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Business Half Hour

Gbagada FC – How a community football club is providing entertainment for Lagosians

“It is all about passion, and at Gbagada FC, we dare to dream,” says Akinyelu.

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From being an evening pastime for people to relax after work, Gbagada FC has grown in the last 7 years to become a standard community football club, now known as the Blue Eagles. The club now plays in the third tier league in Nigerian football and is focused on winning the hearts of and entertaining residents in the Shomolu local government area of Lagos state.

Founder and club chairman of Gbagada FC, Olajide Akinyelu, says that inspiration for the club came after he bagged his certification as a coach, and decided to turn what had been an evening past-time into a proper grassroots club. This informed the name – Gbagada FC.

Akinyelu who despite his love for the game, missed out on being a professional footballer himself, has hopes that Gbagada FC has talents who would take football on as a career and go international.

“There is no football club based in Somolu in the top tier. We currently play at the third tier and we hope to play at the first tier in due time,” Akinyelu said in the Nairametrics Business Half Hour Show.

READ: This is why Dangote may drop plans to buy Arsenal FC

At the third tier level, Gbagada FC has to play with other grassroots clubs run by individuals, religious bodies and other groups.

Like every other sport, soccer needs funding to thrive. Support from corporate bodies and organizations have played a critical part in Gbagada FC’s growth but the club has also had to explore several sources of funding to push through the years.

“The higher you go, the easier it becomes to generate funds in the football league. At the third tier league, our model is built around our home games and that is what we present to these corporate bodies that support us. We have people coming to watch our games.

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Of course, like you see from the big clubs in Europe, there is money to be made from transfers and all that, but such money is reinvested into getting the same quality of player back into the squad. We understand that within here, even without selling a player, we can actually sustain the club. We raise funds from match day tickets, sponsorship from the corporate world, like shirt sponsors, slip sponsors and other packages that we have. That is how we do it currently and how we intend to go,” Akinyelu explained.

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The 2020 coronavirus pandemic did take its toll on availability of funds from corporate bodies but the club was able to fall back on its alternative plans, and push through the football season. The target is to recruit talents at the local level, keep them busy with the training and build them into players that can play at the international level.

“In terms of recruitment, we have about five or six prospects we believe strongly can make it pro, young players doing really fine. We believe we are on the right track in terms of getting the players, working on them and getting them ready for the real deal” Akinyelu said.

Footballs is a sport that has the ability to bring young boys in the community together for relaxation, but in order to be taken seriously, Gbagada FC is a step ahead. The club has a media team that consists of young men and women who handle social media, photography, graphics, and website maintenance. There is also a commentator that keeps the games alive with a well-spiced up commentary.

READ: Manchester City owner, Sheikh Mansour spends £760k on old FA Cup Trophy

Competition

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One would expect that a community football club has to deal with competition from other football clubs but it is not so for Gbagada FC. According to Akinyelu, competition comes in form of other pastimes competing for the same audience, and other forms of entertainment competing for funding from the same corporate bodies.

When music and comedy concerts are to be held, it is the same Corporate bodies and organizations that receive applications for support, and every organization can only have so much to invest into the entertainment industry. In this way, the football clubs have to compete with other entertainment outfits for the same limited funding.

READ: Is online sports betting really profitable?

There are also sports betting platforms to compete with, as this also appeals to the same football audience. “You find that someone can use N1000 on sports betting daily but will find it difficult to pay N500 to watch one of our games. So, the direct competitor for us is the betting companies because the kind of audience they have are the ones coming to our games, and they are the ones getting the money from our audience,” Akinyelu explained.

The goal is to get to the higher tier where the audience will now pay more to see the club’s matches during the weekend matches and friendly games.

“In the next 10 years, we should really be at our A-game, playing at the NFL and maybe at the CAF competitions. We also hope to own a 30,000 capacity stadium within Gbagada because that will really help us achieve all that we want to. It is all about passion, and at Gbagada FC, we dare to dream,” Akinyelu said.

Ruth Okwumbu has a MSc. and BSc. in Mass Communication from the University of Nigeria, Nsukka, and Delta state university respectively. Prior to her role as analyst at Nairametrics, she had a progressive six year writing career.As a Business Analyst with Narametrics, she focuses on profiles of top business executives, founders, startups and the drama surrounding their successes and challenges. You may contact her via [email protected]

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Business Half Hour

How I rode on passion to win multiple-awards in a self-taught career – Shola Animashaun

Turning down an employment offer at 25, to take a gamble his passion seems to have paid off for Animashaun.

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How I rode on passion to win multiple-awards in a self-taught career - Shola Animashaun

There tends to always be a bias towards motivational speakers, who give the “follow your passion, and money will follow” advice and they are mostly chided for giving advice that is not applicable to all climes.

But then comes Shola Animashaun, multi-award-winning visual storyteller, who proves that even in Nigeria, it is possible to follow your dream and make a lot of money out of it.

While serving out his youth corps year in 2002, Shola discovered his love for visual storytelling – an art that keeps memories and tells stories using still and motion pictures. He had gotten a camera while working in Ilorin, Kwara state before going for the service year, but then discovered that there were people willing to engage him to capture their memories in pictures and videos, and pay for it as well.

After the year in Ilorin, he abandoned the hobby which he regarded as a pastime and started the job-hunt, hoping to clinch some white-collar job with mouth-watering remunerations, but over the next three years, it became an endless search until he eventually got a job with an accounting firm based in Abuja.

Recounting his experience in the Nairametrics Business Half Hour show, Animashaun said; “I was offered employment and I was supposed to travel to Abuja to start work there. By the time I got home, I packed my bags to leave Lagos for Abuja. But one of my siblings held me back. He said if I don’t end up pursuing the passion I had in visual storytelling as a business, I may never end up doing it.

I listened to him, the next day I went to return the N5000 I had been given to take night bus to Abuja to start work as an accountant. At the time I turned down that job, I was 25 or 26 years old, and once you can’t get into a white collar establishment in your early 20s, it would be hard for you to do that. so when I was turning down the job, I knew that I had burnt my bridge literally. I knew that the decision would be difficult to take back, so I had no option but to be successful. ”

Turning down an employment offer at 25, to take a gamble on one’s passion is not what many would advise their siblings to do, but it did pay off.

Over the next few months, Shola focused on building a portfolio of editorials, documentaries, videography and related productions, and within three months, Animashaun’s income had quadrupled the offer he got from the accounting firm.

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With referrals, he soon got his first big offer – the Globacom campus storm – which took him travelling around the country with the likes of Basketmouth, Jimmy Jatt, and Ruggedman.

“It is very important to have a portfolio because even when people refer you for the right jobs, they would always want to see what you have done before then. A little talking and more showing, and the results that you seek will come,” he said.

Animashaun also focused on building a good interpersonal relationship with his clients, to build more rapport and attract more referrals to sustain the business. He also got a deal as the in-house photographer for Nigeria’s number one urban lifestyle and music magazine, Hip Hop World; and has since then worked with several concerts, magazine covers, blogs among others.

At different times, Shola covered the Eyo Festival, Lagos Carnival, Nigerian Tourism Expo in Atlanta Georgia and Barbados respectively.

Any regrets?

None at all, Shola says.

“There was never a time I regretted my decision. I love the freedom of time, the freedom to take up a job I want. I am always excited but when I was looking for a job for years, that excitement died totally and I started feeling like I was not good enough. Returning to the camera brought back the excitement and that is what I need to fuel my energy.”

Awards

The accounting graduate, now turned visual storyteller, has churned out hundreds of productions over the years and gotten several awards and recognitions. Despite starting out as a neophyte and learning through multiple trials and errors, Shola has now become one of the most notable names in the industry. He has executed several jobs within and outside the country and continues to stun the world with better and better productions every single time.

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He was recognised Best Model Photo of the year, Nigeria Photography Awards 2011, and again in 2012. Shola also won the Best Wedding Photo of the year, and the Best Event Photo of the year, Nigeria Photography Awards 2012.

Shola Animashaun was 2nd runner-up, EyeEm We Are One FIFA14 World Cup Int’l Competition 2014; and the Visual Art Winner, Creative Industry Awards 2015.

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Business Half Hour

How your housing problem can be solved with Bongalow

In subsequent years, the company aims to build a mobile banking app to allow people save for a property and shop for a mortgage.

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If you have ever heard of someone being defrauded while trying to get a land or home in Nigeria, then you are not alien to the kind of problems Bongalow seeks to solve in Nigeria. However, the company has evolved into a lot more than this since it started.

Bongalow started in 2019, as MyAwayHome, to help Nigerians in diaspora who wanted to get homes in Nigeria with a secured and entirely digital process to access home loans, mortgages at competitive prices and without the risk of being defrauded.

At the Nairametrics Business Half Hour Show, Bongalow founder, Kelechi Nwokocha noted that the company rebranded into Bongalow in December 2020 as a way to accommodate a larger market and move from providing diaspora mortgage solutions for African immigrants living in the US and the UK, to become an all-encompassing, Africa-focused, digital mortgage platform.

Nwokocha recalled that the inspiration to start the company came years ago when his mother lost some significant sum to fraudulent agents in Nigeria while trying to get a home in the country.

“I thought that if she had suffered this, then there could also be others going through the same challenge. So, I decided to come up with a platform that would help them source the property they need safely, and where necessary secure the right mortgage that suits their needs,” he explained.

With a simple application on Bongalow, clients both in Nigeria and diaspora access no less than 16 mortgage offers from different banks, and can then make a choice based on the available information. This cuts out the length of time that would have been spent walking into the different banking halls in search of the best rates and creates a transparent and entirely digital process that ensures that applicants get the best terms possible

Bongalow operates an asset-light business model, with about 15 staff in its Lagos office, and makes money off commissions. The applicant simply needs to tender a credit report, and also prove his income source, alongside other documents to get started.

Challenges for the mortgage business in Nigeria

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While European countries are probably well adapted to the mortgage business and terms, the same cannot be said for Nigeria.

According to Nwokocha, the first challenge for mortgage business in Nigeria is affordability. Many families cannot own a home because of their income, and the same income further restricts the size of mortgage loans they can access for the purpose.

“To secure a mortgage, the individual needs to have up to 30% of the value of the property to cover the initial costs and the closing costs, and this means we are talking about N15 million if we have a property worth N50 million. Most people cannot afford this, not just because of the living standard in Nigeria but because of a poor savings culture.

No mortgage bank will give you a loan size that will put you in a position where you have to spend more than 33 % of your monthly take-home in repaying the loan. That means the income level also affects the loan size one can access, and it is a challenge for a lot of people who wish to own their homes,” he explained.

To resolve this challenge for clients, Bongalow is set to roll out the “rent to own” product that will allow clients start with as low as 10%, and raise another 10% of the property value within the first 2-3 years before they are moved into the traditional mortgage plan with the mortgage banks to gradually pay off the rest.

This eases off the burden on the clients, allowing them achieve their housing goal at their pace.

In subsequent years, the company aims to build a mobile banking app to allow people save for a property and shop for a mortgage. “We want to be the number 1 name in the mortgage market. We are excited about making affordable home financing more accessible for every African.”

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