Business News

Thursday, 15 April 2021 05:41

The brilliant reason Microsoft just spent $20bn on a company you’ve never heard of

Buying Nuance is a boon to the company's cloud business, especially in one of the fastest-growing industries. On Monday, Microsoft announced it was acquiring Nuance Communications for $19.7 billion, including debt. That makes it the company's second-largest purchase after LinkedIn, though there's a good argument it could be the most important. Nuance certainly isn't nearly as well-known as many of the high-profile acquisitions under CEO Satya Nadella, which have been decidedly focused on consumers. Take, for example, Mojang, the maker of Minecraft, and ZeniMax, which makes Doom. Even LinkedIn, the professional social network, is more focused on individuals than it…

Wednesday, 14 April 2021 05:57

The new 'jollof wars' and why Twitter chose Ghana over Nigeria for its first Africa base

Twitter's announcement Monday that it will set up its first Africa base in Ghana, West Africa, has generated fierce debate among Nigerian users of the social media app, and reignited the never-ending rivalry between the two countries, known colloquially as the 'jollof wars.' Many Nigerians believe that Twitter's decision is a snub to the continent's largest economy, which is seeing rapid growth and investment in its tech scene. According to NOI polls, 39.6 million Nigerians have a Twitter account, which is more than the entire 32 million population of Ghana. Twitter chief executive Jack Dorsey capped a whirlwind tour of…

Tuesday, 13 April 2021 05:42

Naira appreciates at parallel market

Naira appreciated against the U.S. dollar at the unofficial market on Monday, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed. The data posted showed that the naira closed at N482.00 at the black market on Monday, representing N3 or 0.62 per cent appreciation from N485 the rate it has stood since April 1. The last time the currency touched N482.00 at the unofficial market was on March 11. Slight fall Meanwhile, the local unit fell slightly against the U.S. dollar on the I&E window of the foreign exchange market on Monday, as foreign exchange…

Tuesday, 13 April 2021 05:34

3 simple ways any business can increase sales

Sometimes the best methods are hidden in plain sight. I’ve yet to speak with an entrepreneur who doesn’t want more sales. Generating more sales isn’t easy, but it’s simpler than many leaders think. After a decade of teaching leaders how to improve sales, I’ve distilled all creative tactics into three simple ideas that can create more sales now — even in tough markets. Raise your price Think about it for a second. When was the last time you raised your prices? Maybe it’s been a few years. What would be possible if you raised your price by just 5-10%? If…

Monday, 12 April 2021 05:38

Harvard study finds most workers would rather continue working from home

Some would prefer a hybrid schedule, where they spend time at home and in the office. The pandemic changed several factors of everyday life, and one positive change was the new option for many to perform their job duties at home. By the same token, however, some weren't exactly smitten with the idea of having to stay away from their desks and colleagues. But as we slowly pivot toward the idea of "business as usual," a Harvard study reveals that many professionals don't want to go back to the office full time. Instead, they want the option to keep the…

Saturday, 10 April 2021 05:51

The bitter sugar war between Dangote and Rabiu: Inside story

The latest clash between two of Nigeria’s richest men, Aliko Dangote and Abdul Samad Rabiu, is over sugar. It is a dispute over who controls the sugar market in Africa’s biggest economy. While Dangote accuses his competitor of attempting to appropriate undue advantage, Rabiu says Dangote, Africa’s richest man, wants to monopolise the market and manipulate prices. Dangote denied the price-fixing allegation in a statement Friday. But available documents shed light on the accusations and counter-accusations by the two sides, and the government’s role in the feud. In January, Dangote Sugar Plc, supported by Flour Mills of Nigeria Plc, accused…

Friday, 09 April 2021 06:08

Nigerians react as SEC warns against investment platforms trading foreign stocks

Nigeria Securities and Exchange Commission (SEC) has warned capital market operators to stop giving support to online investment trading platforms providing access to foreign securities in Nigeria. In a statement Thursday, the regulator said those securities were not registered in Nigeria, and platforms providing access to them were acting against the law. It warned capital market operators in partnership with the platforms to desist from providing brokerage services for foreign securities. The apparent move by SEC to bar fintechs from selling, issuing or offering for sale foreign securities not listed on any exchange registered in Nigeria, if seen through, will…

Friday, 09 April 2021 05:43

With just 7 words, Tim Cook perfectly explained the battle between Apple and Facebook

A lot has already been written about the battle between Apple and Facebook. Still, I think there is at least some confusion about what the two companies are actually fighting about. On the surface, it looks like Facebook is upset because Apple has it out for small businesses. Apple, for its part, seems to take issue with Facebook's highly lucrative business model of personalized advertising that collects and monetizes users' personal information. Really, however, the battle is far more simple. It began when Apple announced it would make changes in iOS 14 to require developers to create what Apple has…

Thursday, 08 April 2021 05:58

DPR revokes Chinese firm’s four oil field licences

Nigeria’s oil and gas regulator has revoked four licences held by Addax Petroleum, it said in a statement on Wednesday, a highly unusual move for licences with producing assets. Department of Petroleum Resources director Sarki Auwalu said in a post on the DPR website that Addax was not developing the assets sufficiently. A DPR spokesman said the licences had already been re-awarded to Kaztec Engineering Limited and Salvic Petroleum Resources Limited. Two Addax representatives in Nigeria did not immediately respond to messages on LinkedIn seeking comment. Addax is owned by China’s Sinopec Group. Of the four revoked assets, OML 123,…

Thursday, 08 April 2021 05:57

Nigeria exported coconut worth $150m in 2020 - FG

Minister of Agriculture and Rural Development, Sabo Nanono, on Wednesday in Benin disclosed that Nigeria generated $150m from export of coconut oil and its derivatives in 2020. Speaking through his representative, Bernard Ukattah, a deputy director at the Federal Ministry of Agriculture and Rural Development during a training for coconut farmers organised in collaboration with the Nigerian Institute for Oil Palm Research in Benin, Nanono said that coconut was a major non-oil export foreign exchange earner for Nigeria. He explained that coconut provided livelihood for over 500,000 families, noting that it accounted for 10 per cent of the nation’s agricultural…

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Thursday, 08 April 2021 05:46

He changed his feedback style - and his company’s revenue grew 1,500 percent

It took a crisis for Numerated founder and CEO Dan O'Malley to realize his polite demeanor was harming his company's growth. Would you rather be feared or loved? For three years, Dan O'Malley opted for the latter--and every day, he says, he failed his employees a little more. The founder and CEO of Numerated stumbled onto that epiphany by accident: The four-year-old Boston-based startup, which helps banks and credit unions automate their processes, went into crisis mode in March 2020, when the Small Business Administration launched the Paycheck Protection Program. It turns out, when your entire 55-person team is working…

Monday, 05 April 2021 05:37

Banks unblock USSD transactions on MTN

Commercial banks have reconnected MTN customers earlier denied access to the unstructured supplementary service data (USSD) payment channels. In a letter seen by TheCable, on Sunday, Karl Toriola, managing director and chief executive officer of MTN Nigeria, announced a decision to revert discount offered to banks on airtime sales to 4.5 percent commission. The mobile network operator (MNO) had reduced banks’ commission from an average of 3.5 percent to 2.5 percent, this led to a disagreement between MTN and commercial banks. “Our virtual meeting between yourself (Wigwe) and Segun Agbaje (MD of GTBank) on the one hand and myself (Toriola)…

Sunday, 04 April 2021 05:49

All banks in Nigeria blocked MTN from banking channels for airtime purchases. These are alternative electronic channels to buy MTN airtime

The telecommunications firm, MTN, has announced alternative channels for consumers to buy airtime for the phones, after commercial banks disallowed MTN subscribers to use their channels. Banks removed the telecom firm from their platforms on Friday, following a feud over the sharing of fees by both sides. The disagreement began after MTN reduced the percentage it remits to the banks for each amount of airtime from 4.5 per cent to 2.5 per cent. Sources within the company defended the move, citing applicable charges elsewhere, while banks said MTN was already paying lower than other telcos. Federal government said it intervened…

Sunday, 04 April 2021 05:33

This company fires people for premarital sex. Can you?

At-will employment doesn't mean anything (or in this case, nothing) goes. Imagine: You find out you're pregnant, and you excitedly go to the Human Resources Department to ask for your Family Medical Leave Act paperwork, and instead, you get fired. Caitlin O'Connor claims this happened to her at Ramsey Solutions, the company run by financial guru Dave Ramsey. Ramsey solutions claim they fired her for premarital sex, not for getting pregnant. Firing a woman because she's pregnant is a clear violation of the Pregnancy Discrimination Act. O'Connor wasn't married to her partner, the baby's father, in what the company maintains…

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