Business News

Friday, 14 August 2020 05:20

Jeff Bezos uses this simple leadership trick to overcome toxic mindsets

It starts with a simple but challenging fact. And if you're not careful, it can lead to more problems. Here's a simple trick that Jeff Bezos suggests using to overcome a basic business leadership problem. It stems from the fact that the most important business decisions are often also the hardest ones--and those tough decisions often result in an additional cascade of leadership challenges. It's pretty simple really. If you make a choice from among several reasonable choices in your business, some of your team members or stakeholders will likely conclude you've made the wrong choice. And once you've made…

Thursday, 13 August 2020 05:12

Banks’ total assets rise to N47.82tn

Total assets of the banking sector rose to N47.82tn as of the end of June, 2020. A member of Monetary Policy Committee of Central Bank of Nigeria, Mr Rafindadi Sanusi, disclosed this during the last MPC meeting in his presentation, which was obtained by our correspondent on Wednesday. He also said the report on the banking system stability review showed that despite challenges posed by Covid-19 lockdown, the banking system remained sound and resilient. Sanusi said, “The industry capital adequacy ratio had increased to 15 per cent in June 2020, which meets the industry’s prudential benchmark. “The non-performing loans ratio…

Thursday, 13 August 2020 05:09

Lagos imposes taxes on Uber, Taxify, others

Passenger fare may be set for an increase as ride hailing services in Lagos including Uber, Taxify and private taxi drivers will now operate under new regulatory guidelines. In January, Lagos had announced the ban of commercial activities of motorcycles and tricycles in 15 council areas within the state, while other ride-hailing services such as taxis were not affected. The new guidelines will take effect from August 20, 2020. The new guidelines also stipulate new licence fees which differ depending on the number of vehicles owned by the operator. “There is an urgent need to upgrade existing guidelines for the…

Wednesday, 12 August 2020 05:39

NNPC opens pipeline, depot repair to private investors

NNPC is asking investors to bid to fix pipelines and depots serving its oil refineries, according to a document posted on its website on Tuesday. Built in the 1970s, the pipeline network is crucial to getting crude oil to NNPC’s three refinery complexes, and moving the finished fuels to consumers. But years of what NNPC described as “incessant” theft and vandalism, as well as simple ageing, have left the pipelines in need of extensive repairs. The refineries themselves have run only sporadically, and NNPC shut them down earlier this year while they await repairs and upgrades. It said on Tuesday…

Wednesday, 12 August 2020 05:37

CBN pegs banks’ equity funding for agric schemes at N2bn

Central Bank of Nigeria (CBN) has pegged non-interest banks’ funding of agricultural programmes at a maximum N2 billion equity. The investment is set at 40 per cent of investee company’s equity subject to a maximum of N2 billion and tenor of up to 10 years. It has an initial lock-up period of three years. The new rule is contained in the guidelines for Agri-Business, Small and Medium Enterprises Investment Scheme (AGSMEIS) for Non-Interest Financial Institutions (NIFIs) released by the apex bank. The guidelines, signed by CBN Director, Financial Policy and Regulations Department, Mr Kelvin Amigo, described AGSMEIS as an initiative…

Monday, 10 August 2020 04:25

One Naira in, two Naira out: Nigeria had net capital outflow of N136.7bn in H1, 2020

For every naira invested, foreign portfolio investors took out N2 in the first half of this year as Nigeria continues to wriggle with disproportionately high outflow of foreign portfolio investments (FPIs) against declining inflow. Regulatory report obtained at the weekend indicated that foreign portfolio outflows rose to N266.68 billion in first half of the year as against inflows of N129.95 billion, representing a net FPI deficit of N136.7 billion. The deficits of N136.7 billion in first half 2020 represented 31.1 per cent increase on N104.29 billion recorded for last year. Total FPIs for the six-month period ended June 30, 2020…

Monday, 10 August 2020 04:24

Nigeria set to make $510m from new oil deal

Nigerian National Petroleum Corporation (NNPC) said it has reached an accord with its partners, to settle all outstanding issues surrounding the development of Oil Mining Lease, (OML) 130 with a prospect of raking in $510 million revenue. A press statement by NPPC spokesman, Mr Kennie Obateru, said the partners are China National Offshore Oil Company (CNOOC) and South Atlantic Petroleum (SAPETROL). NNPC said it was part of its drive to meet the target of revving up oil production to 3m barrels per day and unlock gas revenues to $225m in the short term. Speaking at the signing of Head of…

Monday, 10 August 2020 04:23

Covid-19: FG working with CBN to restructure SME loans - Osinbajo

Vice President Yemi Osinbajo has said Federal Government is working with Central Bank of Nigeria to help borrowers to restructure their loans as part of efforts to ease the impact of Covid-19 pandemic. Osinbajo said this in a statement on Sunday by Senior Special Assistant to the President on Media & Publicity, Office of the Vice President, Mr Laolu Akande, entitled ‘FG will use part of N2.3tn ESP stimulus as buyer of last resort.’ The statement said he disclosed this at the virtual edition of the 2020 presidential policy dialogue of the Lagos Chamber of Commerce and Industry. As part…

Monday, 10 August 2020 04:20

A family's $35bn fortune evaporates in a blink

A lot can happen in two-and-a-half years. In early 2018, Georg Schaeffler became Germany’s richest person as shares of ContinentalAG, the car-part maker in which he and his mother—Maria-Elisabeth Schaeffler-Thumann—own a major stake, surged in price. At the time, their combined fortune totaled $35 billion. They’re now worth about a quarter of that. That’s partly due to the coronavirus pandemic, which has slowed auto production and significantly curbed sales, as well as the industry’s broader shift toward electric cars. The Schaefflers ended each of the last two years less well-off than they began, and 2020 may be the same. Both…

Monday, 10 August 2020 04:13

Seven areas where businesses habitually overspend

Some dangerous areas and how to fix them Reducing costs and increasing revenue is the only way to keep your business growing, but many businesses are in the habit of overspending for basic business needs. They pay far more for the services they need than they should, neglecting their original budget or building misconceptions and inaccurate estimates into their budgets in the first place. Identifying and reducing these areas of excessive spending are vital steps if you want your business to be financially healthy. Where Businesses Overspend These are some of the most common areas: 1 Labor. Employees are the…

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Sunday, 09 August 2020 05:11

CBN further devalues official Naira exchange rate

Central Bank of Nigeria (CBN) on Saturday adjusted the official exchange rate to N379 to the dollar. The official exchange rate had remained at N361 to the dollar for about five months until yesterday’s adjustment, which is seen as a big win for stakeholders – International Monetary Fund (IMF) and World Bank- canvassing for unified exchange rate for Nigeria. The adjustment of the official exchange rate was in line with CBN’s earlier commitment to IMF where the regulator promised to unify the exchange rate as part of the conditions for accessing $3.4 billion IMF loan in May. The loan, which…

Sunday, 09 August 2020 05:10

Nigeria’s refineries post N406.62bn loss in two years

The four refineries owned by Federal Government made a total loss of N406.62bn in two years, latest audited financial statements of the plants have shown. The refineries, located in Port Harcourt, Kaduna and Warri, have a combined installed capacity of 445,000 barrels per day but have continued to operate far below installed capacities. The country relies largely on importation for refined petroleum products as its refineries have remained in a state of disrepair for many years despite several reported repairs. Kaduna refinery recorded a loss of N64.34bn in 2018, down from N111.89bn in 2017, according to its financial statement. Warri…

Saturday, 08 August 2020 04:03

Prices of poultry, fish feed rise after CBN’s forex restriction

Prices of poultry and fish feed have increased across the country weeks after Central Bank of Nigeria stopped issuance of forex for the importation of maize. Traders and farmers attributed the hike in prices to the scarcity and sudden increase in the cost of the grain. A market survey in Abuja and Akwa Ibom showed that a 25kg bag of poultry feed called “Starter” that sold N4000 before now, has since risen to N4200. The feed meant for older birds, called finisher, now goes for N4000 from the previous price of N3700. Also, a 15kg bag of Nigerian-made fish feed…

Saturday, 08 August 2020 03:57

What's your leadership style? Task or people?

There is a fundamental choice that leaders make--consciously or unconsciously--when leading people. You either lean toward orienting around tasks or prioritize supporting people. Understanding how these dynamics work will help you not just become a better leader, but also build a better executive leadership team for your business. Let's start by defining what I mean by "task oriented" versus "people centric." 1. Task oriented If you're task oriented as a leader, it means your priority is on driving outcomes. You use data to help you make logical and objective decisions, and you hold people accountable to their results. Some might…

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