The Nation Newspaper

Tag: Business

  • Find Yourself First, Before You Find a Job

    Find Yourself First, Before You Find a Job

    The economy only gets better on paper. The list of bills to pay is growing longer and the influx of income—relatively thinner. We can’t deny the fact that a nine-to-five job, can come in quite handy now than ever.

    However, aside from the customary routine of trying to stay alive, finding employment, making money, starting a family and raising cool kids, everybody wants a ‘little extra something’ out of life. Not everyone necessarily wants to be great or “change the world” like the crazy egocentric maniacs do, but every person craves to be more useful with their hidden genius or natural creative gifts.

    The unemployment rate increases almost as often as we turn on the news. Hence, people are literally cut out for just about anything that brings income, in order to stay “gainfully” employed. But while we settle for less on momentary jobs, a lot of us don’t seem to find the required satisfaction that motivates us to be more productive. The privilege of changing our jobs still doesn’t do the trick, as we eventually grow tired of the new job the same way we did with the previous one. If you feel this way about your work, then you’re certainly on the right track because you deserve a lot more. So, why settle for less?

    You can’t be fulfilled in your job, if you’re slowly drowning in the wrong profession! If you aren’t passionate about your line of work, or can’t see yourself clinging to it on a long term, then you might have chosen the wrong career path. How much of your ‘hidden genius’ have you discovered? How much of your natural creative abilities are directly connected to your current job? None? Very well, then; finding a new job to tolerate, should be the least of your concerns right now.

    Often times, the extra fulfillment we seek in life are tied to our passions—and how well we pursue them—with the help of our natural gifts. It’s our passion for something that keeps us going, even when the pay isn’t exactly right, or when we encounter toxic discouraging moments. When we fail to crack open our minds to discover what our true identity and passions really are, we continue to be the unhappy employees who help our bosses achieve their dreams, while we remain miserable from continual complains—even though we could be employers of labor ourselves. Why bury your life’s worth just to be enslaved by a regular job that’s driving you insane, when such valuable time can be invested in a craft you’re gifted in and passionate about?

    Find something you’re good at, and work twice as hard developing yourself on it—even if you have to intern for free! Market your skills, give every opportunity a shot, and take up a job that’s wired into your newfound passion. “If you wanna make money, stick with what you know and love,” Donald Trump once tweeted. Well, Mr. Trump did stick with his love for business—and a rare gift of attracting hatred from women, look where it got him…

  • Five Ways to publicize your business for free

    Five Ways to publicize your business for free

    At the early stages of business development, free publicity can be a such a saving grace for start-ups, helping them save cost and drive sustainability, while giving the business much needed public exposure at the same time. Jumia Travel, the leading online travel agency, shares five ways to publicize your business for free.

    TAKE ADVANTAGE OF FREE GUEST BLOGGING COMMUNITIES

    You can write and publish guest posts on well-trafficked sites in your niche, and take advantage of free guest blogging communities and use them as a good starting point for publicity. Try to refrain from making the article you intend to guest post too promotional, but make it clear enough for anyone who reads to come away knowing one or two vital things about your business.

    JOIN FORUMS RELEVANT TO YOUR COMPANY’S NICHE

    Join these forums, join their conversations and offer useful and insightful answers to questions asked. Try to be as active as you can on these forums so that you can use the platform to give your business good and needed exposure.

    VOLUNTEER YOUR COMPANY LEADERS FOR INTERVIEWS

    Try to leverage on some of your media or online contacts to get as many free interviews as you can for your company leaders. The interviews should of course be on subjects related to your company’s niche. This might be a bit difficult to get at the get-go (well, no one actually said it will be easy), but if you remain persistent, your efforts will eventually pay off. It’s really all about networking, building relationships and leveraging on that to get what you need.

    PUT YOUR PRODUCTS OR SERVICES ON ONLINE MARKETPLACES OR CLASSIFIED
    ADVERTISEMENT SITES

    Take advantage of popular online marketplaces or classified advertisements sites related to your company’s niche, and sell your products, as well as market your business there. If it’s a hotel you’re running, you can consider putting your hotel up on popular hotel booking sites like Jumia Travel, to help market your business and increase exposure for it. Of course, these online marketplaces or booking portals collect some commission for this, but it is nothing compared to what you will spend on publicity and advertisement. You can also consider listing your business in business directories and local business listings.

    BE ACTIVE ON SOCIAL MEDIA

    There’s really no better way to get free marketing for your business than through social media. You need to actively put out interesting, unique and viral-worthy content that can help you build a large following and get more exposure for your business. You can also ask friends, family and even employees to regularly re-post your content. Constantly engage with your followers, answer their questions and solicit their feedback. Embrace social media as a tool for marketing your business, and dedicate time to build on it to get some much needed exposure for your business. Occasionally, you can also hold contests and give one or two things away to your followers. People love free things and this can easily help you with free word-of-mouth marketing, because people are bound to talk about it.

  • Visually-impaired needs N500,000 for business

    Visually-impaired needs N500,000 for business

    A 29-year-old, Chijioke Onyenwe, has called on well-meaning Nigerians and government at all levels to come to his aid to raise N500, 000 to start a business.

    Onyenwe, who hails from Imo State, lost his sight at the age of 23. He was said to have returned from a trip to Togo when he suddenly became blind.

    Speaking with our reporter, Onyenwe said: “I want to raise funds to start a restaurant business in Idimu area of Lagos State. I have already paid for a shop at Idimu Pipeline but I need N500, 000 to get chairs, tables, fridge, fan; power generating set, gas cooker, drinks and food items, among other things”.

    Onyenwe assured Nigerians that he is ‘able and not disabled’, and would be productive in the business.

    “The only challenge I have is vision; other parts of my body, including my brain, are functional. My wife-to-be’, Blessing and my younger siblings would assist me.

    “I cannot go begging on the streets like most blind people do. This is why I am begging my fellow humankind to help me have a means of livelihood to enable me take care of myself and my family. I want to be a responsible man to my wife and children, irrespective of the fact that I am blind,” he said.

    Onyenwe said the rent which he paid for the shop is already running, pleading to Nigerians not to let the shop he had rent to be a waste.

    “I pray that God will strengthen you all as you make my life useful,” he said.

    Onyenwe, sixth of eight children, said his siblings are all struggling to survive, adding that his mother is down with stroke and his father is late.

    He said he spent N700, 000 for eye surgery two years ago, noting that the surgery was not successful as he was told that he would not see again.

    For donations, payments can be made to: Account Name: Chijioke Anthony Onyenwe: Account Number, 0051243707 Diamond Bank. He can be contacted on 08148318987 or 08126469111.

  • Tantalizers hopeful of bright business performance

    Tantalizers hopeful of bright business performance

    Tantalizers Plc., Nigeria’s top fast food company is hopeful of the efficiency of its on-going strategic initiatives aimed at reversing the recent declining profitability in the business.

    The initiatives which commenced in the last two years are designed to totally restructure the business, stem the declining performance and boost shareholders’ funds.

    The company is the only quoted QSR Company on the Nigeria Stock Exchange.

    Due to positive results from some of the initiatives, the company’s total systems revenue (corporate and franchise) has reportedly grown in the last two years by a minimum of 6% per annum and is projected to grow further by an additional 10% to N4b in 2017.

    To address the capital structure imbalance which had threatened its business fortunes, the company two years ago it was learnt engaged notable consulting groups to assist in bringing in equity investors.

    Though the process has been largely stalled with the economic recession in the country, there has been a renewed interest from both local and foreign potential investors which is expected to crystallize before the end of 2017.

    “The company is constantly looking at its cost structure particularly with the high cost of doing business in Nigeria. To this end, we have reduced outlet space where necessary in our renovated stores to make us more attractive, compact and efficient. We will continue to explore more avenues for cost reduction, while addressing other areas that we are sure will improve our competitiveness.”

    “In the meantime, to manage the existing debt portfolio, the company has been in discussion with the local banks and IFC for debt restructuring. The discussions have been positive as the debts are already being re-structured. The overall effect of this will be seen in the results of the second half of the year,” a recent media statement from the company stated.

    While predicting a strong outlook for the second half of the year 2017, the company in a recent presentation on the floor of the Nigerian Stock Exchange said its franchise model which was adopted three years ago is already yielding positive results.

    “In the second half of 2017, we will open 5 additional stores in virgin territories thereby increasing our total foot print to 65 outlets. The planned opening of these outlets is an attestation to the strong equity of the Tantalizers brand and the consumers’ yearning for its location in their community. This will have significant impact on our market share and further consolidate our position as a market leader in the industry”.

    The company further noted that “based on these ongoing initiatives and the support from all our stakeholders, we expect to commence the return to profitability position by the end of 2017 while we project dividend payment to commence as profitability improves within the next 24 months”.

    “As we continue to grow total systems revenue, we will aggressively pursue over the next five years business expansion through new outlets, franchising and diversification. With this planned growth, we will return the company to a healthy profitable position and improve shareholders’ fund to over N3billion in the next three years,” it further stated.

     

  • SON Act 2015 can enhance ease of doing business, say stakeholders

    SON Act 2015 can enhance ease of doing business, say stakeholders

    •Port operators suggest joint cargo inspection by SON, other agencies

    The Ease of Doing Business policy being promoted by the Federal Government will promote commerce, economic growth, export trade and ensure efficiency in trade facilitation.

    The policy will also receive significant boost from the provisions of the Standard Organisation of Nigeria (SON) ACT 2015, which include the removal of substandard products from the market place, and prosecution of offenders.

    This was the consensus of stakeholders at a consultative meeting in Lagos, titled: “SON ACT 2015 and Ease of Doing Business.”

    SON  Director-General Mr. Osita Aboloma explained that the SON Act 2015 was meant to ensure that compliant business persons were not disadvantaged by those into manufacturing, importation or exportation of sub-standard products.

    Aboloma, who was represented by SON Director of Legal Services Mr. Umaru Kawu said the provisions of the Act would also enhance enforcement of penalties against persons dealing in products not compliant with any mandatory industrial standard.

    “The punishment ranges from fine of not less than N1 million or 15 per cent of the value of the product, to a fine of not less than N2 million or 20 per cent of the value of the product,” he said.

    The SON boss explained that where every person concerned with manufacturing, importation, exportation, sale of products do so acting on the same requirements, cost of doing business would become predictable as discipline would be brought into the system.

    “It is the same discipline that the Ease of Doing Business initiative seeks to bring into our system and where cost variables are minimised, price divergence is eliminated,” he added.

    Abaloma said the Act, among other things, has a unique provision towards ensuring that level playing field is created for manufacturers, importers, traders and exporters.

    Debunking the impression that SON is all about enforcement, the SON boss stated that the agency’s preferred mode of conflict resolution is by negotiation, mediation and reconciliation.

    To this end, SON, he said, has established a full-fledged Alternative Dispute Resolution Desk within its Customs Feedback & Collaboration Unit, noting that this strategy was also a means of easing the cost of doing business.

    Abaloma stressed that this was where the link between the SON ACT 2015 and the Ease of Doing Business in Nigeria was intertwined.

    One of the resource persons, Mr. Ubong Esof Akpan, a lawyer, said the government ease of doing business can only succeed when Nigerian business men decide to do the right thing.

    He encouraged importers to embrace the one stop portal for registration to ensure they do their businesses effortlessly without recourse to under the table dealings.

    The Trustee of Shippers’ Association, Lagos State, Mr. Odolo Nicodemus, advised SON and other relevant government agencies at ports to inspect cargoes to reduce time of doing business.

    He urged other relevant regulatory agencies to tow the line of SON to make it possible for all documentation to be done online and ensure that all operators take advantage of the single window platform to achieve the 48-hour cargo clearance target of the Federal Government.

    Nicodemus hailed SON for reminding port operators about the importance of transparency in cargo procedures, stressing that transparency would reduce the bottlenecks facing government regulatory bodies.

    Also, the National Publicity Secretary, Association of Nigerian Licensed Customs Agents (ANLCA), Mr. Kayode Farito, urged SON to look into its overlapping functions with the National Agency for Food, Drug Administration and Control (NAFDAC).

    He urged SON to put its Standard Operating Procedures (SOPs) on its website to educate Nigerians on its procedures.

    He advised that SON should be a regulatory agency instead of generating revenue for Customs and also review the number of days involved in prosecuting an offender.

  • Removing bottlenecks in business

    Mixing the battered economy has been the toughest of the present administration’s three main goals. The three main goals set up by the President Muhammadu Buhari’s administration since its inception in May 2015 included securing the nation, especially reclaiming the Northeast from terrorists. The government also vowed to fight corruption to a standstill in the country. The other main goal was to clear the mess left behind by the previous administrations and put the economy on the path of sustainable growth.

    Apart from claiming to have met an empty treasury, the prices of crude oil, which was the mainstay of the Nigerian economy, also nosedived as the administration of former President Goodluck Jonathan was coming to a close.

    The prices of oil have remained at a lower ebb in the past 26 months in comparison with what obtained under the Jonathan administration.

    So, the economy among the three goals has proven a hard nut to crack with the economy still in recession with its biting effects on businesses and individuals in the country.

    To make businesses survive the situation, the Buhari administration decided to target small and medium sized businesses that dotted parts of Nigeria.

    To reach them, the government embarked on Micro, Small and Medium Enterprises (MSMEs) clinics across the country.

    Apart from removing bottlenecks and ensuring ease of doing businesses in the country, government also plans easy access to funds for the small scale businesses.

    Launching the MSMEs clinic in FCT at the Eagle Square on Thursday, Acting President Yemi Osinbajo said: “This has been a very exciting afternoon for me because I have seen the future of the economy of our country and that future lies in the small and medium scale enterprises, many of who are here today advertising their products.

    “I want to say that all of the businesses we have seen here today, many of them are young men and women who believe in this country and who are using Nigerian products, Nigerian crafted machines in many cases, fabricated and who are producing incredible things with what they have.

    “A lot of the capital they have is from several of the micro finance businesses that are working with them.

    “I want to say that the future of our country is in small businesses, medium size businesses doing great things, and that is what we are seeing here today.

    “But it is not enough for these businesses to produce and manufacture and to work hard as they are doing, it is our business as government to do our part.

    ‘That is exactly why we have this MSME Clinics, the reason why we decided to have this clinics in the different states where we have held them so far and now in Abuja, is because we believe that government has a key role to play in creating an environment for businesses to prosper and for businesses to make good.

    “This is exactly why we are here, the idea came out of conversations I had with Mr. President about how we could develop small businesses quickly.

    “We recognise that one of the chief problems that small businesses have is with regulatory agencies; being able to access regulatory agencies and get quick and efficient service from regulatory agencies.

    “Secondly, funding is also an important constraint for many of these small businesses.

    “So we thought that it would be wise to actually take these regulatory agencies to the small businesses rather than wait for the small businesses to come to the regulatory agencies.

    “This interaction can sensitize the regulatory agencies themselves to the problems of small and medium scale enterprises.

    “What we have seen so far is that there has been tremendous improvement in the way that the regulatory agencies respond to small and medium enterprises.

    “So what we have done, for example, is that we have brought NAFDAC which of course as you know is an important agency in the process of approvals for products.

    ‘We brought NAFDAC, SON and even the CAC, that is the Corporate Affairs Commission. We brought the Bank of Industry here as well.

    “These are important agencies for funding and regulation that need to interact with small and medium scale businesses, and we believe that interaction has been very fruitful indeed.

    “We have done this in Aba, Ilorin, Sokoto, Jos, Kastina and in Calabar, and this in Abuja is the latest one. We are still going round the states and the different geo-political zones with the regulatory agencies and we are bringing about this interaction.

    “I recently signed two Executive Orders which are closely related to improving the business environment for MSMEs. These Executive Orders are also important in the work we are trying to achieve.

    “The first makes it easier for MSMEs to get approvals without delays and bureaucratic hassles; the other one is on local content. The first one which makes it easier for MSMEs to get approval, is one where we are seeking to reduce the time that it takes to register companies, reduce the time it takes to get approvals for different types of things that are required in a business.

    “So, for your NAFDAC approval, we are trying to shorten that process, your SON approval, we are trying to shorten the process and the registration of companies as well.

    “The other is local content which is absolutely important for us because we believe that just as the President said in his budget speech in December, we must make what we use and we must grow what we eat.

    “It is our responsibility as a nation and as individuals that we patronise what it is that we need. Here today, I have seen all manners of products from coconut oil to plantain chips, all sorts of products, yams, agricultural produce, rice, practically everything and it is the desire of our government to ensure that we patronise these local products,” he added.

    While the government is fixing the small businesses, it is also important that the challenges facing the big ones are tackled.

    The environment must be friendly to stop the big ones from folding up or downsizing, especially since they have more capacity to absorb millions of Nigerian youths in the labour market.

    “Here today, I have seen all manners of products from coconut oil to plantain chips, all sorts of products, yams, agricultural produce, rice, practically everything and it is the desire of our government to ensure that we patronise these local products.” he added

    While the government is fixing the small businesses, it is also important that the challenges facing the big ones are tackled.

    The environment must be friendly to stop the big ones from folding up or downsizing, especially since they have more capacity to absorb millions of Nigerian youths in the labour market.

  • Firm advises NBC to review business model

    Firm advises NBC to review business model

    The General Manager of Integrated Television Services (ITS), one of the signal distribution companies for the Digital Switch Over (DSO) and handlers of the Ilorin switch over project, Mr. Musbau Rotimi Salami, has called for the review of the business model put in place by the Nigerian Broadcasting Commission (NBC).

    Salami, who spoke in Ilorin, Kwara State capital, during the visit of the National Assembly Ad-Hoc committee on DSO to inspect the progress of digital installation work on the NTA premises, said the review of the existing business model was imperative to allow for equitable benefits for operators and stakeholders.

    He said: “Already the Minister of Information and Culture has called for a review of it. We are eagerly awaiting the review as this will discourage the current situation where those who operate at the fringes and contribute minimally from reaping so much at the detriment of the major stakeholders.”

    The ITS boss added that the equipment used at the Ilorin centre was not substandard. He said such complaints were misplaced and a lack of understanding of the technology behind the equipment used. “Everything used for the Ilorin switch over installation have met standard as specified by Digiteam / NBC for dvbt2,” he said, adding that technology  in the broadcast industry is dynamic.

    Salam appealled to Nigerians to put the nation first in every aspect of business relationship. “We must ensure that national interests come first above personal and parochial interests. Integrated Television Services is conscious of the history behind it and will work to protect the interest of the Nigerian television consumers and the entire broadcasting industry in Nigeria”.

    The Kaduna State-born and trained transmitter installation and maintenance engineer expressed confidence that the Ad-Hoc Committee‘s visit to Ilorin would shape the future of digital broadcasting in Nigeria.

    Speaking further on the digital revolution happening in Ilorin through the launch, Salami said the launch would herald a new era of television viewing experience.

    “The Integrated Television Services welcomes the people of Kwara to this digital television service for all. The excitement is just beginning.  It is expected that in the near future, other value added services would commence and we will all be fully integrated to the new world.

    “One of the advantages of digital broadcasting is that it opens up the terrain. You will observe that in Ilorin presently there are only two players available yet for the six places earmarked for local broadcasters.  The onus is now on interested local players with adequate content and pedigree to step up the plate.  The opportunity is there for the taking,”’ he said.

    When fully operational, the ITS will have on its platform over 30 channels on its Free TV bouquet, thus delivering unbeatable state of the art quality television experience and pocket friendly plan to the people of kwara state.

  • Why some women are doing better than men in business —Jumoke Omojuwa, CEO, Spices

    Why some women are doing better than men in business —Jumoke Omojuwa, CEO, Spices

    Jumoke Omojuwa is the MD/CEO of Spices Confectionery Ltd. She is an award-winning entrepreneur and a counsellor on family matters and women. In this interview with GBENGA ADERANTI, she talks about the implications of wives earning more than their husbands, why it is likely to continue to be so and other issues.  Excerpts: 

    WHAT were you doing before now?

    I was working in a media outfit as an assistant manager in the finance and administration department in a Lagos based-media firm . At that  time, my marriage was young and I lost my first child immediately after birth. After some time, I got pregnant again and decided to resign to have time for my young marriage, myself and my unborn child, but I quickly became bored due to my restless nature and I started looking for what to do, in the process my natural passion for cakes blossom and I went for trainings to better equip myself on the act of making cakes. That was how Spices Confectionery came to be.

    What has been the experience as a CEO?

    Well, the experience has been challenging but we give God the glory, it has been bad, it has been good.

    Spices Confectionery started operations in the year 2002 after my training in cake making and decoration from one of the foremost cake companies in Lagos, Nigeria in 2001.

    Nowadays, more women are in the business and they are doing better ; what could have been responsible for the surge?

    Before now, women were relegated to the background, but after the Beijing conference, women were encouraged to take up positions in the economy, politics and government that men do. Also, women are detailed and lot more passionate about what they set out to do,  women are more patient than men. Women have discovered that they are people of purpose that they have their career and family to take care of. In today’s economy, the income of our husband cannot cover all the expenses of a home and women have taken up the challenges of being a help mate fit for their spouse by going into business and making sure they excel in it

    How did you manage to win federal government’s grant?

    A friend of mine told me about the federal government ‘u win’ grant and I took up the opportunity. I did not believe the federal government could come up with such initiative that was so free without any influence such as political and others; I waved all doubt, applied and fulfilled all requirements. It was very competitive and it was in two phases but mine was the second phase meant for women. A total of 1200 emerged as winners of the u win programme, and I was part of them.

    How did you invest in Spices initially?

    I started with N100,000 and by the grace of God it has grown into millions.

    What are the things a woman going into business should watch out for?

    They should watch out for male supremacy. A woman who is into business should brace up and build her capacity because the world is practical built for men, a woman should also balance her home and business so that work will not have supremacy over her home because she is the home builder. She should put proper structure and devote more of her time because business is work, most importantly the woman doing business should be disciplined.

    Most private business lifespan is short in Nigeria, what could have been responsible for this?

    Private business fail in Nigeria due to lot of reason, the business environment in Nigeria is very challenging and lot of people go into business to make end meet, infrastructure decay such as power supply bad road network, the banking system, high interest rate and lot of business fail because there is no structure in place that allows the business run smoothly when the owner is not around

    Lots of businesses don’t have business management capacity, people go into business when they have money and without training on the said business they want to go into

    Where do you see Spices in the nearest future?

    I see it growing to employ not less than 200 staff capacity, branches in major cities in Nigeria, Spices Confectionery one day being a major player in confectionery business in Nigeria, I see Spices Confectionery empowering the youth and all age group and contributing our quota to national growth.

    What is Spices all about?

    Spices Confectionery Limited is a company dully registered with the corporate affairs commission. It started operations in 2002 as a business name and became a limited liability company in 2013 we are currently located in Ikeja, Lagos State and Alagbole -Akute, Ifo Local Government in Ogun State. Our products and services are cakes, bread, catering services, event management, cocktail and Chapman drink, professional ushers, barbecue, and trainings.

  • ‘I started my business without any investment’

    ‘I started my business without any investment’

    Olufemi Opeoluwa Oleowo is a designer whose label’s name is Olufemi Clothings. He also owns a boutique off Opebi. He is a graduate of the Lagos State University. In this interview, he says he has never in paid employment in his life, but his passion is putting food on his table.He talks to GBENGA ADERANTI 

    What were you doing before you started your outfit?

    I started out in the fashion business right after I finished from the university. I knew if I had tasted paid employment I would never have gone back to chasing my dream of owning a clothing line.

    Give me a brief background about Olufemi.

    Oluwafemi Clothings started right after I graduated from LASU. It’s a fashion line with the sole aim of providing high quality fashion garments at a very affordable price, I grew knowing that good fashion cost one arm and one leg.  All the clothes I loved were completely overpriced…we set out to change that with the Oluwafemi brand.

    Why are you in fashion business?

    I am in the fashion business because I

    want to make a difference. From my experience,  there no homegrown fashion brand that lives beyond 10 years…All the Nigerian designers I looked up to while growing up have faded or moved out of the business while the likes of Versace and Armani’s have moved on up the ladder

    Would you say your fashion business started from school? If yes; how did you manage the business in school?

    I was doing skeletal services while in LASU, just basically making clothes for friends and family and those clothes were almost sold for free….but it was a good foundation to get the business off the ground

    How much did you invest in the business initially?

    I started the business without any investment. All the money came from orders from customers

    How much does the business worth right now?

    Never really sat down to do the maths on the true value of the business, but we are definitely doing turnover in 6 figuresHow has the importation of foreign and used clothes affected your business, considering the fact the imported used shoes contributed to the death of Bata and Lennards?

    This  is a very interesting question,  The reality remains that people all over the world would always buy clothes imported into their country and as well as buying the local brands as well. The best strategy for remaining relevant in the fashion business in Nigeria is to stay creative and innovative.  Once you can keep coming up with new things you can always grab the customers’ attention.  We make most of our garments outside now {due to the cheaper cost of manufacturing}…..In the case of Bata and Lennards, it most possibly was a combined case of bad management and lack of innovation

    How would you describe your line of business in Nigeria?

    The fashion business in Nigeria is still very much in the infancy stage, so much needs to be done before we can claim to have a fashion industry. Quite a lot needs to be done

    How profitable is it?

    Fashion is a profitable business anywhere in the world, for as long as you know what you are doing and keep your eyes on the price, its very easy to be profitable in the fashion business…..

    How did your parents react to your decision to do fashion business, considering the fact that most parents would want their children to do white colar jobs?

    My dad is late so, I didn’t really get to see his reaction but I remember telling him at some point that I wanted to go to fashion school in London and he didn’t object….my mother was indifferent when I told her I wanted to work in the fashion business, I suspect that she felt I would give it up at some point to look for a white collar job.

    What is the effect of recession on your business?

    The recession has been a blessing…better sales than any other time

    Do you see Nigeria designs competing in the international market?

    The idea of Nigerian designs competing with those from abroad is not something I’m crazy about, I beleive we need to first conquer our own continent before we venture to move beyond

    If you had not been in this business, what would you have been doing?

    Photography, music or football

    Any regret being in this line of business?

    I regret not starting earlier in the fashion industry

    What are the challenges you are currently facing ?

    The same challenges every Nigerian business faces….zero infrastructure

    Where do you see your business in the next 10 years?

    We should have opened stores in other countries after conquering Nigeria.

  • Invasion of Asians is creating meltdown in drilling business

    Invasion of Asians is creating meltdown in drilling business

    Ajani Babatunde Ajikobi, the CEO of Real Drill Hydrokonsult, knew what he wanted to do at a very young age, little wonder he has made a fortune in a profession he is in love with. This Geology graduate shares his success story with GBENGA ADERANTI

    HOW did you conceive the idea of Real Drill Hydrokonsult?

    The idea of Real Drill was conceived due to the fact that majority of the prospective clients for borehole drilling do have little or no confidence in their would-be service providers for water project because of several people that have fallen victim of shoddy execution or even some that would have paid borehole drillers, but getting nothing in return. They classify borehole itself as a black market business and this always makes it difficult to win hearts of several clients. You need to speak extensively to convince some clients most often. Having known this, I had to think deeply and developed the idea of naming my drilling firm Real Drill. You know anything real must be original .  We represent this very name of ours religiously. We always deliver successfully even in several terrains where many drillers had failed. Another thing that makes Real Drill real in the drilling industry is the array of our seasoned professionals in different subdivisions of geology, especially on hydrogeology.

    Of all the businesses, why water science?

    Water is life. Therefore, he who gives water gives life. This really informed us to go into this business.  It is imperative  to have water in our homes since municipal water supply has become nothing to write home about, hence borehole becomes the only option. The sustainability of water for life and its profitability as business ventures remain reasons for specializing in water science

    There are many people doing the same business you are doing, how have you been able to survive the competition?

    Our sophisticated equipment, seasoned professionals and sheer honesty make us to stand tall among other drillers around.

    The headquarters of your organisation is in Osun; does that mean your scope is restricted to the South West?

    We are not a local company at all. We work in any part of the country once the terms and conditions are mutually met, the clients and our company. Our equipment is trunk mounted. We can travel to any part of the country, either for basement or sedimentary drilling. Currently, we are at Shiroro, Niger State for geophysical survey to site a prolific borehole point and which shall be onward mobilisation for drilling as soon as possible.

    What are the challenges you are facing in this business?

    There is no lucrative business without challenges, but here in Nigeria, a lot of man-made factors heighten the challenges unnecessarily. The commonest challenge in any business is funds. In this wise, the limitation of cash flow acts as a serious barrier to incorporate a lot of development into our business. To exemplify this, recently in the past, I had the intention of importing tools and materials from manufacturers abroad, but the plan became aborted because of the unfriendly exchange rate. One needs a lot of several millions to achieve this, but the pertinent question is how such money could be raised.

    Capital is a vital factor and it is one of challenges we are facing. Government policy is also a factor . The situation in which an entrepreneur is  heavily taxed by the government, but gets nothing in return from the government is not good. Also, it takes a very good grace of God to get contracts from the government on merit in this country, and if at all one is fortunate to get one, to get paid is another issue.

    Invasion of Asian drillers from India is also creating unnecessary meltdown in the drilling industry.

    Another serious challenge we have in this business is the poor quality of most materials that are produced in Nigeria. Our local manufacturers keep reducing both the quality and quantity of their products. Another challenge is quackery. I do not know any other profession that harbours quacks more than the drilling job. The irony of it is that the population of quacks is greater than that of the professionals

    How much did you start with?

    Drilling business is capital intensive. It requires several millions to acquire rig and compressor which are the major machines needed to operate the business. I may not be able to mention here the exact amount I used to start my drilling firm, but for the benefit of the public to know the idea of what it takes to float an organized drilling firm with good equipment, especially nowadays, conservatively, it will cost nothing less than N30m to commence a medium-scale drilling firm.

    How much is the business worth right now?

    We thank God and our numerous clients. We can not be mentioning names here because they are numerous. We have appreciably multiplied through the help of Almighty God and we thank Him for the trust or confidence that our clients have in us as their service provider. We have equipment that can successfully deliver 60 boreholes in four weeks. We have also increased tremendously in staff strength. We are now many from just six personnel in the beginning.

    Would you have been more fulfilled in other businesses?

    Sincerely, I wouldn’t have been more fulfilled in any other profession than my present status. What really excites me here is the number of people that we have impacted positively in this water world. I always feel on top of the world about this and appreciate my creator who gives me the capacity to develop humans to be self-reliant economically. Real Drill has trained many people from various higher institutions across the country. Currently, we have four attaches from higher institutions. Most of the company’s geologists gainfully employed are the products of our industrial training. Drilling is my calling. I have a passion for it and I beg my God to let it be my calling forever. If there is second coming to this world, I pray to God to let it be my calling. I enjoy it a lot.

    What does it take to do business in Nigeria?

    It takes a lot of grace from God to be a successful man in this country. Hindrances are many. Can you imagine the producing companies that have closed down all because of power supply alone? You too know what recession has caused. A lot of businesses have been crippled. You need to be rugged, disciplined, frugal, prayerful and proactive to be a successful businessman in Nigeria.

    What do you think government should do about quacks who have found themselves in the business?

    Government through our lawmakers should come up with a law or laws that will discourage the quacks from this business. This should not be limited to law, but to actively see to the enforcement of the said law for optimal effectiveness. This will even boast the revenue generation as the offenders should not go scot free without being fined.

    What efforts are you making to ensure that the business outlive you?

    Firstly, Real Drill officially launched a corporate social responsibility initiative in November, 2015  by voluntarily donating a functional borehole to a community in Otan Ayegbaju, Osun State. Real Drill has executed seven boreholes for communities in Osun and Oyo states at no cost. By God’s grace, we are not relenting to give back to the society where we have gained enormously. Also, we shall commission a corporate office which would be first of its kind in Osun State. This is to buttress our uniqueness and affirm our being real in drilling business.