Business News

Friday, 02 December 2022 04:54

'Don't be a donkey': The best leadership advice from the last 120 years

"I'm NOT a donkey, and I don't have a field," goes the witty comeback from German political economist, Max Weber, after a faculty criticized him for publishing outside his discipline. More than a century later Weber's decry of the "narrowing of scholarship" is more pertinent than ever – and not just in academia but business as well. To be a entrepreneurial donkey is especially risky. Starting and owning a business requires a breadth of knowledge to be able to: i) understand where the market opportunities exist ii) create new and innovative products and most important iii) lead a growing team…

Thursday, 01 December 2022 06:17

Fuel scarcity is getting worse across the country. IPMAN boss explains why

National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Okoronkwo, has said almost all depots owned by Nigeria National Petroleum Corporation Ltd are not working, hence the persistent fuel scarcity in the country. Okoronkwo stated this during an interview on Channels TV’s Politics Today on Tuesday. The IPMAN president said that private depots owners are now responsible for the distribution of the products since the NNPC depots are not working. He said NNPC had enough stock, but the distribution method was complicating the situation. He said, “It’s very important for you to know where we belong in…

Thursday, 01 December 2022 06:12

Staff layoffs as ‘crypto winter’ breezes into Nigerian startups

The crypto winter, marked by plunging bitcoin and ethereum prices, as well as the collapse of companies like FTX, Celsius, and Voyager, is now triggering layoffs at Nigerian crypto companies. At least two startups, Quidax and Lazerpay, have acknowledged their ongoing pains. Quidax, an exchange that has processed over $3 billion in crypto transactions, laid off a fifth of its staff last week, citing a need to be “more capital-efficient” to survive the downturn. The four-year-old company laid off employees from its marketing, engineering, business, and product teams, as the drop in the value of cryptocurrencies reduced transaction volumes and,…

Thursday, 01 December 2022 06:10

Nigerian startup Orda which digitizes African restaurants raises $3.4m in new funding

Most large restaurant chains across Africa have grown accustomed to using legacy systems and point-of-sale providers to manage operations. However, for smaller restaurants — which represent the biggest segment of this $50 billion industry — these systems can be rather expensive and do not adequately cater to their needs; thus, they stick with running operations manually. Orda, a Nigerian food tech platform that provides a cloud-based restaurant operating system to solve these issues for small, independent restaurants, is announcing that it has secured a $3.4 million seed investment. The two-year-old startup raised $1.1 million in pre-seed funding this January, bringing…

Thursday, 01 December 2022 06:00

5 red flags to watch when assessing leadership potential

Once upon a time, picking the right leaders was easy. Most notably, our hunter-gatherer ancestors lived in small groups where everybody knew each other really well, and most of the critical leadership skills were easily observable: physical strength, dexterity, courage, and speed. It was also rather costly to pick the wrong leader. You would probably end up beaten, killed, or eaten, as opposed to just changing jobs or moving to a different country. Fast-forward 200,000 years, and things are a great deal more complex. For starters, the critical leadership qualities that enable some individuals to effectively coordinate collective activity, turning…

Wednesday, 30 November 2022 05:54

Forex inflow of $4.9bn came in from non-oil exports in 9 months - CBN

Central Bank of Nigeria (CBN) says non-oil exporters repatriated $4.98 billion into the country in the first nine months of the year. Godwin Emefiele, CBN governor, disclosed this during his keynote address at the second edition of the RT200 biannual non-oil export summit, held in Lagos on Tuesday. The summit is themed ‘RT200 Non-Oil Export Programme: The Journey So Far’. In February, CBN disclosed plans to pay a rebate of N65 to exporters for every $1 of goods sold to third parties through the investors and exporters (I&E) window. The N65 bonus is a benefit under the RT 200 non-oil…

Wednesday, 30 November 2022 05:51

CAC opens portal to enable search for who owns what in Nigerian companies

Corporate Affairs Commission has unveiled a Beneficial Ownership Register platform. This was made public on Friday night, following the platform’s unveiling in Abuja by the CAC Registrar General, Garba Abubakar. He said this will make it simple to look up information on people with significant control. The CAC Registrar said, “The portal is an automated platform where PSC records compiled by CAC are saved and made available for use by the general public as well as the government, according to Oasis Management Company, the company that developed the BOR.” According to him, the worldwide standard of beneficiary ownership data standards,…

Wednesday, 30 November 2022 05:44

Be thankful you’re still in business and prepare for worse

As the holiday celebrations approach after another year of mixed blessings, we're all more likely to be relieved about what we avoided rather than thankful for what modest blessings we've received. But there's at least one group I know of who wouldn't trade places or positions with anyone, notwithstanding all the grief they've been through for the last several years. Entrepreneurs. They're people who know that they've hung in, that they've hung tough, and that, while the battle's far from over, they're proud and grateful that their businesses are still standing. And they're especially thankful for the people and plans…

Tuesday, 29 November 2022 06:05

Fuel sells for N350 per litre as scarcity worsens in Lagos

Queues for petrol spread to several filling stations in Lagos even as black marketers sold the product for N350 a litre. Several sellers said on Monday that they sold the product between N320 and N350 per litre. “We used to sell the product for N250 before now. But as the product has increased at fuel stations, we had no choice but to increase our price to N350 a litre,” a seller in Satellite Town said. On Monday, our correspondents witnessed queues across some filling stations while some others shut down services in the state — a situation motorists have had…

Tuesday, 29 November 2022 05:57

All founders should be solving a problem

Why it worked for me and how it can work for you too I run into a lot of aspiring founders who want to be founders just for the sake of being founders -- they want freedom, want to build wealth, or whatever the case might be. In my experience, however, it's a much better idea to become a founder only when there's a big problem that you're really passionate about and you have a burning desire in your stomach and heart to solve it. The insight for my first company, Dotloop, started with a problem I was experiencing as…

More...

Monday, 28 November 2022 06:01

How to become a fearless negotiator

Even the most experienced negotiators feel jitters and fear when negotiating. To combat this, I often recommend Negotiate Without Fear, by Dr. Victoria Medvec, a renowned expert in high-stakes negotiating and an advisor to Fortune 500 companies and to the CEOs and C-level executives who coach with me. Whether it's about a high-stakes corporate takeover, your salary or simply your kids' bedtime, life is filled with negotiations. Medvec's tactics are based on a compilation of studies of both sides of a negotiation. One side will take the lead by negotiating with confidence and maximizing success. The other is afraid of…

Saturday, 26 November 2022 05:46

Construction, real estate contribute N20trn to GDP - NBS

Economic activities in the construction and real estate sectors contributed N20tn to the nation’s Gross Domestic Product in the first three quarters of 2022. This is according to the GDP report released by the National Bureau of Statistics. The report showed that construction services earned N12.9tn while real estate contributed N7tn to the GDP. Further analysis revealed that construction contributed 9.5 per cent to nominal GDP in the third quarter of 2022, higher than the 9.26 per cent it contributed a year earlier and higher than the 7.95 per cent contributed in the second quarter of 2022 and also grew…

Saturday, 26 November 2022 05:45

Jumia restructures after ousting co-founders

Acting chief hunts for profits after continent’s first ever tech unicorn plunges 70% in value since New York listing Jumia, the ecommerce group often dubbed the “Amazon of Africa”, is undergoing a heavy restructuring following the ousting of its co-chief executives and its share price falling 60 per cent over the past year. The reorganisation is the latest effort by Jumia to reach profitability having listed on the New York Stock Exchange three years ago to become the continent’s first tech “unicorn” — or a company valued at more than $1bn. Since then, the pan-African group’s share price has fallen…

Friday, 25 November 2022 06:13

Ghana mulls buying oil products from international markets with gold instead of dollars

Ghana's government is working on a new policy to buy oil products with gold rather than U.S. dollar reserves, Vice-President Mahamudu Bawumia said on Facebook on Thursday. The move is meant to tackle dwindling foreign currency reserves coupled with demand for dollars by oil importers, which is weakening the local cedi and increasing living costs. Ghana's Gross International Reserves were around $6.6 billion at the end of September 2022, equating to less than three months of imports cover. That is down from around $9.7 billion at the end of last year, according to the government. If implemented as planned for…

Page 67 of 144

Business News

More...

Search

Most Read

Editorial

News

Business

Politics

Opinion

Features

Strangely

Crime

Wars

SCIENCE & TECH

SPECIAL REPORTS

Sports

VIDEOS