Business News

Tuesday, 14 September 2021 05:36

Naira’s fall continues at parallel market

Naira fell significantly against the U.S. dollar at both the unofficial and official markets on Monday, taking what has become the trend in the last week to a new low. According to abokiFX.com, a website that collates black market rates in Lagos, the local unit closed at N550.00 per $1 at the black market window on Monday. This implies a N5.00 or 0.92 per cent devaluation from the N545.00 it exchanged on Friday last week. Naira, which opened at N545.00 at the parallel market segment, hit N549.00 at noon, before closing at N550.00 on Monday. The currency has maintained a…

Tuesday, 14 September 2021 05:29

The most important first step when starting a business

While there are many things to consider and tasks to do when starting a business, this first step alone may decide whether your new venture is successful. Whether you call it the mass exodus, the Great Resignation, re-evaluating your life, or a midlife crisis, there are scores of people leaving traditional jobs to start their own businesses. However, the question often asked — whether it’s pondering from behind the desk in the corner office or in a bit of panic having just been let go from your job — is “What’s the first thing I should do to start my…

Monday, 13 September 2021 05:47

Aviation: FG approves new handling rates for ground operations

Federal government has approved a new Safety Threshold Ground Handling Charges for foreign and domestic airline operators, 35 years after the last adjustment. A circular signed by Director-General of the NCAA, Musa Nuhu, dated September 6, 2021 with the reference number: NCAA/DG/AIR/11/16/315, and addressed to “All Airlines and Ground Handling Companies” (foreign and local), with the subject: “Safety Threshold Ground Handling Charges,” said that the new ground handling charges will take effect from October 1, 2021 for international carriers and January 1, 2022 for domestic airline operators. “All stakeholders are directed to ensure full compliance with the safety threshold ground…

Monday, 13 September 2021 05:43

5 basic skills you must have to be a successful entrepreneur

If before, entrepreneurship required emotional strength and the firm decision to do so,during the pandemic , for many it became a priority, awakening the entrepreneurial spirit that some carry inside and pushing that dream of having a profitable business of their own. To this we must add the digital reality in which we live, where the strengths that entrepreneurs require are not limited only to having an attractive product or service, or to knowing perfectly the market and what you sell; It has to do more with the skills to carry out digital businesses, lead teams, projects, processes, among others.…

Saturday, 11 September 2021 05:49

Naira’s race to the bottom intensifies at parallel market

The Naira was at a record low against the dollar on Thursday, depreciating to nearly N550 at the unofficial market from N530 at last week’s close as demand for the greenback from importers continues to bump up against scarce market liquidity. Checks in Kano revealed the record high forex rate especially at the Kano’s popular Wapa BDC market in Wapa, where forex traders said as of Thursday evening, a dollar was exchanging for N549, and that it could even exceed N550 before the close of the day. Aminu Shua’ibu Malan, a trader in the market, said: “Prior to the last…

Thursday, 09 September 2021 05:56

Buhari recently declared N287bn profit for NNPC. Audit report says however that the corporation’s liabilities exceed assets by N4.6trn. Here are the numbers

Nigerian National Petroleum Corporation (NNPC) has published its audited financial statements (AFS) for 2020, declaring N287 billion profit — even as liabilities exceeded assets by N4.6 trillion. According to Investopedia, if a company’s liabilities exceed its assets, it is a sign of an asset deficiency – meaning that the company is headed for bankruptcy. The financial health of such companies is at risk. Also in 2019, auditors raised concerns over material uncertainties in the book that cast considerable doubt on the ability of the group and corporation to continue to operate as a going concern. In its 44-year history, this…

Thursday, 09 September 2021 05:54

Naira continues to fall at parallel market

Naira fell against the U.S. dollar at the parallel market on Wednesday after maintaining stability in the previous session of the market segment. According to abokiFX.com, a website that collates the parallel market rates in Lagos, the currency exchanged hands with the greenback currency at N535. 00 per $1. This represents a N3.00 or 0.56 per cent devaluation from the N532.00 it traded in the previous session on Tuesday. Similarly, the local unit weakened against the U.S dollar at the official market on Wednesday as foreign exchange supply rose significantly. According to data posted on FMDQ securities exchange window where…

Thursday, 09 September 2021 05:41

How emotionally intelligent people use the 'Golden Question'

Use the golden question to manage your emotions, make better decisions, and live life with fewer regrets. You really wanted to quit your job. After months of careful planning, you figured out how to turn your side hustle into a full-fledged business--and you built up the courage to do so. So, you handed in your resignation. Immediately, your boss tries to convince you to stay, promising a huge raise. You start having second thoughts. Some years ago, I learned a practice that helps me to get control of my emotions in challenging situations like this one, so that I make…

Wednesday, 08 September 2021 05:47

6 qualities that will make you a more innovative employee

We tend to think innovators should fit a certain profile, one that looks suspiciously close to the innovators we most admire, write about, and study. We’ve seen Jeff Bezos with his clean-shaven head and shades or Steve Job’s signature black turtleneck and jeans. Richard Branson upset corporate suit culture with his relaxed, casual attire. It may seem that a world class innovator is supposed to challenge the status quo, care little about what others think of them, and act like a larger-than-life character. But the truth is actually far different. If you are not the kind of person who likes…

Tuesday, 07 September 2021 05:45

Naira falls to lowest level ever at parallel market

Naira fell significantly against the U.S. dollar at the unofficial market on Monday as it exchanged hands with the greenback currency at N532.00 per $1, the lowest it ever traded at the black market. This implies a N2.00 or 0.40 per cent devaluation from the N530.00 it traded in the past two trading sessions (Thursday and Friday) last week. However, the currency gained at the Investors and Exporters (I&E) window where the currency is officially traded. Data posted on the FMDQ Securities Exchange window where forex is officially traded showed that Nigeria’s currency closed at N411.13 per $1 on Monday.…

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Tuesday, 07 September 2021 05:40

This small shift in your thinking makes all the difference

When nothing seems to be going right, and you're increasingly frustrated at work, focus on what matters most. This small shift in your thinking makes all the difference Our perspective influences our reactions, and it can lead us to respond poorly. When we react negatively to a person or a situation, it's often because our perspective was skewed by what we believed to be true at the moment. As our frustration increases, we react emotionally, turning away from the person or experience that we think is at the root of the problem. And then, we start justifying our feelings, thoughts,…

Monday, 06 September 2021 05:44

Three steps Elon Musk follows to motivate his teams to achieve the impossible

3 steps to persuading yourself and others to reach for the stars. Entrepreneurs face more failures than successes, especially in the early years of building their companies. Elon Musk experienced his share of setbacks, but how he convinces his teams to overcome those hurdles is a master class in motivation. In his new book, Liftoff, Eric Berger traces the "desperate early days" that launched SpaceX, Musk's rocket company. Berger told me he that had unprecedented access to Musk and dozens of SpaceX employees, many of whom are still with the company today. In 2002 Musk and a small team of…

Sunday, 05 September 2021 05:57

Do you have some hefty sum of money to invest? FG wants to sell the following state-owned companies

Federal government hopes to sell or temporarily hand over control of dozens of state-owned businesses in a bid to resuscitate them in 2021 and beyond. An investors’ guide by the Bureau of Public Enterprises (BPE) invites potential investors to take advantage of the opportunities available and incentives offered by the government and buy into those businesses. “In our collective efforts to create the enabling environment for the private sector to become the centre point for growth and economic prosperity, the Bureau has reformed and privatised over 234 public enterprises and carried out far-reaching reforms that have transformed the Telecommunications, Pension,…

Friday, 03 September 2021 05:52

CAC begins registration of two new business ownership types

Corporate Affairs Commission (CAC) says it has commenced the registration of two new forms of business registrations pursuant to CAMA, 2020. Garba Abubakar, CAC’s registrar-general, announced this in a statement signed by Rasheed Mahe, CAC’s Head of Media. Abubakar said the development followed the successful deployment of the Online Application for Limited Liability Partnerships (LLPs) and Limited Partnerships (LPs). The registrar-general described the LLP as a partnership arrangement with a legal personality, separate from the partners. He added that the liabilities of the partners of an LLP were limited to the amount agreed to be contributed or outstanding in the…

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