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It’s Time for the Corporate Sector to Rethink Business Capital

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By Hyther Nizam, President – MEA, Zoho Corp.

The vast majority of people associate capital with financial wealth. When economists discuss capital, they refer to the assets that enable improved productivity, which should lead to a higher standard of living. However, when corporate capital is defined purely in terms of monetary wealth, market capitalisation or sales, it invalidates other larger, longer-term goals and they tend to be ignored, or are eliminated. While numbers are significant, they are not the most important component of capital for a company’s long-term survival.

The real concept of capital encompasses far more than just a financial metric. Apart from financial wealth, business capital is about developing competencies and deep know-how, establishing roots and nurturing a shared culture, enhancing individual and community livelihoods, and making an impact at the local, regional, and national levels. The method allows businesses to see themselves as more than just profit generators, and to see themselves as part of a much larger picture.

Building skills and capabilities

In order to take this holistic approach, organisations should focus on building capabilities through continuous investment in R&D and skills development. Developing knowledge capital has to take precedence over getting product out to market as quickly as possible. While this might initially mean sacrificing on budgets for marketing and other secondary functions, the benefits become clearer in the long term. Additionally, building knowledge capital shows your clients that you are in it for the long haul, which engenders brand credibility and helps forge stronger connections with customers.

Building this strong knowledge base goes hand-in-hand with talent nurturing. But when looking for talent, most businesses still restrict themselves to a highly selective talent pool based on credentials and educational qualifications. Unfortunately, credentials do not always attest to a person’s true potential and capabilities.

Alternatively, when you remove formal education from your hiring requirements, you have access to a huge pool of untapped talent that’s waiting for an opportunity to be trained and developed. Taking in potential talent and upskilling them in-house with industry-ready expertise further contributes to stronger knowledge capital. Such initiatives, additionally, make it easier to evolve and pivot when necessary.

Enriching employees’ lives

It’s also important for businesses to remember that their employees are more than the output they produce during working hours. For employees to be their best version of themselves at work, organisations need to foster a sense of belonging that combines material and spiritual well-being. Good pay, perks, promotions, and in-office recreation centres may look good on paper, but they mean little if they aren’t combined with a sense of freedom, trust, patience, and acceptance. Employees also need to feel free to make mistakes and learn from them without being unduly penalised.

Most businesses, however, approach this idea of building an empowered human capital backward. They start with the goal of maintaining a low attrition rate and then try to analyse why employees leave. Rather, it’s necessary for businesses to ask themselves “what have we done to deserve the loyalty and commitment of our employees?” This reverses the focus from “why do people leave us?” to “why should they stay with us?”, and urges companies to be grateful and appreciative of employees who choose to stick with them over the years.

Developing a shared culture deep-rooted in a core set of principles

A company’s culture is its unique personality, which manifests in the form of strongly-held values, business ethics, and a common sense of purpose. Culture adds meaning to why businesses do what they do and also guides how they do it. Culture gives a clear, collective goal for teams to work towards, spiritedly. This cannot be achieved through maximising profits or developing quick win strategies; they seldom motivate people or encourage them to bond.

Ultimately, getting this right means fostering an awareness that no business is larger than life, and thinking more from the angle of how a business fits into the bigger picture. This helps ensure that the business understands the role it plays in society and how it can be a community asset as it balances impact with growth.

Focusing on long term capital with skills development

Rather than focusing on immediate returns, organisations should recognize the value of building long-term capital that encompasses all the above. Business leaders that understand the business continuity and value that comes with skill development, culture, and know-how building will prioritise laying down these fundamentals of durability. This in turn will enable companies to persevere for longer periods of time, build a positive legacy, and as a result, contribute more to community progress and socio-economic upliftment.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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CADEF Launches Platform to Promote Renewable Energy in Nigeria

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Consumer Advocacy and Empowerment Foundation (CADEF) has launched a one-stop-shop website to provide Nigerians with information and resources on renewable energy.

L-R: Taiwo Tella-Ndukwe, Director of Operations; Prof. Chiso Ndukwe-Okafor, Executive Director; and Lovelyn Okafor, Director of Programmes, all of the Consumer Advocacy and Empowerment Foundation (CADEF) during a media parley in Lagos.

The platform, dubbed Distributed Energy Resources (DER), aims to promote awareness and adoption of renewable energy solutions in Nigeria.

Speaking at the launch event, Professor Chiso Ndukwe-Okafor, Executive Director of CADEF, emphasized the importance of exploring renewable energy alternatives.

“It’s not just about solar energy, but also solar cookers and hot water systems,” she said. “The key is to find options that fit within your budget.”

“The Nigerian government has set a target of generating at least 30% of the country’s electricity from renewable energy sources by 2025. While this goal may be ambitious, CADEF is working to promote awareness and adoption of renewable energy solutions”.

The DER website provides information on renewable energy options, including solar power, financing options, and installers. It also offers a platform for individuals and businesses to explore solutions and connect with experts in the field.

CADEF is collaborating with government agencies, such as the Ministry of Environment and the Ministry of Power, to promote the adoption of renewable energy solutions.

The organization is also committed to promoting awareness and adoption of renewable energy solutions, particularly among rural communities.

In response to questions about affordability, Professor Ndukwe-Okafor emphasized that renewable energy solutions can be tailored to individual needs and budgets.

“While solar energy may not be affordable for everyone, it can provide a viable alternative for those who can afford it,” she said.

CADEF’s initiative is a step in the right direction towards promoting renewable energy in Nigeria. As the country continues to grapple with energy challenges, it is essential to explore alternative solutions that can provide sustainable and clean energy for all Nigerians.


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Copyright Commission Warns School Proprietors Against Pirated Books

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AS the Nigerian Copyright Commission (NCC) intensifies its public awareness campaign, school proprietors in the FCT have been advised to exercise due diligence by procuring books from legitimate sources to curb copyright infringement and help sanitise the book value chain.

This was disclosed by Mr. Emeka Ogbonna, the Director Operations, NCC, in his address at the General Meeting of National Association of Proprietors of Private Schools (NAPPS), FCT held at Veritas University, Abuja on 9th October, 2024.

Speaking to the participants, Mr. Ogbonna acknowledged the contributions of the proprietors to the educational development of the nation, emphasising the need for wholesome practices to protect the book ecosystem. ‘’If you must sell or distribute books, ensure you get them from the right sources”, he cautioned.

He said the warning was imperative in view of complaints from right owners and publishers about schools selling pirated books. He stated that the NCC is not opposed to schools selling books, but maintained that due diligence must be exercised by ensuring that all purchased books are properly documented with authentic receipts.

Sensitising the school proprietors further on the tenets of the new Copyright Act 2022, the Director said it is a criminal offence to sell, distribute or be in possession, other than for private or domestic use, works that are pirated. Harping on the stiffer punishments prescribed for offenders by the new Act, he said schools selling or distributing books will be treated as booksellers and subject to the same standard of care.

The NAPPS FCT President, Mrs. Ruth Agboola, commended the NCC and other government agencies in attendance and lauded the Management of Veritas University for hosting the event.

The meeting was also attended by the Vice-Chancellor, Veritas University, Abuja, Rev. Fr. (Prof) Hyacinth E. Ichoku and other officials of the University.


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TETFund Suspends Foreign Scholarships Due to Rising Costs and Abscondment

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Tertiary Education Trust Fund (TETFund) has announced the suspension of the foreign component of its TETFund Scholarship for Academic Staff (TSAS) Intervention, effective January 1, 2025.

This decision, outlined in a letter dated November 25, 2024, and signed by TETFund’s Executive Secretary, Arc. Sonny Echono, cites the escalating cost of overseas training and an increasing number of scholars absconding as reasons for the suspension. The letter was addressed to heads of beneficiary institutions, including vice chancellors, rectors, and provosts.

“In response to the current excessive cost of training in foreign institutions, coupled with the high rate of abscondment of scholars, the Board of Trustees of the Fund has approved the suspension of the foreign component of the TSAS Intervention,” the letter stated.

TETFund has directed beneficiary institutions to prioritize local training within Nigerian universities, polytechnics, and colleges of education. This shift, according to Echono, is aimed at reducing pressure on foreign exchange, enhancing local capacity, and significantly increasing the number of beneficiaries.

“It is expected that this will conserve and reduce pressure on the foreign exchange rate, boost investment and local capacity in our institutions while significantly increasing the number of beneficiaries of the intervention,” Echono wrote.

However, scholars already enrolled in foreign institutions under the TSAS programme will continue to receive sponsorship until they complete their studies, ensuring a smooth transition for ongoing commitments.


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