Business News

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…
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…
‘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,…
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…
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…
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…
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…
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…
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…
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…
October 11, 2024

Oil prices jump on US storm, Israel-Iran fears

Oil prices jumped about 4% on Thursday on a spike in U.S. fuel use before…
October 11, 2024

Atiku slams Tinubu over latest petrol price hike, calls president trending nickname

Former Vice President Atiku Abubakar, on Thursday, mocked President Bola Tinubu over the president’s handling…
October 11, 2024

How some leaders manipulate, control and exploit their teams

Benjamin Laker Leaders who demonstrate high emotional intelligence (EI) are often praised for their ability…
October 05, 2024

80-year-old woman reaches Miss Universe final

Choi Soon-hwa, an 80-year-old woman from South Korea, recently shocked the world by qualifying as…
October 08, 2024

Court orders prevent us from investigating corruption cases in 10 states across Nigeria - EFCC

Ola Olukoyede, the chairman of the Economic and Financial Crimes Commission (EFCC), says the commission…
October 11, 2024

Here’s the latest as Israel-Hamas war enters Day 371

Senior Hezbollah official survives Israeli assassination attempt, sources say A senior Hezbollah official eluded an…
September 23, 2024

LUTH begins bone marrow transplant treatment for sickle cell patients

Following years of research and planning, the Lagos University Teaching Hospital (LUTH) has successfully launched…
September 22, 2024

Dubois knocks down, knocks out Joshua to retain IBF heavyweight world title

In an astonishing upset, Daniel Dubois delivered a career-defining performance, defeating former two-time world heavyweight…

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