Business News

In order to attract more investors, especially at a period of inflationary pressures in the country, Central Bank of Nigeria (CBN) increased interest rate on the Treasury Bills (T-Bills) to 6.49 per cent in October 2022, reaching its highest figures in 32 months. When MPR was at 14 per cent in 2019, the interest rate on T-Bill was hovering above 10 per cent, according to the CBN money market indicators. CBN in 2022 increased MPR from 11.5 per cent to 13 per cent in May 2022 and eventually moved it to 15.5 per cent in a bid to tackle raising…
As the host of the radio program the "The CEO Show" for the last 15 years, I've interviewed more than 1,000 of the world's top CEOs. These leaders all come from different backgrounds and have run very different companies, from Procter & Gamble to Dunkin' Brands to LinkedIn. But they all agree on one thing: the No. 1 type of employee. Based on my conversations, the most successful individuals who rise to the top are what CEOs call "transformative employees" — and they do four key things that help them transform both the company and themselves. 1. They take on…
There was a drop of about 40 per cent in the number of imported vehicles that came into the country between January and October this year through the Ports & Terminal Multipurpose Limited compared to the figure for the same period of the previous year. While a total of 192,287 units of vehicles came into Nigeria in the first 10 months of 2021, only 114,159 units were imported through the same terminal in the same period in 2022. The terminal is responsible for the importation of most vehicles coming Nigeria. A document obtained exclusively by our correspondent from the Customs…
While business and law might seem to be on opposite sides of the playing field, they are surprisingly similar – and this similarity has only grown through the years. David Nied, a trial/appellate lawyer and mediator with over 30 years of experience representing companies and individuals in business, real estate, and employment, says, "law firms, at least in my experience, have become more and more like a business." But despite this, many lawyers are still unfamiliar with basic business practices. On the other side of the coin, business people (until, perhaps, recently) are often unaware of what exactly goes on…
As part of drive to bridge gender gap in businesses, the United Kingdom says it is committing a $100m fund to support women-owned enterprises in Nigeria. The UK government said the $100 million fund programme is launched through the First Bank of Nigeria to provide direct funding to women-owned enterprises. Catriona Laing, British high commissioner to Nigeria, stated this on Wednesday at the gender and inclusion summit organised by the Policy Innovation Center, (PIC), in Abuja on Wednesday. The summit was themed, ‘connecting the dots for a gender-inclusive society’. Laing said the investment was part of the implementation of the…
We're twenty years into the 21st century and most organizations – including the high tech firms that are supposedly leading-edge – still have workplaces that reflect non-scientific industrial age ideas of what productivity and creativity is all about. Entrepreneurs and executives seem to be having a difficult time letting go of long-standing concepts that alienate a large percentage of the employees – the introverts – the very people are most likely to create and innovate with technology and systems. Contrary to popular belief, introverts are not more creative than extroverts. They are, however, creative in a quite different way. Extroverts…
Wednesday, 16 November 2022 06:30

Naira rally ends, falls at parallel market

The improving fortune of the naira at the parallel market was reversed on Tuesday as the local currency depreciated to N790 per dollar. The figure represents a depreciation of N80 or 11.3 percent from the N710 it traded on Friday morning. The development is in sharp contrast to the N175 appreciation recorded a week ago when the parallel market exchange rate reduced from N885/$ to N710/$. Currency traders known as Bureaux De Change operators (BDCs), who spoke to our correspondent on Tuesday in Lagos, attributed the depreciation to rising demand for the greenback by customers which worsened demand-supply dynamics. “People…
Based on my own experience working with business leaders in large organizations as well as small, success is all about making the right decisions at the right time. Some people believe it’s all about intuition and experience, while others are fanatics in gathering data, doing the analysis and suppressing intuition and experience. I’m a proponent of always striking the right balance. I’m sure you all agree that all decisions are not the same, with some being strategic for your future, and others required due to daily operational crises. For some, data collection and analysis is key, while others benefit from…
Tuesday, 15 November 2022 06:54

Visa Ban: Air Peace suspends flights to Dubai

Air Peace has announced suspension of its flight service to Dubai following the government of United Arab Emirates’ (UAE) decision to stop issuing visas to Nigerians. Emirates Airlines recently stopped flight operations to Lagos and Abuja in protest of the failure of the Nigerian government to provide dollars for the airline to repatriate its revenues earned in Nigeria. Also about a fortnight ago, UAE had through licenced travel agents in that country announced the stoppage of issuance of visa to Nigeria and 19 other countries in Africa. Owing to this, in a statement signed by Air Peace management, the airline…
Amazon founder said he wants to support people who can unify humanity and heal deep social and political divisions. The tycoon did not give any details about the exact charities he will donate to or how much he will give. Sitting alongside his partner Lauren Sanchez, the businessman told CNN they are 'building the capacity to be able to give away this money'. When asked if he plans to donate most of his wealth during his lifetime, Bezos replied: 'Yeah, I do.' Daily Mail
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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