Business News
Buy Naija – Ahmed Kuru urges Nigerians To Patronise Peugeot Cars
As a way of sustaining the success PAN Nigeria Limited recorded in 2017, the Managing Director/Chief Executive Officer of Asset Management Corporation of Nigeria (AMCON), Mr. Ahmed Kuru has called on PAN to maintain the tempo of the achievement in 2018; just as he implored Nigerians both individuals and corporate to patronise Peugeot brand of cars.
The AMCON boss made the remarks at the 2018 Dealers Convention organized by the automobile company in Kaduna recently. He was represented at the event by Mr. Ben Daminabo, Head of Subsidiaries at AMCOM. According to Kuru, PAN achieved a lot of mileage in 2017 against all economic odds, which he stated required commendations from all stakeholders, which is why AMCON and indeed all stakeholders want them to sustain and even improve upon in the new financial year. It would be recalled that PAN Nigeria Limited is one of the mega institutions that received the intervention of AMCON, which prevented the automobile company from going under.
He added, “This is the best time for PAN Nigeria Limited to restrategise and move ahead like all other automobile manufactures across the globe. It is our wish that Peugeot will reclaim its pride of place in Nigeria by producing those vehicles that made the brand very popular in those days. We believe the brand has all it takes to dominate the marketplace because the new generation of Peugeot cars are fuel efficient, durable; rugged and built for Nigerian roads. Aside from these attributes, Peugeot creates thousands of jobs for our teaming population, which is why we all need to support the brand because it is our own.”
According to him, the fact that PAN is still in business is another demonstration of the positive impact and contribution of AMCON towards stabilize the Nigerian economy, which is one of its core mandates.
Earlier in his speech, Managing Director of PAN Nigeria Limited, assemblers of Peugeot brand of vehicles in Nigeria, Mr. Ibrahim Boyi had disclosed that the company made huge progress in 2017 despite the economic downturn in the country. Boyi stated that the company revenue grew by 65 per cent from N3 billion to N5.3 billion.
He added, “PAN has made giant stride in 2017 against the heavy and high tidal wave of economic recession, declining value of the naira, access to forex and erosion of infrastructure in the environment.” Stretching his position further, the PAN boss said, “PAN’s market share was 8 per cent down from 12 per cent in 2016, revenue grew by 65 per cent (to N5.3 billion from N3 billion) and operating profit by 78 per cent (to N719 million from N405 million).”
Boyi said the successes recorded in 2017 was as a result of their dealers and staff’s commitment to the brand and the efforts in delivering the Peugeot promise to their customers. He stated that it was that level of commitment that enabled PAN to recover some of its key customers such as the Central Bank of Nigeria (CBN), the Federal Inland Revenue Service (FIRS) and a host of others. He also announced that PAN also acquired new customers such as First Bank of Nigeria (FBN), Reckitt amongst others. He also stated that PAN’s Peugeot 301 series was acclaimed Car of The Year by Nigeria Auto Journalists Awards for the second year running while the CEO of PAN was also adjudged as the CEO of the year by the same organisation. Also speaking at the event, the General Manager, Sales and Marketing of PAN, Mr. Omagbitse Bawo added that their focus in 2018 would be customer centric.
The high point of the Dealers Convention was special recognition and reward to outstanding dealers with share of incentives from direct sales based on performances. They also recognized PAN’s marketing and sales staff for best sales performance, most valuable contribution in aftersales services and innovation.
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.
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.
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.
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.
IBADAN-KANO RAIL PROJECT TO COMMENCE SOON – FG
The @NigerianGov has restated its commitment to connect the whole country by rail with the soon to commence Ibadan-Kano Standard Gauge Rail project.
The Minister of Transportation, @ChibuikeAmaechi, while on routine tour of the— Federal Ministry of Transportation (@MinTransportNG) April 11, 2021
