The Founder and former CEO of NairaBet, Akin Alabi, recently shared a new business idea via his Twitter page, whilst urging his followers who are capable of it to harness the idea.
According to Mr. Alabi, someone can make cool cash from buying out VIP tables at popular events and then reselling them to individuals who wish to have the VIP experience without necessary buying an entire table.
Based on Personal Experience: According to the businessman turned politician, VIP tables at most Nigerian events are generally expensive, even as the cost prices are usually the same. The cost does not matter whether it is just one person that ends up sitting on a VIP table that typically costs millions of naira. on the table or twenty. Apparently, organisers do not put that into consideration.
He narrated a few experiences he had while attending events and paying for VIP tables, including a particular incident when he invited a lot of people only for a few people to show up. He said he felt like he wasted a lot of his money.
This got him thinking about the possible solution to the VIP table system. There is a need that needs an urgent solution. There should be a solution for concertgoers who desire to have the VIP experience without necessarily bearing the full cost of paying for the entire VIP table. Someone can pay for a single seat and still feel VIP. This is how he came about his business idea.
One day, there was a concert and as usual I bought a table. I didn’t ask for who wanted to go, I just went ahead and bought it. Surprise surprise… I found out only 4 of us were interested in the concert. I had to start calling friends asking if they were interested.
— Oloye Akin Alabi (@akinalabi) June 5, 2019
The big business plan: Since most cities in Nigeria are known for hosting big events and music shows, Alabi said someone can indeed make it a business to buy some of the VIP tables and resell to partygoers who only need a sit at the table; literally.
What you need to do: First, you must be buoyant enough to go into this line of business. Also, you must be conversant with the events/shows that are within the city. Find the organisers, buy a VIP table, and then resell seat number of a particular table to individuals.
This will just carter for a VIP spot for one individual without them paying to get the entire table; which is more expensive.
Please note that Mr Alabi emphasised that in order to excel in the business, one must have a good social media presence. This will enable them to influence people to use their services.
There is another way to start it without spending. Set up the business. A business name. Create social media pages and promote. Rather than buy the table first, get commitment, and even payment from the pages before you buy the table. You will make 100k per table.
— Oloye Akin Alabi (@akinalabi) June 5, 2019
More Options: To make the business even more feasible, Alabi recommended that individuals considering this business can even incorporate a chauffeur service, parking space, and bookings. This is because these are some of the problems that partygoers often have to contend with.
Furthermore, interested persons may also include additional services such as providing drinks on their customer’s tables apart from the one provided by the show organizers. This would help make their services more likable.
Budget estimate: According to Mr Alabi, to start this concert booking business, it would only cost N1.1 million. This can then progress as the business grows.
#EndSARS: CACOVID earmarks over N250 billion to rebuild police stations and create jobs
CACOVID has budgeted nothing less than N250 billion to rehabilitate damaged police stations across the country and solve the issue of unemployment.
The Coalition Alliance Against COVID (CACOVID) has budgeted nothing less than N250 billion to rehabilitate damaged police stations across the country and solve the issue of unemployment.
This is in response to the post-EndSARS violence which led to the loss of lives and valuable property last October.
This is according to a recent press release by the CBN, and seen by Nairametrics. The latest action is sequel to series of decisions reached at the stakeholders’ engagement under the CACOVID, which is aimed at developing measures that will support the government’s effort in rebuilding confidence in the nation’s economy.
What you should know
• In a bid to further strengthen the security apparatus in the country, CACOVID has committed to providing over N100 billion to procure equipment and gadgets for the Nigerian Police Force over the next 2 years.
• It also earmarked the sum of over N150 billion to set up and implement the Youth Development Programme which will be available at selected training centres across the country. The programme is expected to provide vocational and technical education for at least 4 million Nigerian youths over the next 5 years, with beneficiaries getting trained on craftwork, plumbing, masonry, carpentry, and other artisanal related skills for which sufficient demand exist in Nigeria.
- The selected student/beneficiaries will be eligible to access a N25 billion fund domiciled to support the entrepreneurial drive of the beneficiaries
- For the out-of-school graduates that possess certain Entrepreneurial skills, CACOVID will be working with Bankers Committee to complete the Creative center at National Arts Theater area of Lagos in four select areas namely; ICT and software design/development, Fashion, Music and Movies. This project is expected to cost the Bankers Committee over N40 Billion.
Other key resolutions of the Alliance include;
- Banks and financial institutions would be required to extend relief through concessionary loans to affected businesses and firms, so they can rebuild and restock their stores and continue to conduct their business activities
- CACOVID has committed to fully rehabilitate all 44 damaged and destroyed police stations nationwide in a bid to restore provision of security in affected locations.
Why it matters
The response is a way of complementing the Federal Government’s effort of rebuilding the economy which has been badly affected by the pandemic and violent demonstrations. As a way of forestalling future occurrences, CACOVID highlighted unemployment as a key issue that ought to be addressed, in lieu of that, a Youth Development Fund which is aimed at advancing entrepreneurship in the country, is mooted.
Covid-19: African Union in talks with China and Russia over vaccine
The AU and Africa CDC have revealed that they have reached out to both China and Russia over the possibility of vaccine partnerships.
The Africa Centres for Disease Control and Prevention and the African Union announced they have been in talks with China and Russia over the possibility of vaccine partnerships to ensure that Africa is not left behind when vaccines become available.
This was disclosed by John Nkengasong, Africa CDC Chief, at the Bloomberg Invest Africa online conference.
“We are not limiting ourselves to any particular partner. As a continent of 1.2 billion people, we are willing to work with any partner who adheres to our strategic plan for vaccine development and access in Africa.
He said that the WHO Covax programme only covers 20% of the population, but Africa will need 60% of its population vaccinated to achieve herd immunity.
“There are multiple avenues being explored now to make sure Africa has the appropriate doses of vaccines and also that we have that in a timely fashion, not in a delayed manner,” Nkengasong said.
He revealed that the AFREXIM Bank agreed to finance vaccine procurement with $5 billion and is waiting to see how much it will receive from World Bank’s $12 billion vaccine procurement fund for developing nations.
What you should know
Nairametrics reported earlier this month that Pfizer Inc. disclosed that its experimental vaccine, which is jointly developed with BioNTech, was more than 90% effective in preventing COVID-19, based on initial data from a large study in the ongoing phase 3 trials.
Last week, a pharmaceutical company, Moderna Inc., stated that its COVID-19 vaccine was 94.5% effective in treating coronavirus, after preliminary analysis of a large late-stage clinical trial.
The G-20 nations also announced a pledge to pay for vaccine distribution to developing nations that could not afford it. The leaders also unveiled a debt extension programme to developing nations during the weekend’s G-20 summit.
The Federal Government of Nigeria also announced through the Ministry of Health, that it would inaugurate an 18-man Covid-19 Vaccine Task Team, in a bid to ensure vaccine security In Nigeria.
Covid-19: EU considers skipping vaccine patents to boost vaccine access
The EU has disclosed plans to increase its access to Covid-19 vaccines by offering financial incentives to vaccine production companies.
The European Union (EU) says its planning emergency measures to increase its access to Covid-19 vaccines including sidestepping patent rights and offering financial incentives to vaccine production companies to move production to Europe.
This was revealed in an EU document on Wednesday and reported by Reuters. The Document says the EU may create an emergency coordination mechanism to be issued at short notice when the EU needs a vaccine license, which is different from fully patent waivers, discussed in the WTO last week.
The EU says the new move will ensure faster procedures during a pandemic, which will enable generic production in the EU without the consent of patent holders.
“The Commission sees the need to ensure that effective systems for issuing compulsory licenses are in place, to be used as a means of last resort and a safety net, when all other efforts to make IP (intellectual property) available have failed,” the EU’s document said.
The EU’s actions may be triggered by its inability to access the antiviral drug, remdesivir, during the pandemic, as the United States ordered most of the stock.
The EU also disclosed that it will begin a consultation process with pharmaceutical companies next year to address issues in its pharmaceutical value chains. They added that measures could be imposed to encourage manufacturers to move pharmaceutical production to Europe from China and India.
“The Commission calls on member states to ensure that the tools they have are as effective as possible; for instance, by putting in place fast-track procedures for issuing compulsory licenses in emergency situations,” the EU said.
They added that it is urgent “to assess whether manufacturing capacity for certain critical medicines may be required in the EU.”
“We need to be able to rely on ourselves, not on others,” the Commission’s Vice President, Margaritis Schinas said. He disclosed that the EU is working on more compliance with drug supply need and increased stock levels by 2022.
What you should know
This comes as surprise considering the EU rejected a World Trade Organization (WTO) proposal last week to waive the intellectual property rights needed for the manufacturing of Covid-19 vaccines. The waiver would have made the vaccine access cheaper for developing nations.