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Business News

Lagos State Government, Lai Mohammed react to attacks on Shoprite in Nigeria 

The Lagos State Government and Lai Mohammed, Nigeria’s Minister of Information and Culture have reacted to the attacks on Shoprite outlets in Lagos State.

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Nigerians invade Shoprite, Lagos State Government, Lai Mohammed react to attacks on Shoprite in Nigeria  MTN office shut over xenophobic attacks

The Lagos State Government and Lai Mohammed, Nigeria’s Minister of Information and Culture have reacted to the attacks on Shoprite outlets in Lagos State. The attacks occurred at Shoprite Complexes located in Jakande and Sangotedo Area of Ajah, following the destruction of properties belonging to Nigerians in South Africa. 

The State Government condemned the attacks, advising Lagosians to distance themselves from violence and any unlawful acts. According to the State government, such attack is against the culture that Nigerians are known for. 

The tension between Nigerians and South Africans intensified after the National Association of Nigerian Students (NANS) gave South African businesses 7-days to stop operation and leave Nigeria in August over violent attacks being experienced by Nigerians in South Africa. The issue was later settled when Abike Daibiri-Erewa, the chairman, Nigerians in Diaspora Commission intervened. 

However, the matter took another turn some days ago when a Nigerian was reportedly killed in his home by some South African police officers.  

 [READ MORE: Nigerians invade Shoprite, MTN office shut over xenophobic attacks]

Also, a few days after the incident, videos of burnt cars and other properties belonging to Nigerians and other African citizens in South Africa were circulated. This led to a reprisal attack on South African businesses in Nigeria yesterday, September 3, 2019. 

Lagos State Government, Lai Mohammed react to attacks on Shoprite in Nigeria 

Speaking on behalf of the Lagos Statement GovernmentGbenga Omotoso, the Commissioner for Information and Strategy, said in a statementThe attention of the Lagos State Government has been drawn to the attacks on Shoprite Complexes at Jakande and Sangotedo Area of Ajah by some unidentified people claiming to be acting in retaliation against the attacks on Nigerians in South Africa. 

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“These attacks are condemned as they are against the Nigerian spirit of accommodation and benevolence that the country in general and Lagos State, in particular, is noted for.” 

“The Federal Government is in dialogue with South African Authorities to stop this obnoxious act.  We appeal to our compatriots to eschew violence and any unlawful acts. The Lagos State Government wishes to reiterate its commitment to providing a conducive atmosphere where businesses are conducted without hindrances. 

“The security agencies have been directed to ensure that law and order prevail in all parts of the State, even as Lagosians are advised to go about their activities without any fear.” 

 [READ ALSO: A look at the negative economic impacts of South Africa’s xenophobia]

More so, Lai Mohammed said the attack on Shoprite and MTN was an attack on Nigerians because the businesses have Nigerian investors. 

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“Targeting South African companies in Nigeria for attack is, for Nigerians, a classic case of cutting off your nose to spite your face because the investors in such companies, especially MTN and Shoprite, are Nigerians.” 

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

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    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.

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    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.

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    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.

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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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