Business News

Friday, 21 July 2023 04:44

Know people – especially bosses – who refuse to apologize? Science says this is why

Years ago I had a boss who frequently screwed up our paychecks. We clocked in and out, but the system was wonky and supervisors needed to make corrections before submitting printouts to payroll. He would apologize, hurry off to correct the problem for the next paycheck, come back to confirm he had taken care of it, and apologize again. Frustrating? A little, but he was a pretty good supervisor and a reasonably good guy – as Mark Cuban says, being nice is an underrated superpower – so we found it more amusing than irritating. But then there was the time…

Thursday, 20 July 2023 03:40

4 kinds of worker misery you need to eliminate now

Business leaders who walk in workers' shoes are better than those who spend their days holed up in their corner offices. The reason seems clear: if you experience the company through workers' eyes, you will know the pain your company causes them. From there, you can remove the barriers that keep employees from delivering the most value to your customers. That will be good news for workers and investors. If you issue edicts from the confines of your spectacular office, you run the risk of angering workers. That could send the most talented people – who find it repulsive to…

Tuesday, 18 July 2023 04:03

Poultry farms shutting down over rising feed costs, farmers lament

Poultry farms across the country are currently shutting down operations due to the persistent hike in the price of maize – a major feed for birds in the subsector, the Poultry Association of Nigeria said on Monday. Based on this, PAN stated that the poultry subsector in Nigeria was heading for a crash if the government failed to salvage the industry. In a statement on Monday, the association said, “At the moment, the poultry industry in Nigeria is on the verge of total collapse if urgent intervention is not channelled to it without further delay. “We are aware that the…

Tuesday, 18 July 2023 03:58

Leaders high in emotional intelligence do these 2 things to make every meeting count

Let's just admit it right off the bat: We hate meetings. Research has shown that meetings have increased in both length and frequency over the past 50 years. In the 1960s and 1970s, leaders spent roughly 10 hours a week in meetings; now it's upward of 25. Meeting for meeting's sake happen all too often. It's begun to negatively impact individual productivity and organizational performance. Busy knowledge workers can't afford to waste time in meetings, nor can their company's bottom line. The ones know this. So they schedule their days and weeks wisely. They build systems using intelligent emotional design.…

Monday, 17 July 2023 04:45

CBN cuts merchant banks Cash Reserve by 70% to boost loans

Central Bank of Nigeria has slashed the mandatory cash reserve requirement for merchant banks by 70% to increase their liquidity and ability to extend loans to companies. The cash reserve ratio for merchant banks has been reduced to 10% from 32.5% “to boost the banks’ ability to avail increased infrastructure, real sector and other long-term financing,” the Abuja-based bank said in circular to the banks. The “measure is in recognition of the nuanced business model of the merchant banks, in particular their wholesale funding structure,” it said. The cash reserve ratio is the share of a bank’s customer funds that…

Monday, 17 July 2023 04:40

7 effective ways to deal with a toxic workplace before you quit your job

Let's face it, chances are you probably work, or have worked, with an office jerk, a-hole or bully. Toxic workers can have a profound and detrimental impact on organizations and their coworkers alike. Their toxic behaviour and attitudes can lead to decreased morale, increased stress levels and diminished productivity. But it doesn't mean we must put up with their shenanigans, especially if leadership or HR decides to keep them around. If you're challenged by how to deal with your toxic coworkers, here are five strategies for staying focused, productive and keeping your sanity: 1. Change jobs inside your organization Before…

Sunday, 16 July 2023 03:30

CBN rolls out new rules for banks’ boards, tenures of executives

Central Bank of Nigeria (CBN) has approved a new code of corporate governance which specified that the tenure of a bank’s managing director or chief executive officer (CEO) can only last for a maximum of 12 years. The CBN made the disclosure in a circular dated July 13, 2023, and signed by Chibuzo Efobi, director, financial policy and regulation department. In February, the apex bank had ruled that executives can only serve a cumulative tenure of 20 years across the banking sector. But in the circular, the CBN said the new rules supercede all previous codes, circulars and related directives…

Sunday, 16 July 2023 03:29

CBN stipulates new rules for share acquisition above 5 percent in holding companies

Central Bank of Nigeria (CBN) has restricted the acquisition of controlling stakes in financial holding companies (FHCs). The apex bank said any investor looking to acquire up to 5 percent of any FHC would need prior approval from it. A FHC is a company that controls a group of financial institutions engaged in financial activities such as insurance, banking and securities dealing. Banks such as UBA Group, First City Monument Bank (FCMB), Stanbic IBTC Bank, Access Bank and First Bank have adopted the holding company structure to diversify their portfolio and earnings. The directive is contained in a circular dated…

Sunday, 16 July 2023 03:28

Customers locked out from accessing their funds as GTBank’s new app crashes

Many Nigerians are currently unable to carry out transactions using their Guaranty Trust Bank (GTBank) applications. This is as a result of a major outage. An aggrieved customer said he started experiencing the problem after GTBank launched a new app for its customers on Wednesday. He said the problem reached its peak on Saturday after attempts to use the app and 737 code failed. “I went to a branch nearby to use the ATM for transfer, but still it did not work,” said the customer who simply identified himself as Omezia. After launching the new app, the bank had told…

Friday, 14 July 2023 03:56

How to ride a new-wave advertising model for your business

Traditional advertising, typified by television ads, radio spots, and print media, is grappling with the challenge of how to reach new generations. Both Gen-Z and the forthcoming generation are proving elusive targets, owing to their shifting entertainment preferences and evolving receptiveness to commonplace marketing techniques. This shift prefaces an inevitable shift in strategies, where innovation is required to connect with these tech-savvy, forward-thinking consumers. Turning off the TV and tuning into the digital world Statistically speaking, Gen-Z and the subsequent generation are significantly less engaged with traditional television viewing than their predecessors. According to a report from Morning Consult, Gen-Z…

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Thursday, 13 July 2023 04:29

Do you really have to fail to succeed?

Failing your way to success has become the rallying cry for early-stage entrepreneurs worldwide. Partly because failure is ever present and often more likely than success, and partly due to the change in how startup businesses are formed. But do you need to fail at all? Tom Eisenmann’s book, The Fail-Safe Startup, builds on this theme and gives precious lessons to entrepreneurs from the failed attempts of several early-stage ventures. The book sets out to understand the knotty problem of why startups fail. Great question. The author conducted good-quality research on the subject, drawing on dozens of interviews as well…

Wednesday, 12 July 2023 04:03

8 tips to successfully sell yourself in a job interview

Do you know how to sell yourself? No need to panic if that feels alien. Sales expert Rob King is here to help. Sure, a job interview is about getting to know each other and figuring out if you and a role are the right fit. But it’s mainly about one thing: convincing your interviewer that you’re absolutely brilliant. For self-deprecating types and modest mice, this can feel more than a little uncomfortable. The good news is that it’s entirely possible to fake it till you make it. Easy, in fact. The key lies in understanding the basic sales skillsinvolved…

Tuesday, 11 July 2023 05:10

Naira devaluation lures foreign portfolio investors back into Nigeria stock market

Last month’s currency devaluation in Nigeria is bringing foreign investors back to the nation’s stock market. Overseas investment flows have jumped over the past month after President Bola Tinubu’s administration allowed the naira to weaken 40%, according to data from the Nigerian Exchange in Lagos. While the devaluation initially reset the foreign-currency price of the benchmark index lower, stock gains fueled by the flows have mitigated that impact — leading to a 7.5% rebound over the past two weeks. Investors will take heart from history that shows currency devaluations, while causing short-term pain, boost stock values and investment flows over…

Tuesday, 11 July 2023 05:09

FIRS offers ‘goodwill’ extension to companies to file tax returns

Companies that were unable to file their Companies Income Tax returns for the 2023 year of assessment (YOA) that fell due on the 30th of June 2023 have been given up to 31st August, 2023 to submit their returns to the Federal Inland Revenue Service (FIRS). FIRS in a Public Notice signed by its Executive Chairman, Muhammad Nami, stated that it had received numerous calls from companies requesting for the extension of time to submit their Companies Income Tax (CIT) returns as they were unable to meet up with the deadline due on 30th June 2023. It noted that as…

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