By Adedapo Adesanya

Nigeria is looking to resume proper oil production in the largely contested Ogoniland in the oil-rich Niger Delta area of the country.

This was the core discussion on Tuesday when President Bola Tinubu received Ogoni leaders including Governor Siminalayi Fubara of Rivers State at the Aso Villa alongside Mr Nyesom Wike, the Minister of the Federal Capital Territory (FCT).

The President directed the National Security Adviser (NSA), Mr Nuhu Ribadu, to coordinate negotiations with various parties within to resume oil production in the area, emphasising that his administration will prioritise peace, justice, and sustainable development in the area.

Business Post reports that the contestation between locals and the government and other stakeholders over oil production in Ogoniland stems from a combination of environmental, socio-economic, political, and human rights issues that have persisted for decades.

At the meeting, Mr Tinubu called for unity and reconciliation, urging the Ogoni people to set aside historical grievances and work together to achieve peace, development, and a clean environment.

“We cannot in any way rewrite history, but we can correct some anomalies of the past going forward. We cannot heal the wounds if we continue to be angry,” Mr Tinubu said, according to a statement by his spokesman, Mr Bayo Onanuga.

“We must work together with mutual trust. Go back home, do more consultations, and embrace others. We must make this trip worthwhile by bringing peace, development, and a clean environment back to Ogoniland,” the President said.

He asked ministers, the Nigerian National Petroleum Company (NNPC) Limited, and the Rivers State Government to cooperate with the Office of the National Security Adviser (ONSA) to achieve this mandate.

“It is a great honour for me to have this meeting, which is an opportunity to dialogue with the people of Ogoniland.

“It has been many years since your children and myself partnered to resist military dictatorship in this country. No one dreamt I would be in this chair as President, but we thank God.

“Many of your sons present here were my friends and co-travellers in the streets of Nigeria, Europe, and America.

“I know what to do in memory of our beloved ones so that their sacrifices will not be in vain,” the President said.

On his part, Governor Fubara thanked the President for his support of the Ogoni people and for welcoming an all-inclusive representation of the people to the Presidential Villa.

Emphasising the importance of resuming oil operations in Ogoniland, the governor pledged the delegation’s commitment to adhering to the President’s instructions and providing the necessary support to achieve the government’s objectives.

“What we are doing here today is to concretise the love and respect we have for the President for being behind this meeting and for him to tell us to go back and continue the consultations with a timeline so that the resumption of oil production in Ogoniland will commence,” he said.

Also, the NSA commended the Ogoni people for their trust in President Tinubu and for embracing dialogue as a path to meaningful progress and enduring solutions.

A representative of the Ogoni leadership, King Festus Babari Bagia Gberesaako XIII, the Gberemene of Gokana Kingdom, expressed the community leaders’ willingness to engage in the process of finding lasting solutions to the lingering challenges in Ogoniland.

In the last 40 years, small business owners and entrepreneurs have been receiving greater recognition as drivers of economic growth all over the word. It has become a given that, to achieve long-term economic growth and prosperity, participation from entrepreneurs is very important.  Small businesses have contributed to job creation, economic growth and poverty reduction.

As we have seen in Nigeria in the last two decades, entrepreneurship is a driving force within the economy because of entrepreneurs’ innovative nature, among other factors. In developed economies, corporations and large capital significantly determine the extent of scientific, technical and production potential.

In third world countries with a market economy system, small enterprises are the most common, dynamic and flexible form of business life. In Nigeria, they contribute in stabilising the political climate. Yet not every small business will flourish

Why Small Businesses Fail in Nigeria, a seven-chapter book written by Ayodele Ajayi, provides sufficient facts why entrepreneurs in the country pack up after a while. In knowing the hidden pitfalls, as outlined by the author, the writer creates a veritable platform for small businesses to reinvent themselves and blossom.

Ajayi educates all that there is a probabilistic indicator to show that not all businesses in Nigeria surpass their first anniversary. This sounds like a spoiler alert, but the author links this to the inability to overcome teething problems and other avoidable mistakes.

Talking from experience, Ajayi, whose entrepreneurial journey has been like a yo-yo experience, says his substantial investment and unwavering effort in the paint business didn’t yield the much-expected dividends when he set out. Why Small Businesses Fall in Nigeria, therefore, seeks to empower the reader and the entrepreneur with a weapon to navigate the intricacies of Nigeria’s business environment. It is also beneficial for big businesses.

In the first chapter, Ajayi paints a realistic picture of Nigerian entrepreneurship beyond the hype on some success stories. “When considering starting a small business, one of the first decisions you must make is whether to operate online, offline, or a combination of both,” writes Ajayi.

He points out that the reality of entrepreneurship is far less glamorous than many anticipate, part of which includes supporting the lives of team members and other partners involved in the business. He recommends that, before setting out, you must study the business environment of the country, because the reality of doing business in Nigeria differs with many factors he outlined in the book (read the book).

Part of the reasons for business failures include inappropriate location, hence: “A solution to that problem may be to change the location to a more strategic area with a higher demand for the business’s products or services. The structure of the business can also make or mar it.” Another reason is faulty operation. Ajayi stresses the importance of learning from others, for nobody knows it all.

The author zeroes in on the pitfalls that crumble businesses in Nigeria. Understanding and answering the purpose of your business, he says, will help the entrepreneur navigate and avoid the landmine. Expertise is also important. The author makes a case for implementing effective corporate governance.

Explaining in detail the common reasons for small business failures in Nigeria, the author highlights inadequate market research, poor management of business resources, poor cash flow management, wrong expansion, poor marketing and sales skills.

Offering practical steps to follow to navigate these pitfalls, the author advises business owners to be disciplined, detach themselves from the businesses, plan and execute well, learn continuously, build a strong network and stay financially savvy. He encourages entrepreneurs to guide against having a single product or service in Nigeria, develop excellent customer service, and adapt to market trends. Unlike Easy Taxi that crumbled in Nigeria, the author cites Mega Chicken as one that has successfully stood out in a competitive food market.

The fourth chapter of the book emphasises on financial management.  “Financial management is a necessary skill for every business, because it deals with how you account for your money,” says the author. who goes on to furnish us with basic financial concepts that relate to small business in Nigeria.

These include budgeting, cash flow management, investment management, debt management, financial planning, risk management, bookkeeping. The book furnishes the reader with strategies for securing funding and managing debts effectively. It arms us with the right resources for maintaining financial support, literacy and mentorship in Nigeria.

Ajayi, in the fifth chapter, teaches the power of marketing and sales. This is very important. You may have a good product yet it is not selling. Like he has done throughout the book, he offers practical steps for creating a customer-centric approach and building brand loyalty, including but not limited to personal service, reward system and getting feedback from customers.

The concluding part of the book x-rays the demands of leadership. Without reading this book, you may not appreciate the gems in the publication. I recommend this book to not only businessmen anywhere in the world but those aspiring to have multiple streams of income in Nigeria.

By Adedapo Adesanya

The Economic and Financial Crimes Commission (EFCC) on Monday arraigned five individuals, including the former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Mr Ahmed Kuru, and the chief executive of Arik Air, Mr Roy Ilegbodu, for allegedly defrauding the airline of N76 billion and $31.5 million.

The other defendants included former Receiver Manager of Arik Air, Mr Kamilu Omokide; and Super Bravo Ltd.

The defendants faced six counts of theft, abuse of office, and stealing by dishonestly taking property. They all pleaded not guilty to the charges.

It must however be noted that Mr Kuru voluntarily went to court to answer the charges filed against him by the EFCC.

During the proceedings, the defense counsel for Mr Kuru and Mr Ilegbodu, Mr Taiwo Osipitan, who is a Senior Advocate of Nigeria (SAN), submitted bail applications dated November 28 and 29, 2024.

He argued that the defendants had no prior criminal records and had complied with prior administrative bail terms.

The SAN requested that they be granted bail under similar liberal terms, noting they had not attempted to flee.

However, EFCC Counsel, Mr Wahab Shittu (SAN), filed counter-affidavits on December 2 and 22, 2024, opposing the bail applications.

He argued that the charges against the defendants were serious, involving economic sabotage, and expressed concern about the risk of flight.

Mr Shittu proposed the seizure of their international passports and called for accelerated hearings.

The defense counsel for Mr Omokide, Mr Olasupo Shasore (SAN), filed a motion on December 6, 2024, requesting bail on self-recognition.

He pointed out that Mr Omokide had previously been granted administrative bail.

In response, Shittu opposed the application, citing Mr Omokide’s past failure to attend court, which led to the issuance of a bench warrant.

After considering the arguments, Justice Mojisola Dada granted bail to the defendants in the sum of N20 million each, with one surety per defendant in like sum.

The sureties must be gainfully employed, and proof of identification must be provided. The defendants were ordered to surrender their international passports.

The case was adjourned until March 17, 2025, for the commencement of trial.

The anti-graft agency had accused the trio— Mr Kuru, Mr Omokide, and Mr Ilegbodu— of fraudulently converting N4.9 billion to the use of NG Eagle Ltd in 2022.

Additionally, Mr Ilegbodu was charged with stealing N22.5 million, fraudulently converting it to the use of Magashi Ali Mohammed, a property of Arik Air Ltd.

Furthermore, the defendants were accused of authorising the destruction of an aircraft valued at $31.5 million, prejudicing Nigeria’s economic stability and Arik Air’s interests.

The prosecution claimed the offences violated Sections 73, 96, 278(1), and 278(6) of the Criminal Law of Lagos State, 2015.