…as NIWA vows to make Onitsha River Port Functional

Hope rises for South-East and South-South importers and exporters,  just as Federal Government expects increase in revenue, as National Inland Waterways Authority, NIWA, vow to make Onitsha River Port functional.

NIWA also promised that it will do everything possible under the law to recover its properties and investments in wrong hands and channel them to revenue generation ventures for the Federal Government.

This was disclosed by the Managing Director of NIWA, Chief George Moghalu, during his visit to NIWA Area Office, Onitsha, Anambra State, as part of his nationwide tour of the investments and facilities of the federal government agency.

Chief Moghalu who also paid a courtesy call on the Obi of Onitsha, Igwe Nnaemeka Alfred Achebe, expressed displeasure that years since 2013 the Onitsha River Port was commissioned, it is yet to be made functional, thereby making importation, exportations activities, and revenue generation for government impossible.

“If Onitsha River Port is made functional, importers and exporters particularly from the South East and South-South geo-political zone, and the federal government will benefit through attendant economic and commercial activities and revenue generation for Nigerian government.”

“There is no gainsaying the fact that crime rate will also be drastically reduced due to availability of job opportunities that will come with it.

“The waterways transportation holds the potentials to reduce the pressure on Nigeria roads and infrastructure, it will reduce waste of man hour and the load in the Ports that are currently by Nigerians, particularly, Apapa Port, it is going to be a win-win situation for the people and the country.

“There is need for a critical national asset like Onitsha River Port to function optimally, apart from the fact that it must generate revenue, the project has economic impact on the immediate environment and national economy to make.

“I have seen a lot of developments on our right of ways, most of them are neither documented nor in our records and that is not good for our economy, they are revenues that are wasted, so we will do everything within the law to recover all NIWA investments and put them in proper use, so that revenues can be generated from them

“I want to warn those who are illegally occupying NIWA property that whoever builds on sand should also be aware that there is no how it will stand, certainly you will run into problems if you build on sand.

“If you are on NIWA property and your records are straight, your books are clean and you are doing the right things, I do not think you have anything to bother about, what am saying is you must document any property of NIWA you are occupying and pay the right fees.”

Akinlawon J. Olaitan Development Consultant Emergence Business Plans

A lot of people think business plans are just for startups, or to seek investment whether that be loans or investors. The truth is that business planning offers many benefits for every business.

A living, breathing business plan helps you grow. According to a survey conducted by the Paid Surveys Nigeria companies with a written business plan have 50% greater sales growth and 12% higher gross profit margins than those without one.

It should be pointed out what is meant by a living breathing plan. It's a plan that is live and you can adapt, update and add in 'what if' scenario's, i.e. it's a useful flexible tool that will help your business. After all there is no point in having a plan where you can't revise and add in the monthly revenue, sales figures and other key information to see whether you are on, above or below your projected (planned) targets. Any of these figures will have a bearing on how well your plan is being implemented.

So what are the top ten Business Plan benefits of having such a plan?

1. Priorities will be clearer. Business planning should connect the dots in your business so you get a better picture of where you are and what you want or need to do. Strategy is supposed to relate to tactics with strategic alignment. Does that show up in your plan? Do your sales connect to your sales and marketing expenses? Are your products right for your target market? Are you covering costs including long-term fixed costs, product development, and working capital needs as well? Take a step back and look at the larger picture.

2. Strategic Focus. Startups and businesses of all sizes need to focus on their special USP's (Unique Selling Points), their target markets, and their products or services tailored to match.

3. Set priorities. You can’t do everything. Business planning helps you keep track of the right things, and focus on the most important things. Allocate your time, effort, and resources to those tasks that are going to grow your business and make it a success.

4. Manage change. With a good planning process you should regularly review assumptions, track progress, and manage new developments so you can adjust as time progresses. This will also help you avoid costly mistakes.

5. Metrics. Put your performance indicators and numbers into the business plan where you can see them. Use your business planning tool to define and track the key metrics. It's all about key performance indicators (KPI's) and numbers (targets) whether that be; sales, expenses, leads, conversion rates, margins, stock. Define and track the key metrics on a monthly basis and review against the plan. Put your performance indicators and numbers into the business plan where you can see them.

6. Develop accountability. By having a planning process and tracking results you can review regularly – spot the good and bad (plan vs. actual) and adjust either yourself or by delegating. A good planning process sets expectations and tracks results. A well-run monthly plan review becomes an impromptu review of tasks and accomplishments and it also highlights issues to be addressed. Involve your team, they are your greatest asset.

7. Manage cash flow. Poor cash flow is nine times out of ten why businesses fail. Mitigate problems and adjust; profitability, products, purchasing assets, repaying debts, bad debtors, overstocking... to name a few. Good business planning connects the dots when it comes to cash flow. Sometimes just watching profits is enough. But when sales on account, physical products, purchasing assets, or repaying debts are involved, cash flow takes planning and management. Even profitable businesses suffer when slow-paying clients or too much inventory reduces cash flow. A business plan helps you see the problems and adjust accordingly. If you have cash flow issues these can be fixed by bringing in an expert (we have improve the cash flow programmes where we can help with this).

8. Strategic alignment. Make sure your day-to-day work fits in with your business tactics which in turn matches the strategy. Alignment equals greater success. Does your day-to-day work fit with your main business tactics? Do those tactics match your strategy? If so, you have strategic alignment. If not, the business planning will bring up the mismatches.

9. Milestones. Good business planning sets milestones (goals) you can work towards. These are key goals you want to achieve, like reaching sales targets, hiring staff, or opening a new location.

10. Ensure your success. Every great business needs a great business plan. A business plan will undoubtedly clarify your strategy and goals but the key to success is using your plan within your business on a constant basis building it in to your day to day activities and updating it as time progresses. All the statistics show that businesses with a comprehensive plan that is followed grow faster and make more profit. In summary ensure you have one!

If you want more take home pay, want more time (a planning process will through design will maximise your time efficiencies) or get the most from your team then this is the place to start.

If you would like to discuss your business planning and growth needs please contact me on 07062362764. Emergence Business Plan have experts to help you create business plans. We offer unique services that combine creating a business plan coupled with business coaching programmes (find the profit, cash flow...), advice, interactive software and business tools to help you through your business planning process simply and effectively. Our interactive two-day planning workshops result in an outstanding 5-year business plan, created in just two days, to help you develop and plan your business for success, giving you higher profits, more time away from the business, greater cash flow and increased value.

Akinlawon J. Olaitan
Development Consultant
Emergence Business Plans

The embattled management of Oando Plc has accused the Securities and Exchange Commission (SEC) of not giving the company fair hearing before dissolving its board of directors and appointing an interim management to oversee its operations. In its complaints to SEC, Oando claimed that the industry regulator did not give its management fair hearing in arriving at the decision. SEC had said that following the receipt of two petitions by the commission in 2017, investigations were conducted into the activities of Oando (a company listed on the Nigerian and Johannesburg Stock Exchanges). 

The regulator said that certain infractions of securities and other relevant laws were observed. The commission added that it further engaged Deloitte & Touche to conduct a forensic audit on the activities of Oando. But in its reaction yesterday, Oando called on SEC for more engagements on the matter. In a press statement issued on its website, the oil firm said that “Oando is of the view that these alleged infractions and penalties are unsubstantiated, ultra vires, invalid and calculated to prejudice the business of the company. The company has not been given the opportunity to see, review and respond to the forensic audit report and so is unable to ascertain what findings (if any) were made in relation to the alleged infractions and defend itself accordingly before the SEC. “The company reserves its rights to take all legal steps to protect its business and assets whilst remaining committed to act in the best interests of all its shareholders. The severity of the penalties and the timing of the release have roused public curiosity as to the motive and the basis for the penalties,” it said. 

Also, at a press conference in Lagos, the chief operating officer, Oando Energy Resource, Dr. Alex Irune, said: “We were not given a chance to review and respond to the outcome of the report. You do not sentence a person to death without giving him or her the chance to defend himself or herself.  In this instance we have been sentenced to death without knowing what our crime is or being given a chance to defend ourselves.  At the barest minimum, best practice requires that you give the person a chance of a fair hearing. We have not been accorded this opportunity.” Irune explained that when the company made the decision to drop its court case challenging the SEC’s decision to carry out a forensic audit, it was assured that they could trust the system for an independent investigation that would be fair and follow due process.  

He reiterated that it was in the spirit of transparency, cooperation and full disclosure that they agreed to the forensic audit. “Echoes of Oando’s sentiments are resounding across the country with everyone wanting to know what exactly have the Oando management team done to warrant such steep penalties,” he said. 

A source at Oando claimed the forensic audit report was ready and submitted by Deloitte & Touche as far back as December 2018 and queried why SEC decided to sit on it for six months without engaging the company where necessary. According to the source, “it also brings to mind the famous quote: ‘power corrupts, but absolute power corrupts absolutely’. Is this a case of abuse of power, or has someone been put under duress to release the report without any regard for due process? What are the details of the infractions as opposed to a summary and what are the associated penalties for each infraction according to the SEC rule book?”

 On the damage done to the brand since the inception of the investigation, the chief finance officer of Oando, Olufemi Adeyemo said: “The damage cannot be quantified. We require credit to run our business and this has come at an extra cost, one that we would ordinarily not have incurred. “Despite these challenges, we have kept making milestones and running the business as usual. “As a nation, we must align our operations with global standards and like the developed world be deliberate in building homegrown businesses as opposed to tearing them down,” he said. 

The company noted that “businesses such as Oando have contributed immensely to boosting the Nigerian capital market index since its inception as well as attracting foreign direct investments (FDIs) into the country. “The company’s contribution to the economy under the leadership of the said management which has been advised to resign cannot be overlooked,’’ it said. However, SEC said that as the apex regulator of the Nigerian capital market, it maintains its zero tolerance for market infractions and reiterated its commitment to ensuring the “fairness, integrity, efficiency and transparency of the securities market thereby strengthening investor