.” I don’t disagree with the premise. Choosing a person who will do a job the “easy way” and solve the difficult problem in front of them can be better than putting your most ambitious team on it. The hardest way is often not the best way. In fact, in the startup world, over delivering can be just…

Monday, 19 July 2021 05:56

Oil producing countries agree deal to keep prices from going further up

Oil producing nations have agreed to increase their output, with the aim of reducing prices and easing pressure on the world economy. The Opec cartel and partners such as Russia will boost supply from August after prices climbed to two-and-half-year highs during the pandemic. The move should have an impact on petrol prices at the pump, which have also rocketed. The price of Brent crude oil is up 43% this year to almost $74 a barrel. Last year, Opec and its partners cut production by a record 10 million barrels per day (bpd) amid a pandemic-induced slump in demand and…

Monday, 19 July 2021 05:53

Britain sets out plan to stimulate trade with developing economies

Britain will set out a plan on Monday to stimulate trade with 70 developing economies by lowering tariffs and simplifying rules, its latest push to promote freer global commerce after regaining control of its trade policy following Brexit. The government will detail the Developing Countries Trading Scheme in a consultation document. The plan builds on an existing European Union scheme that Britain was part of before leaving the bloc at the end of last year and has kept in place while working on its new programme. “Now the UK is an independent trading nation we have a huge opportunity do…

Monday, 19 July 2021 05:44

7 core values that make military veterans great entrepreneurs

Loyalty. Duty. Respect. Selfless Service. Honor. Integrity. Personal Courage. Loyalty. Duty. Respect. Selfless Service. Honor. Integrity. Personal Courage. These are the seven core army values, identified by the U.S. Army. Taught in basic combat training, these values are instilled in soldiers so that they “live them every day, whether they’re on the job or off [the job],” according to the U.S. Army. Undoubtedly, though, these are life attributes, so once a soldier hangs up their uniform, these values translate into a veteran’s next venture, particularly so in the life of business and professional development as an entrepreneur. "Military veterans have…

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