The Nation Newspaper

Tag: products

  • How small businesses can survive tough economic times

    It is no news our economy is troubled. The removal of subsidy, the exchange rate, the price of tomatoes! It seems like the external pressures keep piling up and we are all forced to adjust to our new reality. And while the price of everything is on the increase, income remains stagnant while business revenues are declining.

    The economic crunch is undoubtedly here with us requiring survival strategies by all.

    The big companies seem to have advisers who teach them how to handle and survive in this economy, but what about small business owners? Here are suggestions for small business owners on how to cope with the economic situation in the country.

    MONITOR EXPENSES

    As a small business owner, you should make sure your business makes more income than expenditure . That is the essence of business.

    You should monitor your expenses to know exactly which aspect of the businesses more money is spent on. This can be done in various ways depending on the size of business and the accounts being monitored. Expenses can be monitored from the use of apps to trusted professionals.

    Since in a tough economy, everyone is looking to cut costs. It is possible that the service or goods you offer is being cut out of someone’s budget. Because of this, you have to ensure your company is only spending on necessary things.

    After monitoring expenses, ensure you save money by reducing all non-strategic costs such as office supplies, administrative fees and others. If you decide to keep production budgets low, ensure that you still deliver quality products and services so as to set competitive prices.

    WORK ON YOUR PRODUCT OR SERVICE

    Although some people may disagree, studies show that the best time to diversify or introduce new aspects of a business is during tough economic times. The beauty of your small business is that you can achieve this without the financial and marketing struggles big businesses have to deal with. Ensure that the parts of your business you are offering to clients are necessities, so that even when clients cut budgets, your product remains a part of the said budget since it is a necessity. Remember to offer clients value for their money and pay attention to critical components of your operations

    CUSTOMER SERVICE AND EMPLOYEE MANAGEMENT

    This is no time to lose your clients. A recession makes it difficult to gain new customers, so why lose the ones you have worked hard to acquire?  During times like this, customer service and employee engagement are often put on hold while there is major focus on financial cutbacks.

    While you concentrate on finances, ensure that your attention is also focused on employees. Feel free to ask for their inputs when creating strategies for your business’ survival. Make their care, happiness and support a priority. Happy employees will deliver top-notch services.

    You should also ensure customers feel appreciated. This can be done by using first names when rendering services, listening to complaints and ensuring those clients’ needs are met. You should remain accessible to clients via social media, phone, and emails and other channels.

    Ensure you are giving clients quality for money paid so as to keep them coming back. Make clients feel appreciated at all times. The highest levels of customer service given to customers will always reflect positively in sales

    POSITIVE LEADERSHIP

    Even after a recession, your leadership skills play an important role in the survival of your company. No matter how difficult things may be for your company currently, do not repeatedly tell employees that you are unable to pay salaries, or show reduced faith in the future of the business.

    This kind of behavior in a leader may create a lackadaisical attitude in employees and even theft as some may work with the “after all the management can’t pay us this month” mentality.

    This is also the worst time to leave employees to do the everyday running of your business. Whether you have clients or not, be present at your office. Work with the same passion when setting up the business. Lead with clarity and commitment. Set monthly goals and ensure that employees are motivated throughout the recession so your business does not suffer a reduction in productivity.

    Debbie Larry-Izamoje
    Debbie Larry-Izamoje

    Debbie Larry-Izamoje did her undergraduate in the University of Sheffield, United Kingdom and postgraduate in University College London (UCL). She has also secured certificates in user innovation from Massachusetts Institute of Technology (MIT) and Innovation and strategy from Harvard University.

    She is a communications and brand strategist and Founder of www.imageboosters.com.ng which ensures young entrepreneurs have all the knowledge needed to grow their business

  • Reps remove petroleum products, others from price regulation

    Petroleum products have been removed from the list of commodities being regulated by the Federal Government as enshrined in the Price Control Act CAP. P28 Law of the Federation of Nigeria, by the House of Representatives.

    Thirteen controlled commodities hitherto under the principal Act, include bicycles and spare parts, flour, matches, milk, motorcycles and spare parts, motor vehicles and spare parts, petroleum products, salt and sugar and fertilizer.

    While considering the recommendations of the report on the amendment bill sponsored by Gabriel Onyeama at the Committee of the Whole House yesterday, members were unanimous in adopting the delisting of petroleum products and fertilizer from the principal act.

    The bill  further seeks to amend “the first schedule of the principal Act” by deleting the existing list and substituting thereof a new list in the schedule.”

    The explanatory note on the bill states: “The bill seeks to amend the Price Control Act, to provide for concessions and waivers, stiffer penalties and to make better provisions for its implementation.”

    Fourteen commodities are now to be under the new price control legislation, consequent to the adoption of the recommendations of the report on the bill by members:

    They are: “Bicycles and spare parts, flour, matches, milk, motorcycles and spare parts, motor vehicles and spare parts, salt, sugar, rice, grains, cereals, electrical/electronic equipment, computers and computer accessories and cement.”

    The amendment of section 17(b) which increased the penalty to N100,000 against N200 and one year imprisonment against six months for any contravention of the regulations was also adopted.

    Also approved by members was the insertion of subsection 13(2) that stipulated the imposition of two years imprisonment or N200,000 on any person that contravenes any provisions of an order made by the court.

  • Protecting Nigerians from illegal bio-tech products

    In 2001, the federal government, under the auspices of the Ministry of Science and Technology,  developed a National Biotechnology Policy to promote biotechnology. The signing into law of the National Biosafety Agency Bill in April 2015 by former President Goodluck Jonathan enlisted Nigeria among the league of nations that legally practice modern agricultural biotechnology.

    The National Biosafety Act is crucial in the management of modern biotechnology in the country, and signing the bill into law allows the domestication of the technology in Nigeria and enables the nation to utilise this cutting edge technology to create employment, boost food production, eliminate hunger and ultimately enhance economic development.

    Biosafety means ensuring safety in the applications of modern biotechnology and use of Genetically Modified Organisms (GMO). The signing of the biosafety bill into law provides the legal framework to check the activities of this technology locally as well as imported Genetically Modified crops into the country. It also provides an avenue to engage Nigerian scientists/experts from different fields to identify and pursue solutions to our local challenges.

    However, this development was received with mixed feelings as some Nigerians feel the nation is not yet ripe for the domestication of this technology, citing health and environmental concerns as their reason.

    Though no adverse effect has been recorded via the application of modern biotechnology in other advanced countries that are already utilising it, the federal government in its wisdom established a biosafety regulatory agency, the National Biosafety Management Agency (NBMA), to ensure safe application of this new technology.

    The Act established the NBMA charged with the responsibility of providing regulatory framework, institutional and administrative mechanism for safety measures in the application of modern bio-technology in Nigeria to prevent any adverse effect on human health, animals, plants and environment.

    The coming in of the NBMA strengthens government’s position under a legal framework to achieve the important goal of using this technology as a tool. So, in actual sense the NBMA is the safety valve that the federal government has adopted to ensure that the practice of modern biotechnology in Nigeria is safe.

    The process of the development of the Biosafety Act followed a systematic public involvement from 2002 to 2015, and the National Biosafety Management Act 2015 prescribes procedures for the application of modern technology, risk assessment before the adoption and use of any genetically modified organisms, and penalties for contravening the Biosafety Act.

    Since its establishment in 2015, the NBMA takes its role as the biotechnology regulatory body very seriously and has already developed various regulatory instruments as well as laying down framework to ensure safe application of the technology in Nigeria.

    The agency’s activities include surveying, tracking and profiling of GMO’s in Nigeria; enlightenment of the public on biosafety matters; consultation with sister regulatory agencies for partnership; development and reviewing of national biosafety regulations and guidelines and capacity building and training of staff of the agency.

    Prior to the National Biosafety Law in Nigeria, there were GMO suspects which made their way into the Nigerian market through the nation’s porous borders from countries like America and Brazil, who are already consuming GMO products. But with the advent of the regulatory body, one of its first assignments was to issue a moratorium to such companies, individuals or institutions dealing in unapproved modern biotechnology activities in the country to formalise their dealings with it to ensure that they’re suitable for our environment and health system.

    To make sure this assignment is carried out effectively, the agency established a national biosafety lab for GM detection and analysis to ensure that all GMOs are properly analysed to prevent any adverse effect on environment and human health.

    Apart from registering GMO products in the country, the agency has also gone ahead to accredit qualified institutes to carry out modern biotechnology activities in the country.

    Five institutes have already gotten approval from the agency to engage in biotechnology activities; they include the National Root Crops Research Institute (NRCRI), Umudike; Institute of Agricultural Research (IAR), Zaria; Federal University of Technology Akure (FUTA); National Cereals Research Institute Badeggi and the National Biotechnology Development Agency (NABDA), Abuja.

    The agency has also shown its determination to ensure that Nigeria fully adheres to the tenets of the biosafety law which recognizes the complex issues to be addressed by central authorities in the judicious application of modern biotechnology.

    Biosafety Law defines offences and penalty for violation of the act; contains powers to authorize release of GMOs and practice of modern biotechnology activities and confers the power to carry out risk assessment/management before the release, handling and use of GMOs.

    It also covers all genetically modified organisms/Living Modified Organisms (LMOs) and products thereof including food/feed and processing, and socio-economic consideration in risk assessment.

    The agency has at various fora’s assured Nigerians that the law will also promote active commercialization of the research and development projects in our various universities and research institutes hence improving our economy as well as support the country to become one of the leaders in biotechnology, particularly in Africa.

    The NBMA has proven that it has the capacity to give Nigeria the desired holistic biosafety in a transparent manner, so that the nation can benefit from modern biotechnology maximally without compromising safety to the environment and human health.

     

    • Usman, a public affairs analyst, is based in Makurdi, Benue State.

  • HP unveils new products

    HP has upset the printing device market with an array of new high speed products for effective printing, time and cost management and increased productivity.

    The new devices, comprising HP Officejet Pro, HP Page Wide, HP Laserjet, printing solutions and laptops, such as the HP Elitebook Folio G1, hp Z-Book, HP Elite x3, and the HP Spectre, according to the company, are in line with the company’s vision of creating technology that makes life better for  all across the globe.

    On the innovation, the account manager, Print Solutions, HP Nigeria, Mr. Francis John Angbo, said the company used choice colours in the device because of the feedback from customers.

    He said the devices suit the needs of micro and home-based businesses, small and medium, market and large enterprises.

    Its Managing Director, Mrs. Ifeyinwa Afe, said the company, which began business 76 years ago in Colorado, United States (U.S), had grown to become the leader in printing technology and Personal Computer (PC) business.

  • Glo launches Talk Special, reloads three other products

    Glo launches Talk Special, reloads three other products

    Globacom has moved to enhance the communication experience of subscribers on its platform with the launch of a new product called Talk Special. It also reloaded three other products which were launched recently to boost the power of Nigerians to use their phones for education, social and business purposes.

    The repackaged products are Campus Booster, which is now called Campus Booster Plus Voice, Twin Bash and the Glo N2500 data plan which has been reloaded to give 5GB data bundle per month instead of the previous 4.5GB data bundle.

    In a press statement issued in Lagos on Monday, Globacom explained that Talk Special gives subscribers six times the value of the subscribed amount and is specially designed for subscribers who use more talk time and less data. The product also gives subscribers additional data to gift to another Glo customer for free.

    Globacom stated that, in the Talk Special offer, a N100 subscription will give the subscriber N400 talk-time to call all networks and 75MB data worth N300. The 75MB data includes 25MB free data that can be gifted to friends and loved ones. To enjoy the unmatched benefits of the offer, customers are to dial *303# to select their bundle of choice from the N100, N200, N500, N1,000, and N5,000 available denominations.

  • Finding alternatives to imported products

    We started this discussion on this page last week and due to space constraint we could not finish up and thus promised to end it this week. It is, however, amazing, the number of people who have been reacting to the publication of last week.

    Some have expressed their disappointment over the quality and the finishing of locally manufactured goods while others have written to say that Nigerian made products cannot compete with foreign ones because of the poor quality of the local ones.

    Without any inhibitions, some consumers expressed their preferences for foreign imported goods while two or more persons said that finding alternatives to foreign made goods in Nigeria will be a herculean task.

    However, there are many people especially in the manufacturing sector who expressed optimism over Nigerian goods and said that if given the encouragement from consumers and government that indigenously produced products will be able to compete internationally.

    Whichever view you are holding, we are going to address all of them. The main fact here is that the federal government wants to build the local industry and has stopped the importers of about 41 items from accessing foreign exchange through the Central Bank of Nigeria [CBN]. Though they can obtain foreign exchange from the alternative black market, it will be at a higher rate.

    The scarcity of the foreign exchange has left traders with no option than to be thronging some commercial cities in the country to buy goods in order to remain in business.

    Some of the traders resorted to going to Aba, Onitsha, Lagos, and Kano markets, among others, due to the scarcity of foreign exchange in both the commercial banks and the markets.

    Depending on the business one is into, some of the traders patronise indigenous manufacturers directly. For instance, most traders who are into textile and shoes and slippers throng Aba for good local alternatives.

    So, what this is resulting to is that more local products are displayed in the supermarkets and open markets.

    Already, Supermarket.ng, one of the online supermarkets and grocery delivery service, recently officially launched a new initiative called ‘Proudly Nigerian’ with the goal of encouraging the purchase of local products.

    All locally produced products in the supermarket are now labelled with a ‘Proudly Nigerian’ stamp, making it easier for customers to decide whether to spend their hard-earned naira on local products or not.

    “We do not intend to force the choice, we are just making it easier for people to have access to information at the point of decision making. We have been doing a test run over the last two months and we have seen a 32per cent increase in the proportion of local products purchased, an amazing result,” enthused Raphael Afaedor, co-founder of Supermart.ng.

    The attitude and perception of consumers toward their choice of goods sometimes depend on categories. Mr. Paul .K. Obiajulu, an Electrical Engineer, said that “Nigerian made electrical cables and aluminium profiles are of a higher grade and even slightly more expensive than any of the imported ones.”

    Obiajulu, who is also a Building contractor, stated that Nigeria makes one of the best electrical cables and aluminium profiles followed by Britain. “I have been in this business for a long time, so I know what I’m talking of. There is great demand for the Nigerian made ones all over Africa and this has made the price higher. The Nigerian made ones are far higher in quality and that is why the demand is also higher.”

    Dr. Veronica Fagbemi, a Food Scientist, said that when it comes to tomato puree, she will counsel people to go for the indigenously made ones as they are of higher quality. Fortunately, NAFDAC has also made it public that 91 per cent of the imported tomato pastes are filled with bulking agents and artificial colouring.

     A good alternative for foreign shoes and slippers will be Aba-made foot wears. The same thing can be said for men’s shirts and trousers.

     Majority of men are already purchasing them from markets and shops unknowingly. They think the trousers, shirts and suits are foreign made because of the labels. And because of the foreign labels they perceive them well tailored.

    The list is inexhaustible, but like Waheed Olagunju, the Managing Director, Bank of Industry [BOI], said, “I think we need to get over this inferiority complex among our citizens. A product that is made in Nigeria to the highest standard should make us proud as opposed to longing for a made in China product.”

  • Finding alternatives to imported products

    As the value of the naira continues to depreciate while foreign exchange is increasingly scarce, many importers are finding it very difficult to import things.

    Not only that, the introduction of foreign exchange restriction on some 41 items which the Central Bank of Nigeria [CBN] says could easily be sourced and produced locally is making a lot of products scarce and more expensive.

    The affected items include rice, cement, clothes, textiles, toothpick, poultry products, meat, processed meat, margarine, palm kernel/palm oil and vegetable oils, private airplanes/jets, tinned fish, incense and wooden doors.

    Also on the prohibition list are soaps and cosmetics, tomato/tomato paste, woven fabrics, table ware, kitchen utensils, furniture, plywood boards and panels, wood particle boards and panels and glassware, cold rolled steel sheets, galvanised steel sheets, wire mesh and steel nails.

    The goods, however, have not been banned from being imported by the finance sector regulator but have been excluded from accessing foreign exchange from CBN.

    The implication is that importers of these goods and even the local manufacturers have no option other than to approach the alternative market at higher rate since the CBN is determined to deny them access to forex.

    Traders are already lamenting the increase in the exchange rate of the naira, saying the development has caused astronomical rise in the cost of their wares while a majority of the importers are no longer importing.

    A visit to many shops and markets reveals closed shops and empty shelves. The importers need money to procure forex for products they are not sure will sell because of the high cost occasioned by the importation cost.

    The scarcity of foreign exchange has left some traders with no option than to patronise locally manufactured goods while a majority are still relying on previously stocked goods in their ware houses.

    One thing is clear, most traders are being careful over importing things. According to Mr. Vincent Udemezue, a big time importer of telephone accessories in Computer Village Ikeja, “Apart from the scarcity of dollars, the exchange rate is just rising with no sign of dropping. I cannot buy anything abroad presently because the price will be too high and customers may not buy them and I will be stuck with the goods.”

    Mrs. Esther Dumebi, importer of cosmetics and the Managing Director of ‘Pretty Face’ on AwolowordIkoyi, said she recently travelled to the UK and USA, but after converting the foreign cost of products to naira she realised that the retail price will be so high that many people may not buy, so she just purchased a few things for few rich customers.

    The questions then are: Do we have local alternatives to most of these things imported from abroad? How far can the quality and price compete with the imported ones? The list of imported products is very long, so we shall just mention few very common ones.

    A visit to most shops and markets reveals that local alternatives are there in abundance. Moreover, some of the local alternatives are already finding their way to the shelves of big supermarkets. The products are arranged alongside the imported ones.

    In the area of cereals for instance, imported Kelloggs products seem to be very popular even outside Nigeria. A 700g of Kelloggs Rice Krispies or Fruit and Fibre currently sells for between N1,100-N1,500 as against N850-N900. A good local alternative to imported cereals will be Daily Delight, Golden Morn, Milo whole grain from the stables of Golden Penny and Nestle Foods Nig. Ltd.

    Though far from being the same in shape and taste, those local ones also taste good and are of high quality. Forex or no forex, they have always been popular and well displayed in shops.

    A pack of 900g of Daily Delight cereal is about N650. 1kg of Golden Morn sells for about N900 while the Milo whole grain, 320g goes for N680.

    To substitute for imported tea like Tetley, Twinings etcetera, one can go for various Lipton variants and top tea from Unilever and Promasidor companies.

    For imported chocolate drinks like Ovaltine or foreign made Bournvita etcetera, we have local alternatives like locally made Holicks, Bournvita, and Milo from Nestle Nig.

    Most of our baby foods are imported and packaged in Nigeria. These are Aptamil, 800g selling for N5,600, SMA Gold N2,250 for 400g, Lactogen, Friso Gold 400g for N1,180, Nutistart Cow and Gate 400g selling N1,680, Thrive 400g, N2,650 and the others.

    For these baby foods, local options are not much known. There is Pap, nicely packaged by Grandios and selling N110 for 100g and N450 for 500g. Of course, we have custard and the natural breast milk.

    When it comes to women affairs, imported Ultra panty liner and Magnetic energy sells for N1,300, but we have good alternatives in the form of Dr. Brown Panty Liners and Always which go for N220 and N250 respectively.

    In terms of food items like spaghetti, some imported ones are Bonita, 500g selling N225. Gino 500G goes for N300 but Nigerian ones of the same size from Dangote and Golden Penny sell for N120.

    – To be continued next week.

  • Cashew group to build int’l brand for products

    Cashew group to build int’l brand for products

    The National Cashew Association of  Nigeria (NCAN) plans to build international brands for cashew products to match the stature of one of the  largest cashew nut exporter in the world, its President, Mr Tola Faseru has said.

    Speaking while presenting the association’s Road Map for Cashew Industry Development in Nigeria to the Minister of Agriculture and Rural Development,Chief Audu Ogbeh in Abuja, Faseru said to reach the target, the country has to build brands for processing mills, producers and exporters following international standards and comply with food hygiene regulations.

    According to him, cashew provides livelihood for over 300,000 families. He said the crop generated $253 million last year.

    He said the nation produces about 160,000 tonnes of cashew nuts yearly, adding that the crop is  grown in Kogi, Kwara, Enugu, Anambra, Imo, Abia, Cross River, Edo, Nassarawa, Benue, Taraba, Ogun, Oyo, Ondo, Ekiti, Delta, Akwa Ibom, Niger and Osun states.

    He added  that the crop can grow in all parts of the country, and that the association is making efforts to get more states involved in the production of the crop. This year, he said the association is expecting 175,000 tonnes.

    On  the  road map, Faseru said it is focused on increasing Nigeria’s cashew production from 160,000 tons to 500,000 tonnes and processing 70 per cent  of total production in four  years, from  2016-2020.  By 2024, he said the target is to achieve a total  yearly national production of 840,000 metric tonnes.

    Efforts, he noted, would be made to increase training in harvesting and proper post-harvest handling practices. This,he maintained, would boost production figures by 40 per cent by the prevention of losses and wastages. Achieving this, he noted, would make Nigeria the largest producer of cashew in the world.

    With increasing global demand for cashew nuts driven by a rising middle class in China and the need for nuts in Europe, America, Asia and the Middle East, he said  raw cashew demand has grown to 3,000,000 tonnes. Global yearly raw cashew nut production, he added is put at 2,100,000 tonnes.

    He  mentioned challenges to include: encroachment of foreigners at farm gate which leads to a distortion in the value chain, non implementation of the Export Expansion Grant (EEG), double taxation through Nigeria Export Levy (NXP) and Nigeria Export Supervision Scheme (NESS), smuggling of cashew nuts from the  borders which leads to understated production figures, unfavorable foreign exchange policies, scarcity of Jute bags for packaging the product and the inability of exporters to have unfettered access to export proceeds.

    Pending when it begins to produce jute bags locally, he said the association intends to import 1.5 million jute bags required for this year’s season.

    According to him, cashew farmers need to access to credit so they could grow their production and business and that farmers should be able to use their lands as collateral to obtain loan.

    He called for government support to enable the association set up a N20 billion cashew research fund to promote continuous product development, production of hybrid seedlings and better agronomical practice. The research institute, he added, would commit to producing local cashew processing machines.

    In addition, he said the association is also setting up a N50 billion  Cashew Processing Fund to enable it establish 200 new cashew processing factories.

  • Zenith Bank extends reach with retail, innovative products

    Zenith Bank extends reach with retail, innovative products

    Zenith Bank Plc, a leading lender, is looking beyond corporate banking, expanding its retail banking units. The bank is leveraging on high technology and innovative products to consolidate its net-worth clientele and the unbanked at the retail-end of the market, writes Group Business Editor, SIMEON EBULU.

    Defining  the goal and identifying the operating ones environment in any endeavour is a critical factor in determining the success, or otherwise of any enterprise.

    Zenith Bank Plc, a leader in the provision of financial services to businesses, is expanding its horizon to deepen its activities at the retail end of the business.

    The lender is engaging its cutting edge technology and innovative products to boost its service delivery, not only to its net-worth clientele, but also to the youth – that vibrant segment of the population in dire need of the excellent services already being enjoyed by the bank’s net-worth customers.

    This phase of financial inclusion will enable Zenith Bank to serve as many people as possible in the country, delivering a range of financial services to everyone who could use them and lift people from the zone of financial quagmire, usually typified by want and lack.

    Specifically, this would allow for a process, or situation that creates ease of access to, and usage of formal financial systems by customers, who will ultimately become drivers of the economy and eventually contribute their quota to the economic growth of the nation. It simply typifies a process where all members, youths, students, traders, name it, operating in the economic space, or playing field, do not have difficulty in opening bank account; can afford to access credit; and can conveniently, easily and consistently use financial system products and facilities without difficulty. It is the process which ensures that a person’s in-coming money is maximized, out-going is controlled and can exercise informed choices through access to basic financial services.

    Over the years, Zenith Bank, leveraging on the near limitless opportunities provided by technology, has successfully served customers at the high-end of the market and delivered impressive returns to shareholders in the process. This is validated not only by the consistent delivery of ascending impressive financial results, year-in- year out, but also by the retention of its customers, shareholders inclusive, who have kept fate with the financial institution from inception, in its over twenty five of existence.

    Its uncontroverted leadership position, earned in its diligent pursuit and implementation of globally acceptable Good Corporate Governance Principles, has earned the Zenith Bank awards both locally and internationally.

    The bank has equally established itself as a leader in corporate and investment banking, as validated with the KPMG’s ‘Nigeria Banking Industry Customer Satisfaction Survey of 2014’ confirming it’s position as the most customer focused bank among its peers in the country in both the retail and corporate segments.

    With Zenith Bank’s full scale entry into the retail playing field, potential customers, who’ve been watching from the sideline, on the perception (rightly, or otherwise) that the bank was only cut out to service the financial and entrepreneurial needs of the high echelon of the society, will now be able to access the efficient service delivery that hitherto have been the exclusive preserve, or available to only high net worth customers and corporate bodies. The era now is a Zenith Bank for all.

     

    What’s on offer

    The bank has designed and designated some specialised accounts to meet the specific needs of its target customers. A diligent engagement in these new products will make high flyers of this category of customers. These accounts which are within the retail banking space have their specific features and benefits. They include:

    • Aspire Account – this is targeted at the youth
    • eaZySave Classic Account and
    • eaZySave Premium Account – these have zero account opening balances.
    • Zenith Premium Gold and
    • Zenith Premium Platinum – these are COT free and interest bearing.

    The processes of opening these categories of accounts have been simplified and made enticing. Just take a look.

     

    • Product Description

    Aspire is a savings account designed for the tech savvy, brand conscious, entertainment and socially enlightened student who want flexibility, convenience, benefits and rewards.

     

    • Product Features & Benefits

    –  Ages: 16 – 34

    –  Zero account opening balance

    –  Choice card design: Aspire Ultra, Ace & Zeal

    –  Cashless banking (ATM, POS, WEB, Mobile)

    – Exclusive Z-Mart retail discounts and other periodic promotions at participating merchants nationwide.

     

    • Product Requirements

    –   Passport photograph

    –    Duly completed account opening form

    –    School ID Card or Admission Letter & verifiable means of ID

    You can open an Aspire account at your nearest Zenith Bank branch.

    Facebook: www.facebook.com/Zenithbank

    Twitter: www.twitter.com/Zenithbank

     

    • Product Description

    eaZySave classic account is designed to enable individuals with minimal forms of identification enjoy a value adding banking relationship.

     

    • Product Features & Benefits

    – Zero account opening balance

    – Maximum Single Deposit – ¦ 20,000

    – Maximum Cumulative  Account Balance                    – ¦ 200,000

    –  Debit card – Domestic Use Only (¦ 1,000)

    – Mobile Money:

    – Transaction Limit: ¦ 3,000/Per transaction,

    – Maximum cumulative mobile money balance: ¦ 30,000

     

    • Product Requirements

    –  Passport photograph

    – Duly completed account opening form

    – Registered mobile number

    You can open an eaZySave account at your nearest Zenith Bank branch

    Facebook: www.facebook.com/Zenithbank

    Twitter: www.twitter.com/Zenithbank

     

    • Product Description

    eaZySave premium account is designed to enable individuals with minimal forms of identification enjoy a value adding banking relationship.

     

    • Product Features & Benefits

    – Zero account opening balance

    – Maximum Single Deposit – ¦ 50,000

    – Maximum Cumulative  Account Balance                    – ¦ 400,000

    – Debit card

    – Inter-bank transfers

    – Internet banking

    –  Mobile Money:

    • Transaction Limit: ¦ 10,000/Per transaction,
    • Maximum cumulative mobile money balance: ¦ 100,000

     

    • Required Documentation

    – Duly completed account opening form

    – Verifiable means of identification

    – Passport photograph

    – Registered mobile number

    You can open an eaZySave account at your nearest Zenith Bank branch.

    Facebook: www.facebook.com/Zenithbank

    Twitter: www.twitter.com/Zenithbank

    There are yet other categories of accounts that are equally beneficial and fascinating.

    • Zenith Children Account (ZECA)

    Product Description

    Zenith Children Account is a special deposit account with focus on children education and their bright future. ZECA is more than a regular savings account. It offers a lot of benefits for both parent and child.

    • Product Features & Benefits

    –  Zero account opening balance

    – Age qualification: 0-16 years with automatic  transition to ZECA Teens (13 years) and  Aspire (16 years)

    – SO’s (Standing Orders) for school fees payment

    – Special Invitation to Zenith’s Annual Children’s Parade

    – Special end of year gifts

    – Withdrawal from any of our branches nationwide

    – Cashless  banking (ATM, POS, Web, Mobile)

    • Product Requirements

    – Birth certificate of child

    – 2 Passport photograph of child and parent/guardian

    – Valid means of ID

    – Utility bill

    This account can be opened at Zenith Bank’s branch close by

    Facebook: www.facebook.com/Zenithbank

    Twitter: www.twitter.com/Zenithbank

     

    The KPMG survey, which confirmed Zenith Bank’s status as the most customer focused bank, centred on the perceived quality of customer service delivery by banks from the customer’s perspective across the Retail, Corporate/Commercial and Small & Medium sized Enterprises (SME) segments. And for 2013 and 2014, Zenith Bank led as the preferred by customers.

    For the second consecutive year in the retail segment, Zenith Bank emerged as the most customer-focused bank, followed by others.

    In the SME segment, Zenith Bank moved from second position in 2013 to become the most customer focused bank with others following in the queue, while in Corporate banking customers still ranked Zenith Bank as the most customer focused for the 2014 review period.

    In addition to being the most customer focused bank, Zenith Bank’s performance on all parameters has been recognised by other bodies. A survey conducted by PricewaterhouseCoopers (PWC) to determine the most respected companies and Chief Executives in Nigeria, Zenith Bank emerged first among the banks. In arriving at the conclusion, PWC said a respected company is defined by these enviable parameters: “A good corporate citizen, which is socially responsible with high ethical standards; a trusted company, which promotes good values with a unique and excellent leadership style, coupled with strong management principles and structure plus a smooth succession plan as well as a very resourceful company with excellent business culture.”

    It listed other parameters to include a visionary and revolutionary company with strong focus, innovative with popular brands of high quality; engaging in human capital development and high capacity building and an indigenous company with high local content.

    PWC may have taken into cognisance Zenith Bank’s adherence to good corporate governance practices as well as global best practices and its emergence as a globally recognised brand. The bank’s personnel also believe likewise.

     

    Going forward

    Run by a stable board and management, Zenith Bank has created a professional environment where individuals are encouraged and can aspire to achieve their potential.   Under the management of Peter Amangbo, the bank has a pool of talents at both the middle and top management level, which has enabled it to remain competitive through the series of banking reforms in the country.

    The bank, Nigeria’s biggest by Tier-1 capital sees technology as an enabler and as a generator of new opportunities.

    In Amangbo’s words: “We are forward-thinking, benchmarking trends in technology to shape our future coupled with our practical delivery on a highly automated platform that makes us unique. As the country’s information technology (IT) infrastructure improves, our leading edge in IT keeps us well positioned in the global banking community to sustain our offering of exceptional E-banking services. This is complemented by our risk management system that creates a blend that not only grows our customers’ businesses but also strengthens them. Our credit management system stresses rational procedures and transparency,” he added.

    Zenith Bank blazed the trail in digital banking in Nigeria, scoring several firsts in the deployment of information and communication technology (ICT) infrastructure to create innovative products that meet the needs of its teeming customers. The bank is verifiably a leader in the deployment of various channels of banking technology, and the Zenith brand has become synonymous with the deployment of state-of-the-art technologies in banking.

     

    Financial results

    The bank has been posting impressive financial results over the years, rewarding shareholders with equally impressive dividends.   For instance, its five-year performance from 2009 to 2013 showed steady growth in profit and returns on investments.

    For instance, revenue grew from N277 billion in 2009 to N244 billion in 2010, N307 billion in 2012 and N351 billion in 2013. Profit before tax rose from N35 billion, to N50 billion in 2010, N61 billion in 2011, N101 billion in 2012 and N111 billion in 2013.

    No less heartwarming is the Return On Investment to shareholders, who have been benefitting from the growth witnessed in the profitability over the years.  Shareholders got a dividend of N11 billion in 2009, N26 billion in 2010, N29 billion in 2011, N50 billion in 2012 and N54 billion in 2013.

    Zenith Bank ended  the nine months  to  September 30, 2014 with  profit before tax of N87 billion, profit after tax of N71 billion. Total assets stood at N3.408 trillion and shareholders’ funds N523 billion.

    Zenith Bank Plc. was established in May 1990, and commenced operations in July of the same year as a commercial bank. The Bank became a public limited company on June 17, 2004 and was listed on the Nigerian Stock Exchange (NSE) on October 21, 2004 following a highly successful Initial Public Offering (IPO).  The bank has a shareholder base of about one million and is Nigeria’s biggest bank by tier-1 capital. In 2013, Zenith Bank listed $850 million worth of its shares on the London Stock Exchange (LSE).

    The bank has over 500 branches and business offices in all states of the federation and the Federal Capital Territory (FCT). In March 2007, Zenith Bank was licensed by the Financial Services Authority (FSA) of the United Kingdom to establish Zenith Bank (UK) Limited as the United Kingdom subsidiary of Zenith Bank Plc. Zenith Bank also has subsidiaries in Ghana, Sierra Leone, and Gambia. The bank also has representative offices in South Africa and The People’s Republic of China.

  • Fear as substandard steel products flood market

    Fear as substandard steel products flood market

    Reinforcement bars are critical to maintaining the integrity of concrete used in construction. According to experts, a compromise can lead to building collapse. Yet, some manufacturers have flooded the market with substandard iron and steel, putting lives and property at risk. The manufacturers are also defrauding the government in underpayment of taxes and levies. Assistant Editor CHIKODI OKEREOCHA reports.

    Manufacturers of substandard iron and steel products are on the prowl. This has raised fears of possible collapse of more buildings across the country.

    The Standards Organisation of Nigeria (SON) raised the alarm that substandard had iron and steel products have flooded the market. The agency said it took painstaking monitoring and enforcement by its task force to discover that most manufacturers of the products are now cutting corners on the required standards.

    SON, through its immediate past Director-General, Dr. Joseph Odumodu, said steel products that were supposed to measure 16 millimetres (mm) in diameter were discovered to measure only 14mm. This, according to him, falls short of acceptable standards by 2mm with a significant impact on the overall strength. Those that were supposed to measure 12mm measured only 10mm in diameter, while those that should be 10mm were only eight mm.

    The diameter of the steel products, which standards have been compromised by local steel manufacturers, is not the only infraction that pushed SON into the panic mode. The agency also observed serious violations in the length of various units of steel products.

    “The length of a unit of steel bar is supposed to be around 12mm, but after our enforcement exercise, we discovered that each unit of product in the market had lengths that were short by as much as 2mm,” Odumodu said.

    The obviously worried former DG broke the news  at a press conference  in Lagos. He said apart from violation of standards in terms of physical properties like diameter and length, the manufacturers also failed to meet acceptable standards in the area of chemical properties such as carbon and manganese content. With regard to the products’ carbon content, which is an impurity, per unit product, the SON chief stated that most products in the market at the moment had in excess of 0.37 per cent. This, he said, violates the stipulated standards for iron and steel products coded as NIS 117 of 2004 and BS 4449 of 2005.

     

    Manufacturers short-change government

    Going by disclosures by the Standards monitoring/regulatory agency, the activities of the manufacturers of substandard iron and steel products have also left Federal and state governments holding the short end of the stick. The Nation learnt that the manufacturers totalling about 20 companies in the country are also defrauding and short-changing Federal and State Governments in terms of payment of adequate taxes and levies.

    Hear Odumodu: “The kind of feedback we got from our survey showed that most of them never had invoices. We have a situation where people pay N200 million for a consignment without an invoice. They just say pay into a certain account; there is no invoice; there is no Value Added Tax (VAT). It became also obvious that they are also short-changing the Federal Government of Nigeria because if there are no documents to show the cost of the product as against other applicable taxes, it means that the Federal Government is being short-changed.”

    For him, it was perhaps, the height of unpatriotic attitude. He recalled, for instance, that the action of the manufacturers came at a time the agency was working on getting government to introduce a backward integration policy in the sector similar to the one that turns the fortunes of the cement sector around, leading to almost 90 per cent of Nigeria’s cement requirements being met by local manufacturers.

    His words: “Our plan was how we could work with them to ensure that government comes up with a policy to support made- in-Nigeria steel products. The next phase for us was how to lobby so that government could bring up a policy like we had for cement and others, because at that point we already had almost 90 per cent of the Nigeria’s cement requirements being met by local manufacturers and that was actually where we were.”

    He, however, expressed regrets that towards the end of last year, SON’s monitoring started showing that there were challenges. “Apparently some of these challenges were based on the survival instincts on the part of the manufacturers, because we started observing that a number of issues were cropping up that showed that they were beginning to put in the market substandard steel products,” he alleged.

    It is easy to see why SON is agonising over the development. Sometime in 2012, the agency celebrated the sanitisation of the re-enforcement bar market. SON insisted at that time that manufacturers should ensure that they had relevant equipment for chemical and other kinds of tests including having unique identification marks for all their products in the market.

    According to the DG, the only challenge the agency had at that point was for the imported re-enforcement bars, which of course, it finally also brought on the same fold. “We also set up a task force to monitor them on monthly basis and things were looking up,” he added, pointing out that the first major alarm that things have started falling apart was around September 2015.

     

    More building collapse looms

    The preponderance of substandard steel products in the market has fuelled fears that more buildings may collapse across the country. “Most of the re-enforcement bars in the market today are substandard, and that is why we felt that it was important we alert Nigerians especially people within the building industry, construction, structural engineers and all those kind of people who are involved in this business,” Odumodu said.

    It was not a false alarm. The former SON chief recalled, for instance, in June 2014, a 5-storey building that was meant to be a school for children came down in Onitsha, the commercial city of Anambra State, southeast Nigeria because of the use of substandard building materials.

    The building, which was completed, collapsed before it was commissioned. It was meant to house about 400 children. Although no life was lost, he said “we would have actually had an accident that would have killed more children than a Boeing 747 coming down. So, that gives you an idea of how bad or how fatal the situation can become.”

    The Nation learnt that part of the problem in ensuring standards in the steel industry stems from inability to create batching within the industry. Odumodu explained further: “If manufacturers made a product in the morning and another one in the evening, they cannot differentiate between the first one and the second one, because every code on the product is the same. That is unlike the food and pharmaceutical sector, for instance, where every batch is coded differently.”

    This means that the regulatory agency relies on the batch manufacturing records within the factories. It also means that members of SON taskforce will have to go back to these factories to find out how many batches they have made, where they were sold to, and then see whether will be able to trace further.

    However, this process, which is no doubt cumbersome, according to Odumodu, “draws issues about products manufacturing and recall procedure because in a lot of countries there are clearly defined recall procedures.” Besides, the agency’s has less than 1, 400 people, which make monitoring and enforcement in the industry difficult.We are not closing down any company

     

    Remedial efforts in top gear

     Despite the lack of products manufacturing and recall procedure in the country and the challenge of limited staff, SON says it is determined to clean the Aegean stable. Consequently, it has taken a number of steps to avert the impending danger posed by substandard steel product.

    “We have decided on a number of actions to immediately reverse the situation. Effective from February 9, 2016, no sale of reinforcement bars can happen in Nigeria without verification scaling, which means that if a batch is normally supposed to weigh 40 tonnes, it must be weighed before it leaves the premises of the seller. If it is not weighed, those people who are dealers will become responsible for whatever violations that may have occurred,” Odumodu announced.

    He added that SON staff will continue to measure the calibration status of the weighing equipment that are used in the factories and any company that is found with the intention of cheating the consumer will be sealed for a minimum of 90 days no matter what the reasons are. He said once the scale does not comply with the calibration status as required by law, the culprit will be punished.

    With regard to carbon content, which actually affects the tensile strength, the DG said SON is now insisting that all furnaces that are not electric arc must be replaced within the next six months, because what manufacturers are currently using does not have the capacity to remove impurities. “So they must elevate their technology to the use of electric arc furnace or any other technology that is better,” he said.

    According to industry experts, most of the irons currently selling in Nigeria come from scraps and scraps are known to have a way of being contaminated. If a manufacturer is using equipment that does not have the capacity to remove contaminants then sooner or later there will be errors, which could be fatal.

    This is why SON is insisting that the electric arc furnace or any better technology must be effectively employed within the next six months. “If manufacturers require some assistance in ensuring that they are able to bring those equipments fast enough, we would assist”, SON volunteered.

    Also, all iron and steel products must now carry clearly stated identity marks. This was sequel to the agency’s discovery that some products in the market either did not have identity marks or some of the marks were blurred, which makes if difficult to say a particular product is from A, B, C manufacturer.

    “If your own mould, for any reason, has a challenge, stop manufacturing and correct it. We are also insisting that within six months, you must also state the diameter explicitly on the ribs of the irons besides carrying out chemical analysis on all batches and these records should be available for inspection of our compliance officers,” Odumodu said.

    Stating that the message is for manufacturers, dealers, and retailers who constitute the three major levels within the steel industry value chain, he warned that  anybody or company that fails to comply risked closure and prosecution.