Broadcasting
The Dragons Strike a Deal
Episode 4 of Dragons’ Den Nigeria saw the dragons emphasizing on creativity, personality, and the role they play in enhancing the viability of a business idea.
Thomas Okoye was the first entrepreneur to face the dragons. A young farmer from Benin City, he came in search of a 3 million naira investment in exchange for 60% equity in his farm business. He was hoping to develop his animal farm to include the production of organic manure, catfish farming, etc. He told the dragons that he had been in the business for about 4-5 years already, and had made a turnover of 1.8 million naira, and 2.2 million naira in the first and second years of operation respectively. Further explaining that in the first year, he made a profit of about 800, 000 naira and in the second, he made a profit of 900, 000 naira after a little plough-back. The business belonged to his mother though!
Well, the dragons did not invest here on the grounds that he did not own the business, they did not have enough confidence in it and that Thomas did not exude enough confidence to attract a deal.
The second entrepreneur, Bello Bisama was in the den hoping to secure a 7 million naira investment for a special-interest magazine "Fone Book", which according to him would be a phone review magazine that will give Nigerians information about cell phones, phone accessories, product specifications, phone software, etc. He was offering 20% equity to the dragons.
Amosu, Parkes and Tejuosho’s observations revealed the weakness inherent in Bello’s business idea and the fact that he was expecting to generate 80% of his revenue from sales of the magazine, and 20% from advertising, which should have been the reverse; sealed his fate. Of course, the dragons opted out.
Michaels Nwogbo, the third entrepreneur came in search of a 7 million naira investment in his company, North Pacific Limited, to enable him advance his business of palm fruit processing in exchange for 25% equity.
Awosika struck first and then came Parkes’ blow, which revealed his business’ lack of structure. The dragons all opted out and Nwogbo got no deal.
The fourth entrepreneur, Sanusi Adekunle, needed 7.5 million naira to start-up a sophisticated taxi operation he called Metro-Cabs, a cab company that will provide comfortable and convenient cabs for its clients. He described his unique selling points as his company’s intent to service customers with an organized price structure, eliminating unnecessary haggling with the taxi drivers, call-ups and pick-ups from airports, hotels, offices, homes; offering the dragons, 65% equity.
He however, lost out based on the speculative nature of his business, his incompetent presentation of figures and his lack of experience in the transport sector.
The fifth entrepreneur approached the dragons soliciting for 15 million naira to invest in an idea he had tagged "Creative Legend Academy of Design" where he would charge students an average of about 190, 000 naira to teach them graphics design, and multimedia.
They discovered that he had no accreditation from the government, or affiliation with any professional body relevant to the courses he wanted to teach and he was not going to be able to issue the students any certificate after graduation.
The dragons thought the idea quite absurd and sent him off without any investment.
The sixth entrepreneur presented the idea for his product EIPMS- Electronic Intelligent Power Management System, and the dragons seemed impressed, but when he was asked to present the prototype, he revealed to the dragons that the research was yet to begin. He had come to the den to get funding from the dragons to research this idea, and afterwards look for other investors who will invest in the product after the research had been done.
He was encouraged to seek organizations that give out research grants and not businesspersons who were looking to make an investment and make profit. Obviously, he had come to the wrong place!
Ms. Odewinge, the last entrepreneur in this episode, came into the den exuding confidence before the dragons. She asked for 3 million naira for 10% equity, to invest in a business she called "Start-Up City"– one that would guide and mentor start-up businesses and start-up professionals through the challenges of starting a business.
She presented impressive statistics on the number of start-up businesses that fail within their first year of operation; statistics that Awosika noted were almost accurate but could not see any business sense in the whole initiative.
Amosu, Awosika, and Tejuoso opted out but this did not deter Odewinge whose persuasive power was able to pull investment from the duo of John Momoh and Chris Parkes who invested 1 million naira for 10% equity, and 2 million naira for 20% equity respectively.
The dragons had a deal at last!
LG Electronics, a global leader in technology and innovation, is delighted to announce the launch of the highly anticipated K-POP Fiesta contest in Nigeria.
This exciting event offers fans a unique platform to showcase their passion for Korean pop music and dance, while providing an opportunity to engage with fellow enthusiasts from all corners of the country.
The contest will be to four major cities in Nigeria, including Lagos, Abuja, Port Harcourt, and Ibadan. The K-POP Fiesta contest aims to bring the electric energy and vibrant culture of K-POP to Nigeria, a country known for its love of music and dance.
The K-POP Contest invites talented individuals and groups to contest in various categories, including singing, dancing, and performance. As part of its commitment to fostering cultural exchange and embracing diversity
“We are excited to bring the K-POP Contest to Nigeria and provide a platform for talented individuals to shine,” said Mr. Hyoungsub Ji, Managing Director at LG Electronics West Africa.
“By taking the contest to multiple cities, we aim to reach a diverse range of participants and celebrate the rich cultural exchange between Korea and Nigeria. Contestant will have the opportunity to win exciting prizes and recognition for their talent”.
“We are thrilled to bring the K-POP Fiesta contest to Nigeria, a country with a rich musical heritage. This event is a testament to LG’s dedication to providing unique and exciting experiences for our customers. We believe that K-POP has the power to unite people from different backgrounds and create a sense of joy and unity.” Mr. Hyoungsub added
The K-POP Contest tour will kick off in Ibadan on the 2nd and 3rd of May, where fans can experience the electrifying energy of K-POP through dance and singing competitions, and also interactive experiences. From there, the tour will travel to Lagos, Port Harcourt, and Abuja, giving aspiring performers in each location the chance to showcase their talent on a grand stage at the finale which will take place in Lagos sometime in June.
The K-POP Fiesta contest will provide participants with a platform to showcase their talent, creativity, and love for K-POP. Participants will have the opportunity to compete in various categories, including singing, dancing, and even creating their own K-POP-inspired music videos. The contest will be judged by a panel of industry experts, ensuring a fair and unbiased evaluation.
Three winners in music and dance will emerge at the regional contest in these four cities with five hundred thousand naira up for grabs while the winner at the grand finale gets two million naira plus other exciting prizes.
In addition to the contest, attendees will also have the opportunity to experience LG’s latest innovations in entertainment technology. From high-quality sound systems to immersive displays, LG continues to push the boundaries of what’s possible in entertainment and lifestyle.
LG Electronics is committed to supporting and nurturing talent in Nigeria, and the K-POP Fiesta contest is just one of the many initiatives undertaken by the company to empower individuals and encourage artistic expression. By bringing the K-POP phenomenon to Nigeria, LG aims to create a memorable experience for both participants and fans alike.
To participate in the K-POP Fiesta contest, fans can register online at https://www.lg.com/africa/LG-Kpop-Fiesta or Join the conversation on social media (Instagram) using the hashtag #LGKPOPNigeria.
The contest is open to all K-POP enthusiasts in Nigeria, regardless of age or background.
The event had in attendance Management of LG Electronics, Nigeria Video Jockey & TV Presenter, V.J Adams, Akunna Okechukwu, 2021 Nigerian Idol finalist, among others.
Dr. Adamu Abdullahi, acting Executive vice chairman, Federal Competition and Consumer Protection Commission (FCCPC), has disclosed that Multichoice submitted a four-page letter detailing the reasons for the price hikes in their cable services, GOtv and DStv.
FCCPC is responsible for protecting market competition and promoting consumer protection.
In an interview with Channels TV, Sunday, Abdullahi stated that the company cited the cost of electricity, generator operations and poor access to dollars as some of the reasons for the price increase.
He said the commission will review the reasons identified by Multichoice, noting that the agency will involve regulatory bodies such as the National Broadcasting Commission (NBC) and the Nigerian Communications Commission (NCC) in the process.
According to Abdullahi, the commission will not hesitate to sanction the firm if it discovers that their prices are arbitrary or it is in any way manipulating the market.
“We got a four-page letter from Multichoice, telling us the reason that led to this price increase. What we need to do is to bring in NCC and maybe NBC and Multichoice, sit down and look at all these variables that they claim caused the rise in prices.
“At a glance, we saw things like the cost of electricity, running generators, the cost of dollars for spare parts and so on. We’ll go through these items individually and find out how they have affected their operations.
“By and large, that’s the claim of what they are doing because they are a dominant player in this market. People have no choice but to go to them for Cable television, so that’s why they are doing what they are doing.
“If by any chance we find out or we can confirm that that’s what they are doing, again we go back to the law and do what we are supposed to do,” Abdullahi said.
Recall that the Multichoice Nigeria recently increased tariff or its DStv and GOtv packages by at least 25 per cent.
The increase, second in five months will be effective May 1.
In today’s fast-paced world, where every penny counts, finding ways to save on essential services is more important than ever. And as part of its commitment to customer satisfaction, DStv has reiterated its “Price Lock” feature.
This is in response to the upcoming tariff increase, which the company understands may impose some financial strain on its valued customers.
What exactly does the “Price Lock” feature entail? The “Price Lock” feature offers customers the opportunity to retain their subscriptions at the current rate for 12 months.
To use the “Price Lock” feature, customers simply need to renew their subscriptions before the due date each month, ensuring uninterrupted access to their favourite DStv content at the current rate for the next 12 months.
But here’s the catch: only customers with an active subscription by the 30th of April qualify for this offer, when the tariff adjustment comes into effect.
Make sure you don’t miss the price lock offer! Simply download the MyDStv or MyGOtv app or dial *288# to subscribe, upgrade, or set up Auto-Renewal.
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