In this videocast, I share an experience how one of my companies that sells electronics kits was disrupted by Nigeria’s e-commerce giants, Konga and Jumia. Fasmicro is an authorized partner to Altera and Microchip in Africa. We used to sell dozens of Pickits per year. But in 2016, we sold none, when Konga got into that business. We became invisible to students and we lost the market share. Though we matched price, it was irrelevant because no one knew we existed. This shows the power of e-commerce. Just like Amazon.com, which took out many retail giants in America, African e-commerce companies, on maturity, will have major impacts on retail markets. The lesson is that depending on your business, you must watch, as winning digitally requires more than having a website. Opening a shop in Konga and Jumia is what we plan to do now. We need to clear the old inventory for good.
Nigerian Stock Exchange (NSE) To Purge 56 Inactive Firms
The recession is hitting all across the markets. The Nigerian Stock Exchange (NSE) has marked out about 56 dealing-member firms as inactive, kick-starting the revocation of their licences and expulsion from the stock market.
The firms marked out as inactive included Adamawa Securities Limited, Aims Asset Management Limited, Arian Capital Management Limited, Bestlink Investment Limited, Bytofel Securities and Investment Limited, Cadington Securities Limited, CEB Securities Limited, Clearview Investments Company Limited, Covenant Securities and Asset Management Limited, Cradle Trust Finance and Securities Limited, ECL Asset Management Limited, Excel Securities Limited, Finbank Securities and Assets Management Limited, Gem Assets Management Limited, GMT Securities and Asset Mangement Limited, Gombe Securities Limited, Horizon Stockbrokers Limited, International Standard Securities Limited, Investment Shark and Asset Mgt Ltd, ITIS Securities Limited, Kakawa Asset Management Limited, LB Securities Limited, Lion Stockbrokers Limited, LMB Stockbrokers Limited, Mact Securities Limited, Mainland Trust Limited, Marimpex Finance and Investment Company Limited, Maven Asset Management Limited, Mercov Securities Limited, Midpoint Capital Limited, ML Securities Limited, Monument Sec and Finance Limited, Mutual Alliance Investment and Securities Limited and Northbridge Investment and Trust Limited.
Others were Options Securities Limited, Partnership Securities Limited, Perfecta Investment and Trust Limited, PML Securities Company Limited, Professional Stockbrokers Limited, Profund Securities Limited, Redasel Investments Limited, Resano Securities Limited, Resort Securities and Trust Limited, Shalom Investment and Financial Services Limited, Stanwal Securities Limited, Summa Guaranty and Trust Company Limited, Supra Commercial Trust Company Limited, Surport Services Limited, Tower Asset Management Limited, Transafrica Financial Services Limited, and UIDC Securities Limited.
What We Can Learn From Seun Osewa – Nigeria’s Most Successful Digital Entrepreneur [Video]
In today’s videocast, I discuss Seun Osewa, the visionary young founder of Nairaland. Nairaland is Nigeria’s most popular indigenous digital property. His method is unique and by studying him, we can learn how we can build successful digital companies in Africa. Everything we know about scale, product innovation, and team has been challenged by Osewa’s Way. Because of his success*, I do think we need to pay attention. For example, he believes that Nigeria is his market, he does not care about Africa. Also, he does not see the need for outside investment because he does not understand what extra money will do for his business. Furthermore, he avoids publicity even when running a truly successful digital platform. The list goes on….This is Seun.
*success here means “profitability”. Nairaland is profitable and perhaps more than any Nigerian site out there though its revenue is certainly not the highest.
Government Asks Nigerian MD Electricity Consumers To Stop Paying Bills Unless Provided Prepaid Meters
Now in Nigeria, you can stop paying your electricity bills. The Nigerian Electricity Regulatory Commission (NERC) has informed electricity consumers not provided with prepared meters by March 1 to stop paying electric bills presented by Distribution Companies (DISCOs) on the basis of estimated billing methodology.
The commission also ordered the DISCOs not to disconnect any such customer that refuses to pay the bills and further advised such customers to report to the commission if disconnected.
The statement reads in part:
“A directive was issued to distribution companies by the Commission in June 2016 for all MD customers to be metered by 30 November 2016.
“The Commission received appeals on compliance deadline from distribution companies prior to the expiration of the 30 November 2016 deadline. The deadline was extended to 1 March 2017 after consideration of appeals received from distribution companies.
“Upon due consideration of facts above and the expiration of the compliance deadline granted to distribution companies on the metering of MD customers; the Commission hereby directs as follows –
“1. Any MD customer that was not metered by 1 March 2017 shall not pay any electricity bill presented by a distribution company on the basis of estimated billing methodology and these customers are advised to report this to the Commission.
“2. No distribution company shall disconnect any MD customer that was not metered by 1 March 2017 on the basis of the customer’s refusal to pay a bill issued after the compliance deadline on the basis of estimated billing methodology.
“3. Any MD customer that was not metered by 1 March 2017 should notify the Commission directly.”
Nigerian Bar Exam Sees Huge Failure Rate Of 34%
The Nigerian Law School has released summary of the final examination results conducted from April 22 to 28.
The Director-General, Nigerian Law School, Mr Olarewaju Onadeko, (SAN), made this known in a statement on Saturday in Bwari, FCT.
He said that 2,125 students participated at the examinations while 1,393 were successful. That is 65.5% success rate.
Onadeko said that the ‘Call to the Bar’ ceremony for the successful candidates will hold on July 13 in Abuja. (NAN)