Business News

Friday, 07 May 2021 05:47

CBN extends naira-4-dollar deadline to boost remittances

Central Bank of Nigeria has extended indefinitely its ‘Naira 4 dollar scheme’ earlier scheduled to end on May 8, 2021. It disclosed this on Thursday in a circular to all Deposit Money Banks, International Money Transfer Operators and the general public, titled ‘Re: Introduction of the CBN’s “Naira 4 dollar scheme” for diaspora remittances’. The circular, signed by A.S. Jibrin for the director, trade and exchange department, reads, “Further to the CBN circular referenced TED/FEM/PUB/FPC/01/003 dated 05 March 2021 on the above subject matter, which was originally scheduled to end on 08 May 2021, we hereby announce the continuation of…

Thursday, 06 May 2021 05:48

Stocks on NSE lose N193bn as sell pressure persists

Nigerian stocks posted a further loss Wednesday, depreciating 0.92 per cent in a retreat led by bank stocks just as liquidity worsened by 18 per cent. Profit-taking in the shares of Zenith, GTBank and Stanbic IBTC accounted most for the decline. Also weighing on performance, the oil and gas index slipped 2.29 per cent to 262.59 points. A negative market breadth was recorded as 24 losers emerged against 15 gainers. The all-share edged down by 367.97 points to 39,433.81. Similarly, market capitalisation slipped, falling by N193 billion to N20.637 trillion at the end of trade. Year to date, the index…

Thursday, 06 May 2021 05:39

Why most startups fail and how to avoid a similar fate

Research indicates that there are a few unrecognized mistakes that lead to the majority of startup failures. Almost every entrepreneur and new business owner I mentor is certain that his or her idea has a very high probability of success, and all find it hard to believe that only about half of businesses with employees survive at least 5 years. They always ask me for the key reasons that other people fail, but because I've seen so many different situations, I'm have been reluctant to generalize the failure patterns. Thus I was pleased to see my own insights covered in…

Wednesday, 05 May 2021 05:49

MTN Nigeria issues N100bn bond - CFO

MTN Nigeria has issued a 100 billion naira ($263 mln) fixed rate bond in the first quarter of 2021, due in seven years, under a 200 billion naira bond programme to refinance existing debt and support network expansion. Yields in Nigeria are at historic lows after the central bank cut rates twice last year to lower borrowing costs for the government, creating opportunities for firms to sell debt at more attractive rates. The local unit of South Africa’s telecoms group MTN said it issued debt to optimise its funding costs, CFO Modupe Kadri told an analyst call. Kadri said MTN…

Tuesday, 04 May 2021 05:37

Warren Buffett’s wisdom: 10 powerful lessons for life from the Oracle of Omaha

Sahil Bloom Warren Buffett is a treasure trove of wisdom. But contrary to what you have been told, most of it has nothing to do with investing. #1 - Wait For A Juicy Pitch “You don't have to swing at everything - you can wait for your pitch." Life doesn’t reward you for the number of swings you take. Focus on identifying the juiciest pitch. When it comes, swing hard and don’t miss it. #2 - Just Stop Digging “The most important thing to do if you find yourself in a hole is to stop digging." When things aren’t working,…

Monday, 03 May 2021 05:48

After dropping out of university in Nigeria, these tech entrepreneurs have now been snapped up by the influential Y Combinator

The co-founder and chief executive of Nigerian fintech Flux says dropping out of college helped to pave the way for the launch of a new crypto payments company, one that has since been backed by renowned start-up accelerator Y-Combinator. Ben Eluan started Flux with Osezele Orukpe, Akintunde Israel and Ayomide Lasaki in 2019. They'd met as freshman students studying different engineering and computer science courses at Nigeria's Obafemi Awolowo University, bonding over their shared interest in software programming. Many of OAU's alumni go into jobs for big technology companies in Africa, or have even launched their own start-ups, Eluan told…

Monday, 03 May 2021 05:35

Why ‘the customer is always right’ is bad advice

Not all customers are the right fit for your company, and that's okay. More than one pioneering giant of retail has sworn by the motto, "The customer is always right." While this saying was invented by Harry Gordon Selfridge in 1909 and has been a go-to policy for floor managers and complaining buyers alike, has it always been correct, especially in the business-to-business (B2B) environment? I say no. As a policy, it does appear to make solid business sense. Customers pay their invoices to help you keep the lights on and pay your employees, provide referrals to bring in new…

Saturday, 01 May 2021 05:38

FG hikes capital requirement for pension managers as mergers loom

Nigeria has increased the capital requirement for pension managers in an attempt to steer the biggest sector of its fund management industry to target untapped opportunities in the much larger, informal sector of small business. Three pension managers are in talks to merge to meet the new capital requirement of 5 billion naira ($13.14 million) by next year, two pension executives with knowledge of the matter told Reuters. Pension funds currently operate with 1 billion naira capital. Fund managers include Stanbic IBTC Pension Managers, a unit of Stanbic IBTC Holdings, Sigma Pensions, which sold a majority stake to private equity…

Friday, 30 April 2021 05:53

CBN sacks all directors of First Bank, appoints new members

Central Bank of Nigeria (CBN) has reinstated Sola Adeduntan as the managing director and chief executive officer of First Bank of Nigeria Limited. Godwin Emefiele, governor of CBN, announced this during a press briefing on Thursday. He also ordered the immediate removal of all directors of FBN Limited and FBN Holdings Plc. Emefiele directed the constitution of an interim board to clean up and stabilise the tier-1 lender. Remi Babalola is the interim chairman of FBN Holdings Plc, other members include, Peter Aliugo, Fatade Oluwole, Kofo Dosekun, Remi Lasaki, Alimi Abdulrasaq, Ahmed Modibo, and Khalifa Iman. The apex bank, however,…

Friday, 30 April 2021 05:51

Why did CBN take the drastic step of sacking all directors of First Bank? This is what happened

These are not the best of times for one of Nigeria’s financial powerhouses, First Bank Nigeria Plc. The bank is on fire and has ran into troubled waters with the Central Bank of Nigeria (CBN). The CBN is unhappy with First Bank over the financial machination of its one-time Chairman, Oba Otudeko who, until yesterday, was the Group Chairman of First Bank Holding Company. That is not all, the nation’s apex bank has also frowned at the sudden announcement Gbenga Shobo as the new GMD/CEO of the bank without due process. In a letter dated April 26, 2021 with serial…

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Thursday, 29 April 2021 05:53

New law passed by Senate empowers AMCON to seize debtors’ assets beyond those provided as collateral

Senate has passed the Asset Management Corporation of Nigeria (AMCON) amendment bill which seeks to strengthen the agency in the area of loan recovery. The bill was passed during plenary on Wednesday following consideration of a report by the senate committee on banking, insurance, and other financial institutions. The bill, which is an act to amend the AMCON Act No.3, 2014 to extend the tenor of the resolution cost fund and for related matters 2021, passed second reading on March 23. A total of 350 obligors are reportedly holding on to debts worth N3.6 trillion out of AMCON’s total N4.4…

Thursday, 29 April 2021 05:40

Why all entrepreneurs should rethink their ‘why’ in 2021

Finding a greater purpose behind your goals is the best way to thrive in a post-pandemic world. Adaptation has always been a natural consequence of problems and chaos. A change comes, and organisms are tasked with an option: fight or disappear. It’s a system that has worked within nature for billions of years. In a big way, the Covid-19 pandemic has been this sort of change catalyst. All of the parameters by which we operate are different now. Entrepreneurs who want to survive and become stable again must evolve their goals, aspirations, and the methods through which we achieve them.…

Wednesday, 28 April 2021 05:43

Warren Buffet made a bold decision. The payoff was enormous

Got plans this week? This is a story about how disappointing news led Warren Buffett to make a bold decision, and how it ultimately changed his life. It all took place on a Saturday in January 1951, but to set the stage, we have to go back to the previous year. That's when Buffett, aged 19, graduated from college with "good but not stellar" grades, according to Alice Schroeder's book, The Snowball, and fully expected to be admitted to Harvard Business School. But, he got some bad news in spring 1950: a rejection. This led Buffett to apply at the…

Tuesday, 27 April 2021 05:38

5 keys to choosing the best business name

If you're looking to name a business, there aren't any hard-and-fast rules. But there are some secrets. The people who named Ring, Swiffer, and Impossible Foods have some advice for you. Naming your new business can be harder than it first appears. The perfect company name should convey what makes you unique but also grow with you as you add new products and services. The right name should be easy to understand quickly, yet unusual enough that it hasn't already been trademarked. Most important, you need a name that won't hinder your company's success, yet that's a mistake too many…

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