The Nation Newspaper

Tag: Trading

  • Stock Exchange suspends trading on 17 companies

    Stock Exchange suspends trading on 17 companies

    the Nigerian Stock Exchange (NSE) has suspended trading on the shares of 17 companies following the failure of the companies to adhere to best corporate governance and extant post-listing requirements.

    The suspended companies included African Alliance Insurance, Equity Assurance,  Fortis Microfinance Bank, Guinea Insurance, Premier Paints, Resort Savings & Loans, Sovereign Trust Insurance, African Paints (Nigeria), Aso Savings & Loans, Ekocorp, Evans Medical, Goldlink Insurance, Great Nigeria Insurance, Omatek Ventures, Union Dicon Salt, Union Homes Savings & Loans and Universal Insurance Company.

    A circular obtained by The Nation indicated that the companies were suspended after they failed to file their accounts and operational reports as required by the listing rules at the Exchange. The suspension will remain in place until the companies file the relevant accounts and reports.

    With the suspension, investors will not be able to trade on the shares of the companies, thus denying them opportunities to raise funds through such investments in case of financial needs.

    Post-listing rules at the NSE require quoted companies to submit their audited earnings reports, not later than 90 calendar days, or three months, after the expiration of the period. The rules also require quoted companies to submit interim report not later than 30 calendar days after the end of the relevant period.

    Most quoted companies including all banks, major manufacturers, oil and gas companies, breweries and cement companies use the 12-month Gregorian calendar year as their business year.  Not less than 83 per cent of quoted companies use the 12-month Gregorian calendar year as their business year. The business year thus terminates on December 31. While March 31 is usually the deadline for submission of annual report for companies with Gregorian calendar business year, the deadline for the quarterly report is a month after the quarter.

    NSE tags and applies fines on companies that fail to meet earnings reports’ deadline. The Exchange had on January 1, 2017 launched its new sanction regime for delay in submission of companies’ results. Under the new sanction regime, companies may pay fines that range from N100, 000 to more than N100 million as penalties for delay in the submission of their corporate earnings reports.

    Companies that also delayed their financial statements and accounts face threats of suspension and delisting in addition to the monetary fines.

  • Dirt,street trading take over Benin City’s King Square

    Dirt,street trading take over Benin City’s King Square

    The Benin City centre, which was renamed Oba Ovoranmen Square by the Adams Oshiomhole administration, is popularly called Ring Road. It was previously known as the King Square. All roads leading to Benin City from the east, west, north or south terminated at the Ring Road. Some of the roads were part of the nine ancient roads that led to Benin when it was capital of the ancient Benin Kingdom.

    The Ring Road was the place where the colonial masters used to hold court. It served as place for soldiers’ recruitment during the colonial days. It was there the late Dr. Samuel Ogbemudia was recruited into the military after he watched a military parade at the field. It was rebuilt to its present status by Dr. Ogbemudia when he became military administrator. Where the field used to be now houses the Benin Musuem.

    The Bank of Nigeria, the Oba’s Palace, Urhokpota hall, and some banks are located around the Ring Road. Adjoining roads to the Ring Road are Akpakpava, Mission, Forestry, Sokponba, Siluko, Ekenwan, Airport and Sapele.

    Before the coming of Oshiomhole’s administration, the Ring Road and adjoining streets were in terrible state. There was heavy traffic congestion, refuse heaps littered the roads, and walking the Ring Road was a thing of fear due to robbery attacks and activities of pick pockets. It was in fact a smelling environment as motor parks were located at every junction of the road.

    Peeved by the sorry state of the Ring Road and adjoining roads, former Governor Oshiomhole invested massively on road infrastructure and urban renewal project. His argument was that Benin City is home to every Edo man and woman and as such the city center should bear the semblance of a modern city. To restore the beauty of the Ring Road, Oshiomhole sacked all motor-parks around the Ring Road, including the one owned by Chief Osamede Adun popularly known as Bob Izua. He reconstructed all roads leading to the Ring Road to dual carriage ways with walk ways and street lights. A water fountain worth N200m was built at the Ring Road.

    Youths were employed under the Edo YES initiative to stop street trading. Commercial bus drivers were barred from driving into the Ring Road. Several gardens were created around the Ring Road and bore holes were sunk to serve as a source of water for the flowers during the dry season. Opposition parties accused the Oshiomhole administration of using state’s fund to plant grasses, built water fountain and boreholes whereas the people lacked water to drink.

    The Ring Road became a beauty to behold. The street lighting around the Ring Road restored people’s confidence to walk around the place without fears of being robbed. The gardens created around the Ring Road and the Water Fountain attracted thousands of people to the Ring Road during festive period. The usual heavy traffic was reduced and driving around the Ring Road was an excitement.

    Today, the Ring Road is now in a sorry state. The money spent to beautify the place appears to have been wasted. Workers previously employed to water the grasses and flowers are nowhere to be seen. Gardens created in front of institutions, such as the House of Assembly, Central Hospital, First Bank are unkempt. Rails erected around many of the gardens have been destroyed. Many of the flower pots in adjoining streets are without flowers. Pavements in the adjoining streets now serve as refuse dumps.

    Walk ways meant for pedestrians around the Ring Road are now used by traders for display of all kinds of wares. Destitute have found abode at some of the once beautiful gardens while the musical Water Fountain is usually on once in a week. The Ring Road Oshiomhole rebuilt and today’s Ring Road are worlds apart.

    Besides, heavy chaotic traffic has returned to the Ring Road because of activities of commercial bus drivers and street traders. It is now hell to drive through the Ring Road.

    During his several inspections of projects, former Governor Oshiomhole personally arrested traders that displayed wares on the walkways. He ordered seizure of vehicles causing heavy traffic because the people he entrusted duties failed because of monies collected from the traders and drivers.

    In February, the state government commenced enforcement of the ‘Project Clean up Edo’ which saw the arrest and prosecution of many traders caught displaying their wares on the walk ways. The traders were charged under section 10, sub-section C of Edo State sanitation and Pollution Management Law No 5, 2010 and section 203 of the Criminal Code and were fined between N5000 and N20,000.

    Chief of Staff to Governor Obaseki Taiwo Akerele recently told reporters that that State government would soon roll out its programme to keep the city clean, especially the Ring Road.

    During a strategic dialogue meeting on “Setting Agenda for the new administration”, among the six thematic areas Obaseki planned to focus on are Economic Revolution, Culture and Tourism, Environmental Sustainabilty, Welfare Enhancement, Infrastructure Development and Institutional Reform.

    To further prove his determination to keep the clean, Obaseki gathered experts at a two-day workshop to brainstorm on how to keep the State clean. Edo State has assured the people of his administration’s determination to make Edo the cleanest state in Nigeria.

    A former governor of Cross River State, Donald Duke, who chaired the workshop, said investors are attracted to states where the environment is clean.

    He noted that efforts to make Edo State a reference point for environmental sustainability might be unachievable without support and partnership from private organisations and individual input.

    Duke said the government’s policies on environment would be inefficient if the people were not properly carried along.

    He said: “Government may come up with all sorts of policies, but if the people you gather do not take ownership of the policies, the system would not work. The people must appreciate what you are doing, believing that it is good for them. It should not only be the government’s programme, but also theirs.”

    The coming months will tell if Obaseki can restore the Ring Road as dreamt by Oshiomhole or make it a world class city centre.

  • NNPC prepares for global oil trading

    NNPC prepares for global oil trading

    The Group Managing Director,  Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has urged oil traders under the purview ofx the Corporation to sharpen their skills for the challenges ahead as the stste-run oil firm seeks to activate its vision of becoming a global player in the industry.

    Baru spoke ysterday at the NNPC Towers, Abuja while receiving participants billed to depart for onsite customised oil traders training programme organised by the Oxford Princeton, London, for select NNPC workers.

    Its Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu in a statement , quoted Baru as saying: “Trading on the major international platforms like the London mercantile exchange, the New York NYMEX, and of course Singapore requires in-depth understanding. It also requires total loyalty and commitment to your entity, as in the oil and gas industry, the margins are small so the volume definitely matters. We rely on you to make things happen.’’

    The NNPC GMD noted that because successful trading required in-depth networking, the trainees must do everything possible to develop and sustain a rich pool of contacts within the trading world.

    He recalled that various attempts made by the NNPC management in the past to have a strong hold on oil trading had not yielded the expected dividend because the Corporation relied on the so-called big trading companies to transfer trading skills to NNPC workers during routine secondment.

    “It is our aspiration that this crop of trainees would eventually realise our dream,’’ Baru said.

    The training programme is designed to equip the participants with crude oil trading fundamentals and develop their capacity to compete in the global trading space. The course is billed to take-off on February 6.

  • Nigeria, Ethiopia to partner on commodities trading

    Nigeria and Ethiopia are set to enter into a technical partnership for joint trading of commodities for the two regions of East and West Africa and the two countries.

    When operational, the deal will see the Ethiopian Commodities Exchange (ECX) training workers of the Nigeria Commodity Exchange (NCX) on technical operations including internship.

    Speaking to The Nation on the development in Abuja over the weekend, the Managing Director and Chief Executive Officer, NCX Mrs. Zaheera Baba-Ari said both countries are planning to “enter into market information services whereby they (ECX) will be listing commercially viable Nigerian agricultural commodities such as maize, sesame, cotton, cowpea, cashew nuts and cottons but they will be adding more commodities as time goes on.”

    Both Commodities Exchanges she said are in the process of drawing up a Memorandum of Understanding (MoU) to give legal backing for the planned commodities marketing collaboration.

    Baba-Ari said the benefits of the partnership include “opening up business opportunities for Nigerian farmers to attract buyers from African countries and abroad, apart from improving marketing opportunities which will lead to improved revenue for Nigerian farmers, this arrangement will also boost production by farmers who have been exposed to new market frontiers.”

    To help Nigerian farmers make the best of the occupation, Baba-Ari added that NCX has established commodities trading relations with Commodities Export Associations in Sudan.

    The Exchange she said recently went to Sudan to commence discussions on the arrangement with the associations in Khartoum. The Sudanese merchants she said “are interested in procuring cocoa, cotton, sesame, cashew nuts, shea butter and hibiscus flower (zobo) from Nigeria.”

    The procurement of these agricultural commodities from Nigeria, Baba-Ari said “are for domestic consumption in Sudan and to fill procurement orders sourced from Asia and Europe using the trading floor of the Nigeria Commodities Exchange.”

    When finalised, commodities consignments will be delivered to the Lagos port for final shipment to destinations abroad.

  • Firms, NSE woo investors with mobile trading

    Firms, NSE woo investors with mobile trading

    Four technologically advanced stockbroking firms and the Nigerian Stock Exchange (NSE) have launched an initiative to step up the use of mobile online trading portals for transactions at the stock market. The four stockbroking firms, which included GTI Securities, Investment One Stockbroking International Limited, Meristem Securities and CSL Stockbrokers, had earlier launched mobile trading portals. Capital Bancorp Plc also has online trading portal.

    The new initiative, tagged: “Smart Trade”, being coordinated by the NSE was meant to rally the stock market behind the mobile online trading, standardise and unify the platform and further provide regulatory support for the individual stockbroking firm’s efforts.

    At the launch of the initiative at the Exchange in Lagos, executive director, market operations and technology, Nigerian Stock Exchange (NSE), Ade Bajomo said online and mobile stockbroking have potentials to tremendously improve the depth of the Nigerian capital market by widening investors’ base.

    According to him, from the current retail trading investors’ base of five million, the stock market could leverage on increasing mobile and internet usage in Nigeria to grow retail investors’ base to some 25 million, which will create a win-win situation for all stakeholders.

    Bajomo said the online platform would enable investors to buy and sell stocks on the Exchange with real-time processing functionality, adding that the platform would also enhance financial inclusion, transparency and market integrity as it gives investors greater control over their investment decisions.

    He said the platform would provide users real-time market data with availability of various technical indicators to analyse the trend and momentum of the market, thus enabling investors to make informed decisions based on the latest data.

    He assured that the online portal was made up of world-class technology with robust client data protection and security framework to give clients a seamless experience when processing transaction.

    Managing director, GTI Securities, Amos Aledare, said the stockbroking firm has put in place adequate arrangements to ensure hitch-free operation of its online trading portal.

    Managing Director, Investment One Stockbroking International Limited, Mr Oluwole Awe, said the initiative would move the market to the next level, assuring that stockbrokers would support the initiative to achieve the desired result.

    “The platform has a robust security features, which are well articulated to ensure that investors trades and accounts are not compromised. This platform will enable our client make their stockbroking portfolios on mobile devices tablets, laptops and desk top computers,” Bajomo said.

    He outlined that the mobile online trading initiative would ride on the back of full dematerialisation and the direct cash settlement to create a seamless experience for investors.

    The direct cash settlement initiative will require complete documentation and reconciliation of investor information, holdings, contact details and bank account details.

    According to him, while full dematerialisation is being implemented, the direct cash settlement initiative would be simultaneously implemented, leveraging on the progress made from putting into operation the dematerialisation processes.

    “Direct implication of this initiative would be increased investor control, which in turn would translate to increased investor confidence, improved levels of financial inclusion and surge in trading volumes,” Bajomo said.

     

  • Firms, NSE woo investors with mobile trading

    Firms, NSE woo investors with mobile trading

    Four technologically advanced stockbroking firms and the Nigerian Stock Exchange (NSE) have launched an initiative to step up the use of mobile online trading portals for transactions at the stock market. The four stockbroking firms, which included GTI Securities, Investment One Stockbroking International Limited, Meristem Securities and CSL Stockbrokers, had earlier launched mobile trading portals. Capital Bancorp Plc also has online trading portal.

    The new initiative, tagged “Smart Trade”, being coordinated by the NSE was meant to rally the stock market behind the mobile online trading, standardize and unify the platform and further provide regulatory support for the individual stockbroking firm’s efforts.

    At the launch of the initiative at the Exchange in Lagos yesterday, executive director, market operations and technology, Nigerian Stock Exchange (NSE), Ade Bajomo said online and mobile stockbroking has potential to tremendously improve the depth of the Nigerian capital market by widening investors’ base.

    According to him, from the current retail trading investors’ base of five million, the stock market could leverage on increasing mobile and internet usage in Nigeria to grow retail investors’ base to some 25 million, which will create a win-win situation for all stakeholders.

    Bajomo said the online platform would enable investors to buy and sell stocks on the Exchange with real-time processing functionality adding that the platform would also enhance financial inclusion, transparency and market integrity as it gives investors greater control over their investment decisions.

    He said that the platform would provide users real-time market data with availability of various technical indicators to analyse the trend and momentum of the market, thus enabling investors to make informed decisions based on the latest data.

    He assured that the online portal was made up of world-class technology with robust client data protection and security framework to give clients a seamless experience when processing transaction.

    Managing director, GTI Securities, Amos Aledare, said the stockbroking firm has put in place adequate arrangements to ensure hitch-free operation of its online trading portal.

    Managing director, Investment One Stockbroking International Limited, Mr Oluwole Awe, said the initiative would move the market to the next level, assuring that stockbrokers would support the initiative to achieve the desired result.

    “The platform has a robust security features which is well articulated to ensure that investors trades and accounts are not compromised. This platform will enable our client make their stockbroking portfolios on mobile devices tablets, laptops and desk top computers,” Bajomo said.

    He outlined that the mobile online trading initiative would ride on the back of full dematerialization and the direct cash settlement to create a seamless experience for investors.

    The direct cash settlement initiative will require complete documentation and reconciliation of investor information, holdings, contact details and bank account details.

    According to him, while full dematerialization is being implemented, the direct cash settlement initiative would be simultaneously implemented, leveraging on the progress made from putting into operation the dematerialization processes.

    “Direct implication of this initiative would be increased investor control, which in turn would translate to increased investor confidence, improved levels of financial inclusion and surge in trading volumes,” Bajomo said.

     

  • Ibadan: Looming relapse to filth, street trading?

    Ibadan, the Oyo State capital, was regarded as the dirtiest city in Nigeria. But three years after Governor Abiola Ajimobi assumed office in 2011, the situation changed. It has become one of the cleanest. OSEHEYE OKWUOFU, who went round the city, reports that the situation may relapse if the government ignores the return of filth and street trading.

    When Oyo State Governor Abiola Ajimobi began the implementation of his beautification programme aimed at repositioning Ibadan city, many praised the initiative, even though it was stiffly opposed.

    The Governor, in his determination to clear the city of dirt, moved against street traders, hawkers and shop owners who erected their shops under high tension electric cables, those on water channels and owners of other illegal structures.

    The programme was not only resisted by members of the opposition party, the Peoples Democratic Party (PDP), but also some members within the ruling All Progressives Congress (APC).

    In spite of all this, the governor was unrelenting in his resolve to make the city of Ibadan a reference point in terms of cleanliness.

    Almost every part of the city was taken over by mountain-like malodorous garbage dumps, while wares displayed by traders struggle for space with moving vehicles and stinking drainage systems were everywhere.

    At the Iwo Road Bridge, traders often compete for space with motorists on the expressway. That was the lot of Ibadan city before Governor Ajimobi-led administration assumed office. It took the unflinching commitment of the governor to clear the mess which has accumulated over the years.

    Surprisingly, it is still a puzzle to many how this great achievement recorded by Governor Ajimobi on the beautification of the city within a very short period suddenly relapsed.

    Currently, it is common sight in major areas of the city to see hawkers and street traders selling and buying on the roads with little or no qualms.

    At Challenge, Molete, Mokola, Dugbe, Sango, Iwo Road Bridge and some other areas of Ibadan, it is hard to believe how people evaded the roads to display their wares.

    One of the traders, Mrs Olaitan Agboluaje who spoke with this reporter acknowledged the effort of the state governor but complained of the approach used in handling the implementation of the beautification programme.

    Traders displaying their wares on the roadside
    Traders displaying their wares on the roadside

    He also decried the issue of inadequate shops provided for traders by the government who forcibly drove the traders away from the streets.

    If the shops were enough, Mrs Agboluaje stated, traders will have no reason to display their wares on the roads.

    “We know the governor built shops at Molete Scout Camp, New Garage, Gbagi and some other places, but tell me how many traders were really accommodated in these markets. Don’t forget the fact that there are thousands of displaced traders in different parts of the city.

    For instance, out of the long list of traders displaced from Iwo road, Idi-Ape, Gate and many other areas, how many traders will be accommodated at the market built at Gbagi?

    Traders displaying their wares on the roadside
    Traders displaying their wares on the roadside

    “In fact, at Mokola Round-about down to Sango and Agbowo area of Ibadan, there are thousands of traders in this stretch, yet there is no single market built to absorb these traders. So, you can see where the problem lies. Unless the government is truly sincere in addressing this problem, I don’t think it will bring any desirable effect in the long-term,” he said.

    A civil servant who spoke in confidence identified lack of organisation and planning as some of the major problems of the city.

    Our source pointed out that members of the National Union of Road Transport Workers (NURTW) worsen the situation with indiscriminate parking and careless driving on the road, congestion of major roads due to absence of government agents to enforce existing traffic rules.

    He said: “Most cities that are well planned with effective laws will not tolerate reckless driving, street trading, poor sewage disposal and indiscriminate parking of vehicles. In Ibadan, bus and taxi drivers will park even on the middle of the roads to pick or drop passengers because he knows there is nobody to sanction him. The annoying aspect is the attitudes of drivers of the government mass transit buses called Ajumose bus.

    “They have no bus stops; they park on the middle of the roads with all impunity without minding the fact that there are other road users. Ibadan is a cosmopolitan city and it makes no sense that things are going worse in this present day Nigeria when most cities in the country are far advancing.”

    The people, however, appreciate the weekly sanitation exercise which is still much effective. In most areas, environmental and health officers ensure that gutters and surroundings are clean. The impact of the exercise would have been more felt if street sweepers are engaged to sweep dirt scattered all over the streets by residents during the weekly sanitation exercise.

    Southwest Report gathered that majority of the street sweepers and the Youth Empowerment Scheme (YES O) officers engaged by the government have left as government could no longer afford to keep them on its payroll due to dwindling state resources.

    This has further worsened the problems of filth, street trading and indiscriminate parking in the city because there are not enough government agents to enforce its laws on beautification programme.

    Speaking on the issue, former Secretary to the State Government (SSG) and one of the aides of the governor, Mr Ismail Ali said the government has decided to apply massive education and enlightenment rather than the use of force to let the people see the need for keeping the city clean.

    He said: “Currently, we are embarking on massive education, because if you don’t do mass education, they will not realise that all that we have been saying is in the people’s interest.

    “They will think that you are trying to deny them their means of livelihood and movement, which is not true. What is more essential is to let them know that it is in their own interest. Although we are talking about beautification and all that, out of our peace, safety and security programmes, we are talking about really how to take people off where the risk is. So, what we are trying to make them realise is that the approach is subtle; we are not doing much of enforcement; we are doing much of persuasion and make people realise that they need to key into our vision.

    “So, we will continue along that line; telling people why they shouldn’t be where they are, having given them alternatives. We are providing alternatives sufficient enough for them to earn their living. So, there is no reason why they should be found on the roads.”

     

  • Cleaner City: LAGOS goes tough on street trading

    The Lagos State Goverment has vowed to combat the menace of illegal street trading and hawking in the state  metropolis. This is part of its effort to attain a cleaner and healthier environment.

    The Permanent Secretary, Ministry of the Environment, Mr. Oluwatoyin Onisarotu, said traders who that fail to abide by State Environmental Sanitation Law would henceforth face the full wrath of the law.

    “It is disheartening to see how our major roads and highways like Apapa-Oshodi Expressway, Ikorodu road, Agege motor road, Victoria Island, Ikoyi-Obalende, Ojuelegba – Stadium, Surulere, Oyingbo, Carter bridge, Idumota, Oshodi, Ketu, Mile 12,Third Mainland bridge, Cele, Iyana-Ipaja, Agbado Oke-Odo, Airport Road, Ikeja, amongst others have been converted to illegal markets,” he said.

    Onisarotu, therefore, warned traders engaging in this illegal act to desist as the state government would not compromise any act that may derail the effort of the government in achieving a cleaner environment in the state, warning that state environmental sanitation law forbids anybody from converting the road median, setbacks and walkways to any trading activities.

    He said the state governor, Mr.Akinwuni Ambode, has mandated Law Enforcement Officers and Regulatory Agencies to ensure compliance with the provision of the state Sanitation Laws forthwith.

  • Policy on commodity trading underway

    Policy on commodity trading underway

    The Permanent Secretary, Ministry of Industry, Trade and Investment, Ambassador Abdulkadir Musa disclosed that the government has come up with a policy on the conduct of commodity trading both within and outside the country.

    The Permanent Secretary who was represented by the deputy director, Planning, Research and Statistics, Ajia Mahman disclosed this at the launching and presentation of certificates of registration to three new national commodity associations in Abuja.

    He said, The policy is to address the ugly development, by government setting up the export commodity coordinating committee to sanitise the system by organising the existing and yet to be established trade group into apex commodity association.

    “The main trust of the policy was to ensure orderliness in the conduct of commodity trading within and outside the country.

    “The policy trust of the present administration in ensuring the diversification of the economy is to reduce over dependence on crude oil export.

    “The intention of government is to create robust non oil export led economy by providing the enabling environment for achieving optimal result.

    “In this regard I wish to assure players in the commodity sector of government support on the conviction that it is a path towards the realization of the vision 20-2020.

    “The commodity sector has a myriad of challenges which must be addressed. You must ensure the competitiveness of your products in the market, through quality enhancement, improved yield, information gathering and exchange, increased land area.”

    Abdulkadir lamented the handicap in the subsector as inability to gainfully process most of these commodities to add value. This he said is a challenge if wealth must be created out of this viable economic potential.

  • ‘Gidimall will be an online trading hub in Africa

    ‘Gidimall will be an online trading hub in Africa

    www.gidimall.com is one of Nigeria’s fastest growing Online Retail store with primary focus on customer satisfaction, genuine products. It delivers a shopping experience that a shopper would ordinarily enjoy when he goes to a shopping mall. In this interview with TONIA ‘DIYAN, the mall’s Managing Director, Chief Executive Officer, Osamede Evbakhavbokun, speaks on the mall’s features and its plan to become the hub for online shopping across Africa. Excerpts:

    Gidimall.com! What is this concept all about and why have you come into the Nigerian market?

    www.gidimall.com is an e-commerce platform where a peron can shop for a wide variety of products and services. On this platform, such a person is also allowed to list his products for sale and sell to millions of Nigerians online, as well as earn an additional source of income when he joins our GTeam programme (www.gidimall.com/gteam). All he needs to do is refer a buyer and manage that relationship for constant purchases from gidimall.com and he earns an income every time he shops on gidimall.com.

    It is a platform where buyers, sellers and offline sales partners meet to offer value to each other.

    We have been in business since October 2012 and over the years have spent time evolving the platform and user experience while putting in place, structures and framework for scalable growth. What has been key for us is consistent customer experience and this has kept us in business.

    What additional values do you bring to shoppers?

    Just like any other e-commerce marketplace, we offer a platform to buy and sell. We do not just provide you with technology, we work closely with you, support you to grow your business as a seller, and ensure the best experience for every buyer.For buyers, we offer Next day delivery within selected cities or money back guarantee plus several flexible terms of delivery allowing you select that which suits you. Payment on delivery nation-wide plus flexible returns policies are also available.

    ForRetailers (B2C) & Wholesalers (B2B), we provide a robust and reliable, easy –to-use, cloud based technology platform to whoever wants to  sell via desktop and mobile channels from anywhere in Nigeria.

    What is your unique selling point that you feel will keep your clients coming back to you?

    Great offers and discounts for online shoppers. We have a very robust reward system that offers buyers unique opportunities. This include  offerring our buyers added value by making our ‘pick – up and drop – off to Service Centers’ free for all customers in Lagos.  We understand that Lagos is a busy place and not everyone can make out time to go to Service Centers if their appliances need servicing.  With the understanding of this challenge, we provide this service free to all customers who purchase any appliance under warranty from us for the first 12 months.  To enjoy this service, all a client need to do is to simply give us a call and send us his order number and we will come pick it up from anywhere in Lagos and drop it off at the Service Center for him, free! For a token fee, we will also pick up the appliance from the Service Center and deliver to your location outside Lagos.  For us, this is a key differentiation since it shows that we care for our customers and strive to maintain a relationship with them, even after they have concluded their transaction with us. For example, you get a discount voucher when they register as a customer on Gidimall.com. And when you place an order and it is fulfilled, you  get an instant discount for your next order. You also get further discount by referring friends to the site. We also encourage our customers to leave reviews for further discounts. This is true value for shoppers!

     So far, what challenges have you faced?

    We have faced challenges like that of inventory Management: This is the same with most eCommerce stores in Nigeria. The  Issue of out of stock is a recurring decimal in our e-Commerce space with sellers not sending in frequent updates on their stock position. This has been a huge challenge and we have been able to manage this through the launch of our vendor portal which sellers can use as an inventory management tool for their brick and mortar stores and also use that same channel in expanding their business to sell online to millions of Nigerians. We also now offer API integration for large organizations

    What are some of the benefits of online market places like gidimall.com?

    For most market analysts, key benefits of online marketplaces can be seen from 2 main angles – the perspective of the buyer and that of the online seller. At gidimall.com however, we see it from 3 perspectives – buyers, online sellers and offline sellers who take part in our gteam program.

    Online shoppers are no longer limited by time and space. They can shop for favourite items anytime and anywhere in Nigeria using their computers or smartphones. No long queues, less stress.

    There is a wider catalogue selection where buyers have an opportunity to browse through a wide variety of products in a few minutes. This when compared to having the task done by visiting physical stores would have been practically impossible or take them weeks to have same done. I must say online shopping is cheaper than buying in person if you are dealing with the right store like gidimall.com!

    Sellers Saves time and cost –Marketplaces have drastically reduced the time and cost it takes to set up a businesses. With our portal, sellers can list their products in minutes to have an opportunity to sell to millions of Nigerians via our portal at no set up cost.

    Fulfilment: Managing fulfilment which is a huge task is one of the main reason why most brick and mortar stores do not go online. Using our shared infrastructure and working with our logistics partners, seller have the opportunity to manage their shipping like never before. They can decide to ship items themselves, use any of our courier companies to ship nation – wide or have gidimall.com handle delivery for them (within Lagos).

    Job creation for Sales Consultants:Because we have built an ecosystem, we have offline sales consultants who help drive sales for our sellers for a commission which we manage. Engaging these sales consultants have created a massive job creation window like never before and it is open to as many sales partners as possible. Interested candidates can join our team of successful sales partners by sending their resume to gteam@gidimall.com.

    What is your vision for the next few years?

    The vision is clear. To become a global brand and an engine of trade in Africa.

    How do you help entrepreneurs sell their products on your platform?

    To help entrepreneurs sell their products on our platform, sellers must first create those products online by visitingwww.gidimall.com/sell. This is as easy as A.B.C plus we provide excellent support. Once done, they begin to receive orders. Once there is a sale, all they have to do is to have the item packaged and to drop it off at the nearest drop off location of our partner courier companies and the item is shipped. This can be done from anywhere in Nigeria and details of our partner courier companies, pricing and address can be found in our Seller Portal.

    What do you stand to gain bringing buyers and sellers together?

    We charge areferral commission for completed sales made on the platform of which a large chunk of this commission is also used to empower our sales consultants who help drive offline sales and as such drive the success of our partners. This is what we can call a win – win for all stakeholders.

    Who are the selected Nigerian businesses that are allowed to put their products for sale on your website?

    All kinds of businesses are invited. Big, small, individual sellers of products and services etc. There are almost no limits to the kind of products we list and sell. However, there are some products we do not sell. A detailed list of businesses that we do not list can be found in our terms and conditions section of our website which can also be found during seller registration. Businesses we cannot list are usually those dealing in highly regulated, items e.g.  Fire arms, drugs etc.

    How have you been able to build that trust for your kind of business?

    Simple. We deliver and we stand behind our brand. This has earned us the trust of our customers over the years. Our initial customer base were bank staff and the fact that we remain consistent and constantly surpass expectations is why we have been in business despite stiff competition.

    You stated on your site that you ‘give out great offers’, how regular are these offers/deals?

    Our discounts are all year round and this is aside discounts and campaigns organized by us in partnership with our sellers. Some of these regular discounts include:

    instant N1,000 discount voucher when you register as a customer on gidimall.com, instant discount for your next order when you complete an order and it is fulfilled satisfactorily, further discount when you refer friends and

    • After enjoying your product, you are encouraged to leave a review to get further discount.

    Is there anything else you would like to talk about?

    www.gidimall.com has just launched her Seller Portal where sellers of great products in Nigeria can grow their business by selling to millions of Nigerians every day, as well as take advantage of the unique features the portal has to offer. The platform can be used for inventory management, order and fulfilment, for both online and offline sales etc. With gidimall.com, the opportunities are endless. Start shopping and selling in minutes.