The Nigerian VAT Increase – Next Level of Pains

During the past week, there was an unexpected news from the Nigeria’s Federal Executive Council (FEC) of the increase in the Value Added Tax (VAT) rate from 5% to 7.5%. During some of my presentations in the preceding months, I already shared my expectation that the Buhari Administration will increase VAT after the elections, as they will be desperate for revenue generation. So, this is not surprising. The spokespersons to the government and their social media “warlords” have been constantly throwing around different rates being charged…

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The Thrift System of Savings and Investment

I got a call from one of my friends and she wanted to get my opinion on the Thrift Savings System, popularly known as the AJO (or Esusu) system of investment. First, let me declare my biases ahead. I am a Yoruba boy and I grew up in Ijebu-Igbo town where the culture of the AJO system is well ingrained. Of course, only an irresponsible child will use the “left hand” to describe his father’s house. So, this post is to defend our local culture. So,…

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STARTING A BUSINESS:Turn your Ideas and Passion to Profit

During the past few months, I have had to attend to several questions in my DM and some of the questions are from people with very awesome ideas. Unfortunately, some of us are not fully knowledgeable as to how to convert those great ideas into profitable business ventures and hence those ideas just die. Like I always tell people, there is not definitive recipe to starting a successful business. However, there are processes that will help you to evaluate the reasonableness of your business idea or…

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DOING BUSINESS WITH A BIG BUSINESS: Get your foot into the door.

Being able to do business with a large company requires courage, strength and perseverance coupled with a well orchestrated business strategy. Nobody has large funds to push around like very big companies so many small businesses are always chasing them. So, you must be ready for the hot chase from several potential competitors. In order to win the battle and get a deal with a large company, you must show them that you are a serious organization and that you are reliable, in addition to being…

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THE ART OF STRATEGIC LAZINESS

During one of my recent long-haul flights, I came across an article by Sophie Devonshire, the author of “Superfast: Lead at Speed” where she concluded that successful leaders are skilled at “strategic laziness” and they always smartly choosing to do less. This conclusion aligns with my personal beliefs and long-time habit of always looking for a more efficient way of doing things, maybe because I am actually very lazy. In Sophie’s article, she made reference to Kurt Gebhard Adolf Phillip Freiherr von Hammerstein-Equord, the German Chief…

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DEVELOPING SOCIAL CAPITAL FOR BUSINESS GROWTH- How to Ignite Your Networks for Business Impact

Several professionals have considered the entrepreneurship option at one time or the other. For some, the risk involved is just too high. Some even ventured into entrepreneurship and failed. While some of the business failures are attributable to the harsh business environment, poor infrastructure, wrong business model, inadequate access to funding, regulatory somersault, and extreme competition from the large players, one silent business “killer” is the absence of a strong social capital (key contacts and networks) by the entrepreneurs or business leaders, or what people generally…

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TAXATION AND NOT-FOR-PROFIT ORGANISATIONS (NFPOs)

Not-for-Profit Organisations (NFPOs) are the third sector of the economy in Nigeria and it is mostly neglected compared to the public and private sectors that have received a lot of recognition amongst people. The main aim of the social sector is to achieve social development that is, providing basic needs to the people. Not-for-Profit describes a type of organization that does not earn distributable profits for its promoters, the trustees. All of the money earned by or donated to a not-for-profit organization is used in pursuing the organization's objectives.   There has been some general…

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Corporate Governance Issues In Not-For-Profit Organizations (NFPOs) In Nigeria

Not-for-Profit Organizations (NFPOs) are voluntary organizations that are not state controlled. NFPOs play an important role in bridging the gap between the government institutions, donors, agencies and the communities; organizing poor people, facilitating collective action, representing the poor in advocating for their rights and in some cases supplying basic amenities to sustain livelihood. NFPO’s are an important part of a democratic fabric, driving accountability and responsibility in political leadership. Similarities and Differences between  NFPOs and for profit Businesses in Nigeria. There are a number of similarities…

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When the founder must leave the business

During the Easter holidays in 2016, I got a strange and challenging call from a friend that has been running a particular business for the previous 12 years. He called to seek my opinion about an important issue – he wants to exit his role as the CEO of his business by appointing one of his managers to run the business without any interference from him. Since I was aware that he owns over 75% of the business along with his spouse, I was confident that…

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My Addiction Story – Wole Oluyemi

I struggled with the title of this piece, as I understand the “stigma” that is possibly associated with that word - addiction. Addictions do not only include psychoactive substances that cross the blood-brain barrier, temporarily altering the chemical balance of the brain, such as drugs or alcohol, but may include virtually anything, including such common things as watching TV, sexual activity, internet usage, to seemingly harmless products, such as chocolate or ice cream, because they can also lead to feelings of guilt, shame, hopelessness, despair, failure,…

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