The complex nature of our nation’s turbulent economy has impacted all Nigerians and leaves many feeling confused and anxious. The good news is that no matter how challenging things may be, the basic fundamentals of personal financial management still apply; stay focused on this.
Have you made your New Year Resolutions? Did you include any financial ones? All major life events such as getting married, having a baby, educating children, losing a job, getting divorced, buying a home, losing a loved one, planning for your retirement and your estate come with financial consequences that must be prepared for. Here are 12 resolutions to consider for 2019. Don’t try to tackle them all. Tackling just 3 or 4 will lead to significant improvement in your financial life.
Establish a budget
Living as though nothing has changed during challenging times can make a situation worse; changing your spending habits must be a priority. Budgeting is one of the most important tools for financial security. A good budget will help you to plan and monitor your expenses so you can identify where to cut back if necessary. Where does your money go? The traditional suspects are eating out every day, recharge cards etc. Can you cut back a little on these?
Build an emergency fund
An emergency fund is a must-have, particularly during times of financial challenge. Build a fund with at least six months’ worth of your expenses in an accessible, interest bearing account. If you are suddenly faced with unemployment, medical expenses, or other unexpected events, you will have this financial cushion to fall back on. If you can’t build 6 months, focus on 3 months. The key is to have something saved.
Automate your savings
Can you set aside a minimum of ten per cent of your monthly income for savings. One of the most effective ways to increase savings is to automate the process by having the funds deducted via a direct debit into a savings, money market or mutual fund account. If the funds are in an account attached to your debit card you may be tempted to dip into the funds.
Reduce your debt
Getting out of debt or at least reducing it is another key step to taking control of your finances. List all your debt, and prioritize by focusing on the debt with the highest interest rates first. Are you one of those people that avoid your lenders? Have you stopped taking their calls or ignore their reminders? You need friends and family as a lifeline when things are really bad, so if you damage relationships, it only comes back to haunt you. If your debt has become overwhelming, contact your creditors to discuss the possibility of coming up with more palatable repayment arrangements.
Invest for the future
If you have some savings and your debt is under control, consider investing in the stock market. It is important to remember that the stock market, over the long-term, has outperformed other asset classes. Many stocks are currently selling well below their true value. If you are fortunate enough to have cash for long term investing, this is a good time to seek professional advice to build a diversified portfolio. Remember that investing comes with risk; to mitigate this, you should diversify across the primary asset classes.
Improve your Health
A healthier lifestyle means fewer medical expenses. If you are healthy, you will have brighter prospects in all aspects of your life. Do you need to lose weight, eat more healthily, or exercise more regularly? Take your health seriously and take concrete steps to improve it. Make this a way of life for your family to ensure that your spouse and children are healthy.
Invest in yourself
There is something everyone of us can do to earn extra income and it is time to find out what that is. What can you do outside your full time job? If you are unemployed, this becomes even more urgent. Have you considered tutoring, consulting, blogging, photography? Identify and nurture your passion and talent and begin to leverage on it to earn in 2019.
Protect Yourself and your Assets with Insurance
You are your greatest asset. Do you have adequate cover for your health and your life, particularly if you are the primary breadwinner? Are your properties including your car and home adequately insured? Things happen and you cannot afford to be careless with insurance. In addition, do keep up with routine maintenance of your assets so that you can identify festering problems before they require expensive repairs. The odd noise coming from your car engine should not be ignored. Attend to issues early.
Retirement
Most Nigerians do not have enough money saved by the time they face retirement. Most of your retirement income will have to come from money you set aside and invest today whilst you are still young and earning. Do you have a Retirement Savings Account? Make this an important part of your long-term plans.
Put an Estate Plan in Place
No one wants to think about death at the start of a new year, but you owe it to your family to put something in place should something untoward happen to you. Make an appointment with an estate-planning attorney who will put you through a relatively simple process. If you already have a will, review and update it to make sure you have included any new assets or beneficiaries.
Build Philanthropy into your Plans
In spite of how difficult things might be for you, there are always people worse off. Philanthropy is a powerful and effective way to change lives. Determine your area of interest and identify ways in which you can make a positive impact.
It’s not all About Money
It is important to note that the most fulfilling things in life have little to do with money. They have to do with relationships; with your partner, your spouse, your children, your siblings, your parents, your friends. Remember to count your blessings in 2019. Enjoy your Life and may God grant you good health, happiness, and peace this year and beyond. Happy New Year!
Nimi Akinkugbe has extensive experience in private wealth management. She seeks to empower people regarding their finances and offers frank, practical insights to create a greater awareness and understanding of personal finance. You can reach Nimi via the following: Email; info@moneymatterswithnimi | Website: www.moneymatterswithnimi.com | Twitter: @MMWITHNIMI | Instagram: @MMWITHNIMI | Facebook: MoneyMatterswithNimi
Gabrielle “Gabby” Goodwin and her mother Rozalynn Goodwin are the creators of the first patented double-face, double-snap barrette also known as GaBBY Bows. The 12-year-old CEO, girl boss, and 2018 BLACK ENTERPRISE Teenpreneur of the Year is an A-student who is just as passionate about giving back as she is about being a boss. That is why she and her mother recently launched the Mommy and Me Entrepreneurship Academy which gives parents and their children the opportunity to work collaboratively towards entrepreneurship through microfranchising the GaBBY Bows business.
The idea of being able to share the gift of entrepreneurship with other kids came to Gabby as she was volunteering at a local children’s shelter. Many of the girls we’re impressed with her CEO status and the fact she was a business owner.
“Everyone talks about how I’m so amazing. I want them to know that they can do similar things as me—and know that anything is possible,” says Gabby.
So she began to let them in on her secrets to success.
“Gabby shared about entrepreneurship with these girls and gave them ideas to help them think bigger and give them some hope,” says Rozalynn.
Gabrielle and Rozalynn Goodwin (Courtesy: GaBBY Bows)
THE GIFT OF ENTREPRENEURSHIP
After a year of hoping and wishing she could do something to help others Rozalynn stumbled upon a micro-franchising workshop at a work event.
After a year of hoping and wishing she could do something to help others Rozalynn stumbled upon a micro-franchising workshop at a work event.
“A young man was talking about micro-franchising and empowering communities and underserved communities. And honestly, something just kind of grabbed me. We had already been having these conversations about how to get these girls involved and I had never heard of the concept before so I researched it.”
By definition, microfranchising is a business model that applies traditional franchising to very small businesses.
To her surprise, Gabby had learned about the concept through her research project on Madam C. J. Walker during Women’s History Month.
“Gabby shared with me about how Madam C.J. Walker had set up these directors and all of these black women were selling the products,” says Rozalynn.
From there, they continued to do research on microfranchising and created a business model that would allow parents and their children to take part in the business. And they formed the academy which offers business training, mentorship, and community to those who chose to participate. Of course the product which is packaged in a GaBBY Girls Boss starter kit includes 25 GaBBY Bows, name badges, branded t-shirts, and a letter from Gabby herself explaining the program and all of its perks.
With the buy-in price at $99, Girl Bosses can make their investment back relatively fast with the bows selling at $5 a pack or 3 packs for $10.
Gabby exhibiting at the Black Expo (Courtesy: GaBBY Bows)
“They will be able to sell physical packs and receive an affiliate link unique to them that they will be able to share. And if it results in a sale, they’ll get 25 percent of that sale. They don’t have to fulfil any orders or touch the bows—but we wanted to give them more than one way to make money,” says Rozalynn.
BUILDING A BUSINESS BUILDS CHARACTER
In addition to being exposed to vending opportunities, there will also be leadership training so that girls can be prepared for public speaking — and learn more about budgeting; marketing; and saving as they prepare for their futures.
Gabby will even be hosting her first webinar, “Big Courage: 6 Ways I Went from Being a Shy Kid to a Kid CEO” to help Girl Bosses shy away from being timid.
Beyond the business of fostering entrepreneurship in young girls, both Gabby and her mother want to help boost confidence and help them plan for their future.
“I think that this academy is going to boost a lot of girl’s confidence because when I started Gabby bows I wasn’t that confident, I was pretty shy and now that entrepreneurship has boosted my confidence I think that it will boost their confidence as well,” says Gabby.
To date, there are 28 parents/guardians and girls enrolled in the academy. And Rozalynn is proud to share that some of the participants have already begun to make returns on the investment.
“We have one girl who has already been selling GaBBY Bows. And when we announced that she was a Girl Boss, people immediately started reaching out to her wanting to buy from her. Her mother had extra bows that she was going to give out as Christmas gifts but then she said she had to sell them. The mother has a picture of her daughter making a deposit at the bank and it’s adorable. And she’s four!”
A GaBBY Girl Boss making a deposit at the bank (Courtesy: GaBBY Bows)
The days of motherhood and careers being an “either/or” are long gone. Currently, having both simultaneously is the standard, and women are taking things to the next level. Women aren’t only balancing motherhood and career–they’re balancing motherhood and entrepreneurship, exuding a whole new level of determination, management, and commitment.
From the outside looking in, it may seem like these “mompreneurs” have it easy. They can create their own schedules, govern their workloads accordingly, and have it all, in one place, at one time. On the surface, that seems simple enough, but mompreneurs have revealed that looking easy and being easy are two different ball games.
How do these mothers do it well? Here are a few tricks of the trade:
1. Find your groove.
Though motherhood may come naturally to some people, with entrepreneurship, it might take time for you to find your knack. There are several moving parts to starting and maintaining a business, and typically you won’t discover many of those parts until you do. Allow discovery to be a part of the process; take one day at a time to continuously build, until you’re grooving right along.
2. Manage your time well.
Create a reasonable schedule for yourself and try to adhere to it. If you happen to get off course, that’s perfectly fine. Just find your way back. Managing time for your business and your family not only makes you feel like you’re turning all of your stones, but you’ll also be impressed by the pay-off of investing in both.
3. Whoever says you must always do it all, knows nothing.
Don’t, for a second, be afraid to ask for help. If you need a lending hand on the home or business front, ask someone you trust to do so. What you need to know firsthand, as a mother and an entrepreneur, is that your assistance is your golden ticket. Finding another set of hands that is willing to dig into your responsibility pot makes the load a lot lighter. Teamwork is what makes this dream work.
4. Don’t underestimate passion.
Build a business that you love, as sometimes that love will have to be the driving force. Find something you’re really passionate about, so your work won’t feel as daunting as it could. Loving what you do offers personal fulfillment, reduces the stress of the work, and can help sustain your energy.
5. Let yourself off of the hook.
Sometimes balls drop, and that has to be okay. Situations change, schedules alter, things don’t always go exactly as planned, but motherhood has prepared you for anticipating the unexpected. Try not to be too hard on yourself if your superwoman cape starts to wrinkle. Look at unforeseen circumstances as opportunities to be innovative, to learn, and test your adaptability.
As we start the new year and begin to tick out our plans for the year, here are Here are 5 key nuggets that will help you achieve your goals in 2019
EVALUATE YOUR NETWORK
“It’s about the circles you’re in, your network. We have to ask ourselves who is in our network? The challenge for our community is not one of worth, it’s one of trust. Because we’re spending money every day how much of those Nairas do you spend with black entrepreneurs?”
USE YOUR INFLUENCE
“We’re not using our influence. Were very influential. As a matter of fact, there is not a popular trend that’s been started that we have not been at the heart of.”
TRUST YOUR ABILITIES
“Always trust in yourself and your abilities. Be self-aware, because understanding yourself helps you to improve your leadership.”
STAY TRUE TO YOURSELF
“It’s important for us to stay true to ourselves. Not everyone is going to be out here [protesting] in the street but some folk may fund the movement. Not everyone is going to be the person who is going to be out front but every leader is building an organization of support.”
STAY FOCUSED
Stay focused enough [on your] own goals and aspirations.
Rise Up in collaboration with Cummins Incorporated have called on government to implement women-friendly policies to address issues affecting women across the country.
Stressing that Nigerian women and girls are faced with significant challenges in attaining their full potentials, they have identified poor policy implementation as a major factor limiting women from achieving their goals.
Programme manager for Rise Up, Africa, Chantal Hildebrand, said that global data has shown that when women are in a leadership position, there is gender equity within government, the country gets better, stronger, healthier, and happier with better opportunities.
On the upcoming general elections, Hildebrand tasked Nigerian women on the need for them to learn about their candidates, ask them about their plans for women and girls hold them accountable and ensure there are strategies in place to protect women and girls.
“We want to ensure that women are actively being able to be part of the decision and their inputs are taken into account at the same level as their men. We have only selected 20 leaders from Kaduna and Lagos for this phase; they will be spreading this information and training more people,” she said.
Hildebrand disclosed that the leadership training organised by Rise Up for civil society leaders was to prepare them to see the value of women in decision-making as well as advocate for them.
Similarly, Country Director of the organisation, Mrs Theresa Effa, said they are advancing health development and gender amongst women and girls and work most especially with civil society leaders to strengthen their leadership and advocacy skills in order for them to undertake advocacy efforts that would improve the lives of women and girls in Nigeria.
Effa continued: “Nigeria has beautiful policies that touch on all the issues we are talking about, but the implementation is the major challenge. That is why we need to continue the advocacy to remind government to pay more attention to issues affecting women and girls. Putting out a policy means that they recognize the problem and intend to address the problem but they are not addressing the problem. ”
“Rise Up has trained more than 200 people in Nigeria, but for this particular gender equity project that we initiated in April this year, we have trained 40 people. After this second training and especially because it is an election year, we want to see how this group of civil society leaders will engage our new leaders and see how far their engagement will be Impactful and also bring the necessary results we want to see.
Managing Director of Cummins West Africa Limited, Ade Obatoyinbo, said the intention of the two organisations was centred on betterment of people’s lives and empowering a more prosperous world.
This week we are announcing the second set of nominees, Women In Finance and Women In Health and Wellness. We’ve kept their descriptions (in brackets) deliberately brief, as many are multi-talented and their skills transcend a few sectors.
I have really enjoyed reading about each one of these women listed below – all with award-winning power, and congratulate them on their careers and the impact they are having in their given field. Please note, that they are listed in alphabetical order, not according to how many nominations they received.
For Finance, we took note of the women’s qualifications and outstanding careers in Finance, as well as those we viewed as barrier-breakers in this very competitive sector, coupled with their impact and the positive influence they have on other women.
Their performance and achievements have elevated the position of women in Finance and they have worked relentlessly to advance the cause of women in the top positions in Nigeria, either on a personal level, in support of other Women in Finance – or both. They have also contributed to increasing the financial inclusion of Nigeria’s women in the economy in general, for example, as a Mentor or, an Influencer, or even as an Investor.
The nominees in Health & Wellness are making a huge impact in this relatively new sector. “Health” captures the nominated MDs, whilst “wellness” captures non-medical practitioners, specialists who strive to create more awareness about all kinds of health issues and are trailblazers in the more recently-recognised areas of health, including mental health, or other forms of wellness (e.g. physical wellbeing and fitness).
Coupled with health, wellness plays an evermore important role in our lives, with “wellness” or “self-care” being described as the “word of 2017” by The Global Wellness Summit, which considers Feminist Wellness as one of the Global Wellness Trends of 2018.
We were also interested in hearing about the female leaders in Women’s Health issues (both qualified doctors and other certified professionals in this area), but we were only able to shortlist seven women in this category, based on those that were nominated and those that fulfilled the criteria.
These are women who have a proven track record of improving the quality of and access to Health & Wellness for people (both men and women) in Nigeria.
Women In Finance
Bola Adesola (Standard Chartered Bank MD/CEO)
Opunimi Akinkugbe (Bestman Games Founder)
Ibikun Awosika (First Bank Chairman)
Tomie Balogun (The Vestract Company Founder)
Funmi Ekundayo (STL Trustees MD/CEO)
Modupe Ladipo (Financial Inclusion Expert)
Bunmi Lawson (EFInA Director)
Oluwatosin Olaseinde (Money Africa)
Mosun Belo-Olusoga (Access Bank Chairman)
Toyin F Sanni (Emerging Africa Group CEO)
Women In Health and Wellness
Dr Ola Brown-Orekunrin (The Flying Doctors Nigeria Founder)
Dr Dorothy Jeff-Nnamani (Novo Health Africa Founder)
Elaine Okeke-Martin (Spa & Wellness Association Africa Founder)
Aderoju Ope-Ajayi (Dolphin Aquatic Centre & Swim School Founder)
Farida Sanusi (ICSPIN Founder)
Dr Alero Roberts (Senior Lecturer, College of Medicine UNILAG)
Oyinkan Talabi (Bodyworks Fitness Nigeria Founder)
“Congratulations,” said the voice at the other end of the call. It was the fifth call Nere Teriba received in less than 10 minutes. There are also messages on her phone, which she plans to read much later. They are all congratulatory messages. “Go, girl. You rock!” reads the message staring at her as she peeped at her phone for the last time, repeating the words she had read almost inaudibly. Surprised at the sudden frenzy about a gold refining license her company secured months earlier, Nere smiles as she recalls months of hard work. Kian Smith can finally start smithing.
Starting in 2019, Nere Teriba, Vice Chairman of Kain Smith Trade & Co Ltd., will become the first and youngest Nigerian to refine gold locally.
“On one hand, we can say it took a few months, on the other hand, it took seven years,” says 36-year-old Nere Teriba as she tells The Nerve Africa how long it took the company to secure the gold refining license.
It was a meeting of preparation and opportunity for Nere, who had a proposal on a gold reserve buying programme for the country ready when she was invited to join the Economic Recovery and Growth Plan (ERGP) focus labs. Her proposal highlighted the need for a gold policy and a framework for gold refinery license permit structure for anyone who wants to apply for one.
The proposal by Nere’s Kian Smith made a case for the establishment of a Nigerian Gold Council which will be in charge of the country’s gold policy.
“The establishment of the council will drive innovation, stimulate the economy, and generate income for government coffers,” the proposal states. “Nigeria can become a gold economy irrespective of whether it mines gold or not. India, UAE, Singapore, Italy, Switzerland, Turkey and London are renowned world gold markets without the classification of gold mining countries.”
Kian Smith raised some important questions in its proposal, some of which formed the basis of our (TheNerve Africa) discussion with Nere when we met her at an art-themed tea room in Victoria Island, Lagos in October, weeks before the groundbreaking of her refinery.
Nere paused at different intervals during our conversation, politely explaining, each time, why she had to answer her phone calls. Nere runs a multimillion-dollar minerals, commodities and mineral services company, which has grown tremendously over seven years. Sleeves always up, ready to work, Nere plays in a male-dominated industry, where women sometimes have to work twice as hard to make desired impact. To Nere, mining is a calling and she would give all it takes to help Nigeria and by extension, West Africa harness the mining economy.
How can the existing gold value chain be organized and strengthened? One of the questions posed in Kian Smith’s proposal stems from Nere’s belief that the Nigerian mining industry is not as broken as most people believe.
“The issue is not that there is no regulation, it’s just that they are not enforced,” explains Nere, who has plans on how to help the government solve some of the major challenges faced in the mining industry, especially as it concerns artisanal and small-scale miners.
Mining in Nigeria
Organized mining in Nigeria started in 1903 when the British Secretary of State for the Colonies established the Mineral Survey of the Southern Protectorate of Nigeria. In 1904, a survey of the Northern Protectorate was also established as the exploration of mineral resources for use as raw materials in Britain began. As a result, several mineral deposits including Columbite, Bitumen, Coal, Iron Ore and Gold were discovered. However, it was not until 1913 that Gold production started, peaking in the 1930s before World War II brought about a decline.
Nigeria had no choice but to participate in the war, being a colony of Britain. With Britain’s economic, industrial and military power weakened by World War I, the kingdom fell back on its colonies, using both their human and natural resources to prosecute WWII. Colonial companies abandoned mines during the war and the gold mining industry has not recovered since then.
Although in the 1980s the Nigerian Mining Corporation (NMC) resumed gold exploration, it could not sustain it. Fast forward to the 2000s, artisanal mining has become a thing in Nigeria, from Bin Yauri in northern Nigerian’s Kebbi State, to Bagega in Zamfara State where 163 people died from lead poisoning in 2010.
Artisanal Mining
Artisanal mining had peaked in Bagega when gold prices skyrocketed during the Great Recession. Even farmers left their crops and focused on mining. During the period, the price of gold went as high as $1,000 per troy ounce, so much that even small finds by small-scale miners paid well.
Till date, most of the mining done in Nigeria is done by artisanal and small-scale miners (ASM), making regulations difficult to enforce.
“The thing is, there has been a huge gap. We abandoned the sector, went for oil and the people took up the vacuum,” Nere explains, adding that their activities, while artisanal are not necessarily illegal.
“So, illegal miners are not necessarily artisanal miners. Sometimes, there are huge companies mining illegally. Mining illegally is if you are mining off permit and not following due process,” the Kian Smith boss explains.
With a renewed commitment to developing the mining industry, the Nigerian government, like others across Africa, is beginning to recognize how important artisanal and small-scale miners are to the growth of the industry. Hence, the government ministry in charge of mining in Nigeria is trying to formalise artisanal mining to ensure some form of regulation in the space.
Kian Smith is working with small and medium scale miners to source gold for its refinery. The company is also working with artisanal miners, whose activities it is going to be an important part of formalising.
“One of the major reasons several small-scale miners are not formalised is because of royalty payments, but we have found a way around this,” Nere says, explaining how Kian Smith will ensure the ASMs it works with are formalised. “One of the incentives we want to give our suppliers is paying royalties on their behalf.”
The idea seems to be working fine, as Kian Smith has been able to sign up 200 suppliers in less than three weeks. “We will help them get registered with the Corporate Affairs Commission in January,” Nere says.
Kian Smith will also be sourcing gold for its refinery from other parts of Africa, including Ghana, Sierra Leone, and Tanzania. One supplier working across Ghana and Sierra Leone has already committed to supplying Kian Smith 100Kg of gold per month. In all, the company has signed Memoranda of Understanding with about 200 suppliers.
Although Nigeria is believed to have gold reserves of up to 200 million oz, there are no records to show exactly how much gold is mined in the country.
“But from my research, there are about 2 tonnes of gold physically in circulation each month,” says Nere. However, she admits that “we can’t quantify how much of that 2 tonnes is from neighboring African countries, and how much of that 2 tonnes is mined locally”.
Nigeria’s neighbors have been more productive, with Ghana producing 95 tonnes of gold in 2015. Mali produced 50 tonnes in the same year and Burkina Faso produced 34 tonnes, but Nigeria could only manage 4 tonnes, as records show. Nere believes this figure shows how much the country could be losing by not formalising artisanal mining which even accounted for a huge percentage of the 4 tonnes reported in 2015. Most of the countries with decent gold production records in Africa have begun to recognise artisanal mining and are looking for ways to formalise their activities.
In Ghana, artisanal, small-scale miners, popularly known as galamsey have become increasingly important. They are responsible for all diamond production in the West African country and their contribution to gold production is increasing. The government is now training small-scale miners in sustainable mining methods as part of a roadmap that seeks to address illegal mining in the country.
Nere also thinks there is a tech solution Nigeria can adopt. The Computer Engineering graduate said her company created a mobile solution — Zokia system, a mobile platform to register and bank artisanal miners.
“When we were doing our pilot in Chikun, Kaduna state, we registered 1200 artisanal miners, tagging the gold from mine, through the value chain, all the way,” she says. “We also used mobile money, as a way to eventually sensitize them, to get them off cash payment and keep their monies safe. More than 300 of the registered 1,200 use mobile money for payments.”
Nere explains that as good as the solution could be for formalising mining of all scales and reducing the incidence of illegal mining, artisanal and small-scale miners have no reason to spend money on tech, as they do not see it as essential to their business.
However, governments committed to reducing illegal mining to the barest minimum can pay for a tech solution such as Kian Smith’s and make it accessible to artisanal miners for free. That could be a huge step in formalising artisanal mining, especially in Nigeria.
Investing in Mining
There have been attempts in the past to bring the mining industry up to date to make it attractive to private investment. Beginning in 2007, the Nigerian Minerals and Mining Act was introduced, setting the rules for the exploration and exploitation of solid minerals. The law stated that the government owns all the country’s mineral resources. However, in 2011, the year Kian Smith was registered in the country, the government released new mining regulations, which was believed would bring about greater accountability in the sector. This also, was reviewed, leading to the Roadmap for the Growth and Development of the Nigerian Mining Industry which was adopted in September 2016.
The country is gradually getting it right, showing an unprecedented commitment to the growth of the mining industry, with the issuance of a gold refining licence to Kian Smith one of the recent wins in the industry. The company has already started work on the site of its new refinery in Ogun State, south west Nigeria. Nigeria’s Minister of State for Mines and Steel Development Hon. Abubakar Bawa Bwari broke the ground at the site on December 13 as construction began.
“During the focus labs of the Economic Recovery and Growth Plan (ERGP) of this administration, we discovered that a well organised gold value chain can trigger an economic revolution like it did in India, South Africa, Switzerland and others,” Hon. Bwari said at the groundbreaking ceremony. He explained that his Ministry was determined to develop the mining sector to increase its contribution to Nigeria’s GDP, improve its capacity to create jobs and engender sustainable mining.
Ongoing construction work at site of Kian Smith Gold Refinery in Nigeria’s Ogun State.
Nere says the refinery will be ready to start production by the end of the first half of 2019.
While Nere did not disclose details of investment in the new refinery, which she says include both local and international interests, she says Kian Smith is working with several banks, including Stanbic IBTC Bank and Zenith Bank Plc. According to her, Kian Smith is also in talks with the African Finance Corporation (AFC).
“The truth is, we need banks,” says Nere. “Not even so much for the setup; we need banks for the trading. To buy an unlimited amount of gold, at any time, to refine; we need the banks,” Nere says
She dismisses the widely held belief that banks are not committed to the mining industry.
“The issue with banks is ‘show me your bankable feasibility study (BFS)’, and most Nigerian miners cannot show that, because they haven’t got the investors who will do the work to produce the BFS. So, the thing is banks are looking for that; Nigerians don’t have that.”
She adds that a bank would like to see a supply contract, a buying contract; “those are the transactions that banks are considering”.
Nere believes that for every player in the mining industry who can get their acts together, banks are always ready to do business. After all, she’s working with some banks to bring her refinery to life next year. Nere says the refinery has the potential to provide more than 500,000 direct and indirect jobs. But beyond jobs, Kian Smith is interested in helping to build the gold value chain in Nigeria.
Nere is hopeful things will get better but admits the mining industry in Nigeria is a tough one to play in. She highlights policy inconsistency and the reaction of mining communities to operators as two of the major challenges the industry faces.
“The reason why the sector has struggled and even investors have issues is because the Nigerian ecosystem does not encourage long-term investment and perseverance to get anything,” Nere says. “Everybody wants money now.”
One of the issues Nere’s Kian Smith is taking up with the government is how to grant gold a VAT-free status. She explained the dynamics of VAT as it concerns gold.
“Gold should be VAT-free because it’s a financial instrument. However, even if there will be VAT on gold, it should not be too high so as to encourage export. We need the government to review VAT status on gold bars and coins,” Nere says.
According to her, the Nigerian government is working with the United Nations Industrial Development Orgasnisation (UNIDO) and other bodies to decide an efficient policy on gold products and alloys.
Kian Smith is also working on seeing import duties on gold and gold doré reduced.
Sustainability
Nere says Kian Smith is committed to maintaining high standards, from purity of gold to sustainability in production. The company’s refinery in Ogun State has the capacity to produce 3 tonnes of gold and 1 tonne of silver per month, both at a purity of 99.99 percent.
UNIDO will help Kian Smith in sustainable mining, supporting ASMs that want to supply Kian Smith and are committed to sustainable mining. Kian Smith is also working with international development organization Pact, to ensure due diligence and safety of miners, as well as curb illegal mining.
Once Kian Smith produces its ethical gold, it will be looking towards central banks, jewelers in the Middle East, Turkey, Switzerland and several parts of Africa.
Already, the Central Bank of Nigeria (CBN) has committed to buying gold from Kian Smith as it stocks up the country’s gold reserves.
“CBN has not said volume, but they are ready to buy gold in either naira or USD. We are hopeful that by the end of second quarter, their terms and conditions will be clear,” Nere says.
Kian Smith is also in talks with other central banks. The company has also met with the London Bullion Metal Association (LBMA), Responsible Jewelry Council (RJC) and World Gold COuncil (WGC) towards international certification process for Nigeria’s gold.
The Call
When TheNerve Africa first spoke with Nere in October, she was facing some challenges at her refinery site in Ogun, but she told TheNerve Africa that none of the things happening then would affect plans for the Kian Smith refinery to start working in 2019. “I’ve been here before,” Nere said, exuding the same confidence that has made her successful in a tough industry. The confidence, she says, stems from knowing that mining is her calling.
“Mining called me,” Nere declares. “It didn’t make sense when it was calling me because I was like ‘what is it about mining? This is a capital-intensive sector and am I sure this is the right sector to be calling me?’
“I wanted to meet people, so I met people in the sector and got their opinion: what do you think? Why are you in it?”
She continues: “It was interesting because they all talked about how horrible the experience is and I am like, but you are still there.
“I did some research, connected with some people in the sector here and they did their best to discourage me from getting into the sector but I still went in and I haven’t looked back.
“So I will say there is a mining bug; if it bites you, if it’s meant to be, no matter how hard it is, you will stick to it but if it is not meant to be, you will run.
“The people I talked to were all saying do not do it, it is challenging, it is rewarding, it’s amazing, but do not do it. So, I had to figure out the way to enter, because it is capital intensive and I didn’t have that kind of funds. So I entered by trading. Almost the same principles you use to trade anything else like land, supplies, and all of that. So that was how I entered. I entered by trading.”
The Kian Smith boss was in South Africa for a mining conference. There she met someone who wanted to bring his company to Nigeria. “I said I can do it for you, and that was how I did it. That was how I started trading.”
Nere says business has been good for Kian Smith despite the tough operating environment. “It is a difficult sector,” she reiterates. “It has its ups and downs. It has been challenging and there have been issues all around, but overall, if I look back, we have seen a steady progression. We see opportunities, we see challenges but we still said this is the sector we want to be in.”
Speaking on how hard Kian Smith had worked to get to its current level, Nere recalls her three months in Abuja for the ERGP focus labs. The Lab process is one of the several initiatives by the Nigerian government to fast-track the attainment of its ERGP objectives. The government had invited potential and existing investors, both foreign and Nigerian, who may be interested in investing in any of the three areas of focus — Agriculture and transportation, Power and gas, Manufacturing and processing (including solid minerals) — to attend closed-door sessions where prospective investors will have access in one location, to all the officials of government whose support, or approvals, they might need to enable them commit to an investment decision.
“I think after the first few days, we lost half the people because we spent several months in Abuja and you footed your own bills; the cost of your hotel, the cost of everything; this is not a government sponsored thing,” Nere explains. “For a lot of business people … like for me, I’m still recovering from putting a lot of things about the business on standstill for about 3 months.”
Nere says business owners had to ask themselves pertinent questions such as the wisdom in leaving their businesses for about 3 months at their own expense, “and at the end of the day you’re not even guaranteed that the government will even proffer a solution for you”.
She thinks Kian Smith was fortunate to be part of the focus labs and have its proposal accepted. “We were at a standstill for a major project. We were fortunate enough that we could take on that expense. It was huge because a lot of businesses that have a lot of better ideas and bigger problems did not have the opportunity to foot the expenses for three months in Abuja.”
The gold refining licence in hand, Nere has crossed another big hurdle as Kian Smith continues its growth, but again, she recalls one of the tough periods in the business’s growth and sighed.
“I have suffered,” she says. “But if you wait long enough … if you are patient long enough, things always work out fine.”
Sadly, “our generation has lost perseverance,” says Nere, who would love an opportunity to one day “genuinely talk to young people”.
“Our generation is a microwave generation,” Nere adds, stressing that social media has made success look easy so much that “young people are looking for shortcuts”.
Nere says she learnt doggedness from her father, the former Olu of Warri, who due to his Christian faith attempted to denounce a 500-year-old title Ogiame, which he said, was associated with a sea goddess. Kian Smith started before Ogiame Atuwatse II died in 2015, but Nere says she has never had a free pass using her father’s name or influence. She admits that her background played a huge role on the woman she has become but at the risk of sounding overly spiritual; Nere says her business achievements are so massive they couldn’t have been due to her background. She says they are supernatural.
“This is for the future of Nigeria; this is going to change Nigeria. It’s going to change Africa’s history. Africa will never remain the same again.”
Francesca Chaney, already a successful Black business owner at the young age of 22, has great taste for food and a big heart for underserved people. Her Brooklyn-based vegan restaurant called Sol Sips, is not only famous for its healthy food but is also recognized for letting patronizers pay what they can afford – even if it cuts into her profits!
Chaney developed an interest in healthy eating when she was just a child. She was inspired by her mother, who is a vegan, and became a vegan herself when she was 18-years old. Since then, she began dreaming about opening up her own restaurant that offers nutritious, plant-based foods.
Initially, she started Sol Sips as a pop-up shop in the neighborhood of Bushwick, Brooklyn. However, in April earlier this year, Chaney made the location permanent. Her and her staff serve plant-based beverages and plant-based “bites” made with only four ingredients or fewer that are soy-free and with low acidity. One of the best-sellers is a plant-based dish that is an alternative to the New York staple — eggs are made of chickpeas, bacon is tempeh, and the cheese is dairy-free.
More than introducing a unique and healthy food alternative, Chaney wanted more people, especially those who are in underserved communities, to be able to come and eat at Sol Sips. So she decided to create a brunch menu with a sliding-scale pricing — which means people can enjoy their dishes for a price that’s anywhere between $7 to $15. That way, she hoped everyone can take part in the dishes.
“We started that initiative,” Chaney told the Rachel Ray Show, “because we wanted to make sure that everyone that lives here can get more foods that help us to get our nutrients in.”
Since it’s already a given that she couldn’t make much money with such altruism, there are people and organizations who wanted to help Chaney with her cause. Dairy-free brand So Delicious — which Chaney herself uses in her dishes — donated $5,000 to help her continue her advocacy.
Also, earlier this year, Chaney started a GoFundMe campaign to help her with the expenses to further expand Sol Sips. So far, it has raised over $5,500 and contributions from $5 to some hundred dollars keep coming in.
For more information about Sol Sips, follow her on Instagram at @solsipsnyc
Ja’Nese Jean, a known international opera singer, is more than just a beautiful, fascinating voice. Jean, also a tech entrepreneur, recently launched the newest ride-sharing app specifically made for people with health problems and disabilities.
Ja’Nese was hailed the “Next Big Opera Star” in Aretha Franklin’s singing competition. She was offered a recording contract with Aretha Records and was even compared to the best in the industry. But her career is actually more focused on simplicity and love for people. Her humanitarian efforts already helped thousands of people in need of housing, food, and other necessities — and it’s still counting.
Jean’s passion to connect the world positively is very much evident in her philanthropic acts and technology developments. Her tech products include mobile applications, proxy servers, mass email software, and patented heat and motion activated car sensors. The most recent development she and her company launched is the SAFETRIP app.
The two major platforms of the app aim to help both drivers and users. It will give more job opportunities to drivers, especially those certified in defensive driving training, sensitivity training, and CPR. The app is also a breakthrough for millions of people with disabilities and healthcare-related appointments. It tracks patients in real-time allowing them to ride on demand, schedule in advance, in-app calling features, driver/user rating systems and more.
“SAFETRIP is dedicated to moving healthcare transportation forward, faster, and more affordably,” says Ja’Nese. The lifesaving app is available for download on and Apple App Store and Google Play Store.
I once asked a group of entrepreneurs ‘’why do you tell stories?’’
I got the following responses.
I tell stories for:
Clarity, sharing of insights and my life lessons
To inspire/encourage
Connect with someone
Brand awareness – more people need to know about my brand
More eyeballs = more prospects = more sales
I’ll be seen in the right light, by the right people at the right time
Why these reasons are great, they may not give you the result you need as an influential storyteller or entrepreneur.
They are good reasons to tell a good story, however, there are 4 important steps you need to take to telling great stories that resonate.
Find the people who have the same worldviews as you do
What do I mean by that?
Worldviews refer to people’s perspectives or beliefs on different life issues.
You need to find the people who share the same perspective or belief about your subject matter.
Find people with a bias to listen to you
Beyond finding people with similar beliefs, find people with a bias to listen to you.
People interested in listening to your message and falling in love with your brand and your stories.
Why do you need to do that?
You need to do that so you can share stories that resonate deeply with them and inspire them to take massive action.
For my brand, I focus on attracting new entrepreneurs who love stories, understand the power of stories and are willing to learn to tell better stories so they can attract more of the right audience to their stories and grow their business.
Be clear about who your audience is and why they would listen to you
You should also ask yourself who exactly is my audience and why would they listen to me?
Understanding who your audience is helps you determine how you will communicate your stories to them, what mediums you will use and how frequently you will engage with them.
Be clear about where you will find them
Another thing you need to know is how to find them.
How do you find these people?
Get clear about the kind of people who need your message and stories
Find out where they congregate online and offline
Find out the issues or topics they are very passionate about
Find out what common problems and experiences they have
Find out what common result they seek
Most importantly get clear about the kind of customers you do and don’t want to attract.
Beyond knowing these 4 steps, ensure you implement them so you can start seeing results in your business.
Remember, good things happen to those who take massive action.
About Esohe
Esohe Igbinoba is the Founder, The Global Brand Network. GBN is a brand management organization with a focus on teaching entrepreneurs the art of influential storytelling for attracting visibility and building an engaged audience so they can build profitable businesses. She helps them to achieve this through her unique system: The Influential Storytelling Formula. She has helped over 150 people in 10 countries. She helps them through her online school, GBN Business School where she offers one on one coaching programs, online courses and training programs.
You can connect with her on Social media @queenesohe
