Why N5,000 Conditional Cash Transfer Is Urgently Necessary In Nigeria By Kikiowo Ileowo

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Read Time:6 Minute, 55 Second

“It is quite true that man lives by bread alone — when there is no bread. But what happens to man’s desires when there is plenty of bread and when his belly is chronically filled?” (Maslow, 1943, p. 375).

So many pundits have advocated reasons why cash transfer to Nigeria’s desperately poor is unnecessary and counter-productive, however, they often fail to discuss the inherent benefits of this widely accepted social scheme. Many who are against this scheme are themselves rich, “well to do”, and can to a large extent, provide their psychological and safety needs for survival according to Maxlow’s law on hierarchy of needs five-stage model. What the pundits claim is that any type of conditional cash transfer will ultimately make the people lazy to work and subsequently poorer. They forget that the amount involved is too insignificant for anyone to PERMANENTLY rely on for survival.

I won’t bore you with regurgitated statistics, as we have all heard, as many as 112.47 million Nigerians live below the poverty line according to 2010 figures of the Nigerian Bureau of Statistics, 38.7 million of them are DESPERATELY poor.

Depending on whose statistics you believe, the World Bank claims 53.2 million Nigerians live in extreme poverty. In fact, of the one billion poor people that live in poverty around the world, 7% of them reside in Nigeria.

Nigeria is one of the top five countries with the largest number of poor, ranking third, with China and India, ranking second and first respectively.

Majority of Nigeria’s desperately poor never had the opportunity to attend a school, nor receive some form of education, whether formal or informal. We must understand that without education/skills to secure some form of income, it is nearly impossible for anyone to achieve the first stage of Physiological needs on Maxlow’s hierarchy of needs. While building desperately needed infrastructure is sacrosanct, we must not forget to take care of the suffering poor, who mostly dwell in rural areas and are UNBANKED.

According to one of John Maynard Kaynes theory, government spending can be used to increase aggregate demand, thus increasing economic activity, reducing unemployment and ultimately reducing poverty to the barest minimum. Conditional cash transfer is not new to the field of economics. In Nigeria, our psyche has been so bastardized, we feel we don’t deserve anything from the government, compared to a country like Finland that is proposing paying each citizens whether rich or poor, at least 800 Euros tax free every month. Polls conducted indicate a simple majority of citizens in Finland support the move, even though the country is heavily indebted.

Still on the necessity of the conditional cash transfer programme, a popular anonymous phrase on placards during the Occupy Nigeria protests in 2012, states “One day, the poor will have nothing left to eat but the rich.” If you think, conditional cash transfers are unnecessary then think again. There is a surging army of unemployed who are bursting at the very fabric of our societal seams.

The Buhari/Osinbajo administration rode to power on several promises. Chief amongst them being the conditional cash transfer of N5,000 monthly to 25 million desperately poor Nigerians, majority of whom cannot afford to live on a dollar a day. These are individuals who live on two dollar a week. i.e. About N1,000 ($8) monthly.

Hello, step back your thought process a bit, you are already thinking, ‘it’s impossible’; ‘people don’t live like that’, ‘blah blah blah’. But you will be surprised at the level of poverty in this land when you hear and witness the suffering in the lives of some, especially in rural areas.

During one of my numerous travels, I met an elderly woman who visited the local market, bought palm oil worth N20, Vegetable N50, One Maggi seasoning cube for N5 and some other ingredient I can’t recall, but the total amount of money she spent was N120 ie less than a dollar. Now, imagine what N5,000 would do in the life of such an individual. Most of those the conditional cash transfer policy will positively affect are those who find themselves in such circumstance. They did not purpose to live a life of penury, but opportunities for income are just not available in a country where graduate unemployment is 60% and around 70% in the wider population.

The Cost Of Nigeria’s Conditional Cash Transfer

I will focus here on only the financial cost

A simple mathematical analysis shows Nigeria can afford this project.

N5,000 multiplied by 25,000,000 is N125,000,000,000 monthly.

N125,000,000,000 X 12 months is N1,500,000,000,000 annually.

In simple terms, it will cost Nigeria 125billion ($500million) naira monthly and 1.5trillion ($6billion) naira annually to finance the conditional cash transfer of N5,000 ($20) monthly to 25million desperately poor citizens.

Source Of Financing

There are several ways Nigeria can source for these funds, but I will mention a few.

Keep in mind; Nigeria will reach at least, 700,000 people in each of the 36 states and federal capital territory in the country. Imagine almost half (41%) of Bayelsa State population receiving bailout from FG. This alone will set the Buhari/Oshinbajo administration on another pedestal.

In the 1930s, great economist, John Maynard Keynes, suggested one of the most practical ways of getting the economy such as ours out of downturn. He encouraged increase in government spending to improve demand and the gross domestic product. The 25 million Nigerians that will eventually get this cash transfer won’t SAVE it in the bank (most are unbanked anyway). They will SPEND it, thereby creating a new circle of economic empowerment and opportunities.

There are several ways of financing this type of social project, and for once, let us take our mind off the World Bank.

Financing a sustainable cash transfer policy can be achieved by tweaking the system, redistributing wealth from the rich and giving to the poor. The present administration can borrow a leaf from the UK, a country that has learnt to tax its citizens for the provisions of essential services. The country practice what economists called a progressives tax system. In other words, the higher your income, the higher your taxes. From taxing car users, alone, the United Kingdom generates 7% of its total revenue, using same to maintain critical infrastructure and provide other essential services.

The Buhari/Osinbajo government can also creatively look for a way to shove up our revenue base without straining our present source of revenue generation.

Also, the government can withdraw its subsidies on petrol (after proper consultations and ability to meet local demand of daily Premium Motor Spirit, PMS, need). Nigeria’s subsidy scheme on petroleum product is gulping almost the same projected amount needed for this conditional cash transfer programme. When Nigeria starts refining its crude, the amount per litre of PMS will not be up to this present subsidized N87 per litre.

Nigeria Not Alone

Countries like India, Brazil and Pakistan have some form of conditional cash transfer programme that is helping their poor citizens out of poverty. Injecting N125bn monthly into the hands of a spending population will in turn encourage economic growth. Small businesses like recharge card sales, barbing & hair dressing salon etc will be invested in by the beneficiaries to help generate sustainable income. This will in the long run REDUCE POVERTY.

I understand the pundit’s dislike for this idea, but they must realize it is not a perpetual solution. Having a Ten Years Programme of N15trn in conditional cash transfers will change our poverty dynamics and statistics by 2026. By 2027, Nigeria will be migrating from cash transfers to other forms of social security.

As the Buhari administration presents the 2016 budget, it is sacrosanct that a 10 year spending expenditure/income framework should be developed, with N125bn set aside for the conditional cash transfer on annual basis till 2026.

Kikiowo Ileowo is the Editor of The Paradigm, Chief Strategist at Revamp Media and tweets atwww.twitter.com/ileowokikiowo

About Post Author

Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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MCB Equity Fund invests in Partnering Technologies

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Read Time:3 Minute, 9 Second

PORT LOUIS, Mauritius, December 10, 2015/ — MCB Group (http://www.MCB.mu) has invested, via MCB Equity Fund, in Partnering Technologies, a French high-tech printing and robotics business run by Ramesh Caussy, the Mauritian inventor of Diya One, the air purifying robot that has made a real impression at the COP 21 in Paris. Sales of Diya One are scheduled for the first quarter of 2016 and the French ministry of ecology, sustainable development and energy has already placed an order.

Diya One makes an impression

Diya One is the first neuro-inspired robot that can analyze and purify indoor air. It was a major attraction at the “Solutions COP 21” exhibition. Diya One was showcased at the booths of the Institut National de la Protection Industrielle and that of French multinational ENGIE. Ramesh Caussy also presented his project during the “Breakthrough Night” dedicated to innovation.

The « R2-D2 of climate change »

Dubbed “the R2-D2 of climate change” by the international media due to its resemblance to the mythical Star Wars robot, Diya One equipped with artificial intelligence. It moves around silently on its own, eliminating particulate and chemical pollution. After analysing the composition of indoor air using integrated sensors, Diya One robot then purifies it with extreme precision. The robot also delivers other functions, such as reducing energy consumption and managing maintenance requests from occupants.

Diya One can work in museums, public buildings, schools and offices. Its abilities have been officially validated by the Centre Scientifique et Technique du Bâtiment in France and it is currently being supported by the European Union’s SPARC programme dedicated to research and innovation and whose aim is to make Europe the global leader in robotics by 2020.

A bright future

MCB Equity Fund was launched in 2005 with a committed capital of US $100 million. Managed by MCB Capital Partners, a subsidiary of MCB Capital Markets, the fund provides expansion and buy-out capital to businesses with high growth potential. Its involvement in Partnering Technologies is sensible as the future of robotics is bright. The multibillion-dollar global market for robotics, long dominated by industrial and logistics uses, has begun to see a shift towards new consumer and office applications. According to a Business Insider Report published in May 2015, there will be a US $1.5 billion market for consumer and business robots by 2019.

Improving the environment

Diya One is the first interactive robotic solution that purifies indoor air that is very often degraded by microbial or microbiological pollutants. According to the World Health Organisation, bad air quality is one of the main sources of respiratory diseases that can cause death. In Europe and the United States, norms are being introduced to ensure clean air is being breathed in public places, including schools and offices. As a pioneer of autonomous air purification, Diya One should be a success.

Mutual benefits

Pierre Guy Noël, Chief Executive, MCB Group: “We have taken the opportunity to invest in a young and innovative business working in a promising market and that has shown, through Diya One, its ability to improve our lives. It’s also an exciting opportunity for us to support a local talent who is showcasing the Mauritian knowhow on a global stage”.

Ramesh Caussy, Chief Executive, Partnering Technologies: “I couldn’t imagine international development without involving Mauritius, and ensure it benefits from my humble contribution. We have now made the first step with the entry of the MCB Group, a key player in Mauritius, in the capital of Partnering Technologies.”

Distributed by APO (African Press Organization) on behalf of The Mauritius Commercial Bank Ltd (MCB).

SOURCE
The Mauritius Commercial Bank Ltd (MCB)

About Post Author

Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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GTBank to Reward GTCrea8 Customers with Mini Cooper Car

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Read Time:2 Minute, 9 Second

Foremost African Financial Institution; Guaranty Trust Bank plc is set to hold the 3rd edition of the GTCrea8 Mini Cooper giveaway. The promo which was launched in 2013 provides a platform for the Bank to reward one lucky GTCrea8 customer with a brand new Mini Cooper car. The raffle draw for the Mini Cooper giveaway is scheduled to hold on Wednesday, 9th of December, 2015, at the GTBank Head office in Lagos.

Since the launch of the campaign, two lucky GTCrea8 customers have been rewarded with a brand new mini cooper car. In 2013, Shalom Wigwe Elisha – a 2nd year student of medicine at the University of Lagos became the very first recipient of the prestigious car. Maryam Adebiyi – a student of Lagos state Polytechnic was the next to win the car in 2014. In addition to the car giveaway, 90 undergraduates have been rewarded with scholarships worth 150,000 each over the last 3 years.

This year, GTBank has continued its tradition of rewarding loyal customers with amazing prizes such as laptops, smart phones, free mobile data and cosmetic kits for aspiring make-up artists. The Bank has also awarded scholarships totaling N900,000 to 6 lucky students in the course of the year.

Commenting on the event, Segun Agbaje, CEO/Managing Director of GTBank said: “The younger generation hold the key to our economic future and as such must develop a habit of planning ahead, saving, and investing wisely. The GTCrea8 platform is structured to assist students with their daily and future financial plans by enabling them develop valuable financial literacy and money management skills which subsequently prepares them for greater responsibilities in the years ahead.”

The GTCrea8 account is a trendy, card-based interest bearing account designed especially for undergraduates. It is part of the Bank’s value proposition to deliver banking in a different way to young people by engaging them with fun, exciting and interactive activities such as musical Campus Storms and master classes which resonates with their unique demographics. The GTCrea8 train also stormed 21 tertiary institutions across the 6 geo-political zones in Nigeria reducing the cost of on-boarding to the students and promoting entrepreneurship for undergraduates.
GTBank has consistently played a leading role in Africa’s banking industry. The GTBank brand is regarded by industry watchers as one of the best run financial institutions across its subsidiary countries and serves as a role model within the financial service industry due to its bias for world class corporate governance standards, excellent service quality and innovation

Adekunle Olushola

About Post Author

Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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Red Star Announces Special Holiday Season Offer Tagged “Pay-Less Ship More”

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Read Time:1 Minute, 45 Second

Determined to bring joy to shippers across Nigeria as they shop for the holiday season, Red Star Express Plc., the foremost logistics services solution provider in Nigeria is set to roll out its own special holiday offer for Nigerians tagged “pay-less ship more”.

Starting from December 01, 2015 to January 15, 2016, this offer will ensure that customers save as much as 50% on each package using our services.

Speaking on this incredible offer, the Managing Director, Red Star Express Plc, Sule Umar Bichi said “our company has enjoyed great loyalty from its customers and we think it is time to reward them. The offer, is for both loyal and new customers who require simplicity in sending their packages at lower rates across Nigeria”

Announcing this unbelievable offer “Pay-Less Ship More” the General Manager Sales, Victor Ukwat stated that “Red Star believes in maximizing the utility of customers. However to appreciate its customers during the festive period, we are out to reward every customer with as much as 50% off their regular delivery spending. We intend to use this promo offer to appreciate our customers for their patronage, strengthen the bond we share, stimulate trial by new customers, and create top of the mind awareness”.

The Red Star promo page is created on the existing website and other social media platforms in order to help customers’ access information easily”.

Red Star Express PLC is a premium logistics company in Nigeria in terms of revenue, network coverage and market share in the domestic and international market. It enjoys a domestic strength of 169 offices in Nigeria, deliveries to additional 1,500 communities, over 1400 highly trained personnel and over 500 vehicle fleet. It prides itself of automatic proof of delivery and advanced technology with all operations done online and real-time. It operates as the Nigerian licensee of FedEx, which is the world’s largest express transportation company, providing fast and reliable delivery to more than 220 countries and territories around the world.

For more information, visit our website; www.redstarplc.com

About Post Author

Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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CNN investigates why Buhari dump $182M Halliburton Bribe Scandal

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Read Time:5 Minute, 39 Second

NIGERIA President, Muhammadu Buhari surely meant well for the Nigerian people. His integrity, discipline and avowed commitment to fight, name and shame corruption had never been in doubt since Nigerians have high hopes in his administration to ‘fight corruption among the elites’, in a bid to free Nigeria’s economy from Kleptomaniac.

As it is a fad that “when you fight corruption, surely corruption will fight back,” aptly captures the trending conspiracy of few Nigerian Army Generals (retired) and former Heads-of-State who allegedly prompts Buhari to ‘let-off’ his earlier, intentional investigation of $182million Halliburton bribe scandal, so he may continually ‘govern Nigeria in peace’.

CNN iReport gathered that few weeks before Buhari made his maiden visit to United States, words reached him that few retired Army Generals who were erstwhile Heads-of-State were allegedly not happy with the planned moves by the no-nonsense disciplinarian to re-open the Halliburton scandal, with the sole intention to expose, disgrace and prosecute some of culpable generals and other highly-placed Nigerians whose hands may have been ‘soiled’ by the cookie-jar of corruption in Bonny Island Liquefied Natural Gas Project.

As such, after General Ibrahim Badamasi Babangida (IBB), a former Nigeria’s Head of State received a phone call from from General Olusegun Obasanjo, also a former Nigeria’s president where he brought the attention of IBB to the fact that they way Buhari was going about corruption-fight, he would eventually probe the majority of past administration, including IBB era.

This position was echoed by another Nigerian Head of State, General Abdusalami Abubakar; which prompted a conspiracy theory to ‘place Buhari in order’. Abdusalami had visited IBB in his Minna Castle in Niger State, there it was concluded that IBB should stylishly pass-on their position to Buhari to halt his earlier, intentioned probe of his predecessors.

In a press statement issued by IBB through his media adviser, Prince Kassim Afegbua, it reportedly reads: “On General Buhari, it is not in IBB’s tradition to take up issues with his colleague former president. But, for the purpose of the record, we are conversant with General Buhari’s so-called holier-than-thou-attitude. He is a one-time minister of petroleum and we have good records of his tenure.

Secondly, he also presided over Petroleum Trust Fund (PTF) which records we also have. We challenge him to come out in clean hands in those two portfolios he headed. Or, we will help him to expose his records of performance during those periods. Those who live in glass houses do not throw stones. General Buhari should be properly guided.”

CNN iReport gathered when intelligence report reached Buhari on the position of these retired Army Generals and former Heads of State, and bearing in mind how mean they can fully engage him in ‘dirty-fight’ which may ridicule him in the eyes of Nigerians and expose his stewardship then as Minister of Petroleum in 1976 that led to the mysterious disappearance of a whooping US $2.8 Billion from Nigerian National Petroleum Corporation, NNPC account in Midlands Bank, United Kingdom allegedly under his watchful-eyes, Buhari quickly made a detour and issued a press statement through Femi Adesina, his Special Adviser, Media & Publicity claiming the investigation of Buhari administration would only be limited to his predecessor, Goodluck Ebele Jonathan, GEJ, the man who honorably handed peacefully to Buhari on May 28, 2015 at Eagle Square so Nigeria may remain united as an indivisible nation.

For the records, Buhari was appointed Minister of Petroleum in 1976 under the Murtala/Obasanjo administration. Not much is known about any scandals that occured during his tenure as Minister, but there are rumors of the mysterious disappearance of US$2.8 Billion from the NNPC account in Midlands Bank in the United Kingdom, during Buhari’s stewardship. Now that IBB has threatened to expose him, it lends a certain credibility to the rumors indicting Buhari of grand graft.

As if Jonathan knew that this would happen. In the last days of his administration as president in Aso Rock villa on May 27, 2015 during Federal Executive Council valedictory session witnessed by big-wigs of Peoples Democratic Party, he said “Some people are even calling for the probe of the government, but I think in Nigeria, there are a lot of many things that will be probed, very many things, even debts owed by states and debts owed by this country from 1960 up to this time. They say it is Jonathan’s administration that owes these debts,” Jonathan said.

“I believe that anybody that is coming for probe must also ensure that this probe is extended beyond the Jonathan administration. Otherwise, to me, it will be witch-hunt. If we are very sincere, it is not only the Jonathan administration that should be probed.”

CNNiReport investigation showed that Jonathan administration may have been singled-out as ‘corrupt government’ due to the fact that he was a minority-leader from Niger-Delta and obviously not a military, but a civilian leader. There are feelers from some Nigerians that this probe may not have happened if Jonathan had been a retired Army General.

For Folu Adewope, an undergraduate of University of Texas Arlington, UTA, her words: “This is obviously a witch-hunt, charade and selective humiliation with ethnic coloration under corruption-guise. I strongly believe this investigation would not have happened if Jonathan had hailed from the North and had been a retired Army General.

Why can’t Buhari open the Halliburton scandal, and openly prosecute Obasanjo, Abdusalami, Atiku Abubakar, a former Nigeria’s Vice president and every other corrupt Nigerians named in the scandal. As Nigerians, we are interested in this case.”

Recently on his Facebook wall-page, Femi said: “It would be a distraction for the President to begin digging into all former administrations, but for a proper take -off of the President Muhammadu Buhari’s government, there is need to look into the immediate past government (GEJ). We are interested in investigating Jonathan’s government to recover stolen funds”.

International Community watch in Disbelief:

As at the time of going to the press, members of International Community, particularly the United States government is shocked that Buhari ought not to leave any stone unturned in fighting corruption no matter whose ox is gored.

The Halliburton bribery scandal is seen by members of international community as a litmus test for Buhari to prove his desire effectively to combat corruption among the elites in Nigeria.

Culled from CNN

About Post Author

Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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COMESA and Microsoft collaborate to promote access, skills and innovation in 19 African Countries

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Read Time:2 Minute, 44 Second

The strategic partnership will promote access to technology to improve regional trade, develop public sector ICT skills and promote local innovation for better service delivery

LUSAKA, Zambia, November 4, 2015/ — The Common Market for Eastern and Southern Africa (COMESA) (http://www.comesa.int) through the COMESA Business Council (CBC) and Microsoft (Nasdaq “MSFT”) (http://www.microsoft.com) have taken a step toward strengthening their working alliance today by signing a Memorandum of Understanding (MoU), which sets out how they will collaborate in the areas of access to technology, development of relevant skills and the fostering of innovation in COMESA’s 19 member States (http://www.APO.af/FjYCsU). This is in line with the Microsoft 4Afrika Initiative’s three core focus areas (World-class skills, Access and Innovation).

The MoU will promote access to technology to COMESA Member States based on a Trusted Cloud Infrastructure that focuses on the secure deployment of modern IT operations. It is also expected this collaboration will accelerate and promote the adoption of innovative high-speed low-cost connectivity initiatives, including through new policy approaches to spectrum management such as dynamic spectrum access. It will also encourage the use of cloud technologies through the adoption of important enabling policies in the areas of cyber-security, data privacy and data protection.

Mr. Sindiso Ngwenya, COMESA’s Secretary General during the signing, said: “Business technology has revolutionized the way countries and firms conduct business. We are in an age where the planning processes of organizations is through instruments and solutions that promote quality management, and respond to age –old constraints of time limitations and high costs of operations.”

“Through Microsoft’s 4Afrika Initiative, we have been working to increase regional trade and the growth of the knowledge economy in Africa,” says Antony Cook, Associate General Counsel, Legal and Corporate Affairs Microsoft, Middle East and Africa. “Through influential partnerships, such as the one with COMESA, we aim to scale across the region further to impact not just thousands, but millions.”

The collaboration is further expected to focus on fostering innovation across the COMESA region by promoting the value and protection of Intellectual Property. It will also encourage the development of eGovernment solutions that will facilitate, simplify and stimulate investment in and trade across the COMESA region to save on time and the cost of complying with business governance and regulations. This collaboration fits squarely with COMESA’s mandate and demonstrates the commitment to promote common interests for economic development in the region.

“Through this collaboration, we will bring policy makers and businesses together and empower them to take advantage of the cloud-first, mobile-first world. With the right policies and regulations in place, people will be encouraged to use cloud technology, develop their own IP and ultimately participate in trade and e-commerce across borders. With innovative eGovernment services, citizens and businesses will additionally benefit from safe online transactions, open borders, efficiency and increased foreign investment,” adds Cook.

The implementation of the MoU will be the responsibility of the COMESA Business Council, as the voice of the private sector in the region.

Distributed by APO (African Press Organization) on behalf of Common Market for Eastern and Southern Africa (COMESA).

About Post Author

Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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The 3 M’s of Geting Rich

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Read Time:6 Minute, 25 Second

The journey to sustainable and enduring riches or wealth goes through what I call the 3 M’s. Everybody who has ever or who will ever acquire and sustain riches must go through this 3 M’s. The 3 M’s are: Making Money, Multiplying/Managing Money and Maintaining Money. I will expatiate on this.

MAKING MONEY: The first “M” is making money. No matter what you are doing at the moment to get some cash, you are making money. Yep. This includes your pocket money if you are a student or dependent. This also includes alms you get from friends, relatives or strangers if you are a beggar… begging on the street or calling that uncle or that friend.

Most Nigerians are hardworking folks who get up before dawn and work their butt off trying to make a living. And that is exactly what most of us still in this first “M” do; we make a living but not a life. The quantity of money you make depends on your knowledge, skill set, the type of work you do and how hard you work.

The sad truth is that making money will never make you rich. It is okay to begin by working hard, very hard but you must learn to work smart if you want to be rich. It is okay to begin by working for money, but if you ever want to crack the rich code you must learn how to deploy money to work for you. This takes us to the next “M”.

MULTIPLYING/MANAGING MONEY: This is where brains takes over from muscles and brute force. This is where commonsense is mixed with acquired financial intelligence and mentorship. Only few understands how this stage works. The rest of the masses die struggling in the first stage blaming the government, their parents, their village witches and their God.

Multiplying money begins with taking responsibility for your financial future, acquiring financial intelligence and getting mentorship. You need to learn what to do with the money you are making for it to multiply. Always ask the money you have what you can do with it for it to go bring its brothers and sisters to you. Don’t just work hard and spend your money on things you don’t need to impress people who don’t even give a damn about you. Learn to accumulate assets and not liabilities.

The simple definition of asset and liability is this: anything which brings more money to you is an asset and anything which doesn’t bring money to you is a liability. So the path to wealth and poverty is very clear. The poor make money and buy liabilities while the rich make money and buy assets. Liabilities are luxury toys and show off accessories. They are not bad per se but if they are more than your assets, then you are using your hard earned money to buy long term poverty.

MAINTAINING MONEY: This is when wealth is transferred from one generation to another. This hardly happens in Nigeria. Men and women who worked very hard, learnt how to multiply and manage money, pass on and leave their wealth to their children who squander the wealth in no time. Check around and tell me: do you know of any rich person who died and the children multiplied the wealth beyond what they inherited? And I’m talking of multi-millionaires and billionaires not those folks who left 1 house and 2 cars. God bless those folks but the truth is they died struggling in the first “M”.

In other climes where the 3 M’s of getting rich has become a culture, we see business empires that has profitably been maintained for up to 100 years. Infact I read somewhere that there is a family in Japan that has run the same hotel for 1300 years or 46 generations! You don’t see such wealth maintenance around here. Remember MKO Abiola? Where is his wealth now? I’m not saying his family is broke but it is obvious even to a casual observer who knew the multi billionaire that his heirs didn’t do much in the way of increasing what their Papa left them.

Wealth transference is a culture that most Nigerians are yet to understand. Making money is an instinctive thing. We have the instinct to survive, and so we work hard. Look around, everybody is working hard. We grew up seeing our parents wake up every morning to go to a place called ‘work”. We were nurtured and schooled so that we can wake up in the morning and go to a place called ‘work”. And that is what most of us are doing.

But multiplying money is about value reorientation, building and understanding systems. These values and systems are not taught in our regular schools and after school, society is not even patient with most of us to take the risks, do the trial and error and get the mentorship required to acquire the values and understanding of the systems necessary to multiply wealth. You are ‘ordered’ to get a job immediately. You see a young graduate trying to build a company from scratch or run an NGO and everybody is asking him “What are doing? Go find yourself a job!”

So when an individual who finally understood the values and systems of multiplying money dies, he passed his wealth to family members who don’t understand the system. All the heirs can see are physical machines of making money, in the midst of this plenty the instinct for survival that drives all of us to work is no longer there, they will just sit down and begin to ‘chop’. In no time the wealth will vanish.

The art and science of multiplying money is encoded in values, principles and systems that must be learned. You can’t transfer these principles in a Will; it is something you teach your kids when you are alive. The sad thing is that most people who learnt how to multiply money happen upon these principles. Some of them operate these principles without even knowing they are doing so. Some of them who even have these principles can’t impart them on their children because their parents didn’t teach them too.

Others who have learnt the principles of wealth multiplication deny their children this valuable knowledge by being over protective. The kids are raised to just spend the money, they are raised to be spenders and when their Papa die, they just spend his wealth to the ground. How sad.

To acquire the wealth of your dreams, you must begin the journey of making money, multiplying money and teach your kids and heirs how to maintain and manage money. Read books. Attend seminars and trainings. Get mentorship and practice what you learn.

[I will be speaking to officers and men of the Federal Road Safety Commission, Abuja Sector Command next week on “The 3 M’s Of Getting Rich”.]

For those of us interested in starting or building a business in Real Estate there is a Real Estate Masters Class and Networking Lunch coming up soon. Register here for this class. Only those who register through this link will receive further information on how to make payment and attend the event. Click the link http://www.eventbrite.com/e/real-estate-masters-class-tickets-18814387339

First Baba Isa (FBI) writes from Abuja
07037162029
@firstbabaisa

About Post Author

Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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Sage launches new Human Resources Management solution for Nigerian mid-size and large enterprises

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Read Time:2 Minute, 42 Second

With more than 93 million Internet users in Nigeria, Sage HRM’s rich cloud and mobile functionality makes it a perfect match for the market

LAGOS, Nigeria, November 3, 2015/ — Sage today announced the launch of Sage HR Management (HRM) (http://www.sagehrafrica.com/hr-payroll-software/larger-business/sage-hr-management) to the Nigerian market at the Southern Sun, Ikoyi Hotel in Lagos, bringing mid-size and large enterprises a powerful, simple and flexible Human Resources Management solution that helps them to gain efficiency in their HR processes. It is available either as a standalone product or as a module that integrates with Sage X3, empowering HR managers to improve overall business performance by gaining better control over their workforce costs and creating stronger engagement with employees.

Sage HRM automates processes such as payroll, hiring, on-boarding and talent retention. The solution ensures legal compliance as well as higher employee retention and engagement, with easy self-service HR services. It also helps manage employee development by providing faster and simpler access to skills and performance information. Sage HRM contains all settings, features, statutory calculations and parameters for payroll and global legislations compliance for the Nigerian market.

Sage HRM provides a global and accurate view of the HR budget and in real-time. With Sage HRM, HR managers are able to accurately estimate workforce costs and performance and make data driven personnel decisions which translates into more informed decision making. Plus, it includes flexible mobile features that enable employees to access HR services anywhere from any device, thus providing HR managers access to live key performance indicators.

The solution is aimed at mid-size and large enterprises in the manufacturing, distribution, services and healthcare industries that are keen to integrate HR with finance, thereby improving efficiency and cost control through back office automation. Sage HRM enables HR departments to improve administrative efficiency and compliance management.

Said Ivan Epstein, President of Sage International: “Nigerian companies are eager to embrace automated HR and payroll solutions to assist with increased regulatory demands increase, rapid economic expansion, and growing global trade. We’re delighted to add Sage HRM to our portfolio and look forward to working with our business partners to help Nigerian enterprises thrive.

“With more than 93 million Internet users in Nigeria (Nigerian Communications Commission statistics), Sage HRM’s rich cloud and mobile functionality makes it a perfect match for the market. If you want to profit from modern technology that’s not only future-proof, but also helps increase visibility and collaboration in your business, you are in good hands with Sage HRM.”

“Whether you’re an existing Sage X3 customer or a growing enterprise looking for a modern, standalone HR solution, Sage HRM offers you a flexible and powerful answer to your HR needs,” said Jeremy Waterman, Managing Director, Sage Northern Africa & Middle East.

“Sage HRM, together with Sage X3, gives your organisation more accurate and exhaustive data over your different business units and locations. It supports best practices and can give you an integrated view of HR and financial data to help you keep your costs under control.”

Distributed by APO (African Press Organization) on behalf of Sage.

About Post Author

Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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NNPC loses N120bn in two months

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Read Time:2 Minute, 54 Second

The Nigerian National Petroleum Corporation incurred a total loss of N120.07bn in the months of August and September, the latest NNPC Group financial report has shown.

According to the report, the corporation incurred losses of N60.67bn and N59.4bn in August and September, respectively.

It specifically stated that the national oil firm’s revenue in August was N146.617bn, while its expenses were put at N207.287bn.

In September, the corporation’s total expenses were N171.914bn, while its revenue for the same month was N112.514bn.

An analysis of the report showed that the Pipelines and Products Marketing Company, a subsidiary of the NNPC, incurred the highest amount of losses in the two months under review.

The report noted that the losses were incurred before subsidy, stating that the PPMC recorded a loss of N34.275bn in August and N57.677bn in September.

It also showed that all government-owned refineries managed by the NNPC were still not making profit, despite claims that the facilities had started producing refined products for public consumption.

In August, the Kaduna Refining and Petrochemical Company, Port Harcourt Refining Company and Warri Refining and Petrochemical Company made a total loss of N6.575bn, while they recorded a loss of N11.381bn in September.

The capacity utilisation of the WRPC and KPRC in September 2015, according to the report, was zero per cent, as both plants processed no crude oil in the month.

The report, however, noted that the capacity utilisation of the PHRC was 4.15 per cent as the facility processed 35,648 metric tonnes of crude oil.

The Group Managing Director, NNPC, Dr. Ibe Kachikwu, had stated during his screening as a minister by the Senate recently that non-performing refineries would be shut down at the expiration of a 90-day performance deadline given them by the oil firm.

The ultimatum was given to the respective management of the refineries by the GMD in September, mandating the plants to commence full production before the expiration of the deadline.

The GMD had stated that he had a mandate to get the refineries running by December.

Kachikwu had said, “What I have clearly as a mandate will be that at the end of December when the 90 days is up, we will sit down and say which one of the refineries has shown the capacity to consistently perform at levels that make optimum sense.

“And those ones we will let to continue. We will look at management issues and tidy them up and procurement issues and tidy them up as well. But those that are not, we will have to shut down and do complete maintenance.

“I’ve given a 90-day programme, which is working, and I’m glad that over the last few weeks, Port Harcourt, for example, has come out of the albatross and is producing right now at about 67 per cent capacity. Our target is to grow Port Harcourt to about 70 to 75 per cent capacity by the end of the year. Warri is beginning to signal that there is a likelihood that it will come on stream.

“If any refinery produces below 60 per cent, then it is not production. Because the performance capacities of refineries worldwide are in the 90 per cent and above categories, and that is when you begin to make yields. That is when it can be said to be a profitable refinery.”

About Post Author

Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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GT bank unveils SKS young inventor competition

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Foremost financial Institution; Guaranty Trust Bank (GTBank), has unveiled the SKS Young Inventor Competition which is expected to run between October 27th and November 30th. The SKS Young Inventor Competition is an amazing journey to find the next generation of inventors and forward thinking citizens, committed to the growth of the country. The bank embarked on this initiative in order to help children give expression to their imagination through invention.

The National Competition is powered by GTBank Smart Kids Save account, as part of a series of activities lined up to commemorate the 10th year anniversary of the SKS product and is open to all SKS customers aged between 4–17 years old.

According to a representative from the Bank, we are excited about the “SKS Young Inventor” competition because it is not just about organizing a campaign for children to win gift items, but about inspiring young minds to aspire for the greatest heights in everything they do and promoting our core values of excellence, innovation and service. These values make us unique and inform our identity as a Proudly African and Truly International Bank.

To participate in the competition, entrants may submit a photograph/drawing or blueprint of their invention along with a written summary describing what the invention can do. Entries can be submitted via e-mail to sks@gtbank.com and all participants are eligible to enter once, as multiple entries will be disallowed. Winners will be notified by telephone or email and a list of prize winners will be published on the corporate website www.gtbank/sks.com.

The Smart Kids Save account is designed to inculcate financial literacy in children and teenagers early in life as well as promote a healthy savings culture amongst them. Parents can open the account with as low as N1, 000 (One Thousand Naira) in any Guaranty Trust Bank branches nationwide.

The GT Bank Smart Kids Save account is a product designed specially to help parents save for their children as well as teach children about the importance of saving. This new competition from the Bank, is part of a series of activities lined up to commemorate the 10th year anniversary of the SKS product.

Earlier in the year, the Bank held the “Little Picasso Contest” which provided children an opportunity to express themselves through art as well as the ‘In Your Mother Tongue’ Competition that was geared to promote cultural awareness in children.

About Post Author

Anthony-Claret Ifeanyi Onwutalobi

Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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