Towards the end of 2015 it was announced that Nigeria’s Pension Funds had risen to over N5 trillion in its 10 years of operation. Despite this achievement a lot of mystery still surrounds the Pension Scheme and it’s not unusual for Employers to see it as an unnecessary burden whilst Employees don’t know how they can leverage on the scheme. Whilst the pension scheme is seen as generally favourable to the Employee, the fact remains that if Nigerian Employers (especially [...]
Ideas rule the world and most entrepreneurs have probably been faced with the fear of losing their business idea to potential investors/ partners. It’s in situations like these that a confidentiality agreement otherwise known as a Non-Disclosure Agreement (NDA) becomes applicable. Simply speaking it’s a contract that creates a legal obligation to privacy and compels parties to the agreement to keep any specified information top-secret or secured. NDAs are the first steps towards a commercial relationship and are fairly common [...]
Dear Subscriber, Let’s face it: No one likes paying tax and this is exactly why taxes are one of the last things on the to do list of most businesses until they are visited by tax officials. Before the Finance Bill 2019, every business was mandated to have a Tax Identification Number (TIN) before opening a Bank account, but the bill now includes a requirement for Banks to request for Individual Tax Identification Number which would further expand the tax [...]
Dear Subscriber, You must certainly have noticed the signs on buildings announcing, "THIS HOUSE IS NOT FOR SALE", "BEWARE OF 419" especially in places like Lagos where it is now like a design pattern on houses. The average Nigerian home or abroad is very much aware of the existence of dubious characters who go around duping people by selling properties that do not belong to them hence the popularity of the above slogan. Despite this awareness a lot of people still [...]
Dear Subscriber, There is a level of risk in everything we do, from learning to swim to starting a new business venture. In business smart entrepreneurs always identify the risks with the aim of making the best possible choices and in the event that things don't go as planned? Smart entrepreneurs don’t quit, rather they develop a new strategy from a wiser perspective. In a world dominated by increasing globalization, rapidly evolving technology and a shifting regulatory landscape, organizations now require [...]
Dear Entrepreneur, Some of the greatest success stories in business have been written by partnerships between two or more entrepreneurs possessing complementary skills. Tech genius and marketing mastermind are a frequent combination e.g. Apple. One partner might see the opportunity to create a new product. Another partner might know a better way to distribute it. A third partner might provide the logistics expertise or industry connections to get the business producing revenues. It is however common in Nigeria to hear bitter [...]
Did you know that an eagle knows when a storm is approaching long before it breaks? The eagle will fly to some high spot and wait for the winds to come. When the storm hits, it sets its wings so that the wind will pick it up and lift it above the storm. While the storm rages below, the eagle is soaring above it. The eagle does not escape the storm. It simply uses the storm to lift it higher. It rises [...]
Dear Subscriber, Conflict is inevitable in Business. The most common business argument is breach of contract i.e Someone failed to follow through on a promise. It could be as simple as not paying a bill, or it could be poor workmanship, or even misrepresentation of what someone's goods or service can do for you. A dispute can be two sided, one party may claim to be cheated whilst other party makes the same charge. Disputes are traditionally resolved through the court [...]
Dear Subscriber, Cooperative Societies are a powerful and effective tool for wealth creation and investment. Many people have heard about them, but only few understand them and the immense opportunities they offer. Cooperatives have the capacity to reduce poverty, enhance job creation, encourage savings, reduce business risk and improve national productivity. Over the years the easy access to credit offered by Cooperatives ensured access to healthcare, payment of school fees, ownership of property, access to household items at reduced rates and [...]
Dear Subscriber, Contract negotiation is the process of give and take that parties go through to reach a business agreement. It is a common saying that “in business you don't get what you deserve; you get what you negotiate" and it is fairly common for business owners to spend a lot of time negotiating with customers, suppliers, investors, prospective employees etc. Contract negotiations do not have to be unpleasant or one sided as each party is expected to compromise on [...]
