Business News

Sunday, 30 July 2023 04:33

GTBank, Wema Bank raise pay to keep workers as inflation bites

Some Nigerian lenders are voluntarily increasing staff compensation to enable workers cope with higher costs of living, following government reforms that exacerbated inflation. Guaranty Trust Holding Co. and Wema Bank Plc have already boosted pay, while Access Holdings Plc — the country’s largest lender — is working on a similar measure, according to spokespeople for the companies. At Guaranty Trust, raises were “given according to the different cadres of staff, with the highest consideration given to junior staff,” said Oyinade Adegite, the lender’s spokesperson, without mentioning the percentage. Wema Bank said it hiked pay by 45% for all staff. Nigeria…

Friday, 28 July 2023 04:42

CAC set to delist 100,000 companies for failure to file annual returns

Corporate Affairs Commission has said it will remove 100,000 registered companies from its database soon. During a training on ‘Use of the beneficial ownership register’, in Lagos, Registrar-General and Chief Executive Officer, CAC, Garba Abubakar, disclosed the commission’s intention to delete 100,000 registered companies from its database. “CAC steps up enforcement of 100,000 companies to go off its register for failure to file an annual return,” Abubakar said. According to him, 100,000 companies that failed to file annual returns in the last 10 years were due to be struck off by the Corporate Affairs Commission. Abubakar, however, said the commission…

Friday, 28 July 2023 04:35

Build it like Bezos: Why your startup should think big and act small

Jeff Bezos did not set out to become the king of home-delivered paperback books. But we're at a point in history when an entire generation knows Amazon only as the dominant player in e-commerce, and doesn't remember the time when Amazon was that scrappy little startup that pioneered the shipping of words-on-paper to your door. I can assure you, that was an amazing innovation at the time. Today, when you think of Amazon, you think of it as the place to get everything you need – right now. But it wasn't always this way. At one point, Bezos had his…

Thursday, 27 July 2023 04:11

Four things you need to succeed in marketing

Anyone who has forged a career in marketing will tell you it is a fast-paced, challenging and complex profession characterised by the art of problem-solving and understanding human behaviour – with the power of storytelling acting as its beating heart. Here are four attitudes or factors that will help you to succeed in a marketing career: Be curious: Marketing is primarily about solving problems, then finding solutions and answers to these challenges. It is essential to do research and understand what the data are saying. That is how you can glean relevant and meaningful insights. Understanding current and emerging trends…

Wednesday, 26 July 2023 04:07

8 things successful people will think every day

The inner dialogue running through the minds of the most remarkable people. Ever wondered why certain people appear so confident and assured of their path to success? They seem downright happy -- like they know exactly where they're headed. Additionally, their success may come from being able to manage conflictwith ease when trouble comes their way; truth is, they're simply more emotionally intelligent than most. While we have to acknowledge that we're all on different paths with different personality types pursuing different goals, one thing remains constant: the most successful people think differently. Their daily thoughts help to influence their…

Tuesday, 25 July 2023 04:26

Why purpose should be at the forefront to attract the best talent

Now more than ever, finding passion in your work has become a significant aspect of businesses and a consumer demand. Times are changing, propelled by the Covid-19 Pandemic and the working landscape is seeing the most repercussions. Employees are more interested in working for a job they love versus sacrificing their personal life for a paycheck. So what does this look like? It starts from the top and trickles throughout the organization. And that's where you, the business owner, come in. As entrepreneurs, it's our job to create, promote, and foster a positive and healthy work environment - after all,…

Monday, 24 July 2023 03:28

All indexes positive as investors on NGX gain N1.3trn in one week

Stocks of the financial services sector led the activity chart of the Nigerian Exchange Limited last week, leading to N1.3tn gain for investors. Also, the NGX All-Share Index and Market Capitalisation appreciated by 3.89 per cent to close the week at 65,003.39 and N35.395tn respectively. Consequently, the year-to-date gains of the NGX ASI rose to 26.83 per cent. A total turnover of 4.182 billion shares worth N99.048bn in 41,446 deals were traded last week by investors on the floor of the exchange, in contrast to a total of 5.246 billion shares valued at N63.417bn that exchanged hands in the preceding…

Monday, 24 July 2023 03:27

Energy constitutes 40 percent of manufacturing costs - MAN

Manufacturers Association of Nigeria has said its members are currently spending between 35 per cent to 40 per cent of total costs on energy needs. President, MAN, Francis Meshioye, stated this during an exclusive interview with The PUNCH. According to him, any increase in energy costs such as electricity tariff or fuel price hike increases their cost. Meshioye said, “We rejected the hike in electricity tariff because, in the first instance, energy cost is very high for manufacturers, particularly those who consume much like steel manufacturers. “It takes an average of 35 to 40 per cent of their total costs.…

Monday, 24 July 2023 03:20

The difference between startups and scaleups

A new body of research on Africa reveals that knowledge, expertise and founder commitment are what makes or breaks commercial businesses. Drawing data from across the continent, the team of researchers at African Scalecraft identified attributes indicative of a private company’s probable success. The research project sets out to understand the contexts, barriers, enablers and future pathways necessary to scale commercial ventures in Sub-Saharan Africa. On the subject of leadership, the researchers write: “Internationally…founders of high-growth ventures are often highly educated and exhibit prior industry and leadership experience, if not necessarily prior entrepreneurial experience. High-growth ventures are also usually managed…

Friday, 21 July 2023 04:44

Know people – especially bosses – who refuse to apologize? Science says this is why

Years ago I had a boss who frequently screwed up our paychecks. We clocked in and out, but the system was wonky and supervisors needed to make corrections before submitting printouts to payroll. He would apologize, hurry off to correct the problem for the next paycheck, come back to confirm he had taken care of it, and apologize again. Frustrating? A little, but he was a pretty good supervisor and a reasonably good guy – as Mark Cuban says, being nice is an underrated superpower – so we found it more amusing than irritating. But then there was the time…

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Thursday, 20 July 2023 03:40

4 kinds of worker misery you need to eliminate now

Business leaders who walk in workers' shoes are better than those who spend their days holed up in their corner offices. The reason seems clear: if you experience the company through workers' eyes, you will know the pain your company causes them. From there, you can remove the barriers that keep employees from delivering the most value to your customers. That will be good news for workers and investors. If you issue edicts from the confines of your spectacular office, you run the risk of angering workers. That could send the most talented people – who find it repulsive to…

Tuesday, 18 July 2023 04:03

Poultry farms shutting down over rising feed costs, farmers lament

Poultry farms across the country are currently shutting down operations due to the persistent hike in the price of maize – a major feed for birds in the subsector, the Poultry Association of Nigeria said on Monday. Based on this, PAN stated that the poultry subsector in Nigeria was heading for a crash if the government failed to salvage the industry. In a statement on Monday, the association said, “At the moment, the poultry industry in Nigeria is on the verge of total collapse if urgent intervention is not channelled to it without further delay. “We are aware that the…

Tuesday, 18 July 2023 03:58

Leaders high in emotional intelligence do these 2 things to make every meeting count

Let's just admit it right off the bat: We hate meetings. Research has shown that meetings have increased in both length and frequency over the past 50 years. In the 1960s and 1970s, leaders spent roughly 10 hours a week in meetings; now it's upward of 25. Meeting for meeting's sake happen all too often. It's begun to negatively impact individual productivity and organizational performance. Busy knowledge workers can't afford to waste time in meetings, nor can their company's bottom line. The ones know this. So they schedule their days and weeks wisely. They build systems using intelligent emotional design.…

Monday, 17 July 2023 04:45

CBN cuts merchant banks Cash Reserve by 70% to boost loans

Central Bank of Nigeria has slashed the mandatory cash reserve requirement for merchant banks by 70% to increase their liquidity and ability to extend loans to companies. The cash reserve ratio for merchant banks has been reduced to 10% from 32.5% “to boost the banks’ ability to avail increased infrastructure, real sector and other long-term financing,” the Abuja-based bank said in circular to the banks. The “measure is in recognition of the nuanced business model of the merchant banks, in particular their wholesale funding structure,” it said. The cash reserve ratio is the share of a bank’s customer funds that…

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