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Court Stops DStv in Nigeria

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DSTv court

A Nigerian Court has stopped DStv from increasing its prices in the nation. In July, MultiChoice, the owner of DStv, announced new monthly subscription rates, jacking up the Premium package by 7.5%; the new rates took effect from August 1. The consumers cried foul and sought help from the Consumer Protection Council, a consumer protection advocate funded by government, making a case that MultiChoice was exploiting Nigerian consumers.

A Federal High Court in Abuja on Monday restrained Multichoice Nigeria Limited from going ahead with its recent decision to increase the subscription tariffs for DSTV, its satellite cable television service providers.

The restraining order was issued in respect of Suit No FHC/ABJ/CS/894/18 brought before the court by the Consumer Protection Council (CPC) in the light of the strong public interest raised in the application.

The Attorney-General of the Federation and Minister of Justice, Abubakar Malami, had granted the authority for the Council to initiate the suit under Section 10 and 16 of the Consumer Protection Council Act, Cap c25, LFN 2004.

In his order, the judge, Nnamdi Dimgba, said the interim injunction restrains Multichoice Nigeria or its agents and representatives from continuing the implementation of any increase in subscription rates or price review policy imposing increased charges and costs on the consumers pending the determination of the motion on notice.

[…]

In July, MultiChoice Nigeria announced new monthly subscription rates for the DSTV Premium package from N14,700 to N15,800 (about 7.5 per cent) Compact Plus from N9,900 to N10,650; Compact bouquet from N6,300 to N6,800; Family from N3,800 to N4,000, and Access from N1,900 to N2,000.

This is not necessarily good news: simply, the court is saying that DStv is a monopoly. If not, this court-driven price control would not have been necessary in an entertainment sector. This is not electricity where the court has been active with its hammer on tariffs.

Interestingly, the consumers may not have noticed that Nigeria has nurtured a local competitor. When TSTv unveiled, I wrote it off as a decent competitor to the MultiChoice empire. The action of the court has confirmed that nothing has changed. Had TSTv held its domain, DStv would not even be thinking of increasing price and the consumers would certainly not be concerned of fighting a legal battle: yes, they would cancel DStv for TSTv because TSTv would offer value at a low amount. Unfortunately, there is no TSTv in all ramifications.

TStv, a new pay TV company, is beginning a journey to challenge the largest company in Africa by market valuation. Naspers which owns MultiChoice operates the DStv brand across sub-Saharan Africa. DStv is a digital satellite TV service which leads its category in the region. It is well funded by South Africa’s Naspers which has a valuation of $100 billion.

Bad Trend

If it has gotten this easy for court to rule on entertainment pricing, we have a real problem in Nigeria. DStv competes with many companies including Netflix, iROKOtv, YouTube, Facebook and anything that can entertain and keep consumers glued to their computers. If the court does not understand that, and focuses on regulating DStv, the trajectory is dangerous. Largely, allowing DStv to price entertainment as it wants could possibly trigger opportunities for another company to emerge with competitive pricing. But that is not the case: Nigerians are seeing DStv as a monopoly and by that acknowledging that everyone in the sector has failed. If not, there is no reason for a court to stop a company from increasing how much it sells movies and shows.

All Together

In this piece, I argue that the court is making a huge mistake. Nigeria should not be seen as a nation where courts are fixing prices of movies and shows. DStv competes with YouTube, Facebook, Netflix, TStv, etc. If it thinks it can increase rates, it can be increasing itself out of relevance. Possibly, consumers will revolt and take another look at a competitor.

Our courts are becoming increasingly trial in nature. I do hope they modulate because if they take this trajectory further, they would destroy innovation in the nation. Watching videos is not the same as water and electricity rates [yes, they do rule on those]: I do not support courts fixing the prices of movies and shows!

My National Youth Council Of Nigeria (NYCN)’s Outstanding Leadership Award

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Let me begin my apologizing to the Executives and members of National Youth Council Of Nigeria (NYCN). Honestly, I did not treat them well and I apologize. Few weeks ago, they wrote me that they would honor me with the 2018 NYCN OUTSTANDING LEADERSHIP AWARD. I tried to lobby myself out of such an award from the umbrella of all the major youth associations in the nation. Simply, I do not know what I have done for them, the young people of Nigeria, for an award. Yet in Nicon Luxury Hotel Abuja, without me or any representative, they went ahead and bestowed the award to me. They followed with a press conference praising me, adding ’Fellow Of Nigerian Youth Honour’.

The day was saved as when they were calling me (and no show), someone who knew me went out and received the award.

He received the award for me

Good young people – I apologize, and I will like to meet the executives when I make it to Nigeria next month.

Meanwhile, the Federal Ministry of Youth and Sports Development through a rep has reached out for my profile for archival as part of the award.

The press release

NYCN HONOURS PROF. EKEKWE WITH OUTSTANDING LEADERSHIP AWARD:

The National Youth Council Of Nigeria has honoured Prof. Ndubuisi EKEKWE (Chief Executive Officer, FASMICRO GROUP) with the 2018 NYCN OUTSTANDING LEADERSHIP AWARD.

The organization described Prof. ekekwe as an humble man who does his business without any iota of corrupt practices, and also stand as encouragement to Nigerian youths.

Speaking to newsmen at the 2018 International Youth Day Celebration held at the Nicon Luxury Hotel, Abuja on Saturday 18th August 2018, the National Programme Officer of the Council Mr. JIMOH-GIWA AYYUB described the Awardee as a man of repute that should be reckoned with.

The Prestigious NYCN Award for this year has been given to Prof. Ekekwe based on his outstanding performance in the Energy sector, Technology and Innovation, not only that Prof. Ekekwe is an hardworking Man, but his love and moral support for the youths is also worthy of note.

The leadership of the Council also bestowed on him the ‘Fellow Of Nigerian Youth Honour’, this is to encourage him to continue to assist Nigerian youths in all ramifications and to also show that no matter how silenced people doing tremendous things to the youths are, the Council is seriously watching and will always use this means to encourage them and Prof. Ekekwe is not in exemption.

We also acknowledge the effort of the Nigerian Youth Parliament for collaborating with the Youth Council to make this year’s celebration a memorable event.

The Council also made it known that her search light will also be touched at persons who take the development and assistance to Nigerian youths for granted, such people would be disgraced publicly and it will serve as deterrent to others who take the youth development for granted.

While congratulating Prof. Ekekwe, we also implore him to continue to contribute his quota to youth development as much as he can, he said.

Ndubuisi Ekekwe at TEEP

Speaking in College of Medicine, University of Lagos, Next Month

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I will be speaking in the College of Medicine University of Lagos this September. My presentation will focus on improving the healthcare sector in Nigeria through the deployment of AI (artificial intelligence) and integrated electronic health record system. The date will be finalized this week. I expect to speak before 400 researchers and students of the College.

I have been speaking in University of Lagos for years (see photos). But this one will be different: it would be the first time I will speak in the highly respected College of Medicine.

Meanwhile, other universities are being scheduled. Connect to see if we can add yours in the schedule. Many Nigerian students always see me on campus but this one is not on electronics. Rather, we are coming with something new: AI and applications in healthcare.

By policy, I do not accept payment to speak in any African university. So, do not raise any thing on my name. I fund all our trips and expenses.

Topic: Improving Nigeria’s Healthcare Sector with AI and Integrated EHR

Venue: University of Lagos (UNILAG), College of Medicine

Date: Sept 2018 (Date and location TBD)

After my talk in University of Lagos

 

Amaecom Global Hiring Head, Finance And Head, Human Resources

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Amaecom Global Hiring

Head, Finance

Amaecom Global Ltd (http://amaecomglobal.com) is an indigenous company registered in Nigeria with the Corporate Affairs Commission to provide financial services in areas of consumer and corporate business asset acquisitions, covering both private and public sectors. Our services range from asset acquisition to hire purchase financing through two core products – PayNow PayLater and Instant Loan.

We are currently seeking  Head, Finance in the finance department. This position will report directly to the CEO. The role covers strategic finance, portfolio and credit risk management, accounting, and compliance. It requires creating financial models analysis and advice on financing, researching structural tax strategy, and developing reporting packages to executive management and at times investors. In addition, this position will manage banking relationships, monitor balance fees, seek improved efficiency in overall cash management & costs. We are seeking a candidate who desires a long-term career opportunity with a successful company in the asset leasing/financing industry.

Essential Duties and Responsibilities

Tasks-Duties-Responsibilities imperative for this position:

  • Perform portfolio performance analysis including IRR, Yield, NOI, etc. developed from published historical and forward looking financial statements
  • Develop knowledge of and ability to advise on tax structure, modeling and forecasting.
  • Develop and maintain metrics driven reporting and strategy to communicate information to executive management used for understanding and improving our core business
  • Develop and report on new market financial modeling
  • Monitor, Manage, Analyze and Advise on company debt and interest rate environment as it pertains to current, future and expiring lease products to achieve the best cost of capital available, leverage ratios, and refinancing in line with company return objectives
    • Develop detailed understanding of asset financing markets to aid access to the best possible financial model based on company’s current product and strategy
    • Develop reporting and analysis metrics to identify interest rate and debt risk in advance and provide strategy on how to mitigate
    • Develop expertise in the financing structures utilized in the industry to enhance strategy internally
    • Develop contacts and networking to assist access to pertinent data to help drive the cost of capital down
  • Develop a comprehensive accounting compliance reporting package that also tests and predicts risk in covenant violations based on financial performance trends
  • Perform monthly, quarterly and annual debt/risk/financing reporting
  • Assist IT in developing a management dashboard with real time, dynamic data necessary to enhance executive management’s business decisions
  • Responsible for Overall Financial Management including, but not limited to, banking relationships, lender relationships, and online Financial functionality
  • Maintain and enhance monthly and annual budgeting and forecasting for all funds, markets and operating companies
  • Complete Ad-Hoc projects needed by CEO

Minimum Qualifications (Knowledge, Skills and Abilities)

  • Bachelor’s degree in accounting, finance, or related field
  • 5-7 years of previous accounting and financial experience.
  • Advanced Financial Analytical Skills
  • Ability to Operate and Report Strategically
  • Well informed in current financial subjects, accounting, tax laws, asset leasing/financing and business environment
  • Excellent Communication Skills
  • Strong report design and presentation skills
  • Ethical Conduct.
  • Thoroughness
  • Performs with minimal supervision

Location: Abuja, Nigeria

Application Closing Date
27th September, 2018.

Method of Application
To Apply: Send your resume to job@fasmicrogroup.com

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Head, Human Resources

Amaecom Global Ltd (http://amaecomglobal.com) is an indigenous company registered in Nigeria with the Corporate Affairs Commission to provide financial services in areas of consumer and corporate business asset acquisitions, covering both private and public sectors. Our services range from asset acquisition to hire purchase financing through two core products – PayNow PayLater and Instant Loan. We are currently seeking Head, Human Resources to lead the human resources unit of our business. This position will report directly to the CEO.

Responsibilities

  • Ensures all training and development activities are strategically linked to the organization’s mission of delivering superior asset leasing/financial solutions in Nigeria and Africa.
  • Identifies performance gaps and works with managers to develop and implement appropriate training to improve performance.
  • Monitor and evaluate training program’s effectiveness, success and ROI periodically and report on them staff performance.
  • Makes any necessary adjustments to training methodology and/or re-trains as appropriate.
  • Oversee implementation of Amaecom’s performance management system to ensure it is objective, equitable, transparent and merit-driven
  • Assists management in the annual review, preparation and administration of Amaecom’s salary productivity target.
  • To lead and support the development and implementation of HR policy across all departments in Amaecom including improving performance, maximizing attendance and providing effective management of change.
  • Coordinate the Human Resource Department activities and conduct periodic meetings to define goals/targets and agree work plans, consistent with the overall corporate targets.
  • Coordinate the preparation and effective monitoring of the Human Resource budget (including the compensation and training budgets), ensuring cost-justified execution of all human capital activities.
  • Act as a change agent on major project initiatives by Amaecom by facilitating and ensuring proper planning and execution of programs to address the human side of change
  • Provide management with key human capital information operational to facilitate informed strategic decision making and control
  • Implements human resources strategies by establishing Department’s accountabilities, including talent acquisition, staffing, employment processing, compensation, safety & health and welfare benefits, training and development, records management.

Qualifications and Requirements

  • Bachelor’s degree in Business Administration, Human Resources Management, Psychology or a related discipline
  • A higher degree (MBA, Masters in relevant field), relevant professional certifications may be an added advantage
  • At least 7 years’ experience in a financial sector preferably Microfinance bank, Asset Leasing/Financing, which at least two (2) must have been at a supervisory/managerial cadre.
  • Familiarity with traditional and modern training methods mentoring, coaching, on-the-job or in classroom training, e-learning, workshops, simulations etc
  • Track record in designing and executing successful training programs (an advantage)
  • In-depth understanding and hands-on experience of HR strategy articulation, implementation and HR operations.
  • Ability to think strategically, innovatively and creatively to appreciate the systematic impact of various policies, practices, issues and solutions on HR.
  • Good understanding of the financial sector most preferably microfinance, socio cultural, economic and demographic patterns and implications for HR management
  • Excellent communication, report writing, presentation and inter-personal skills.
  • Strong leadership, culture building and people management skills.
  • Integrity, ethical standards and values.
  • High sense of responsibility, accountability and dependability.

Location: Abuja, Nigeria

Application Closing Date
27th September, 2018

Method of Application
To Apply: Send your resume to job@fasmicrogroup.com

 

Making the Decision on your Nigeria’s First Job

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Nigeria's First Job

Fresh Graduates: Do not be trapped in the illusion of the “best jobs”. In Nigeria, most times, the best jobs are the ones that PAY highest. You may not like, say a bank job, because of the extreme intensity of waking up at 5am and making it home at 10pm in Lagos. But usually, at the end of the month, bank jobs deliver great digits when the alerts come. Nonetheless, you do not like that job because it could break you.

That makes sense; yet, you do not have to stay there for long. All you need is to map a strategy, say within 3-5 years to pivot to something else but taking advantage of the fact that the future can be funded with the bank job. That brings the issue of the accumulation of capabilities. The bank job brings more money and you can deploy that money in developing your skills and capabilities. By the time you are done, you could move into a new sector, possibly at management level where they can pay you well.

There, the possibility of having that hobby-job becomes a possibility. But at the early stage, it is always good in Nigeria to take a job that can help to further develop yourself beyond the undergraduate university level. The impact of having a high paying job at the early phase of your career cannot be over-emphasized. The hobby-job is good, we all like it, but it makes sense to take a sacrifice and earn higher wage before settling to your hobbies as work.