Business News

Tuesday, 10 October 2023 04:35

Mark Cuban on the key to a successful sale: ‘You’re not trying to convince people, you’re trying to help them’

Mark Cuban learned the key to a successful sale when he was just 12 years old. In a recent interview with GQ, Cuban was asked what the “key to selling well” was. His answer: “You’re not trying to convince people. You’re trying to help them.” He learned this piece of wisdom at his very first sales job. At 12 years old, Cuban started what would be a long and successful career in business by going door to door selling garbage bags, to make enough money to buy himself sneakers. When selling to his customers, Cuban noticed that each customer would…

Monday, 09 October 2023 05:10

68-year-old started ‘about 50 businesses,’ then ‘stopped trying to get rich’—and built a $450m egg company

Matt O’Hayer estimates he’s started “about 50 businesses,” from carpet cleaning to chartering sailboats. His biggest success came when he stopped “trying to get rich” and started a company he believed in — one with a “deeper purpose,” he says. That’s Vital Farms, which says it’s the nation’s largest producer of pasture-raised eggs. The business works with more than 300 family farms across the country, and can process up to six million eggs per day. It brought in $362.1 million in net revenue last year, marketing itself to customers willing to pay $6 to $10— multiple times the current national…

Friday, 06 October 2023 04:27

FG offers 10-year N150bn Sukuk for subscription at 15.75% per annum

Debt Management Office (DMO) has opened an offer for a 10-year N150 billion forward ijarah (lease) Sukuk instrument at a rental rate of 15.75 percent per annum, payable half-yearly. Patience Oniha, DMO director-general, announced the offer during an event titled “2023 Sukuk Issuance – Investors Meeting” held on Thursday in Abuja. The Sukuk is a strategic initiative that supports infrastructure development, promotes financial inclusion and deepens the domestic securities market. Since the establishment of the initiative in September 2017, Nigeria has issued five sovereign Sukuk — 2017 (N100 billion); 2018 (N100 billion); 2020 (N162.557 billion); 2021 (N250 billion) and 2022…

Thursday, 05 October 2023 04:42

CEO shares ‘secret trick’ for deciding to quit your toxic job: ‘It can make it much, much clearer’

Toxic bosses are far too common: They’re the reason 57% of employees have quit a job, according to one report. But sometimes, you need the paycheck. Robyn L. Garrett, an author and CEO of leadership coaching firm Beamably, has a “secret trick” for figuring out whether it’s time to abandon ship. “Defining your personal values can be tremendously powerful at navigating an issue like this. Not only which values are the most important to you, but [also] which ones you actively oppose,” Garrett told the Harvard Business Review’s “New Here” podcast earlier this month. “We don’t always know why we…

Wednesday, 04 October 2023 04:57

Richard Branson says the thing we fear the most is actually the way to success

Richard Branson has developed an unconventional leadership style that has gained a devoted following. His teachings on entrepreneurship and success are numerous, but three in particular reveal his soul and the human aspect of Branson's leadership. As the billionaire founder of the Virgin Group, Branson recognizes that we all must accept the thing we fear the most – our failures – as the path to success and growth. He also believes we must meet our employees' basic needs to positively impact our businesses. These principles have proven successful for Branson, and he shares them as his keys to success. 1.…

Tuesday, 03 October 2023 04:30

The hidden dangers of secretism: This is how companies can fight it

I was recently speaking with a business coaching client who lost one of their key team members to a cross-country move. Up until this point, my client had really enjoyed working with that team member and thought they were doing a great job. But shortly after their departure things started to surface that were problematic. Turns out that that key team member had been engaging in secretism, which is the practice of hoarding knowledge, keeping information close to the chest and limiting its dissemination. These actions had not only hurt the company's growth trajectory overall, but really set them back…

Monday, 02 October 2023 04:25

BUA slashes cement price by 25%, promises more reductions

A Nigerian cement production company, BUA Cement Plc, has announced a reduction in the price of the commodity. AbdulSamad Rabiu, the chairperson of BUA cement Plc, last month, said the company was considering a plan to reduce the price of cement upon completion of its new lines by the end of 2023. Rabiu had explained that the planned reduction was part of efforts to support the Nigerian government‘s quest to alleviate the suffering of Nigerians. New price In a statement on Sunday evening, the company’s management said it had now decided to bring the “price reduction forward” in fulfilment of…

Monday, 02 October 2023 04:23

Zenith bank, GTBank, First Bank, 8 others post N1.67 non-performing loans for Half 1, 2023

Following write-offs, restructuring of facilities, Global Standing Instruction (GSI) and credit risk management as a result of economic challenges, 11 banks recorded N1.67 trillion non-performing loans (NPL) during the first half (H1) of 2023, an increase of 37 per cent from N1.22 trillion reported in the full year ended December 31, 2022. The banks are: Zenith Bank Plc, Access Holdings Plc, Guaranty Trust Bank Holding Plc (GTCO), FBN Holdings Plc Ecobank Transnational Incorporated (ETI), and United Bank for Africa Plc (UBA). Other are: FCMB Group Plc, Wema Bank Plc, Stanbic IBTC Holdings Plc, Sterling Financial Holdings and Fidelity Bank Plc.…

Monday, 02 October 2023 04:18

55-year-old whose backyard side hustle brought in nearly $20,000 in a month: ‘Anyone can do this’

This story is part of CNBC Make It’s Six-Figure Side Hustle series, where people with lucrative side hustles break down the routines and habits they’ve used to make money on top of their full-time jobs. Got a story to tell? Let us know! Email us at This email address is being protected from spambots. You need JavaScript enabled to view it.. It took Rodney Melton just over a year to build a six-figure side hustle. In March 2021, Melton started molding, engraving and selling headstones for pet memorials on Etsy. He’d long worked with concrete and stone as a hobby, while working 60 hours per week as a maintenance lead at Mars Pet Care.…

Friday, 29 September 2023 04:58

How do you know if you're fit for leadership? 3 rare habits reveal the answer

In my speaking engagements and courses, I always emphasize the practical side of leadership, which is really about elevating the people doing the work. We're talking about the kind of leadership that is rooted in emotional intelligence and driven by a genuine desire to make people (and yourself) better. This form of leadership is not about being a boss; it's about being a mentor, a facilitator, a humble and trusted guide, and someone your team genuinely respects. Be warned: It's counterintuitive to lead in this manner. But once you acclimate to the behaviors, you'll know whether you are truly fit…

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Thursday, 28 September 2023 04:35

Diesel sells for N1,100 per litre. Here’s what that means for manufacturing, other businesses

There are clear indications that more manufacturing companies and businesses in the country may shut down in the coming months due to the unabating energy crisis, which has now pushed diesel prices to over N1,100 per litre. This dire situation is worsened by the foreign exchange crisis and the floating of the naira, all occurring amid dwindling purchasing power as there are signs that the prices of Liquified Petroleum Gas and Compressed Natural Gas, which are being adopted as alternative energy sources, may spike further. The Nigerian Association of Liquefied Petroleum Gas Marketers Gas said last week that the price…

Thursday, 28 September 2023 04:30

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…

Wednesday, 27 September 2023 04:44

Foreign suppliers to Nigerian importers reject Letters of Credit, insist on forex cash transfers

Several Nigerian businesses that rely on imports have been cut off by their foreign suppliers who are rejecting letters of credit (LC) and refusing to deliver goods without payment as foreign currency shortages worsen in Africa’s biggest economy. A letter of credit is a mode of payment used for the importation of visible goods. It is a written undertaking given by a bank at the request of its customer, in which the bank obligates itself to pay the exporter up to a stated amount within a prescribed time frame upon presentation of stipulated documents in exchange for goods. Foreign suppliers…

Wednesday, 27 September 2023 04:42

Greece holds 70% of global tonnage on ships. Now shipping companies in that country prevent their ships from coming to Nigeria over these issues

About 30 percent of shipping companies in Greece have removed Nigeria from their charter party, following complaints over hostile environment and alleged harsh treatment meted out to crew members of vessels caught up in maritime security issues.Disclosing this during the Maritime and Offshore Awards (OMIS) at the weekend, President of Maritime Security Providers Association of Nigeria (MASPAN), Emmanuel Maiguwa, said Greece, which holds about 70 per cent of global tonnage on vessel operations, has stopped its vessels from coming to Nigeria.Consequently, Grecian vessels with Nigerian-bound cargoes stop in Togo or any other ports.Maiguwa said insecurity, hostile environment and other harsh…

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