Tag: services

  • Reps seek establishment of Financial Services Commission

    The House of Representatives has called for the establishment of Financial Services Commission (FSC) that will comprise  monetary and fiscal authorities.

    The Chairman, House Committee on Banking and Currency, Sir Jones Onyereri, who spoke yesterday in Lagos, also called for a review of interest rate.

    The lawmaker who fielded questions from reporters at the end of their oversight visit to the Lagos office of the Central Bank of Nigeria (CBN), said the committee is worried about the rising bad loans in the industry. He urged the apex bank to rise to its regulatory role in addressing the issue.

    According to him, insider abuse remained one of the major causes of rising cases of bad loans. He urged the CBN to improve on its supervision roles, and sanction culprits as a deterrent to others.

    Onyereri explained that the formation of FSC would cut high interest rate on government securities and slash domestic borrowing.

    He urged the CBN to work with the Ministry of Finance to find a way of reducing the level of domestic borrowing, which he believes would improve the state of the economy.

    Other committee members also expressed worries over the impact of the hike in the Monetary Policy Rate (MPR), which is the benchmark interest rate, on Small and Medium Enterprises (SMEs).

    He said: “We were a little bit worried because of the increase in the MPR, and believe as a committee, that was not the best decision. But having heard from the CBN, we still want to tinker on what led them to come out with that decision because, for us, we were looking at the bigger picture of still trying to grow the SMEs and the only way to grow the SMEs is to make credit accessible to them.

    “But making credit accessible to them will not work out with very high interest rate. We believe along the line, we will be able to create a perfect balance.”

    On the exchange rate policies, he said the introduction of flexible exchange rate was a smart way to get out of the issue of devaluation given that government does not believe in devaluation, and there has been a back and forth argument whether we should devalue.

  • 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
  • Free medical services  for 500 in Kwara

    Free medical services for 500 in Kwara

    Five hundred persons in Ilorin, the Kwara State capital, have benefited from the free medical services sponsored by two non-governmental organisations (NGOs) – The Muslim Congress (TMC) and Human Concern Foundation International.

    The NGOs will sensitise the people concerning some illnesses they are ignorant of.

    The programme was aimed at alleviating some of the problems and medical needs of the people, as there were array of medical personnel on ground to attend to the need of the beneficiaries.

    A member of TMC and Consultant Neurologist, Ladoke Akintola University Teaching Hospital, Ogbomoso, Dr Ismail Hussein told THE NATION during the one day ‘medical caravan in Ilorin that “right now we have about 16 doctors consulting. Some of them are already specialists in their own right.

    “What we have on ground as medication can take care of over 2000 beneficiaries who come here. However, as I am speaking with you we have above 500 registered beneficiaries. The other reason that informed this is the fact that despite the awareness of some people as regards illnesses people still don’t regard them as medical problems.”

    He said: “This gathering is one of the many programmes of the TMC national. This is a free medical service that we usually organize as part of the programme and regarding this we have seen that the awareness in our people concerning illnesses is still low.

    Aside from that, we have also found out that people lack the necessary funds to take care of their medical expenses.

    “We want to believe that not because some of them are not aware but for financial wherewithal to saddle some of these responsibilities. This is just the little contributions we felt we could make in assisting the people.

    “Worldwide and as we have noticed here today, most of the adults have high blood level. Even some of those on medication have not been complying, so we need to do something about it. We have given some medication and advised a lot of them to go for further checks at the general hospitals and teaching hospitals that we have around.

    “Some have been given referral letters to hospitals to continue their management. Diabetics, high blood pressure and chest pains are prevalent here. We also have people with asthma and some people with surgical disorder. We are attending to them with the expertise we have on ground.

    “I advise that we should not wait until we are down with diseases before we go for medical checks. Every six month an average adult should have his blood pressure, weight, blood level and nutritional status checked. All these things will serve as preventive measures against all illnesses.”

    Leader of HCFI Subir Kolawole Daud said that the organization is set up to assist people in terms of need most especially on medical ground.

    “The Muslim Congress (TMC) is partnering with HCFI to assist the organization with medical needs. We are here to render our medical services. The services we are rendering does not attract a penny. It is free of charge. We have various medical personnel attending to the medical concern of the people. The tests we have carried out are that of hypertension, blood test, sugar test and eye examination.

    “I pray that we should have more of these bodies springing up rendering assistance to the people as government alone cannot shoulder the responsibility,” he said.

     

     

     

     

  • AMCON takes over Bulk Pack Services

    AMCON takes over Bulk Pack Services

    Bulk Pack Services Limited, a beverage package manufacturer and supplier owned by Alhaji Sani Dangote has been taken over by the Asset Management Corporation of Nigeria (AMCON) as part of the corporation’s recovery efforts.

    In a statement, AMCON said the Receiver, Urua Essien, confirmed that he took effective control of the company following the failure of the firm to repay their outstanding debt. The Receiver immediately sealed off the premises of the company located at Dangote Regional Office, Oluwole Ladipo Street, Off Oba Akran, Ikeja, Lagos.

    Bulk Pack Services Limited, which is affiliated to Dangote Group specialises in the manufacturing and supply of packages for major beverage companies like Dansa Foods Limited.

  • Rosabon Financial Services deepens SMEs’ funding

    Rosabon Financial Services has reiterated its commitment to Small and Medium Enterprises (SMEs) financing. The firm has also clinched the ‘Best SME Financial Advisory Nigeria 2015 Awards given it by UK based Capital Finance International, CFI.co, an international print journal and an online resource reporting business and finance trends across the world.

    The annual award, CFI.co said, seeks out individuals and organisations that contribute significantly to the convergence of economies and truly add value for all stakeholders.

    To win the award, Rosabon Financial Services, along with two other Nigerian companies, was nominated by CFI.co audiences, and then shortlisted for further consideration by a panel. The CFI.co’s research team gathered additional information to help reach a final decision. The senior members of nominee management team provided the judges with a personal view on what sets their companies and institutions apart from the competition.

    Rosabon was declared winner in this category based on its outstanding records on financial performance, risk management, corporate governance, customer services, innovation, Corporate Social Responsibility policies, market leadership, transparency, response to market demands and strength of nominations.

    With the award, Rosabon has joined the league of top players in Nigerian corporate world such as Zenith Bank, Schlumberger Nigeria, CRC Credit Bureau, ARM Investment Managers and PricewaterhouseCoopers Nigeria which won different categories of the award.

    Speaking on the award, Chief Executive Officer/Managing Director, Rosabon Financial Services, Chukwuma Ochonogor, said: “The CFI.Co award is a great recognition that reiterates Rosabon’s commitment to economic growth and development by providing fast, easy and reliable funding and advisory services to small and medium sized enterprises, to enable them run effectively as well as expand their businesses whilst creating jobs for the good of the economy”.

    He said SMEs remains major economic drivers but there has been a huge gap in performing this role largely due to financing risks adding that his firm is committed to bridging the funding gap for SMEs.

    “Rosabon Financial Services maintains one of the industry’s most successful client development strategies which have seen it multiply its revenue stream. The firm offers a full suite of products carefully crafted to fill the diverse needs of businesses across all sectors of the economy,” he said.

    Rosabon’s Head of Strategy & Marketing, Chidimma Onyeokoro said: “We are grateful to CFI for recognizing our intent funding of SMEs.

  • NIPOST chief promises quality services

    NIPOST chief promises quality services

    Acting Postmaster-General/ Chief Executive Officer, Nigerian Postal Services (NIPOST), Enoch Ade Ogun, has restated NIPOST’s commitment to better service deliver.

    He spoke at the maiden edition of NIPOST Workshop Service customers’ forum.

    “NIPOST is committed to building effective and sustainable collaboration with all relevant stakeholders in order to deliver efficient and high quality services,” he said.

    The workshop was established during the era of the defunct Post and Telecommunications Department (P and T) to provide postal equipment, tools and furniture for post and communication operations.

    It is a registered arm of NIPOST with a factory land mass of 12,167.8 square meters comprising a covered factory block of 1389.56 square meters and a opened factory block 1186,3 square meters.

    Some of the services it provides include wood fittings, building maintenance, metal fittings, crankshaft cutting services, diesel Injector machine services, auto-mechanical Services, electrical Installations, as well as vocational training.

    Speakers said there was the need to reinvigorate the activities of NIPOST workshop services.

    Otunba Dele Olapeju, who chaired the event, lamented that the global recession calls for immediate diversification. “We hope that the activities of the NIPOST workshop services will receive government attention,” he said.

    The workshop management said the products on display could compete favourably in the market and should therefore, receive increased patronage nationwide.

    Equipped with state-of-the- art machinery, it also has a warehouse facility measuring 513 square meters. The workshop was established in 1956, making it one of the oldest and still functioning factory facilities in the country.

    It operates in diverse but compliementary areas of business. In meeting the realities of modern times especially in the provision of quality products and services, NIPOST Workshop has recently been invigorated and the product line extended to provide, among others, provision of office, home and school furniture/fittings, metal/wrought iron works, motor vehicle maintenance and engine reconditioning, production of corporate gift items etc.

    The services are all provided by the workshop using reliable machines and experienced workforce.

  • Free telemedicine services

    To increase access to healthcare services in the country, a network of medical doctors have introduced a free mobile platform to attend to medical needs of the people.

    The mobile technology platform could be accessed by dialing 0700DOCTORS on their mobile phones.

    Disclosing this at a Programme launch in Abuja, Dr Hadassah Iwuono said with ‘Phone A Doctor’ things have to be better because they are here.

    She said that programme by ChitHub Medical Solutions is like healing from a distance.

    “The greatest impact of telemedicine is on the patient, their family and their community. Using phone a doctor reduces travel time and related stresses for the patient,” she said.

    For the technology developer and chief executive of the firm, Engr Michael Agbobo, in a country where doctor-to-patient ratio is greater than 5,000 and health care facilities grossly in adequate, the service aims to provide real time health care support to improve the industry and save lives.

    “I’m not saying we are solving all the problem but at least we are part of the solution. There must be a more creative way of solving our health care problems.

    “Phone a doctor is a telemedicine service with lots of channels that you use to get access to the same kind of service that any other person can get anywhere in the world.

    “Our vision is to make health care affordable, available and accessible to as many people as we can and I think the best channel to do this is technology,” Agbogo said.

    With over 100 million mobile phone users, the firm says it hopes to bridge the gap in health care delivery. “What we are doing is just more than a call centre, but we are getting doctors, hospitals, diagnostics centres, laboratories, drug prescriptions, drug delivery and remote clinic operations,” he said.

    According to Agbogo, “To say the service is free is truly free for now until we understand the best approach that will make the service affordable, available and accessible.

    “This is a starting posture. The idea is to have three groups of doctors- the in-house doctors who are working full time for call the doctor system, then you a network of doctors that work on full time basis but are allocated time to attend to patients and the network of specialists for different specialties both locally and internationally,” he explained.

  • NEPC boss sees enormous potential in Nigeria’s services sub-sector

    Nigeria has substantial potential in non-oil export, especially in the services sub-sector, the Executive Director, Nigerian Export Promotion Council (NEPC), Mr. Olusegun Awolowo, has said.

    Awolowo made the statement in Abuja on Tuesday during an interactive meeting on the review of the implementation of the National Strategy for the export of professional services in Nigeria.

    He said the service sector was the second largest contributor to the country’s Gross Domestic Product (GDP). “Nigeria has huge potential in export of services, such as in the creative industry (Nollywood and music), financial services, and Information Communication Technology (ICT) among others,” he said

    According to the NEPC boss, Nigeria is a leading exporter of banking services in West Africa with a strong financial services sector. He said, for instance, that 11 Nigerian banks have established subsidiaries abroad in over 20 sub-Saharan countries; nine out of 11 also have branches in four continents outside of Africa.

    Awolowo however, said one of the major challenges for companies in the services sector was access to information about opportunities in and requirements of foreign markets. He said to overcome the challenges, the council would collaborate with the International Trade Centre (ITC) under the Trade in Services Programme (TSP).

    He noted that this would enable Nigerian companies take advantage of ITC’s interventions in the Business Process Outsourcing and Information Technology sub-sectors..

    “As you are all aware, in 2009, the Commonwealth Secretariat in collaboration with the Nigerian Export Promotion Council formulated a strategy to develop the export of professional services in Nigeria.

    “The overreaching goal of the strategy was to contribute to the country’s long- term objective to create wealth, generate employment and reduce poverty as enshrined in Nigeria’s National Economic Empowerment Development Strategy.’’ he said.

  • Waiting for efficient, affordable internet services

    Waiting for efficient, affordable internet services

    Access to internet has defining impact on countries’ gross domestic product (GDP). This is because it destroys fetters, such as distance, race, colour and others. Though the mobile network operators (MNOs) have tried to close

    Three Nigerian journalists  travelled to Rhodes University, Grahamstown, South Africa for a three-day international conference. During the conference, they had no problems sending their stories and pictures from the venue of the event to their media houses in Lagos.

    “As soon as I finished doing my story and click the attach icon on my gmail address book, it pops up and gives me options from where to attach pictures. I click my desktop and press attach. It attaches in the speed of electricity, regardless of the size. As soon as I click on the send icon, it disappears too and show ‘message sent’ immediately,” one of them said.

    Back home, at a forum held at the Oriental Hotel, Lekki, Lagos, reporters made futile efforts to file  their stories to their offices located within the metropolis. Virtually all the modems of the MNOs were used but to no avail. Instead of displaying 3G which most of them claim is the technology on which their services are being rolled out, it is either WCDMA, EDGE or HSPA that was displayed. Then will come several hours of waiting just for the page to load.

    If internet experience in an urban area such as Lagos could leave such a sour taste, it could only be imagined what it is going to be like in the rural areas of the country where there are 447 local government areas. After more than a decade after the telecoms sector liberalisation that ushered in the telecoms revolution, a lot of rural communities are still largely “disenfranchised”.

    The story everywhere, from Calabar to Kano, Bauchi to Bayelsa, Abakaliki to Bornu, is the same. Not even in cities such as Abuja and Port Harcourt is the story different. Nigeria is the most populous nation in Africa with a population of over 168 million people as at 2012 according to the World Bank. Population has grown at a rate of 2.3 per cent for each year from 2000 to 2013. Nigeria is a country with a largely youthful population with 60 per cent approximately under age of 22.

    The Nigerian Communications Commission (NCC) said in line with these demographic changes, internet penetration has increased from less than 0.1 per cent in 2001 to about 32 per cent in 2012. The 2012 National ICT policy placed broadband internet penetration for both mobile and fixed broadband at about 6.1 per cent.

    The Federal Government launched the National Broadband Plan (NBP) which set very ambitious targets to be met within specific time-lines. Under the plan, fixed broadband targets for cities (which is currently standing at 1.5per cent) expected to go up to 10 per cent in 2015 in the short term, 16 per cent medium term of 2018 and long term target of 25 per cent by 2020. Penetration level which stands at 0.5per cent, will move up gradually to 3.3 per cent, 5.3 per cent and 8.3 per cent respectively

    For national broadband targets, current level is 35 per cent while short term target is 60 per cent (2015). For medium term (2018), 80 per cent is targeted while 95 per cent is targeted by 2020 as long term target.

    Penetration currently is six per cent. It is expected to go up steeply to 21 per cent, 42 per cent and 48 per cent respectively.

    But the road to achieving this target is laced with thorns as frequencies that are supposed to be freed to boost internet penetration are not available yet.

    Director, Regulatory Affairs and Special Projects, Airtel Nigeria Osondu Nwokoro who spoke at an ICT forum in Lagos, said the launch of the National Broadband Plan (NPB), 2013-2018 by the Federal Government is consistent with developments in other parts of the world, adding that it is a step in the right direction and showed government’s commitment to pursue a broadband agenda for the country.

    Nwokoro defined broadband as the easier, faster, and high speed internet access for data transmission and download, compared to traditional telephone and modem. Broadband supports real time internet radio, music, video, gaming, interactive services and others.

    He said with six per cent broadband penetration in the country, there is both a challenge and an opportunity to meet the goal of realising a five-fold increase in broadband penetration by 2017.

    According to him, the Broadband Commission for Digital Development charges that “access to broadband infrastructure and services must therefore be a top policy priority for countries around the globe, developed and developing alike as well as least developed countries,” adding that commission urges “governments and business to work together to develop innovative policy frameworks, business models and financing arrangements needed to facilitate growth in access to broadband worldwide

    Speaking on impact on the economy, he said wireless broadband is expected to contribute an additional N190billion to gross domestic product (GDP) in 2015 while wireless broadband will have a direct revenue impact (spend on usage and devices) of N598billon or 0.7 per cent of GDP this year.

    He added that its ecosystem value will be N124billion comprising consumer retail (m-commerce; m-Entertainment), financial services (m-banking), social services (m-learning, m-health, and m-governance) and corporate verticals (m-farming, m-enterprises, m-utilities).

    Head, Core Network Services, Cyberspace Network Limited, Osuere Peter said broadband is the totality that forms the entity for faster information delivery across a network. This network could either be digital subscriber line (DSL), fiber-optic, cable modem, satellite, wireless and broadband over power lines (BPL).

    He said internet and mobile banking: customers could now carry on banking transaction activities via their fixed and mobile devices while e-commerce sites such as Konga, Jumia, Olx have also emerged.

    It has also led to the provision of public services like driver-license application, international passport, national ID card registration and the general e-government solutions, adding that the implementation of regulatory framework and policies to promote electronic transaction such as the Cashless Policy of the Central Bank of Nigeria (CBN).

     

    Daunting hurdles

    The Nigerian Broadband technology infrastructure has grown up to an appreciable level in some very specific places and at different degrees.

    Nwokoro said fixed infrastructure is not available in Nigeria and the cost and burden to put same in place is daunting. Wireless is the only viable option for broadband penetration.

    Another challenge is paucity of spectrum. According to him, NBP acknowledges the need for spectrum for mobile broadband and proposes to publish plan for freeing up spectrum for LTE rollout this year, conduct licensing of 2.5/2.6GHz spectrum in 2014 and facilitate accelerated wireless infrastructure expansion and upgrade with operators.

    Another issue is that of right of way (RoW) permits and other planning approval processes and associated charges between different ministries, departments and agencies (MDAs) at federal, state & local levels remain a strong disincentive for infrastructure development.

    Though NBP proposes to secure RoW waivers with states and also pursue expedited RoWs. achieving this goal between the three tiers of government remains a daunting challenge.

    Device ownership and access points which are key to adoption and utilisation are also key challenges.

    “NBP proposes to challenge original equipment manufacturers (OEMs) to produce sub $30 access devices to reduce cost of ownership and thus facilitate uptake by the broader subscriber base.

    “NBP also proposes to deploy local access points (in NIPOST premises and local government, headquarters to facilitate access within 2km for people who cannot afford own access devices,” Nwokoro said, adding that in spite of all the promises of the market size in the country, major OEMs are unwilling to site assembly plants for device manufacture, on account of unstable electricity supply, intellectual property rights issues and challenges in the business environment.

     

    Solutions

    Mandate should be given to the National Frequency Management Council (NFMC) to articulate a spectrum roadmap to address timely availability, cost-effective pricing and licensing of the 700/800 MHz Digital Dividend spectrum band to support mobile broadband penetration.

    Another is resuscitation of the NFMC and expansion of its membership to incorporate private sector representation.

    Nwokoro said consideration should be given to the 900 MHz and 2.5/2.6 GHz spectrum re-farming to support mobile broadband on LTE while spectrum policy and regulation to support flexibility while supporting regional integration.

    the gap, there is still a long way to go as access cost remains punitive while service quality is patchy, reports LUCAS AJANAKU.

  • CBN faults payment  for services in dollars

    CBN faults payment for services in dollars

    The Central Bank of Nigeria (CBN) has condemned rising cases of currency substitution and dollarisation of the economy.

    CBN Banking Supervision Director Mrs. Tokunbo Martins said the Naira remain the only legal tender in this country.

    “Please be reminded that Section 15 of the CBN Act 2007 provides that the unit of currency in Nigeria shall be the Naira.  Section 20 (1) of the same Act provides that the currency notes issued by the Bank shall be legal tender in Nigeria at their face value for the payment of any amount and Section 20 (5) further provides that a person who refuses to accept the Naira as a means of payment is guilty of an offence and liable on conviction to a fine or six months imprisonment,” she said in a statement.

    Martins warned the general public that it is illegal to price or denominate the cost of any product or service (Visible or Invisible) in any foreign currency in Nigeria and no business offer or acceptance should be consummated in Nigeria in any currency other than the Naira.

    She advised deposit money banks operating in the country to desist from the collection of foreign currencies for payment of domestic transactions on behalf of their customers and the use of their customers’ domiciliary accounts for making payments for visible and invisible transactions like fees, charges, licenses among others originating and consummated in Nigeria.

    This however is without prejudice to foreigners, visitors and tourists who are encouraged to use their cards for payments or exchange their foreign currency for local currency at any of the authorised dealers’ outpost including hotels.

    “Appropriate sanctions shall be meted on any bank that breaches this regulation. Please note that this circular supersedes the provisions of Memorandum 16 of the Central Bank of Nigeria Foreign Exchange Manual and Paragraph (XI) Section 4.2.1 of the Monetary, Credit, Foreign Trade and Exchange Policy Guidelines for Fiscal Years 2014/2015,” she said