Business News

Saturday, 24 June 2023 02:48

FG owes $3bn debt to traders for oil swaps

Nigeria has accumulated up to $3 billion in debts to trading houses such as Vitol and oil majors such as BP for fuel supplies and is trailing four to six months behind schedule in repaying them with cargoes of crude, four traders and executives told Reuters. Nigeria will likely take months to clear the debt, which will complicate reforms by new President Bola Tinubu aimed at weaning Africa's largest economy and most populous nation off costly fuel subsidies that have contributed to growing debt and foreign exchange shortages. In his first two weeks in office, Tinubu removed petrol price caps…

Saturday, 24 June 2023 02:47

Foreign Investors lose interest in buying Nigeria’s Naira bonds, treasury bills for this one reason

Nigeria’s naira bonds and treasury bills, priced in the local currency, are turning out to be something investors from abroad want to stay away from as the country’s high inflation makes the yields on those assets unattractive for them. At 22.4 per cent, price levels in Africa’s biggest economy increased to their highest levels in nearly two decades last month, outrunning rates at which such securities are priced so much that returns on them will have been much eroded by the time they fall due. That has made their real yields negative, and foreign investors want notes to be priced…

Saturday, 24 June 2023 02:42

Nigerian workers ranked second-most hardworking globally

Nigerian workers have achieved a significant milestone by securing the second spot in the global ranking of the hardest working employees, surpassed only by their Mexican counterparts. According to a recently published report by the World of Statistics, Nigerian workers dedicate an average of 2,124 hours per year to their jobs. The World of Statistics report reveals that Mexican workers topped the chart, with a mere four-hour difference from their Nigerian counterparts, clocking in an average of 2,128 working hours annually. This makes Nigeria the most industrious nation in Africa, highlighting the strong work ethic and dedication of its labour…

Friday, 23 June 2023 04:35

Four out of five SMEs in Nigeria die before 5th anniversary - Report

About 80 per cent of Small and Medium Enterprises fail before their fifth anniversary due to harsh economic environments, lack of access to capital, and poor business practices, which have stunted growth and transition of micro-businesses, a new report has said. According to the report titled “Perception Study: Efficiency and Impact of Regulatory Activities of Standard Organisation of Nigeria on SMEs”, numerous variables currently influence Nigeria’s economic climate and as a result, it is unfavourable and risky for foreign investments. It further stated that there were obstacles in the Nigerian business environment that act as constraints to the survival of…

Friday, 23 June 2023 04:26

Why failure is crucial to success in business

The best of the best fail. It's how you respond that leads to success. In a recent interview, I was asked to reflect on the last decade of my company, Cloud for Good, and share what I would have changed along my journey. After a brief moment of reflection, I realized there was only one true answer: nothing. Don't get me wrong, I've made plenty of decisions that didn't work out. I've started lines of business that had to be ended prematurely, implemented thrown or revised procedures and made my share of wrong hires. But the truth is I don't…

Thursday, 22 June 2023 02:51

Who really does the work in your company?

Do you ever feel that in any organization you work for, there's usually only a handful of people doing most of the actual work? I've found this to be especially true in non-profit organizations. Years ago, I remember being involved in the Jaycees in Hartford, CT, a volunteer service organization. There was something like 400 people on the membership rolls. But, when you looked closely, you realized that only 20 to 40 people were doing all the work. It turns out that something called "Price's Law" offers a lens to look at this dynamic. Price's Law states that when you…

Wednesday, 21 June 2023 04:41

How generative AI is changing the knowledge paradigm for enterprises

At the enterprise level, keeping track of internal data and information has become an enormous challenge. In this VB Spotlight event, learn how new generative AI experiences are unlocking the full potential of data in enterprise environments and reducing time to knowledge. With the increasing complexity and distributed nature of organizations – far-flung teams, remote work, and a multitude of knowledge systems, data is difficult to track down across an entire enterprise knowledge ecosystem, and workers are feeling the toll. This knowledge access challenge “results in a loss of productivity and a frustration that we’re starting to see, leading to…

Tuesday, 20 June 2023 04:38

Fraud protection is so easy. Why won't you do it for your business?

I have come to believe, sadly, that it's impossible to convince the vast majority of digital consumers that they should take the few simple steps and invest the embarrassingly modest amount of dollars needed, to protect the security and confidentiality of their passwords. You can explain things to people repeatedly, but the simple truth is that you can't understand things for them. If only we could learn what's important before it's too late, we'd be far ahead of the game. Prevention rather than cure. It's so much smarter and cheaper to avoid the pothole entirely than to get a great…

Monday, 19 June 2023 03:50

Binance disclaims Binance Nigeria Limited as a ‘scammer entity’

Binance has issued a cease and desist order to "Binance Nigeria Limited", Binance CEO Changpeng Zhao said in a tweet on Sunday, calling the Nigerian company a "scammer entity". Earlier this month, Nigeria's markets regulator ordered Binance to halt its operations in the country, saying local unit "Binance Nigeria Limited" that courted Nigerian investors through a website was not registered or regulated, making it illegal. Binance, the world's biggest cryptocurrency exchange, has faced a string of setbacks recently, announcing plans to leave the Netherlands, Cyprus, Canada and Australia, and being charged by the U.S. Securities and Exchange Commission (SEC). The…

Monday, 19 June 2023 03:43

Your business name can help you make a good first impression. Here's how to get it right

When Robert Sampson and his co-founders were thinking up the name for their New York City restaurant, they wanted something that aligned with what the establishment offered – fresh and delicious Thai food, a welcoming ambiance and excellent service. What they came up with was simple: Thai Food Near Me. The restaurant went viral prior to opening when a passerby uploaded a picture of their papered work-in-progress restaurant to Twitter. Sampson says that the idea for the name came up in one of his brainstorms with his co-founders. "We all thought about it and it was this instant, 'This is…

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Saturday, 17 June 2023 04:43

Naira recovers at official window, trades at 663 per dollar

The Nigerian naira has closed at N663 to the dollar at the Investors and Exporters (I&E) window after what has been the currency’s most eventful week in years. The local currency closed on Thursday at N702 to the dollar but recovered on Friday to end trading at N663. On Wednesday, the Central Bank of Nigeria (CBN) issued a circular to the effect that all exchange rates in the country will now follow the “willing buyer, willing seller” arrangement at the I&E window, effectively floating the naira. Since then, the naira has traded at a record high of N791 per dollar…

Friday, 16 June 2023 03:51

Naira goes down to 791 per dollar after float

The Nigerian naira traded as high as 790 to the dollar at the investors and exporters (I&E) window on Thursday — about 24 hours after the float of the local currency. However, the naira appreciated after hitting a record low at the FMDQ trading platform to close at 702 to the dollar. On Wednesday, the Central Bank of Nigeria announced the unification of all exchange rate markets in the country, stating that every rate quoted will be decided by the forces of demand and supply. Following the instruction of the bank, the naira depreciated to 755 per dollar but later…

Friday, 16 June 2023 03:39

How to build a culture of excellence in your business

Getting ahead in today’s competitive world means striving for excellence. In order to achieve excellence, a work culture of continuous improvement, innovation, and high standards must be fostered intentionally. Wiaht... Getting ahead in today's competitive world means striving for excellence. In order to achieve excellence, a work culture of continuous improvement, innovation, and high standards must be fostered intentionally. Wiaht that said, here are the key steps to building an organization of excellence. 1. Clarify your vision and values. Building a culture of excellence begins with establishing a vision. Why is that? Having a clear vision and understanding of your…

Thursday, 15 June 2023 03:57

Nigeria banking stocks rise to more than 20-year high

Nigeria's banking index surged 23% to a more than 20-year high on Wednesday, as investors snapped up financial firms for the second day following last week's suspension of central bank governor Godwin Emefiele, who oversaw restrictive policies. Nigeria's top 10 banking index jumped 134.8 points to 706.86 points by 1008 GMT to lift the All-share index up 1.86%. Sterling Bank gained the maximum 10% allowed on the bourse. UBA and Access Corporation climbed more than 9%. Reuters

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