MTN MIP – 1 2022 classes begin!

Culture, Society & the Media

Facilitator: Prof. Emevwo Biakolo

Before Mr. Aigbogun’s sessions, Professor Emevwo Biakolo laid the foundation. He said, although society shapes the media and that​​ it (society) deserves the media it has,​ nonetheless, ​journalists need to ​discharge their duties without prejudices;​​​​​ abiding by the ethics of the profession​ without which​ “the media will succumb to the dictates of authoritarianism​”​.

He said that the media practitioners must see themselves from the cultural perspective of human capacity to categorize and communicate experiences and share worldwide views, symbolically.

He highlighted the school of thought which believes that the ICT revolution and encroachment in the media space juxtaposes to a point in time in the Greek society when literacy influenced nee thinking which transverse the whole of Europe.

“The concept of mediatization has clearly demonstrated the process whereby all culture, social, political and economic life & operations, are dependent on media forms and media technology. I challenge you today to use the media to better the worth of humanity”, he charged the participants.

Ethical Concepts for Media Practitioners

Facilitator: Professor Juan Elegido

Nodding in agreement to Prof. Biakolo’s postulations, Prof. Elegido, said that ‘truth’ is a key concept of role responsibility of the media.

This, he said, connotes that the media must be perceived as ​the​ “reliable provider of information” to sustain its credibility in the eyes of members of the society.

“The media’s self-respect and social standing depend on this”, the professor said. “The journalist’s task is to come up with the best version of events you can put together by dint of serious work”.

He urged media practitioners to be watchful of the ‘Pilate Question’, avoid telling lies, engage in serious research and avoid omitting relevant facts during analysis, conflict of interest and other vices.

Facilitating the sessions on ‘The Concept of Innovation and its Imperatives for Media Practitioners’, Mr. Frank Aigbogun, said that today, the Media is in serious battle for the consumer’s attention, as such it is a congested space and innovation is necessary.

“The media needs to innovate from Ad revenue to consumer revenue”, he said.

He belongs to the school of thought which believes that digital Technology, rather than kill the market, introduced “new media “ and offered new media tools for reaching more people.

“Beyond being a media company, start seeing yourself as a technology company. Remember, by the time you hear about an innovation, it is already late.

“In all, what sustains the business is the ethics as innovation without ethics will die,” the BusinessDay Publisher said.

Introduction to Entrepreneurship; Principles and Practices

Facilitator: Dr. Peter Bamkole.

Entrepreneurship is a lifelong journey, but the entrepreneur that stands the test of time is one ready to learn-on-the-journey as innovation and technology disruptions can make or mar your business.

Dr. Bambole went ahead to educate the class on six basic steps to recognize opportunity/ beginning the entrepreneurial journey which must align with the SMART (S – specific; M – Measurable; A – Achievable; R – Resources and T – Time bound/ time frame) concept

Management Principles and Practice

Facilitator: Dr. Emeka Osuji

He started by setting the context of business and business enterprise. The underlying factors are that businesses exist as the context within which men, ideas, money, materials and machines are combined to provide goods and services at a profit. 

Businesses are categorized based on Profit e.g, Limited Liability Companies (LLC) and Not-for-Profit e.g. NGOs. Breaking it down further, Dr. Osuji talked about Sole Proprietorship, Partnership and Joint Stock Companies 

He emphasized the need to clearly define where one’s/co-founders business belong(s) and regularize it where and when appropriate.

For Management of a business, Dr. Osuji said that a manager must depict leadership skill in order not to lose control and command of the team. 

Having said these, there are factors that could enable an organisation to strive or struggle, such as:

. Business environment: Micro or Macro;

. The socio-economic dynamics of the location; amongst others factors.

However, the stability of a company when affected by these factors is inherent in its culture which is the shared values, principles, traditions, and ways of doing things that influence the way organisation members’ act. 

In summary, a thriving business is one that is structured with clear goals and mission & culture to direct rightly including rewarding excellence. 

Media Laws; Principles & Practice

Facilitator: Barrister Tomi Vincent

He said that the differential factors between laws and morals are that law stands a body of rules meant to regulate conducts, that must be obeyed; and sanctions are attached. But when rules are not obeyed, in most cases, they are reduced to morals.

Barr. Vincent said: “Law is an order. Without it the society will be in chaos. It stands to regulate procedures and ensures orderliness in the affairs in the society. It controls rights, obligations and duties; guides human behavior within the society”.

He said that while laws reconcile conflicting interests, the gamut of media law, presupposes, fundamentally, the control by legal means of the interplay of power and struggles between the press, the government and the citizenry.

“Press freedom seeks ‘freedom to publish’; the government wants discretion, understanding & regulation of the press…while the citizens want to be protected from arbitrariness”, he suggests. 

He further listed some aspects of the legal side of the media: tort, intellectual property, defamation, seditions, privacy, taxations, insurance, among others.

Barr. Vincent advised the participants to ensure they innovate within the ambits of the law to avoid sanctions.

Interrogating Business Policies and Regulations

Facilitator: Tim Newbold

Tim Newbold reemphasized the media parlance that says ‘Don’t rush to publish when the facts are not clear’.

He ​​cited examples of recent media reports about new taxes imposed on telecommunication services such as SMS and voice calls. According to him, research shows that the tax wasn’t newly introduced as portrayed in the media.

To this end, Tim, who has spent 16 years in Nigeria with keen interest in the media research space, said that most media laws and regulations or policies serve as a deterrent by the government against false news and related unverified reports.

He said that fact-check tools and some online platforms can help the journalists to perform better.

The class also reviewed some sections of the new Sixth National Broadcasting Commission (NBC) Codes in Nigeria.

Taxation; Business Policies and Regulation

Facilitator: Dr. Fredrick Ikpesu

The classes started with reflections on ‘Business Canvas Models’, which the facilitator said are critical for a business to thrive.

He further stressed a need for media practitioners to under the taxes associated with their business models.

Dr. Ikpesu said ​described​ tax as a compulsory levy imposed by the government on goods and services​ and which it depends on to provide essential amenities to the people.

He enumerated media tax obligations and called for compliance.

MTN MIP – Summary of week one:

Under a serene teaching and learning atmosphere provided by the School of Media and Communications, Pan-Atlantic University, Lagos, the MTN MIP 2022 offers a great platform for knowledge and incubation for media innovation in Nigeria.

The lessons point at Innovation as the key to unlock opportunities; however, maintaining ethical principles helps to build sustainable career/future/ business.

The post ​MTN MIP 2022: No Innovation Succeeds without Ethics, says Frank Aigbogun appeared first on Tech | Business | Economy.

Under his leadership, IIF will deepen its influence in shaping the country’s impact investment landscape, fostering collaboration among stakeholders, and championing innovative solutions that address Nigeria’s most critical challenges.

Mr. Aigbogun brings several years of exceptional leadership, management, influence and significant contributions to advancing and promoting impact investing in the media space.

He started his career as a journalist and later became the publisher of BusinessDay newspaper, which he co-founded in 2001.

He began his journalism career at The Guardian newspaper and moved on to Vanguard newspaper where he rose to the position of editor of all the titles of the newspaper.

He served for many years as the Lagos correspondent of the Associated Press, AP. Mr. Aigbogun holds a degree in Mass Communication and is an alumnus of the Lagos Business School.

Mr. Aigbogun was a member of the Vision 2010, assigned by the government to formulate a long-term economic vision for Nigeria. Notably, he served as the alternate rapporteur for the sub-committee on competition and deregulation. He has also served on the governing board of Nigeria’s National Competitiveness Council.

Commenting on his appointment, Aigbogun, said,

“This is an exciting opportunity to contribute to shaping the trajectory of impact investing at a time when investments that deliver meaningful and measurable change for Nigeria have become even more paramount. As one driven by continuous growth and innovation, I firmly believe that through collaborative efforts, we can achieve meaningful progress within our industry.”

The Nigerian National Advisory Board on Impact Investing (NABII), an advisory board under IIF, is equally delighted to welcome two prominent industry leaders.

Tokunboh Ishmael, managing director and co-founder of Alitheia Capital, and Gbenga Hassan, managing partner at Argentil Capital, join NABII with their wealth of experience and expertise in Impact Investing, Gender Lens Investing, Fund Management, Venture Capital and Private Equity.

As the Chair of IIF, Aigbogun also joined the NABII as Vice Chair of the Advisory Board. Their addition underscores NABII’s commitment to harnessing exceptional talent to accelerate the growth of Nigeria’s impact investment ecosystem.

Ishmael said,

“Joining NABII provides a unique opportunity to contribute to the scaling of impactful solutions that address societal challenges while driving economic growth. I look forward to working with this dynamic team to advance our shared vision.”

Hassan added,

“Impact investing holds the power to unlock Nigeria’s potential and create lasting value. I am excited to join NABII in its mission to mobilise capital and inspire action for sustainable development.”

Ishmael is a renowned advocate and pioneer of impact, fintech, and gender lens investing. Over the past two decades, she has been a leader in creating innovative financial solutions that address systemic inequalities to achieve inclusive and shared prosperity.

As Manager Director and Co-Founder of Alitheia Capital, a female-led private equity firm that embodies the philosophy ‘profit with purpose’, she is a leader in the mainstreaming of impact investing within the private equity asset class.

Ishmael also co-founded Alitheia IDF where she raised over $100 million, establishing the first and largest Gender Lens fund to invest in female-led businesses across Africa. Some of the companies where she has invested are already changing and redefining their sector.

Prior to founding Alitheia Capital, Ishmael worked at Salomon Brothers on Wall Street, New York, where she conducted over $5 billion in M&A transactions.

She also previously led the establishment of the private equity firm, Aureos Capital, in West Africa and the development of Avante Capital where she led M&A activity for the Ocean and Oil group. Her extensive experience in fund management and investment strategy makes her an invaluable asset to NABII.

Hassan brings over two decades of leadership in venture capital, private equity, and financial services. As Managing Partner and co-founder at Argentil Capital, he has led transformative investments across sectors, driving sustainable growth and innovation.

His expertise in structuring deals and managing portfolios will play a key role in advancing NABII’s objectives.

He has led key investments including Sygen Pharmaceuticals and First Modular Gas Systems Limited and Àrgentil’s investments into two fund managers and early-stage investments.

Previously, Gbenga was responsible for identifying, originating, and executing private equity transactions in West Africa at Aureos Capital, specialising in deal structuring, valuation, and portfolio management. He also worked with Standard Bank London and Stanbic Bank Nigeria in various corporate and project finance roles.

Etemore Glover, CEO of Impact Investors Foundation, said, “Given the new board members’ impressive careers championing sustainable investment and driving transformative change, I am confident that their diverse and extensive skillsets, combined with their vast experience in industry will play a pivotal role in helping to steer the direction of the foundation.”

Under the guidance of Aigbogun and with the strategic expertise of Ishmael and Hassan, IIF and NABII are well-positioned to drive impactful investments, foster economic empowerment, and promote sustainable development in Nigeria.

These appointments reflect a shared commitment to shaping a thriving impact economy and unlocking new opportunities for growth and resilience.

The post IIF Appoints Frank Aigbogun as Board Chairman appeared first on Tech | Business | Economy.

The recent BusinessDay Top 100 Fastest Growing SMEs event, themed “Accelerating Growth for SMEs in an Era of Uncertainty,” shed light on the strategies employed by thriving businesses. 

Tayo Fagbule, Editor at BusinessDay, representing Frank Aigbogun, the Publisher, welcomed the participants with an emphasis on the significance of SMEs in Nigeria. He noted that they contribute to about 90% of the country’s businesses, but face a challenging environment characterised by global uncertainties, rapid changes, and peculiar local realities. Fagbule encouraged participants to view the event as an “Olympics for entrepreneurship,” celebrating the resilience and achievements of SMEs.

The opening remarks were followed by the keynote speech delivered by Omolara Adewumi, who was represented by Adewumi Oni, the Acting Director of Finance and Corporate Services at Lagos State Employment Trust Fund (LSETF). Oni highlighted the role of SMEs in the Nigerian economy, providing 90% of jobs. He applauded the efforts of the BusinessDay Top 100 in recognising and celebrating these businesses.

Oni touched on the challenges faced by SMEs, particularly the impact of global events on the Nigerian business space. He highlighted inflation, the removal of subsidies, and geopolitical tensions as factors contributing to the uncertainty. Oni then outlined the role of LSETF in supporting SMEs through access to finance, capacity development, and market access programs.

LSETF’s access to finance program, providing affordable loans at 9% per annum, was emphasized as a critical support mechanism for micro, nano, and medium-sized businesses. Oni explained the importance of credit history building through LSETF’s financing, enabling SMEs to later access larger funds from traditional financial institutions.

He also detailed LSETF’s employability program, focusing on skills development for youths between 18 and 40. The tech startup program, offering mentorship and workspace support, aimed to foster innovation in the tech-driven business landscape. Oni highlighted the need for public-private collaboration to accelerate the growth of SMEs, acknowledging the importance of government policies and initiatives.

While discussing the challenges faced by businesses due to global events like the Russia-Ukraine war and geopolitical tensions, Oni stressed the necessity of collaborative efforts between the public and private sectors. He shared insights into the Ease of Doing Business initiatives at both state and federal levels, aimed at creating an enabling environment for businesses to thrive.

Oni concluded his address by expressing gratitude to BusinessDay for organizing the event and congratulating the recognised SMEs. He highlighted the importance of reflecting on the lessons learned from successful SMEs and encouraged participants to use those insights to contribute to Nigeria’s continued prosperity.

The BusinessDay Top 100 Fastest Growing SMEs first panel session, moderated by Satira Osemudiamen, brought together a distinguished group of panellists, each offering insights into the topic: Access to Finance/Sourcing and Raising Finance for SMEs.

They included Adewumi Oni, Ag. Director, Finance & Corporate Services, LSETF; Afolabi Emmanuel, Community Lead B2B, Peppa; Esther Obiekwe, Group Head, SME Banking, Fidelity Bank; Gloria Omereonye, Area Business Executive, Lagos Island 3; Linda Onyesoh, CEO, Milani Cosmetics Nigeria; Nneka Okekearu, Director, EDC, Pan-Atlantic University; Yvonne Ofodile, Managing Director, Zetile Oil & Gas Limited and Yonodu Okeugo, Commercial Leader, VFD Microfinance Bank.

The discussion commenced with an acknowledgement of the economic hardships faced by SMEs in Nigeria. The panellists shared their perspectives on the challenges arising from economic uncertainties. Capturing the essence, the panellists noted: “Nigeria has had a series of economic heartbreaks from issues like the failure period for subsidy, law rate increments, and more, affecting small and medium businesses.”

Adewumi Oni emphasized the importance of preparation before seeking funding. He stressed the significance of a well-detailed business plan, stating, “First, for any SME seeking funding, you must understand the business. Have a business plan that clearly outlines your purpose, capital requirements, expected income streams, and projections.”

Delving into the metrics considered by financial institutions when granting loans, Afolabi Emmanuel, Community Lead B2B, Peppa, highlighted the importance of understanding the structure of the business. “You want to ensure that businesses have a structure, separating personal expenses from business expenses. This includes having proper statements of account and a clear history,” he explained.

Esther Obiekwe, Group Head, SME Banking, Fidelity Bank, added that financial institutions consider the history of the business, especially in the nano and micro space where businesses may lack a credit history. She emphasized the need for due diligence to understand the business’s capacity.

The confusion surrounding different funding sources such as banks, angel investors, and crowdfunding was addressed by Yvonne Ofodile, Managing Director, Zetile Oil & Gas Limited. She stressed the importance of understanding the business’s stage and the type of financier being targeted: “You should be asking yourself, ‘What stage am I as an SME? What kind of financier am I trying to attract?'”

The panelists also explored the role of technology in helping SMEs access finance. Linda Onyesoh, CEO, Milani Cosmetics Nigeria, shared insights on how technology can simplify financial processes: “Using tools like PayPal, Google Sheets, and payroll software can streamline financial management. Even simple technology like Google Sheets can be highly effective.”

Yonodu Okeugo, Commercial Leader, VFD Microfinance Bank, emphasized the importance of technology education, stating that being tech-savvy is crucial for business success in the modern era. He cited examples of businesses using technology for invoicing, bookkeeping, and data analysis to enhance efficiency.

The role of accountants in aiding SMEs, especially those with a limited understanding of technology, was highlighted by Nneka Okekearu, Director, EDC, Pan-Atlantic University. She suggested a phased approach, encouraging SMEs to start by recording financial details and gradually incorporating technology with professional guidance.

The conversation took an interesting turn when a participant raised a question about advising SMEs on leveraging technology for financial bookkeeping. The response pointed to the importance of education in business success.

Linda Onyesoh shared a personal story about her father, emphasizing the indispensability of education. She stressed the need to educate individuals in the market, helping them see the possibilities within their businesses. The importance of business education for women and SMEs was emphasised, with a focus on empowering them to understand and navigate the financial sector effectively.

Esther Obiekwe reiterated this sentiment, highlighting the value of a structured approach to business education. She discussed their initiative, a three-month MBA program for grant recipients, ensuring that SMEs have a clear understanding of financial management before accessing funds.

The discussion touched upon the role of government policies in supporting SMEs. The panellists acknowledged the efforts made by organisations like LSETF and emphasized the need for policies that ease the business environment. Gloria Omereonye, Area Business Executive, Lagos Island 3, stressed the importance of the ease of doing business at both the state and federal levels.

The panellists gave practical advice for SMEs scaling funding challenges in Nigeria’s uncertain economic climate. The linkage of education and funding is a facilitator for sustainable business growth, pointing to the need for SMEs to invest in knowledge and technology for long-term success.

The post Nigeria: Key Lessons from BusinessDay Top 100 Fastest Growing SMEs Confab appeared first on Tech | Business | Economy.

Welcoming individuals, business owners and an array of speakers at the annual BusinessDay event themed: “How SMEs can Thrive in an Age of Volatility” Frank Aigbogun, Publisher, BusinessDay Media Limited, commended MSMEs for their great works in creating wealth and employment in Nigeria.

“It is because of all of you that it is said that the SMEs are the greatest employers of labor in Nigeria. Without you, that will not be the case. 

You are a great catalyst for economic development in Nigeria. You’re risking your personal and professional family capital just to make your own contribution towards economic development in our country.”

Keynote Address: MSME growth opportunities: Thriving in VUCA times

Giving the keynote speech, Prof. Joseph Nnanna, the Chief Economist at Development Bank of Nigeria, placed emphasis on the Challenges and Opportunities that exist for MSMEs during this VUCA period.

VUCA, he explained, means Volatility, uncertainty, complexity and ambiguity. It describes distinctly what has occurred in the last few years in the global economy, especially how it affects Nigeria locally and particularly. 

“If you think about what had happened during the Covid-19 pandemic and the Russian-Ukraine war which is still ongoing, all these activities have caused inflation in the supply chain, trade partners had to change trade relationships and businesses had a rethink,” he said.

The business environment keeps changing at a rapid speed, new trends and technology continue to emerge. There were so many tech-based enterprises that came up during Covid-19. As a matter of fact, the ICT sector in Nigeria is one of the only sectors that had double digit growth. 

Whether it is core information systems, technology-enabled businesses or you’re converting your traditional-based brick-and-mortar business to an online enterprise, all these businesses, especially if you were in the ICT space, exploded – they grew.

“A wise saying goes ‘a rising tide lifts all boats’ but that’s not the case in Nigeria,’ Nnanna said. “People just start a business because they see others doing it and making money without due diligence, research, business plans and other necessities. Without these, nothing else matters.”

You have to be on with the right information, be able to take on the risk and you should have people to convince to give you the credit.

“At DBN, we implemented a remote working policy which allowed us to work remotely during the Covid-19 period. Everybody worked remotely from their respective homes because we trust that we look at the output of the activities you have done on a weekly basis to track productivity.”

These days, it’s not just about the boss seeing you working so hard; as long as the output can be seen, felt and recorded, that’s all that matters.

Inflation was the bane of our existence, it still is. “We know inflation continues to rise exponentially without end because our questioning power has reduced.”

On the challenges faced by MSMEs despite being the engine of a nation, Nnanna listed them to include:

• Lack of access to finance 
• Poor or inadequate infrastructure 
• Unfair competition 
• Multiple taxes and ledgers which are prevalent in Lagos

Stating further, he noted some of the demand and supply factors that can explain MSME finance gap to be:

• Information asymmetry – one person having more information than another and there exploiting the other
• High cost to reach and serve MSMEs relative to the revenue potential 
• Lack of collateral 

On the supply side, they are:

• High interest rate 
• Lack of proximity to financial services – lots of people are not in close relationship with their banks and banks should look for ways to support customers beyond giving then credits 

Advising business owners, Nnanna said: “If you’ve started a business and have no customers, you should do a recheck to understand if you did a market study to see if there was a need for the service you’re trying to provide.

It’s important to look for partners who are in our space, but may not be in the same sector. A problem shared is a problem solved. Talk to people, you don’t know where the next idea that would help you grow your business will come from.”

Growth opportunities available to MSMEs

Agriculture, manufacturing, education and health all grew much faster and stronger in 2014 compared to 2021. The only sector that continues to grow is trade because Nigeria is a trade country, everybody is buying and selling. 

But the challenge is that the type and volume of trade that brings jobs are big trade items, not small ones.

Finally, Nnanna concluded his enlightenment at the BusinessDay Top 100 Fastest Growing SMEs programme by reteirating that “digitizing your business is critical or you will be left behind.”

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