Business News

One of the hot-button issues covered constantly in the media is the topic of CEO pay. Specifically, how CEO compensation has increased over the past several decades to the point where the difference between what CEOs make compared to the rest of the organization is more comprehensive than ever. When pressed to explain why this pay gap has exploded, the typical response from boards and others responsible for handing out those pay increases is that CEOs deserve what they get because of their profound impact on the organization's performance. Several academics have dug into this issue with some depth and…
The naira has continued its free fall in the parallel market, depreciating to N815 per dollar in Abuja on Monday. Bureaux De Change (BDC) operators in the Wuse area of Abuja, who spoke to our correspondent said the naira was falling rapidly against the greenback amid increased demand by Nigerians. This development comes a few days after the Central Bank of Nigeria (CBN) announced that it has redesigned some naira notes and will start circulating them by December 2022. The apex bank had explained that it took the decision to reduce excess cash in circulation and check counterfeiting. Meanwhile, currency…
Understanding that people have different personalities, and managing to balance conflicting traits is crucial for leading a high-performing team. By identifying strengths and weaknesses, embracing differences and both learning and teaching to compromise, management can reduce conflict and improve performance. We've all been there as leaders: You've hired a talented team of bold go-getters, each with individual strengths and personalities. When these individuals clash they turn to you for help. When separating team members isn't an option, a solution must be found. The following strategies can be implemented with new teams, recent hires or longer term departments in need of…
Every business leader expects to encounter one or more crises eventually. The challenge for each of you is to get it handled quickly and effectively, without losing the trust of constituents, as well as customers. In my role as a business advisor, I see leaders who handle it well instinctively and others who fall apart under the stress by letting their emotions and biases lead them astray. In my experience, there are only a few basics to remember and practice. I saw these summarized clearly in a new book, BUILD, by entrepreneur Tony Fadell. He writes that these strategies apply…
Elon Musk became Twitter Inc's new owner on Thursday, firing top executives he had accused of misleading him and providing little clarity over how he will achieve the lofty ambitions he has outlined for the influential social media platform. The CEO of electric car maker Tesla Inc has said he wants to "defeat" spam bots on Twitter, make the algorithms that determine how content is presented to its users publicly available, and prevent the platform from becoming an echo chamber for hate and division, even as he limits censorship. Yet Musk has not offered details on how he will achieve…
For a lot of companies, the battle for success is often lost in the margins. And quietly. A company can be quickly doomed by a decision that seemed less than critical, almost innocuous, at the time it was made. This is the law of unintended consequences and it's a nightmare for both startups and mature companies. It can strike in sales, technology, finance, hiring, just about anywhere. The more mature the company, the more likely it can absorb the damage when the unforeseen becomes seen. On the other hand, I've seen the law of unintended consequences take out startups in…
Business seems to have turned a corner and I couldn't be happier or more grateful. It's been a long time coming, but the days of management walking on eggshells to appease snowflakes, Millies and other entitled employees could soon be ending. The timing couldn't be better. If the US is planning to compete for the future on a global scale, employers have to get back to seriously taking care of business after enduring several soul-sucking and defeatist decades of political correctness, lip-biting and tongue-holding. Billions of dollars and millions of hours were wasted on frivolous and foolish efforts to make…
Petrol scarcity hit different parts of Nigeria on Tuesday, forcing motorists to spend hours at filling stations while battling to get the product. Black marketers had a field day, selling a litre of fuel at N300-N400 in many parts of the country. Many motorists were forced to patronise them as the unpalatable alternative was to wait for hours in filling stations. Amid long queues and waiting hours in Lagos, some filling stations sold a litre of the Premium Motor Spirit at N200/litre as against the approved price of N180-N185/litre. One of our correspondents who visited some filling stations around Ikotun,…
Have you ever wondered why some businesses thrive while others take a nosedive or why some entrepreneurs are successful when so many are not? Why do some businesses sell for maximum value, some sell for pennies on the dollar and some don't sell at all? Over the last 20-plus years, my clients have asked me all the above. Many of them expect me to give a variety of complex answers. They are quite startled when I simply say, "Yes, I know the answer and it's not complicated, it's actually quite simple". As a 22-year veteran in the M&A industry, I…
Central Bank of Nigeria, in line with its mandate to promote stability, inclusion and growth in the financial and payment system, says it has introduced a national domestic card scheme that will become effective on January 16, 2023. A statement from Director, Corporate Communications, CBN, Osita Nwanisobi, said Nigeria is Africa’s largest and most vibrant economy and the pace of digitisation and innovation, alongside the expansion of mobile penetration and the proactive policy initiatives of the CBN, had driven the accelerated adoption of digital financial services. He said, “Considering the strength and breadth of its banking sector and the rapid…
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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