Business News

Tuesday, 03 October 2023 04:30

The hidden dangers of secretism: This is how companies can fight it

I was recently speaking with a business coaching client who lost one of their key team members to a cross-country move. Up until this point, my client had really enjoyed working with that team member and thought they were doing a great job. But shortly after their departure things started to surface that were problematic. Turns out that that key team member had been engaging in secretism, which is the practice of hoarding knowledge, keeping information close to the chest and limiting its dissemination. These actions had not only hurt the company's growth trajectory overall, but really set them back…

Monday, 02 October 2023 04:25

BUA slashes cement price by 25%, promises more reductions

A Nigerian cement production company, BUA Cement Plc, has announced a reduction in the price of the commodity. AbdulSamad Rabiu, the chairperson of BUA cement Plc, last month, said the company was considering a plan to reduce the price of cement upon completion of its new lines by the end of 2023. Rabiu had explained that the planned reduction was part of efforts to support the Nigerian government‘s quest to alleviate the suffering of Nigerians. New price In a statement on Sunday evening, the company’s management said it had now decided to bring the “price reduction forward” in fulfilment of…

Monday, 02 October 2023 04:23

Zenith bank, GTBank, First Bank, 8 others post N1.67 non-performing loans for Half 1, 2023

Following write-offs, restructuring of facilities, Global Standing Instruction (GSI) and credit risk management as a result of economic challenges, 11 banks recorded N1.67 trillion non-performing loans (NPL) during the first half (H1) of 2023, an increase of 37 per cent from N1.22 trillion reported in the full year ended December 31, 2022. The banks are: Zenith Bank Plc, Access Holdings Plc, Guaranty Trust Bank Holding Plc (GTCO), FBN Holdings Plc Ecobank Transnational Incorporated (ETI), and United Bank for Africa Plc (UBA). Other are: FCMB Group Plc, Wema Bank Plc, Stanbic IBTC Holdings Plc, Sterling Financial Holdings and Fidelity Bank Plc.…

Monday, 02 October 2023 04:18

55-year-old whose backyard side hustle brought in nearly $20,000 in a month: ‘Anyone can do this’

This story is part of CNBC Make It’s Six-Figure Side Hustle series, where people with lucrative side hustles break down the routines and habits they’ve used to make money on top of their full-time jobs. Got a story to tell? Let us know! Email us at This email address is being protected from spambots. You need JavaScript enabled to view it.. It took Rodney Melton just over a year to build a six-figure side hustle. In March 2021, Melton started molding, engraving and selling headstones for pet memorials on Etsy. He’d long worked with concrete and stone as a hobby, while working 60 hours per week as a maintenance lead at Mars Pet Care.…

Friday, 29 September 2023 04:58

How do you know if you're fit for leadership? 3 rare habits reveal the answer

In my speaking engagements and courses, I always emphasize the practical side of leadership, which is really about elevating the people doing the work. We're talking about the kind of leadership that is rooted in emotional intelligence and driven by a genuine desire to make people (and yourself) better. This form of leadership is not about being a boss; it's about being a mentor, a facilitator, a humble and trusted guide, and someone your team genuinely respects. Be warned: It's counterintuitive to lead in this manner. But once you acclimate to the behaviors, you'll know whether you are truly fit…

Thursday, 28 September 2023 04:35

Diesel sells for N1,100 per litre. Here’s what that means for manufacturing, other businesses

There are clear indications that more manufacturing companies and businesses in the country may shut down in the coming months due to the unabating energy crisis, which has now pushed diesel prices to over N1,100 per litre. This dire situation is worsened by the foreign exchange crisis and the floating of the naira, all occurring amid dwindling purchasing power as there are signs that the prices of Liquified Petroleum Gas and Compressed Natural Gas, which are being adopted as alternative energy sources, may spike further. The Nigerian Association of Liquefied Petroleum Gas Marketers Gas said last week that the price…

Thursday, 28 September 2023 04:30

Ray Dalio says AI will greatly disrupt our lives within a year—you should be both excited and scared of it

Billionaire investor Ray Dalio is sure that artificial intelligence will soon be a “great disruptor” in all of our lives — for both better and worse. AI will help people make strides in productivity, education, healthcare and even usher in a three-day workweek, Dalio said on Tuesday at Fast Company’s Innovation Festival 2023. On the other hand, it’ll likely “disrupt jobs” and be a cause of “argument” for employees and legislators who support halting or slowing down AI’s evolution, he said. “All these changes are going to happen in the next five years,” Dalio, the founder of hedge fund giant…

Wednesday, 27 September 2023 04:44

Foreign suppliers to Nigerian importers reject Letters of Credit, insist on forex cash transfers

Several Nigerian businesses that rely on imports have been cut off by their foreign suppliers who are rejecting letters of credit (LC) and refusing to deliver goods without payment as foreign currency shortages worsen in Africa’s biggest economy. A letter of credit is a mode of payment used for the importation of visible goods. It is a written undertaking given by a bank at the request of its customer, in which the bank obligates itself to pay the exporter up to a stated amount within a prescribed time frame upon presentation of stipulated documents in exchange for goods. Foreign suppliers…

Wednesday, 27 September 2023 04:42

Greece holds 70% of global tonnage on ships. Now shipping companies in that country prevent their ships from coming to Nigeria over these issues

About 30 percent of shipping companies in Greece have removed Nigeria from their charter party, following complaints over hostile environment and alleged harsh treatment meted out to crew members of vessels caught up in maritime security issues.Disclosing this during the Maritime and Offshore Awards (OMIS) at the weekend, President of Maritime Security Providers Association of Nigeria (MASPAN), Emmanuel Maiguwa, said Greece, which holds about 70 per cent of global tonnage on vessel operations, has stopped its vessels from coming to Nigeria.Consequently, Grecian vessels with Nigerian-bound cargoes stop in Togo or any other ports.Maiguwa said insecurity, hostile environment and other harsh…

Wednesday, 27 September 2023 04:33

Elon Musk's skill that makes him a 'force of nature'

Few people who write about Elon Musk get the kind of access to the controversial genius as Walter Isaacson did. Simon & Schuster sent me an early copy of Isaacson's new, 600-page biography, Elon Musk. It has everything you'd expect from a book on Musk – stories of tragedy, triumph, and turmoil. Isaacson spent two years shadowing Musk, watching him make decisions, and getting a peek – as best as anyone could – into what makes Musk tick. While the stories are fascinating and guaranteed to spark a mountain of coverage, founders and entrepreneurs will also unearth valuable lessons, especially…

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Tuesday, 26 September 2023 05:02

Equinor divests from major Nigeria oilfield, chooses newcomer as buyer

Equinor ASA has chosen a little-known company as the preferred buyer of its stake in one of Nigeria’s largest deep-water oil fields, according to people familiar with the matter. The Norwegian energy giant is trying to sell its 20.2% interest in the Agbami field – joining other international producers such as Shell Plc, Exxon Mobil Corp. and Eni SpA in looking to offload assets in Africa’s biggest crude producer. Chappal Energies Mauritius Ltd. has emerged as the favored buyer of Equinor’s interest in the asset, which is operated by Chevron Corp. and produces about 100,000 barrels of oil a day,…

Tuesday, 26 September 2023 04:50

Airbnb CEO shares the No. 1 thing people get wrong about success: I thought ‘everything in my life would be fixed’

Most people imagine reaching their career goals will result in lifelong happiness. The opposite was true for Airbnb CEO Brian Chesky. For Chesky, the goal was an IPO, he recently told Dax Shepard’s “Armchair Expert” podcast. Even as Airbnb’s popularity and private valuation soared throughout the 2010s, Chesky didn’t feel successful, he said — and he thought taking the company public would help. But when the IPO occurred in December 2020 — with its opening valuation of $47 billion rising to $86.5 billion in less than a day — Chesky didn’t feel happy, satisfied or even relieved. Instead, it marked…

Monday, 25 September 2023 04:53

If you have one of these 10 jobs, AI has some of the skills to replace you

Here are 10 popular jobs with skills most replicable by AI, according to ChatGPT itself. The jobs site Indeed analyzed GPT-4's ability to perform skills required for these common jobs. Though GPT-4 is able to perform some skills, others — like driving a car — still require a human touch. In a new report, the jobs site Indeed's economic research team analyzed over 55 million job postings published between August 2022 and July 2023 and identified more than 2,600 skills employers were seeking. The researchers then studied how well the GPT-4 version of the generative-AI tool ChatGPT could perform these…

Friday, 22 September 2023 04:46

35-year-old CEO dumped his ‘pretty good’ startup—and built a $1.4bn business instead

This story is part of CNBC Make It’s The Moment series, where highly successful people reveal the critical moment that changed the trajectory of their lives and careers, discussing what drove them to make the leap into the unknown. Sometimes, you need to recognize that pretty good isn’t good enough. Just ask Spenser Skates and Curtis Liu. Today, the two MIT graduates are known as co-founders of Amplitude, an analytics software business with a market cap of $1.35 billion and more than 2,300 corporate clients. A decade ago, they were on a completely different track — running a voice recognition…

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