Tag: Business

  • Customs appoints bank revenue collector

    Customs appoints bank revenue collector

    The Nigerian Customs Service (NCS) has appointed Heritage Bank as a designated Customs duty collecting bank.

    In a statement, the bank said the move was designed to further strengthen the services’ renewed drive for improved revenue generation.

    It explained that the decision followed an agreement between the NCS and the bank’s management on the issue.

    “With its recent successful deployment of the world acclaimed Finnacle 10 banking software, Heritage Bank announced a strong intention to crystallise a robust branchless banking platform that is highly technology-driven while promoting business efficiency across many frontiers,” it said.

    Heritage Bank’s Executive Director, Niyi Adeseun, promised a revolution in duty collection administration in the country. He noted: “Heritage Bank is established on the premise of innovation, partnership and sustainability and this is a cardinal idea we bring to bear on all our engagements.”

     

     

  • Diamond Bank conducts annual performance review

    Diamond Bank has concluded its Annual Performance Review. It said is in line with global best practices where institutions periodically review their human resource to drive their corporate growth agenda.

    In a statement, the bank’s Head, Corporate Communication, Mrs. Ayona Trimnell, said the review is a yearly exercise for the bank as it seeks to recognise and reward members of staff who have excelled.

    She also said the review was hinged on the bank’s Enterprise Assessment Framework called the Balanced Score Card. The framework spells out parameters with which members of staff are measured and these are communicated to staff at the beginning of each financial year.

    “With well over 1,600 new recruits in the last financial year, of which 1,352 are fresh graduates from reputable universities around the country, Diamond Bank is the largest employer of talent in the industry. The bank boasts of a robust personnel engagement strategy that helps it to continually attract and retain the best talent in the industry.

    “This is in fulfillment of its corporate vision of becoming a leading financial institution, with the best people, providing unequalled customer experience and delivering superior shareholder value,” the bank added.

     

     

  • Nigeria, Ghana emerging markets top global equities returns

    Nigeria, Ghana emerging markets top global equities returns

    Emerging markets dominated the global equities returns chart for the first half with Nigeria, Ghana, Venezuela and Pakistan posting some of the biggest returns during the six-month period.

    Global stock market indices showed a healthy recovery across the markets in the first half. Emerging markets showed higher returns in double-digits compared with single-digit return by advanced markets of America and Europe.

    Nigerian stock market recorded a six-month average return of about 28.8 per cent, indicating approximately N2.45 trillion in capital gains during the period. In value terms, the increase of N2.45 trillion in the first half has already surpassed total gains of N2.44 trillion recorded for the entire 2012. However, the real benchmark return of 28.80 per cent is some 6.65 percentage points below the average full-year return of 35.45 per cent recorded in 2012.

    A comparative review of major advanced and emerging markets showed that Ghana recorded the highest return in Africa with the Ghana Stock Exchange (GSE) All Share Index (ASI) opening the last trading day of the first half with a return of 57.3 per cent. South Africa’s stock market was almost flat. The ASI of JSE Stock Exchange of South Africa indicated a marginal return of 0.8 per cent, according to data tracked by the Wall Street Journal. Egypt’s stock market reflected the challenged political transition in the country with its CASE 30 Index posting a negative return of 14.2 per cent.

    Venezuela recorded an exceptional three-digit return of 144 per cent, as measured by the Caracas General. Japan’s Nikkei 30 followed with a return of 32.6 per cent while Pakistan’s KSE 100 recorded a yield of 24.3 per cent.

    The Global Dow Index and DJ Global Index, two key indices that measure global market performance, closed the first half with returns of 5.7 per cent and 5.1 per cent respectively.

    In Europe, Stoxx Europe 600 indicated average return of 1.9 per cent, reflecting the troubles with some struggling European economies. The London stock market showed brighter prospects than average European return. The FTSE 250 and FTSE 100, two broad measures of the United Kingdom market, recorded average returns of 11.5 per cent and 5.4 per cent respectively. Germany’s DAX indicated a return of 4.6 per cent while France’s CAC 40 returned 2.7 per cent over the period.

    Meanwhile, Russia posted one of the worst returns during the period with the RTS Index indicating a return of -16.5 per cent.

    Global equity recovery was driven by economic data indicating improvements in manufacturing, employment and retail positions in the USA amidst other positive global economic reports.

    The stock market performance was boosted significantly by inflows of foreign portfolio investors and renewed domestic investors’ confidence, which drove the market to five-month capital gains of N3.10 trillion by May. It was however moderated by declines towards the end of the last month.

     

  • Business women urged to mentor cubs

    President, Women in Business, Management and Public Service (WIMBIZ), Mrs Adeola Azeez, has called on established businesswomen to mentor younger ones.

    Azeez said in Lagos that mentoring was vital for economic growth through the involvement of more women in business.

    “Mentoring is key for anyone intending to go into a venture, particularly business.Without mentoring, it is inevitable for one to fail in an enterprise,

    “Some of the businesses handled by women that have failed could have been strengthened if the owners had good mentors around them.

    “More so, young female undergraduates and Corps members should make themselves available for mentoring in any line of business they would like to go into after school.

    “If all these can be put in place, the worrisome state of unemployment would be reduced.

    “More youths would become independent and that spells an improvement in the nation’s development,” she added.

     

  • ‘Soap making is profitable business’

    The liquid soap business has grown from nothing to something , becoming one of the biggest in the manufacturing industry.

    The domination of the market by multinationals did not deter a micro entrepreneur, Mr Francis Osezele, who is the Managing Director, Freedom Aluminium Company,from trying his hand in the business.

    He believes value lies in transforming simple commodities into highly profitable brands. This is why he has found liquid soap making an area to invest in.

    He said every household need soap for laundry.

    Although he faced financial challenges at the beginning, his ability to persist despite the challenges by adapting to the circumstances of the market was a big part of his success.

    He started with N20,000, after training at the Federal Institute of Industrial Research Oshodi (FIIRO), Lagos. Today, the business is worth about N1 million.

    He has gradually transformed it into a profitable venture. Having understood the art of making a good soap that can meet people’s needs as well as the requisite marketing skills, he decided to raise some capital to start his own business.

    Today, he is doing well. Besides, he has registered the product with the National Agency for Food, Drug Administration and Control (NAFDAC).

    But access to loan remains a big challenge to him.

    In the beginning, he did not start as a soap manufacturer. Initially, he sold aluminum products. But because the business was not growing, he began to search for a more suitable and affordable alternative. He experimented and created a soap that works well. Since then, many doors have opened to him since he started the soap making venture.

    His goal is to provide high quality products that are used by almost anyone and expects the business to grow at a steady pace. Besides, he intends to focus on developing new products and anticipates the business to grow to a level that would require him to hire several full time employees. He said new varieties of soap are being explored.

    Osezele believes success in business is in producing high quality products that either solve a problem or create fun.

    The producer of Kleentex liquid soap has reason not to regret his decision. He said the key issues in the business have to do with one’s ability to produce qualitative soaps and market them in an efficient way.

    There are three types of soaps, namely: detergent, bar and liquid. But he chose to make liquid soaps.

    Many micro entrepreneurs in the business started small in their kitchen. A local welder can help to produce a mould by using a cutting machine and a stamp, through which the soap’s name can be engraved on the soap bar.

    Supplies needed for the business include colorants, melt-and-pour soap, premade bases, containers, colouring, packaging supplies, fragrances, and essential oils.

     

  • How to start a small scale business in Nigeria

    How to start a small scale business in Nigeria

    YOU know starting a business is not easy due to a lot of factors, and even when you have succeeded in starting one, it takes proper planning to keep it going until it is really up and running. So it is better you have a proper plan and understanding for one before you start.

    Are you interested in starting your own business? Below are 13 steps to take before you launch that your dream business.

    1. Get the business idea

    You have to have an idea of the kind of business you want to do. Is it a product you want to be making or a service you want to render to people that needs it, you need to have an idea of what you want to do. It’s good to have more than one idea, and then you can finally narrow it down to one.

    2. Set your target

    You need to set a target for the business. Are you in it to achieve financial freedom? Or you want small business that will sustain you and give you steady income? It is good you set your target early enough before you start the business.

    3. Define your team

    You have to decide how you want the business to be run. Are you going to run the business alone or you will get someone to assist you, this bring a lot of synergy to the table, because two heads are better than one, as people bounce ideas off each other.

    4. Determine the legal structure of the business

    Decide what type of business you would like it to be. A sole proprietorship, a partnership, etc. This is important for tax purposes and for attracting investors.

    5. Get a business name and register it

    By now you should have name you want to use for the business, get a lawyer to assist you to register your business name, before someone else use the name. Your business name should be unique to you.

    6. Finance your business

    How are you going to finance the business? Will you take a loan from the bank co-operative or you will use your personal savings? And remember to have reserve cash for the funding of things until the business is really up and running.

    7. Consider the competition

    Consider the competition around. The people that are into the same business around, how much are they selling? What can you do to make your product better than theirs and with a better price?

    8. Create a business plan

    For your business to succeed you need to have a business plan, because it helps you in the running of the business. And it is what investors, bankers and other interested parties will use when deciding whether to invest in your business.

  • 10 students for business contest

    Ten UNILAG students have qualified for the grand finale of the 2012/2013 UNILAG Business Plan Competition billed for today at the varsity’s Main Auditorium.

    The top three finalists, who scaled through the elimination stage of the competition held May 30 focused on fashion and garment businesses. They are: Chidinma Onyebuchi (Law), Nosiru Abidemi (Accounting), and Anuoluwapo Olopade (Law).

    Fafiolu Olushola (Electrical/Electronics Engineering) and Prudence Okoilu (Physics) focused on Information Technology, while Johnson Adewunmi (Fisheries) and Awala Velly (Law) focused on Agri-Business.

    Others are: Segun Anifowose (English) who focused on Food Processing, Mene Boritsefere (Law), whose plan was on Tourism and Hospitality, and Peace Omoruyi (Mechanical Engineering) who focused on Environmental Preservation.

    Twenty-nine students qualified for the elimination stage after the proposals submitted for the competition were evaluated.

     

     

    The UNILAG Business Plan Competition, sponsored by Stanbic IBTC Bank, aims to: promote business ideas in students and encourage them to become entrepreneurs; sensitize students on opportunities around them; and provide an opportunity for the best three winners to access cash prizes which could serve as initial capital.

  • Creating business empire from home

    Ever heard of backyard entrepreneurship? No. Then you are behind time. Backyard enterpreneur-ship is thriving. To be in the business, all you need do is to convert that space in your backyard into a farm. Many, who are into it, are making their millions quietly and boosting the Gross Domestic Product (GDP).

    Prince Arinze Onebunne, Chief Executive Jovana Farms, said backyard small-scale enterprises have enormous capacity to touch lives.

    There are inspiring and interesting accounts of backyard entrepreneurs, who have achieved tremendous financial success from this relatively low-profile venture. Many of these small businesses have emerged because of the country’s sluggish economy that has compelled the unemployed to look inwards.

    If one has any unused land at the backyard, the Jovana Farms chief said this is an opportunity to start a small business. From mushroom farming to raising guinea pigs, all these are passive money spinners. The resourceful entrepreneur noted that everything needed by people can be provided by backyard entrepreneurs. He said he and his team of farmers are ready to help people start up businesses within their backyards.

    Noting that there was a gap in the food system, he said the demand for vegetables in cities is huge and growing as fast as the urban population. Besides, he said one can start raising rabbits for profits. Most rabbits are raised for meat or pets, while others are raised for research. Rabbits have many important vitamins and minerals, such as vitamin B that provides energy and zinc that is good for the immune system and iron, which carries oxygen through the blood.

    He said one needs just about N70,000 to set up a micro rabbits business. A little care, proper planning and timely technical advice can bring amazing results for any farmer, he said. However, because of the rate at which rabbits reproduce and grow past their useful age, there has to be careful planning to keep overhead low and stock moving.

    Another opportunity, he said, was fingerlings production, which stemmed from the fact that Nigerians are large consumers of fish. The fishing farming business is not growing as expected due unavailability of fingerlings.This is because of inadequate infrastructure for hatcheries for fingerling production. For this project he said one needs about N180,000. Prince Onebunne noted that a huge demand exists for fish fingerlings as they don’t require huge investment for aspiring farmers. Fingerling catfish are very inexpensive and grow rapidly, he added.

    What entrepreneurs need, he said, is the knowledge to maximise the potential and tap into the market. Knowledge of how to raise healthy fingerlings, design wooden hatching ponds and what number to start with. For him, the highest possible quality breeding will result in good profit.

    Besides, he suggested rearing of guinea pigs, saying it is one of the most practical and versatile animals one can raise. They are small and easy to handle. To raise guinea pig, Onebunne said one requires at least N50, 000.These include the cost of acquiring wooden cages for them to sleep or stay.

    He suggested snails, saying they are the easiest animals to raise. To start, Prince Onebunne said one needs snails and cages. Snails eat wide varieties of food making them inexpensive to rear. Once fertilisation has taken place, the snail would seek a suitable spot to lay its eggs. Naturally, the snail, most times, digs into the soil to a depth of 0about nine centimetres to lay its eggs.

    Therefore, the soil should be soft for burrowing. The best and most suitable soil is the humus soil (black soil). One snail can lay as many as 30-150 eggs in the growing year. The eggs hatch between 30 and 35 days. They need access to soil to reproduce and grow in a healthy manner. One can use old tyres, baskets, cages of different sizes and snail pens.

    Another money spinner is the quail birds. They thrive very well in cages and are relatively inexpensive to maintain. He said the birds can be raised without stress and one can start with N85,000.

    The birds mature in about six weeks and are usually in full egg production by 50 days of age. If properly mated, quail birds have high fertility and good egg hatchability.

    The adult male bird weighs about 140grammes, while the females are slightly heavier, weighing from 120 to 160grammes. One can make money from selling the birds, eggs and hatching eggs. A female quail bird has the ability to produce 280eggs per annum. He said with good hygiene and management, quail birds are not susceptible to diseases.

     

  • NBA business law kicks off

    The Nigerian Bar Association (NBA) Section on Business Law (SBL) 7th conference kicks off in Lagos this evening with a welcome cocktail at the Eko Hotel and Suites.

    NBA President OkeyWali (SAN) and prominent leaders, including the General Secretary of the body, Emeka J. P. Obegolu, have expressed optimism and readiness to grace the event.

    The seventh annual conference of the SBL is the first conference of the section after the expiration of the tenure of its pioneer chairman and founding father, George Etomi.

    In a chat with The Nation, Wali (SAN) said: “The issue of continuing legal education is a very important aspect of my administration because that is what makes a lawyer.

    “I am very happy that this conference will greatly enrich the knowledge base of every lawyer that attends it and we will equally score the points for every lawyer that participates in it as part of our continuing legal education programme.”

    Chairman of SBL, Mr. GbengaOyebode, said that the SBL Conference scheduled to hold from June 16 to 19 at Eko Hotel and Suites will be a world class conference because adequate preparations have been concluded to that effect.

    The theme of the conference is “The legal profession in an emerging economy”.

  • Nigeria, Ghana parley on film business

    A three-day meeting between the National Film and Video Censors Board (NFVCB) of Nigeria and the Ghana Cinematograph Exhibition Board of Control (GCEBC) on film regulation alliance ended yesterday, with both countries signing a communique that is expected to guide their bilateral relationship in future business dispensation.

    After a preliminary meeting with the Ghanaian Deputy Minister of Information, Hon. Murtala Mohammed on Wednesday where the mission of the Nigerian delegate was defined, there appeared to be a common understanding on the need to strengthen the enabling laws, as a way of preventing dumping of films by one country on the other.

    The meeting arose from incidences of pornographic movies, voodoo contents and other perceived illicit themes considered detrimental to the image of the country of production. With the objectives clearly spelt out, the door was opened for the Censors Board’s Acting Director General, Madam Patricia Bala, Deputy Director, Corporate Affairs, Yunusa Abdullahi Tanko, Zonal Director, South West, Edward and senior actor, Segun Arinze, to meet with the filmmakers and marketers on the second day.

    The Press Hall of the Ministry of Information, located at Adabraka, Accra was full to capacity. The huge media presence gave credence to the import of the event that had the Nigerian Television Authority (NTA), AIT, Voice of Nigeria (VON) and a life broadcast by the Ghana Television (GTV) among other local media.

    The event provided a platform for the stakeholders and other publics to air their views on the films being produced by both countries, adding up to the agenda for the agencies to deal with. And in view of the different government policies, the strengths and limitations of both regulatory agencies were considered and agreed should be complimentary as partners in progress.

    Some of the officers from the Ghanaian authorities included Mr. Ben Imoro, Assistant Director, Ministry of Information and Mr. Ken Addy, member of Ghana Cinematograph Exhibition Board of Control .

    The gathering averred that film is a powerful medium of communication and behavioral change, and that practitioners must look beyond commercial gains alone by helping also to transmit some of the African cultures that may appeal to the outside world.

    Participants decry the proliferation of contents on voodoo and sex, agreeing that issues of morality is a universal problem and both countries appeared embarrassed by the development. They are worried that, through some film messages, wrong signals and perceptions are impacted on the public. They reasoned that a situation whereby every old woman is portrayed as a witch, and every rich man is thought to have engaged in some money ritual is not only telling the young ones that they may not make riches through hard-work, but also makes everyone suspicious of the other person. Thus, filmmakers were charged on the need to to try and strike a balance in the areas of perception when producing their movies.

    Madam Bala expressed worries on how some films get to the market without going through the proper channels. the said in Nigeria, it is expected for anyone intending to distribute movies to get a license which the Board provides.

    “If a Ghanaian wants to be a distributor, they are allowed to float a company, get a license and distribute.” She said although marketers who mostly fund movie productions, may require that they inject indecent scenes in their films as a catch for the market, it is important for them not to compromise professionalism and civic responsibility. She condemn the use of indecent languages, drawing inferences from the old culture of story telling whereby parents chose their words right, and yet communicate their messages effectively. “What signals are we sending to the future generation by using vulgar languages. We should look at what is positive and emulate it and not what is negative. When you are doing your movies to send to Nigeria, be conscious of such Indecencies. You may also need to moderate the use of some of the shots,” the NFVCB boss stated.

    Mallam Tanko, emphasized the need also strike a balance Between creativity, finnancial lure and sense of responsibility. He argued that it is needless to shy away from voodoo which is a part of the reality of our existence as Africans, but that it must be presented in a creative and responsible manner. Using the Hollywood Harry Porter series as an example, Tanko said no subject is bad on its own, but much is expected from the mode of presentation.

    “Every subject is good, even juju, it is the treatment that matters. Harry Porter is juju, well packaged. Whatever is African must be seen as African. There are hunted homes in Europe, and we are afraid of expressing ourselves. Let’s not condemn our films, let’s just look at better ways of telling them. If however we are tired of juju, the market will determine how it fizzles out. It’s a passing phase.” He noted.

    But Mr. Samuel Odoi Mensah, President of Ghana Actors’ Guild is worried that voodoo films appear to be easily accepted as against films with hard liquor. He said due to the dearth of cinemas, CDs and DVDs go straight to the market and kids can just pick them up and watch. He noted that the churches have taken over the cinemas, such that censorship becomes almost impossible. He suggested that films that carry indecent contents should be banned outrightly instead of asking the producers to to expunge some scenes. He said until the board starts to bite, the people will keep doing the wrong thing.

    As expected of a town hall meeting, opinions vary from one person to another, and so some filmmakers insist that they are inspired to produce romantic movies because sex subjects sells and as producers, they desire to recoup their investment. They believe that censorship is killing creativity, and that rather than ban films, It is the duty of censorship board to advise producers to do sex films in a way that sends positive messages.

    Actor Segun Arinze appeared concerned about local children’s content. “We have lost values for our children.” He said, recalling the old television days as a child. He told the gathering that there is a conscious in South Africa in recent times whereby children are taught in the local languages.

    The issues also dwelled on the post modern world, and a contributor thought that the gathering may just be pretending to be solving the problem by hiding certain contents from children. He said it would be more dangerous if the kids get to see the contents elsewhere.

    Another participant is of the opinion that Africa is losing its identity through imported telenovelas.

    Adding his thought on the issue, Edion expressed that the municipal laws of every country must be respected. He advised that any Nigerian film that is found in Ghana without due censorship must be taken off, while the promoters are arrested. He said that the roles of the Censors Board in Nigeria is complimented by the Nigerian Broadcasting Commission which is responsible for the regulation of television contents, in terms of the percentage of local contents, the belt hour for foreign films among other mandates.