Brands/Products
Money Not Sufficient Enough to Make Business Thrive—Elegbe
By Modupe Gbadeyanka
Founder/GMD of the Interswitch Group, Mr Mitchell Elegbe, has said that although money is necessary, it is not sufficient enough to make a business thrive.
The successful businessman said this while giving the keynote address at the annual Lagos Business School MBA Entrepreneurship Expo and Contest themed Entrepreneurship and Business Innovation.
He emphasised at the event that entrepreneurs must first identify the problems they are trying to solve before venturing into any business.
According to him, the more value customers perceive, the more they are willing to pay for goods and services.
He said business owners should not make business plans based on time, but on seasons, noting that, “Do not work so hard climbing a ladder only to discover it is resting on the wrong wall.
“Don’t get too busy with your day-to-day activities that you forget the main reason/objectives for starting that activity in the first place. Beware of activity hype and remember that there is a lot of disruptive hype.”
Mr Elegbe also spoke about the different types of entrepreneurs he listed as the hustler-preneur, life-styler, dealer-preneur, maker-preneur, jack-of-all preneur, slugger-preneur, travel-preneur, side-preneur, Do-side preneur, geek-preneur, and incubator-preneur.
He noted that the knowledge of an entrepreneur determines the kind of problem he is expected to solve.
After his keynote address, Mr Elegbe answered questions from some of the over 300 participants on the online expo, where he emphasised the direct correlation between problems and opportunities and urged budding entrepreneurs to see problems as opportunities to create solutions, businesses and employment.
The keynote address was followed by a panel session of four panellists reviewing it, sharing their business experiences as well as giving tips for new opportunities.
All the sessions of the Expo were moderated by Dr Henrietta Onwuegbuzie who is the Academic Director for the Owner-Manager Programme and Project Director for the Impact Investing policy initiative at the Lagos Business School.
Panellists at the LBS MBA Entrepreneurship Expo and Contest included Paul Orujiaka, CEO of Auldon; Richmond Okafor, CEO of Cleanmax Industries Limited; Stephanie Obi, Business & Marketing Strategist, ST HUB LIMITED and Lawrence Egunjobi, an Entrepreneur.
The Lagos Business School MBA Entrepreneurship Expo and Contest is a project aimed at empowering entrepreneurs across Africa with business acumen and soft skills, building sustainable businesses, giving free business advisory, providing training and pairing them with relevant life-long mentors.
This expo ended with a pitch where some entrepreneurs pitched their business plans to selected judges and had an entrepreneurship exhibition.
The criteria for participation included: the nature of the problems being solved, quality of the solution proposed, business model, sustainability plan and operational effectiveness.
Professor Enase Okonedo, Lagos Business School Dean, in her closing remarks, disclosed that the Lagos Business School will continue to give entrepreneurship in Africa all the support it can, to tackle the looming issue of unemployment in Africa.
By Aduragbemi Omiyale
The chief executive of Canal+ Africa, Mr David Mignot, has disclosed that MultiChoice is now fully integrated into the media group.
Mr Mignot disclosed this via a statement issued on Thursday, noting that this development marks a new phase in the evolution of one of Africa’s leading pay television operators.
He noted that the integration positions MultiChoice within a global media organisation with an extensive international footprint.
“MultiChoice is now a full subsidiary of a truly international media group operating in 70 countries. The group was founded in France, is listed in London and Johannesburg, and has a strong African presence with operations in more than 45 countries,” Mr Mignot said.
The statement underscores the scale of the combined business, highlighting Canal+’s global reach alongside its significant investments across Africa.
The completion of the transaction is expected to strengthen MultiChoice’s position in the African media and entertainment market by giving it access to the broader resources, expertise and international capabilities of the Canal+ Group, while reinforcing the group’s commitment to the continent.
MultiChoice operates across sub-Saharan Africa through platforms including DStv and GOtv, serving millions of subscribers with entertainment, sports and news content.
By Adedapo Adesanya
FoodCourt, a Nigerian cloud kitchen startup backed by Y Combinator, has suspended operations after months of unpaid salaries and mounting debts to vendors triggered a staff strike and forced the company to halt customer orders, according to a report by TechCabal.
The publication reported that customers first noticed on March 4 that they could no longer place orders through the FoodCourt app after the company disabled ordering as kitchen workers, delivery personnel and branch staff embarked on strike over unpaid wages. The company also owed outstanding payments to vendors.
By April 19, FoodCourt had temporarily shut its last operating branch after suspending activities across its Lagos and Abuja locations while seeking fresh funding and restructuring the business, according to the report.
The company’s chief executive, Mr Henry Nneji, said the decision to pause operations was not caused by a single issue but by a combination of operational, organisational and working-capital challenges.
“It’s important to clarify that the decision to pause operations wasn’t driven by one single issue. We reached a point where it became clear that continuing to patch those issues while operating wasn’t the right long-term decision,” he said.
“The objective is to build a stronger business than the one that existed before the suspension. We fully intend to bring FoodCourt back,” he added in an emailed response.
The company acknowledged outstanding obligations to employees, vendors, riders and service providers, but declined to disclose the number of affected workers or the total amount owed. It said efforts were underway to resolve the liabilities as part of its restructuring process.
It was also reported that the startup’s financial difficulties worsened after expansion into additional locations increased operating costs, while its cloud kitchen model came under pressure from rising labour, logistics, food and marketing expenses.
Despite the shutdown, Mr Nneji said FoodCourt intends to relaunch after completing its restructuring, adding that the company believes demand for its products remains strong.
Founded in 2021 by Henry Nneji and Paul Adokiye Iruene, FoodCourt operates cloud kitchens under multiple virtual restaurant brands through its consumer app. According to TechCabal, the startup had previously disclosed raising $1.7 million, delivering more than one million meals and reaching $4.3 million in annual recurring revenue by the end of 2024.
By Aduragbemi Omiyale
To further reinforce its commitment to continuous enhancement of customer experience through menu innovation and quality improvements, Chicken Republic, Nigeria’s leading quick-service restaurant brand and a flagship brand of Food Concepts Plc, has improved its Smokey Jollof recipe across restaurants nationwide.
As a customer-centric brand, Chicken Republic regularly evaluates consumer feedback, dining trends, and product performance to ensure its menu continues to deliver the quality and value to which customers have become accustomed.
The updated Smokey Jollof is part of this ongoing commitment to continuous improvement.
The refreshed recipe represents the latest evolution of one of the brand’s most popular offerings.
Developed with a focus on richer flavour, greater consistency and an even more satisfying eating experience, the improved Smokey Jollof reflects Chicken Republic’s dedication to meeting the evolving tastes and expectations of its customers.
“At Chicken Republic, our customers are at the heart of every decision we make. We are constantly listening, learning and looking for ways to improve the experience we deliver.
“The improved Smokey Jollof is a reflection of that commitment. We’ve refined the recipe to deliver an even richer, more enjoyable taste experience while maintaining the flavour profile our customers know and love,” the Managing Director of Food Concept, Mr Olumide Aniyikaiye, stated.
“Great brands evolve with their consumers. This update is not about changing what people love, but about making it even better.
“We are confident that customers will enjoy the improved recipe and appreciate the attention we continue to invest in delivering quality meals every day,” Mr Aniyokaiye added.
The improved Smokey Jollof is now available at Chicken Republic outlets nationwide, allowing customers to experience a more flavourful and consistent version of a fan-favourite menu item.
This latest enhancement underscores Chicken Republic’s broader commitment to innovation, quality and creating memorable meal experiences for customers across Nigeria.
