Business News

Thursday, 06 July 2023 04:33

Terminal operator says petrol subsidy removal, forex rates hike forced 36% increase in tariffs on imported vehicles

Months after the Maritime Workers Union of Nigeria requested that terminal charges be reviewed upwards, Ports & Terminal Multipurpose Limited has announced a 36 per cent increase in tariff on imported vehicles with effect from July 1. In a public notice sighted by our correspondent on Tuesday, signed by the management of PTML, the terminal said the current economic conditions of surging inflation, currency devaluation and subsidy removal had increased its operational costs. The terminal in the notice said it had received the approvals of relevant authorities for the tariff hike. The notice read in part, “PTML would like to…

Thursday, 06 July 2023 04:28

Few founders get it right the first time

One happy exception to this rule is Ed O’Reilly, who helped build and co-found a successful software development business after several failures of his own. And while he learned a fair amount from his own missteps, he often found answers and lessons needed in the books he read. The first thing he learnt to do was to pivot. His original career path was to become an actuary, but events conspired to interest him in programming. “I never used any of the complex maths from actuarial science in business, but because I was used to learning such complicated things, learning to…

Wednesday, 05 July 2023 04:39

Investors on NGX lose N671bn as the ‘Tinubu effect’ wears off at equity market

Stock investors recorded a significant loss of N671bn on Tuesday at the Nigerian equity market which had posted a strong start at the beginning of the second half of the year, signaling President Bola Tinubu’s administration. The All-Share Index closed at 60,715.04 index points, 1.99 per cent less than the 61,949.24 index points it recorded at the end of the previous trading day. In a remarkable one-day loss, the market value of shares fell by N671bn, (1.99 per cent), to N33.06tn at the close of trading. This was from N33.731tn recorded in the previous day’s session. CHIPLC, ETERNA, and CHAMS…

Wednesday, 05 July 2023 04:38

MTN, Airtel maintain lead as most capitalized companies in Nigeria

MTN Nigeria and Airtel Nigeria have emerged as the most capitalised companies in the country with N5.56 trillion and N4.49trn to lead eight other companies on the stock exchange’s 10 most capitalised companies in June. In a data released by the exchange yesterday, the two telecom operators’ combined N10.5trn capital base gave the ICT sector an edge over the industrial goods sector which parades Dangote and BUA with a combined capital of N7.98trn, and the consumer goods sector which has Nestle and BUA with N3.43trn. Data shows that the financial sector got N2.11trn while oil and gas had N823.7billion and…

Wednesday, 05 July 2023 04:29

3 secrets to building a winning team

As an entrepreneur and author, I've had the opportunity to work with and learn from some of the best business minds in the industry. Time and time again, I've seen that the key to success lies in one crucial element: A winning team. Without a group of dedicated, talented individuals working together, even the most innovative ideas can fall flat. I'll share with you three best practices to building a winning team: Finding "A" players, recruiting and vetting and employee retention. These strategies have helped me build successful businesses in the past and I know they can work for you…

Tuesday, 04 July 2023 04:47

How to prevent silos from becoming enemy of collaboration

Collaboration. Businesses want it. Governments want it. Leaders frequently invoke the word whenever a formidable challenge emerges. What better way to serve customers, respond to threats, and deal nimbly with unexpected events (say, a worldwide pandemic) than to bring together different parts of an organization? Maybe you have found in your own experience, though, that the desire to collaborate does not always translate into positive results. In fact, all too many collaborative efforts fall apart because of a natural human tendency to be territorial. Understandably, people identify most strongly with the people they already know and work with on their…

Monday, 03 July 2023 03:11

5 questions that can determine if your startup will be successful

Not a day goes by without someone telling me that they have an idea for the next big thing. Now, it could very well be that those people are right. But, nine times out of ten, they haven't done any research to actually determine if their idea is doable. Here are five questions founders ask themselves when deciding whether to move forward with a startup idea. 1. Has anyone done it before? I've spoken about this countless times, but before you write one line of code, do market research. Figure out if someone has done it before you. Were they…

Friday, 30 June 2023 02:49

The most common career mistake young people make, according to Uber CEO

Some people reach incredible heights in their careers because they happen to be the kind of creative genius who has the right idea at the right time. Most tech-whiz kids like Bill Gates, Steve Jobs and Mark Zuckerberg fall into this bucket. But what if you're the kind of entrepreneur who wasn't lucky enough to think up the idea for Facebook in 2004 and is looking for a more step-by-step path to career greatness? Then you could do a lot worse than follow the example of Uber CEO Dara Khosrowshahi. A lucky break and a fast climb Khosrowshahi started out…

Wednesday, 28 June 2023 04:57

Nigeria banking stocks head for best quarter in 6 years - Bloomberg

Nigerian banks are heading for their best quarterly performance in six years as a return to more conventional economic policies and a sharp devaluationof the naira are expected to boost profits in the West African nation. Banking stocks are up 34% this quarter and headed for the best quarterly performance since 2017, according to data compiled by Bloomberg. The NGX10 index, which tracks the performance of the lenders on the Nigerian Exchange, is up 45% so far this year, extending its gain to 54% in the last 52 weeks. That compares with a 2.3% loss on the MSCI Emerging Markets…

Wednesday, 28 June 2023 04:50

Mark Cuban says successful people share 1 trait 'most people' don't have

Between his own business success and his investments in hundreds of startups, Mark Cuban knows what it takes to be highly successful. There's one trait you should cultivate above all others if you want to be successful too, he says. "The one thing in life you can control is your effort," Cuban, 64, recently said in a LinkedIn video post published by entrepreneur and VC investor Randall Kaplan. "And being willing to do so is a huge competitive advantage, because most people don't." Putting in effort means going beyond what's required to solve problems, even when you aren't asked to…

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Tuesday, 27 June 2023 01:12

Why emotionally intelligent leaders embrace the 10-80-10 rule

"Why can't they get this right?" When I hired "Jen," my first employee, I thought everything would be smooth sailing. I'd chosen someone smart and hard-working, and I couldn't wait for her to start taking over some of the tasks I was ready to offload, so I could focus on the parts of the business I enjoyed. That's not what happened. Things started well. But after time, well...Jen wasn't performing horribly. But her work wasn't up to my standard. Over time, though, I realized: Jen wasn't the problem. I was. I was expecting Jen to take over tasks I had…

Monday, 26 June 2023 01:42

Oil climbs on Russia concerns

Oil prices rose in early Asian trade on Monday after a failed mutiny by Russian mercenaries over the weekend raised concerns about political instability in Russia and the potential impact on oil supply from one of the world's largest producers. Brent crude futures rose 95 cents, or 1.3%, to $74.80 a barrel by 2300 GMT on Sunday. U.S. West Texas Intermediate (WTI) crude was at $70.04 a barrel, up 88 cents, or 1.3%. A clash between Moscow and Russian mercenary group Wagner was averted on Saturday after the heavily armed mercenaries withdrew from the southern Russian city of Rostov under…

Monday, 26 June 2023 01:29

2 out of 5 CEOs believe their company will no longer be viable in next decade

Some two out of five CEOs in South Africa believed that their company would no longer be economically viable a decade from now. Therefore, building business resilience was critical, according to PwC’s 26th Annual Global CEO Survey. This was as the pressure to optimise costs and maximise productivity was at the forefront of all business leaders’ minds. Today, this pressure was further exacerbated by disruptive technology, the increasing complexity of geopolitics and global trade, evolving risk and regulation, and the ongoing race to find and keep the right talent with the right skills. Marthle du Plessis, PwC Africa Workforce of…

Saturday, 24 June 2023 02:50

Half of Nigeria’s crude oil unsold. Here’s why

A glut of unsold Nigerian oil has built up again with as much as half of output due to be loaded next month still searching for buyers. Traders of the nation’s oil said the surplus has been caused in part by a request for back taxes from shipping companies, which caused a wariness among some of the firms about sending their vessels to collect the west African nation’s barrels. While the government subsequently clarified that there would be a six-month grace period to comply with the tax request, traders said the lack of sales demonstrated that Nigeria needs to do…

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