Category Archives: Business

Dangote Clinches ‘Most Compelling Agency Story’ Award Days After Winning Most Admired African Brand

The wealthiest African man company, Dangote Industries Limited has clinched an award through its television commercial featured on the
Cable Network News , detailing its business processes .

A statement issued by the company said the recognition came barely a week after emerging the most admired brand in Africa .

It said the award, dubbed ‘ Most Compelling Agency Story’ by the World Travel Market was won with the ‘ Farm to Table’ commercial, which detailed the process of food metamorphosis from the farm as raw material to the final process as food on tables at home .

The pan – African company said the commercial, which is part of the ‘ Touching Lives’ documentary aired weekly on the CNN , was shot by the
CNN International Commercial, and showcased how Dangote had been touching the lives of the people through its businesses .

Nigeria’s Refineries Count N50 Billion Loss In First Quarter of 2020

Nigeria’s refineries have recorded a combined loss of N50 billion in the first quarter of this year.

The proclamation was made by Mr. Joseph Nwakuwe, during a webinar seminar titled ‘Repositioning the newsroom to respond to changes in the oil sector in a COVID-19 era’ organized by Accountability Workstream Facility for Oil Sector Transformation (FOSTER 11) yesterday.

Nwakuwe, who is the Chairman of Society for Petroleum Engineers(SPE), said the refineries post an average of N10 billion on a monthly basis, saying the country cannot afford to record losses in that huge number.

The oil expert warned that should the country fail to sell the refineries now, they may not get value for it anymore.

He said the refineries have outlived its usefulness and should be sold as soon as possible to those who can add value to it, adding that the amount of money spent on the endless rehabilitation of the refineries was no longer sustainable.

He added that country must come up with a fiscal policy that drives development in the midstream and downstream sectors so that they are more energized.

Nwakuwe lamented that the country was not getting value for its crude oil because a larger chunk of the resources was exported in its crude form and later returned as imported petroleum products.

This, he said, was not good for the industry and the economy as a whole.

From January to October 2019, refineries under the management of the Nigerian National Petroleum Corporation(NNPC) made a cumulative loss of N123.25billion.

An analysis of data in the October 2019 oil and gas report of the NNPC showed that all three entities recorded losses during the period under review.

Findings showed that while Kaduna Refining & Petrochemical Company (KRPC) posted a loss of N49.3billion in the 10-month period, Port Harcourt Refining & Petrochemical Company (PHRC) and Warri Refining & Petrochemical Company (WRPC) lost N36.7billion and N37.24billion respectively during the same period.

It was further observed that the actual revenue made by the three facilities during the period was N68.82billion while their expenses were put at N192.1billion.

Of the three refineries, WRPC made the highest revenue of N59.1billion during the period, even as it posted the highest loss of N96.32billion.

KRPC and PHRC made N6.23billion and N3.46billion as revenues in the 10-month period but lost N55.59billion and N40.16billion respectively.

For October 2019 alone, the facilities posted a cumulative loss of N11.72billion.
Their individual losses in October were N5.24billion, N3.38billion and N3.1billion for KRPC, PHRC and WRPC respectively.

On subsidies, the oil and gas expert said, the time to suspend further funding of fuel subsidy was now as the monies expended on same since 2006 was capable of building about five refineries.

‘How Startup Business Can Thrive During Covid-19’ Expert Gives Insight

Coronavirus pandemic has no doubt affected economies and businesses all over the globe, which has brought unprecedented challenges to the well established firms and start-up businesses as well. It has become more difficult for businesses to keep afloat during this period due to decrease in revenue and general financial crisis in the business environment.

The effect of this present crises on startup or small businesses especially, is more brutal as they have less cash reserves and low margin for meeting up with the sudden global economy fall. Speaking to a leading startup business owner in Sokoto, Olatunde Mustapha gave an account on how the pandemic has affected his Event Planning business and other of its kind.

He also gave an insight on how businesses, most importantly, startups can survive during this period and as well appeals to government to create soft loans for businesses after things might have returned to normal.

“This lockdown has made many of my live events and keynotes to be canceled, not even rescheduled, for you to just know how bad it has been for me event planner. The Academy which I also run concurrently can not go on as usual due to the maximum numbers of people needed to be present at a spot. It is no just an easy moment for me and other businesses that entail coming together of people.

Despite that, as an entrepreneur who ventured into this business with problem-solving ideology, I have been able devise means which will enable me keep my business alive while this pandemic last.

The means I am talking about isn’t rocket science, it is something that many people have been buying into since the start of this pandemic. It’s just going digital. It is not going to be meeting companies to hire me to plan their events but rather, bringing the idea of how creating a virtual experience with them could help the company revived some of its lost revenue. And as usual it is going to be win-win situation for both of us. I am well versed on the fact that not every event can be featured online, but that type of event which will appeal to audience digitally is what is to be explored.

Responding to the ways in which event can be held virtually he said: It is something that has been ongoing for awhile, thanks to the pandemic for making many to realize the necessity in carrying out live event online. All these live activities you see celebrities, influencers and all the likes doing are simply virtual events. It might be just for fun to mere users, but believe me, they are making good fortune off that. So to carry out virtual event, you need to sit down and create a good content, after that you meet an organization, like some sort of brand, to partner with you or you go on with what you have, in the process of executing the plan, you will be bringing your business to more wider folds and as well getting some capital.

On what the Pandemic has come to teach; I think what I’ve realized is that we have this opportunity to make the world a more empathetic place. It makes us realize we’re much more alike than we are different. If we can remember this, maybe we can all be a bit less divisive and a little bit more positive.

Advising other business owners during this period, Olatunde said “ the biggest lesson we can have right now is we shouldn’t be selling or marketing to anyone, we should be reassuring people and building trust and relationships, and figuring out how we can work together to solve problems. We also need to understand that uncertainty exists for everyone and that we have to approach things with empathy for how we connect with people and also how we present opportunities.
If you’re a professional event planner or brand marketer, and all of your events are being canceled, it may feel like the end of the world, but don’t let your spirit down. However, I think we need to look at what is possible and to reinvent what live events might look like. Obviously, you can’t replicate the feeling of being in the same room as people, of feeling each other’s energy, but what you can do is have to have another plan, which is to get involve in virtual events.

He also call for government intervention by saying: “The government in all levels should assist by making available soft loans or intervention packages to support struggling businesses or other supportive policy as incentive for investment which will inturn has positive impact on the economy of the country”.

Mustapha Olatunde is a graduate of sociology, one of Nigeria’s leading certified business, entrepreneurship coach and trainer with over 7 years professional experience. His experience spans across brand and event management, who owns 4M Global Concept in Sokoto.

Written by; Hassan Temitope (@hatdapoet)

Lagos IGR More than 26 States Combined – NBS

Lagos State has retained its place as Nigeria ’ s economic capital , generating N398 . 7 bn in 2019 alone which is equivalent to internally generated revenues by 26 states of the federation.

The N398 . 7 bn IGR of Lagos State is more than those of Taraba , Gombe , Kebbi , Ebonyi , Borno , Yobe , Katsina , Ekiti , Adamawa , Nasarawa , Bauchi , Niger, Jigawa , Abia , Zamfara , Imo , Bayelsa , Kogi, Plateau , Benue , Osun , Sokoto , Cross River , Anambra , Oyo and Edo which had a total of N375 . 2 bn.

According to a report by the National Bureau of Statistics , the state with the second highest IGR remained Rivers which generated N140 . 3 bn. The Federal Capital Territory, which was classified as a state in the report , came third with N74 . 5 bn while Ogun came fourth with N 70 . 9 bn.
The states with the lowest revenues are Taraba , Gombe and Kebbi , which generated N6 . 5 bn, N 6 . 8 bn and N 7 . 3 bn respectively.

The combined revenue generated internally by the 36 states and the FCT in 2019 was N1 . 33 tn, according to the report.

These details were disclosed on Friday by the NBS in its ‘ Internally Generated Revenue at State Level Report for Fourth Quarter and Full Year 2019 . ’

Part of the report stated, “ The 36 states and the FCT IGR figure hit N1 . 33 tn in 2019 , compared to N1 . 17 tn recorded in 2018 . This indicates a positive growth of 20 . 92 per cent year on year.

“ Similarly, in the Q 4 2019 , the states and the FCT IGR figure hit N346 . 20 bn, compared to N294 . 11 bn recorded in Q 3 2019 . This indicates a positive growth of 17 . 71 per cent quarter on quarter. ”

According to the NBS , Delta had N64 . 67 ; while Kaduna had N44 . 95.

It added that Kano had N40 . 59 ; Akwa Ibom had N32 . 29 bn; Enugu had N31 . 06 bn; Kwara had N30 . 64 bn; Ondo had N30 . 13 bn; Edo had N29 . 47 bn and Oyo had N 26 . 74 bn.

The report showed that Anambra had N26 . 36 bn; Cross River , N22 . 59 bn; Sokoto , N19 bn; Osun , N17 . 02 bn; Benue , N17 . 85 bn; and Plateau , N16 . 48 bn.

The NBS stated that Kogi had N16 . 38 bn; Bayelsa , N16 . 34 bn; Imo , N16 . 09 bn; Zamfara , N15 . 41 bn; Abia , N14 . 76 bn; Jigawa , N12 . 92 bn, and Niger, N 12 . 76 bn.

Bauchi had N 11 . 69 bn; Nasarawa , N10 . 85 bn; Adamawa , N 9 . 7 bn; Ekiti , N8 . 54 bn; Katsina , N8 . 49 bn ; Yobe , N8 . 44 bn, and Borno, N 8 . 17 bn.

Ebonyi had N7 . 45 bn while Kebbi had N7 . 36 bn, according to the report .

Ways To Boost Your Business With WhatsApp

You will attest to the fact that the simplicity of WhatsApp is a top notch but that shouldn’t fool you into thinking its use is limited to mere casual chatter. WhatsApp can be a powerful and highly cost-effective business tool to those who know how to properly employ its features for business. It can help in customer engagement and support.

WhatsApp is a great tool for delivering customer service and a great platform for customer engagement and support. WhatsApp’s SMS features and its ability to send images, video clips, documents, media and audio files make it a great tool for customer engagement and support; it can be used to engage customers and help increase sales as well as garner a good reputation for your business. WhatsApp is also a great follow up tool for converting business leads into repeat orders, and is a platform for you to also share regular updates about your business at little or no cost rather than through email or SMS

It is also an effective, convenient and cost-effective way for customers to reach out to you when they have complaints or feedback on your products or services, rather than customers wasting time and spending hundreds of Naira on-hold, waiting for their calls to be picked on a customer care line.

1. For market survey

WhatsApp is a great interactive tool for getting real-time suggestions and feedback from your customers about your products and services, through brief and concise questions relating to the areas of your business or service you need information on.

2. For promotions or advertising

In addition to helping with customer engagement and support, WhatsApp offers a good platform for promoting your products, discount or sales offers. If you don’t want to broadcast messages, you can use your display picture, status updates and even profile updates to promote or advertise your products or services. If you want to be creative and put in some extra effort, you can send out e-brochures with images of a product, video clips containing directions on the use of a product, or video clips on discount or sales offerings on your products or services to targeted people or groups on WhatsApp. You can also solicit responses to your videos or e-brochures at the same time.

3. For business services and transactions

As a business owner, you can encourage your customer to make orders for your products or services on WhatsApp, and you can even hold E-Classes or Tutorials on WhatsApp. In cases where your students might find it hard to get together at a central venue, WhatsApp can easily be the venue for your tutorial classes, and WhatsApp media, documents and audio file sharing feature makes it very interactive for an online tutorial platform. Your students can easily make the payments to be included in the class before-hand, and once the payment is confirmed, you add the students to the closed WhatsApp group for your tutorial class. Even concierge services can be run through WhatsApp, as well as other similar business services.

4. For internal team communication

A great thing about WhatsApp is that practically everyone uses it and it really doesn’t require any training to use. In addition, you don’t need to explicitly ask your employees or team members to check the app because chances are they’re already hooked to it, this makes WhatsApp a great tool for internal team communication. You can form WhatsApp group for different teams in your business, for example you can form a WhatsApp group for the Business Strategy team, another for the Sales and Development team etc. Your team can share ideas, instant messages, images, audio files, video clips and other media among themselves in a quick and fun way. You also don’t need to be too afraid of the information shared on the these groups getting out because WhatsApp messages are protected with an end-to-end encryption that not only makes it one of the safest messaging apps in existence, but also adequately protects your data from leaks

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