The Corporate Affairs Commission (CAC) of Nigeria has threatened that companies that have failed to pay annual returns could be removed from its register very soon. The Companies and Allied Matters Act (CAMA) provides that every registered company should file annual returns every year commencing from 18 months after registration. (more…)
Money is the lifeline of any business, so whether you’re starting a business or running an existing one, securing financing is a major factor. In many countries getting a business loan from a Bank is a piece of cake but Nigerian Entrepreneurs are discouraged by the cumbersome process and high interest rates of local banks. In continuation of our series on Doing Business in Nigeria we now reproduce an article written by Oguche Agudah and published in Business Day [...]
There is a level of risk in everything we do, from learning to swim to falling in love or starting a new business venture. Business risk refers to a threat to the company’s ability to achieve its goals risk and can be influenced by various external factors, which may include rising prices of raw materials for production, growing competition, and even changes and additions to existing regulations set by the government. Despite the risks that come with starting a business, smart [...]
Businesses start with good ideas and little cash so it is common that entrepreneurs typically do not involve lawyers after business registration. It is also a fairly common perception that lawyers are only necessary when there is trouble rather than when everything is going right. Whilst it might be understandable for businesses to limit their legal costs during the infancy of the business it is however wisdom to work with an attorney to help with the little things which [...]
You and your partners have finally incorporated a Company and put up a website to actualize the dream project you have been discussing for months. Your partners are great guys some of whom you might have known since secondary school and everything feels great as customers start patronizing your service. Two years down the line the bubble has burst and partners are at daggers drawn over various issues bordering on the management of the Company. This surely is a familiar [...]
Mr Strive Masiyiwa, a London-based Zimbabwean businessman, entrepreneur, and philanthropist is the founder and executive chairman of diversified international telecommunications group Econet Wireless and in October 2015 he took to social media to narrate the early days of Econet Nigeria including details of what eventually drove the Econet team out of the Country. We have identified 6 powerful lessons from Strives’ expose which every entrepreneur must give adequate attention in achieving success. Strive on the importance of having a Shareholders [...]
“The Customer is King” is a popular refrain, but sadly this is not the reality in Nigeria where consumers are losing hundreds of millions of Naira to inferior products, overpricing, illegal charges, unneeded products or services etc. In today’s complex marketplace we, as consumers, often run into problems with products and services. The questions are: What do you do about them? What are your legal rights as a consumer? Who do you turn to for help? Where do you find [...]
An economic downturn has an impact on both business owners and employees. With hundreds of headlines threatening uncertainty you may be finding it difficult to know what to do. If you are an employer and your business is struggling, you may be considering cutting back on your workforce. If you are an employee, you may be worried about how your employer will react to the economic downturn and how that will affect you. Our focus this week is to help you [...]
Getting finance to kick start and run your idea can be a daunting challenge in Nigeria, and without capital it’s difficult to take your idea to the next level. In continuation of our series on Doing Business in Nigeria we now bring you several ways in which startups can access necessary capital to drive their ideas. A key starting point to raising capital is financial planning which basically involves the calculation of the amount of expenditure you will incur and [...]
There is a general apathy in Nigeria about making plans for the transferring of assets to the future generation, the thought of planning for the inevitable death puts people in a terrible state of fear that gives them stress, discomfort and anxiety. Notwithstanding the difficulty in deciding to sit down and plan for the day you will no longer be here, it is essential and a real show of care and concern for your family and loved ones if you [...]
