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The Dragons Strike a Deal

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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!


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OJI Demands Ban on Netflix, TikTok, Others over Same-Sex Content

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Civil Society Organisation (CSO) under the auspices of Open Justice Initiative (OJI), has threatened to drag the National Broadcasting Commission (NBC) to court if it fails to ban Netflix, TikTok, and others over the alleged broadcast of offensive same-sex content on Nigeria’s airwaves.

OJI Demands Ban on Netflix, TikTok, Others over Same-Sex Content

The CSO, also urged NBC to ban other social media platforms, including X, formerly known as Twitter, Facebook, etc with regard to the subject matter.

Donald Ayibiowu, lawyer and programme officer of OJI, gave the warning in a letter addressed to Mr. Charles Ebuebu, director-general of the NBC.

The certified true copy of the letter titled: “Need to ban and bar the continuous broadcast of offensive same-sex contents on Nigeria’s airwaves by Netflix and other specialised broadcast outlets”, made available to newsmen in Abuja, was received by the Commission on April 23, 2024.

The letter said, “We write to draw the esteem attention of your commission to some obnoxious and repugnant same-sex contents being aired or transmitted by some broadcast outfits operating within the Nigeria broadcast space, which platforms includes Netflix and some social media entities.

“These abhorrent contents being campaigned about borders on the promotion of amorous relationships between persons of same sex on the said platforms.

“We received complaints on this topic from well-meaning Nigerians and religious organisations and further discovered that the broadcast contents/materials on these platforms are laced with embedded scenes/episodes where same-sex relationships are practically being propagated.

“We also conducted research on some social media platforms like TikTok, Twitter (X), Facebook (Meta), etc with regards to this subject, and found same hazardous and illegal same-sex content being promoted and transmitted.

“It is clear that there is an agenda to surreptitiously lure the unsuspecting young population of this country to this satanic habit/lifestyle of same-sex practice in Nigeria by subtly introducing same through entertainment and showbiz industry, albeit through the airwaves.

“It is now commonplace to see some of these illegal contents being conveyed on social media and specialised platforms in Nigeria.

“We wish to point out that these contents are clearly being aired or transmitted in contravention of our extant laws such as Sections 4(2) and 5(2} of the Same-Sex Mariage (Prohibition) Act, 2013,” he said.

The lawyer said the act being subtly propagated and promoted via the mediums was targeted at destroying the moral fibre and rectitude, erode, dislodging and polluting the society with unacceptable inhuman values.

He said it was also to erode the age-long cultural practices and sacred religious belief system of male and female gender only as created by God Almighty.

Ayibiowu said, that if the commission failed to block, restrict or scrap the same-sex promotional material/contents from Nigeria airwaves, “we shall proceed to seek further redress in pursuit of our goal of saner Nigeria airwaves”.

 

 


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FCCPC to Review Multichoice’s Tariff Hike

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Federal Competition and Consumer Protection Commission (FCCPC) has promised to review recent price increases in MultiChoice cable subscriptions to ensure subscribers in Nigeria get value for their money.

FCCPC to Review Multichoice’s Tariff Hike

Recall that the leading pay TV operator, recently announced increase in the subscriptions for its DStv and GOtv packages by at least 25 per cent.

Multichoice announced the increase in tarrifs in a message sent to subscribers on Wednesday and said that the new regime will be effective May 1.

The company stated this in the statement signed by John Ugbe, chief executive officer was titled, ‘Price Adjustment on DStv and GOtv Packages.’

The pay-TV firm cited the rise in the cost of business operations as the rationale behind the price increase.

The company said, “We understand the impact this change may have on you – our valued customer, but the rise in the cost of business operations, has led us to make this difficult decision.

“It remains our mission to provide the best entertainment and viewing experience to you and are committed to continue to deliver high-quality content and unparalleled service. So, from Wednesday, 1 May 2024, the price adjustment will take effect.”

But Adamu Abdullahi, acting chief executive officer, FCCPC, in a chat with Channels Television on its Dateline Abuja programme on Thursday, provided an update on the summons issued to the owner of a Chinese store in Abuja accused of discriminatory and sharp practices.

He also commented on the adherence to the order given to the Abuja Electricity Distribution Company, stating that sanctions are imminent for all verified infractions identified by the agency.

 


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NCC Seeks Media Collaboration on Copyright Infringement

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The Nigerian Copyright Commission (NCC) has called for effective collaboration with the media in the country towards tackling the menace of copyright infringements.

The Director-General of the commission, Dr. John Asein, who made the call at a media parley in Ibadan, said while the commission has the power to arrest and prosecute people involved in copyright infringements, it still needs the support of journalists to achieve its aims, maintaining that copyright infringements have negative impact on authors and the society as a whole.

He said: “We need your support to stamp out copyright infringements. This means we all have responsibility.

“We have the power to search, arrest and prosecute. But, we rely on police, NSCDC and other security agencies so as to get it done. We have a good working relationship with the security agencies. The problem of enforcement is real.”

The Executive Secretary, Nigerian Publishers Association (NPA), Mr. Emmanuel Abimbola, in his contributions, urged governors of Southwest states to reduce fees charged on book review for publishers, stating that this will reduce cost of books in the markets which has become a burden to most parents in the country.

He insisted that fees charged on book review by government agencies particularly in the region is becoming exorbitant.

According to him, an official of one of the states once said that the exorbitant fee charged was a means of generating revenue which should not be so because education must be seen as a social service.

He said: “We don’t really have much problem with the government of other region because some of them only charge flat rate for the book review which we publishers are ready to cope with.

“However, we are calling on the government of states in the Southwest to stop the exorbitant fee, it is becoming too much, a situation whereby we are asked to pay N10,000 or N12,000 per book title, by the time you calculated it, it will be going to N2 to N3 million.


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