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Financial Literacy

10 Typical Pre Qualification Documents Required for Tenders, RFP and LPO’s in Nigeria

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Most Request For Proposals (RFP) and Tenders by Government and Private Enterprises typically ask for a set of documents from interested applicants. Whilst some tenders and RFP’s may require documents specific to the service of project being carried out, the following documents are typically requested for by most.

 

1. Certificate of Incorporation/ Evidence of Registration at the CAC

2. Tax Clearance Certificate covering at least three years preceding the current year

3. VAT Registration Certificate and Evidence of Payment

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4. Standard Organization of Nigeria (SON) Certification

5. Audited Accounts for at least 3years from the current year

6. Company profile, Organizational Structure including names of directors and management team, address of the company and contact details.

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7. Evidence of Execution of similar jobs including skill acquisition and experience of personnel

8. Bank Guarantee or Performance Bond from an Insurance Company

9. Professional Body Registration if any e.g ICAN, COREN, SEC etc

10.  Details of bankers or financiers and evidence of an existing relationship

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Ugo Obi-chukwu "Ugodre" is a chartered accountant with over 16 years experience in financial management, corporate finance and financial analysis. He is also a retail investor and a personal finance advocate with over a decade experience investing in the Nigerian stock market. Ugo is the founder/Publisher of Nairametrics and blogs regularly on the website.

2 Comments

2 Comments

  1. Pingback: Contracting business in Nigeria

  2. Raji Enesi Umar

    December 26, 2019 at 5:59 pm

    Can a Business Name be tendered for government jobs? If yes! What’s is the prerequisite for tendering?

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Personal Finance

How to make more money solving problems

If you want to become more financially successful, you must figure out how to solve problems for other people.

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How to make more money solving problems

One of the reasons anyone in the world who is not your father, mother, or siblings will give you money is this; your ability to solve a problem that is important to them.

That is how all the wealth in the world is created. The Rich Make Money by solving problems for other people. They solve problems in exchange for money. And if you want to become more financially successful this is what you must do regardless of where you are or who you are.

READ: The greatest tech solutions spring from most regular problems

But before I show you how to make more money by solving financial problems, let me first tell you what it means to solve a problem satisfactorily. You solve a problem when you remove pain, obstacles, or challenges from people’s lives. And when you help them reach their desired end or destination.

So there must be two elements in every problem-solving equation. The First is the pain a person is trying to escape from, navigate, or change. And the Second is the pleasure a person is trying to gain or achieve. So now that you know what solving a problem means what are the kinds of problems to solve if you want to be wealthy?

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READ: FG clamps down on filling stations, others for faulty measuring and weighing equipment

The Kinds of Problems to solve if you want to be Rich

There are many kinds of problems you can solve in the world but since you want to make more money let’s focus on the type of problem that can give you the most money. There is only one problem in the world that carries the most potential for wealth. This problem is the Financial Problem.

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Financial problems carry the most potential for wealth because they are universal in nature, everyone has them, and they cut across different countries, tribes, and nations. So if you want to make more money fast in your life focus on solving financial problems. To solve financial problems there are four people you must focus on.

READ: CBN lists major constraints affecting businesses, as borrowing rates projected to rise 

The Four People to Focus on if you want to make more money.

The first is you. The second is other people. The third is Businesses and the fourth is the Government. When you solve your own financial problems you do not make much money because money only comes from helping other people. But the benefit of solving your own financial problem is this. It gives you the knowledge, skill, and experience you need to help other people.

When you gain this experience you become a valuable resource to other people. So make sure never to waste any financial mistakes or decisions you have made in the past. Reflect on them to know what worked, what didn’t work, and what you would do next time. This is critical for refining your problem-solving skills and for helping other people.

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READ: Konga’s CEO discloses secrets of firm’s huge growth

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If you want to make the most money in the world you must focus on helping other people solve their problems. Part of the other people you must help is business owners. Business owners like individuals have financial problems and they are looking for people to help them grow their business revenue.

The beautiful thing about helping a successful business owner is that they are the richest people in the world and have the most capacity to pay you. But to succeed with business owners you must solve problems that are dear to their heart. This, keeping their businesses alive through the constant flow of cash is one of the most important things in the world to them.

READ: FRC orders banks not to lend money to states without approval

The last set of people you should strive to help if you can is the government. The government also needs financial help like individuals and businesses. But their kind of help requires a certain level of expertise and global application to reap a high reward. The more difficult the problems you solve the higher your chances of reaping a high reward. And the more financially related the problem is, the higher income you will earn.

So now that you know the kinds of problems you should solve and who to focus on to earn the most money. Let’s now see some of the factors that determine how much you earn when you solve a problem?

READ: Dealing with financial emergencies

Factors that determine financial success when you solve a problem

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There are three factors that will determine how much money you earn when you solve a problem.

The first factor is the type of problem you solve. The second factor is the Number of people you solve this problem for and the Third factor is the financial capacity of the person paying you. Let me explain these three points in more detail.
First the kind of problem you solve. Not all problems are created equal. Certain problems command high income while others command low income. A small or big problem is determined by two factors. First is the level of importance a person places on that problem and second is how that problem is related to making money, saving money, or saving time.

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READ: Nigerian Treasury Bills drop to 2% per annum

Problems that are pain-related, connected to making money or saving money, and also urgent in nature will command more money than problems that are preventive, future-oriented, or pleasure-seeking in nature. This is because most people are short-term in their thinking and will be open to help when they feel the heat. So focus on urgent problems that have a clear relationship with making money, saving money, or saving time for an individual, business, or Government.

Second is the number of people you solve a problem for. Solving a problem for just one person is the fastest way to end up in financial struggles. One of anything limits your opportunities and this is why employees struggle financially. They can only serve one employer at a time. The key rule for making more money is this. Find ways to solve a problem for more than one person.

READ: Digital Currency Group acquires crypto exchange, Luno

If you solve a problem for one person you get paid by one person and the amount you get paid is dependent on how close your value is to the bottom line. If you solve a problem for some people you get paid more money from a few people. And if you solve a problem for a lot of people you get paid a lot of money by a lot of people. The ability to help a lot of people at the same time is the advantage that business owners have over employees. So if you want to earn more money you must find ways to help a lot of people.

The third factor is who pays you. Who pays you determines to a great extent how much you earn. This is because people can only pay you according to their financial capacity. For example, when you solve a problem for a peer you get paid income at a peer level no matter the amount of value you provide. But when you solve a problem for a business owner you get paid at a business owner level depending on the success of the business owner.

Business owners are the richest people in the world and they have the highest capacity to pay you. All you need to do is ensure you solve a problem for more than one business owner at a time. And the only way to do this is to help a few business owners generate more revenue through sales.

So now that you know the factors that can determine how rich you can get let’s look at the fastest way to make more money through problem-solving.

The Fastest way to make more money through Problem-Solving.

The fastest way to make more money through problem-solving is to do two things. The first is to choose to focus on financial problems, which is the most critical pain for many people. And the second is to focus on helping business owners who are the people with the most capacity to pay you for solving their problems.

Business Owners spend a tones of money advertising and marketing their products. They are tired of the high marketing cost that produces a low financial reward. Most business owners are willing to share a part of their profit with you if you will help them sell their products through word of mouth and referrals.

And many of them pay up to a 6-figure commission on such sales. If you can help them connect to a new buyer, you can earn a juicy financial reward for it. Thankfully, everyone can help at least one or two people connect with products or services that can help them. The goal here is to only recommend products and services that you are passionate about.

Preferably Products and Services that you trust, have tried, and or tested. This is important because you do not want to jeopardize your important relationships on the grounds of making money. You must truly want to help people and not just sell products to make money. When you do this correctly there is no limit to how much money you can earn.

The Skills You Need to Solve Financial Problems

To successfully solve the revenue problems of business owners and help other people you need three skills.

The first skill is creative skills. You need the ability to come up with creative ideas that will help you sell a product.

Second, you need networking skills. Remember the only way to make money is by helping other people so you need many more people in your network who like you and trust you. This means that you must be a leader and an influencer within your circle. And be able to serve as the connecting bridge between the people who need help and the companies that can help them.

 Third, you need sales and marketing skills. That is the ability to educate, convince, inspire, or influence people that a product or service can help them solve their problems. Developing these three skills is the fastest way to make more money in your life and without the added stress of additional workload.

So If you are looking to make more money in your life and want to become a high-demand problem solver reaping 6-7 figure financial rewards we can help you. To learn more send an email to [email protected]

Your financial success is hidden in the problems you can solve for other people.


About author

Grace Agada is The Senior Financial Happiness Director @ Create Solid Wealth. She is an Author, and Column Contributor in Six National Newspaper. She is a contributor at BellaNaija, Nairametrics and Proshare and she is on a mission to help working-class professionals and CEOs become more financially successful. To learn more about Grace and how she can help you send an email to [email protected]

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MSME

432,000 business applied for FG payroll support, 70,000 shortlisted 

70,000 Nigerian businesses have been shortlisted for the Payroll Support of FG’s Survival Fund Grant Scheme.

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70,000 businesses in Nigeria have been shortlisted from the 432,000 businesses that applied for the Payroll Support of the Federal Government’s Survival Fund Grant Scheme. Many states did not meet their quota and plans are ongoing to seek an extension after the portal closed 5 days ago.

Mr. Tola Johnson, the Project Coordinator of PDO and Special Assistant to the President on Micro, Small and Medium Enterprises (MSMEs), confirmed this to the DailyTrust.

READ: CBN disburses N50 billion loans through MFBs’ IT platform

Back story

Nairametrics had earlier reported plans by the FGN to roll out a N2.3 trillion stimulus package and survival fund for Micro, Small, and Medium Enterprises (MSMEs) to stay afloat amid the economic challenges imposed by the pandemic.

The survival fund includes payroll support for three months and a guaranteed off-take scheme among others, all under the National Economic Sustainability Plan (NESP).

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READ: PenCom should pay 50% of workers’ pension at retirement – TUC

What they are saying

Commenting on the latest development, Mr. Johnson said, “As at the day the portal closed to applicants for Payroll Support Scheme, we had 432,000 businesses that applied. However, we have shortlisted 70,000 that met the requirements. These businesses have uploaded over 400,000 staff for us to pay for three months.’’

Mr. Johnson pleaded for an extension, noting that though the portal closed on the 15th of October, 2020, many states did not meet their quota

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READ: CBN reserves 60% of N220 billion MSMEs fund for women

“The Project Delivery Office, which I head, is taking this plea for an extension to the Steering Committee headed by the Minister of State for Industry, Trade and Investment, Ambassador Mariam Katagum.

“To know whether to extend the date for online application into the payroll support scheme will be based on the data available to us.’’

He concluded by emphasizing the need for BVN and digitalizing the process, noting that business owners will not be paid directly. Only their staff will be paid subject to the provision of BVN.

READ: CBN reserves 60% of N220 billion MSMEs fund for women

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Why it matters

The support is a kind gesture by the FG, aimed at alleviating the impact of the pandemic on MSMEs. It is a way of averting massive job loss, creating income for the staff, and stimulating the economy, as the impact of MSMEs in developing the economy can not be overemphasized.

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Investment Tips

Where to invest $10,000 right now

Entrepreneurs, financial experts and investment analysts suggest what sectors or assets to invest in if you have $10,000.

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Where to invest $10,000 right now

The upsurge in COVID-19 cases around the world has kept global investors flocking the world’s safe-haven currency at an exponential rate, the high demand for the greenback is coming on the high geopolitical uncertainty prevailing in today’s financial market.

Also, it’s important to note at the currency market, the U.S dollar remains king. According to the International Standards Organization, 90% of currency trading done globally involves the U.S. dollar, most crypto assets, virtually the most liquid commodities are priced in the U.S dollar not forgetting about 40% of the world’s debt is dominated in the greenback.

READ: If you have N1m today, how would you invest it?

READ: Hackers, expose crypto wallets worth $150 million at Kucoin

So Nairametrics felt it paramount to ask a hedge fund manager,  entrepreneurs, and financial experts, about what sectors or assets they would invest in if they had, say, $10,000.

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Their responses were revealing and diverse as they were varied—ranging from; buying global equities, local stocks, real estate holdings to investing in digital assets.

READ: Key ‘side-hustles’ Nigerian Bankers supplement their income with

READ: What BBNaija winner, Laycon can do with N30 million  

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Gavin Smith, veteran trader, and managing partner at Panxora Crypto Hedge Funds.

I would scale into BTC $2,000 now, $2,000 when it comes off to $10,000, then add $2,000 at $9,000 and another $2,000 at the $8,000 level. If BTC then breaks above $13,000 I would buy any of the above orders that had not been filled of the remaining $2,000. I would put $500 into each of these four DeFi protocols: LINK, COMP, KNC, and OMG.”

READ: Real Estate Developers express fear over selection process of CBN’s N200 billion Housing Fund

DeFi is an exceptionally volatile market and these would need active management, but they represent an opportunity with exceptional upside potential. This is a market our analysts are building a profile in, to advance our DeFi hedge fund later in the year.

READ: Real Estate: A universal convertible survival tool

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Debo Adejana – Founder, MD/CEO – Realty Point Limited.

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I follow the investment wisdom that says, ‘invest in what you know and understand’. I know and understand real estate probably more than any other investment asset class.

So, the decision as per what I will invest in with $10,000 which should be upwards of N4m is simply; Real Estate. I will either do rental income property as part of a properly organized shared-ownership structure or speculate on land depending on how much time I have with the money. The reasons are very basic, real estate investments have been known to survive and surpass any and every challenge.”

READ: If you had $100,000 in cash, where would you invest it in US markets?

Darlington-Morsi Onyemaka, Co-founder Quba Exchange Forbes Accelerator Cohort ’20.

One of the main pointers to a good investment portfolio is diversified across multiple asset classes which should be according to the investor’s risk appetite. Looking at my long-term investment strategy, real estate fits in perfectly for Ten-thousand dollar investment. My portfolio is already jam-packed with high-risk assets and Real Estate will do a great job at hedging the risk factors without minimizing profitability in any significant way.”

READ: Foreign investment inflow into banking sector falls by 95% in Q2 2020

Francis Obasi Cofounder and CEO of Lead Wallet.

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If I have a spare $10,000 right now for investment, first, I’ll invest 55% of the funds into new crypto startups being run by professionals and backed by companies like Coinlist; LID Protocol, and Binance. Second, I’ll invest 20% of the funds into Lead Token as there is still potential for massive growth in the coming months/years. Third, looking at the situation of Nigeria, and not knowing where the current protest (uprising) on #EndSARS is headed, I’ll reserve the rest 25% in USDC/USDT to hold against a potential Naira crash. I’m confident that there is every possibility that the Dollar will become scarce again in the coming weeks/months due to the ongoing protest, thereby returning instant gains for immediate spending on basic needs.”

READ: Ethereum robber transfers $1.5 million worth of Crypto

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Dapo-Thomas Opeoluwa Global Markets analyst and an Energy Trader.

“There are so many ways to invest $10,000. The real question depends on the investor. His risk appetite, his investment horizon, when does he or she want to liquidate? The answers to these now limit the options of investments. So for safe and long-term investments, I always advise investing in index funds, Eurobonds or the Nigeria International Debt fund. This is with the caveat that says ‘low risk equals low returns’. Also, I usually would say, invest in investments that beat inflation so you won’t suffer negative real turns.”

READ: Total, GTBank, Zenith Bank up, Bulls return to Nigerian Stock Market

Victoria Njimanze Investment Analyst at a Nigerian Investment Bank

Well, off my head I’ll go with Bonds, cryptocurrency, Stocks, and then alternatives.  I would definitely make my findings first, but I’ll make a larger portion go into Bonds say 40%, 30% in cryptocurrency, 20% in stocks, and 10% in alternatives like commodity market so as to have a diversified portfolio.”

READ: Cryptos: Nigerian financial experts talk risks associated with trading digital assets

READ: A mysterious Bitcoin Whale causes brief panic sell-offs at Bitcoin’s Market

Akinsola Esan, a credit risk analyst at Nigeria’s Tier 1 Bank.

Basically, the goal is to earn substantial returns on investments – dividends, capital appreciation, and secondly, beat inflation in naira which is currently about 12.85%. With $10,000, I’ll spread my investments across foreign equities such as purchasing and holding stocks of companies like Apple, Facebook, Google, Fastly, Nio, Amazon, to list but a few, and also buy some top-performing dollar-denominated Mutual funds such as Vantage dollar funds and some other ones recommended by Nairametrics. Lastly, I will look in the area of cryptocurrencies by investing as much in bitcoin, Ethereum, and other recognized Cryptos. There are some dividend-paying stocks listed on the Nigerian stock exchange as well, I will consider holding a number of them.

Explore Data on the Nairametrics Research Website

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Bottom line

Due to the present fickle nature of global financial markets, most financial experts interviewed above are unsurprisingly keen on mostly U.S dollar-dominated financial assets, thus reflecting the greenback’s dominance in demand amid the COVID-19  infection exploding at an alarming rate.

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