Business News

Wednesday, 09 August 2023 04:24

The potential in a Ghanaian peanut

When Uju Uzo-Ojinnaka, CEO and founder of Traders of Africa (TOFA), was informed about the need for groundnuts in India by her friend in Ghana, she had no idea that her online trading platform would stem from this demand. She discovered that there was no platform to locate groundnut producers, resulting in the loss of the deal. She woke up in the middle of the night, puzzled. She shouldn’t let this opportunity slip by. Having studied Jack Ma and being able to relate to his frustration of not seeing Chinese beer online, she decided to create TOFA that very evening.…

Tuesday, 08 August 2023 04:18

Naira falls further at official window, approaches 900 to dollar at parallel market

The naira, on Monday, closed at N774.78 per US dollar at the investors and exporters (I&E) window. The figure signifies a depreciation of N31.71 or 4.27 percent compared to the N743.07 it traded on Friday, according to data obtained from FMDQ Securities Exchange, a platform that oversees foreign exchange (FX) trading in Nigeria. The I&E FX window is the market trading segment for investors, exporters and end-users that allows for FX trades to be made at exchange rates determined based on prevailing market circumstances. It is the country’s official FX market. Since the government unified the exchange rate windows, the…

Tuesday, 08 August 2023 04:12

3 ways to replicate the 'Saturday night live' formula for business success

What you can learn from Lorne Micheals to achieve lasting success in businesses. During a recent talk at the Cannes Lions International Festival of Creativity, I had the privilege to watch a speaking session with Lorne Michaels as he approaches the 50th anniversary of Saturday Night Live. Michaels has spent years of his life developing and improving the magic sauce of a cultural phenomenon that has consistently found success. His talk was filled with incredible lessons that entrepreneurs can apply to thrive in their chosen industries. Let's take a look at embracing tight deadlines, open collaboration, and impactful presentations, and…

Monday, 07 August 2023 04:58

Here’s how to create a work environment that nurtures creativity and inspires innovation

Creativity is the fuel that drives innovation, growth and vibrant work culture. It is a key element in discovering and utilizing the full potential of your team members. If we, as managers, can help spark our employees' imaginations, we unlock an incredible force in propelling our businesses forward. So how do we tap into that potential? We need to implement some basic techniques to ensure that we provide the right environment to encourage and nurture creativity. 1. Share Your Own Ideas A culture of open communication where everyone feels comfortable sharing their ideas and perspectives is ideal, but often easier…

Friday, 04 August 2023 04:49

Six among Nigeria’s biggest companies lose $385m on Naira devaluation

President Bola Tinubu’s move to allow the nation’s currency to weaken has contributed to combined losses of $385 million at six of the nation’s biggest companies. Airtel Africa Plc reported the biggest loss among the top Nigerian companies for the quarter ended June 30. The local units of Nestle SA and Mondelez International Inc. reported losses for the first six months of the year after revaluing overseas loans and letters of credit as the local currency depreciated 40%. Tinubu, who took over late-May, has introduced a raft of measures to attract overseas inflows. Apart from weakening the naira, the government…

Friday, 04 August 2023 04:49

British pharmaceutical giant GSK exits Nigeria as revenue falls 50% within one year

British multinational drugmaker and biotechnology company GlaxoSmithKline Plc (GSK) said Thursday it is drawing the blinds on its Nigerian subsidiary after a “strategic intent” to consider other favourable business options. GSK’s operations in Nigeria will no longer involve commercialising its prescription drugs and vaccines, meaning its activities in the country now entail the distribution of its pharmaceutical products through a third party only. “The Haleon Group has also separately informed the Board of its intent to terminate its distribution agreement in the coming months and to appoint a third-party distributor in Nigeria for the supply of its consumer healthcare products,”…

Friday, 04 August 2023 04:41

The difference between leadership and management

I was asked this recently after a talk I gave in Texas: “What’s the difference between a leader and a manager?” My answer was simple: The ability to communicate.The difference between a leader and a manager is in communication. Don’t believe me? Do a quick image search for managers. I’ll tell you what you’ll find. You’ll find pictures of happy smiley stock-image people shaking hands or high-fiving each other. Now search for leaders, and you will find a very different group. In those search results, you will find a group of people that changed the world. Those people have one…

Thursday, 03 August 2023 04:29

FG demands deletion of 18 loan apps on Play Store over regulatory violations. There are the offenders

Federal Competition and Consumer Protection Commission (FCCPC) has asked Google to delete 18 digital money lending companies’ (DMLs) apps from the Play Store, over violation of registration rules. The commission spoke in a statement issued on Wednesday, signed by Babatunde Irukera, its chief executive officer (CEO). The DMLs include; Getloan, Camelloan, Cashlawn, Nairaloan, Eaglecash, Moneytreefinance Made Easy, Luckyloan Personal Loan, and Joy Cash-Loan Up to 1,000,000. Others are Cashme, Easynaira, Swiftcash, Crediting, Swiftkash, Hen Credit loan; Nut loan; Cash door; Cashpal, and Nairaeasy gist loan. FCCPC said the aforenamed companies, although registered, will cease to operate unless they provide a…

Thursday, 03 August 2023 04:15

The road to success involves doing this one thing

Our interactions with others greatly influence our thoughts and actions. When we surround ourselves with individuals who embody qualities, values, and behaviors that we admire, we are more likely to emulate those traits. One of the best business and life tips I have ever received is finding the right inner circle to push you toward career growth or business success. The advice I got comes down to one simple sentence: Choose to surround yourself with people who are smarter and better than you. The Lesson As the saying goes, "Birds of a feather flock together." We tend to adopt the…

Wednesday, 02 August 2023 04:49

CBN exempts microfinance, primary mortgage banks from paying fees on cash withdrawals above limits

Central Bank of Nigeria (CBN) has exempted microfinance banks (MFBs) and primary mortgage banks (PMBs) from paying processing fees for withdrawals above the cash withdrawal limits. This is contained in a circular issued on Monday and signed by Musa Jimoh, director of payments system management department. “Central Bank of Nigeria hereby directs the exemption of microfinance banks and primary mortgage banks that provide banking services to the economically active poor from paying the processing fees for withdrawals above the cash withdrawal limits for direct cash withdrawals from their correspondent banks,” the circular reads. “This is to enable them continue to…

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Wednesday, 02 August 2023 04:45

Understanding risk is a secret to success

Risk is uncertainty that matters. To prevent this, we try to control, mitigate, standardise and manage people and processes. This principle was revealed to me years ago when I hosted a speaker at the South African Reserve Bank. He was an expert in risk, there to do a lunchtime presentation. What I learned that day has stayed with me over the many years since. What it ultimately boils down to is that risk is uncertainty that matters. There is one such kind of uncertainty with which we are all familiar – the risk that bad things will happen. A different…

Tuesday, 01 August 2023 04:30

Shell resumes talks in Nigeria oil fields sale to local firm - Bloomberg

Shell Plc has resumed talks to sell its stake in a joint venture that operates onshore and shallow-water oil and gas fields in Nigeria to local firm ND Western Ltd. about a year after the process was put on ice, according to people with knowledge of the matter. The energy giant said in June 2022 that it was pausing the divestment of its 30% interest in the partnership with Eni SpA, TotalEnergies SE and the state-owned Nigerian National Petroleum Co. Ltd., which is known as SPDC, pending the outcome of a lawsuit at the West African country’s Supreme Court. A…

Monday, 31 July 2023 04:37

Electricity companies’ customers entitled to a refund when overbilled - NERC

Nigerian Electricity Regulatory Commission (NERC) has said that all customers have the right to a refund when overbilled by their respective distribution companies (DisCos). The Commission shared this insight via an awareness video on its Twitter handle on Friday, July 28. The Commission’s website also lists all the rights of electricity customers in the country. The rights are outlined as follows: All new electricity connections must be made strictly based on metering before connection. That is, no new customer should be connected by a DisCo without a meter first being installed at the premises. All customers have the right to…

Monday, 31 July 2023 04:34

How to run a business in a dangerous and disorderly world - The Economist

Bosses are being pulled in all directions by tough new rules of the game. How should they respond? Chief executives have long had to be contortionists, balancing the needs of employees, suppliers and above all shareholders while staying within the limits set by governments. But the twisting and stretching is now more fiendish than ever. The world is becoming dangerous and disorderly as governments try to manipulate corporate behaviour. Global companies and their bosses find themselves being pulled in all directions. Few multinationals are unscathed. As tensions between China and America ratchet up, chipmakers from Micron to Nvidia have been…

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