Business News

Thursday, 19 August 2021 05:52

Akeredolu suspends tipper, quarry-owners from operating over arbitrary price increases

A showdown between the Ondo State Government and Association of Tippers and Quarry Owners of Nigeria is unfolding, following the latter’s unilateral increase of the price of sharp sand by over 100 per cent. For failing to revert to the old price, the state government has suspended activities of the association until the members return to the old price. But the association had cited the high cost of motor spare parts and fuel as reasons for the new increase. It increased the price of a big tipper-load of sharp sand from N30,000 to N60,000, while the smaller ones, which was…

Thursday, 19 August 2021 05:41

Why intelligent minds like Steve Jobs and Elon Musk embraced the WTP rule to make better decisions

In 1997, Steve Jobs famously walked back into Apple and discontinued 70 percent of its current and future product line. Newton PDA? Gone. Pippin? Gone. Twelve different Mac desktop versions? Gone. In short order, a product line of 350 items soon became 10. Even though Apple had spent years developing those products. Even though Apple had spent thousands of hours, and millions of dollars, on R&D efforts on products still in the pipeline. Even though those products -- and those projects -- "belonged" to people at Apple. They were someone's babies. They were "theirs." In a 1985 experiment published in…

Wednesday, 18 August 2021 05:52

4 lessons you need to learn quickly to unleash innovation

As the world moves faster and becomes more connected, one leadership style is best for innovating. Why do some leaders get better innovation out of teams than others? According to Jonathan Brill, "They know simple tools, the type that are only simple once they're explained." Brill is something of a Silicon Valley legend and the author of ROGUE WAVES: Future-Proof Your Business to Survive and Profit from Radical Change. He was the Global Futurist at HP, the creative director at Frog Design and his innovation firms developed over 350 products. Brill believes great innovation leaders know when to Captain and…

Tuesday, 17 August 2021 05:58

Buhari signs oil sector overhaul bill into law

President Muhammadu Buhari signed into law an oil overhaul bill that has been in the works for nearly two decades, a presidential spokesman said on Monday. The package overhauls nearly every aspect of the country’s oil and gas production. The legislature cleared it for his signature last month. The bill has been in the works since the early 2000s, but the sensitivity of potential changes affecting Nigeria’s key source of revenue and foreign exchange has undermined all previous attempts at an overhaul. Major fuel marketers and other observers had been alarmed by a provision that they said could give Africa’s…

Tuesday, 17 August 2021 05:48

This is his how collaboration strengthens your leadership

Leadership is a critical component to the success of any business, and one of the most effective ways to blaze a trail that others will follow is to collaborate with them. Working with others is a message that executives and managers consistently push to employees because it’s clear that a company is stronger when everyone is working together toward one shared goal. CEOs and c-suite executives should apply those same standards. We are all stronger leaders when we collaborate with other leaders. There are a few reasons why collaboration fuels strong leadership. The more people you know, the more valuable…

Monday, 16 August 2021 05:53

Oil falls as Delta surge clouds fuel demand outlook

Oil prices fell more than 1% on Monday, dropping for a third session, as government-imposed restrictions on mobility to counter the spread of the Delta variant raised worries about a recovery in fuel demand. Brent crude was down 80 cents, or 1.1%, at $69.79 a barrel by 0046 GMT, after edging lower last week. U.S. oil fell by 81 cents, or 1.2%, to $67.63 a barrel, having risen slightly last week. “Crude oil remained under pressure as the fast spreading Delta variant of the coronavirus casts a cloud over the outlook for demand,” ANZ Research said in a note. Official…

Monday, 16 August 2021 05:49

7 ways to successfully manage managers

Managing managers can be similar, in some ways, to managing a team — you need to align priorities, communicate goals, provide feedback and serve as a mentor. But the difference in managing managers is that you have to not only oversee their work, but make sure they’re effectively supporting their teams too. In addition to ensuring that managers are producing quality work, you’re setting clear expectations for what a successful manager looks like, observing their leadership within a team and offering direct feedback on their management skills. A successful manager is one who guides their team to perform well and…

Saturday, 14 August 2021 05:29

Rush for Flour mills’ shares drives up stock value on NSE to 14-week high

Nigerian stocks jumped 0.08 per cent on Friday, taking the benchmark index to 39,522.34 basis points, a height last reached on May 4 as an investment blitz on the shares of flour and pasta manufacturers provided the hinge the market needed to keep the momentum of gain that began Tuesday. Traders and investors caused a stir at the previous trading session where flour maker Honeywell Flour mysteriously accounted for a humongous share of the day’s gain and trade volume. The trend survived into Friday with new twists as the company joined Nigeria’s biggest flour producer Flour Mills and another manufacturer…

Friday, 13 August 2021 05:38

6 changes leaders need to make to get better at managing remote teams

Workers want remote work opportunities but employers are still navigating the new reality of office life during a pandemic. Whether your company has 20 remote workers or 200, it's worth taking a moment to measure how well leaders are leading teams that include in person and remote workers. James Lanier, an HR consultant and business unit director for UnniCo, an international process improvement and consulting company, said that managing employees in-person requires a completely different set of skills than remote management. "Many companies do not realize that their new working arrangement is unproductive because they have simply sent staff home,…

Thursday, 12 August 2021 06:01

Startup gets $3m to digitize Nigeria’s informal B2B supply chain

Despite the prevalence of shopping malls and the emergence of VC-backed e-commerce companies like Jumia, informal retail in Africa is still king. A 2016 study by PwC states that 90% of sales in Africa’s major economies come through informal channels — markets and kiosks. This presents a large market ripe for digitization, and over the past five years, African startups have risen to the challenge, raising millions of dollars in the process. Today, Omnibiz, a Lagos-based startup, joins the fray and has raised a seed round of $3 million to expand into new markets. Omnibiz is a B2B e-commerce platform…

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Thursday, 12 August 2021 05:59

Naira falls as dollar scarcity persists

The naira pared some of its recent gains against the dollar at the parallel market on Wednesday amid the lingering scarcity of the greenback in the country. The local currency fell to 515 against the dollar at the parallel market from 510 on Tuesday. The naira had strengthened to 506/$ on August 4 after plunging to 525/$ at the parallel market on July 28, a day after the Central Bank of Nigeria stopped foreign exchange sales to Bureaux de Change. It had been hovering around 508/$ and 510/$ in recent days. CBN Governor, Godwin Emefiele, had on July 27, at…

Thursday, 12 August 2021 05:54

9 success habits of wealthy people that cost nothing

Have you ever you wondered how certain people have gotten so successful? Sure you have. A great idea, motivation, persistence, and a little luck helps, but most successful people share certain habits. Here are nine habits that have helped place them on the top: Former President Obama, Richard Branson, Jack Dorsey, Larry Schultz, Tim Cook and Xerox CEO Ursula Burns are known to be early risers. How has this attributed to their success? Because early risers are able to start their days ahead of everyone else by responding to others, exercising and finding some personal time, early risers also tend…

Wednesday, 11 August 2021 05:51

Two British-born Nigerians raise $23m to create flexible options for drivers to own cars in Africa

Africa is home to more than a billion people, where a majority have limited or no access to vehicle financing. In fact, the continent has the lowest per capita vehicle ownership in the world. In 2019, Africa had fewer than 900,000 new vehicle sales. The U.S. sold more than 17 million new cars that same year. In Nigeria, owning a car is a luxury very few people can afford. It is a similar case across Africa, where car owners often recycle used cars between themselves because of the difficulty of accessing new ones. Moove, an African mobility company with a…

Wednesday, 11 August 2021 05:50

Demand for telecom shares boosts stocks on NSE to N317bn gain

Nigerian stocks advanced by 1.58 per cent or N317.4 billion on Tuesday in one of the biggest daily gains this year, regaining the ground lost at the Monday session as investors’ exuberance for telco giants Airtel Africa and MTNN principally lifted trade. Tuesday’s trade also saw a big leap in liquidity, which saw trade volume outstripping that of the previous session’s by 143 per cent. Also helping gains, the oil and gas index progressed the most of the five sector indexes tracked by the bourse, climbing 0.11 per cent. Market breadth, which measures investors’ sentiment, was positive as 21 gainers…

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