Business News

Sunday, 26 February 2023 05:19

New CBN rule forces Ovia, Elumelu, others out of the their banks as chairmen, CEOs, EDs

Central Bank of Nigeria (CBN) says bank executive directors (EDs), deputy managing directors (DMDs), managing directors (MDs), and non-executive directors (NEDs) can only serve a cumulative tenure of 20 years across the banking industry. The new directive is contained in a circular addressed to all deposit money banks (DMBs), signed by Chibuzor Efobi, director of financial policy and regulation department, CBN. The circular was a revision of the regulatory requirements for the tenure of executive management and non-executive directors of DMBs and financial holding companies in the Code of Corporate Governance for Banks and Discount Houses (Ref: FPR/DIR/ClR/GEN/01/004). CBN said…

Friday, 24 February 2023 06:13

Discos reject 408MW ‘excess power’ for these reasons

Power distribution companies have stepped up the quantum of electricity load allocation that they receive and distribute to consumers across the country, as the latest data from the Federal Government showed a reduction in the amount of unutilised energy by the Discos. Data released on Thursday by the Federal Government-owned Transmission Company of Nigeria on Daily Discos Load Summary from February 4 to 10, 2023, showed that the cumulatively excess load allocation that was taken and distributed by the Discos during the period was 897MW. The report, however, indicated that the total quantum of energy that was not utilised during…

Friday, 24 February 2023 06:09

7 mistakes entrepreneurs make that sabotage their success. Learn to spot them in advance

So many leaders view their struggles as unique. For example, unforeseen situations they couldn't have predicted and were impossible to avoid. Not true, according to serial entrepreneur and equity investor Matt Higgins, who I had the opportunity to interview. Higgins says that some of the best preparation for his career goes all the way back to his early days as a reporter. The reason, he insists, is pattern recognition. "A reporter sits in the stream of information," Higgins told me, "and sees the patterns of life play out again and again. If you witness enough business crises, you learn to…

Thursday, 23 February 2023 06:02

FG concessions newly constructed 700MW hydropower plant to local firm

Federal government has picked local energy firm Mainstream Energy Solution Ltd to operate and manage a Chinese-funded hydro electric power station at a cost of $70 million a year for the next 30 years, the Bureau of Public Enterprises (BPE) said on Wednesday. BPE had said in November it was looking to grant a concession for the 700 megawatt (MW) Zungeru Hydroelectric Power Plant that is being built at a cost of $1.3 billion in Northcentral Niger state. BPE spokesperson Uzoma Ibeh said in a statement that Mainstream Energy Solution Ltd offered the highest bid. The firm says on its…

Thursday, 23 February 2023 06:01

Naira falls further at parallel market

The naira, on Wednesday, depreciated further against the dollar at the parallel section of the foreign exchange market. Bureaux De Change operators (BDCs), popularly known as ‘abokis’, who spoke to our correspondent in Lagos, quoted the naira at N766 to the dollar at the street market. The figure signifies a N10 or 1.3 percent slip compared to the N756 it traded three weeks ago — further widening the gap between parallel and official rates. The street traders put the buying price of the dollar at N758 and the selling price at N766, leaving a N8 profit margin. Some of the…

Thursday, 23 February 2023 06:00

Oil drops 3 percent on demand worries

Oil prices fell by $2 per barrel to their lowest in two weeks on Wednesday, as investors became more concerned that recent data will prompt more aggressive interest rate increases by central banks, pressuring economic growth and fuel demand. Brent crude futures settled $2.45, or 3%, lower at $80.60 per barrel. West Texas Intermediate crude futures (WTI) dropped $2.41, or 3%, to end at $74.05 a barrel. The settlement levels were the lowest for both benchmarks since Feb. 3. Minutes from the latest U.S. Federal Reserve meeting showed a majority of Fed officials agreed the risks of high inflation remained…

Thursday, 23 February 2023 05:52

Steve Jobs: This is the 'most important' statistic to identify truly great leaders

When Steve Jobs took the stage to unveil the iMac almost a quarter of a century ago, he was basically beaming with pride: He'd returned just nine months earlier to lead the company he'd co-founded, after his unceremonious firing a dozen years earlier. He was thrilled to have been successful already at changing Apple's image; this was after Apple's "Think Different" marketing campaign, that people still talk about today. And, he was practically bouncing off the stage as he rolled out the first new products since his return -- a massive upheaval after Jobs has gotten rid of 70 percent…

Wednesday, 22 February 2023 05:54

Many people hate meetings because everyone is so lousy at them. This is how to do it to be better

I spend a lot of time in meetings and am surprised to see the stance that Shopify is taking to curb the amount of time their employees are spending in meetings. Shopify's approach, implementing a set of rules about how, when and who can attend meetings, isn't addressing the issue. That employees are meeting isn't the problem – it's how the meeting is conducted that makes the difference. I have run companies remotely for more than two decades. Focusing on the following aspects ensures that meetings accomplish their intended purpose. Invite the Right People Whether it's two people, or 200…

Tuesday, 21 February 2023 05:40

3 tips for turning your passion into a business

When you think about what you want to do in life, you know that it is something that you both excel at and love doing. However, this is easier said than done in many cases. Previously, we have discussed identifying gaps and becoming an expert in your industry to help turn your passion into a startup business. But doing your research and due diligence isn't always enough to escape from your day job or turn that unusual degree into something unexpected. To transform what you love doing into a strongly reputable and profitable business in 2023, you need to create…

Monday, 20 February 2023 05:29

Starbucks, Dangote Group, Zara have one thing in common: Vertical integration

They are all vertically integrated. Vertical integration is a business model that controls the supply chain process, from manufacturing to sales. Starbucks’ vertical integration model allowed the coffee chain to maintain a 10.1% market share. The company could ethically source 99% of its Arabica beans by managing its own supply chain. Zara runs a vertical integration model that includes design, manufacturing, marketing, and sales. As a result, Zara can meet consumer demands in a short amount of time and respond quickly to market demands. A McKinsey survey revealed that companies in Africa that vertically integrate have a higher chance of…

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Friday, 17 February 2023 05:37

Foreign exchange shortage may threaten bank liquidity, rating agency Moody’s says

Foreign exchange shortages faced by local Nigerian companies may threaten bank liquidity, while a devaluation of the naira precipitated by these shortages would weaken banks' capital, ratings agency Moody's said in a note on Thursday. Banks have been providing trade finance to companies to cover the foreign exchange (FX) costs of imports, meaning they are on the hook if the companies fail to make the foreign currency payments, Moody's said. Off-balance sheet, trade-related exposure of the Nigerian banks it rates was about $9.8 billion in 2022, 54% of banks' liquid FX assets, Moody's said. Nigeria regularly suffers from acute foreign…

Friday, 17 February 2023 05:27

4 habits of exceptionally happy workers

One of the features that differentiate good leaders from average bosses is their ability for building a happy community of workers. When such leaders create the environment for a healthy community to evolve, the upside is a high-performing team. It's having leaders in place who have a level of faith to say, "I'm going to foster the environment for such a culture of caring to develop" and by example, others catch on and it spreads outwardly. So what does building community really look like? How do you turn this idea of building community into action that leads to good business…

Thursday, 16 February 2023 05:57

How to master social media marketing

Here are a few key tips for small business owners to master social media marketing: Know your audience It's crucial to research and understand your audience in order to create a social media strategy that is tailored to their interests and needs. This will not only help you reach more potential customers but also increase engagement with your current ones. One way to do this is by conducting market research. Reach out to your current customers and ask for feedback, conduct surveys and analyze the data. This will give you insights into their demographics, interests and what they're looking for…

Wednesday, 15 February 2023 04:46

Got a hot office romance going? Lovely. But don't forget to check with HR

Six percent of workers said they ignited a new flame during the pandemic, while 20 percent of workers continued workplace relationships that started pre-pandemic, according to a recent survey from the Society for Human Resource Management (SHRM), a trade association. These relationships mostly developed through in-person dates, though some opted for phone calls, direct messaging, and virtual encounters, says Johnny Taylor Jr., SHRM's president and CEO. "Since most of these romances were continuations, it's likely they were just going on in-person dates as usual rather than through platforms like Zoom," he explains. But workplace romances can be dicey for a…

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