Archive for April 2013

FG to create 3.5 million jobs in Agric sector by 2015 –Okonjo-Iweala

In a bid to reduce its teeming unemployed population, Nigeria will generate about 3.5 million jobs in the agricultural sector by the end of 2015.
jobs in Nigeria

This was disclosed at the weekend by Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, at a briefing by African Ministers of Finance at the ongoing World Bank/IMF meeting in Washington DC.
Okonjo-Iweala said this is achievable due to investments the Federal Government has made in the sector in the last few months, leading to an improvement in the value chain, and the way agriculture is being carried out in the country.

According to the minister, “It is important that once you have established micro economic stability, you should be able to look at how the growth is impacting, and that is why the Nigerian government has taken some steps to ensure that we create jobs and also improve on the standard of living of the people.
“For instance, we are planning to be self-sufficient in rice production by 2015, and that is why the current Minister of Agriculture has said that agriculture is no longer to be seen as a project, but as a business”, she added.
She emphasised the need for African countries to work harder at creating their own markets, work on internal demand and reduce barriers among African nations, to be able to stimulate growth and reduce the continent’s vulnerabilities.

She said the continent is concerned about its growth rate and that is why it is saying that the Eurozone and other developed countries need to work harder so that growth rate in those regions does not slow down, as that will affect African countries.
Okonjo-Iweala also disclosed that African countries are now looking at how to attract private sector activities in order to confront some challenges they face.
“We know growth is uncertain and because of the impact of the demand of our products, we also face some vulnerability; and also, there is the problem of youth unemployment and infrastructural deficiencies, among others.
“We know all of these exist and we are working hard in our respective countries to tackle them so that this growth can be translated to wealth in the lives of the citizenry”, she said.
She therefore called on African nations to strengthen corporation within the region to help the continent put in place a development framework that will be good for the entire continent

HTC by Matthew Appleton

This business may have estimatedtheir revenue by looking at past results and comparing their curent prices and products with the prices and products of their competitors. This will allow them to see into the minds of their customers and tell them if they should increase funds in advertisements or lower their prices.

For the development period, the company needs to be able to accommodate a loss and afford to fund the product itelf. The product may, upon launch, continue to be a loss for the business (advertisements, press conferences, events) until the growth phase. At this point, the incme should raise and reasult in profit for the business. As a result of this cycle, the business is in bigger tension in the risky period of development and especially launch.

An objective needs to be realistic, achievable and take into account the resources available. An example would be to impriove their market share standing by 15% in the next year. In a start up business, objectives would mainly revolve around starting success.

To add value to a product, the company could include an extra feature, such as improve the HD screen. For a cheaper addition in value, the company could incluie a deal, such as HTCs current free 25GB offer.

China Wants to Ban Superstition, Mandate Science

china

China's on a mission to ban superstition, according to Reuters. In a rare public forum, the head of China's State Administration of Religious Affairs, Wang Zuoan, announced the government's official position on religion: that it pretty much sucks.

And toss out those fortune cookies while you're at it. Zuoan told state-run newspaper, the Study Times:

For a ruling party which follows Marxism, we need to help people establish a correct world view and to scientifically deal with birth, ageing, sickness and death, as well as fortune and misfortune, via popularizing scientific knowledge.

Zuoan ascribed China's rising fervor for the hip, new trend of religion to China's economic boom, which made people want to search for something reassuring amidst their newly complex lives.

China's religious population is at least 100 million people, with Christians, Muslims, Buddhists, and Daoists comprising the majorities. They're all technically protected by their constitution, but rights groups note that the country controls religion with an iron grip, says Reuters.

Earlier this month, a Chinese lawyer said he was beaten up by 10 police officers after being told he couldn't defend practitioners of Falun Gong, a spiritual practice which officials call an "evil cult", Reuters reported.

Luckily (if that word is still allowed), Zuoan acknowledged that he can't turn China atheist in a single night. "Religion has been around for a very long time, and if we rush to try to push for results and want to immediately 'liberate' people from the influence of religion, then it will have the opposite effect and push people in the opposite direction," he said.

[Image via Shutterstock]

10 Eye-Opening Books Every Entrepreneur Should Read

These books reveal the truth of how organizations really work, and it's not pretty.

As anyone who reads this column knows, I'm a huge proponent of positive thinking. However, positive thinking is delusional unless it's based upon a clear understanding of how the business world really works.
Put another way: We can't make the world a better place unless we can first see things as they really are. I've already pointed you at the "Top 10 Motivational Books of All Time" in order to help you prepare to make the world for the better.
The books on this list show you exactly what we're up against.

10. How to Lie With Statistics

Darrell Huff's classic 1954 tome explains how business people, politicians, and the news media misuse "the truth" specifically to mislead. As a touchstone and reality check, this book keeps you from being duped by others. As a weapon, this book gives you vast power over the ignorant masses. Please handle with great care.
Best quote: "A well-wrapped statistic is better than Hitler's 'big lie'; it misleads, yet it cannot be pinned on you."

9. The No Asshole Rule

As much as we all wish it were different, there's no denying that some people are jerks and that sometimes we're going to end up working with them. The expletive in the title sets the tone for this book, which also provides suggestions for avoiding, transcending, or even utilizing these inevitable corporate sphincters.
Best quote: "Two-faced backstabbers...who have enough skill and emotional control to save their dirty work for moments when they can't get caught, are tougher to stop--even though they may do as much damage as a raging maniac."

8. The 4-Hour Workweek

Hard work and long hours are the key to success, right? Well, maybe not. In this widely praised (and criticized) book, author Timothy Ferriss asks you to rethink the concept of work, revealing the sad truth that 90 percent of what you're doing may be not just unnecessary but actually detrimental to achieving the life you desire.
Best quote: "Alternating periods of activity and rest is necessary to survive, let alone thrive. Capacity, interest, and mental endurance all wax and wane. Plan accordingly."

7. The Peter Principle

Most businesses aspire to create meritocracies where the brightest get promoted while the mediocre get culled out of the company. Unfortunately, there's a downside to this strategy, according to authors Laurence Peter and Raymond Hull. As companies grow and change, all staff members (including CEOs) end up in over their heads.
Best quote: "Anything that works will be used in progressively more challenging applications until it fails."

6. Crazy Bosses

The business press tends to lionize the heads of large corporations, treating them as giants among the rest of us mere mortals. This classic by Stanley Bing reveals the petty side of corporate privilege: the extreme narcissism of the powerful and privileged psychopaths who've clawed their way to the top.
Best quote: "After nearly 6,000 years of evidence on the subject, one thing stands clear: the people who end up as leaders in any organization, large or small, are often the craziest guys around."

5. 21 Dirty Tricks at Work

In this horribly fascinating book, authors Mike Phipps and Colin Gautrey explain the most common ways that bosses, co-workers, and employees attempt to manipulate one another. More important, it provides specific advice for thwarting these attempts and getting what you want at work.
Best quote: "Dirty tricks are more than just a career-threatening nuisance; they also form part of the political backdrop to all the great recent organizational scandals.

4. Don't Bring It to Work

Ever wonder why some people act childishly at work? Wonder no more. Workplaces have a tendency to reproduce the family dynamics of the people who work there, explains author Sylvia LaFair. She describes the dysfunctional types, then provides suggestions to help them evolve beyond their emotional limitations.
Best quote: "The reason most organizational programs abort is that they fail to deal with our life patterns, which are at the foundation of workplace anxiety, tension and conflict."

3. Poorly Made in China

According to author Paul Midler, the real story behind outsourcing to China isn't how much cheaper it is to manufacture there; it's how Chinese manufacturers destroy product quality and weaken brand names. Once you read this, you'll know why just about everything you can buy in the U.S. (but made in China) feels like a second-rate replica.
Best quote: "American companies...were no match for savvy Chinese industrialists who often went out of their way to manipulate product specifications to widen profit margins."

2. The Complete Yes Minister

Based on the acclaimed BBC TV program of the 1980s, this hilarious book describes exactly how faceless, nameless bureaucrats wield the vast power of inertia to frustrate attempts by clueless "leaders" to move organizations in new directions. Read it once, read it twice, and you won't get fooled again.
Best quote: "It's called 'the law of inverse relevance': the less you intend to do about something, the more you have to keep talking about it."

5 Most Destructive Phrases in Business

To be a better business leader, you need to avoid these five destructive phrases like the plague.

How often have you been in a productive business meeting only to have it come to a grinding halt because of something someone said? It happens all the time. A negative comment or a pessimistic concern can not only bring down morale, it can derail an entire strategy. I am convinced that there is no limit to what a team can accomplish if they were to eliminate these five destructive phrases.

1. "I can't (fill in the blank)."

Few other words in the English lexicon irk me more than the word "can't." Okay, technically, it is two words conjugated. Nevertheless, "can't" is a killer. It is one of the most commonly used ways of dodging and dishing off responsibility. It is just another way of saying "won't," as in "I won't do what I need to do to get it done." Remember, whether you think you can or think you can't...you're right.

2. "That's not the way it's done."

Like every paradigm throughout history, at some point or another, things change. Conducting business status quo may keep you on the current trend, but to be a standout, you must do and think unlike anyone else. Great ideas and concepts come from disruptors who drive outside the lines, and nothing revolutionary ever came from doing things "the way they are done."

3. "That's impossible."

My dad once told me that the only thing that is impossible is for a man to have a baby. Everything else is in the realm of possibility. I replied by saying, "You can't make the sky green." He then proceeded to draw a picture and color the sky green. It was an exaggeration, but I got the point. We are limited only by the limitations we place on our own realm of possibility. And, by his rationale, even my dad was wrong. Arnold Swartzenegger had a baby.

4. "If we only had money."

Many entrepreneurs and managers, myself included, often dream and quip of the endless business possibilities we would have if only we had the flexibility of a huge financial war chest at our disposal. Unfortunately, you do not have Apple's $150M cash reserve, so get used to it. Remember, however, that even Apple started out in a garage with very little money.

5. "The problem is (fill in the blank)."

There are 7 billion people in the world. Of them, 6.999 billion of them are really, really good at identifying problems (note: that is not a scientific study). The rest are the successful business leaders who are really, really good at identifying solutions. The only time the word "problem" should come up in a meeting is if it is preceded with the words "I think I've have found a solution to the ..."
If you want to differentiate yourself as a business leader, then 86 these phrases from your vernacular. It goes beyond thinking positively, as you need to act positively as well. And, in order to encourage your colleagues to do the same, I suggest having a "Phrase Jar" at your next meeting. Punish anyone who utters one of the above phrases by requiring them to contribute one dollar to the jar. Require them to deposit two dollars for the word "can't." It is that destructive and annoying, and let's face it, it is actually two words conjugated.
What other phrases do you find destructive? Please share below!

NIGERIA: 185 Killed, 2000 Houses Razed In Borno Town As Soldiers And Boko Haram Fight

At least 185 persons including women and children were reported to have been killed by either gunshots or fire after suspected Boko Haram gunmen engaged soldiers of the Joint Task Force in a deadly shootout that left the commercial border town of Baga in Borno State completely burnt down.

Local government officials, who spoke to PREMIUM TIMES, said 185 persons died, at least 2000 houses, 64 motorcycles and 40 cars were burnt in the wake of the attack.

The Borno State Governor, Kashim Shettima, visited the town on Sunday and was told by residents that soldiers were responsible for the torching of houses that led to the death of many.

PREMIUM TIMES gathered that scores of others are currently hospitalised with various shades of burnt injuries.

Residents said most casualties, especially the aged ones and children, died as a result of the conflagration that engulfed the entire town.

Governor Kashim Shettima, who visited the town on Sunday, became emotionally drenched at the sight of charred houses,vehicles and how homeless residents took refuge in the bush.

The Commander of the Task Force, Brigadier General Austin Edokpaye, explained that the fire that consumed the town and resultant deaths should be blamed on the Boko Haram terrorists who opened fire on soldiers while hiding in the mix of civilians.

A local trader in Baga told PREMIUM TIMES that the attack started at about 8 p.m. on Friday and was continued the next day.

“Only God can understand what we have done to deserve this. But the soldiers were mindless that night in their approach; they killed and burnt our houses, chased everyone into the bush including women and children. So far we have buried 185 corpses. – some were burnt beyond recognition; others are hospitalised with various degrees of burnt,” said the resident who begged to remain anonymous.

Governor Shettima who drove through the burnt town amidst heavy motorcade of security personnel condemned the incident which he said was a ‘nasty occurrence’.

At the town’s hospital, the governor had to commiserate with women, children and aged men receiving treatment for various degrees of burnt caused by the fire.

Bashir Isa, a grocery merchant, told PREMIUM TIMES that “everyone has been in the bush since Friday night; we started returning back to town because the governor came to town today.

“To get food to eat in the town now is a problem because even the markets are burnt. We are still picking corpses of women and children in the bush and creeks.”

Brigadier General Edokpaye denied allegations by residents that the shootout was unprovoked.

“We lost an officer during the attack on our men on patrol. We’ve received an intelligence that some suspected Boko Haram members usually pray and hide arms at a particular mosque in town. It was around that mosque that our men were attacked with several of them injured and an officer died.

“When we reinforced and returned to the scene, the terrorists came out with heavy firepower including RPGs which usually has a conflagration effect,” the army chief said.

Governor Shettima pleaded with fleeing residents to return to their burnt homes as a committee had been empannelled to provide a palliative compensation for the loss they suffered.

He also called on the commander to “take full charge” of his operation and ensure he personally supervises his field officers from time to time “in order to avert such nasty incidences in the future.”

3 Phrases That Will Get You Noticed

When these phrases are used appropriately and wisely in group and team situations, they will put you in a natural leadership position.

cotton

I spend a lot of time helping leaders with succession planning--essentially, helping them develop other leaders.
What's interesting is what happens just before the developing begins.
Truth is, leaders aren't developed from scratch. What happens instead is that someone is first recognized as a potential leader and then the development begins.
So what is it that leaders look for in those they think might have the potential for leadership? How are future leaders recognized? By a lot of things, obviously, many of them idiosyncratic to the corporate environment within which they will work.
However, when I help senior executives make this decision, one thing comes up frequently: how the leadership candidate conducts him- or herself in group situations--and specifically, how he or she contributes to group discussions.
There are three phrases in particular, variants of which I hear remarked upon time and again when they're used appropriately and wisely in group and team situations:

1. "I have nothing to add."

You know the person who simply has to contribute to every single item under discussion, irrespective of whether or not he or she has anything of note to contribute? Don't be that person.
Doing so shows only fear (that you might be outshone by someone else if you don't speak to every point) or bumptiousness (you believe you actually do know something about everything under discussion, however esoteric).
Be confident in your own potential leadership abilities to simply state you have nothing to add when, um, you have nothing to add.

2. "I don't understand what you mean by..."

Don't want to seem stupid in front of colleagues? Fearful that if you don't know the meaning of every acronym thrown around that you'll be dismissed as not "with it"? Get to the back of the succession line.
Potential leaders talk like 6-year-olds when necessary. "I've never heard that phrase in this context before--could you help me understand what you mean by it?" won't get you laughed at (unless you work with jerks, in which case, you have deeper problems). It will get you recognized as genuine and trustworthy.

3. "I recommend that we..."

There's a type of team member who will avoid making any statement that involves some risk on his or her part. Whether it's being asked to express an opinion or make a recommendation, he or she will wiggle like a trapped squirrel rather than be definite about his or her own views.
This usually comes out of a fear of being wrong (sometimes it's genuine shyness, but that's rarer than you'd think), and people who are afraid of ever being wrong don't make good leaders.
I don't suggest that you start throwing around your opinions on every matter under the sun (see Point One above), but if you want to be considered for future leadership, I do recommend you fully think through those issues in which you are involved and make your recommendations clearly and without vacillation (opinions can come later; share them if and when you're asked).
Want your leadership potential to be recognized? Try using these three phrases--or whatever version of them you're comfortable with--next time you're working in a group or team.

Tim Horton’s Doughnuts

How did this business estimate revenue/costs?

This business would have measured their reach globally amongst consumers and profiled them according to their spending habits. They would have also gotten quotes from different suppliers of raw ingredients and the machinery associated with doughnuts, they would also evaluate if they need more employees for their new products and factor that in to their cost. Their costs would also increase because they need to promote their new doughnuts and might even need to expand into new markets for their special doughnut. They would also factor in the change in logistics and adapt accordingly.

Sources of Finances:

Every business needs finance. There are a number of financial support sources firms can use to obtain funding. Some sources of finance are short term, which means they have to be paid back within a year whilst others are long term; this means they can be paid back over many years.

Internal sources of finance are funds found inside the business. EG, profits can be kept back to finance expansion. Alternatively the business cans sell assets (items it owns) that are no longer really needed to free up cash.

External sources of finance are found outside the business. EG, banks.

Sources of external finance to cover the short term include:

• An overdraft facility, where a bank allows a firm to take out more money than it has in its bank account.

• Trade credits, where suppliers deliver goods now and are willing to wait for a number of days before payment.

• Factoring, where firms sell their invoices to a factor such as a bank. They do this for some cash right away, rather than waiting 28 days to be paid the full amount.

Sources of external finance to cover the long term include:

• Owners who invest money in the business. For sole traders and partners this can be their savings. For companies, the funding invested by shareholders is called share capital.

• Loans from a bank or from family and friends.

• Debentures are loans made to a company.

• A mortgage, which is a special type of loan for buying property where monthly payments are spread over a number of years.

Here is a helpful PowerPoint about all the different sources of finance. http://www.docstoc.com/docs/55448428/Different-Sources-of-Business-Finance---PowerPoint

Waitrose low fat Crisps

Waitrose Crisps Low Fat

1) This business estimated revenue by estimating how many products they will sell by thinking how big the company is and what the target audience is, and how much each product costs. They can estimate the costs by knowing how many products they will produce, and how much the ingredients cost.

2) The launch period could have affected the cash flow because people may not know much about it at first so there will be less products sold. On the other hand, people might notice the new product and be excited to try it, which would mean they would want to buy it. Also, in the development period, a lot of money comes from loans and investments.

3) Some business objectives would have been to target people who are on a diet or just want to eat healthier. This works because the product is low fat to appeals to people who want to eat less fat but still enjoy the taste. If it was a start up business, the company would aim for much bigger target audiences as they cannot produce as many products.

4) This product ‘adds value’ by making it low fat. It is less common and harder to make.
Also, having calorie count and information on the front makes people want to buy it more because they know what it is.

Cash flow AND TIMMY THE HORTON HEARS A WHO

What is cash flow and why is it important?

Cash flow is the movement or flow of money in and out of the business. It is usually measured during a short period of time. It is a measure of the profits that the business gains and the losses due to costs of materials and/or labour.

Cash flow is important because it helps the business get an idea of how much money it is making and how much it is losing which can help it to lower or raise its prices or lower the amount of money it spends on materials and/or labour

Tim Horton’s

This business probably estimated the revenue/cost of its doughnuts buy doing some surveys to see how many people would pay to have these doughnuts and what their preferences were. They probably also looked for a gap in the market and tried to fill it. This gap might have been good quality doughnuts at an average price. This would help them estimate their costs/revenue as it would be able to guess how many people would buy them and they would be able to guess the costs buy seeing how the prices of the ingredients needed changed over time.

The development period of the product probably didn’t affect the cash flow that much as it was just being made. It might have affected the amount of money leaving the business as they were developing and making different versions of the product. The launch period could have been good or bad as they had just launched the product which might make it very popular as it’s a new product and people want to try it. They might have also lost a lot of cash due to the costs of advertising as it is a new product and needs to be advertised to be successful. The growth period might have been god for the cash flow as people are beginning to notice the product and it is gaining more popularity due to the advertising.

Tim Horton’s main products are coffee and doughnuts so their objectives with this product might have been to gain a lot of their income from it as it is their main product

Tim Hortons

• This business estimates revenue/cost by predicting how many products they will sell by thinking how big the company is and what the target audience is, and how much each product costs. They can estimate the costs by knowing how many products they will produce and how much the ingredients to make their products cost.
• The launch period could have affected the cash flow because people may not know much about it at first so there will be less products sold. However, some people may want to hurry and up and try the new café and this may cause a rush at the launch of the business.
• Some business objectives would have been to target people who are on a diet or want to eat healthier.
• This product adds value by making it low fat.

Sources of finance

- Volume of Sales
- Receiving Loans from banks, however you need to provide a cash flow forecast and other sufficient information showing a profit being made in the future.
- Offering shares of the business to the public; Receiving money straight away.

The Role And Importance Of Cash Flow

The Role of cash flow is to show what and how much money has gone out and in to the business and why

Cash flow is of vital importance to the health of a business. One saying is: “revenue is vanity, cash flow is sanity, but cash is king”. What this means is that whilst it may look better to have large inflows of revenue from sales, the most important focus for a business is cash flow.

Many businesses may continue to trade in the short- to medium-term even if they are making a loss. This is possible if they can, for example, delay paying creditors and/or have enough money to pay variable costs. However, no business can survive long without enough cash to meet its immediate needs.

Cash Flow Activity

Complete this activity:

http://www.tutor2u.net/blog/index.php/business-studies/comments/starter-activity-cash-flow-forecasting-for-celebs

Create notes using the following:

http://www.tutor2u.net/blog/index.php/business-studies/comments/buss1-revision-quiz-using-cash-flow-forecasting

http://www.tutor2u.net/blog/index.php/business-studies/comments/qa-what-are-the-main-causes-of-a-cash-flow-problem

http://www.tutor2u.net/blog/index.php/business-studies/comments/why-is-the-cash-flow-forecast-so-important

http://www.tutor2u.net/blog/index.php/business-studies/comments/a-hotspot-quiz-on-cash-flow-forecasting

High Court in James Ibori’s Delta State Sentenced Julius Aboy, 22 To Death By Hanging For Stealing N955,600

High Court in James Ibori’s Delta State Sentences Julius Aboy, 22, To Die By Hanging For Stealing N955,600

A 22-year-old man, Julius Aboy was yesterday sentenced to death for stealing N955, 600 by a Delta State High Court sitting in Warri. The trial judge, Justice Marshal Mukoro of High Court 1, who handed down the sentence told the convict that he is to die by hanging.
The convict was arraigned on a two-count charge of conspiracy to commit armed robbery and armed robbery, offences punishable under Sections 6(b) and 1(2)(a) respectively of the Robbery and Firearms (Special Provisions) Act Cap. RII Volume 14, Laws of the Federation of Nigeria, 2004.
In the first count, Julius Aboy and others now at large were reported to have on or about the 4th day of March, 2011 in Warri, conspired with others now at large to commit armed robbery.

In the second count, Julius Aboy and others now at large were also reported to have, on or about the 4th day of March, 2011 in Warri, robbed one Godwin Gwuene of N955, 600, while armed with a gun. The money was said to be Ususu contribution (savings), belonging to workers, serving as cleaners in a company in Warri.
The armed robbery gang, of which Aboy was allegedly a member, ran out of luck when an oncoming vehicle knocked down their getaway motorbike at the scene of the crime, leading to the arrest of the convict and killing of another member of the gang by an angry mob.
Justice Mukoro said the excuse of poverty, which the convict gave as reason of dropping out of school and venturing into crime was not tenable, as poverty was not a licence for criminality.

FG spends N480bn annually on malaria control

The Federal Government said on Thursday that it was spending N480 billion annually on the management and treatment of malaria in the country.

President Goodluck Jonathan said this in Port Harcourt at the Economic Community of West African States (ECOWAS) Town Hall meeting on Malaria Elimination and Ground Breaking ceremony of Biolarvicides (insecticides) factory.

Represented by the health minister, Onyebuchi Chukwu, the president said that a child died of malaria in every 45 seconds in Africa.

He noted that malaria occurred and killed more people in poor rural communities of the country, saying that poverty and sickness were related.

The minister, who delivered a paper entitled, ‘Malaria and Socio-Economic Impact’, said people were sick with malaria disease especially because they were poor.

He said poverty was a hindrance to the ownership of mosquito nets and noted that some people were poor due to sickness.

The minister said persons spent 45 percent of their income to manage their health challenges, noting that it costs Africa billions of money managing malaria.

“Malaria bites the income of families; malaria means poverty and the elimination strategy should be based on cost-effectiveness”, Chukwu said.

He advised Nigerians to guard their environment and called for the re-introduction of sanitary officers to ensure clean and healthy environment in the communities.

In his contribution, Rivers Governor Chibuike Ameachi said poverty remained a huge problem in the country.

The governor, however, said that government at all levels had taken measures to reduce the vice.

According to him, his administration has set up several farms that employed thousands of people to encourage self-reliance and reduce poverty.

Amaechi said the affluent in the society did not help the matter, adding that “a lot of rich people have denied the public their rights by stealing public funds”.

Etisalat to raise $500m from local banks for expansion

According to Ammar, the expected move is to also grow the market shares of Etisalat to 17 per cent this year, from the present mobile market shares of 15 per cent.
The company is struggling in market shares compared to other Telecoms companies. It was gathered that MTN has 43 per cent, while Globacom and Airtel’s mobile market share are at 22 and 20 per cent respectively.

“We expect average revenues for voice traffic across the Industry to continue to decline to around $5 per user over the next 3-5 years, from around $6-7 per user currently, average revenue per user (ARPU) was $10 per user in 2008,” said Ammar.

“We are investing $500 million this year to expand our network and services to Nigerian consumers,” he said. He Added that the present objective of the company is to target some 40 per cent of Nigerians who still don’t own a phone.
“We see the second wave of growth coming from the youth segment. It is a huge segment that will turn into future consumers and the growth will happen across multiple years,” he said.
The forecast from the International Telecommunication Union, reports that Nigeria will have 120 million mobile subscribers by end of 2013, out of a population of 170 million.

[Herald]

Google may acquire WhatsApp for nearly $1 billion

Google is in talks to acquire cross-platform messaging application WhatsApp, a new report claims.

Google and WhatsApp have been talking for "four or five weeks," according to Digital Trends, citing a person who claims to have knowledge of the negotiations.
So far, WhatsApp has been able to push the acquisition price to nearly $1 billion by "playing hardball," Digital Trends' source says.

WhatsApp is one of the most popular messaging applications available to mobile users.
The app allows users on just about any mobile platform, including Android, iOS, BlackBerry, and Windows Phone, to instant-message with each other, as well as send images, audio, and video messages. The messaging app essentially allows for cross-platform texting without having to pay for SMS.
In January, WhatsApp announced that it had set a personal record on New Year's Eve, with 7 billion inbound messages sent that day. Another 11 billion outbound messages were sent. WhatsApp's previous one-day record stood at 10 billion total messages.
Whether WhatsApp is actually worth $1 billion, though, is up for debate.
That's the price that Facebook paid for Instagram last year, and some believed the deal didn't land in the social network's favor.
WhatsApp, while popular, doesn't have the kind of cache that Instagram did at the time of that acquisition, making such a valuation seem high.
And since the Digital Trends story comes from only one source, it's important to take it with a grain of salt at this time

Dangote Group to raise $3.5 billion syndicated loan

Dangote Group, Nigeria's biggest listed company, has begun talks to raise a debut syndicated loan for $3.5 billion to fund fertiliser and oil refinery projects, two sources with knowledge of the situation said.
The seven-year loan for Nigeria's biggest cement producer is split equally between the country and international lenders via lead banks Guaranty Trust Bank, Standard Bank and Standard Chartered, the sources said.

No one at Dangote was immediately available to comment.
International lenders are weighing up the risk associated with a relatively long-term jumbo loan for Dangote being a first time borrower.
Dangote's position as a leading company in one of Africa's more economically stable countries is expected to appeal to deal-hungry emerging market lenders who faced a shortage of such sizeable loans in 2012.
"If any international banks want to make a new play for Africa then this is the deal to join," one of the sources said.
Dangote forecasts a 38 percent rise in net profit to 81.5 billion naira for the first quarter compared with a year earlier, it said in a filing with the Nigerian Stock Exchange in late December.
The company's full-year results are expected shortly

[Businessdayonline.com]

11 Inspiring Quotes From Sir Richard Branson

The iconic Virgin Group founder seems to have done it all. Now he explains to Inc. how to start a company from pennies, when to "snoop around," and his trouble saying "no."

Sir Richard Branson, founder of the Virgin Group--an empire of more than 400 companies that includes an airline, a mobile phone company, and a credit card company--sat down Wednesday with Inc. editor-in-chief Eric Schurenberg. Their exclusive interview kicked off Inc.'s GrowCo conference in New Orleans.
Branson spoke about the power of delegating, the importance of branding, how to assess risk, and why he wants to change the entire concept of space travel--soon.
Here are some of the interview's most poignant take-aways.

1. "A business can be started with very little money."
When Branson was 15 years old, he decided he wanted to start a magazine to give young people a way to speak out against the Vietnam War. He didn't have any money--not even enough change to make a phone call. But when his mom found a necklace and turned it over to the police, nobody claimed it. So she sold the necklace, and gave Branson a couple hundred dollars. That money enabled him to bring on advertisers, which led him to start printing his publication.

2. "Consider getting smaller in order to get bigger."
Rather than grow his original record business exponentially larger, Branson instead set up 30 different record companies. Rather than have a few top managers overseeing layers upon layers of people below them, some lower-level employees became managers of those smaller entities. A hearty spirit of competition developed. Branson attributes this strategy's success to the fact each company knew directly and immediately when it had succeeded, and when it had stumbled. Virgin today is a huge entity with more than $20 billion in revenue--but Branson's original strategy has been retained in that it also is a series of smaller companies.

3. "You can be a David vs. a Goliath, if you get it right."
When Branson launched Virgin Atlantic, it had tough competitors such as TWA, Pan Am, and Air Florida. "I mention these names," said Branson, "because none of them exist anymore." Why'd the others fail? The others didn't focus on the customer, Branson said.

4. "A business is simply an idea to make other people's lives better."
Branson explained this is what drives him as an entrepreneur: "If you can make peoples lives a lot better, you've got a really good business."

5. "Unless you dream, you're not going to achieve anything."
Branson is funding Virgin Galactic to make space travel more accessible to average people--even if it would still cost an individual a couple hundred thousand dollars. Because governments have traditionally overseen space travel, only a select and elite (and very small) group of people have been into space in the last six decades. Branson is trying to change that. "People in this room under the age of 50," Branson said, "if they want to go to space will be able to go to space in their lifetime."

6. "You can get too close with a doctor, or banker, and not realize you should actually snoop around."
When he launched Virgin Atlantic, Branson found a manager at his bank on his doorstep one Friday evening in a complete panic, questioning how someone in the record business could launch an airline. The banker said he would foreclose on the whole Virgin Group that Monday. "I just pushed the bank manager out of my house and told him he wasn't welcome," Branson said. He then explained that, in a state of "half-anger, half-fear," he spent the weekend asking people he knew to chip in to help him gather the money he needed upfront. And the next week he changed banks--something he should have done much earlier (he even got a better package from the new bank).

7. "Detail is very important."
Richard Branson carries a notebook at all times, so he can write down conversations. He doesn't want to forget on, say, a Virgin Atlantic flight, what his customers or staff tell him. He brings the notebook along when he visits out-of-town teams and goes out with them. "When I get drunk with staff, I won't remember, so I'll definitely write it down," he laughed.

8. "You can create a business, choose a name, but unless people know about it you're not going to sell any products."
When Virgin Atlantic was getting started, it was so much smaller than its competitors that Branson went to extraordinary lengths to put the brand on the map, including stunts like attempting to get a boat across the Atlantic in the shortest period of time. "Luckily when it sank, the Virgin brand was sticking out of the water," he joked. Likewise, when Branson tried to be the first to cross the Atlantic in a hot air balloon, it was rescued by helicopters--but Virgin was all over the newspapers.

9. "Find somebody else to run your business on a day-to-day basis."
Branson recommends you should be brave enough to find somebody else to run all the day-to-day, and nitty-gritty details of your company, and then step aside and work from home for a while, so you can start to think about bigger picture--or your next business.

10. "Protect against the worst eventualities. Make sure you know what they are."
Ask yourself when you embark on a new venture if you can afford the absolute worst-case scenario, and then just go on and do it. "You may say, 'OK, I feel so sure about it I will mortgage the house.' I have done that against my wife's wishes on two or three occasions," he said.
"Sometimes you'll fall flat on your face, sometimes you won't," he added.

11. "I think because I have great difficulty saying the word, 'no,' almost every day's a different adventure."
Branson's not one for taking it slow. Or turning down opportunities--even if they mean jetting around the world and back. Inc. caught up with Branson in New Orleans between a trip to New York--where he announced the Virgin Atlantic service from two New York City-area airports to Los Angeles and San Francisco--and his next stop: Peru.

Gay Man Escorted Out of Missouri Hospital in Handcuffs for Refusing to Leave Sick Partner’s Side

Making matters worse, Roger Gorley says he now has a restraining order preventing him from visiting his partner at all.

The Lee's Summit, Missouri resident says he was at Research Medical Center in Kansas City visiting his partner Allen when he was asked to leave by a member of Allen's family.
Gorley refused to budge, which prompted the hospital to have security forcibly remove him from the building in handcuffs.
Gorley says that, in addition to having been in a civil union for the past five years, he and Allen also share joint powers of attorney over each others medical affairs, which the nurse on site refused to confirm.

"I was not recognized as being the husband, I wasn't recognized as being the partner," Gorley told a local Fox affiliate.
Missouri law does not explicitly protect it citizens from being discriminated against based on their sexual orientation.
Nonetheless, Research Medical Center insisted in a statement that it does not discriminate based on sexual orientation or race (though there was no mention of gender or disability):

We believe involving the family is an important part of the patient care process," the hospital said in a statement. "And, the patient`s needs are always our first priority. When anyone becomes disruptive to providing the necessary patient care, we involve our security team to help calm the situation and to protect our patients and staff. If the situation continues to escalate, we have no choice but to request police assistance.

Joe My God notes that President Obama issued a memorandum in 2010 ordering hospitals that receive federal funding to grant same-sex partners full visitation rights.
Gorley says he plans to challege the restraining order.

[H/T: The Raw Story, screengrab via Fox4KC]

Too Revealing? Kim Kardashian's latest maternity wears

Perhaps to shut up her critics,Kim has embraced revealing maternity wears.The first exposing her bump and the 2nd ,her nipples....

She looks great..

Meet the Prime Minister and First Lady of Iceland: Johanna and Jonina [Lesbian couples]

Iceland's lesbian PM is the world's first openly gay Prime Minister. Icelandic PM, Johanna Sigurdardottir, and her "wife" of 13 years, Jonina Leosdottir are the First Lady and First Lady of Iceland. Johanna Sigurdardottir is Iceland's longest serving Member of Parliament (MP) and also the country's first female to be Prime Minister (PM).

In 2002, at the age of 60, Johanna Sigurdardottir married Jonina Leosdottir, a writer, in a civil ceremony. Three decades ago, she was an air stewardess and union official, and the mother of two sons married to a banker. Same-sex marriage was legalized in Iceland in 2010.

Mobile money struggles despite N1.1trn market potential

Despite the promise and enthusiasm that attended the launch of mobile money systems in Nigeria two years ago, the service is still struggling to gain a foothold in the country.

This is against the backdrop of the huge potential market size, which is expected to grow to N1.1 trillion by 2015.

Industry experts and analysts say this is because banks, mobile money operators and other players have failed to clearly define, articulate and communicate the benefits of using the service to prospective customers.

Analysts have also identified regulatory issues, absence of interoperability amongst disparate mobile money systems, and poor agent networks, as some of the drawbacks to the speedy adoption of the service.

“Mobile money is not getting traction in Nigeria and across West Africa...there are regulatory issues particularly amongst West African countries which have not allowed mobile money to grow as much as we would have liked it in the telco space,” Wale Goodluck, corporate services executive, MTN Nigeria said in an interview.

In December 2012, the Central Bank of Nigeria (CBN), said the total value of transactions carried out so far by mobile money operators was N17.3 billion. A recent survey conducted by Enhancing Financial Innovation and Access (EFINA), has revealed that there are about 400,000 mobile money subscribers in Nigeria, out of a population of 167million.

In contrast, two-thirds of Kenya’s 29 million mobile subscribers use mobile money. Femi Adeoti, chief executive officer of Inlaks Computers said that with Nigeria’s huge mobile subscription base, currently at 114 million, the country could surpass the success of Kenya’s M-PESA, if appropriate policies that would drive the right solutions are put in place. He added that it would be necessary to give ample support to network and licensed mobile money operators. The CBN had in 2011 licensed 16 operators to provide mobile payment services in Nigeria. But analysts say poor infrastructure has contributed massively to slow adoption.

Henrietta Bankole-Olusina, head of mobility for Accenture Nigeria, said investment in infrastructure alone cannot spur growth of the service expected to aid financial inclusion by extending banking and payments services to millions of the unbanked.” We can invest in infrastructure all we want, but if we don’t have the right business models, we will not achieve desirable results. An effective business model and a clear customer value proposition is what this sector requires to stimulate growth. We have a myriad of operators offering the same standard of products. “Nobody is telling the consumer about what values they can derive from using the service”, Bankole-Olusina said at a forum in Lagos.

Lending his view, Franklin Chidi, an electronic payment expert and blogger, said a large number of banks have for several years, supported mobile banking and money transfer services using phones, browsers or application installed on Blackberries, iPhones and Andriod phones. “The reality is that many of the early adopters who typically help spread the phenomenon are the young and upward mobile, who are not yet jumping on the mobile money bandwagon because they have an alternative that still works for them.”

“Traction in mobile payment in Nigeria remains very low. Interoperability is a serious issue. The likelihood of growth is clearly reduced”, Chidi added.

“Only four out of the 20 licensed mobile money operators are interoperable, as the industry is currently fragmented ,with disparate mobile payment systems that don’t talk to one another, Bankole-Olusina said. The potential in the mobile money market is huge, but it is a capital-intensive, thin margin business, said Chuma Ezirim, head of e-banking at FirstBank. “There is need to manage the expectations of some stakeholders, especially on the viability of the Mobile payment deployment. The growth period might be longer than expected because of the complexity of the ecosystem.”

[businessdayonline.com]