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Home Blog Page 6744

Western Union Responds

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In this challenging week on Nigeria’s global image, Western Union has done something commendable. After Chinedu,  a content creator for companies around the world, was “banned” by WU because WU suspected that the small money his clients pay him may be illicit, he wrote a piece on my blog. In that piece, he explained that he creates contents for companies, and they pay him $100, $300, etc depending on the agreement. But because Paypal has terminated Nigerian node, his key option for payment has been WU.

Western Union Money Transfer has been a blessing to many Africans. Especially for those who have relatives or do businesses overseas. They have made it easier to send and receive money from many parts of the country. But the fact that they have been a blessing to many people and businesses doesn’t make me shy away from my awful experience with them.

Nothing is perfect but as a customer, I will voice my dissatisfaction with their policy. Perhaps it would be a good way to review their policies since customers feedback is essential.

Today, he just informed me that WU had reached out to him to resolve the issue. While we wait for WU to lift the ban in the coming hours, I use this opportunity to tell global entities to be fair on Nigerians as they deploy their sledge hammers. Sure, we have bad people but you cannot disconnect a nation from global commerce because of a few bad eggs. The disconnection of Nigeria by Fiverr, a freelance marketplace, remains evergreen.

Nigerian young people need help – and the world needs to support. I call on EFCC, Nigeria’s financial crime fighter, and the Nigerian Justice system to redouble efforts to clean the nation of fraudsters – the world is isolating us on basic digital commerce for a cause. The companies have reasons – and we need to demonstrate we are working to fix our demons to justify our pleas. If not, our young people will be spectators in the modern digital economy.

Why No Job Is Permanent

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While growing up, I started hearing people say things like, “This is not my permanent job”, “I am looking for a permanent job”, “I’m just doing this job to while away my time until I get a permanent one”. And so many things like that. Statements like these never made sense to me then. You know, what do they mean by a permanent job? And which job is a temporary one? That was too hard for my young mind to comprehend, I’ll say.

As I started my university education, these statements began to make a little sense. The way I saw it then was that if you have a well paid job, you can comfortably say that you have landed a permanent job. But if it is a low paid job, for sure you’ll keep looking for something else, right? So, well-paid jobs are permanent jobs while low-paid ones are temporary jobs. Simple and short.

Well, the journey continues. I went for my NYSC and realised that landing a well paid job doesn’t mean that you have a permanent job because you can get sacked anytime. As a result, my view changed and the only permanent job I know turned out to be a government paid job. Ok o.

Finally, I joined the Nigerian labour force and started my own journey towards finding a permanent job. My first post-graduate job happened be in a school. People wondered what I was doing there. This may sound funny, but in Nigeria, once people consider you intelligent, visionary, and ambitious, the school system isn’t the place for you. You should be working for oil companies, banks, telecom companies, rich conglomerates, or even leave the country (because it is a common knowledge that your skills will not be appreciated here). As far as Nigerians are considered, you have no business working in schools, where you bring in ideas that seemed to come from the moon and make the management uncomfortable (Lol. Don’t mind me, please). Well, that sure wasn’t my permanent job.

I left there and moved to Ibadan where I picked up another job, in a school too. This school doesn’t allow its workers to go for further studies. You know, if you want to go for further studies, you have to resign and re-apply when you are done. If there is still an opening, you can have your job back, but as a beginner. Well, that sure wasn’t my permanent job either (even though it was paying way higher than my first job). I didn’t even last up to one year there.

My journey to finding a permanent job continued.

I shifted base from Ibadan to Koroduma (popularly known as One-Man-Village) in Nasarawa State. I landed another job there, in school as well. The pay wasn’t so high but the responsibilities were exciting. I had job fulfilment and all, but that wasn’t my own school, so it can’t be a permanent job. I mean, I can’t last long there considering that my position can’t cross a certain level. I was too ambitious to be locked in one position for long. So I had to move.

I started searching for something more exciting, challenging and, of course, more financially rewarding. Finally I landed a federal government paid job, a job that means that I can carry out exciting researches and work my way to the top tomorrow – in a very, very far tomorrow. A lot of people congratulated me for finally finding a ‘permanent job’. Some said, “Ozioma, now you can rest and keep that your brain in one place.” But, have I landed a permanent job? Nope, not at all; I’m still on my journey because even this one isn’t permanent.

Before you start wondering what my problem is and what I’m trying to do here, I want to explain why I said that I haven’t seen a permanent job yet.

When we say ‘permanent’, we mean something or someone that can never go; something that will always be there in the future; something that has come to stay, forever. Believe me, no job can ever take up this position, not government paid job, not your private businesses. Every job can come and go at will.

Ok, I’ll do my best to explain how our different jobs are not permanent.

1. Private Sector Employments: One thing that is known about working in the private sector is that our jobs can go anytime. Job security is a term that doesn’t exist there. I know some of us relax so much because we believe that since the company is making much profit or that it is a plc, we are safe. But a simple restructuring and creation of new policies can decide otherwise for us. Besides, private sector is out to make profit. This means that when an employee is considered more of a liability than an asset, the management will not hesitate to show him the door. In other words, if you fail to generate much profit for your employer for any reason whatsoever, you are already a goner.

Mistakes can also cost us our jobs. Not all employers condone the slightest mistakes from employees. This is also the same thing with customers’ complaints. I know people that lost their jobs just because one or two customers complained about them. So, no matter how big your employer is, don’t relax, you don’t have a permanent job yet.

2. Public Sector Employments: Hmmm. I know the people that fell under this category are getting the guillotine ready for my neck. The truth is that every civil servant believes his job is permanent until he retires. He hardly considers changes in government policies that could cost him his job. I could remember when some lecturers from a federal polytechnic in the northern part of the country were relieved of their duties because they didn’t acquire higher certificates after employment. I also remember when some lower cadre civil servants were let go of their jobs because the government outsourced the employment of people of the cadre. I have met some workers from government parastatals who were retrenched because of one restructuring or another. Most civil servants don’t think of these until it happens.

I could remember when I asked a colleague of mine what he felt could be the reason most civil servants retire as poor people (no offence meant, I’m just stating my observations). He told me, and I quote, “The problem with Nigerian civil servants is that once they get the job, they relax and keep waiting for their salary.” This is so true. Nigerian civil servants are so relaxed that they don’t bother improving on their professional outlooks. They see their jobs as permanent because nobody can sack them. But I want them to understand that government can wake up and decide that one Parastatal or a Ministry should be removed and that some certain types of workers be retrenched. So, if you are a government worker, don’t relax, anything can happen. Even that job of yours shouldn’t be treated as permanent. So, get up and work on yourself. Besides, you need extra source of income.

3. Business Owners: This is the only group I believe that will truly understand what I mean by saying that no job is permanent. Have you ever seen a business owner that takes his business for granted? I haven’t anyway, except maybe those that shut down shortly after opening their businesses. What I respect about business owners is that they understand the fact that they have to keep seeking for new jobs in the form of new areas to venture into, new customers to attract, ways to keep old customers, how to expand their businesses, and so many others. So, if you want to go into a private business, remember that you are a job seeker for life.

Anyway, if you ask me, I will say that there is only one job that is permanent, and that is the job of finding different ways we can improve on ourselves. When we make out time to work on ourselves, we will find out that there are better things out there. And trust me, a knowledge like this will keep you searching for better things. And when you are looking for those things, you are actually seeking for new jobs. Now you understand why I haven’t landed a permanent job yet.

So, don’t relax, get up and keep seeking for new jobs because no job is permanent.

Keep the hustle real.

Spinoff : JumiaPay Is A Better Business Than Jumia

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There is a “rumour” that Jumia may spin off JumiaPay. Possibly, it can unlock more value by doing so. Of course, Jumia is a public company which makes spinoff really hard. Unless it can list JumiaPay on the exchange, the vehicles are limited. You do not break a NYSE traded company like akara and moi moi.  Yet, let us do the academic analysis.

A LinkedIn user wrote thus:

I commented – and below, I am expanding that comment.

I am not sure Jumia has a lot of  “trusts” in the financial “trustbank” to play that game. I do not believe that it was fraud that the management did not know. Nigeria is a very small economy for $18m to be under the table without top management knowledge. But if people do still believe Jumia, the spinoff will unlock more value for shareholders. JumiaPay with about 5 million “users” [the estimated Jumia users] will be one of the largest non-bank fintech players in Africa. Largely, JumiaPay can get at least $200m valuation there. Currently, the fintech unit is largely discounted by markets in the NYSE – few care about that JumiaPay component, mainly focusing on the ecommerce GMV, PL, etc.

So, spinning off JumiaPay will be a win for Jumia. It can help it get more value. Think of how PayPal ($125 billion market cap) has become bigger than eBay ($33 billion market cap). I can tell you that JumiaPay will be bigger than Jumia in Africa. 

Marginal cost will continue to affect Jumia (i.e. the ecommerce business) ability to become profitable. JumiaPay will not have that problem. Of course JumiaPay will have to compete in the world of Paystack, Flutterwave, etc. If Jumia spins off JumiaPay, on day 1, JumiaPay will have a really great client in Jumia and will be making money. That is why it will be a great business – makes money and becomes profitable fast.

The Most Important Cost To Understand As A Web Entrepreneur

 

FBI’s Arrest of Nigerians: The EFCC Should Have Done More

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Some of the suspects

It’s disappointing but not surprising: As the US Department of Justice released a statement on a coordinated investigation by the FBI on aggravated cyber fraud and money laundering. The 80 names sound familiar, just as the others on the ever resonating list of wire fraud. Just a week ago, we read the story of Invictus Obinwanne Okeke, whose glory was short-lived when the FBI took a close look at his activities and discovered cyber fraud amounting to millions of dollars. The numbers are likely going to increase, it’s only a matter of time and another criminal syndicate based in Nigeria will be busted.

It’s no longer news, we see it, we know it, we live it, it’s a way of life. That’s the only way to explain the gravity of financial crimes perpetrated under the nose of the Economic and Financial Crime Commission (EFCC), Independent Corrupt Practices Commission (ICPC), the Department of State Security Services (DSS), the Nigerian Police, and every other agency that has a stake in Nigeria’s financial trust and image. That’s how most Nigerians have reacted to the development.

That it took the FBI to uncover what it described as “the biggest cybercrime in the US history” which originated in Nigeria, questions not only the credibility of Nigerian financial crime institutions, but also their reason for existence.

The dent of cyber fraud has been escalating in Nigeria with little attempt from these agencies to quell it. The connecting factors that enable it are too evident to be excused. From bank managers (who help fraudsters fence their money) to bureau de change who help them convert it. And then there is extravagant lifestyle that cannot be justified through legit means of living.

The FBI followed these traces from the Business Email Compromise (BEC), (a sophisticated technique applied by the criminal syndicate to divert funds from companies or their clients to accounts designated by the fraudsters), with the help of other agencies from around the world to uncover the international base of the criminals in Nigeria. The funny thing is, the EFCC isn’t part of it, they probably saw it in the news like everyone else, and are yet to make any statement about it.

That has prompted Nigerians to ask: “Could it be that the FBI doesn’t trust the EFCC enough to share such intelligence with them”?

In May, the EFCC issued a statement to discredit another EFCC that was mounting roadblocks in highbrow areas of Lagos, extorting people on the allegation of internet fraud. The EFCC’s spokesman, Tony Orilade told the general public:

“For the avoidance of doubt, it is not part of our operational practice to mount roadblocks and we do not hire agents. The criminal elements that mount the Lagos roadblocks are not our staff and we have no connection whatsoever with their criminal activities.

“Similarly, the Commission wishes to disown a letter of invite, purportedly emanating from one DSP Dorcas Bukola, via an email address: {drealhelen@gmail.com}, inviting unsuspecting members of the public to our office.

“While the said DSP Dorcas Bukola claims to be acting on behalf of the EFCC, we strongly urge the general public and particularly those who have received the email to ignore the invite as such a character is not in the employ of the Commission and has no authority to act on our behalf.”

The statement and the events surrounding it seem to justify what many believe: that in a country where there is a fake version of antigraft agency, and there is nothing the original agency could do other than warn the public, no sane person would expect them to pull the needed strings on a sophisticated cyberfraud syndicate. And that could be the reason why the EFCC was totally ignored by the FBI.

Others say that although the EFCC have secured some convictions in cybercrime, the agency seems to give more concentration on government related corruption.

However, there is a perceived void that the EFCC’s action and inaction has created, and it has undermined its international position in the fight against financial crimes.

Nigerians believe that the story would have been different if the investigation was initiated in Nigeria by any of the agencies, and collaborate with their international counterparts to bust the syndicate. “It would have made a better image for the country, and the rest of the world would have seen a government committed to rid itself of criminal elements.” They said.

While there has been a total condemnation of these crimes that have swindled billions of Americans’ hard earned dollars, voices out there are calling for more effective financial crime agencies in Nigeria that will shun partisanship and do their jobs with integrity.

Useful Tips for Employees’ Salary Negotiations

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Salary Negotiation:

What’s your current salary?

This is a big question many employees who are trying to change jobs always struggle to answer during job interviews.

Of course, you are going for a job interview, and there are chances that you will be asked about how much you are currently earning (in salary), in order to decide your paycheck. Salary negotiation can be very scary. But that’s not a good reason for any employee to avoid it.

This is a contentious situation, and I understand both sides of the argument (to tell or not to tell). But at the same time, I believe that it is a straightforward question that requires a straightforward answer.

I often hear the opposition parties (i.e. employees) screaming that why is it relevant?

Employees feel the Hiring Manager should just talk about the position he/she is recruiting for and the paycheck that goes with it. Then he can decide if it is right for both parties.

But, it is a very important aspect of the recruitment exercise. Here’s the problem, you have been asked a direct question – so what is stopping you from answering it?

Or are you scared of blowing up your chances? Perhaps, you don’t want to get a response like –  we are sorry but we can’t afford your service.

But do you really have to hide your current earnings from the Hiring Manager?

Or don’t you trust the interviewer to the point that you can’t be honest?

If you have actually done an outstanding job at an interview, provided you did well, then the hiring company frankly won’t want to lose you – irrespective of what you are currently earning. So just tell them!

There’s nothing like being sincere. And starting off the relationship at a place of trust and openness will be a massive step in the right direction.

However, here are a few tips employees need to know before going into salary negotiation:

  • Know your worth: Companies will pay you for your worth irrespective of their payroll. However, be realistic with your self-evaluation because there are thousands of professionals in your role.
  • Make enough research: This will give you a range of figures to work with instead of going into the interview with no prior knowledge of the salary.
  • Ask for a specific amount: It works better when employees work with specific figures.
  • Talk to recruiters: This gives you the much-needed insight you need to negotiate.

Good luck with your next interview.


Co-written with Michael Leonard.

Michael Leonard is a certified leadership and executive NLP coach, CEO and entrepreneur  with over 20 years in partnering with you to reach your true potential.

Contact: http://linkedin.com/in/michaelleonard3