Business News

The Nigerian Exchange Limited (NGX) on Tuesday, extended its previous day losses declining by N371 billion as investors continue to react to the volatility in the global stock market. The benchmark All-Share Index (ASI) dropped by 653.89 basis points or 0.67 per cent, closing at 96,928.52 basis points from its opening value of 97,745.73. Consequently, market capitalisation fell, ending the day at N55.00 trillion compared to N55.404 trillion at the start while Year-to-Date (Ytd) gain moderated at 30.5 percent. Experts warn that the ongoing volatility and domestic unrest could further affect investor confidence on the local bourse, although the global…
Warren Buffett, one of the most successful investors in the world, has a reputation for his simple financial wisdom. His advice is certainly worth listening to, especially if it helps you avoid making money mistakes. According to Buffett, here are 10 things poor people waste money on and what he does instead. Low-Value Investments “The most important investment you can make is in yourself,” Buffett has said, according to Inc. “That’s how knowledge builds up. Like compound interest.” One of Buffett’s most famous tips, known as the Buffett formula, is to go to bed smarter each day. According to Inc.,…
According to a new survey, business leaders have used layoffs to head off lawsuits and avoid hurting employees’ feelings, among other reasons. Technically, layoffs occur because a company is cost-cutting or restructuring, and not through the fault of an employee. Firing occurs because an employee is at fault. But while layoffs are technically supposed to be blameless, they are still bad for employees, bad for companies, and bad for communities. For example, one study found that layoffs can lead to increased criminal behavior. Despite that, a new survey suggests companies continue to rely on layoffs—even when they aren’t necessary for…
The total inflows into the Nigerian Autonomous Foreign Exchange Market (NAFEM) declined to a five-month low of $1.92 billion in July, representing a 4.4% month-on-month decrease from the $2.01 billion recorded in June, data from FMDQ revealed at the weekend. This drop was largely due to a significant reduction in foreign inflows, which fell by 51.4% month-on-month to $243.30 million from $500.20 million in June. The decrease in foreign inflows was driven by weaker foreign portfolio investments, which declined by 58.8%, and other corporate inflows, which dropped by 32.1%, despite a substantial rebound in foreign direct investments (FDIs) which surged…
The Nigerian National Petroleum Company (NNPC) Ltd is currently scouting for a fresh $2 billion loan in Europe, TheCable understands. This will be repaid with 35,000 barrels per day over the tenor of the loan, insiders have told TheCable. Reuters recently reported that Mele Kyari, group chief executive officer (GCEO) of NNPC, was in talks for a new oil-backed loan to finance the firm’s operations. Given the low number of NNPC’s share of oil production in the country, the proposed deal will significantly affect what is available to the national oil company, which has been mandated to supply crude to…
Just because a piece of advice is common doesn't mean it applies to every entrepreneur. Follow your passion. Always be hustling. Don't be afraid to take risks. Every new and aspiring entrepreneur has likely heard common pieces of business advice like this repeated over and over again. The problem is that these types of tips are rarely universal; each business is unique and needs to find its own path to success, regardless of what has worked for other entrepreneurs. Below, eight entrepreneurs shared some common business principles that they believe are overrated. Here's why they think you shouldn't necessarily follow…
More than half of recruiters admit to asking this as a first question in an interview. This question is intended as an ice breaker but feels vague. Here’s what to say and what not to say. Q: How do I answer the interview question “Tell me about yourself?”A: Chances are you’ve been asked this question in a job interview before and chances are you will be again. More than half of recruiters admit to asking this as a first question in an interview. This question is intended as an ice breaker but feels vague. They aren’t looking for your life…
“The difference between a successful person and others is not lack of strength, not lack of knowledge, but rather a lack of will.” ― Vince Lombardi LinkedIn's research reveals that entrepreneurs consistently report the highest levels of job satisfaction among professionals. This study is logically understandable given that entrepreneurs typically venture into businesses aligned with their passions. While the concept of ditching the corporate ladder and becoming your own boss is undeniably alluring, it's crucial to acknowledge the substantial risks involved. Income is far from guaranteed, traditional employer-sponsored benefits become a thing of the past, and in cases of business…
Chris Gasbarro, an Entrepreneurs' Organization (EO) member in Boston, is the president of Ember, a boutique creative gathering agency. We asked Chris to share his thoughts on the power of timeless connections in an overly scheduled world: Over the course of your day, how many times do you say or hear, "I have a hard stop," "Let's take that discussion offline," or stare at your Outlook calendar of back-to-back meetings? I'd like to advocate for the idea of meetings without a hard stop, where the ideas keep flowing for as long as is necessary -- with your customers, your leadership…
Nigerian corporates and SMEs have decried the non-settlement of Foreign Exchange (FX) forwards by the Central Bank of Nigeria (CBN). The transactions which occurred between 2022 and 2023 are yet to be settled on maturity. Analysts and stakeholders have expressed fears that the delay could have grave implications for the economy. Reports indicate that affected companies could lose about N2.4 trillion which will impact Company Income Tax (CIT) for the next two to three years and also threaten federal government’s income. The development could also exact a huge toll on the fragile FX market which is being rebuilt by the…
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The AI revolution: How Predictive, Prescriptive, and Generative AI are reshaping the world

Bernard Marr In the ever-evolving landscape of artificial intelligence, three powerful forces are reshaping our…
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Nigeria awarded 3-0 win over Libya after airport fiasco

Nigeria have been awarded a 3-0 victory over Libya, and three vital points, from their…

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