Business News

Tuesday, 09 March 2021 05:46

Oil prices rise on expected US economic recovery

Oil prices rose on Tuesday on expectations of a recovery in the global economy after U.S. Senate approval of a $1.9 trillion stimulus bill and on a likely drawdown in crude oil inventory in the United States. But a stronger dollar and receding fears of oil supply disruption from Saudi Arabia after an attack on its oil facilities capped price gains. Brent crude futures for May rose by 32 cents, or 0.5%, to $68.56 a barrel by 0125 GMT, while U.S. West Texas Intermediate (WTI) crude for April rose 19 cents, or 0.3%, to $65.24. “Fundamentals remain incredibly supportive, especially…

Tuesday, 09 March 2021 05:31

Tim Cook and Jeff Bezos use this simple technique to get more done than the rest of us

You can get more done if you stop trying to do everything. Tim Cook leads the most valuable company on earth, a company known for creating some of the most innovative products of the last few decades. It has over 145,000 employees and is worth more than $2 trillion. It makes and sells some of the most iconic devices that are used by more than 1.5 billion people, most of whom are more like a fan club than customers. Jeff Bezos leads a pretty big company himself, and it has made him the richest person on the planet. That company,…

Monday, 08 March 2021 03:45

Here's how to tell in 20 seconds if someone will never be successful

Every week at least five people ask me how they can amass a million LinkedIn followers. Others ask how they can write for a site like Inc. Others ask how they can become a best-selling author. And that's a problem, because my LinkedIn following was partly due to circumstance, timing, and being asked to join the fledgling Influencer program. Writing for Inc. was mostly due to one editor who decided to take a chance on a cold email from an unknown writer. No one from the other nine business sites I pitched to even responded. Without those two things going…

Sunday, 07 March 2021 05:57

CBN promises to give extra N5 for every $1 received as diasporan remittance

Central Bank of Nigeria (CBN) has introduced a “Naira 4 Dollar Scheme”, an incentive that pays naira to senders and recipients of international money transfers. The policy is aimed at boosting dollar supply in the country, at a time of foreign exchange crunch that has forced CBN to devalue the naira more than once in year. According to the bank, recipients of diaspora remittances through CBN’s International money transfer operators (IMTOs) will now be paid N5 for every $1 received as remittance inflow. The bank disclosed this in a circular issued to all Deposit Money Banks (DMO) and IMTOs dated…

Friday, 05 March 2021 03:58

Coronavirus pandemic boosts Nigeria banking agent boom

When Lagos imposed a lockdown last year, Nigerian civil servant Ruth Oladimeji saw a way to earn extra money. With people unable to visit banks due to the coronavirus pandemic, she became an agent providing local banking services. Oladimeji signed up with Moniepoint, a mobile money platform on whose behalf she helps customers with services such as opening accounts and withdrawing cash. “It has increased my standard of living. It has helped me be able to support people financially,” said the mother-of-two, adding that she previously struggled to pay school fees and support elderly relatives on her civil service salary.…

Friday, 05 March 2021 03:57

6,722 companies with N1bn banking turnover paying no taxes - FIRS

Federal Inland Revenue Service (FIRS) says it discovered that 6,722 companies, partnerships and enterprises with a banking turnover of N1 billion were not paying taxes as of May 2018. Mohammed Nami, FIRS executive chairman, was speaking on Wednesday at a virtual meeting on the review of a ‘Report on Illicit Financial Flows (IFFs) in Relation to Tax’ organised by Independent Corrupt Practices and Other Related Offences Commission (ICPC). Nami said the tax agency wrote to all the commercial banks in the country in May 2018, requesting a list of companies, partnerships and enterprises with N1 billion banking turnover. A total…

Thursday, 04 March 2021 03:12

2 critical questions every employer should ask in an interview or check-in meeting

Most people are happy to share this feedback and it's sure to inform you how to best work with them. As a leader, you want to scale and grow your business, manage your team and foster a good company culture. But doing that with a team full of different personality types can be a real challenge. So, today I wanted to talk about an exercise that I do with my executive team and encourage our business coaching clients to do as well. We call it good boss-bad boss. Over the last 25 years, I have worked with thousands of leaders…

Wednesday, 03 March 2021 16:06

Food traders end blockade of supply to southern Nigeria

Leadership of Cattle and Foodstuff dealers under the aegis of Amalgamated Union of Foodstuff and Cattle Dealers of Nigeria (AUFCDN) has agreed to end the blockade of supplies to the south. They reached the agreement at an ongoing meeting with Governor Yahaya Bello of Kogi State in Abuja on Wednesday. Abdullahi Tom, a youth leader of the cattle dealers who is attending the meeting, said that the union has agreed to shelve the strike. Femi Fani-Kayode, former Aviation Minister, attended the meeting. Last week, the union commenced strike to protest the attack on some of their members during the #EndSARS…

Tuesday, 02 March 2021 05:39

MTN emerges Nigeria’s biggest company by earnings

MTN Nigeria Telecommunications Plc, the Nigerian operation of Johannesburg wireless operator MTN, said it achieved a record turnover of N1.346 trillion for the financial year 2020, making it the biggest public company by revenue in Africa’s largest economy. The firm is second only to Dangote Cement as the most capitalised company in the country. Much as the telco expanded revenue by 15 per cent from the N1.170 trillion seen the previous year on the back of over a half rise in data income to N332.413 billion, its profit changed quite little, according to the audited report of the company. “Adoption…

Tuesday, 02 March 2021 05:22

Why do people leave their jobs, exactly? The entire reason can be summed up in a few sentences

We've heard this tune before but we just can't seem to get it right. As a leadership coach and consultant, I spend considerable time combing over exit interview reports, feedback instruments, and employee engagement surveys to determine the causes for employee turnover at client companies. Let me simplify the root of the problem. If you're an executive, senior manager, or HR leader concerned with a revolving door at your company, start by looking at your managers. In Gallup's 2013 "State of the American Workplace" study, Gallup CEO Jim Clifton summarized in a succinct sentence the bottom line of why your…

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Sunday, 28 February 2021 05:44

Why Nigeria is a global leader in cryptocurrency trade

More cryptocurrency trading goes on in Nigeria than almost anywhere else in the world, reflecting a loss of faith in more traditional forms of investment, as Ijeoma Ndukwe reports. Tola Fadugbagbe recalls moving to Lagos from his small south-western town 10 years ago with dreams of brighter prospects. Instead, the 34-year-old ended up in a series of odd jobs earning the minimum wage to survive - a typical story for many young Nigerians who are just trying to get by. It was not until 2016 that online adverts for Bitcoin piqued his interest and he began his cryptocurrency journey. "I…

Sunday, 28 February 2021 05:29

Want to be wealthier? Science says marry the right person - but not for the reason you might think

Research shows your significant other makes a huge impact on your financial success. (And so can your business partner.) Money certainly isn't everything. Money isn't anywhere close to the top of the list of things that contribute to happiness. But still: Achieving a degree of financial freedom, and the peace of mind that comes with it, is important. How? Your mindset plays a huge role. Developing greater determination, willpower, and grit -- because those qualities can be developed -- can be key. And so can marriage. According to a 2005 longitudinal study published in Journal of Sociology, married people experience…

Saturday, 27 February 2021 05:26

Osinbajo to CBN: Cryptocurrency ban not wise

Vice President Yemi Osinbajo has called for the regulation of cryptocurrency transactions in the country, saying banning it outright would not be a better idea. Osinbajo made the remark while delivering a keynote address at the CBN Bankers Committee Economic Summit held virtually on Friday, according to a statement issued by Laolu Akande, his spokesperson. “Rather than adopt a policy that prohibits cryptocurrency operations in the Nigerian banking sector, we must act with knowledge and not fear and develop a robust regulatory regime that is thoughtful and knowledge-based,” Osinbajo said. While emphasising the need for monetary authorities to rethink their…

Saturday, 27 February 2021 05:20

Naira falls to three-month low at parallel market

Naira on Friday fell at the parallel market below the 480th mark to the dollar, the first time in nearly three months, a day after the government said it would take time to unify multiple exchange rates. At the unofficial market, data from abokiFX.com showed the domestic currency exchanged for the green back at N482, a 0.42 depreciation from N480 it traded on Thursday. The margin is significant as naira had been at or below 480 for months. The last day naira fell below 480 was on December 9, 2020 when it traded at the black market for 483. I&E…

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