Connect with us

Broadcasting

The Dragons Strike a Deal

Published

on

Kindly share this post

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!


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Continue Reading
Comments

Broadcasting

FirstBank Supports Author on New TV Series

Published

on

Kindly share this post

First Bank of Nigeria Limited has announced its partnership with Arese Ugwu for the television adaptation of her best seller, Smart Money Woman.

FirstBank Supports Author on New TV Series

The weekly show – in its first season – is billed to premiere on Africa Magic Showcase this Wednesday.

The Smart Money Woman is a programme that shows the experiences, sacrifices, struggles and vigour of women in society as they carry out their day to day activities in spite of the gender imbalance in the society, especially in Africa.

The series is an adaptation of Smart Money Woman written to tackle debt, providing tips on inculcating the right savings culture of the African middle class (why don’t we say – every individual – as against limiting to African middle class), the fear and misconceptions surrounding money and the lack of it, love, friendships, cultural and societal pressures and the roles they play in success.

The half hour 13-episode series which is directed by Bunmi Ajakaiye and Co-, produced by Kemi Lala Akindoju, Akin Marinho and Arcadia Tv Africa would have viewers exposed to financial literacy nuggets. Its cast include; Osas Ighodaro, Toni Tones, Ini Dima-Okojie, Eby Eno, Eso Okolocha, Timini Egbuson, Karibi Fubara, Tope Tedela, Seun Ajayi and Temisan Emmanuel.

According to Arese Ugwu, author and executive producer, Smart Tribe Media; “The Smart Money Woman is a love letter to every modern and upwardly mobile African women who are exploring life opportunities and experiences to find that right balance in their day to day activities especially in their career, friendship, relationship and of course, family.”

“We thank First Bank of Nigeria Limited for being the first corporate sponsor to believe in my dream and take a chance on a first-time producer. This is a partnership we are pleased to reckon with, whilst we recognise how they have successfully empowered women across the geo-political zones in Nigeria through its various initiatives, especially the FirstGem product. They have provided mentoring, support and capacity building opportunities for all to create a new generation of financially literate women thereby contributing to the continued growth and development of the country.”

Speaking on the TV show, Folake Ani-Mumuney, group head, Marketing & Corporate Communications, First Bank of Nigeria Limited, said: “FirstBank has been at the forefront of promoting female empowerment and we understand the role financial literacy plays in deepening financial inclusion, whilst promoting female independence.

The essence of the TV programme is to raise financial awareness to inspire every individual in the society, especially women, to make informed choices and take effective actions for their financial wellbeing, she concluded.”


Kindly share this post
Continue Reading

Broadcasting

OurTv Secures LaLiga Broadcasting Rights for Nigeria

Published

on

Kindly share this post

OurTV, a DTH free TV broadcast satellite service provider, has secured broadcast rights for Laliga matches in Nigeria.

OurTv Secures LaLiga Broadcasting Rights for Nigeria

OurTV will broadcast Laliga Santander matches live on its Sports Channel 120.

Commenting on the development, Olushola Peters, Head of Marketing of OurTV, said: “This is one major milestone for OurTv and we want to thank our esteemed users, who have always believed and supported us. We value your input and suggestions as it is a core culture in OurTv to listen and please our viewers as much as we can.”

OurTv is a Direct-To-Home (DTH) TV broadcast satellite service with onetime payment of set-up boxes that offers over 18 unique and exciting channels with the use of homegrown services.


Kindly share this post
Continue Reading

Broadcasting

NCC, AVCNU Set Agenda for Model IP Policy for Nigerian Universities

Published

on

Kindly share this post

The first draft of an Intellectual Property (IP) Policy for Nigerian universities will soon be finalised by Nigerian Copyright Commission (NCC), working with the Association of Vice-Chancellors of Nigerian Universities (AVCNU) and the National Universities Commission (NUC).

Mr. John O. Asein, Director-General of NCC, and Secretary-General of the AVCNU, Professor Yakubu Aboki Ochefu, gave this indication at a consultative meeting during a visit of the executives of AVCNU to the Commission’s Headquarters in Abuja recently.

The Director-General said the Commission would fast-track work on the draft IP Policy with a view to entrenching a credible copyright culture in the nation’s tertiary institutions.

“The adoption and implementation of an IP Policy in universities will guide lecturers, students and librarians on their copyright obligations and address the allocation of rights in our institutions of higher learning,” he stated.

Mr. Asein also noted that implementation of an IP Policy would boost the Commission’s national anti-piracy campaign and enhance research and the use of IP knowledge in Nigerian universities. This, he asserted, has become even more imperative in light of the attitudinal changes brought about in the wake of the COVID-19 pandemic.

He decried the lack of copyright policy guidelines for library users in most Nigerian universities resulting in unregulated photocopying by students to the financial detriment of authors. He, therefore, urged AVCNU to assist in the implementation of the understanding earlier reached between the Reproduction Rights Society of Nigeria (REPRONIG) and the AVCNU on behalf of the Universities.

The Director-General remarked that it was an irony that universities were not eager to obtain licences despite the fact that most of the authors would be among the primary beneficiaries. He also advised REPRONIG to explore ways of ensuring that those universities that signed up for its licence obtained value for money.

In his remarks, the Secretary-General of AVCNU, Professor Yakubu Aboki Ochefu, thanked the NCC DG for assisting with the development of a model IP Policy for Nigerian Universities. He disclosed that the plagiarism detection software, Eaglescan, introduced recently for use in Nigerian Universities has helped to check the incidence of plagiarism and copyright abuses in the universities.

The Secretary-General observed that copyright has become a critical issue in Nigerian universities in view of the increasing relevance of the virtual learning environment occasioned by the Covid-19 pandemic. He expressed concern that many universities in Nigeria have no copyright policy and assured that the AVCNU would support the Commission in the development and adoption of the proposed IP Policy for universities to enrich the academic and research culture.

Professor Ochefu further indicated interest in the operations of the Nigerian Copyright Academy (NCA) and assured the Commission that AVCNU would work with the Academy to promote copyright education and enlightenment in the country, especially in the university system.

The visit of the AVCNU officials to the Commission is a follow up to an earlier visit of the NCC management team to the Association’s secretariat in February this year during which the Director-General of NCC advocated the urgent need for a model IP Policy for Nigerian Universities.


Kindly share this post
Continue Reading

Trending