Category: CEO

By Olusegun Rapheal

 

UK-based entrepreneur and boutique owner, Anne Namgbeh, who is fondly called Anne ATS, says her most cherished moment in life was when her fashion business went digital.

According to the Edo State-born Anne ATS, she was glad the marketing of her products would be easily be done online unlike what she used to do through physical contact facebook marketing with would be customers.

“My most cherished moment was the launch of my website. I cherished that moment because I was making my dream a reality and that feeling was priceless,” she said.

According to her, not being on the digital space was a huge challenge for her when she started the business.

“The initial challenge I encountered in my business was making profit. I didn’t make profit for the first six months and that was very difficult for me. This wasn’t because I was doing something wrong, it was a new business and needed publicity. At the time I had no website. So, I started selling on Facebook. I also would drive around universities and share my business cards.

“I used to tell the students they’d get a special discount if they refer one person and get more discounts if they refer two or more people. This strategy worked for me until I created my website.

“I still sell my products on Facebook marketplace, Instagram, my website as well as on dogebay. The major lesson I have learned about doing business both in Nigeria and UK is that it’s impossible to predict the future. We had plans to launch new products as well as working with some major celebs last year, but the pandemic had a different plan,” Anne ATS said.

The business has continued to grow, while the profiles of the two companies, ATS Hair and ATS Boutique are also growing with acceptance by customers.

Anne ATS disclosed that before now the ATS Boutique has been dealing female wardrobe, but there is the need for the boutique to consider bringing in men wardrobe into the business.

“We’re looking to add a male collection to the business as we’ve been getting requests and questions from our male customers so this hopefully will be launched in the near future,” she said.

Apart from Anne Hair company and ATS Boutique, Anne is also a wardrobe consultant. She helps clients make the right choice of clothing that suits their personality.

“I help clients organise their closet and also update them with latest seasonal wardrobe collections, analysing suitable colours, cuts and designs for outfits including jewelry. I also select outfits for photo shoots, fashion shows and social events for my clients.

“Anne ATS is also a brand influencer and I have worked with reputable companies including Fashionnova, BoomBod, Diva Boutique, VIP Chauffeur Car Hire, Femmeluxe and CQ Beauty.

“I’m also an affiliate marketer at Dogebay, UK which is a platform for users to buy and sell products using Dogecoin only (just like eBay except you get to shop with dogecoins). If you are a business owner and would like to use this platform,” she said.

Anne ATS recalled how tough it was for her to quit her job and went into her own business on full time basis.

“It was tough for me to go fully into the business, but she I am happy today that taking that tough decision has helped me.

“As an entrepreneur, one of my toughest decision was quitting my job. Quitting a job is hard because first you have to think about how you’re going to tell your boss you’re quitting. Quitting was particularly tough for me because I loved my job and that job paid my bills.

“Also, I didn’t know what challenges were ahead of me but I believed in my dream and that made it somewhat easy for me. I knew in order to be successful I had to make some if not many sacrifices and quitting my job was one the sacrifices I had to make,” added Anne ATS.

Dutchess Energy Limited is one of the companies that recently won marginal oil fields after a competitive bidding organised by the Department of Petroleum Resources (DPR). In this interview with reporters, the Managing Director, Dutchess Energy Limited, Ms Olatimbo Ayinde, speaks on the reforms, prospects and challenges of the energy sector. Assistant Business Editor, Muyiwa Lucas reports

What was your experience during the bid process for the marginal oil fields?

We went into the bid about a year ago. For us, the process was quite exciting and good enough, we were successful amid many other competitors. It was an exciting process because in my humble opinion, it was a process that was guided by the best international standards. We put in our application and as revealed by the DPR, so many of us applied for the bid offer. I think about 600 applicants expressed interest and that was the first phase of the process where a technical and financial evaluation was carried out. Thereafter, upon rigorous evaluation by the DPR, 540 companies were shortlisted.

After that, we went through a more rigorous commercial and technical bid phase. We submitted the economics of our chosen fields, and also made known our plans for the host community in our chosen geographical location.Basically, whatever fields you were interested in, we had to purchase and review the data as provided by the DPR and also show our financial capabilities to execute our field development plan. It was also very important to showcase whatever experience you have in the oil sector. Subsequently, 161 companies were shortlisted as potential awardees.

At this point, it became even more exciting because you had to now approach the banks, try to raise money, leverage on your financial capabilities and it was very daunting as there was a time limit of 45 days. What that means is that you must have been prepared, prior to the exercise. With this advantage, we were able to secure the necessary assistance from our banks.

As you may be aware, many companies were not successful in this particular phase. This is partly due to difficulties that the industry has faced over the last couple of years.  And we were very excited to be able to participate and grateful to be successful.

As it turns out, the award was given to us exactly a year after we entered into the bid process.

Precisely on the May 31, 2021, we were awarded our licence, among other successful companies.

How will you assess the role of the DPR in the process?

Oh, for the first time, I would say that we had a process where the DPR was very transparent. We were expecting the usual kind of bid process we have seen in the past but this was very different. There was a time span that was designated for each process and there were no extensions. The entire process was cast in stone. That meant you had to be well- prepared. There were no cutting corners with this one. I mean, you just knew you couldn’t just get any information outside of the usual. All information was available on the website and they followed everything and dates to the letter. It’s very unusual to see how this development happened in this industry.You see, a lot of people felt, well, there would be an extension of the deadline, we have had this in the past. This was one of the many surprises with this bid. If you missed a deadline over the submission of a particular document, you are out. It seemed everything was computerised. Unfortunately, a number of applicants fell out because you could not submit once midnight had gone past on the day of submission. It was absolutely transparent. Also, remember this was done during the pandemic, so the automation was necessary, but interestingly, and because the process was computerised, there was no room for human error. So the DPR performed above expectations in quite unusual times, considering the COVID-19 pandemic. It was actually the very best standards that we have had in the industry and the DPR should be commended for this effort.

How do you think you would be able to operate successfully in this sector with demand for huge investments?

In this sector, it is a lot of investment that you have to put in depending on your terrain. There are different terrains, there is land, swamp, shallow offshore and deep offshore. I’m almost certain for most of the fields, regardless of your terrain, you will be looking from about $50 million to $200 million to hit first oil. Regardless of terrain, it is quite a huge investment. There are different ways of financing, for example via the banks or private equity. If you go the bank route, you may look at reserve based lending, in which case you must have proven and verifiable reserves or straight debt financing, where you may be required to have other sources of income. Private equity on the other hand would look at private investors who could be interested in private equity or debt financing through the use of technical partners. Unfortunately, the banks are not really interested at this time to lend aggressively to the sector as they like to come in after you have hit first oil, they may then consider reserve based lending.

So, most of us awardees would be looking at private equity, where we will get technical partners to farm-in to the assets and we are able to give up some percentage. By law, we are not allowed to give anyone else more than 49 per cent of the asset. Which means that you, as an indigenous partner, will hold on to 51 per cent of the asset and will always be the majority. This is one good advantage of being a Nigerian in owning an asset.

Your company has been a key player in the downstream sector. What gives you the confidence that you can transit to the upstream sector?

We have been in the petroleum industry for over 15 years. We’ve participated actively in marine logistics subsector, moving large volumes of petroleum products from one place to the other. I’m someone who likes to say that I came from the sea to land. We then ventured into the downstream sector. We have been able to go through the entire value chain and it has been a wonderful experience. Behind all of that is the upstream which completes the entire value chain of the oil and gas sector. It is an area we have always wanted to go into. The last marginal fields bid round was in 2003, and that was 18 years ago. We, as a company, have been waiting for this opportunity for 15 years.

The world, including Nigeria, is moving into alternative energy and for Nigeria, we are looking more of a gas for cleaner energy.There is a huge opportunity in that sector that is untapped. Nigeria is more of a gas reserve country than crude oil reserve. Globally, gas is taking the central stage in line with the concept of going towards cleaner energy. There is a lot of emphasis in Nigeria on gas because we have a lot of more gas with proven reserves at 200 trillion tcf largest in Africa and probably the seventh largest in the world. However, this is a massively untapped area and our production is low. These are areas that a lot of us in the downstream, or even in other sectors, are looking forward to as the next level as we will bring in some of this gas from the upstream to the domestic market as LPG. Even as the world is moving away from dirtier fossil fuels to cleaner energy, Nigeria is looking towards gas. As you may be aware that even the government is encouraging the conversion of vehicles from the petrol into gas as source of energy. There is a lot more and the government is gradually phasing out the use of kerosene for cooking.

The two sectors are interwoven always, just as we explore and produce the crude oil in the upstream, refine it in the mid-stream and distribute it in the downstream for domestic consumption. So, there is quite a bit of transition taking place in the downstream. I believe that our strength in the downstream and mid-stream will give us an added advantage as we venture into the upstream.

Some experts believe that there is the need to change the narrative in the petroleum sector, how do we achieve that?

First of all, I would like to emphasise that there is not a lot of people of my gender in the petroleum industry. We have been few that have participated or played actively in all sectors. I want them to see that this is not a male-dominated only business. There are few women players in the upstream, but with this exercise, hopefully there are more openings for women participation. I’m hoping that with my coming into this sector, it is showing that there is a lot of good prospects for the women folks in the industry. This space is made for indigenous companies, giving all, whether male or female the full-fledged  benefits of being a Nigerian to participate. As I said earlier, this is a huge opportunity for anyone who is a Nigerian as it gives you an added advantage over the expatriates that would come into the sector.

Moreover, it is exciting because I’m a woman in a male-dominated sector, and we have been seriously embraced by the whole value chain. I feel there is a lot of encouragement for a lot of us-females to participate. So, in changing the narrative, it would be that, more Nigerians and particularly women can do this. There is a lot to achieve being a Nigerian. If you consider the advantage offered by the Local Content Act on indigenous owners, there are certain aspects left exclusively for Nigerians only. So, you would feel privileged to participate in something like this and be ‘Proudly Nigerian’.

A lot of people have expressed difficulty in raising finances in this sector. What is your take on this?

First of all, it is good for you to understand why people are finding it difficult to raise funds. Some unusual things have happened in this sector. For example in the peak of the COVID-19 pandemic on April 20, 2020, the price of oil nosedived to $0 and then it went even lower to -$35 until it was pegged by the New York Stock Exchange.This is something terribly unusual and most unfortunate, it shook the entire industry. Prior to this time, oil was trading at very low levels, WTI was trading at $20 and Brent,  which affects us in Nigeria, was trading at $25. Before now, oil was seen as very stable and unshakable. But during the pandemic, oil became cheaper than McDonald’s happy meal.

On that unfortunate day-April 20, 2020, the price of crude WTI crude oil nosedived to -$35 per barrel, which meant at some point, you were paying someone $35 per barrel to take your oil. Now, if you consider the cost of exploration, production and in places like Nigeria with community disruption and expenses, bringing production cost in most cases from between $18-$25 per barrel, you will see that for quite a while they were trading at a huge loss and when the sector loses money, the banks are badly hit. This has left a dent in the banks considering that when they took up many of these investments, oil was trading at $100 per barrel. This has made banks extremely cautious of the oil and gas sector and their risks departments don’t forget easily. Even though oil is now trading at $70 per barrel, the low prices of oil in recent times has been a major obstacle in funding. Hopefully as time goes on, their wounds would heal and memories will fade, provided oil remains stable and trades above $50 per barrel. I am optimistic that we will become the beautiful bride of the banking sector once again.

 

Precious Future Jonah has come a long way as an upstart businessman with far-reaching impacts across the world. His sojourn into the business world has a touch of a maverick all written around it because what started as a childhood fantasies have manifested in giant strides that echo not only in his motherland but across the globe.

In a short time, he has become known as the Chief Executive of Officer of many business concerns. His collection includes PreciousX Galactic Tech Limited (PreciousX® PreciousX Galactic®), BrainX Innovative Systems Limited (BrainX®), Yagotron Electronics Co. Limited (Yagotron®), META Platforms Limited (META®) and Precious InterActive Limited.

The young entrepreneur of many parts sets his sights in changing some narratives in the science and tech world by creating a chain of corporate entities that have not only brought excellence in service delivery but also by reaffirming the narrative that Nigerians are indeed capable of great times given channels of expression.

His vision to change the landscape saw him delving into Space Science, Robotics, Smart Technology, Cryptocurrency & Fintech, Virtual Reality Gaming, eSports, eCommerce, Electrical and Electronics manufacturing.

In this writeup he outlines his businesses to give an insight into his vision and mission as tech businessman, allowing us into his world of business.

“My Electronics & Electrical brand YAGOTRON®, under Yagotron Electronics Co Ltd, has touched so many countries with our brands. I design most of my inventions with a touch of innovation, Currently We have our home and kitchen appliances like Yagopods, Powerbanks, Smart Lighters, Air Fryers, Portable wireless Speakers, Smart TVs, Clippers, Electric Unicycle, Computer & Laptop Accessories, Home Theaters, Fridges, Smart Waste Bin, Fruit Extractors, Blenders, Heat Extractors and many more,” he began.

“Yagotron products are currently being used in many countries like Ghana, Kenya, South Africa, United Kingdom, Namibia, Senegal while we are also introducing it to many more countries who haven’t experienced the smart technology and durability YAGOTRON has to offer. In the future we plan to unveil smartphone and a smart electric car which will be affordable for every citizen of earth.

“At PreciousX® or PreciousX Galactic®, the mission to push forward the waves and boundaries of Space, Science & Technology. Giving us the privilege to advance the current state of science and technology as we currently know it in this world. By the special grace of God, In the future PreciousX will aid in the enhancement of science and technology in education, nanotechnology, augmented reality, medical field, space travel, tactile virtual reality, cyber security, interactive technology, renewable energy, blockchain technology, smart vehicles, virtual reality, esport, air transportation, land transportation, sea transportation, robotics and many more.

“For BrainX, we have been able to complete more than 1000 projects for different companies across Africa, Europe, Asia and the United States, who contract us to build their programs, web or mobile applications. That’s a milestone we achieved and I am thankful to God for everything.

“At PreciousX InterActive the mission is to connect consumers globally in different ways while we enhance their experience. We focus on innovation, disruptive business models, and consumer experience enhancement, currently PreciousX InterActive currently own more than 1000 apps of different categories used by consumers globally which includes dating websites and apps, mobile games, e-commerce website, educational apps, real estate, automotive sales, blockchain, interactive apps and many more; some are paid and some are free,” he concluded.

Precious Future Jonah was born on November 6, 1990 in Benin City where he had both his primary and secondary education. He is the first child in a family of four. Although raised in Edo State he is a native of Nnewi South Local Government Area of Anambra State.

He studied Computer Science at ESGT University where he bagged a Bachelor’s degree.

Certified fraud examiners have for years supported countries to reduce fraud and illicit financial flows. For Nigeria, the Bill for the establishment of the Chartered Institute of Forensic and Certified Fraud Examiners is awaiting passage at the National Assembly. The Bill, when passed into law, will deal with banking, insurance, capital market, judiciary and even legislative fraud. In this interview with COLLINS NWEZE, the President, Chartered Institute of Forensic and Certified Fraud Examiners of Nigeria, Dr. Iliyasu Gashinbaki, speaks on what is needed to tackle cases of fraud, especially in banks and other financial institutions, and what that means for businesses and economy.

One of your organisation’s mission is to recover stolen funds and help guard against fraud in organisations. How do you think you can be of assistance to the government in its effort to recover looted funds?

This body is going to assist the government rather than the government assisting it and the reason is very simple. First, the government is overstretched and the three arms of government need their capacity to be built and we are going to do that. Our professionals are going to train judges to understand the depth and technicalities associated with fraud. This is because if they are well trained, it will give them a deeper understanding of emerging trends and, therefore, they will deliver sound judgment. Also, the legislators will make sound laws and we will help law enforcement agencies build capacity.

The importance of this body in both the three arms and tiers of government is so germane that we think the charter will, perhaps, be the greatest gift the Ninth National Assembly will give to this country.

What is your take on recovered loot and how they could be properly accounted for?

The Chartered Institute of Forensic and Certified Fraud Examiners will ensure that recovered loots are properly accounted for and are not re-looted and reapplied. Lending our voice as a body of certified forensic and fraud examiners will help the country in ensuring that the speedy recovery of looted funds still trapped abroad are repatriated early enough because these developed countries are still putting in so many technicalities to delay the return of these loots to Africa. One of the things we must do is to ensure the speedy global action for the return of the loot, maybe with the commitment that these loots will be directed towards the Sustainable Development Goals.

What will you say is the biggest challenge facing the fight against fraud in Nigeria?

The challenge with fraud is that career criminals are always ahead of the regulator and even ahead of professionals. That is why we always run behind because they understand the system and know the weaknesses in the system.

The Chartered Institute of Forensic and Certified Fraud Examiners will uniquely put on the table something different. It is different from any other law ever passed in this country because there is no law passed to build capacity in the area of forensics and fraud examination.

Is there a synergy between you and other financial institutions aimed at tackling insider-related frauds?

There are so many interfaces. Number one, I think just like the support we provide to the law enforcement agencies, I think the private sector will probably be the greatest beneficiary because in the banks and other financial institutions, you will discover that they have a risk management department and also have compliance officers too. I am aware that the compliance officer in any bank is not below the position of a General Manager and that risk management is a department on its own. What we intend to do is to isolate, especially these two key departments and make sure that we expose them to the best tools available in making sure that they are trained and retrained to discharge their duties well. An important thing in this regard is: We want Nigerians to know the need for the training and retraining of whistleblowers.There are so many things in investigation that the majority of the leads come from tips and that we take tips very seriously because it could be just one sentence that will break the case. So, we will invest significantly in training and retraining of whistleblowers. We will make that available to the public sector and we will train people from the public sector on how to do whistle-blowing in a manner that it may even never be traced to you. We will take certain practical steps that we know and once the professionals are kitted with all they need, they will be able to service this. For people that are working with the banks, we will also isolate those that are the custodian of processes to make sure that we train them and retrain them.

So, I can tell you that while  we are talking about conviction rate that is going to go high, I can also tell you that the level of bank, insurance and capital market fraud will significantly begin to go down, likewise cybercrime too by the time this institute is fully chartered.

What does your body seek to do differently with the sponsorship of the Bill at the National Assembly?

The public usually thinks that accountants are either fraud examiners or forensic experts. That is not true. As accountants, we are mandated to keep and maintain records in a true and fair manner that is reliable. While the fraud examiner or forensic accountant looks for the minute details of fraud beyond accounts, to, ultimately, find the evidence that will stand the test of time and nail the fraud suspect.  The truth is that both the Association of National Accountants of Nigeria (ANAN) and the Institute of Charted Accountants of Nigeria (ICAN) train accountants. Being an accountant gives one an advantage, but other disciplines like law, economics, sociology, and psychology are also incorporated into the fraud examination exercise. Forensic is also diverse. While we are using forensic accounting to dig out evidence that will stand the test of trial, forensic science is also used to get evidence that is used in convicting criminals. So, I will say while being an accountant is an added advantage, forensic is multi-disciplinary and the reason this bill is necessary.

The guarantee of this Chartered Institute to cage fraud and criminality is that this is the global best practice. In the U.S., the most recognised accounting body is the Certified Public Accountant (CPA) and, of course, the globally recognised Associate of Chartered Certified Accountants (ACCA).

These are two major bodies and the extent of their scope of work is to maintain records of accounts that ensure reliability and accuracy for all the stakeholders.Therefore, an accountant, by doing his job, does not necessarily isolate that entity from fraud because criminals are always ahead of regulators or any system put in place. That is why you need the special skill of a forensic expert to unravel the fraud. What I can guarantee is that this body will significantly reduce the quantum of fraud both in the public and private sector.

Will the institute build capacity for law enforcement agencies?

Regulators and even the people in the forefront of the fight against corruption have not been able to understand that we need to build capacity. For instance, if you notice, by legislation, we have the Economic and  Financial Crimes Comission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), and even the police with the prosecuting powers associated with anything that has to do with corruption but we don’t have a single professional body in Nigeria that is chartered and dedicated to fraud examination and forensic accounting. What we have, on the other hand, is so much money going into prosecution, but what about the training and capacity-building of professionals outside that will service both the public and private sector in ensuring that we root out fraud and criminality? That is where fraud examiners come in.

What is your view on the ANAN operation in the accounting industry?

With ANAN coming into being about 43 years ago, we have seen that more accountants have been trained. The college (Nigerian College of Accountancy) has been established, now we have the ANAN University and also this institute. ANAN, in our own view, is looking at professionalism from a development point of view. We get to a certain level as an organisation; there is what we called the maturity level. When you get to that level, it is no longer about training of professionals but also about the economy, development of the country and what it is that you can contribute to humanity at that point in time. This is because you would have surpassed the few people that are your members.That is why organisations like the Nigeria Bar Association (NBA); Nigeria Medical Association (NMA) and Nigerian Society of Engineers (NSE) have a strong voice because they are in the vanguard of shapening development. You will agree with me that the line that they are towing about development is not about who does what at that point in time because they must have passed that level. So, for me, we are open to developmental ideas.

Why has the rivalry between your institute and ICAN persisted for years?

It is well known that there is rivalry between ICAN and ANAN. But from the ANAN point of view, I would not say that it is a rivalry. It is rather that ICAN has consistently towed the line of a monopoly since 1965. They never wanted anybody to be in the space of accounting and we can see for ourselves that healthy competition is very import.

 Don’t you think this rivalry is having adverse impact on the economic growth?

As I said earlier, the view point of ICAN has been monopolistic and it is not about national development. For example, everybody knows that if the argument that ICAN should be the only body of accountants had stood for example, you wouldn’t have the Nigerian College of Accountancy, you wouldn’t have the ANAN University, you wouldn’t even have this institute, all of which are creations of ANAN. You wouldn’t have a situation where the majority of senior staff positions in public sector, especially, are ANAN-trained accountants.So, regardless of the fact that they have tried to impede development, I can tell you that Nigerians can see it for themselves that, that path they have towed wouldn’t have taken us anywhere if they had only ICAN. Besides that, we have seen that the development path has yielded result in terms of creating institutions.

What impact do you think ANAN has made in the accounting profession, especially in terms of training?

Over the years, ANAN has trained over 40,000 accountants and much more would come. It is the same thing with the institute, it came into being as a consequence that Nigeria is spending so much money in capital flight paying forensic and fraud examiners from Canada, U.S.A. and all over Europe. They are paying them in dollars and pound sterling in millions yearly to conduct various assignments just because we don’t have competent professionals in the country that will do that. That is why we floated the institute. The institute did not start today. We have been in existence for 10 years.

 

 

 

 

Agency Reporter

 

Victor Ola, CEO of TravelbySelf, a travel edtech platform in Nigeria, is set to host a free webinar to provide Nigerians and Africans with information on immigrating to Canada permanently as well as clinching choice Canadian jobs in 2021.

The webinar is open to those in need of guidance on the easiest, most reliable and direct way to permanently live and work in Canada without knowing any embassy official or paying exorbitant fees to travel agents.

Speaking about the purpose of the webinar, Ola stated there are opportunities available for Nigerians to obtain knowledge, skills and gainful employment in Canada.

He explained the webinar was born out of the need to help people avoid hasty disappointments and prepare them for a successful career path while becoming permanent resident in Canada.

“Many people are on the verge of giving up on their dreams of moving to Canada. It may appear to be a difficult path to tread but it’s not impossible.

“There’s an easier way to go about it, the webinar will provide a solution to all the travel fears that people might have.

“I want to ensure that the qualified applicants from ages 18 to 45 years get all they need to have that great future without having to break the bank.

“I’ll be disclosing the surest way for anyone to secure lucrative jobs that can guarantee them over $50,000 per annum.

“The good news about the pathway I’m revealing in the webinar isn’t limited by class or status, but works for all – skilled or not skilled, rich or average, there will be key learning to help every class of Nigerian including other African nations,” he said.

He added: “Participants of the webinar are expected to discover how to fast track permanent immigration to Canada, how to properly apply for a work permit, how to obtain a Canadian passport for themselves and their family members, the proper process to migrate a family to Canada legally and how to land a well-paying job within short time of arriving in Canada.”

Victor Ola is an emigration expert with many years of teaching experience on Canadian immigration and citizenship.

Having become a permanent resident and citizen in Canada, his teaching ranges from immigration process, applying for work permits and successfully immigrating families to Canada legally and successfully.

By Ibrahim Adams

The realisation the struggle wasn’t peculiar to her alone led Viv Obinna to the moment that propelled her into becoming a solution provider. Many women silently faced the same struggles and hurdles, which in turn impact their lives, health, and productivity.

A good number of these women make wrong choices which keep them on the wrong side of life, leaving them exhausted, frustrated, and depressed.

With nothing more than sheer determination, Viv took a bold step to start a movement that would make a tremendous and positive impact in the lives of mothers like her. First, Viv enrolled with the John Maxwell Team to become a Certified Coach, Speaker, and Trainer.

Next, she decided that she would use her life-changing experiences to educate, inspire and improve the lifestyle of other women, most especially other stay-at-home mums who are struggling to find their purpose in life. After all, a (mentally and physically) healthy mother breeds healthy children who go on to become healthy adults in society. To achieve her goal, Viv knew that she needed space, hence the birth of the community now known as a mum and more tribe.

In her commitment to building an international community of fabulous stay-at-home mums, Obinna started her journey as the founder of AMUMANDMORE Tribe. According to her: “I started building the Stay-At-Home Mum community in March 2021, and in under two months, the community has grown to over a thousand exceptional Stay-At-Home Mums.

“The vision of the tribe is to create a safe haven for every mother on earth. The goal is to help every Mother (SAHM) to discover their full potential while raising well-grounded children and securing the bag along the way.

“The objective is to change the narrative and get the mothers to tell the stories by themselves. The tribe hopes to eradicate the misguided conception that stay-at-home mums are ordinary lazy housewives who do nothing but sit at home and grow fat on their husbands’ hard work.

“The community is intended to provide support and structure for every wife and mother who have chosen to dedicate their time, energy, and resources to become full-time housewives.”

Observing the AMUMANDMORE tribe, women who grew up believing that not having a white-collar job makes them lazy are gradually being exposed to the truth. And Viv Obinna does well to state that: “There is a difference between being lazy and being strategic for best results, and being a stay-at-home mum is in no way a gift card for laziness.

Clearly describing the Tribe, Viv Obinna said: “A mum and more” Tribe is an International Women’s Community solely set up to help mothers and most especially stay-at-home mums connect with a great network of other mums. It is an environment where we share knowledge, expertise, and experiences while discovering and navigating the amazing world of parenting in the 21st century.

“The community activity lineup includes; monthly power-packed coaching, sessions, training, and networking workshops. The tribe also works with high caliber coaches, speakers, and trainers from around the world, educating stay-at-home mums to overcome social misinterpretation and become the best versions of themselves in their unique roles through these targeted areas of growth and development:

In summary, Viv Obinna proudly said the AMUMANDMORE tribe “Our members know each other by the first name, we are mothers with relatable challenges, down to earth, God-fearing, and genuinely caring.

“We might agree to disagree, but we do not let the sun go down on our grievances because there’s unity in our diversity. It is indeed with great pleasure that I introduce my community to you. If you’re a woman or a mom looking for support, you are more than welcome to connect with us.”

The Pension Fund Administrators (PFAs) are rational investors that have, for years, allocated assets to securities that are considered attractive relative to the risks of their investments. Chief Executive Officer, Stanbic IBTC Pension Managers, Olumide Oyetan, in this interview with Senior Correspondent, Finance, COLLINS NWEZE, says  the macroeconomic environment has led to a situation where risk-adjusted returns are higher on sovereign debt notes (bonds and treasury bills) than from the more volatile assets like equities. He also speaks on the transfer window as a positive development for the industry, Contributory Pension Scheme as well as data protection for customers.

 

Many have argued that Pension Fund Administrators (PFAs) have opportunity to increase their investment in equities within the regulatory limit. Are we likely to see a change in Stanbic IBTC Pension’s investment strategy to take advantage of these new securities?

While it is true that there is a  significant room for Pension Fund Administrators (PFAs) to increase allocation to equities, the absolute investment in equities by PFAs was in excess of N850 billion  as at December 31, 2020, which is an all-time high.

This confirms that pension funds will continue to be major players in this market as we continue to seek opportunities to enhance investment returns. I would like to also highlight that in spite of the challenged macroeconomic landscape, Stanbic IBTC Pensions has maintained a positive disposition towards equities as we have remained above the industry average due to the diversification benefits.

We are equally at the forefront of collaborating with relevant stakeholders to drive appropriate initiatives that would improve the depth and efficiency of the capital market as we recognise this is in our best interest of stakeholders. Therefore, as a responsible fiduciary, we are keen to participate in appropriately structured opportunities that are in line with the risk profile of our funds as well as the defined regulatory provisions.

Over the past couple of years, PFAs seemed to have streamlined their investments in the capital market to other securities and instruments, especially in the money market. What is responsible for this?

The PFAs are rational investors and will allocate assets to securities that are considered attractive relative to the inherent risk of the investment.

Due to the macroeconomic environment, we have in recent times witnessed a situation where risk-adjusted returns have been higher on sovereign debt notes (bonds and treasury bills) than from the more volatile assets like equities.

For context, the yearly performance of the equity market has been positive only four times out of the last 10 years while the 10-year Compound Annual Growth Rate (CAGR)  is 9.65 per cent, following the 50 per cent return recorded in 2020.Thus, one can understand the natural preference for safer instruments with higher returns potential. Furthermore, pension funds have grown at an average annual rate of 18 per cent over the last seven years whereas there has been only a handful of new listings on the Nigerian Stock Exchange over the same period. This disproportionate growth has significantly constrained the ability of pension funds to increase allocation to the equities markets whereas the issuance of sovereign and corporate debt instruments continues to grow steadily.

What impact has the transfer window had on your  company and the industry as a whole?

The transfer window is a positive development for the industry; as finally, Retirement Savings Account holders can exercise the option to change their initial selection of a PFA to their preferred service provider based on attributes that are important to them. For us, as a company, the transfer window has given us the opportunity to welcome new sets of clients and continually improve our technology and services to meet not only their needs, but the needs of our existing clients as well at every point in time.

What does the transfer window represent for Stanbic IBTC Pension Managers?

The transfer window gives us an opportunity to serve the over nine million pension contributors in the market as well as provide them comfort at retirement. Leveraging our various educative programmes, the transfer window also gives us the opportunity to enlighten a wider audience, thereby boosting confidence in the industry.

How well are you prepared to take advantage of these opportunities?

In preparation for these opportunities, we’ve carried out a significant number of upgrades across our digital self-service channels as well as online platforms to provide transactional ease and a personalised experience for both existing clients and new joiners. Within the organisation, we have also conducted in-house evaluations and re-training for staff to equip them with the required skills to take on the opportunities presented by the transfer window

Last year, PenCom and NAICOM issued several regulations to clarify the controversy between PFAs and life insurance companies over-programmed withdrawal and annuity. Can you shed more light on this?

Specifically, in September 2020, the National Pension Commission (PenCom) and the National Insurance Commission (NAICOM) issued three documents to address the lingering questions regarding the management of pension benefits and other ancillary benefits in Nigeria. They are: Revised Regulation on Retiree Life Annuity (RLA): This regulation specifies the modalities for the administration of Annuity benefits under the Contributory Pension Scheme (CPS) as provided by the Pension Reform Act (PRA) 2014.The document also covers the eligibility of insurance firms (life insurance companies and insurance brokers) to participate in the administration of retirement benefits under the CPS.

Guide for retirees under the CPS (Retiree Pack): The Retiree Pack addresses the frequently asked questions in relation to programmed withdrawal (PW) and  retiree life annuity (RLA) while providing the list of things to be done by a prospective retiree. It also specifies the features of PW and RLA under the CPS.

Revised Guidelines on Group Life insurance Policy for Employees: this document seeks to establish a uniform set of rules and standards in relation to the procurement and maintenance of Group Life Insurance Policy in favour of employees under the Contributory Pension Scheme (CPS).

Stanbic IBTC Pensions is, no doubt, the largest PFA in the industry. You have close to two million RSA holders. What percentage of your customers are pensioners and what percentage have signed on for programmed withdrawals?

We have about 1.8 million RSA holders registered with Stanbic IBTC Pensions. However, eight per cent (representing 147,929 clients) of the population of RSA Holders in Stanbic IBTC Pensions are retirees. Currently, a total of 33 per cent (55,225 clients) of the retirees signed for the Programmed Withdrawal

How well informed are your retirement savings account holders on the choices open to them between programmed withdrawal and annuity when they retire?

We engage our clients who are due to retire via our pre-retirement sessions and pre-retirement email notifications, which provide them with details on the available options to access their retirement benefits and what is expected of them. Our website also provides information on the withdrawal options for retirees and when they visit any of our offices nationwide, they are advised on the differences between programmed withdrawal and annuity.

Information management is critical to any business’ success. What processes are in place at Stanbic IBTC Pension Managers to manage information such that account holders’ fears are allayed?

Information and data protection is one of the critical areas within the business that we pay attention to closely. We have a robust information security department that reviews the formation of policies, standards and frameworks in alignment with global best practice. We have in place technology and measures to safeguard client’s data and information by ensuring that the three pillars of information security which are Confidentiality, Integrity and Availability are upheld always while processing or storing Clients’ data. We have also enabled our staff and clients via various information security awareness sessions on how to identify and prevent phishing attacks. To further improve our information security management system, we have embarked on achieving a global standard certification on ISO/IEC27001:2013 which will provide additional comfort to our clients’ on information management.

What other ways do you engage your market to ensure people have the relevant information and knowledge?

We hold regular engagements with employers and individuals to provide clarity on areas of concern with regards to the CPS. We also publish quarterly pension notes on our website which seeks to address specific topics around the CPS. In addition, our online series called “Blue Talks” serves as a platform to educate our online community on the contributory pension scheme.

How effective will you say the voluntary contributory scheme has been in boosting the informal sector participation in the pension scheme since its commencement?

The micro pension scheme is a voluntary financial plan for workers in the informal sector so that they can also participate and benefit from the scheme towards a blissful retirement. With over 50,000 registered contributors under the micro pension scheme and a total asset of over N60 million from inception, we can confidently say that the scheme is gradually gaining acceptance within the informal sector. Nonetheless, there is still a lot of work to do to structure an incentive for people in the informal sector to join so that the pension industry becomes more inclusive.

Many states have yet to fully adopt the CPS, in terms of domesticating the Pension Act, establishing pension bureaux or boards as required by law, remittances, pension payments, etc. PenCom’s report on full compliance showed that only seven of 36 states are fully compliant with the CPS laws. This situation puts state workers at a disadvantage in terms of retirement benefits and pensions. What is responsible for this abysmal response at the state level?

Some state governments struggle to meet their expenditure needs in comparison to their internally generated revenue. This causes financial constraints for them and, therefore, limits their ability to participate in the contributory pension scheme. Despite these limitations, significant progress has been made so far on the adoption of the CPS laws by state governments. As at December 2020, 25 states had enacted pension laws on the CPS while seven states were still at the Bill stage. Five states were operating other pension schemes with four of them adopting the Contributory Defined Benefits Scheme (CDBS) while one state operated the Defined Benefits Scheme (DBS).

I know that Stanbic IBTC Pension Managers continues to push for state adoption of the CPS through regular engagements with state governments. Can you highlight some of your efforts to encourage states to join in the scheme?

Despite some of the challenges we encounter from time to time, we continuously engage state stakeholders and employees to reiterate the benefits of the contributory pension scheme through targeted seminars and workshops. In addition to efforts made by PenCom to ensure that states comply, we also send detailed proposals to state governments on the benefits of the CPS and provide guidance to states that have indicated interest in the scheme. We also participate actively in state-held financial forums to lend a voice and provide perspective.

Dr Ambrosie Orjiako, Chairman, Seplat Petroleum Deelopent Company Plc, leads Nigeria’s largest indigenous oil and gas company. With oil and gas companies expanding their business profiles to include total energy solutions, Orjiako provides insights into the underlying consideration behind the global shift and Seplat’s roles in Nigeria’s indigenous efforts to develop the full potential of its energy resources. Deputy Group Business Editor, Taofik Salako was at the panel interview at the weekend

 

Why is energy transitioning so important now?

The world is in a transition and that  started from combustion such as airlines, cars and ships, which constitute almost 60 per cent of the demand for oil in the world. That transition is moving from that combustion to electricity, and to an extent, gas. And so, we are now beginning to see a lot of countries by legislation going the cleaner energy way for electricity. So being that we are an energy company, there is the need for us to align ourselves with this. Being also that we are a carbon footprint company, this is very important to us. Therefore, we have seen a world moving into cleaner energy and in providing cleaner energy solutions in the transition world, it means that apart from producing liquid hydrocarbon and commercialising our gas in which we have seen growth, the contribution of gas revenue in our topline or bottomline is continuously increasing.

Your shareholders just voted for a change of name to Seplat Energy Plc, how will this transition impact stakeholders?

When we started Seplat, environmental stewardship resonated very strongly in our core values. Today, our core values are: Value creation, Integrity and Partnership (VIP). When we started business, obviously, what was happening at that time was that oil was making revenue but over time, things started to change. Globally, the world is transiting from combustion-driven economies to electricity-driven economies. That comes with a real strong impact on demand for oil and gas and as this happens, you then come back to what happens in the environment. From the beginning, we knew that we would have carbon footprints, therefore, we committed to making sure that environmental stewardship remains constant in our core values.

Today, when you see those core values coming down to the three things I mentioned earlier, there is partnership, not just with people and communities, but also with the environment. Looking at businesses globally, you will find that a lot of things have to do with protecting the environment, especially in terms of climate change. In 2015, the Paris Conference came alongside its agreement where there was commitment towards reducing carbon emission.And shortly after that, there were a lot of climate change advocates who have continued to make very strong statements, demanding that the environment must be protected. As a company, we are well aligned to that and today, I am happy to say that Seplat aligns with corporate governance and best practices, and for a company that has carbon footprints and also reiterates our commitment towards reducing carbon emissions, we therefore, have aligned towards providing energy solutions in the energy-transition environment.

This means that Seplat is committed to providing solutions towards access to energy and providing electricity in Nigeria at an affordable rate, as well as ensuring that gas is made cheaper than diesel. This means that you have set a roadmap to reducing your emission. This is also part of the plans of the company’s development of its oil and gas business, as well as its intended diversification into renewable energy. When we say we are providing energy solutions, what we are looking to do is to balance the demand for power and make sure we provide cleaner energy which means that carbon emission is much reduced.

Can you shed more light on what your company is doing in relation to government’s gas-to-power initiative?

We are ahead when it comes to reducing gas flares as we flare out and convert the gas to petro-dollar or gas-dollar to our shareholders. Once this is done, what are the impacts? One is, therefore, aligning to the government’s gas-to-power supply evolution. The industry can create jobs, as it would create the real socio-economic impact, which we do in various ways. For a country with over 33 percent unemployment rate, we are contributing towards reducing that. Apart from providing gas to power, we are also in the process of driving the Liquified Petroleum Gas (LPG) production market as it will play a major role in empowering the economy, help preserve forests, as deforestation and desert encroachment can be arrested by making sure the people are using LPG rather than firewood in their homes. This would not only mean that they use cleaner energy, but they are also protecting the environment. So, it is not just the fact that we are changing our name, we are doing that because we have embraced cleaner energy and we are providing cleaner energy solutions to the society. Going forward, we will make sure that our Environment, Social and Governance (ESG) scores are on the increase.

How did the outbreak of COVID-19 affect the ANOH Gas project?

It is indeed one of the biggest investments in Nigeria and we are happy to be part of it as a major force in our gas strategy. It is the processing plant that we are developing in a joint venture with the Nigerian Gas Company (NGC). We completed equity funding of the project at the end of 2020 and in February 2021, we announced that our AGPC joint venture has successfully raised $260 million in debt, to complete the project funding. The fact that a consortium of Nigerian and international banks were prepared to commit up to $450 million was a strong sign of confidence in ANOH, which is one of the most important strategic infrastructure projects in the country.

Although its completion has experienced some inevitable delays because of COVID-19 restrictions on imports, the ANOH project will significantly enhance Seplat’s position as Nigeria’s leading supplier of processed gas for the domestic energy market. Although driving Nigeria’s transition to gas remains our priority, it is essential that we ourselves transition for a long-term future in which renewables are an important part of Nigeria’s energy mix.

 Seplat raised $650 million bond recently, what informed this decision?

We are sitting on good cash flows, as we just raised the $650 million which is one of the largest bonds raised in the Nigerian capital market, particularly for an oil company. It is safe to say that leverage wise and cashflow wise, we are fine and it is also safe to say that we have headroom on our debt facilities today and we do not see any need to raise equity or go to shareholders to raise money for our business. We are organic, we are growing and widening our business as we are in the gas space and going into potential renewables in the future, which is part of our organic business. Furthermore, the inorganic is also part of it as well and in the next 12-24 months, we would witness an unprecedented shift from the onshore, to focus on a new skill set which is the deeper water. We are sensible and have some high criteria at the board to make sure that any merger and acquisition done is profitable.

You have just received shareholders’ approval for a share buy-back, why are you considering this option?

This addresses the overall value creation for our shareholders and anything we do in our strategy, we have our investors and shareholders in mind. We are not going to do share buy-back if it does not bring value. If we are going to do share buy-back that will bring value and re-rate our securities, then it is something for shareholders and other stakeholders. If it is in tender offer, it means that via the process, we are putting cash in the pockets of our shareholders and so it is a value creating tool for us. We are not just going to do that for doing sake, as we want to do it for value creation.

What is your outlook for the year?

Having proved our resilience again, and in the most challenging and unprecedented environment we have ever experienced, I am confident that Seplat will build on its strong foundations to become a larger, more diverse and more sustainable energy company in the years to come. Given Nigeria’s need to improve access to energy and the potential for significant market growth, we are very well positioned to consolidate and strengthen our position as Nigeria’s energy champion.

I believe that the move to change our brand to Seplat Energy Plc reflects our intention to be at the forefront of Nigeria’s energy transition in the next decade of our journey. We will continue to build value for our shareholders, either through organic growth or through carefully selected acquisitions that will deliver the scale or expertise we will need in the coming years.

As the pandemic and its impacts recede, demand for oil and gas is already recovering and, thanks to the cost-cutting initiatives we implemented in 2020, as well as our prudent financial management, we are positioned very strongly to take advantage of the global recovery we are beginning to see.

Why did you decide to be paying dividends quarterly?

Our financial performance enabled us to maintain our commitment to paying dividends. While other companies were cutting back or cancelling payments for the 2019 financial year, because of the prevailing uncertainties, we honoured our commitment and paid an interim dividend of US$0.05, for a total dividend of US$0.10 for 2019. In October 2020, we announced an interim dividend of US$0.05 and the Board has since approved an additional top-up of US$0.05, maintaining our US$0.10 dividend for the2020 financial year. Since we raised $535 million at our initial public offering in May 2014, we have returned $344 million to shareholders in the form of dividends. For our dividend policy which obviously changed, the easy way to go about it is time value of money and cash flow. If a shareholder received dividend in the same amount once in a year, the fund might not go a long way in meeting needs or when inflation is on the rise and so the ability of the shareholder to purchase will reduce whereas if you spread this revenue, you will get your money at different times in the year which will improve the cash flow of shareholders.

How would you rate the performance of the company last year?

The year under consideration was good for Seplat. During that period, our Turn Around Maintenance (TAM) was successful and we had a very well-controlled cost and despite the impact of COVID-19, we remained very resilient in supplying gas to the domestic market as 30 percent of Nigeria’s gas comes from us and we are very happy being the dominant company in that space. With respect to our growth, the performance stems from our prudential policy to comply with the International Financial Reporting Standards (IFRS). Globally, all businesses were heavily impacted by the COVID-19 pandemic and we saw an unprecedented low in oil prices in the second quarter of 2020, which has never been seen before. Last year, we showed the resilience of our business and also showed the counterbalance of our gas business, which is linked to oil prices. Our operational and financial performance reflects the very challenging conditions described above. Our average Working Interest Production was 51,183boepd, including 33,714bopd of liquids and 101MMscfd gas (17,469boepd). Of this, our Eland assets contributed 8,855bopd, or 26 percent of total liquid volumes.

The performance of our oil business was affected by falling demand, the quotas imposed upon Nigeria by OPEC+, problems with the Trans Forcados Pipeline, a suspension of production resulting from an accident at OML 40 in July and a further suspension following problems with a storage vessel at the same site. Our gas business was affected by Turn Around Maintenance at our Oben gas plant, as well as gas wells ceasing production earlier than anticipated and of course, the impact of COVID-19 related lockdowns on demand in the Nigerian economy. We drilled six oil wells and three gas wells during the year, choosing to focus on higher-margin oil wells in the first six months of 2020 and the development of gas fields in the second half of the year.

Furthermore, we redoubled our efforts to drive a strong safety culture throughout the organisation.Our financial performance was as good as could be achieved in such a difficult year. Revenues of $530 million reflected the lower demand and pricing environment and non-cash impairment provisions of $153 million, obliged by revaluation of assets at lower oil prices, reversed an operating profit of $121 million.

Founder and brand architect at Ajoyo Global Touch Limited, Daniel Ayodele speaks with Oamen Samuel on branding, digital marketing and factors that make a brand successful. Excerpts:

Can you briefly tell us about yourself and the passion you bring to business?

My name is Daniel Ayodele popularly known as The Global Daniel, born 20th September 1988 in Ajaokuta, Kogi state. I attended Glory and Praise Nursery and Primary School Kuje, Abuja, Obahoho Comprehensive high School Epinmi Akoko, Ondo State. I’m a graduate of Electrical/Electronic Engineering from Federal Polytechnic Auchi, Auchi.

I further studied digital marketing and organisational value creation through leadership at the metropolitan school of business and management London. United Kingdom.

I am a social entrepreneur, personal brand strategist, business coach, author, CEO and a philanthropist.

You are the CEO of Ajoyo Global Touch Limited. Can you tell us what Ajoyo Global Limited is all about?

Yes, I am currently the CEO at Ajoyo Global Touch Limited. Ajoyo is a digital marketing, capacity development, mini-importation, procurement and consulting company. In 2019, we rebranded, changing the name and became a Limited liability Company. We did not just change the name; we also upgraded our services, becoming one of the best startup companies in Nigeria particularly in the field of capacity development, procurement & Mini Importation.

As a digital marketing company in Nigeria, we offer services such web development, social media marketing, personal and corporate branding, Products sourcing, procurement and shipping from foreign countries.

As the founder and brand architect at Ajoyo Global Touch Limited, I am highly skilled and experienced in branding, E-commerce and digital marketing.

How do you feel being an author of two minding blowing books?

The journey to becoming an author has been something on my mind since I left school. From nursing the ideas of writing a book that could be life changing for so many young entrepreneurs, to actually putting pen to paper, I am really glad that this dream is a reality.

I am grateful and excited that I can help aspiring young entrepreneurs, students and working professionals not just to start thinking toward how to start profitable online businesses, how to brand themselves and their business but also helping them improve as well as achieving their goals.

Can you tell us the title of the books and what they are about?

By the special grace of God, God has inspired us to write more than two books but the most recent ones are Digital Dominance and How to Brand yourself and your Business.

Digital Dominance is a book that will open your eyes and give you an insight on how to achieve financial independence and self-development in the new gig economy. It is an easy read with valuable and important concepts, broken up into segments, with each chapter consisting of secret to success with digital working topics. If you want a new job or career or you want to demonstrate more value to customers or employers? Use today’s hottest social media platforms to build the powerful personal brand that gets you what you want! All you will get in this completely updated book, these books will help you use social media and networking to advance your career, grow your business, and land new job opportunities.

From LinkedIn to Facebook, now including Instagram and SnapChat, this book is packed with new techniques and ideas that are practical, easy, and effective. It will show you how to supercharge all your business and personal relationships…demonstrate that you are the best solution to employers’ or partners’ toughest problems…become a recognized thought leader…and turn your online network into outstanding jobs, great projects, and a fulfilling, profitable career!

While how to brand yourself and your business will help you create a lasting universal brand. Yes, a universal brand because when you think of a brand, the first thing that probably comes to your mind is the brand made on livestock. If so, you are on the right track as the branding of a product is not different in this sense. A successful brand sets your product apart from that of the competition and fulfils your desire for a brand that has the potential to expand your customer base while increasing your market share. The larger your customer base and market share, the more powerful your brand. Yet, there are many factors that go into making a brand successful just as there are even more considerations to ensuring it stays successful. How to brand yourself and your business will also teach you the basic steps about marketing and branding.

Who is the target audience?

Our target audience is entrepreneurs, students and working professionals who desire to create multiple streams of income.

How will the books bring about a change in the digital and branding industry in Nigeria?

These books will definitely bring a change to both the digital and branding industry because the internet has revolutionised the way we work. Workplaces and jobs are not what they used to be. Long gone are the days when everything was done by humans and paper was the only way of communication. Truth is, the digital economy is booming.

Over the next coming years, you’ll most likely either be self-employed, running your own online business, or working for someone else who is running their business entirely or predominantly online.

We are now entering the era of the ‘Internet of Things’ where almost anything can and will be connected online from waste bins in the streets that will notify the authorities when they need emptying to wearable devices and smart clothing that will tell you when it’s best for you to eat and when you’re most productive.

Take a moment to imagine working for yourself on a daily basis, with no one telling you what to do. You can take on projects that appeal to you the most and feel proud as you watch them grow and add value to the market. If this is a scenario sounds more interesting to you than spending your days working 9 to 5 for someone else, then you likely have an entrepreneurial spirit.

Perhaps you’ve always dreamed of being your own boss, but have feared to start your own business because you lack the time and money, and maybe you don’t feel like any of your ideas are good enough. Perhaps you’re afraid of setting out on your own because you’re afraid of putting yourself and your family at risk.

However, the good news is that it has never been easier to become an entrepreneur as it is today. The Internet has helped to reduce most of the barriers to entrepreneurship. Today, you can start building your business while still working at your regular job and only investing an hour or two a day tending to your business.

Read Also: Ayodele to speak at Future Leaders Model UN Summit in Turkey

Plus, today you have access to a goldmine of information to help you succeed in the form of podcasts, books, blogs, etc. You can take advantage of others’ experiences and knowledge and use it to build your project much faster and safer than before. The only thing you need to be successful is a deep commitment to learning and the willingness to put some effort into achieving your goals.

The cost to start and operate an online business is minimal, as is the financial risk. All you need to purchase to begin your company are a domain name and hosting service, which you can obtain for around $6 a month. For the rest, it will depend on what type of product or service you’re going to sell, but it is entirely possible to start your business with as little as $100. With an online business, you also are able to work from anywhere you want, whether you decide to work out of your home or head to a café or co-working space. You can choose where to live, and you have the freedom to organize your schedule almost entirely as you wish.

The best part of it all is that you won’t be stuck in a cubicle all day long, or eat lunch at the office cafeteria, or spend hours stuck in rush hour traffic. And most importantly, your salary won’t be limited to what an employer is willing to pay you.

What are the factors that make a brand successful and stand out in Nigeria?

Branding is complex. Many businesses in Nigeria don’t have a clue on what to focus on, or what to do to stand out. This turns their products into ‘common’ unheard products.

Let’s face it. Consumers prefer buying from popular brands. Branding is, thus, very important. Otherwise, your small business will never make it past a five-year milestone. Nigeria as a country is drowning in brands. If you want your target audience to notice your brand, you need to stand out from your competitors. But then, how do you make your brand stand out?

To be original, you need to find an angle that none of your competitors is using or has used before. Use it to develop a voice and an image that will define your business. That won’t be easy, but it’s a very important step if your brand has to stand out.

You need to show your customers the human side of your brand, especially on social media. Of course, it’s easier to reply to your customers with generic corporate responses. But then, can that make your customers trust you? Of course not. They will actually see your business as a machine that has no soul. You need to show commitment to your customers.

Invest your time and money to create a brand that shows you as a human and a friend to your customers, and not as a profit-oriented corporation. Do things they can relate to. Show them what happens behind the scenes. Spare some time, for instance, 45 minutes every day, to reply to your customers’ questions and concerns instead of replying with generic responses. This way, you’ll build trustworthy relationships with your customers.

The most successful brands in the world, such as Google, Microsoft, Amazon, and Apple, stand out from the rest by ensuring their customers know that they understand all their issues.

To make sure your target audience knows that you understand their issues, you need to create messaging that’s relevant for only one target niche. For instance, if you’re targeting working college students, you might want to mention a common problem, like how difficult it is to balance work and school work. This way, you create sympathy and make it easier for your target audience to connect with you. In the long run, it will increase interactions with your brand, which will, in turn, result in increased traffic and conversions.

You’ll need to research your target audience demographics on an ongoing basis. Make changes when necessary because people change all the time.

If there’s one thing every corporate leader or business owner should know about brands, it is that successful brands are always bold. When it comes to branding, risks normally lead to rewards. Stand-out brands are never afraid of trying or designing new techniques. They aren’t scared to take a stand on controversial issues facing their industry either.

Of course, this is somehow polarizing and can possibly alienate a portion of their audience, but it encourages more loyalty to consumers who stick around with them. In any case, every brand has fans and haters.

Remarkable goals and appealing messages are great, but you need to increase your brand’s visibility. People need to see your brand, so they can respond. Although some customers will trickle in via organic searches and other ways, you need to increase your visibility to build your reputation.

There are several effective ways you can leverage to increase your brand’s visibility. They include content camping, advertising, a social media strategy, publishing articles about your products/services on newspapers such as this and promotion materials, among others. The fundamental factor is that you need a medium to promote your messaging. Otherwise, it won’t matter how captivating your messaging is. Apart from online through the Internet, you can increase your brand’s visibility by giving your customers branded t-shirts or caps with appealing messages.

If you want your brand to avoid brand alienation, you need to remain consistent. You see, a consistent message doesn’t only convey who you are as a company and what you do for your customers, but also shows your professionalism.

Consistency doesn’t end with messaging. You need to maintain the high quality of your services and products. It gives your customers a sense of predictability and familiarity every time they turn to your products.

Image is very crucial when developing a brand that will stand out from the rest. However, it’s crucial to look beyond the image when developing a brand. You can create a stand-out brand by offering more value than your competitors. You can achieve this by simply offering better services or products than those offered by your competitors.

Unfortunately, there aren’t many brands that can be this competitive without eating into profits. However, you can offer value in terms of more informative content and dedication to personalized customer services.

What are the common challenges facing entrepreneurs and small businesses in this part of the world?

Starting a business is a big achievement for many entrepreneurs, but maintaining one is the larger challenge. There are many standard challenges every business faces, whether they are large or small. These include things such as hiring the right people, building a brand, developing a customer base, and so on. However, there are some that are strictly small business problems.

Nothing can hold a business back like money problems. This is even truer for small businesses. While larger companies have enough cash flow to keep up with payroll and keep the lights on, small businesses are often in a less stable situation. If one big client fails to make a payment, your small business may not be able to cover its bills. There are plenty of tales of small business owners giving up their own salaries in order to pay their employees and vendors. And, sadly, there are plenty more stories of small businesses failing because they ran out of funds.

There are 30.2 million small businesses in the United States, accounting for 47.5% of all jobs.1 But that doesn’t mean finding qualified, hardworking employees is easy. In many instances, your small business’ benefits package won’t be able to compete with what large companies offer. Additionally, while large businesses can hire people for one specific task, you may need employees who can handle multiple tasks. You’re also likely to need people who have the personality necessary to succeed in a small business environment, where change is common. All of these factors can make finding the right employees challenging.

It’s a common story: one day you’re celebrating landing a big client, and the next day you’re struggling to keep up with the new client’s needs. For small businesses, growth often comes with growing pains. In many instances, you have to make the choice between working long hours and asking your staff to do the same or finding ways to cut corners. Neither is a great solution, meaning that, ultimately, you will have to find a way to grow your business without hurting your business.

Marketing, in general, can cause small businesses a number of problems. Advertising is expensive and word of mouth is slow-moving. The internet provides opportunities to find customers without breaking the bank, but many small businesses don’t do enough with their online presence. You probably know that you need a website, but is it SEO optimized? Does it utilize responsive design? Is it driving sales or is it nothing more than an online billboard? And your website is just one piece of your online presence. You also need to consider social media like Facebook and Twitter, and pay attention to review sites like Yelp where one dissatisfied customer can damage your reputation. Large companies have entire departments devoted to online activities, but small businesses often struggle to keep up with all the ways the Internet can help—and hurt—business.

Do you think Nigerian youths are ready to key into abounding opportunities in this digital age?

Yes, I think Nigeria’s youth will be ready with strategic investments that support human capital development, create an enabling environment free from restrictive policies, tapping into the global ecosystem in ways that provide remote opportunities for local talent beyond our borders and attracting foreign tech players as well as advancing initiatives that encourage innovation within the digital ecosystem.

Tell us what life has taught you and the secrets to your success as an accomplished entrepreneur?

Just as I aspire to grow my business, I aspire to grow as an individual. This time in my life has forced me to mentally and physically push myself into places I’ve never explored and into constant reflection and self-evaluation. The great thing is, the lessons life can teach are endless and my time as an entrepreneur has seemed to speed up the process.

Also, I have learnt as an entrepreneur which is one of my biggest secrets is that there is nothing that will grow you and your business more than the ability to say yes.

This is probably the trickiest thing I’ve learned over the last few years because there is a big difference between believing in yourself and faking it until you make it.

In my experience, in the beginning stages of growing your business you have to have the audacity to say yes to any opportunity that even vaguely resembles what you plan to do in the future. By doing this, you’ll learn to develop processes, sharpen your skills, and teach yourself problem solving and critical thinking. You have to be smart about it though, if you hurt someone’s business or break their trust you will officially lose them forever and damage one of your most valuable assets, your reputation.

Evaluate your resources, current skillset, and the speed at which you can typically learn and implement a new skill. Are these three qualities enough to adequately execute the opportunity presented?

This takes a lot of self-awareness but once you develop that relationship with yourself, you can really capitalize on more opportunities that come your way.

Gratitude practices still sound corny, but they’re definitely necessary.

I would be lying to you if I told you that every moment since i left my banking job to become an entrepreneur was all sunshine and selfies, but it’s not. Shit gets hard. I’ve lost clients, lost friends, family, dealt with my version of anxiety, depression, identity crisis you name it. I don’t ignore these feelings by any means, however, I’ve found ways to focus my attention on the things that are going right in my life. The mere shift of your focus unlocks a completely different mindset toward whatever you’re dealing with and truly does help you feel happier, thus more productive.

There is always something we can be thankful for: a roof over our head, a meal, a conversation with an old friend getting the seat somewhere next to the outlet when your laptop is running low on power. Honestly, if you can appreciate the little perks of the day, those big goals you’re trying to accomplish will come a lot easier.