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Covid-19: Court closures impacted revenue generation for courts – Emefiele

Mr. Emefiele has disclosed how the closure of courts during the pandemic affected revenue generation streams for the courts.

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diaspora remittances, Total credit to the economy rose to N19.54trillion – CBN Governor, CRR debits, P-AADS, #EndSARS: CBN says funds in frozen accounts may be linked to terrorist activities, Covid-19: Court closures impacted revenue generation for courts - Emefiele, P&ID dispute: UK Court orders $200 million guarantee to FG, Leaked letter by Poultry Farmers Association triggered CBN emergency approval to import maize, nImplications of CBN's latest devaluation and FX unification, current account deficit, IMF, COVID-19, CBN OMO ban could give stocks a much-needed boost , CBN’s N132.56 billion T-bills auction records oversubscription by 327% , Nigeria pays $1.09 billion to service external debt in 9 months , Implications of the new CBN stance on treasury bill sale to individuals, Digital technology and blockchain altering conventional banking models - Emefiele  , Increasing food prices might erase chances of CBN cutting interest rate   , Customer complaint against excess/unauthorized charges hits 1, 612 - CBN , CBN moves to reduce cassava derivatives import worth $600 million  , Invest in infrastructural development - CBN Governor admonishes investors , Credit to government declines, as Credit to private sector hits N25.8 trillion, CBN sets N10 billion minimum capital for Mortgage firms, CBN sets N10 billion minimum capital for Mortgage firms , Why you should be worried about the latest drop in external reserves, CBN, Alert: CBN issues N847.4 billion treasury bills for Q1 2020 , PMI: Nigeria’s manufacturing sector gains momentum in November, CBN warns high foreign credits could collapse Nigeria’s economy, predicts high poverty, MPC Member, BVN, Fitch, Foreign excchange (Forex), Overnight rates crash after CBN’s N1.4 trillion deduction, Nigeria’s foreign reserves hit $36.57 billion; Emefiele keeps his word on defending the naira, CBN to support maize farmers, projects 12.5 million metric tons in 18 months, BREAKING: CBN Upscales Greenwich Trust Limited, grants it's operational license for merchant banking, AGSMEIS: CBN expand beneficiaries to 14,638., CBN expands access to mortgage financing

The Central Bank Governor, Mr. Godwin Emefiele has said that the closure of courts during the pandemic affected revenue generation streams for the courts and added that the pandemic forced the Central Bank to adopt new regulatory frameworks.

Mr Emefiele disclosed this on Tuesday during the 20th National Seminar on Banking and Allied Matters for Judges, which was themed, “The Judiciary and the Financial Services Industry in the New Normal: Challenges, Innovation and Regulations”.

READ: Nigerian customs records N1.3trillion revenue in 2019, exceeds target by N404billion 

Emefiele said the lockdowns resulted in reduced productive man-hours in an already challenging industry.

“Of course, this situation would have resulted naturally in the buildup of backlog of cases in a judicial system that has already been challenged with high incidence of protracted trials,” he said.

He added that the court closures greatly impacted revenue-generating opportunities for the courts, including court fees.

READ: Covid-19: N3.5 trillion disbursed as stimulus package for the Nigerian economy

“The closure of courts during the lockdown would likely also have impacted on the revenue generation as some fees, such as filing fee, etc, most likely would not have been earned,” he said.

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He urged the Judicial sector to rise to the challenges posed by the pandemic, citing regulatory changes the CBN had to make in adjusting to the new normal.

READ: CBN to sanction exporters who default on export proceed number

“So what we think the impact of this new normal could be on these two key sectors particularly, is for the judicial system to rise to the challenge posed by the new normal.

“As the financial services sector continues to witness rapid innovation in the product and service delivery channels, it is important to mention that this was happening prior to Covid-19 as we saw new technology, new innovations spring up, new entrants, new activities and new players in the system.

READ: FG set to provide interest-free loans and agricultural inputs to farmers

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READ: Nigeria’s Kuda raises Africa’s all-time seed round of $10 million

“But now with coronavirus even more prevalent, the CBN and other financial services have had to adjust the regulatory and supervisory framework in response to these changes.

“ In this phase, the Judicial system will also need to keep abreast of this transformation in order to be in full position to adjudicate cases presented by the sector,” he said.

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Business

FG to name new train station after Mobolaji Johnson

FG to name flagship train station located at Ebute Metta after the former Governor of Lagos State, Mobolaji Johnson.

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The Federal Government is set to name its flagship train station located at Ebute Metta after the former Governor of Lagos State, Mobolaji Johnson.

This was disclosed by the Ministry of Transportation via its Twitter handle on Sunday.

It tweeted, “New indoor photos of our flagship station located at Ebute Metta. It is to be named Mobolaji Johnson Station after the former Governor of Lagos State. Please share your thoughts.”

What you should know

The Federal Government has also 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, according to Nairametrics.

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.

 

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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?

READ: Billionaire investors in Nigeria you may not know

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.

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READ: How Quidax is Building Africa’s Next Billion-Dollar Crypto Startup

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.

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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.

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