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Business News

SEC DG Mounir Gwarzo accused of improper conduct

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The battle between the Securities and Exchange Commission (SEC) and Oando Plc seems to have taken another twist, as an alleged petition against the Director-General (DG) of SEC  Mounir Gwarzo has leaked. SEC is the apex regulator of the Nigerian capital market.

The allegations levelled against Gwarzo

According to sources, Gwarzo is accused of collecting a severance package of a N104 million, despite advice from SEC’s legal department not to do so, since he was still in the employ of the commission. Prior to his appointment as Director-General of the commission in 2015, Gwarzo was an Executive Director. The acting head of the legal department had objected to the offer since severance packages were meant for officials who have disengaged from an organization.

The Director-General was also accused of awarding contracts to companies controlled by wife and brother. Outward Investment Ltd a company allegedly controlled by Gwarzo and his wife was said to be the sole supplier of diesel to SEC since he assumed office.

Another company, Northwind Environmetal Services allegedly controlled by Gwarzo’s brother was awarded the contract to clean the commission’s Kano zonal office.

Is the hunter now the hunted

The timing of the petition is suspect as SEC is currently in a tussle with Oando Plc over moves to conduct a forensic audit on the company’s affairs. Oando has kicked against the move, and obtained a court order restraining SEC from carrying on with the audit. Why was the petition not publicized prior to now ?

What happens next ?

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Neither SEC nor Gwarzo have issued a reply to the alleged petition. The House of Representatives, which was in possession of the petition, and summoned Gwarzo a few weeks ago on the allegation against Oando Plc, is yet to issue a statement.

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training.He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE).He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy.You can contact him via [email protected]

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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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Business

FG explains why Lagos-Ibadan rail line was not linked to the sea

The government in its explanation said that the delay was due to disruption by trucks going in and out of the port complex.

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FG needs $656 million to complete Lagos-Ibadan railway project – Amaechi, Nigeria loses N150 billion annually to shipping tariffs, Ibadan to Kano rail construction

The Federal Government has stated why the China Civil Engineering Construction Company (CCECC) Nigeria Limited could not link the final part of the Lagos-Ibadan rail line to the sea.

The government in its explanation said that it was due to disruption by trucks going in and out of the port complex.

According to a press statement signed by the Director, Press and Public Relations of the Federal Ministry of Transportation, Eric Ojiekwe, this disclosure was made by the Minister of Transportation, Rotimi Amaechi, while on a routine tour of the Lagos-Ibadan rail line project on Saturday, April 10, 2021.

The Minister pointed out that the original blueprint for the Lagos-Ibadan rail line project was not adhered to by CCECC Nigeria Limited and TEAM consortium and therefore warned that the master plan of the soon to commence Ibadan-Kano rail line project should not be changed.

The statement from the ministry partly reads, “The Nigerian Government has restated its commitment to connect the whole country by rail with the soon to commence Ibadan-Kano Standard Gauge Rail project.”

Amaechi forewarned that the master plan of the soon to commence project should not be changed as the original blueprint for the Lagos-Ibadan wasn’t adhered to by Messrs CCECC Nigeria and TEAM consortium. The Minister who rode the train from Ebute-Meta to the 8.72 km Apapa Port Spur line, informed the media that the inability of Messrs CCECC Nigeria to link the final part of the rail line down to the sea is rather due to disruption by trucks going in and out of the port complex.’’

The Minister had noted that the Federal Government has paid its share of the counterpart funding of the Ibadan-Kano rail line project and is waiting for China-Exim bank to ratify its side of the agreement for the project to commence.

He also advised the Nigerian Railway Corporation (NRC) to acquire more land around the train stations and the rail tracks for future development adding that this will be near impossible to do in the future as whatever space available now would have been taken over by businesses attracted to the rail line.

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In case you missed it

It can be recalled that full commercial train services commenced on the Lagos-Ibadan rail line after train operations commenced on December 7, 2020, with only Lagos, Ibadan and Abeokuta residents enjoying the train services.

This is because other minor and major stations along that route were yet to be completed.

 

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