The Nation Newspaper

Category: Small Business and Entreprenuership

  • 10 SMEs get SMEDAN loans

    The Association of Skilled and Vocational Artisans of Nigeria says 10 small business owners have received soft loans courtesy of its partnership with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).

    Its President, Mr Everest Obijuru,  who said this in an interview in Abuja, added that the partnership would boost Small and Medium Enterprises (SMEs).

    According to him, the soft loans, which are interest free, are aimed at creating wealth among artisans.

    Obijuru said the loans were in line with the Federal Government’s policy on self-reliance to diversify the economy.

    According to him, the loans will enable them expand their businesses as well as engage unemployed youths.

    He advised the Federal Government to create a special bank that would address only SMEs issues.

    Obijuru said the association embarks on regular training of its members on government policies and the use of modern technology to enhance their businesses.

    According to him, the association is an umbrella body that coordinates the artisans, skills workers and other commercial crafts workers.

    He said the association has offices in 36 states, including the Federal Capital Territory(FCT), with membership of more than 11 million.

    He said the beneficiaries were advised to use the funds judiciously to boost their businesses.

     

  • Making a fortune from Moringa

    Moringa is known for its therapeutic and health benefits. The demand for it informed the decision of a Lagos woman entrepreneur, Mrs. Oluwatoyin Olamiji, to start a Moringa Estate  for budding entrepreneurs, DANIEL ESSIET reports.

    Toyola Consult Principal Consultant Mrs. Oluwatoyin Olamiji is  an  entrepreneur.  She started a Moringa Estate for would-be investors, looking for sustainable means of income. She is creating 1,000-hectare Moringa estates in Oyo and Kwara states. The project also has a strong focus on increased food production and improved livelihoods through cooperative investment.

    Mrs. Olamiji said the project would last 10 years, but that returns on investment would be paid every six months.

    She said an investment of N180, 000 would earn returns of N1 million yearly.

    Mrs. Olamiji, a chartered accountant, dropped everything for the moringa project.  She assured that the venture would create jobs and a new industry with a huge export potential.

    She said  the properties of  Moringa were extraordinary such that they could be usd in creams, oils and teas to help cure arthritis, rheumatism, asthma, cancer, constipation, diabetes, diarrhoea, epilepsy, intestinal ulcers, headache, high blood pressure, kidney stones and thyroid disorders.

    For her, a new venture such as this, is what makes a profit-friendly economic system. She said moringa had proven  to be a successful business wherever it was nurtured.

    One of the supporters of the project and Chairman, Best Foods Global Limited, Mr Emmanuel Ijewere, said exporting agricultural produce required compliance with United States and European Union (EU) regulations, which need proper internal organisation, communication and transparency. He said exportable moringa must be traceable to control quality.

    The National Cashew Association of Nigeria (NCAN) Publicity Secretary, Sotonye Anga, said moringa is a species of major economic importance, therefore, there had been an upsurge of interest in its cultivation and production.

    Anga said new farms were most instrumental in raising production, facilitating proper harvest and expanding moringa growing.

  • Changing lives

    The Women Empowerment Programme Scheme Synergy (WEPSS), an initiative of INTELS Nigeria Limited, is changing lives in Onne, Rivers State.

    The third of seven children, 19-year-old Glory Aberepikima has just been enrolled into the Women Empowerment Programme Scheme Synergy (WEPSS) at Onne, Rivers State.  An indigene of Okirika, Glory was unable to further her education since the completion of her West African Senior School Certificate Examination. With her father dead, the family could barely sustain itself with the meagre earnings from her mother’s petty trading. However, things began to change for the better for the family when WEPSS was introduced to them. This is because Glory’s two older sisters are also beneficiaries of the scheme. An initiative of INTELS Nigeria, WEPSS began in 2013, with the vision to empower 5,000 community women over a 20-year period through training in tailoring.

    Aberepikima said: “My eldest sister first enrolled for the programme in 2016. She is the only university graduate in the family, but she was unable to get a job after graduation. Luckily for her, she did so well after the completion of the training that she was given a sewing machine. With that, she has rented a shop and is taking care of herself.

    “The following year, my second eldest sister also enrolled for the programme and was shortlisted. She, too, completed it successfully, but did not win a sewing machine. With the skill she acquired, she is working for another tailor and hopes to further her education with her earnings. I am the third person in my family to undergo this training and it means a lot to me that I scaled through the selection process.”

    Aberepikima is one of the 125 young women of 700 applicants chosen for the training. Many like Aberepikima come from similar backgrounds – financially handicapped, yet with big dreams of changing their fortunes.

    One can imagine Aberepikima’s happiness when she got the call that she had been shortlisted for the written test. She said: “When I saw the number of persons who came to write the test, I was worried. My confidence grew though when I was called back for the interview. My mother and sisters really encouraged me to put in my best. My mother in particular was really excited for me. I not only want to acquire the tailoring skill I also want to win a sewing machine. It is very important to me that I do; if I can be self-employed, then perhaps I can make enough money with the skill I have learned and return to school.”

    Imenifa Pepple is another young women, who found herself at home unable to proceed further than her secondary school education. With a retiree-father and petty trader-mother, Pepple fend for herself. In the one year she spent at home, she tried teaching and poultry farming. Unfortunately, most of the savings she invested in poultry farming were lost after the chickens were hit by a disease. So, when she heard about WEPSS’ training, Pepple jumped at it.

    She said: “I completed my secondary school education over a year ago. I could not go further because the funds were simply not there. Instead of sitting at home, I worked at some jobs and tried several businesses. When I discovered teaching wasn’t for me, I went into poultry farming. Unfortunately, it didn’t turn out well. Last month, a friend suggested I go for WEPSS training and I jumped at the opportunity.

    “I got a call from a WEPSS staff member and later received a text invitation for the test.    After the test, we were told we would get feedback for the next stage. The following day, I was informed that I had passed. I felt lucky because some women were unsuccessful. Later, we were told we would be called upon for a one-on-one interview. We met two directors of the centre. Each interviewed a girl. After a few weeks of waiting, I was finally called to come for the training. I felt honoured.

    “Right now, I just want to go through the training before I make up my mind about my career path. Although I would still like to further my education, I might switch over to tailoring and fashion design if the training goes well. What is uppermost in my mind is acquiring a skill that would be useful to me in the long run.”

    It was Pepple’s and Aberepikima’s first day at the WEPSS Centre and like the other successful applicants, they were excited.

    Held once every six months, the selection begins with a test, after which an oral interview follows. Applicants, who pass are penciled for the training. It is competitive because many applicants vie for a few slots. The possibility of winning an electric industrial sewing machine also makes the training more attractive and sought-after.

    WEPSS Head of Human Resources and Administration, Dorcas Ekong, said: “Two buses leave every day from the WEPSS Centre to pick the girls. One is stationed at Onne junction for those who live in Port Harcourt while another is stationed at Ogubolo. The Port Harcourt bus usually takes off at 6.30am, while the Ogubolo bus takes off at 6.45am for the WEPSS Centre.

    “By the time the girls get here, it is usually between 7.30am and 7.50am. Classes start at 8.30am, so they use the extra time to settle down and get their aprons on.”

    “The classes continue uninterrupted till 12pm when they go on break for one hour and then resume at 1pm. In between lectures, the trainees are allowed a five-minute stretching exercise and this usually at 10am and 3pm. Classes close for the day at 4pm after which the trainees are allowed a feedback with the project manager.

    “The areas of concern are not limited to their lectures alone. The trainees are encouraged to talk about problems they may have even with their classmates, their trainers and the administration staff. The length of the feedback session is dependent on the trainees; there is no fixed time for the feedback session but it has to be concluded by 5pm.”

     

    This is because the bus would leave the centre at time to take the girls back to the agreed destinations from which they were picked,” Ekong added.

    However, Head of the Centre, Abhina Ajamni, cautioned the girls not to direct their focus on the sewing machine prize. She stressed that acquiring the skill was much more important. “It is so competitive that you have women who are skilled tailors actually applying for this training because they want to win a sewing machine. That is why there is a declaration form where you must state, if you have had tailoring experience because an experienced tailor could certainly not be assessed with the same standard used for a learner. Anyone who declares false information in the form is in danger of losing her spot.

    “We always make it clear to them at the start of the training that not everyone can win a sewing machine. It is only for the top 10 or 15 best girls and they must score over 80 per cent to qualify. To make learning more conducive, bank accounts are opened for trainees and stipends paid into them monthly. The cash takes care of their feeding during the training. The filling of the bank details is the most problematic session of the first day because most have WASCCE as their highest qualification,” Ajamni said.

    Other information required to be declared by the trainees include enrollment into another academic or training programmes and if they are pregnant or not. Ajamni explains that declaring your enrolment in other academic pursuits will enable the centre determine if trainees are able to commit themselves to the classes for the four-month duration of the training. To ensure trainees were not motivated by the monthly stipend to apply for the programme, they were informed that missing five classes would disqualify them from going any further.

    Ajamni added that there had been cases where some pregnant women enrolled for the training and failed to disclose their condition. She said: “In the event that there is a complication with the pregnancy, some of these women have blamed it on the WEPSS. To avoid this, we encourage them to disclose pregnancy. Once we are aware of pregnant trainees, they are moved from the production to the support department. It is better to be safe because the sewing machine produces vibrations when in use. We cannot endanger a baby’s life.”

    Luckily for these girls, some of whom come from as far as Port Harcourt to undergo this training, the WEPSS Centre provided two 66-seater buses to assist with the daily commuting to Onne. This also ensures that they are seated and ready for classes which begin by 8.30am.

  • Tackling unemployment through empowerment

    The Lagos State Government is creating jobs and reducing poverty through investments in tradesmen and artisans development. DANIEL ESSIET reports.

    The Lagos State Government has unveiled a new growth path anchored on investment in infrastructure and skills development.

    The initiative, in collaboration with the private sector and organised labour, hopes to build the capacities of artisans and tradesmen through training.

    Speaking during an interaction with tradesmen and artisans, the Wealth Creation and Employment Commissioner, Mrs Akinbile Yussuf, noted that the government placed emphasis on empowerment as a medium for tackling unemployment.

    She said industrialisation required a focus on job creation and entrepreneurship, and that these were keys to boosting the workforce and sustainable development.

    She added that the shortage of artisans was an obstacle to growth, adding that a capacity building programme for artisans and tradesmen would create jobs and spur  growth.

    She stressed that it was vital that artisans equipped themselves with the skills needed in the marketplace, so they could take advantage of opportunities that would help reduce poverty and spur growth.

    According to Mrs Akinbile, the government is focusing on tradesmen development through  training, apprenticeships and skills programmes. The training will be conducted by qualified  artisans.

    Last year, the Lagos State government launched a compendium of 20,000 registered tradesmen and artisans with unique identification numbers

    The compendium  was designed to  help differentiate the authentic artisans from those operating illegally.

    The  state government also opened an online portal designed to  facilitate interaction amongst artisans, small businesses, customers/end-users and other relevant stakeholders.

  • Cyrus: Setting pace for door production

    THe furniture and wood market  has evolved from its rigid past. Moving with the times, Cyrus Kingdom Development Company Limited, a furniture and joinery company, which has been in existence for 20 years, has looked away from the norm in the sector to become an alternative to imported furniture.

    The firm seeks not only to establish itself as a dominant player in the market, but also as a net exporter of indigenous products. These informed the relaunch of Cyrus.

    Its Managing Director, Mrs Alero Imo, said: “At Cyrus, we build to international standard. As an architect, I make sure my doors are of standard sizes, made with quality materials and the finishings are of international standard. Our doors can compete with others from any part of the world. We work for a multinational company and, in 20 years, we have been able to satisfy them. We have places where our doors are tried and trusted.’’

     

    The journey

    Twenty years ago, Mrs Imo, an architect, realised she had a passion for wood work. Then she was with  James Cubitt (Architects) as a principal partner. Their clients included Mobil. While supervising the oil giant’s project, her duties included office fittings. It was from there that her interest started.

    “My independent streak and flair for joinery works led to the acquisition and refurbishing of a spindle machine, an ancient refurbished planning machine and two carpenters. We grew slowly, but surely, producing and training staff who can work with any international worker in furniture and joinery.”

     

    Achievements

    With exposure to trade shows and training courses on furniture and joinery, Cyrus now has ultra-modern machines.

    The company has become an employer and has trained numerous artisans. It has corporate and individual clients and has won several awards, including the Central Bank of Nigeria Award for Excellence in the best SME Employment Generation Category for 2009.

    Interestingly, Cyrus products are Standards Organisation of Nigeria (SON) certified.

    “Over 20 years, we have been able to come to a stage where we have a fully-authomated factory. We produce doors, our flagship product; we also produce wardropes and kitchens and we have a full complement of beds and soft furniture, including sofas. These 20 years mark a restructuring and re-engineering of Cyrus as we have obtained reputations in various sectors, rescuing jobs that were abandoned by other companies and producing quality and affordable products.’’

     

    Job creation

    Aware that the skilled workers are few in the industry, Mrs Imo said: “We have been able to contribute to the employment sector by training our artisans knowing that we have the responsibility of training artisans even as we perform the job of furniture and joinery. We make huge contribution to the employment quota.

    “To get educated artisans work for us; we visit the Federal Training Centre in Yaba, Lagos, a catchment area for schools to employ those in the joinery faculty.’’

     

    Challenges

    “Power is a major challenge. We provide our power sources,  such as transformers and generators.

    “Secondly, Nigerians are cutting our trees and exporting them. In Lagos and Ogun, there are no trees. You have to go very far and they are cutting young trees, which are not mature enough, so the standard in the cutting is not the right standard.

    “Also, contending with imported products have been difficult like Chinese, Turkish or European doors, which sometimes might be sub-standard.We believe that manufacturing is the way forward for our people.

    “So far, the government has not been supportive and we want them to know that there is a dying industry which is capable of employing lots of young Nigerians, if they pay attention to it.”

     

    Moving forward

    The company intends to come up with new products, which will be pocket-friendly to everyone in the society, in a way that the low and high-end customer can afford to buy a Cyrus product.

    Cyrus has an interior section and, two days ago, it displayed its products at the Landmark Hotel, putting doors in the fore. The company plans to organise  ehibitions and provide outlets for visibility as soon as possible.

    She added: “Our DIY (Do It Yourself) store is open. It is called iCyrus. Nigerians do not have the DIY culture but we have a blog which is educating people on how DIY is done. We have spent almost a year trying to create awareness. The essence of the DIY is to give people DIY solution so that by the time they understand what DIY is all about and they see the iCyrus Store, they will understand the concept.”

  • Igando-Ikotun LCDA chair empowers over 200

    IGANDO-IKOTUN Local Council Development Area (LCDA) Chairman Chief Morenike Adesina Williams has celebrated 200 days in office with an empowerment programme.

    She said the celebration was aimed at executing her administration’s poverty alleviation programme. She donated exercise books to some schools while some men and women received free items, such as sewing machines, hair-cutting tools, hair dryers and grinding machines.

    The schools were Local Government Nursery/Primary School Two, Ijegun, Community Primary School One, Ikotun, Community Primary School Two, Ikotun, and Olukotun Primary School, Ikotun while the beneficiaries included Mrs Esther Johnson,   Mrs Adebayo Abibat, Mr Mayowa Moses, Mrs Esther Adewale Funmilola Emmanuel and Yemisi Balogun.

    Besides, Mrs  Wiliams inaugurated the official cars of the members of the legislative arm of the LCDA.

    Expressing satisfaction with her performance, she said: “I have already fulfilled my promise’’ in line with the Governor Akinwunmi Ambode administration’s on dividend of democracy.

    She listed some roads and drainages that she constructed as part of her achievements, noting that the Ikotun market and some streets that were water-logged had been taken care of. She also some mentioned ongoing projects.

    She sought support for the second term of Ambode, adding that the governor had done very well to deserve  a second term. ‘’Are you accepting him for a second term?’’ she asked. She got resounding ‘’Yes’’.

    Earlier, the LCDA Head of Administration Mr Olalere Olarenwaju described the event as the celebration of  ‘’200 days of responsible and functional service delivery’’. He said the LCDA had also empowered 200 indigenes, among others.

    As part of the event, there was a talk on how to avoid lassa fever; the people were advised to keep their environment clean and their food from the prying eyes of rats, the main carrier of the disease.

    Among those at the event were the former chairman of the LCDA, Chief Jimoh Ajao.

     

  • Helping women access economic opportunities

    Helping women gain access to economic opportunities can change the future for them and their families. This was the position of an International Women’s Day Celebration forum organised by I-startup Hub in collaboration with partners in Lagos. DANIEL ESSIET reports. 

    Women are improving their livelihoods and playing active roles in economic development.This is a reflection of the significant changes taking place in Nigeria.

    With their own businesses, they have been able to contribute to family income and become productive members of the economy. One of such success stories, is from Miss. Eniola Adeniyi, Founder of Woman of Value, House of Mae & Enamora Foods. She was one of the panelists during a programme organised by I-startup Hub to mark this year’s International Women’s Day Celebration with the theme: Press for Progress in Lagos.

    She is an entrepreneur in the true sense of the word. Her expertise lies in creativity, fashion, business and teamwork. She has risen to fame and fortune, despite her humble beginnings. Her life journey is reminiscent of rags to riches story.

    Coming from a family struggling to make ends meet, she couldn’t afford a   new pair of shoes as a primary school pupil. Of course, the fixed shoes were a constant source of worry for her. She felt conscious that people were looking at her. She learned the way of dealing with life in a hard and practical manner. The hardship taught her the value of life and made her think beyond the situation. So the aspiring entrepreneur found a solution to her pain – she was recycling her   old pair of shoes that should have been thrown away.

    Instead of being bogged down with the situation, she developed a strong will to make her future bright, promising herself to work towards creating a better life for herself.

    And, as a true dreamer, she vowed that one day she would become successful and own good shoes. This planted the seeds of being a fighter/entrepreneur early in her life.

    Starting from the bible at their home, to newspapers, to comics, magazines, novels,  Eniola Adeniyi devoured whatever she could lay her hands on, which further shaped her  thoughts, improved her communication skills beyond her contemporaries at school, and upped her presentations. She got a mentor who provided her with books she could not afford to buy. This turned her into a diligent student.

    What followed was a business of selling things to people and the proceeds helped to see her through the university. From the initial days, the ventures grew to generate good buzz.

    While she tasted success with direct sales, she moved to fashion, farming, cooking and e-commerce. She became a huge hit with the customers because of her excellent customer service, initiatives and relationship, bringing good business. Life was good. She saved enough money and started a farm. The business flopped miserably and was shut down within a year.

    Undaunted, Miss Adeniyi realised some lessons from it.   Ever since she started her fashion and ecommerce business, she has been travelling and meeting startups through the length and breadth of the country. While she is thankful to God that her businesses have recorded impressive leaps, she noticed that many of other female entrepreneurs and young girls struggle to get access to the right kind of resources to flourish.

    While she started mentoring a few of them, she realised that much more needs to be done to help these small startups script their success stories. She is the pioneer of the Mae Read and Write Club, where over 100 girls are taught to read and review a book each month in Nigeria. She feels blessed to have friends who helped her out immensely during her struggle in her initial days.

    Her advice to young entrepreneurs: “Never lose your self-confidence. Believe in yourself. When you employ people, you should know what you ask them to do.”

    Like Adeniji, Miss Funmilola Ilo, is the owner of a thriving real estate business. Mrs Funmilola Ilo said her husband’s understanding helped her to build secondary businesses on the back of her real estate sales business.

    She leveraged one business into new businesses. By starting small businesses, she noted that Nigerian women would be empowered to improve their livelihoods as well as play an active role in the society.

    A career counselor, Mrs Ilo said she has established her career counseling centre to help women and youths find and develop their career paths.

    Her words: “I help the youth to develop their career options early on, in a changing world and I work with women on finding career fulfillment in their lives. As a result of this, they become confident, passionate and unstoppable individuals in their pursuit and in turn become better members of society.”

    Speaking during the event, Chief Executive, iStartup Hub, Miss Modupe Darabidan said technology was a strong tool that women could use to run their businesses and have measurable impacts and values.

    As women become increasingly active users of technology, she noted that their participation will help to enhance technology’s relevance for women as consumers, further boosting innovation and economic growth.

    She said that many young female entrepreneurs were breaking through stereotypes and creating innovative and concrete solutions to long-standing problems in the society.

    Darabidan said the idea of the forum was to gather aspiring female entrepreneurs to connect with relevant mentors, who could help them transform their ideas through technology into viable ventures.

    She said women entrepreneurs should optimise on their net worth and passion to create solutions that would bridge societal challenges.

    Miss Darabidan said Empower Her programme which her organisation is launching in collaboration with Intel West Africa is aimed at  creating  job opportunities and increasing the earning capacity of women to set up small-scale enterprises.

    She said 30 women would train on information technology to enhance their businesses.

    Darabidan said that the training would be for three months.

    She said  iStarter Hub Limited will be conducting the training in partnership with Intel West Africa, Wikipedia and others for women from ages 18 to 35.

    Founder, African Energy Advocacy Initiative, Alice Adedayo Ige, said her organisation works to advance the delivery of clean energy options and also provide innovative techniques.

    Although a graduate of Physics, her passion for skills acquisition and entrepreneurship led her to renewable energy.

    She explained that her organisation is trying to reduce unemployment by empowering women through clean energy-driven economic opportunities.

    She said young entrepreneurs are equipped with business in a bag kit, business and technology skills and the confidence to succeed.

    She said the organisation has created three projects to promote entrepreneurship. These include young Professionals Renewable Energy Network, Project 1000 women in Energy Business and Energy Show with Adedayo. She said the goal of Project 1000 is to train 1000 women by the end of next year.

    The Intel West Africa Semi –Conductor Corporate Affairs, Mr. Babatunde Akinola, said his organisation is helping young people exploit opportunities provided by technology to promote their businesses.

    He said his organisation believed that no appreciable development could be made at the local front without acknowledging women as equal players in decision making, and empowering and investing in them.

  • Lagos graduate internship scheme begins May

    The Lagos State Government is kicking off its 2018 graduate internship scheme (GIS) in May.

    Two thousand young graduates are expected to benefit from the scheme.

    Commissioner for Wealth Creation and Employment, Mrs Uzamat Akinbile-Yusuf,who spoke in Lagos yesterday at a meeting with stakeholders,said  the government was  worried about the growing rate of graduate joblessness.

    She attributed the situation to employees’ education and skills being inadequate to meet the needs of modern day jobs.

    She said it was obvious there was an urgent need to completely restructure the curricular to conform to the dynamics of the labour market.

    She said the Lagos government introduced the GIS with the aim to post graduates to reputable firms and organisations, to enable them learn skills and techniques required as potential employees and future employers of labour.

    According to her, the duration of the programme was increased to six month this year due to feed back from last year’s exercise.She explained that one month will be for training and induction and five months internship with employers.

    She said the programme will give people from diverse backgrounds the opportunity to see what a career in the private sector is, as well as to be acquainted with the broad range of opportunities available across the industry. The internships are open to young graduates who have not yet secured employment, or are underemployed. The commissioner said the State Government expects the interns, not only to be offered full-time positions with the business they interned for, but that some interns are expected to start their own companies. She called on members of the Organised Private Sector (OPS) to key into the graduate internship scheme. Under the scheme, the government pays the  companies. Their role is to train the graduates. Firms that undertake to train the graduates have very strict guidelines. They are to inculcate them with certain attributes and skills, including verbal and written communication competence, analytical and investigative abilities, entrepreneurship and managerial competence, teamwork, computer skills, time management, drive and flexibility.Lagos State Ministry of Wealth Creation and Employment inducted the first batch of 500 graduates to the programme in March last year.

     

  • Helping ultra-high net worth Nigerians on wealth transfer

    Businesses are emerging to help the increasing number of ultra-high net worth Nigerians manage their wealth and save family businesses from collapse, DANIEL ESSIET reports.

    Individual wealth in Africa last year totalled $2.2 trillion, according to AfrAsia Bank’s Africa Wealth Report 2017..

    The report also said there are about 145,000 high net worth individuals in Africa, with combined wealth holdings of about $800 billion.

    According to the report, there are 7,010 multi-millionaires living in Africa, which is a 19 per cent increase in the last 10 years. Some of them are Nigerians. Steady economic growth and a surging stock market are among the factors behind the rapidly swelling ranks of affluent Nigerians.

    Interestingly, the nation’s super-rich are increasingly turning to private businesses to manage their money. While banks can give investment advice, family service firms now offer services covering issues confronting modern business family from succession and taxation to philanthropy and alternate investments.

    Sensing an opportunity, wealth  advisory firms are emerging.

    Speaking during the launch of Andersen Tax in Lagos, its Managing Partner, Mr Olaleye Adebiyi, said the firm has created a private wealth unit to help ultra-high net worth individuals stay wealthy. Dedicated to serving high net worth clients, he said the practice is focused on supporting individuals and businesses as key element of their wealth management.

    According to him, the rich are particularly concerned about preserving their fortunes, hence, the firm has assembled experts with experience in the different asset class to act as family advisers.

    He explained that the experts within the unit have successes in building and sustaining trusted relationships with wealthy individuals.

    Adebiyi said while a lot of Nigerian family businesses are performing and growing well, family businesses face some significant challenges. Perhaps first among these is the issue of succession.

    He said that some business owners expected to retire have not created a significant transition. As a result, lot of family business created decades ago have had challenges changing leadership.

    To this end, Adebiyi said Andersen Tax Nigeria is taking up the responsibility of ensuring striving family businesses can outlive their owners through professional management that enable leadership to pass smoothly from one generation to the next.

    He also noted that preparing and training the next generation as well as improving financial literacy among family members are critical success factors to building businesses that will outlast the founder’s generation.

    He noted that Nigerians need dividends of tax money to encourage compliance.

    He announced  that previous Andersen professionals are returning to the firm after having built their independent tax advisory practice. The new team significantly expands its resources of private client service.

    Minister of Industry, Trade and Investment, Dr Okechukwu Enyinna Enelamah said the return of firms such as Andersen is hailed as proof of the nation’s potential as a driving force for Africa.

    According to him, some of the government’s incentives are aimed at encouraging international firms to set up offices in Nigeria.

    Despite its challenges, he said Nigeria has some advantages in terms of rankings for governance and for ease of doing business.

    Across the world, he said the need for knowledge-based services is expanding, adding that Nigeria is a big market for services in accounting, legal and advisory services.

    While many of the opportunities are ripe for taking, he noted that they are not without challenges.

    With the government’s drive to attract international investment in agriculture, energy and infrastructure, he said firms with existing expertise such as areas are well placed to capture the opportunities.

    For many of the most successful professional services firms, he said launching a business in Nigeria market has served as a springboard to expansion.

    Enelamah urged the firm to commit itself to building capabilities – the skills, knowledge, and networks needed to understand clients and customers build trusted relationships and negotiate to achieve mutual gains.

    According to him, Nigeria has considerable economic potential. As the economy recovers after years of sluggish growth, the government, he said, is working towards building the economy of the future for Nigerians.

    The Executive Chairman, Federal Inland Revenue Service (FIRS), Mr Babatunde Fowler said tax is still important for Nigeria to establish an enabling environment and provide infrastructure for growth.