Business News

Tuesday, 26 November 2019 05:47

5 successful entrepreneurs share how they were able to come up with a business model right for them

When it comes to choosing a business model, there's a lot of wisdom out there on what you should and shouldn't do. But the most important thing is choosing a model that works for you. These five entrepreneurs approached things a little bit differently when starting their businesses. Amelia Kruse, a leadership coach, focused on putting in her "philosophical foundation" before getting into the nitty-gritty. Gelare Danaie foregrounded creativity over profit at her design firm. There's plenty of advice out there for aspiring entrepreneurs on how to determine a business model — lessons on finding product-market fit, building a financial…

Monday, 25 November 2019 06:02

Nigeria’s aviation business, passengers face crisis as Air Peace chief battles fraud charges

Hard times could hit the local air travel sector following fraud and money-laundering allegations against Air Peace airline’s boss. Although the industry is not new to such allegations, this is the gravest accusation against a major airline that has over 50 per cent dominant share of the local market and its operations. The fresh claims, which came to the fore at the weekend, have sent shivers down the spines of stakeholders who have begun pondering the fate that awaits the airline amid other implications for local, regional and international travels in the country. Experts specifically feared a ripple effect on…

Saturday, 23 November 2019 05:56

Zenith Bank heralds Yuletide season with light-up of Lagos street

Yuletide season comes to life in Lagos as Zenith Bank Plc lights up Ajose Adeogun Street with the theme: “LET THERE BE LIGHT.” This year marks the 14th year since the traditional Light up Ceremony at Ajose Adeogun roundabout came to be. The official lighting was done by Mr Ebenezer Onyeagwu, GMD/CEO, Zenith Bank Plc supported by Executive management, with staff and customers in attendance. Speaking during the Light up Ceremony, the GMD/CEO said: “Ajose Adeogun Street has come to be recognized by not only Lagosians, but Nigerians in general as an iconic place and tourist attraction because of the…

Thursday, 21 November 2019 05:50

Google to restrict political adverts worldwide

Google will no longer allow political campaigns to target advertising at people based on their supposed political leanings. Campaigns will also be unable to match their own database of prospective voters against Google's user base, to target individuals across platforms such as YouTube and Google search. The policy will begin in the UK "within a week", with other regions later. Campaigns will still be able to target based on age, gender and location. Google added it would also take action on obviously misleading statements in ads, putting it at odds with Facebook. Mark Zuckerberg said his social network would not…

Wednesday, 20 November 2019 06:13

Merchants dump PoS, inactive terminals hit 131,201

Some retailers using Point of Sales terminals to receive payments have abandoned the device and reverted to cash payments, investigation has shown. Some of them who spoke with our correspondent said the decision to dump PoS devices meant to facilitate cashless transactions was because customers declined using the terminals to avoid paying N50 stamp duty charge. Central Bank of Nigeria, in a circular to banks, processors and switches on September 17 had authorised banks to unbundle merchant settlement amounts and charge applicable taxes and duties on individual taxes and duties on individual transactions. CBN directed all PoS and web processing…

Saturday, 16 November 2019 05:27

Customs to begin electronic clearance of imported, exported goods

Nigeria Customs Service (NCS) said it had obtained approval from President Muhammadu Buhari to begin electronic process for clearing imported and exported goods. Comptroller General of Customs, Mr Hameed Ali disclosed this on Friday at the graduation ceremony of 40 officers from the Senior Course 3 session at Nigeria Customs Command and Staff College in Gwagwalada, Abuja. Ali said the E-Customs deployment will transform the operations of the Service, providing for faster clearance of goods. When this happens, Ali said, “Export and import processing will be paperless. Your performance evaluation report will not be written on paper and will fill…

Friday, 15 November 2019 05:14

Petrol, diesel imports drop after border closure - NBS

The nation’s imports of petrol and diesel fell by about 11 per cent and 15 per cent, respectively in September, latest data released by National Bureau of Statistics on Thursday showed. The decline in the imports of the petroleum products followed the partial closure on August 22 of the nation’s land borders with countries such as Benin and Niger in order to check smuggling of contraband into the country. Volume of the Premium Motor Spirit, also known as petrol, imported into the country dropped to 1.46 billion litres in September, down from 1.64 billion litres in August and 1.99 billion…

Thursday, 14 November 2019 05:49

Top global designers storm Lagos for ‘Style By Zenith 2.0’ lifestyle fair

Top global designers and brands will storm Lagos for the “Style by Zenith 2.0” Fair, second edition of Zenith Bank’s anticipated Lifestyle Fair, which holds from Friday, November 29 to Sunday, December 1, 2019 at Eko Energy City, Eko Atlantic, Victoria Island, Lagos. Some of the top designers billed to feature at the fair include Tom Ford, Dolce and Gabbana, Tokyo James, Eyola, Mai Atafo, Okunnoren Twins, Ejiro Amos-Tafiri, Telvin Nwafor, Fikirte Addis, House of Kaya, Gozen Green, Trish O, Chulaap, Agatha Moreno, Sunny Rose, Nonnistics, Caesar Couture, Yartel, Orapeleng Mdutle, Mustapha Hassanali and the Fabric Hub, amongst others. Aside…

Tuesday, 12 November 2019 05:54

Cooking gas to sell for N6,000 from N3,500 current price - Marketers

Marketers of Liquefied Natural Gas, LPG, otherwise known as cooking gas, have challenged the current imposition of 75 per cent price hike on the product by federal government. This development may lead to possible scarcity of the product across the country, as the marketers have threatened to down tool. The marketers are concerned over what they described as an indiscriminate artificial hike in the price of the product by 75 per cent in the last two weeks. Executive Secretary of Nigerian Association of Liquefied Petroleum Gas Marketers, NALPGAM, Mr Bassey Essien, expressed this concern in a press briefing in Lagos.…

Monday, 11 November 2019 06:20

Border closure boosts Naira at parallel market - Report

Closure of the Nigeria’s land borders to its neighbours has kept the value of the naira strong at the parallel market, a new report has shown. Managing Director and Chief Executive Officer, Financial Derivatives Company Limited, Mr Bismarck Rewane, stated this in a report titled: “A Pound of Flesh,” which he presented at Lagos Business School’s monthly executive breakfast session. President Muhammadu Buhari had in August ordered the country’s land borders shut down as part of the government’s efforts to curb smuggling and other illegal activities. The exercise, code-named Exercise Swift Response, is being coordinated by Office of National Security…

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Thursday, 07 November 2019 05:46

Alleged N67bn fraud: Contractor threatens court action against Makinde

An indigenous firm, ENL Consortium Limited, on Wednesday in Abuja, threatened to institute legal action against Governor of Oyo State, Mr Seyi Makinde, over an allegation that the firm jerked up a road project cost from N14 billion to N67 billion. Consequently, the firm has issued a seven-day ultimatum to Makinde to retract the alleged malicious allegations or be prepared for a court action to seek redress. The firm said the remarks of the governor that the road concession was jerked up from N14 billion to N67 billion and that the sum of N11 billion was earmarked for bush clearing…

Thursday, 07 November 2019 05:44

CBN stops treasury bills’ sale to individuals

Central Bank of Nigeria has given a directive to banks and other financial institutions to stop sales of treasury bills to individuals and small firms with effect from November 29. Some bank officials who disclosed this said only big corporate organisations would be allowed to do treasury bills investments. Our correspondents learnt that banks were already notifying their customers of the new directive. The sources, however, said the existing treasury bills investments would be allowed to continue till the end of their maturity dates. A bank official said, “Operators are trying to see if the November 29 deadline given for…

Wednesday, 06 November 2019 05:55

US’ oil output will surpass combined outputs of OPEC members in just 5 years

OPEC's World Oil Outlook for 2019 found that output will fall over the next five years, while America's shale oil production will overtake that of the group. The Organization of the Petroleum Exporting Countries' supply has fallen in the last few years due to a pact with Russia, boosting oil prices. OPEC, the Organization of the Petroleum Exporting Countries, said that the US will overtake it in terms of crude oil output within the next five years. In its World Oil Outlook 2019 report released on Tuesday, OPEC said it expects its own output to fall to 32.8 million barrels…

Wednesday, 06 November 2019 05:52

This is the No. 1 habit self-made millionaires share - and it’s also the most overlooked, says money expert

Tom Corley There are a handful of things that separate the ultra rich from everyone else: research has shown they tend to exercise regularly, maintain a healthy diet, save 10% or more of their income, read books and manage their time wisely. But the most important — and most overlooked — habit they share that helped them grow their wealth, in large part, is their commitment to forge valuable relationships with individuals they aspire to be: positive, success-minded folks. You are who you associate yourself with That’s what I discovered through my “Rich Habits” study, in which I spent five…

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