Who is Leke Oshiyemi?

Leke Oshiyemi is the Founder & CEO of Rekrut Consulting Limited, a Human Capital Development Company. Leke is a Human Capital Strategist. An accomplished Trainer & Recruiter.

An astute Human Resource Professional of about two decades in the trenches, who has held Senior HR Leadership roles with Multinational and conglomerate companies, FMCG, HR-Consulting, Private Equity & Financial Services in Nigeria. He has consulted for various Nigerian Businesses. Previously, Human Resources Business Partner and Career Development Manager with Nigerian Breweries Plc. Former Head Human Resources at Verod Group, Strategic HR Business Partner (HRBP) at Honeywell Flour Mills PLC. Former staff of Smart Mark Ltd, Nadina Industries & Transcon Group. He holds a Certificate in Advanced Strategic HR Management from Cornell University, USA. Master’s degree in Public Administration (HR) from the prestigious University of Lagos, Akoka and Bachelor’s Degree (Honors) in Philosophy from Olabisi Onabanjo University, Nigeria.

Mr. Leke, you mentioned that you founded Rekrut Consulting Limited, what experiences led you to this decision?

Actually, Rekrut Consulting Limited was registered as far back as 2012 while I was in paid employment. The idea was birthed the day I asked myself the big question “What If your employee STATUS ends today, how will you feed your family?”. You see, as an HR guy, I’ve witnessed countless number of redundancies, downsizing or whatever you wish to call it. The motto of Boys Scout says “Be Prepared”. And then, I’ve always been the go-to guy whenever it comes to Human Capital Development, Training facilitation, public speaking, recruitment etc. I’m usually the MC at many corporate events wherever I worked. My colleagues and bosses would always commend and encourage me to imagine a future in Human Capital Development and that’s how it all started. And today, we’re grateful to God.

In your introduction, you used the phrase ‘in the trenches’, can you help our reader understand what you mean, and perhaps the dynamics of the trenches – is it hardwork, hardships, rejections or failures? What exactly do you mean?

In the trenches for me means: 20 years experience of working with amazing teams, long hours, hard work, hardship, rejections, the good, the bad and some uglies. Contending with industrial unions, working far away from home, dealing with Lagos traffic situation, pouring myself into developing people around me, giving appraisals and receiving appraisals. But the greatest of them all is every opportunity I got for storytelling, sharing information, ideas and training and developing people.

Ok. Thank you for telling us the way it is. So, drawing from your experiences in the past 20 years, what would you say about the nature of the Nigerian job market?

To my mind, the landscape of the job market in Nigeria is driven by macro and micro economics. I hear people say there are no jobs around. They are right and also wrong. According to one of the many business reports 2,877 firms in Nigeria have shut-down operations within 4 years. That’s massive loss of jobs and income for the employable youths of this country. Yes, we’ve seen loads of companies downsizing and rightsizing. We have also seen the emergence of new employers like Ridesharing companies Opay, Gokada, Max NG, etc. While we’re also seeing a rise in small scale entrepreneurships and entertainment industry thus creating employment in their own right. I can predict we’re about to see a huge jump in contract staffing and outsourcing of employees to third party agencies by big corporations in Nigeria. Many organizations are inventing various ways to save cost these days.

There has been this popular belief by Nigerians especially job seekers that ‘there are no jobs out there’, Are there truly no job opportunities in Nigeria?

Let’s look at the stats. Youth Unemployment rate in Nigeria averaged 23.63 percent from 2014 until 2018, reaching an all time high of 38 percent in the second quarter of 2018 and a record low of 11.70 percent in the fourth quarter of 2014. As at date, we have well over 170 Universities in Nigeria, churning out graduates every year. Indeed, the opportunities are shrinking very fast. Some people have chosen to blame the government for the unemployment but I belong to the group that says what can I do about this reality. Hence, I chose to be an employer of Labour.

What three key steps would you advise every job seeker to take between now and the wake of 2020 in order to have the harvest of jobs they desire? (If you have more than three key steps, kindly add)

Step 1. SOCIAL MEDIA VISIBILITY. A job seeker who is permanently offline has reduced their probability of getting a job by a wide margin. Job Seekers must be on LinkedIn as part of their job search strategy. There are 610 million LinkedIn users. According to a recent survey, 89% of recruiters have hired someone through LinkedIn. 10.2 Million Applicants found their job through LinkedIn. 1 out of 3 professionals are on LinkedIn. There are over 10 million job postings. Users get access to experts in every area of expertise. Job seekers should be visible by following potential employers, sharing meaningful content and finding creative ways of projecting why anyone should employ them.

Step 2. SKILLS FIRST, THEN EDUCATION. I tell everyone that cares to listen. Marketable skills are becoming more valuable than school education. Add to your academic status powerful skills like Digital marketing, content writing, copy writing, Website development, coding, graphic designing, video editing, photography, PowerPoint, MS Excel etc. One day, you’ll thank me for this.

Step 3. NETWORKING & VOLUNTEERING. A job seeker must be prepared to attend corporate and social events. Ask for opportunity to volunteer with SMEs. You might be surprised where this small experience will speak for you. Job seekers should volunteer because It gives you a place to go. It keeps your skills fresh and teaches you new ones. It takes your mind off your own troubles. It gets you out of your own head and reminds you of the things you’re good at. You also get to learn how to build working relationship with people.

You have really dealt with this subject even with verifiable statistics, thank you. So looking at your profession, the Human Resource, what sure secrets have you discovered that can help or accelerate the growth of young HR professionals or those intending to move into HR?

Here’s my advice to young HR Professionals and those intending to venture into Human resources management. Practice what I call “CANEI” Constant And Never Ending Improvement. It’s the philosophy of betterment or refinement. It’s the idea that nothing is ever finished, or declared perfect; there is always room for improvement. Readers are leaders. Show me your investment into HR books, CDs, Mp3, HR articles, videos, TEDx talks etc and I can predict your HR future. Be updated as per HR trends. Be adaptable. Seek knowledge. Seek wisdom. Be mentored. Update your knowledge.

Build your Dream. It is very important to think about your dream and the vision for your own life and career. Believe in Yourself. Never Stop Learning. Sharpen your People Skills. Expand your Network. Find a Mentor. Build your Reputation. Stop Telling & Start Selling. Don’t be old school. Improve your public speaking skills. Learn marketable skills. I won’t say these are some great secrets, but these are powerful stuff if you have the WILL to ACT on them.

Wow! I’m also being fired up here! Thank you. What are or is the major project you are working on now that you would like job seekers, job changers and professionals to know about that would help them get a job or link them to the process of getting a new job or a promotion at work?

My life’s work now is Project Rekrut Consulting Limited. We’re essentially a Human Capital Development Company. We help you HIRE GREAT EMPLOYEES & HELP YOU TRAIN THEM RIGHT.
We TRAIN RIGHT. Our learning solutions are adaptable to groups of all sizes. Open and in-plant courses. We are flexible to facilitate training sessions for your teams wherever you are located. Distance is not a barrier. World-class trainers. Well researched, rich content, excellent delivery. Check out our training calendar for 2020 at: www.rekrutconsulting.com/Training.

Also, we’ve developed a CV Writing /LinkedIn profile makeover service. Let’s convert your CV/LinkedIn Profile to a recruiter magnet or business lead magnet. For more details check out our website: https://www.linkedinwriter.com.ng

In case anyone would like to know more about what values you offer and perhaps want to reach you for mentorship, how can they reach you? Any website, or SM address or phone number?

You can reach us on:
+2348076844991
info@rekrutconsulting.com
www.rekrutconsulting.com

Think Rekrut Consulting Limited: Think Recruitment, Training & Consulting.

Mr. Leke, it has definitely been a good time together. Thank you for your time and responses to all the questions.

In 2016, when the Federal Government moved pump price from N97 to N143/145, it’s in a bid to reduce the cost of subsidy that has been gulping whooping sums from the government coffers.

But unfortunately, the subsidy managed to survive complete elimination, and more so, it keeps gaining ground from market forces through rising cost of Premium Motor Spirit (PMS) or petrol. Today, the cost of subsidy has risen to N47.5 per liter due to the rising price of the commodity in the open market, currently expected to hit N180.78 according to the data from Petroleum Products Pricing Regulatory Agency (PPPRA).

The latest data from the PPPRA’s PMS pricing templates for December 12, 16, 17, 18, 19 and 23 put the open market prices of petrol per liter at N172.92, N177.33, N177.32, N174.81, N177.92 and N180.78 respectively. The ex-depot price for collection of petrol, as captured in the templates, was N133.28 per liter, which is an indication that the Nigerian National Petroleum Corporation (NNPC), was subsidizing the price of the product by an average of N47.5 per liter during the time of the review.

Fluctuating price has become part of the oil industry. The Organization of Petroleum Exporting Countries (OPEC) has been pushing to see that there is increase in oil prices by cutting production. The instability in oil prices has enabled marketers in the industry to stop importing, leaving it solely to NNPC for two years now.

The economic report of Central Bank of Nigeria (CBN), for the month of November 2019, confirmed the increase in crude oil prices. The report stated that the average spot price of Nigeria’s reference crude oil, the Bonny light (37° API), at the end of November 2019, was $66.11/b, compared with $61.10/b recorded in October 2019, which represents a 8.2 percent increase relative to the level in the past month.

The Apex bank also noted in the report that the hike in crude oil price in the month November was due to the adoption of cut measures by Nigeria and Iraq, and also the news of anticipated cuts by OPEC.

Mike Osatuyi, the National Operations Controller, Independent Petroleum Marketers Association of Nigeria, told Punch that the rise in crude oil price was a sure indication that the subsidy figures would increase.

“Even if the price of oil increases to $90, as long as the pump pric of petrol remains at N145 per liter, the government must continue to subsidize the product. We are waiting for government policy, whatever government decides, we are going to comply because we need to move forward. With Dangote refinery coming on stream, we should expect some radical policy changes in the oil industry, especially in the downstream sector,” he said.

Stakeholders have also shared the same sentiment. Marketers under the aegis of the Major Oil Marketers Association of Nigeria described the development as a drag on the mainstream sector of Nigeria’s oil and gas industry. The CEO and Executive Secretary, MOMAN, Mr. Clement Isong said.

“We are consistent in our view that the subsidy payment or subsidy in the petroleum downstream sector degrades operational efficiency and economics of the downstream sector. We don’t think it is good for the industry as a whole.”

There have been calls by economists and the International Monetary Fund (IMF) for Nigeria to reduce subsidy so as to spare more fund for infrastructure. The Regional Economic Outlook of IMF published in October stated.

“Fuel subsidies tend to be poorly targeted, foster over-consumption, curtail investment and maintenance in related sectors, and crowd out more productive government spending. Some countries need to take the opportunity afforded by low oil prices to reduce fuel subsidies to free up additional fiscal space (Cameroon, Nigeria, Senegal,) as was done in Mozambique and South Sudan and is being pursued by Burkina Faso.”

The 2020 national budget pegged oil benchmark at $57 per a barrel meaning that the recent increase in crude oil price would have been a good business for Nigeria if not for the subsidy payment gulping more than the excess.

The Nigerian government, through the NNPC has been making plans to get the refineries working by February next year. But the reality is indicating little hope, and the subsidy may continue even at higher cost of crude oil if OPEC continues to cut production. So the 2016 increment of PMS prices has only been able to curtail the cost of subsidy compared with the preceding years.

So far, there is no clear government plan on how to reduce the spending on fuel subsidy apart from the hope that Dangote Refinery will start operation very soon. So the rising crude oil price is not more of gain than it is a loss to Nigeria.

Chevron is writing down about $11 billion worth of assets and it’s not good for the entire market. The company announced last week that the sum would be for the current quarter as it revalues its assets, which include shale gas production sites in Appalachia and deep-water projects in the Gulf of Mexico.

It is one of the biggest moves in Dow Jones in 2019. Howard Silverblatt, senior index analyst at S&P Dow Jones indices, said it could reduce 2019’s fourth-quarter overall S&P 500 earnings by $1.32 per share, depending on the final charge.

Companies in the index are estimated to earn $40.40 a share in the current quarter, according to S&P Dow Jones, and that would represent a chunk of the fourth quarter’s earnings. According to the estimates, the whole S&P 500 is expected to earn $158.50 a share for the full year.

Chevron CEO, Michael Wirth told CNBC’s Squawk Box: “We regularly take a look at our long-term outlook for commodity markets.” He added “AS we do that, we also look at our assets and we evaluate which assets will deliver the highest returns on investment for our shareholders… and the assets in the Northeastern U.S., along with some in Canada and other parts of the world simply don’t compete as well for our investment dollar as others do.”

Last month, the oil giants reported a 36% decline in third-quarter earnings as lower oil and natural gas prices offset an increase in production. Chevron earned $2.6 billion in the third quarter, down from $4 billion a year earlier. It also warned that higher costs could affect fourth-quarter results.

The company also announced a $20 billion capital spending budget for 2020, and revealed it is considering offloading its natural gas projects due to dwindling oil price.

Over two months ago, Chevron had sold off most of its assets in Nigeria, suggesting that it is already on the course offloading many of its natural gas assets around the world.

While the company is pointing at the cheap cost of oil products as a reason it’s taking judicious steps with capital to ensure that its shareholders go home with decent dividends, there is a hint that it may be considering a new direction outside the natural gas industry.

Competition in the midst of plenty oil has posed undeniable threat in the industry that even the biggest oil company in the U.S. can’t deny it. There is a gas glut in North America that has made the resource very cheap, and OPEC attempts to lift prices by cutting output has yielded little result.

Whilst the threat of cheap products as a result of its surplus is glaring, the quest for cleaner energy has become the bigger threat. The world is slowly transitioning to green energy in a bid to combat climate change. So the alternative to natural gas might show up any day and take the industry unaware.

A couple cities in California may likely ban natural gas in new buildings according to San Jose Mayor, Sam Liccardo. This comes as a measure to tackle it at more local level given federal stance on the matter. The idea may eventually get contagious in no time if it is successfully implemented in San Jose. While it will become a win for the fight against climate change, it will trigger the biggest threat to the natural gas industry.

Chevron is not the only company to tread this path, Schlumberger Ltd. and Repsol SA had ascribed a lower value to their assets at a time when the growing adoption of cleaner energy stokes speculation that demand for fossil fuels may peak in a few years. Schlumberger posted a $12.7 billion writedown in October, while Repsol did a $5.3 billion two weeks ago.

The intrigue emanating from the steps taken so far by Chevron is ripping through the oil and gas industry with the premonition of post fossil fuel era, and many companies are becoming paranoid as a result. A piece of Wall Street Journal captured it this way:

“The sobering reappraisal by one of the world’s largest and best-performing oil companies is likely to ripple through the oil and gas industry, forcing others to publicly reassess the value of their holdings in the face of a global supply glut and growing investor concerns about the long-term future of fossil fuel.”

The long-term future of fossil fuel has come under serious question that oil and gas based economies are working hard to diversify their economy in anticipation of the worst.

The institutional tranche of Saudi Aramco’s Initial Public Offering (IPO) was about three times oversubscribed with orders worth $50.4 billion. Aramco was valued at $2 trillion, making it the most valuable company in the world.

Aramco’s IPO holds the record of being the highest in the world, but the decision to go public has been part of Prince Mohammed bin Salman’s plan to diversify the Kingdom’s economy from oil.