The Nation Newspaper

Category: Sunday magazine

Upsurge in betting, gaming with over 65m Nigerians hooked-Report
- By Jill Okeke and Paul Onehi
It’s no longer news that betting, gambling and gaming have become so popular in Nigeria, despite concerns by many faith-based organisations who consider these games as antisocial activities.

Interestingly, the advent of online betting has drastically contributed to the rise of gambling in the country.

In fact, online betting has continued to grow in Nigeria and more betting companies such as, Bet9ja, 1xBet, BetKing, BetWinner, N1Bet, Parimatch, 22bet, Yangasport amongst others, have increased the numbers of entrants in the industry.

The high rate of unemployment and poverty has been attributed to the major cause for the rise in gambling, betting and gaming in the country.

A lot of Nigerians would tell you that they partake in it because they have to survive while some others want to make extra cash and quick money by the side.

An example is Segun Akinrodoye a.k.a Cheche, 25, who has been betting from his pre-degree days at the Federal University of Technology, Owerri (FUTO).

He says he was very close to making over N100m from betting in April. It was a single game that brought all the cards down.

“My God, I cried, honestly. A friend told me to change the Leicester option to handicap win but I didn’t. I wanted to but I don’t know how I overlooked it, “lamented Akinrodoye on his unfortunate loss.

As an addict already hooked, Akinrodoye spends an average of N1, 000 every week on multiple games, while the highest amount he has made from placing bets on football games is N127,000.

His reason for betting was to settle some issues at home. “Well, then things were a little bit hard for my parents and myself too. Pops was seriously sick and I already owed school fees for my fourth year before going for I.T,” he says.

Though he didn’t win the huge sum of money, he hasn’t stopped placing bets. “I picked myself up again,” he says about his loss. “I might be close now so I’m not giving up yet” he states.

Akin Oguntade a regular staker noted that, he personally makes a living from betting, noting that, before delving into betting, he considered those playing bet as unserious people but when he graduated from school as an (NCE) holder in 2018, as a young man who was eager to find a job after graduation but couldn’t, find any, he had to look for means to survive.

“Man must chop, that was when I decided to go into betting, and since then I have never regretted it.”

Also, a staker, Mr. Henry Aiyana disclosed that many people are gambling now because of the situation of the country, saying that they gamble to make a living.

One Mr. Ogor Emeka who is a phone accessories vendor, shares his own opinion about gambling and betting, that gambling is a legal business, because betting is now a trending means of survival for both youths and adults in Nigeria to make a living.

Speaking with one of the Bet9ja shop owners Mr Ade Segun, situated in the Jafojo Iyana-Ipaja area of Lagos, he said “there’s money in the betting business that is why I decided to put money together to own a bet shop.”

Another patron, who simply gave his name as Segun, told our correspondent that betting is one of the businesses most Nigerians patronise a lot.

The attraction, he says, is the hope the stakers invest in it: they always hope to win their stakes thus the attraction never dies.

Read Also: Tinubu advocates equitable capital market access for developing countries

According to the Executive Secretary, National Lottery Trust Fund, NLTF, Bello Maigari, said that more than 65 million Nigerians spend millions on betting, despite worsening economic hardship.

This is just as Maigari revealed that the global online betting market had experienced exponential growth, making it worth over $50 billion.

The NLTF boss, who made the observation while speaking at the national gaming conference in Lagos, said: “It is not out of place to look at some statistics that underscore the significance of this industry and situate its centrality in promoting the renewed hope agenda of this administration.

“In Nigeria, the online betting sector has seen exponential growth, with millions of Nigerians engaging in various forms of online gaming and betting.”

Interestingly, another report published in March 2023 by Orange Business Intelligence Technology, ORBIT, noted that Nigeria’s betting industry reached over $2 billion in revenue in 2020, with over 60 million Nigerians between 18 and 40 spending $5.5 million daily.

A National Sports Industry Policy from the same year estimated that the industry could generate up to $4.7 billion in annual revenue, create 10 million jobs, and generate between 1.5-3% of GDP over ten years.

“With a population of over 200 million people and the largest betting market in Africa, our country is making giant strides in online sports betting.”

“Currently, there are over 65 million Nigerians actively engaging in this activity, spending $15 on average every day. On record daily, 14 million bets are taken, and payments are made online. “

“It is expected to experience an annual growth rate of nearly 10% to reach more than $366 million by 2027,” Maigari said.
January 21, 2024
Yoghurt brand rejigs identity

It was all excitement and fun as Nutri-Yo, a leading yogurt brand in Nigeria, unveiled a refreshed brand identity and reformulated product line to deliver enhanced nutrition to consumers.

Unveiling the new look Nutri-Yo to the Media, distributors and partners at a posh event in Radisson Blu, GRA Ikeja, the company revealed that the move is in its commitment to consistently innovate in giving the consumer only the best they deserve.

In his opening remarks, Vishal Patil, General Manager of CWAY Group, expressed excitement about the Nutri-Yo rebrand signifying the company’s unrelenting commitment to innovation, customer satisfaction and exceeding expectations.

Highlighting the journey since Nutri-Yo’s inception in 2018, Patil emphasised the brand’s integral role in Nigeria’s food and beverage landscape.

Rohit Prakash Gupta, Marketing Director of CWAY Group, reiterated the brand’s commitment to enhancing product quality. Gupta stated, “Nutri-Yo is crafted with our consumers in mind, aiming to offer the finest yogurt available. This relaunch is an important step in our ongoing commitment to innovation.”

In his address, Mr. Samuel O. Akinrimisi, Deputy Marketing Director at CWAY Food and Beverages Nig. Co. Ltd, outlined the strategic objectives of the Nutri-Yo relaunch. These objectives include a targeted 20% incremental increase in sales volume compared to 2023.

Read Also: Adeleke’s sacking of 1,500 teachers increased out-of-school children in Osun, says Oyetola

Akinrimisi emphasised, “We aim to elevate Nutri-Yo to a premium status brand, foster brand awareness, stimulate repeat purchases, and enhance loyalty. The revitalised brand will maintain the familiar 500ml, 400ml, and 125ml sizes, assuring consumers that the taste they love remains unchanged while benefiting from a more fortified formulation with extra vitamins.”

Jennifer Egbuonu, Brand Manager for Nutri-Yo, assured consumers of the brand’s commitment to family-friendly, high-quality products.

Senior Regional Sales Manager, Ufuoma Warri addressed pricing concerns, affirming Nutri-Yo’s commitment to maintaining affordability. “As a brand, we remain dedicated to providing pocket-friendly pricing to our consumers. Our distributors will also receive the necessary support to ensure seamless product availability for retailers and consumers alike.”

January 21, 2024
Coca-Cola Nigeria wins big at SERAs awards

In a dynamic celebration of corporate responsibility, Coca-Cola Nigeria earned premier accolades at the 17th SERAS Africa Sustainability Awards. The distinguished event, convened at Oriental Hotel in Lagos, acknowledged Coca-Cola Nigeria’s unwavering commitment to water stewardship and societal improvement.

Under the theme “Circular Economy as the New Market Disruptor: SDGs Innovation as key to vision 2030,” the beverage leader’s substantial contributions were lauded across five themes: Circular Economy, Women Empowerment, Health/Well-being, Water Management and Social Enterprise of the Year.

Read Also: Tinubu advocates equitable capital market access for developing countries

Speaking on this achievement, Coca-Cola Nigeria’s Public Affairs, Communications, and Sustainability Director, Nwamaka Onyemelukwe, reiterated the company’s dedication to sustainability as a core function of its operations. “These awards affirm our resolute commitment to sustainability and corporate social responsibility. It underscores our unwavering pledge to contribute positively to the communities we serve,” she added.

January 21, 2024
Terra sets gold standard for seasoning cubes

The gold standard in the Seasoning Cube has been launched, Terra Gold Cube. Terra Gold is making a significant leap in the culinary space across Nigeria.

Breaking away from traditional flavour-centric cubes, Terra Gold represents a paradigm shift in the culinary landscape by offering endless possibilities without confining itself to a singular flavour.

Unlike conventional cubes boasting specific taste profiles, Terra Gold stands out by breaking the mould – it is a cube without boundaries, a defined flavour, and limitations.

Justifying the new variant of the seasoning cubes, Probal Bhattacharya, Chief Marketing Officer, TGI Group says the launch of Terra Gold Cube marks an exciting chapter in the brand’s innovative journey in the Nigerian market.

“We are excited for the diverse array of delicious dishes that Terra Gold can be used to enhance. From hearty stews and nourishing soups to the beloved Jollof rice, Terra Gold delivers a rich and consistent taste for every kind of meal, so choose wisely, choose Gold. We are thrilled to witness the transformative impact that Terra Gold will bring to kitchens across Nigeria, inspiring a new wave of culinary masterpieces one dish at a time,” he said.

Read Also: Adeleke’s sacking of 1,500 teachers increased out-of-school children in Osun, says Oyetola

Terra Gold is designed to harmoniously elevate the taste of your favorite stews, soups, and beloved Jollof rice, acting as a versatile enhancer without imposing its own taste identity. Its appeal lies in its ability to seamlessly blend and amplify the natural flavours of your dishes, enhancing them to perfection without overpowering or dictating a specific taste.

The beauty of Terra Gold lies in its neutrality and its versatile nature that transcends the confines of traditional seasoning. This unique attribute appeals strongly to a wide consumer base seeking flexibility and endless possibilities in their culinary choices.

From mouthwatering stews to soul-nourishing soups and the beloved Jollof rice, Terra Gold is designed to complement and enhance the flavours of iconic Nigerian dishes, promising a delightful culinary experience with every use.

Crafted from premium ingredients, the new Terra Gold cube has been designed to meet the needs of consumers who want to cook any kind of meal without worrying about the flavor type of cube to use.

January 21, 2024
‘How AFREXIM’s $3.3b crude prepayment loan will improve forex liquidity’

In late 2023, the Nigerian National Petroleum Company Limited (NNPCL) helped Nigeria secure a $3.3 billion crude oil pre-payment loan from the African Export-Import (AFREXIM) Bank. The arrangement christened “Project Gazelle” is the first of its kind to be facilitated by any government institution in the country. While many Nigerians have hailed the move, others have expressed concern about the implication of the loan for the country’s oil production. In this interview with Oluwatosin Ojo, NNPCL’s Chief Corporate Communications Officer, Femi Soneye explains issues around the loan and its benefits to the nation. Excerpts:

Project Gazelle has thrown up a lot of issues involving forward sale of oil. What is a crude oil backed forward-sale financing agreement? How does it work?

A forward sale financing is an agreement between the owner of a product and a potential off-taker (buyer) that allows the off-taker to pre-pay, that is, pay ahead, for the future product of the seller. Under the arrangement, the seller agrees to sell its product to a Special Purpose Vehicle (SPV) in the future in exchange for immediate funding. This done, The SPV then goes to a bank or financial institution and obtains financing based on the agreed forward sale value of the product. This financing is often collateralised by the future product itself. The advantage to the seller is that it is able to use the proceeds from the forward sale to finance its operations ranging from operational expenses to production costs, and investments in new projects.

This seems clear enough but a key sticky issue is repayment…

I was coming to that. It’s a simple and straightforward matter. The SPV is able to use the proceeds of the sale of the product(s) to meet its financing obligations whilst flowing back to the original seller any upsides from the final sales.

So, what is Project Gazelle all about? What are the details of the deal with AFREXIM?

Project Gazelle is the code name given to the structured crude oil backed forward-sale finance facility sponsored by Nigerian National Petroleum Corporation Limited (“NNPC Ltd”), which is the Seller. By this arrangement, NNPC Ltd has dedicated a specific number of barrels of crude oil to a Special Purpose Vehicle (“SPV”) which has in turn approached international financial institutions to provide the funding required to pay for the forward-sale. The proceeds of the forward-sale are thus made available to NNPC Ltd for its use.

Why is NNPCL involved in this arrangement? What is the compelling need for it to get involved in this kind of deal?

NNPC Ltd entered into this arrangement to ultimately provide dollar financing to the Federal Government. It is a short to mid-term solution to the foreign exchange shortage challenge currently being faced by the country. Nigeria needs to urgently improve its foreign exchange position. As of June 2023, the Central Bank had over US$6 billion of unmet obligations – forward contracts with third party institutions which were past their expiry dates.

These unmet obligations have pressured the nation’s external reserves and resulted in a significant devaluation of the Naira. The pre-financing arrangement allows the Federal Government to receive foreign exchange, in advance, to enable it resolve its unmet FX obligations. These inflows of foreign exchange will ensure exchange rate stability and is an immediate quick-win available to the country.

Can this type of financing really help improve flow of foreign exchange into a country?

Forward sale contracts help resource producing companies such as the NNPC Ltd to deliver significant upfront funding for new projects prior to eventual production and export. Usually, the funding available is used as investments in existing and prospective resources, this could result in more oil and gas production in the country as new projects come on stream, and higher oil and gas exports, bringing in more dollars and foreign currencies.

International banks have a track record for providing forward-sale financings. This basically brings new Foreign Direct Investments (“FDIs”) into the country. With Nigeria having over 35 billion barrels of proven reserves that need to be exploited and produced, a fraction of these prospective reserves can be used to raise the required funding. With a forward sale financing, the country can securitise these proven oil reserves today. This improves foreign currency inflows immediately rather than having to wait for years.

Also, by supporting more exports and bringing in overseas financing, forward-sale financing can significantly boost the availability of foreign currency for an oil/gas dependent country. This improves the country’s ability to pay for imports and manage its overall economy. When exports finally start, the forward-sale investments are repaid using the money earned from those same exports. This improves the country’s balance of payments. The financing gives the government more stable and predictable oil earnings. This helps in planning budgets and managing foreign exchange reserves.

But there are other ways of obtaining foreign currency…

Yes. Nigeria can obtain foreign currency by increasing its oil production which will lead to a growth in crude exports. Unfortunately, a ramp-up in production will not occur in the short term due to the current lack of foreign direct investments into the oil and gas sector. Fortunately, as I said earlier, Nigeria is blessed with over 35 billion barrels in oil reserves and is at liberty to sell some of these reserves on a forward basis, wherein it sells only a small portion of its oil for cash forwards. Nigeria is able to source foreign exchange from other sources including Eurobonds and Debt Issuances. These sources are, however, currently constrained given the increased borrowing of recent years as a result of the poor fiscal state of the economy.

So, why is the crude price used to determine the volume of crude pledged for the forward-sale financing lower than the current market price?

There are a few key reasons why the crude price used for determining the volume pledged in a forward-sale financing deal is usually lower than the current market price. For one, oil prices are volatile which means prices can go up and down within a period. Using a benchmark lower price provides a safety margin during extended periods of price declines before the full repayment of the facility. To ensure a limited risk of default, Lenders want a low price for safety. Borrowers want a high price to minimise pledged volumes. The negotiated price sits in the middle. Some revenues go to cover costs before repaying the loan. A lower price estimate also makes provision for these incidental costs. In summary, lenders want safer, lower price assumptions. The negotiated price balances the interests of lenders and borrowers and reflects a prudent approach to ensuring the security of such transactions.

What happens when sales proceeds are much higher than the repayment amount?

If oil prices spike significantly, the future value of oil sale could become much higher than the forward-sale financing. In this case, the company (seller) simply repays the original loan amount plus interest as agreed, even if sales proceeds are higher. Any excess revenues are paid to the issuer (seller). For example, if a $100 million forward sale financing for 1 million barrels of exports at $100/barrel, but oil prices jumped to $150/barrel, those 1 million barrels would now fetch $150 million. The financiers will receive the $100 million+ interest and the excess $50 million will flow back to the seller.

Read Also: Tinubu advocates equitable capital market access for developing countries

Let’s look at two key areas of the Project Gazelle that have attracted a lot of comment – the interest rate and repayment…What is the interest rate on the Project Gazelle transaction?

The interest rate is benchmarked on a three-month term Secured Overnight Financing Rate (“SOFR”) plus a margin. The Secured Overnight Financing Rate (SOFR) is a broad measure of the cost of borrowing cash overnight collateralised by treasury securities. It was adopted to replace the LIBOR rate which for decades was the appropriate benchmark for these types of international transactions.

The current three-month SOFR rate stands 5.35%. The agreed margin on the transaction is 6.0% and there is also a liquidity premium of 0.5%, bringing the total interest rate at the start of the Facility to 11.85% However, it should be noted that the transaction is structured as a floating rate, which means that movements in the base SOFR rate will reflect in the underlying pricing of the instrument.

In recent years, the SOFR has trended upwards due to several factors including the impact of the Covid-19 pandemic and rising inflation globally. The SOFR averaged as low as 0.04% in 2021, rising to the current levels of 5.35% as of December 2023. The SOFR rate is forecasted to trend downwards over the tenor of the facility, reducing from 5.35% to as low as 3.3% by 2028 which means the interest rate will also drop as it is benchmarked against the SOFR. On repayment, the Facility will be repaid from the future sale of oil produced by the borrower. For project Gazelle, up to 90,000 barrels has been earmarked for this purpose.

The quantity of crude earmarked is sized to ensure that there is sufficient cash available for the repayment of the facility as and when due and ensure that the Borrower can also meet the other cashflow obligations, taking into consideration the expected future price of crude oil globally.

Finally, how will repayments be affected by oil prices?

Repayments are usually tied to the value of future exports. So, if oil prices rise, more money comes in from the sale of the 90,000 barrels, allowing faster repayment. But if oil prices fall, repayment may be slower. For example, if the PXF loan was $100 million to be repaid from 1 million barrels of future oil sale, repayment would vary depending on the eventual price per barrel. For example, at $150 per barrel, 1 million barrels fetches $150 million. Loan is fully repaid. At $60 per barrel, 1 million barrels fetches $60 million. Loan repayment would be lower. For Project Gazelle, the projected price used for determining the allocated crude is $65 per barrel.

January 21, 2024
How Nigeria loomed large in Saudi Arabia’s Minerals’ Forum
- By Segun Tomori
The third edition of Saudi Arabia’s Future Minerals Forum (FMF) has come and gone but what remains to be told is the story of Nigeria’s prominence in the comity of over 80 nations that graced the conference. The FMF, conceptualised to create resilient and responsible mineral value chains in Africa, Western and Central Asia has become the foremost gathering of countries endowed with solid minerals and those interested in harnessing the resources or investing in its value chain.

Hitherto, Nigeria had paid scant regard to her mineral resources, largely because of over-dependence on oil, but all of that changed with the advent of President Bola Tinubu’s administration.

Eager to diversify the economy and maximise the immense potentials of the sector, President Tinubu drafted one of his most trusted lieutenants, Dr. Dele Alake to superintend over the newly created Solid Minerals Development Ministry, an offshoot of the former Mines and Steel Ministry.

Dr. Alake, in his capacity as Nigeria’s Solid Minerals helmsman, led the Nigerian delegation to Riyadh, Saudi Arabia, for the minerals conference that was held from 9th to 11th January, 2024.

From our first day of arrival, we already had the inkling of how hectic the schedule would be.

The parley with Saudi Arabian Minister of Industry and Mineral Resources, Bandar AlKhorayef, and his entourage was the first port of call. Waxing lyrical as he is wont to do, Alake affirmed that Nigeria under President Tinubu is now taking the development of solid minerals very seriously, reeling out on-going reforms that will bequeath an efficient governance structure, tackle impediments to ease of doing business and address insecurity in mining areas.

He further made a case for investments and partnership with Saudi Arabia in areas of exploration, extraction and the whole gamut of the mining sector value chain whilst assuring his guest that the policy of full repatriation of profits to home countries and tax waivers on imported equipment are some of the incentives put in place by President Tinubu to attract investors. It was an elated AlKhorayef that welcomed Nigeria’s renewed interest in solid minerals.

Acknowledging that the world is moving away from fossil fuels to cleaner energy, of which critical minerals will play a major role, he aligned with Alake’s submission that mutually beneficial partnerships will suffice to advance the economic interest of both countries.

Consequently, Nigeria and Saudi Arabia agreed to set up a joint technical committee to work out modalities for collaboration.

Unlike other conferences where Nigeria and most African countries are consigned to less prominent panel sessions or fireside chats, Nigeria, alongside Pakistan, United Kingdom and some private sector juggernauts headlined the opening session of the. Future Minerals Forum (FMF). Joining Dr. Alake on the panel were Pakistani Minister of Energy, HE Muhammed Ali; United Kingdom Minister of State for Industry and Economy, HE Nosrat Ghani; Chairman, Anglo American, Stuart Chambers amongst others.

Speaking on the topic “Why the Super Region Should the Super Region Have its Own Critical Minerals Strategy?” Alake held the audience spellbound as he firmly declared that the concept of inclusivity in a super region should entail a paradigm shift to local value addition, as against the age-long practice of merely carting away raw materials from Africa.

“For us in Nigeria and most of Africa, the idea of a super region is quite significant in order to harness the mosaic, distinctive mineral resources that are within the confines of the super regions and consequently achieve a sustainable energy mix for the world.

In Nigeria, we have prioritised the development of our critical minerals and rare earth metals, so the idea of inclusivity in a super region entails collaborative efforts, not only in the area of investments but technology transfer, knowledge sharing, and more importantly, for us in Africa, local value addition, the Minister asserted.

The superlative performance of Nigeria didn’t go unnoticed as Alake was soon trailed by a deluge of international media organisations for an interview. Initially, we had four on our list – CNN, Saudi TV, Argaam, and CNBC, but we ended up doing a whooping seven, including the renowned London Economist and Bloomberg. Everywhere we turned to, dignitaries stood in awe of Dr. Alake, as they literally fell upon themselves to take pictures or commend his presentation at the opening session.

Read Also: Adeleke’s sacking of 1,500 teachers increased out-of-school children in Osun, says Oyetola

When the African Ministers of Solid Minerals/ Mineral resources needed a rallying point to forge a common front, they approached Nigeria to lead the way. Alongside his Ugandan counterpart, Hon. Dr. Peter Lokeris, Dr. Alake led the African delegation comprising nine countries into a series of meetings and the resolution was unanimous -Africa will no longer be given the shorter end of the stick, value addition should take the center-stage of inclusivity in the super region!

Alake thereafter offered to host the African Ministers in Nigeria to consolidate on the agreement and forge a way forward for the development of Africa through harnessing its abundant mineral resources.

Aside from engagements with the Saudi political establishment, mining sector players from across the world also parleyed the Minister and expressed their interest in Nigeria’s mining sector. Monaco’s Jean Boulle Group, led by its Chairman, Jean-Raymond Boulle, informed the Minister of an impending visit to Nigeria, asserting his firm’s readiness to expand its operations to Nigeria’s mining value chain. The Saudi royal family was not left out as HE Prince Fahad Al Saud alongside the CEO of their family office; Constandinos Felder also met Alake with the aim remaining the same – interest in Nigeria’s critical minerals and willingness to bring massive investments into the country.

From the reception accorded Nigeria at the just concluded FMF, we can deduce that the world is ready for Nigeria. The onus now falls on us to put our house in order. Thankfully, the 7-point agenda of the Minister is well on course. Just a few days ago, President Tinubu alluded to the establishment of the solid minerals police – an integral part of the 7-point agenda, which is christened “Mines Police”, during a meeting with State Governors. Also, plans for the establishment of the Nigerian Mining Corporation (NMC) that will bequeath an efficient governance structure for the mining sector are well on course.

2024 will be an interesting year for the renaissance of Nigeria’s mining sector. The coming weeks and months promise to be action-packed in that regard, with Dr. Alake leading the way. May Nigeria succeed!

●Segun Tomori is the Special Assistant on Media to the Honourable Minister of Solid Minerals Development
January 21, 2024
Odebunmi Ifedayo Fadekemi: Working with celebrities very inspiring

Odebunmi Ifedayo Fadekemi is the CEO and Creative Director of SofTouch Couture, Soft Ivory Men, and My Soft Ivory. The brand interest cut across male and female luxury wear and essentials.

Happily, she goes down memory lane to recall how it all started while in the university and improved on her skills by attending a fashion school; Felenge Couture.

Since then, she has steadily styled and designed for a number of our celebrities. In this interview with Yetunde Oladeinde, the graduate of Computer Science takes you into her world, memorable moments, plans for 2024, and more.

What is your plan or projections for 2024?

Looking back I must say that the year 2023 was very interesting and we achieved a number of the things we set out to achieve at the beginning of last year. This year we will consolidate our plans and take the brand to the next level. My plan for 2024 is to go global, create more visibility, and satisfy our clients locally and on the global scene.

The economy is tough, what keeps you going?

The crux of the matter is that the economy is affecting a lot of businesses and Nigerians in general. However, I am not deterred because my focus is on God. This is because without him I don’t think I would be here, His grace keeps me going.

Did you ever feel like quitting?

I am a strong lady and I am motivated by the urge to make a difference. I must say that the challenges spurred me to do more. No matter the obstacle, I have not been discouraged, I never thought of quitting. Instead, it allows me to look for alternatives and find solutions to any present situation that I find myself in.

What are the other things that occupy your time?

I really can’t call myself a loner because I like to attend social events and network with other people. Usually, if I am not working I am likely to be in a group meeting, or trying to get another means of income.

How would you rate the performance of our designers?

Nigerian designers are like some of the best designers in the world. They are very determined and creative, and as I speak you discover that the level of our creativity now is one hundred percent. The things and collections that I see across the country are inspiring and I am happy we are now one of the best designers worldwide.

Did you have special training in fashion designing?

Yes, I do. I learned the skill and went into the sector while I was at the university. I started small and got patronage from family and friends. I went deeply by going to a fashion school; Felenge Couture.

How long have you been into fashion design?

I have been into fashion for about ten years now but it started as a passion and the business started to grow gradually and I am happy about the journey so far.

What factors have contributed to your success in the industry?

I must say that my determination, dedication, and perseverance have helped me. In addition, being strategic, following my passion, and monitoring and evaluation have helped me. The media and how the industry has evolved have also played a major part in my growth and development.

What inspired your brand name, Softouch’?

My brand name was DAYO’s clothing when we first started but at a point, we needed to rebrand. That was when I thought of taking the name of the brand to another level and I am glad that I made that decision then. I wanted a name, something everyone all over the world could pronounce because I saw my brand going International, even though I was just starting.

I also wanted something that can give meaning to the ear. So, on that fateful day, I was listening to a song that had just been released by FALZ; a Nigerian musician, the song is titled ‘ SOFTWORK’ and that was the year 2015.

Read Also: Tinubu advocates equitable capital market access for developing countries

There and then I fell in love with the name SOFT and I decided to put it down with the other names that I have been compelling in my notes. I met with my boyfriend back then now my fiancé, I gave him the list that ‘Oh I want to change my business name ‘and that we should pick something together to cut the story short he also picked SOFT, but we were like oh why just soft then we but concluded in adding touch to it,” like something that is Soft and can be touch. That’s where the inspiration came from.

How affordable are your designs?

My clothes are pocket-friendly. Something that can be worn by different people, in different unique ways. Every collection is different and you will always find something interesting for everyone. We always try to add little details that make a difference, we make outfits that are unusual and creative.

Are you planning to unveil a new collection, can you tell us more about it?

Yes, I am unveiling a new collection

And we have 10 extraordinary bridal pieces to unveil.

Can you mention some of your celebrity clients?

I have worked with some celebrities and the list includes Anita Joseph (Actress), Chichi (Big Brother Naija Housemate), Nkechi Blessing (Actress), Gleeoflife (hair guru), Dayo Amusa (Actress), Saskay (Big Brother Naija Housemate), Funmi Awelawa (Actress), Maria Chike (Big Brother Naija Housemate ) and more. I must say that working with celebrities has been very inspiring, they bring out the best in me.

Which other celebrities would you love to style?

I would love to style Tiwa Savage because I love her personality. Then, Chioma Ikokwu known as Chioma Goodhair, I love her fashion world. Lastly, Toke Makinwa, I love her charisma.

What are the challenges you face as a Nigerian entrepreneur?

Honestly, business in Nigeria isn’t for the weak and it hasn’t been easy running mine due to poor infrastructure (electricity), bad economy, and lack of funds opportunities.

How has the current state of the economy affected your business, and what do you think the government can do to help?

It has affected my business because mostly I order some items outside the country. The dollar rate is alarming and it’s causing my business difficulties. To convince some clients to pay more is always tasking. Some of them can’t even afford the price. I wish the government could look into our money exchange and help business owners.

Who are your industry inspirations or mentors?

I don’t have anyone. I practically inspire myself.

Can you mention some fashion shows you have graced?

I do not attend fashion shows because of my tight schedule. It has been work, work, and more work. Most of the time I spent at my workshop as well as training others. But I was able to participate in a show titled Zeena and ZARA. It was very interesting with lots of lessons learnt. Look forward to doing more of that this year.

Which runway show do you look forward to featuring?

London Fashion Week, London Fashion Gala, GT Fashion Show.

What are your plans for your brand?

To be global. To be a happy woman, you need to give yourself attention, relax, and focus on touching lives. Your peace of mind and contentment are also very important.

Tell us about your personal style?

Personal style is an integral part of a fashion designer’s identity. My personal style can be described as bold, edgy, and eclectic. I love experimenting with unique silhouettes, unexpected color combinations, and incorporating avant-garde elements into my designs. I find inspiration from a variety of sources, including art, culture, and street fashion, and strive to create pieces that are both visually striking and empowering for the wearer.

How do you relax?

Relaxation is crucial to maintain a healthy work-life balance as a fashion designer. To unwind, I enjoy practicing meditating to clear my mind and find inner peace. I also love spending time with nature, going for a movie and engaging in activities that I’m passionate about. I like reading fashion magazines or attending art exhibitions. They actually also help me relax and recharge creatively.

Tell us about life as an entrepreneur and your survival strategies?

Life as an entrepreneur in the fashion industry can be challenging yet rewarding. It requires perseverance, dedication, and a strong work ethic. Survival strategies include having a clear vision and mission for my brand, focusing on creating high-quality products, and understanding and adapting to market trends. Networking and building relationships with industry professionals have also been instrumental in expanding my brand’s reach and opening doors for new opportunities.

What advice do you have for young people who want to come into the sector?

For young people aspiring to enter the fashion sector, my advice is to develop a strong foundation in design and technique. Pursue formal education in fashion, gain experience through internships or apprenticeships, and stay updated on industry trends. You also need to build a portfolio that showcases your creativity and individual style. You must be prepared to work hard and embrace failure as a learning curve. Networking and building industry relationships are vital, so attend fashion events, join professional organizations, and collaborate with fellow creatives.

Where do you see your brand in the next few years?

In the next few years, I envision my brand expanding its global presence, collaborating with influential fashion houses, and showcasing collections on international runways. I aim to continue pushing the boundaries of design, incorporating sustainable practices into my brand, and becoming a leading force in the fashion industry. Through strategic marketing and brand development, I plan to attract a wide customer base and establish a strong brand identity that resonates with fashion-forward individuals?

Let’s talk about your pieces and what makes them different and unique?

The natural world inspires my fashion design, it provides a wealth of inspiration, such as organic shapes, patterns, colors, and textures found in flora, fauna, and landscapes.

Also art and culture has been very useful. As a designer, visual arts, paintings, sculptures, music, films, and various cultural traditions sparks creativity and influence design themes, motifs, and aesthetics.

Examining fashion from different periods and diving into vintage clothing inspires me a lot.

I would also say advancements in technology, materials, and techniques have pushed the boundaries of my fashion design, leading to innovative and futuristic creations.

Lastly, collaborating with other creative minds, such as artists, musicians, or architects has given vast inspiration to what I do.

January 21, 2024
Yemisi’s TOP TEN

Yemisi Omotoye is an CEO of Yemwasfashion, entrepreneur and event planner.

She shares her Favourite things with Aisha Adebayo.

Favourite wrist watch

Rolex: I am a great fan of wristwatches. In fact, I have different collections but my favorite is the Rolex watch. I am in love with its quality, its sturdiness, and the elegant look it gives me.

Favourite car

Nissan: I have always loved cars and

since I’ve been driving, Nissan cars have been my best. I just feel like it suits my personality.

Favourite designer

Channel is my favorite clothes brand. I like how their clothing are made of high-quality materials and are intricately detailed. The brand is simply great for me.

Favourite perfume

Sauvage: fragrances are among my favorite things. I use them on a regular basis and I always go with the Sauvage fragrance. I enjoy the nice fragrance that this perfume produces.

Favourite travel destination

Turkey is my favorite travel location and one of the greatest places I have been to.

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Favourite song

My favourite song is “The Power of Love” by Celine Dion. I can’t pinpoint my reason for loving this song but whenever I listen to it, I feel different.

Favourite food

Jollof rice is my favourite food, and I can eat it at any time of the day. I don’t have a preference for how it would served; I just like it hot, spicy, and wonderful.

Favourite hairdo

Brazilian hair has always been my favourite. I love it and I invest my money in it.

Favourite accessories

Chains are my go-to accessory and I have a lot of them in my jewelry collection. I love them because I think they look great with everything I wear.

Favourite sports

I don’t do sports very often, but if I had to pick one, it would be football because it is so popular.

January 21, 2024
Ley Sylvester: Serving children has been gratifying

Ley Sylvester is the executive director and co-founder of the Taley Sylvester Children Foundation (TSCF). She believes that her role is both rewarding and challenging, and it involves a constant dedication to the improvement of children’s lives and education. In this interview with Yetunde Oladeinde, she opened up on what spurred her interest, experience working with children, memorable moments and lessons learned in the sector.

HAT does working with children mean to you?

The role demands a holistic approach, focusing on providing essential resources and creating a positive educational environment. It requires strategic planning, fundraising, community engagement, and a deep commitment to the foundation’s mission. My responsibilities extend beyond the traditional business model as I strive to balance financial sustainability with the foundation’s mission. Collaborating with educators, community leaders, and stakeholders, I play a crucial role in developing innovative strategies to address educational challenges. At the core of my work is the belief that every child deserves access to quality education, regardless of socio-economic background.

What spurred your interest in the sector?

Several factors spurred my interest in this sector. My passion for making a positive impact, particularly in the lives of children, often drove me towards the non-profit sector. My personal experiences, like struggling through educational challenges, witnessing the effect of a philanthropic parent, or understanding the hardships students face in public schools, all fueled my deep commitment to social causes.

What has been your experience as the founder of a Children’s Foundation?

As the co-founder and executive director of the Taley Sylvester Children Foundation (TSCF), my experience is marked by the profound commitment to enhancing the lives of children in public school settings. It involves the strategic development and implementation of initiatives that promote access to quality education and essential resources crucial for academic and emotional well-being. From crafting the foundation’s mission to navigating the intricacies of fundraising, community engagement, and program development, the journey encompasses a dynamic blend of challenges and successes. Building a dedicated team and fostering community relationships for children’s rights have been integral to creating a positive impact. The fulfillment derived from witnessing the tangible improvements in the lives of the children we serve is gratifying and a testament to the transformative power of education-focused philanthropy.

What are some of the memorable moments since inception?

Since its inception, TSCF has been on an inspiring journey, leaving a lasting impact on children’s education. The foundation’s commitment to making a difference has resulted in numerous memorable moments. The joyous occasion of the first backpack distribution event marked the early days of the foundation. The sight of children receiving essential school supplies reflected the foundation’s dedication to ensuring that every child, regardless of their background, has the tools they need to succeed. A momentous decision was made to purchase land in a rural area to construct an elementary school. This strategic move demonstrated TSCF’s long-term commitment to providing quality education to underserved communities, creating a foundation for sustainable change. TSCF held its first gala party in December 2023, which was a crowning achievement. The gala strengthened the foundation’s network and set the stage for future initiatives.

What dreams did you have while growing up?

As a child, my dreams were anchored in a profound desire to impact people’s lives positively. My initial aspiration to become a lawyer reflected a keen sense of justice and a genuine wish to advocate for those in need. However, a pivotal moment occurred when I was 19 years old, sparking a curiosity about computers that would redirect the trajectory of my dreams. This transition began a new journey in Information Technology (IT). In the realm of computer science and education, I’ve found a unique space where my expertise intersects with my passion for making a positive difference. Through my work, I contribute to shaping the next generation of IT professionals, empowering them with knowledge and skills that can transform lives and communities. Reflecting on my journey, it’s evident that my dreams evolved but retained a common thread of service and impact. Whether through the pursuit of justice as a lawyer or the realm of technology and education, my commitment to helping others has remained at the core of my aspirations, creating a fulfilling and purpose-driven path throughout my life.

What academic background influenced what you do right now?

My academic journey, including a Ph.D. in Information Assurance and Cybersecurity, a Masters’ degree in Information Management Systems, and a Bachelors in Computer Information Systems, laid the foundation for a career in IT and education. My academic journey reflects my personal growth and commitment to continuous learning. It showcases the diverse skill set I bring to my roles as a professor, executive director, and advocate for children’s education. Combining my technical expertise in computer science and cybersecurity with my evolving knowledge in education and leadership positions me uniquely to address the challenges in children’s education. The fusion of my technical background and educational leadership aspirations has shaped me into a dynamic professional who can drive positive change in education and technology.

What are some of the achievements and challenges?

One of the significant achievements is the strategic decision to purchase land in a rural area to construct an elementary school. This milestone demonstrates TSCF’s long-term commitment to providing a physical space where quality education can thrive, impacting children’s and the community’s lives. My efforts in spearheading successful fundraising campaigns have been crucial in sustaining and expanding TSCF’s initiatives. Securing financial support from various sources, including businesses, philanthropists, and the community, has played a pivotal role in the foundation’s growth. Like many nonprofit organizations, TSCF faces challenges related to resource limitations. Balancing the foundation’s mission with financial sustainability requires innovative strategies to maximize impact within available resources. Despite efforts, reaching all community segments and creating awareness about TSCF’s initiatives can take time and effort. Overcoming barriers to access and ensuring that all eligible children benefit from the foundation’s programs requires ongoing community engagement. The achievements and challenges I’ve encountered underscore the dynamic nature of my commitment to creating positive change in the lives of children through education.

What lessons has life taught you?

Life taught me the value of perseverance during difficult times, and the ability to bounce back from setbacks has become a cornerstone of my journey. Juggling the roles of a professional, parent, and student highlighted the importance of effective time management and balance. Life’s lessons in multitasking and prioritization have shaped my ability to navigate diverse personal and professional responsibilities.

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I have learnt to appreciate the struggles of others and to lead with compassion, especially in my role as the executive director of TSCF, where I advocate for children’s education.

Tell us about the things the drives and inspires you.

My experience while attending a public school for part of my high school years has provided firsthand insight into the challenges students in these environments may face. This personal connection serves as a driving force, motivating me to create positive change for current and future students. My understanding of some students’ challenges, whether related to resources, access, or educational opportunities, fuels my passion for making a difference. This empathy is a powerful motivator, pushing me to address barriers hindering a child’s educational journey. My advocacy seeks to bridge gaps, ensuring that children have access to quality education and the resources that facilitate a conducive learning environment.

What are some of the changes you will like to see in the social enterprise sector?

I want to see some changes in the social enterprise sector, such as greater transparency in allocating resources within the non-profit sector. Ensuring that funds and resources reach the intended beneficiaries efficiently and effectively builds trust and confidence among donors and the community. Work towards ensuring that children have access to schools and receive a high-quality education that prepares them for future success. NGOs should be transparent in communicating the outcomes of their initiatives, demonstrating how they have contributed to positive changes in the lives of children and communities.

Did you have mentors that inspire your career? How would you describe their impact?

My father, Mr. Segun Stanley Sylvester Okunoye, is an exceptional mentor whose influence has been instrumental in shaping my career and character. His philanthropic spirit and compassionate dedication to helping people, especially children, have left an indelible mark on my journey. His wisdom, philanthropy experience, and compassionate leadership have provided me with a blueprint for creating positive change in the community. In addition to being a father, he has played the role of a mother in my life. His nurturing and supportive presence has given me a shoulder to lean on during triumphs and challenges. This dual role has created a unique and profound bond that has fortified my resilience. My father’s mentorship has contributed to developing the leader and entrepreneur I am today.

What are the things that you are looking forward to in the next few years?

I have a compelling vision for the future, and there are several vital aspects that you are looking forward to in the next few years: A significant milestone on the horizon is the completion and inauguration of the new school. The foundation’s intention to introduce innovative learning solutions, including technology-driven tools.

In what areas do you think the government can help?

There are several areas where government support can significantly enhance the impact of a foundation’s efforts in helping and strengthening children’s education in public schools within rural communities. Government support in infrastructure development. Engagement in advocating for and implementing policies prioritizing and improving education in rural areas is crucial. It could include policies related to curriculum development, teacher training, and resource allocation, aligning with the foundation’s goal of ensuring children receive quality education.

January 21, 2024
‘How reckless ‘one-way’ driver left me bedridden since 2018’
- Former Students Union activist Chris Nwachukwu narrates ordeal in and out of hospitals
- Needs N7 million for ninth surgery overseas
For Chris Ahamefula Nwachukwu, 53, former Students Union activist, human rights lawyer and pastor, the date, December 15, 2018, will continue to resonate, albeit for a not so memorable incident, and for the fact that the impact of that incident has continued to dog him, in spite of individual, family and collective efforts of friends to make it go away.

It was a ghastly auto crash involving his vehicle and another vehicle, whose driver, driving against traffic (one-way) suddenly emerged on high speed on the opposite direction, giving them little chance of escape. As bad as the incident has turned out, he nevertheless had room for gratitude, as he, sitting in front, with the car driver miraculously survived, while the other two passengers, a couple at the back seat, as he later found out, died in the hospital, where they were rushed to.

Since then, he has been literally in and out of hospitals, undergoing surgeries and suffering relapses that have stalled any serious recovery and condemned him to a wheelchair and at the mercy of others. struggling to get back on his feet. At the moment, he is completely demobilised and in need of another surgery, preferably in India or the United Kingdom.

“I was coming from Warri to Asaba,” he began on phone from his sick bed in Port Harcourt. “At Osisa Junction close to Ogwachukwu, a man driving on high speed against traffic (on one-way) with his family, emerged suddenly on our lane. Because of the suddenness and speed, and the fact that cars were also on high speed on our right, we could not immediately turn left or right to avoid him. I took in everything because I was in the front seat of the car. Somehow, God helped us and we saw an opening. As the driver tried to free our car through the opening, his car hit us, forcing his cars off the road and capsizing, while ours suffered burst tyres which paralysed our vehicle.

“Unfortunately, when people rushed to help, they busied themselves trying to upturn the car to sit upright, which was an error, as it caused the car to burst into flame, entrapping and consuming the whole family. Seeing what was happening from my position, I tried to get out; I didn’t know that my hips had dislocated; when I tried and couldn’t, I then started shouting for help, because I was afraid the fire from the burning car could catch up with ours. So some people rushed and got me out of the car. Then the police came and evacuated us to a nearby hospital, where they gave us First Aid. Later my friend came and carried me to Owerri, from where I was taken to my hometown, Ihia in Isialangwa North Local Government Area, Abia State. Then of course, we didn’t know it was so serious; so we started medication, called in local bone setters, who kept on doing what they knew without any improvement. Soon after, I was taken to Queen Elizabeth Hospital, Umuahia; but they could not tell me what was wrong. They couldn’t factor why I was unable to walk. They would tell me to go home, come back in a week’s time; I would stay a week, go to see them and they would again tell me to go and come back in another week.”

Shabby, hostile hospital staff

“When we did an x-ray, it said it was lumber, which was incorrect. I put this to the attitude of the x-ray man. He was very aggressive, very hostile, very unfriendly… Frankly, if not for my condition, I would have given him a piece of my mind. He was so disrespectful. And at the end of the day, he could only come up with what turned out a wrong diagnosis. They took me to the Orthopedic department; again, those ones could not factor how it could be lumber. We kept going back and forth until two months passed. Finally, one day we went again and they were going to tell us to go and come back again, when, thankfully, thankfully, the head of the department he came out and told them ‘no’, that they could not close until they had attended to all patients on ground. He told them ‘Yes you’re closing at 2pm but any patient who came in before 2pm must be attended to. That was how I was attended to on that day. He also insisted on seeing him himself. He looked at the x-ray result and said, ‘no’, that they should go and check my hips. He said they should do another x-ray and concentrate on my hips. That was how they now discovered that my two hips had dislocated.

“So it took them two months to identify the real problem; two months of hostility and aggression. It was as if you’re coming to disturb them or give them some other assignment other than what they were employed for. From what I saw there, it is a consistent pattern in Southeast hospitals. Anyway, following the discovery, they now referred me to Orthopaedic Hospital, Enugu, where they told me I needed to do an implant because the bone had died due to the long time it took to get the proper diagnoses. They said if they had seen it on time, they would just have pushed it back in place. They said I needed an implant on each hip and that each would cost me N2.5million, totaling N5million. Meanwhile, this was a time when I didn’t have up to N30,000 in my bank accounts. So my classmates at Ahmadu Bello University, Zaria heard it and within two day, raised the sum of N350,000 for me. I couldn’t believe it and I cried. (At this point, he gets emotional and started crying again.) Their response now gave me the idea to put an appeal for help on my Facebook page. I’m Rev. Barrister Chris Nwachukwu on Facebook. By the way I’m also a pastor. The response from my Facebook post shocked me! Within two weeks, people had raised well over N4milion for me.”

Would that be a testimony to his good character and popularity?

“I’d just say it was God, because I was so surprised at the way people responded. I’m a lawyer and human rights activist. I actually attended two universities. First was the University of Ilorin, where I was PRO of the students’ union in 1992. We led protests, had issues with the authorities and about five of us were expelled. I had to retake JAMB to gain admission into Ahmadu Bello University, Zaria. So when students of Unilorin who knew me heard it, they went wild- even the ones in the UK and all over the world. Then my contemporaries at ABU also started sending money. That was how we raised the money. But the Orthopedic hospital said I had to pay N5million for the two hips. They also suggested that I paid N2,500 for them to do one hip; but I asked where they expected me to get the money to do the second one. So I kept delaying. While at it, my friend and classmates in Abuja, who worked with the Federal Capital Development Authority said his office was in partnership with Garki Hospital and that as a member of the board, he spoke to a senior personnel of the orthopaedic section after a meeting, who told him N2.5 m could even do both hips. I asked if he was sure and he said yes. I said okay, so I chartered a vehicle all the way to Abuja. We got to Garki Hospital and the surgery was promptly done. It turned out that Garki Hospital was much more expensive than even the Orthopaedic Hospital, Enugu, but they were ready to collect whatever I had and do the surgeries, pending when I could raise the money.

In the end, I went through seven surgeries at Garki Hospital. They brought an expert, Dr Awoniyi, who was Head of Orthopaedic at Madala Hospital up North there because they said the case was severe. He did the two hips. By this time, we had spent millions of Naira. This was June 2019. It was a successful exercise, but some months after, the left hip pulled out and I had to go back for another surgery. We spent around N2million this second time. I spent two months in the hospital. Take note that the hospital bed per day was N8.000; even the drugs were very expensive.

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I left Abuja finally on the 4th of October, 2019, with my wife, for Lagos. She was alive then. She is late now. She passed November 13, 2023 at LUTH. You could say it was the pressure of the whole travail because she was the one looking after me, until she suddenly took ill.

After the second operation, I had begun to practise walking again, using a walker.

Unfortunately, that same year – December 2019, I wanted to defecate on a Sunday, and as I bent to sit on the toilet seat, I heard a creaking sound on the same leg, and that was how it shifted again. I was, however, lucky that it only shifted this time, unlike the first time, when it pulled out.

Need N7million for another surgery in overseas

So now, I need to go back for correction but I do not have any money. The kind of money they’re calling, I, sincerely, do not have. And I don’t even know how I can go back and start appealing to people yet again. So since that 2019, the thing has been pulling and I’m now in a situation where I can’t even move. Not even from my bedroom to the parlour; except on a wheelchair or I am carried. I am completely demobilized. Even using a walker is completely out of it. I have consulted surgeons; they told me there is something they can do here in Nigeria; one of them even gave us quotation; but somewhere down the line, he called me aside and said the injuries are quite bad. He advised me that to get very sure result, I should consider going to India or London. He said it is not as if our doctors are not good, but that my situation needs real equipment, which may not be here in Nigeria.

“An Indian hospital I contacted has given me an estimate of about 5,000 pounds, which translates to about N7million, and they gave us their word that I will be okay. I pray it turns out so. But first, I have to raise the money, which at the moment is out of my reach.”

Is he too embarrassed to appeal for help again?

“The truth is I am no longer embarrassed. A dead body does not ask about who would bury it. I have come to a point where I need to go public again. I know people, friends, family and even those who never knew me have contributed since this problem happened, but I am in a situation where I need their help again. I am appealing to my friends, family and well-meaning Nigerians to come to my aid; hopefully this would be the last time. This is so that I do not have to spend the rest of my life demobilised and in pains.

“For those who want to make their donations, the account details are: Nwachukwu Ahamefula Chris, Fidelity Bank, Account number: 6013777536.
January 21, 2024