The Nation Newspaper

Tag: MANAGEMENT

  • ‘We are not at war with LASU management’

    ‘We are not at war with LASU management’

    The lingering faceoff between academic staff and management of the Lagos State University(LASU) does not seem set to end soon as the university’s Academic Staff Union of Universities (ASUU) chairman Dr Adekunle Idris has accused the Vice Chancellor and his team of not telling the truth to the state government on the situation of things at the institution. He spoke with ADEGUNLE OLUGBAMILA against the backdrop of some allegations levelled against the teaching staff by the management.

    The coming of Prof Obafunwa-led administration in the university coincided with Lagos State government’s improved infrastructural development in LASU. Don’t you think this, among other things, should signpost a new era of peace in this university?

    There is no doubt on the fact that the Lagos State government is spending a fortune on infrastructural development in LASU. We now have a new auditorium; faculty of management building is about starting, while the science building is almost concluded. These, among others ongoing projects, are investments government has made and we thank them for it. However, let me say these are plans that had been on and approved in the past even before the current administration came on board.

    The fact is that the university management is not providing true picture of the situation to government, and examples abound. We have seen lots of distortions and misinformation being fed to government and it is incumbent on government and the Governing Council to use other sources to gather information other than the management alone.  What we are seeing on ground is very clear with respect to the position of staff unions.

    The strike has dragged for some time now, and there seems to be no hope in sight yet. Why is this so?

    Simple! We have an administration that does not listen otherwise we would not have had this ongoing strike action.  We contend that the management is not listening to people that it’s supposed to be leading. There is no contest between the union and the administration.  There is a system establishing a university and we are supposed to be working under that system, and that is the committee system. Let the vice-chancellor allow the committee system to run without manipulation as it is being currently done. The Governing Council also needs to stamp down its feet and ensure the system runs the way it ought to, and not to be misled by this administration to run the university aground.

    Let’s talk about the school fees which have just been reviewed. The vice-chancellor said the increase was not a ‘hike’ as most people assumed, but a ‘review of the value of goods’

    First, let’s make a correction here. We are not selling goods in LASU. We are providing services which are intangible. Therefore we cannot be revaluing goods. However, if we say that hike in fees is a revaluation in services, it therefore means services available must have increased before the price of such services are increased. Anybody that is familiar with this university, and has also moved around LASU in recent times, will they admit if there is a justification of these services?  ASUU-LASU says no justification and a wrong pricing policy. In the past the vice-chancellor used to tell us that the issue of school fees is a no go area. But after much struggle, we are now hearing that government is doing something about the school fees.  It simply means when people agitate for their rights, our leaders have no choice but to do what is right.

    The Vice-Chancellor also claimed the current crisis in not a bilateral war between management and ASUU, as the former has continually opened itself for dialogue

    ASUU-LASU has not declared any war. For the record, we cannot declare a war in a system where we earn our livelihood. If you remember, we have been talking with the management since March last year and up to the point when ASUU national strike started. At a point, we brought ASUU national to meet with the management, to no avail.  So to say ASUU-LASU declared unilateral war is unfair to us.

    The university management also accused ASUU of personalising the school fees issue, saying it is the concern of students and parents.

    We want to take that as a commendation to ASUU. We are a union, and as the conscience of the nation, we are committed to pursuing anything that is going to be helpful to this nation. Besides, we are a pseudo parents to these students and therefore we are on the right course. What ASUU-LASU is doing here is being replicated in other universities.  ASUU-LASU will continue to champion this. As ASUU, we will not allow the university to be turn into a business school. With the recent review of school fees, you can see we are beginning to get results and we shall not rest on our oars.

    But the management said ASUU through the Senate also supported and endorsed the tuition when it was introduced two and a half years ago?

    The Senate does not represent ASUU. Though it is the highest academic organ in the university, yet we cannot specifically say that that was passed in the Senate. We are yet to see the minutes of meeting of the Senate to confirm that. We have asked several senators that said it was not a Senate approval. We have also heard from one or two that said the Senate actually saw it. Regardless of whatever happened, should we say because Senate saw something, and that policy turned out (to be) bad, then we should fold our arms? ASUU will not; that policy has to be changed.

    The ‘No vacancy; No promotion’ issue has been over flogged; yet the vice-chancellor said ASUU coined the term as management has always declared vacancies every year.

    The truth about the ‘No vacancy, No promotion’ policy is that management says it is the coinage of ASUU. But we will show you letters.  We have our members whose letters stated that ‘they have been found promotable; but that they cannot be promoted’ and some others say ‘they have been found promotable subject to vacancy’.

    Imagine, somebody sent his papers overseas for APPA (pls emphasise this acronym) since 2011. The papers were found to be okay. The university conducted the interview bringing in experts from outside. After that, they were issued letters that they’ve been found promotable but cannot be promoted because there is no vacancy. Now the question is: If there were no vacancy, why was the process put in place in the first instance?  The issue is not about declaration of vacancies. ASUU is saying that portion in the Condition of Service that is being misinterpreted to mean that our members cannot be promoted except a vacancy exists should be abrogated. That portion is capable of being used by any mischievous vice -chancellor to stifle the growth of our members in future.

    We are not concerned about what transpired within the current management but the future. Mind you, this portion has been in the Condition of Service for years but has never been used by anybody until the current administration came on board.

    I’ve always heard that in the law of Nigeria, members of staff should not have more than one third of their salaries deducted particularly when they get loans from the administration. The idea is to ensure that people have enough to spend from their salaries. This law has been there for ages until recently, our management came up to say members cannot get cooperative loans beyond one third of their salary regardless of how much they have in the cooperative. it’s like somebody just came, look for a way to create trouble within the workforce by bringing such a law into effect. This is why we are saying that portion that says promotion should be subject to opening should be expunged because it is currently being abused by the management.

    We are not saying our members should be promoted every year. In the academia, there are conditions you must meet before being promoted. We have seen people that have used five or 10 years on a level before they are qualified to be promoted; and sometimes they are qualified, but yet are not promoted.  In the academia, it is not easy to get promoted every three years if you don’t do things you are supposed to do, and sometimes you are not able to do them because of the standard.  ASUU is simply saying follow the rule. Our members should spend a minimum of three years on a line and it could be more; but once you are able to do what you ought to do with respect to research, you should not be suppressed.

    In his attempt to further curb corruption, the management said it has reduced the university’s monthly imprest from N13 million to N5 million currently

    The running of a university goes beyond cost reduction. Cost reduction is a good thing to do for any administration. So when the vice chancellor said he has been able to reduce imprest, we say the idea is a normal thing to be done. Aside from that, an administration is also expected to generate revenue.

    We asked the current management to show us one single programme it has put in place to generate revenue since its assumption? The University Consult has never taken off. Take a trip to any institution be it public or private in Nigeria today, most of them produce sachet and bottled water in their institution’s name, which to me, is the easiest.

    LASU once had a programme called Foundation programme in Badagry. The programme was meant for students to spend one year before they enter the university’s mainstream. Today, that programme is gone. The pre-degree programme is also dead. The sandwich and the MBA programs are almost gone because the lecturers and resource persons that worked there are not paid. The LASU external system has since been wound down without thinking of proper replacement. Why is it taking so long for LASU to do the Distance Learning Programme which can be used to recoup all that LASU lost in the external system? So the current administration has done next to nothing about IGR.

    The one single term of five years for principal officers as contained in the Universities (Miscellaneous Provisions) Amendment Act 2012 is one of the demands of ASUU; but it is not the prerogative of the management. Why is it so important to ASUU?

    The issue of one term for principal offices is so germane to LASU. If you look at our history, we have always had crisis anytime there was a second term bid. We know this require the amendment of the LASU law, and we are simply saying the government should give an executive bill to the Lagos State House of Assembly so that this thing can be done. A similar law has already been done in LASPOTECH. It is within the purview of government. Nevertheless, if the Governing Council and the university administration are convinced, they should be able to convince government about the usefulness of that law as it will help stabilize universities and LASU in particular.

    The second arm of the Act which now recommends 70 years retirement age for academics in professorial cadre is also important to LASU, especially with respect to the ability to attract the best hands into the system.

    Most of the professors that we have now were trained using LASU money. Why would LASU use its money to train people on research,  conferences and all that and when they are at the peak, you now let them go for onward employment in private universities. LASU is competing with 129 universities in Nigeria and the best brains will gravitate to where they can get the best condition of service. You know the idea is that these professors are meant to reproduce themselves by producing PhD holders. It is incumbent on the system to float programmes that will make them produce PhDs in various departments. The issue is that we had an agreement dated and signed by the Lagos State governor who is also a SAN on December 31, 2010. We also believe the issue of retirement age is under the purview of the Governing Council.

  • ‘Proper project management key to accessing pension funds’

    ‘Proper project management key to accessing pension funds’

    There is a need for African governments to address the critical challenge facing the continent in managing projects financing and funding if they have to access pension funds to accelerate the implementation of critical high-impact infrastructure projects.

    The Acting Director-General, the National Pension Commission (PenCom), Mrs. Chinelo Anohu-Amazu stated these at the just-concluded World Pension Summit, Africa Special in Abuja. It had as theme, “Shaping the Future.’’

    She, however, noted that given the size of pension fund assets in Nigeria and across Africa, there are real opportunities for policymakers to collaborate with pension professionals so as to effectively leverage these assets for sustainable progress.

    She said in Nigeria, the rate of growth of pension assets in relation to the Gross Domestic Product (GDP), has continued to rise from 1.47 per cent in 2006 to 9.57 per cent last year.

    According to her, the success of the contributory pension scheme has triggered an exponential growth in the pension funds and size of assets under management across the globe.

    She stated that the value of pension assets has grown from 1.47 per cent in 2006 to 9.57 per cent in 2013 of the national GDP.

    She added that as the population of retirement income provided by private pensions continues to grow, the regulatory framework designed to protect those funds becomes even more crucial.

    She said the theme of the summit thus underscores the imperative of institutionalising a risk-based approach to the supervision and control of pension markets across the continent.

    She said: “The risk-based approach focuses on the identification of potential risks faced by pension funds and strengthens mechanisms that are in place to attenuate those risks, which ultimately allows the regulatory agencies to channel their resources towards issues that pose the greatest threat to the stability of the industry.

    “Infrastructure development remains a key driver and a critical enabler of sustainable growth in Africa and the current favourable economic landsape on the continent provides a unique opportunity for the public and private sectors to collectively address the infrastructure gaps.

    “Focusing on Africa’s infrastructure challenges will indeed help in creating the economic pre-conditions needed for longer-term growth as well as to foster poverty alleviation. However, disruptive market, demographic, fiscal, and environmental dynamics are fundamentally reshaping Africa’s economic landscape. In this new reality, national governments must think of infrastructure, not in general but in the specific, understanding the ways in which different infrastructure sectors such as transportation, energy and water are governed, financed and sustainably delivered.”

  • Premium Pension, Niger sign fund’s management agreement

    Premium Pension, Niger sign fund’s management agreement

    The Niger State government has signed a portfolio management agreement with Premium Pension Limited, a Pension Fund Administrator (PFA).

    In a statement signed by Head, Corporate Communication, Premium Pension, Paddy Ezeala, the agreement confers on the PFA, the authority and responsibility of managing the state’s benefits fund named, “Retirement Redemption Bond Fund”.

    He said while the Managing Director, Premium Pension Mr. Wilson Ideva, and Executive Director, Business Development and Investment, Mr. Adamu Mele signed on behalf of the company, the Director-General of the Niger State Pension Board, Alhaji BenuYahaya Ahmed signed on behalf of the government.

    He said the fund was established by the government through the Niger State Pension Board and has been endorsed by the National Pension Commission (PenCom).

    The fund emphasises, among others, that the funds and assets held in them must be managed in accordance with the guidelines issued pursuant to the Pension Reform Act 2004 and also accords Premium Pension the responsibility of the lead PFA in the state.

    Speaking on the development, Ideva said: “This is a practical demonstration of mutual trust and highly productive partnership required to drive the contributory pension scheme in the country.

    “We must continue to justify the confidence reposed in us by the Niger State government through rendering quality service marked by high level of professionalism.

    “The agreement states clearly that the appointment of the PFA shall be of a fiduciary nature consistent with the requirements of the law and that it shall exercise utmost duty of care and good faith in all their undertakings under the terms of this agreement.”

    Other officials of the Niger State Pension Board present at the event include permanent member, Finance, Investment and Inspectorate, Alhaji Mohammed Ndagi, and Mr. Mohammed B. Abdullahi, the board secretary and legal adviser respectively.

  • No plan to relocate OKOPOLY, says management

    No plan to relocate OKOPOLY, says management

    The management of the Federal Polytechnic, Oko (OKOPOLY), Anamabra State has debunked rumours making the rounds that it is planning to relocate the institution.

    It was reacting to a protest by some placard-carrying women with inscriptions, insinuating that it was planning to relocate the institution to Ezira town, which is about 10 minutes drive from Oko.

    The polytechnic’s Public Relations Officer, Mr. Obini Onuchukwu, said the protest was orchestrated to destroy the achievements of the administration led by Prof. Godwin Onu.

    Onuchukwu wondered why some women could allow themselves to be used by certain interests bent on denting the rector’s image.

    In a statement, Onuchukwu claimed that the protesting women allegedly blamed the rector for masterminding the ongoing Academic Staff Union of Polytechnic (ASUP) strike.

    The protesters also accused Onu of admitting a representative from another community, rather than the host community, as a member of the Governing Council, as well as engaging some widows from the community in the polytechnic without paying them for several months.

    He said: “The rector does not have the powers to relocate an institution established by an Act without proper legislation. Therefore, there is no iota of truth in what they are saying and there is no plan whatsoever to relocate the institution to Ezira,” he said.

    “On the ASUP strike and sending students to other institutions, we all know it is a nationwide issue, which has lingered for over five months and we don’t have any other institution apart from Oko, Ufuma and Atani campuses of the polytechnic and an affiliation with Covenant Polytechnic in Aba and no other institution”.

    Onuchukwu continued: “The appointment of council members is not the responsibility of any rector or polytechnic, but that of the Federal ministry of Education and we are waiting for further directive. So, I wonder why we should be castigated for a responsibility that is not ours.”

  • Poly gets new management

    The Oyo State Government has named Prof Olatunde Fawole Rector of The Polytechnic, Ibadan (IBADAN POLY).

    In a statement in Ibadan, the Commissioner of Education, Prof. Solomon Olaniyonu said the government also appointed Mrs Fehintola Ayodele as the Registrar to succeed Ms Tomi Olatunji.

    Prof. Fawole, until his appointment, was a professor of Biological Sciences at the Ladoke Akintola University of Technology, Ogbomoso, Oyo State.

    Others appointed were Tiamiyu Adeniyi, Bursar, Hammed Bakare, Librarian and John Oyetoso, Director of Works.

    Prof Olaniyonu said Governor Abiola Ajimobi approved the appointments as part of efforts to resolve the institution’s crisis.

    Students recently protested the non-appointment of substantive principal officers and demanded that their lecturers be better treated.

    The students appealed to the government to accede to the requests of the lecturers in order to restore normalcy at the institution.

    The commissioner said government, based on the issues raised by students, met the institution’s management and agreed to address the issues.

    According to him, while the remaining 40 per cent hazard allowance of the lecturers had been paid, the state government also ordered that the amount due for “Peculiar Honoraria” be calculated and paid within 90 days.

    Peculiar Honoraria is the allowance due to lecturers who supervise students’ thesis, Industrial Attachment, projects and allied projects.

    The commissioner also said that state government would soon reconstitute the council of the institution.

     

     

     

  • A lesson in crisis management

    THE Lagos State University (LASU) was in the news for the right reasons on Monday, last week. It had successfully conducted the Students’ Union election online simultaneously on four campuses using software applications developed by two of its students. The exercise went without hassles. It was well reported, and the university was applauded from various quarters.

    Unfortunately, it did not last. The euphoria was ruptured two days later by a violent protest by students against the closure of the school’s registration portal. Like students are wont to do, some of them had not registered despite several extensions of the deadline by the university. And finally examinations came, and about 1,300 students were left in the cold.

    Many had complained that the difficulty of raising the fees, which ranges between N180,000 and N350,000 was the reason for the delay.

    They pleaded for another period of grace to complete their registration since they had paid the fees, but the Vice Chancellor, Prof John Obafunwa, would have none of it. Hoping against hope on the day the second semester examinations were billed to start (Wednesday), the students still pleaded for clemency. However, they felt certain it would not come when the Vice Chancellor, who they expected would address them after attending a Governing Council meeting, entered his car and drove off. That was when things went awry and the demon of destruction possessed the students.

    Students’ unrest is any Vice Chancellor’s nightmare. Those who have experienced it never pray to witness it again during their tenure. Prof Oyewusi Ibidapo-Obe will not forget the students’ violence that resulted in the burning of his official quarters in 2005 when he was the Vice Chancellor of the University of Lagos. Vice Chancellor of the University of Calabar, Prof James Epoke, and his counterpart at the University of Uyo, Prof Comfort Ekpo, will likely shudder when they remember the wanton destruction of university and personal properties visited on their institutions in August 2011 (UNICAL) and June 2013 (UNIUYO) by the same students who sought their admission with tears.

    Many years ago, I was at a forum where Prof Rogers Makanjuola, former Vice Chancellor of the Obafemi Awolowo University, Ile-Ife, recalled how students kidnapped him from his office and dragged him down the multiple-storey building, rough-handling him in the process. He was bitter about the experience.

    We have read of Obafunwa’s experience in the papers. Had LASU students reached where he was hiding, I do not think they would just have rough-handled him. He himself said “we would have been talking about obituaries”.

    The experiences I have recounted are proof that authorities of our tertiary institutions ought to invest in negotiations, conflict resolution and crisis management skills and strategies. While I do not excuse violence by students under any premise, I also think that the situation that leads to violence can be checked if only the authorities would be a little more sensitive.

    For instance, in the LASU case, the Vice Chancellor had already received prior warning from the Students’ Union President, Mojirade Hassan, that trouble was brewing. But he waved it off. He told her to handle it. I think the straw that broke the carmel’s back was when Obafunwa failed to address the students after the council meeting. He and the Governing Council Chairman, Mr Bode Agusto, drove off. Trying to decipher what must have gone through the students’ mind, I conjecture that they must have thought of the consequences of not being allowed to write the examination after eventually paying the fees – a repeat of the semester next session. A repeat means that they would have to pay another set of tuition fees – fees that they have been complaining are too steep in the first place. That was an unpleasant reality.

    This is a lesson for all school administrators: do all you can to nip crisis in the bud; keep communication lines open; do not underestimate students, especially when they are acting as a group. This is because, as they always claim, the protest can be hijacked by unruly elements and spiral out of control.

    If the Vice Chancellor had addressed the students, things may not have got so bad. Again, if the university had stopped accepting fees from the students yet to register, they would not have been able to use the closure of the portal as an excuse for violence. That was a mistake on the university’s part.

  • Genesis Analytics harps on risk management

    Africa’s leading banking strategy firm, Genesis Analytics, has underscored the importance of effective institutional risk management as a cornerstone of competitive performance in the current financial system.

    James Bernstein, a top risk professional, who was just appointed as the head of a new risk management unit in Genesis Analytics’ financial institutions practice, said the new unit was established in response to the growing challenges presented by new regulatory requirements and the need for financial institutions to improve their risk management capabilities.

    According to him, increasingly active balance sheet management is the cornerstone of competitive strategy in today’s financial institutions.

    “Being able to respond to changing risks and regulations is fundamental to both sustainability and success. The new Risk Management Unit at Genesis Analytics will therefore be working with clients across the entire risk spectrum, leveraging off the firm’s full complement of products and analytical expertise,” Bernstein said.

    Commenting on this expanded services offering, head, financial institutions practice, Genesis Analytics, Richard Ketley said the appointment of Bernstein has added to the firm’s expertise on risk management at the right time when banks need to improve their ability to manage capital and liquidity in rapidly evolving markets.

    According to him, throughout Africa, regulators are calling on banks to comply with global best practice, and many do not have the internal skills or systems necessary in order to comply and this is the gap that Genesis Analytics intends to fill.

    Bernstein brings extensive experience in risk and portfolio management to Genesis Analytics, having spent nearly three decades working in this discipline in banks based in London, New York and Johannesburg. Most recently, he has been focusing on risk governance, portfolio management, regulatory requirements and related challenges, disciplines that will all bring significant added value to the firm’s portfolio of clients.

     

  • 9 operators fail risk management test

    9 operators fail risk management test

    About nine Pension Fund Operators have failed the risk management test conducted by the regulator, the National Pension Commission (PenCom), as well as non-adherence to corporate governance principles, The Nation has learnt.

    The test conducted during the second quarter of last year revealed cases of non-compliance, weak risk management and violation of the Code of Corporate Governance by some of the operators.

    In a report, the Acting Director-General (DG), PenCom, Mrs. Chinelo Anohu-Amazu, said the consultative philosophy in the regulation and supervision of the industry was maintained in the quarter, adding that the risk-based examination approach was intensified in order to promote transparency, provide early warning signals as well as encourage pension operators to regularly self-evaluate their positions.

    According to her, the Commission’s examination on nine operators revealed cases of delays in the payment of retirement benefits; un-credited pension contributions due to non-submission of appropriate schedules by employers and unresolved customer complaints.

    She added that the nine pension managers also failed to fill vacant management positions and did not implement any disaster recovery plans.

    As a result, the Commission forwarded letters to the concerned operators as well as monitored their efforts at resolving them, she said.

    She also disclosed that a review of the risk management reports submitted by the operators revealed that some faced operational risks associated with receipt of contributions without appropriate schedule, litigations, and non-funding of retirement savings accounts (RSAs) by employers.

    She said: “Accordingly, the Commission advised the concerned operators to strengthen their mitigating measures to avert the identified risk.”

    On the actuarial valuation by the Commission, Mrs Anohu-Amazu said the actuarial valuation reports on the Defined Benefit Schemes for the year ended December 31, 2012 were received.

    The reports showed that some of the schemes were under-funded and the affected scheme sponsors were directed to come up with funding arrangements to bridge the funding gap.

    The DG further said: “During the quarter, the commission received and reviewed 27 governance reports from licensed pension operators. The reports indicated violations of the code of corporate governance by some of the operators. The review further showed that some operators did not evaluate the performance of their Boards, Board Committees and individual Directors.

    “Similarly, in some cases, the number of Board meetings held were inadequate as against the minimum stipulated by the Code. In addition, some board members did not attend Board and Committee meetings regularly. Subsequently, the affected operators were advised through various letters to address the issues observed on non-compliance with the Code of Corporate Governance.”she said.

  • Nigeria lauds U.K.’s support in debt management

    Nigeria lauds U.K.’s support in debt management

    Vice-President Namadi Sambo over the weekend hailed the United Kingdom (UK) for its support to Nigeria, particularly in debt management.

    Sambo made the commendation when he received the reports on the partnership between the UK-Department for International Development (DFID) and the Debt Management Office (DMO) on debt management in Abuja.

    “It is a memorable day in the history of Public Debt Management in Nigeria as I receive two reports on the partnership between Department for International Development (DFID), UK, and the Debt Management Office (DMO) of Nigeria.

    “The reports cover a period of 15 years of DFID support to Nigeria on Debt Management while the second report covers the 14 year-period of DFID assistance to the DMO after it was established in 2000.

    “It is indeed appropriate for me to first of all, acknowledge the deep mutual understanding and support that exist between the United Kingdom and Nigeria in all spheres.

    “The historical tie between our two countries is the underlying basis for the partnership between the DFID and the DMO which has resulted in the great strides recorded in the area of (debt) management since the commencement of the project in Nov. 1998.”

    He described the reports as a case study of successful government to government partnership.

    The reports were titled: “15 Years of UK Partnership with Nigeria on Debt Management: Lessons for DFID Wider Approach to Building Capacity”; and “14 years of Strategic Partnership between the DFID and DMO-Nigeria”.

    Sambo noted the long-standing relations between Nigeria and the United Kingdom, particularly through the activities of DFID in the country.

    The vice-president observed that the partnership was a peculiar example of how a Nigerian agency could maximise benefits from a development partner.

    Sambo also commended the staff members and management of the DMO for their remarkable achievements in the management of the nation’s debt profile.

    According to him, the achievements of the DMO in recent years constitute an integral part of the Transformation Agenda of President Goodluck Jonathan.

    “The principal objective of government is to ensure that the economic and social well-being of our citizens are enhanced through sound economic management such as being witnessed in the DMO’s commendable achievements.”

    In her remarks, the Minister of Finance, Dr. Ngozi Okonjo-Iweala, recalled the historic events that led to the establishment of the DMO.

    She noted that the collaboration between the DFID and Nigeria had been a successful journey, which had produced a first-rated agency on debt management in Africa.

    Also, the Director-General of DMO, Dr Abraham Nwankwo, said that the report was an assessment of a strategic partnership which commenced in Oct. 2000 and terminated in March 2013.

    He said that the DMO with the support of DFID was able to achieve debt relief for the country, develop the country’s bond market and reconstruct the debt profile.

    He said it also successfully established Debt Management Departments in the 36 states and the FCT.

    “Nigeria now has a comprehensive debt data base of the federal and state governments.”

    In his contribution, the British High Commissioner to Nigeria, Dr Andrew Pocock, said the report was a genuine Nigerian achievement and an indication of a strong UK-Nigeria partnership worth celebrating.

    He noted that Nigeria was now sharing its expertise with other African countries on debt management.

    The high commissioner urged continued political commitment from the country’s leadership for the activities of the DMO.

    A DFID Consultant, Mr Alex Duncan, presented highlights of the report which, he said, was prepared by himself, Prof. Dora Akunyili and Menachem Katz.

  • Success stories in event management business

    Success stories in event management business

    Mrs  Abimbola  Gbolade knew that she needed to make a change in her career and she was attracted to the idea of business ownership.  She was always the party planner among her friends. An idea was born and she started  an event planning company.

    She  said her  company  is  an event management and equipment rental company that provides full event support for all indoor and outdoor events. She said: “Our array of services include exceptional venue styling, catering, sound management, lightings, and special effects. I started two years ago with a little above N300,000. Today, the business is  worth more than  N8 million. One can start small.”

    According to her, to start the business, one needs mainly fabrics and lights, adding that others could be rented.

    “There is a lot ofcompetition in the industry.  Working  hours are flexible, depending on the amount of work at hand. My target clients include individuals, corporate and religious organisations. We are gradually reaching all our target clients. In this business, one needs to have integrity, diligence, and be continuously creative,” she said, adding that one could work on a part time basis.  On funding, she said: “Right now, accessing credit is a big challenge for small players. Training is an essential part  and strength  of any business. Put your heart into what you do and always strive to satisfy your clients.” To gain experience, she  started by planning  friends’  events. Since then  her  business has come a long way. Most of  her  time  is devoted to developing a thorough business plan, which she breaks down into sections and tackles one after the other.

    CEO/Planner Extraordinaire at BusyBee Events, Bisi Sotunde plans  events from start to finish and also provides event needs and supplies for both corporate and social clients from decorations, hostesses, bouncers, rentals, catering services and much more. Sotunde  made a foray into the events business about six years ago.

    She said: “Just before I graduated from the university, I started the business with about N30,000, but today, the business has grown to unimaginable proportion by God’s grace.”

    According to her, while one  could start  an  events planning and management services business  on a shoe string, but  with events decoration services, one needs capital to purchase materials and equipment.

    She said: ”To set up an  events management company, you basically need a laptop, internet modem, mobile phones with camera, your skills and lots of your networks.

    “Yes, events management is quite easy to penetrate. You don’t need specific qualifications to become an events manager. However, you must equip yourself with necessary skills.” According to her, she works 9am to 6pm, Mondays through Fridays and during weekends onsite. Her  work starts very early in the morning and eats late into the night. .She  targets  upper class, middle class and elites, families,prospective couples, individuals, private and public organisations.

    The scope of her business covers Lagos, Abuja and everywhere within and outside Nigeria.