Business News

Wednesday, 22 September 2021 05:43

5 tips for building trust as a new manager

Hannah Pitstick The definition of trust is an "assured reliance on the character, ability, strength, or truth of someone or something". When a manager is placed in charge of a new team, they typically have to build that foundation of trust from scratch by demonstrating those key attributes. Joe Bonfante, ACMA, CGMA, a finance business partner based in London with experience running effective team coaching initiatives, has developed his trust-building strategy by observing the missteps and shining moments of past managers. Years ago, he had a new manager who came in on his first day and immediately started establishing his…
Bureaux De Change operators (BDCs), popularly known as ‘abokis’, on Monday quoted naira at N575 to the dollar at the street market. Checks by TheCable on Monday showed that the naira exchanged N575 to the dollar at three different markets in Lagos, the country’s commercial nerve centre. The figure was higher by N1 or 0.2 percent from the N574 it traded last Friday. A parallel market (street market) is characterised by noncompliant behaviour with an institutional set of rules. Last week, Godwin Emefiele, governor of Central Bank of Nigeria (CBN), said the only recognised foreign exchange market is the Importers…
The new study confirms what Microsoft CEO Satya Nadella calls 'the Paradox of Hybrid Work.' Whatever managers previous fears about remote work, the pandemic has proven that most knowledge workers can get their daily tasks done just as well from their living rooms as from the office. Study after study confirms most people's personal experience that, for those without childcare, health or other challenges at least, productivity has actually inched upwith the advent of widespread remote work. Which means working from anywhere is a great thing, and companies don't need to worry about its impacts on performance, right? Not so…
President Muhammadu Buhari said on Sunday he had appointed a board for state-oil firm NNPC and directed that it should be incorporated within six months, a move that could allow it to sell shares in the future. Buhari, who doubles as petroleum minister, signed an oil bill into law last month that has been in the works for nearly two decades, aiming to overhaul the sector and turn the state-owned oil company into a private firm. The new oil law requires NNPC to be incorporated within six months, Buhari said in a statement, appointing Ifeanyi Ararume as NNPC chairman and…
Are you more like Mark or Jen? The answer can help you leverage your strengths and mitigate your weaknesses. Let me tell you about Mark and Jen. Mark leads a team of 30. He likes to challenge his team to do more than they think they’re capable of, and he often inspires them to do so. He thinks and moves fast, always quick to “run the experiment,” i.e., try out new ideas and adjust on the fly. Mark gets results. But not everyone loves Mark’s management style. Many feel he’s more concerned with ticking boxes off his task list than…
Saturday, 18 September 2021 05:29

CBN threats force AbokiFx to suspend operations

Management of Abokifx, a website that collates black market exchange rates in Nigeria, has announced the website will suspend publishing rates after the Central Bank of Nigeria threatened the group. This was disclosed in a statement published on its website in the late hours of Friday. “abokiFx has taken the decision today, the 17th of September 2021, to temporarily suspend rate updates on all our platforms, until we get better clarity of the situation,” the statement published partly reads. It said the final rates have been posted Friday evening and that its news section and the Crypto rates section will…
United Airlines announced Friday that new service between Washington, D.C. and Lagos, Nigeria will begin November 29 (subject to government approval). The airline will operate three weekly flights connecting the U.S. capital to Nigeria’s largest city, which is also the top Western African destination for U.S-based travelers. Tickets will be available for sale on united.com and the United app this weekend. “This new flight to Lagos has been highly anticipated by our customers and offers the first ever nonstop service between Washington, D.C. and Nigeria, as well as convenient, one-stop connections to over 80 destinations throughout the Americas including Houston…
The distance between their farms and the nearest processor is key for smallholder farmers who need to process their crops. And though Nigeria’s food processing systems have a keen resemblance to the West with respect to big factories and huge economies of scale in high-demand cities, farmers still suffer from poor logistics networks. With distance and logistics problems, farmers’ crops can go bad and when factories buy them, it affects their processing yields and price. Farmers, witnessing post-harvest loss, also get paid less and miss the opportunity to invest in their crops production. Nigerian agritech startup Releaf is solving this…
The simple habit of noticing is the difference between forward motion and being left behind Some of the best advice I ever received was packaged in this eight-word statement: "Speed is your enemy; momentum is your friend." It is counsel anchored in a simple idea-- that while we crave forward motion, it is the forward part, in the truest and fullest sense of the word, that we need most of all. The motion part, the part about speed and obsessing over it, and the part we tend to treat with undo reverence, is secondary and supporting. It's a critical distinction…
Thursday, 16 September 2021 05:44

Dangote is looking for money to complete refinery

Africa’s richest man Aliko Dangote is in talks with some of the world’s biggest oil traders to help finance his mega refinery project outside of Nigeria’s commercial centre Lagos, sources with knowledge of the matter said, although his company denied the discussions. The 650,000 barrel-per-day refinery, once complete, will be the continent’s largest plant and redraw major trade flows of crude and fuel in the Atlantic basin. Despite being Africa’s biggest oil producer and exporter, the country depends almost entirely on fuel imports after allowing its significant refining capacity, 445,000 barrels-per-day, to become dilapidated over several decades. Many past and…
June 06, 2025

Nigeria now Africa’s top cement exporter, says Aliko Dangote

Nigeria has transformed from being the world’s second-largest cement importer to becoming Africa’s leading cement…
June 02, 2025

Afenifere blasts Tinubu: ‘Midterm report shows woeful failure, economic deforms, and rising despair’

The pan-Yoruba socio-political organization, Afenifere, has issued a scathing midterm assessment of President Bola Tinubu’s…
June 07, 2025

Are boiled eggs good for you? Here's what experts say

Caroline C. Boyle If you’re after a nutrient-dense breakfast, boiled eggs are a quick and…
June 07, 2025

‘Nigerians are marrying all our daughters’, Kenya’s President Ruto, cries out

Kenyan President William Ruto has stirred up a storm on social media with his provocative…
June 06, 2025

Gunmen kill two policemen, abduct Chinese in Kwara

The Kwara State Police Command on Thursday confirmed the killing of two policemen and the…
June 07, 2025

What to know after Day 1199 of Russia-Ukraine war

WESTERN PERSPECTIVE Six killed, 80 wounded in intense Russian air attacks on Ukraine Russia launched…
June 06, 2025

Common supplements and medications could cause liver damage, studies show

Melissa Rudy Arun Sanyal, M.D., director of the VCU Stravitz-Sanyal Institute for Liver Disease and…
May 13, 2025

Nigeria's Flying Eagles qualify for World Cup after dramatic win over Senegal

Nigeria's U-20 national football team, the Flying Eagles, have secured their place at the 2025…

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