Business News

Thursday, 04 July 2024 04:40

I grew up rich: 6 money lessons I wish my parents taught me

There’s no doubt that being born with a silver spoon in your mouth gives you a leg up in the world — but it can also have its downsides, financially speaking. Growing up rich has many perks, but it can also hinder a person from learning essential money lessons. GOBankingRates spoke with people who come from privilege but recognize their upbringing didn’t equip them with the necessary financial skills to set them up for long-term success. Read below for their insights on money lessons they wish they had learned. Wealthy people know the best money secrets. Learn how to copy…

Wednesday, 03 July 2024 04:30

Economic growth won’t happen with 30 percent interest rate, Dangote tells CBN

Aliko Dangote, president of the Dangote Group, says the increase of interest rate to almost 30 percent by the Central Bank of Nigeria (CBN) will stifle growth. Speaking on Tuesday during a three-day summit organised by the Manufacturers Association of Nigeria (MAN) in Abuja, Dangote said the country is battling “a very high” interest rate. In May, the monetary policy committee (MPC) of CBN raised interest rates from 24.75 percent to 26.25 percent The business tycoon said he understands that the CBN aims to tame inflation by increasing interest rate. “Right now, at 30 percent, there is no way anybody…

Wednesday, 03 July 2024 04:23

5 questions to review that will help change course from failure to success

‘By reviewing with an open mind, we can reaffirm what we have already concluded while simultaneously tweaking, improving, revising, and occasionally rejecting old views. It’s not hard if we’re willing to ask questions like these.’ In the movie Paycheck, Ben Affleck finds himself under attack from Uma Thurman’s futuristic weather machine. Buffeted by gale-force winds, Affleck raises his hands and calls out, “Alright, I give up! I give up!” Thurman turns off the weather, smiles mischievously, and coos, “Don’t give up.” There is more than one way to give up. In the sense of surrender, it means to admit defeat,…

Tuesday, 02 July 2024 04:37

Capital importation rose 210 percent in Q1 2024, says NBS

Nigeria's capital importation increased by 210.16% in the first quarter (Q1) of 2024, according to the National Bureau of Statistics (NBS). The total capital imported reached $3.38 billion, up from $1.09 billion in Q4 2023. Capital importation refers to the inflow of funds from outside the country for investment purposes in a country. Year-on-year, foreign investment into Nigeria grew by 198.06%, compared to $1.13 billion in Q1 2023. The NBS reported, "In Q1 2024, total capital importation into Nigeria stood at $3,376.01 million, higher than $1,132.65 million recorded in Q1 2023, indicating an increase of 198.06%. In comparison to the…

Tuesday, 02 July 2024 04:27

Warren Buffett tells students that they won't measure success by how much money they have when they're older — here's what really counts

We’ve all heard it before: money doesn’t buy happiness — and investing legend Warren Buffett took that sentiment one step further. “When you get to my age, you will not measure how well you’ve done with how much money you’ve got, I can guarantee you that,” he once said in a speech to students at Georgia Tech. “The money isn’t going to be that big a deal.” Buffett is the 10th richest person in the world — behind Elon Musk, Jeff Bezos, and Bill Gates, among others — with an estimated net worth of $135 billion, according to the Bloomberg…

Monday, 01 July 2024 04:20

Warren Buffett gives away another $5.3bn, says his children will manage his estate

Warren Buffett on Friday made his biggest annual donation to date, giving $5.3 billion worth of Berkshire Hathaway shares to five charities. The legendary investor, who’s turning 94 in August, converted 8,674 of his Berkshire Class A shares to donate more than 13 million Class B shares, according to a statement Friday. A total of 9.93 million shares went to the Bill & Melinda Gates Foundation, with the rest going to the Susan Thompson Buffett Foundation, named for his late first wife, and the three charities led by his children Howard, Susan and Peter Buffett. The “Oracle of Omaha” has…

Saturday, 29 June 2024 04:54

CBN accedes to banks’ demand to deposit excess FX at its branches

The Central Bank of Nigeria (CBN) has issued fresh guidelines on foreign currency deposits by deposit money banks (DMBs). CBN made this known in a circular signed by Solaja Olayemi, its acting director of the currency operations department on Friday. In the circular, the apex bank directed banks to transfer all excess foreign currency notes to its Lagos or Abuja branches. The financial regulator said this is aimed at boosting liquidity in the foreign exchange market. According to CBN, each bank would be allowed a maximum deposit of $10 million threshold for $100 notes and $50 notes daily. “In order…

Friday, 28 June 2024 04:50

Yield-hungry investors snap up N284bn in CBN T-Bill auction

The Central Bank of Nigeria (CBN) secured N284.26 billion from eager investors during its latest Nigerian Treasury Bills (NTBs) auction held on Wednesday, June 26, 2024. According to results from the Debt Management Office (DMO), the auction drew substantial interest, with total subscriptions reaching N773.98 billion, significantly exceeding the initial offer of N228.72 billion. Treasury Bills serve as a key tool for the CBN to manage monetary policy by controlling money supply, and they also provide the government with short-term funding to bridge budget deficits. The recent auction marks a notable increase of 417.1% in the amount offered compared to…

Thursday, 27 June 2024 04:52

CBN streamlines import process, eliminates price verification requirement

The Central Bank of Nigeria (CBN) has announced a significant change in import procedures, discontinuing the mandatory use of the foreign exchange (FX) price verification system (PVS) portal. This decision, effective from July 1, 2024, marks a departure from the previous requirement established in August 2023. W. J. Kanya, the acting director of CBN's trade and exchange department, issued a statement on Wednesday outlining the policy shift. The move is attributed to recent developments in Nigeria's foreign exchange market and aims to simplify the import process. Under the new guidelines, importers will no longer need to obtain a Price Verification…

Wednesday, 26 June 2024 04:52

FG replies Dangote Refinery: No dirty fuel being imported into Nigeria

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has firmly denied allegations of dirty fuel being imported into Nigeria. Speaking to journalists after a meeting with oil marketers and local refiners at the NMDPRA headquarters in Abuja, Executive Director of Distribution Systems, Storage and Retailing Infrastructure, Ogbugo Ukoha, assured the public of the quality of petroleum products entering the country. "There is no dirty fuel that we would encourage to come into Nigeria. And there is no dirty fuel being brought in," Ukoha stated emphatically. This statement comes in response to accusations made by Devakumar Edwin, Vice President of…

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Wednesday, 26 June 2024 04:38

The No. 1 trait that sets highly successful people apart, but ‘rare to find’

Harvard Business School professor Joseph Fuller has spent the better part of a decade studying — and working with — some of the world’s most successful people, from Fortune 500 executives to Nobel Prize laureates. What sets high achievers apart from everyone else, Fuller has discovered, isn’t their confidence or business acumen — it’s their adaptability. “They’re not wedded to some predetermined career path that they set when they were a student or starting their first job,” he tells CNBC Make It. “They’re open to unexpected opportunities and embrace change instead of fearing it.” It’s great to set career goals…

Tuesday, 25 June 2024 05:14

Shoprite to close Abuja mall, citing adverse business climate

Retail Supermarkets Nigeria Limited, the operators of Shoprite Mall, have announced that they will cease operations at their Wuse, Abuja branch on June 30, 2024. The announcement was made in a circular signed by Chief Executive Officer Folakemi Fadahunsi. The company attributed the closure to the current business climate in the country, noting that the decision followed a thorough evaluation of the store’s financial performance. Vendors have been informed that their services will no longer be required at the location. Shoprite also stated that it will review its financial records over the next 60 days to address any outstanding balances…

Tuesday, 25 June 2024 05:04

3 questions to ask in a job interview to reveal the company's culture

As a Gen Zer, company culture was a major deciding factor when I was job searching.Like many people of my generation, I value a workplace that prioritizes diversity, work/life balance and professional growth. So I was surprised to hear hiring expert and entrepreneur Brianna Doe say it may not be smart to ask “What is the company culture like?” in a job interview.Doe worked in marketing for roughly a decade, started leading hiring interviews seven years ago, and now, as founder of her own agency, Verbatim, will soon be hiring her own full-time staff. Doe says that she hears the…

Monday, 24 June 2024 04:55

Dangote accuses International Oil Companies, FG of sabotaging refinery efforts

Devakumar Edwin, vice-president, oil and gas at Dangote Industries Limited (DIL), has accused international oil companies (IOCs) in Nigeria of doing everything to frustrate the survival of Dangote Oil Refinery and Petrochemicals. Edwin said the IOCs are deliberately frustrating the refinery’s efforts to buy local crude by jerking up crude oil prices above the market price, thereby forcing it to import crude from countries as far as the United States, with its attendant huge costs. Edwin spoke to journalists at a one-day training programme, organised recently by the Dangote Group. He also lamented the activity of the Nigerian Midstream and…

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