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Tag: managers

  • Managed funds hit N695b as fund managers plan joint distribution network

    Managed funds hit N695b as fund managers plan joint distribution network

    Total managed funds-including funds under collective investment schemes, otherwise known as mutual funds, and institutional and individual funds under management, have risen to N695 billion, according to a report by the Fund Managers Association of Nigeria (FMAN).

    President, Fund Managers Association of Nigeria (FMAN), Mr. Michael Oyebola, who gave the update on the fund management industry at a general meeting of the industry operators at the weekend, said total managed funds had risen to N695 billion, which had firmly established the industry as a strategic segment of the capital market.

    He outlined that the total managed funds consisted of N200 billion under collective investment schemes (CIS), otherwise known as mutual funds, and N495 billion funds under management (FUM).

    Collective investment schemes, otherwise known as mutual funds, are joint investment vehicles through which investors can pool funds and invest in chosen basket of securities under a professional management with a view to optimise returns and reduce risks. FUM relates to funds placed by individuals and institutions for direct management by a professional fund manager.

    Oyebola, who gave comprehensive updates on the ongoing efforts aimed at strategically positioning the fund management industry, said FMAN has commenced efforts aimed at ensuring that the fund managers under the auspices of the association are able to perform similar role in the pension industry.

    According to him, as part of these strategic initiatives, FMAN has joined the emerging market task force joint committee- which comprises of the Treasury in the United Kingdom and the capital market in Nigeria, which is currently pushing for cross-marketing benefits.

    He said FMAN is striving to become a self-regulatory organisation with mandate to handle compliance, complaint and standardisation issues between its members and the investing public.

    He urged members of the association to adopt the best practice of separating their personal corporate assets from clients’ assets without necessarily waiting for such enforcement of asset segregation by the regulatory authorities.

    He also advised FMAN members who have not met the new minimum capital base for the industry to take necessary steps to meet the September 2015 deadline set by SEC as the apex regulator may not extend the deadline.

    Oyebola pointed out that as part of efforts to ensure best practices, FMAN had launched the asset managers’ codes in conjunction with the Chartered Financial Analyst (CFA) Society of Nigeria, Fund Managers Association of Nigeria (FMAN) and Pension Fund Operators Association of Nigeria (PENOP), which would serve as principles of conduct and transactions for asset managers and asset management.

    The highlights of the codes included provisions in relation to asset managers responsibilities to clients, which mandate asset managers to act in a professional and ethical manner at all times, to act for the benefit of the client, to act with independence and objectivity, to act with skill, competence and diligence, to communicate with clients in a timely and accurate manner and to uphold the applicable rules governing capital markets.

    He added that SEC had endorsed the codes and the apex regulator would weigh in by ensuring that all fund managers adopt the codes of conduct.

    Oyebola said FMAN is currently working on development of a customised platform for mutual funds distribution, a form of open architecture platform that will enable members to distribute their mutual funds in more cost efficient means.

    He added that with the acceptance of voter’s card as a Know Your Client (KYC) document, efforts are in top gear to put together a mobile money platform that will address the various need of members of the association.

    At the meeting, Director-General,, Securities and Exchange Commission (SEC), Mr Mounir Gwarzo, who was represented by Director, Investment Management Department, SEC, Ms Mary Uduk and Mr. Efiok Effiong, said the commission is strengthening applicable rules at the market with a view to enhance the operational foundation and perception of the capital market by the public.

    According to him, the principal objectives of new rules included safeguarding the integrity of the players and the sector, creating opportunities in asset product type and classes and inflow of funds into the sector.

    He said the commission would provide a framework to introduce alternative funds such as expert and professional investor fund, which would be restricted to only qualified investors and with absolute discretion on choice of asset class and investment sector.

    In her presentation on Global Investment Performance Standards (GIPS), President, CFA Society Nigeria, Mrs Sade Odunaiya, said all stakeholders are currently working to prepare and get Nigeria listed among over 30 developed and developing nations which have met the     GIPS compliance and adherence standards.

    According to her, the CFA Society of Nigeria, PENOP and FMAN are members of Nigeria Investment Promotion Commission (NIPC), GIPS-sponsoring body in Nigeria, and there are plans to invite SEC and PENCOM to serve on its board on observer status.

    She outlined that GIPS, though a voluntary set of standard, has enormous benefits given its practitioners- driven ethical principle and standards, industry wide approach to calculating and reporting investment result, reporting consistency and industry wide comparability.

    She said the CFA Society of Nigeria has proposed a four-year period for full adoption of GIPS by Nigerian capital market operators.

     

  • Titbits for sport managers

    In today’s world of sport we are witnessing a transformational trend from analogue ways of sport management to scientific and digital ways of sport management. This trend is evident in the way sport management is being handled, especially in well advanced economies of the world.

    While it is expedient that we recognise and appreciate the great leap of advancement in the methodology of contemporary sport management, we need to critically situate this with what is operational here in Nigeria in order for us to really appreciate the fact that we are still far from reaching the mark.

    From my personal observation I can say that most of the people that have occupied positions of management in sport are mostly square pegs in round holes, because they are people that claim to know sport management but who are never prepared to learn nor accept that they are deficient in the science of sport management

    Mere opportunists have sat and some are still sitting as sport managers today in Nigeria. Most of them have refused to educate themselves or enrich their knowledge in the art and science of contemporary sport management. The truth of the matter is that wherever you find a professional sport manager managing, the difference will be very clear.

    These groups of opportunist sport managers are the people that have brought hooliganism into the sport arena as they believe in winning at all cost, without recourse to the fundamentals of sport as a system that promotes the spirit of fair play and believe that a team can win today and lose tomorrow.

    To this class of people sport management is war, and because they are deficient in knowledge of sport management they are quick to refer to the European system of sport management without having an idea of the theoretical framework of such a functional system.

    For you to be a successful sport manager you must first appreciate the fact that sport is a different arena that has its own language that must be learnt and spoken. As a result of poor managerial ability some people are of the belief that because they are successful in business they can be successful sport managers: I say to such people that the scenarios are far apart.

    In sport management we are taught Planning, Organising, Staffing, Coordinating, Budgeting and Feedback mechanisms as they affect sports. We are made to understand the philosophy of sport, the psychology of sport the duties of a sport manager and its responsibilities and many more that you can only be taught in a formal setting.

    Anyone who aspires to be a sport manager must be ready and determined to get some form of formal training in the area of sport, even if it means having a certificate in sport management rather than just jumping into the management of sport with the mentality of a different industry mindset.

    Because of the passion and anxiety in sport, we need to appreciate the immediate consequences of administrative decisions and its cumulative implications in the overall sport programme or programming. We need to always understand that any pronouncement made by a sport manager is considered a policy pronouncement and as such can either enhance the given sports’ image or drag its image and reputation to the mud.

    I remember one of my lecturers once said that there is no hiding place in sport because whatever you do as an administrator will have an immediate impact on your team and in turn will be felt by the supporters of the team and the society where the team is domiciled, thus every decision of a sport manager has a corresponding chain effect whether it is for good or for bad.

    In this age and time we don’t need people that are not adequately prepared manning our sport industry, simply because such people will only be doing more of talk shops than actually achieving any meaningful result in the management and administration of their sport. With such people administering our sports we will be losing support from corporate Nigeria in areas of sport sponsorship.

    I am still very much convinced that with the right people in the right places we will be able to see the needed changes in our sport administration in Nigeria. However, if we fail to appoint or engage the right people in the right places then we will continue in the circle of fruitless adventures as has been the case in recent past.

    Let me once more appeal to all state governments to kindly ensure that people that are appointed to manage their sport sectors are not politicians rather well trained sport managers that can bring and make the desired changes to the management of sport in their states and Nigeria in general.

     

    NSC Coming Alive……

    Let me congratulate the leaders of the National Sports Commission ably led by a seasoned technocrat in the person of Alhaji Alhassan Yakmut, for the rejuvenation of sports in Nigeria through the recent release of funds to support Sports Federations for sports programmes.

  • ‘Women are created to be managers’

    ‘Women are created to be managers’

    Her stance and carriage belie her age. As a child, she had a dream of changing the world; she wanted to make a difference and a big difference she made.
    She is a princess but not in the class of the blue-blood broods who wait to be spoon-fed. From an early age, Princess Adebisi Oguneye learnt that hard work pays, and she has stuck to that philosophy.
    At 70, the Ikere-Ekiti indigene has reaped the fruits of diligence in material, education and health matters. ADEKEMI OJOBO spoke to her.

    CONGRATULATIONS ma, and how does it feel to be 70?

    Thank you. I feel very good; great in fact. I am very grateful to God for achieving this milestone. I have still got lots of energy because they are so many things waiting to be done.

    I don’t even feel 70; I am feeling like I felt 40 years ago. I thank God for where He has brought me, but I believe there is still a lot to be done for humanity. I have a heart for people, particularly the needy, orphans and widows.

    Being a former minister, how did you change the face of the FCT?

    I had the opportunity of serving the federal government, first as a member of the National Economic Intelligence Committee (NEIC), under the chairmanship of the late Prof Sam Aluko. I was later invited to serve as Minister of State for the Federal Capital Territory (FCT) during the General Abdulsalami Abubakar regime. I worked with the late Gen Mamman Kontagora. Our job was to prepare the way for democracy.

    We worked tirelessly round the clock to ensure that everything was in place for a successful transition, including accommodation for civil servants. Our tenure brought about a boom in accommodation and infrastructure in the FCT. At that time, there was a ridiculous arrangement because of shortage of accommodation. Married women and men were paired to share living quarters. I disagreed and ensured that women were given favourable quarters. It was the most important thing I took up and I am happy I was able to get that done.

    Tell us about your childhood

    I was born in Lagos on April 29, 1945. I spent the first five years of my life in Lagos before my family moved to Ikere-Ekiti in the old Ondo State. My father was made the Oba of my town.

    I started my primary education at Dalemo School in Ado-Ekiti. Growing up in the palace was fun. I am the fourth of 17 children; so, there was never a dull moment in the palace. We had a retinue of relatives, residents, subjects and chiefs moving in and out of the palace.

    Living together helped my siblings and I in our later years; there was no division among us because we created this tight bond that was not easily penetrated or broken.

    I made friends, who later became friends for life, at Dalemo. Attending Dalemo shaped me.

    In 1958, I proceeded to Yejide Girls’ Grammar School in Ibadan, the Oyo State capital, where I had my secondary school education. There were very few secondary schools in those days and so it was a privilege moving from one part of the country to another. It was quite interesting and we all looked forward to leaving Ikere-Ekiti.

    I remember then that there was a bus which left Ikere for Ibadan once a week. And there was much discipline about time then. So we couldn’t afford not to be on that bus in time to resume school. I always looked forward to going to school. My parents raised us to be very independent; with this was the training I received from my English-trained teachers.

    The school was run by missionaries then; we had British teachers, principal and a few English-trained Nigerian teachers. The first female Senior Advocate of Nigeria (SAN), Mrs. Folake Solanke, was my teacher then.

    After graduating from Yejide, I came back to Lagos for onward transmission to the Southwest London College, England, where I trained as a chartered accountant.

    What was your first job out of college?

    I started my career with the doyen of accounting, Chief Akintola Williams, at his firm, Akintola Williams and Co, in 1972. It was really challenging and fascinating. One really interesting thing about working with Chief Williams was that he would not readily employ a married woman without her husband’s consent. A woman’s husband had to send a consent letter to the firm before she could be employed.

    As a woman accountant, what were the limitations or challenges you faced?

    Absolutely none, though it was not a bed of roses either. I remember those years with nostalgia; everything was working well. It wasn’t too difficult balancing family and career life. We had the use of house helps quite alright, but with an army of aunts, grandparents, cousins all chipping in to help. It wasn’t really bad. My upbringing really helped in shaping my career path. I was brought up to believe that there was nothing I couldn’t achieve. I set targets for myself and even surpassed them.

    Life was very interesting then, women were treated with a lot of dignity and respect.  We believed in hard work and diligence; so things worked.

    I moved from Akintola Williams to Eko Hotels Limited, where I served as the Chief Internal Auditor and later became the Executive Secretary. I resigned in 1987.

    I represented the interest of the owners of the hotel. I was working in the core of the hotel; I was supervising the management of the hotel, which was owned in part by the Lagos State Government.

    The hotel was next after the Federal Palace Hotel then. It is still one of the best hotels in Lagos. It was opened for the FESTAC ’77 ceremony and it was an exciting experience for me to be part of such a huge project. After Eko Hotels, I set up my own practice. Back then, it was not common for women to own and operate accounting firms, but I did it anyway because I had set my mind on it. I knew I wouldn’t stay in the practice for too long because I had passion for many other things. I served all over the country and met diverse people, some of who are still friends today.

    Family life

    I am fortunate to be married to a supportive man. My husband is Architect Bamidele Oguneye. By the grace of God, we are blessed with four lovely children (three boys and a girl) and they have given us seven wonderful grandchildren.

    My children are doing well in their various fields. We raised them to become responsible citizens and adults.

    Are women getting their dues in the society?

    It is up to our girls to brace up to take their positions in every aspect of the society. First, women have to know what they are created for. God has created us as a special breed in the sense that He has created us to be managers. That is our divine assignment. A girl manages, even as a child, everything. For instance, a Nigerian girl at a tender age recognises that she has to look out for her siblings. It is the innate thing in us, but it’s up to the individual to work and draw it out. Don’t intimidate yourself; no one can draw it out for you.

    As a child, I believed I could do anything; impossible did not exist for me. I was given the privilege and opportunity; my parents did not discriminate between their boy and girl children. My siblings and I were given equal opportunities to go to school. Education comes first. Once you are educated, you know that there is no stopping you, and the sky is the limit.

    Even for those who don’t have the opportunity to be educated, you can still make something out of yourself. Look at the market women; once they start something, they begin to grow it.

    I believe everyone has something the world is waiting to see. Don’t complain about lack of opportunities, prove yourself first.

    As a child, I made a promise never to underestimate myself- I believe I could do anything. I developed certain skills and I was privileged to attend schools where counselling was prioritised. I took it up from there.

    What kind of Nigeria do you envisage?

    The Nigerian girl should embrace education. This is very pertinent for survival in our part of the world. The destiny of any girl-child is education; education and even more education. You can never stop learning. The moment you stop, then death creeps in slowly. Once you have education and you believe in yourself, then nothing can pull you down. The sky or space then becomes the limit.

    I also believe that you don’t have to wait until you get to the best schools before you can make it. It doesn’t have to be so. But I have come to realise that in the present day Nigeria, values have been thrown to the dogs. Most people have the wrong values and, unfortunately, they propagate such and refuse correction.

     In our time, values were very important and our parents taught us so much. You must not lie; you must be obedient; you must conform and behave appropriately. You must not bite more than you can chew; you must be contented. See what you can do and pursue it. Most parents of nowadays believe that once you can satisfy your children with material things that is all but that notion is wrong. This is what is creating the excesses that the world is trying to contain.

    Your experiences about life

    I believe life gives you what you put into it. I believe you reap what you sow. I have my challenges in life, but on the whole God has been faithful to me. I don’t have any cause for regret.

    As a child, I was determined to succeed. My successes in life are not based primarily on my career as an accountant. I see life and I have enjoyed every bit of it. God gave me the grace to make others happy. When they are happy, then I am happy. I get happiness from people.

    Life is not just a triangle where you go to work, home and then probably your place of worship. Life is more than that. You live life to enjoy life. And you can only enjoy life from what you give. My passion is to see others succeed.

  • New managers take over Forever House

    After decades of meritorious service at Forever Living Products Nigeria, Mr. Cornelius Olarenwaju Tay and his wife, Caroline, finally passed the baton to the trio of Mr. Olusegun Israel-Adegboye as Country Sales Manager, Mr. Loye Akinyele as Director, Finance and Administration and Mr. Bode Olasinde as Director of Operations to run the affairs of the company at a very colourful ceremony in Lagos.

    It was a Success Showcase alright, but this was different. It marked the end of an era and the beginning of a new one. The event at the exclusive Yard 158, Event Centre, Kudirat Abiola Way, Ikeja, was witnessed by the unique crowd of Forever Living products distributors from across the country who watched the hard-working, award-winning Forever Living Products Nigeria Country Manager and Managing Director, Mr. Cornelius Olanrewaju Tay and his wife, Caroline Olabisi Tay, bowed from a company they grew to international repute.

    According to management sources, Forever Nigeria and Benin Republic had grown over the years, in size, sales quantum and distributorship network that no one couple could hope to cope with the demands of the office. Thus, it was the mandate of Senior Vice President, Forever Living Products International, Mr. Bill Lewis from the Forever Living President, Mr. Gregg Maughan, to pass on the mantle of leadership from the couple to three distinguished young executives for the future progress and development of the company. At the helm of affairs, according to Mr. Lewis, is Mr. Olusegun Israel-Adegboye as Country Sales Manager; Mr. Loye Akinyele as Director, Finance and Administration and Mr. Bode Olasinde as Director of Operations.

    The climax of the event, however, was the announcement by Mr. Bill Lewis, Senior Vice-President, Operations at Forever Living Products International, who is based in the company’s headquarters in Arizona, USA, which immediately ended all speculations and apprehension that had gripped the head office of the foremost multi-level marketing company in Nigeria.

    Speaking at the event, Mr. Lewis commended the retiring couple for their dedication and commitment that saw the Nigerian company moving from the 11th position to the 3rd in Global Ranking during the time they served, a position the new executives have vowed to sustain and improve upon.

    Speaking on his new role in the company, Country Sales Manager, Mr.Olusegun Israel-Adegboye said: “Yes, Mr. and Mrs. Tay, brought this company to a healthy path, they elevated the business to its esteemed position internationally. We will now take off and move it to the next level. We are now looking at incorporating wider and newer markets. The Forever Aloe-Vera based products, provide an immense invaluable opportunity and we believe that aside those we have in the networks, there are so many other people that can benefit from it. Those are the markets we are also focusing on. We will provide our distributors with new tool to enhance their individual business growth. We are looking to reduce the very high and increasing unemployment rate by using the social media and other technologies to reach the youths to create reliable streams of income”.

    Mr. Israel-Adegboye has every reason to be confident. Having gone through a gruelling recruiting process over several months, he especially received intense training from the company owners and executives in Arizona before coming to his new position. Apart from setting up and successfully run an insurance multilevel network in Nigeria, for over five years, he has also been a trainer and a mentor at the prestigious entrepreneur development institutes in Nigeria, the FATE Foundation, on a pro-bono basis.

    “I believe that entrepreneurial growth is a key to economic development that is why I feel very much at home in Forever which is spread out through very remote regions in Nigeria. The owners of the business have seen my profile and they are quite comfortable with it. I had the privilege to meet with Mr. Rex Maughan, the Chairman/Founder and Senior Management of Forever Living Products International from Arizona. We also had formal introductions with staff and distributors in Nigeria. We all know where Forever is at the moment and we are all looking upwards to the next chapter.”

    The same confidence was reflected in the words of the new Director, Finance and Administration, Mr. Loye Akinyele. “If you consider that I have done this for over a year, you will realise it will be of the same in financial contribution and more importantly to ensure that bonuses are paid on time and we will utilise all available channels open to us so that products are there when needed. You recall that most of the NAFDAC and other government regulatory agencies awards happened under my desk for the past one year and a half. So, we intend to continue to maintain our relationships with NAFDAC and the other regulatory bodies.”

    On the change of guard, Akinyele said: “This was rumoured for over one year. The staff are used to how we have been working and I think they were happy the way things had gone. We will continue our Success Showcases across the country. It is something that our distributors look forward to.”

    Mr. Bode Olaside, the new Director of Operations had been part of the success story in Forever House. His new position, fifteen years after joining the company as personal assistant to the Managing Director, six months to the operation of the company in Nigeria, makes him a round peg in a round hole.

  • Chidoka advises airport managers on service delivery

    Chidoka advises airport managers on service delivery

    The  Minister of Aviation, Mr. Osita Chidoka has urged managers of airport to improve on service delivery in line with the transformation in the aviation sector.

    Special Assistant to the Minister on Performance Monitoring, Chidi Nkwonta stated this at the opening of the Ministerial Performance Management System Orientation for Regional and Airport managers in Lagos.

    He stated that the training was a follow up to the meeting held by the Minister of Aviation with Airport Managers where key performance indicators were introduced.

    Earlier, the Managing Director of the Federal Airport Authority of Nigeria (FAAN),  Saleh Dunoma commended the initiative and charged airport managers to improve on service delivery and performance.

    He also challenged them to remain faithful to the vision and  mission of the authority.

    He said:, “We must pursue our mission

    “To develop and profitably manage customer centric airport facilities for safe, secure and efficient carriage of passengers and goods at world class standards.”

    He said measures had been put into place to assess the performance of airport managers through their services to customers.

    “Users of our airports must be given priority in service delivery,” he said.

    FAAN’s Director of Airports Operations, Capt. Henry Omeogu said improved performance by airport managers was key to the actualisation of the Authority’s vision of being among the best airport groups.

    The Director of a Human Resources, Hajia Salamatu Umar-Eluma pledged the commitment of the workers to the success of the initiative.

  • Pension managers optimistic of sustainable growth

    THE future growth plan of IEI-Anchor Pension Managers looks promising, the Managing Director, Solomon Okoli, has said.

    He gave this assurance at the company first Annual General Meeting (AGM) in Abuja, during a session with shareholders.

    An upbeat Okoli assured shareholders that the company has overcome its teething problems and is now positioned for sustainable growth and profitability.

    The company, he said, had extended operations to 30 states, servicing over 75,000 customers and managing a couple of states’ staff pension.

    Already, shareholders of the company have voted to increase the company’s share capital from N2.222 billion to N3 billion in a move to accommodate increasing strategic partners’ interests that could help expand the business further.

    The company, within eight years grew shareholders’ funds more than eight folds from N150 million in 2005 to N1.240 billion in 2013, stressing that expansion efforts so far have repositioned the company for better performance even as the half year results have shown.

    The chief executive said the long- term plan of the company is to be among tier one PFAs inNigeria, with the threshold of a minimum of N100billion of assets under management.

    He explained that the cost of expansion had eaten into firm’s revenue and consequently, profit and was confident of the company’s outlook.

    “Our expansion may not be profitable immediately, but as we scale up over time, we will get through this and we are already seeing this in 2014. We are already seeing a lot of improvements.

    “We are seeing some of the locations that we opened last year being more profitable now. We are expanding our customer base, and the contribution level is beginning to yield and adding to the bottom line,” Okoli said.

    According to him, part of the expansion strategies is to raise the company’s share capital to N3 billion to be positioned for possible acquisition moves.

    “People outside are beginning to see the opportunities out there and they are getting interested in what we are doing and want to come in to be part of us. If we do not increase our share capital, cannot accommodate such people to be part of the company. So we want to have the flexibility and use the capital to expand the business,” he said of the company’s new share capital.

    “The other thing is to give room for the strategic acquisition. For some of the acquisitions, it is not everybody that want to partner with you can just take cash and walk away. They may also want to part of the owners, therefore, they need that room to also give them a stake.

    “The other thing is that if Pension Commission requires PFAs to increase capital, we have the flexibility to adapt faster than those that will start the process when it happens, so we want to be prepared.

    “Finally, for our employees, we want to give some of them a sense of ownership as part of our reward system, which includes the option to be part of the company,” Okoli added.

    Chairman of the company, Silas Jonathan Zwingina, said despite decline in revenue in 2013, a modest profit after tax of N12.8 million was recorded, however lower than the N54 million in 2012, assuring that the company was on track for third consecutive year of profitability.

    Asset under management, he disclosed, rose by 30.27 per cent in 2012 to N26.2 billion from 2011 records and also 23.22 per cent in 2013 to N32.3 billion.

    The company’s customer base also increased to 63,574 in 2013 from 53,161 in 2012 and 45,136 in 2011.

    “We continue to deliver above industry average return on investment for our account holders and providing a conducive environment for our employees to advance their careers. We are committed to profitable growth without losing sight of our responsibility to our customers,” Zwingina stated.

    He assured that the company’s board remains “reasonably optimistic” about the prospects for the company and the Nigeria’s pension industry and is determined to take bold steps to realise the aspirations of stakeholders in the coming years.

    Despite prospects, the chairman however observed that the lingering security challenges, especially in the Northeastern region limits access to that market, as cost of regulatory compliance continues to rise, limiting options for investments.

     

     

     

     

     

     

  • Explore arts, brand managers told

    Orange Academy, a brand management school, has challenged its graduating students to use their brand management and storytelling skills to solve complex social problems.

    To enhance this, the institution launched a yearly project exhibition tagged ‘The art of positive thinking’, during graduation-immersion at the Lagos Sheraton Hotel, Ikeja.

    According to the school, the focus of this year’s edition was on the need for sexually active youths to know their HIV status.

    The African Marketing Director – Family Nutrition, GlaxoSmithKline, Mr. Lampe Omoyele, also a member of the school’s management board, described Orange Academy as the first un-marketing brand school in Africa where emphasis is put on storytelling.

    Also, the new Chief Executive Officer CEO) of the academy, Mr. Chisom Ohuaka, said: “Because stories are the most memorable vehicles through which we know our world, Orange Academy teaches and practices the art of compelling storytelling so our students can create memorable brand experiences.”

    The Founder/Chief Imagination Officer of the Academy, Mr. Kenny Brandmuse, said the academy’s multidisciplinary faculty pool have been employed in core marketing, entertainment, non-profit, governance, education and public advocacies. He added that the school has grown from a 12-student school to a 150-student school in just six years.

    The Dean of Studies, Franklin Ozhekome, formerly the Chief Marketing Officer (CMO) of Insights Communications, said the academy has an alumni base of over 600 professionals.

  • 13 fatal errors managers make

    Most corporate organisations collapse today as a result of ineffective management. This is because most people find themselves in managerial positions without prior training or preparation. Many fatal errors are therefore committed by such managers which negatively affect their organisations. It is therefore necessary for managers to read this book titled: “13 Fatal Errors Managers Make and How You Can Avoid Them”. It is written by Steven Brown, president of the Fortune Group.

    Brown says for many years, the Fortune Group and himself have been helping businesses to succeed and managers to manage. He adds that when managers fail, it is not because they cannot master numbers, but because they try to master people, manipulate them or ignore them.

    According to Brown, this book is for managers or anyone that wants to be one someday. He adds that it is equally for old managers and young people just starting their career as it is about perfecting one’s leadership and managerial skills by avoiding the common errors managers make with the people they manage.

    The book is segmented into 13 chapters based on the identified number of errors. Fatal error number one is refusal to accept personal accountability. According to Brown here, five prerequisites for business success are quality or unique product; proper timing; adequate capital; people resources; and effective management.

    He explains that if you lack the fifth element, that is, effective management, you will not have the first four. Brown stresses that this is because in business, everything begins and ends with management, adding that in order to work effectively, management must be accountable.

    Failure to develop people is identified as the fatal error number two. According to him, management has a major purpose: to provide for the continuation of the business over time. “Moreover, your permanent absence due to transfer to another position, retirement, poor health, or even death must not cripple the company. If it will, then you are neglecting your obligations as a manager,” expatiates Brown.

    In chapters three to seven, the consultant examines the fatal errors of trying to control results instead of influencing thinking; joining the crowd; managing everyone the same way; forgetting the importance of profit; concentrating on problems rather than objectives.

    Chapter eight is based on fatal error number eight, that is, being a buddy, not a boss. Brown says so often, managers want to be the employees’ buddy after hours, then come into the office and manage the following day. He stresses that the employees will not allow it. In his words, “It is an either-or situation: You must be the buddy or the manager. Successful hybrids do not exist in such a situation. Most managers have received advice through the years concerning how they should conduct themselves when in the company of those they manage. I believe that most of the advice is an expression of the personal convictions…of those passing on the advice.”

    In chapters nine to twelve, Brown X-rays the fatal errors of failing to set standards; failure to train your people; condoning incompetence; and recognising only top performers. He educates that if you take all the top performers in your industry and hire them for your company, at the end of a year only one person would hold the number-one spot.

    Brown adds that you cannot hire all the top performers, and you cannot build any department within a company with only top producers. He stresses that no matter how great your financial resources are, recruiting abilities or connections, you cannot achieve this.

    Chapter thirteen, the last chapter is based on the fatal error number thirteen, that is, trying to manipulate people. According to the author, “As managers we can change the attitudes of our people, but we must also take care in the methods we use to influence those on our staff. Good influences will add to the self-esteem of those on our staff and will make them more productive. Bad ones will cause the staff to feel manipulated, and production will be negatively affected.”

    Brown also looks at the sub-concepts of taking attitude into account; knowing your people; making management work; approaches to increased productivity; corporate philosophy, etc.

    Conceptually, there is no disputing the fact that brown has been able to display a high level of didactic prowess in this text, given the quality of his discussed ideas.

    As regards stylistic diagnosis, Brown’s efforts deserve commendation. The language is simple and embroidered with good word-ordering which enhances comprehension. Brown is also very creative in the way he handles his concepts, making everything interesting.

    He uses graphical embroidery to achieve visual reinforcement of understanding. The author includes “Fortune Action Contract”, an exercise section, at the end of every chapter to arouse readers’ active participation.

    In the words of Dennis Waitley, author of “Seeds of Greatness”, “In the flood of ‘success’ books, this is a stand-out in style … and applications…Brown gives us a needed dose of preventive management medicine.”

    However, fatal errors two and ten should have been merged because the concepts are similar.

    Do you want to become a great manager by avoiding fatal errors managers make? If you are responding in the affirmative, then this conceptually insightful and illuminating book is highly recommended to you. You need to read it and adopt series of strategies offered.

  • Risk managers advocate reform of legal system

    Risk managers advocate reform of legal system

    In recognition of the challenging security situation and the serious implications for the socio-economic and political development of Nigeria, the Risk and Insurance Managers Society of Nigeria (RIMSON) has reiterated the need for the implementation of its communiqué.

    RIMSON President, Mrs. Henry Akwara, disclosed this at the end of their meeting in Lagos.

    According to her, the communiqué seeks a law reform as the penalties for certain crimes are too low to prevent further occurrence.

    They also said there was the need for the government to support insurers to form pools and alliances on terrorism insurance to be able to underwrite the risk as it is the case in United States, United Kingdom and France.

    Besides, Akwara said there was need for synergy between Risk Managers, stakeholders and security agencies, where information is exchanged and worked upon to minimise security risks.

    She stated that rates of premium chargeable should be commensurate with the nature of the risks to be covered and there should be leverage on international brokers for cover at Lloyds on per risk basis (for large risk) while the local insurers’ retentions should be minimal regardless of the sum insured.

    She noted that response time in emergency situations is at present poor hence it should be improved upon.

    Also, “Security agencies should be insulated from undue political interference while government should sustain professionalisation of security services through improved training, strategic and tactical focus, intelligence gathering, increased numerical strength of security personnel, provision of additional logistics and requisite weaponry.

    “The risk managers also want clear policy guidelines on treatment of security risks like clarity of purpose and objectives,” she said.

    “Akwara further said that the communiqué urged the governments to exercise strong political will and commitment to tackle security challenges to logical conclusion, noting that the management of security challenges requires improved data base and effective utilisation.

    She said: “Thee government should concretise and domicile conventions and commitments entered into both at the UN, and AU levels including the evolution of political will to deal with terrorism.

    “We should be pro- active instead of being reactive. Appropriate counter terrorism actions should be taken promptly on intelligence reports. There should be massive campaigns and encouragement of the citizenry to expose criminals. Security agencies and the judiciary should evolve efficient means of proactively discharging their functions to curb criminal and terrorist activities.

    “The government should establish national counter terrorism framework and architecture upon which international support can lean and work with and engage the services of well trained counter terrorism operatives.

    “They should re-activate the disaster management trainees and establish rallying points for managers who should fit into counter terrorism infrastructure, reinforce the protection of national infrastructure against terrorist attacks.”

  • Ajimobi inaugurates 131 traffic managers

    Ajimobi inaugurates 131 traffic managers

    Oyo State Governor Abiola Ajimobi yesterday inaugurated 131 cadets of the State Traffic Management Agency (OYTMA).

    He urged them to shun corruption and ensure sanity on roads.

    The cadets were trained by military and paramilitary organisations.

    Ajimobi said OYTMA was created to ease traffic and ensure safety on roads.

    He said: “With this, we can safely say that Oyo State is changing for the better. We are proud of you all. We expect that you will live up to expectation and we will provide you with the facilities needed to make you effective.

    “This administration will continue to focus on job creation in ways that will improve the lot of the people. We will continue to employ those that are employable.”

    The governor urged the agency to continue to recruit people that are fit for the job and work closely with the Federal Road Safety Corps (FRSC) and other law enforcement agencies.

    He said: “For effectiveness, you must work with the police and the FRSC to enjoy the authority you deserve. Traffic management is a major problem today.”

    Ajimobi warned the cadets against taking bribe, adding that anyone caught doing so would be sacked and prosecuted.

    OYRTMA Chairman Col. Tayo Ishola (rtd.) said 131 cadets of the State Youth Empowerment Scheme (YES-O) were recruited by the agency.

    They comprise 96 men and 35 women, with 68 on Grade Level 06, 24 on Grade Level 07 and 39 on Grade Level 08.

    Col. Ishola urged the governor to approve the recruitment of additional 120 cadets to enable the outfit extend its services to some local governments.