Business News

Saturday, 21 August 2021 05:53

CBN orders freeze of bank accounts of 18 companies

Central Bank of Nigeria (CBN) yesterday ordered banks to place a post-no-debit on the bank accounts of 18 companies, which would only allow inflows but no withdrawals either from automated teller machines (ATMs) or by cheques or other methods. The directive to banks on the blockage of the 18 companies’ accounts is contained in a circular issued on Thursday and signed by CBN’s Director of Banking Supervision, Haruna Mustapha, which also instructed banks to send details of their accounts. CBN, which did not give reasons for directing the freezing of the accounts, said the affected companies’ accounts belonged to bureaux…

Friday, 20 August 2021 05:59

A new bill from Nigeria’s tech regulator is alarming startup founders

Nigeria’s sudden bans on cryptocurrency trading and Twitter have already put some startups on alert this year, but a bill to reform the country’s technology regulator is sparking fears of a community concussion. The 26-page draft document (pdf) seeks to amend a 2007 law, in order to address opportunities and threats posed by recent digital technologies. “The kind of information we store on our phones and other technological gadgets make the human brain susceptible to the possibility of being hacked,” Kashifu Abdullahi, the regulator’s chief, told legislators in March. Seemingly innocuous at the time, Abdullahi’s statement now feels ominous after…

Friday, 20 August 2021 05:56

Oil hits three months low, as losing streak hits six days

Oil prices skidded on Thursday for a sixth session, hitting lows not seen since May, as investors pulled back over concerns about weakened global demand as Covid-19 cases climb and on the back of a rise in the U.S. dollar. The oil market rallied throughout the first half of 2021, but has lost about 15% since early July. The recent wave of coronavirus infections worldwide has sapped global travel and threatens economic activity, just as major oil producers are getting ready to increase supply. “There seems to be a lot of people getting squeezed out of long positions,” said Phil…

Friday, 20 August 2021 05:55

Naira falls again at parallel market

Naira fell against the U.S. dollar at the black market Thursday, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed. According to abokiFX.com, the currency closed at N520.00 per $1 as against the N517.00 rate it traded in the previous sessions on Wednesday. The currency’s performance on Thursday represents a N3.00 or 1.00 per cent devaluation from the N517.00 per $1 it exchanged hands with the greenback in the previous session on Wednesday. The last time the naira traded at N520.00 per $1 at the black market segment was on July 29. The currency also…

Friday, 20 August 2021 05:45

4 new skills to identify an employee worth hiring on the spot

Social skills are the new 'hard skills' required on the job. Five years ago, the World Economic Forum released the Future of Jobs Report, which predicted the employee skills and workforce strategy expected by 2020 -- the year the world was brought to its knees by the global pandemic. With new technologies forcing new ways of working, employees were projected to have new skills to keep up with the changes. Then the pandemic sacked the workforce and accelerated the need for such critical skills even further. Besides work-related skills in areas of cognitive ability (creativity, critical thinking, complex problem solving),…

Thursday, 19 August 2021 05:52

Akeredolu suspends tipper, quarry-owners from operating over arbitrary price increases

A showdown between the Ondo State Government and Association of Tippers and Quarry Owners of Nigeria is unfolding, following the latter’s unilateral increase of the price of sharp sand by over 100 per cent. For failing to revert to the old price, the state government has suspended activities of the association until the members return to the old price. But the association had cited the high cost of motor spare parts and fuel as reasons for the new increase. It increased the price of a big tipper-load of sharp sand from N30,000 to N60,000, while the smaller ones, which was…

Thursday, 19 August 2021 05:41

Why intelligent minds like Steve Jobs and Elon Musk embraced the WTP rule to make better decisions

In 1997, Steve Jobs famously walked back into Apple and discontinued 70 percent of its current and future product line. Newton PDA? Gone. Pippin? Gone. Twelve different Mac desktop versions? Gone. In short order, a product line of 350 items soon became 10. Even though Apple had spent years developing those products. Even though Apple had spent thousands of hours, and millions of dollars, on R&D efforts on products still in the pipeline. Even though those products -- and those projects -- "belonged" to people at Apple. They were someone's babies. They were "theirs." In a 1985 experiment published in…

Wednesday, 18 August 2021 05:52

4 lessons you need to learn quickly to unleash innovation

As the world moves faster and becomes more connected, one leadership style is best for innovating. Why do some leaders get better innovation out of teams than others? According to Jonathan Brill, "They know simple tools, the type that are only simple once they're explained." Brill is something of a Silicon Valley legend and the author of ROGUE WAVES: Future-Proof Your Business to Survive and Profit from Radical Change. He was the Global Futurist at HP, the creative director at Frog Design and his innovation firms developed over 350 products. Brill believes great innovation leaders know when to Captain and…

Tuesday, 17 August 2021 05:58

Buhari signs oil sector overhaul bill into law

President Muhammadu Buhari signed into law an oil overhaul bill that has been in the works for nearly two decades, a presidential spokesman said on Monday. The package overhauls nearly every aspect of the country’s oil and gas production. The legislature cleared it for his signature last month. The bill has been in the works since the early 2000s, but the sensitivity of potential changes affecting Nigeria’s key source of revenue and foreign exchange has undermined all previous attempts at an overhaul. Major fuel marketers and other observers had been alarmed by a provision that they said could give Africa’s…

Tuesday, 17 August 2021 05:48

This is his how collaboration strengthens your leadership

Leadership is a critical component to the success of any business, and one of the most effective ways to blaze a trail that others will follow is to collaborate with them. Working with others is a message that executives and managers consistently push to employees because it’s clear that a company is stronger when everyone is working together toward one shared goal. CEOs and c-suite executives should apply those same standards. We are all stronger leaders when we collaborate with other leaders. There are a few reasons why collaboration fuels strong leadership. The more people you know, the more valuable…

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Monday, 16 August 2021 05:53

Oil falls as Delta surge clouds fuel demand outlook

Oil prices fell more than 1% on Monday, dropping for a third session, as government-imposed restrictions on mobility to counter the spread of the Delta variant raised worries about a recovery in fuel demand. Brent crude was down 80 cents, or 1.1%, at $69.79 a barrel by 0046 GMT, after edging lower last week. U.S. oil fell by 81 cents, or 1.2%, to $67.63 a barrel, having risen slightly last week. “Crude oil remained under pressure as the fast spreading Delta variant of the coronavirus casts a cloud over the outlook for demand,” ANZ Research said in a note. Official…

Monday, 16 August 2021 05:49

7 ways to successfully manage managers

Managing managers can be similar, in some ways, to managing a team — you need to align priorities, communicate goals, provide feedback and serve as a mentor. But the difference in managing managers is that you have to not only oversee their work, but make sure they’re effectively supporting their teams too. In addition to ensuring that managers are producing quality work, you’re setting clear expectations for what a successful manager looks like, observing their leadership within a team and offering direct feedback on their management skills. A successful manager is one who guides their team to perform well and…

Saturday, 14 August 2021 05:29

Rush for Flour mills’ shares drives up stock value on NSE to 14-week high

Nigerian stocks jumped 0.08 per cent on Friday, taking the benchmark index to 39,522.34 basis points, a height last reached on May 4 as an investment blitz on the shares of flour and pasta manufacturers provided the hinge the market needed to keep the momentum of gain that began Tuesday. Traders and investors caused a stir at the previous trading session where flour maker Honeywell Flour mysteriously accounted for a humongous share of the day’s gain and trade volume. The trend survived into Friday with new twists as the company joined Nigeria’s biggest flour producer Flour Mills and another manufacturer…

Friday, 13 August 2021 05:38

6 changes leaders need to make to get better at managing remote teams

Workers want remote work opportunities but employers are still navigating the new reality of office life during a pandemic. Whether your company has 20 remote workers or 200, it's worth taking a moment to measure how well leaders are leading teams that include in person and remote workers. James Lanier, an HR consultant and business unit director for UnniCo, an international process improvement and consulting company, said that managing employees in-person requires a completely different set of skills than remote management. "Many companies do not realize that their new working arrangement is unproductive because they have simply sent staff home,…

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