Tag: Nigerian Newspaper

  • Foundation seeks protection of endangered wildlife

    By Jane Frances Chibuzor

    Nigerian Conservation Foundation (NCF), under the Egyptian Vulture New Life Project, joined the rest of the world in celebrating this year’s International Vulture Awareness Day (IVAD).

    The event was organised to increase awareness about vultures as being vulnerable, threatened and an endangered species.

    NCF Director-General Muhtari Aminu-Kano, represented by NCF Head of Communications Oladipo Soneye, described vultures as a group of large birds that provide free cleaning service, thus, saving people lots of money that would have been spent on caring for the environment. Aminu-Kano recalled that in October, last year, the Egyptian Vultures Team surveyed over eight local government areas in Yobe State, covering more than 1,436 kilometres, without sighting a single Egyptian vulture.  This, he added, would negatively affect the society as “we will no longer enjoy free ecological vultures and dead animals will pollute the water.”

    First Saturday in September of every year, though, has been set aside by the global body to mark IVAD.

    IVAD was marked across Nigeria, specifically at four vulture hotspots including Enugu, Jalingo, Sokoto and Ibadan.

    At Sokoto, the event which kicked off with a seminar, featured 300 participants drawn from Department of Forestry and Wildlife, Sokoto State Ministry of Environment; Veterinary Department, Ministry of Agriculture; Environmental Sanitation and Protection Agency; Pharmaceutical Association of Nigeria, Sokoto Chapter; Department of Forestry and Wildlife, Usman Danfodio University among others.

    A drama performance was also staged to drive home the importance of the message. School Conservation Club was inaugurated in the Department of Forestry and Wildlife Management, Usman Danfodio University, Sokoto. Mr. Abubakar Ringim, lecturer Department of  Sciences, Federal University, Dutse, Jigawa State,  delivered a lecture on threats and conservation/protection of Egyptian/other species of Vultures in Northern Nigeria in English and Hausa languages.  Meanwhile, the second day experienced a market rally to Sokoto Central Market. Key participants in the rally were 300 local natural resource users drawn from Associations of Hunters, Traditional Medicine Practitioners, Wildlife Traders and Crop Farmers within Sokoto and its environs.

    People’s response was positive and it was a good turnout as the event attracted about 450 persons.

    For Jalingo stakeholders meeting held at the Emir of Garba Chede Palace, the people were sensitised on the importance and need to conserve vultures in their locality.

    Also present at the meeting were Emirate Council, Chief slaughter (Sarki Pawa), District Head, representatives of the Fulani group, security agencies and youth groups.

    In Enugu, the IVAD was celebrated with two major activities-workshop and roadshow. The workshop which took place at Fidelma Hotel, Enugu, Enugu State had participants  enlightened on the species of vultures that can be found in Nigeria. There was a presentation of facts and figures about vultures, status of vulture population in Nigeria, causes of their decline as well as the implications, with emphasis on the Egyptian Vulture. The implication of the recent incident in Eke-Ihe Market causing the death of over 50 vultures due to poisoning was used to drive home the message. The event, which attracted over 150 stakeholders from related fields ended with a roadshow to artisan market. Mr. Paddy Ezeala, Dr. Stanley Ilechukwu and Mrs. Abidemi Balogun delivered the talks.

    Ibadan community started with visit to Iyalaje Eleweomo of Ibadan Land, Alhaja Asiri Amoo, who is also the president, Wildlife Traders in Ibadan – a major wildlife market hub. She reminded the market elders about the planned sensitisation workshop and to rally support for the success of their activities within the market.

     

  • From street trading to agriculture

    To overcome poverty, Ogbomoso-based entrepreneur, Debo Thomas, went from selling matches to building a successful cashew business. He is one of the young Nigerians who has found agribusiness lucrative, despite the many challenges of living in the rural area, DANIEL ESSIET, reports.

    Ogbomoso, Oyo State-based agro entrepreneur, Debo Thomas, can best be described as the flower that blooms in adversity. His is a quintessential rags-to-riches story, a compelling tale encapsulating struggle, hard work and undying optimism that led the man to where he is.

    His life is a tale of perseverance and survival. If you look at Thomas, you would find it hard to believe that, as a little boy, he sold matches in the market. This is a man whose picture at every point signifies heart-breaking struggles he went through. But he is thankful that they made him what he is. If that were the end of the story, it would be pretty depressing.

    Born to a financially-strapped family, his parents could only afford him a secondary education. The idea of doing business sparked only after he realised his parents did not have the funds to sponsor his education when he gained admission.

    He decided to fight his battle. With the N14,000 they gave him, which he realised would not pay for his first semester, Thomas decided he would put the money into multilevel marketing business.

    The multilevel business turned out a success. He made a lot of money; thereafter, he went into poultry business.  He started with 5,000 birds. As he had no prior experience, within days, all the birds were dead. He had to start from the scratch.  He learnt the way of dealing with life in a hard way. The hardship taught him the value of perseverance and made him think beyond the situation. He started selling used computers, travelling to Lagos to replenish his stock. His motivation: He saw a market need that wasn’t being filled.

    With nothing, he went into agri- land brokerage. He was selling acres/hectares of land.

    From the commission realised from sale of farm land, he started planting cashew on a few acres. He   proceeded into cashew-cassava cultivation, yam planting, cattle rearing, and then agro-advisory services. He had to learn everything from tilling the land to sowing the seeds.

    Wanting to waste no time in laying the foundation of his business, he bought more land over the next few years and hired labourers.  After five years, he has built a cashew farm enterprise on 500 acres, adding value while creating jobs and boosting the income of farmers and the community. The business has grown and become profitable. The business is known as Hastom Foods and Farms.

    To him, everything was a challenge. He had no clue about farming, but wanted to be in a position  to support Nigerians who are interested in absentee agro business. We are the pioneer of absentee farming in Nigeria, giving people the ability to invest in agriculture in the comfort of their homes while getting records of the progress of their properly-managed farms.“

    He believes the agric sector has a huge opportunity, and is about start-ups’preparedness to take risks.

    Thomas shares some characteristics with successful agro entrepreneurs: a passion for farming and an understanding that there is no substitute for hard work. He said: “I have learnt to identify opportunities and build on them.”

    For him, the future belongs to the rural areas. Harnessing this potential, according to him,  has become all the more urgent given that Nigeria still spends billions of naira on food imports.

    He is campaigning that agriculture and rural development become priority by transforming rural areas into economically-prosperous areas. He says the focus is agric entrepreneurship.

    His message to aspiring entrepreneurs, is: “Don’t stop dreaming big or taking risks.” He continues to see opportunities just about everywhere, and is bullish on the entrepreneurial climate in Nigeria. In what sectors does he see the greatest opportunity? He thinks cashew processing is a huge industry for entrepreneurs.

    He has an incredible vision for his business and hopes to grow his farm. For him, the journey to impact has just started and he encourages others who have chosen the path of entrepreneurship not give up. “No matter how long the road might seem, if you persevere, it will all work out,”he said.

    He believes that there is a reason behind the peaks and valleys in life.

    His belief in turning every situation into an opportunity has brought him to where he is.

  • ‘African countries should diversify investment’

    South Africa-based Nigerian George Beke has harped on the need to apply business-proven approaches to grow Africa’s creative industry.

    The founder and CEO of Geobek Entertainment, a pan-African entertainment and music consulting company, revealed this in Gaborone, Botswana, at the weekend. It was  at a two-day conference hosted by Showbiz Entertainment Africa (SEA BW), an organisation which seeks to educate, empower and epitomise talent as a business.

    Beke, who spoke at the conference which had in attendance Botswana’s Permanent Secretary in the Ministry of Empowerment, Sport and Culture Development, also advised African countries to consider diversifying their investment portfolios through their creative industries.

    The film, TV productions and communications graduate from the University of Johannesburg also said there was room for growth in Botswana’s creative industry if everyone in the entertainment business was exposed to business-proven approaches, trends, market disruptions and other strategic challenges.

    “The best way to make it out there, is to stick to the originality of your content do not try to copy anyone,” Beke said.

    “One can also benchmark to people who are already in the industry and ask for help. Being able to look at yourself and the market objectively and understand how you fit into the market in order to be able to push yourself forward.”

    According to him, Botswana’s entertainment and creative industry has potential to significantly contribute to the national economic growth, thus taking advantage of such industry developments was vital at this stage.

    Beke also noted that constant training, mentorship, affiliation, policies and funding from relevant stakeholders were all necessary ingredients to boost Botswana’s promising industry, adding that such had been proven right in countries like Nigeria, Tanzania, Ghana and South Africa.

    “Creative minds crave to showcase their ideas but they are challenged by insufficient resources to turn these ideas in to content for the already existing global market,” he said.

    “One might argue that this is not only an issue to be addressed by government, but also an opportunity for Botswana’s business sector to consider in diversifying their investment portfolios.”

  • Unveiling Akande’s phenomenon

    Chief Adebisi Akande is one of Nigeria’s most prominent and highly revered politicians.  He has been Deputy Governor of Oyo State, Governor of the State of Osun and at different times Chairman of four different political parties notably the Alliance for Democracy (AD), Action Congress (AC), Action Congress of Nigeria (ACN) and the All Progressives Congress (APC).

    He has also been a councilor in his local government area and as far back as 1977, got elected into the Constituent Assembly.  Although he was governor for just one term, his tenure in office has remained a reference point in purposeful governance not just in the Southwest but in the country at large.

    The book aptly titled, The Bisi Akande Phenomenon? chronicles the monumental achievements recorded by this great man within a short spell of time.

    This book edited by Prof Lai Olurode of the University of Lagos and Associate Prof Dhikhrullah Yagboyaju of the University of Ibadan is indeed a data-bank of the records of the innovative and impactful changes that Chief Bisi Akande brought into the political and administrative landscape of Osun.

    What is of greater significance in the book is not just the richness of its content, but also the fluidity of the presentations put together in 10 chapters.  The seven scholars that contributed chapters to the book present us with an X-ray of the unusual governance style of Chief Bisi Akande who in Chapter 8 has been rightly described as a “rebel” in Government House.

    Although Chief Akande is a politician, he belongs to a different breed of Nigeria’s political class that sees politics not as an end in itself but a means of bringing the greatest good to the greater number of people in the society.  His unusual type of politics has even earned him the label of an “Accidental Politician” (see p.188).

    A transparent and unbelievably honest individual, Bisi Akande according to the authors, is no attention-seeker or political opportunist, but a dyed-in-the-wool Awoist who believes in pragmatic and visionary leadership as well as using politics to provide service to humanity.

    His exemplary performance in office has been recommended to the nation’s politicians as a typical demonstration that in Nigeria, it is possible for politicians to place society above self.

    The book divided into 10 chapters opens with a foreword written by Prof. Olu R. Aina. Prof. Aina in the foreword details his relationship with Chief Akande and how Chief Akande was drafted by his party, Alliance for Democracy (AD), to become the Governor of Osun State, highlighting once again his selflessness and simplicity.

    Chapter 1 written by Prof. Olurode introduces readers to the book and sets the pace for more interesting contributions that adorn subsequent chapters.  In this chapter, Prof. Olurode takes us through the journey of how the idea of the book was conceived with the intention of throwing a spotlight on what appears like an isolated case of excellence in governance archetype by the uncommon achievements of Chief Bisi Akande in government.  Prof. Olurode and Dr. Yagboyaju assembled other scholars to look for a “success” story rather than the usual tales of failure that abound in our political environment

    Chapter 2 written by the same author provides the theoretical framework that guides our understanding of the concept “phenomenon” and explicates the policies and actions of Chief Bisi Akande in government that make him truly phenomenal.

    In each of the chapters, the contributors to this book employed research questions and appropriate theoretical tools for their analyses and carried out survey that provided data used to draw empirical conclusions.  Chapter 2 gives practical reasons to explain the Bisi Akande Phenomenon in government.  These include his creation of what amounted to “pockets of efficiency in the midst of daunting decay” or” a pocket of ethical island in a sea of scoundrels” (Olurode, 2009).

    Unlike many politicians in our clime, Chief Akande evinces the belief that governance is far more serious than politics.  He was not one to abandon a policy because of second-term considerations, neither was he given to an ostentatious lifestyle in or outside government.  He did not give recognition to the office of the first lady because of his belief that it is unconstitutional and quite uncharacteristic of our governments, he maintained a surplus budget throughout his tenure. Indeed, he managed the state’s resources so prudently that at the close of 2002, the state recorded a budget surplus of N510 million.(p.27).

    Chapter 3 written by Dr. Yagboyaju discusses Governance and Politics under the Akande administration.It further reinforces the opinion that what stands Chief Akande out is the prioritisation of governance over politics as earlier suggested in Chapter 2.The chapter also discusses in detail Chief Akande’s political philosophy which is drawn from Chief Obafemi Awolowo’s “democratic socialism”.  The environment in which Chief Akande was born dictated the greatness that he now symbolizes.  Born of poor parentage and trained first as a teacher and later an accountant, he was imbued with the principle of honesty and love for the poor.

    His philosophy is “encapsulated in the principles of humanism – others before self and progressive politics” (Oyeweso, 2011). Part of his philosophy is to dispense justice, be fair to all and do what is right at all times. According to him, in taking critical decisions he always asked himself the question “Kiloto” ( meaning what is right) and “Kilogba” ( meaning what is expedient). He said he often chose to be on the side of “kiloto”. (What is right). Chief Akande’s philosophy has inculcated in him a frugal life-style that he brought to bear on the administration of the state of Osun between 1999 and 2003.  He implemented the 4 cardinal programmes of his party, the Alliance for Democracy (AD) without borrowing a dime throughout his tenure.  It was prudent spending that made him to implement successfully his party’s programmes of free and qualitative education at all levels, free medical services for all, maximum and integrated rural development and full and gainful employment for all.

    When Chief Akande assumed office, he inherited a debt of over N2 billion but left no debt for his successor.  Within the first two years of his administration, he built classrooms, established new science schools and several technical colleges.  This very book has documented the numerous achievements of Chief Akande in government which stand him out as an indomitable spirit, a bold and courageous leader and above all a humanist per excellence. By the end of his tenure, the administration had completed and commissioned over 2,000 projects which included roads, hospitals, schools, rural housing as well as electricity and water supply.(p.26). He taught us a lesson in prudence during his tenure as Governor when he reportedly received the sum of N1.5million from the Federal Government through the Universal Basic Education Commission to construct one classroom while Chief Akande chose to use the same amount to construct three classrooms without mortgaging standards. Another typical example is the case of the Ede water project which some of Chief Akande’s predecessors in office had earmarked for repairs (precisely desilting) at a staggering cost of $300million. Chief Akande at the end of the day completed the same repairs with a total sum of N74million which was less than $1million at the time.

    The Akande administration within its first 2years established science secondary schools across the state, built 40 classrooms and rehabilitated many others. By the end of the 4th year, six schools of science had been established in addition to the existing 3, three Unity schools were also established in Osogbo, Ejigbo and Ikire, while 7 technical colleges were established in addition to the existing two. In the health sector, essential drugs were provided in all government- owned hospitals across the state at a cost of N8million per month. By August 2001, the administration had established hospitals in Ikire, Ora, Ilobu, Esa Oke, Iragberi, Kuta and Ile-Ife while the hospital in Osogbo was upgraded from a 20-bed to a 60-bed hospital. Between 1999 and 2003, attendance of patients at the hospitals increased from 96,695 to 660,000. In the area of rural development, moribund water projects across the state were resuscitated while 90 deep wells and 276 boreholes were sunk. The government also completed the National Water Rehabilitation Projects at Ikirun/ Eko-Ende and the new Ede waterworks water project.

    Chief Bisi Akande has shown us all that man’s legacy to mankind should not be in terms of what he is able to acquire in a material sense for himself but what you can give to your people and country.  Chief Akande’s legendary prudence has been attested to by no less a personality than Asiwaju Bola Ahmed Tinubu who once said:

    Two traits marked out Chief Akande as Governor: frugality with government funds and putting others before self.  This twin-quality came under his ascetic nature, which gives little or no room for waste or flagrant display of opulence (cited in Oyeweso, (2011)

    The Jagaban is in a position to know. Chief Bisi Akande’s integrity and bluntness became so legendary that he was given several appellations by the people. The Late Oluwo of Iwo, Oba Ashiru Tadese named him “Aiyekooto” (people hate the truth) while some others named him “Otitokoro” ( meaning the truth is bitter).

    Chapters 4 & 5 written by Ify Igbokwe and Adeniyi S. Basiru respectively, highlight the non-discriminatory nature of Chief Akande’s policies and programmes in the way they affected indigenes and non-indigenes in his state.  At no time were non- Osun indigenes discriminated against in the implementation of all of his emancipatory policies and programmes.  The book focuses on his welfare programmes in chapter 5 showing that he embarked on the construction of rural houses for workers, teachers, health workers, etc. (building about 126 units in less than 4 years) while completing more than 300 kilometers of roads within the same period. Within four years, the Bisi Akande-led administration in Osun completed the construction of a state secretariat complex of 33 blocks at Abere in the state capital as well as a new Governor’s office named after Late Chief Bola Ige.  The Governor’s office, one of the best of its kind at the time, occupies about 97,600 square metres of land, with 560 office spaces and 167 toilets. The administration encouraged the use of local materials and largely used local contractors for virtually all the jobs it gave out. The new government secretariat was constructed at a relatively low cost of N3billion while the Governor’s office was built at a cost of less than N2billion. The construction of the secretariat made it possible for the state workforce to have offices they could call their own and also helped in saving for government about N400milion which it annually expended on rent paid by government agencies. In a bid to curb the usual sharp practices in contract awards, Chief Akande ensured that contracts were awarded to contractors without paying them any mobilisation fees. This unique form of executing contracts enabled government to pay only for jobs that had been satisfactorily done.

    Amidu T. Raheem in Chapter 6 titled “Bisi Akande and the Limits of Ethical Governance” X-rays one of the legacies of Chief Akande which is the Civil Service Reform.  It was a conscious attempt to rebrand the Osun State Civil Service by creating new value system and work ethics, improve the efficiency and effectiveness of the Civil Servants in service delivery and reduce corruption by blocking all sources through which such sharp practices occur. (p. 134).  Chief Akande himself diagnosed the afflictions of the Civil Service that he inherited as follows:

    “Instead of the traditional commitment to hard work and dedication to duty, Civil Servants have become desperate favour seekers, unrepentant petition writers and blackmailers.  The oath of secrecy is thrown to the winds and photocopies of sensitive, classified documents can be seen in the hands of groundnut sellers. (p. 137)”

    Consequently, Chief Akande decided to right-size the workforce and restructure the Civil Service.  In all, over 3,000 workers lost their jobs in a gale of retrenchment that earned Chief Akande more enemies than friends.  Although the book provides justification for this step in the light of the state’s dwindling resources and the bloated workforce, the jury is still out on whether the step taken was the best option available in the circumstance.

    Clearly, this shows that Chief Bisi Akande in spite of his phenomenal achievements, legendary courage, simplicity, asceticism, frugality and transparency is human after all and is therefore not infallible.

    Chapter 7 written by Aituaje I. Pogoson and Moses U. Saleh discusses Gender Issues and Governance in Osun State, 1999 – 2003.  It raises theoretical posers about gender issues and democratic governance.  It states that democracy that fails to address gender concerns is but an empty shell.  The authors insist that women representation in the Akande-led administration was grossly inadequate, with only one female Commissioner in a cabinet of 10 members.  They also linked the non-recognition of the office of the first lady to lack of sufficient gender sensitivity.  However, the authors hold the view that government policies and programmes were non-discriminatory and benefited all citizens regardless of gender.

    Chapter 8 presents Chief Bisi Akande as “a rebel in Government House”.  It situates its analysis within the context of Nigerian politics characterized by what Peter Ekeh describes as the “two publics” as well as Richard Joseph’s “Prebendalism”.  The authors, Azeez Olaniyan and Akeem Bello see Chief Akande as being a Nigerian politician of a different kind.  He is presented as a man who did not play politics of expediency (even when second term election loomed).  They identify what characterizes him as a rebel,5 to be : personal simplicity, straight talk and bluntness, abolition of the office of the first lady, rightsizing and downsizing of workforce, direct labour system, confrontation with the labour unions and traditional rulers and insistence on accountability and due process, refusal to favour his kinsmen and religious groups and insistence on party supremacy. (p. 181).

    Chapters 9 & 10 written by the co-editors represent a befitting conclusion to this very seminal and highly readable book.  The Chapters reveal that Chief Akande is a man more sinned against than a sinner.  They revealed that his loyalty to his party and his belief in party supremacy was what made the composition of his cabinet so lopsided in terms of women representation.

    The authors of the chapters reiterate Chief Akande’s glowing qualities – his humane and courteous disposition, his zero tolerance for opaqueness, his humility and personal distaste for abuse of trust.  However, in chapter 10, the authors raised concerns about Chief Akande’s neutrality in the intra-party crisis that preceded the Governorship election in Osun in 2019, his unexplained silence on the crisis that trailed the July 2017 senatorial election within his party in the state, as well as his seeming “sommersault” on the vexed-issue of restructuring about which he had even written a book in the past.

    As earlier stated in the foreword by Prof. Aina, the story in this book is not about a man who is infallible.  It is about a man “who was willing to take responsibility for what he believed in and who worked hard to lead the kind of life that would make Osun State a better state than he met it” (p. x).  Chief Akande may not be a perfect man, but he has emerged from this book as someone who having no need to fear man, has through an unflinching devotion to duty and translucent love of country, fostered happiness and the good life among his people.

    The lesson for us all as the book clearly depicts, lies in the memorable words of Henry Longfellow who wrote in “The Reaper and the Flowers” that: ‘Lives of great men remind us all we can make our lives sublime, And, departing, leave behind us footprints on the sands of time.’

    This book of ten well-written chapters is a must-read for all those interested in the study of Nigeria’s history, politics and governance especially in the 4th republic. It should be a companion for our politicians who will need to emulate Chief Akande’s modesty both in and out of office.  They must strive to learn lessons about loyalty to party, loyalty to ideology and loyalty to the people.

    Governors in particular, must learn from his belief in party supremacy as the best way to guarantee political stability.  If the appropriate lessons are learnt, our politicians of the moment, cutting across political parties, must begin to revive the party system such that every individual, from the President to the Governor, would be subordinated to the authority of the party.

    The structure for administering the political parties such as the National Executive Committees, National Working Committees and the Boards of Trustees must be given a kiss of life.  It is only in this context that our democracy can survive.

    Finally, I wish to propose that some of the chapters in the book should be merged to make the book more compact and avoid overlap.  A situation where more than 3 chapters reproduce basically the same data on Chief Akande’s achievements, as presented on pages 90-92 and pages108-113, should be avoided.

    There is no doubt that this is a well-researched and well-written book that showcases a Nigerian with a difference, a phenomenal politician, a man of ebullient and impeccable character, a man of modesty, a man whose word is his honour, Chief Adebisi Akande.

    It is my hope that scholars, politicians, administrators and journalists would ultimately find this book to be a useful companion in their search for the Nigerian of our dream.

     

     

     

     

  • Making fortune from forex

    Patrick Ogagbor is an ex- banker-turned fulltime foreign exchange (forex) trader. He also coaches aspiring forex traders.

    While working in the bank, Ogagbor looked into ways to make extra money.

    After many months of researching, he decided to take the leap of faith by focusing on forex.

    His attraction is the $5.1 billion-a-day global foreign exchange market.

    The primary reason is that he gets to choose the time and place he wants to trade. Since he started, he only needed few minutes to look for setups and enter a trade. All he needs is an internet connection and a laptop.

    After making a success, Ogagbor now equips people with trading and investment strategies that help them navigate the complex financial markets. He has trained many Nigerians who get at least 20 per cent return of their investment in six months. Others gain 10 per cent of their capital monthly.

    His goal is to train traders to make profits relatively quickly by using their skills to take advantage of the price volatility in financial instruments that they buy and sell. He wants to see Nigerians trading forex, leveraging their trading positions to increase their exposure, and hence potential returns.

    Because trading is considered riskier, Ogagbor said the market requires skills and that there are good returns for successful traders.

    He explained that being a successful trader is not easy and that a person needs to be knowledgeable in the instrument(s) that they are trading, and to be familiar with the markets they are in. They also need to have the right attitude towards trading.

    To become a profitable trader, he said one must master a strategy, the psychology and the risk factor. In addition, he said a trader must put in the time and effort to gain the experience and knowledge in a strategy.

    According to him, new traders are lured by the success stories they hear in the marketplace. He noted that for every success story, there are dozens of heartbreak stories they do not hear. He added that some traders think they can be profitable by just watching a few videos online or reading some books. He said forex trading is a professional endeavour. To succeed, he said starters should get a good mentor and hav a good trading system.

    Instead of focusing on making money, Ogagbor advised traders to focus on the process and routine, and then refine their strategy along the way according to their personality.

    He added that a common mistake is hopping from one trading strategy to the next after a few losing trades. The cycle, according to him, keeps one in an endless race to find a perfect system, which doesn’t exist. Instead, he advised   new traders to find an approach that suits their personality and their goals.

    What are the services he provides? “We run signals service, copy trade, fund management and online courses. Signals service is subscribed for on monthly bases, with entry point, stop loss and take profit target.

    Many are on this service at the moment. Copy trade is a remote trading technology, that allow us to take trade via this technology on a master trading account and it will copy automatically on your computer or laptop without you lifting a figure. It does not matter if your computer is on or off. Trades will be running while you’re sleeping. We do all the trades while you bank the profit.  No profit-sharing formula here. All you need to do is subscribe. “Fund Management service is also subscribed to, here there is profit sharing and risk on trade and account must be agreed upon and an MOU signed with term and condition applied. You will need the power of attorney, before we can start trading on your account. This is for very busy executives, informed investor etc.

  • Business conference for China

    Abusiness matching investment conference and exhibition aimed at boosting trade relations between Nigeria and Asia  will hold in Beijing, China from  October 12 in China.

    The five-day conference and exhibition is organised being organised by Asian–African Chambers of Commerce and Industry (ACCI).

    About 50 small medium enterprises (SMEs) from Nigeria will meet their counterparts across Asian continent.

    A member of the board of ACCI Nigerian chapter, Mr Arinle Adekunle Ahmed, said the SMEs, which are members of ACCI in Nigeria, will engage with the China Association of Small and Medium Enterprises (CASME).

    Arinle said: “It’s a conference where we will be bringing people across different sectors-textile, engineering, farm produce, construction, and fashion,  among others, in both Nigerian and China, match them together to look at each country’s comparative advantage.’’

    Through that, we hope to generate an agreement whereby those in Asia will also come down to Nigeria where the two parties can now engage in joint business,” said Arinle who is also the Chief Executive, Rinllandded Nigerian Limited.

    “What we hope to achieve through that is to boost foreign reserves in Nigeria. Usually, what we have is investors coming to set up business in Nigeria, make profit, but plough it back to their countries of origin. However, through this matchmaking, everything remains in Nigeria. We are starting with 50 SMEs this year, we hope we can double that figure next year and make more progress in subsequent years,” Arinle added.

    According to him, one of the major problems affecting the survival of SMEs is poor power supply. To this end, Arinle said ACCI is currently in talks with some of its partners to set up  incubator zones across the nation’s six geo-political zones.

    “We are talking with some of the state governments to set up industrial incubator zones,” Arinle said.

    He continued: “The idea is that when government provides land, we shop for investors that will provide solar or hydro power energy at the various incubator zones. Once we have that, we encourage SMEs to move to those zones since they will enjoy consistence power supply.  Overall, this will generate more jobs, increase production capacity, while the process of goods produced at such zones will be relatively lower .”

  • ‘Banking technology can drive insurance growth’

    Can banking technology drive insurance sector to bring more people into the financial system? Head of Research at Coronation Merchant Bank Limited, Guy Czartoryski, says it is possible. Speaking with COLLINS NWEZE, he said the technology deployed by banks to get 38.5 million Bank Verification Number (BVN) registered customers can be used to deepen insurance penetration. What is needed is more investments in the insurance sector, including industry recapitalisation and right regulation. For him, as more technology is deployed to push the insurance business up, profits will follow and the economy will benefit.

    Can banking technology be deployed to increase the customer base of the insurance industry? If so, what sort of technology do you think can be used to boost the activities in the industry?

    If you look at the bank numbers, their fees and commissions are growing quite quickly because people are using Unstructured Supplementary Service Data (USSD) code on their phones. If you look at the Telco industry, it is the star of the Gross Domestic Product number because the Telco industry is going up about 11 per cent year on year on the back of the deployment of this technology. In my view, insurance companies can use technology to increase their penetration and coverage similar to the banking industry. There are lots of channels, such as mobile banking, whereby using mobile apps,  which banks use to reach out to a lot of customers. That sort of digital platform for insurance would go a long way for the insurance companies. Many people do not go into banks anymore. This sort of technology development can also be used in the insurance industry to increase the penetration. Using mobile channels, using internet platforms as a way of increasing awareness, boosting the brand and customer appreciation requires a lot of investment and that is why a lot of insurance companies have not been able to make those investment. So getting more capital would increase that process of getting access to customers directly.

    How convenient is this, considering that insurance does not have all the resources given that with the apps there is a pool of funds for the customers giving them options to choose the transaction they want to do?

    The usual way is to go to their office to fill a form. But now I can do that using my mobile app instead of me going to their office, which is the kind of technology initiatives we are talking about. If I want to do my car insurance, I can also do it using my mobile app rather than going to the office, looking at convenience. By using technology, it increases the penetration and usage. Also, constantly using all sorts of tools, using social media and you are always seeing this product it increases the awareness of insurance and trust.

    You mentioned that banking technology can drive insurance, so what is stopping it? Is it regulations or the sector is not ready for it yet?

    If you are an insurance company, you cannot walk into a bank and tell them to sell your products. For that to happen, it takes a lot of education. If you go into a bank saying I have got this great idea to sell insurance, you would get a good response but you will put a lot of debt in your infrastructure. For a bank to sell the insurance product, you will need a sales team within the bank to actually do it or at least incentivise your existing sales team to sell, which is hard to do. Although there are some markets where bank insurance works and some that it does not work. It works well in France while in the United Kingdom, it does not work. In terms of the regulator, an insurance company can only use two banks as its partner, and banks can only use two insurance companies as its partner.

    It is expected that at the end of the recapitalisation exercise, the companies would reduce from 59 to about 25, what are the indicators we are likely to see?

    One of the main discussions is to list  the other companies and we list the ones that are in capital raising exercises and assume the others cannot raise capital which means they would be bought or merged. It is kind of a guess work, but it is a question of how deep the pockets of the share holders are. Let us say 10 billion for a non life. Capital could mean only your paid up capital, it could mean your paid up capital plus your shared premium account, it could mean your paid up capital plus your shared premium account plus your retained earnings, or it could mean your paid up capital plus your shared premium account plus your retained earnings, plus your reserves with equal share holders funds.

    For instance, in 2020, there is likely to be a lot of money in insurance. The challenge is where this capital is going to be used. If you look at the purchasing power of average Nigerians, who are supposed to take insurance policies, they are mostly concerned about basic needs. So, where are the insurance companies going to deploy this money?

    If a research team goes out to conduct a market survey in outer parts of Lagos and they understand what the consumer is doing, asking the five things people want, insurance would not be one of them. So, insurance is not a product you can just advertise and sell, it does not work like that which is why micro insurance is wonderful in a way. If you are selling a micro insurance product with something like a Telco which everyone uses and you put a small slice as the Telco fee as the insurance premium, then you can grow it successfully and familiarise people to the market with that at the same time. You cannot put up advert boards and advert campaigns telling people to buy insurance. It is different for pensions because we see people paying pension advancements but insurance does not follow that rule. Therefore, I do not think people would be able to take out money from their account to pay for insurance. Making some sort of insurance mandatory is a better way of doing it. In terms of what a lot of the companies would spend the money on is most likely technology because you are going to create systems that would service a lot of clients.

    How can we address this issue of trust in the industry?

    Trust is very essential in the banking industry as well as insurance. Learning from what happened in the pre 2004 consolidation era, you could count the number of people that had bank accounts because a lot of players and a lot of people had witnessed banks in distress, making people lose interest in banks. Post consolidation, the banks reduced from 89 to 25 banks. Presently we have bigger banks with large balance sheets, huge capital for them to reach out to a lot of customers in order to create a lot of trust and we have seen a massive increase in financial inclusion. For example, Access Bank before 2004 had just about 200 retail customers but now it is about 14 million customers and it is growing by  the day. This is the type of effect we are expecting in the insurance consolidation. There are currently about 59 players and the reason people are not patronising insurance is as a result of lack of trust issues such as, them getting paid when the insurance policy matures. By the time the numbers of layers in the industry reduce and we have strong firms in the insurance industry that have huge capital base they patronage in the sector would develop.

    What is the interest of Coronation Merchant bank in the insurance industry. Secondly, the capital base of micro insurance operators as specified by the National Insurance Commission is low. So, it is not enough for them to deploy infrastructures to address the issues? 

    There are numerous ways to make sure banks can service an insurance company. It is all about liquidity, insurance companies are liquid and they can help manage it. Your liquidity might be in the wrong currency, because if someone smashes up their car you cannot go and completely repair it in naira because some of those spare parts are in dollars. Hence, that business inevitably is going to go to a bank. The approach we have had here is to have a separate licence and what I do know is that when you run micro insurance you can either have it in a separate licence which means that capital has to service that particular activity. Also I think you can have a lot of involvement, if you go into Linda Gate’s Foundation site or UK AIDS site, you would see a lot of these people are interested to support us, so you might be able to leverage that capital using Development Finance Institution’s foundation institutions data to find institutions and foundations that are active and willing to support.

    Looking at the trust you mentioned, it is a factor that is pulling down the sector so what do you have to say about using slight technicalities to deprive owners of claims?

    The profile of insurance companies is increasing in terms of trust, what you are referring to is how people refer to insurance companies in the past, in the last decade the regulators, National Insurance Corporation (NICON) has worked on this and with the help of the Insurance Brokers as well we are seeing the technicalities you have mentioned and insurance companies have become more responsible in meeting up claims.

    I do not think it is a major problem like it used to be, and that is why I am saying that the insurance industry has been plagued with this lack of trust issue. There is a lot of work that needs to be done to ensure there is a cleanup concerning this but to be honest in the last couple of years, the issues of not being able to make claims have reduced NICON alongside insurance stakeholders  have worked effortlessly to tackle it. I remember in the year 2000, to make insurance claims could take up to two to three weeks, now it can last for two to three days to make claims, and it is increasing which is what this consolidation would further increase because now you have more bigger players in the industry and the time of claims settlement would also be shortened; also, with the risks appropriately priced there would not be any issue meeting up claims so these are the technicalities that have reduced. People still have the old picture in their minds not knowing there have been drastic developments which is going to improve over the years.

    What is your view on the government’s patronage in the insurance sector?

    The government has numerous assets, such as fleet of cars, properties, which is a different scenario when you have a single car or property which makes more sense for you to insure. If you own 3000 cars you do not insure because you have other cars. The more access you have to a particular asset, the less reason for you to insure them. However, I believe that most governments in the world should have a mandatory insurance policy on all government cars, properties, businesses the same way they insure employees.

    I do not think it is a matter of trust, in my opinion I think it is a due to government bureaucracy.In the past, a lot of insurance companies used to write insurance on credit and there used to be a lot of receivables in the books of those insurance companies. We all know about the delay of government to pay up on insurance but now there is a policy of no premium no cover which means the days of receivables are gone. Even if the government by virtue of their policies needs to insure their assets but due to bureaucracy in payment, the asset that should have been insured in 2019 would extend to 2020 and by that period the insurance would have relapsed and that is why there has not been an increase in terms of government patronage in the insurance industry.

     

     

  • Making a living from skincare

    The challenges of many women is how to manage their skin. Debbie Ibiyemi, a Computer Scientist, has set up a skincare firm to attend to their needs, DANIEL ESSIET reports

    Debbie Ibiyemi is the founder of a skincare start-up. A graduate of Computer Science, she is not a stranger to the business. She joined the industry as a make-up artist.

    She had seen many Nigerians struggling with their skin. She researched various ingredients and tried many brands; eventually, she found solution to their problems.

    This was what inspired her to launch her business with the objective of educating people about skincare products.

    She said: “I studied Computer Science in the university, though I didn’t practise for long. Then, I  became a make-up artist for about six months before launching my skincare business.

    “My major challenge was lack of skincare education. I am a career-driven woman and I hated the fact that people saw skincare as a roadside business for women who are not that serious in life. I wanted to make a difference and the only way to do so is to study the skin. At that time, standard skincare training was scarce in Nigeria. It is still scarce but a bit better than before.”

    Her company started modestly, selling products from her home. She learnt the nuts and bolts of setting up a skincare business. Months later, she had formulated a range of products for sale.

    Her words: “In 2011, I started the business alone. I was only making natural products and selling. I did this for a year and then employed someone to dispatch my goods to several parts of the country. After I became an esthetician and specialised as a skin consultant, I decided to start teaching people safe and effective methods to take care of their skin and this birthed the skin business boot camp, a Facebook community of almost 11,000 members.

    “I went on to create online master classes on various aspects of skincare and the classes have graduated about 4,000 people in 14 months. The people have gone ahead to start their skincare businesses. Some who had businesses have also, via the training, improved on their products and services.”

    On the state of the business, she said: “It is no longer just me. We have virtual assistants who help with content, brand and media strategists; and very recently we launched a special marketing squad to render services to our online community members who have started their businesses, or are about to.”

    The beauty entrepreneur said one reason she has been successful was because of her commitment to her work. She believes it takes a certain mindset to succeed. “If you accept the word ‘fail’, you stop trying. If you never accept the word ‘fail’, you never stop trying; so you go on until you achieve success.”

    A vital part of the mentality is the refusal to see problems as setbacks.

    On her success factors, she said: “One of the things that have helped me achieved success in this business as I said is access to proper skincare education. Skincare is beyond learning a few recipes. It is a full system that you need to learn its language, understand it and communicate to each skin you meet appropriately and this is what I have dedicated myself to give to everyone that comes in contact with me.”

    In the nearest future, she sees a Nigeria where everyone is aware of their skin needs and ready to apply safe skincare practices.

  • Three gas plants shut in Akwa Ibom

    The Eket Field Office of the Department of Petroleum Resources (DPR) has shut three illegal gas plants in Ikot Ekpene Local Government Area of Akwa Ibom State.

    The Operations Controller, Tamunoiminabo Kingsley-Sundaye said the gas plants were shut last week.

    He said: “Last week in the course of our surveillance, we noticed three illegal gas plants within the Ikot Ekpene axis. These plants do business despite the dangers they pose to people’s property, environment and life.

    “Before the DPR will give you approval or license, there are certain engineering standards you must achieve. You just don’t come and run a facility; you must have an international standard because it is a business governed with same code and standard.” Kingsley-Sundaye said the department had written to the Nigeria Security and Civil Defence Corps (NSCDC) to enforce law and order in the illegal plants if operational.

    He explained that any owner who does not comply with international standards would be arrested and possibly prosecuted. He also advised owners to ensure their plants meet up the minimum standard and guidelines of doing business in the state.

    The Operations Controller appealed to owners of gas plants to get details which gives impetus to DPR in order to grant them license and approval to operate.

     

     

  • The people’s hero kicks off

    Audiences are being thrilled to a rich and colourful experience of entertainment and culture on MTV Base as The People’s Hero talent hunts kicked off on Saturday.

    The show, which will be repeated every Wednesday, is an initiative of Hero Lager Beer, an International Brewery Plc brand.

    The Senior Channels Manager for Viacom International Media Networks Africa, Solafunmi Oyeneye, said after a series of thorough and transparent auditions in Enugu and Owerri, which attracted almost 2,000 youths from every city in the Southeast and Southsouth, the final 20 with talents in singing, dancing, the spoken word and acting have been selected. They and are in the house to contest for the grand prize of N7 million and the consolation prizes of N2 million and N1 million for the first and second runners-up.

    Solafunmi said the broadcast began with episodes of the pre-audition activations across five states in the Southeast and Southsouth. The subsequent episodes will feature the auditions in Enugu and Owerri. She described the auditions as intriguing experiences the audience cannot afford to miss. According to her, the massive turnout of raw talents and deep knowledge of culture by youths, as displayed during the auditions, were breathtaking. She noted that throughout the auditions, it was impressive to see how youths were proud to celebrate their culture.

    Assuring audience of a thrilling experience, the Marketing Manager, Hero Lager Beer, Mr. Obumneke Okoli, said the show promises not only to be entertaining and exciting, but also to further educate the populace, especially those from the Southeast and Southsouth, on the relevance of their culture to modern live.

    According to him, it is amazing to see our young ones demonstrate a detailed understanding of the Southeastern culture in diverse contemporary styles. He reiterated that The People’s Hero TV show is a platform to celebrate the culture of the people as well as giving opportunities to young talents to express themselves along the skills of singing, dancing, spoken word and acting.