The Nation Newspaper

Tag: Business

  • Forte Oil expands business into solar energy

    Forte Oil expands business into solar energy

    An integrated indigenous oil firm, Forte Oil Plc, has expanded operation into the renewable energy with the inauguration of its solar energy solution tagged ‘Green Energy’ solution.

    Speaking during the launch, its Group Chief Executive Officer (GCEO), Mr. Akin Akinfemiwa, said: “We are foremost integrated energy provider with footprints across the value chain of the energy sector including upstream, downstream and power generation. Today, that we are launching our solar system, we always look for formidable partners to bring our vision to fruition.

    “We sat with our partners and created bespoke solutions and achieved sustainable, reliable and cost-effective solar solutc ion. The solution is mobile, cost effective and devoid of service charge.”

    He said it is very efficient and is targeted at medium income group that rely on generators to provide power.  “We will design an array of energy solution,” he said.

    Forte Oil’s Group Chief Financial Officer (GCFO), Mr. Julius Omodayo-Owotuga, said: “The solar energy solution comes with four panels, four 100 amps, 12 volts batteries with free installations. It will cost N700,000 per unit and wholesalers will be entitled to discounts depending on the number of units purchased.”

    He further said the product has a year warranty while the panels have 20-25 years lifespan.

    The Lagos State Commissioner for Energy and Mineral Resources, Mr. Olawale Oluwo, said: “The partnership and introduction of the energy solutions came at a time when Lagos State Government is targeting 3000 megawatts (MW) of power dedicated to Lagos State alone, which will be off-grid and independent of Niger Delta gas. It is complementary to what we are doing and we will give it the necessary support.

    “We will key into the solar energy solution by Forte Oil which is very vital to our programme and now that Forte Oil has put its brand to solar, we are now sure that we have a reliable partner in solar energy.”

  • Exploring employment and business opportunities in agric

    Agbelowo Cooperative Agricultural Multipurpose Society Limited (ACAMSL) has organised a business opportunities seminar in Ikeja, Lagos. The focus is to explore how Nigerians can secure their livelihoods through agricultural enterprises. DANIEL ESSIET reports.

    The global unemployment rate will increase to 5.8 percent representing 3.4 million people. The 3.4 million will bring the total global unemployment to 201.1 million people, according to the World Employment and Social Outlook-Trends 2017 report recently released by the International Labor Organization. This gloomy picture is attributed to the weak economic growth.

    However, expert believes the future is in Agriculture. For this reason, Agbelowo Cooperative Agricultural Multipurpose Society Limited (ACAMSL) held its seminar in Ikeja, Lagos to sensitise Nigerians on the challenges and the opportunities in the sector and had as its theme, ‘Understanding the Agricultural Value Chain.’

    President of ACAMSL, Mr Dele Owolowo said t agriculture is a key factor in making economic growth inclusive and in reducing poverty incidence in the country, stressing the need to pursue large-scale activities in the agribusiness sector . He said Nigeria despite dubbed as “the land of promise” and a“food basket has not maximized agricultural potential despite its rich biodiversity, conducive climate and fertile soil.

    According to him ,the projection for the agribusiness sector was positive in the long term given the country’s potential and the readiness of the private sector to invest in foo d production, although backyard farming and infrastructure problems continue to hamper growth of the sector which remains “uncompetitive.”

    He blamed the situation on lack of mechanised agriculture and poor funding of farmers by banks on the dearth of research, agric engineers and economists.

    He also lamented poor power supply as a factor that has killed agro-allied industries in the country as it has raised the cost of production.

    Owolowo said the ACAMSL was partnering with other cooperatives even though his organisation has preference for soybeans.

    In his keynote presentation, Mr Olubusola Falola of the Institute of Agricultural Research and Training, (IAR&T), Ibadan called for the re-establishment of marketing boards by the government to buy up excess produce from farmers, urging corporate bodies to step in where government fails.

    Mr Falola who educated the cooperative members on the production of soybeans stated that the IAR&T has a seeds store where farmers could access good and viable seeds for better productivity.

    In his presentation, Mr Chiaka Ikechukwu of LAPO Microfinance Bank revealed that the bank works with over 38,000 farmers across 32 states in the country.

    He stated that the bank offers farmers loans at a 5 per cent monthly reducing balance interest rate.

    Team Leader, Peters Poultry Town, Mr Yomi Omosanya revealed that his organisation, is a cashless community of farmers and operators in the agriculture value chain, adding that they have developed a Poultry Caring House, a poultry management software.

    He added that the organisation produces 25 million eggs per day, which represents 17.6 per cent of daily egg requirements for Nigeria’s South-West region.

    The President, Cornerstone Cooperative Society, Mr Kayode Adeyeye called for solutions to problems with land ownership and rentage such as land grabbers.

    He advised farmers to study the type of loans and banks they need before applying for such loans.

    In his presentation, Mr Chiaka Ikechukwu of LAPO Microfinance Bank revealed that the bank works with over 38,000 farmers across 32 states in the country.

    He stated that the bank offers farmers loans at a 5 per cent monthly reducing balance interest rate.

    Team Leader, Peters Poultry Town, Mr Yomi Omosanya revealed that his organisation, is a cashless community of farmers and operators in the agriculture value chain, adding that they have developed a Poultry Caring House, a poultry management software.

    He added that the organisation produces 25 million eggs per day, which represents 17.6 per cent of daily egg requirements for Nigeria’s South-West region.

    The President, Cornerstone Cooperative Society, Mr Kayode Adeyeye called for solutions to problems with land ownership and rentage such as land grabbers.

    He advised farmers to study the type of loans and banks they need before applying for such loans.

  • ‘Insurance industry lacks capacity to undertake big business’

    The insurance industry lacks the capacity to undertake big ticket transactions such as the provision of brokerage services for insurance covers of project size of $3 billion, Executive Secretary, Nigerian Content Development and Monitoring Board, Simbi Wabote has said.

    While making a presentation on: Untapped Benefits of the Nigerian Oil & Gas Industry Content Development (NOGICD) Act of 2010 at the November edition of Insurers Committee meeting , at NEM office in Lagos, he urged insurers to consolidate or form joint venture partnership with local and international firms.  This, he said, will make them to be able to present formidable funds and capacity for huge transactions.

    Wabote said the board has put in place a 10-year strategic plan that seeks to take Nigerian Content Value from current 26 per cent to 70 per cent, adding that this will present tremendous opportunities for various sectors including service, financial and insurance sectors.

    He said the plan also includes deepening Nigerian content in the mid-stream and down-stream oil and gas sectors and execution on an array of initiatives among others.

    “In view of this, we implore stakeholders in the insurance company to prepare for the upcoming wave of opportunities.

    ”Section 49 (1) of NOGICD Act of 2010 states that ‘’All operators, project promoters, alliance partners and Nigerian indigenous companies engaged in any form of business, operations or contract in the Nigerian oil and gas industry, shall insure all insurable risks related to its oil and gas business, operations or contracts with an insurance company, through an insurance broker registered in Nigeria under the provisions of Insurance Act as amended.

    “Our target is to achieve over 300,000 direct jobs. As at 2010, five per cent of local content was retained while 26 per cent has been retained as at this year. By 2027, we expect to have derived 70 per cent retention of the oil and gas industry business in the country.

    “The thrusts of the NOGICD Act of 2010 is to integrate oil producing communities, foster institutional collaboration, sectorial linkage and attract investments. The focus is not “Nigerianisation” of the oil & gas sector, but “Domiciliation” and “Domestication” of value-adding activities.

    ”We have also embarked on organisational capability which aims to build effective internal structures in terms of people skills processes and systems support in operation.

    “There is also sectorial linkages and a regional market linkage which seeks to increase income contribution, national GDP, facilitation of access of Nigerian navy, goods and services to regional market, amongst others,” Wabote said.

    He said the agency has developed strategic pillars to enable it present huge opportunities for the growth of insurance industry, but lamented that there are challenges miliitating against the industry which they want the operators to address.

  • Flash-sale sites taking business from luxury retailers

    Flash-sale sites taking business from luxury retailers

    Wealthy consumers are among the most active online shoppers. Most luxury brands have been slowed to offer the white-glove treatment expected by their online customers. As a result, lesser-known retailers, flash-sale sites and mass merchandisers have moved in to take market share.

    Experts have said many luxury brands are relying too much on their reputation. Affluent consumers expect luxury retailers’ websites to replicate the same shopping experience they offer in their stores.

    But, according to experts, many luxury brands have been slowed to launch full transactional websites, creating the risk of alienating a customer base with growing interest in online shopping.

    Experts have also said alternative destinations are making inroads with the new breed of luxury shoppers, who make purchase decisions based on value and information rather than brand image. Wealthy consumers are among a new breed of online shoppers, who are not easily swayed by marketing hype. They feel empowered by the internet and diligently research online to find good deals and assess product quality. And they feel entitled to a superior online shopping experience with rich visual content and high-class treatment.

  • Elumelu, others to speak on tax, business at LBS

    Elumelu, others to speak on tax, business at LBS

    Chairman, Heirs Holding, Dr.Tony Elumelu, will be the Guest Speaker at this year’s Lagos Business School (LBS) Alumni Day, scheduled for Thursday, November 16, 2017 in Lagos.

    Elumelu, who is also Chairman of UBA Group and Transcorp Plc, will lead discussions on the “Effects of Multiple Regulations and Taxation on Business Growth in Nigeria.”

    The other panellists include Mr. Hamzat Ayodele Subair, Chairman, Lagos State Internal Revenue Service; Mr. Taiwo Oyedele, Head of Tax & Regulatory Services and PwC West Africa Tax Leader; and Sir Ndukwe Osogho-Ajala, Chairman of Soulmate Industry Limited.

    The session, which will have Nigeria’s 2018 Economic outlook presented by Dr. Biodun Adedipe, Chief Consultant of B. Adedipe Associates and will be chaired and moderated by Prof Olawale Ajai, a Lagos Business School professor of legal, social and political environment of business.

    The event is being hosted by the Chief Executive Programme, CEP 24 and International Management Programme, IMP 2.

  • ‘FG should create an enabling environment for businesses’

    THE Founder of Dream Big and Succeed Global Conference, Pastor Sunday Ezekiel, has called on President Muhammadu Buhari’s government to create an enabling environment for business to thrive.

    The Lagos-based cleric made this call at the annual Dream Big and Succeed global conference which took place in Lagos. According to him, while there is no venture without its own challenges, the government should encourage young business with incentives that will make it easy for youths to start and grow their business.

    “Our youths are the country’s future. The nation should be concerned about their business success and capacity development. Engaging them through development of small- scale business opportunities will take majority of them off the street.”

    He advised the youths to strive to discover their purpose in life and urged them to dream big and pursue their individual dreams.

    Ezekiel used the occasion to celebrate his 5th year in the ministry and vineyard of God, and his 10th year wedding anniversary.

    The pastor added that the annual Dream Big and Succeed global conference is a vision that God gave him as a way of fulfilling the aspect of the ministry’s mandate to raise a people of impact and exploits.

    The theme for this year’s conference was: Creating your successful future. He presented some new books to mark the event.

  • How internet could kill business

    How internet could kill business

    Internet may kill some businesses, even if they reside on the web. The year was 2001 when Marketing Strategist, Michael E. Porter wrote in Harvard Business Review that internet will jeopardise competitive advantage. Fast-forward to 2016 when almost everybody is on the internet, everybody on the internet claim to be a professional, facebook is seen to be more efficient than billboards and twitter breaks news faster than cable-based televisions.

    The internet has brought a bank of data nearer to companies than researches have ever done. Companies may now be victims of extreme competition, as all information about them, their strategies, product portfolio and clients can be gleaned from the internet. It is easy for competing companies to copy each other and whatever Unique Service Proposition (USP) means is sunk in competitive convergence. Therefore, the need for digital capabilities emerged as the trends change faster. Only companies that are fast developing new capabilities will survive.

    Perhaps the worst harm the internet is doing to the business landscape is the opportunity given to everybody to be whoever  he/she wants to be on the web. Amateurs can launch a website, which is even more competitive in contents than the websites of professionals. Online content has superimposed the need for value and structures; social media savoir-faire is the new professionalism; and copied pictures and false testimonials seem more adequately credible.

  • World Bank presents 2018 Doing Business ranking to govt

    World Bank presents 2018 Doing Business ranking to govt

    The World Bank team yesterday, formally presented the 2018 Doing Business ranking to the Federal Government as evidence of progress made by Nigeria on the recent reforms embarked upon by the government.

    The World Bank in its latest ranking on Doing Business confirmed Nigeria’s progress across several indicators comprising, starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts, and resolving insolvency.

    A statement from Mr. Laolu Akande, Senior Special Assistant to the President on Media and Publicity, Office of the Vice President said “the council which is meeting for the first time since the release of the latest rankings by the World Bank will look at the significance of Nigeria’s ranking, especially as the country features as one of the 10 economies showing the most notable improvement in Doing Business 2018.”

    He noted that “other indices that will feature in the council’s discussions on Doing Business index include the distance to frontier metric which rose from 48.18 in 2017 to 52.03 in the 2018 outlook, and per capita income, among other issues.”

    Akande also disclosed that the Presidential Enabling Business Environment Council (PEBEC) will appraise the ongoing implementation of the second National Action Plan (NAP 2.0.) as well as get an update on PEBEC special projects.

  • Wigwe is 2017 West African Business Leader

    Wigwe is 2017 West African Business Leader

    Group Managing Director/ Chief Executive Officer of  Access Bank Plc, one of Nigeria’s largest financial services institutions, has been recognised as ‘West African Business Leader of the Year 2017’ by the All Africa Business Leader Awards (AABLA), in partnership with CNBC Africa.

    The announcement was made at the annual AABLA regional dinner, held at the weekend at the Eko Hotel & Suites in Lagos and attended by industry executives from around West Africa.

    .Speaking on the awards, Alexander Leibner said this marks the start of what is set to be another memorable AABLA season, honouring business excellence across the continent.

    According to the organisers, this award celebrates individuals who exemplify the best in African leadership as well as African business leaders who epitomize the core values of a successful leader, strength, innovation, ingenuity, knowledge and foresight – values that are imperative to carving out a powerful business in a Pan- African and global economy

    Receiving the award, the Group Managing Director/CEO of Access Bank Plc, Herbert Wigwe, said, “It’s an honour to be shortlisted among some of the most powerful West African Business Leaders that I have ever come across and extremely humbled to be the recipient of such a prestigious award.  Winning this is a recognition of our commitment to delivering banking excellence to our customers. We remain focused on the realization of our strategic intent of becoming “Most Respected African Bank” and continue to explore opportunities in markets and sectors across the continent that will enable us achieve this vision.”

    The 7th Annual ABBLA hosts three regional events in South Africa, Kenya and Nigeria before moving on to the AABLA Finale which is scheduled to hold November 30th, 2017 in South Africa.

  • Business overview: Prospects of events sector

    Business overview: Prospects of events sector

    A survey on the event industry took this writer to Remi Olowude Street in Lekki; nearby there is a multi-million naira edifice.  There are well-furnished suites similitudes of a 5-star hotel, marquees having central air conditioning systems, professional performance stage with concert lights installed, immense watts-driven sound system, and LED projection screens.

    This is not an hotel, it is an event centre. Records showed that the facility, known as Glitz Event Centre, hosted 1,612 hours of events and about 90,500 guests within its first year of existence, from October 2016 to October 2017. This is the events and meetings (E&M) sector and these numbers mean millions of naira annually.

    Glitters and Owanbe, as we have come to know the events business, is another industry that is showing prospects as much as agriculture does. However, the meetings and events industry is either under-reported or not at all. The industry provides jobs for over one million Nigerians within allied-businesses such as event planning, cakes and confectioneries, event photography and video coverage, food and beverage, event decorations, and make up.

    Omawumi Eyekpimi, a blogger with mrpepe.com, puts the estimated cost of an affordable wedding at N1,590,600. However, the cost of planning a wedding can go as high as N200 million depending on the number of guests, and expectations of the couple.

    “Charges are based on event type, number of hours, the day of the week, and other specifications of the client”, explained Adetola Juyitan, managing director of Glitz Event Centre.

    Averagely, it takes N5 million to put a wedding together in Lagos.

    Research agencies have always bundled the events and meetings (E&M) sector with hospitality and tourism and also with entertainment. This has not helped to track growth and recognise the immense potential of the booming informal sector.

    Besides hotels, the meetings and events sector boasts of $25 billion in terms of investment, according to an event booking site, ogavenue.com. This accounts for the thousands of event centres across the nation. Also not reported is the foray of the event centres into the core of hospitality – rooms for lodging guests after events. Most importantly, analysts have to evaluate the quota of events and meeting to the GDP.

    Experts estimated that about 20,000 events happen in Lagos annually. This comprises entertainment shows, corporate events, conferences, annual general meetings, religious meetings, weddings, and other forms of celebration in and out of the formal sector. The volume of events implies that the industry generates about N100 billion annually in Lagos only. This sector also needs to get the support of government and the banks. If properly invested in, it can employ a substantial number of our unemployed youths, and also drive the economy towards growth.