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Home Blog Page 5229

The Egoras’ Business Model And Opening A New Store

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It is a novel business model: offer zero-interest loan financing collateralized with household items (furniture, phones, generators, TVs, etc) which clients pay storage fees during the term. If they repay principal, they take their items back. But where they do not do that, the items are kept for the principal. All loans are valued to align with the fair market value of the items during loan origination.

Now the engineering phase: for those kept items, refurbish them and open a shop for people to buy them. That is what Egoras does at scale. It has employed hundreds. It is a fintech, an engineering startup and more.

Everything in this store (see video) is refurbished. The engineers are in Aba and Port Harcourt.  We brought in brilliant young Nigerians and asked them to do amazing things. Ugoji Harry, Egoras CEO, has done very well. A new showroom/store will open in PHC this weekend. Enugu and Onitsha on the way. We’re adding more factories and everything sold in our stores will be “Made in Nigeria”! Simply, no import!

Note: every item comes with service guarantees to give you peace of mind; phones – 6 months, generators – 3 months, etc. It has insurance for the items “All items used as collateral are insured and inventory fees are shared with the third party insurance company”

Watch the video here.

X-raying Malnutrition And Its Damaging Effects in Nigeria

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Malnutrition is a physical weakness caused by not eating enough food of the right kind. It can also be described as a situation involving the state at which the human body lacks the required food components known as ‘balanced diet’.

Malnutrition, which is a serious condition that occurs when a person’s diet doesn’t contain the right amount of nutrients, simply means poor nutrition, and can be referred to as ‘under-nutrition’ when the carrier does not possess enough nutrients or ‘over-nutrition’ when the sufferer has more nutrients than he or she requires.

Malnutrition could be in the form of kwashiorkor, anemia, obesity, xerophthalmia, or pellagra, among others. It’s mainly caused by having an inadequate diet or a problem absorbing nutrients from food.

There are several reasons either of the two aforementioned conditions might occur, to include having reduced mobility, a long-term health condition such as a chronic disease, and/or a low income, as the case might be.

It is worth noting that some kinds of medication can increase one’s risk of developing malnutrition. Medical experts are of the opinion that over two hundred and fifty (250) types of medicine are known to disrupt the body’s ability to absorb as well as breakdown nutrients.

One may also be at risk of becoming malnourished if his or her body has an increased demand for energy. For example, if it’s trying to heal itself after undergoing a major surgery or having sustained a serious injury such as a burn, or if the body is experiencing involuntary movements like tremor.

Physical factors can equally contribute to malnutrition. For instance, if one’s teeth are in a poor state, eating could be difficult or painful. One might also lose his appetite as a result of losing his sense of smell and taste. Similarly, one may be passing through a physical disability or other impairment that makes it difficult for them to cook or shop for food.

Social factors that can contribute to malnutrition include: living alone and being socially isolated, having limited knowledge about nutrition or cooking, as well as alcohol and drug dependency.

The most common symptom of under-nutrition is unintentional weight-loss. Other signs may include: weak muscles, low mood, feeling tired all the time and an increased chances of contracting various illnesses or infections.

On the other hand, the main sign of over-nutrition is being overweight or obese. However, persons living with under-nutrition can also be overweight if they feed on a diet high in energy (calories) but low in other nutrients.

It’s noteworthy that signs of malnutrition in children can include failure to grow at the expected rate coupled with behavioural changes such as appearing unusually irritable, sluggish and/or anxious.

In the hospital or clinic, one could be diagnosed to be malnourished or not, by calculating their Body Mass Index (BMI). Someone with a BMI that falls within 18.5 to 24.9 is considered healthy. Thus, one with BMI either less than or greater than the above stipulated range is considered malnourished.

It is worthy to note that malnutrition is a severe and deadly medical condition. Significantly, accordingly to the United Nations Children’s Emergency Fund (UNICEF), statistics show that about 10.9 million children under the age of five die in developing countries like Nigeria each year. Survey indicates that malnutrition and other hunger-related diseases result in about 60% of the said deaths.

In addition, the cost of under-nutrition to national economic development in any of the affected countries around the globe is estimated at 20-30 billion US-dollars per annum.

Based on what caused someone to become malnourished and how severe the condition is, treatment may be carried out at home or in the hospital. Dietary changes are the main treatment for malnutrition. If one is undernourished, he might need to increase the nutritional content of their foods or diet, with or without taking nutritional supplements.

If the person in question is unable to eat enough to meet their nutritional needs, they might need a feeding tube to provide nutrients directly into the digestive system or a drip to provide nutrients and fluids directly into the vein.

The best way to prevent malnutrition is to eat a healthy balanced diet, which is indeed vital for maintaining good health and fitness. To stay healthy, one needs to eat a variety of foods from the four main food groups, namely: plenty of fruit and vegetables; plenty of bread, rice, potatoes, pasta and other starchy foods; some milk and dairy foods; as well as some meat, fish, eggs, and beans, among other non-dairy sources of protein.

Considering the aforementioned likely causes of malnutrition, analysts are of the view that the health anomaly could be fundamentally attributed to illiteracy, ignorance or poverty, as the case may be. This implies that the ongoing crusade regarding the eradication of all forms of malnutrition in the contemporary global society requires the holistic effort of all and sundry including the governments, health experts, civil society, the media, non-governmental organizations (NGOs) as well as well-meaning individuals.

The government at all levels in the various affected countries ought to endeavour to establish primary health-care centres within the reach of the citizenry, especially the ordinary people. They must ensure that each of the health centres enjoys the services of at least a qualified resident dietician.

In the same vein, people should be conscientized to visit the health centres situated at their respective localities from time-to-time, in order to acquire the consequential or needed counselling on dietary.

Furthermore, the civil society and NGOs that are concerned with health matters are expected to intensify awareness on the possible causes of malnutrition. It is advisable for them to regularly embark on a door-to-door sensitization campaign and at all times endeavour to organize seminars cum workshops with a view to bringing the less-privileged individuals closer to health cum dietary issues. It’s worth noting that this proposed measure can effectively and efficiently be actualized by involving the mass media.

It’s obvious that most people, particularly those residing at the rural areas, are yet to understand the actual meaning of ‘balanced diet’ owing to lack of education. This is where the informed minds are meant to come in; they should let their relatives, friends, well-wishers, neighbours, and what have you, who are less-privileged – information or education wise – to acknowledge the fact that balanced diet can be obtained within their places of residence such as their home gardens.

It’s no longer news that most individuals are preoccupied with the notion or mindset that a balanced diet comprises ‘expensive’ foods that can only be acquired by high-income earners. On this note, they should be meant to comprehend that anyone can produce essential foods at their houses without involving any tangible or reasonable capital.

Besides, it is estimated that 684,000 child deaths worldwide could be prevented by increasing access to vitamin A and zinc, which can be obtained from vegetables. It’s noteworthy that vegetables can be cultivated and harvested at the comfort of one’s abode.

The schools at all levels to include primary, secondary and tertiary, on their part, ought to ensure that teachings involving dietary are taken more seriously. In this regard, the various tertiary institutions should introduce a General Studies (GS) course that would educate the undergraduates mainly on issues concerning dietary, and agriculture in general.

Such studies as stated above ought to be made to be mandatory and ubiquitous by the various concerned governments through their legislatures. The measure is required to be extended to the secondary and primary schools therein.

Above all, in our individual capacities, we ought to note that malnutrition can easily be prevented if we are continually mindful or conscious of whatever we eat, drink as well as our lifestyles.

Hence, we can avoid any form of malnutrition if the right rules are adapted in our everyday life.

Nigerian Government Needs To Clamp down On Ponzi Scheme Operators In The Country

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Almost every year in Nigeria, there is usually the presence of one Ponzi scheme or the other operating under the guise of a legitimate business, thereby luring investors by promising them huge profit returns. Within some time, these schemes vanish into oblivion with investors’ money, leaving them in pain and regret. Most Nigerians, seem never to have learned their lesson from the MMM scheme that dashed the hope of over three million Nigerians.

They seem to quickly forget their ordeals with these so-called schemes, as they do not hesitate to always try out new ones with the hope that they won’t be like the previous ones. One will wonder, why these people who invest in such schemes can’t read the handwriting on the wall with these so-called schemes. I came to realize that several factors push most Nigerians to invest in these schemes. Factors such as Greed, Rising inflation rate, Unemployment, Perceived poor performance of the capital market, etc have exposed Nigerians to speculative and dubious schemes with victims losing over N300 billion in the last five years.

The recent Ponzi scheme currently on the lips of a lot of Nigerians is the Chinmark investment platform which is run by Marksman Ijomah Chinedu, who according to reports has absconded with investors’ money to an unknown location. He was said to have established the investment platform, promising investors with mouth-watering returns on their investment.

As usual, most Nigerians fell for it as it did not take time before they embraced the scheme, only for them to be duped. While surfing the internet today, I came across a news post that disclosed that one of the investors in the crashed Chinmark Investment Ponzi scheme, identified as Nuella (not real name), has been reported dead after she committed suicide. Reading this sad news took a toll on my emotion, as I became sober and at the same time angry that no strict measures have been put out by the government to clamp down on these Ponzi schemes and their operators that are constantly wreaking havoc on citizens in the country.

These schemes have on countless occasions defrauded gullible Nigerians, causing them pain with recorded few death cases. The security and exchange commission (SEC) has in the past disclosed that it has engaged the National Orientation Agency (NOA) as well as other regulators to curb illegal Ponzi schemes in the country. Although it seems as if no strict actions have been properly implemented as these Ponzi schemes continue to thrive in the country.

The government must understand that the operation of these Ponzi schemes in the country undermines the reputation of the capital market, dampens foreign investors’ confidence, and limits the circulation of money, which often affects the economy. The government might be quick to blame those who engage in such schemes, citing greed as the reason for most people investing in them.

But they must understand one thing, these Ponzi schemes have adverse effects on the economy of the country when they look at it with a holistic approach. The fact that so many Ponzi schemes continue to thrive in the country shows that the government cares less about the damages they cause not just to the people, but also to the Nigerian economy.

If citizens of the country channel the money they invest in Ponzi schemes to the Nigerian capital markets, there will be more industries created which will therefore create employment opportunities, more production activities, and the likes. This country has lost a lot of money to the Ponzi scheme which has in a way affected the country’s economy as well as the citizens of the country. It’s high time the government enforces strict rules to restrict any Ponzi scheme from operating in the country, as well as clamping down on already existing ones.

Mali Entrepreneurs for Tekedia Mini-MBA

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To all the innovators, makers, builders, project champions, creators, and entrepreneurs in Mali, I am very happy to share that something amazing is coming on entrepreneurial capitalism. Yes, Tekedia Institute, through the support of the United Nations, will be working with many of the entrepreneurs in the land.

It will be a festival of entrepreneurial innovation in the land  of Les Aigles. Young people, get ready for a season of learning, applying and advancing Mali and Africa in general. Official announcement coming from the United Nations office.

Nations rise when pioneering entrepreneurs emerge. #Mali #Innovation

Elevate the Perceptions of Customers and WIN

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I will execute and the numbers will do the talking. Interestingly, you can execute, but the numbers will not help you. Simply, how you make money and where you make money are more important than the actual numbers on the balance sheet and P&L.

Tesla is a car company which sells “software subscription” and emission credits, and makes all its competitors look lost, even though most are delivering “better automobile numbers”; Toyota sells close to 9 million cars than Tesla, but Tesla is valued at close to 4x more.

Look into your business, move beyond needs and expectations. Elevate the perceptions of customers, set new basis of competition and unlock value.

Look at the profit of Samsung, but see how the market has valued Tesla; it goes beyond absolute $$. Tesla has turned customers into FANS and created a fandom in markets.

Comment on Social Media Feed

Comment: Tesla is overvalued. Their market cap isn’t justified.

My Response: They have been saying that for 6 years when it was worth about $120B. But if you do the math, its profit grew six-fold in 12 months. That is an exponential growth, and that is why it is not overvalued.