ENTERPISES, SPECIAL BEST TIME SMALL, REPORT: TO BE MEDIUM & RUMBU AN SME LARGE SACKS PROMOTER
VOLUME 2 NO 1 APRIL 2015 IMPACTBOI
THE UNKAMMON REVOLUTIONARY INSIDE: ALL THE BUSINESS DEVELOPMENT SERVICE PROVIDERS (BDSPs)
PEOPLE PERFORMANCE POSSIBILITIES Foreword BY THE MD/CEO We are driven by S.P.P.I.R.I.T
it is now etched in our hearts. Our core best practices. We have a number of initia- values go by the acronym S.P.P.I.R.I.T. tives and action plans and action steps and S – Service projects in different areas. So, the different P – Professionalism departments and units are really very busy P – Passion and everybody is really working hard to I – Innovation ensure that those things are achieved with- R – Resourcefulness in the stated timelines. I – Integrity So, a lot of things are happening. Inter- T – Team Spirit national DFIs are also talking to us as part I wish to single out Resourcefulness of our strategy to diversify our funding for adumbration. I think there has been base from government to other sources. too much emphasis on “resources” here- For instance, we are talking to Brazilian abouts, whereas what we actually need Development Bank (BNDES) of Brazil; we is “resourcefulness.” So, resourcefulness are talking to Industrial Development Cor- n December 2014, the executive man- is about doing more with less. That is the poration in South Africa, we are talking to agement of the Bank of Industry (BOI) best summary I can think of. FMO of The Netherlands and so on and so locked itself within the confines of a forth. We are talking to even the customer serene environment and submitted to as Nigeria’s most respected groups, Manufacturers Association of Ni- I credit rating agency, Agusto a rigorous exercise by the global firm of Even geria (MAN), NASME, NASSI, etc. KPMG, to, as it were “cut through our com- & Co has given us a rating that shows we It’s indeed a new BOI. With eyes set on plexity.” We emerged from that retreat are sound and stable, our findings show being the best in Africa. with a set of new strategic initiatives de- that we are lowly-ranked among other On that delightful note, let me com- signed to take us from where we are today leading development banks in the devel- mend this new issue of BOIImpact to you. to where we really planned to be. oping world. Statistics from the Association Like the first one, be assured that it is a It’s my pleasure and delight to inform of African Development Banks show that collector’s item. you, through this medium, of our new we are not even amongst the top 10. It Warm regards vision, mission and core values which will was sobering enough for us to decide to guide our behaviour as a group of people. wear our thinking caps to design a Five- Rasheed Olaoluwa Our vision is “to be the leading devel- Year Strategic Plan. To make the kind of Managing Director and opment finance institutions in Africa, oper- impact we should be making, there’s no Chief Executive Officer ating under global best practices.” It is very alternative to that. This is a promise: we simple and from my interaction with staff, are going to get there; by adopting global
10 Lead AN UNKAMMON REVOLUTION 19 Look A photographic gallery of activities, personal is taking place in Ilorin, the capital of Kwara State, in the and official, by BOI people north central of Nigeria. And, the revolutionary is KAM, as 23 q&a DEVELOPING NIGERIA’S ECONOMY Kamorudeen Ibitoye Yusuf is more, er, kammonly known. IS A JOINT VENTURE Interview with Executive How did this gentleman grow a venture he started with Director, Large Enterprises, Mr Mohammed G Alkali N10,000 into a behemoth? 14 Special Report RUMBU MEANS MATS 27 q&a BIG DEAL FOR SMALL, MEDIUM Starting in 2000 with 12 machines and staff strength of ENTERPRISES interview with Executive Director, Small 30 workers, Rumbu has blossomed into Nigeria’s leading and Medium Enterprises, Mr. Waheed A Olagunju manufacturer and exporter of mats, sacks and allied 32 Directory A Directory of BOI-Accredited Business products. Development Service Providers in Nigeria contents 38 Focus HAVING BETTER EYES TO SEE Editor EDITORIAL ADMINISTRATION REGULARS Hadiza Olaosebikan Solomon Tommy Kehinde Alade Toyin Oyekanmi LEGAL Abdullahi Sadat 3 Round-Up | BOI IMPACT Mrs Florence Okafor of Happinex Foam Innoson Group Chairman Mr Innocent Industries Nigeria Limited, Benin, with the Chukwuma receives firm’s plaque from BOI plaque won by the firm MD Rasheed Olaoluwa
BOI at least twice and they fully repaid the loans as and when due (proving) that HONOUR, integrity is not a function of size or of the business environment. They have shown CHARACTER & considerable honour and character that we commend and applaud.” The roll: Ammasco International Limit- THE BEST 10 ed, Kano; Cement Company of Northern Nigeria, Sokoto; Cobef International Limit- hen was the last time you What qualifies a customer to become a ed, Port Harcourt; Happinex Foam Indus- visited the Corporate Of- Hall of Famer? tries Nigeria Limited, Benin and Innoson fice of the Bank of Industry Simple: consistency in honouring loan Technical and Industrial Company Limited, Wat 23 Marina, Lagos? obligations. Enugu; Nigerian Aluminium Extrusions What beckons on you as you pass On 17 October, 2014, 10 of such cus- Limited, Lagos; Nigerian Foundries Limit- through the swing doors? tomers were garlanded and serenaded at ed, Lagos; Paul B Nigeria Limited, Enugu; Yes, it is the LED screen displaying the the Corporate Office. Managing Director/ Rumbu Sacks Nigeria Limited, Kano and bank’s best customers – The Famous Ones. CEO Rasheed Olaoluwa said: “(They) Supercor Industries Limited, Bauchi. (One of them is showcased in this issue). obtained long-term credit facilities from Olaoluwa noted that their exemplary
BOI IMPACT | round-up
– they kept on trying to find out how we were faring. We are very proud of what BOI has been doing. BOI’s support has led to increase in our capacity utilisation; it is up to almost 50% now as against 25-30% before we secured the loan from BOI. And our staff strength has grown from 150 to about 280 staff. Vassily Barberopoulos (Nigerian Foundries): We have been with BOI since 1988, and I think right now, we have taken the fifth loan. I don’t know what more to say because Nigerian Foundries today has gotten its first oil and gas cast- ED (SME) Waheed Olagunju felicitates with Cobef International ing contract and to get an international Limited’s MD Pawan Techandani oil and gas casting contract, you need to have gotten to a really high level, and this performance was crucial to the sustenance of Industry has been beneficial because could not have been possible without the of any financial intermediary, especially now, we are positing appreciable market Bank of Industry. DFIs such as BOI because “when customers performance, like our turnover which in- Enidom Paul (Paul B Nigeria Limited): default on their loans, they deprive other creased from about N242million in 2009 to The Bank of Industry is so fantastic! Be- Nigerian businesses of the much needed N324.10million in 2012. We have enjoyed cause, right from the time we submitted access to finance.” loans from BOI twice, which we paid back, our proposal, till the time we could draw Now, hear the inductees about their and we are currently on another one from the facility, it was total support. bond with BOI: which was disbursed in May 2013. We took N750million, and based on our Alhaji Mustapha Ado (Ammasco): With Chief Innocent Chukwuma (Innoson experience, there was no doubt in our the support of BOI, we started with only 45 Technical and Industrial Company Lim- minds that we were in the right organ- staff; but after receiving financial support ited): I started dealing with BOI over 18 isation determined to support indige- three times from the bank , we have been years ago. The relationship started with nous entrepreneurs. And I can say that able to create some 1,050 direct jobs. the facility I got through NAC (National what the bank has planted in Paul B has Mr. Alf Karsten (Cement Company of Automotive Council Fund). Today, my first grown, because we now have three addi- Northern Nigeria Plc): We have enjoyed factory at Enugu is now the biggest factory tional quarries outside the initial one that impactful leadership under our Chairman, in plastic manufacturing in West Africa and BOI helped to finance. Alhaji Abdulsamad Rabiu and good sup- it was sponsored by the Bank of Industry. Alhaji Ibrahim Salisu Buhari (Rumbu port from the Bank of Industry; and we I am able to expand as and when due be- Sacks): We started like 14 to 15 years ago, have grown to the stage where we have cause of BOI’s support, and this is because with mat production. With BOI’s support, 500 employees. we always pay off our loans. Now, my the company has been able to increase its Chief Christian Ohakwe (Cobef Inter- company employs over 7,000 direct and workers from 231 in 2001 to 1,163 to date national Limited): At Cobef, we produce 2,000 indirect workers. in both direct and indirect workers. PVC pipes and plastic jerry cans in Port Mr. Iyiola Ishola (NIGALEX): Our own Supercor Industries Limited:The com- Harcourt. We have a good relationship relationship is not just a bank-customer pany, owned and managed by Alhaji U. with the Bank, because we have so far en- relationship; it is a parent-child relation- A. Alkaleri is one of the top producers of joyed loans from them three times, and we ship. The then NIDB was one of the inves- non-metallic flat and green board roofing are servicing the current one now. I cannot tors (in the company) in 1973 when the sheets in the North. The company has fully tell you the huge positive impact it company was conceived, and the support been successful in securing BOI’s facilities has had on our business has been tremendous. We took a lot far in 2012 and has shown good stewardship Mr. & Mrs. Florence Okafor (Happinex back in 2006 to acquire the biggest ex- of the funds received to increase its turn- Foam Ind. Nigeria Limited): We are a trusion plant in Sub-Saharan Africa. They over from N110 million in 2008 to N1.076 foam manufacturing company in Anambra did not stop at giving the loan; one thing billion in 2013. State, and our relationship with the Bank I appreciated was the after-loan support | BOI IMPACT round-up
magazine on how BOI would meet the minister’s demand for increased access to finance for MSMEs. (See BOI Impact, Vol 1, No 1, Sept 2014). On 23 December, 2014, BOI signed on 122 BDSPs to increase the capacity of SMEs to apply for and secure financing from the bank. (See: The Providers Directory p32- 37. ) Justifying the need for BDSPs, BOI Man- aging Director/CEO Mr. Rasheed Olaoluwa stated at the event that even as SMEs account for over 90% of the companies in Nigeria, and half of the nation’s GDP, and provides employment for more than 30% BOI MD/CEO Rasheed Olaoluwa with one of the newly accredit- ed BSDPs’ representative of its populace, many SMEs have not been able to attract funding because of poorly packaged and non-bankable business ACCESS TO FINANCE plans and proposals submitted to secure funds. Alluding to the latest survey on MSMEs, MADE EASY Dr Olusegun Aganga, on an occasion, had pointed out that approximately 84.6 per challenge. “I would like to use this cent of small business owners in the coun- Bankable proposals occasion to remind BOI that try had to resort to personal savings and Solution: BDSP – short for Business the future of MSMEs rest borrowing from friends and families. Development Service Providers. “These are squarely on how responsive So, BOI’s strategic partnership with people who are engaged with the MSMEs you are to their funding BDSPs, adds Olaoluwa, was in furtherance in the various Local Government Areas in needs.” of the bank’s core mandate of “providing the state, people who are closer to the long-term financial and business support hat was the Minister of Trade, (prospective customers); who will help services to large, medium and small pro- Industry and Investment, Dr them package the proposals so that by the jects.” He also pointed out that this would Olusegun Aganga, on 15 July time they get to BOI, they have what we also help BOI fulfil its obligations towards 2014, charging the new Board call a bankable proposal,” said Olaoluwa T the success of the National Enterprise De- of Directors of the Bank of Industry at its in response to a question posed by this inauguration to explore new funding mod- els, particularly in the areas of access to finance, for MSMEs. Done. Two new programmes to ease access to finance for this sub-sector are now up and running. “One of the things we found out is that the bulk of applications we receive from MSMEs do not usually meet our standards. We spend quite a bit of time, going back and forth, trying to ask questions here and there, trying to fill the gaps, and so on and so forth.” That’s the Managing Director/ Olaoluwa, flanked by EDs Waheed Olagunju (left) and Alkali: CEO Rasheed Olaoluwa talking about the Many MSMEs have no bankable proposals
BOI IMPACT | round-up
• Collaborate with BOI to identify credible SMEs that require finance; • Develop bankable business plans and proposals for SMEs to facilitate their access to finance, guided by BOI’s Risk Acceptance Criteria (RAC); • Ensure that a sound business model is developed and presented; • Collaborate with BOI to conduct periodic post-finance monitoring of
WE ARE SME-FRIENDLY: First row (L-R): Tony Opanachi, Executive Director, EcobankPlc; Diviye Ekong, the SMEs; Executive Director, Skye Bank Plc; Rasheed Olaoluwa, Managing Director/CEO, Bank of Industry Ltd; Titi • Provide post-finance services such Osuntoki, Executive Director, Access Bank; Uche Ike, Chief Risk Officer, United Bank of Africa Plc; Caroline Anyanwu, Deputy Managing Director, Diamond Bank. Second row (L-R): Olufemi Bakre, Executive Direc- as mentorship, hand-holding, finan- tor, First City Monument Bank Ltd; Obinaya Abajue, Executive Director, Stancic IBTC; I. K. Mbagwu, Ex- cial advice and encourage SMEs to ecutive Director, Fidelity Bank; Yetunde Oni, Executive Director, Standard Chartered; Waheed Olagunju, Executive Director, Small and Medium Enterprises, Bank of Industry Ltd and Mohammed Abdul-Ganiyu, inculcate best practice; and Divisional Head, Small and Medium Enterprises, Bank of Industry Ltd • Support SMEs to develop synergies and linkages with large enterpris- velopment Programme (NEDEP), of which es, industrial buyers and suppliers the bank is a key stakeholder. along the value chain. To be sure, the 122 firms emerged In their deals with BOI, the BDSPs through a transparent and rigorous pro- are expected to make full disclosures cess. Broken into categories, there are 28 to BOI and ensure that all facts pre- BDSPs with a national coverage; 74 with sented in loan applications are not regional coverage and 20 with state-wide misrepresented. They are also to follow the Bank’s RAC in assisting SMEs access coverage. funds. What really would the BDSPs be doing? And, yes, each BDSP must have
And, all say ‘Aye’
hat do the representatives of the SME-friendly com- those two areas. And we are committed to working with you to Wmercial banks think about the scheme? make sure that the benefits derivable from this partnership are Huge opportunity for the economy gotten from the sector Mrs. Diviye Ekong, Executive Director, Ecobank This scheme is something that will further de-risk our short- term exposure to the SMEs. And for us in the United Bank of Win-win for all Africa Plc, we think it’s a very huge opportunity, not just for us For us, it represents a win-win situation for everybody. It’s an at the bank but for the entire economy and for the SMEs par- opportunity for long-term funding and also for working capital ticularly. So I am quite impressed and excited about this oppor- and we look forward to driving it further. tunity. I think it’s going to open up a new vista for us to more Mr. Tony Opanachi, Executive Director, Ecobank effectively participate in this sector. Noble. Laudable. Uche Ike, Chief Risk Officer, UBA plc Whatever it takes to ensure that we make the SME sector Quite laudable truly contribute its quota towards driving the economy, we’d It’s a very laudable project. Like has been stated, you know be more than happy to partner with such initiatives and I’m the tenor of funding and the pricing are two critical success sure that is why we are here today. We are more than happy to factors for that sector. For any sector, including the real sector, work with BOI to further this initiative. We think it’s a very no- you need funding that will give you the comfort to do things ble and laudable one and I commend the MD for this initiative. that will germinate over a period, unlike buying and selling. We’d be more than happy to support. And then, the interest rate has to be right. So this is addressing Titi Osuntoki, Executive Director, Access Bank
| BOI IMPACT round-up at least 40 per cent success rate. Fair enough, isn’t it? Working capital A day before the BDSPs were un- veiled, on 22 December, 2014, BOI had rolled out the other scheme to enhance SME financing. This is the BOI arrangement with 10 commercial banks to provide working capital to SMEs granted long-term loans by the former. It is welcome the SME-Friendly Banks scheme. These are the commercial banks: Access Bank Plc, Diamond Bank Plc, Ecobank Nigeria Limited, Fidelity Bank Plc, First Bank Nigeria Limited, First City Monument Bank Limited, Skye Bank Plc, Stanbic IBTC Bank, Standard Chartered Bank Limited and the United Bank for Africa Plc. At the MOUs signing ceremony, BOI Managing Director/CEO, Rasheed Olaoluwa, stated that access to afforda- ble finance remains one of the major SOME OF THE BSDPs’ REPS WITH Rasheed Olaoluwa, Managing Director/CEO, Bank of Industry Ltd (in challenges inhibiting the growth and blue suit) and Waheed Olagunju, Executive Director, Small and Medium Enterprises, Bank of Industry development of SMEs. Ltd, (next to the MD in native attire)...after the MoU signing
Solid backing invitation and we can’t do less than to give our maximum sup- We are strategically committed to the growth of this coun- port to make it a remarkable one. try; so seeing an opportunity like this is one that sits right smack Olufemi Bakre, Executive Director, First City Monument Bank in the middle of our strategy. We are very grateful for the priv- Very, very happy ilege to be able to participate. And whatever it is that requires This is great for us because we’ve been in support of the attention of BOI and commercial banks, let it be on record that SME sector for the past five years and it’s good to see my Stanbic IBTC are solidly with you all through colleagues in other banks joining us in this sector and, more Mr. Obinaya Abajue, Executive Director, Stanbic-IBTC importantly, the BOI. We’ve done a lot of transactions with the Happy to partner Bank of Industry in the past, even with the SME sector, but this We’re happy to help the mid-size companies to grow bigger, brings a lot of structure and flow to the entire business. So, faster and also to help internationalise them. So at Standard from Diamond Bank, we are very, very happy to be here and to Chartered, we are happy to partner with BOI and we would be be part of this. available at all times to support this scheme and to ensure that Mrs. Caroline Anyanwu, Deputy Managing Director, Diamond Bank it is a success. Thank you. Very much behind BOI Yetunde Oni, Executive Director, Standard Chartered This initiative by the BOI, as the MD said, is an unprecedent- Maximum support ed one and we are very happy to be part of this. So we are very I can say that given any other bank today that is not auda- much behind you, supporting this scheme and we’d be very cious enough to make the move you are making today certainly happy to work with you. will have cause to be behind the queue at the end of the ex- I. K. Mbagwu, Executive Director, Fidelity Bank ercise. We’re highly privileged and honoured by virtue of this
BOI IMPACT | round-up
Olaoluwa believes that the positive WHAT’S BOI’S CREDIT RATING? rating by Agusto “is an endorsement of t’s A- with a stable outlook, ac- development of robust risk management our ongoing transformation project and cording to Agusto & Co, Nigeria’s systems, effective cost management, an affirmation of our strategic intent of foremost credit rating agency. What performance management system, credit adopting global best practices in all aspect Ithis means is that the bank has a process re-engineering and automation, of our operation.” sound financial condition and a strong customer service delivery, new product Here comes the vow: “We are deter- capacity to repay obligations timely. development, loan quality, corporate gov- mined to make increasing impact in our fo- In his interview published in the first ernance, national coverage, and stakehold- cus sectors and to continue to set the pace issue of this magazine, BOI’s Managing er management. as Nigeria’s leading development bank.” Director/CEO Rasheed Olaoluwa had said, in part: “If you look at successful devel- opment finance institutions all over the NOT FILM TRICK world, at the initial stage, they are 100 per cent government-funded, but as they grow and develop and became bigger in size, they’ve always found other ways of fund- ing themselves. It’s like you are a child and your parents feed you, but as you grow up and graduate and you get a job, you begin to fend for yourself. That’s how it should be. So, a development finance institution is not meant to be spoon-fed forever by the government. At some point in time, we should become semi-independent and ultimately, we should become indepen- Veteran Nollywood actor, Olu Jacobs (second left) on a courtesy visit to the Bank recently. With him dent. Now, it won’t happen automatically. are the Divisional Head, Large Enterprises, BOI, Joseph Babatunde (first left); Group Head, Creative Industry, BOI, Cynthia Nwuka (second right) and Head, Corporate Communications, BOI, Hadiza There are a lot of things that we must do, Olaosebikan to become able to raise funding from oth- er sources. So, our risk management has to t’s real. It’s N1billion. It’s the BOI NollyFund, aimed at boosting the Nigerian creative be grand. Our governance practices have industry so that serious movie producers won’t have to worry any longer about where to be the best; we must be well-rated-both money to shoot quality films would come from. To help consider beneficiaries, the international and domestic ratings. Now, IBank of Industry has set up a NollyFund Implementation Advisory Group (NFIAG) com- these are the key steps that we are taking prising two cinema management experts, one national film distributor, two production before we begin to talk about raising fund and post-production experts, two film critics/ reviewers, and two film producers. NFIAG through a bond (sale). Hopefully in the would, from time to time, critically review all the film scripts and associated budgets sub- next one to two years, we will be closer to mitted to BOI by movie producers and make technical recommendations to the manage- that point.” ment for final credit appraisal and subsequent approval in line with the bank’s credit policy. You can now understand why the bank An individual producer would be limited to N50 million loan. Requirements: commercially engaged Agusto & Co to carry out an as- viable scripts, demonstrable record of successful movie productions, a reputable producer sessment of its performance and to issue a who would issue a minimum guarantee and cash deposit of 5% of the total amount. A min- credit rating based on a multitude of quali- imum guarantee is a cash advance payable to the producer by the distributor in exchange tative and quantitative factors. for the exclusive rights to distribute a film in contractually stipulated media in agreed sales In 2014, the bank began the imple- territory. Reputable distributors already accredited by BOI include G-Media, FilmOne Distri- mentation of a corporate transformation bution Company, Silverbird Distribution Company, and Genesis Deluxe Distribution Compa- project leading to the development of a ny; and studio operators such as Fans Connect Online Nigeria Limited (Afrinolly), Kingsley five-year strategic plan now being exe- Ogoro Productions Limited, and 4Screams International Nigeria Limited to support this cuted. The key strategic issues addressed initiative. For the records, BOI had previously financed blockbusters like Half of A Yellow by the transformation plan include the Sun, Flower Girl, digitisation of Silverbird Cinemas, The Filmhouse, Viva Cinemas, Ozone diversification of the bank’s funding base, Cinemas, and G-media, among others. | BOI IMPACT At the Bank of Industry,
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THE UNKAMMON REVOLUTIONARY
hen he stepped into the unpredictable world of Born on 15 October, 1966, to the royal business in 1987, Kamorudeen Ibitoye Yusuf’s family of Iwo-Isin in Isin Local Govern- ment Area of Kwara State, his mother, total venture capital was a paltry N10,000, an the second of his father’s four wives, had advance he had received from his uncle who was three children. KAM, as he is now fondly W called and addressed, was the youngest reluctant to release him after successfully completing his trading and was only two years old when the apprenticeship. The young Kamoru had neither the vital political woman died - in 1968. He had to navigate connections nor a sophisticated background in formal education the intricacies of life in his father’s polyg- but “with an uncommon capacity for innovations, aggressive amous home with the aid of a step-moth- manufacturing, hard work, good old-fashioned entrepreneurship er who also died when he was 12. His curious and brilliant mind was ap- and a steely determination,” this self-taught ‘engineer’ has parent quite early in life but the death of built from scratch KAM Industries Limited. The conglomerate his mother combined with the wrangling headquartered in Ilorin, capital of Kwara State, in Nigeria’s North and ‘politics’ usually associated with po- lygamy forced him to drop out of school Central region, is believed to be worth at least $300million and at the age of nine; so deep and lasting continues to grow with amazing rapidity. were the impressions these left on his
| BOI IMPACT lead
sensitive mind that he, despite his Is- tonnes of roofing sheets pour forth around to get PhD certificates, I am trav- lamic faith, resolved never to marry more consistently, KAM’s business empire has elling around the world to acquire the than one wife. He has kept that vow. grown significantly to include a quarry knowledge and skills of the masters in my With any prospect of acquiring fur- also located in Ilorin and a scrap materi- industry.” ther formal education out of the way, he als factory located far away in China. Says He is gifted with an exceptionally became apprenticed to his uncle who he: “The scrap materials that we use to brilliant imagination. His factories house taught him how to buy and sell. As a manufacture products like roof nail caps many machines, tools and equipment result of his astounding capacity to keep sell for about N50 (30 cents) per tonne in that he designed and constructed by pace with and even surpass the skills of China but the same materials would cost using locally sourced materials, spare his trainer, his uncle only reluctantly gave N25, 000 ($160) here in Nigeria. In a situa- parts and engines from trucks. Some of his blessings when it was time to launch tion like that I could not compete success- them, including nail filing machines, deep out with his own small trading business fully. So I had to set up a factory in China furnace, that he designed and fabricated that has blossomed over the years into to source the scrap materials cheaply.” about 20 years ago, are still being used KAM Industries Limited. Forever searching for innovative busi- today to manufacture world-class prod- The business is today a strong con- ness solutions, KAM is an avowed admir- ucts and to conserve foreign exchange. tender for the title of Nigeria’s largest er of the tenacious propensities of the His love for, and faith in Nigeria and wholly-indigenous nail, wire and allied Chinese for technology duplication. And its iron and steel industry, knows no products manufacturing company. It sits it is this strategic approach that continues bounds. He believes that a revolution is pretty on an expansive premises along to play out well in favour of his business. afoot in the industry and sees himself Asa Dam Road, Ilorin, Kwara’s Industrial “Whenever I attend Steel Wire exhibi- as an arrow head in the war against the Zone from where KAM produces and tions,” he explains, “I usually go there to stunting of the growth of the nation’s feeds Nigeria and West Africa with vari- spy the available technology, to check industrial sector and the attendant issues ous types of nails, wire mesh for concrete out their designs, obtain their catalogues such as unemployment. He strongly reinforcement, binding wires, roofing and then conceive my own re-designed believes that Nigeria can only mitigate sheets and other vital building materials. versions that can work for Nigeria. I also unemployment and become steady on Besides his five factories located in visit a lot of factories to observe and the path to real industrial development Ilorin where no fewer than one million study the operations for possible dupli- by discouraging the culture of importing bags of assorted nails and 1.3 million cation. So, while others are busy running everything.
BOI IMPACT | lead
If good intentions were really good While enough, he says, Nigeria ought to be a others leading exporter of iron and steel and an industrial power house in today’s glo- are busy balised economy with its estimated iron running ore reserves of five billion tonnes and around to very brave commitment of huge financial get PhD and human resources to the develop- certificates ment of this natural resource since 1971, I am the year that the Nigerian government travelling statutorily established the Nigerian Steel Development Agency (NSDA) “to focal- around the ise efforts required to actualise a steel world to plant.” In 1979, the federal government acquire the dissolved the NSDA and the following knowledge organisations emerged: Ajaokuta Steel and skills Project, Ajaokuta; The Delta Steel Com- of the pany, Ovwian-Aladja; Jos Steel Rolling masters Company, Jos; Katsina Steel Rolling Company, Katsina; Oshogbo Steel Rolling in my Company, Oshogbo; National Iron Ore industry. Mining Company, Itakpe; National Steel Raw Materials Exploration Agency, Kadu- na; National Metallurgical Development Filled with Centre, Jos and Metallurgical Training pride, KAM says The path he has chosen is strewn with its Institute, Onitsha. of this plant: “With its installation, so peculiar challenges but the prospects for The most unsavoury news is that for many other industries will spring up and success are not in doubt and he is ever an estimated 90 per cent of its annual thrive. It is the live wire for so many other willing to take risks for his beloved Kwara steel requirements - about six million industries as it will produce raw materi- State, and for Nigeria, “Ilorin is not very tonnes – Nigeria still depends on impor- als for the likes of automobile industry, close to the sea port, so we are faced tation from China, Ukraine, and other home appliances, burglary pipes, roofing with very high costs of bringing raw ma- countries. And the negative impacts on sheets, water pipes, shovels, head pans, terials to this place. We are transporting the costs of metal products, industrial steel blades, washers, bolts and knots. It our gas by road from Lagos to Ilorin. You development and prospects of employ- is a kind of mill that if we had many of it can imagine the costs and risks involved ment generation are major factors be- in Nigeria a lot of medium scale indus- in transporting gas by road over such a hind KAM’s commitment and drive in an tries will spring up and thrive very well.” long distance. But we cannot fold our industry that was hitherto an exclusive Built at a cost of $250million, the Cold arms and begin to pity ourselves; those preserve of expatriate companies. Steel Rolling Mill is KAM’s biggest project are risks we are taking for Nigeria and to Already, he has on stream a very thus far. It will process at least 150,000 make sure Kwara’s status changes to an ambitious, capital-intensive project that tonnes of steel annually, about one-tenth industrial State.” is set to trigger an industrial revolution of national annual cold steel require- With so much achieved already, KAM in Nigeria. Inaugurated in October 2014 ments. is yet unsatisfied. He says he would feel by the Minister of Industry, Trade and The role the Bank of Industry played in fulfilled if the nation’s iron and steel Investments, Dr. Olusegun Aganga, at full this project will come to light presently. industry becomes fully developed in his steam, KAM’s world-class Cold Steel Roll- Note that the project conception life time. He informs that “stone roof is ing Mill is a backward integration facility envisaged the inadequacy and unstable in vogue among builders and investors that will produce liquid steel in Ilorin and nature of power supply in Nigeria. Thus, in real estate but 98 per cent of it are lead to massive reduction of metal prod- the Mill is integrated with its comple- currently being imported and the two ucts’ importation. ment of power plant that runs on gas. per cent or so being made in Nigeria are | BOI IMPACT lead by manual production; it cannot even When the bank decided to put the support I am getting from Bank of Indus- last more than three years. We have fully land on sale, about 15 prospective buy- try is not only about money or loans, it researched into that product, we are ers were considered but KAM Industries is total support. In this relationship, we installing the fully automated production Limited was chosen because the com- are talking in terms of their orientation, machines to give 100 per cent quality pany had verifiable plans to fully utilise their skilled manpower; they have all assurance and convince the Federal Gov- the premises for industrial development the qualities that place them far above ernment through the Standards Organi- purposes. That was in 1998; and the com- all the commercial banks. Whereas the sation of Nigeria to stop its importation pany has since grown, it has transformed common practice in commercial banks is and waste of foreign exchange, in our and expanded the space by acquiring like you just select some men and wom- national economic interest.” surrounding lands from the Kwara State en, they wear nice suits and ties, go to Leading a multinational staff made up Government which designated that part government establishments and wealthy of no fewer than 3,000 well-trained and of the city as Industrial Zone. individuals in search of deposits so as to highly motivated professionals from Nige- Since 1998, the company has main- declare big figures to their boards; that’s ria, China, Belgium, India, among others, tained an unbroken business relationship not what obtains at the Bank of Industry. KAM relates well and freely with all not as with BOI. And KAM has nothing but prais- Their own personnel are highly special- the boss but as a colleague at work. “I am es for the bank. “The Bank of Industry, ised, those in charge of steel industry are not the boss here,” he says, adding, “I am by whatever name it is called, is the key different from those for automobile, ag- one of the over 3,000 employees of KAM to every modern economy all over the riculture, finance, and so on; they have Industries Limited and my mission is to world. By its culture and training policy it skilled professionals working with you touch the lives of many people. I cannot basically supports industries, the produc- who are experts in your own sector or drive more than one car, I cannot sleep in tion, procurement and utilisation of all field. That, for me, is the major difference more than one bed at a time, but I work modern machinery.” According to him, between BOI and the commercial banks 18 hours of every day. What I am doing the Bank of Industry is the engine room in Nigeria.” here is not just for me or my children, it is for the success of Nigeria’s industrial But for BOI, he believes, Nigeria’s in- to eradicate poverty and unemployment growth and development; by supporting dustrial growth and development would in my area of the world.” industries it is actually helping to fuel the have remained stunted if the fate of An unbroken bond creation of gainful employment opportu- industrialists were tied to the commercial Part of the very large premises on nities for many Nigerians. banks, “I would say that 90 per cent of which KAM Industries Limited is located Without BOI, he declares, the rate and commercial banks don’t love our country, today used to be the property of the extent of growth he has experienced in Nigeria. They are just traders who don’t Nigeria Industrial Development Bank his business would have been no more care if industries die; what they are inter- (NIDB), the precursor of the Bank of In- than a mirage, existing at best in the ested in is what they are going to declare dustry. realms of thoughts and proposals. “The to their board at the close of business. Bank of Industry will not only back you with funds, they will want to find out and help to address whatever likely chal- lenges you may face. Honestly, so many industrialists and investors who cannot stand the pressures have died as a result of the harassments by some commercial banks. And once that happens, commer- cial banks will simply make sure the in- dustry goes into receivership. Sometimes the processes of bringing in a receiver commences immediately they discover that you have been hospitalised.” KAM suggests that the regulatory envi- ronment should be such that will pay bet- continued on page 18
BOI IMPACT | special report THINK MAT, THINK RUMBU
or Ibrahim Salisu Buhari, the winding way to the world of big business started in 1988 in the ancient city of Kano, the commercial Fheartbeat of Northern Nigeria where he was born in 1970.When he finished his primary school education in Kano, Buhari proceeded to the elite King’s College, Lagos and capped it at Ahmadu Bello University, Zaria where he earned a diploma in accounting before voyaging into business and leadership through the spheres of retail trading, contracts, consultancy services, politics and manufacturing.
| BOI IMPACT special report
He recalls how humble his mat production company in Africa assisted in achieving a drastic beginning in business was, “I started to acquire, install and fully operate reduction in the man-hour usually business in 1988 when my father gave the computerised Jacquard Weaving required to prepare staff pay roll. me my first capital of N2,500. I did Machine. Two of the highly valued Whereas this activity took about one various kinds of business at the time automated equipment are up and full week to accomplish in the past, including trading in hides and skin; running with its complement of with automation, the staff pay roll is I even retailed bread. The father of specially trained staff. With the prepared at the point of payment. one of my friends had a bakery and so machines, production is easier and The maintenance processes for its we were buying bread from him and inch-perfect. It enables the company sophisticated machines are also all distributing mostly to our relatives; to originate and produce on demand now computerised; the system helps whether you liked or not you had mats customised to an individual to roll out all details of necessary to buy from us. Thereafter, we customer’s taste and request. This is production machine maintenance started supplying chemicals to textile accomplished with the aid of cutting based on the usage of the various companies; one of our big customers edge graphics software before the equipment. was UNTL in Kaduna.” finished artwork is uploaded on the Besides, he explains further, After trading variously with Jacquard weaving machines with the “We have also computerised our that shoestring capital of N2,500, aid of a USB Flash Device. production monitoring. From my Buhari stepped up his business by Although the 45-year-old self- seat in this office, with the touch venturing into the more complex and driven and passionate achiever of a button I can tell you what is competitive world of computers. “We has succeeded in turning his initial happening production-wise in established a company called MCS venture capital of N2,500 into the the factory. These have been very Microtech Limited based in Lagos. We multi-million manufacturing giant powerful tools to help us improve. got into bidding for a NEPA project that Rumbu Sacks has become, And we have capable Nigerian financed by the World Bank and Buhari is not done yet with growth workers who execute these processes we got the contract. The company and expansion: “We started with 30 excellently well.” really blossomed; we were in charge personnel and now we are about And, he has no regrets for of a new billing system for NEPA all 1000 in this factory. We run 24 hours investing in technology because its over the country. Later, I entered of two or three shifts depending on impact cannot really be quantified, politics for a short time and when I the area or department. We now “Of course the initial costs were left politics I came back to Kano to have 200 machines from the initial quite substantial but we took the risk establish this company which I have 12 at take-off. By the time we finish and I think so far that has paid off. been managing for the past 15 years.” the on-going expansion we will reach Our efficiency levels have improved Conspicuous on the fast about 250 machines for the mat thereby increasing our quality of flourishing Hadejia Road, Kano, production and total staff strength of production; the benefits of which in Rumbu Sacks Nigeria Limited has 2000 Nigerians.” turn we pass on to our consumers. It been growing by leaps and bounds. One of the reasons for the has really helped us.” Starting in 2000 with 12 machines company’s success rate is the Buhari’s strong faith in the ability and staff strength of 30 workers, deliberate policy of availing itself of of Nigerians to function and perform Rumbu has blossomed into Nigeria’s the numerous opportunities offered excellently well if given the right leading manufacturer and exporter by automated technology in the environment, appropriate skills and of mats, sacks and allied products. Its management, maintenance and tools is evident in the composition sprawling factories now house about production-related operations. of the staff of the company. As he 200 mat-making machines and the The first step in this direction explains to this magazine, “Rumbu company has about 1000 workers on was the automation of the pay roll Sacks Nigeria Limited is a 100% its payroll. system. The deployment of modern Nigerian company, and for as long as I As Buhari proudly informs BOI technology in the management of its am here it will remain so. We do a lot Impact, Rumbu Sacks Nigeria Limited payroll system has vastly improved to ensure we run this business without is the first (and perhaps the only) time management. It has equally expatriate workers because I truly
BOI IMPACT | special report
“No matter how successful we become, we will be purely a Nigerian company. We have invested a lot of money training our staff in different countries all over the world. We are happy about it.”
believe in the abilities of the Nigerian training our staff in different countries had ups and downs, we have had bad people and so far so good, over these 15 all over the world. But we have no times in this factory but we were able to years of operations, we have had zero regrets, we are happy about it. If we had overcome all the challenges and I thank direct involvement of any expatriate employed foreigners, with the situation God for where we are today. There is staff from outside. We are all Nigerians of insecurity now, they will be planning no way you can talk of mat production working here.” to leave the country. Then if they in Nigeria without mentioning our He admits that employing and leave how do we run the factory? It is company. We are synonymous with mat training Nigerians to work in the difficult but it works. To fellow Nigerian production.” company’s factory instead of bringing entrepreneurs, I would suggest that we The company’s main product, he in some foreign partners is very hard try to do more in that aspect.” says, sells itself because of its world-class economically. But he would advise other According to him, this patriotic quality. “Those who patronise us have entrepreneurs to emulate his position, stance comes at some costs to the good taste so if you go to the market persevere and push on because it would company and its promoters. This is to buy a mat, it is neither wrapped nor be in the interest of all as they would especially so because a lot of the staff sealed; it is actually openly displayed. be doing the nation a lot of good. “For have to be sponsored abroad for various If it is good people will always buy. us at Rumbu Sacks Nigeria Limited, we training and retraining programmes So more than anything, our products decided from the start that no matter to ensure the company stays ahead are accepted in the market because how big we grow, no matter how of competition. “But at the end of the we maintain top quality. Most of our successful we become, we will be purely day, I don’t regret that decision. Time products are exported for sale by our a Nigerian company and we are proud now has proven that what we decided distributors, we only export small of that. We have invested a lot of money was the right thing to do. Yes we have volume by ourselves,” he says.
| BOI IMPACT special report
Indeed the company’s specialty is the and we get our raw materials from there. am so blessed.” export market. Over the past 15 years, But now we import from other places,” If he had his way, he would suggest this niche has been identified, planned Buhari says. that no one should do anything for and nurtured with about 95 per cent of He also recalls that when there which he has no passion because it is its products being exported. This lucrative were violent clashes in Kano, a lot of like marrying a wife you do not love, it niche market is unfortunately a source the company’s staff from other parts of just won’t work. But do what you like, of a major challenge for the company Nigeria became jittery and feared for be happy doing it, then chances are you as the insurgency in parts of the North their lives. The company’s operations will succeed at it. has effectively shut the export route. As were suspended and its factories closed However, after building Rumbu a result, it costs more time and more for a few weeks. “Yes, we have had some Sacks Nigeria Limited from scratch to money to get the products to the market. major challenges but we have been able its present heights, and his accustomed Currently, about 70 per cent of the to overcome each and get stronger.” passion and pleasure at watching the company’s raw materials are imported In retrospect, he believes that the company grow, Buhari has no intention with the remainder sourced from Eleme, most crucial factor for his success thus to stay on longer than necessary; in Rivers State. Because of the aforesaid far is the passion which he has for he has set his eyes on a definite security challenges too, Rumbu has what he does. For, according to him, retirement date so he can move on been forced to find alternative but more “if there is no passion, there will be to other challenges. “I truly want to distant foreign sources to meet its raw no happiness and without happiness, retire in the next five or seven years. material requirements. “If not for the success is difficult. I am lucky that I So, we are already preparing for a security problems in the North East, we wake up, I come to the office and am generational shift in this company. We would have gotten a good stream of our happy to come here because it is not have a succession plan, we have started raw materials from Chad. Funny enough, just a means of earning a living but grooming those who will take over Chad is one of the places where most something I love and enjoy doing. I from us. They can take it further from of our products also go to. In fact, at a love what I am doing and I am happy, I where we have reached.” time, we were almost doing trade by wouldn’t leave this work for anything, What’s BOI got to do with it? barter; we export our products to them anything at all. I always thank God that I Taking it further, by ensuring that Rumbu Sacks Nigeria Limited remains a good company which keeps its bonds with its stakeholders - a virtue that has won it, and nine others, the Bank of Industry’s Hall of Fame. (See “Honour, character & the Best 10”, p. 6). “We really don’t Rumbu began a relationship with BOI know how else to in 2007; and it has been an unbroken appreciate what mutually beneficial one. Reflecting, Buhari has nothing but praises for the Bank of Industry bank and the professional disposition has done to our of its employees. “We have been with business. They the Bank of Industry for eight years now have really helped and within that period we have been growing together with the bank. We us especially in really don’t know how else to appreciate funding our plants what Bank of Industry has done to our and machinery. The business. They have really helped us bank has always especially in funding our plants and been there for us.” machinery. The bank has always been there for us. If we send in our request, we discuss with them, they do the paper works, we explain everything to them
BOI IMPACT | special report and it’s been so far so good. We have and other things. Personally it means Hall of Fame increased our goodwill had a mutually beneficial relationship a lot to me that you are doing automatically. From the moment it was with them and so far we have enjoyed something and a third party looks at announced, all the third party people six facilities from the bank which we it and appreciates that you are doing and establishments that we deal with, have fully repaid. Now we are on the something worthwhile, it says a lot. now you can see positive changes in seventh one which will help us to finish Many are called but few are chosen. We the ways they approach Rumbu Sacks the expansion we are on now.” have been inducted out of thousands of Nigeria Limited. And even for us, it Is BOI really that supportive? Of others out there. It has given me a lot has given us more confidence now course, and there’s an attestation. more determination that what we are because what we are doing has been “About four years ago, we had doing here is good and we will keep on recognised. It has really added value to some problems with some of our ensuring that we don’t disappoint the us, especially goodwill. It is very hard to commercial banks at the beginning of Bank of Industry.” really quantify but it is quite a lot.” the insurgency. Before we were able to You need to also know this: “The It’s all good. explore some alternative routes to our export markets, we experienced some THE UNKAMMON REVOLUTION in the establishment and sustenance of cash squeeze. So, we approached some continued from page 13 industries. This is not in the good interest commercial banks locally but they simply ter attention to vital sectors such as the of our industrial growth and develop- turned us down when what we needed steel industry that constitutes a platform ment as a nation.” was a short-term facility to augment for industrial take-off. Any serious inves- He is of the view that the Bank of In- our cash flow because the insurgency tor in the capital-intensive iron and steel dustry should be further strengthened to had made our cash flow to dry up. A lot sector, he explains, would require a mini- continue performing: “With the tremen- of their big guys in Lagos said no to us; mum of $100million or more to succeed. dous support we are getting from Bank they said Kano was a war zone and they But compared to other countries where of Industry and additional support from did not want to invest in this axis. So we banks would offer such support at single First Bank, we have been able to trans- went to the Bank of Industry, explained digit interest rate, “our own commercial form the employment opportunities that the whole situation to them and the banks won’t give you a loan for less than people have here; with the continuing beauty of it was that they actually 18 per cent interest rate meaning you support of the Federal Government and understood the urgency of our situation, would be paying about $18million. Tell its relevant agencies we are doing fine. they appreciated what we were facing. me what is the margin that your business They recognise us as a wholly indigenous And the money we requested was given will yield to justify just that one year inter- company among all the players in the to us within a few weeks. For the bank to est? You won’t even make the interest let steel industry in Nigeria, they are sup- be able to respond that fast was a huge alone your statutory payments to the gov- porting us because they want KAM In- surprise, I was surprised and shocked by ernment. That’s why for a long time our dustries to continue to thrive and remain their response and their pace. That was country remains undeveloped, sleeping the reference point especially for those something I will never forget.” giant, a trading country.” expatriate investors who think because In addition to that is the admission One of the ways to make life less we are black we are incapable of doing into BOI’s Hall of Fame: “We thank BOI difficult for industrialists would be for something of this magnitude. I always for that very important recognition; the nation to strengthen the relevant say that our skin may be black, our brain that although we are here at one policies, “My plea goes to the Federal is not; it is only unfortunate that we have small corner of the country and they Government, the Ministry of Trade and no access to good financing. Therefore, if have helped and also identified us for Industry, the National Assembly, to inter- I had my way, the Bank of Industry should recognition. When I got the information vene and ascertain the contributions of get a lot more support from the Federal about our induction into the Hall of commercial banks to our real national Government to be able to continue their Fame, to be honest, I was very happy interest. I am not talking about finance good work.” that at least I have not wasted 15 years related to ‘working capital’ but am talk- It should gladden the heart of Alhaji of my life here; that even a third party ing about machinery, the real productive (Dr) Kamorudeen Ibitoye Yusuf that has been able to recognise what we industrial sectors. The only thing many BOI has a good credit rating - as you have been doing here in terms of giving commercial banks love talking about is would read elsewhere in this magazine. back to society, in terms of employment working capital; they don’t have interest (See:What’s BOI’s credit rating? P.8)
| BOI IMPACT PHOTOGRAPHIC GALLERY OF ACTIVITIES, PERSONAL AND OFFICIAL, BY BOI PEOPLE
FIIRO BOOK PRESENTATION
VICE PRESIDENT NAMADI SAMBO PRESENTING A BOOK AT THE FIIRO PRESENTATION
KOGI STATE GOVERNOR, CHEQUE PRESENTATION TO BENEFICIARIES CAPTAIN IDRIS WADA OF BOI-KOGI STATE SME FUND (2ND RIGHT) BEING CONDUCTED ROUND THE EXHIBITED PRODUCTS DURING THE DISTRIBUTION OF KOGI STATE/BOI SME FUND TO BENEFICIARIES AT GOVERNMENT HOUSE LOKOJA, KOGI STATE. HE IS FLANKED BY THE SECRETARY TO THE STATE GOVERNMENT PROFESSOR OLUBAMIRO JEGEDE (RIGHT) AND EXECUTIVE DIRECTOR, SMALL AND MEDIUM ENTERPRISES, BANK OF INDUSTY, MR WAHEED OLAGUNJU REPRESENTING THE MANAGING DIRECTOR
BOI IMPACT | FINANCING INTEGRATED RICE & CASSAVA MILLS BANK OF INDUSTRY MANAGING DIRECTOR/ CEO, MR. RASHEED OLAOLUWA AND THE HON. MINISTER, AGRICULTURE AND RURAL DEVELOPMENT, MR. AKINWUNMI ADESINA AT THE MOU SIGNING FOR THE BANK OF INDUSTRY TO MANAGE THE N13.6BILLION TO FINANCE THE ESTABLISHMENT OF INTEGRATED RICE AND CASSAVA MILLS ACROSS THE COUNTRY
CREATIVE INDUSTRY AWARDS SECURE ID PRE-COMMISSIONING TOUR
REJOICING WITH BOI AS IT WINS THE AWARD OF HIGHEST SUPPORTER OF THE CREATIVE INDUSTRY IN HEAD OF OPERATIONS, SECURE ID, MR. EVANS AGBAMU (IN BLUE OVER- NIGERIA. L-R: TAOPHEEK BABAYEJU; PAEMANDER VIR, DIRECTOR, ENTREPRENEURSHIP TONY ELUME- ALLS) CONDUCTS THE MANAGING DIRECTOR/CEO, BANK OF INDUSTRY, LU FOUNDATION; CYNTHIA NWUKA, GROUP HEAD, CREATIVE INDUSTRY, BANK OF INDUSTRY LIMIT- MR. RASHEED OLAOLUWA ROUND THE SECURE ID ULTRAMODERN CARD ED; MR. WALE EWEDEMI, DIRECTOR-GENERAL, CREATIVE ENTREPRENEURS ASSOCIATION OF NIGERIA MANUFACTURING PLANT DURING A PRECOMMISSIONING TOUR OF THE (CEAN); AND LEKE OYINSAN AT THE 2015 CREATIVE INDUSTRY AWARDS HELD RECENTLY IN LAGOS THE FACILITY. WITH THEM IS THE MD, SECURE ID, MRS. KOFO AKINKUGBE | BOI IMPACT NOTAP-BOI MEETING
HOW CAN WE WORK TOGETHER? L-R, DIVISIONAL HEAD LARGE ENTER- PRISES MR. JOSEPH OLATUNDE, DIRECTOR GENERAL NATIONAL OFFICE FOR TECHNOLOGY ACQUISITION AND PRO- MOTION (NOTAP) ENGR. UMAR BINDIR, MD/CEO BANK OF INDUSTRY MR. RASHEED OLAOLUWA AND THE EXECUTIVE DIRECTOR LARGE ENTERPRISES, MR MOHAMMED ALKALI DURING A WORKING VISIT BY THE MANAGEMENT OF BANK OF INDUSTRY TO THE NATIONAL OFFICE FOR TECHNOLOGY ACQUISITION AND PROMOTION IN ABUJA EXCHANGING YESTERDAY SOUVENIRS: DIRECTOR-GENERAL NATIONAL OFFICE FOR TECHNOLOGY ACQUISITION AND PROMOTION (NOTAP) ENGR. UMAR BINDIR AND THE MD/CEO BANK OF INDUSTRY MR. RASHEED OLAOLUWA
MSME ROUNDTABLE WITH OUR BDSPs L-R CHIEF EXECUTIVE OF- FICER, PRINSULT COM- PANY LTD, HAJIA RALIAT IBRAHIM; EXECUTIVE DIRECTOR, SMALL AND MEDIUM ENTERPRISES, BANK OF INDUSTRY, MR WAHEED OLAGUNJU; EXECUTIVE DIRECTOR, IVORY BANKING, HER- ITAGE BANK PLC, MRS MARY AKPOBOME, MANAGING DIRECTOR KNIGHT BISHOP LTD, MRS MOPE ABUDU AND CHAIRMAN PRINSULT, MR AKEEM OKEKEARU DURING A ROUNDTABLE DISCUSSION ON MICRO, SMALL AND MEDIUM ENTERPRISES ORGAN- ISED BY PRINSULT COMPANY IN LAGOS RECENTLY
L-R CHIEF EXECUTIVE OFFICER, THISTLE PRAXIS COMPANY LTD, MRS INI ONUK; CHIEF EXECUTIVE OFFICER, PRINSULT COMPANY LTD, HAJIA RALIT IBRAHIM; EXECUTIVE DIRECTOR, SMALL AND MEDIUM ENTERPRISES, BANK OF INDUSTRY, MR WAHEED OLAGUNJU AND EXECUTIVE DIRECTOR, IVORY BANKING, HERIT- AGE BANK PLC, MRS MARY AKPOBOME DURING A ROUNDTABLE DISCUSSION ON MICRO, SMALL AND MEDIUM ENTERPRISES ORGANISED BY PRINSULT COM- PANY IN LAGOS RECENTLY
BOI IMPACT | MD’S BIRTHDAY CELEBRATIONS...
BIRTHDAYS
JANUARY
Joseph Babatunde Solomon Abinde Olufunlola Salami
FEBRUARY
Tope Oyinlola Ese Okogu Ireti Daramola
MARCH
...ED SME’S & ED LE’S
Michael Adewunmi Sunday Afolami Ngozi Osindero
WORDS Talent flows naturally to countries that create an environment for economic growth; that make life easy for enterprise; that attract and welcome investment; and that nurture a culture of achievement.” HRH Sheikh Mohammed bin Paul Okolie Ogo Akabogu Rashid Al-Maktoum on Brain Regain. Read full article here: http://www.proshareng.com/ news/23939 | BOI IMPACT New managing director. New board. Those are two of the milestones recorded by the Bank of Industry in 2014. In February of the same year, the Federal Government launched two very unique programmes - the National Enterprise Development Programme (NEDEP) and the Nigeria Industrial Revolution Plan (NIRP). The NEDEP deals with all issues relating to MSMEs while the NIRP focuses on how Nigeria can be industrialised competitively. These two documents have direct bearing on the BOI’s mandate. Consequently, the bank decided to proactively align its business operations to them. Conceptually, both documents are targeted towards the same outcomes but for optimisation the bank considered it imperative to handle them separately. This informed the bank’s decision to break the erstwhile Operation Group into two cells namely the Large Enterprises Directorate to handle the NIRP and the SME Directorate for the NEDEP. Now that you have the basic background what next? The directors heading the directorates provided some answers. DEVELOPING NIGERIA’S ECONOMY IS A JOINT VENTURE Mr. Mohammed G. Alkali is the Alkali is also an alumnus of, among Executive Director, Large Enterprises. others, Harvard University, the University But, handling large enterprises is not of Chicago, the Stanford University and new to him. From 2002 to 2005, he was the Columbia University. General Manager of Large Enterprises, BOIImpact: What does the LE (Large Enterprises) direc- which was then a department. Between torate do? 2005 and 2010, he was general Alkali: Before that, let me clarify a point. This divide be- management of Small and Medium tween the SME and LE directorates is not cast in concrete Enterprises; after which he was wall. The divide is a delightful bridge that creates synergy made Executive Director in charge of between the two Directorates allowing for entrepreneur- operations. ial development and growth via linkages, outsourcing, etc. Holder of a first-class BachelorsDegree Now back to your question. By simple definition and for our purpose large enterprises are those with capital in Accounting from Bayero University, outlay of over N500 million. Kano (1983) anda Masters Degree in The NIRP document is anchored on four industrial economics from the London School of groupings: Agribusiness and Agro-Allied, Oil and Gas, Economics (1986), he joined the banking Solid Minerals and Metal and Construction, Light Man- industry in 1988 after a stint as a lecturer ufacturing and Services. So the LE Directorate is restruc- tured along the above Industrial Groupings to function with the University of Maiduguri. effectively.
BOI IMPACT | q&a
| BOI IMPACT q&a
How well do you believe the directorate has fared in Recently, the bank inaugurated its Hall of Fame. And a helping to actualise the objectives of this NIRP? Given majority, if not all the inductees are customers of the the fact, you started by grouping, you know, you now Large Enterprise directorate. How does the directorate have groups under LE that are the same with those help to ensure that these customers succeed/succeed- components of NIRP. ed to be one of the Hall of Famers and subsequently Well, you see, when you look at the NIRP document honour their debt service obligations to BOI? In what very carefully, there are some clearly defined outcomes way did BOI assist these customers to achieve this? that are being expected which are job creation, expansion Well, for me personally, it is not who is on the Hall of and diversification of the industrial base and import sub- Fame or not. My own perspective is, why are we doing stitution amongst others. We now have a five-year strate- this? My belief is that, when someone has done well, gic plan towards achieving these objectives. he needs to be recognised and rewarded. So, those 10 And for a start, each group in the Directorate is given customers were the ones chosen for the first phase. I’m clearly defined Key Performance sure when we do another round, Indicators (KPIs) based on our Whatever the customer more will come on board. But in budget. At the end of each quar- says is a challenge to the sense of assisting customers ter, these performance indices are them is an opportunity to service their loans, as and when being evaluated and appropriate for us to learn further on due, is a dynamic process. The actions taken for the subsequent what we are doing and visioning of loan recovery starts quarters. Same applies at the end improve further on our the day the customer puts in his of each year within the plan peri- activities but we can’t application. Ab-initio, you need od of five years. run from challenges from to understand the dynamics of Are all these groups equally customers. The visioning the transaction and the psychol- important? Or are there some of loan recovery starts the ogy of the customer. When the particular groups that you are day the customer puts in project is implemented, you have really looking at? his application. Ab-initio, reasonable idea of the fundamen- In general, all the industrial you need to understand the tals and variables of the business groups are important. But, in dynamics of the transaction and this will make recovery much terms of what we want to achieve, and the psychology of the easier. For the Hall of Fame, my we might be biased towards cer- customer. own point of view is that a good tain industries/sectors. Let me appraisal is likely to end up with give you an example, agro-pro- a good customer. You know, con- cessing is very critical. By simple statistics, over 70% of the versely we also have the hall of shame. Nigerian population live in the rural areas and they de- Sir, in other words, you are saying, asides from even pend very much on agriculture for survival. Therefore, any giving loans to customers, Bank of Industry hand meaningful intervention in the boundaries of agriculture holds them to ensure that they succeed. will have high impact in creating jobs and poverty reduc- That’s basically our second role. It’s not the loan; it’s tion. Another example is the solid minerals sector. There just about how the loan performs to generate the desired are a lot of opportunities in this sector which are un- impact. tapped with great capacity to generate foreign exchange. What challenges exists with providing services to cus- The recent decline in the price of oil is a good pointer to tomers? You just mentioned “Hall of Shame”. Even you source for an alternative and solid minerals is one good know that the inductees into BOI “Hall of Fame” must area we should focus on. Therefore, our emphasis would have had challenges here and there. What challenges be on the growth drivers. have been there?
BOI IMPACT | q&a
Challenges come in many ways and are part of doing that is absolutely inclusive. What I am saying is that we business. Sometimes, we would have a customer who need to create a larger ecosystem within which all in- have presented a very good blueprint from the beginning ternal and external stakeholders will be accommodated and suddenly, something happens, and you have to face to achieve the desired results. Developing Nigeria is a the reality of having a challenged customer. Some of collective responsibility. BOI will also leverage on oth- these events might not be directly caused by the custom- er transformations going on in the country on power, er or the bank but are exogenous. For example, sudden agriculture and so on. As a bank, we are going to plan adverse fluctuation in the foreign exchange rate between for tomorrow today tactically so that when tomorrow the Naira and the Dollar is exogenous but a challenge becomes today we should be able to evaluate yesterday that must be addressed. Some challenges are self-inflict- and work with today. ed or intentional. Whatever they are we must find and In rounding off, please tell us a little bit about your- proffer solutions to them. For me, all these are learning self. points as to whether we did the right things at the begin- I am a Nigerian from Borno state, married and I have ning or we need to reverse ourselves or consider fresh children. I have spent almost all my youthful life in bank- courses of action. We must intervene to solve problems. ing in the past 25 years. As of now, I am just looking for- A customer’s challenge is an op- ward to when I will retire to go portunity for us to learn further back to my earlier interest of be- and improve. ing a teacher. For me, classroom Okay, this is 2015, tell us a little If you comply and you are is a good place to be associated bit of, besides everything you not committed, it is just like with. I don’t know what actually have told us; LE directorate, you are doing it because brought me into banking but from what should we expect? you are required to. But if the start, I wanted to be an ac- This is a very interesting ques- you are committed, there ademic because that has been my tion. As I told you, more or less, are tendencies that you are life ambition but I found myself in we have laid the foundation and banking, and I still hope that I can next is to translate the founda- going to put in discretionary still use part of my youthful life tion to impact. As you know, in efforts to achieve those and go back there and do some- the last few months, as part of defined objectives. thing. the foundation building a lot of In general terms, I am not laid initiatives were executed within back but I tend to prefer for life the bank in terms of redesigning to take its own course. I don’t like and reconfiguration of our systems and processes to be unnecessary struggle towards achieving personal ambi- in compliance with international best practices. Now, tion. I don’t believe what is yours must come to me. And the issue is, or my own concern is, how we can achieve lastly, I disdain grandiosity and as the saying goes “we all the targets set towards making the desired impact in don’t know what we don’t know, you only know what you the Nigerian economy. First solution is Team Work. As know” and also, you’re entitled to any opinions you have, a bank, we must create the environment where people but know the facts. Thank you. commit rather than comply. Compliance is different Let me ask you, just on a personal note, I know you from commitment. If you only comply and are not com- are an Aquarian and somehow, you are sounding like mitted, it is just like I’m doing it because I am supposed an one. Do you believe in horoscopes? to do it. But if you are committed, there is the tendency Not really. I don’t know what it is all about. You know that you are going to put in discretionary efforts to the crux of the matter is whether you have grown or you achieve the defined objectives. We also need a structure merely got older.
| BOI IMPACT q&a BIG DEAL FOR SMALL AND MEDIUM ENTERPRISES (SMEs) Mr. Waheed A. Olagunju knows the We also lend directly to some micro enterprises at various con- cessional interest rates under some special funds that BOI manages Bank of Industry in and out. on behalf of its development partners which include state govern- ments, some federal ministries as well as agencies and the Dangote He joined the Bank of Industry’s precursor Foundation. For instance, the N10 billion MSME Fund that was joint- institution, the Nigerian Industrial ly floated by the Dangote Foundation and BOI attracts an interest rate of five per cent. This was arrived at because Dangote’s fund is Development Bank (NIDB) in 1990. Prior at zero per cent while that of BOI is at 10 per cent. So the average to becoming the Executive Director between zero per cent and 10 per cent is fiver per cent. By similar (Business Development) in 2012, he computations and other considerations, the interest rates for other managed funds administered by BOI range between five and 10 per had been Company Secretary for NIDB/ cents. BOI and General Manager, Strategic How aligned are your operations with the National Enterprise Planning, Corporate Communications Development Programme (NEDEP) and how well do you be- lieve the directorate has fared in actualising its objectives? and Corporate Secretariat of BOI. The NEDEP was launched by the Federal Government to address the emergence of the Large Enterprises challenges facing the MSMEs and how to optimise the potentials of and Small and Medium Enterprises these businesses; because in most developed countries, the MSMEs drive the economy, they are the engines of growth. And, the multi- Directorates (SME) in 2014 saw him take plier effects and the developmental impact for MSMEs, per unit of over the SME Directorate as Executive investment, are much higher than those of large enterprises. For example, you could lend one one billion Naira to a large enterprise Director. employing less than 100 workers. But under our arrangement, we operate a ratio of about 4,000 jobs per billion Naira, so, you can Mr. Olagunju bagged his first and second lend one billion Naia to many micro, small and medium enterprises degrees in 1981 and 1984 respectively and be able to create at least 4,000 jobs. from the University of Lagos and holds The upside of it is that, some of us were actually involved with the design of NEDEP; so, there is some ownership. BOI, the Small a professional certificate in Investment and Medium Enterprises Development Agency of Nigeria (SMEDAN) Appraisal and Risk Analysis from the and the Industrial Training Fund (ITF) are the lead implementing agencies of NEDEP. It is the first time that the three agencies are Queen’s University, Canada. coming together to work to support MSMEs in Nigeria. So, we are clearly aligned with the objectives of NEDEP which emphasises Let’s start with knowing more about the SME directorate. building the capacity of Nigerians to make them attractive to lend- Well, the Small and Medium Enterprises directorate was estab- ers and other investors. Most MSMEs believe that money is the lished under the new dispensation to address the imbalance in our most important challenge, but it is not. Many of them lack entre- risk asset structure. Because, as at 2014, less than 10 per cent of our preneurial skills and don’t know what to do with money when they risk assets were accounted for by SMEs. get it. NEDEP emphasises the need to build the capacity of potential So, a separate directorate was established to ensure that we beneficiaries of credit to enable them access funds and stand better are able to pay more attention to SMEs. And these are transactions chances of being supported by the financial institutions. This also that fall essentially between N5 million and N500 million. Anything explains why we encourage our current and potential customers to above N5 million is handled by the Large Enterprises Directorate. attend Enterprise Development Centres (EDCs) across the country. Those below N5 million come under the bottom of the pyramid The Central Bank established some while many tertiary institutions (BOP) scheme under which we on-lend to microfinance banks be- also operate EDCs. These are some of the steps taken to de-risk the cause they have specialised skills for handling micro-enterprises.
BOI IMPACT | q&a
MSME sector and make them more attractive to financial institu- MSMEs and also create a conducive ecosystem for them. tions. But how is the bank strategising against defaults and ‘failed There must be linkages between the SME directorate and the projects’ saga under this strategic funding scheme? Large Enterprises Directorate that are worth sharing. In line with NEDEP and NIRP, BOI’s two business directorates We work closely. There are many large enterprises that operate are diligently seeking and supporting projects that operate in eco- in the sectors we intervene in. We ensure that we plug MSMEs into nomic sectors where Nigeria has comparative advantages as also the supply chain of the large enterprises and also ring-fence MSMEs enunciated in the United Nations Economic Commission for Africa’s around large enterprises so that the input required by the large en- Commodities Based Industrialisation strategy, which advocates pro- terprises would be supplied by the MSMEs and we ensure that the cessing of our vast natural agricultural, solid mineral and petroleum large enterprises also help in building the capacity of the MSMEs to resources across their entire value chains. We also finance labour in- ensure that the input they get from the MSMEs meet their specifi- tensive projects in the services sector that can potentially impact on cations. the real sector. In this regard, we are focusing on MSMEs in the are- In the last few months, the BOI has increased its focus on the as of Information Communication Technology; leisure and tourism; MSME Sector. Can you shed more light on why BOI has decided as well as assisting SME projects that have franchises with very high to increase funding to MSMEs? employment generation potentials. Under the present dispensation, Also one of our findings was that in we are working vigorously towards In line with NEDEP view of the inherent weaknesses of the ensuring that MSMEs account for at and NIRP, BOI’s two MSME sector, the rejection rate of loan least 30 per cent of BOI’s risk assets by business directorates applications that emanates from MSMEs 2019 with a single digit ratio of non-per- are diligently seeking is in excess of 90 per cent. We receive forming loans to total loans. Increasing and supporting projects poorly-prepared applications which do the bank’s exposure to MSMEs would that operate in economic not contain the information required enable us better achieve our double to carry out proper appraisals. It was to bottom lines of financial viability and sectors where Nigeria has address this problem that, in November high developmental impact. With total comparative advantages 2014, 122 Business Development Ser- loans of N823 billion to more than 4,000 as also enunciated in the vice Providers (BDSPs) were appointed beneficiaries, we were able to create United Nations Economic through a competitive process. They are over 1.8 million jobs between 2001 and Commission for Africa’s to help potential beneficiaries package 2014. Since less than 10 per cent of the Commodities Based their loan applications and also hand- loans went to MSMEs, we know that the Industrialisation strategy. hold as well as mentor them after their developmental impact and multiplier loans have been approved to ensure effects of our interventions, such as job proper utilisation and repayment. Each creation, would have been higher if BDSP has been mandated to submit more financial assistance had gone to MSMEs. Hence, our strong 10 successful loan applications to BOI annually. At this rate, we are resolve to rapidly increase the volume of loans to MSMEs with very looking forward to supporting at least 1,220 beneficiaries through high viability prospects. our BDSPs annually which amounts to more than 25 per cent of How does the bank actually plan to increase lending to MSMEs? what was achieved in 13 years when we assisted 4,126 beneficiaries. Since you cannot plan towards achieving your target, goals and It is envisaged that the operations of the 1,220 potential beneficiar- objectives without understanding where you are and how you got ies would lead to the creation of several thousands of direct and there, we identified the internal and external constraints that limit- indirect jobs especially amongst the suppliers of their input and ed BOI’s exposure to the MSMEs sector to less than five per cent of distributors of their products. Whilst we still receive loan applica- its portfolio over a 13-year period. We came to the conclusion that tions directly from prospective customers, we urge soon-to-be ben- ability to achieve our targets would largely depend on a number eficiaries to go through any of the 122 BDSPs whose contact details of factors including identifying potentially viable projects; quality are available on our website: boinigeria.com/bdsp. of entrepreneurship which also impacts on deal flow generation; Our expectations are that, through this process, those who mobilisation of financial and non-financial resources; as well as the eventually benefit from BOI’s facilities would be customers with operating environment. Taking all these into consideration, we are high integrity. As a substantially government- owned financial insti- continually doing a lot of thinking outside the box and are evolving tution, most loan applicants approach us with a mindset of coming innovative solutions and taking unprecedented steps to de-risk for their share of the national cake. There is need for a change in
| BOI IMPACT q&a
BOI IMPACT | q&a attitude to credit offered by Development Finance Institutions (DFIs). development of the regions and the appointment of very senior Hence, we conduct thorough appraisal of loan requests in line with management staff on grades ranging from Senior Manger to Assis- best practices. Universally, seven out of every 10 well-appraised loan tant General Manager as Regional Heads. For example, the regional requests stand very high chances of succeeding, while only three out office for South-South has been moved to Port Harcourt from Asaba of every 10 un-appraised credits might just succeed. We appraise to while that of South West has similarly been relocated to Ibadan from stop bad projects from being undertaken and also to prevent poten- Akure. The five other Regional Offices are: North East, coordinated tially good ventures from going bad. In the course of the exercise, from Bauchi; North Central based in Abuja; North West overseen risks are evaluated and mitigations provided. In the process, we also from Kaduna; South East located in Enugu and Lagos Region. take into consideration the “five canons of credit” namely: capacity, BOI’s state offices are also being opened across the country to character, condition, collateral and capital. Character of the prospec- bring the bank’s services closer to its current as well as potential cus- tive borrower is the most important of the five Cs. Because where tomers and deepen its impact on the critical mass of entrepreneurs an applicant is able to meet the four requirements and he or she is at the grassroots and also to reduce turn around time. Hitherto, found wanting character-wise, the standard practice is to decline. So, BOI’s seven zonal offices were not able to efficiently and effectively the national cake mindset has to do with meet the needs of entrepreneurs in the the borrower’s character. five to six states that the erstwhile zonal Besides, to enhance the access of As a substantially offices were mandated to serve. Under MSMEs to low cost, labour intensive, government- owned the first phase, we have so far estab- efficient and effective local technology, financial institution, most lished offices in the following 13 states BOI is partnering with research and loan applicants approach and the Federal Capital Territory (FCT): innovation centres; thereby having the us with a mindset of Kano, Niger, Gombe, Kaduna, Bauchi, products of their research and develop- FCT, Anambra, Enugu, Rivers, Delta, ment endeavours commercialised and coming for their share of Osun, Lagos, Oyo and Ondo. BOI man- linking them with industry. They include the national cake. There ages MSME Funds for 17 state govern- the Federal Institute for Industrial Re- is need for a change in ments and we are currently intensifying search Oshodi (FIIRO), Project Research attitude to credit offered our discussions with the other 19 state Institute (PRODA) Enugu and the Nation- by Development Finance governments and the FCT with a view al Agency for Science and Engineering Institutions (DFIs). Hence, to having them join the matching fund Infrastructure (NASENI). In this regard we conduct thorough scheme. also, we have on our website a list of appraisal of loan requests To address the infrastructure accredited equipment and machinery in line with best practices. challenges facing MSMEs, the Bank is suppliers to ensure that the bank’s cus- impressing on its partner state govern- tomers are supplied high quality equip- ments the absolute necessity for them ment with adequate warranties, spares and after sales maintenance to establish industrial parks in each of the three senatorial districts in support. This arrangement will reduce downtime associated with their respective states. The parks are to be provided with such basic breakdowns and increase the durability of their plant and machinery facilities as electricity, water, access roads and security. The indus- beyond the tenor of their loans to ensure their repayment. trial parks would reduce the start-up costs and operating expenses All these initiatives have been embarked upon by BOI to de-risk of MSMEs thereby enhancing their viability and capacity to honour the SME sector which is generally perceived to be highly risky by their obligations including debt service. most lenders who say that SMEs account for significant percentages Our regional and state offices are developing cluster-based prod- of their non-performing loans. uct programmes, targeting the comparative advantages of the natu- How about the capacity of BOI in achieving its mandate to these ral agricultural and solid mineral resources in their respective areas MSMEs? as prescribed under NEDEP with a view to creating jobs and wealth. Internally, BOI is being transformed and re-engineered, with It was in this spirit that, late last year, our first product programme, the support of KPMG Professional Services, to enable it proactively the N5 billion Cottage Agro Processing Fund (CAPFUND) was meet current and future challenges that are being posed and would launched. The Fund was designed to support enterprises processing continue to arise as we implement, especially, our new pro-SME agricultural products into food or input for agro industries thereby agenda. The bank’s seven regional offices have been reorganised increasing Nigeria’s agro processing capacity that would ultimately and strengthened with the relocation of some of them to the re- address the problems of post harvest losses. More funds targeted at gion’s growth poles, to enable them better impact the economic some sectors of the economy and segments of Nigeria’s demograph-
| BOI IMPACT q&a ic composition are being finalised and would soon be launched. distressed African countries such as Nigeria as well as Ghana and Appreciating that all the bold initiatives being embarked upon some relatively economically prosperous Asian countries such as have resulted in raising volume of business, the bank has upgraded Malaysia and Indonesia. My findings revealed that while the num- its information technology system as well as begun the automation ber of pilgrims from Nigeria and Ghana declined with the drop in of its operations and processes. It is now possible to apply for loans their respective GDPs and per capita income, Malaysia and Indone- online. An SME application has been launched. We are committed sia recorded rising number of pilgrims as their GDP and per capita to reduction in turnaround time in all our operations. In this vein, we income increased. I concluded that the trends were in line with one have committed to a two to four week turn around time for well-pre- of the pillars of Islam which says Muslims should perform the Hajj pared loan applications which contain all the information required only if they could afford it. My research drew correlation between for us to carry out thorough appraisal. Our internal processes –from per capita income with affordability. While countries with rising per end to end- have similarly been reduced in terms of the time it takes capita income recorded higher pilgrims annually, which meant they to disburse approved loans. The lender and borrower have roles to could afford it, those with declining per capita income recorded play in this process. For aspects which decreasing number of pilgrims as these fall under BOI’s purview, we have put in meant less capacity to afford the holy place internal service level agreements Appreciating that all the mission. under which some processes have been bold initiatives being The Director of News at the time reduced from 90 to 19 days. embarked upon have (Mallam Yaya Abubakar) felt that with You can see that from all indications, resulted in raising volume such analytical ability, I was being un- BOI is taking all necessary steps to rapid- of business, the bank has der-utilised in sports.. As Head of Econo- ly step up its lending and advisory servic- upgraded its information my Desk at NTA News, I conducted a lot es to MSMEs across the country through of research particularly in the area of de- its corporate transformation programme technology system as well velopment financing during which I un- and increased collaboration with its as begun the automation dertook study tours of the International domestic and foreign development of its operations and Finance Corporation while Sir William partners with the ultimate objective of processes. It is now Ryrie was Chief Executive, the World creating more jobs for Nigerians and possible to apply for loans Bank then headed by Barber Conable, deepening the Bank’s developmental online. An SME application the International Monetary Fund under impact on the whole nation. has been launched. We are the leadership of Michel Camdessus and In view of your antecedents as a tele- committed to reduction in the African Development Bank when vision personality, how did you make turnaround time in all our Babacar N’diaye was the President. The the successful switch from broadcast- operations. interviews I had with the four CEOs ing to banking ? and their very senior management staff One must certainly give glory to God gave me considerable insights into the for the achievements recorded in broadcasting and so far in bank- workings of their institutions. It was while covering the 1989 Annual ing. I would say that the various assignments I handled at NTA News Meetings of the World Bank and the IMF in Washington for NTA between 1981 and 1990 prepared me for the transition to develop- News that the then Managing Director & CEO of NIDB, Mallam Ibra- ment banking. I started my TV career at NTA Sports during which I him Aliyu, whom I had known since 1985, offered me a job at NIDB. covered many domestic and international events including the 1982 These antecedents, the considerable exposures offered me by African Nations Cup in Libya, the 1983 World Universities Games broadcasting as well as the retraining and capacity building pro- in Canada and the 1984 Los Angeles Olympic Games. The journey grammes that I benefitted from over the years explain the apparent of my switch from broadcasting to banking actually started in 1985 seamless switch from broadcasting to banking and the circumstanc- with my reassignment from NTA Sports to mainstream news. That es under which I embarked on my 25-year career at NIDB/BOI in the year, rather than being sent to China to cover the first FIFA Junior course of which successive Managements and Board of Directors World Cup which Nigeria won, I was asked to cover General Tunde assigned me higher responsibilities, rising from Senior Manager in Idiagbon’s pilgrimage to Saudi Arabia and I seized the opportunity 1990 to Executive Director in 2012. I am grateful to my wife and to perform the Hajj as my wedding gift. three children for kindly understanding why I could not have as It was during that coverage that I filed a career defining report. much time for the family these past 30 years because of the press- It was a comparative analysis of the number of pilgrims who per- ing demands of my schedules in broadcasting and banking. formed the Hajj in 1983, 1984 and 1985 from some external debt
BOI IMPACT | THE PROVIDERS A Directory of BOI-Accredited Business Development Service Providers (BDSPs) across Nigeria NATIONAL S/N BDSP CONTACT PERSON OFFICE ADDRESS EMAIL ADDRESS TELEPHONE NO. 1 3T CONSULTING NIGERIA LIMITED OLUJIMI MORGAN 13 OKO-AWO CLOSE, VICTORIA ISLAND, LAGOS P.O BOX [email protected] 07029229567 FALOMO, LAGOS. 2 ADEBOLA SOBANJO COMPANY LTD OLUBANJO ADEBOLA 22A, OMORINRE JOHNSON STREET, OFF DUROSINMI ETTI, [email protected] 08022907640 OLUKOYA LEKKI PHASE 1, LAGOS 08032564245 08083132742 3 BCG ASSOCIATES JAIYEJEJE OGUNLANA 30, LAGOS ABEOKUTA EXPRESS ROAD, CEMENT BUS [email protected] O8037178218 STOP, DOPEMU, LAGOS, FALOMO, LAGOS 4 BENIFADE AND ASSOCIATES BEN I. ADEKAGUN 55,IRE AKARI ESTATE ROAD, ISOLO, P.O. BOX 2272 SABO [email protected] 08023185915 YABA, LAGOS 5 BOI INVESTMENT AND TRUST DANIEL OMEKA 23, MARINA, P.M.B 12855, MARINA, LAGOS, NIGERIA. [email protected] 01-2715214 COMPANY LIMITED 01-2715215 6 CONVIVACITE CONSULTANTS LTD CHRIS TAIWO 137A ETI OSA WAY DOLPHIN ESTATE, LAGOS [email protected] 08023118040 ELDERT LIMITED TUNDE AJAYI PLOT 20, MOBOLAJI BANK ANTONY WAY, IKEJA, LAGOS [email protected] 01-8111601, 7 08125754189 8 FIRST ICON CONSULTING LULU IROABUEKE PLOT 700(3), BATNA CLOSE OFF AGADEZ, CRESCENT OFF [email protected] 07040700801 AMINU CRESCENT, WUSE II, ABUJA 07042109665 07042109666 9 FORTIS ACADEMY CHUCKS OJEIFO S4/S5 2ND FLOOR, ALIBRO ATRIUM PLAZA NO. 32, [email protected] 08051487934 EKUKANAM SREET, UTAKO, ABUJA [email protected] 08173409484 10 GEORGE DAVIDSON CONSULTING BLA ONASANYA 54A, CANARY DRIVE MKO ABIOLA GARDENS, ALAUSA [email protected] 01-8157746 IKEJA LAGOS 08033058847 11 HT- LIMITED FEYIKEMI ODUNUGA 23, HAWLEY STREET, LAGOS ISLAND, LAGOS. [email protected] 08033411535 [email protected] 12 IBFC ALLIANCE LIMITED FUNMI AGUSTO 8TH FLOOR, UBA HOUSE, 57 MARINA LAGOS [email protected] 08133201797 13 IDEANEST INVESTMENTS SERVICES OLU OGUNFOWORA 1 AROMIRE ROAD, IKOYI, LAGOS [email protected] 08022951213 LIMITED. 14 INSTITUTE OF FINANCIAL PLANNING MIKE NGBAKOR 5B FOLA OSIBO, OFF ADEBAYO DOHERTY, ADMIRALTY [email protected] 01-2700054 WAY, LEKKI PHASE I. 08035358690 15 KOINONIA VENTURES LIMITED OLUFEMI BOYEDE 1ST FLOOR, 51, LAGOS ROAD, IKORODU, LAGOS. [email protected] 08033065224 LATEEF BALOGUN & ASSOCIATE LATEEF ATANDA BALOGUN NO 99 OBAFEMI AWOLOWO WAY, IKEJA, LAGOS [email protected] 08034089026, 16 CHARTERED ACCOUNTANT 08056361254 17 LEAPWORLD LIMITED MEDUN FUNKE SUSAN 117A, ETI OSA WAY DOLPHIN ESTATE, IKOYI , LAGOS [email protected] 08023505821; 08174590681 18 NEXTZON BUSINESS SERVICES MACAULEY ATASIE 1 RACHEAL NWAGU CLOSE, BY LAGOON SCHOOL, 2ND [email protected] 01 4616466 LIMITED ROUNDABOUT, LEKKI PHASE 1, LAGOS 01 4616765 19 NIGERIA YOUTH CHAMBER OF PETER AYIM 378, HERBERT MACAULAY WAY YABA, LAGOS, NIGERIA. [email protected] 08093188074 COMMERCE 20 PROF. C. J. AMASIKE & ASSOCIATES PROF. C. J. AMASIKE 50, JULIUS NYERERE CRESCENT (NEXT TO THE WORLD [email protected] 08037035989 BANK) ASOKORO, FCT, ABUJA 08052128456 21 RAITAS CONSULTING EMA EDISON 10, OLADEINDE STREET OFF FARAMOBI AJIKE, ANTHONY [email protected] 08033062938 VILLAGE, MARYLAND. 22 RESORT CONSULT LIMITED OVIE ERNEST AGAGBE GROUND FLOOR, KAJOLA HOUSE, 62/64, CAMPBELL [email protected] 01-2718071 STREET, RACE COURSE, LAGOS 08052248507 23 ROAD MASTER LINK LTD CDR. EKEKHIDE T. KADIRI SUITE 20 LUNGI BARRACKS SHOPPING COMPLEX, [email protected] 08023330653 MAITAMA-ABUJA. 08059825084 24 SAMUELSON B.V. PROFESSIONAL ANTHONY EPELLE 8B, ADEMOLA STREET, S.W. IKOYI, LAGOS STATE [email protected] 08056559075 SERVICES LTD 08023217219 25 STERLING PARTNERSHIP LEGAL ISRAEL AYE 17A, WUMEGO CRESCENT, OFF CHRIST AVENUE, [email protected] 08063564687 PRACTITIONERS ADMIRALTY, LEKKI PHASE I, LAGOS 26 STITCH IN TIME KONSULT LTD AREMU OYELEYE HOUSE 47, 24 CRESCENT 2 AVENUE GWARINPA ESTATE [email protected] 08098362662 ABUJA [email protected] 27 THEODORE ALLEN CONSULTING BODE OLADAPO KINGSWAY BUILDING (3RD FLOOR), 2/4 DAVIES STREET, [email protected] 01-4622485 LAGOS, VICTORIA ISLAND ,LAGOS 08033141003 28 WORLDHOPE RESOURCE LEKAN ADEBAYO 26/28 BELLO STREET, DOMINION ESTATE, BELL 01-7601353, UNIVERSITY, OTTA, OGUN STATE. [email protected] 08023545150 NORTH-CENTRAL S/N BDSP CONTACT PERSON OFFICE ADDRESS EMAIL ADDRESS TELEPHONE NO. 1 AFRICA CONSULT LIMITED CLEOPHAS I. DARIYA SUIT F6, 2ND FLOOR, ASOKORO BUSINESS & LIFESTYLE [email protected] 08036546580 CENTER, NO. 84 KWAME NKRUMAH CRESCENT, ASOKORO, ABUJA 2 AGROEC CONSULTANTS A.I. ADEWUNMI 4, ORA EKPEN, CRESENT (IELODUN), OREMEJI GBAGADA. [email protected] 08023166106 01-769682 3 ALL NATIONS ASSOCIATES LIMITED ACHIKE EMEJULU-JOE 22 IDOWU TAYLOR STREET, VITORIA ISLAND, LAGOS [email protected] 08033042911 4 CARDSTON CONSULTING LIMITED ALIYU AHMED HAMEED ABUJA OFFICE; SUITE S214 HARAMANI PLAZA, PLOT 873 [email protected] 08177254838 SHETTIMA MUNGONO CRESCENT, UTAKO, ABUJA FCT 08112706105 NIGERIA.
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S/N BDSP CONTACT PERSON OFFICE ADDRESS EMAIL ADDRESS TELEPHONE NO. 5 CORPORATE CONSULTING LTD OYINLOYE DELE NO. 16, JAMES BROWN STREET, GWARINPA, ABUJA, [email protected] 08037012676 NIGERIA 08099662109 6 DEVELOPMENT NEXUS NIGERIA LTD MUHAMMAD SANUSI TAHIR SUITE 9, PEOPLES SHOPPING COMPLEX, GARIKI II, ABUJA, [email protected] 08022828144 F.C.T 7 ENTERPRISE DEVELOPMENT CENTRE BEATRICE ATING 4 OGUDA CLOSE, OFF LAKE CHAD CRESCENT, MAITAMA, [email protected] 08174583181 (EDC), PAN ATLANTIC UNIVERSITY ABUJA G B F (GROWING BUSINESSES ZAINAB HARUNA 17, DAKALA STREET, OFF PARAKOU STREET, WUSE 2, [email protected] 07025400080 8 FOUNDATION) FCT, ABUJA 9 GLOBAL SIX-SIGMA CONCEPT LTD ATTU NAJI RAPHAEL 500B TAFAWA BALEWA WAY, AJAMI PLAZA, AREA 3, [email protected] 08033120273 GARKI, ABUJA, NIGERIA 10 INSTITUTE OF DEVELOPMENT LUCKY ONMONYA SUITE 1009 ANBEEZ PLAZA, OPP. OLD CAC, WUSE ZONE 5, [email protected] 08035975832 FINANCE AND PROJECT ABUJA P.O.BOX 13427, WUSE ABUJA. 07030838800 MANAGEMENT. 11 INTELGENES DSG LIMITED MSOO MEE 7 KASHIM IBRAHIM ROAD, OLD GRA, MAKURDI, BENUE [email protected] 07027702343, STATE. 07030940893 12 KABIR SANNI & CO. KABIR SANI BZ 1&2 SARDAUNA CRESCENT, OF JUNCTION RAD, [email protected] 08035953691 KADUNA 08068298748 13 KOINONIA KONSULTS LIMITED BULUS GWASHI CB2, 2ND FLOOR APO SPARLIGHT MALL OPPOSITE LIVING [email protected] 08036199709 FAITH CHURCH, DURUMI ABUJA 08177871940 MICHAEL JACOBS CONSULTING RICHARD OGUNSANMI SUITE 001, SHARON ULTIMATE HOTELS, PLOT 1710, [email protected] 07036390444 14 TAFAWA BALEWA WAY, AREA 3, GARKI, ABUJA 08033140037 15 MICHAEL STEVENS CONSULTING ISRAEL OLADIPO 2ND FLOOR OAKLAND CENTRE, PLOT 2940 israel.oladipo@michaelstevens- 080 3452 8444 AGUIYI IRONSI STREET, MAITAMA, ABUJA consulting.com
16 MODULAR BUSINESS CONCEPTS DR SEGUN OGIDAN NO 11, SUEZ CRESCENT modularbusinessconcepts@gmail. 08023242815 LIMITED IBRAHIM ABACHA ESTATE, com WUSE ZONE 4, ABUJA 17 NORTHBRIDGE INVESTMENT AND AHMED RUFAI MOHAMMED 5TH FLOOR, NICON PLAZA, MUHAMMADU BUHARI WAY, 09-5231728 TRUST LIMITED CENTRAL BUSINESS DISTRICT, GARKI, ABUJA 09-6721796 18 PDE CONSULTANTS BODE OMONAIYE PLOT 208, MUSA ABDULAHI RD, LOKONGOMA PHASE 2, [email protected] 08023028884 KABBA-OKENE ROAD, LOKOJA NO 8, UMUDIOKA CLOSE, BESIDE MADONA SCHOOL, [email protected] 08033141026 DIPO FADIMU AREA 3, GARKI, ABUJA 19 SOPHAMIS CONSULTS NIGERIA ADERONKE OLUWAYEMISI 41 ROAD, BLOCK 3, FLAT 7, FESTAC TOWN LAGOS [email protected] 08023103821 LIMITED AWOMOLO 20 TDF CONSULTANTS ABIODUN ODUNSANWO PRIDEMARK HOUSE 12 BORNU STREET, AREA 10, GARKI, [email protected] 08074457135 ABUJA UNIVERSAL CONSULTANCY IBRAHIM M. ATIKAMI 2ND FLOOR 38 SHIRO STREET, JIBOWU, YABA, LAGOS [email protected] 08039126603 21 SERVICIES (UCS) 22 W-HOLISTIC BUSINESSS SOLUTION OLAREWAJU ONIYITAN TRAPEZIUM HOUSE, 2ND FLOOR, SUITE 6, 4B TOYIN [email protected] 07098212769 LIMITED STREET , IKEJA, LAGOS 08092469116 08037169737 08096812260 23 ZEBRA MULTISER VICES SOLA BAYOWA SUITE C43 EXT. AREA 11, SHOPPING MALL, AREA 11, [email protected] 08033310686 GARKI, ABUJA NORTH-EAST S/N BDSP CONTACT PERSON OFFICE ADDRESS EMAIL ADDRESS TELEPHONE NO. 1 A. I. DEVELOPMENT SERVICES LTD I. M. AGIGI 2 NNAMDI AZIKWE ROAD, OPPOSITE RAILWAY GUEST [email protected] 08035850154 HOUSE, BAUCHI, BAUCHI STATE. ENTREPRENUERSHIP DEVELOPMENTD CENTRE PREMISES, IDRIS BAWA OLD INFORMATICS INSTITUTE, KANO ROAD, [email protected] 08065947021 MUAZU M. KAFUR JIMTILO, MAIDUGURI. BORNO STATE. [email protected] 08037860540 10, NEPA ROAD GRA, JULIUS AMEH ABU JIMETA, YOLA. [email protected] 08035850154 ADAMAWA STATE. 2 CORPORATE CONSULTING LTD OYINLOYE DELE NO 55 ABUJA (FRANCE) ROAD, OFF AIRPORT ROAD, [email protected] 08037012676 KANO. 08099662109 3 DEVELOPMENT NEXUS NIGERIA LTD MUHAMMAD SANUSI TAHIR B12 RAMAT COMPLEX, KASHIM IBRAHIM WAY, [email protected] 08022828144 MAIDUGURI, BORNO STATE. 4 KADUNA BUSINESS SCHOOL DAHIRU SANI 17, GOBARAU ROAD, U/RIMI GRA, ADJACENT, NNPC [email protected] 08065879967 ZONAL OFFICE, KADUNA 5 MESSRS BINCHIKE & CO ASABE AUDU NO. L7 SULEIMAN ADAMU ROAD, TAMBARI ESTATE, [email protected] 08033063490 BAUCHI. 08022227248 08035040384 NORTH-WEST S/N BDSP CONTACT PERSON OFFICE ADDRESS EMAIL ADDRESS TELEPHONE NO. 1 CORPORATE CONSULTING LTD OYINLOYE DELE NO 55 ABUJA (FRANCE) ROAD, OFF AIRPORT ROAD, [email protected] 08037012676 KANO. 08099662109 2 DEVELOPMENT NEXUS NIGERIA LTD ALH. MUHAMMAD SANUSI SUITE 9, PEOPLES SHOPPING COMPLEX, GARKI II, ABUJA, [email protected] 08022828144 TAHIR F.C.T 3 FIELD EFFECT GLOBAL CONSULTING TAOFEEK ADEJARE OWOSENI 27, DURBAN STREET, WUSE 2, ABUJA- NIGERIA. [email protected] 08023002378, LIMITED. 07037810351 4 IBY CORPORATE SOLUTIONS IBRAHIM YAHAYA GWARZO ROAD OPPOSITE FCE KANO CLOSE TO SHOP [email protected] 08185871849 NIGERIA LIMITED WELL SUPER MARKET KANO, KANO STATE 08037689589 5 INFOCONSULT LIMITED HASSAN BAYERO BANK OF INDUSTRY (BOI) HOUSE, 5TH FLOOR, ROOM [email protected] 080233742589 512, NO. 18 GEN. MUH’D BUHARI WAY, P.O. BOX 1526, 08023558381 KADUNA
BOI IMPACT | directory
S/N BDSP CONTACT PERSON OFFICE ADDRESS EMAIL ADDRESS TELEPHONE NO. JALLE CONSULTS LTD AHMED B. ABDUL -QADIR 8, KATURU CLOSE, KADUNA [email protected] 08033142827
6 7 KABIR SANNI & CO. KABIR SANI BZ 1&2 SARDAUNA CRESCENT, OF JUNCTION ROAD, [email protected] 08035953691 KADUNA 08068298748 8 KADUNA BUSINESS SCHOOL DAHIRU SANI 17, GOBARAU ROAD, U/RIMI GRA, ADJACENT, NNPC [email protected] 0816846961 ZONAL OFFICE 9 KOINONIA KONSULTS LIMITED LAZARUS RUBEN YERIMA NO 12, USMAN B. WAZIRI CLOSE, OFF BALARABE MUSA [email protected] 0808 413 4878 ROAD, NARAYI HIGH COST, NARAYI, KADUNA. 10 MICHAEL JACOBS CONSULTING RICHARD OGUNSANMI SUITE 001, SHARON ULTIMATE HOTELS, PLOT 1710, [email protected] 07036390444 TAFAWA BALEWA WAY, AREA 3, GARKI, ABUJA 08033140037 11 NORTHBRIDGE INVESTMENT AND AHMED RUFAI MOHAMMED 5TH FLOOR, NICON PLAZA, MUHAMMADU BUHARI WAY, 09-5231728 TRUST LIMITED CENTRAL BUSINESS DISTRICT, GARKI, ABUJA 09-6721796 12 ROTEX CONSULTING LIMITED MUHAMMAD SABO SHUAIBU NO. 40, ISA KAITA ROAD, UNGUWAR SARKI, KADUNA [email protected] 08155244640 SIMPEX CONSULTS LIMITED SULE R. GARBA NO. TP 20 JB YAKUBU STREET, OPPOSITE JAIZ BANK PLC, [email protected] 08065791660 13 CANTEEN AREA, GUSAU, ZAMFARA 14 SOPHAMIS CONSULTS NIGERIA ADERONKE O. AWOMOLO 41 ROAD, BLOCK 3, FLAT 7, FESTAC TOWN, LAGOS [email protected] 08023103821 LIMITED 15 SUCCESSORY NIGERIA LIMITED STEVE OGIDAN 3RD FLOOR BIJO SURGICAL BUILDING, NM20, [email protected] 08036791619 CONSTITUTION CATHEDRAL KADUNA 08023242815 SOUTH-EAST S/N BDSP CONTACT PERSON OFFICE ADDRESS EMAIL ADDRESS TELEPHONE NO. 1 ANABEL LEADERSHIP ACADEMY NICHOLAS OKOYE 17B DAN OGBEIDE CLOSE OFF OYIBO ADJARHO STREET [email protected] 018194260 ADMIRALTY WAY, LEKKI PHASE 1 LAGOS 018196028 2 BABINGTON CONSULTING LIMITED BABATUNDE AJAYI 21, ARAROMI STREET, OFF MOLONEY STREET ONIKAN, [email protected] 01-4717858 LAGOS 01-7936911 3 CLEMENT ASHLEY CONSULTING IJEOMA RITA OBU SUITE 1, BLOCK 43, KOSOFE ROAD, CORPORATION DRIVE, [email protected] 017925490 DOLPHIN ESTATE, IKOYI, LAGOS STATE. 017758643 4 MOYO COLE 114B NORMAN WILLIAMS STREET, IKOYI, LAGOS [email protected] CIUCI CONSULTING 019035397 5 DE-SME FACILITATORS LIMITED TONY CHINWE 17 AHMED ONIBUDO STREET VICTORIA ISLAND, LAGOS [email protected] 08033421381 08030793931 6 EZ 37 SOLUTIONS LIMITED ADAORA AYOADE NO 53, GOODWILL HOUSE, OYO ROAD, MOKOLA, [email protected] 08033281197 OREMEJI, IBADAN 7 GBF (GROWING BUSINESSES ONYINYECHI IWUOHA EGBELU AMAINO, IKEDURU, OWERRI, IMO STATE [email protected] 08034211594 FOUNDATION) 8 ISSACHAR CONSULTANTS & CHIBUZOR EZE BLOCK 13, SUITE 21, SURA SHOPPING, COMPLEX, [email protected] 08023214227 ADVISERS LTD SIMPSON STREET, LAGOS 9 INDEPENDENT PROJECT MANAGERS DR. TUNDE OBRIMAH 23 UZOEGWU STREET NKPOR, ANAMBRA STATE 08095550437, LTD [email protected] 08035555545 10 INDEX CONSULTING IKE ONYENOKWE 9, TOM IFFIE CRESCENT, OFF AIRPORT ROAD, WARRI [email protected] 08034433443
11 JEFF & O’BRIEN PASCAL ODIBO GOODWILL HOUSE 278, IKORODU ROAD, ANTHONY, [email protected] 08033062240 LAGOS 12 MICHAEL STEVENS CONSULTING ADAYE ORUGBANI 2 NTA ROAD, OZOUBA, PORT - HARCOURT, RIVERS adaye.orugbani@michaelstevens. 070 6459 4651 STATE com.ng 13 NOBLE & BROWN HOUSE KANU PASCAL 1 OJIKE STREET UMUAHIA, ABIA STATE [email protected] 08056660176 MANAGEMENT CONSULTANTS LTD 07062728486 14 OLUKAYODE OLUPAYIMO & CO. OLUPAYIMO M. K. 40, IBADAN ROAD, BESIDE GLO OFFICE, IJEBU-ODE, OGUN [email protected] 08132682752 STATE 08055281824 15 RENEWAL CONSULTING LIMITED CHIKE MIKE NWEGBE PLOT 16 HOSPITAL ROAD, G.R.A, OPPOSITE ESUT [email protected] 08033913928, TEACHING HOSPITAL, ENUGU 08179718269 16 RESOURCERY CONSULTS MATTHEW KALU BLOCK 2, PLOT 20, SITE G, ASSEMBLY ROAD, OPP. [email protected] 08033092334 LEARNINGFIELD SCHOOL, SATELLITE TOWN, LAGOS 08095782090 17 SME INTEGRATED SOLUTIONS FRANK CHIKEZIE SUITE 26 DOLPHIN ESTATE, IKOYI, LAGOS. [email protected] 08033072293 LIMITED 18 SOPHAMIS CONSULTS NIGERIA ADERONKE OLUWAYEMISI 41 ROAD, BLOCK 3, FLAT 7, FESTAC TOWN LAGOS [email protected] 08023103821 LIMITED AWOMOLO 19 UNIVERSAL CONSULTANCY IBRAHIM M. ATIKAMI 2ND FLOOR 38 SHIRO STREET, JIBOWU, YABA, LAGOS [email protected] 08039126603 SERVICIES (UCS) SOUTH-SOUTH S/N BDSP CONTACT PERSON OFFICE ADDRESS EMAIL ADDRESS TELEPHONE NO. 1 ALL NATIONS ASSOCIATES LIMITED ACHIKE EMEJULU-JOE 22 IDOWU TAYLOR STREET, VITORIA ISLAND, LAGOS [email protected] 08033042911 2 ANABEL LEADERSHIP ACADEMY NICHOLAS OKOYE 17B DAN OGBEIDE CLOSE OFF OYIBO ADJARHO STREET [email protected] 018194260 ADMIRALTY WAY, LEKKI PHASE 1, LAGOS 018196028 3 BABINGTON CONSULTING LIMITED BABATUNDE AJAYI 21, ARAROMI STREET, OFF MOLONEY STREET ONIKAN, [email protected] 01-4717858 LAGOS 01-7936911 4 BDS CONSULT BUNMI DAPO-SOKAN OLUWATOBI HOUSE (6TH FLOOR) 73, ALLEN AVENUE [email protected] 08023070176 IKEJA, LAGOS 07034174751 5 CLEMENT ASHLEY CONSULTING IJEOMA RITA OBU SUITE 1, BLOCK 43, KOSOFE ROAD, CORPORATION DRIVE, [email protected] 017925490 DOLPHIN ESTATE, IKOYI, LAGOS 017758643 6 CIUCI CONSULTING MOYO COLE 114B NORMAN WILLIAMS STREET, IKOYI, LAGOS [email protected] 019035397 7 DIL CONSULTING MIRACLE OGBONNA 7 OWABIE (ONE WAY ROAD) WEMPI OROAZI, PORT [email protected], 08033144467, HARCOURT, RIVER STATE. 08094809610, 07065240845 8 EZ 37 SOLUTIONS LIMITED ADAORA AYOADE ROAD 5, J54 IKOTA, LEKKI-EPE EXPRESSWAY, LAGOS [email protected] 08033281197
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S/N BDSP CONTACT PERSON OFFICE ADDRESS EMAIL ADDRESS TELEPHONE NO. 9 GBF (GROWING BUSINESSES LOLO HAILSHAM PLOT 186, ZONE 3, FINIMA, BONNY ISLAND, RIVERS [email protected] 07041318516 FOUNDATION) STATE. 08033388549
10 ICA (ISSACHAR CONSULTANTS & CHIBUZOR EZE BLOCK 13, SUITE 21, SURA SHOPPING, COMPLEX, [email protected] 08023214227 ADVISERS) LTD SIMPSON STREET, LAGOS STATE. 11 INDEPENDENT PROJECT MANAGERS UZOH CHIBUKO 7, MUSTAPHA ABDUL STREET, OGUDU, LAGOS. [email protected] 08187666675 LTD 08023142412 IKE ONYENOKWE 9, TOM IFFIE CRESCENT, OFF AIRPORT ROAD, WARRI [email protected] 08034433443 12 INDEX CONSULTING 13 INTER-ARC CONSULTANTS LIMITED JONATHAN NIKORI 90, AKPAKPAVA ROAD, (GROUND FLOOR) BENIN CITY [email protected] 08036769021 08186277766 14 JEFF & O’BRIEN PASCAL ODIBO GOODWILL HOUSE 278, IKORODU ROAD, ANTHONY, [email protected] 08033062240 LAGOS 15 MASTER SKILLS & ASSOCIATES EGWUENU AMAECHI 74 ISOKO ROAD, UGHELLI, DELTA STATE [email protected] 08056155246 (MANAGEMENT CONSULTANTS) SYLVESTER 08037165140 16 MICHAEL STEVENS CONSULTING ADAYE ORUGBANI 2 NTA ROAD, OZOUBA, PORT - HARCOURT, RIVERS adaye.orugbani@michaelstevens. 070 6459 4651 STATE com.ng
17 OLUKAYODE OLUPAYIMO & CO. OLUPAYIMO M. K. 40, IBADAN ROAD, BESIDE GLO OFFICE, IJEBU-ODE, OGUN [email protected] 08132682752 STATE 08055281824
18 RANXYBERA NIGERIA LIMITED GODWIN E.UMEANOR 12 SUMMIT ROAD BY REVENUE OUSE, ASABA, DELTA [email protected], 09020880966 STATE [email protected] 19 RTC ADVISORY SERVICES LIMITED AGBAJE OPEYEMI OLUKAYODE ENTERPRISE SUITES 5TH FLOOR, MEDIFE HOUSE 58/60 [email protected] 01-27136756 BROAD STREET, LAGOS 20 SME- NET AFRICA LIMITED ACHIKE EMEJULU - JOE 22 IDOWU TAYLOR STREET, VICTORIA ISLAND, FALOMO, [email protected] 08033042911 IKOYI, LAGOS SOPHAMIS CONSULTS NIGERIA ADERONKE OLUWAYEMISI 41 ROAD, BLOCK 3, FLAT 7, FESTAC TOWN LAGOS [email protected] 08023103821 21 LIMITED AWOMOLO 22 WIDER PERSPECTIVES LIMITED KALADA APIAFI GROUND FLOOR, UNION BANK BUILDING, 180 ABA [email protected] 08033101457 ROAD, PORT HARCOURT, RIVERS STATE. 08035511185 SOUTH-WEST S/N BDSP CONTACT PERSON OFFICE ADDRESS EMAIL ADDRESS TELEPHONE NO. 1 ANABEL LEADERSHIP ACADEMY NICHOLAS OKOYE 17B DAN OGBEIDE CLOSE OFF OYIBO ADJARHO STREET [email protected] ADMIRALTY WAY, LEKKI PHASE 1, LAGOS 2 BABINGTON CONSULTING LIMITED BABATUNDE AJAYI 21, ARAROMI STREET, OFF MOLONEY STREET ONIKAN, [email protected] LAGOS 3 BDS CONSULT FINANCE TRAINING BUNMI DAPO-SOKAN OLUWATOBI HOUSE (6TH FLOOR) 73, ALLEN AVENUE [email protected] ADVISORY IKEJA LAGOS NIGRIA 4 CLEMENT ASHLEY CONSULTING IJEOMA RITA OBU SUITE 1, BLOCK 43, KOSOFE ROAD, CORPORATION DRIVE, [email protected] 017925490 DOLPHIN ESTATE, IKOYI, LAGOS 017758643 5 CIUCI CONSULTING MOYO COLE 114B NORMAN WILLIAMS STREET, IKOYI, LAGOS [email protected] 019035397 6 DALLASS CONSULTS LIMITED GBADEBO K. DALLASS PLOT 2, PROF. JUBRIL AMINU STR., PARKWIEW ESTATE, [email protected] 08034032122 IKOYI, LAGOS. 7 DE-SME FACILITATORS LIMITED TONY CHINWE 17 AHMED ONIBUDO STREET VICTORIA ISLAND, LAGOS [email protected] 08033421381 08030793931 8 ENTERPRISE DEVELOPMENT CENTRE NNEKA OKEKEARU 2, AHMED ONIBUDO STREET, VICTORIA ISLAND, P.O. [email protected] 08080348910 (EDC), PAN ATLANTIC UNIVERSITY. BOX 73688 07029376598 9 ENTREPRENEURSHIP DEV. MUSTAFA MUHAMMAD ASCON PHASE 2, TOPO BADAGRY, LAGOS STATE [email protected] 08035720625 INITIATIVES INTERNATIONAL 10 EZ 37 SOLUTIONS LIMITED ADAORA AYOADE ROAD 5, J54 IKOTA, LEKKI-EPE EXPRESSWAY, LAGOS [email protected] 08033281197 STATE 11 FIRST CAPITAL TRUST PLC. TOYIN AJALA 7TH FLOOR, PLOT634, ADEYEMO ALAKIJA STREET biodun.oyapero@firstcapitaltrust. 01-2805396 VICTORIA ISLAND,LAGOS com.ng 01-7617059 [email protected] 08027787751 12 GOLDTRACKS BUSINESS PALACE PASTOR DAVID ADEWOLE 8A, OBA AKINJOBI STREET, NACCIMA BUILDING, 3RD [email protected] 07033070527 LIMITED FLOOR, GRA, IKEJA LAGOS. 13 GBF (GROWING BUSINESSES SEYI DARE NO. 160, BAMGBOSE STREET, ISLAND LAGOS, MARINA, [email protected] 01-4548795 FOUNDATION) LAGOS [email protected] 14 INDEPENDENT PROJECT MANAGERS UZOH CHIBUKO 7, MUSTAPHA ABDUL STREET, OGUDU, LAGOS. [email protected] 08187666675 LTD 08023142412 15 INDEX CONSULTING AYODEJI OBADEMI 2ND FLOOR, NSE BUILDING, 1, ENGINEERING CLOSE, OFF deji.obademi@indexconsulting .biz 08154422994 IDOWU TAYLOR, VICTORIA ISLAND, LAGOS.
16 JEFF & O’BRIEN PASCAL ODIBO GOODWILL HOUSE 278, IKORODU ROAD, ANTHONY, [email protected] 08033062240 LAGOS 17 MARKETSIGHT CONSULTANCY RILIWAN ADERINTO 46, OYEDELE OGUNNIYI STREET, ANTHONY VILLAGE, [email protected] 08160119029 LIMITED LAGOS 18 MICHAEL JACOBS CONSULTING RICHARD OGUNSANMI SUITE 001, SHARON ULTIMATE HOTELS, PLOT 1710, [email protected] 07036390444 TAFAWA BALEWA WAY, AREA 3, GARKI, ABUJA. 08033140037 19 MICHAEL STEVENS CONSULTING FRANCIS KUDAYAH 22B RAFIU SHITTU STREET, ALAKA, SURULERE. P.O.BOX [email protected] 08023140875 4575 APAPA. LAGOS. 08033837987 20 MIS ADVISORY SERVICES LIMITED AYODELE OLOWOOKERE REALS PLAZA, PLOT 1, JUNAID DOSUNMU STREET, [email protected] 01-8444544 CENTRAL BUSINESS DISTRICT, ALAUSA, IKEJA, LAGOS STATE 21 MODULAR BUSINESS CONCEPTS A. AYOOLUWA 22 AYINDE GIDADO STREET, [email protected] 08022221177; LIMITED UNITY ESTATE, ZONE IV, 08181775555 EGBEDA, LAGOS.
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S/N BDSP CONTACT PERSON OFFICE ADDRESS EMAIL ADDRESS TELEPHONE NO. 22 OBAFEMI AWOLOWO UNIVERSITY F. A. ADESINA LAGOS STATE SCALE INDUSTRIAL ESTATE, FATAI ATERE [email protected] 08037193141 INSTITUTE OF ENTREPRENEURSHIP & WAY, MATORI, LAGOS STATE DEVELOPMENT STUDIES 23 OLUKAYODE OLUPAYIMO & CO. OLUPAYIMO M. K. 40, IBADAN ROAD, BESIDE GLO OFFICE, IJEBU-ODE, OGUN [email protected] 08132682752 STATE 08055281824
24 PEREGRINE INVESTCORP SERVICES AYOTUNDE O. OLAYINKA 163/165, BROAD STREET (OLD NIGER HOUSE), LAGOS [email protected] 08023409087 LTD STATE 25 PRACTICAL FARMING SERVICE PATRICK A. OGUNJI-SOBULO 9, OLOKO CRESCENT (OFF DARANIJO STREET), OGBA, [email protected] 08037250821 LIMITED P.O.BOX 632, MUSHIN, LAGOS. 08081475550 26 QUICK PROJECTS LIMITED EMEM AKPAN OCEAN RISE (2ND FLOOR), 17B ALLEN AVENUE, IKEJA [email protected] 08017125693 LAGOS. 08033001234 27 R & S CONSULTING LIMITED S. OLUFEMI ADEBIYI 2, AINA ELEKO STREET ONIGBONGBO, MARYLAND P.O. [email protected] 08022234051 BOX 4272, OSHODI LAGOS 08038107532 28 RADIX CAPITAL PARTNERS AND LAWRENCE ONWUEGBUZIE 4TH FLOOR, AIICO PLAZA, PC12 CHURCHGATE STREET, [email protected] 08027786565 ROSEQUEEN CONSULTING VICTORIA ISLAND, LAGOS. 01- 4611301 29 RED 5 RESOURCES LIMITED FRANCIS O. SHEEN 7, ADEKUNLE AJASIN ROAD, ALAGBAKA-AKURE, ONDO [email protected] 08033064476 STATE 08144396030 30 FEMI OGUNJE 1, RAIMI ADEDOKUN LANE, OFF GENERAL HOSPITAL [email protected] 08050595555 ROAD, GBAGADA, LAGOS 08099966033 08037181666 31 B. T. BELLO 26 ASSOCIATION AVENUE, ILUPEJU, LAGOS [email protected] 08033533365 [email protected] 32 AGBAJE OPEYEMI OLUKAYODE ENTERPRISE SUITES 5TH FLOOR, MEDIFE HOUSE 58/60 [email protected] 01-27136756 BROAD STREET, LAGOS 33 AHMED RASAQ SART PARTNERS LIMITED, SUITE 48, 9TH FLOOR [email protected] 07039068284 ELEGANZA BUILDING, ADEYEMO ALAKIJA, LAGOS 34 OLUWAKEMI ADENIRAN PAZ VILLE, 29 ERIC MANUEL CRESCENT, OFF BODE [email protected] 07098121210 THOMAS STREET, SURULERE, LAGOS 01-7100767 35 ADERONKE OLUWAYEMISI 41 ROAD, BLOCK 3, FLAT 7, FESTAC TOWN LAGOS [email protected] 08023103821 AWOMOLO 36 AJIBOYE O. T. 122, MURTALA MUHAMMED WAY, EBUTE-METTA, [email protected] 08023020784 LAGOS. 08185783450 37 ABIODUN ODUNSANWO PRIDEMARK HOUSE 12 BORNU STREET, AREA 10, GARKI, [email protected] 08074457135 ABUJA 38 IBRAHIM M. ATIKAMI 2ND FLOOR 38 SHIRO STREET, JIBOWU, YABA, LAGOS [email protected] 08039126603 39 OLATUNJI ASHKUR OPE 1, ADEFOPE STREET, OFF ASSOCIATION AVENUE, ILUPEJU, [email protected] 01-7671825 LAGOS 40 OLAREWAJU ONIYITAN TRAPEZIUM HOUSE, 2ND FLOOR, SUITE 6, 4B TOYIN [email protected] 07098212769 STREER, IKEJA,LAGOS 08092469116 08037169737 08096812260 STATES S/N BDSP CONTACT PERSON OFFICE ADDRESS EMAIL ADDRESS TELEPHONE NO. 1 ABIA STATE VSL CONSULTING LIMITED. ERIC MBANEFO 51 UMUOCHAM A STREET, [email protected] 08037071107 ABA, ABIA STATE 2 AKWA IBOM STATE VSL CONSULTING LIMITED. EDET EKANEM UDOH 10 EDUOK CLOSE [email protected] 08023233393 OFF ATAI IDUNG ROAD UYO, AKWA IBOM STATE 3 BENUE STATE FRESH LOOK CONSULTING EMMANUEL BENEDICT SUIT 43, A.M KAURA PLAZA, JOS ROAD, LAFIA, [email protected] 07039886320 ENTERPRISE NASARAWA STATE 08054584025 4 CROSS RIVER STATE LATERAL LINKS LIMITED YETUNDE ALLEN CASTLEFIELDS ESTATE AUGUSTINE ANOZIE CLOSE, VI [email protected] 01-7940347, 08033014296 EXTENSION VI, LAGOS 5 DELTA STATE DELTA FINANCE COMPANY LTD AZUKA OSAKWE SUITE 2/3, FLOOR 5, MERIT HOUSE, 22 AGUIYI IRONSI [email protected] 08035008477 STREET, MAITAMA ABUJA CAST PRODUCTS LTD ADOLPHOUS OJOBO 2ND FLOOR, EDO HOUSE, 6, AKPAPKAVA STREET, BENIN [email protected] 08035725190 CITY, NIGERIA 6 EDO STATE CAST PRODUCTS LTD ADOLPHOUS OJOBO 2ND FLOOR, EDO HOUSE, 6, AKPAPKAVA STREET, BENIN [email protected] 08035725190 CITY, NIGERIA 7 FEDERAL CAPITAL TERRITORY VSL CONSULTING LIMITED. UBADIGBO OKONKWO CROWN PLAZA, SUITE 5 [email protected] 08036044070 4 EKE A. YESUFU CLOSE, OFF AJOSE ADEOGUN STREET, UTAKO, ABUJA. LATERAL LINKS LIMITED YETUNDE ALLEN CASTLEFIELDS ESTATE AUGUSTINE ANOZIE CLOSE, VI [email protected] 01-7940347, 08033014296 EXTENSION VI, LAGOS PRINSULT COMPANY LIMITED RALIAT IBRAHIM-IMAM 6TH FLOOR, ZENON HOUSE, AJOSE ADEOGUN, VICTORIA [email protected] 08062533644 ISLAND LAGOS NIGERIA. 4 BENJAMIN OLLE STREET, GRA ILORIN, KWARA STATE FATIMA ASEMA [email protected] 08022080400
ABUJA ENTERPRISE AGENCY AISHA ABUBAKAR AEA ENTREPRENEURAL COMPLEX, PLOT 74, SECTOR [email protected] 08076298494 CENTRE A, ZONE 15, JAHI DISTRICT, ABUJA DELTA FINANCE COMPANY LTD AZUKA OSAKWE SUITE 2/3, FLOOR 5, MERIT HOUSE, 22 AGUIYI IRONSI [email protected] 08035008477 STREET, MAITAMA ABUJA
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S/N BDSP CONTACT PERSON OFFICE ADDRESS EMAIL ADDRESS TELEPHONE NO. BESPOKE CONSULTANTS LIMITED OCHE OBE 4B, GATEWAY PLAZA, 208, ZAKARIYAH MAIMALARI ROAD, [email protected] 08035000395 CENTRAL DISTRICT, ABUJA. 8 GOMBE STATE GOMBE STATE COOPERATIVE SANI MUSA OPPOSITE HASSAN-CENTRAL PRIMARY SCHOOL, OFF- [email protected] 08032806922 SAVINGS AND LOANS LIMITED. SABON- LAYI ROAD- BY-DOGON-JUNCTION, GOMBE, STATE, NIGERIA. 9 KADUNA STATE LATERAL LINKS LIMITED YETUNDE ALLEN CASTLEFIELDS ESTATE AUGUSTINE ANOZIE CLOSE, VI [email protected] 01-7940347, 08033014296 EXTENSION VI, LAGOS DELTA FINANCE COMPANY LTD AZUKA OSAKWE SUITE 2/3, FLOOR 5, MERIT HOUSE, 22 AGUIYI IRONSI [email protected] 08035008477 STREET, MAITAMA ABUJA MERGER TURNKEYS LIMITED ENGR MUSTAPHA M. ALIYU 8TH FLOOR NAWAMATSE HOUSE,4/5 AHMADU BELLO [email protected] 08036517990 WAY, KADUNA 08033587369 10 KANO STATE CAMPBELL LOVE VINCENT 54 TAFAWA BALEWA ROAD [email protected] KANO. 11 KEBBI STATE LAWAL YAKUBU GADA NO. TP 5, BEHIND GUSAU HOTEL, P. O. BOX 159, GUSAU, 08035854295 ZAMFARA STATE 12 KOGI STATE OLUSEGUN JEROME 15 APAMABA STREET, BEHIND KING & QUEENS PRIMARY 08069597994 SCHOOL FELELE VILLAGE, LOKOJA, KOGI STATE 13 KWARA STATE YETUNDE ALLEN CASTLEFIELDS ESTATE AUGUSTINE ANOZIE CLOSE, VI 01-7940347, 08033014296 EXTENSION VI, LAGOS FATIMA ASEMA 4 BENJAMIN OLLE STREET, GRA ILORIN, KWARA STATE 08022080400 14 LAGOS STATE YETUNDE ALLEN CASTLEFIELDS ESTATE AUGUSTINE ANOZIE CLOSE, VI 01-7940347, 08033014296 EXTENSION VI, LAGOS RALIAT IBRAHIM-IMAM 6TH FLOOR, ZENON HOUSE, AJOSE ADEOGUN, VICTORIA 08062533644 ISLAND LAGOS NIGERIA TMC MABOGUNJE & COMPANY MRS. TOKI MABOGUNJE 27 OGUNDANA STREET OFF ALLEN AVENUE, IKEJA- LAGOS, [email protected] 01-8911534 NIGERIA P.O BOX 53151, FALOMO IKOYI- LAGOS, NIGERIA DELTA FINANCE COMPANY LTD AZUKA OSAKWE SUITE 2/3, FLOOR 5, MERIT HOUSE, 22 AGUIYI IRONSI [email protected] 08035008477 STREET, MAITAMA ABUJA BOAZ MANAGEMENT & FINANCIAL B.O IBIKUNLE 5TH FLOOR, WING ‘G’ ELEPHANT CEMENT HOUSE, ASSBIFI [email protected] 08022253425 STRATEGIES LIMITED ROAD, IKEJA, ALAUSA. 08066326131 SUR-VIRON LTD PROF. SIDI OSHO NO1 ANSHER COURT ESTATE, MABOGUNJE STREET ONIRU [email protected] 08035684692 ESTATE, VICTORIA ISLAND, NIGERIA 07068927364 VALUCON BUSINESS SERVICES ABIMBOLA OSUCHUKWU 10, ODALIKI STREET, OFF APAPA ROAD, EBUTE-METTA, [email protected] 08087183452 LAGOS [email protected] [email protected] REGCHARLES FINANCE AND CAPITAL OLUWATOSIN KUKOYI 24B, PROVIDENCE STREET, OPPOSITE BRAS MOTORS, [email protected] 234(01) 766 0001 LIMITED LEKKI PHASE 1, LAGOS. KAMLAD PRODUCTS LTD. PRINCE OLATOKE OLAWALE 9, AYEDUN STREET, AYETORO, OSOGBO, OSUN STATE. [email protected] 08034820594 15 NASARAWA STATE FRESHLOOK CONSULTING EMMANUEL BENEDICT SUIT 43, A.M KAURA PLAZA, JOS ROAD, LAFIA, [email protected] 07039886320 ENTERPRISE NASARAWA STATE 08054584025 JBS BUSINESS SERVICES LTD EZEKIEL GOMOS 4, MIRI DRIVE, GOLD AND BASE LAYOUT, OFF RAYFIELD [email protected] 08035991696 RD, JOS 16 OGUN STATE LATERAL LINKS LIMITED YETUNDE ALLEN CASTLEFIELDS ESTATE AUGUSTINE ANOZIE CLOSE, VI [email protected] 01-7940347, 08033014296 EXTENTION VI, LAGOS PRINSULT COMPANY LIMITED IFEANYI AJAEBILI 6 EWELANLO AREA, BEHIND OGUN RADIO, OFF AYETORO [email protected] 08062533644 ROAD, LAFENWA ABEOKUTA, OGUN STATE. 17 ONDO STATE VSL CONSULTING LIMITED UBADIGBO CROWN PLAZA, SUITE 5 4 EKE A. YESUFU CLOSE OFF [email protected] 08034032124 OKONKWO AJOSE ADEOGUN STREET, UTAKO P.O. BOX 5861, GARKI, ABUJA. PROJECT – TECH AND ALLIED EDMUND .C. EKPEMOGU PLOT 32, BLOCK XXXVII, OBA-ILE HOUSING ESTATE, AKURE [email protected] 08033229766 SERVICES LIMITED 08036691900 18 OSUN STATE KAMLAD PRODUCTS LIMITED PRINCE OLATOKE OLAWALE 9, AYEDUN STREET, AYETORO, OSOGBO, OSUN STATE. [email protected] 8034820594 19 OYO STATE LATERAL LINKS LIMITED YETUNDE ALLEN CASTLEFIELDS ESTATE AUGUSTINE ANOZIE CLOSE, VI [email protected] 01-7940347, 08033014296 EXTENSION VI, LAGOS PRINSULT COMPANY LIMITED SADIQ SAIRUDEEN 56 AJEIGBE BUSSTOP, BESIDE FEDEX RING ROAD, IBADAN, [email protected] 08062533644 OYO STATE 20 PLATEAU STATE JBS BUSSINES SERVICES LIMITED EZEKIEL GOMOS 4, MIRI DRIVE, GOLD AND BASE LAYOUT, OFF RAYFIELD [email protected] 08035991696 RD, JOS 21 RIVERS STATE LATERAL LINKS LIMITED YETUNDE ALLEN CASTLEFIELDS ESTATE AUGUSTINE ANOZIE CLOSE, VI [email protected] 01-7940347, 08033014296 EXTENSION VI, LAGOS 22 SOKOTO STATE SUSTAINABLE DEVELOPMENT LAWAL YAKUBU GADA DOGON DAJI HOUSE, FIRST FLOOR, NO. 3 MAIDUGURI [email protected] 08035854295 CONSULT LIMITED ROAD, BEHIND CBN, SOKOTO 23 ZAMFARA STATE SUSTAINABLE DEVELOPMENT LAWAL YAKUBU GADA NO. TP 5, BEHIND GUSAU HOTEL, P. O. BOX 159, GUSAU, [email protected] 08035854295 CONSULT LIMITED ZAMFARA STATE
BOI IMPACT | focus
HAVING BETTER EYES TO SEE
sk Stanley Obinwugo, a young entrepreneur, food processing. I also had some training on entrepreneurship with the Enterprise what advice he has for the Nigerian youth. His Development Centre at Lagos Business crisp reply would be: “Let them put on better School, Pan Atlantic University as well as at eyes, the eyes that see opportunities rather the Entrepreneurship Development Cen- A tre, South East, a Central Bank of Nigeria than complaining about how bad the country is.” project for empowering youths through This is exactly what Obinwugo, a 2010 be created in the food sector, so I just picked entrepreneurship. I participated in FADAMA law graduate of Madonna University in his one. home State of Anambra did. “I found out that people like drinking the Immediately after completing the one- zobo juice but they were always sceptical it year mandatory National Youth Service is not well packaged, it is not well presented. Corps (NYSC) programme in 2012, he cast And I saw the drink as something that has a aside his LLB/BL certificates and established lot of potentials and when well packaged, it Obinwugo Farms in Onitsha, the commercial can even be exported outside Nigeria. So, I nerve centre of Anambra State. decided to enter into the business of hygien- This is his story. ically packaging and presenting zobo in PET “I grew up to find out that there is no bottles.” For the uninitiated, zobo is Hausa job in the country; many youths are unem- for the edible plant, hibiscus sabdariffa. The ployed and instead of sitting down to blame rest of Nigeria adopted the name. the government, I decided to do my own Thus was born ZoboCola, approved by part in solving the problem of unemploy- the National Agency for Food, Drug Admin- ment through job creation. This led me into istration and Control (NAFDAC). entrepreneurship. I decided to focus my Obinwugo did the wisest thing after he area of entrepreneurship on food. Because decided on his route. He went on a spree of I think that food is one of the necessities in knowledge acquisition. “I underwent train- human needs and there are a lot of value to ing on food science and technology and Zobo Cola’s Obi | BOI IMPACT focus training. I trained in agro and some other to seven of them.” into giving them some money. Also, some trainings that I have undergone. These have Did he need any “connection” at BOI to people from the Local Government come helped me in starting up and building this access finance? and harass us into giving them some money business.” “Oh, no. I went to the Bank of Industry, and they take advantage of the fact that He also had an ample dose of “tenacity, knowing nobody.” we are a small outfit and because we don’t zeal and vision.” Paucity of funds was not But? have much protection. I have challenges in going to be a barrier. “The only thing is that the process is the market because we are still small and “I started with the little money I had; I long; it took me one year to process the there is no finance to advertise and do a lot was trying to the best of my capacity to loan. So, the process was a bit longer and of awareness for people to know about my build the business and build the product. that is the only place that I will encourage product. I must, however, acknowledge the I didn’t have much outreach because of BOI to look at: the time frame for pro- support from BOI to help increase aware- lack of finance. I didn’t also have the nec- cessing a loan. Or, perhaps, it happened ness through inclusion on their publicity essary machines needed because of lack of because it was my first time....I have to com- platforms.... Some people are sceptical finance.” mend them all the same, their processes about the product, the packaging, ‘how Of course, he knew that the dream could are free and they are really out to help the do we know that this is real?’, so, they are die if he didn’t seek financing. SMEs.” sceptical.” “I was looking for finance. I was looking If there had been Business Development How has he tried to solve this percep- for institutions that were going to finance Service Providers (see “Access to finance tion challenge? “We tried to harness our me. I went to so many institutions but to no strength and I think our strength as a small avail.” We plan on business is in direct relationship with the The way these things happen, either expanding, like retailers and final consumers. So, we try to someone finds you or you find someone. focus more of reaching out to the retailers In Obinwugo’s case, one farmer from Delta producing my and the final consumers in our area of State, named Paul Okpe, found him, or rath- raw materials, capacity, where we have capacity. We do er, his product. trying to produce more of direct advertising, we do more “He came in contact with my product and enter into the direct sales and marketing, road shows, and loved it. He told me that “look, you can cultivation of zobo taste sampling etc. so, we reach out to the go to the Bank of Industry, you qualify to be leaves, producing retailers and the final consumers more than given a loan.” flavours, bottles. We we reach to the wholesalers. We have a He took the advice and the story plan on embarking Facebook page. We are on LinkedIn. We changed. on backward are working on a website for Zobo Cola. I “The soft loan that BOI gave me aided integration am a young man, so I know the importance me in getting some machines like the filling expansion of social media in trying to take your busi- machine, the capping machine, the shin cap ness to the next level. So, we are harnessing machine. And it aided me also to print a that opportunity to the best of our capacity. label because, before I was using a paper la- made easy, P6) when Obinwugo found BOI, So, that is our area of strength and we shall bel. The shrink wrap label is more effective, perhaps he won’t have had to wait for one harness it to grow into a bigger company.” it is more resistant to water because it is just year. Perhaps. To be sure, Obinwugo has his eyes set nylon. The bank has helped me in taking Before BOI’s intervention, the company on bigger things. the business ahead, taking the business up produced 1,000 cartons in a month. After: “We plan on expanding, like producing to some level. But, we are still moving on.” between 5,000 and 10,000 cases. my raw materials, trying to produce and For someone whose vision is to create Oh, there are still challenges. enter into the cultivation of zobo leaves, jobs, the BOI intervention was a propeller. You guessed it: electricity. “That is a producing flavours, bottles. We plan on “When I started the business, I was the general challenge for every business (in embarking on backward integration ex- only one working. Then from working, I Nigeria).... Then, we have this challenge of pansion. Also, we are working on strategic employed only one person and from that vulnerability to illegal touts, tax collectors, partnership that will take the business to one person, we moved up to four. After the intimidation from some of the law enforce- the next level.” Bank of Industry intervened, we became ment agents, because we don’t have much Guess, all he has to do is open his “bet- eight direct staff and we have marketers, up protection here, they come in and harass us ter eyes.”
BOI IMPACT |