Business News

Thursday, 26 October 2023 04:40

FX scarcity forces closure of 90% of fuel depots nationwide - Operators

Ninety percent of depots operated by independent oil marketers are currently closed on the back of a lack of supplies caused by currency volatility and difficulties in the local distribution channel, industry operators say. Mohammad Salaudeen, Executive Director of Northwest Petroleum and Gas Limited, said marketers licensed to import petrol since deregulation couldn’t because of the cost of operations. Representing Winifred Akpani, MD/CEO of the firm, on a panel session titled “Africa Fuels’ Update: Overview of Trends and Market Developments,” at the ongoing Oil Trading and Logistics (OTL) Africa Week 2023 in Lagos, Salaudeen said operations from importation to distribution…

Thursday, 26 October 2023 04:26

CEO shares his No. 1 tip for finding a mentor—and the big mistake to avoid on your search

Matt Higgins’ “number one” piece of advice for finding a highly successful mentor: Don’t ask anyone to mentor you. The “Shark Tank” investor and RSE Ventures CEO doesn’t like it when people cold-message him with mentorship requests, he said during Tuesday’s CNBC Make It: Your Money virtual event. “Mentorships don’t just form from two strangers,” he said. A request for mentorship from a stranger might seem demanding and come off transactional, Higgins said. Instead, if you have someone you want to enlist as a mentor, reach out with a specific question that you want advice on. Then, you can start…

Wednesday, 25 October 2023 04:49

Tax appeal tribunal orders MTN to pay $72.5m default to FIRS

Lagos state division of Tax Appeal Tribunal has ordered MTN Nigeria Communications to pay $72,551,059, in tax default to the Federal Inland Revenue Services. The fine covers for 2007 to 2017. However, the Tribunal absolved the telecommunication firm from paying $21,039,807, as penalties and interest on the principal sum. A five-man panel led by A. B. Hamed, gave the verdict and order on Friday, while delivering judgment in an appeal numbered TAT/LZ/VAT/075, filed by the telecommunication company against the request by the FIRS to pay the default. Other members of the panel were P. A. Olayemi, Babatunde Sobamowo, Samuel N.…

Tuesday, 24 October 2023 04:29

How do you climb the corporate ladder? ‘Put your hand up,’ says CEO whose company raised $280m

Members of Gen Z — or those born between 1997 and 2012 — are eager to climb the corporate ladder. A majority, 70% say they’re looking to reach the C-suite, according to a September 2023 Adobe survey of 1,011 members of the generation. Whether you’re part of Gen Z or not, there are all sorts of ways to reach the heights of leadership. If you ask Ryan Simonetti, CEO of hospitality company Convene, which has raised more than $280 million in funding, it’s about taking on projects beyond the scope of your role — especially when your company is in…

Monday, 23 October 2023 04:46

Leading by example: Tony Elumelu’s leadership principles

People often ask me, TOE, how do I learn leadership. Should I go on a course? Buy a book? Get a mentor? Are leaders born, or can you become a leader? Just as I say about business success, leadership has many components – luck, being in the right place at the right time. But I also believe that those talents and those disciplines that you bring, creating a vision and the resilience and focus that delivers that vision, can also forge your own personal leadership. I was fortunate to work with Ebitimi Banigo, at the start of my career. My…

Saturday, 21 October 2023 04:48

Foreign investors shun Nigerian markets as FX shortage persists, Naira weakens daily - Bloomberg

The naira slid to the brink of 1,000 per dollar in a fresh low in the official market thanks to a combination of central bank tolerance for a weakening currency and insatiable demand for the greenback. The currency was pushed to its latest record a week after the central bank ended curbs on using dollars to buy dozens of imported items, while this time of year typically sees Nigerians making payments for tuition at foreign schools and universities, also adding to demand. Traders exchanged the naira for the dollar in a range of 701 to 999 in transactions booked Thursday…

Friday, 20 October 2023 04:36

The most powerful question every leader should be asking

In the fast-paced business world, "leadership" often brings images of boardrooms, power suits, corner offices, and strategic plans to mind. However, at its core, leadership is all about people. It's about understanding, empowering, and inspiring them to achieve their full potential. Let me raise the bar even further. If you're in a leadership capacity now, you should know that leadership at its very best is about investing in people's development and looking after their needs so they are equipped to succeed and deliver excellence. There's a term for that in the business lexicon: servant leadership. The highest measure of success…

Wednesday, 18 October 2023 05:03

Oil prices surge as Middle East tension deepens

Oil prices surged on Wednesday as tension escalated in the Middle East after hundreds were killed in a blast at a Gaza hospital, sparking concerns about potential oil supply disruptions from the region. Brent crude futures advanced $1.69, or 1.9%, to $91.59 a barrel at 0347 GMT. West Texas Intermediate crude (WTI) futures were up $1.84, or 2.1%, at $88.50 a barrel. In earlier trade, both benchmarks gained more than $2 to touch their highest levels in two weeks. Markets factored in risk premiums after about 500 Palestinians were killedin a blast at a Gaza City hospital on Tuesday that…

Wednesday, 18 October 2023 04:55

Kano to California: Meet Amal Hassan who’s outsourcing thousands of jobs

Amal Hassan is the founder and CEO of Outsource Global, a Nigerian contact centre business process outsourcing company. It specialises in delivering BPO solutions, telemarketing, IT services, software development, and customer support services to the international market. Hassan is a technopreneur with diverse interests across different technology verticals. In 2013, she founded Outsource Global which has established its presence with offices in Abuja, Lagos, and Kaduna. During a panel session on More Jobs through Investing in Human Capital at the World Bank-IMF 2023 Annual Meetings in Marakesh Morocco, Hassan said she started her career with an IT training center in…

Tuesday, 17 October 2023 04:19

Hustling won’t make you happy, says Yale expert—try this instead

Stay on your grind. Hustle harder. Sleep is for the rich. You’ve heard those phrases promoting the idea that success, achievement and happiness are all enabled by a hefty bank account. That couldn’t be further from the truth, says Laurie Santos, the psychology professor behind Yale University’s most popular course and host of the podcast “The Happiness Lab.” “So many of us think, ‘I’m going to put my head down and avoid social connection, whether it’s at work or in my life, and I’m just going to hustle and get stuff done,’” Santos tells CNBC Make It. “That’s just totally…

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Monday, 16 October 2023 04:42

Ray Dalio says AI will greatly disrupt our lives within a year—you should be both excited and scared of it

Billionaire investor Ray Dalio is sure that artificial intelligence will soon be a “great disruptor” in all of our lives — for both better and worse. AI will help people make strides in productivity, education, healthcare and even usher in a three-day workweek, Dalio said on Tuesday at Fast Company’s Innovation Festival 2023. On the other hand, it’ll likely “disrupt jobs” and be a cause of “argument” for employees and legislators who support halting or slowing down AI’s evolution, he said. “All these changes are going to happen in the next five years,” Dalio, the founder of hedge fund giant…

Friday, 13 October 2023 04:39

How to know when it's the right time to make a move in your business

Over my career, I've tried to time things perfectly with the goal of entering and exiting opportunities at the right time. In some instances, my timing was spot on, and in other instances, I stayed too long or left too early. There are so many variables – alignment, when preparation meets opportunity, and plain old chance. Great timing is really about being in the right place at the right time, and below are a few things to think about as relates to timing. The First-Mover Advantage Being the first to enter a new market can offer a solid competitive edge.…

Wednesday, 11 October 2023 04:53

Suppliers abroad may reject Letters of Credit from Nigeria due to unpaid FX obligations - PwC

The inability of Central Bank of Nigeria (CBN) to meet foreign exchange (FX) obligations may result in a decline in imports, PwC Nigeria says in its bi-monthly economic outlook for the country. In the October report, titled, ‘Impact of Global Economic Trends on Nigeria’s Foreign Exchange and the Way Forward’, PwC said the unsettled $7 billion FX obligations of the CBN to banks will affect the confidence of foreign suppliers as regards letters of credit. “Foreign suppliers may not accept letters of credit amid unsettled $7 billion FX obligations to domestic lenders,” the firm said. “This may lead to less…

Wednesday, 11 October 2023 04:46

The No. 1 question to ask in a job interview, according to a former Google recruiter

A job interview has multiple components. Interviewers will likely take some time upfront to discuss your work history and do a general assessment of your fit for the role and company. And oftentimes they’ll leave 10 to 15 minutes at the end for you to ask some questions of your own. You’ll want to fill that time by asking about the role, company and people who are interviewing you — so make sure to do your homework on all three before you come in. But according to former Google recruiter Nolan Church, there’s also one question every job candidate should…

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