The Nation Newspaper

Tag: Business

  • When business meets pleasure in Lekki

    When business meets pleasure in Lekki

    Golf and business meetings have gone together since the dawn of the game. The world over, there are more to golf facilities than just recreation and sporting events. To say the least, they have become job creation opportunities that both the public and private sectors can no longer ignore.

    So, when in 2010, the Lagos State government announced the building of a modern golf resort as part of its plan for the Lekki Mega City, not a few enterprising individuals and organisations saw immense opportunities in the plan by the Babatunde Fashola administration to blend business with pleasure in a sporty manner.

    Expectedly, many Lagosians and even Nigerians, looked forward to the implementation of the government’s plan for the Lekki Peninsula, an axis of the state that has over the last couple of years, assumed a special status as the place to live for men and women of means. The master plan, aimed at making a new city out of the Lekki peninsula, was seen by many, as a right step towards preparing Lagos for the challenges ahead.

    According to the state government, the updated land use master plan will provide a total built-up area of about 10,380 hectares and can accommodate a residential population of about 3.4 Million persons and non-residential population, such as touristic, hotels, commercial, offices, medical (hospitals and clinics) and industrial, of about 1.9 Million persons.

    Being one of the most dynamic growth areas in Lagos State, the state government ensured nothing disturbed the take off of the laudable project. And today, the dream city in the Peninsula is coming alive. Right in the middle of it all is the Lekki Golf Resort where business and pleasure will constantly meet when it’s finally ready.

    A recent drive around the emerging city by our correspondent revealed the determination of the current administration in Lagos State to deliver on its promise to the people concerning the Lekki Mega City. Commendable is the government’s desire to deliver to the people, a city they will all be proud of. One of the visible signs that the promise is being kept is the Lekki Beach Golf Resort overlooking the beach.

    The emerging masterpiece leaves no one in doubt that the Ibukun Fakeye-led management of Ocean Beach Golf and Leisure Resorts Limited, are ready to contribute their quota to efforts that will see the full implementation of the promises made to Nigerians by Fashola in 2010.

    Standing magnificently on a 148-hectare (about 370-acre) land and spanning 2.5-kilometre of the pristine ocean front, the resort is minutes away from the incredible beaches. Sprouting up all around it are beautiful chalets and other creatively designed structures that speak volume about the distinctive culture and value of the state and its people.

    A chat with one of the Engineers working on the site revealed a desire by both the government and its private sector partners to deliver the resort before the end of the current tenure. He explained that the primary objective of the promoters of the enterprise is to encourage communal participation between the local community, the state and corporate organisations, according to mutually recognised individual interests.

    He added that basic requirements of a world class golf resort that include a well-conditioned and well-designed golf course, hospitable clubhouse, good eats and drinks as well as a welcoming atmosphere, are all part of the total package they are expected to deliver when the project is completed.

    Already, locals around the area have been benefitting immensely from the yet-to-be-completed project. Aside from the trading port that the crowded construction sites have become for men and women selling all sorts of wares to the ready buyers they have in the workmen and women on sites, artisans and professionals of various cadre are daily being recruited to participate in the huge construction works currently ongoing.

    “Even these are not the main employment opportunities we envisaged. These are temporary opportunities. As I speak to you, we are already being besieged with application letters by people who want to work here when we finish. The expectations of the people are high and we are working hard to deliver in good time. The Governor and the management of the resort company are eager too,” our source added.

  • CANMPSSA diversifies into business

    • Foundation for N100m guest house laid

    Workers in the chemical sector of the economy have concluded plan to build a three-star guest house  at the cost of N100 million. The workers, under the aegis of Chemical and Non Metallic Senior Staff Association (CANMPSSA), laid the foundation for the 38-room guest house at their secretariat in Sango Ota, Ogun State, as part of efforts to improve the capital base of the union.

    Its national president, Comrade Abdul Gafar Mohammed, said the guest house is expected to offer the best in quality service and facility aimed at surpassing what apply in hotels abroad. “Those who will work in the hotel would be the best hands trained in hospitality industry and the facility on ground will be what is available in any standard three stars hotel,” he disclosed.

    He explained that the union was diversifying into business to enable it remain relevant in the face of the current economic challenges facing the organised private sector. According to him, the industrial sector of the economy, where the chemical sector operates, is worst hit by the prevailing economic hardship in the country and workers have always been the first to go in the option of cutting cost.

    Comrade Mohammed said: “Our membership and check-off dues have reduced drastically because of this. So, we felt if we can go into business, we will rely less on the check-off dues and the union can run smoothly without check-off dues. Besides, we want to be self reliant and grow the union to be one of the best in the country without necessarily being at the mercy of the employers. With that we can fight any injustice from any employer.”

    Comrade Mohammed said the union would also spread its business tentacles into the stock market and farming, noting that such would generate more funds for the union and more employment for Nigerians. “It is our aim to complete the hotel within a year, and for a start, the hotel would provide jobs for about 25 Nigerians. This is a plus removing more Nigerians from the unemployment market in this era when unemployment is a bottle neck to our national growth”, he stated.

    The CANMPSSA boss said the hotel is being built through internally generated contributions from the members of the union, who share the dream and aspirations of the executives. He said the union has not received any support or contributions from any employers yet, though it has sent letters to them. He maintained that with or without contributions from outside, members have promised to ensure that the project is completed on time.

    “I think we have learned a lot; that we can achieve whatever we set our mind to do if we work as a team, and that is what our members have displayed within this short period that we took the decision to levy ourselves,” he said.

  • Europe to expand business investment in Nigeria

    In spite of the economic crisis evident in the falling of the naira to the dollar, there is evidence that more business investments are coming to Nigeria from the European countries

    Towards the end of last year alone, about 38 top companies from Denmark came to Nigeria to seek possible areas of investment in the country. These include agriculture, industry, mining, oil and gas, construction, road, building and infrastructures.

    The President, Nigeria-Danish Chamber of Commerce, Industry and Agriculture, Prince Ben Adako, who disclosed this also informed that Denmark has concluded plans to expand their shipping business with Nigeria

    Speaking with The Nation in Lagos, the president said that importation of goods from Denmark to Nigeria and exportation of goods from Nigeria to Denmark is well balanced giving the indication that Nigeria’s business interest is highly protected

    He said that the trade volume between the two countries towards the end of last year recorded about N330m (1.5million Euros) about 35percent. He said that with the return of the Danish Embassy to Nigeria the volume of trade would definitely skyrocket.

    According to him, the Danish Embassy in Nigeria left during the military regime, however, the Nigerian chapter of the chamber, he said, has been able to convince the foreign ministry of Denmark and eventually they have opened their embassy once again in the country

    He urged the government to ensure adequate supply of electricity for the industries to operate, noting that challenges confronting industry operations, commerce and control can push investments out of the country, “We need regular electricity for our industries to operate properly; we need conducive environment for business to thrive so that we do not push investments out of the country” adding that once the situation is conducive, there would be reduction in capital flight

    Again, to keep the interest of Nigerians alive, the president has called on the federal government to come up with a law that would guide foreign investors as regards the positions that they would take and the positions that would be reserved for Nigerians

    He noted that many foreign companies keep important positions for their nationals while they give small positions to Nigerians. This, he said would not protect the interest of Nigerians enough because of over invoicing, movement of funds out of the country and all the rest.

  • Sure Steps Towards Making Millions In Business

     

    Nations are made by individuals who believe. Mrs. Adenike Obayemi, the CEO of Her Excellency, a skills development centre at 8 Owodunni Street, off Allen Avenue, in the Ikeja area of Lagos State is one Nigerian who believes in the drive to make Nigeria great through the grooming of young entrepreneurs. She has just published the well-packaged book, Make The Millions In New Businesses, an exquisite guide specially put together for children and teenagers in junior and senior secondary schools, students and undergraduates in sundry tertiary institutions and universities, and indeed all who want to excel in life. The book is a treasure-trove aimed at enabling the reader to acquire the relevant skills, domestic values and the necessary sense of responsibility to make it through life.

    An English Language Education graduate of the esteemed University of Ife (now Obafemi Awolowo University), Adenike Obayemi is a teacher, master trainer, mentor, motivational speaker and consultant. Through the publication of Make The Millions In New Businesses, Adenike puts on the front burner her abiding mission to empower and develop the inner potentials of Nigerian children and youths for positive results. The added dimension is to promote self-employment and entrepreneurial culture in the wider society. On the practical front, there is the pivotal mission to teach the young female children the art and skills of baking, cookery and the production of drinks.

    The essence of the book Make The Millions In New Businesses takes pride of place as it has been discovered that most of the vices and challenges today’s youths are faced with in terms of gross unemployment, under-employment, prostitution, fraudulent practices, idleness, lack of self-esteem, and self-worth are due to the fact they have not been properly exposed to a complete form of education. Adenike Obayemi strongly makes the case that for a child to completely fit into the present world, there is the need to include into the school curriculum some form of handworks and skills acquisition programmes. She stresses that the best time to do this is from the early years in school.

    Written in simple, straightforward language and unique style with a step-by-step procedure which makes it very practical and easy to follow, Make The Millions In New Businesses is designed to help the students and their parents alike. The author knows that the busy lifestyles of the present-age parents have not helped matters for the young children because a lot of the roles the parents are supposed to play have been neglected or completely transferred to the school. She avers that it will therefore be in the best interest of all concerned for the schools to take the bull by the horn and ensure that this aspect of the child’s development is properly addressed. Adenike knows the heart of the matter through direct personal experience because, in the past few years, several parents have during the long vacations brought their children to Her Excellency centre to be trained in cooking and food preparation, cakes and bread making, pastries and beads making. She feels fulfilled that these acquired skills form an addition to their educational qualification, therefore making these children to have an all-round education.

    Make The Millions In New Businesses is meant to serve several purposes such as wealth creation, youth and women empowerment, poverty eradication and skills acquisition in different areas; and “it is not gender biased”. It smacks of ignorance for supposedly educated people to underestimate handworks because they feel it is only meant for the uneducated and school dropouts. The book makes the crucial point that the days of education for white collar jobs are gone.

    It is meet to adopt the words of Akinniyi I. Sowunmi, Leader/CEO of Popeman, Lagos in his Foreword to Make The Millions In New Businesses, to wit: “Since March 27, 1944 when Asa Griggs Candler registered the Coca Cola patent and used his entrepreneurial skills to launch the Coke, a drink originally meant to be patient medicine by its inventor, John Pemberton, into the most valuable global brand available at all nooks and crannies internationally… the challenge is to get fired by the ideas in the book to launch a business bigger than the Coca Cola onto our tables very soon with the guiding designs here provided.”

    With spiraling unemployment, there is no escape for the young Nigerian who does not embrace the step-by-step methods made for practical use in Make The Millions In New Businesses. There is the shining example of Tolani who “graduated from one of the best universities in South West region of Nigeria” who was frustrated during years of unemployment and under-employment only to eventually become a very successful employer of labour after undergoing training in Cakes Baking and Decoration at Her Excellency Centre.

    Adenike Obayemi undertakes a hands-on step-by-step procedure in Make The Millions In New Businesses. One gets to learn how to prepare Small Chops such as Puff Puff, Vegetable Springroll and Asun (Goat Meat Barbeque). Cocktail Drinks like Chapman, Tropical Sunset, Pineapple on the Rocks, and Strawberry Sensation are ready grist to the author’s mill. Nigerian Indigenous Soups, notably Edikang Ikong, Egusi, Efo Riro, Afang, Banga and Oha Soup, are picturesquely featured. The richly illustrated chapters encompass Bread Making, Snacks & Pastries, Cake Baking, and Desserts.

    In all, by studying the recipes adroitly set out in Make The Millions In New Businesses and going ahead to practice and master the productions one will definitely be on the success-laden road of starting a fulfilling business that will help move Nigeria forward economically. I wholeheartedly recommend that Make The Millions In New Businesses be adopted as a textbook for junior and secondary school students across all the states of Nigeria.

     

     

  • CRC bags best loan application services provider award

    The CRC Credit Bureau Limited has won “the Best Loan Application Services Provider Nigeria Award for the year 2014.

    The award which was conferred by Cfi.co (Capital Finance International) is in recognition of the CRC’s outstanding provision of credit information to financial services companies and other lenders as well as being a key partner to banks and credit companies in Nigeria.

    The awarding organization which is a print journal and online resource reporting on business, economics and finance with its headquarters in London applauded the CRC for its “peerless standard services; and feel confident in granting the best loan application services provider award 2014 to the company”.

    The awards identify individuals and organizations that truly add value. It is also interested in other small companies which might otherwise go unnoticed in the international stage but contribute to global progress.

    “We want to demonstrate through those programmes the many ways in which the economies of the world are converging: best practice can be found everywhere around the globe and we can all learn from each other”, Cfi.co stated.

    The organization further noted that the initial nominations for the various awards were based on inputs from readers, subscribers, contributors and visitors to its site.

    The judging panel reviewed the information generated during the nomination process and drew “on their members’ expertise to identify candidates for award consideration.”

    It explained further that “shortlisted nominees are often given the opportunity to furnish the judges with extra information as the process continues.

    The Cfi.co stated that it subsequently “brings into focus, the critical eye of a combined 170 years of business leadership and experience in financial journalism to make informed award decisions”.

    The CRC Credit Bureau is a private limited liability company established by a consortium of eleven (11) leading financial institutions in Nigeria in association with Dun and Bradstreet (a leading global credit information services provider) for the purpose of creating and operating a corporate credit bureau in Nigeria.

    Speaking on the awards, Tunde Popoola, Managing Director, CRC Credit Bureau said: “the management of CRC is pleased to receive the award, which is a testimony to the recognition of the silent revolution in credit and risk management process, being championed by our company.

    “We are elated that so soon, with just about five years of live operations, respected institutions and individuals are beginning to take note and recognize our pioneering role in promoting information sharing among lenders in Nigeria, thereby making lending in the dark a thing of the past.

    “We are encouraged by this award and we hope to continue to bring innovative processes and products to support our customers”.

    Similarly, Asia Plantation Capital won Global Sustainability Award; AHLI United Bank for Best Regional Bank GCC, 2014; Morgan Stanley bagged Best Institutional Broker UAE 2014; while Lafarge was conferred with “Our Corporate Governance Winner”.

    Others include Exxon Mobil, being awarded for Best HSE Standards in West Africa; Africa Re won Best Insurance Company in Africa; North America CSR Award to AMD; Best Investment Bank to Group Bank Columbia; Emirates Airlines won Corporate Leadership Award; Alexander Forbes Bagged Best Corporate Governance Award in South Africa; HSBC as Best Pension Fund Advisory in Brazil and Julius Bar as Best Private Bank in Switzerland.

  • CPPL hones business owners’ skills

    Customer Passion Point Limited (CPPL) has concluded the January edition of its Monthly Training Programme for business owners to equip them with relevant skills and tools to thrive.

    “We have begun to empower businesses afresh this 2015. The January edition was a huge success. More than ever before, Nigerian businesses need to be adequately equipped to survive these very tough times. When people know how to go about doing their jobs, they excel,” says Chief Executive Officer of CPPL, Mrs Chinwe Kalu.

    Mrs Kalu noted that that although economic conditions in Nigeria may be discouraging, Customer Passion Point believes that with the right tools, businesses can still thrive. She explained that the monthly training  was all about imparting business  skills that would boost excellence and tenacity, adding that those business owners and their staff must approach the market with the confidence it requires to win.

    Participants were happy with what they got. Mr. Chinedum Amachi, Head of Business Solutions at Customer Contact Solutions,who is responsible for Sales & Marketing, said: “Members of my team will benefit from my training and I also believe my learning will contribute more to the growth of my company. I believe I have become a better marketer fully activated for better success.”

    Another participant, Abigail Moses Ikhiede, who heads Sales & Marketing at 3 Way Communications (3WC), added: “On the knowledge of the subject matter, I found the facilitators insightful, demonstrative and experienced. They are highly experienced professionals with deep and practical examples to buttress their points. I enjoyed the practical exercises too. Overall, my lasting impression is that the CPPL line of thought is extremely persuasive.”

  • StanChart may exit non-core business segments

    Standard Chartered could exit non-core business areas in response to the potential losses in the commodities sector.

    A GTR report said the bank is believed to have up to some $61 billion in outstanding loans to commodity traders and manufacturers at a time when the prices of oil, copper, iron ore and other major components of Standard Chartered’s portfolios are hitting all-time low.

    Economists at Macquarie, the Australian Bank, became the latest to forecast gloomy times ahead for Standard Chartered, with analysts predicting cumulative losses of almost $6 billion – about the same amount as a year’s profits.

    While reiterating the bank’s stance of not responding to individual analysts’ notes, a Standard Chartered spokesperson in Singapore told GTR that the bank has hiked up diligence and has the capability of absorbing any losses. They also said it is open to “exiting or reconfiguring non-core and underperforming businesses”.

    Many banks are expected to incur heavy losses due to the collapse in commodities markets. However, a series of research notes have predicted that the British-based bank will be hit hardest. “StanChart will suffer from a combination of commodity finance-related defaults and revenue pressure, in our view,” said the authors of the Macquarie report.

  • Financial discipline: The key to a successful business

    Discipline which is following of a code or systematic plan seems to be the main ingredient to not only financial success, but all success.

    Financial discipline is being able to control your spending and to be able to put money away instead of spending it.

     

    HOW TO ACHIEVE FINANCIAL DISCIPLINE?

    1.            Spend less than you earn

    Follow the 30/70 principle.

    Tithes 10%, savings 10%, investment 10%, and live on 70%.

    2.            Have a budget for your money

    If you don’t have budget for the remaining 70%, it will never be enough.

    The budget should cover the following:

    Housing/Rent

    Feeding

    Car maintenance

    School fees

    Entertainment/Recreation

    Medical

    Miscellaneous

     

    3.            Shun shady schemes

    The quickest way to destroy your fortune and reputation is to engage in unwise or unethical deals and practices.

    4.            Invest wisely

    A small and safe return is more desirable than risky and high return. Invest only in business you understand and familiar with.

    5.            Lend wisely

    If you lend, lend in such a way that it may earn you more, and lend with caution in a variety of places

    6.            Diversify

    Diversification helps you to spread your risk and also increase your income potentials.

    7.            Use professional advice

    It is part of financial discipline to make use of lawyer, Accountants, Consultants etc.

    8.            Use the power of leverage

    Leverage is the power to control a lot with just a little

    OPM:    Other people’s Money

    OPE:  Other people’s Experience

    OPI:  Other people’s Ideas

    OPT:      Other people’s Time

    OPW:    Other people’s Work

    Those who build successful businesses are masters at using all five kinds of         leverage

    9.            Practice good corporate                                governance

    •             Keep record of all your                  expenses.

    •             Separate your personal finance                 from the business finance.

    •             Ensure that all sales are                                 banked daily.

    •             Pay yourself a salary.

    •             Pay your taxes.

    Have an auditor for your                               company

     

     

    Financial discipline is a skill that gets better with practice

    It can be learned just like anything else.

    Thus a key part of financial success is learning the skills of discipline and breaking the habit of spending unwisely.

    When we all make up our mind, we can achieve financial discipline.

     

     

    •Tomi Omojuwa

    Managing Consultant

    Pathlead Consulting

    info@pathleadconsulting.com

    Tomiomojuwa@gmail.com

  • We empathise with the deceased’s family, but we’re in business

    THE key value of our hospital is to empathise with our patients. This is why we don’t turn down any patients at our door steps. When he (the deceased) was brought here, he came with a diagnosis of a brain tumour, with overwhelming sepsis. We accepted him and because he was not stable for surgery as that time, he was taken into the Intensive Care Unit (ICU). With that, we accepted the liability to treat no matter what. For that, they paid a deposit of N1. 6million.

    “We moved on with the treatment of the patient barring any other circumstances. We invited some specialists like nuero-surgeons; those are speacialists that deal with brain disorders and things like that. We stabilised him for about three days and went on with surgery. Eventually, a bill of N2.7 million was accumulated.

    “As at now, it is the sum of N1.6million that they paid initially at the point of entry that they have paid. We went on with treatment, calling in specialists from outside and paying them along the line. Eventually, he died and now they said they want the corpse without paying anything.

    “I have met with them in my office and they never agreed to even pay anything at all. As at today, in my meeting with them, they have not agreed to pay a dime out of the balance. The management is still discussing and we have agreed among ourselves that we are willing to give something significant off the balance.

    “The ICU section was newly set up. It was barely set up three weeks ago. It is a newly-set up section to save people’s lives. If we did not have the ICU in place, the man wouldn’t have survived the two or three days.  We wouldn’t have accepted him in the first place. We just newly set up the place, but I will not go into how we did that. It is newly set up and we just have few patients coming in.

    “We are ready because of the empathy we are talking about to still remove significant amount off the balance. If we actually run the system this way, tomorrow, we won’t be here to save other lives.

    “They claimed they offered to pay N500, 000 and we refused to collect it from them. But that is not true. Nobody will reject money, even in our private business. If they had offered it, we would have collected it. Nobody would have refused to collect what they claimed they wanted to offer.

    “Procedurally, we know that patients may not be able to pay up their bills before they are discharged, so we have a legal process by which people could be met halfway. Usually, they need to meet the legal adviser, pay their money and then they would make an offer, which is acceptable to the hospital. If it is acceptable to the hospital, whatever is left, they would make a legal document to that effect. But in this particular case, they felt they could just come and take their corpse away, but that is not how negotiation for payment should be made, especially when it involves an ICU treatment where many specialists’ attention have been involved.

    “Bear in mind that some of these specialists are not our staff. We had to invite them from outside. Even if we are going to give any relief, it should be at a reasonable percentage that will meet the cost incurred. That is the point we want them to understand”.

    That he was on oxygen did not mean that he was not eating. He was placed on specialised food that was compounded by dietician. They did not understand all that. If they had been patient enough, all these would have been explained to them.

    This letter came in on the 22nd of January, that was yesterday o the CMD’s office and he minuted it to me and wrote ‘COO urgent’.  I got it this morning and we are actually taking action. We have met and have agreed to give them a significant concession.

  • Minister unveils business plan competition

    The FCT Administration (FCTA) has flagged off its Third Abuja Business Plan Competition (ABPC) in a bid to support and grow businesses as well as encourage healthy competition among entrepreneurs.

    Minister of State for FCT, Oloye Olajumoke Akinjide, while unveiling the competition said the it presents an exciting opportunity for young people to develop and present business plans for new and emerging ventures.

    Akinjide who was represented by her Senior Special Assistant (SSA), Mrs. Jumai Kwanashie, added that the key objective of the competition is to generate jobs by encouraging and supporting aspiring young entrepreneurs, especially those whose plans may lead to job creation.

    She said: “The competition will no doubt provide aspiring youths the platform to showcase their business acumen, skills and aspirations to business leaders, investors and captains of industry in Nigeria.”

    She said the competition is open to all potential and existing businesses as long as it is viable and has a demonstrable capacity to create jobs.

    She added that FCTA will continue to support the hosting of this competition and indeed all other programmes of Abuja Enterprise Agency as part of our resolve to provide better life for residents of the territory.

    AEA Managing Director, Aisha Abubakar, said, the intention is to initiate an arena to enable large businesses, financial institutions and other corporate entities and support upcoming entrepreneurs.

    She added that apart from prizes to be won, such business plans will receive the assistance and possible sponsorship which include access to N10 million grants by corporate organizations, angel investors and other stakeholders.

    Only 20 successful entrepreneurs will be shortlisted out of which only three will win the N1 million prize money each

    A former beneficiary, Saidat Shonaiki, said “it is an avenue that all our youths should avail themselves of. AEA has made me come out of my shell; they have boosted my business. AEA gave us the opportunity to plan our business to run a profitable company and we are doing that.”