Business News

Monday, 12 February 2024 04:45

I became a millionaire at 27. Here are 4 ‘unpopular’ rules rich people follow that most don’t

I wasn’t always good with money. I had to learn how to be. I grew up in an immigrant Chinese home with two very loving but frugal parents — where clipping coupons and reusing ziplock bags was the norm. It wasn’t until I began my career on Wall Street that I realized the ultra-wealthy were less concerned with scrimping and saving and more focused on investing and growing their wealth. By observing and learning from their habits, I made my first million by age 27. Here are four unpopular rules rich people follow that most others don’t: 1. Don’t worry…

Saturday, 10 February 2024 04:46

Airlines warn of collapse of domestic operations as aviation fuel hits N1,300

Airline Operators of Nigeria (AON) on Friday raised the alarm over high cost of operation even as aviation fuel has hit over N1300. This is despite the rising dollar to Naira exchange rate of over N1,500 to a dollar which has made it difficult for airlines to carry out scheduled maintenance of their aircraft. The operators said the situation poses existential threat to them, saying the aircraft that are due for maintenance have been grounded and cannot be ferried overseas because of the scarcity of forex. According to them, there is continuous depletion of equipment without replenishment and warned that…

Friday, 09 February 2024 04:32

TotalEnergies to exit Nigerian onshore oil, after Shell, Eni, others did same

French energy giant TotalEnergies is seeking to sell its minority share in a major Nigerian onshore oil joint venture, following Shell's divestment last month, CEO Patrick Pouyanne said. Shell Petroleum Development Company of Nigeria Limited (SPDC), in which TotalEnergies holds a 10% stake, has struggled with hundreds of onshore oil spills as a result of theft, sabotage and operational issues that led to costly repairs and high-profile lawsuits over the years. "We want to divest our share of SPDC, and we are looking to reshape the portfolio," Pouyanne said at TotalEnergies' annual results presentation on Wednesday. "Fundamentally it's because producing…

Friday, 09 February 2024 04:31

MultiChoice agrees to pay N35bn to FIRS, withdraw lawsuits

MultiChoice Group has agreed to pay N35.4 billion as part of its tax obligations to the Federal Inland Revenue Service (FIRS). Multichoice owns the satellite television services, DStv and GOtv — popular subscription-based platforms in Nigeria. In a statement to shareholders on Thursday, the firm said the payment is to offset against “security deposits”. “Shareholders are advised that MultiChoice has reached a settlement with the FIRS in Nigeria in relation to the tax assessments raised in April 2021 on MultiChoice Nigeria (MCN) and in June 2021 on MultiChoice Africa Holdings BV (MAH),” the company said. “The parties (FIRS, MCN and…

Friday, 09 February 2024 04:30

NCC withdraws disconnect approval as MTN, Glo settle interconnect debt dispute

Nigerian Communications Commission (NCC) on Thursday announced that the interconnect debt dispute between MTN Nigeria Communications Plc (MTN) and Globacom Limited (Globacom) has been amicably resolved. In accordance with this resolution, the NCC said the approval granted to MTN for the disconnection of Globacom has now been withdrawn. Following its initial public notice, the NCC said it undertook further regulatory intervention, by mediating between the parties and facilitating the reconciliation process. “The Commission reiterates that strict adherence to the terms and conditions of licenses, particularly those delineated in interconnection agreements, is imperative for all Mobile Network Operators (MNOs) and other…

Thursday, 08 February 2024 04:48

CBN hikes rates on Treasury Bills to attract foreign investors

Central Bank of Nigeria hiked the interest rates on short term debt obligations on Wednesday in a bid to mop up naira liquidity and attract foreign investor inflows. CBN sold one trillion naira ($696 million) in treasury bills to both local and foreign investors at rates that were nearly twice the level of previous offers. Yields for the one-year bill rose to 19%, the highest in 12 years, from 11.5% at the previous auction on Jan. 24. Three-months bill was sold at 17.24%, which was three times more than the January offer of 5%, while six-month notes fetched 18%. Expand…

Thursday, 08 February 2024 04:39

Microsoft CEO Satya Nadella says what separates successful people from everyone else comes down to two words

When Satya Nadella was appointed as Microsoft CEO in 2014, he wasn't one to boast about IQ points or intellectual achievements. He understood that being a leader wasn't just about knowing all the answers; it was about understanding people and building meaningful connections. To be effective and separate oneself from the pack, Nadella pared it down to two words: emotional intelligence. 'EQ trumps IQ' In a highly publicized event nearly a decade ago, Nadella addressed thousands of students on the subject of their future and possibilities. During his talk, he spoke about the importance of developing emotional intelligence (EQ): In…

Wednesday, 07 February 2024 04:40

3 common price-increase nistakes to avoid now and in the future

It was January, which means an influx of people at the gym, sweeping declarations for big life changes and a whole lot of companies sending emails about their prices going up. While it may feel like a coincidence that these things arrive with each turn of the calendar, there's a psychological reason for it. Wharton professor Katy Milkman and colleagues have dubbed it the Fresh Start Effect. We humans feel compelled to make changes with the new week, month, quarter or year. This effect also comes into play with milestone birthdays – people are much more likely to run their…

Tuesday, 06 February 2024 04:55

Many businesses on the verge of collapse as electricity shortages worsen nationwide - Report

Businesses across different sectors have lamented the worsening state of power supply in the country, which they said has forced them to rely more on alternative sources of energy. They said the alternatives are expensive, unsustainable and constitute a threat to their continued survival. While the different distribution companies (DisCos), have given different reasons in the last few weeks to explain the continued drop in power supply to businesses and homes, industries are suffering, as they are forced to rely on diesel and petrol-powered generators to sustain production. Managing Director of Kazih Kits Limited, Chinedu Grace Otakpor-Azih, lamented the power…

Monday, 05 February 2024 04:49

How to start a lucrative side hustle in 3 steps

Some people run lucrative six-figure side hustles from their backyards. Others, off their cellphones.Launching one of your own can be pretty simple if you know where to start. That’s according to Kathy Kristof, whose blog has reviewed more than 500 different side gigs, and Cody Berman, who co-runs an online course called Gold City Ventures that teaches people how to start online businesses.Both experts say you can start a side hustle and determine if it’ll be successful in three straightforward steps:1. Figure out what you can monetize: Any side hustle starts with one question, says Kristof: How can you monetize…

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Saturday, 03 February 2024 04:48

CBN bars banks, fintech from international money transfer operations

Central Bank of Nigeria has banned banks and fintechs from International Money Transfer Operations. In its ‘Guidelines on International Money Transfer Services in Nigeria,’ the apex bank said, “All banks are prohibited from operating International Money Transfer services but can act as agents. “Also, financial technology companies are not allowed to obtain approval for IMTO. The new guidelines by the CBN are meant to guide the IMTOs in conducting money remittances in compliance with the regulatory framework established by the CBN.” This new guideline raises concerns about the fate of fintechs like Flutterwave, Interswitch, Paga, and others, which have IMTO…

Friday, 02 February 2024 04:53

42-year-old brings in more than $1m a year from newsletter, podcast

Lenny Rachitsky has started some successful ventures in his life. The 42-year-old founded his newsletter, Lenny’s Newsletter, about product management in 2019. It now boasts more than 570,000 subscribers and brings in more than $500,000 per year. He writes one post a week and works on each for 10 to 20 hours. In 2022, Rachitsky started Lenny’s Podcast. He releases two episodes per week and interviews leaders in the product management space to get concrete, actionable advice about their work. He’s hired a producer to help with components like audio engineering and puts in just four to five hours per…

Thursday, 01 February 2024 04:52

First Bank Holdings gets new board chairman

First Bank of Nigeria Holdings has appointed Nigerian billionaire and businessman, Femi Otedola, as the new chairman of its board of directors. Otedola, who recently expressed his excitement about his return to the Forbes African Billionaires list after a seven-year hiatus, takes over from the outgoing Chairman of the board, Ahmad Abdullahi. Sharing a picture of the announcement on his Instagram page, he wrote, “Interesting”, and added smiley and dollar emojis.” The 61-year-old entrepreneur currently sits at number 20 on the list with a net worth of $1.1bn. According to Forbes, the wealth of the 2024 list of 20 billionaires…

Wednesday, 31 January 2024 04:35

Everyone said, ‘Work harder and you’ll succeed’. They were wrong. Here’s what actually works

As a lifelong advocate for mindfulness and eastern philosophy, I’ve always been fascinated by the age-old advice, “Work harder and you’ll succeed.” But after years of study, reflection, and personal experience, a caveat to this mantra started to reveal itself. Let me be clear: I’m not against hard work. But the notion that success is purely a derivative of relentless effort is something I’ve come to question. And so, I set out on a mission to debunk this widely accepted belief and find out what truly leads to success. Over the years, I’ve written extensively on human potential and even…

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