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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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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First Epistle to Uche Danlami, my ambitious entrepreneur friend, on 1 July 2018

This “epistle” from Wole Oluyemi (@WoleOluyemiCo) to Uche Danlami is one of the structured series of writings from the author on SME business management, corporate governance, finance strategy, tax strategy, market entry strategy, corporate political strategy, financial accounting and financial reporting strategy. This series from Wole Oluyemi, usually referred to as the marketplace evangelist, is to complement the Business Unusual Seminars and the BizUnusual Mentorship Program (BMP) that are being hosted by him, as part of the initiatives of Roedl & Partner to enhance the development…

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Companies And Allied Matters Act – Amendments in the 2018 Bill

THE REPEAL AND RE-ENACTMENT A BILL OF THE COMPANIES AND ALLIED MATTERS ACT – INFOCHAT ON THE 10 KEY IMPLICATIONS FOR SMEs IN NIGERIA   THE STORY The Companies and Allied Matters Act (CAMA) is the Law that largely governs the incorporation, operations, business procedures, and the cassation/winding up of business entities in Nigeria, whether sole proprietorships, private companies, public companies or Not for Profit Organizations. On the 15th of May, 2018, the National Assembly at its plenary session passed a Bill for an Act to…

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Lagos, Rascality in Governance, and the Socially Irresponsible “Land Use Charge Law”

Lagos is the economic capital of the Federal Republic of Nigeria. If you are doing business in Nigeria and you are not yet in Lagos, then you are seen as unserious. However, the recent multiple levies and arbitrary changes in taxes and levies in this metropolitan city has began to push businesses to neighbouring States, especially Ogun State, being the biggest beneficiary of the rascality of the Lagos State Government. The current governor of Lagos, Akinwunmi Ambode, is from the ruling party, APC. He is seen…

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Business Structure, Corporate Tax and Tax Incentives in Nigeria

This article on business structure, corporate tax and tax incentives is a response to the requests from some entrepreneurs and business leaders that participated in a recent seminar I facilitated for some agricultural and manufacturing companies in Lagos. These participants are interested in fully complying with the tax laws, but are also interested in the approaches for optimising their business tax position without stepping into the realms of tax evasion (which is illegal).  The legal structure of a business or a business transaction has the potential…

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Business Lessons “Takeaway” From A School Inter-House Sports’ Competition

I attended the annual inter-house sport completion in my children’s school on Saturday 11 March 2017. This was tough for me as I had a very busy Friday and worked till the early hours of the day. While I was enjoying the entertainment being provided by those kids during the various track and field events, I couldn't help but take some lessons from that event, especially during the relay race competition. The following are the keynotes: 1.     DEVELOP BUSINESS, NOT ENEMIES. Business can be a strong competition…

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Accounting Standards for Not-for-Profit Organisations

Not-for-Profit (NFPs) organisations are entities normally without transferable ownership interests. They are organised and operated exclusively for social, educational, professional, religious, charitable or any other not-for-profit purposes. In a bid to ensure a stronger accountability of this sector, the Financial Reporting Council (FRC) released a Statement of Accounting Standards (SAS) 32 in 2011, an accounting system for churches, mosques and other not-for-profit organisations that will compel them, to report their financial transactions periodically from January 2013. The SAS 32 establishes a uniform basis of accounting and…

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Business Structures – Which Should I Use?

Having made the decision to be your own boss, it is important to decide the best legal and taxation structure for your enterprise. The most suitable structure for you will depend on your personal situation and your future plans. The decision you make will have repercussions on the way you are taxed, your exposure to creditors and other matters. The possible options you have are as follows. Sole trader This is the simplest way of trading. There are only a few formalities to trading this way,…

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