Business News

Wednesday, 31 August 2022 07:03

Crude oil purchase agreement for 20 years secured with Dangote refinery - NNPC

Federal government says it has high hopes the Dangote Refinery will help solve its petroleum importation challenge. And it hopes for more: amid fears of oil glut as nations move to cleaner energy, Nigeria will still be able to sell to the privately-owned refiner for at least 20 years. To do this, the government has locked down a right-of-first-refusal agreement with the company, with Nigeria owning 20 per cent of the firm. Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, said this on Tuesday in Abuja. He said Nigeria will stop importing refined fuel by…

Wednesday, 31 August 2022 06:58

Successful innovation needs you to tap into people's unspoken needs

Henry Ford once said, "If I'd ask customers what they wanted, they would've told me a faster horse." Most people in the early 20th century would not have been able to envision a motorized vehicle replacing horse-drawn buggies. But, they definitely knew they wanted to get from their homes to the store faster. I have spent the entirety of my career (as an entrepreneur, designer, venture capitalist and business school professor) focusing on how to ensure that innovative ideas successfully gain traction in the market. One of the biggest lessons I have learned in my experience working with companies of…

Tuesday, 30 August 2022 07:11

Foreign airlines make available cheaper tickets after CBN’s release of trapped funds

Following announcement of the release of $265 million trapped funds to foreign airlines by the Central Bank of Nigeria (CBN), the international carriers have reintroduced their lower class tickets, better known as lower inventory in their operations in Nigeria. Some foreign airlines had raised the alarm over their inability to remit their revenues in Nigeria, amounting to about $450 million.Last week, Emirates Airlines announced that it would suspend all flights to Nigeria from September 1, 2022, over its stuck $95 million. However, the federal government bowed to the foreign airlines’ pressure on Friday with the release of $265 million of…

Tuesday, 30 August 2022 06:59

Success needs a growth mindset but it also needs a fixed mindset

According to research on achievement and success by Stanford psychologist Carol Dweck, most people embrace – whether consciously or not – one of two mental perspectives where talent is concerned: Fixed mindset: The belief that intelligence, ability and talent are inborn and relatively fixed. Someone with a fixed mindset might think, "Numbers have never been my thing... so I probably shouldn't try to start a business." Growth mindset: The belief that intelligence, ability and talent can be learned and improved with effort. Someone with a growth mindset might think, you're likely to think things like, "I didn't do well in…

Monday, 29 August 2022 06:40

3 tips for better negotiation outcomes, according to research

Business leaders can't go it alone. They must work with employees, customers, investors, suppliers, partners, and communities. Each of these relationships is at risk when leaders enter into negotiations. Here are some examples of how negotiations can put your business at risk: An engineering leader developing your company's new product gets an offer from a rival. If you can't agree on a new pay package, your competitor will be better off and your company could lose a growth opportunity. A supplier of a key raw material proposes a 20 percent price increase due to a surge in demand and a…

Saturday, 27 August 2022 07:07

CBN releases $265m to airlines threatening to halt Nigeria flights

To halt the crisis in the aviation sector, Central Bank of Nigeria (CBN) says it has released $265 million to airlines operating in the country to settle outstanding ticket sales. Osita Nwanisobi, director, corporate communications, CBN, said this in a statement issued on Friday. Nwanisobi said Godwin Emefiele, CBN governor and his team were concerned about the development and what it portends for the sector and travellers as well as the country in the comity of nations. He reiterated that the apex bank was not against any company repatriating its funds from the country, adding that what CBN stood for…

Friday, 26 August 2022 06:50

Google CEO Sundar Pichai is asking employees 3 thought-provoking questions. It's a lesson in how to handle criticism

"I would love to get all your help." That's what Google CEO Sundar Pichai told employees at an all-hands meeting, as reported by CNBC. He spoke about challenges related to a slowing economy, went on to ask Google's more than 174,000 employees for critical feedback, to help find areas to improve focus and productivity. He then introduced what he called a "Simplicity Sprint", an initiative to crowdsource ideas for improvement from the entire company. The sprint, which was first reported on by my Inc. colleague Jeff Haden, includes the following three questions: What would help you work with greater clarity…

Thursday, 25 August 2022 06:35

Great business leaders have these 8 traits

As a lifelong entrepreneur, I know firsthand the highs and lows of running a successful company. I've run several marketing firms, each catering to different national markets, as well as co-run a financial investments company and several lucrative mobile app ventures. Although it hasn't always been picture-perfect, I don't regret the ups and downs for a second — all of the learning experiences have made me the leader I am today. It can be both exhilarating and challenging at the same time, but serial entrepreneurship is the perfect fit for me. In truth, not everyone is cut out to be…

Wednesday, 24 August 2022 07:20

Nigeria spent $11bn to import sugar, plastics, pharmaceuticals in 2 years - Report

Plastics, pharmaceuticals and sugar worth $10.98bn were imported into Nigeria between 2020 and 2021, according to data from the International Trade Centre. Within the time under review, the country spent $1.82bn on sugar products, $4.21bn on pharmaceutical products, and $4.95bn on plastic products. Countries from which these products came from included: China, Korea Republic, Saudi Arabia, India, United States of America, India, Netherlands, Denmark, United Arab Emirates, Brazil, and Switzerland, among others. According to the ITC, sugars and sugar confectionery products that were imported included cane or beet sugar and chemically pure sucrose; chemically pure lactose, maltose, glucose and fructose;…

Wednesday, 24 August 2022 07:16

Naira continues to fall at parallel market, approaches N700 to $1

The naira, on Tuesday, fell to N692 per dollar at the parallel market amid the lingering scarcity of the greenback. The figure signifies a depreciation of N9 or 1.3 percent compared to the N683 it traded last week. Bureaux De Change operators (BDCs) said they purchased the greenback at N685/$, made a gain of N7 and then sold at N692. According to the traders, the persistent naira depreciation is due to increased demand by customers and the scarcity of the dollar. “I know a trader who wants to buy goods from China. He has been looking for $40,000 in this…

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Wednesday, 24 August 2022 07:10

Online theft is on the rise. Here’s what you should do

Between 2008 and 2021, the FBI recorded a 207% increase in cybercrime reports, with losses hitting almost $7 billion last year. This is being driven by a highly professionalized cyber-threat supply chain that is enabling threat actors with little know-how and limited resources to imperil personal, economic and national security. The bad news is that cybercrime innovation hasn't stopped. According to a new report from HP Wolf Security in the future we could see emerging technologies like AI and quantum computing be abused to line the pockets of criminal groups and further nation-state goals. The key to resistance will be…

Tuesday, 23 August 2022 07:11

Oil companies’ debts to Nigerian banks rise to N5.93trn - Report

The combined bank borrowing to oil firms operating in the downstream and upstream subsectors of the Nigerian oil and gas industry was N5.93tn as of June 2022, according to data from Central Bank of Nigeria. While operators in the downstream, natural gas and crude oil refining subsector owed banks N4.28tn, operators in the upstream and services subsectors were indebted to banks to the tune of N1.65tn. This shows an increase of N250bn from the total debt of N5.68tn in December 2021. The Petroleum and Natural Gas Senior Staff Association of Nigeria had, in March, raised the alarm over the huge…

Tuesday, 23 August 2022 07:02

Why social media is a blessing and a curse for business leaders

Whether you run a Fortune 500 company, a startup or a small business, it's strategic table stakes for leaders to use social media to their advantage. As a vehicle for promotion, advertising, engagement and recruitment, it has undeniable business benefits, but are the professional advantages driving us to ignore the personal disadvantages? As the leader of a mental health company, I find it hard to separate the two. I'm going to use this article to weigh the pros of using social media authentically while also shedding light on the negative impact it can sometimes have on mental health, to help…

Monday, 22 August 2022 06:57

Banks flout CBN directive, reject lower denomination, old dollar bills

Despite repeated warnings by the Central Bank of Nigeria, commercial banks are still in the habit of rejecting old United State dollar bills, Daily trust investigations revealed. A number of the new generation banks visited within the Central Business District of Abuja rejected outright a ten dollar bill and would only take about two hundred dollars’ worth of fifty dollar bills. Two branches of Guaranty Trust Bank turned down fifty-dollar bills claiming that they were trying to reduce the stock of smaller bills. “We cannot take smaller notes alone, it has to be mixed and even at that, we cannot…

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