Business News

Central Bank of Nigeria (CBN) says non-oil exporters repatriated $4.98 billion into the country in the first nine months of the year. Godwin Emefiele, CBN governor, disclosed this during his keynote address at the second edition of the RT200 biannual non-oil export summit, held in Lagos on Tuesday. The summit is themed ‘RT200 Non-Oil Export Programme: The Journey So Far’. In February, CBN disclosed plans to pay a rebate of N65 to exporters for every $1 of goods sold to third parties through the investors and exporters (I&E) window. The N65 bonus is a benefit under the RT 200 non-oil…
Corporate Affairs Commission has unveiled a Beneficial Ownership Register platform. This was made public on Friday night, following the platform’s unveiling in Abuja by the CAC Registrar General, Garba Abubakar. He said this will make it simple to look up information on people with significant control. The CAC Registrar said, “The portal is an automated platform where PSC records compiled by CAC are saved and made available for use by the general public as well as the government, according to Oasis Management Company, the company that developed the BOR.” According to him, the worldwide standard of beneficiary ownership data standards,…
As the holiday celebrations approach after another year of mixed blessings, we're all more likely to be relieved about what we avoided rather than thankful for what modest blessings we've received. But there's at least one group I know of who wouldn't trade places or positions with anyone, notwithstanding all the grief they've been through for the last several years. Entrepreneurs. They're people who know that they've hung in, that they've hung tough, and that, while the battle's far from over, they're proud and grateful that their businesses are still standing. And they're especially thankful for the people and plans…
Queues for petrol spread to several filling stations in Lagos even as black marketers sold the product for N350 a litre. Several sellers said on Monday that they sold the product between N320 and N350 per litre. “We used to sell the product for N250 before now. But as the product has increased at fuel stations, we had no choice but to increase our price to N350 a litre,” a seller in Satellite Town said. On Monday, our correspondents witnessed queues across some filling stations while some others shut down services in the state — a situation motorists have had…
Tuesday, 29 November 2022 05:57

All founders should be solving a problem

Why it worked for me and how it can work for you too I run into a lot of aspiring founders who want to be founders just for the sake of being founders -- they want freedom, want to build wealth, or whatever the case might be. In my experience, however, it's a much better idea to become a founder only when there's a big problem that you're really passionate about and you have a burning desire in your stomach and heart to solve it. The insight for my first company, Dotloop, started with a problem I was experiencing as…
Monday, 28 November 2022 06:01

How to become a fearless negotiator

Even the most experienced negotiators feel jitters and fear when negotiating. To combat this, I often recommend Negotiate Without Fear, by Dr. Victoria Medvec, a renowned expert in high-stakes negotiating and an advisor to Fortune 500 companies and to the CEOs and C-level executives who coach with me. Whether it's about a high-stakes corporate takeover, your salary or simply your kids' bedtime, life is filled with negotiations. Medvec's tactics are based on a compilation of studies of both sides of a negotiation. One side will take the lead by negotiating with confidence and maximizing success. The other is afraid of…
Economic activities in the construction and real estate sectors contributed N20tn to the nation’s Gross Domestic Product in the first three quarters of 2022. This is according to the GDP report released by the National Bureau of Statistics. The report showed that construction services earned N12.9tn while real estate contributed N7tn to the GDP. Further analysis revealed that construction contributed 9.5 per cent to nominal GDP in the third quarter of 2022, higher than the 9.26 per cent it contributed a year earlier and higher than the 7.95 per cent contributed in the second quarter of 2022 and also grew…
Saturday, 26 November 2022 05:45

Jumia restructures after ousting co-founders

Acting chief hunts for profits after continent’s first ever tech unicorn plunges 70% in value since New York listing Jumia, the ecommerce group often dubbed the “Amazon of Africa”, is undergoing a heavy restructuring following the ousting of its co-chief executives and its share price falling 60 per cent over the past year. The reorganisation is the latest effort by Jumia to reach profitability having listed on the New York Stock Exchange three years ago to become the continent’s first tech “unicorn” — or a company valued at more than $1bn. Since then, the pan-African group’s share price has fallen…
Ghana's government is working on a new policy to buy oil products with gold rather than U.S. dollar reserves, Vice-President Mahamudu Bawumia said on Facebook on Thursday. The move is meant to tackle dwindling foreign currency reserves coupled with demand for dollars by oil importers, which is weakening the local cedi and increasing living costs. Ghana's Gross International Reserves were around $6.6 billion at the end of September 2022, equating to less than three months of imports cover. That is down from around $9.7 billion at the end of last year, according to the government. If implemented as planned for…
Inside every major decision nests another smaller decision: When do you give up on information gathering and decide you have enough data to make a choice? Spend too long probing your options and you fall prey to analysis paralysis or let promising opportunities go by. Close out the process too quickly and you risk regretting options you never considered. This is true whether you're looking for a spouse or looking for a storefront for your business. How do you decide when to explore further and when to pull the trigger on a choice? What if I told you that there…
December 24, 2024

Banks and telecom operators ordered to resolve N250bn USSD debt

The Central Bank of Nigeria (CBN) and Nigerian Communications Commission (NCC) have issued a joint…
December 20, 2024

Atiku questions alleged hack of NBS website, says timing suspicious

Former Vice President Atiku Abubakar has raised concerns over the recent claim that the website…
December 24, 2024

How to instantly become whatever you want to be: A tale of Ferraris, stoic philosophers, and entrepreneurs

First, a couple stories. One: A good friend of mine owns a handful of Ferraris,…
December 21, 2024

‘Professional Back-Scratchers’ charge up to $130 per hour

The Scratcher Girls is an unconventional relaxation therapy studio that charges clients up to $130…
December 21, 2024

NAFDAC busts illegal rice repackaging operations in Nasarawa, Abuja

The National Agency for Food and Drug Administration and Control (NAFDAC) has cracked down on…
December 24, 2024

Here’s the latest as Israel-Hamas war enters Day 445

Israeli defense minister claims responsibility for first time for Hamas leader Haniyeh's assassination Israeli Defense…
December 20, 2024

OpenAI launches voice and text access to ChatGPT through new phone service

OpenAI has introduced a novel way to interact with its popular ChatGPT artificial intelligence system…
December 17, 2024

Ademola Lookman named 2024 CAF Men’s Player of the year. These players won in other…

Ademola Lookman, the Super Eagles winger, was crowned the 2024 CAF Men’s Player of the…

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