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Home Blog Page 6588

Understanding A Company And Business

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Generally, a company will have different definitions based on the country it is operating. In Nigeria, a company can be loosely defined as a sole or voluntary association formed and organized under one control to carry on a business to make money. It can also be recognized as an entity that engages in business that adds value to the customer for money.  

In Nigeria, a company comes into existence when it is registered under the Companies and Allied Act 2004 and is able to fulfill requirements in terms of documentations such as Memorandum of Association, Article of Association, shareholders, directors, and share capital to be deemed as a legal association. 

In the eyes of the law, a company is an artificial legal person that has the right to acquire or dispose of any property, to enter into contracts in its own name, and to sue and be sued by others. The individual members may not be sued for actions performed by the company. As a separate legal entity, it implies that the company is responsible to repay creditors and to get sued for its deeds. On the other hand, the company is not liable to pay the personal debts of the members. Therefore, the company as a distinct entity is independent of its shareholders or people controlling it.

 As an artificial legal person, a company uses its common seal (with the name of the company engraved on it) as a substitute for its signature. Any document bearing the common seal of the company will be legally binding on the company.

Nevertheless, unlike non-registered business entities, the life of a company does not depend on the life of its shareholders, directors, or employees, it is rather a stable business organization.   Shareholders may come and go but the company remains and thrives as long as it follows the rules of engagement and has a stable business model.

Companies can be structured in different ways depending on the country it operates. However, the general structure in Nigeria is as follows; Sole proprietorship, Partnership, private limited liability,  public limited company, and corporation.

It is significant to note that all corporations are companies, but not all companies are corporations. The company is a much broader term than a corporation, and it encompasses a lot of different types of businesses. The key differences between a company and a corporation have to do with the complexity of the firm, so, for example, a sole proprietorship is a company, but it is not a corporation. In the same vein,  Partnerships, Limited Liability, and public companies could all be considered companies, but not corporations. Corporations are indeed entities unto themselves, separate and apart from the owners. The owners of a corporation are usually numerous stockholders and could divest themselves of stock in the corporation, without notice of their absence.

However, in all of the above scenarios, the business entity is connected to its owners and the way the Liability of companies is assumed by the owners and these can either be limited or unlimited depending on the type of company-operated and the country.

Consequently, a company may be limited by guarantee or limited by shares. In a company limited by shares, the liability of the shareholders is limited to the unpaid value of their shares. In a company limited by guarantee, the liability of the members is limited to the amount shareholders had agreed upon to contribute to the assets of the company in the event of it being wound up.

In all the key functions of these types of companies are to collect and remit the tax to the government, employ people and pay a dividend to shareholders. 

How Mazota Intends to feed Nigeria With Bold Visions on Agriculture

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A demonstration of People must eat

When you encounter him, his body frame belies what his ambition is – he intends to feed the nation and to empower youths like himself. His belief is huge. His dreams are adventurous. He wants to help Nigeria and the rest of Africa achieve the Sustainable Development Goal  2 . He wants to end hunger through his trade – Agriculture and Agro business.

Welcome to the world of Ajibola Olaide Zakariyyah popularly known as Mazota. He is a graduate of Animal Production and Health at the Ladoke Akintola University of Technology, Ogbomosho.

 

Different Units of Mazota Agric Academy

Having picked more than a passing interest in the business of tilling the land and rearing animals, Mazota was throughout his stay in the university making money through consultancy and practical farming. However, his passion pushed him further when he registered his own agro-business company in 2016. This company is his special purpose vehicle to drive his agro consultancy job. Through this firm, he consults for both known and upcoming farmers in Osun and neighbouring states. Not only that, he empowered people, especially youth, in the different areas of agriculture. He teaches snailery, fishery, poultry, bee-keeping, animal husbandry and others to provide jobs for the teeming youth in the South West.  This has seen him partner with a number of youth focused organizations. Such partnership has resulted in empowerment for the beneficiaries.

The Osogbo-born agric-preneur said his venturing into agriculture is born out of his exposure to massive poverty of a large number of people in the country. He said, “ I am motivated by two things. One, by the exposure and knowledge of the practical life of a poor man and innocent masses. Two, I realized how important it is for human beings to prepare for the future.”  Mazota’s quest to empower at every available opportunity is tied to his watchword of living a purposeful life. He philosophized that “ the struggle to make money is insignificant when compared to what is needed to live a meaningful and purposeful life.”

The Horticultural Unit of the Mazota Agriculture Academy

As a 28-year old forward thinking agric business man, Mazota, thinks of the future as well as the present. He believes the Sustainable Development Goal 2 of Zero hunger could only be achieved if a radical way of teaching Agriculture is introduced into the Nigerian educational curriculum right from basic to tertiary level. This would ensure agric business is a way of life for all adult Nigerians.  With the availability of arable land across different parts of the country, Nigeria has no business with hunger. This prompted him to register an agriculture academy early 2019. He invested massively in the farm dedicated to teaching. The Agric-Academy is a registered complete agricultural school and a socio-economic empowerment institution housing over twenty different animal units, over thirty different crops and more than forty different horticultural plants (flowers). The aim was to teach and also expose students of various schools within and outside Osun state to agriculture in its practical terms. The different units are basically for excursion, training and research purposes –these are the three reasons for which Mazota Agric-Academy was established.

Mazota is as entrepreneurial as he is philosophical. When asked how he got his capital, the LAUTECH graduate drew insight from his mother’s sayings about money and the need. He stated, “Money would have been a problem but for the words of my mother who always prove to us that as significant as money is, yet it is not the first in our journey to greatness. This lesson has so far been a life-long lesson to me and it has always been my primary initial capital in all my doings.” Nevertheless, he admitted that his secondary initial capital was raised through charges from petty agro consultancy services rendered to some new and existing farmers in Osogbo. He has a big dream of his 3-year-old project in the next five years. He has multiple expectations on the extent of his business growth in the next five years. On this, he excitedly said “I see the business to have grown more wings to become a great agent in ending hunger, achieve food security and improved nutrition and promote sustainable agriculture, the second of the Sustainable Development Goals (SDGs) in Nigeria. He rested his huge dream on the high capacity of Agriculture to provide food security and abundant jobs for all Nigerians. He chipped in “Come to think of it, Nigeria has a population of over two hundred million people; all must eat to live!”

A demonstration of People must eat

His advice for the Nigerian youth and graduates generally was for them to rise above the present situation in the country to make life better for themselves despite the much complained about the failure of the political class. He said “the Nigerian education system, her economy and the fate of youth and graduates are three parallel lines whose probability of meeting is unfortunately zero. It is therefore of great importance for the youth or undergraduates to rise above this and tap God’s own resources around us as all of us cannot tap from the nation’s wealth of crude oil.” He concluded that agriculture is the way to go as youth could not afford to let the numerous resources keep wasting under their watch. He preached positive thinking, innovations and entrepreneurship as the three pillars of development Nigerian youth should key into.

How Wrong Interpretation of “Contentment” Affects Career Success

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“Discontentment is the key to success.”

I saw that write-up on a sticker my cousin pasted on the door to her kitchen. I saw this message as far back as 2004 (when I went for a visit to Kaduna during my NYSC days) but it refused to leave my mind. In fact, I got struck by it then because it loudly disputed the usual saying about being contented with whatever we have. Then, anytime I passed that door, I would stop to read the message and ponder at it. My cousin noticed this and told me that she got the sticker from the wrapper of a toilet tissue and pasted it there as a reminder that she shouldn’t relax with whatever she has achieved. I believe she took that message to heart because her achievements today speak volumes for it.

Till date that sticker has been one of my driving forces. It made me realise that being contented isn’t what a lot of people interpret it to be. According to the Oxford Advanced Learner’s Dictionary, contentment is “a feeling of happiness and satisfaction”. People look at these two keywords – “happiness” and “satisfaction” – that occurred together and misinterpret them greatly. One of the entries for “happiness” in this same dictionary shows that the term means emotion or feeling of pleasure while “satisfaction” is “the good feeling that you have when you have achieved something or when something that you wanted to happen does happen.” So, what then does it mean to have a “feeling of happiness and satisfaction”?

I’ll give my own opinion of what contentment is but I want to describe what some people think it means.

  1. A lot of people think that contentment is being ‘ok’ with what they have. By being ok, I mean that they no longer see a reason to strive for more things or results. As for this group of people, they have ‘arrived’ at their final ‘bus-stop’ and do not see any reason for going further. This group believe that they are already successful and if they are asked to seek for more achievements, they will say something like, “I already have this and that, what else do I need?”
  2. There are people that believe that contentment means that they shouldn’t be greedy. To this group, if you strive to get more than you have, you are either avaricious or covetous and will therefore do anything legal or illegal to amass wealth. This group always say things like, “I am ok with what I have. I won’t steal because I want to have more”.
  3. There are people that assume that contentment is synonymous to gratitude. To them, if you strive to get more, you are being ungrateful to the people that helped you and your creator. In fact, this group believes that they don’t deserve what they have so they shouldn’t seek for more because that will be a sign of ingratitude.
  4. Contentment to another group of people means living a stress-free life. To them, if you are not contented, you are going to face much stress obtaining more. This group of people are the ones that tell people to be contented with what they have and not go on stressing themselves because life is too short. Women are mostly the members of this group.
  5. The last group I want to mention here are those that believe that contentment is accepting a predestined Will. They assume that fate has decided for them and has given them what they needed; so going any further means “they are on their own” and will suffer along the line (and may even fail in their ‘quests’). For that, they will want to stay in the confines of their ‘destinies’.

If you look deeply into these different opinions and views of contentment as a concept, you will notice that they are not altogether wrong; but they are not encompassing. For example, you will face stress when you go farther than your present state, but that doesn’t mean that you won’t still face stress if you decide to remain where you are. More so, you have to be grateful for what you have but it doesn’t mean you shouldn’t strive to get more things. So there is a need to widen the horizons of these different groups for them to see what contentment truly is.

The dangers of wrong interpretation of contentment include mediocrity and poverty. I see a lot of these among Nigerian working class and small scale business owners. Those who strive to rise up may find themselves branded with different negative names and characters and may sometimes be discouraged from doing so. This is one of the major reasons Nigerian civil servants are not developing professionally (because they are ‘contented’ with their meagre salaries and ‘unprofessionalism’ and do not see the need to develop themselves). Consequently, only a handful of civil servants and small scale business owners manage to get to the ‘next level’.

With these, I’ll define contentment as “the satisfaction one experiences from achieving a particular goal”. Contentment isn’t an end in itself; it is the beginning of greater achievements. The happiness and satisfaction you have for being able to achieve something should be the propellers that shoot you up to the next level. It should give you the morale to strive for greater things because you already know that you can truly achieve a goal. In fact, to be honest, if you are happy with your current achievement, you will want to obtain more.

So, instead of sitting down to give yourself a pat on the back for achieving a desired result, get up and give yourself more challenges. Remember, “discontentment is the key to success”.

How Lionheart 2 Can Win The Oscars!

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Good People, I think it is time to move on from this Lionheart disqualification thing; we need to be thinking of way forward.  If you plan to become a movie producer in Nigeria, please do not make decisions on what will qualify you to be considered for the Oscars, rather, focus on what people would like to watch, and pay. Lionheart has won the most important Oscars out there – the Netflix deal with the $millions that came with it.  

I will encourage future producers to focus on that. Yes, do not begin your production by looking at potential Oscars categories you can submit nominations – that is irrelevant. This Oscars thing has been won in Africa, even though it is yet to arrive Nigeria.

Algeria and Ivory Coast have won Oscars before, in the same category Lionheart participated through films (Z and “Black and White in Color” respectively) produced in French. Yes, French.

Yet, South Africa’s Tsotsi won it in indigenous African languages. But Tsotsi did something different: it combined many African languages with little English to execute the deal. It has Sesotho, Zulu, Setswana, Afrikaans and English, making sure the English was below the acceptable level.

So, Lionheart 2 should include Igbo, Hausa, Pidgin, and Yoruba with English. Caution – Pidgin may be English oh!  I am sure the queen of the big board, Genevieve Nnaji, and her team, executing that strategy, will improve the odds. By doing that, she can win the local markets while going for the smiles on the Academy night. 

With this multiple language strategy, she will have something for everyone in Nigeria, guaranteeing the bank alerts. But there is risk: Academy could update its rule, requiring “Foreign Language”, not “Foreign Languages” in one film. The implication being that films with more than one non-English language will not qualify. That returns me back to the original point – do not make films just to win Oscars! 

Importance of Motivational Speakers

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I watched a video that showed a dog ‘attacking’ a tiger. The tiger ignored the dog for sometime and then fought back. As expected, the tiger went for the kill. The caption on that video read, “This dog must have listened to a motivational speaker”.

A lot of posts and comments are coming up daily on why people shouldn’t listen to motivational speakers or read motivational books. The first time I saw a post like this, I was appalled because I know the importance of motivation in people’s daily lives. Even learning can’t take place if the learner is not motivated. So, why do people all of a sudden turn against motivational speakers?

I don’t really know the answer, but I think I can make some guesses from my observations. From what I gathered, most people believe that motivational speakers misguide people. I won’t debate on this because it is a matter of personal experience. However, it will be worthy to note here that most motivational speakers aren’t experts in what they ‘teach’. They only talk based on their own experience. And by experience, I mean what they have encountered or have seen others encounter, or even feel that others encountered, within their locality. In other words, they only express what they know, and not what is obtainable everywhere. So, it will be wrong for a Nigerian to apply what is ‘taught’ by an American motivator because they operate in different environments with different cultures and values.

Another argument against motivational speakers is that they don’t walk their talk. This argument is as old as man (remember the case of the Pharisees in the Bible). A good example given by most people here is that most motivational speakers advise people to walk away from job interviews because the interviewers were wasting their time. Another matter like this I came across is where a man complained that his wife always talks to women on how to manage their homes while she couldn’t handle hers. Anyway, like we were told in the Bible, listen to their words but don’t do what they do (lol). And like Igbo’s saying goes, “use your tongue to count your teeth” (meaning that you should act according to your discretion).

The last pointer against motivational speakers is that they are sometimes pushy. Most of them give out the air of ‘experts’ and tell their listeners and readers to do things exactly the way they (the speakers) prescribed if they want to succeed. These speakers fail to give their listeners and readers the room to do things differently. This approach of theirs can cause frustration and depression for a lot of their followers because the prescribed methods may just not work for them. By the end of the day, the negatively affected followers will either find out that there are better options or will wallow in their despair. Either way, the motivational speakers lose their fans.

Despite all these things, motivational speakers are still needed. For starters they are the tonics of the mind. Listening to motivational speakers is like taking daily dose of blood tonic and multivitamins so that you will stay healthy. This doesn’t mean that you don’t have blood and energy to move you into action; it only means that you will hardly get fatigued as you carry out your works. Motivational speakers are there to ensure that you don’t lose hope and focus in your endeavours.

Motivational speakers are morale boosters. I have personally experienced this part of them. Anytime you feel down and you listen to good a motivational speaker, you will be surprised at how he will lift up your spirit. Their talks can supply people with the zeal to carry out difficult tasks. They always seem to reach down deep into that part of people that inspires them. They can make their audience see opportunities in their challenges. They make their audience want to act and achieve positive results.

Good motivational speakers heal their listeners and readers. They usually do this by using their stories to make their audience feel that they are not alone in their struggles. They make their audience see that whatever they are passing through is not peculiar to them. Most people who are facing emotional, mental and psychological trauma usually get some relief after listening to speakers that addressed their problems. They inspire people to make changes that will help them in their personal and professional lives. They help people to look deep into their lives and see themselves in a positive light.

Finally, motivational speakers give their audience the feeling of companionship. Every motivational speaker is seen as a ‘friend’ by his audience. They always give people the feeling that they (the speakers) care about them. Being a motivational speaker means one has to open one’s door for constant communication from one’s audience. This duty of motivational speakers has saved a lot of people from harming themselves.

In all, motivational speakers encourage people to act – both positively and negatively. The world needs them. We all need them. But then, we have to sieve through to make sure we are listening to good ones.