Category Archives: Business

Atiku: I Started Business in 1971 as Transporter

Former Vice President of Nigeria Atiku Abubakar for the first time said he started business as a transporter in 1971, while he was in the full employment of the Nigerian Customs, working at Idi-Iroko border.

The former Vice President made the fresh revelation after receiving the Honourary Achiever Award, at the Africa’s Youth Entrepreneurs Conference and Award titled “A Stand With The Giants”, at InterContinental Hotel in Lagos on Thursday night.

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‘Moi-moi’ Business Takes Nigerian to the US White House -See Details

Ayodeji Mebope runs a catering outfit called No Left Over Nigeria plc which she started with an initial capital of N1,000 by selling moin-moin (bean cake).

She was trained as a confidential secretary, and worked in Corona Primary School for about nine years and on her resignation from Corona, she had the intention of starting a playgroup and not a catering outfit. To actualize this, she enrolled in a six-month Montessori programme. But at the end of the period, she lost interest in pursuing the ambition.

Registration for Sachet Water now N15,500 as NAFDAC reduces Rates for MSMEs

The National Agency for Food, Drugs Administration and Control (NAFDAC) said it has reduced by 50 percent registration tariffs for Micro, Small and Medium Entreprises (MSMEs) only.
Speaking at the interactive forum organised by NAFDAC for stakeholders in Kaduna, the acting Director General of the agency, Ademola Magbojuri said the measure was aimed at promoting MSME as well as ease of doing businesses in the country.

4 Interesting Reasons Why Small Businesses Fail

4 Interesting Reasons Why Small Businesses Fail

It is probably already common knowledge that entrepreneurship is not for the faint-hearted. There is a lot of blood, sweat and tears involved as well as a lot of planning, analysis, tact and doggedness. Additionally, to achieve entrepreneurial success, there also needs to be knowledge of some vital aspects to pay acute attention to and oversea meticulously. Jumia Travel, the leading online travel agency, shares 4 interesting reasons why small businesses fail.

General Electric states condition for investing in DisCos

The Management of General Electric (GE) has set a fresh condition for it to invest in the Electricity Distribution Companies (DisCos).

The power giant is insisting on a sovereign guarantee from the Federal Governemnt.

The request came at the meeting the GE officials had with the DisCos in Abuja yesterday. GE was said to have been shocked by what it discovered in the books of the power sector.

The Executive Director, Association of Nigerian Electricity Distributors (ANED), Mr Sunday Oduntola, told reporters during the Electricity Policy Education in Abuja that operators needed funding for the sector to bridge the liquidity gap.

The theme of the workshop was: Challenges of the Nigerian Power Sector.

The only way the GE can stake its money in the sector, according to Oduntola, is for the Federal Government to give a sovereign guarantee in case of any infraction.

He said: “As at yesterday, we had a meeting with the team of people from the GE. The Head of GE had a meeting with ANED. He asked to see our balance sheets. As soon as he saw the balance sheets, he said No! No! He said if the government can provide what is called sovereign guarantee, yes!

“In the case of GE, it happened yesterday. They wanted to know how the sector is doing in terms of doing business. So they are trying to see how they can come in. They have a lot of money to invest. They wanted to know the challenges like the issue of metering, network and others.”

According to him, the meeting is an ongoing discussion because “they have the money and we need more foreign investors to come in.”

Oduntola also noted that Nigeria was not conducive for investment even when the power sector was privatised as security of investment always means the sanity of contract.

He said the business environment in the country is so difficult to the extent that only two out of the DisCos can conveniently pay their workers’ salaries as when due.

Arguing that the DisCos have injected funds into their business since 2013, he said they have installed a total of 612,552 meters.

He insisted that the major constraint to investment in the sector is lack of cost reflective tariff since there has been embargo on tariff increase since 2015.

Oduntola recalled that part of the $1.4billion paid for the Power Holding Company of Nigeria (PHCN) assets was used to pay off workers.

The ANED spokesman commended the administration of President Muhammadu Buhari, which he said has been more faithful to the development of the power sector than the previous ones.

He said the reason why some DisCos sometimes reject their load allocation, is when the Transmission Company of Nigeria (TCN) evacuates it where there are no equipment to cope with it.

He added that the DisCos also reject load allocation when it is wheeled to location that is permeated with electricity theft, yet does not pay for power.

“It is true that sometimes we reject load allocation. I have the right to tell you where I want my light,” he said.

He condemned corrupt practices in the electricity market which he said are the handiwork of both staff of the companies and their customers.

Confirming that the Federal Executive Council has approved the payment of N26billion as the verified Ministries, Departments and Agencies (MDAs) debt, he noted that the Minister of Power, Works and Housing, Babatunde Fashola directed that the money be paid as part of the debt that the DisCos are owing Nigeria Electricity Bulk Trading Company (NBET).

In other words, he said none of the DisCos received the cash from the federal government.

Axxela submits EIIJ Feasibility Study to NNPC

Axxela Limited , a Sub -Saharan Africa gas and power portfolio company, has completed and submitted a feasibility study to the Nigerian Gas Processing and Transportation Company ( NGPTC ) , a subsidiary of the Nigerian National Petroleum Company ( NNPC ) , to build a 510 Kilometre ELPS – Ibadan- Ilorin-Jebba ( EIIJ ) pipeline network across the Western and Central states of Nigeria .
The study was compiled by world -renowned US- based consultant agency, Worley Parsons , and supported by counterpart funding from the United States Trade and Development Authority ( USTDA) .
Speaking during the handover ceremony , Group Executive Director, NNPC and Chief Operating Officer Gas and Power , Saidu Mohammed, said the project has been defined a long time ago , which the company is willing to implement.
“ It ’ s key we don’ t lose sight of the low- hanging fruits , as we seek to provide gas to the country in keeping with the national plan, ” he said .
The proposed pipeline project was conceived as part of the Nigeria Gas Master Plan to improve power generation and distribution to major cities within Nigeria ’ s South -Western region. The pipeline is expected to commence in Ibadan, Oyo and run through the towns of Osogbo , Ogbomoso , Ilorin, Ado -Ekiti , and terminate in Jebba located in Kwara .
Chief Executive Officer , Axxela , Bolaji Osunsanya , said the impetus for power -driven initiatives is underscored by the significance of this project , and its impact and scope are parallel with the Federal Government ’ s aspirations to improve the power situation . Ultimately , major demand centers will require more electricity to cater to the growing power requirements of industrial and commercial clusters .

Dangote Has Expose the Secret of Business Success

Aliko Dangote, Africa’s richest man, has revealed the secret of his business success: self-sufficiency and backward integration, a manufacturing strategy that extracts value from entire processes.

“We are not going to import anything any longer,” Dangote said, in the presence of Vice-President Yemi Osinbajo, Congolese presidential hopeful Moise Katumbi, and about 300 business leaders.

He made the disclosure at the Financial Times’ 4th annual Africa Summit at Claridges in London.“In Nigeria, we are learning how to produce the entire value chain,” Dangote added.Once a heavy importer of fertiliser, Nigeria is now gearing up to produce 3M tonnes of locally manufactured fertiliser, transforming the nation into one of the largest fertiliser exporters in Africa.

In 2007, Nigeria was the second largest importer of cement after the US, Dangote reminded the audience of business elite.“Today, we have not only satisfied domestic needs; we have become a leading exporter of 6-7M tonnes of cement,” he added.

Diversifying into agriculture, Dangote has eyes on the dairy industry motivated by the fact that “98% of all milk consumed in Nigeria is imported.” Same for rice. Dangote Group has invested heavily in rice production by investing in local farmers and then offering to buy back the 1M tonnes at open market prices that they are growing.

“Soon we will be able to feed not only Nigeria but the entire 320M large West African market,” he said. Dangote’s business acumen was on rare exhibition as FT editor Lionel Barber seemed impressed with the business mogul’s quick familiarity with the nuts and bolts of his businesses.“Are we going to continue to import everything?” Dangote asked. “Freight rates are now cheap but they will go up soon. A population of over 200 million cannot continue to import basic needs on a daily basis,” he answered himself.

“In Africa, you have to play long-term.”Aside from Nigeria, which African nations do you think are good growth opportunities? Barber asked Dangote.“Aside from Nigeria?” the business leader repeated and smiled. “I’d have to pick Nigeria. I am a big fan of Nigeria. We are only using eight percent of our land.”