The Nation Newspaper

Tag: Business

  • StanChart targets Nigeria, others for Africa retail growth

    Standard Chartered Plc (StanChart) expects to open 100 new branches in Africa by 2016 to benefit from the continent’s $1 trillion annual retail spending,it has said. The lender will be focusing in key African countries, including Nigeria, where only about 14 to 15 per cent of the population has bank accounts.

    The lender opened 27 new outlets last year and will “invest heavily” in digital technology over the next four years, Raheel Ahmed, the bank’s Dubai-based head of consumer banking for the Middle East, Africa and Pakistan, has said. The bank will focus on small and medium-sized companies and private banking, he said.

    “There is so much growth potential, particularly where economies are growing rapidly,” Ahmed said.

    “In Nigeria, only 14 or 15 per cent of the people have bank accounts,” he said.

    StanChart’s operating revenue at its Africa consumer banking unit rose 9.4 per cent in the first half to $257 million. Economic growth in Sub-Saharan Africa will accelerate to 5.1 per cent this year and 5.9 per cent next year from 4.9 per cent in 2012, according to the International Monetary Fund.

    The bank posted a 24 per cent drop in first-half profit to $2.18 billion after a $1 billion write-down of its Korean business. Revenue rose 6.6 per cent as growth in Hong Kong and India helped offset declines in Korea, Singapore and China.

    Its income from retail banking in Africa, including credit cards and personal loans, is growing helped by expansion in Kenya and Botswana, Ahmed said. Income in Ghana grew 32 per cent and in Zambia by 45 per cent in the first half, he said. The bank has a “high single digit” market share in consumer banking in most countries on the continent in which it operates and more than 10 per cent in some, he said.

    The bank also expects to benefit from growing trade between Africa and China, which it forecasts to rise to $1.7 trillion by 2030 from $200 billion in 2012. Its presence in Asia, the Middle East and Africa will help it connect companies and help facilitate trade, Ahmed said.

  • Why investors eye domestic airline business, by experts

    Improved operating environment, removal of import duties on aircraft and spares and easy acquisition of aircraft have been identified as incentives driving investment in the industry.

    Some experts, Chris Aligbe, Sheri Kyari and Francis Ayigbe believe that there is room for more carriers if the would-be investors use the right aircraft model in their operations.

    They canvassed the owner/investor model as the best for the business, arguing that the owner/manager model as is the case with many airlines was responsible for the high rate of failure of domestic carriers.

    They told The Nation that many airlines failed because the managers lack the knowledge and technical skills to keep their operations afloat.

    Among the new carriers billed to resume operations soon are: Discovery Air, NigeriaOne, the proposed private sector national carrier, Hak Air and others.

    According to them, an owner/investor is one who has the technical knowledge of aviation and sufficient funds to invest in the business, while an owner/manager doesn’t have technical knowledge of the industry, but has funds to invest.

    Aligbe, the Chief Executive Officer of BeluJane Konzults, said the recipe for running a profitable carrier is using the right operational model and equipment.

    He said Nigeria could only deliver profitable carriers if the operators were ready to imbibe the culture of investor/manager, which would bring about inclusion of technical expertise in the running of the airline as opposed to undue interference by the owner/manager.

    Aligbe said: “People are investing more in airlines because they believe that the environment is friendlier. Now, operators could get newer aircraft that are more fuel efficient, added to this is the opportunity created by the waiver granted operators for aircraft and spares.

    This has reduced the cost of the business, and has added value. He said at the same time, the quest for air travel is rising, and there is increased passenger traffic which presents an opportunity for growth. He said the market is huge and yet to be fully exploited by indigenous operators.

    The industry is expanding, and this has opened opportunity for new investors who could inch into the market, he said, adding that the greatest problem of domestic airlines is the owner manager syndrome, which was what killed the defunct Nigeria Airways, he added.

    He said nearly all the airlines that have collapsed are traceable to the problem of owner manager. If this factor could be addressed, the business could fare better, he said.

    Ayigbe, an industry analyst, said undue interference by the owners of the business result in airline collapse.

    In the case of private airlines, the list is endless, the owner manager factor, is in most cases responsible their collapse, he said, adding that this factor has to be removed, if they must be run profitably.

    Ayigbe, who is also the former spokesman of Virgin Nigeria Airways, said many airlines were eager to come to Nigeria because they believe they can offer better management and service than the ones that existed before.

    He said the new investors think they can achieve a shift of that paradigm. The fact is that many airlines do not engage in proper revenue management, forensic route evaluation , revenue accounting . But, the new investors think they would overcome such challenges by getting it right.”

    He said: “More airlines are coming in because it is a high revenue yielding areas. People are coming to the industry for many reason. They think it could provide opportunity to engage in round tripping of money under the guise of running an airline.

    “Some are coming in for ego tripping. There should be security clearance for the would be investors.

    “Most of the airlines are not structured to make profit.”

     

  • National Assembly promises to improve business climate

    National Assembly promises to improve business climate

    The National Assembly has pledged to improve the operating environment for industries.

    Chairman, House of Representatives’ Committee on Industries, Hon. Mohammed Onawo, said the National Assembly understands the challenges facing companies in terms of infrastructure and it is working to improve the operating environment for companies.

    Speaking during a visit to PZ Cussons Nigeria, Onawo said the legislators were considering appropriate legislative steps to improve operating environment for companies.

    The courtesy visit to PZ Cussons Nigeria was part of the Committee’s oversight function on Industrial Training Fund (ITF) and it was specifically meant to appreciate the company’s prompt statutory contribution and support to ITF in human resource training and development.

    Onawo commended industries like PZ Cussons, who in spite of these challenges, continue to create employment for teeming youth in the country.

    He urged the company to provide more support to the Fund through provision of information and communication technology (ICT) infrastructure and other equipment to assist ITF in realising its goals of training young graduates.

    According to him, the company will benefit from the pool of trained youth.

    In her opening remarks, Director, Human Resources, PZ Cussons Nigeria, Ms. Joyce Folake Coker, thanked the Committee for recognising the contribution of PZ Cussons and for finding it worthy of the visit.

    She gave an overview of the company’s activities including her new investments and strides in employee engagement and capacity building.

    She noted that these investments underscore the commitment of the company to economy.

    Executive Director, Corporate Affairs and Administration, Mrs. Yomi Ifaturoti, pointed out that PZ Cussons’ activities have gone beyond production and sales of renown house hold products and payment of statutory dues to encompass the wellbeing of the larger society through impactful corporate social responsibility projects.

    According to her, the company undertakes projects in appreciation of her host communities in the areas of education, health, provision of potable drinking water and road development.

    “We are sponsoring PZ Cussons Chemistry Challenge to encourage secondary school students in the study of science education,” Ifaturoti said.

    Managing Director, Family Care, PZ Cussons Nigeria, Mr Alex Goma said the Committee to consider the impassable state of Ikorodu–Shagamu road urging the legislators to take up the matter with Federal Ministry of Works and Federal Road Maintenance Agency (FERMA) to improve its condition to enhance productivity.

    According to him, the road requires urgent attention.

     

  • Interested in business? You need this coach!

    Interested in business? You need this coach!

    Female entrepreneurs are becoming more optimistic about the growth of their businesses.

    One of them is Dr Maymunah Kadiri, a Goldman Sachs Scholar on Entrepreneurial Management, with the Enterprise Development Centre (EDC) of the Lagos Business School (LBS), Pan Atlantic University.

    Her interest is impacting lives positively.

    She has expertise in coaching business leaders. She found an opportunity in providing service to people who have been out of work due to emotional health-related conditions, and are finding it difficult to get back to work.

    A certified rational emotive and cognitive behavioural therapist from the Albert Ellis Institute, New York, United States, Mrs Kadiri, deploys therapies to help people overcome barriers to getting back into mainstream employment, aid recovery, and keep one well.

    It started as a small venture, but has expaned into a training and consultancy business. Her selling point is assisting Nigerians who have suffered from depression with capacity building and training to build assertiveness skills, confidence building and reducing anxiety.

    Through hard work and word-of-mouth, she has helped many people to get back into routine work places– where everyone understands that the good and bad times can be difficult. She gives talks to professionals, and carers.

    She has done a lot of work through networks of schools, universities and Small and Medium Enterprises(SMEs), and networking groups to get the word out.

    Realising that starting, or maintaining a private practice is quite hectic, she enrolled at the EDC to learn business management. The programme enables her to learn business plan development and the creation of marketing strategies.

    Mrs. Kadiri coaches business owners. She equips entrepreneurs, academics and psychotherapists with the necessary skills to succeed in business . She seeks to create extraordinary results for individuals and businesses who desire aggressive growth.

    A strategic, creative thinker, she develops systems that support superior employee and customer relationships, and drive organisational productivity.

    A dynamic Consultant Neuro-Psychiatrist and a Fellow of the National Post-Graduate Medical College of Nigeria (FMCPsych), with over 10 years experience, she is also the Medical Director, Pinnacle Medical Services, a medical consultancy firm dealing on psychological and mental health related issues.

    How much did you start the business with? About N2 million on rent, few equipment and staff.

    How much is the business worth now?Some millions and counting.

    Is it expensive to start?Yes, this is because you need the required expertise. This means you will need an intense training both medically and entrepreneurial management. What supplies do one need to start?

    She is committed to leaving her clients more capable to sustain achieving the future they desire.

    Her experience includes executive coaching, facilitation of group development sessions, and consulting.

    Her work blends building trust, coaching and counseling skills, and increasing engagement and commitment among employees with developing high performing teams and sharing leadership roles.

  • ‘AMCON has not taken over WEMA Bank’

    The Asset Management Corporation of Nigeria (AMCON) has not taken over WEMA Bank, the Deputy Managing Director, Moruf Oseni, has said.

    He told The Nation that the management of the bank is intact, adding that there’s no takeover of any kind by AMCON.

    Oseni revealed that WEMA Bank has recapitalised to the tune of N40 billion, stressing that what AMCON has in the bank was just an investment and did not amount to a takeover.

  • How to make it in online business

    From the beginning, President,Internet Marketers Association of Nigeria Mrs Olaitan Wellington deployed technology in her business

    She started a business centre with one IBM electric typewriter, photocopier and telephone.

    “I can’t really remember how much it cost then, but I know it wasn’t that too expensive. That was before the advent of Personal Computers (PC).“

    She spoke of the need for carving a niche and filling it.

    “That was my starting point. But I am no longer running it. However, what I am doing now evolved over time, from that busines,”she added.

    Moving with the times, she researched and began a business online. With time she became an internet marketer and social media marketing strategist.

    Is it expensive to start the business? “It is not expensive. It is very interesting and quite rewarding. As a social media marketing strategist, I help individuals and organisations market their businesses to larger audiences with minimal cost. So many businesses who would not have been able to afford huge advertising now have the opportunity to leverage social media and I show them how to do it properly,” she said.

    What equipment does one need to start with? “All one needs is proper training on the strategies of different social media platforms and how to pick trends. One needs constant access to the internet but smart phones have made that quite easy,” she said.

    Is starting the business easy and quick compared to other service businesses? “Oh yes, very easy, especially for Nigerians because we are social and hospitable people. We are also intelligent and enlightened. An average person can start and make a success of it within very short time, say in three months,” she added.

    On hours of work, her words: ” I can work anytime and am used to working abnormal hours. That can happen to anyone because you find yourself getting carried away while working on the internet. But I have so planned my work that I average 30 working hours per week. One good thing about this business is that there are tools that allow you to schedule your work and even when I am in bed sleeping, my work is being posted fresh on selected social media platforms. People think I am online 24 hours,but those submissions have been scheduled to post at certain times,” she added.

    She targets individuals and businesses. The company, she said, is doing well. Her problem is not being able to satisfy the market because there are not enough qualified people to assist her. “There are clients whom we have not been able to serve because of lack of qualified manpower. The potential in social media marketing is huge and even just evolving.“

    What does it take to run a successful business? “Love of people. You have to love your clients, care for them and think always of ways you can help them. Love, care and help – that’s the secret of running a successful business. If you care for people and help them, they will happily give you repeated business and recommend you.”

    She said one could work part-time. If you plan yourself very well, you can achieve a lot for your clients even while working few hours a day, she added.

    Do you have challenges accessing credit? “My business does not require credit. You don’t even need to rent an office. You can work from anywhere you are comfortable.

    “How much is my business now worth?”

    (Laughter) Let me just say that I can afford whatever I want, when I want it. But then, my wants are not outrageous.

    Finding time for herself and family is one of the benefits of being an entrepreneur, she said.

    “ Since I was a little girl, observing my mum running her business and still having so much time to spend with us kids; being involved in our school activities etc. I loved all that and since made up my mind to work for myself, she added.”

    Does one need any training or certifications?

    “Definitely, one needs training because socialising just for the sake of meeting people and whiling away time is different from socialising for business purposes. There are tactics and strategies involved and they must be learnt; you can’t guess your way around.

    Her advice to other entrepreneurs: “The new language of business success is relationship. Build relationship with your clients, react to their needs and be available. Social media is the cheapest and fastest marketing channel and I strongly advise that businesses who want to reach a large number of prospects should get on it.

    Mrs Wellington is constantly thinking about ways to make her services better.This has attracted a new level and age range of customers.

    For her ,owning a company comes with pretty exciting perks,one decides who one’s co-workers are,if one want any at all, make one’s hours. There was no single formula for success, but the need to stay current, have a passion for learning and be passionate about a business.

  • Effective public speaking and business presentation mastering: The essentials of public speaking

    Effective public speaking and business presentation mastering: The essentials of public speaking

    There are three things you need to sell yourself in life and reach the peak of success. These are competence, likeability and luck. While competence and likeability will almost always deliver “luck” to you, one potent instrument that is very critical to your ability to advertise your competence and become likeable and “lucky” is the power of effective communication, especially excellent public speaking and presentation skills. This is why an average but articulate and confident candidate often outshines brilliant but inarticulate candidates at oral job interviews.

    Sometime ago, a lawyer told me he wanted to attend our public speaking training and I was surprised. He said despite having a second class upper first degree in law as well as a master’s degree in the discipline, he lacked the expected confidence and oratorical competence to speak in public and by implication successfully defend clients in court.

    Current realities

    More than ever before, people are now being increasingly called upon to present their information publicly to co-workers, customers, etc. To get ahead, you must make presentation. Being an excellent presenter will enhance your business, career and social life. Organisations from time to time make presentations to existing and prospective customers to sustain and increase their customer base. This means that if your staff cannot display enviable oral (and written) communication skills, your business is paying the price in lost time, lost customers and lost revenues.

    Political necessity and greatest fear

    As a politician, for instance, you need to master the art of effective public speaking and persuasive communication to succeed because you must be able to convince the electorate and even win opposition over during electoral campaigns so that they can vote for you.

    Research shows that the fear of speaking in public is more than that of death. Yes. For instance, it is not all the people that are ready to join the security forces, despite the risk of untimely death, that are bold enough or ready to speak in public. Yet, speaking effectively in public or making business presentations is inevitable if we must succeed in our business or career. Many people have got retarded career or business growth just because they are afraid to speak in public or make oral business presentations that should have accorded them opportunity to market/sell themselves.

     

    The courage

     

    Gaining self-confidence and courage as well as the ability to think calmly and clearly while making a presentation is not one-tenth as difficult as most people imagine. There is no reason why you should not be able to think as well in a perpendicular position before your audience as you do when sitting down. In other words, you need to train your brain to think better even when facing an audience. You should not allow their presence to frighten you, rather let it be your source of motivation or inspiration.

    Great public speakers

    The fact is that many great public speakers often claim that their brains become more functional whenever they stand before an audience. You can also become an expert too if you are determined to get over your fear through constant practice and training. Do not imagine that your case is unusually difficult. Even those who afterward became the most eloquent representatives of their generation were, at the outset of their careers, afflicted by this blinding fear and self-consciousness.

     

    Evidence

     

    In the words of Lloyd George, a renowned public speaker, “The first time I attempted to make a public talk, I tell you I was in a state of misery. It is no figure of speech, but literally true, that my tongue clove to the roof of my mouth; and, at first, I could hardly get out a word.”

    In a related development, Jean Jaures that was the most eloquent political speaker produced by France in his generation sat for a year, tongue-tied in the Chamber of Deputies before he could summon up the courage to make his initial speech. Also John Bright, the great Briton who defended in England the cause of union and liberation during the civil war made his maiden speech before a group of country folk gathered in a school building, and he was so frightened on the way to the place that he told his friend to start applause to bolster him up whenever he radiated any sign of nervousness.

    Composure

    More than ever, people now have to present information to others as part of constant up-dating. People are being increasingly called upon to present their information publicly to co-workers and other departments. To get ahead, you have to present!

    But how often are we taught how to present? One major area of skills to presentation is self-management, the ability to remain composed in front of an audience.

    Learning this skill makes a huge difference not only to the quality of your public presentation but also to your enjoyment. Truly fantastic presenters are quite a rare commodity because most people have never taken the time to learn. Being an excellent presenter will enhance your career and social life.

    • To be Continued

    •GOKE ILESANMI, Managing Consultant/CEO of Gokmar Communication Consulting, is an International Platinum Columnist, Certified Public Speaker/MC, Communication Specialist, Motivational Speaker and Career Management Coach. He is also a Book Reviewer, Biographer and Editorial Consultant.

     

    Tel: 08055068773; 08187499425

    Email: gokeiles2010@gmail.com

    Website: www.gokeilesanmi.com

     

  • ‘I failed in my maiden business’

    THE state of the economy notwithstanding, more students are starting their own businesses instead of seeking employment.

    Such budding entrepreneurs manage to maintain their full-time course loads while taking on the drivers seat, with many sleepless nights to show for their efforts. Jerry Osagie is one of them.He is setting the IT world on fire .

    A University of Benin postgraduate student of Petroleum Chemistry, Osagie having been mentored by leading entrepreneurs, is producing some products.

    He launched his first on-line business in 2007 with N5000. The income he earned gingered him to go on.

    He started his own business when he was an undergraduate at Ambrose Alli University, Ekpoma. It helped him to pay his fees.

    Osagie is from a family of six. Most of his siblings were in the university then and things were difficult. He had to look for ways to support himself.

    A friend introduced him to online survey jobs. He tried to make some money from it. But he failed.

    “Istarted attending seminars on GSM recharge card printing and googleadsensein various states.

    “There was a particular one I attendedin Awka, Anambra State.The seminar made impact on me.

    “I was exposed to internet business. We closed late that day and couldn’t get a bus to return to Benin that same day. Luckily, I was able to find a tipper driver who agreed to help me to Benin. I arrived home around midnight. Since then, I have relented my efforts at creating extra sources of income.”

    In 2009, he went underground, painstakingly researched and came out with hot ideas and cutting edge tools on traffic generation, seo, article writing, Google Adsense, PPC advertising, professional copywriting, and web design, which eventually gave birth to his first breakthrough online via Google Adsense in 2010.

    His deep knowledge and experience in web design helped him to expand the business.

    He has since designed websites for someindividuals,business organisations and some churches in Nigeria.

    He has a network of successful blogs.

    He is the author of the book: eCash Hybrid (ECH101) – how an average Nigerian can easily make $250 daily on clickbank.

    For Osagie, starting his own business is a way of earning some extra money, as well as gaining invaluable experience. His master’s year has means well for him. He has time to get the business up and running and iron out any difficulties. His business and degree course are flexible, allowing him to organise his schedule.

    In the long term, he hopes to expand the business, to provide employment for people and to reach more customers.

    He wants his products to transform the lives of Nigerians, allowing them to provide for their families, educate their children, and pursue a limitless future.

    He stressed that true passion must be at the core of any business. According to him, if there’s no passion behind the idea, then there will be no substance to anything else one does. Osagie believes one must live and breathe his mission and idea.

     

  • Surviving against all odds

    Surviving against all odds

    Women are playing a major role in exhibiting their entrepreneurial abilities.

    They have continued to stand on their own. One of them is Mrs Sandra Elom, the Chief Executive, Sanchris Nigeria Enterprises, who believes entrepreneurship is necessary to tackle unemployment and poverty.

    For her, a woman should prove herself in making her products well known.

    Some years ago, Mrs Elom started a small cosmetics business with N5,000. She had no factory. Banks weren’t willing to give her a loan. Today, it has blossomed.

    When she started she had a brush with the police. They seized her products and kept them in the custody of ed the National Agency for Food, Drugs Administration Control (NAFDAC). She never got them back. She had to start all over again with borrowed funds.

    She makes the products using plastic drums and a huge mixing stick and heating oils, delivering her products by hawking. In time her products, became popular with street side local hairdressers because of their availability and cheapness.

    As her petroleum jelly becomes popular, she tries to ploughed back her profits into increasing her production capacity. She intends to set up better operational strategies, emphasising quality and packaging.

    The emphasis on healthy lifestyle and clean environment has assisted the trade. Her staff include mainly family members who are also using the opportunity to learn the trade.

    Her dream is to make the products safer and better packaged.

    She has realised that the business takes more time and money than she ever thought. Her consolation is that her customers are warm.

    Her major challenge is cash. Accessing loan for her business has not been easy. The firm is seeking funding to acquire facilities and get the product to every nook and cranny of the country.

    She looks forward to employing more hands when she sets up a factory. She believes women ought to find something doing to support their husbands. She prides her business on cleanliness, professionalism, and using the best cosmetics in the industry. She is excited to meet with people who are looking forward to enhancing their beauty. She has achieved her ultimate satisfaction by affording the opportunity of economic empowerment in her own backyard and community. She hopes to evolve to become one of the leading local manufacturers of cosmetics products.

    As the business grows, so will the business model and the production unit expanded to produce a range of products that is sold under the company’s brand names.

    To acquire skills in production, Ms. Florence enrolled in many numerous training programmes.

    She advised other SMEs and potential entrepreneurs to produce quality products.

  • ‘Never take no for answer in business’

    ‘Never take no for answer in business’

    ANITA Wayor is the founder and chief executive of Petra Solid Ventures. A holder of a degree in Biochemistry from Olabisi Onabanjo University (OOU), Ogun State, she worked as a freelance usher at an advertising agency.

    It was while there that she nursed the idea of starting her own business.

    Anita saw an opportunity in household cleaning. After her graduation, she opted for entrepreneurship when she could not get a job.

    She was convinced that developing products to fill specific market needs has the potential of becoming a big and profitable business.Moreover, the household cleaning industry was not affected by recession. By 2011, she was ready to fulfil her dream of running her business. She started toying with the idea of producing affordable home cleaning products that will stand.

    She decided to set up Petra Solid Ventures, a firm that manufactures household cleaning products, but realised that most of the products in the market were not affordable by most Nigerians. Hence, she decided to develop a product that is affordable, but didn’t have enough money. She could only raise N12,000; so, she started from her room. Today, the business has grown such that she has a factory.

    Wayor sells to camps, hotels restaurants and corporate organisations. Her business is growing, thanks to the middle class. At a time most young graduates are looking for white collar jobs, she started a business despite the risks involved.

    The market for household cleaning products was saturated. But she believed the venture will thrive as long as consumers accept they are spending money on value. For her, when an entrepreneur matches a need in the marketplace with what’s best for consumers, she wins.

    Her products are popular. Fegen is a registered trademark brand of Petra Solid Ventures.

    According to her, the challenges are many. One of them is competition from big firms.

    Others are difficulty in dealing with government agencies, power interruptions and poor infrastructure. In spite of these, she has been able to handle more businesses and could hire more staff.

    Her commitment to leadership is strong. Also, she uses only National Agency for Food, Drug Administration and Control (NAFDAC) and Standards Organisation of Nigeria (SON) certified products for production.

    She urged entrepreneurs to ensure that their business plans are executable. According to her, an entrepreneur must be pragmatic, have a product that one can sell in the environment, be patient and work a lot harder in order to succeed.

    She advised entrepreneurs to get more information about the type of business they want to pursue before making an investment and also find solutions to their challenges.

    Entrepreneurs, she added, should not be afraid to pursue their dreams.

    For her, building a venture from scratch is not for the faint-hearted. One must have courage, tenacity, perseverance and resilience. “Never take no for an answer, be solution-oriented and be patient,” she said, adding: “I have learnt to never say die.”

    She has met people who thought she was crazy to start a project like hers instead of looking for a white-collar job. But her passion for entrepreneurship has kept her going. She never stopped believing in her dreams.

    As a luxury brand, she cannot afford any inconsistency in quality. She competes with international brands, benchmarking with the best to grow her business. Despite setbacks, she is persevering – most of which turned out to be sources of strength.

    She said young Nigerians must think of starting something rather than wait for white-collar jobs.