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Business News

All the major economic news from Nigeria in 5 minutes-2/8/2017

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Summary of the top business, economic and political news in Nigeria today.

  1. Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said that infrastructure deficit in Nigeria has risen to $15billion. Link
  2. The Federal Government is set to compel International Oil Companies (IOCs) to cut the cost of producing oil in Nigeria.  Link
  3. The Minister for Energy, Ghana, Mr. Boakye Agyarko, has said his country will like to have more gas supply from Nigeria for power generation. Link
  4. A group of Nigerian banks has agreed to an extension of a $1.2 billion loan made to 9mobile, formerly Etisalat Nigeria, pending when the mobile operator’s finds new investors, FCMB bank said yesterday. Link
  5. Uber has launched its Greenlight Hub in Lagos and plans to extend the facility to the Federal Capital Territory, Abuja, in a bid to further support its driver-partners in its areas of operation. Located strategically at the Maryland Mall, it said the hub would be open six days a week, and serve as a resource centre where existing and potential driver-partners could receive support for app-related inquiries. Link
  6. The Minister of Finance, Mrs. Kemi Adeosun, on Tuesday said that 55% of the revenue generated by the Federal Government from Value Added Tax receipts was being collected from Lagos State. Link
  7. Daar Communications Plc. has reported a loss before tax of N681.9m for the first quarter of 2017 compared to N687.9m loss posted in the corresponding period of 2016. Link
  8. The Federal Government has signed a five-year pact with Dangote Sugar, BUA Sugar and Golden Sugar for the second phase of the Backward Integration Plan (BIP) for the sugar industry. Link
  9. The Federal Government’s diversification programme yesterday received a boost, with Acting President Yemi Osinbajo commissioning Africa’s largest parboiled rice mill in Argungu, Kebbi StateLink
  10. Afrinvest Asset Management Limited (AAML), Fund Managers of the Nigerian International Debt Fund (NIDF) is set to pay investors the interim coupon for the 2017 financial year in August 2017. This marks the 39th coupon since the creation of the Fund, in line with its consistent dividend history since 1997. Link
  11. The Manufacturers Association of Nigeria (MAN) has said that not less than 75 manufacturing firms from about 150 in its membership list in the South East had shut down in the last five years. Link
  12. The Nigeria Immigration Service says from January 1, 2018, anybody without the National Identification Number, issued by the National Identity Management Commission, will not be able to procure Nigerian passport. Link
  13. Ethiopian Airlines has launched its 5th destination in Nigeria and 55th African destination in Kaduna. The Ethiopia Airlines inaugural flight on B737-800 with registration number ET-EQN touched down at Kaduna International Airport yesterday at about 12noon with 17 passengers onboard and was treated to a water canon ceremony by the Federal Airports Authority of Nigeria  (FAAN) Fire Service department. Link
  14. The Central Bank of Nigeria (CBN) will be addressing key issues confronting the e-payment industry at a Bi-Monthly Forum organised by the Finance Correspondents Association of Nigeria (FICAN). Link
  15. The Federal Government of Nigeria and Nigerian Association of Chamber of Commerce, Industry, Mines and Agriculture, NICCIMA, yesterday, moved against the signing of the Economic Partnership Agreements, EPAs, between the European Union (EU) and Economic Community of West African States (ECOWAS) expressing reservations about some aspects of the agreements. Link
  16. Ahead of the certification of Murtala Muhammed International Airport (MMIA), Lagos and Nnamdi Azikiwe International Airport, Abuja, the Federal Airports Authority of Nigeria (FAAN) has said it would set aside special funds for maintenance programmes in order to sustain the standards. Link
  17. The Director-General, Nigerian Maritime Administration and Safety Agency, Dr. Dakuku Peterside, has stated that maritime administrators in Africa are set to tackle issues of piracy, sea crimes and illegal migration on the continent. Link
  18. Zenith Bank Plc, Ecobank Transactional Incorporated Plc, and Guaranty Trust Bank Plc (GTBank) lead 13 others to emerge as best performing stocks in the banking sector in July. As at the close of trading on Monday, July 31, the stock price of ETI added 18.1 per cent or N2.25 per share to close at N16.50 from opening figure of N13.97. Similarly, prices of Zenith Bank and GTBank shares appreciated by 17.8 per cent and 12.1 per cent in July respectively. Link
  19. Unilever Nigeria has scaled back the amount it planned to raise from shareholders via a rights issue to N1.96 billion ($5.39 million). Link
  20. The Central Bank of Nigeria (CBN) has said Manufacturing Purchasing Managers’ Index (PMI) increased by 1.2 basis points to 54.1 index points in July from 52.9 index points recorded in June. According to CBN, the increase in Manufacturing PMI, indicates expansion in the manufacturing sector for the fourth consecutive month. Link
  21. The Federal Aviation Administration of the United States will carry out an audit of the Nigerian Civil Aviation Authority this month . Link
  22. PAN Nigeria Limited, the assembler of Peugeot brand of vehicles, has said it is adequately equipped to meet local demand for its vehicles. Link
  23. The Senate Joint Committee on Customs and Marine Transport, as part of its investigation into the alleged N30tn revenue leakage in the import and export value chain, has quizzed over 60 companies. Link
  24. The Research & Development (R&D) Division of the Nigerian National Petroleum Corporation (NNPC), has sealed a strategic partnership with CypherCrescent Limited, to enhance oil and gas production using innovative technologies and optimised workflows. Link
  25. Two years after the full implementation of the Treasury Single Account (TSA), the policy has shored up the government’s earnings by N7 trillion by the end of March. The TSA is a bank account or a set of linked bank accounts through which the government transacts all its receipts and payments and gets consolidated view of its financial status at any given time. Link
  26. The Katsina State Government on Tuesday defended its $110 million (about N34.5 billion) loan request from the Islamic Development Bank (IDB) before the House of Representatives Committee on Debt. Link
  27. The Kaduna State Governor, Malam Nasir el-Rufai, on Tuesday stated that the closure of the Nnamdi Azikiwe International Airport, Abuja, opened up opportunities for the Kaduna International Airport, which he said had gained a global status. Link
  28. DELTA State Government, yesterday, said it released N1.650 billion to the State Oil Producing Areas Development Commission, DESOPADEC,  against the N500 million being speculated in some quarters. Link

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Real Estate and Construction

Osborne, Ikoyi residents move against Lekki Gardens over planning laws violation

The residents accused owners of Lekki Gardens Estate of alleged flagrant and unchecked violation of officially approved building plans.

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Residents of Osborne Foreshore 2 estate, Ikoyi, have moved against a property development firm, Lekki Gardens/Foreshore Waters Limited for allegedly violating the state’s planning laws; in addition to the violation of the estate’s building plan and the existing plan to stop work forthwith.

This is as the residents of the estate have appealed to the Lagos State governor, Babajide Sanwo-Olu, to order that works on all approvals for development in the estate be suspended for 3 months because of the ongoing review of the approval order.

According to a report from Thisday, the appeal is contained in a statement issued by the residents of Osborne Foreshore 2 estate, where they warned that refusal to stop further work might lead to a breakdown of law and order.

What the residents of Osborne Foreshore 2 estate are saying

The residents of the estate in their statement said, “We once again invite your Excellency to visit our estate to see for yourself how the activities of Richard Nyong will one day lead to a breakdown of law and order if this brazen disregard of planning laws of Lagos States is allowed to continue.”

They accused the developer of violating state’s planning laws in its quest to construct multi-storey structures in the expansive residential estate.

They also accused Richard Nyong, Lekki Gardens Estate and Foreshore Waters Limited of alleged flagrant and unchecked violation of officially approved building plans.

The estate management pointed out that other developers have since complied with these guidelines whereas Lekki Gardens had allegedly refused to do the same.

What the Chairperson of Osborne Foreshore Residents Association is saying

The Chairperson of Osborne Foreshore Residents Association, Mrs Chinwe Ezenwa-Mbah, had recently expressed reservations over the impact of the heavy construction by Lekki Gardens and other developers and how it is affecting the houses of other residents in the estate.

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She said, “When we got our plots, we were told that the place was designed as a low population residential area. We did not know that a time would come when this area would become a commercial area.

“When you come into an existing estate and you are doing piling that is breaking your neighbour’s foundations as well as against the approved plan given to you in the name of commercial development, that is not right.”

What you should know

  • It can be recalled that the relationship between Lekki Gardens and the management of Osborne Foreshore 2 Estate broke down after the latter insisted that the property developer must obey building permit laws given to it by both the Lagos State government and the resident association.
  • Several other landlords and Residents of Osborne Foreshore 11, have also complained about the activities of Lekki Gardens and other developers in the area whom they accused of violating the building permit given to them by the government.
  • The Lagos State Commissioner for Physical Planning and Urban Development, Dr Idris Salako had held a meeting with all the stakeholders in a bid to amicably resolve the existing dispute.
  • The residents made an appeal to the Lagos State government for reversal of the wrongful classification of Osborne Foreshore Phase II from its original master plan as a low-density to a high-density residential estate.

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Business

The five-ingredient of a successful startup pitch

Every great pitch has these 5 ingredients to help you maximize your chances when fundraising for your startup.

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Startups typically prepare a pitch deck to present to potential investors for funding. A pitch deck is a brief presentation that provides investors with an overview of your business. It typically focuses on showcasing your product and business model. An excellent pitch is highly essential to the success of a startup seeking funding from investors.

According to Romeen Sheeth, an angel investor who heard 200 companies pitch and invested over $1million last year, every great pitch has these 5 ingredients to help you maximize your chances when fundraising.

  • Problem:  Is this an issue?
  • Solution:  Do you have the fix?
  • Market:   Is this a big enough issue?
  • Business: Can you make money
  • Team:  Do you have the human resources to do it?

The best pitches nail all 5. Good ones hit 4. Subpar hit 3 or less.

Problem

The problem statement is an explanation of why a set of circumstances is painful for a set of users. There’s one word in that sentence that is most important: painful. If your problem is not painful enough, it’s a vitamin. The best startups are pain killers.

Solution

The solution statement is an explanation of how you address the pain felt by your users. If you don’t have the right solution, you won’t get customer traction. Customers don’t buy your thesis on the pain point. They buy the actual thing that solves their pain point.

Market

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In tech, only businesses that have outsized potential get funded. To have outsized potential, you have to either be in a: (a) small, but rapidly growing market or (b) large existing market that can be resegmented. If not, the business is not venture backable.

Business

The business model defines how you print cash. What is the key insight you’ve figured out that other people haven’t? You don’t need to reinvent the wheel on everything to be a compelling business. Just explain the secret sauce that helps you capture the value.

Team

Everything else is academic if you can’t execute. Ultimately the investor is betting on your team’s ability to bring out the reality in the insights around the problem, solution, market, and business. Communicate why you are the best in the world to build the business.

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Once you feel good about these 5, think through the connection points. Every topic that comes up in the conversation will be a function of a connection point. For example:

  • Problem-Market = Industry Dynamics
  • Solution-Market = Competition
  • Market-Business = Unit Economics

Bottom line

When you pitch, always keep it simple. Understand the 5 core ingredients, think through how they relate to one another, communicate with clarity, and don’t assume investors understand your business.

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