Business News

Key Takeaways Dream big and don't try to please everyone. You can chart your own course, challenge the crowd mentality and ignore the status quo.Hire people who will elevate you and your business, not just those who think exactly like you.Don't overcomplicate or catastrophize issues. Most problems have simple solutions, but you need to pause to think about it.You will fail if you seek perfection, because it doesn't exist. Sometimes you have to "just do it." And when you do have to make a decision, live up to your values 100% of the time. Forty years ago, I started my…
Google, Netflix, Facebook and other foreign companies operating in Nigeria paid N2.55tn in taxes to the Federal Government in the first six months of 2024. The amount represents an increase of 158.76 per cent from N985.27bn collected in the preceding period of 2023. The figure includes Company Income Tax and Value Added Tax, collated from data obtained from the National Bureau of Statistics. According to the Federal Inland Revenue Service, CIT is a 30 per cent tax imposed on companies’ profit, and VAT is a 7.5 per cent consumption tax paid when goods are purchased, and services are rendered and…
The Dangote Petroleum Refinery says only 3 percent of local oil marketers are purchasing refined petroleum products. Devakumar Edwin, vice-president of Dangote Industries Limited (DIL), spoke during an X space organised by Nairametrics. He said due to the low patronage, the refinery is forced to export 97 percent of its refined products. “The conglomerate of all the importers are refusing to buy from us. It is very strange that after putting up the refinery to supply the products locally, I have to export every diesel and jet fuel because they do not want to buy from us,” Edwin said. “We…
You've just had a wonderful idea for a startup company. It's been spinning around in your head for months now, and you just know that you have something special on your hands. Your thinking is, "If only I could make it work" or "If only someone would give me the money to get it off the ground!" Well, guess what? No one's going to hand you a sack of cash. But the good news is that you don't need anyone's money if you can't find anyone to help fund your business idea. Here are the steps you need to take…
Tax payments from local companies in Nigeria saw a massive 249.2 percent jump in the second quarter (Q2) of 2024, according to the latest company income tax (CIT) report by the National Bureau of Statistics (NBS). The CIT, also known as corporate tax, is levied on the profits made by companies operating in Nigeria. It is regulated by the Companies Income Tax Act (CITA) and enforced by the Federal Inland Revenue Service (FIRS). Currently, the tax is charged at 30 percent for companies with more than N100 million in turnover, and 20 percent for companies with a turnover ranging between…
Moniepoint, a financial technology firm (fintech), says 58.9 percent of women-owned businesses in Nigeria struggle to access funding. Moniepoint, in a report focusing on funding for women-owned businesses in Nigeria, said 40.2 percent of women use their funds and savings to run or start their businesses. The fintech said while 16.7 percent of women manage to get access to loans from their financial institutions, 83.3 percent are left to rely on family, friends, and personal funds to start or keep their businesses running. “For many women-owned businesses, sources of funding are few. With a financing gap of 32%, women are…
Melody Wilding “Eric” is a program manager at a fast-scaling tech company. He’s hungry for career growthand perfectly positioned to take on more responsibility. He’s eager for exposure to senior management and hopeful he’ll eventually advance to a director-level position. Yet despite his ambition and potential, Eric finds himself constantly repeating two toxic words: I’ll wait. “I’ll wait until I’ve finished this major project rollout,” he tells himself when a new leadership opportunity opens up. “I’ll wait until after my quarterly review to bring this up,” he decides when considering whether to pitch an idea to his boss. “I’ll wait…
Recently, I saw a video on social media that showed a public figure in a bad light. That person's voice and face were easily recognizable, so people ran with it, sending an onslaught of negativity their way.The video was later debunked as an artificial intelligence deep fake, but by that time, thousands of hate comments had already been posted. Misinformation like this is a major problem facing today’s young people, Bill Gates tells CNBC Make It. He’s tackled issues from climate change to poverty — yet, online misinformation has him stumped.“Misinformation is the one where I, a little bit, had…
Financial stability often seems elusive for many in the lower middle class. Despite working hard and having steady incomes, numerous individuals are caught in a cycle of economic struggle. This article explores ten everyday habits frequently hindering financial progress and offers practical advice on overcoming them. 1. Living Beyond Your Means One of the most detrimental habits is spending more than you earn. This often manifests through excessive credit card use and taking out personal loans for non-essential purchases. When you consistently outspend your income, you deplete your current resources and mortgage your future financial stability. For instance, using a…
Founded in the year 578, Japan’s Kongo Gumi construction company is recognized as the oldest continuously operating company in the world. Thousands of companies are founded and liquidated daily around the globe, many of which only operate for a few years, maybe even months. The world’s most valuable companies have only been around for a few decades and with technology changing the business landscape at breakneck speeds, who knows how long they’ll be around. Today, there are only a few thousand companies older than 200 years, and even those seem relatively new compared to the world’s oldest continually operating company,…
December 20, 2024

Naira expected to weaken further, says CBN business survey

Nigerian businesses anticipate further depreciation of the naira through early 2025, despite maintaining overall optimism…
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 15, 2024

102-year-old on living a long, happy life: 'I don't do exceptions'

Often, centenarians, people ages 100 and up, say their purpose in life keeps them going,…
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 21, 2024

Here’s the latest as Israel-Hamas war enters Day 442

Israeli military says Yemen missile lands near Tel Aviv, 14 lightly injured, ambulance service says…
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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