At a meeting in Lagos on Thursday, November 25, 2020, CBN boss revealed that CACOVID raised N150 Billion for Youth Scheme while Aliko Dangote promised that Dangote Group will employ more than 20, 000 Nigerian youths soon
How To Check CAC Database If A Company Is Registered In Nigeria (FREE)
Any company can claim to be registered in Nigeria when a deal is worth several millions of Naira, in this post, we’ll show you the fastest way to check if a company is legally registered with CAC.
CAC is Corporate Affairs Commission, a government agency saddled with the responsibility of registering, arranging and conducting an investigation into the affairs of any company in Nigeria as stipulated under section 7 of the Companies and Allied Matters Act.
Payment of N30,000 Artisan Survival Fund Has Begun, Have You Received Yours? Share Your Testimonies Here
Payment of N30,000 artisans under the survival fund has begun in more than 1o states across Nigeria.
The disbursement is under the Artisan Support Scheme of the FG’s Survival Fund programme to support Micro Small and Medium Enterprises (MSMEs) In Nigeria.
NYIF Receives Over 1 Million Applications in 20 Days
More than one million Nigerians have applied for the 75 billion Naira Nigeria Youth Investment Fund (NYIF), The Presidency said on Sunday.
The application portal which went live on October 12, 2020, is designed to assist young Nigerians with innovative ideas, skills and talents.
FG Launches SME Survival Fund Application Portal
The Federal Government has launched a dedicated survival fund to make it easier for Nigerians to apply for loans.
According to Minister of State for Industry, Trade and Investment Mariam Katagum, the new portal for the Macro, Small and Medium Enterprises (MSMEs) would accept and track submissions of Stimulus packages for interested small businesses in Nigeria.
Timetable for Survival Fund Application for Nigerian MSMEs
Nigeria’s government released the timetable for survival fund application for the N75 billion for Micro, Small and Medium Enterprises (MSMEs) and Guaranteed Off-take schemes. The application begins Monday, September 21, 2020
60 Practical Ways to Reduce Business Costs After COVID-19
After the global pandemic, business owners will have to focus on increasing sales and lowering cost, unfortunately, eight out 10 SMEs fail within the first 18 months, says Bloomberg. In this post, we’ll share with you 60 effective ways to cut business expenses in Nigeria.
7 Finance Lessons My Driver Taught Me – Bayo Adeyinka, Financial Expert
Do you know that it isn’t the amount of money you earn rather your financial discipline? In these seven finance lessons, an ex-banker narrates how his driver who earns less than N40,000 per month built a house while he couldn’t buy a plot of land.
This is a true-life story! In the later part of this story, we’d share with you 20 finance quotes of all time
In a real-life story shared on Twitter on July 22, 2020, a finance and leadership enthusiast, and career coach Mr Bayo Adeyinka has revealed how his driver taught him a financial lesson a few years ago.
In a story entitled, “Personal Finance: Lessons My Driver Taught Me” Engineer turned banker narrated how his driver was able to build a house with his N40, 000 monthly salary, while he was unable to achieve the same feat despite earning multiple of what the driver was earning.
His story is a true reflection of what Benjamin Franklin said years back:
“Money never made a man happy yet, nor will it. The more a man has, the more he wants. Instead of filling a vacuum, it makes one”.
Tweeting @greaterbayo, Bayo Adeyinka writes:
Mr Lawal was one of the pool drivers in the bank I worked for circa 2005. He was humble to a fault and always called every one, ‘Oga mi’ (my boss).
He was a widower and had 3 grown-up children. On a certain day, I was on a sales call and Lawal was on the wheels.
Like I used to do at that time, I sat at the ‘owner’s corner’ in the pool car. It was in Ibadan and we were on our way to Akobo- Ojurin.
Lawal normally minds his business as he leaves you to your thoughts, but on that day, as he drove past a particular junction, he pointed at a house down the road, cleared his throat and said, ‘Oga mi, that’s my house down the street’.
‘Your house?’, I asked. He replied in the affirmative. I thought I didn’t hear correctly. ‘Rented or owned?’, I asked again. Lawal smiled. He replied with a tinge of confidence in his voice that the house belongs to him. He added ‘By the grace of God’. I couldn’t believe it.
I looked closely at Lawal. His salary at that time was not up to N40,000 monthly. How could he have built a house on that salary? How did he raise 3 children on that salary? I entered into a mournful mood. I started considering my financial status.
I earned multiples of what Lawal earned but I didn’t even own a plot of land at that time. That was one of the longest rides of my life. I realized that though I didn’t consider Lawal literate, he was by far more financially literate than I was.
I also learnt that you can earn a million monthly and be poor while another can earn a hundred thousand naira monthly and still be better off.
The next morning when I got to the office, Lawal stooped and greeted me in his usual manner, ‘Good morning, Oga mi’. I looked at him and told him matter-of-factly, ‘Mr Lawal, you are my Oga’. Yes, he was the real boss.
There were things he knew about personal finance that I needed to know. From that day, I decided to pay more attention to him. I studied his habits. I observed his actions, and I drew so many lessons from him that helped me to reconsider my approach to personal finance, but I had to make a commitment to a particular personal change.
I stopped sitting at the ‘owner’s corner’ and started sitting on the passenger’s side in front when I’m being chauffeured. Till today, I don’t sit at the ‘owner’s corner’. Lawal humbled me.
Mr Lawal taught me that money is a limited resource. In other words, one can never have enough to meet all of one’s needs. That’s why the rich want more money. The poor think that if they can just have N1m, all their problems will be solved, but it’s not true.
I learnt from him that money can flow towards a direction or flow away from a direction. There are certain things you do that makes money flow to you or flow away from you.
I observed that Mr Lawal was a compulsive saver. If you give him a tip, he would thank you profusely and keep it. If you want to buy him lunch, he would prefer it is monetized and he would save the money. Throughout all our years of working together, I never saw Mr Lawal eat out.
He always brought food from home. It was cheaper for him and helped him save money. It was then I realized that it is not how much you make but how much you keep that determines your financial future.
The true measure of how well you’re doing is not how much you earn but how much you keep. Mr Lawal lived a simple life.
His first daughter at that time was in a College of Education and he paid for her education. Abstaining from what wasn’t necessarily helped him to keep a grip on his finances. He was able to differentiate between a want and a need.
He had a car that he drove to the office in the morning. He carried passengers on the way who pay transport fare which he used to fuel the vehicle. He couldn’t comprehend burning fuel to work while your pocket was empty.
The car was parked during office hours and after he closed at 6pm, he transmuted to a taxi driver until late in the night. He understood that to earn more money, one must diversify one’s income channels or make your money make more money for you. He turned his car into an asset.
Mr Lawal was not a waster. You will never catch him with the air conditioner of the car running when he’s the only one in the car. He knew the universe has a way of punishing wasters as no wasteful person will become rich.
It doesn’t matter what you waste – time, electricity, water, food, talent, idea. It doesn’t matter whose property you waste – your employer’s, the public or yours – the punishment is still the same. Little expenses add up to much and so they matter.
Advising Nigerians on how to manage personal finance, the former banker gives seven tips on how you can manage personal finance
Use These 8 Factors To Start Successful Turkey Rearing Business
Turkey is one of the birds marvelled by millions of people around the world, though some of them are usually aggressive, this shouldn’t stop you from making cool money from going into a full-scale turkey rearing business.
7 Breeds of Turkey You Can Rear And Make Huge Money From
All over the World, there are more than two dozens of breeds of turkey. In the United States alone, 20 breeds are reported to the Domestic Animal Diversity Information System (IDA-IS) of the Food and Agriculture Organization of the United Nations, which manages and takes record of animal genetic resources programme.
But in this post, we’ll focus on 7 turkey breeds in Nigeria you can rear which would fetch you lot of money within your community or on a large scale.
How To Start Chicken Farming in Nigeria RIGHT NOW
Hello there, this post can simply be described as the manual for poultry farming in Nigeria and we’ll not disappoint you at giving you all you need to layers poultry farming and the cost rearing chicken.
Currently, there are a variety of poultry birds available for human consumption. While some are known for egg production, meat production others are a combination of both.
You don’t really have to a millionaire to start a chicken farming business if you already have a plot of an unused portion of land in your compound you kick start on a small scale and key into the Buhari Young Farmers Network which was launched recently across the country.
Basically, poultry birds can be grouped into 3 types based on what they produce.
Trustworthy Investment Apps in Nigeria (With Better Interest Rate)
Two decades ago, investment was only possible by depositing physical cash, today transaction has gone cashless. As such, an investment can be done through app on Android and iPhones.
In this post, we’ve compiled 20 trustworthy investment apps in Nigeria that can help you grow your investment while you focus on other tasks.
Black Friday Shopping Tips
BLACK FRIDAY– “ the day after the US holiday of Thanksgiving, regarded as the first day of the Christmas shopping season, on which retailers make many special offers”.
This is one special day in a year that people always look forward to for shopping. What are your thoughts about ‘Black Friday’?
How I overcame SMEs challenges – Adaora Opah, CEO of Chi Inspirations
How I overcame SMEs challenges-Adaora Opah, CEO of Chi Inspirations
Company Registration With CAC in Nigeria for SMEs and Limited Liability
This company registration procedure is specially designed for SMEs and big companies who want to get their company certified by the Corporate Affairs Commission (CAC) in Nigeria.
How exactly can you get your business registered in Nigeria?
CAC is the government’s agency responsible for handling the registration of all businesses in Nigeria whether an enterprise business or a big limited liability company.
Advantages of registering your business in Nigeria
1) Registering your gives you the opportunity to apply for contracts.
2) It portends your seriousness about your business.
3) When your business is legally registered, foreign firms will be ready to do business with you, since most of them takes issues of legitimacy seriously.
Your business doesn’t really need to be big, it could one of the legitimate ways to make money online
We’re going to use registration of a construction company as a case study.
- A) PRE COMPANY REGISTRATION REQUIREMENTS IN NIGERIA
To register your company you need to make get below requirements set:
1) At least three proposed name of your company.
But in a situation whereby you’re handling the registration by yourself without a third party, you can use CAC portal to reserve your business name, simply create an account and proceed.
Tips on choosing a business name
Whether you’re handling it yourself an employing the services of an agent, here are some of the tips to choose the best business name for a company
Avoid generic names as they are most likely be taken by another.
Avoid names that are preserved for government agencies. Some words to avoid while selecting your company name include: “federal government” “agency”, “Chamber of Commerce”, “Federal”, “National”, “Regional”, “State”, “Government”, “Municipal” or “Chartered”, “Co‐operative” or the words “Building Society” etc.
Also avoid names that portray violence or that can instigate hatred against another group.
For your own benefit make your preferred name a priority.
To even assist you in this regard, you can use Google Search to check the likely availability of the name.
We’re in a digital, virtually all companies have online presence, but your search may not absolutely be 100% correct, it will give you an insight into how to modify your own name.
Note:
It’s easy to handle the registration of your business with CAC by yourself if it’s an enterprise one (I.e) sole proprietorship. In this case, you take cognisance of the required fees
But if it’s a limited liability company like a construction company, there are some section (SECTION E) which needs the services of a lawyer. We have some of them as CAC agents, anyway.
2) The business registered address. Most of the time this address is the same as head office address, but in a situation whereby they different specify it.
3) The name of the owner and partners (in case of the construction company, three directors are okay).
4) The address of directors
5) Means of identification of the directors. Any of the following ID is accepted: INEC Voter’s Card, NIMC National ID Card, International Passport, and Driver Licence.
6) Passport photographs of the directors
B) COMPANY REGISTRATION PROCEDURE AND DOCUMENTATION
The above details are documented. Make sure you check and cross check before documentation takes place.
Usually your handler would send the form to you to cross-check, before it’s submitted for documentation.
Note:
Documentation is done when the pre-registration requirements are met.
After documentation, making any change becomes difficult. So make sure there are no mistakes in the form.
Usually, if an agent is handling the registration for you, then the half-completed form is printed out for you to complete the required spaces.
Let’s to the from right away: what and where to fill:
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10 Factors to consider before shopping online
Some of us shop online either from international online shopping stores (e.g. Jumia, Aliexpress, Amazon, eBay) or on online stores which are predominantly base within a specific location (MarketHub). In another part of this post, I’ll show you seven things to put into consideration before buying shoes online.
Whether you’re shopping online at home (within your country) or from across the border, there are some factors you need to put into consideration.
In one of our posts, we showed you how to shop online using jumia and other online shopping websites in Nigeria.
In this guide, we’ll explain why online shoppers need to pay attention to some factors before making a final choice on the store that would meet their expectations.
Important factors to consider before shopping online
- Testimonials about the product
- Returns and Cancellation Policies
- Optional Payment methods
- Trust
- Originality of products
- Customer support
- Online Reviews of your Business
- Costs
- Shipping cost
- Secured Platform
No. 1: Testimonials about the product
You’ve found your desired product: Is it mobile phone, home appliances, Ladies’ wears, T-shirt?. It’s very important for you to check reviews of buyers who earlier bought the same product.
It’s very important!
The photos of the product you are seeing online might not actually reflect its real and physical look. To check if you’re buying the right product, check reviews of the product.
There are some buyers who would come back to drop their reviews about the product.
Product review is particularly peculiar to products listed on AliExpress, Amazon and other global online stores.
Online shopping factor No. 2: Returns and Cancellation Policies
If you think price or cost should come next, we don’t believe so going the research conducted by Granify, which says that return policy is the most important decision-making factor for online shoppers of clothing and apparel.
The study found that in many retail categories, a strong return policy and positive customer reviews are more important to customers than price.
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7 Important Things To Know When Buying Shoes Online
Ready to buy shoes online? There are some important things you must put into consideration when making such a purchase.
In Nigeria, you can order shoes online on Jumia, Konga, Dealdey, and GTBank’s MarketHub while eBay, Amazon, and AliExpress are some of the global online stores where you can shop.
The advantages include being able to order at the comfort of your home, and also affords you to enjoy the amazing deals, particularly during festive periods.
You need to pay attention to several things when you’re purchasing shoes online, most especially if you’re first-timer.
And in a few days from now you’ll be ordering shoes online for Christmas and New Year
Most Important Things to Check When Buying Shoes Online
- Be sure you’re buying from a legitimate website
- Know your shoe size
- Read the store’s return policy
- Read about the shoe’s materials
- Don’t be carried away by aesthetic outlook
- Pay attention to customer reviews
- Check for coupons or discount to get the best deal
Be sure you’re buying from a legitimate website
The most important thing should be buying from a legitimate website. Even if its legitimate, you also need to check out if the online URL is secured before you start using your debit or credit cards on it.
Know your shoe size
How would you feel if after ordering a pair of shoes online and later found out it isn’t your size?
It’d be frustrating.
In that situation it’s either you return it, or you resell, or give it to someone else. Before ordering shoes online, it’s very important to know your shoe size.
Depending on the countries you’re ordering from, you should know that US, UK, and European shoe sizes are different; also, different brands of shoes go by different size charts.
Some of them go by one digit or two digits E.G 8,9, 10 etc, or 38, 38, 50 etc.
Read the store’s return policy
This should be considered when purchasing any kinds of products online.
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Tradermoni beneficiary states in Nigeria (UPDATED LIST)
This is the updated list of states that have benefited from Tradermoni, a collateral-free loan for petty traders in Nigeria.
The programme has gotten to more than 90% of the states in Nigeria, and it’s planned to cover all the 36 states including the FCT.
Tradermoni excites Ebonyi petty traders.
“If you know petty traders and artisans in Ebonyi state, we have tradermoni agents are right now in meat market, Ebonyi, Enboyi State,” @trader_moni has tweeted.
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Vice President, Prof. Yemi Osinbajo, who launched the Micro, Small and Medium-Scale Enterprise (MSME) Clinic, in Benin, said the tradermoni scheme will help very small scale traders fund their businesses.
This form is NOT used by @Trader_Moni. We do NOT ask for PVC to register people for the programme. We also DO NOT use printed forms. ALL beneficiaries are registered through an App. This can be confirmed by engaging any of our @Trader_Moni agents or beneficiaries. @BOINigeria pic.twitter.com/GnYHPOTW0O
Photo News: Tradermoni Beneficiaries across Nigeria
Tradermoni, a Federal Government collateral-free loan scheme, is getting to more states every day, every week, till it gets to all the 36 states of the federation.
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Jack Ma to handover Alibaba’s chairmanship to Daniel Zhang in September 2019
In September 10, 2019, the founder and executive chairman of Alibaba Jack Ma will handover the chairmanship of the Chinese biggest e-commerce to Daniel Zhang
Alibaba is one of the world’s most valuable companies – its shares nearly doubled in value in 2017.
Mr. Ma’s plan to step down was contained in a letter he sent to Alibaba customers and shareholders.
Jack Ma is one of the richest Chinese men.
To step in is one of Alibaba’s directors Daniel Zhang, a 46 years old man who developed Alibaba’s Single’s Day promotion, the biggest one-day online retail event.
Daniel Zhang has been with Alibaba for 11 years, and risen to become one of the most powerful Alibaba staff steadily since he joined the company.
Why the early announcement?
The one year transition according to experts is aimed at achieving a “smooth and successful transition”.
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