Business News

Wednesday, 13 September 2023 04:59

Nigerian importers to start clearing goods from Cotonou ports – Customs

Acting Comptroller-General of the Nigeria Customs Service, Adewale Adeniyi, on Tuesday, announced that Nigerian importers would soon be able to clear their goods from the ports in Cotonou, Benin Republic. He disclosed this in Abuja at the end of a two-day working visit by the director-general and senior officials of the customs service of Benin Republic. Customs personnel from both countries entered into various agreements during the two-day meeting in order to boost trade relations between Nigeria and Benin Republic, as well as curb smuggling. While responding to a question at the event, Adeniyi said, “We are building confidence in…

Wednesday, 13 September 2023 04:53

Goldman Sachs exec: The No. 1 soft skill successful people use to get ahead at work—and how to develop it

Shekhinah Bass cut her teeth — and built her career — at one of the most competitive, powerful firms on Wall Street: Goldman Sachs. After 17 years at the firm, the mother of five is now Goldman Sachs’ head of talent strategy within the firm’s human capital management division. The most important soft skill that distinguishes high performers at Goldman Sachs, and propels people to successful careers on Wall Street at large, she’s discovered, isn’t creative dealmaking or a confident attitude — it’s having a growth mindset. “They’re the ones who come to a job hungry to learn new skills,…

Tuesday, 12 September 2023 05:00

Nigerian index constituents deleted at zero value from FTSE Frontier Index Series

Nigeria has been demoted from a frontier market to an unclassified market one year after an annual equity country classification review by FTSE Russell, a subsidiary of London Stock Exchange Group, placed Africa’s largest economy on its watch list of countries monitored for possible reclassification. The downgrade takes effect from 18 September when Nigerian index constituents will be deleted at zero value from FTSE Frontier Index Series, including the FTSE Frontier 50 Index, FTSE IdealRatings Islamic Index Series, FTSE/JSE All Africa Index Series, FTSE Middle East & Africa Extended Index Series and FTSE/MV Exchange Index. FTSE Russell equity indices are…

Tuesday, 12 September 2023 04:57

Don’t spend FX revaluation gains, CBN directs banks

Central Bank of Nigeria issued a directive instructing commercial banks on Monday to refrain from utilizing their foreign exchange revaluation gains for dividends and operational expenditures. The new directive was conveyed in a letter dated September 11, 2023, signed by the Director, Banking Division Department, Haruna Mustafa, and it is expected to be implemented immediately. FX revaluation gains refer to the increase in the value of a bank’s assets and liabilities denominated in foreign currency when there is a change in the exchange rate between the foreign currency and the local currency. CBN said it had assessed the consequences of…

Tuesday, 12 September 2023 04:52

28-year-old’s side hustle makes up to $113,500 per year—and it only costs $50 to start

When Carter Osborne needed extra cash for graduate school tuition, he decided to monetize his strongest skill: writing. It was 2017 and Osborne realized he could get paid to advise high school seniors on their college admissions essays. He himself had a consultant review his undergraduate personal statement before getting into Stanford University in 2013. He went back to that mentor for help getting the side hustle off the ground. Because the demand for admissions consultants was on the rise, she referred three of her clients to him. Osborne had planned to shutter the side hustle after he finished his…

Monday, 11 September 2023 04:50

4 Nigerian banks recorded N478bn bad loans in Half 1 amid worsening economic crisis

Four banks recorded N478bn non-performing loans during the first half of this year, according to their financial results Specifically, Guaranty Trust Bank Holding Plc (GTCO), FBN Holdings Plc and two other banks reported N478.93bn non-performing loans by value in the half-year ended June 2023, an increase of nearly 16 per cent from N413.36bn reported in the full year ended December 31, 2022. The other two banks are FCMB Group Plc and Fidelity Bank Plc. With about 4.3 per cent NPL ratio and N5.26trn gross loans & advances, FBN Holdings reported N226.24bn NPL by value in H1 2023 from N204.29bn reported…

Monday, 11 September 2023 04:49

1,800 shipping containers trapped in Lagos ports due to Police extortion - Clearing agents

Compliance Team of the National Association of Government Approved Freight Forwarders NAGAFF has alleged that over 1,800 laden containers are currently trapped at the various seaports in Lagos due to sharp practices by Maritime Police. The Compliance Team alleged that many of the containers stuck at the Ports have been flagged down for investigation by the Maritime Police division. Speaking with journalists after a protest at Apapa Port at the weekend, the National Coordinator, NAGAFF 100 per cent Compliance Team, Tanko Ibrahim, expressed worries that if not checked, the trend might fuel port and cargo congestion, especially as the end…

Monday, 11 September 2023 04:44

5 pieces of money advice Warren Buffett gives millennials that everyone else should follow too

Warren Buffett loves offering advice to younger people about life, health, and, of course, investing. But most of the advice he's given to the young over the years is just as useful for people of any age. The personal finance site GOBankingRates has compiled a list of 10 pieces of advice Buffett often gives to millennials who aspire to great wealth. We should all be following every bit of this advice. Here are five of his most useful tips. 1. Use the power of compound interest "Time is your friend, impulse is your enemy," Buffett once said. "Take advantage of…

Wednesday, 06 September 2023 04:49

PZ Cussons looks to delist from NGX with offer to minority shareholders

Soap maker PZ Cussons said on Tuesday it has offered to buy out minority shareholders of PZ Cussons Nigeria (PZCN) and aims to de-list the business from the Nigerian stock exchange amid "foreign exchange challenges" in the country. "The group believes the offer to be attractive for the minority shareholders of PZCN, particularly given the recent macroeconomic developments and foreign exchange challenges," the company said in a statement. Inflation in Africa's largest economy, which has been in double digits since 2016, rose to its highest level in nearly two decades in July at 24.08% against 22.79% in June after the…

Wednesday, 06 September 2023 04:45

3 crucial factors to manage your company's growth without losing its spark

As a business professor, I have studied organizations that range in size from startups with just a few employees to huge multinationals that employ tens of thousands of people. In the course of my research, I have seen an irony play out time after time: Small companies almost always yearn to be more "grown up" and professional, while mature companies wish they could be more youthful and freewheeling again. Management consultants have benefited mightily from this, as they help small companies scale up by professionalizing them and as they suggest ways for lumbering behemoths to become more agile. But if…

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Tuesday, 05 September 2023 04:50

Eni sells onshore assets to Oando in another sell-off by multinational oil majors

Italy's Eni has agreed to sell its Nigerian onshore subsidiary to local company Oando, the two companies said on Monday, the latest international energy giant to divest onshore assets in the West African country. With the deal on its Nigerian unit Agip Oil Company Ltd (NAOC), Eni takes another step in its long-term strategy to reduce oil exposure in favour of natural gas following its disposal in June of oil activities in Congo Republic. The Italian group will keep its offshore activities in Nigeria. The acquisition of NAOC Ltd will nearly double Oando's reserves to 996 million barrels of oil…

Tuesday, 05 September 2023 04:46

This type of mindset leads to being risk-averse, which can inhibit productivity and creativity

Over the years, I have personally witnessed counter-productive thinking patterns that hold people back (many of them my own coaching clients). Some examples include lacking emotional intelligence or leading through coercion. But there's one specific mindset that demands attention. I've seen it stifle collaboration and slow down their own and other people's productivity on the job. It's often what answers the question, "Why aren't things working the way I planned?" There's only one word for it: Perfectionism. Perfectionism is a thinking pattern that can be harmful to a team, even if it often goes unnoticed. It usually partners with denial,…

Monday, 04 September 2023 04:33

Marketers secure foreign, local investors’ backing for 30,000 CNG stations

Oil marketers, on Sunday, confirmed that they have received the nod of domestic and international financiers to develop about 30,000 gas stations nationwide. It was also gathered that many of the stations are currently being converted to start dispensing gas, following the decision of the Federal Government to deploy about 11,000 vehicles to run on Compressed Natural Gas, as part of plans to cushion the removal of fuel subsidy. Providing updates on the move by marketers to build about 30,000 gas stations to cushion the effects of fuel subsidy removal, National President, Independent Petroleum Marketers Association of Nigeria, Chinedu Okonkwo,…

Monday, 04 September 2023 04:29

How smart leaders use the 10x rule to clarify everything in their business

Are you tired of striving for consistent growth, trying to figure out a hundred different ways to grow your business by 10 or 20 percent year after year? Well, here's a radical idea: What if I told you that achieving 10x growth might be easier and more straightforward than you think? In a world with so many avenues for business growth, I recently stumbled upon a refreshing and truly profound concept in Dan Sullivan and Benjamin Hardy's latest book, 10x Is Easier Than 2x. I'll admit the title had me skeptical at first, but knowing that it was devised by…

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