Business News

Wednesday, 16 February 2022 06:28

Naira falls further at parallel market

The Nigerian naira has weakened to N577 per dollar at the parallel section of the foreign exchange market. This represents N5 or 0.9 percent depreciation compared to the N572 it traded last week. Street traders at the black market in Lagos who spoke to TheCable on Tuesday quoted the buying rate of the greenback at N572 and selling price at N577 per dollar. A parallel market (street market) is characterised by noncompliant behaviour with an institutional set of rules. Central Bank of Nigeria (CBN) has consistently maintained that the parallel market represented less than one percent of foreign exchange (FX)…

Tuesday, 15 February 2022 06:15

MTN, glo, others lost 12.3m internet subscribers in 2021 - NBS

Nigeria’s internet users dipped by 7.99 percent to 141.9 million — as telecoms operators lost 12.3 million data subscribers in 2021. National Bureau of Statistics (NBS) said this in its telecoms data released on Monday. TheCable had reported how restrictions on sales of SIM cards stifled the telecoms sector in 2021 — coupled with the ongoing national identification number (NIN) and SIM integration exercise. In 2020, the federal government directed Nigerian Communications Commission (NCC) to audit the subscriber registration database. The directive instructed mobile network operators to suspend the sale, registration and activation of new SIM cards. The controversial policy…

Tuesday, 15 February 2022 06:09

5 office romances that went horribly awry

There are over 7 billion people in the world. You can date all of them but the people at work. Sometimes, office romance makes headlines and ruins careers, like CNN head Jeffrey Zucker's affair with Allison Gollust and University of Michigan president Mark Schlissel, who had an affair with a direct report. But most office romance flies under the radar -- except when it doesn't. All that contact tracing when someone tested positive for Covid? Turns out that HR noticed when Jane and John always showed up on the lists as having been together. Honestly, though, the rules are set…

Monday, 14 February 2022 06:16

Private sector raises N100bn to fight insecurity

Nigeria’s private sector has mobilised N100 billion to support the fight against insecurity in the country, Chairman, UBA Group, Tony Elumelu, has said. Speaking in Abuja at the UBA Group’s Chairman Forum, Elumelu, who paid glowing tributes to Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, attributed the success of the private sector coalition to the governor’s support and commitment. He said: “It was during the Covid-19 outbreak that some Nigerians were able to know what the private sector could do under the governor. I am sure my members would not like me to talk about it. “We, the…

Monday, 14 February 2022 06:15

Ukraine tensions push oil to 7-year highs

Oil prices on Monday hit their highest in more than seven years on fears that a possible invasion of Ukraine by Russia could trigger U.S. and European sanctions that would disrupt exports from the world's top producer in an already tight market. Brent crude futures was at $95.56 a barrel by 0235 GMT, up $1.12, or 1.2%, after earlier hitting a peak of $96.16, the highest since October 2014. U.S. West Texas Intermediate (WTI) crude rose $1.28, or 1.4%, to $94.38 a barrel, hovering near a session-high of $94.94, the loftiest since September 2014. Comments from the United States about…

Monday, 14 February 2022 05:55

How to be the perfect boss for every employee

Is your team member an Obliger, Questioner, Upholder, or Rebel? The answer matters more than you may think. People tend to respond to expectations in one of four different ways, according to Gretchen Rubin, bestselling author of The Four Tendencies and The Happiness Project. If you're a company founder or manager, a big part of your job is setting expectations for others. Knowing which tendency you're working with could boost your employees' success--and your own. In a webinar for Zoom members this week, Rubin described the four tendencies, and how best to motivate each of them. Obligers (which most people…

Saturday, 12 February 2022 06:07

Oil races towards $100 on Ukraine jitters, tight supplies

Oil prices ended 3 percent higher on Friday at fresh seven-year highs as escalating fears of an invasion of Ukraine by Russia, a top energy producer, added to concerns over tight global crude supplies. Russia has massed enough troops near Ukraine to launch a major invasion, Washington said, as it urged all U.S. citizens to leave the country within 48 hours. Britain also advised its nationals to leave Ukraine as Prime Minister Boris Johnson impressed the need for NATO allies to make it absolutely clear that there will be a heavy package of economic sanctions ready to go, should Russia…

Friday, 11 February 2022 06:27

CBN puts banks on notice: You’ll soon have to find forex for customers yourselves

Central Bank of Nigeria (CBN) has said that it would cease feeding commercial banks with hefty foreign exchange (forex) before year end, urging them to source forex themselves to operate. This was as the Bankers Committee unveiled the “Race to $200 billion in FX Repatriation” programme (RT200 FX), an initiative that aggregates a set of policies, plans and projects for non-oil exports that will enable Nigeria rake in $200 billion in foreign exchange, exclusively from non-oil exports, over the next three to five years. CBN Governor, Godwin Emefiele, made the disclosures in Abuja at a media briefing on Thursday. According…

Friday, 11 February 2022 06:16

Warren Buffett says you can create enormous success by using this simple formula

A personal rule that Buffett follows religiously can work for anyone else. Warren Buffett has garnered the respect of millions largely due to his simple investing wisdom and life tips. They should be common sense, but hardly common practice. One of those famous Warren Buffett tips -- what he calls the key to his success -- is a rule that he follows religiously: Go to bed a little smarter each day. Buffett calls it -- what else? -- the Buffett Formula. He says, "That's how knowledge builds up. Like compound interest." Simple enough and works great in theory. That's where…

Thursday, 10 February 2022 06:27

Mecho Autotech gets $2.15m to expand vehicle maintenance and repair services in Nigeria

Nigeria has more than 12 million registered vehicles, and approximately 90% of them are used cars that need frequent checkups to prevent recurring breakdowns. Given this number, one would expect effective vehicle maintenance to be standard in Nigeria. But that’s not the case: Most of the service providers in the country, usually auto mechanics, are inadequately trained and lack the needed tools to provide consistent, quality service. A couple of startups like Y Combinator-backed Mecho Autotech are beginning to digitize this process. The company which connects car owners with quality vehicle repair and maintenance providers has raised a $2.15 million…

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Thursday, 10 February 2022 06:13

These 3 things will make investors fight to write you cheques

Target a huge, expanding market, offer customers compelling reasons to switch, grow faster than 100 percent Business leaders have a rare opportunity to raise capital these days. That's because there has never been so much money chasing after a relatively small number of companies that have what it takes to multiply a venture capital investment 10-fold or more. The amount of capital seeking to invest in these startups is exceptional. How so? PitchBook reports that in 2021 U.S. startups raised $330 billion -- nearly 100 percent more than in 2020. What's more -- this month some 900 startups were valued…

Wednesday, 09 February 2022 06:26

Nigerian fintech Grey gets backing from Y Combinator

Let’s say you’re a freelance engineer in Nigeria working for a U.S. company; how do you facilitate forex conversion from dollars to naira? I bet it involves using a third party or a local Bureau De Change, essentially a foreign currency exchange office. Some people have worked with this model for years not because it’s perfect but other options are limited. A few issues using third parties or a Bureau De Change, or BDC as commonly known in Nigeria, include inflated rates, you can only access them for specific hours, proximity and there are chances you’d get cheated. An online…

Tuesday, 08 February 2022 06:00

Oil prices will shoot up, stock market will shake on Russia-Ukraine war, energy expert projects

IHS Markit Vice Chairman Daniel Yergin warned on Monday that if Russia invades Ukraine oil prices will "go up" and could hit $100 a barrel. He also noted that a potential invasion will lead to a "panic in the market." The energy expert offered insight on "Mornings with Maria" on Monday as tensions between Russia and Ukraine escalate. Russia has assembled at least 70% of the military firepower it likely intends to have in place by the middle of this month to give Russian President Vladimir Putin the option of initiating a full-scale invasion of Ukraine, the Associated Press reported…

Tuesday, 08 February 2022 05:52

3 ways to increase client retention through transparency

"Transparency" is no longer a buzzword -- it's a real necessity in today's business world. Here's how to make sure you're exercising it. Here’s a news flash: The days of corporate silos and veiled marketing are over. No longer can a company hide its real intentions or results from investors or clients. In a Label Insight study of SmartLabel transparency technology, 40 percent of consumers surveyed said they would switch brands if one were more transparent; and 73 percent would be willing to pay more. Let that sink in: Transparency is so important that a majority of people will pay…

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