The management of Nigerian Stock Exchange (NSE) has mandated operators in the Nigerian capital market to stop daily distribution of capital market information to clients and investors.

This directive was part of the licensing directive given to market operators late last week.

Afrinvest, an investment bank, in a statement sent to its clients, confirmed the directive. “Sequel to the directive from the Nigerian Stock Exchange mandating operators in the Nigerian Capital Market to stop daily distribution of capital market information to clients and investors, we shall temporarily suspend the mailing of our Closing share prices, Nigeria Daily Stock Market Report and other market reports pending the resolution of the newly introduced licensing directive by the NSE,” the statement said, adding that the company regrets any inconvenience this may have caused it clients.

Another firm, Meristem Nigeria Limited, has also sent similar statement to its clients informing them that due to the NSE’s directive, the regular price list and daily market reports made available to clients and the investors would be suspended temporarily.

The note said, “This is to notify you that we shall temporarily suspend the mailing of price list, the market update and some other reports, pending the resolve of the newly introduced licensing directive by the NSE.”
Finintell Magazine

Who would buy a house online? You would probably consider real estate ‘too big’ for cyberspace. But before you knock it take a moment or two to read this little article of ours. Then you would get to understand why many real estate dealers, agents, and marketers are flocking to the internet. What’s more, many have graduated from just running online real estate ‘directories’ to actual ‘web stores’.

Let’s begin with the buyer’s side of the fence. Why would a buyer go online? Here are a few of the advantages that are attracting real estate buyers to the internet:

It is easier to find what you are looking for online: the listings, images, prices, locations, access roads and other details are at your fingertips whether you are at home or in the office – mobile phone browsing has made it all so remarkably easy. Dealers are flooding the World Wide Web, so it gets easier by the minute. It is so easy now that big time buyers need not advertise their needs as often as they used to.

A lot of the time the image and specifics the buyer is visualising not yet vivid in his or her mind: Browsing through several options help him or her crystallise the vision.
Detailed information on the numerous choices vis a vis the buyer’s own budget helps him or her make better decisions.
The US testifies that 71% of it homebuyers do all their research and seek all their listing and services online. In Nigeria, mobile phone browsing has brought ours to an estimated 35%. But the figure could well be higher. So with all the ground work done the buyer might only require one trip to the agent and to the property to make a purchase he or she is pleased with.
Another major advantage especially with bigger properties is the fact that the internet would help buyers uncover surrounding information about the property he or she is interested in. For example, existing law suits would be covered by the press and the details would be available online.
The internet provides the buyer with enough information (especially the prices) to give him or her, the confidence to approach home owners, dealers and builders directly. Contact information displayed on this sites give the buyer a chance to quiz the sellers personally.
The internet shortens the home search.
Most of all, the internet demystifies the real estate market.
On the seller’s side of the fence, here are the merits of marketing real estate online:

It is cheaper. It costs you far less than conventional marketing and you have a worldwide reach.
You get a very wide reach: The number of buyers flocking online to search for properties would steadily increase for at least the next twenty years.
Information: You can display as much information as you want on the internet; you can go beyond just the images and details of the property and even display graphs, reports landscapes, aerial views, access roads, house plans, drawings and videos.
You can display as many properties as you desire from as many locations as you want. There are no limits. As long as the website can hold it up, you can post it up.
Websites can do more things these days. There are amazing new templates that give the buyer an almost 3D experience.
Websites would continue to get cheaper. As more people flock into the website building and maintenance field, the competition and new technologies would drive the prices down.
Updating information on the website is easy. You can even do it yourself. An advert in a magazine stays that way for ever. A prospective buyer might be misled if he or she basing his or her decision on a two-week old magazine commercial.
Social network websites and chat rooms have made it fabulously easy to drive traffic to your website. There is also the interrelation off websites and blogs. It is not rocket science.
The increasing dexterity of Nigerians with the internet makes confusion most unlikely.
A growing bulk of actual property buyers found their deal in the cyber world before ever laying eyes on it in the terrestrial world.
Home owners, landlords and builders can cut out multiple agency costs completely. You only need one agent/dealer with a vibrant website. You can even put up an advert on your own website and update it as you go along.
The number of visits from prospective buyers to see property after property is reduced to less than half and that saves your time.
Internet buyers are easier to attend to and easier to satisfy because they have a clearer vision of the property they seek and they can describe it better. Online research also equips them with ‘real estate diction’ so their communication makes more sense to you. These buyers are also familiar with the process and this saves you a lot of explanations and suspicion.
Internet buyers are better at the bargain because they already have a clue as to what price you would close the deal on.
It is easier to get references from internet buyers; they post it on the website for the world to see.
Internet buyers are more likely to buy from you because they have pretty much cut to the chase before coming to you.
The website enables instant feedback from home researchers. They can post comments and questions on your website, they can post them on your social media site walls and they can send them by e-mail. This feedback shows you which information or feature should be included on your website for greater effectiveness. That is something you cannot get from advertising.
Peradventure you cannot set up a website at the moment, you can get your business listed on directories or better still have each of the properties you have for sale listed in online real estate directories. It would cost you a periodic token. It is cheaper than advertising and you can check out the website statistics to find out how many people actually visited your page. Many of such websites allow you to include up to 5 photos of your property. And unlike conventional media advertising; like the newspapers, you have control over picture quality.
With marketing, the key word is visibility and the internet gives you that.
For agencies who are working from their homes or from small offices, landing a big client is tough. In addition to the quizzing they put you through; they tend to want to check you out. An office on the top floor of a high rise building in Lekki Lagos speaks louder than the actual offer itself. Small timers can cut that out by dealing with the potential clients online and then taking him or her directly to see the property and the owner of the property as the case may be. The traffic to your modest office space would be minimal.
Having an online presence with sufficient information would provide buyers with answers to questions they are self-conscious about asking. Questions like: What are the neighbours like? What is the night life like? How long have you been running your company? How many court cases are pending? Do you permit sub-letting, or sub-leasing? A first time buyer might fail to ask these questions even when these questions becloud anything you would ever tell them.
Best of all internet buyers are far less likely to have second thoughts as they have already seen it all before choosing.
Tips for marketing real estate online:

Information: this is the reason for the website in the first place. Everything a buyer should know about each property should be displayed. Give them all the facts.

Images: a picture is worth a thousand words. Have different angles showing particular points you would wish the buyer to take note of. You should also have photos showing areas that the information on display talks about. Ensure that all your images are of the very best quality – getting clear and vivid photos comes first, the beauty and allure of the photos come next.

Leave the technicalities out: try to keep the information in clear and simple language. Where a ‘heavy’ word or phrase or slang is used ensure that you explain what it means. You must communicate, or else the entire effort is wasted.

Feedback: ensure you have provision for comments and questions. You need this feedback to stay relevant.

Update: Ensure everything on the site is current. Once a property is sold or committed to a buyer, take it off the site immediately. It puts buyers off when they decide on a property only to call you and hear that it has been sold.

Contact: never forget to leave your correct and current phone numbers (even your mobile number). Include your email address as well as links to your social media handles, pages and walls. Ensure that your website has a ‘contact us’ page where buyers can send notes directly from the website to your e-mail. Many people have private enquiries that they do not want the whole world to read from your ‘comments’ box. Also some will want to send you their contact details privately.

Response: respond to all e-mails, notes, comments, questions and text messages immediately – 48 hours. Remember the next seller is only one click away. Have someone by the phone all the time. Return every missed call on your mobile. This communicates seriousness to the buyer.

By now you would agree that the internet is fantastic for real estate marketing – but you would probably rather leave ‘buying’ out of it. There is no problem with focusing on marketing, as long as you do not close the door on buying.
Source: Finintell Magazine

Managing personal finance should be at the top of everyone’s priority. Making millions of dollars does not insulate anyone from insolvency. According to Money Crashers, a United States of America based financial advisory firm, “between 2008 and 2009, bankruptcy filings for those with more than $1 million in assets increased by 73%.” Sports collaborated this with a startling revelation that 78% of former National Football League (NFL) players go bankrupt within two years of retirement.

It is no longer news that as many companies are filing for bankruptcy, several countries especially in the euro zone are eagerly seeking for bailout. There is the need to start taking control of one’s financial life. To achieve this, one needs to carry out specific tasks. This can be very rough, particularly when the take-home cheque is lean and savings wallet is shallow. By making the right choices, one can save a little money every month no matter how insignificant the monthly income is.

Decent practices for managing your personal finance can be realised in very modest ways:

Write It Down
According to Michael Collins, professor of family and consumer economics from the University of Wisconsin, “the most important step is to write it (expenses and income) down. It is important to know what you are currently spending to find ways to reduce spending and balance your budget.” Once it is on paper you have a much better sense of how and where the money goes.

If you find that your expenses are somewhat a threat to your income, you can take steps to develop a spending plan and move towards balancing your budget. Begin by listing your expenses, starting with expenses that provide basic needs for living. Some of these are fixed such as rent or mortgage payments, car payments, or instalment loan payments. Some are variable, such as clothing or consumer goods.

Cutting Back Expenses?
Imagine how easy or hard it would be to give up cable TV, eating out or even a second car. It is essential to involve family members in the decision-making process. The whole family needs to be on board. The new spending plan will be more successful if family members are part of the decision-making and planning. They will then understand the need to make the tough choices.

The next step is to realistically analyse your life cycle and deal with the common fear factors.

The Fear Factors

Age
Security of employment
Number of dependants
Sources of investment capital
Time and rigor taken to accumulate capital
Possibility of replacing capital from other sources
Business cycle

Strategies for Managing Personal Finance
Track your monthly spending: Many people do not know how much they spend each month on food, clothing, housing, or entertainment. Whether you are paying with cash, a debit card or credit card, total your expenditures at the end the month to gain a better picture of how you are spending your income.

Develop a household budget you can follow: Using the data you have compiled by tracking your monthly expenses, develop a realistic budget so that it is easier to live with. Track how well you follow it each month –that means continuous tracking of your monthly expenses.

Be sure to budget for savings: Your savings are a Rainy Day Fund, which is important when unforeseen expenses or emergencies arise. Be sure to budget part of your monthly pay cheque for deposit into a savings account –ideally, at least 10% of each pay cheque. If you find or earn extra money, put that away in a savings account too.

Pay your monthly bills on time and avoid late charges: Take inventory of your regular monthly bills and make reminders for yourself on when each bill is due. That way you can avoid costly late fees, which can also damage your credit relationship if you have one. The best approach is to pay bills as soon as they arrive.

Take advantage of free money: If your employer offers a contribution match for retirement savings or heath savings accounts, be sure that you are contributing enough to obtain the maximum match amount. Otherwise, you are missing opportunity for free money. Maximising your contributions can lower your taxable income.

Use the best financial institutions: Millions of people still do not rely on traditional banks or financial institutions to manage their money. However, before you open a current and/or savings account with a bank, be sure to research whether there are any hidden charges and fees for their services before choosing the institution.


Manage Your Investment Carefully

Keep your money safe: Put your money in safe investments such as government securities, fundamentally sound long-term stocks, and properly valued properties. You can also invest in other money market instruments like Commercial Papers (CPs), Bankers' Acceptances (Bas), and Guaranteed Funds.
Reduce debts: Except you can get a very favourable interest rate, debt is bad at this time. Try to reduce your debts or ensure that you have higher returns from your investments than the cost of debts.
Raise cash: If you have ways of making extra cash, do not hesitate. There will be huge investment opportunity for anybody with cash. You may have to sell some things you do not need to make extra cash.
Hire a financial planner/manager: Depending on the size of your investment portfolio, it helps a lot to hire a financial planner/manager. Your financial planner/manager will help you to identify other investment opportunities, ways of reducing transaction costs and protect your investments.

SOURCE: Finintell Magazine

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In a competitive market where businesses compete for customers, customer satisfaction is seen as a key differentiator and increasingly has become a key element of business strategy. The difference between those that simply survive in business and those that excel is keeping abreast of, and adjusting to the ever changing attitudes and expectations of the customers. There was a time when the choices available on where and who to deal with was limited. At the time, power belonged to the business owners, customers had nowhere else to go and thus customer satisfaction was not so important.

Today, customers are becoming increasingly more demanding, less tolerant and very critical when their expectations are not being met. At the moment, customers have a lot of choices on where and who to deal with. As a result, the power has now shifted to the customer. If they feel you cannot satisfy their expectations they will simply vote with their feet and deal with someone who will. It is one thing for a company to feel that it is rendering the best services to the customers, but it is entirely a different thing if the customers think the company has not done well. Interestingly, it is the customers’ perception or experience that will guarantee further patronage of services rendered by business owners. Therefore, it is essential for businesses to effectively manage customer satisfaction.

Motivation
Nigerian telecommunication subscribers seem to be one of the most dissatisfied set of customers. Telecoms operators are perceived as largely insensitive to quality of service issues. Service quality is commonly seen as a prerequisite and determinant of competitiveness for establishing and sustaining satisfying relationships with customers. Service quality is an important indicator of customer satisfaction. Attention to service quality can make an organisation different from other organisations and gain a lasting competitive advantage. Investigation reveals that eight out of every 10 subscribers often complain about poor services. The level of unreliable service has led many Nigerians to use more than one line as sales of dual SIM (Subscriber Identification Module) phones are on a record high.

Our Survey
A Customer Satisfaction (CS) survey carried out by MarkMonitor Nigeria Limited, publishers of FinIntell, attempts to delve into the psyche of some GSM (Global System for Mobile Communication) and CDMA (Code Division Multiple Access) subscribers and produced some surprises as well as some expected performances. Our Investigation which cuts across 12 States in the six geopolitical zones namely: Lagos, Ibadan, Edo, Imo, Enugu, Anambra, Rivers, Kano, Katsina, Sokoto, Niger and Abuja for over six weeks showed that most of the leading service providers believed to have the best strategic advantage over other networks fell below consumer satisfaction in most indices measured. While we acknowledge that there are a wide range of factors that influence subscribers’ opinion, the survey regards each respondent’s perception.

The survey covered over 2,000 respondents’ opinions in six categories:

The Most Stable GSM/CDMA Network
The Best Responsive GSM/CDMA Call Centre
The Cheapest GSM/CDMA Network (calls)
The Best GSM/CDMA Provider of Broadband Services (speed)
The Best GSM/CDMA in Promo Innovations
The Best GSM/CDMA in Corporate Social Responsibility (CSR)
Summary of Findings
The GSM Service Providers: In the GSM subsector, MTN Nigeria emerged overall favourite, beating the remaining GSM service providers to be rated best in four out of six categories:

The Most Stable GSM Network: MTN (29.45%), Globacom (26.45%), Airtel (24.05%), Etisalat (20.05%).
The Best Responsive GSM Call Centre: MTN (29.57%), Airtel (28.08%), Etisalat (27.58%), Globacom (14.77%).
The Cheapest GSM Network (calls): Etisalat (43.70%), Airtel (26.80%), MTN (15.00%), Globacom (14.50%).
The Best GSM Provider of Broadband Services (speed): MTN (32.68%), Etisalat (31.68%), Globacom (23.77%), Airtel (11.87%).
The Best GSM in Promo Innovations: Etisalat (36.60%), MTN (26.20%), Globacom (23.80%), Airtel (13.40%).
The Best GSM in Corporate Social Responsibility (CSR): MTN (49.02%), Globacom (25.73%), Etisalat (15.32%), Airtel (9.93%).

The CDMA Service Providers: In the CDMA subsector, Starcomms was overall best, topping in four categories out of six:

The Most Stable CDMA Network: Starcomms (46.70%), Visafone (39.40%), Multilinks (9.70%), Zoom (4.20%).
The Best Responsive CDMA Call Centre: Starcomms (43.03%), Visafone (40.02%), Multilinks (12.73%), Zoom (4.22%).
The Cheapest CDMA Network (calls): Starcomms (40.00%), Visafone (35.50%), Multilinks (17.30%), Zoom (7.20%).
The Best CDMA Provider of Broadband Services (speed): Starcomms (49.10%), Visafone (32.30%), Multilinks (11.30%), Zoom (7.30%).
The Best CDMA in Promo Innovations: Visafone (49.60%), Starcomms (35.20%), Multilinks (9.10%), Zoom (6.10%).
The Best CDMA in Corporate Social Responsibility (CSR): Visafone (42.20%), Starcomms (33.20%), Multilinks (12.50%), Zoom (12.10%).

Sourse: http://www.myfinancialintelligence.com/telecoms-and-it/telecoms-customer-satisfaction-survey-springs-surprises/2013-02-05

In a competitive market where businesses compete for customers, customer satisfaction is seen as a key differentiator and increasingly has become a key element of business strategy. The difference between those that simply survive in business and those that excel is keeping abreast of, and adjusting to the ever changing attitudes and expectations of the customers. There was a time when the choices available on where and who to deal with was limited. At the time, power belonged to the business owners, customers had nowhere else to go and thus customer satisfaction was not so important.

Today, customers are becoming increasingly more demanding, less tolerant and very critical when their expectations are not being met. At the moment, customers have a lot of choices on where and who to deal with. As a result, the power has now shifted to the customer. If they feel you cannot satisfy their expectations they will simply vote with their feet and deal with someone who will. It is one thing for a company to feel that it is rendering the best services to the customers, but it is entirely a different thing if the customers think the company has not done well. Interestingly, it is the customers’ perception or experience that will guarantee further patronage of services rendered by business owners. Therefore, it is essential for businesses to effectively manage customer satisfaction.

Motivation
Nigerian telecommunication subscribers seem to be one of the most dissatisfied set of customers. Telecoms operators are perceived as largely insensitive to quality of service issues. Service quality is commonly seen as a prerequisite and determinant of competitiveness for establishing and sustaining satisfying relationships with customers. Service quality is an important indicator of customer satisfaction. Attention to service quality can make an organisation different from other organisations and gain a lasting competitive advantage. Investigation reveals that eight out of every 10 subscribers often complain about poor services. The level of unreliable service has led many Nigerians to use more than one line as sales of dual SIM (Subscriber Identification Module) phones are on a record high.

Our Survey
A Customer Satisfaction (CS) survey carried out by MarkMonitor Nigeria Limited, publishers of FinIntell, attempts to delve into the psyche of some GSM (Global System for Mobile Communication) and CDMA (Code Division Multiple Access) subscribers and produced some surprises as well as some expected performances. Our Investigation which cuts across 12 States in the six geopolitical zones namely: Lagos, Ibadan, Edo, Imo, Enugu, Anambra, Rivers, Kano, Katsina, Sokoto, Niger and Abuja for over six weeks showed that most of the leading service providers believed to have the best strategic advantage over other networks fell below consumer satisfaction in most indices measured. While we acknowledge that there are a wide range of factors that influence subscribers’ opinion, the survey regards each respondent’s perception.

The survey covered over 2,000 respondents’ opinions in six categories:

The Most Stable GSM/CDMA Network
The Best Responsive GSM/CDMA Call Centre
The Cheapest GSM/CDMA Network (calls)
The Best GSM/CDMA Provider of Broadband Services (speed)
The Best GSM/CDMA in Promo Innovations
The Best GSM/CDMA in Corporate Social Responsibility (CSR)
Summary of Findings
The GSM Service Providers: In the GSM subsector, MTN Nigeria emerged overall favourite, beating the remaining GSM service providers to be rated best in four out of six categories:

The Most Stable GSM Network: MTN (29.45%), Globacom (26.45%), Airtel (24.05%), Etisalat (20.05%).
The Best Responsive GSM Call Centre: MTN (29.57%), Airtel (28.08%), Etisalat (27.58%), Globacom (14.77%).
The Cheapest GSM Network (calls): Etisalat (43.70%), Airtel (26.80%), MTN (15.00%), Globacom (14.50%).
The Best GSM Provider of Broadband Services (speed): MTN (32.68%), Etisalat (31.68%), Globacom (23.77%), Airtel (11.87%).
The Best GSM in Promo Innovations: Etisalat (36.60%), MTN (26.20%), Globacom (23.80%), Airtel (13.40%).
The Best GSM in Corporate Social Responsibility (CSR): MTN (49.02%), Globacom (25.73%), Etisalat (15.32%), Airtel (9.93%).

The CDMA Service Providers: In the CDMA subsector, Starcomms was overall best, topping in four categories out of six:

The Most Stable CDMA Network: Starcomms (46.70%), Visafone (39.40%), Multilinks (9.70%), Zoom (4.20%).
The Best Responsive CDMA Call Centre: Starcomms (43.03%), Visafone (40.02%), Multilinks (12.73%), Zoom (4.22%).
The Cheapest CDMA Network (calls): Starcomms (40.00%), Visafone (35.50%), Multilinks (17.30%), Zoom (7.20%).
The Best CDMA Provider of Broadband Services (speed): Starcomms (49.10%), Visafone (32.30%), Multilinks (11.30%), Zoom (7.30%).
The Best CDMA in Promo Innovations: Visafone (49.60%), Starcomms (35.20%), Multilinks (9.10%), Zoom (6.10%).
The Best CDMA in Corporate Social Responsibility (CSR): Visafone (42.20%), Starcomms (33.20%), Multilinks (12.50%), Zoom (12.10%).

Sourse: http://www.myfinancialintelligence.com/telecoms-and-it/telecoms-customer-satisfaction-survey-springs-surprises/2013-02-05

Mirrors: Mirrors create an illusion of space by ‘doubling’ the room in your eyes. Fit large vertical mirrors on 3 of the walls. You can have them as wide as possible and they are beautiful and ‘fresh’ as well.

Another space ‘opening’ factor of mirrors is the fact that they multiply the light in the room by reflecting onto strategic angles of the room. The ‘crystal’ appeal of mirrors make your room look and feel more ‘expensive’.

Light: The brighter the room the fewer the shadows and the bigger it gets because your eyes can see and capture more. Both natural light from large windows as well as artificial light from light bulbs and candles do this for you. To maximise the light, expand the windows in the house and use light coloured window curtains. Use thin and light fabric for them. Use light (preferably white and pale yellow) lamp shades and light bulb shades to ‘expand’ the electricity-light, the same goes for candle light.

Cut down: Sadly people cramp their homes up with extra sofas and couches just because they can afford the extra furniture. If you walk into a showroom and the settee set you happen to fancy has 7 pieces, if you only need 3 pieces, ask to buy only 3 of the pieces. If the shop owners say no then find another set. The fact that you can afford it does not mean you should buy it. Settees are usually bulky and occupy space. Opt for a few and have pretty puffs on the floor for people to sit on whenever you have crowd.

Centre pieces: People have a tradition of placing a round table in the middle of the arch of settees. It is something we inherited from our parents. Then we have little stool beside each sofa to put our drinks on. The little stools make it difficult to walk in between the sofas and the large center table (usually glass) gives you no alternative. One of them has to go and since the little stools are more useful, the center table should go. It is difficult to let go of tradition but once you let this one go you would be relieved. You would have more space and it would be a lot easier to move around.

The glass shelf: This is usually a huge show glass case in which we keep nothing but bric a brac and maybe the TV set. If you living room is not ‘mansion size’ then forget it. Today flat screen TVs are fitted to the wall and if you don’t use a flat screen have a carpenter build a sturdy shelf on the wall for your TV. You can line up CD racks underneath it.

When you need storage space instead of going out to buy a cupboard or glass show case, have someone build one into the spaces and walls. The home should not fit the furniture; it is the furniture should fit into the home.

Corners: Use up all the corners. Build shelves and drawers to fit into the corners of the walls. This frees a lot of space for you.

Off the ground: Build most of your storage spaces above the ground. You can have your carpenter build shelves from hip height all the way up to a few inches above your head. This includes everything from cabinets to clothes hangers.

Open shelving: This ‘releases’ more space than closed shelving because the empty spaces in the shelves are visible and add to the ‘feel’ of space.

Paint and wall paper: Use light and pale colours. This maximises the light in the room and boost the illusion of space. Light colours for the ceiling gives an illusion of height while light colours for the floors gives the illusion of width.

Think Multipurpose: When you have to purchase appliances or fittings find an appliance that does the job of two or three, or even four to save you some space.

Source: http://www.myfinancialintelligence.com/house-design/tricks-make-your-home-more-spacious/2012-12-18

With over 20 years experience in the fashion industry, Nigeria’s foremost designer, Clement Mudiaga Enajemo, owner of Pan-African clothing line, MUDI Africa, says Nigeria is yet to tap into the big resources in the fashion world. The celebrity designer, who designs clothes for artistes, fellow celebrities and powerful people in the society, in an exclusive interview with FinIntell shares top secrets to his success.

You have been in the fashion industry for long. Would you say Nigeria is tapping the full potential in this sector?
We are not getting it right yet. The fashion industry is huge and the potential in a country of over 150 million is enormous. Millions of people in this country need to wear clothes. Even those that don’t have enough money still spend to look good. Everybody wants to dress well. After eating, the next thing is what to wear. So the industry is potentially viable and Nigeria is yet to tap into the big resources in this sector.

How helpful has the financial institutions been to the industry?
There is no financial backing anywhere. The banks are not helping us. All they want from you is your deposit. Banks don’t believe in us. Blacks generally don’t believe in themselves. Each time I open an outlet I go broke because I don’t get any fund from banks to operate my business. I save to invest. It is just discipline and hard work. If any bank is chasing you now it is because of your deposit. Banks don’t know how to take risk when it comes to investing in people.

What is Nigeria getting wrong?
Our value system in this country is generally wrong. Take for instance, a less creative designer who is a relative of someone in power will get more patronage than a more creative designer who knows nobody but has a brand. Even financial institution will assist the man close to power because of what they can get through him.

In this country people look at what surrounds you than what you have inside you. There is so much attached to people’s name here. We don’t look at content and what you can provide. If we can get our value system right, every other thing will be in place; corruption will reduce and our culture will be improved on. There are people who live fake lives in this country because the value system is wrong, and they call it packaging. The more abnormal you look the normal people think you are. It is now abnormal to be normal.

We Nigerians don’t have faith in ourselves. Maybe it’s a black thing. Most times we find it difficult to believe that a black man can be successful. When you see a black man making it they will attach something to it; forgetting that once you pay your dues, you will get the benefits and be successful.

It is only in Nigeria a Lebanese man or an American, or even a Briton will do well in business and nobody will say anything. But once a fellow black man does well in business, people will say it is either somebody is backing him up or he’s into a ‘fast run’. If you are not doing well after 20 years, these same people will say you have home trouble. There is poverty mentality around here. There are times I want to make some moves but will have to think twice to be sure people will not read meaning to it.

At what point did you decide to go into fashion business?
That was September 1992. Before I started this job I was leaving on goodwill because I lost my job. About ten of us were retrenched during Ibrahim Babangida sap period. I used to work with a company that deals in lightening and suspended ceiling business. I was living in Ketu area of Lagos State then, and I was popular in that neighbourhood among young men and women because of my dress sense. People say I dress well. Also, because of my passion for fashion, whenever my close friends want to buy cloth they seek my opinion on what to buy and how to combine the colours.

During my school days too, I was always the best art student in my class and also the best dressed. Most of my friends also attest to the fact that I have the ability to dress well. So there was a day two of my friends, Tunde and Emma, were discussing. The moment they saw me coming they just paused. When I got close to them, Emma said, “Clement, you need to start thinking of going to fashion school. People in this area know you as the best dressed. Don’t waste your talent.” Immediately he said that, Tunde told me he wanted to say exactly what Emma had said.

Since the ability to illustrate and design is inborn and all I needed was just the training, so I took their advice and approached a tailor to learn the basics of sewing, such as how to cut and make a good stitch. Today, the rest is history.

How has the journey been so far?
Initially when I started it was challenging. I had no capital at all; even though capital shouldn’t be the first priority. The first priority is your idea and creativity. But capital is necessary just to help you up so that you can express your ideas more.

Where I am today is the grace of God and a personal effort. It is one thing for God to give you a talent and it is another thing entirely for you to develop the talent. In life one must have a drive.

I should also say that human management in terms of staffing is another challenge I encountered along the journey. Nobody wants to be patient and learn. Everyone wants to make it now. They don’t want to pass through the process of growth. In life there is a process of growth and you must pass through that process if you desire to succeed. It took me over 20 years to get to where I am today. Even though I create designs now, I still learn from people. Once in awhile, I even consult the tailor that trained me and some people because they have more experience. There are people in this business that under two years on the job they feel they have arrived because of the glamour attached. But real growth takes more than that. You don’t rush it.

Although over the years I have been able to sustain myself in human management. With the level we are now, I have gotten my own experience, exposure and in-depth training on the job. I see no reason why human management will be a factor that will hinder me again. We’ve grown pass that.

People may see me today and say MUDI has it all. But I have not broken-through yet. I am at this present level because of dedication, hard work, and the ability to create. One must keep coming up with new ideas. There is nothing like breakthrough for me yet. If you are someone who does the same business for 20 years and you are not successful, that means something is wrong somewhere.

You currently have four branches outside Nigeria (Accra, Dakar, Johannesburg and Nairobi). Can you tell us the difference in doing business in Nigerian and in those countries?
Fashion is universal, so people buy cloth in all countries. In the four countries that we have branches, they hardly speak your language. But once your clothes are good people will patronise you. However, in terms of reward Nigeria is number one because of the buying power. Our population is high and we are more fashionable than other African countries.

Nevertheless, the ease of doing business in those African countries is better than in Nigeria. In Ghana for example, getting your papers to register your business is not as difficult as it is in Nigeria. Also, in terms of infrastructure, they are better. But mind you, nowhere like home. No matter how rosy it may be outside, there is nowhere like home.

Why did you stop designing suits?
In those days I use to design suits. But I had to stop and focus on Africa clothes that cut across the region. It is good to focus on one segment and let people know you with that. You must be able to segment because you can’t do everything and do it well. You must pick your point and focus on a particular line. My clothes are ‘Afrocentric’; not pure native. They are not the typical native you see around. You wouldn’t even know if it was made in Senegal or Nigeria.

I believe so much in African fabrics because I am first a proud Urhobo man from Delta State, then a proud Nigerian and a proud African. Overall, I am a proud black man. With all sense of humility no designer abroad can intimidate me. They operate from their own level and I operate from my own level; different environment different society. We get inspired from different aspect of life. So if foreign designers open shops everywhere to sell their suits I see no reason why I can’t do the same for African attire.

Source: http://www.myfinancialintelligence.com/fashion-sports/fashion-industry-still-has-lot-offer--mudi/2013-01-29

Having a good book keeping system is a great thing for your business, but it is what you do with the information in the books that matters the most.

You need to establish effective methods for financial management and control to accomplish important daily financial objectives and overall financial goals.

Having a good financial management system would help you become a better macro-manager as it would: help you manage proactively rather than reactively; help you plan ahead for financing needs, and make your loan approval process easier whenever you need credit. It would also help you provide more useful financial planning information for investors and have access to a great decision-making tool to make your operation more profitable and efficient.

It is not enough to have great products, services or marketing strategies, if you don’t manage your money well and you run out of cash all your effort will be in vain.

You must understand that entrepreneurs generally fail for one reason; they run out of money. To avoid failure therefore, you must understand the fundamentals of financial management. Once you understand the basic principles and concepts, you would be able to understand the pattern of your finances enough to make wise strategic decisions and you would be able to recognise the warning signs of an impending crisis.

You also need to have an effective managerial aptitude of the finances in your business or department. To achieve this you need to manage your finances with regards to: planning, monitoring and reporting.

Planning –taking a look at the future of the business and ensure that you will be financially healthy in the short and long-term.

Monitoring –keeping a watchful eye on the finances of the business so that when it derails you can act immediately to bring it back on track.

Reporting –having a clear picture of how your business has performed financially in the last financial period (month, quarter, year, etc), and using the information to guide your decision making for the next financial period.

These three points can be broken down into nine financial principles:

PLANNING:
1. Keep to the cash flow budget
No matter how lucrative or promising a business is, when you run out of cash, the business will fail. Therefore budgeting helps you focus on the money as you plan for the future of your business. The truth is that accounting debits, credits, accruals and provisions are confusing and misleading. Watching your cash in the bank is a much easier method when planning. Besides it is the cash in the business bank account from one month to the other that really matters.

2. Build your financial models yourself
When the owner or manager outsources the building of the business’ financial models and forecasts to someone else, that business owner would have difficulty understanding the minute details and vital relationships within the business. He or she would not know how to change the model when circumstances in business change. If you are not sure that you can design and build your own business model or you have never done it before, then hire a professional to teach you; start with a simple financial model and cash flow forecast in a simple spreadsheet package. You and the professional can do it together on your first attempt.

3. Focus on the timing of the income
Whatever business you do, most customers will always plead that you allow them pay you late, but your suppliers will try to get you to pay them early. So if you let your customers have their way all the time, they would grab one arm each and pull until they rip you apart.

Debt is cash that you have no access to even in times of need. It is more useful to the debtor than it is to you. A manager of a small company narrated how his company “ran away” when it almost went broke from doing business with a leading retail store in Victoria Island, Lagos. He said his company had to wait until “the goods were sold” before they got paid for their supplies and his staff had to keep calling the store for their money.

You must be aware of the terms of payment and ensure that what you are negotiating is favourable to you; failure to do this could very well be the difference between success and failure.

4. Understand the nature of different types of cash outflows/expenses
Basically there are two types of cash outflow/expenses. They are the fixed expenses and the variable expenses. Fixed expenses are expenses that are a fixed sum irrespective of what is happening with the business. Examples of these are rent and salaries. You pay the same sum no matter how the business is doing. Variable cash outflows are expenses that change with the activities of the business. Examples of these are commissions and courier.

Fixed cash outflows can be very risky for your business. For instance, if a retailer records very low sales in a particular month, the company would pay less for delivery to its customers and it would pay less in sales commissions to its sales people. However it would pay the same amount in rent even though it failed to meet it sales targets. On the flip side, if business picks up and the retailer makes huge sales, the rent stays the same and the extra profit is saved.

The variable expenses might also pose a risk as these are affected by the retailer’s activities. They could easily increase with the profit and eat into it.

Note that variable expenses could also increase even when the profit has not increased. This is because variable expenses increase with the activity, and not all activities are profitable. The good news is that variable expenses can be checked. Where there is difficulty in checking a particular variable expense (that is contributing to the profit), then the business owner should consider converting that variable cash outflow into a fixed cash outflow. For instance, the increase in a retailer’s sales could increase the sum he spends on deliveries to his customers (where sales deliveries are offered for free). The retailer could change his contract with the courier company; switching from a pay-per-delivery contract to a monthly payment of a flat fee – bearing in mind that the same amount would be paid should the sales fall in the following month.

5. Keep both the daily details and the bird’s eye view in mind
Both the short term and long term progress matters; the loss of one could cost you the other. When your accountants send you those financial reports, do you really comprehend the information and the implications of what the reports are saying, and do you know how to apply whatever information those reports are giving you to make informed decisions? Your reporting system should factor in every detail that would help you and your team make short term and long term progress.

MONITORING:
6. The bank balance does not lie
It is what your business account’s bank balance says that should guide you the most. The forecasts and analysis come next. If the account is empty, then you did badly –where it counts.

7. Mark out your break-even point
Identify your break-even point. If you have not put a cost to research time, or factored in the generator-diesel, newspapers and journals, and even mobile phone call credits then you do not know your break-even point.

8. Stay up to date
You cannot afford to be overly pedantic with your finances anymore than you can afford to be lackadaisical. Maintain a balance in between.

REPORTING:
9. Report results with a purpose
Bear in mind what the reports are meant to achieve as you put them together.

As you work your way through these principles ensure that you understand what each principle means and apply them effectively. If you are doing well then push yourself further; seeking out what else you can do to apply them even more effectively. Progress never ends.

http://www.myfinancialintelligence.com/business-tips/financial-management-guides-entrepreneurs/2013-01-06

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FinIntell Magazine is currently carrying out a Customer Participation Survey in the noodles sector of the food industry. We would like to have your opinion on this, base on your experience. Please click the link below to answer the survey questions (it takes just 1 Minute!):
https://www.surveymonkey.com/s/mmonitor

Please help forward to your friends and your contacts.
Best regards.

In pursuit of being able to post the highest turnover and profit at the end of each financial year, many Nigerian banks have resulted into using outrageous charges to meet their targets, all at the expense of customers’ ignorance.

With all kinds of deductions being carried out in the name of charges, it is now impossible for depositors, especially those using savings accounts to get back the exact amount deposited into the banks. Some bank customers who spoke to FinIntell said even the little interest banks worked on their deposits are systematically erased.

The Short Messaging Services (SMS) introduced by Nigerian banks to ensure the security of account status has now been turned into a major way of fraudulently profiting off customers. Banks still charge as high as N10.00 per SMS sent to a customer even when bulk SMS providers in the country offer less than N1.00 per SMS.

Read More.......www.myfinancialintelligence.com/index.php/2011-09-27-04-13-15/banking/85022-outrageous-charges-of-nigerian-banks

All over the world sports personalities are some of the most flamboyant people. With fat weekly wages in football and mouth watering prize monies in golf and tennis tournaments to mention a few, sports people over the years have become major players in economies across the world with their investments either in assets or liabilities.

Nigerian sports personalities particularly the footballers have also not been left out of this trend as some of the lucky ones earning megabucks in various European leagues have wisely invested their monies in various businesses in preparation for their retirement from active sports.

Prior to the boom being witnessed now, football was not a lucrative trade in Nigeria until the early 1990s when some of the country's footballers started going to other regions of the world, especially Europe in a drive to advance their careers. However, many of the football stars that were not so lucky are either currently living in abject poverty or literally living from hand to mouth.

Read More:....http://www.myfinancialintelligence.com/index.php/2011-09-27-04-45-37/celebrity-photos/85019-nigerian-soccer-idols-where-their-money-is

Nigerians have been reacting to the newly proposed Mobile Number Portability (MNP) policy by the Nigerian Communications Commission (NCC).

MNP is simply the ability of mobile telephone subscribers to retain their phone numbers when changing from one mobile network provider to another. MNP is currently available in over 50 countries, including Ghana, Morocco, the United Kingdom, Hong Kong, Pakistan, and Brazil.

“I am so excited about this whole Mobile Number Portability idea. I will now be able to change my service provider and still keep my number,” these were the words of an excited Youth Corp member, Fisayo Akisanmi when asked what she felt about the newly proposed MNP policy.

Quality of Services

Ms Akisanmi just like many other telecoms subscribers in Nigeria have been complaining about the poor Quality of Services (QoS) delivered by network operators.

It is in this light that the NCC thought it wise to introduce the MNP at no cost to subscribers as it strongly believes that when fully operational, it would immensely impact on the quality of services offered by service providers.

Read More.............http://www.myfinancialintelligence.com/index.php/2011-09-27-04-13-15/telecoms-and-it/84590-mobile-number-portability-a-panacea-for-poor-telecom-services

Who would buy a house online?
You would probably consider real estate ‘too big’ for cyberspace. But before you knock it take a moment or two to read this little article of ours. Then you would get to understand why many real estate dealers, agents, and marketers are flocking to the internet. What’s more, many have graduated from just running online real estate ‘directories’ to actual ‘web stores’.
Let’s begin with the buyer’s side of the fence. Why would a buyer go online?
Here are a few of the advantages that are attracting real estate buyers to the internet:
•It is easier to find what you are looking for online: the listings, images, prices, locations, access roads and other details are at your fingertips whether you are at home or in the office – mobile phone browsing has made it all so remarkably easy. Dealers are flooding the World Wide Web, so it gets easier by the minute. It is so easy now that big time buyers need not advertise their needs as often as they used to.
•A lot of the time the image and specifics the buyer is visualising not yet vivid in his or her mind: Browsing through several options help him or her crystallise the vision.
•Detailed information on the numerous choices vis a vis the buyer’s own budget helps him or her make better decisions.

Read More...........http://www.myfinancialintelligence.com/index.php/2011-09-27-04-13-15/real-estate/85015-selling-real-estate-online

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http://www.myfinancialintelligence.com/index.php/jobs/jsjobs/jobseeker/list_jobs/1

Hello,

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A Consulting firm on the mainland of lagos is looking for a youth corper who has a flair for IT. The candidate will support our IT department in the area of IT support and Website administration. interested? send your CV to careers@mmktresearch.com

A Consulting firm on the mainland of lagos is looking for a youth corper who has a flair for IT. The candidate will support our IT department in the area of IT support and Website administration. interested? send your CV to careers@mmktresearch.com

Get latest information on the Nigerian financial markets; Bonds Markets, FOREX Market, Stock Market.

http://www.myfinancialintelligence.com/index.php/2011-09-27-04-13-15/markets

The Money Market

The Money market traded today on a liquidity note with a shortfall of N206billion. The Federal Account Allocations Committee’s (FAAC’s) approved budgetary disbursements were finally effected today, with the portions meant for State & Local governments paid to the market estimated at about N250billion.

However, due to the late receipt of funds (after market hours), rates closed on a bullish note at about 16.00% for overnight funds and 15.00% for OBB.

Treasury Bills Market

The Treasure Bills market witnessed some intraday activities today, as demand saw yields dropping by about 0.20% on the medium and long tenored bills, with a retracement to opening levels by close of trading. The short tenored bills traded relatively flat, with about 0.10% drop mainly on the September maturities.

There will be a primary auction tomorrow, where the Central Bank is expected to issue about N135billion in Treasury bills. Yields are expected to be at current market levels.

Current Benchmark yields are;
91days – 14.20%
182 days –14.95%
364 days –15.05%

The Bonds Market

The bears took a firm grip of the bond market, right from the start of trading. With the expectation of higher yields at the auction, secondary market yields rose as high as the psychological barrier of 16.00%.

However, there was resistance on the short end of the curve, with the 8s1 closing flat and the 7s2 shedding just about 15 kobo. The middle and long end of the curve saw an average of 50 kobo drop in prices, with the on-the-run 10-years(9s1) suffering the most price decline of about 90 kobo.

The Bond auction will hold tomorrow, where the DMO will be issuing N30biilion, N30billion and N23.94billion in the 5yr, 7yr and 10 yr papers. Yields are expected around 16.00%.

Read More:...........http://myfinancialintelligence.com/index.php/2011-09-27-04-13-15/markets/37158-daily-market-update-june-26-2012

When a bank changes its name, it takes a while for the customers to get used to it. Those banking with Intercontinental Bank got the information about the change of status on the banks’ Automated Teller Machines (ATMs) that ‘their’ bank, Intercontinental Bank, is glad to be a subsidiary of Access Bank Plc.

They have absolutely no say in the matter, regardless of how much was in their account or how long they have been customers of the bank.

The shareholders may have been informed of the terms and conditions of some of the agreements, but most of their customers were not.

Mergers and acquisitions, also known as M&A have been the fate of about three of the eight rescued banks that failed the industry’s audit in 2009. Three others were nationalised and but are now managed by the Asset Management Company of Nigeria.

Merger and Acquisition refers to the aspect of corporate strategy, finance and management that focuses on the buying, selling, dividing and/or combining of different companies and similar entities with the aim of enabling rapid growth without necessarily creating a subsidiary or using a joint venture.

Read More:.......
http://myfinancialintelligence.com/index.php/2011-09-27-04-13-15/banking/37019-mergers-and-acquisitions-bad-for-customers-morale

The Money Market

Market opened about N8billion up today. Rates came down by over 1.00% because of improvement in liquidity. OBB and overnight closed at 14.25% and 14.75% respectively. They had closed high at 16.00% and 16.50% yesterday.

We expect rates to come further down in the coming days with the Federal Account Allocation Committee (FAAC) disbursement inflow of about N240billion into the market being imminent.

Treasury Bills Market

The Treasure Bills market was moderately calm today with minimal trading activities witnessed. The little activity was on the October 2012 bill which saw about 5.10% drop in yields.

Current Benchmark yields are;
91days – 14.10%
182 days –15.05%
364 days –14.80%

The Bonds Market

The Bond market was very quiet today, with minimal trading activities. Prices closed flat across all maturities, with just a 10kobo increase seen on the Jan 2022 (9s1).

Read More:....http://myfinancialintelligence.com/index.php/2011-09-27-04-13-15/markets/35725-daily-market-update-june-21-2012

The Money Market

Market opened about N193.00billion down today as rates rose to the highest levels seen this year. Secured lending rate (OBB) and overnight closed at 15.50% and 17.00% respectively.

However, a net maturity of about N88billion is expected from Treasure bills tomorrow; this should slightly calm the naira market, unless the Central Bank mops the excess through an Open Market Operation (OMO) auction.

Treasury Bills Market

The Treasure bills market was relatively quiet today with minimal activities witnessed as traders waited for the result of the Primary Market Auction which held today.

Current Benchmark yields are;
91days – 14.10%
182 days –14.85%
364 days –14.80%

Read More:.....http://myfinancialintelligence.com/index.php/2011-09-27-04-13-15/markets/35335-daily-market-update-june-20-2012

An audit firm on the mainland of Lagos requires the services of accountants (not necessarily chattered) for a contract job. Renumeration is N4,000 per day work might last up to 10 days. send your CV to codedruns2000@gmail.com

The Money Market

Market opened about N127.6billion down today as rates rose again by about 0.50% following tighter liquidity. OBB and overnight closed at 15.50% and 15.75% respectively. We sense that there might be intermittent liquidity intervention from the Central Bank to regulate rates pending the Federal Account Allocation Committee (FAAC) disbursement inflow.

Treasury Bills Market

The Treasury bills market was fairly active today as it witnessed intraday activities on a few maturities. Major activity was centred on the July bills (19-July-12) and the August bills (9-Aug-12) which went up by an average of 0.30%.

Current Benchmark yields are;

91days – 14.10%

182 days –15.00%

364 days –14.85%

Read More:.....http://myfinancialintelligence.com/index.php/2011-09-27-04-13-15/markets/34982-daily-market-update-june-19-2012