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What Nigerian entrepreneurs can learn from the Men who Built America

The popular TV show The Men Who Built America, has a lot of important business lessons and entrepreneurs and policymakers everywhere.

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the Men who Built America

The popular TV show The Men Who Built America, has a lot of important business lessons and entrepreneurs and policymakers everywhere. This is because the focuses on some of the greatest business strategies some of the founding fathers of capitalism explored to propel their ideas to success.

Individuals like John D. Rockefeller and Andrew Carnegie, who helped to create what we know as modern-day capitalism, are among the men who built America.

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According to the producer of the show, Stephen David, there are so many business cliches that can be picked up from the TV programme and the research he did on Rockefeller, Carnegie, Cornelius Vanderbilt, Henry Ford, and J.P. Morgan.

David went further to state that he found out these cliches are true and one can actually apply them in real life and get good results.

Below are few things Nigerian entrepreneurs can learn from the ideologies and strategies of the founding fathers of the American economy and global capitalism.

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  1. The bigger the risk, the bigger the reward

“Most of these guys failed many times before succeeding,” says David. “Even after they were rich, they would leverage themselves to ridiculous degrees in order to make the next thing happen.” It’s a lesson David can relate to. Even when he had History on board for the show, he had a limited budget and big plans for the series. Plus he hoped to make some money from the project. “We didn’t really make money on it but we will in the future.” Thanks to the success of Men, David says he’s getting many more opportunities.

 2. There are no rules

David says that when the titans of industry played by the rules they were stuck. But when they made their own rules, they moved forward very quickly. As an example, he cites Rockefeller’s takeover of the oil industry. His ruthless monopolization of the industry was something new and the government eventually had to step in to level the playing field. It might not have been nice but it was a brilliant business move.  David says History gave him the room to go against the rules with his documentary series. “They said, ‘Do whatever you want, there are no rules,'” says David. “That was a pretty rare thing to have happen.”

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3. Get the right people on the bus

This was a bit of advice from Jack Welch who was one of the many moguls David corralled to comment for the series. In this case, Welch meant that you need to find the right people to work with. David says a perfect example of why this is important is the partnership between Andrew Cargnegie and Henry Frick. “Carnegie knew the kind of guy Frick was but he needed him to get an edge,” says David. “He brought him on and it was the rise and almost fall of his business.”

4. Money is a good way to keep score but it doesn’t buy true happiness

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Becoming the richest men of their age didn’t mean happiness for any of the moguls David profiled. Rockefeller was a man who had been conned by his own father. He always felt like he didn’t have enough. J.P. Morgan was always trying to live up to his father. Carnegie was trying to get respect. Ironically, respect came only when Carnegie gave away almost all of his money.

5. If you want to get rich, come up with something the whole world needs

Sounds easy enough. “These opportunities always exist,” says David. “It’s just a question of who’s going to find them.” In the time the documentary examines those things were oil and steel. Today they are Google GOOG +0%and Facebook FB +0%. The men who had serious money and power were able to create or control industries. This isn’t a lesson that hits home for David. “I’m not even playing that game,” he says. “In order to play that you’d have to own something like   Netflix NFLX +0% and change the whole industry.”

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Patricia
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Coronavirus

COVID-19 Update in Nigeria

On the 7th of July 2020, 503 new confirmed cases and 15 deaths were recorded in Nigeria bringing the total confirmed cases recorded in the country to 29,789.

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The spread of novel Corona Virus Disease (COVID-19) in Nigeria continue to record significant increase as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 29,789 confirmed cases.

On the 7th of July 2020, 503 new confirmed cases and 15 deaths were recorded in Nigeria, having carried out a total daily test of 1,831 samples across the country.

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To date, 29,879 cases have been confirmed, 12,108 cases have been discharged and 669 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 152,952 tests have been carried out as of July 6th, 2020 compared to 151,121 tests a day earlier.

COVID-19 Case Updates- 7th July 2020

  • Total Number of Cases – 29,789
  • Total Number Discharged – 12,108
  • Total Deaths – 669
  • Total Tests Carried out – 152,952

According to the NCDC, the 503 new cases were reported from 20 states- Lagos (153), Ondo (76) Edo (54), FCT (41), Enugu (37), Rivers (30), Benue (24), Osun (20), Kaduna (15), Kwara (13), Abia (9), Borno (8), Plateau (6),Taraba (5), Ogun (3), Kano (3), Kebbi (2), Nasarawa (2), Bayelsa (1), Gombe (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 11,520, followed by Abuja (2,322), Oyo (1,530), Edo (1,489), Delta (1,285), Kano (1,271), Rivers (1,235), Ogun (1,050),  Kaduna (883), Katsina (628), Borno (555), Ondo (550), Gombe (521), Bauchi (516), Ebonyi (503), Plateau (460), Enugu (418), Abia (400),  Imo (352), Jigawa (318).

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Kwara state has recorded 297 cases, Bayelsa (269), Nasarawa (234), Osun (198), Sokoto (153),  Niger (122), Benue (121), Akwa Ibom (112), Adamawa (99), Kebbi (86), Zamfara (76), Anambra (73), Yobe (61), Ekiti (45), Taraba (27), while Kogi state has recorded 5 cases.

 

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

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Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020.

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READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

DateConfirmed caseNew casesTotal deathsNew deathsTotal recoveryActive casesCritical cases
July 7, 2020297895036691512108170127
July 6, 202029286575654911828168047
July 5, 2020287115446451111665164017
July 4, 202028167603634611462160717
July 3, 2020275644546281211069158677
July 2, 2020271106266161310801156937
July 1, 2020264847906031310152157297
June 30, 202025694561590179746153587
June 29, 20202513356657389402151587
June 28, 20202486749056579007149957
June 27, 20202407777955848625148947
June 26, 20202329868455458253144917
June 25, 20202261459454977822142437
June 24, 20202202064954297613138657
June 23, 20202137145253387338135007
June 22, 20202091967552577109132857
June 21, 202020242436518126879128477
June 20, 202019808661506196718125847
June 19, 202019147667487126581120797
June 18, 20201848074547566307116987
June 17, 202017735587469145967112997
June 16, 202017148490455315623110707
June 15, 20201665857342445349108857
June 14, 202016085403420135220104457
June 13, 20201568250140785101101747
June 12, 20201518162739912489198917
June 11, 2020145546813875449496737
June 10, 20201387340938217435191407
June 9, 2020134646633654420688937
June 8, 2020128013153617404084007
June 7, 20201248626035412395981737
June 6, 2020122333893429382680657
June 5, 20201184432833310369678157
June 4, 2020115163503238353576467
June 3, 2020111663483151332975227
June 2, 20201081924131415323972667
June 1, 20201057841629912312271579
May 31, 20201016230728714300768687
May 30, 2020985555327312285667267
May 29, 202093023872612269763447
May 28, 202089151822595259260647
May 27, 202087333892545250159787
May 26, 2020834427624916238557107
May 25, 202080682292337231155247
May 24, 202078393132265226353607
May 23, 202075262652210217451317
May 22, 2020726124522110200750337
May 21, 2020701633921111190748987
May 20, 202066772842008184046377
May 19, 202064012261921173444757
May 18, 202061752161919164443407
May 17, 202059593881826159441837
May 16, 202056211761765147239737
May 15, 202054452881713132039544
May 14, 202051621931683118038154
May 13, 202049711841646107037374
May 12, 20204787146158695936704
May 11, 202046412421521090235894
May 10, 202043992481421777834794
May 9, 202041512391271174532784
May 8, 202039123861181067931154
May 7, 20203526381108460128184
May 6, 20203145195104553425071
May 5, 2020295014899548123704
May 4, 2020280224594641722912
May 3, 2020255817088240020702
May 2, 20202388220861735119522
May 1, 20202170238691035117512
April 30, 2020193220459731715562
April 29, 2020172819652730713692
April 28, 2020153219545425512322
April 27, 20201337644102559942
April 26, 20201273914152399942
April 25, 20201182873632229252
April 24, 202010951143312088552
April 23, 20209811083231977532
April 22, 2020873912931976482
April 21, 20207821172631975602
April 20, 2020665382311884662
April 19, 2020627862221704362
April 18, 2020541482021663562
April 17, 2020493511841593172
April 16, 2020442351311522772
April 15, 2020407341211282672
April 14, 202037330111992632
April 13, 202034320100912422
April 12, 20203235100852282
April 11, 202031813103702382
April 10, 20203051770582402
April 9, 20202881471512302
April 8, 20202742260442262
April 7, 20202541661442042
April 6, 2020238650351982
April 5, 20202321851331942
April 4, 2020214540251850
April 3, 20202092542251800
April 2, 20201841020201620
April 1, 2020174352091630
March 31, 202013982091280
March 30, 2020131202181210
March 29, 2020111221031070
March 28, 20208919103850
March 27, 2020705103660
March 26, 20206514102620
March 25, 2020517102480
March 24, 2020444102410
March 23, 20204010112370
March 22, 2020308002280
March 21, 20202210001210
March 20, 2020124001110
March 19, 20208000170
March 18, 20208500170
March 17, 20203100030
March 16, 20202000020
March 15, 20202000020
March 14, 20202000020
March 13, 20202000020
March 12, 20202000020
March 11, 20202000020
March 10, 20202000020
March 9, 20202100020
March 8, 20201000010
March 7, 20201000010
March 6, 20201000010
March 5, 20201000010
March 4, 20201000010
March 3, 20201000010
March 2, 20201000010
March 1, 20201000010
February 29, 20201000010
February 28, 20201100010

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Patricia
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Corporate Press Releases

From real estate to lifestyle: Purple extends brand to more sectors

Maryland Mall in Lagos will now be known as Purple Maryland.

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In line with strategic repositioning of the company, the management of Purple Group has announced the rebranding of Purple Capital Partners Limited and change of name to Purple.

With this change, its flagship multi-use centre, Maryland Mall in Lagos will now be known as Purple Maryland while the ongoing development in Lekki will be known as Purple Lekki.

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Announcing the changes in Lagos, the Chief Executive Officer, Mr. Olayide Agboola, noted the rebranding and repositioning takes effect from July 1, and would be implemented across all the company’s physical and digital touchpoints.

The decision, he said, was in line with the group’s core belief in continuous innovation and customer satisfaction.

‘’We are refocusing our brand, and extending our reach beyond just real estate development. We see the need to curate affordable lifestyle experiences by leveraging our expertise in real estate development.

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“With MarylandMall, now Purple Maryland and our ongoing development with PurpleLekki, we are integrating retail, arts, entertainment, media and advertisement, family fun, food and drinks, e-commerce and financial services all in one through superior mixed-use centres and services. Our new focus is clear; working with our range and network of partners, we are creating affordable lifestyle experiences for our consumers across all income levels,” the CEO explained.

Agboola further pointed out that all the group’s facilities and ongoing development were also rebranded and would be addressed with the Purple prefix (PurpleMaryland, PurpleLekki) while its new services would also bear a touch of the Purple Identity as well. He however added that to keep in touch with the group’s brand heritage; they had kept the same colors and logo symbol.

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Speaking on what the new identity connotes, Agboola stated that the new Purple identity signified growing strength, resilience and elegance, which he noted accurately represents the significant growth and successes it has recorded over the past few years.

He said: “Ours is a story of sheer resilience, best practices and excellent service delivery to our partners and clients across the group. With this brand repositioning, we are re-committing to our core beliefs and ensuring unwavering commitment to our values, to our investors and to our esteemed partners. Our refreshed brand clearly communicates these values. We are also excited to unveil the brand identities for our new services and ongoing development projects”.

According to him, with the new development, PurpleLekki, PurpleNano, Purple.shop and PurplePlay, have all been designed to give customers more value for money. For instance, he explained that  PurpleLekki; the all-new lifestyle centre in Lekki, Lagos, currently under development, will occupy a land size of about 10,000 sqm and a few floors which will be mixed use – retail, entertainment, serviced accommodation, and private offices.

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For PurpleNano, Agboola stated that the premium and standard studio apartments was conceived with the modern professional in mind and available in 2 bedrooms, 3 bedrooms and 1 bedroom variants. “These ‘nanos’ are furnished to fit the peculiarities and taste of the Lekki Market and provide a peaceful, cozy space for occupants and visitors,” he stated.

Speaking of the future, the company also has plans to venture into the e-commerce space with brand ‘purple.shop’. Purlple.shop will work with the base of retail, fashion, food and entertainment partners and service providers in Purple centres. With this, they can reach even more customers through online channels. The e-commerce platform will also provide marketing tools and real-time analytics to optimize growth.

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While pointing out that the group’s identity may have been refreshed, he was quick to add that the company’s focus remained unwavered. “We are creating affordable lifestyle experiences for our consumers through our principal investments in these superior mixed-use centres and services. We also remain thankful and committed to our partners and we will continue to utilize our expertise and experience to deliver alpha returns and provide best service to our customers across the group,” he concluded.

About Purple

Formerly known as Purple Capital Partners, Purple Group is an ecosystem of companies focused on creating best-in-class lifestyle experiences for our consumers through our principal investments in superior mixed-use facilities and services.

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Our lifestyle services spans through real estate, retail, e-commerce, media and advertising, entertainment and family fun, financial services amongst others; all focused on driving our mission to create lifestyle experiences for our consumers with convenience, affordability and finesse. Our lifestyle portfolio of developments include purplemaryland, purplelekki, purplenano.

 

Patricia
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Companies

Lafarge Africa Plc. announces its board meeting and closed period for Q2 2020 

The notification which was duly signed by General Counsel & Company Secretary.

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Lafarge Africa

Lafarge Africa Plc. notified the Nigerian Stock Exchange and the investing public that he closed period will commence on Wednesday, 8th July 2020 until the unaudited financial statement for the second quarter ended 30th June 2020, is released to the Nigerian Stock Exchange. 

In a disclosure on the Nigerian Stock Exchange, it wrote: “We hereby notify the Nigerian Stock Exchange and the investing public that a meeting of the Board of Directors of Lafarge Africa Plc has been scheduled to hold on Thursday, 23rd July 2020 to consider the second quarter financial results of the Company for the quarter ended 30th June 2020.”  

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The notification which was duly signed by General Counsel & Company Secretary, Mrs. Adewunmi Alode explained further stating that “Accordingly, no Director, employee, persons discharging managerial responsibility and Advisers of the Company and their connected persons may directly or indirectly deal in the shares of the Company in any manner during the closed period.” 

Over the past few months, it made a few board changes with the retirement of two of its Non-Executive Directors, as well as the appointment of three new DirectorsIt had also spun off its South African subsidiary, Lafarge South Africa Holdings (LSAH), last year. 

Lafarge Africa’s Q1 2020 revenue was up 9.8% year-on-year to N63.7 billion, driven by higher Cement Sales (a figure up 11% year-on-year to N62.3 billion) which offset the weakness in Aggregate and Concrete (down 21% y/y to N1.4bn). Its EBITDA grew by 2.4% year-on-year to N19.3 billion as well. As at Tuesday the 7th of July, the share price of the company was N10.00 

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Patricia
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