Business News

Thursday, 12 January 2023 05:55

Importers are abandoning Nigerian ports for those in neighboring countries. Experts explain why

Against the backdrop of rising exchange rate and other exogenous factors, importation into the nation’s seaports dropped by 40 per cent, even as importers are abandoning Nigerian ports for neigbouring countries over high cost of doing business Stakeholders who spoke with our correspondent yesterday, said that incessant increases in Customs duty, falling of naira exchange rate and government policy somersault contributed to the decline in importation into the country. Acting President of the Association of Nigerian Licensed Customs Agents (ANLCA), Kayode Farinto, explained that importation has dropped by almost 40 per cent, in 2022 in the maritime industry even as…

Thursday, 12 January 2023 05:52

5 Keys to thinking bigger and successfully starting your dream business this year

With all the upheaval and uncertainty these days, I find many entrepreneurs and business owners are reluctant to pursue new dreams, waiting for the world to stabilize and risks to go away. As a long-time business advisor, I see things just the opposite. Now is a time of great opportunity, with people knowing they have to adapt, and proven successes such as Elon Musk and Jeff Bezos. Sometimes the hesitation I see is not just the qualms of starting and growing a business, but an actual inability to think big, chase dreams, or build a support community around you. To…

Wednesday, 11 January 2023 05:51

FG shortlists 139 firms to commercialise gas flaring

Nigeria's petroleum regulator has shortlisted 139 companies for the next stage of the country's gas flaring commercialisation programme, its chief executive said in a statement, part of plans to reduce carbon emissions. In September, Nigeria's minister of state for petroleum resources said plans were at an advanced stage to commercialise gas burned from its oil fields to help cut 15 million tonnes of carbon emissions from the atmosphere. Gbenga Komolafe, Nigeria Upstream Petroleum Regulatory Commission chief executive, said in a statement on Tuesday that out of the 300 companies that applied, 139 had been shortlisted to proceed to the next…

Wednesday, 11 January 2023 05:50

GTBank agrees to pay £7.67m fine to UK regulator over money laundering infractions

Guaranty Trust Bank UK Limited (GTBank UK) says it has reached settlement with the Financial Conduct Authority (FCA), accepting findings in relation to historical anti-money laundering (AML) controls in its operations between October 2014 and July 2019. The bank spoke on the matter in a statement on Tuesday, saying it has implemented measures to ensure its AML framework operates within regulatory standards. The FCA had said GTBank failed to undertake adequate customer risk assessments, often not assessing or documenting the money laundering risks posed by its customers. It also accused the bank of failing to monitor customer transactions and business…

Wednesday, 11 January 2023 05:47

Microsoft's investment into ChatGPT's creator may be the smartest $1bn ever spent

Microsoft's $1 billion investment into OpenAI may be one of the shrewdest bets in tech history. OpenAI released AI bot ChatGPT and is in discussions to raise capital at a $30 billion valuation. If ChatGPT lives up to its potential, Microsoft may have future proofed its cloud and browser business forever. It has looked, over the past few months, like Big Tech's bull run is coming to end. As interest rates soar, even cash-rich tech companies are pulling back on risky, expensive moonshots or money-losing projects. But one speculative bet is increasingly looking like excellent value for money. In 2019,…

Wednesday, 11 January 2023 05:46

Focus: A powerful tool for improving negotiations, relationships

Dave Crenshaw is one of the top course producers on the LinkedIn Learning platform. His expertise: productive leadership. Through online courses, live speaking events and consulting, Crenshaw strives to help leaders become more productive - including tips for effective time-management. He joined Negotiate Anything to discuss the fallacy of multitasking as well as tools and tips for leveraging focus for better business and relationships. The Multitasking Myth While some might question its role in effective negotiations, Crenshaw argues that multitasking can have costly effects on our most important conversations. He explains that not only does multitasking actually eat up more…

Tuesday, 10 January 2023 05:56

Airtel Nigeria acquires 4G, 5G spectrums for $316.7m

Airtel Africa says its Nigerian subsidiary, Airtel Nigeria, has acquired fourth-generation (4G) and fifth-generation (5G) spectrums from the Nigerian Communications Commission (NCC) for a cumulative price of $316.7 million. Simon O‘Hara, Airtel Africa’s secretary, made this known on Monday in a corporate filing on the Nigerian Exchange Limited (NGX). The telco said it purchased 100 MHz of spectrum in the 3500MHz band and 2x5MHz of 2600MHz from the NCC for a gross consideration of $316.7 million, “payable in local currency”. “This additional spectrum will support our investments in network expansion for both mobile data and fixed wireless home broadband capability,…

Tuesday, 10 January 2023 05:46

Why being a manager matters more than ever

Management matters. Above all, managers matter. If nothing else, when managers fail, things have a tendency to go wrong. My first weekly column here was about the damning report into the Deepwater Horizon disaster, which said “overarching management failures” in the oil industry created the conditions for the fatal explosion and oil spill. This one — the last of some 500 I’ve written since 2011 — coincides with a probe into the needless deaths of babies at a UK hospital trust. Factors included a dysfunctional “culture of ‘them and us’,” staffing and training gaps, and a lack of psychological safety.…

Monday, 09 January 2023 05:36

Customs hikes duties on imported vehicles by another 10 percent

Freight forwarders have said there may be congestion of imported vehicles at the nation’s seaports following Nigeria Customs Service’s decision to raise duty on imported vehicles by 10 percent. The agents, in exclusive interview with our correspondent in Lagos on Sunday, accused the service of effecting 10 per cent duty increase but failed to apply the 10 per cent yearly depreciation value on imported used vehicles. Deputy President of the National Association of Government Approved Freight Forwarders, Nnadi Ugochukwu, wondered why the NCS started a new financial calendar in January when this was meant to be done in April. He…

Monday, 09 January 2023 05:30

6 strategies that could be catastrophic for business growth

As you know, growing a business is hard, especially the first time. Unfortunately, every new initiative is different, so don't get too smug if you have had some success and can't wait to repeat it again. In my years as a business advisor, I have seen many of you crash and burn the second time around, despite the confidence. I advise working the next one as thoroughly as the first one. Here are some key insights that I and others have collected for mature company leaders, as well as serial entrepreneurs. They often justify strategies in their own minds that…

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Friday, 06 January 2023 05:51

FG mandates oil companies to disclose beneficial equity holders

Nigerian Upstream Petroleum Regulatory Commission on Thursday issued a seven-day ultimatum to all lease and licence holders operating in Nigeria’s oil and gas sector, to disclose the real owners of their companies. In the directive signed by its Chief Executive, Gbenga Komolafe, the commission demanded that the information to be disclosed must include identity(ies) of the beneficial owner(s), the level of ownership, and details of how control is exerted. He stressed that the full list of real owners of their companies is submitted to the commission. The new directive released by NUPRC was tagged, “Notification No. 1 to All Licence…

Friday, 06 January 2023 05:45

4 behaviours that’ll quickly point to someone with bad leadership skills

Managers make all the difference in the world for their valued employees, especially newcomers. When new employees accept an offer, they don't know what fate has in store working for their new boss. Their work experience may be the greatest ever or the most stressful ever. For all bosses, certain behaviors are inexcusable, especially if the pattern keeps repeating. Here are four that will tell you whether they should even be in a leadership role or not. 1. Unable to listen effectively Mastering communication skills is clearly and undeniably a prerequisite before your feet are firmly planted in Leadership Land.…

Thursday, 05 January 2023 06:05

Oil falls 9.4 percent in 2 days on global recession fears, China Covid cases

Oil fell by more than $4 a barrel on Wednesday, posting the steepest percentage loss in the first two trading days of any year for over 3 decades, as investors worried about fuel demand as the global economy slows and Covid-19 cases grow in China. Brent futures settled at $77.84 a barrel, falling $4.26, or 5.2%. U.S. crude settled at $72.84 a barrel, shedding $4.09, or 5.3%. Brent has fallen by about 9.4% this week, its steepest two-day loss at the start of the year since January 1991, according to Refinitiv Eikon data. "Crude oil is trading lower on concerns…

Thursday, 05 January 2023 05:52

Aristotle’s 2,000-year-old advice on how to market your product

What does a man born in 384 BCE have to teach the modern writer? A lot. When I teach persuasive writing, participants are often amazed to learn that Aristotle, the Greek philosopher who taught the world about everything from chemistry to metaphysics, also contributed mightily to the study of rhetoric. Rhetoric is using language effectively and persuasively. And in this, Aristotle's philosophy is as relevant today as it was 2,000 years ago. Aristotle taught his students the art of persuasion. Today's business people use persuasion daily. Managers must persuade employees to follow through on projects, entrepreneurs convince investors to fund…

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