Tentmakers Review of 2014

Good day people.

And so, the year is almost over! In 9 days, we’ll be in 2015. Uhmmm…Teach us to number our days, Lord, that we may apply our hearts to wisdom.

I will be reviewing my ‘business’ life in this interesting year of my life.

I decided to take concrete steps in becoming financially literate and liberated. I remember that a major motivation came as I asked for the price of a house close to where we currently say. I was told that the house close to where we currently stay cost 70 million Naira. Now that I think of it, the house is still up for sale today. Was it overpriced? I think they’ve included the option of leasing the house now. Anyway, I asked myself how I can afford the house. I’m sure you realise I didn’t have the 70 million Naira then. Please don’t ask if I have the 70 million Naira now, lol. Anyway, I realised that I need to up my game when it comes to financial literacy and liberation.

One day like that, I read a Tentmaker like post on Bro Strive Masiyiwa’s page. The seed for this page was sown and a few days later, the page was set up.

One Saturday, the Holy Spirit began to show me opportunities right under my nose for multiple streams of income. I had been praying for multiple streams of income since forever. He also opened doors that I didn’t realise existed that required me to use my skills in a way that would not conflict with my job. He showed me how dependent I was on my job. It had become a stronghold for me. I still have the job today but I don’t believe I have the same mindset. It was initially scary but I dare say I’m more liberal when it comes to my career now. The Holy Spirit also opened my eyes to other streams of income that I can engage in along with my regular job. He is a faithful God.

As I explored one of the business opportunities that I was led to, I learnt so many valuable lessons. I’ll share a few here and perhaps share more in subsequent posts. The opportunity involves a perishable good. The first order I placed was LARGE. I hoped to take advantage of the attractive prices for such large orders. I also had a business plan that looked good on paper. Some of the goods eventually got spoilt and I almost fainted due to the exhaustion of marketing the goods. I definitely bit more than I could chew. I would have given up on the business but I met two people that egged me on. One of them paid ahead for goods to be delivered in two weeks. The second person owns a supermarket close to where I live. She agreed to display the eggs in her supermarket. She spoke words of encouragement just as I was about to give up. That day, I chose to be an encourager. May God bless her abundantly.

As I soldiered on, I lent more about how to motivate people, building a good rapport with customers, remembering little details about each customer etc. I dare say that this opportunity is actually a real life MBA for me.

I believe that, as a nation, we have a lot to do to foster/encourage good customer relations. There are still too many holes in service delivery, please. I’ve learnt not to ask for too much. Is that ideal? No. Does it give me peace? Yes. I almost always expect someone to fail so getting things at the time I want them is a pleasant surprise. That’s how I can stay sane in a country where someone agrees to meet you at 9 am and is still trekking from his house (about 20 miles away0 at 9:15am.

I have more to share but I’ll like to invite you to share with us what business/career lessons you’ve learnt in 2014.

It’s been great having you on this page. Please stay with us in 2015 and invite others to join us in Tentmaking.

Compliments of the season.

Catfish for sale

Well processed, tasty catfish for sale.

Lintex Premium Parboiled Rice

It’s the most wonderful time of the year…You can share love by putting a smile on someone’s face . You can buy our 5kg Lintex Premium Parboiled Rice (1500 Naira). It is tasty, handy and economical.

Online Training Platform

Do you have some trainings you’ll like to organize or attend but you are constrained by time and space?

There is a platform for online trainings with the following features:

- You can train as much as 100 candidates at a time online.
- All the facilities you need in your class training are available on the online platform (chalk, writing board, eraser and so on).
- Your candidates can both see and hear you and you can also hear and see them.
- You can give your candidates soft copies of your lecture notes (you can upload the lecture notes and they will be able to download the notes immediately)
- You can record your classes so that your candidates can go over classes if they miss the class or if they want to go over the lecture again.
- You can share your screen with your candidates for better understanding in order to do exactly what you have done.
- You can organise online quizzes and exams on the online platform
- You can answer students’ questions through  (a) Video and Audio Response/Reply (b) Chat window

Explore the opportunity and teach your Candidates anywhere around the world at a time. Minimize the expenditure on venues, travel logistics, lunch etc.

You can also contact usif you are interested in any Oil and Gas related trainings (as a participant or trainer).

Features Writer

A Writer, Columnist, Scriptwriter, Radio Series Co-Producer, Radio Presenter, Features Writer, Trainer, Workshop Creator, Ghost-Writer, Magazine Editor, Guest Blogger and Book Reviewer offers and is available for the following services:

1. Consultancy – Aimed at organisations, determined to be leaders in their industries, who understand that their staff and clients need to operate at optimum level.
2. Ghost-Writing – An exclusive service for clients who want to author a book, but lack the time and/or expertise to do so. Her experience in this area includes autobiographies, novels and non-fiction books.
3. White-Labelling – This is for individuals and organisations who are keen on (taking advantage of their) brand association with my ‘client’, in their literary endeavours.
4. Scriptwriting – This service is aimed at NGOs and corporate organisations, who desire creative, meaningful, short scripts to publicise their products, services and campaigns.
5. Proposal Writing
6. Speech Writing
7. Audio Transcription – This is for clients who need their work transcribed, yet need to be assured of confidentiality, accuracy and speed.
8. Document Preparation – This also includes manuscripts.
9. Editing
10. Magazines – She is able to produce excellent content for quality publications.

Funtuna Eggs

Funtuna Eggs are premium grade AA eggs with 14 essential nutrients and vitamins, golden yellow yolk, and dense, firm albumen.

Funtuna Eggs are an 'EGG'cellent source of nutritious high quality protein for children and adults alike, and they are heart healthy, low in cholesterol and trans fats, and have a longer shelf life‎.

Funtuna Farms is a subsidiary of Animal Care Services Konsult, Nigeria Ltd, a leading livestock company in Nigeria. Premium quality Funtuna Eggs are produced by hens kept and managed in our bio-secured farms, which are regularly tested and certified healthy at our state of the art world class laboratory. The hens are fed our UNIQUE, naturally enhanced wholesome grain-based rations, and as such, Funtuna Eggs are COMPARABLY HIGHER in terms of the value of their available and deliverable nutrients.

You can place an order and have the eggs delivered to you or your loved ones. There are opportunities for distributors too.

BATTERY OPERATED SAFETY SIPHON

The transfer of fluid in Nigeria to our automobiles/ generators has been carried out in a very deplorable/hazardous manner. Below are the most common methods of fuel transfer nation wide

- Mouth siphoning through a hose.

- Direct transfer from the keg.

Based on this premise, we present a solution that will totally eradicate unsafe fluid transfer which has been tested and certified by Standard Organization of Nigeria (SON)

What is a Safety Siphon?

It is an organized battery operated pump used to transfer various types of fluid from one place to another.

Advantages

-          It eliminates the dangers involved in siphoning by mouth.

-          It prevents spillage which could lead to fire.

-          It is faster and easier to transfer fluids than manual method.

-          It is safer and better.

If you are interested in distributing this product, please contact us for further discussions

Oil Palm Processing

The oil palm belt includes the states of Abia, Anambra, Bayelsa, Akwa-Ibom, Cross River, Delta, Eboniyi, Ekiti, Enugu, Kogi, Ondo, Ogun, Osun, Oyo, Imo and Rivers.
The consumption of palm oil in Nigeria amounts to 1.0 million MT per annum. The official figures states that the shortage in oil palm industry is estimated to be around 150,000 MT annually.

Products and Their Uses...
Common products that come from a palm tree you include, woven hats from palm fronds, chopsticks, woven baskets, palm oil, dates, palm wine, mats, hammocks, posts, poles, fuel wood, fans, purses, rattan balls, palm hearts, kernels, syrup, sugar, nets and ropes.

Palm Oil is used in
1. Cooking
2. The manufacture of vegetable oils and margarine
3. The manufacture of soaps
4. The production of some pharmaceuticals
5. The production of biodiesel

Investment Opportunities
There are many opportunities in oil palm processing. Discussions are already in progress.

If you are interested, please contact us.

Lessons from the world cup

Joseph Alaba (Alabama Joe)

1. Shoot for the goal and if you miss, you’ll land among your team. It is a great strategy to understand that the strength of a whole replaces the weakness of an individual. It also makes for a softer fall when your knees buckle.
2 Make the most out of lousy calls, undeserved cards and unwanted injuries. Embrace constraints as advantages in disguise. Flexibility in the face of change and resilience in the face of confusion are non-negotiable. Push through the discomfort and prepare yourself for anything. Those who say that it can’t be done should get out of the way of those who are doing it.
3 Talent doesn't always win. Four years ago Spain captured their first world cup title. Folks were expecting them to do it again this World Cup. With some of the best players in the world and a large part of the rosters of highly acclaimed Real Madrid and Barcelona, people predicted Spain would make another deep run. However, they didn’t. They exited after an embarrassing loss to the Netherlands and two lackluster efforts to follow. England and Italy, two other nations with lengthy resumes made similar exits while making way for smaller less talented teams to advance.
These early exits serve as an important reminder for businesses: Talent alone doesn't guarantee success. It takes more with things such as effort, innovation and strategy immediately coming to mind.
4 Don’t be intimidated by first impressions. When we see a giant, why do we automatically assume the battle is his for the winning? While it’s smart to be prepared and anticipate risk, don’t make assumptions about what is possible (or impossible). When the defending champion Spain lost to Chile, this upset put momentum behind the underdog and challenged the status quo. Be a team united in possibility.
5 Know your vulnerabilities—and protect them. Just as 11 goalies do not win a soccer game, an individual does not beat a team. But without one appointed goal keeper, the team is left with a vulnerable gap. Fill that gap, anticipate problems and you’ll leave an impression so great that the competition will dread your next move.
6 Its all about the team not an individual. A community of people, connected to one another wield a fierce faith in a common idea. Teams reflect the mindset of their players. And players reflect the mindset of their coach. A shared commitment to the advancement of an idea or project galvanizes a movement. And when that movement strikes terror with reality, well it’s evident that it all boils down to this: Team work makes the dream work.
7 Winning is not everything. You are not going to win at everything you try, but every loss is an opportunity to practice good character. When you do not meet your goals, make another goal for yourself to act graciously. The one will always be within your reach.
8 And in the end: The World Cup reminds us of the importance of winning and losing with grace.
9 Never forget the God factor. I saw David Luiz on his knees praying to God after his team lost 7-1 to Germany.
Win or lose give thanks.

Start-up Tips

Joseph Alaba (Alabama Joe)

 1) Start with a plan. Not all home businesses need an official business plan, but every home business owner must spend some time planning. Before you put out your shingle, sit down and determine how much money you need to invest (and in what), your goals (short- and long-term), your marketing plan and all those pesky details (For example, do you need a separate bank account?).

2) Look for a mentor. You may know someone who has successfully created a home busine...ss and feel comfortable asking for advice. An incredible free resource is SCORE, a national association dedicated to helping small-business owners form and grow their businesses. A lot offers local and online mentoring, and it helps a lot of small-business owners survive the early stage of their business. Seek help from other small businesses, vendors, professionals, government agencies, employees and trade associations. Be alert, ask questions, and learn everything you can.

3) Make sure there is money in the bank. Don't quit your day job just yet. For those of you considering the full-time freelance plunge-set up a savings account with enough funds to cover at least six months' worth of bills. This will give you a buffer to help with your budget. While hunger might be a good motivator, it's easier to work when you have electricity and your house isn't being repossessed.

4) Remain competitive. Even if you think your business is uni...que, you need to conduct a competitive analysis in your market, including products, prices, promotions, advertising, distribution, quality and service. Also be aware of the outside influences that affect your business. Know what makes the difference between you and your competitors. Is it service, price or expertise? Whatever it is, capitalize on it.

5) All systems grow. Word of mouth is the best way to grow your business. Ask your satisfied clients for referrals, offer free consultations to new referrals, and consider a referral or finder's fee. Get your name out to build your brand. Go to industry events--conferences, association meetings and seminars. Go to events in client industries; socialize, and always have your card ready. In addition, do some pro Bono (For the public good) work for a charitable organization with industry links.

 

AGRICULTURE

 Until recently, Nigeria’s agriculture was neglected in favour of the oil sector.

However, falling oil prices, as well as the problems in the Niger Delta, has made the federal government to turn to agriculture as a new growth area.

The sector grew by an estimated 7.7% in 2007, compared to growth of 7.4% in 2006, and is expected to continue increasing.

Agriculture is dominated by traditional smallholders growing crops such as maize, palm oil, yams, cassava, rubber, ...cotton, soya bean and cashew nuts, tobacco, groundnuts and cocoa beans. Commercial farming is small and limited.

The federal government, faced with rising food prices and the large amounts of foreign exchange leaving the country to pay for imported food, has introduced several initiatives meant to revive and exploit the potential of agriculture. These include financial incentives (for companies processing food), subsidies (for farming equipment and fertiliser), and research initiatives into improved crop utilisation.

Inadequate processing capacity is one of the key structural deficiencies in the agricultural economy. Investment in this sub-sector consequently attracts pioneer status: tax holidays, tariff concessions, financing and export support. The country's agricultural products fall into two main groups: food crops produced for home consumption and exports.

 If you are interested, please contact us for further discussions.
‪#‎Tentmakers

Aquaculture & Mariculture

Given its cheaper price, fish has become an integral part of Nigerians' diet and remains the main product consumed in terms of animal protein.

Nigeria has become a major destination for imported seafood with total market demand growing to more than one million tonnes per annum. The domestic catch caters for more than half of the total fish demand. Lake Chad and the southern coastal waters are the main sources of fish, but large quantities are caught every year in pools in seasonal rivers of the northern states.

Fish farming is on the rise in country and tilapia and catfish are the major species farmed by local fish farmers.

Opportunities for investment exist in the various sub-sectors, especially in the areas of storage, processing and preservation of the captured fish and fish seed multiplication for aquaculture.

 If you are interested, please contact us for further discussions.

BENTONITE

Investigations by the Nigerian Mining Corporation established the existence of bentonitic clay reserves of over 700 million tonnes in the country with the largest single deposit in Edo state.

Uses of Bentonite
- Used in Drilling Mud...
- Used as a foundry-sand bond in iron and steel foundries
- Used in decolorizing various mineral, vegetable and animal oils
- Used in clarifying wines, ciders, vinegar and others
- Can be used to adsorb oils and grease
- Can be used to line the base of landfills

Investment opportunities
Some companies already supply Bentonite to the international market.
If you are interested in Bentonite exploration and processing, please contact us for further discussions

TAXES AND LEVIES YOU NEED TO KNOW ABOUT

Taxes in Nigeria are levied along the three tiers of government i.e. the Federal Government, the State Governments and the Local Governments.

Tax is usually calculated within a tax year and Tax Clearance Certificates issued after payment.

 1. TAXES PAYABLE
The Federal Government is responsible for the collection of companies income tax; petroleum profits tax; withholding tax on companies; withholding tax on residents of the Federal Capital Territory (FCT) Abuja; withholding tax on non-resident individuals; value added tax; education tax; capital gains tax on residents of the FCT; capital gains tax on corporate bodies and non- resident individuals; stamp duties on corporate bodies and residents of the FCT and personal income tax in respect of certain government officials.

 The State Governments are responsible for the collection of personal income tax (Pay-as-You-Earn) for individuals resident in their various states; withholding tax for individuals; capital gains tax for individuals; stamp duties on certain instruments; business premises registration fee; development levy etc. 

Local Governments are responsible for other miscellaneous taxes such as tenement rates, shops and kiosks rates etc.

 A summary of some of the above-stated taxes is as follows:

 - COMPANY INCOME TAX: All companies in Nigeria are required to pay income tax on all profits accruing in, derived from, brought into or received in Nigeria at a rate of 30%. All companies incorporated in Nigeria are liable to pay tax on their profits.

 - EDUCATION TAX: This is charged on the profit of every company incorporated in Nigeria at the rate of 2%. It is assessed by and payable to the Federal Inland Revenue Service.

 - STAMP DUTY: Stamp duty is charged on written agreements and other relevant documents to which a company is party. This tax is in two forms. The tax may be fixed or based on the value of the transaction.

 - VALUE ADDED TAX: Value added tax is charged and payable on the supply of all taxable goods and services. It is chargeable at a flat rate of 5%.

 - WITHHOLDING TAX: Where payment is due to a company in respect of goods or services it has provided, or payment is due to it in respect of dividend, loan interest, rent or royalty, the person making the payment is required by law to deduct a percentage of the payment as withholding tax and remit same to the relevant tax authority. It is payable at a rate between 5% and 10%.

- PAY AS YOU EARN (PAYE): For the payment of personal income tax, all employers are required to deduct from the employees’ emoluments, personal income tax payable by the employees. The deduction made is then remitted to the relevant tax authority. The tax is payable at a rate between 5% and 25%.

 - CAPITAL GAINS TAX: This tax is payable on gains accruing from the disposal of assets. It is paid at the rate of 10%.

 - CUSTOMS DUTIES AND TAX: This tax is charged on goods imported into the country. The rates are as shown in the Customs Duty Rate of the year or years in which the goods concerned are imported into Nigeria. The rates are amended from time to time.

 - PETROLEUM PROFITS TAX: Companies engaged in petroleum operations are subject to the payment of petroleum profits tax at the rate of 85% of their taxable income
Tax registration is required with the relevant government authorities for payment of taxes.

 MULTI-LEVEL TAXES
There is often a problem of multiple taxes for businesses, at the federal, state and local government levels. Investors are therefore advised to engage the services of professional tax advisors in dealing with this problem.

NETWORKING

"Wealth maketh many friends; but the poor is separated from his neighbour." (Proverbs 19:4).

Many people read this and conclude that what it means is that when one has money, many people flock around them whereas no one wants to associate with a poor man.

That may be true but there is more in that scripture. There is a principle of wealth in that scripture - NETWORKING! The one that will be wealthy learns how to 'make many friends'.

Wealth is in people!

The more effective you are in relating with people and expanding your network, the more successful you will be.

Let God lead and guide you in improving existing relationships and expanding your network.

 Have a blessed week ahead.

BAUXITE

Bauxite, which is processed to yield alumina, is abundant in commercially exploitable reserves in Nigeria (Delta, Benue, Enugu and Ekiti states).

Uses of Bauxite
Bauxite is aluminium-rich ore that is used for aluminium production (the metallurgical bauxites) and for production of refractory materials, chemicals or cements (the non-metallurgical bauxites).

Investment opportunities
Before suspending production in 1999, ALSCON was producing over 4,000 metric tons of aluminium ingots per day.
The Aluminium Smelter Company of Nigeria (ALSCON) at the time imported all its bauxite input. Nigeria’s total aluminium consumption is estimated at over 35,000 tonnes per year, all of which is being imported.

 If you are interested in Bauxite exploration and processing, please contact us for further discussions.

FORMS OF BUSINESS REGISTRATION

The following vehicles of investment may be considered for establishing a business enterprise in Nigeria.
i.SOLE PROPRIETORSHIP: This form of enterprise is for use by an individual doing business on his own account. Its statutory requirement is the registration of a business name. (Ref 1)
ii.PARTNERSHIPS: This form of enterprise is usually established between joint owners of a business who are personally liable for the obligations and debts of t...he firm. A partnership may be ordinary or limited. (Ref 1)
iii.INCORPORATED COMPANIES: An incorporated company may be incorporated with unlimited liability, limited by shares or limited by guarantee. By the provisions of the Companies and Allied Matters Act (CAMA) (Ref 2), foreign companies intending to do business in Nigeria must be incorporated as a local entity in Nigeria. (Ref 3)
Accordingly, it is usual for foreigners intending to do business in Nigeria to incorporate limited liability companies in Nigeria. This type of company limits the liability of its members to the amounts
which is unpaid on the respective shares held by them. The advantages of registering a limited liability company include the limitation of the personal liability of its owners, perpetual succession of the company, the possibility of a 100% foreign ownership and the restriction on the transfer of shares. (Ref 1)
To register a limited liability company, a minimum share capital of N10,000,000.00 (Ten Million Naira) would be required by a foreign investor. Personal details of the investors would be required and various statutory fees payable. Registration is to be done at the Corporate Affairs Commission (CAC) and may be done by a legal practitioner on behalf of the investor. A certificate of incorporation is issued by the CAC upon completion of the incorporation process. Also, companies are expected to comply with the provisions of the Companies and Allied Matters Act (CAMA) (Ref 2) after incorporation. Such provisions include statutory meetings to be held by the company, filing of annual returns and board resolutions and the keeping of statutory books and accounts.
As part of its development efforts, the Corporate Affairs Commission now offers a 24 hours registration service which is known as “special registration” for the registration of companies. (Ref 4) With the payment of a higher fee, investors can register a Nigerian company within 24 hours as opposed to the regular registration which takes an average of 5 days.

References
1 “Investment in Nigeria”, 3rd Edition, September 2002 by KPMG Professional Services
2 Cap. C20, Laws of the Federation of Nigeria, 2004
3 See Section 54 of the Companies and Allied Matters Act and Section 19 of the Nigerian Investment
Promotion Commission Act, Cap. N117, Laws of the Federation of Nigeria, 2004
4 See the Corporate Affairs Commission website

BARYTES

Opportunity exists in the exploration of barytes in Nigeria.

 A survey carried out in 1959 put the estimated reserve at 41,000 tonnes for the Benue valley deposits. Also the Nigerian Mining Corporation estimated a resource of 70,000 tonnes in the Azara deposit in Nasarawa State.

 Recently the Nigerian Geological Survey Agency embarked on the evaluation of newly reported deposits in Cross River, Benue, Nasarawa, Plateau and Taraba States. The inferred resource estimated... for four of the states (Benue, Cross River, Nasarawa and Taraba) where mining is considered viable is 21,123,913 metric tonnes.

 USES OF BARYTES:
Some Industrial Applications:
- For drilling
- Used in the manufacture of white pigment or extender in pigments and barium chemicals
- Glass industry
- Filler in leather, textile paper goods etc

Investment opportunities
 - Applying for mineral titles with a view of wholly owning the mining rights for the barytes deposit
- Partnering with existing title holders for detailed exploration as consultants and specialists
- Partnering with existing title holders in a joint venture agreement to explore, mine and market the barytes resources
- Legal transaction in barytes won in quarries and operations for export

If you are interested in Barytes Exploration and Processing, please get in touch with us so we can discuss further.