Business News

Tuesday, 01 September 2020 05:17

CBN sets limits to interest rate on savings account

Central Bank has ordered all Deposit Money Banks to review interest rates on savings accounts to a minimum of 10 per cent of the Monetary Policy Rate effective from September 1, 2020. This would amount to 1.25 per cent at the current MPR of 12.5 per cent. It disclosed this in a circular with the number, BSD/DIR/GEN/LAB/13/051 to all banks which was obtained on Monday. At the last Monetary Policy Committee meeting in July, the apex bank had retained MPR at 12.5 per cent. CBN’s letter to the banks read, “Central Bank of Nigeria has noted with satisfaction declining trend…

Tuesday, 01 September 2020 05:01

Why Work-From-Home might not work: The looming risk for employers

Practically overnight, the Covid-19 pandemic triggered a monumental shift in how people work. Corporate offices were out; home offices were in. Many companies were pleasantly surprised how smoothly that transition went, observing no adverse impact on productivity, no major impediments to staff getting their jobs done. Given the apparent favorable results of this pandemic-imposed work-from-home (WFH) experiment, some companies think they’ve seen the future of work, and they’ve begun realigning their operations accordingly. Back in May, Nationwide Insurance announced the permanent closure of five corporate offices, shifting the majority of employees in those sites to a work-from-home model. Facebook is…

Monday, 31 August 2020 05:44

Another firm secures judgement against FG, set to sell off 33 Nigeria’s property in UK

At least 33 properties owned by Federal Government in the United Kingdom have been identified and some are at risk of being forfeited due to a damage cost awarded to an energy firm, Eurafic Power Limited, by a London Court of International Arbitration which was endorsed by a UK High Court. The development comes as Nigeria continues to battle another firm, P&ID, which is attempting to seize $9bn Nigerian assets. In the fresh case with number CL-2017-000781 a UK High Court ordered payment of $2.51m, £225, 949.19 and N57.9m (a combined N1.12bn based on current Central Bank of Nigeria’s exchange…

Monday, 31 August 2020 05:40

Fuel subsidy returns, as NNPC pays N5.4bn ‘under-recovery’

Subsidy on Premium Motor Spirit, PMS, also known as petrol, has once again resurfaced, as Nigerian National Petroleum Corporation, NNPC, weekend, said it incurred N5.35 billion as under recovery in June 2020. Under-recovery, also known as subsidy, occurs when the pump price of petrol is lower than the actual cost price of the commodity. In this case, NNPC, through its subsidiary, NNPC Retail or through oil marketers, sell the product to motorists at a particular price, which is lower than the cost of the product. According to its Monthly Financial and Operation Reports for June 2020, released weekend, NNPC said…

Monday, 31 August 2020 05:38

FG set aside N600bn for agric stimulus - Minister

Federal Government has concluded plans to inject over N600bn as stimulus response into Nigeria’s agriculture sector, Minister of Agriculture and Rural Development, Mr Sabo Nanono, has said. Nanono said the fund would target small scale farmers to ensure food security and sustainability. He disclosed this while on a tour of Dangote Fertiliser Plant and during a crucial meeting with other fertiliser companies in Lagos to galvanise their cooperation for the production of inputs. The minister’s comments were contained in a statement issued on Sunday in Abuja by Director of Information, Federal Ministry of Agriculture and Rural Development, Mr Theodore Ogaziechi.…

Monday, 31 August 2020 05:34

How Nigerian businessman got N4.7bn judgement in his favour against Shoprite

Billionaire Harry Ayoade Akande towers above many of his contemporaries, particularly because he has been in a warm embrace of fame for many decades. Beyond his famed status as a successful businessman, he has also remained very relevant owing to his uncommon brilliance, a quality that has endeared him to many across the globe. Akande, who set out to pursue his dreams quite early in life, had served as a business advisor and consultant to many other businessmen, including governments of several nations. The world-class businessman in the past has scored many firsts in the nation’s business climate to the…

Monday, 31 August 2020 05:20

4 ways you can build influence and succeed as a new manager

Heidi Lynne Kurter Building influence is more than having authority. An influential manager is one who exudes confidence, gains trust and inspires others to reach their fullest potential. Most new managers mistake being assertive as being aggressive. This management style is problematic because it creates a fear-based environment where employees are afraid to ask questions, share their opinions or speak up. There’s a difference between being confident in the things you believe in and trying to intimidate others to do what you say. Not to mention, an aggressive leadership style demonstrates a lack of confidence in your workers. Ben Walker,…

Sunday, 30 August 2020 06:07

9mobile gets CBN license for payment services

9PSB (Payment Service Bank), a subsidiary of 9Mobile, says it has been granted approval by Central Bank of Nigeria to commence operations in the country. 9mobile, in a statement on Saturday, said that its *990# payment service banking platform would help drive financial inclusion in Nigeria’s ecosystem. It said that CBN’s approval to 9PSB would also save bank customers from long queues in banking halls, consistent network failure, stringent documentations to access credit facilities and frequent transaction/dispensing error, among others. Speaking on 9PSB’s entrance into Nigeria’s financial sector, 9mobile Chief Executive Officer, Mr Alan Sinfield, said there was a huge…

Sunday, 30 August 2020 06:06

Sesame seeds contribute N49.1bn to Nigeria’s exports - NBS

Sesame seeds have been ranked as the most traded agricultural products in Nigeria during the first quarter of 2020. This is according to data from National Bureau of Statistics under the foreign trade statistics section. The produce contributed N49.1bn to Nigeria’s foreign exchange earnings. Good fermented cocoa beans contributed N35.2bn and superior quality cocoa beans contributed N16.8bn to Nigeria’s exports. Sesame seeds worth N9.8bn, N9.5 bn and N9.3bn were exported to Japan, Turkey and China respectively. Good fermented cocoa beans were exported mainly to the Netherlands (valued at N16.5bn) and Germany (valued at N6.6bn), the report said. Superior raw cocoa…

Saturday, 29 August 2020 05:17

CBN’s dollar sales seen opening illegal trade loophole

Central Bank of Nigeria’s decision to resume supply of dollars to bureau de change is raising the risk unscrupulous traders will profit from the country’s multiple exchange rates, according to Rand Merchant Bank. The regulator said on Thursday that it will sell dollars from September 7 to foreign-exchange agents for the first time since March, when the country closed its air borders to stop the spread of coronavirus pandemic. Operators will pay 384 naira per dollar, and sell at 386, compared with the parallel-market rate above 470. That means traders could obtain dollars at the lower rate from legal money…

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Friday, 28 August 2020 14:46

Foreign capital inflow declined 78 percent in Q2, 2020 - NBS

Foreign capital flows into Nigeria fell by 78 per cent to $1.29bn in the second quarter of this year from $5.85bn in Q1, National Bureau of Statistics said on Friday. NBS, in its capital importation report for Q2, 2020, said the total value of capital importation into the country in the period represented a decrease of 77.88 percent compared to Q1, 2020 and 78.60 per cent in Q2, 2019. It said foreign direct investment, which accounted for 11.47 per cent of the total capital imported into the country, fell by 30.65 per cent to $148.59m from $214.25m in Q1, 2020.…

Friday, 28 August 2020 04:58

CBN fixes exchange rates as forex sales to Bureau de Change operators resumes

Efforts to control foreign exchange scarcity and the concomitant high rate crystallized on Thursday, as Central Bank of Nigeria (CBN) says it will resume weekly forex sales to Bureau de Change operators from August 31. In a circular signed by Mr O.S. Nnaji, Director of Trade and Exchange Department, CBN, however warned BDCs not to exchange naira at more than N386/$. The apex bank said its decision to resume FX sales to BDCs is to enhance accessibility to forex “particularly to travellers” since the resumption date for international flights has been announced. Providing a breakdown of rates, CBN said: “Please…

Friday, 28 August 2020 04:47

Managers, here are 4 ways to help your employees build their confidence

Regardless of the skills, background or experience an employee possesses, if they lack the confidence in the work they’re doing, they’ll perform below their potential. Employees who lack confidence fear taking risks, sharing their opinions and are unsure of their work and abilities. Consequently, their lack of confidence contributes to them becoming an underperforming employee. Employees fear making mistakes because they associate failure with losing their job. However, it’s through taking risks and making mistakes that true growth happens. Bret Bonnet, co-founder and president of Quality Logo Products, said “confidence comes when you’re no longer afraid to fail.” He went…

Thursday, 27 August 2020 04:53

Analysis: CBN’s dollar clampdown risks fueling illegal currency market - Bloomberg

Nigeria’s all-out effort to defend its currency by targeting importers and exporters with tougher regulations risks pushing more traders to the black market for their dollars. As a scarcity of foreign-exchange worsens in Africa’s largest economy, the central bank on Tuesday ordered banks to report exporters that fail to repatriate income made abroad. The directive comes only a day after the regulator banned importers from using external agents to pay for goods, a bid to keep money inside the nation’s borders. The threat of punishment, which could see exporters banned from accessing dollars, won’t work, said Bamidele Ayemibo, the lead…

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