Business

By Rabiu Aliyu Kiru

It has been announced by the Central Bank of Nigeria (CBN) that 4,173 Bureau De Change (BDC) licenses have been revoked, while 1,368 BDCs remain valid nationwide.

In the CBN publication signed by Sidi Ali Hakama (Mrs.), she did mention a series of offenses that prompted the CBN to revoke the BDC license. Such offenses never involved more than 3,000 BDCs.

I am a professional accountant and a BDC consultant. I have consulted for over 3,000 BDCs out of the total number of BDCs quoted above, and more than half of the total number of these BDCs only engage in buying from the CBN and selling to end-users.

I am beginning to wonder how the issues of money laundering and financing of terrorism will affect such a large number of these BDCs.

Going by the CBN regulations, which were visibly stated on the Approval of Principles (AIP), there is no place mentioned on the AIP where CBN has the right to cancel a BDC License at its own discretion.

The CBN should note that owners of these BDCs have been in business for almost 10 years now, but a BDC holder pays the sum of N250,000 to CBN each year as payment for the Annual Renewal License.

The CBN should also be informed that owners of these BDCs have been in recess for almost 10 years now, yet a BDC holder pays the sum of N250,000 to CBN annually as payment for the Annual Renewal License.

Despite following the CBN guidelines, the CBN abruptly cancels a BDC holder’s license.

The CBN should also note that these BDC holders contribute to the growth of the Nigerian economy, especially by creating job opportunities and eradicating poverty among the citizenry.

In fact, I believe that with the advent of this new government, which has adequate advisers, such an action should not be taken, particularly given the high level of increase in commodity prices and other wares.

The CBN should bear in mind that the BDC owners are learned enough to fight for their rights, particularly for those that they are operating within the ambit of the law.

In my previous advice that I gave to CBN, I never presumed that such advice could not be adhered to. This made me think that I was talking to the wrong person, not to the CBN, which consists of professionals.

It is pertinent to this that I am drawing your attention once again to revisit my observations and advice I gave you directly on your CBN portal.

Rabiu Aliyu Kiru wrote from Kano State. He is a BDCs Consultant, and can be reached via rd_aliyu@yahoo.com.

By Aisha M Auyo

Introduction

With the rise in the cost of living, the removal of fuel subsidies, and other factors affecting the average Nigerian, I thought about how we could do something to augment our income. A business or service that will bring more into our account, known as a side hustle, depends on our skills and capital.

In this write-up, I will start with a business idea that requires ₦10,000 or less, and I plan to progress to a more complex skill and larger capital investment.

So, what’s a side hustle? A side hustle is an additional employment opportunity unrelated to a person’s full-time job that provides supplemental income. In other words, a side hustle is a way to earn extra income in addition to a full-time job. With the extra money, it may be easier to pay bills, contribute to savings, or assist with other expenses.

The additional income could also help turn your side hustle into a growing business. Unlike a part-time job, a side hustle usually offers more freedom and more control over what a person does, when they do it, and how many hours they devote to it.

Individuals can usually pursue a side hustle that involves their passions and talents, and some may eventually make their side hustle their primary career. If you’re interested in making extra money outside of your full-time job or want to explore a new career, consider starting a side hustle.

To pursue one successfully, it is helpful to choose the type that matches your interests, skills, and professional goals. Learning more about side hustles might allow you to earn money while doing something that engages you and gaining professional experience in a new field.

Benefits of having a side hustle

1. Gaining flexibility: Individuals typically manage the time they dedicate to their side hustle, making it easier to integrate into their existing schedule as full-time employees. By controlling their schedule, they can make their side hustle accommodate other events or commitments they have while still earning additional income. This may help them gain flexibility and maintain employment in their existing role while also pursuing their passion.

2. Improving your finances: A side hustle is a way to earn additional income in addition to a full-time job. With the extra money, it may be easier to pay bills, contribute to savings, or assist with other expenses. The additional income could also help turn your side hustle into a growing business.

3. Exploring Your Passions: One advantage of a side hustle is the opportunity to pursue a career you’re passionate about. Pursuing your passions as part of a side hustle may allow you to develop your side hustle into a career. You can also develop specific skills that may help make your side hustle successful.

In this article, I’ll discuss 16 ideas for side hustles you can try with a capital of ₦10,000 or less. They are as follows:

1. Tutor/Lesson Teacher: Many families seek extra help with their children’s schoolwork. Offering tutoring services can be a successful side hustle, and helping students can be rewarding. This side hustle may accommodate a full-time job since many tutors only work before or after school hours. I advise you to find students near your area so you can walk or commute for less than 500.

2. Babysitting: With many nursing mothers going to work or other engagements daily, the need for a babysitter has risen. Also, the lack of relatives and extended family households has given rise to mothers depending on others to help with their children. You can stay at the person’s home and look after their children, or the baby could be brought to you if you live in a baby-friendly environment.

3. Cleaner: This side hustle offers a variety of options, including cleaning residential homes and commercial businesses. Additional service options could include cleaning the interior, exterior, or both aspects of buildings. You may offer as many or as few of these services as you wish, and you could charge different prices depending on the service.

4. Car wash: Offer to wash cars in your neighborhood or find a local car wash where you can assist the owners when they’re overwhelmed.

5. Technology repairer: If you have an affinity for technology, a potential side hustle could be repairing technology. This could include fixing computers, laptops, smartphones, or tablets. These devices are a big part of many people’s lives for work and leisure, and some pay for repairs on these devices. You may have the option to control how these repairs come to you, such as having them sent through the mail, having clients bring them to you, or picking them up yourself.

6. Rental property manager: If you own a residential or commercial space, renting it out could be a successful side hustle. Whether you rent it out short-term or long-term, and for businesses or vacations, there are many options and potential clients. You can either advertise on your own or use real estate sites or companies that can help you reach potential renters.

7. Personal trainer: Helping others reach their fitness goals can be a very rewarding side hustle. You can maintain a schedule of clients around your availability, and you could work at a public gym or park your facility if you have one. There are certifications and licenses you may be interested in earning as you enter this job field.

8. Tailoring: If you have experience in tailoring and sewing, another side hustle could be doing alterations. This is when a customer visits a tailor to have their garments altered to fit their bodies. A common example is wedding dresses, as many brides order dresses and have tailors alter the dresses to their exact measurements.

9. Plaiting hair: If you have the skill of plaiting hair, you can do this in your free time. If customers aren’t coming, you can offer to do home service in your neighborhood or places not far from your area. Home service also allows you to meet others who might want their hair done.

10. Henna design: In this era of women wanting to look their best, henna design has come to stay. Women want to adorn themselves with this natural product. If you have the skill of either red henna, dye, Rani, or Sajem design, offer to do it at your place or provide home services. These things sell and don’t cost a lot.

11. Manicure and pedicure: Working-class women and men want to pamper themselves and look their best. So, getting their nails, feet, and toes done is something they will need. The tools for this service may not cost up to 5k. Also, home service will work just as well if one doesn’t have space.

12. Roasting corn/plantain/yam: This business is ubiquitous, yet we can’t get enough of it. Try roasting on the roadside along a busy route in your area when you are free. Buying corn, plantain, or yam for a start-up won’t cost more than 2k, then add coal and a rack for roasting.

13. Making snacks: Making small chops or snacks for events or daily for schoolchildren and workers is another way to get a steady income. Parties and social functions are always coming up. You can even offer a home service where the client buys all the ingredients, and you make the snacks for them to refrigerate.

14. Selling drinks/Zobo/kunun aya: Depending on the weather, cold drinks always sell. But with the advent of health awareness and the vices of carbonated drinks, people are opting for natural drinks. Nonetheless, one can combine natural and carbonated drinks in a bucket with ice. This will cost less than 10k.

15. Selling fruits and vegetables: Fruits and vegetables are always needed, and not everyone has the luxury of going to the market or store every day. So, bringing these to their location will always be welcome, from cucumbers, bananas, plantains, peppers, carrots, or onions. One can always get a customer needing one of these.

16. Online advertisements: If you are an internet user, you can help with social media posting or managing business accounts. You can take videos or pictures of items and advertise them, then get paid for your efforts. If you have many contacts on WhatsApp, you can advertise products and services on your status and get paid for doing so.

Which of the above businesses sounds appealing or doable to you? Is this feature helpful? In what ways? Please share your thoughts with us.

Aisha Musa Auyo is a doctoral researcher in educational psychology, a wife, a mother of three, a homemaker, a chef, and a parenting/relationship coach. She can be reached via aishamuauyo@live.co.uk.

By Sabiu Abdullahi 

In Fortune’s annual ranking of the world’s most esteemed companies, Apple has reaffirmed its supremacy, claiming the top spot for an impressive 17th consecutive year.

The comprehensive list, featuring 1,500 companies boasting revenues exceeding $10 billion, highlights Apple’s unwavering influence in the corporate realm, albeit with a marginal dip in its overall score from the previous year. 

Fortune meticulously curated the elite selection, narrowing down the contenders to 680 companies.

A discerning panel, comprising 3,700 executives, directors, and analysts, meticulously assessed each company across a spectrum of categories, ranging from investment value to social responsibility. 

Despite a modest decrease in its score, Apple continued to shine, securing the foremost positions in critical categories such as social responsibility, financial soundness, innovation, and global competitiveness.

Microsoft, on an upward trajectory this year, clinched the second spot with a notable triumph in the computer software industry.

Amazon, though sliding one place, maintained a strong presence with commendable scores in internet services and retail, securing its position in the top three. 

Apple’s consistent reign atop Fortune’s Most Admired Companies List underscores the company’s enduring commitment to excellence and innovation.

This accomplishment speaks volumes about Apple’s ability to navigate a dynamic business landscape while upholding unparalleled standards.

By Aminu Mohammed

The article was inspired by a video on Nelly Agbogu’s Facebook page, also known as Naijabrandchick. In the video Aisha Falke of Northern Hibiscus created, she urged female vendors in the Northern region to take advantage of the NBC Trade Fair, scheduled to be held in Kano on February 4, to showcase their products to potential buyers.

This caught my attention, and I scrolled through Nelly’s Facebook page to learn more about the programme. I was impressed by the quality of content and creativity displayed by different female vendors from the North. They were soliciting for patronage of their products during the forthcoming trade fair. I was pleased to see that many young female entrepreneurs from the North are now engaged in small businesses and have embraced the spirit of self-reliance.

I also observed the activities of many northern female vendors on Instagram, TikTok, and Facebook, such as Maryam Gatawa and Aisha Abubakar. These vendors sell items ranging from well-packaged local food to products consumed by people every day.

Growth of Female Entrepreneurs

I am impressed by Maryam Gatawa’s sale of many of our local food items, such as beef jerky, powdered garlic and date, garin kunun tsamiya made from powdered millet, and garin dan wake (bean dumplings), all of which are well-packaged. This surge in the number of young women engaged in various businesses gladdens my heart and is an indication that things are changing in the north, unlike before. I am still using the bean dumplings I bought during my visit to Nigeria last year.

Some northern female entrepreneurs, such as Aisha Falke and others, have encouraged Arewa women to start small businesses by organising workshops, seminars, and training in Abuja, Kaduna, and Kano. However, more needs to be done to encourage our women to imbibe the spirit of self-reliance.

I have always encouraged my younger sisters to engage in small businesses. They are all engaged in small businesses and other activities that earn them money. There is nothing like financial independence and the ability to take responsibility for one’s life by involving oneself in a productive venture.

Small-scale and medium businesses are critical for the growth of any economy, as they employ one or more people and create jobs. Encouraging many young people to pursue entrepreneurship for their economic emancipation is vital. Any activity that generates income and enables one to earn a livelihood should not be looked down upon. You cannot escape poverty when you are not willing to do the so-called “dirty jobs”.

Need for Change in Mindset

It is essential to note that the North is currently facing a dire situation due to the mindset of its people. The youth must change their mindset about salaried jobs and embrace entrepreneurship. Over-reliance on government jobs has made things worse for us and led to the region’s retrogression. We cannot move forward as a society when most youths do not want to engage in small businesses or trade to earn a livelihood. Most of our graduates look down upon people doing vocational skills while roaming the streets looking for jobs. They prefer to remain idle rather than engage in a vocational skill.

The progress and development of the North depend on a productive population skilled in various aspects of human endeavour. We cannot make meaningful progress when most youths who graduate from university brandish their certificates without any skills to help them survive. It is vital to acquire both education and skills to survive in the new economy. I have spent money to acquire digital marketing skills despite my academic qualifications.

I still reiterate that the Northern youth should focus on acquiring digital skills, and those not interested should learn vocational skills. Stop dwelling in the past and embrace change. The era of looking for public sector jobs is over. The economic situation in Nigeria, which has been worsened by inflation and stagnant income, warrants the need for young men to engage in small businesses to earn a livelihood.

I have a nephew, Kabiru, who graduated from Bayero University Kano a few years ago. He decided to take the bull by the horns after the service year to learn furniture making rather than roam around looking for a job. Kabiru is now fully engaged in furniture making and has four employees who support him in his shop. I gave him a job to do for me during my visit to Nigeria last year, and he executed it to my satisfaction. Today, Kabiru is doing very well in his vocation, while some of his friends are still searching the streets for jobs.

Of course, not everyone can be an entrepreneur or run a small business, but we cannot continue to cling to the past and expect any progress in our region. Our young men should stop wasting time chasing certificates without commensurate skill. They should stop waiting for their relatives to help them secure government jobs as they are no longer tenable.

Necessity of Skill Development 

There are several free resources available on platforms such as YouTube, Google, Coursera, Udemy, Simplilearn and others, which can be used to learn a variety of skills like digital marketing, data science, web development and more. Those not interested in acquiring such skills must focus on vocational skills like fashion designing, furniture making, baking, plumbing, etc. Those who have the financial resources can also consider small-scale businesses or farming.

We must encourage our women to engage in entrepreneurship and strive to acquire education and critical skills that can help them manage their businesses better. We cannot afford to have many ignorant and unproductive people in our society. It is important to promote girl-child education and discourage the Almajiri system. We cannot have millions of children roaming the streets without proper education that will enable them to live a productive life.

As January 2024 draws close, our youth should wake up and become more productive. Instead of wasting their time sitting under trees with friends in their neighbourhood during productive hours, they should go and learn a skill or trade that can enable them to contribute to the economy of their community. I wish you the best of luck as you strive to improve your life.

Aminu Mohammed wrote this article from Ingolstadt-Bayern, Germany. He can be reached at gravity23n@gmail.com.

By Aminu Mohammed

The inspiration for this article came from a short Facebook post by Bashir Abubakar Gazaki, who advised young people to invest their money in shares of good companies to attain financial independence. His followers’ lack of financial awareness caught my attention, as evidenced by the comments below the post, where many people asked him to explain the stock market. 

It is not surprising that personal finance is not taught in universities. I learned about stock investments through books such as “The Richest Man in Babylon” by George Samuel Clason, “Rich Dad Poor Dad” by Robert Kiyosaki, and “Rich Dad’s Guide to Investing: What the Rich Invest In That the Poor and Middle Class Do Not.” I read these books shortly after graduating from Ahmadu Bello University, Zaria. 

The books gave me insight into why some people, despite working for many years, still struggle in life. The inspiration from these books led me to purchase my first share during my service year in Adamawa state. Similarly, a fellow corps member from the southwest who knew the stock market advised me to invest in good companies.

Invest money in assets Instead of liabilities 

Investing your time actively and your money passively is an excellent way to secure your financial future. Passive income refers to the money you earn from your assets, such as property, shares, mutual funds, Treasury bills, etc., while you sleep. Unlike your job, assets generate income for you, whether you work or not. So, it’s crucial to avoid wasting your money on liabilities and start investing in assets.

If you earn a salary or own a business, it is best to save at least 10 per cent of your income and invest it wisely. Investing in shares doesn’t require a large sum of money. Suppose you know about stock trading. In that case, you can invest in the United States stocks or the Nigerian stock market, even if you start small with a low amount.

However, it is understandable that many individuals are scared of investing their money in the stock exchange, given the capital market crisis in 2008, where several people lost a significant portion of their funds. I have experienced losses in the stock market myself, particularly with the shares I bought in the defunct Oceanic Bank and Bank PHB. But I have also gained from stocks like Dangote Sugar, GTBank, and Zenith Bank. Life is all about risk; sometimes, we win, while other times, we lose due to unforeseen circumstances. But that shouldn’t stop us from exploring new investment opportunities, no matter how little.

Investigate companies before Investing

Investing in the stock market is a business that requires a long-term strategy and patience rather than a quick way to get rich. Having a good understanding of the companies you invest in is crucial. According to Warren Buffet, the Chairman of Berkshire Hathaway, one of the most successful investors in the world, the best way to achieve greater rewards is to think long-term. Buffet recommends holding stocks for at least five to 10 years to accumulate wealth. However, some traders still profit by trying to beat the market daily.

If you are hesitant about investing directly in stocks, you can consider mutual funds, designed for people who want to minimise risk but have lower returns. You can contact your local banks, such as First Bank, GTBank, UBA, Stanbic IBTC, and others that offer asset management services. These companies manage various types of mutual funds under the guidance of experts.

As a salaried worker, unforeseen circumstances such as job loss or a downturn in business can be devastating. Therefore, it is important to have a safety net in the form of investments to help you recover in case of any unforeseen circumstances.

Consult a stock broker before buying any Shares

It is important to conduct thorough research and seek expert advice before investing in shares. Look for stocks with strong fundamentals and invest in them wisely. Diversifying your investment across different sectors and companies is recommended to maximise your returns.

It is crucial to emphasise that individuals with little knowledge about the stock market should educate themselves on basic financial concepts before investing in shares. The companies mentioned in this article are for illustration purposes only and to encourage young people to take control of their financial future through smart investments. Investing in shares is not a quick way to get rich, and seeking professional advice before investing is highly recommended.

I wish you the best as you strive towards financial independence and personal growth.

Aminu Mohammed wrote this article from Ingolstadt, Germany. He can be reached at gravity23n@gmail.com.

By Mohammed Usman (Noble-pen)

I often see people confidently saying the above statement, especially to sway someone’s mind and make him subscribe to their opinion. And most of them don’t care to take the time to think about it thoroughly. 

On the surface, the statement is true and leaves susceptible minds with no option but to agree. But suppose we subject it to close examination, broaden our lens of thinking horizon, and look at it from a different angle. In that case, we realise that the statement is not as accurate as it is often considered. 

Most people quickly make this statement; they merely take the case study of low-level salary earners working for a government or at a government ministry and then confidently make this sweeping statement: “No one ever makes rich with salary.” 

Suppose we hover our thinking over those low-level salary earners at government ministries and those holding miniature academic certificates. In that case, we cannot deny that no one among them, or hardly one among them, becomes rich with salary because the amount most of them receive as salary can only keep them breath and save them from dying of absolute starvation. They are mere slaves. 

Worst still, some people have very little or no savings and investment power. The rate of their disposal out of the salary outweighs that of their savings by a large percentage. They are living hand to mouth. 

However, no one can tell me that those holding advanced academic certificates and working in top levels of government, national and multinational corporations, and organisations (nongovernmental) that they are not making rich with their salary. Even the low-level workers in such organisations and corporations are getting rich! 

Therefore, the above statement is false whenever we look at it from this angle. And so we advise those people making the statement to reframe it accordingly because they are not right. 

In any case, the word “Richness” is subjective. Different people perceive and interpret it differently depending on their different life orientations. Some perceive and interpret being rich as only when you garner, in large profusion, materialistic things. Some interpret being rich as being able to manage scarce resources to attain satisfaction. Therefore, in this class, a poor person is greedy, always looking for more and more, and never gets satisfied with what he has. I belong to this class of people. 

If a person wants to work to earn a salary and sustain a living, let him do it. And that makes him no less reasonable than someone aspiring to enter a business venture. It is called “Individual and personal opinion”. By the way, it would not be brilliant to expect everyone to become a business owner or own a business venture or enterprise for a living.

But of course, business is worth it, especially in this current global economy. It offers numerous benefits to individuals, society, and the economy, such as : (1) Job Creation: Businesses create jobs which help people earn a living and improve their standard of living. They provide employment opportunities for workers of all levels of education and experience ; (2) Economic Growth: Businesses contribute to economic growth by generating revenue, investing in research and development, and creating new markets and industries. This, in turn, stimulates economic activity and raises the standard of living for everyone…. You can mention the others! 

So whether business or salary earning, the end is the same: “to earn a living”, and being rich, as I said above, is a subjective case. 

Thank you 

Mohammed Usman (Noble-pen) wrote via mohammedusman5706@gmail.com.

By Abdurrahman Muhammad

The Central Bank of Nigeria’s financial policy and regulation director, Haruna Mustapha, announced in a circular on Friday.

The central bank has issued guidelines and regulations for banks on managing cryptocurrency in accordance with global standards to prevent misuse. They also urge banks to comply with these guidelines and regulations.

See the full statement below: 

FPR/DIR/PUB/CIR/002/003

CIRCULAR TO ALL BANKS AND OTHER FINANCIAL INSTITUTIONS

GUIDELINES ON OPERATIONS OF BANK ACCOUNTS FOR VIRTUAL ASSETS SERVICE PROVIDERS (VASPs)

The CBN in February 2021 issued a circular restricting banks and other financial institutions from operating accounts for cryptocurrency service providers in view of the money laundering and terrorism financing (ML/TF) risks and vulnerabilities inherent in their operations as well as the absence of regulations and consumer protection measures.

However, current trends globally have shown that there is need to regulate the activities of virtual assets service providers (VASPs) which include cryptocurrencies and crypto assets. Following this development, the Financial Action Task Force (FATF) in 2018 also updated its Recommendation 15 to require VASPS to be regulated to prevent misuse of virtual assets for ML/TF/PF.

Furthermore, Section 30 of the Money Laundering (Prevention and Prohibition) Act, 2022 recognizes VASPs as part of the definition of a financial institution. In addition, the Securities and Exchange Commission (SEC) in May 2022 issued Rules on Issuance, Offering and Custody of Digital Assets and VASPS to provide a regulatory framework for their operations in Nigeria.

In view of the foregoing, the CBN hereby issues these Guidelines to provide guidance to financial institutions under its regulatory purview in respect of their banking relationship with VASPs in Nigeria.

The Guidelines supersedes the CBN’s circulars referenced FPR/DIR/GEN/CIR/06/010 of January 12, 2017 and BSD/DIR/PUB/LAB/014/001 of February 5, 2021 on the subject. However, banks and other financial institutions are still prohibited from holding, trading and/or transacting in virtual currencies on their own account.

Accordingly, all banks and other financial institutions are hereby required to immediately comply with the provisions of the Guidelines.

HARUNA B. MUSTAFA

DIRECTOR, FINANCIAL POLICY AND REGULATION DEPARTMENT

By Salisu Uba, PhD FCIPS

I have read some devastating news over the last couple of weeks in relation to the ecosystem in Africa, some promising startups are shutting down operations. I am sure the recent events will affect any potential investments in our startups.

I want to address some concerns around two contrasting paths that often emerge: the allure of rapid growth without immediate profitability versus the steadier route of slower growth with assured profits. Let’s explore these models and the lessons they hold for startups in attracting investment.

High Growth, No Profit: the temptation of business sprinting towards expansion, capturing attention with its rapid growth but yet to turn a profit (wework case study). These ventures entice investors seeking significant returns. They prioritize scaling up, seizing market shares, and envisioning a lucrative future, often emphasizing customer acquisition over immediate profitability.

Slow Growth, Steady Profits: the assurance one perhaps, on the other side, is progressing at a more measured pace prioritising sustainable growth and consistent profitability. While not racing ahead in growth, they maintain stability, focusing on operational efficiency, nurturing loyal customers, and ensuring profitability from the outset.

Investment Magnet: the high growth appeals to investors as it favours the high-growth model due to its potential for explosive returns. African startups are promising and bustling markets, venture capitalists are scouting for opportunities everywhere, and the allure of substantial growth can overshadow concerns about immediate profits, maybe! However, sustainable profitability forms the backbone of long-term success, offering stability even in market downturns (don’t aim for what’s not realistic).

Learning from Both Models: from experience, the winning formula for our startup founders is to glean invaluable lessons from both models. By embracing the innovation of high-growth ventures and adopting prudent financial practices from profitable businesses, a potent combination can emerge. Striving for growth with an eye on achieving profitability can attract investors while ensuring long-term viability.

Striking the balance between growth and profitability is to find the equilibrium between high growth and profitability. It involves building a robust foundation for scalability while ensuring financial viability in the long run. This hybrid approach could be the linchpin to captivate venture capitalists eyeing the burgeoning African startup landscape, offering excitement and stability in equal measure.

Perhaps as we always aim to make a positive impact and make economic progress, investment is key to a successful venture. Therefore in the quest for investment opportunities, startup founders and entrepreneurs should combine the dynamism of high growth with the solidity of profitability.

Salisu is a fellow of the Chartered Institute of Procurement and Supply (CIPS) and a member of the CIPS Education Committee in the UK. He is the founder and CEO of NarQuest Limited – a supply chain technology company based in Glasgow, UK. 

By Fatima Ibrahim

I humbly write to draw the attention of Max Air Nigeria Limited to the plight of their clients regarding the delay and disappointment of their service. For a very long time, people have been lamenting the Max Air company flight delays.

To advise you, you have to always dance to the tone of your customers and make their interests your top priority. Scott D. Cook once stated, “Be dramatically willing to focus on the customer at all costs, even at the cost of obsoleting your own stuff.” Judging by this statement, you have to pay much attention to the satisfaction of your customers to wipe away the tears provoked by your unsatisfactory services.

People’s—your customers in question—lamentation over your disappointing services will make you lose them. This is because customer satisfaction is the foundation of any successful business. Therefore, by addressing this primary concern and improving service quality, you can retain your existing clients and attract new ones. By so doing, you would uphold your reputation for reliability and customer satisfaction in the competitive aviation industry.

Notwithstanding, taking prompt action to rectify issues such as flight delays will not only enhance customer loyalty but also contribute to the positive perception of Max Air. Bill Gates once said, “Your most unhappy customers are your greatest source of learning.” Embracing feedback and actively working towards improving service efficiency will undoubtedly lead to a more content and loyal customer base.

Therefore, I urge you to prioritise your customers’ satisfaction, for it is not just a business strategy but a commitment to building enduring relationships.

Fati Ibrahim wrote from the Department of Mass Communication, University of Maiduguri.

By Sabiu Abdullahi

As Black Friday approaches, the Federal Competition and Consumer Protection Commission (FCCPC) has issued a cautionary alert regarding a potential surge in fake online stores, with intelligence suggesting a possible increase of up to 135%.

The day after Thanksgiving has historically seen an uptick in fraudulent activities targeting holiday shoppers, prompting the FCCPC to advise consumers to exercise heightened vigilance during this period. 

Babatunde Irukera, Executive Vice Chairman of the FCCPC, emphasized the need for caution, stating, “There are unscrupulous individuals taking advantage of the Black Friday shopping spree to prey on unsuspecting consumers.”

Irukera urged consumers to exclusively patronize trusted and credible online platforms to mitigate the risk of falling victim to scams. 

To safeguard against fake online stores, the FCCPC recommends the following

1. precautions: Shop on Trusted Websites: Only make purchases from websites with a known and reliable reputation. Conduct research to verify the legitimacy of unfamiliar sites. 
2. Beware of Unrealistic Prices: Exercise caution when encountering online stores offering products at prices that seem too good to be true. Fraudulent websites often use enticing discounts to lure unsuspecting customers. 
3. Verify the Security Certificate: Check for a security certificate, indicated by a lock icon in the address bar, to ensure the authenticity and security of the website. 
4. Read Terms and Conditions: Thoroughly review a website’s terms and conditions, specifically focusing on the return and refund policies, to understand the platform’s commitment to consumer protection.