The start of a new year is usually heralded by optimism about the future. The new year seems full of possibilities and there are many plans and to-do’s ready to be executed. As we wrap up festivities and we start the journey of a new year, it’s reasonable to keep in perspective the previous years and use that as a basis of forecasting the new year. As is our custom, we now bring to you our analysis of major events that shaped business in 2019 [...]
Dear Subscriber, In the last decade a lot of businesses have migrated online and it’s now commonplace for entrepreneurs to count website development as an integral part of the startup process. One of the most important but often overlooked parts of a website development project is the creation of Terms of Use page. Typically website owners pay scant attention to this page because of typical assumptions like: Does anyone ever read that mumbo jumbo at the bottom of websites? Do [...]
Dear Subscriber, The National Pension Commission (PENCOM) has issued guidelines on how a pension contributor, can utilize his/her contributions to finance a mortgage. This innovation is possible as a result of the amendment of the original Pension Act to allow Pension Fund Administrators (PFA’s) invest directly in real estate, which was not permitted under the old pension law. With this development you can now utilize a percentage of your pension contributions to finance your home rather than just allowing it [...]
Shelter is one of the basic needs of mankind and ranks second only to food. It is also a symbol of status and a measure of achievement. It is usually the dream of the average person to own a home however the cost of owing one especially in urban centers has led to the development of a model where individuals and businesses purchase real estate without paying the entire value of the purchase up front. This model allows the [...]
A non-governmental organization (NGO), also known as Foundation, Charity, Civil Society Organization etc., is any non-profit, voluntary citizens' group which is independent of Government and driven by people with a common interest. NGO’s perform a variety of service and humanitarian functions, bring citizen concerns to Governments, advocate and monitor policies, encourage political participation through provision of information and are sometimes organized around specific issues, such as religion, human rights, environment, health etc. There are different types of Non-Governmental Organisations (NGOs) [...]
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 [...]
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 [...]
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 [...]
“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 [...]
