DD
MM
YYYY

PAGES

DD
MM
YYYY

spot_img

PAGES

Home Blog Page 5438

Davido Sets Charitable Precedent, Giving Away Donated N200 Million

0

On Thursday, Nigerian singer David Adeleke, popularly known by his stage name Davido, jokingly asked his friends on Twitter to donate money for his 29th birthday celebration.

“If you know I’ve given you a hit song, send me money,” he joked, sharing his bank details. Within minutes, the account balance moved from zero to millions with donations from folks within and outside Nigeria. From Otedola to Don Jazzy to Obi Cubana, and largely people in the music industry and fans, donations tripped in. Within two days, the account has received more than N180 million, driving such uncommon donation frenzy, from a social media joke.

Another time Nigerians have witnessed such free giving to an individual was in July, when Obi Cubana, Nigeria’s celebrity barman, had his mother’s funeral. It was a show of cash. Bundles of money flew from his friends and well-wishers. And the story was as exciting as it was notorious.

The two cases do not only show the amount of influence social power can wield on people, they also preached the essence of the attitude that made them happen. Obi Cubana was said to have received the donations because of his goodwill, his generosity and willingness to help others. Davido too is said to be of the same breed, but he has taken a different path in using his donations, making a gesture that sets a good precedent for charitable causes in Nigeria.

“Might give all away,” Davido tweeted while on Friday while the donations were still coming. True to his words, he made the big donation announcement on Saturday.

“I wish to express my sincere gratitude to my friends, colleagues, fans, and the public for the generous expression of love in recent days,” he wrote in a statement. “In my usual playful manner, I requested a few days ago that my friends and colleagues send money in celebration of my birthday. The response and outcome exceeded my expectations, as I received about NGN 200,000,000.00 (Two hundred million naira) in less than two days. I truly appreciate everyone who donated hard-earned funds and I am very thankful for your generosity.”

“I have always been passionate about giving back and helping people. In view of this, I’m delighted to announce that all the funds received, totaling NGN 200,000,000.00, (Two hundred million naira) will be donated to orphanages across Nigeria as well as the Paroche foundation. In addition, I will be making a personal donation of NGN 50,000,000.00, (Fifty million naira) bringing the total amount to NGN 250,000,000.00 (Two hundred and fifty million naira),” he added.

While Nigerians have developed the custom of donating to celebrities, even when they are poor, most of the celebrities have not developed the culture of giving back. Last year, Big Brother Naija (BBN) reality TV show fans, using GoFundMe, donated over 30 million naira for their favorite contestant, Erica Nlewedim, who was evicted following her unruly conduct.

Other reality TV show contestants have also received unsolicited donations from fans, amounting to millions of naira. But this has been to the dismay of many Nigerians who believe that the donations should be channeled to charitable causes.

Davido’s gesture has been widely welcomed by many who believe that human needs should be prioritized when it comes to reasons for giving. Instead of funding the lifestyle of celebrities who will largely live flamboyantly with the donations.

Davido said “my goal is to do this fundraising every year to celebrate my birthday and give back to people in need. It is my hope that my friends, fans, colleagues in the industry, and the public will continue to support me as I drive this cause.”

Cases of ailing people, who can’t afford medical care flood Nigeria’s internet space every day, soliciting for help. It is hoped that Davido’s move will inspire others who have more or equal social status to use their influence in like manner, to generate funds for charitable causes in Nigeria.

Aggressive Diversification Strategy and Trademark Troubles in Nigeria

2

Globally, trademark is one of the unique ways of distinguishing companies across sectors and industries. It helps users and clients of brands associated with companies in making informed purchase decisions. Having it registered with the relevant agencies of government, where companies operate, adds more credibility to companies and also serves as one of the means of gaining substantial commercial values.

Whether in developing countries or developed ones, trademark troubles across sectors and industries are not new. Most companies fall into the trademark war trap because of the aggressive pursuit of diversification strategy and the intent of outsmarting perceived leading brands in the market. The issue of trademark infringement is not new in Nigeria.  In 2020, it was emerged that the Nigerian Bottling Company Limited and Monster Energy Limited were defendants while the Rite Foods Limited was a plaintiff in a trademark infringement case. The case, which is still in the court, remains one of the recent cases that reinforces aggressive pursuit of diversification strategy. Pop Cola versus Coca-Cola, according to our analyst, is a great addition to the aggressive diversification strategy.

Mamuda Group, the manufacturer of Pop Cola, is not a new business in Nigeria. It is one of the age-long businesses in the Northern Nigeria. Between 1960 and 2020, Mamuda Enterprise Limited, which later became Mamuda Group, pursued innovative and acquisition strategies.  Apart from the vision of the Group, which aims at being a leader in every market and sector or industry, the Group also seeks to persistently be distinctive and add high impact in any market.

Launching of Pop Cola in June, 2021 by the Group attests to the vision and part of its core value. Several reports indicate that the brand is gaining market share in the country, especially in the Northern region. Our analysis of the public’s share of interest in the two brands from January 1, 2021 to November 14, 2021 reveals popularity of Coca-Cola from January to early June, 2021. Launching Pop-Cola on June 26, 2021 ignited possible share of interest war of the brand [Pop-Cola] with Coca-Cola. Coca-Cola garnered a total of 1,074 volume of interest during the days within the months.

From this figure, analysis suggests that Pop-Cola had 4% of the total share of interest of Coca-Cola, which indicates possible public interest in Pop-cola ahead of Coca-Cola between June 27 and November 14, 2021. However, this result is better appreciated within Kano State [where the manufacturer of Pop-Cola is situated]. The popularity of the brand in the state has been linked to the recent announcement of Ahmed Musa, Nigeria’s national men team captain, as brand ambassador by the Mamuda Group.

From the Group’s vision to core value, it is clear that there is a commitment to changing the face of business environment in Nigeria. However, it is surprising that the aggressive diversification strategy being pursued is not absolutely connoted its uniqueness and creativity in terms of brand strategic positioning. The use of red, white and black colours associated with Cola-Cola might have not been an issue if the positioning of the product using the package [see below picture] is not absolutely resonated with the global brand [Cola-Cola].

Key lessons for upcoming and established entrepreneurs, as more insights are expected to evolve in the next few months, remain proper identification of the market needs and the provision of tailored values that superior elements of penetrating the market. In this regards, genuine creativity and innovation driven by strategic vision, mission and core values should be pursued always.

Innoson Group Partners with Oko Poly to Facilitate Training, Education for Staff and Students

1
Innoson plan

In a first-of-its-kind move, the Innoson Group has gone into a partnership with the Federal Polytechnic Oko (FPO), with the aim to foster further education for the students of the automaker’s academy and the students and academic staff of the tertiary institution.

In a press release below, signed by Cornel Osigwe, Head of Corporate Communications and Affairs, IVM Innoson Group, the company said the two entities have signed Memorandum of Understanding that will facilitate capacity building for both staff and students.

The management of FPO led by the Rector signed a Memorandum of Understanding with Innoson Vehicles Manufacturing (IVM) for a beneficial partnership and collaboration between the two parties at Innoson Vehicles headquarters, Nnewi Anambra State.

The signing of an MOU between the two parties will provide effective collaboration in capacity building of staff and students.

Leading the Board and Management of Innoson Vehicles for the signing of the MOU was the Chairman/CEO, Chief Dr. Innocent Chukwuma OFR, and witnessed by the CEO of Innoson Kiara Academy, Mr. Endi Ezengwa. Also present at the event are Mr. Alfred Nwosu and Obinna Chukwuma who are members of the Board of Directors of Innoson Vehicles.

The Rector of Federal Polytechnic Oko Engr. Dr. Francisa U. Nwafulugo signed on behalf of the Institution and was witnessed by the Registrar Mrs. Ifeoma Okoli. The Deputy Rector, Dr. Chris Izuchukwu Onu, and other top management of the institution were also present.

Recall that IVM currently runs an Innovation Enterprise Institution (IEI) under the name INNOSON KIARA Academy (IKA). The institution offers programs leading to the award of the National Innovation Diploma (NID) as well as National Technical Certificates (NTC).

However, it is noteworthy that a gap is created as in other similar institutions that products of IKA do not easily further their educational aspirations to a higher level either through admission into polytechnics or universities.

Many polytechnics and universities in the country have not risen to the challenge of admitting NID holders for further studies to become professionals in their areas of specialization of study.

This partnership and collaboration will see Federal Polytechnic, Oko assist the products of Innoson Kiara Academy by drawing course contents that will identify and address major areas of deficiencies vis-à-vis related National Diploma curricula. These may be administered to the students on graduation to qualify them for the HND program in Federal Polytechnic, Oko.

Alternatively, a bridging program could be instituted after graduation, to cover courses essential to qualify them to enroll for HND in related programs in the polytechnic.

More so with the partnership, Innoson Kiara Academy will be retraining the academic staff and students of FPO. ND students from selected departments will be sent for Industrial Training at IKA.

Nigeria’s Investment One Takes Stake in South African Fintech Startup, Paycode

0

Nigerian investors are increasingly taking stakes in fintech startups in and outside the country, upping their investment game in the tech ecosystem where foreign investors have been leading the way.

Nigeria’s leading financial services providers, Investment One Financial Services Limited (Investment One), has made an undisclosed investment in a South African-based fintech startup, Paycode. The investment was made through Investment One’s subsidiary, Investment One Vencap Limited.

Nigeria and South Africa are leaders in Africa’s fintech market, though other countries like Kenya and Egypt are very much in the competition. Though many players are springing up every day, the market remains untapped and each of the startups has distinct services to attract investors.

Investment One says it was particularly attracted by the technological USPs of Paycode, a valuation that focused on current revenues and users while reasonably discounting cashflows (in an environment where fintech valuations have noticeably sky-rocketed during 2021) and the scope for growth in Nigeria through projects already won.

Paycode provides technology solutions that use biometric digital identity to guarantee proof of life and enable low-cost, last mile delivery of basic financial services. The startup addresses three critical problems for the unbanked and underserved by providing low-cost solutions to those without formal identification in areas with little or no mobile or internet connectivity.

Paycode enables access to basic financial services including cash pay-outs, mobile money, remittances, insurance, microloans, airtime, electricity and social grants by providing a platform that combines biometric digital identity and payments in one convenient platform.

Investment One Group Managing Director, Nicholas Nyamali said the investment in Paycode is part of his company’s financial inclusion efforts.

“Our investment in Paycode represents both our drive to achieve excellent returns for our clients, but also our commitment to bringing financial services to excluded sectors in Nigeria. Paycode’s unique approach to solving the most complex challenges of the financially excluded fits perfectly with our own innovative DNA” he said.

Investment One’s interest in Paycode was also spurred by its market growth.  The company looked into Paycode’s future growth trajectory in Nigeria alone to make its investment decision as it is packed with value.

The startup has over 6 million registered card users, a partnership with Mastercard and a strong pipeline of fee-driven grant and social programmes under its belt, and also plans a Series A capital raise in the first Quarter of 2022. The plan is to expand globally and achieve a target of serving over 50 million people by 2025.

Currently, Paycode has active users in Ghana, Zambia and Mozambique but securing a share in a large market like Nigeria presents a key to growth.

Paycode CEO, Ralph Pecker, says having Investment One onboard will help the company to achieve its objective to expand to the Nigerian market.

“We see Investment One as so much more than just an equity partner to Paycode. Investment One is a significant and innovative player in the financial services sector of Nigeria, a key growth market for us. We believe that having them onboard will greatly accelerate our expansion objectives in Nigeria, and that we in turn can provide an excellent return on their investment.”

The Davido’s Birthday Donations

1

Nigeria’s ace musician, Davido Adeleke, went on Twitter, asking the people to donate money for his 29th birthday: “If you know I’ve given you a hit song, send me money.” Within hours, many have donated to the bank account he provided. As of last count, he has closed more than N174 million!

One of Nigeria’s biggest singers, David Adeleke, a.k.a Davido, has received over N174m in less than 24 hours after he challenged his friends to send him N1m each ahead of his birthday. The singer turns 29 on Monday. Davido posted his account number on his verified Twitter account on Wednesday.

Some donors include BB Naija’s Nengi, Perruzi, Teni, Phyno, Don Jazzy, Tiwa Savage, Mayokun, Adekunle Gold, Mr Eazi, Zlatan, Cubana Chief Priest, Oyo State lawmaker Akin Alabi, businessman & socialite Emeka Okonkwo aka E-money, Obi Cubana, and Femi Otedola.

People, what is happening here? Can a teacher like me substitute for Davido and get a percentage outcome?  Would you support this teacher? Lol. 

Indeed, our world has changed that one of Nigeria’s most successful musicians can convince people to take loans on apps to make sure he has a great birthday! That is the power of the new age. Salute Davido for building that social capital; he is a brand!

Comment on LinkedIn Feed

The world has not changed because people donated to one of their own, it has always been that way, the only difference here is that social media makes it viral.

What happens when a wealthy man hosts an event, whether birthday, chieftaincy title or a simple get together? Plenty money flows, it’s a network power thing, no surprises. If an unknown person or poor man tries it, he become depressed.

The same brand power also worked in your Tekedia Institute and its constituents, the early believers didn’t congregate because of richness of content or faculties, but rather because of Ndubuisi Ekekwe as a brand, everything draws its power from there.

Again, many of those who donated to Davido equally increased their own social capitals by doing so, think about Davido’s mammoth followers and all the people who will be jostling to read list of donors, they all add up, the donors are not stupid…

There is an intrinsic value for the participant, it has nothing to do with generosity, because if Davido skips your name from list of donors (after donating), you will feel terrible for a long time.

It’s business, those who wail and complain about show of wealth in the midst of poverty do not understand, and they remain miserable.

Game on…

Update: he is turning the donations into a bigger call