Business News

Wednesday, 14 June 2023 04:07

Emefiele’s suspension excites positive sentiment, pushes Nigerian stocks to 15-year highs

Nigerian stocks soared to their pinnacle since 9 June 2008 on Tuesday as the benchmark index enlarged by 4 per cent in response to the news of the arrest over the weekend of Godwin Emefiele, the Central Bank governor. The new development strengthened optimism that the much-needed liquidity in the market may soon return. Transaction volume more than doubled compared to the previous session following a much-improved risk appetite that greeted the suspension. Emefiele’s arrest impacted reactions in the market as his raft of unorthodox policies has kept many investors at bay in recent years. Foreign participation in the Nigerian…

Wednesday, 14 June 2023 03:51

These 4 things make employees feel their job is the best they've ever had. Pay and perks? They don't make the list

Everyone who leads people wants, even if only deep inside, to be a great boss. The problem is, what you feel are the qualities of a great boss may be very different from what your employees want, and need. That's why Seth Godin, author of the just-released new book The Song of Significance: A New Manifesto for Teams, asked 10,000 people in 90 countries to describe the conditions at the best job they ever had. Here are the top four: I surprised myself with what I could accomplish I could work independently The team built something important People treated me…

Tuesday, 13 June 2023 04:16

Nigeria spent $3.5bn in 2022 importing phones, generators, others - Report

Nigeria spent $3.47bn importing phones, generating sets, electrical transformers, and a host of other electrical equipment in 2022. This is based on data culled from the International Trade Center. The ITC gets its data from the National Bureau of Statistics and the United Nations COMTRADE. According to the multilateral agency, which has a joint mandate with the World Trade Organisation and the United Nations, Nigeria’s electrical importation bill grew by 11.90 per cent from the $3.09bn it was in 2022. Also, over the last three years, Nigeria has spent $10.26bn importing electrical equipment amid falling foreign exchange reserves. Imports under…

Tuesday, 13 June 2023 04:15

Solar power firm in $100m hunt for Nigeria expansion

WATT Renewable Corp. aims to raise as much as $100 million by the end of 2024 to expand its business of providing solar power, mainly to telecommunications towers in Nigeria. The Canadian company, which has installed 12 megawatts of generation capacity at about 160 sites, has a pipeline of projects 10 times that size, Chief Investment Officer Sherisse Alexander said. WATT would prefer a major investor to take a stake, but will finance projects individually if need be, she said. “What we are looking at is a corporate raise,” Alexander said. WATT is talking to “companies that are already involved…

Monday, 12 June 2023 02:02

To be a more decisive, persuasive and effective boss, science says first take a look at the clock

Even though he was our boss, for the first two hours of each day we only glimpsed Rudy from a distance when he shuffled back and forth from his office to the break room coffee machine. If we called him -- even if we paged him -- he wouldn't answer. By around 10 a.m. he was a different person. Upbeat. Encouraging. Chatty. Eager to solve job scheduling or materials bottlenecks that could affect our productivity. Then, by late afternoon he became yet another person. Instead of chatting, he barked orders. Instead of solving actual problems, he yelled about nonexistent ones.…

Friday, 09 June 2023 03:50

4 tips for improving customer satisfaction

Customer satisfaction is one of the most important metrics you can track as a business owner because, simply put, a business with a low customer satisfaction rating likely won't be around for long. If people are not satisfied with your product or customer service, they won't buy from you again. You also risk users leaving bad reviews online and telling friends and family to avoid your brand. And once enough people take notice that your service is far from preferable, it's next to impossible to grow your lead list or boost sales. That said, there are plenty of actionable ways…

Thursday, 08 June 2023 04:25

Money lessons you weren't taught in school

When asked, a Harris poll found that six out of ten people say they would like to be billionaires. (Four out of ten say they despise billionaires; no gray area here.) Interestingly, 44 percent of respondents said they "have the available tools" to become billionaires. Even though, as Ryan Holiday writes: Clearly Holiday has figured out how to write great -- and bestselling, which don't always go hand in hand -- books. How to produce an extremely popular podcast. How to launch and run an independent bookstore. And he's figured out more than a few things about money, as described…

Wednesday, 07 June 2023 02:25

BUA Cement secures $500m facility for production expansion

BUA Cement has received $500 million in financing from the International Finance Corporation (IFC) and other lenders to boost production, the organisations said on Tuesday. The IFC and BUA said in a joint statement that the funding would help the company part-finance and develop two new, energy-efficient cement production lines at its plant in Sokoto state, in northwest Nigeria. The funding includes $160.5 million from IFC, $245 million in syndicated loans from African Development Bank, Africa Finance Corporation and the German Investment Corporation, as well as $94.5 million from institutional investors. "The plants will run partly on alternative fuels derived…

Wednesday, 07 June 2023 02:17

How to be a better manager: The theory of the elephant and the rider

Leading a team can be a lot of work, and for many business owners and leaders their first real experience leading a team is when they start their own businesses. This is why it's imperative that you take the time and energy to hone your management skills along the way to help your business grow and thrive. Today I want to share with you the theory of the elephant and the rider and discuss how you can use this idea to become a more in-tune manager with your team. The Happiness Hypothesis Psychologist Jonathan Haidt has authored several books over…

Tuesday, 06 June 2023 03:39

7 habits of highly effective Boards

Creating strong boards can help propel a board forward. Weak and ineffective boards hold a company back. As a CEO, one of the most important (yet overlooked) tools in the playbook is building and leading a board of directors. Throughout my 20+ years of entrepreneurship, I’ve led four companies (including Bolster, where I’m a co-founder and CEO today) and served on eight boards. I’ve learned that strong boards can help propel a company forward and I’ve also witnessed how weak and ineffective boards can hold companies back. Mediocre or mismanaged advice, plus lack of accountability, can do long-term damage to…

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Monday, 05 June 2023 04:15

Oil rises after Saudi Arabia pledges million-barrel cut at OPEC+ meet

Oil advanced at the week’s open after Saudi Arabia said it will make an extra 1 million barrel-a-day supply cut in July, taking its production to the lowest level for several years following a slide in prices. West Texas Intermediate futures jumped almost 5% early in the session before paring gains to trade under $73 a barrel while global benchmark Brent changed hands at about $77. Saudi Energy Minister Abdulaziz bin Salman said he “will do whatever is necessary to bring stability to this market” following a tense OPEC+ meeting over the weekend. “The voluntary cut, in my view, is…

Monday, 05 June 2023 04:08

Where do billionaires live? Top 16 cities for billionaires worldwide

A third of the world's billionaires are concentrated in just 16 cities, according to a new study. Wealth-X's annual Billionaire Census tracks where they live, how they make their money, and more. Here, the 16 cities across the globe with the most billionaires, from Istanbul to Moscow. About 27 million Americans moved in 2022, according to census data. As for billionaires? They tend to stay put. Almost a third of the world's billionaires are concentrated in just 16 cities, according to a new analysis of the habits and patterns of the richest individuals. Wealth-X's Billionaire Census found that 29% of…

Friday, 02 June 2023 04:30

8 ways CEOs can become more approachable

For employees, the CEO can seem like an elusive figure – too busy and too important to engage with on a day-to-day basis. However, leaders who take the time to build relationships with their team members can create a more connected and engaged workforce. Being approachable is key, but it's not always easy to know where to start. To help, a group of entrepreneurs shared their tried-and-true strategies for creating an approachable, open work environment and building better relationships with their teams. 1. Break the ice Employees may not be naturally inclined to initiate a conversation with the CEO. That's…

Thursday, 01 June 2023 04:25

Why being nice always pays off

Remember as a child when you were told "if you don't have anything nice to say, don't say anything at all?" Well that piece of advice is actually really relevant when it comes to managing a team as well. And as anyone who has ever managed a group of people knows, it can be difficult at times with different personalities and work styles to get everyone on the same page and ensure that everyone feels like they are being heard and respected. But when it comes to emotional and social intelligence you can never go wrong as a manager when…

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