Michael OSUNNUYI, Author at Business Bells — Page 4 of 7

Business Bells

Author: Michael OSUNNUYI

  • Transcorp Begins N10bn Rights Issue Listing

    Transcorp Begins N10bn Rights Issue Listing

    Transcorp Hotels Plc has commemorated the listing of its Rights Issue of 2,642,124,511 additional Ordinary Shares valued at N10 Billion on the floor of The Nigerian Stock Exchange.

     

    The listing was commemorated with a digital Closing Gong ceremony at the NSE where the Managing Director/Chief Executive Officer, Transcorp Hotels, Mrs Dupe Olushola, had the honour of bringing the day’s trading to a close.

     

    Speaking at the ceremony, the Chief Executive Officer, NSE, Mr Oscar Onyema, stated, “On behalf of the National Council and Management of the Exchange, I congratulate the board and management of Transcorp Hotels Plc for their laudable commitment towards the sustained growth of this reputable brand.

     

    “Transcorp Hotels Plc’s successful capital raise with a Rights Issue of 2,642,124,511 additional Ordinary Shares which was 99.3 per cent subscribed despite the prevailing macro-economic challenges is highly commendable.

     

    “At The Exchange, we remain committed to providing issuers with a platform that allows them to meet their strategic business objectives and it is our delight to see listed companies take full advantage of the NSE’s products and services to support their growth trajectory.”

     

    Olusola, on the hand, said, “I express my deep appreciation to the NSE, other regulators, market operators and of course, our shareholders for their support in the successful completion of our N10bn Rights Issue and listing of 2.64bn ordinary shares.

     

    “The past year has been a challenging one given the impact of the COVID-19 pandemic on the hospitality sector, and that Transcorp Hotels has not only survived but is firmly on the road to recovery is a testament of the efficacy of our initiatives and we thank you for your belief in us. Moving forward, we are optimistic about 2021 and we have begun the year in a strong position.

     

    “We will continue to deepen our share and expand our market leveraging best in class technology and providing the highest service standard across our locations.”

     

     

  • Zenith Named Most Valuable Banking Brand

    Zenith Named Most Valuable Banking Brand

    Zenith Bank Plc has again emerged as the ‘Most Valuable Banking Brand in Nigeria’ in the Banker Magazine Top 500 Banking Brands 2021.

     

    The bank disclosed this in a statement on Sunday titled ‘Zenith Bank emerges Nigeria’s most valuable banking brand’.

     

    The statement said for the fourth consecutive year, Zenith Bank had been ranked as the number-one banking brand in Nigeria with a brand value of $275m, moving up two places from 392 in 2020 to 390 in the 2021 global ranking of banks.

     

    It added that it was the only Nigerian bank among the first 400 banks in the global ranking.

     

    The ranking was published in the February 2021 edition of The Banker Magazine of the Financial Times Group in conjunction with London-based Brand Finance, it stated.

     

    According to the publication, brand value is the licensing rate that a third-party will need to pay to use the bank’s brand.

     

    Commenting on the latest ranking, the Group Managing Director/Chief Executive, Zenith Bank Plc, Mr Ebenezer Onyeagwu, said, “This ranking is a further affirmation of the bank’s resilience given the very challenging macroeconomic environment brought about by the coronavirus pandemic.

     

    “Zenith Bank remained committed to sustaining the superior performance which had earned it this recognition, building on the legacy of its visionary Founder and Chairman, Mr Jim Ovia, whose pioneering and foundational role in building the structures and laying the foundation ensured an enduring and very successful institution.”

     

     

  • Corruption: Presidency Blames Nigerians For Transparency’s Poor Ranking

    Corruption: Presidency Blames Nigerians For Transparency’s Poor Ranking

    The Presidency has blamed Nigerians for the country’s poor ranking on Transparency International’s 2020 Corruption Perception Index in which Nigeria scored 25 out of 100 and was named the second most corrupt nation in West Africa and ranked 149 out of 180 countries.

     

    The Senior Special Assistant to the President on Media and Publicity, Garba Shehu, said this on Channels Television’s Sunrise Daily programme on Monday, barely two days after the Minister of Information, Lai Mohammed, discredited the Transparency’s report.

     

    Responding to a question, Shehu said the report is a reflection of corruption by Nigerians and not by the Buhari administration.

     

    He said, “I’ll tell you that this one by TI is not a judgment on Buhari or his administration or its war against corruption, I will tell you that this one is a judgment on Nigerians because if you look at the indices they used at arriving at these conclusions, they used eight indices, six of which showed Nigeria as being more or less Nigeria in the same position.

     

    “The two that they dwelled on, that caused this backslide, are essentially Nigerian problems. They’re talking about the political culture of this country, vote-buying, thuggery. Is it Buhari that is a thug? We’re not doing thuggery.

     

    “And when they talk about the justice sector, they are talking about perceived corruption in the judiciary. These perceptions are essentially not correct. Yes, there are issues in that sector but so many changes are going on in that sector wouldn’t it have been nice if they acknowledged it so that you encourage those judicial officers that are upright, and then the system gets getting better.”

     

    Shehu’s position, however, differs from that of Transparency which drew its conclusion from 13 data sources that capture the assessment of experts and business executives on a number of corrupt behaviours in the public sector including bribery, diversion of public funds, use of public office for private gain and nepotism in the civil service.

  • Office Politics: How to Become Your Boss’ Favorite

    Office Politics: How to Become Your Boss’ Favorite

    By  Adedayo Omotunde
    Although not encouraged, favoritism is not new in the workplace, and I might have been perceived as guilty of it based on certain decisions I took during a particular hiring process 7 years ago. I was unit head in a multinational company (MNC).

     

    I headed a unit of about 100, comprising engineers and line managers. A line manager position opened up within my unit, and the position was advertised both internally and externally. One of the engineers in my unit, who had been on the same job stage and role for more than 5years, notified me of his interest in taking up the line manager position. At face value, he met the minimum requirements for the role, so I encouraged him to apply for the position. To be honest, we were buddies. We had hung out a couple of times and had a good rapport.

     

    Somehow, some urgent work deliverables got in the way, and he didn’t get around to applying until the application period elapsed. He informed me of his dilemma, and I made some swift power moves. I contacted the HR admin handling the hiring process, requested an extension of the submission deadline, which was granted without ado. My buddy was surprised at the speed and relative ease with which I got the application portal re-opened to submit his application. Since he met the minimum requirements and the HR person also sensed that I was interested in his application, my buddy was shortlisted for the first round of interviews without ado. After he was notified of being shortlisted, he met me privately and said, “Now, I know the power of a grandfather.” (At the MNC, a person’s manager’s manager was referred to as grandfather, regardless of age.)

     

    I chaired the interview panel, and it was smooth sailing for my buddy as he responded to the interview questions the panelists threw at him. From his body language, I could tell that he thought this was a done deal. It then came to my turn to ask questions. I set aside the interview questions HR had prepared for the role and began asking scenario-based questions (which I had asked all other interviewed candidates), questions that had no right or wrong answers – they only revealed candidates’ level of business maturity, and understanding of complex organizational dynamics.

     

    My buddy caught up with me a few hours after the interview and declared that, based on my questions and his responses, he knew for certain that he was not yet ready for the role and wouldn’t be shortlisted for the subsequent round. He thanked me for the opportunity to be interviewed for the role and said the interview experience was an eye-opener for him. Yes, grandfather opened the door; grandfather also shut the door graciously after the candidate was weighed and “found wanting.”

     

    There is no way I would hire someone who could not convince me of delivering KPI’s, who could not lead his team to achieve their targets. If I made such a recruitment error, I would have to invest significant time attending to escalations and issues that boil over in his team. Why would I make such a hiring decision rather than taking the pains to hire a more capable hand who would make life easy for me in the future? Business leaders look for good hands to delegate tasks to, so they can focus on higher priorities. A good hire takes the pressure off management; it doesn’t add to it. This is why I make a case that people watching from the sideline, who readily assume that business leaders hire unqualified former colleagues/buddies, might be making hasty generalizations. The business leader is more likely to hire someone who convinces them that he/she can deliver their KPIs – if the person who is most convincing at the interview turns out to be their buddy, former co-worker, so be it.

     

    Many employees don’t outgrow their current role but desire to be given higher responsibilities, a higher budget to manage, and a higher salary. When they see other colleagues get promoted, they rationalize it away by claiming that nepotism or the favoritism card was played. What they fail to acknowledge is that business leaders are given KPIs, targets to meet. The average business leader will hire a person who they believe will help them meet their targets and make them look good towards upper management. If they have 10 mid-management roles to fill, they are likely to fill up to 70% of the roles with people who convince them that they have grown in business maturity to fill the role and deliver. Yes, there might be a 30% allocation reserved for political correctness, hiring decisions that they are constrained to make to avoid stepping on powerful toes. How about the 70% that are filled purely on merit? Why don’t employees who don’t have buddies in senior management work on themselves, so they become a natural fit for the positions filled purely on merit? Why do employees find it convenient to blame others for their career stagnation while taking no conscious step to grow their capabilities?

     

     Adedayo Omotunde, is a telecom executive based out of Dubai.

     

  • Experiencing Slow Season? 3 Ways to Get Ahead When Business Hits a Lull

    Experiencing Slow Season? 3 Ways to Get Ahead When Business Hits a Lull

    The life of an entrepreneur isn’t always nonstop. There’s a natural ebb and flow to the business world, and sometimes the pace slows down a bit. If you’re experiencing some extra time with no immediate pressing tasks, don’t just sit back. There are a number of ways you can take advantage of slow business to get ahead.

     

    One of the trickiest parts of owning your own business is having to roll with the tides of the trade. For contractors, for example, this means that some parts of the year will be extraordinarily busy, while others will seem too quiet. While slow periods can be stressful in terms of generating new contractor leads and making money, they provide the perfect opportunity for home improvement professionals to catch up on administrative jobs and prepare for the busier months to come. If you’re hitting a slow season with your contracting business this winter, we’ve come up with three great ways to get ahead while you have the chance.

     

    Update your branding

     

    First, you’ll want to take a look at your current advertisements and marketing materials. Whether you own a fledgling business or have an established brand that has been around for years, it’s a crucial step if you want to stay relevant and current with your competitors.

     

    While business is slow, take the time to review your current sales strategies and tweak anything that may not be quite right. This can include anything from changing your color scheme or tagline to overhauling your brand as a whole. This slow period is the perfect time to research and trial any changes you’ve been considering.

     

    After you’ve implemented these changes, make sure to update your online portfolios and social media accounts with your latest projects, price lists, and logos. This is especially important for businesses in the digital age, where references and leads come mostly from social media sites such as Facebook and Instagram, as well as websites and Internet search engines.

     

    Set your business up for success

     

    Although you probably spend the majority of your work time on site, it’s essential that you keep the office side of your home improvement business running just as smoothly as the construction side. A quiet sales period will give you time to complete important administrative tasks that will set you up for success in the new year. These include:

     

    Professional training

    Eco-friendly training programs (such as LEED certification, US Green Building Council training programs)

    Additional qualifications (for specialist services such as roofing, HVAC, or window/door installation)

    Technical and professional certifications

    Tech updates for your office

    Install new programs (estimating software/platforms; finance, organization, and payroll apps) and operating systems

    Test and upgrade hardware (computers, printers/copiers, other devices)

    Think about the future

    Combine the time you spend on branding/marketing with some thought about where you want your business to go and how you want to get there

    Step-by-step strategies to help your business grow

    Include lead generation strategies that help connect you with your ideal customer and find leads that are perfect for your business.

    By taking the time to clean up your office—both literally and figuratively—and focus on your professional goals now, you’ll give yourself time to focus on the day-to-day running of your business once things pick back up after the holidays.

     

    Boost sales with promotions and referral schemes

     

    Once you’ve caught up on all your branding, administration, and ongoing professional training, you can turn your attention to boosting sales while business is slow. Here are two of the best ways to draw in new clients during a slow winter season:

     

    Seasonal discounts and promos

    One-off sales to bring in new leads

    Deals for clients who book during the holidays (link to and advertise with Black Friday, Christmas, and New Year sales)

    Promotions for seasonal home improvement services (such as weatherstripping, winterizing the home, insulation, HVAC servicing and repairs in the winter months)

    Referral schemes

    For past clients – get in touch with a friendly holiday email, then mention that clients can get a certain percentage off services if they refer a friend

    By posting exclusive sales, promotions, and referral schemes for new and existing leads, you can increase seasonal trade and stay connected to your clients by encouraging them to use your services time and again. As we all know, consumers love feeling like they’ve scored a great deal, so special deals like these are especially beneficial to businesses over the festive season.

     

    Try using a lead generation service during a slow period to help with seasonality and still get jobs from quality solar, windows, roofing, or HVAC lead generation sites.

     

    A lull in business doesn’t have to be a bad thing—in fact, we’ve shown that slow trading periods can actually be beneficial for your home improvement company. While your schedule is free, you can take the time to reevaluate your business plan, update your brand, and find ways to boost sales in order to have a profitable year ahead. Here’s to a productive and successful new year!

     

     

  • BREAKING: Third Mainland Bridge To Be Opened Midnight

    BREAKING: Third Mainland Bridge To Be Opened Midnight

    Against the earlier projected Tuesday 2nd February opening for the Third Mainland Bridge as a result of the casting of the expansion joints, the work has now been completed and would therefore be open a day earlier to vehicular movement, which is by 12 Midnight today, Sunday 31st January, 2021.

     

    The earlier movement arrangements of 12.00 AM for Lagos Island bound motorists and 12.00 Noon for Mainland bound motorist subsist.

     

    The Commissioner for Transportation, Dr. Frederic Oladeinde expressed his gratitude to Lagosians, especially those affected by the closure for their understanding, assuring that the Babajide Sanwo-Olu led administration will continue to drive infrastructural growth in the State.

     

    The State Government hereby appeals to residents to cooperate with the State Government as all other ongoing rehabilitation projects will come to an end in a very short while, adding that the benefits, including safety, is for all and sundry.

  • MultiChoice Slashes Price of DStv, GOtv Decoders

    MultiChoice Slashes Price of DStv, GOtv Decoders

    Pay-Tv giant, MultiChoice Nigeria, has announced a price slash on its DStv and GOtv decoders starting Monday, February 1st, 2021.

     

    The price slash will see the DStv HD decoder, dish kit with Compact package subscription drop from N18, 600 to N9,900 on Confam package, while GOtv decoder, GOtennae with GOtv Jolli package subscription will go from N8,400 to N6,900.

     

    DStv Confam is one of two recently improved DStv packages specially designed for the Nigerian family. With over 120 channels, DStv Confam offers the best of family time with international entertainment, kids, news and sports boasting of a range of channels including SuperSport La Liga, CBS Reality, FOX, BET and Cartoon Network.

     

    GOtv Jolli, also a recently improved package on the DTT offering, offers a broad selection of over 68 local and international channels to choose from. Some of the channels available include SuperSport Football, ROK 2, Telemundo, FOX, Davinci Learning and Africa News.

     

    Speaking at a virtual media briefing held on Friday, 29 January, Chief Customer Officer, MultiChoice Nigeria, Martin Mabutho, explained that the price slash is part of MultiChoice’s long line of efforts to lessen the economic impact of COVID on customers and a reflection of its commitment to making quality entertainment more accessible to Nigerians.

     

    “With this discount, we are lowering the entry barrier for new customers to get a DStv or GOtv decoder as staying connected to credible information and other quality programming can be comforting for many families during these trying times,” said Mabutho.

     

    Mabutho also listed some of the company’s relief strategies deployed during the first wave of the pandemic which include cash donations of N200 million and N50 million to the Federal Government and Lagos State Government respectively, N400 million to the creative industry, whose professionals experienced disruptions in productions; donation of 30,000 Personal Protective Equipment and 30,000 face masks to hospitals and Non-Governmental Organisations as well as an approved inventory worth over N550m highlighting NCDC’s COVID-19 helplines and PSA materials on over 10 channels on DStv and GOtv.

     

    “In addition to the discount we are currently running our DStv Step Up offer which gives our customers on lower packages an opportunity to experience programming on higher packages, and a GOtv Max offer which sees customers on Jolli and Jinja enjoy a special discount of N2,999 instead of N3,600 per month,” Mabutho added.

     

    The discounted DStv and GOtv bundle offer will be available from Monday, February 1st 2021 for a limited time only.

  • Nigeria Ranks 2nd Most Corrupt Country In West Africa – TI

    Nigeria Ranks 2nd Most Corrupt Country In West Africa – TI

    Nigeria is now the second most corrupt country in West Africa with Guinea-Bissau the only country more corrupt than Nigeria in the region.

     

    The Corruption Perception Index (CPI) 2020 report published by Transparency International indicates that Nigeria occupies the 149th position out of the 180 countries surveyed as well scored 25 out of 100 points.

     

    With the current ranking, Nigeria is now the second most corrupt country in West Africa with Guinea-Bissau the only country more corrupt than Nigeria in the sub-region.

     

    It can be recalled that in the 2019 report, Nigeria was ranked 146th out of the 180 countries surveyed, scoring 26 points out of 100 points.

     

    What you should know

    • The Corruption Perception Index (CPI) is an annual survey report published by Berlin-based Transparency International since 1995 which ranks countries by their perceived levels of public sector corruption, as determined by expert assessments and opinion surveys.

     

    • The CPI scales zero (0) to 100, zero means “Highly Corrupt,” while 100 stands for “Very Clean”.

     

    • Nigeria’s ranking on the corruption perception index has continued to drop in the last four years.

     

    • With the current ranking, Nigeria is two steps worse off than she was in 2018 when she scored 27 points to place 144th out of 180 countries.

     

    • Only 12 countries are perceived to be more corrupt than Nigeria in the whole of Africa. The countries are the Democratic Republic of Congo, Libya, Equatorial Guinea, Sudan, Somalia, Zimbabwe, Chad, Eritrea, Burundi, Congo, Guinea Bissau, and South Sudan.

     

    • Somalia and South Sudan remain the most corrupt nations on earth, according to the CPI 2020 ranking.

     

    • Denmark, New Zealand, Finland, Singapore, Germany, Sweden Switzerland, Norway, The Netherlands and Luxembourg are the least corrupt countries in the world.
  • MTN Begins NIN Enrollment In Lagos, Abuja, Port Harcourt

    MTN Begins NIN Enrollment In Lagos, Abuja, Port Harcourt

    MTN Nigeria said it has commenced enrollment for National Identification Number, NIN.

     

    MTN’s Senior Manager, External Relations, Funso Aina, said that the telco had secured Nigerian Identity Management Commission licence for NIN enrollment and had begun enrollment at some of its centres in Lagos, Port Harcourt and Abuja.

     

    He noted that MTN had invested in acquiring devices aligned with NIMC standard.

     

    He also assured that the number of locations would increase with time.

     

    Aina said, “We have commenced enrollment for NIN at a limited number of locations.

     

    “This number will rise as certification and other dependencies on the Nigerian Identity Management Commission for roll-out of such locations are addressed.

     

    “We have applied for and secured NIMC licence for enrollment. Additionally, we have invested in acquiring devices aligned with NIMC standard.”

     

    “We continue to work with NIMC, NCC and other stakeholders towards resolution of issues which are outside our control, but are nevertheless key dependencies for further roll-out.”

     

    The Association of Licensed Telecommunication Operators of Nigeria, ALTON Chairman, Gbenga Adebayo, said in a matter of weeks every operator would start NIN enrollment.

     

    He noted that operators had commenced preparatory arrangements in the regard of procurement, licensing and deployment.

     

    Adebayo said, “There are still administrative issues that are now being concluded.

     

    “There were procurement issues which was taking a little bit of time to start, but once operators start, we’ll ensure that the enrollment would commence and be wrapped with full speed.”

     

    Adebayo added that regardless of the difference in time, the entire industry were all committed to the exercise.

     

    Nigerians have been crowding NIMC registration centres in the bid to beat the Federal Government’s February 9 deadline for integration of subscribers’ numbers with their NINs.

     

    This prompted NIMC to license the telcos and other entities to provide identity numbers to those that have not been able to secure their own from the limited registration centres.

  • Airtel Commences NIN Registration in Retail Outlets across Nigeria

    Airtel Commences NIN Registration in Retail Outlets across Nigeria

    … says it will expand footprints to reach more Nigerians

     

    Leading telecommunications services provider, Airtel Nigeria, has commenced the National Identity Number (NIN) registration exercise in its retail outlets across the country following an approval from the Federal Government granting the telco a verification and enrolment license to register citizens.

     

    The telco says while select retail outlets in Lagos and Abuja are now fully operational to register Nigerians for the NIN exercise, work is currently ongoing to expand its NIN footprints to cover more areas and States.

     

    It added that residents of Abuja can now visit Transcorp Hilton situated in Mataima or Airtel showrooms at Carpet Plaza and Kano Crescent in Wuse 2, while those in Lagos can walk into Airtel Express Point, Oyin Jolayemi, Victoria Island or Airtel showroom in Adeniran Ogunsanya, Surulere, Lagos.

     

    Lagos residents can also visit the Airtel showroom in Tejuosho, Yaba; Airtel showroom in Isheri Road, Ogba and the Airtel showroom in Oba Akran, Ikeja to register for the NIN exercise.

     

    Speaking on this new development, the Chief Executive Officer and Managing Director, Airtel Nigeria, Segun Ogunsanya, commended the Minister of Communications and Digital Economy, Dr. Isa Ali Pantami, for expanding the registration footprints and taking definitive steps to smoothen the NIN registration process for Nigerians.

     

    “Airtel is always seeking opportunities to cooperate and partner with the Nigerian government on initiatives that will make life easier and better for Nigerians. As a law abiding and responsible corporate citizen, we are always ready to go extra mile for our esteemed stakeholders and that is why we are pleased to partner with the Federal Government and the National Identity Management Commission on citizens’ registration exercise”, he said.

     

    Customers who already have NINs have the option to send their NINs to Airtel via USSD, SMS or through the Airtel Self Care app or website to update their SIM registration details.