Business News

Monday, 15 January 2024 04:41

38-year-old took on $218,000 in debt to launch a burger restaurant—it brought in $739,000 just last year

Build My Burgers founder Aly Lalani always knew that a typical desk job wasn't for him. He wanted something more challenging and unpredictable. The 38-year-old has worked in the restaurant industry for the last 16 years, spending most of that time employed by other people — until 2021, when he opened Build My Burgers in Orlando, Florida. The burger joint uses an open design concept to entice customers — roughly 400 per day, Lalani says — who watch their meals being made up close, a more personal experience than a typical fast food chain. That first year, Build My Burgers…

Sunday, 14 January 2024 04:48

Dangote refinery starts production after years of delays

Dangote oil refinery has begun producing diesel and aviation fuel, the company said on Saturday, after years of construction delays at the 650,000 barrel per day (bpd) plant. The refinery, Africa's largest, was built on a peninsula on the outskirts of the commercial capital Lagos at a cost of $20 billion by the continent's richest man Aliko Dangote. Although Nigeria is Africa's top energy producer, it has relied on imports for most of the fuel it consumes. The Dangote refinery is expected to not only make it self-sufficient but also allow it to export fuel to neighbouring West African countries,…

Saturday, 13 January 2024 04:49

Deal to sell off Bayo Ogunlesi-led GIP consolidates the Nigeria-born entrepreneur in the billionaires’ league. Here’s the ‘big deal’

“Bayo” Ogunlesi had already racked up enough accolades to rival any of his elite friends. There’s the undergraduate degree with first-class honors from Oxford University, the law degree and MBA from Harvard and a clerkship on the Supreme Court under Thurgood Marshall. He was head of Credit Suisse’s investment-banking division and lead independent director at Goldman Sachs Group Inc. He even got a shout-out from Nigerian superstar Burna Boy, who sang he hustles “like Adebayo Ogunlesi” in his hit “Wonderful.” Now a deal to buy the $100 billion asset-management firm he co-founded and heads, Global Infrastructure Partners, is set to…

Friday, 12 January 2024 04:53

'Money has no utility to me': Warren Buffett says having more houses or a boat means nothing to him — here's 1 thing he values more than money

Warren Buffett, one of the richest men on the planet, once said: “Money has no utility to me. Time has utility to me.” In a 2016 interview on Bloomberg’s The David Rubenstein Show: Peer-to-Peer Conversations, the Berkshire Hathaway chairman said if there were anything on his bucket list, he would have done it already. “Money in terms of making trips or owning more houses or having a boat or something — it has no utility to me whatsoever.” That's quite a statement coming from a man whose net worth, at last check, was sitting at more than $100 billion. But…

Thursday, 11 January 2024 04:46

Equities on NGX down N638bn as banking stocks take a hit

Market capitalisation of the Nigerian Exchange Limited depreciated for the first time in the New Year. At the close of trading on Wednesday, the eight-day rally in the market was halted as the market cap dipped by about N638bn to close at N44.885tn. This is coming a day after the market cap crossed the N45tn milestone. Although the benchmark index of the exchange, the All-Share Index remained above 80,000 points, it shed 1,167.46 points or 1.40 per cent to close at 82,024.38 on Wednesday. Impacted by the depreciation were banking stocks, most of which suffered losses except for Jaiz Bank…

Thursday, 11 January 2024 04:40

Why emotionally intelligent leaders embrace the Ikea effect

In the early 1950s, the pioneering motivation researcher Ernest Dichter told General Mills to stop using powdered eggs in their Betty Crocker cake mixes and have homemakers use fresh eggs instead. Why? Taste mattered, but so did the underlying psychology. Cracking a few eggs and spooning in a little vegetable oil made the cake maker feel more engaged. More skilled. More invested in the process. And therefore the outcome. The result is what a 2011 study published by Harvard Business School called the Ikea Effect: The idea that "labor alone can be sufficient to induce greater liking for the fruits…

Wednesday, 10 January 2024 04:32

Warren Buffett and Bill Gates were asked to give the secret to their success in 1 word. They both gave the exact same answer

World-renowned billionaires Warren Buffett and Bill Gates were once asked at a gathering to write down on a sheet of paper their secret to success in one word. They both gave the same answer: focus. “The thing you do obsessively between age 13 and 18, that's the thing you have the most chance of being world-class at,” Gates told Charlie Rose in a 2016 television interview. In his case, the activity Gates was obsessed with was coding — which worked out pretty well. Gates went on to co-found Microsoft and became a millionaire in his 20s. He’s now the seventh…

Tuesday, 09 January 2024 04:46

Oil falls as Saudi price cuts add to demand doubts

Oil prices fell over 3% on Monday on sharp price cuts by top exporter Saudi Arabia and a rise in OPEC output that offset supply concerns generated by escalating geopolitical tension in the Middle East. Brent crude settled down $2.64, or 3.4%, at $76.12 a barrel, while U.S. West Texas Intermediate crude futures lost $3.04, or 4.1%, at $70.77 a barrel. Both contracts climbed more than 2% in the first week of 2024 as geopolitical risk in the Middle East intensified after attacks by Yemen's Houthis on ships in the Red Sea. On Sunday, rising supply and competition from rival…

Tuesday, 09 January 2024 04:42

Avoid telling your boss ‘I don’t know,’ says career coach—here’s what to do instead

Nobody wants to look incompetent or unskilled in the workplace. Unfortunately, the words we use every day can make us do just that. There’s one common phrase experts say to avoid if you’re speaking with your boss: “I don’t know.” “The simple acceptance of not knowing” can make it seem like you’re uninterested in going the extra mile to solve problems, Patrice Lindo, CEO of Career Nomad, a career consulting firm, tells CNBC Make It. Moreover, the phrase doesn’t show “initiative and willingness to learn.” People usually say “I don’t know” in a variety of scenarios, from expressing disagreement to…

Monday, 08 January 2024 04:43

17-year-old used $2,000 in savings to start an Amazon side hustle—now it brings in $34,000 a month

At age 12, Bella Lin had a problem. Her guinea pigs were disappearing. In those days, Lin let her three guinea pigs roam her parents’ grassy, fenced-in backyard just outside of San Francisco. It was better than the alternative, she thought: The two-pound creatures “looked miserable” in their cramped, “prison-barred” cage, Lin, now 17, tells CNBC Make It. She assumed the first, Snoopy, had escaped and she continued letting her guinea pigs outside — until her dad watched an eagle fly away with another, she recalls. Determined to keep the pets out of traditional cages, she started drawing prototypes. Lin,…

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Thursday, 04 January 2024 04:48

CBN slaps strict rules on banks after lifting ban on cryptocurrency transactions

Central Bank of Nigeria has released inaugural guidelines for banks opening cryptocurrency accounts, while retaining its ban on them holding or trading in virtual assets on their own behalf. The rules, published on the CBN website on Tuesday, flesh out the regulator’s decision last month to lift its prohibition on banks operating accounts for crypto service providers. “Current trends globally have shown that there is need to regulate the activities of virtual assets service providers which include cryptocurrencies and cryptoassets,” it said. Nigeria joins other African regulators in extending oversight of cryptocurrencies, spurred by a string of corporate collapses capped…

Wednesday, 03 January 2024 04:34

4 principles to success according to a former Pastor turned business coach

Entrepreneur Ken Joslin's story is one of determination, personal growth, and a deep-rooted belief in the power of community. Joslin is the CEO of the Ken Joslin Team & the GROW STACK DRIVE brand. He is a former Pastor turned Coach and a real estate professional. Here are some key takeaways from our interview on the latest episode of The Jeff Fenster Show. Support others Joslin believes in an unwavering commitment to the well-being and success of others. He maintains that great leaders want something for people— not from them. This mindset has been the driving force behind his entrepreneurial…

Tuesday, 02 January 2024 04:28

The ‘self-destructive’ habit to jettison in 2024, says Simon Sinek

There are many bad habits that can hinder your goals — but the “most self-destructive” habit is so common, you may not realize just how damaging it is.″[As] human beings, we can’t help but to compare ourselves to others, and comparison is the deadliest thing we can do to ourselves because we will always come up short,” Simon Sinek, a bestselling author and leadership expert, said in a 2021 YouTube video. “All it does is exaggerate all of our insecurities.”“It’s OK to enjoy other people’s success, but you let them live their lives and you live your life,” he added.…

Saturday, 30 December 2023 04:32

Stocks on NGX end 2023 with N13trn gain amid massive Naira devaluation, rising inflation

In an extension of their impressive performance in recent years, Nigerian stocks closed 2023 in Lagos on Friday, gaining 46.6 per cent or N13 trillion. This means that the market value of equities improved by almost half when set beside that of last year. On Friday, the total value of the 155 equities at the end of trade was N40.9 trillion. A change of government in May had sparked a couple of market-friendly reforms that boosted share prices and drove the benchmark equity index to its all-time high of 74.773.77 basis points at year-end. But the case is different for…

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