Business News
FG makes progress in ridding Nigeria of PDP’s looting, plundering – Lai Mohammed
The Federal Government says it is succeeding in cleaning up the rots, looting, impunity and plundering of the nation’s economy, perpetrated by the People’s Democratic Party (PDP).
The Minister of Information and Culture, Alhaji Lai Mohammed, stated this on Sunday, November 12, 2017 in Lagos at a media briefing. He said the government has been working incessantly to take Nigeria out of the “hell hole the PDP dumped the nation and it will be a tragedy if the party is ever allowed to come back to power in 2019”. He also admitted the task was tough but nonetheless, the government was determined and so far, progressing.
The Minister talked about various accomplishments in which President Muhammadu Buhari’s administration has made in accruing looted funds in the fight against corruption, insecurity, and in revamping the economy.
Mohammed said with the adoption of Treasury Single Account (TSA) policy, N3 trillion had accrued to government purse. He said the government had successfully removed the N108 billion in maintenance fees payable to banks, pre-TSA and monthly saving of N24.7 billion. The minister also said that N120 billion had been saved with the elimination of thousands of “ghost” workers in the system.
“Our commonwealth was looted with impunity by the same people who now say they want to come back. Indeed, it will not just be a tragedy, but a double tragedy, if we ever allow these same people to preside over our commonwealth.
“Where do we start? Do we want a Diezani back as Petroleum Minister, after the recovery of at least 43 million dollars and 56 houses from this one person?
“Do we want the 2.9 billion dollars that has been successfully traced and recovered from looters by the EFCC since the inauguration of the present administration, to be re-looted?
“What about the 151 million dollars and N8 billion in looted funds that have been recovered from just three sources as a direct result of the introduction of the whistle-blower policy?” he said
Mohammed added that under the PDP, the Joint Admission and Matriculation Board (JAMB), only remitted an aggregate of N51 million, whereas in September 2017, the same JAMB announced it was ready to remit N7.8 billion.
“As the pace of politics gradually picks up ahead of 2019, it is important that we let Nigerians know the enormous progress that the Buhari administration has made in just a little over two years. It is a mark of the contempt in which the PDP holds Nigerians that the party is even talking of returning to power, even when the rot it left behind is yet to be totally cleared.
“Never again must Nigeria be bedeviled by a rapacious, impunity-prone and plunderous party like the PDP,” he said.
Mohammed reiterated the commitment of the government to ensuring that those who looted the nation’s treasury would be penalized.
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.
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.
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.
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.
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
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.
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.
