Business News

Nigerian producers want the central bank to set a trading band for naira to help stem weakness in the currency and reduce the impact on manufacturing costs. Manufacturers Association of Nigeria, a industry body, said limited dollar liquidity and high exchange rate costs had weakened industrial production since currency reforms were announced in June. “Despite the recent reform to unify all forex windows, the exorbitant premium that persists between the official and parallel exchange rates have further stalled manufacturing operations,” it said in emailed report on Wednesday. “The short-term remedy will require managing the floating exchange rate system.” The government…
There are a number of ways you can build wealth, from founding a successful start-up to receiving a hefty inheritance. For the everyday consumer, though, becoming wealthy usually requires a longer-term strategy. That can include a number of components, such as budgeting, investing and managing your money well. The most important factor in building wealth: your salary, according to 67% of both millennials and Gen Zers, a recent survey from financial services company Empower found. The younger generations chose salary above other wealth-building factors such as being debt-free, job stability and living below your means. While earning a high salary…
Foreign investment in Nigerian stocks fell last month to its lowest level since President Bola Tinubu’s reforms that sparked a massive rally in the equities market, new data from the nation’s bourse show. The total amount of stocks bought by foreign investors plunged to N9.45 billion from N22.72 billion in June, according to data from the Nigerian Exchange Limited (NGX). Stocks worth N31.09 billion were offloaded by foreigners in July, compared to an outflow of N23.02 billion in the previous month. Foreign inflow into Nigerian stocks had jumped more than seven-fold in May to N27.51 billion, its highest level since…
Flour Mills of Nigeria Plc, the West African nation’s biggest miller, reported its first loss in about four years as naira’s depreciation increased the company’s cost of servicing overseas loans. The Lagos-based company reported a loss of 10.2 billion naira ($13.2 million) in the three months to June 30, compared with a profit of 5.63 billion naira a year ago, according to a regulatory filing. The firm posted a foreign-exchange loss of 22.5 billion naira. “Without the devaluation of the exchange rate, the operating profit would have increased by 52%,” Flour Mills said. Six of the nation’s biggest companies announced…
Few names command as much respect and admiration as Warren Buffett in business and investment. The "Oracle of Omaha" is known for his exceptional investment prowess and his unwavering commitment to ethical practices. One of the most crucial lessons he imparts is the significance of hiring people with integrity. He often cites the quote, "In looking for people to hire, you look for three qualities: integrity, intelligence, and energy. And if they don't have the first, the other two will kill you." For Buffett, integrity isn't just a nice-to-have quality; it's a non-negotiable foundation on which successful companies are built.…
Nigerians and other individuals living within the country have used Bolt for over 250 million rides since the firm began operations in 2016. The firm disclosed this recently as it commemorated 10 years of global operations in Europe and Africa. It stated that it has seen over three billion kilometres in distance recorded by users on the app. According to Bolt, it has surpassed 150 million customers in over 45 countries and 500 cities, and these customers are spread across a suite of mobility products which include ride-hailing, micro-mobility (scooter and e-bike rental), food delivery, grocery delivery, Bolt Drive, a…
In the grand theater of leadership, the spotlight often shines on the relentless pace, complex decisions, and high stakes. Leaders are often portrayed as naturally gifted navigators of these challenges. In our recent research at the Work Innovation Lab by Asana, in collaboration with Dr. Greg Wells, we sought to challenge this perception and establish a science-backed framework for effective leadership. Drawing on a comprehensive study of 6,000 leaders at several large global companies, we discovered that the strategies that define high-performing leaders mirror those adopted by top-performing athletes. As former competitive athletes ourselves, this insight was particularly exciting. Here…
Like Elon Musk or not (is there a middle ground?), it's hard not to respect his work ethic. Musk sometimes puts in 120-hour weeks, and says startup founders should put in 80-hour weeks. Clearly Musk likes to work, but he also thinks the way he uses some of those hours helps motivate his employees. According to Walter Isaacson, author of the acclaimed biography Jobs (and next month's Elon Musk), Musk likes military history, and applies some of its lessons to leadership. As Isaacson recently said: For example, he believes that wherever Napoleon was, that's where his armies would do best,…
Despite being the largest economy in Africa with an over 200 million human population and potentials to make fortunes, multinational companies are exiting Nigeria because of the high cost of doing business and lack of basic infrastructure, especially electricity. Experts, who noted that even though the ugly development predated the President Bola Tinubu government, said it was always good to bring the issue to the front burner, especially now that a new government was being formed for the new leaders to act fast and salvage the situation. Our correspondent reports that over time the multinational companies have been forced to…
Saturday, 26 August 2023 04:55

Unclaimed dividend rises to N190bn - SEC

Securities and Exchange Commission (SEC) announced that the unclaimed dividend figure has risen to N190 billion from N170 billion recorded as at December 2020. At a Virtual post Capital Market Committee (CMC) Meeting held yesterday, Director General of the SEC, Lamido Yuguda, linked the rising figure to irregularities in identity management and multiple subscriptions from investors. However, Yuguda stated that while the committee constituted by the SEC on identity management is working tirelessly to harmonise various databases of investors and facilitate data accuracy in the market, investors on their part have failed to claim their dividend. According to him, the…
June 09, 2025

Nigerian energy firm achieves 200,000 barrels daily output after Shell acquisition

Renaissance Africa Energy Company Limited (RAEC) announced it has successfully increased crude oil production beyond…
June 09, 2025

Northern leaders criticize Tinubu for focusing on 2027 re-election instead of national challenges

The Arewa Consultative Forum (ACF) has criticized President Bola Tinubu and the ruling All Progressives…
June 09, 2025

The two kinds of people in the world - and why it matters for leadership

Robert E. Siegel One provocative assertion I often make when teaching is that there are…
June 07, 2025

‘Nigerians are marrying all our daughters’, Kenya’s President Ruto, cries out

Kenyan President William Ruto has stirred up a storm on social media with his provocative…
June 06, 2025

Gunmen kill two policemen, abduct Chinese in Kwara

The Kwara State Police Command on Thursday confirmed the killing of two policemen and the…
June 09, 2025

Here’s the latest as Israel-Hamas war enters Day 612

Israel reveals tunnel under Gaza hospital, says body of Sinwar's brother found there The Israeli…
June 08, 2025

Let God back into the lab: Why science without God is failing us

David Rives In recent decades, a subtle and sinister revolution has occurred in our scientific…
May 13, 2025

Nigeria's Flying Eagles qualify for World Cup after dramatic win over Senegal

Nigeria's U-20 national football team, the Flying Eagles, have secured their place at the 2025…

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