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The Courier Industry and Budget

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Forecasting is a tool often employed in determining unknown variables when preparing a budget while a budget is a detailed plan expressed in quantitative terms that specify how resources will be acquired and used during a specialized period of time.
Budget will enable a courier company to be able to communicate company objectives throughout the firm, focus on planning for the future, effectively allocate resources, reveal bottlenecks, coordinate department objectives with the firm and provide benchmarks for performance evaluation.
Siyanbola Oladapo, managing director and chief executive officer of Bowill Errands Limited explained that budget period varies depending on the organization and different levels of management to execute the budget.
Oladapo, who is a former banker said the budget period could be daily, weekly, monthly, quarterly or annually but noted that the 2010 budget which is yet to be released, has affected the courier industry, which is a service industry.
He said what obtains in the industry now is zero-base budgeting, which as one of the modes of budgeting requires that the budget for virtually every activity in the organization is initially at zero, because to receive funding during the budgeting process  each activity must be justified in terms of its continued usefulness.
He said the above mentioned approach forces management to rethink each phase of an organization’s operations before allocating resources because the budget is not passed as at when due, like the 2010 budget.
On the other hand, he said base budgeting is the approach that set the initial budget for each of the organization’s departments in accordance   with  a base package which includes  the minimal resources  or the sub-unit to exist  at an absolute minimal level, for instance when the budget for 2010 is released latest in January. 

 


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Broadcasting

TStv Lures Subscribers with N5 Daily Subscription

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TStv, a local satellite television network, has said that it will on October 1, roll out pay-per-view services in 18 states to mark the country’s independence on October 1.

TStv Lures Subscribers with N5 Daily Subscription

Dr. Bright Echefu, managing director of the company, who said this on Tuesday in Abuja, said that the company had surmounted the challenges it encountered after its launch in October 2017 and was better positioned to deliver quality services to Nigerians.

He said that the pay-per-view entails the minimum of N3 and maximum of N5 daily subscription per channel.

According to him, the company since 2017 went back to the drawing board to address all lapses to give Nigerians value for money and that while services will begin in 18 states on October 1, the remaining states will enjoy services from October 10.

“While we were off the radar, we properly studied the business and we have created a model to fit every Nigerian’s desire. We have created the pay as you view model where Nigerians will pay only for the channels they want to watch.

“Nigerians will be able to choose their bouquet by themselves, by choosing only those channels that they want to watch and pay for with a minimal amount per pay; 108 channels are available on our platform and more than 80 of them are High Definition (HD),” he said.

Echefu also said that as a gift to Nigerians for their steadfastness and understanding, the company had made the Grande Sports Extra Channel and some other local channels free to all Nigerians for one year.

While saying that Nigerians would be able to enjoy the ability to pause the decoder when not in use for a long period, he however, said that to safeguard against abuse, genuine reasons must be given for pausing the services.

He also commended the Federal Government for giving the company the desired support to start again after the challenges that led to its failure when it was first launched.


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E-Financial

Oreoluwa Adesakin, First Bank Staff Jailed for Stealing N49m

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Oreoluwa Adesakin, a staff of First Bank of Nigeria Limited, has been convicted for fraud and handed a total term of 98 years in prison by Justice Muniru Olagunju of the Oyo State High Court.

Oreoluwa Adesakin, First Bank Staff Jailed for Stealing N49m

Oreoluwa Adesakin

But she will spend just seven years in jail.

Adesakin was found to have committed financial fraud against First Bank to the tune of N49,320,652.32.

She also stole $368,203.00 belonging to the bank, which she converted to her personal use.

Adesakin, before she was busted by the bank and sacked, was its Money Transfer Operator, saddled with the responsibility of effecting payments through Western Union Money Transfer and MoneyGram platforms.

The convict was prosecuted by the Ibadan Zonal Office of the Economic and Financial Crimes Commission, (EFCC), on a 14-count charge, bordering on stealing, forgery and fraudulent accounting.

One of the counts read: “That you Oreoluwa Adesakin sometime between the months of May, 2013 and November, 2013, at Ibadan within the Ibadan Judicial Division, whilst being a staff of First Bank PLC stole the sum of N25,974,116.13 (Twenty Five Million, Nine Hundred and Seventy Four Thousand, One Hundred and Sixteen Naira, Thirteen Kobo) from First Bank PLC MoneyGram Payment Naira Account, property of First bank PLC.”

She pleaded not guilty to the charge.

Usman Murtala, prosecution counsel, presented every vital document and witnesses which nailed the convict.

Justice Olagunju noted that the EFCC presented incontrovertible evidence against the convict and did a diligent investigation and prosecution.

He thus pronounced Adesakin guilty of all the counts.

He sentenced her to seven years in prison without an option of fine on each of the 14 counts. The sentencing will run concurrently.

Apart from the jail term, the convict is also to restitute the First Bank, through the EFCC, all the money she stole.

The convict was arraigned April 4, 2014 by the EFCC following a conclusion of investigations against her which arose from a petition from her former employer, dated December 18, 2013.

The bank alleged in the petition that Adesakin fraudulently manipulated its Moneygram accounting and withdrew N49,320,652.32 and another $368,203.00 for herself, which the bank only uncovered while reviewing its internal account.

The EFCC was also able to establish that the convict used part of the proceeds of her crime to acquire landed properties in different parts of Oyo State.


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News

MTN Launches ‘Visitor SIM’, Designed for Guests Coming into the Country

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MTN Nigeria has announced the introduction of its new Visitor SIM specially designed for guests travelling into the country.

The Visitor SIM comes pre-loaded with an appealing package that includes local and international call and data bundles.

This package will enable people visiting from other countries to stay connected with their friends, family and business associates on MTN’s super-fast network.

MTN VisitorSIMs are easy for inbound international visitors to acquire, activate and use, in addition to which they offer far better value than any roaming tariff.

Not available from any other operator, the service is poised to deliver convenience and the best-in-class customer experience in line with MTN’s brand promise.

According to Adekunle Adebiyi, chief sales and distribution Officer, MTN Nigeria, “The new Visitor SIMs will ensure that before setting foot outside the airport, people visiting Nigeria can plug in, reconnect – to loved ones, associates, tools and information, and begin sharing their remarkable experiences, with no concern about roaming charges.”

 

MTN Visitor SIMs are available in the arrival halls of international airports and other ports of entry.

They are valid for 14 days, which can be extended up to 30 days via MTN’s self-service menus or USSD.


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