The Nation Newspaper

Category: Shopping

  • Shopping for men’s wallet

    Shopping for men’s wallet

    Our Reporter

     

    Wallet is important for holding essential documents.  It comes in various shapes, sizes and materials, such as leather, polyester, vinyl, canvas, aluminum.

    In wallet, you keep items, such as international passport, tickets, travelers’   cheques credit and debit cards, drivers licence, and identity cards.

    When shopping for wallet, the last thing you want is a wallet which wears out after  a short period of  use or one that  is so incredibly  uncomfortable, simply not practical for everyday use.

    Imagine whipping out your wallet to pay bills or fumbling through your wallet that is completely frayed to pieces.

    It is important to know all the little nuances before shopping for a wallet.  Here are some of things you need to consider when buying a wallet.

    You need to consider the structures such as the classic Bifold wallet, Trifold wallet, money clip wallet, Checkbook wallet, coin wallet with card slot. You also need to consider the material they are made of and how long you intend to use it.

    With its simple design, the classic Bifold wallet allows you access cards and cash with just a flip of the flap. It is among the slimmest of designs.  It allows you to sit comfortably, without feeling like you are sitting on a lump.

    Read Also: Online shopping: The trust challenge

     

    If you are the type that carries more cards, the trifold is an excellent choice. It is a classic design that seemed to be one of men favorites.

    What really sets the trifold apart is the number of compartments that are typically contained. However, overstuffing your trifold will make it bulge.

    The money clip wallet is one of the best wallets for men who prefer the minimalist lifestyle and want just little when it comes to the amount of items they can carry.

    If you are going to a special occasion or perhaps you simply just want a wallet that stands out from the crowd, the classic checkbook wallet may be worth your consideration.

    Originally designed for men who travelled often, the checkbook wallet will easily hold a vast array of not only credit cards, but also your checkbook, passport and currency.

    As wallet varies in quality, so are their prices. Some are sold at between N1, 000 and N5, 000. You can also get some  brands like Fossil at N15, 000 and above.  Wallets are sold at online and offline retail stores.

     

    While quality could determine the durability of wallet, its usage is also essential.   When you constantly stuck more items in the wallet, the stitching around the edges or the creases in the fold, especially for a trifold wallet will begin to fray and ultimately breaks down.

    SILICON VALLEY

     

     

  • A smartphone with class

    A smartphone with class

    What does a phone mean to you? To some, it is a status symbol while to others, it is a working tool. During the unveiling of some products by phone giant Samsung, the importance of a phone, any good phone, was highlighted. JANE CHIJIOKE, who was there, reports.

     

    ALMOST on a daily basis consumers are being thrilled with the introduction of new phones into the market. The phones come with various features that offer awesome experiences.

    As phones have become essential to life, consumers have become picky about phones. They go for phones that not only meet their needs but also their lifestyles.

    With varieties of phones in the market, those who can afford high-end phones, splash their cash on them, giving them more patronage in the market.

    In the past, cell phones were mainly produced for making and receiving cells. Gradually, phone manufacturers began to realise that they could integrate other technologies into them and expand  their features.

    Experts argued  that  the purposes of the cell phones have shifted from being a communication tool to a multimedia tool, making it possible to use them for snapping photos, videoing, surfing the internet, updating social media and chatting, among others.

    When buying a phone, most consumers consider features, such as camera and video quality, the inbuilt and extended memory capacity, and the Android version, to give them pleasant experiences.

    “Having better screen resolution, constantly improved interface and software expansion make cell phones easier to navigate, and more fun to use.

    Also, the continuous expanse in capacity and other vital features for consumers’consumption are reasons  manufacturers would continue to upgrade phones,” said Emeka Alloy, a phone dealer at the Ikeja Computer Village, Lagos.

    Among the brands that are mesmerising consumers is the new Samsung Galaxy S series, which come in three variants: S20, S20 plus and S20 Ultra. Launched on February 11, the phone has continued to fascinate consumers.

    Though  not yet available in the market, consumers are fast making orders at various retail outlets, apparently to be among the first to possess the phone.

    Not weighed down by the prices, some consumers have remained on edge to know when it would get to the market.

    “ I  have always been a fan of Samsung brand and with the phone speculation which I have gathered from my research, I think it suits my taste. I have even pre-ordered it.

    It is also coming handy for me, because I have planned to get a new phone,” said Mr. Bode Dickson,  an engineer.

    For Damian Iselobhor, who loves phones, owning the new S20 Ultra is more of experiencing the adventure he can derive from it. He expressed the eagerness to get the device when it is available in the market.

    Last year, Samsung introduced the Galaxy A Series. The brand’s mid-to-low tier price bands was the rave of the moment.

    Retailers said the demand for it recorded high patronage as consumers were delighted to have the latest model of the brand and also for its mid-range prices.

    According to Gadget 360, the Galaxy A Series accounted for 56 per cent of the brand smartphones sales in the second quarter of last year.

    Retailers explained that this new series of the phone brand, which would hit the market from March 8, is fast gaining traction.They said aside pre-orders, consumers have continued to troop into the market to make enquires about the phone.

    “The new Samsung Galaxy S20, S20Plus and S20 Ultra are already trending in the market. Though they have not fully entered the market, customers can’t wait to have them.

    There have been so much pre-orders and enquiries about the phone. The phone is globally trending now and it would be a big market in Nigeria, especially because Nigerians like what is expensive. Again, the phone is from a popular brand.

    “Its features are amazing and come with a protective screen and wireless charger. The battery life is a plus, from 400mah-500mah.

    No doubt, it will record good patronage, because it is already trending,” said the Public Relations Officer (PRO), Ikeja Computer Village, Mr Ademola Olaifa.

    Read Also: Infinix introduces S5 smartphones

     

    A mobile retail attendant at Ikeja, who gave her name as Blessing, shared similar sentiments. She said since the launch of the phone, many have continued to place orders.

    “Some troop in daily to make enquiries about the phone. They just can’t wait.   Just like the way the Samsung Galaxy A series trended, the new series might even do better.

    The Chief Marketing Officer, Samsung Central Africa, Dudu Mokholo, said: “As we enter this new decade, how we communicate and how we experience the world around us has evolved.

    Samsung is, therefore, providing a next-generation device for transforming lives. With an incredible AI-powered camera, you can capture the moments as they happen and connect more seamlessly with the people you love.”

    The Galaxy S20 series comes in 5G network and connectivity and has an Operating System (OS) of Android version 10.

    The new phones are the upgraded version of Galaxy S10 and S10 Plus. The Galaxy S series are the high-end phones of the brand.

    Their prices range from N302,200 (S20); Samsung Galaxy S20 Plus is sold for N335,900 while the Samsung Galaxy S20 Ultra goes for N420,000 and above.

    The new Galaxy S series comes in various colours, such as cloud blue, black, cloud pink and cosmic gray, and hue.  The smallest model (Galaxy S20) comes with 6.2-inch screen.

    The Samsung Galaxy S20 Plus has a 6.7-inch display while Galaxy S20 Ultra is 6.9-inch. The new series comes with curved screens just like the Samsung Galaxy S10 and S10 Plus.

    The S20 and S20plus model have a front camera 10MP and a rear camera with triple cameras of 12MP Ultra-Wide Camera, 12MP Wide-angle Camera, and 64MP Telephoto Camera.

    The S20 Ulltra has front camera: 40MP while the rear camera also has three cameras – 12MP Ultra-Wide Camera, 108MP Wide-angle Camera, 48MP Telephoto Camera.

    The Galaxy S20 and S20 Plus come with 12Gigabytes of RAM with 400mah battery capacity while the Samsung Galaxy S20 Ultra has 16GB RAM with 500mah battery life.The series come in 128GB, 256GB, and 512GB Storage capacity, among other features.

    However, the difference between the S10 and the new S20 series are slim.

  • Meet the man who simplified computer

    Meet the man who simplified computer

    By Rarzack Olaegbe

     

    You cut with X and copy with C. V is to paste while Z is to undo. These function keys have changed how the computer is used forever.

    If not for the hard work and tenacity of some men, many people, including this writer, would have difficulty using the computer.

    These men not only invested time and ingenuity into ensuring that the computer is not only available, it is simple to access. Many users of the computer are familiar with Bill Gates’ Microsoft and its windows operating system.

    Others are attracted to Steve Jobs and Apple and Macintosh computer. Yet, others believe that Michael Dell is the genius behind the computer.

    Some folks have even said to me that Zinox boss, Leo Stan Ekeh invented the computer! I know you understand that is incorrect.

    However, these men have made their marks to ensure you and I have a computer we can call our own. But the man who simplified how to use the computer was Larry Tesler.

    But before Larry, there was Charles Babbage. Charles was an English mechanical engineer and polymath. According to research, Charles originated the concept of a programmable computer.

    Charles is considered as the father of the computer, as he conceptualised and invented the first mechanical computer in the early 19th century.

    As the story goes, before Larry, the computer users had to interact with clunky programmes in different modes where the same commands meant different things depending on how they were used.

    I remember that issues correctly and navigating through the computer then was quite frustrating for me. Anyway, what are modes? Larry considered that to be a problem.

    Well, the mode is the number that appears most frequently in a set. A set of numbers may have one mode, more than one mode, or no mode at all.

    Other popular measures of central tendency include the mean, or the average (mean) of a set, and the median, the middle value in a set. According to Larry most interactive programmes had modes, which always “tripped me up.” Larry wrote in a 2012.

    Larry gave his life and became a champion of eliminating modes from computer programmes. His personal web site is nomodes.com.

    Once Larry eliminated the modes, he opened the door to how computer users have interacted with personal computers for the last 40 years. Much of that work was done not at one of today’s tech giants, but at a computer lab at Xerox.

    Today most people know Xerox only as a maker of copiers, but in its heyday the company developed much of the technology that led to the personal computer: the mouse, a graphical user interface that allowed for more than lines of text on a screen. The work was done at the company’s Silicon Valley-based Xerox Palo Alto Research Center, or Xerox PARC.

    Read Also: Senate to FG: review ICT, computer education policy

     

    He pioneered personal computing and he is credited with creating the cut, copy and paste and the search and replace functions.

    The day I learnt how to use those functions keys marked the beginning of my deep love with the computer. In the newsroom then, instead of typing a long sentence all over, I would simply press Control A to select the text.

    Then I would press Control C to copy and control V to paste the text on the page I wanted. It was quite easy. Once I mastered the cut, copy and paste key functions, I shared the little “secrets” with everybody in the newsroom. Why do you need to re-type a paragraph? Simply copy and paste it.

    The cut, copy and paste and search and replace functions are used millions of times a day without users thinking twice about how they were developed or by whom.

    The functions made typing so easy for me. At the time, I did not know who invested the function keys. All I know is that it made navigating the desktop computer very easy.

    It is unfortunate that Larry Tesler died last week at 74. But his invention is alive. Larry is alive in our minds and millions of people all over the world are using his inventions to navigate the computer.

    I am sure the majority of the “typists” in the newsroom then did not know about Larry. That is true because many people around the world did not know Larry.

    We know computing giants Bill Gates and Steve Jobs. But without Larry the work of Gates and Jobs would not be successful.

    Larry played a central role in making computers accessible to people without computer engineering degrees like me. Larry made me fell madly in love with the computer. I did not even know it then. Now, I know.

    Until his death, Larry was a consultant to companies like Western Union and note-taking app Evernote on how to improve their user experience on desktop and mobile.

    He was dedicated to innovating, simplifying and improving. Larry was part of the team that designed the Macintosh computer.

    Macintosh and Lisa, one of the first personal computers to use a graphical user interface, popularised the now-familiar copy, paste and undo shortcuts.  So, if you are having challenges with your text messages, just cut it with X, paste it with V or undo it with Z.

  • You cannot have more than three

    By Rarzack Olaegbe

    No one wants to be restricted, especially when it comes to communication. But if you are involved in a creative project, the restriction can be actually benefiting as you would have to think deeply and dig down in order to mine the gold.

    If you’ve ever faced a writer’s block, you would know what it’s like to be paralysed by innumerable opportunities. What restrictions do is to take away some of the choices available to you.

    However, this may not be what the federal government has in mind when it announced it will peg the number of Subscriber’s Identification Module (SIM) cards a subscriber can have to three.

    In essence, the federal government is saying you cannot have more than three SIM cards no matter your class or status.

    With the pronouncement, the federal government has limited the maximum number of SIM cards you can register in your name to three. This is done  to curb kidnapping and banditry in the country.

    The thinking would be that the federal government believes only the kidnappers and bandits and fraudsters have access to more than one SIM cards.

    This is not so. There are many high profile individuals in the country who have more than four SIM cards in their names.

    They have separate SIM for business, family members, friends, old school associates and foreign business partners.

    To ascertain such individual never misses any call, one of his personal assistants would carry a battery of smart phones and follow him around. You must have noticed such a scene at a public function.

    With the new policy, such individuals are now faced with a choice and they would have to find a creative way to surmount this challenge.

    I am still not sure how these individuals would work around having a maximum of three SIM cards. Already, some executive in the media and entertainment industry have six SIM cards in their names.

    Minister of Communications and Digital Economy, Dr Isa Ibrahim Pantami said the Nigerian Communications Commission (NCC) must revise the policy on SIM Card registration and usage by blocking all the loopholes in the current policy.

    Read Also: No one can own more than three SIM cards-FG

     

    It means Nigerians in the bracket of the individuals described above would be negatively affected by the change in the SIM card registration policy.

    With this policy, the federal government is ready to enforce the provisions of the Nigeria Data Protection Regulation (NDPR).

    This regulation focuses on data protection and data security. As the government tightens the noose around terrorism by restricting the number of SIM cards an individual can have, it would ensure that registered organisations develop security measures to protect data of their staff by setting up firewalls, implementing access controls, encrypting personal data and developing internal policies for handling personal data. This would be extended to telecommunication and how you and I use this infrastructure.

    To drill down, Dr Pantami said the revision of the policy was based on the feedback the ministry received from the security agencies following the successful revalidation of improperly registered SIM cards last September and the blocking of those that failed to revalidate their SIMs.

    The updated policy, according to him, is expected to ensure that the National Identity Number (NIN) becomes a prerequisite for Nigerians who are registering new SIM cards.

    For foreigners, he said international passports and visas would be required for the same exercise. He explained that the new policy would come into effect with National Identity Number (NIN) before December 1, this year.

    Dr Pantami has also directed that NCC must ensure that only fully accredited agents support the SIM card registration process without pre-registering SIM cards themselves while the eventual registration should be done by the operators.

    This is an understatement as no telco would dare violate this policy again. You know, what I mean? Meanwhile, no matter who you are, you cannot have more than three SIM cards in your name.

  • Valentine: When love turns money spinner

    Valentine: When love turns money spinner

    Globally, love rules the air today at least, that’s what Valentine Day celebration depicts. But, beyond the reign of love lies business opportunities and huge revenue, even as trading for the Valentine season is expected to reach $27.4 billion in some countries.This is why while exchange of ‘love’ dominates the atmosphere, retailers are also smiling to the bank, wishing the day never ends, JANE CHIJIOKE writes.

     

    Shade Odugbesan, a 28- year-old market consultant, looks forward to Valentine’s Day. For her, the expression of love and gifts that comes her way not only touches her emotions, it also tells her a lot about life and living.

    It was in this spirit that Odugbesan, not wanting to miss out on the celebration today, embarked on a shopping spree both for her ‘lovers’ and herself. At the end of the exercise, she had coughed out N50, 000, exceeding her original budget of N30,000.

    For Kingsley Duke, a banker, aside the gifts for his partner, visiting some exotic locations are on his plans. This he hopes to crown the day with a marriage proposal.

    Ahead of this, he had made some orders online to get an expensive ring for the proposal. Though he was shocked at the final bill he incurred, he saw it as a worthy venture.

    “I had already planned a budget for today’s Valentine celebration. But at the time I was done, I realised I had overshot my original budget by over N100, 000. But then, it is worth it” he said.

    Indeed, Valentine’s Day celebration has become an avenue to increase shopping and business. As consumers are making the best to express love to their loved ones, brands and retailers leverage the day to not only bond with their consumers but also deepen market penetration.

    For instance, from card shops, resort centres, aviation sector, quick service restaurants, hotels, offline and online shopping malls, high street supermarkets, brand owners have deviced marketing strategies like discount offers, product launch, campaigns and promos to lure customers.

    Marketing experts said seasons, such as this provide opportunities for  retailers to get busy again following the lull of  post Christmas market rush and also for businesses that are involved in the seasonal consumer goods and services.

    This view was buttressed by a consumer analyst, Ben Adegoke, who submitted that the Valentine’s Day celebration has grown to become a big shopping window that creativity and innovations on how to satisfy consumers on such occasions has become a continuous activity for brands.

    He noted that despite the economic downturn, most consumers would love to celebrate it as they have attached so much importance to it.

     

    Booming sales

    In Nigeria, some consumers are positive to make the best out of the season. At various retail outlets visited, some consumers were busy shopping gift items.

    They expressed readiness to celebrate the day.  Retailers also noted that sales have slightly increased and are hopeful of making more sales even beyond today. For them, the entire month is Valentine celebration.

    Greeting cards and flowers have always been the sought-after items for Valentine celebration, but recently, with changing dynamics in the country and ‘lovers’ getting more sophisticated, preferences have changed.

    According to retailers, items such as perfumes, lingerie, wines, aphrodisiac products, watches, jewelries and chocolates enjoy more patronage during the season.

    Read Also: Polaris’ Valentine’s Day campaign ends today

     

    While some go to the extreme of buying cars, houses and huge amount of money to gift their partners. The retailers also said condoms are also some of the items that are in high demand at this period.

    According to a jewelry dealer in Ajao Estate, Joke Olatunbosun, the season is a good boost for trade. She said it is mostly a necessity for the male folks to present gifts to their partners.

    Though the unfavourable economy has an effect on the market, she noted that there is a slight increase in  sales volume recorded at such period. For her, last year’s celebration recorded good sales even though she expected more.

    Olatunbosun remarked that at the beginning of the week leading up to today, patronage in her outlet has recorded geometric increase compared to other times. This she attributed to the 10 percent discount she offers.

    A boutique owner at Osolo Way, Lagos, Daramola  Ogunleye, also  said she had recorded increased demand and sales for lingerie wears. Lingerie wears are ladies’ underwear. She attributed this surge in lingerie to the fact that ladies, on days like this, want to dazzle their partners with sexy undies.

    “Both men and women patronise this kind of wears. It is a gift item for them. Some lovebirds would love to celebrate the day at beaches, hotels, have night outs, and lingerie seem perfect for them.

    Since the month, began I have received over 75 percent demand for lingerie compared to last year. The month is known as a month of romance and I foresee good sales before it  elapses,” she explained.

    Another retailer, who sells gift items, Jude Ekposu, argued that greeting cards still have its place in the market during the love season.

    However, he said it plays a complementary role to the main gift items. He noted that the demand for cards has increased and he was positive to sell more today.

    A beautician, Mary Douglas is also counting profit this season. “I have got more bookings for my make-up services. It is a season of love and ladies want to look their best for their partners.

    The weekend, which the day falls into is of advantage to my business as the celebration would continue till Sunday.

    Even with their tight schedules at their workplaces, I have had good number of customers for hairdos, manicure and pedicure. In fact this this week began, I close late than on other days” she said.

    Although sales and revenue figures at Valentine could not be sourced in the country, according to the National Retail Federation, in the United States, this year’s Valentine’s spending has been estimated to reach $27.4 billion, a 32 percent increase from last year’s record of $20.7 billion.

  • Three Crown Milk sponsors winners on Dubai vacation

    Our Reporter

     

    Three Crowns Milk, from the stable of Friesland Campina WAMCO Plc, has sponsored three winners of last year’s Mum of the Year campaign on an all-expense paid trip to Dubai.

    This reward is a fulfilment of the brand’s promise to Mrs. Chinwe Okoroafor , Mrs. Abigeal Oluwasegun and Mrs. Kafayat Salami, who emerged as the top three winners at the contest – to enjoy a holiday in Dubai with there members of their families and receive a year’s supply of Three Crowns Milk.

    The winners visited some of the most attractive sites, such as Ferrari World, Dubai Mall Tour, Dubai Dancing Fountain, Global Village, Sheikh Zayed Grand Mosque, The Louvre Abu Dhabi Museum, Heritage Village, Gold Souk and Desert Safari, and had their free style shopping of USD1000 each, all in the globally-acclaimed foremost tourist destination.

    Read Also: Freebies for Nigerian tourists to Dubai

     

    Since its debut, five years ago, the campaign has been recognised as the leading campaign dedicated to celebrating  mothers. While kicking off the campaign last October, the Marketing Manager, Three Crowns, Omolara Banjoko, said it was the brand’s leading campaign dedicated to rewarding mothers for always putting their families first, adding that Three Crowns Milk cares for mothers so that they could in turn care for their families.

    In 2018, however, in commemoration of its 30th year anniversary, Three Crowns raised the stake of the competition by awarding the grand prize to three winners which include Jennifer OtoGod, Pauline Pambolo Daniel and Adaobi Okonkwo. They were each rewarded with an all-expense paid vacation to Dubai with two members of their families and a year’s supply of Milk.

     

     

    Speaking during their appearance on TV Continental, One of the  winners, Mrs Chinwe Okoroafor,  praised Three Crowns Milk for paying special attention to health and particularly the role of mothers.

     

     

  • Centre serenades lovers on Valentine

    Our Reporter

    A recreation centre, UpBeat Recreation Centre, a member of the Honeywell Group, is today offering its customers the opportunity to celebrate with their loved ones at her waterview restaurants – The Upbeat Bite.

    The centre is the first West African tampoline park.

    The offer comes with a complimentary wine: two course meal; spiced with karaoke, musical performance by artists and a serene atmosphere for lovers.

    The Operations Manager, Upbeat Center, Siamanta Van-Labeke, explained that her firm opted to do this considering that the connection between appetite and love is well proven.

    Rad Also: Valentine: When love turns money spinner

     

    Good food, Van-Labeke said, nurtures the body and brain, and also feeds the soul and spirit, making the two connect.

    She further said that the offer was birthed remembering that love is a beautiful thing and as such this season should be made a memorable one for her customers.

    “The lovers promo has been put together to bring unconventional way of expressing love to one another.

    This Valentine promo will help to rejuvenate love and this does not exclude older couples that will want to express themselves in youthful ways.

    Also, we would be having couples jump for love all through February. Remember, couples that Jump together, stay together,” Van-Labeke said.

  • Fruit of Royalty enters Nigerian market

    Our Reporter

     

    A  Leading player in the fruit juice and dairy categories, Chi Limited, has introduced a new variant to the market.

    The Chivita 100 percent Real Lychee Blend fruit juice comes in a one litre Tetra aspetic packaging. Lychee fruit is a small, delicate rare fruit that grows in the subtropical regions of the world. It originated in China where it is popular and is in the Southeast Asian continent.

    According to a statement by the company, the sweet and exotic fruit is widely regarded as “Fruit of Royalty” for its delightful flavour, exquisite taste, satisfying juiciness, and immense health benefit.

    “Round in shape, lychee  is about the size of a walnut and have an outer shell with a textured surface which is usually reddish-brown or pink in colour.

    Read Also: Eight fruits that can boost your ‘sex drive’

     

    ‘’Lychee contains a good amount of fibre and B-complex vitamins which aid metabolism. The fruit also contains nutrients like  manganese, magnesium, copper, and iron required for the formation of red blood cells  in the body.  Research also shows that  Lychee fruits helps boost the body’s immunity, regulates blood pressure, aids weight loss, good for the skin and helps maintain strong bones.

    “Chivita 100 percent Real Lychee Blend offers consumers good health, great tasting fruit juice and a new Chivita fruit juice variant to choose from.

    “With this launch, consumers have the opportunity to join the rest of the world in enjoying the pure 100 percent fruit juice with no added sugar, preservatives or additives.’’

  • ‘We need govt’s support’

    By Jane Chijioke

     

    The Association of Professional Party Organisers and Event Managers of Nigeria (APPOEMN) has called on the Federal Government to support its bid to sanitise the event industry and uphold professionalism of practitioners.

    Its President, Gbemisola Ope, who spoke on the sideline of the association’s end of the year party, said the industry is challenged with unprofessional practices as it is viewed as an unregulated sector.

    She noted that with the government’s intervention through creating policies and law that would backup rules and regulations of APPOEMN, practitioners and prospective ones would abide by standards, thereby offering quality services to consumers.

    “We need to set standards in the industry. We need to have consequences for actions. So it is not enough for us to say for instance, a photographer is not up to standard or he dupes people.

    We need the government to back us up in correcting these anomalies. It could be as much as N100, 000 fine or a six months jail term.

    Also, when carrying out the judicial process, we need the government to support us so that we can have a shorter litigation period where there would not be a court case lingering for one to two years just for N100, 000 or N500, 000 offences,” Ope said.

    Read Also: Firm raises $71m to support startups

     

    She noted that getting the government’s attention has been difficult but the association would not relent in its struggle, adding that APPOEMN is hopeful for a better 2020.

    Also, a patron of the association, Gbemi Sosore, explained that there was need for government to lay down rules and regulation to safeguard the profession.

    “If rules and regulations are put in place and backed by the government , then people would be safe from fraudsters,”Sosore said.

    She noted that while the association awaits government’s support, she would continue to do  its best to train and retrain its members, organise seminars among others to upgrade their skills.

    She said the event management industry is expanding, because Nigerians are merry making citizens.

  • Planting seeds of greatness

    By Rarzack Olaegbe

     

    Silicon Valley is a region in the southern part of the San Francisco Bay area in Northern California in the United States. It serves as the global centre for high technology, innovation and social media and has dominated the world’s venture capital scene for decades. It is the tech epicentre.

    According to PitchBook Data, it has funded over 102 startups that have grown into oaks or unicorns. These are tech companies that are valued at over $1 billion. Facebook, Stripe and Box are some of these unicorns.

    The venture capitalists in the Valley planted the seeds of greatness in these startups before they could become unicorns. They offered to fund.

    They helped with research and development. They supported their human resources effort. These efforts nourished these caterpillars and encouraged them to become colourful butterflies. This also boosts the startups’ valuations by as high as 20 per cent before they go public. It is not magic. It is a strategy.

    This was evident in 2007 when the venture capitalists accounted for 75 per cent of the startup investments, according to Bloomberg. In addition, tech companies experienced a surge in funding from 2012 to 2015.

    That was when the venture capital firms poured $92 billion into space. Now the funding is waning. China has stepped in. In 2017, the Asian venture capitalists invested a record $154 billion in tech companies.

    At this rate, the Asian venture capital is a blessing. It can enable a select few startups to get much more capital at higher valuations. This was done in order to plant the seeds of greatness in the startups.

    In Nigeria, the Lagos State government has launched a N250 million seed funding for startups to dream up innovations. Governor Babajide Sanwo-Olu launched the fund at the Art of Technology (AOT) Lagos 1.0 conference. To complement this, he equally announced the setting up of a research and innovation council.

    The Research and Innovation Council is chaired by the University of Lagos Vice Chancellor, Prof Oluwatoyin Ogundipe.

    Read Also: Interswitch lists N23b bond on NSE

     

    The N250-million seed funding will help the council to invest in research and development of tech-focused solutions. This new development will create an enabling environment for technology startups to grow and fester as we have witnessed in the Silicon Valley.

    I  doff my hat for the state government. However, the fund is a drop in the sea. Interswitch received N200 million in grant from the Central Bank of Nigeria (CBN) in 2001. Today, Interswitch has become a unicorn.

    TeamApt raised $5.5 million from a private venture firm, Quantum Capital Partners last year. Paga also got $20 million last year. Nevertheless,  as a seed fund for tech startups in today’s estimation is a fart in the wind.

    The Yaba-based startups are snowed under by the high rent of real estate, exorbitant internet fees, incessant power and high cost of diesel and other sundry charges.

    If 50 startups emerged as beneficiaries of the seed fund and each gets a $5 million as funding, it comes to a budget of N250 million.

    The process of disbursement needs to be defined so that the fund is judiciously put to good use. If properly managed, the fund can become a fountain of nourishment for the nascent tech companies. It can drive synergy between policymakers and innovators.

    It can inspire other venture capitalists to begin to plant seeds of greatness in local tech startups and this will, in turn, attract the Silicon Valley and Asian venture capitalists.

    Already, the acceptance by Google and Microsoft to turn Lagos into the Silicon Valley of Africa with major investments is quite inspiring.

    These two former startups have investments in the Computer Village and some of the emerging tech hubs in Lagos. The culmination of these actions will be the realisation of the Lagos smart city project among other possible tech-led initiatives.

    Obviously, to play on the global stage, the Lagos State needs to be grounded in the application of technology in order to surmount the myriads of challenges that beset the city.

    Embracing innovation in technology can lead to growth and development. Committing N250 million to science and research is a starting point. Increasing that fund to N1 billion will start the fireworks.

    The convener and Special Adviser to Governor Sanwo-Olu on Innovation and Technology, Olatunbosun Alake, understands that seed funding will help to bridge the gap between governance and innovation.

    And, on the other hand, if funding is waning as it happened in Silicon Valley, the Asian venture capitalists are here to help plant a seed of greatness so that more unicorns can emerge from Lagos State.