Business News

Tuesday, 16 March 2021 05:11

If you want to be successful, you must understand these 3 mindsets

Take action before you are ready in order to grow your business. In every action I have taken as an entrepreneur, I was never ready. When I left my corporate job, I didn't feel ready. When I hired my first executive, I felt at odds with myself. When I acquired my first company, I felt out of my wheelhouse. I never felt fully prepared. But I took the leap, and I stepped into action regardless. It comes down to shifting your mindset away from questioning when will you be ready and focusing on what you need to experience in order…

Monday, 15 March 2021 05:35

Warren Buffett: People who ignore these 13 words will probably make bad decisions

Bill Murphy Jr.Recently, I came across a short quote from one of Warren Buffett's old shareholder letters, as part of the process of updating my free ebook, Warren Buffett Predicts the Future. It's stuck with me ever since, and what's funny is that the 13-word quote isn't even Buffett's; instead, he's sharing the advice of a 19th century French philosopher. Don't let that drive you away however. There's nothing academic or anachronistic about it. In fact, all these years later, it's one of the more universal and apt things I've come across. It comes up in the 1985 Berkshire Hathaway…

Saturday, 13 March 2021 05:44

Why you may be unable to make bank transactions using USSD from Monday

Telecom operators in Nigeria on Friday announced that they will stop the use of Unstructured Supplementary Service Data (USSD) by banks and other financial institutions in the country by Monday. This is due to an unresolved dispute over a N42 billion debt allegedly owed the telcos. Association of Licensed Telecommunications Operators of Nigeria (ALTON) the umbrella body of Licensed Telecommunications Service Providers (Network Operators, Infrastructure Companies and Value Added Services Providers) which announced the stoppage in a statement on Friday said Minister of Communications and Digital Economy, Isa Pantami gave them the permission to withdraw their services from the banks.…

Saturday, 13 March 2021 05:43

FG walks back on decision to hike fuel price

Nigeria’s fuel regulators have walked back on the government’s sudden decision to increase petrol price Thursday, with the PPPRA deleting a post announcing the huge increment while the NNPC repeated its earlier claim there would be no increase in March. The decision came after Nigerians furiously reacted to the new rates that put the pump price of petrol at between N209 and 212 a litre, a significant jump from about N162. The increase put the lie to the Nigerian National Petroleum Corporation’s earlier assurance that the government would not change prices despite a global crude oil price rebound. As Nigerians…

Friday, 12 March 2021 03:34

FG assured Nigerians there won’t be increase in price of fuel in March. Now, govt has jerked up petrol price

Federal government has increased the pump price of petrol to N212.61 a litre, less than two weeks after assuring the nation there would be no hike. Petroleum Products Pricing Regulatory Agency (PPPRA) announced late Thursday that the retail price for a litre of petrol for the month will be between N209.61 and N212.61. The ex-depot price, which is the amount sold by fuel depot owners to marketers, will be N206.42, while the landing cost is N189.61 per litre, the agency said. The announcement comes amid a partial scarcity of fuel that has lingered for weeks. There had been concerns the…

Thursday, 11 March 2021 04:09

Nigerian Stock Exchange has transformed into a public company. Here’s what that means

Nigerian Stock Exchange (NSE) will henceforth run as a public company limited by shares, rather than a private company limited by guarantee of owners or members after consummating a demutualisation process that spanned 11 years. The shift makes NSE the 57th exchange in the world to embrace such a transformation since Sweden’s Stockholm Stock Exchange piloted the move in 1993. The exchange is at liberty to list its own shares and trade them on the bourse like every other quoted firm now that approvals from market watchdog Securities and Exchange Commission (SEC), and Corporate Affairs Commission (CAC) are now in…

Thursday, 11 March 2021 04:07

42 percent of workers in Nigerian banks contract staff - NBS

Two out of every five people working in Nigerian banks are contract staff, analysis of data provided by the National Bureau of Statistics has shown. According to NBS, as of the end of September 2020, 23 banks operating in employed a total of 95,888 workers. Out of this number, 40,382 of them were on contract. This means that 42.11 percent of the workers are on contract. Institutions covered in the employment statistics include commercial banks, merchant banks and non-interest banks. A contract employee is an individual retained by a company for a predetermined time and cost. The employer is usually…

Thursday, 11 March 2021 04:00

Open grazing obsolete, needs to be banned - Miyetti Allah

Ondo State chapter of the Miyetti Allah Cattle Breeders’ Association of Nigeria (MACBAN) has recommended that herders should seek modern alternatives to open grazing, and urged the government to make provision for ranches to end the frequent clashes between herders and farmers. Speaking yesterday in Akure, Ondo State capital, during a public hearing on a bill to regulate grazing of livestock and provide for the establishment of ranches, among other related issues, Chairman of the association in the state, Bello Garba, said the association would support any peaceful move to address the issue. He argued that farmers and herders must…

Thursday, 11 March 2021 03:56

24 things you say that are holding you back at work

When working remotely, your word choice matters just that much more. Your influence isn't so much about what you say but how you say it. The University of California at Los Angeles Professor Emeritus Albert Mehrabian attributesonly about 7 percent of a message's impact to words, with the rest coming from vocal cues (38 percent) and non-verbal communication (55 percent). In the world of online work, we don't have our voices or bodies to soften our written messages. And it's those messages that are holding you back. Here are 24 examples of the words and phrases that my company's AI-based…

Wednesday, 10 March 2021 06:07

CBN opens round-two Covid-19 stimulus package for businesses, households

Central Bank of Nigeria’s Targeted Credit Facility portal has reopened for fresh applications. Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) announced this on Monday through a tweet. TCF is a stimulus package by CBN to support households and Micro, Small and Medium Enterprises (MSMEs) to cushion the effects of Covid-19. The loan will be disbursed through NIRSAL. This is the second tranche of the relief package, following the first phase that was announced by CBN in March 2020. According to NIRSAL, no fewer than 3,256 of 80,000 individuals and small businesses that applied for the credit facility benefited…

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Wednesday, 10 March 2021 06:05

Nigerian-founded fintech firm Flutterwave eyes U.S. listing after raising $170m

Africa-focused payments company Flutterwave could consider a New York listing, its chief executive said after it raised $170 million from investors to expand its customer base, pushing its valuation up to more than $1 billion. Founded in 2016 by Nigerians and headquartered in San Francisco, the company specialises in individual and consumer transfers. It is one of several fintech groups aiming to facilitate and capitalise on a booming African payments market driven by increased mobile phone use and faster internet speeds. “We may consider the possibility of listing in New York or a possible dual listing in New York and…

Wednesday, 10 March 2021 06:03

Despite new CBN’s bonus payment on forex inflow, Naira falls at parallel market

Naira on Tuesday fell significantly at the parallel market below the 480th mark to the dollar, the first time in nearly four months. The decline comes days after Central Bank of Nigeria (CBN) announced a new incentive for diaspora remittances. On March 5, CBN directed all Deposit Money Banks and International Money Transfer Operators to henceforth pay recipients of diaspora remittances N5 for every $1 received as inflow. At the unofficial market, data from abokiFX.com showed the domestic currency exchanged for the greenback at N484, a N2.0 or 0.42 depreciation from N482 it traded on Monday. The margin is significant…

Wednesday, 10 March 2021 06:02

Bitcoin could prevent society from functioning and is an ‘extreme form of libertarian anarchism,’ warns this fund manager

A portfolio manager at one of London’s leading hedge funds has warned that bitcoin, probably the best known cryptocurrency, has no real social utility other than as a tool for speculation and a means to launder the proceeds of crime. Tim Bond, partner and portfolio manager at Odey Asset Management, also told MarketWatch it was damaging the planet: “To my mind, bitcoin is a particularly vile asset class. “If bitcoin starts to displace fiat currencies [government-issued currency that is not backed by a commodity], governments’ ability to tax, spend and redistribute will be severely impaired.” He believes bitcoin could prevent…

Wednesday, 10 March 2021 06:01

Nigeria, Benin Republic agree to end cross border rice smuggling

Federal government and the Republic of Benin have entered an agreement to end the importation of rice across West African countries. This agreement was announced at the end of a meeting between a delegation from Benin, the Rice Farmers Association of Nigeria (RIFAN) and Ibrahim Gambari, chief of staff to the president, in Abuja on Tuesday. The meeting was to solidify the agreements and tap from Nigeria’s experience in reviving rice production. Representatives of RIFAN recently visited Cotonou, Benin capital, to sign a memorandum of understanding on how the association will help the country boost its local rice production. The…

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