Business News

Monday, 08 November 2021 06:00

Access Bank, GTCO, 4 others rake in N146bn revenue on CBN’s stoppage of FX to Bureau de Change

With Central Bank of Nigeria (CBN) suspending Foreign Exchange (FX) supply to Bureau De Changes (BDCs), a total of six banks in nine months of 2021 generated N145.6 billion income from trading in FX. The six banks in prior nine months of 2020 had generated a total of N47.16billion from trading in the FX market. The six banks are Sterling bank Plc, Union Bank of Nigeria Plc, Wema Bank Plc, Guaranty trust Holding Company Plc (GTCO), Access bank Plc and United Bank for Africa Plc (UBA). For instance, Sterling Bank reported N4.75 billion from FX trading in nine months of…

Monday, 08 November 2021 05:56

7 costly mistakes entrepreneurs are making every day

Time is the biggest asset of all, and entrepreneurs can have more than 24 hours a day if they buy it from others. Entrepreneurship is a calling that not every person is meant to answer. For those who do, there are many rewards and many achievements to be had. However, with each opportunity for success, there are risks of failure and downfall, and there are easily avoidable mistakes that can have a huge impact on their businesses. Many major errors go unnoticed, leaving business owners unaware that the choices they make are having negative consequences on their organization. Thankfully, once…

Saturday, 06 November 2021 06:03

Bank says non-performing loans to entrepreneurs more than 80 percent

Bank of Industry has said the country’s entrepreneurs don’t have the habit of repaying loans, saying its non-performing loan portfolio awarded to entrepreneurs ranges between 80 and 100 per cent. The bank’s managing director, Olukayode Pitan, disclosed this recently at the first edition of the community engagement development workshop organised by the Arthur Mbanefo Digital Research Centre (AMDRC) of the University of Lagos (UNILAG), Akoka. The workshop, with the theme; “Building the Nigeria’s Economy for the Immediate Future: The Role of Innovation and Entrepreneurship and Startups Creation,” featured scholars and industry leaders including the director of the university’s Institute of…

Friday, 05 November 2021 05:57

MTN Nigeria to sell shares via public offer

MTN Group Ltd will begin book-building this month for a public offer to sell up to 575 million shares in its Nigeria business, South Africa's biggest telecoms operator said on Thursday, as it reported higher third-quarter revenue and core profit. The company, which has been exiting or reducing its stakes in some areas including its Ugandan and Zambian units, said the separation of fintech and fibre assets was on track. MTN, which along with Vodacom Group Ltd controls more than 70% of the South African mobile market in terms of subscribers, said this month's bookbuilding exercise would target institutional investors…

Thursday, 04 November 2021 05:46

5 lessons to follow as you take your product to market

Don't overly complicate things when launching your business. Instead, follow this advice from a successful entrepreneur so you'll do things right. When launching a new business, product, or service, the most common mistake entrepreneurs make is trying to do too many things at once in the belief that going to market with “more” is better. It isn’t. During your initial launch period, or when relaunching new products or services, “more” means additional risk. More also means unnecessary complexity, as well as additional time to market, so more capital will be required. Below are some important things to remember as you…

Wednesday, 03 November 2021 06:09

Industrial policy paved the way for Dangote's empire, but didn't deliver for all Nigerians. Here’s why

Dangote Industries Limited dominates the Nigerian cement market and is a key player in the rapidly expanding African cement business. The conglomerate has also expanded its manufacturing activities in a range of food processing industries such as sugar and salt. This expansion has made it the biggest group listed on the Nigerian Stock Exchange. By 2020, the three Dangote subsidiaries listed on the Nigerian Stock Exchange employed 19,672 workers. This is equal to 51% of all workers in listed manufacturing firms. Dangote has been a main beneficiary of Nigeria’s backward integration policy. Introduced in 2002, it was operated through tariffs,…

Wednesday, 03 November 2021 06:07

FG offers generous incentives to solid minerals investors

Nigeria is offering would-be investors a generous three-year tax holiday and other incentives in a bid to turn around its moribund mining industry Minister of Mines and Steel Development, Olamilekan Adegbite, on Tuesday called on foreign investors to invest in the country’s mining sector to benefit “100 per cent ownership” of their investments. “Some foreign mining investors are not aware that Nigeria is a mining nation; we want them to come and invest in Nigerian mining as our incentives are good compared to other mining nations,” he told journalists ahead of forthcoming sixth edition of the Nigeria Mining Week on…

Wednesday, 03 November 2021 06:02

Yahoo pulls out of China, cites ‘challenging’ environment

Yahoo said it had stopped allowing its services to be accessible from mainland China “in recognition of the increasingly challenging business and legal environment”, the second Western tech brand to quit the country in recent weeks. The company stopped providing content for users in mainland China as of Nov. 1, according to a statement published on its website, which directed users of Yahoo and AOL mail to other links. Local Chinese media reported Yahoo’s move on Tuesday. “In recognition of the increasingly challenging business and legal environment in China, Yahoo’s suite of services will no longer be accessible from mainland…

Tuesday, 02 November 2021 05:52

Insecurity on Nigerian roads forces travelers to go by air, with airfares skyrocketing. Here’s what you’ll pay depending on the airline, your destination

Although more airlines are flooding the Nigerian airspace, the cost of tickets for domestic flights has continued to skyrocket, getting beyond the reach of many Nigerians. The worsening insecurity on Nigerian roads across the country forces many passengers who otherwise would have traveled by road to resort to air travel. Airfares have increased by 20 to 40 percent in major routes in recent times as virtually all airlines have adjusted their fares, investigations by Daily Trust have shown. For instance, Lagos-Abuja on Air Peace for a one-way ticket costs between N38,000 and N60,000 for a trip scheduled for the next…

Tuesday, 02 November 2021 05:47

3 habits that actually cause you to spend more money, according to a behavioral researcher

When it comes to managing your finances, you can set out with the best intentions but still make mistakes because, well, you're human. Maybe you feel discouraged when you make a budget but overspend anyway. Or, you tell yourself you'll only order one glass of wine at dinner with friends but end up drinking three instead. You might challenge yourself to save $50 every month, but find yourself with only $25 in savings once you pay your bills. In these scenarios, our psychology may have a hand in why we spend more than we intended to — and understanding our…

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Monday, 01 November 2021 05:49

5 ways passive income can help you change your financial future

Take control of your finances and have the life you want to live. "Don't let making a living prevent you from making a life." Said John Wooden. The guy lived for almost 100 years. Does his statement seem relevant to your current lifestyle? Have you ever wanted to change or improve your financial dependency? I'm not talking about getting a raise or finding a better-paying job. I am talking about taking control of your finances and living the life you want to live, rather than one that is dictated by someone else's expectations. People who don't have or earn a…

Thursday, 28 October 2021 05:45

How to keep your business and personal finances separate

It can be difficult to keep your personal and business finances separate when you own a small business. It is especially challenging to keep your accounts divided if your business... It can be difficult to keep your personal and business finances separate when you own a small business. It is especially challenging to keep your accounts divided if your business is structured as a sole proprietorship. Since sole proprietorship is considered a nonentity, there is no legal separation between you and the business. When you set up your business as a Limited Liability Company (LLC) or corporation, however, you must…

Wednesday, 27 October 2021 05:27

The fish market where gods and commerce meet

Folasade Ojikutu wears a traditional white lace dress for her work at the lagoon dock behind Oluwo market in Epe. The small town is home to one of the largest and most popular fish markets in Lagos – and almost all 300 traders are women. Many are from families who have sold fish here for generations, and Ojikutu, 47, is their “Iya Alaje”, meaning the mother or carrier of wealth. As she strides past a small waterfront shrine, dozens of women fishing waist-deep in the water chant and hail her, calling out “Aje”- in part a reference to the Yoruba…

Wednesday, 27 October 2021 05:25

5 ways you're sabotaging your employees' productivity

There are loads of articles out there about improving time management, and a lot of them contain great tips that worker bees can implement. But the part of this equation that’s missed all too often is the part that involves you, the leader. Whether you’re the owner, the CEO, the manager or in some other leadershipposition, how you act and manage your people has an enormous impact on them. So, are you strengthening their productivity — or sabotaging it? Here are five mistakes many bosses make leading to unintentional sabotage. 1. You’re not setting priorities. You give your direct report…

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