How to Engage Risk Management and Scale Business Growth

This Post COVID-19 season has brought with it,  really difficult growth businesses all over the world. While some are out of goods, some have not been able to operate wherever they are. This has taught business owners and the world at large a lot of things including Risk Management.
 

Risk Management is an important element in business that helps the business thrive and secure them during any unforeseen circumstances that might threaten to hold the business down. There are several ways by which your business can be taken care of in this season

1. Create a system around your Business

At this point, brands should secure viable ways by which customers would still get products and services safely without starving them of what they've always had from you. Operate a delivery system where people can order and still get what they need and also plan well, how you want to get the product to them in this time.  

2. Be there for your customers

At this time, a lot of businesses will collapse and close down because they would lose customers due to negligence. Your brand should not always ask all the time for patronage, they should also get to know how customers are doing and what they can do to serve them in this time.
 

3. Recharge and Recreate

This is also a time to recharge yourself as a CEO and also get your workers recharged so they do not lose the vibe to work and they also come up with great ideas even during this break. Chances are that a lot of workers would find it difficult to resume once all this is over and so a structure that helps them recharge and recreate would do a lot.
 

4. Keep in touch with your workers

Imagine you resumed work and you found out that five of your workers had the virus and you never knew, how would you feel? Sad, yeah? That's it. You have to check up on your workers. How are they faring? What's their current situation? What if you just called or emailed them to let them know you care and wouldn't mind listening to them? This should just be an act of love but it's more than that— it would create a bond and also get you to become supportive.

   

Wike signs N555.6 billion 2023 Appropriation Law

Rivers State governor, Nyesom Ezenwo Wike has signed into law the 2023 Appropriation Bill N555, 666,987, 238 (Five Hundred and Fifty Five Billion, Six Hundred and Sixty Six Million, Nine Hundred and Eighty Seven Thousand, Two Hundred and Thirty Eight Naira only.)Governor Wike also gave assent to the Rivers State Child's Rights Bill No.6 of 2022, which will protect all children in the State from all forms of abuse.

The governor signed the two legal instruments at the Executive Council Chambers of Government House in Port Harcourt on Friday.

On the Rivers State Appropriation Law No. 5 of 2022, governor Wike acknowledged the tireless efforts shown by members of the State House of Assembly in considering the details of the budget within the two weeks of its presentation and expeditiously passing into law.

Such collaboration, he noted is what is always required between the arms of government to achieve the overall goal of government serving the needs of the governed.

"That is why we have always said that it is important to have collaboration between the arms of government for the interest of the state, not for the interest of any particular person or group of persons."

Governor Wike assured that his administration will leave no stone unturned in implementing the 2023 budget to deliver more infrastructure in the State.

"That means that we have no choice but to robustly follow the appropriation law in order to tackle most of the challenges that have to do with infrastructure.

"We are in December now, so we believe that by January we should start implementing the 2023 appropriation law.

I'm sure, with the number of projects we are doing, and funds are being provided, we believe by the grace of God, we would have accomplished what we are set out to do."

On the Rivers State Child's Rights Law No 6 of 2022, governor Wike noted the gross child's abuse, indecent assault of children, and terrible experiences that children are subjected when they are forced into labour. According to him, with the signing of the law, the State can inaugurate the Family Court.

“Because this law had not been amended that is why the Family Court cannot sit. So the family court will be inaugurated on 19 of this month, since bill has been passed and I have assented to it.”

Governor Wike said children are humans and do have rights to decent life, living and put through education to actualise their full potentials.

"Here, we do not understand that children too are human beings. They ought to have their own rights. I'm sure with this passage a lot of people will understand that things cannot be done as usual.

"Some parents do not like to send their children to school. They would rather like them to be on the road. This reminds me, let me say no community or local government can bring out their children from their classes to come out and wave us when visit for project commissioning.

"If the project is inside the school, that, the children can appreciate, is a different thing. But to bring the children to the road to come and wait for whoever, that is not acceptable at all."

The governor has therefore, directed the State Commissioner for Education to instruct head teachers and principals of schools to desist from bringing their pupils and students out to the road to wave at whoever was visiting communities to inaugurate projects.

Governor Wike also informed that names of members to be appointed into three commissions will sent to the State House of Assembly on Monday for screening. One of the commissions is the Rivers State Civil Service Commission.

The Leader of the House, Hon. Martin Amaewhule commended the governor for giving priority to capital expenditure in order to address the infrastructure need of the State.

He further expressed optimism with the amended Child’s Rights law in effect, children in the State can now be better protected from abuses, indecent assault and child labour.

The Speaker, Rt. Hon. Ikuinyi-Owaji Ibani, commended the governor for his tireless commitment to the development of the State.

Ondomind 

Nigeria Records ₦‎16 Trillion Worth Of Crude Oil In 9 Months

Brand Spur Nigeria reports that Nigeria has recorded N16 trillion from crude oil sales between January and September 2022.The oil sales recorded by the Nigerian National Petroleum Company (NNPC) Limited is captured in the foreign trade report released by the National Bureau of Statistics (NBS).

Despite the huge oil sales, Godwin Emefiele, governor of CBN, last month said foreign exchange receipt from crude oil sales into Nigeria’s official reserves has dried up steadily from above $3 billion monthly in 2014 to $0 today.

According to data gathered, NBS Nigeria earned N5.6 trillion in the first quarter, N5.9 trillion in the second quarter and N4.6 trillion in the third quarter of 2022.

NBS data show that the value of crude oil exports in Q3 rose by 16 per cent compared to N4 trillion recorded in the corresponding period last year.

On a quarter-to-quarter analysis, it reduced by 21 per cent from N5.9 trillion in Q2 2022.

Ondomind

FG Plans To Tax Cryptos, Other Digital Assets

Zainab Ahmed, minister of finance, budget and national planning, says there is a provision to tax cryptocurrency and other digital assets in the 2022 finance bill.According to a statement released by Laolu Akande, spokesperson to Vice-President Yemi Osinbajo, Ahmed updated the national economic council (NEC) on the main features of the bill at an extraordinary virtual meeting on Thursday.

The minister said the proposed bill is anchored on five fundamental policy drivers.

She listed the drivers as tax equity, climate change, job creation/ economic growth, tax incentives’ reform and revenue generation/tax administration.

She said that the bill sought to amend relevant taxes, excises and duty statutes in line with the macroeconomic policy reforms of the federal government.

Ondomind

$3 billion Monthly Under Jonathan, NNPC Now Remits Zero Dollar To CBN - Emefiele

Godwin Emefiele, the Central Bank of Nigeria’s governor, stated over the weekend that the official foreign exchange receipt from crude oil sales into Nigeria’s official reserves has depleted from over $3.0 billion monthly in 2014 to zero dollar today.At the 57th annual bankers’ lecture sponsored by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos on Saturday, Mr Emefiele said there was a significant loss in foreign reserves due to the naira’s struggle and the rise in demand for forex.

He stated that a severe crisis in the Nigerian foreign exchange market is putting pressure on the country’s reserves and suppressing the value of the naira.

“The official foreign exchange receipt from crude oil sales into our official reserves has dried up steadily from above $3.0 billion monthly in 2014 to an absolute zero dollar today,” he said.

Ondomind 

2023: I Will Name, Shame Oil Thieves, Atiku Tells Business Leaders

The 2023 presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar has threatened to name and shame oil thieves in the country if elected Nigeria’s President in 2023.He made this known on Saturday when he interacted with the Business Dialogue Stakeholders Forum at the Eko hotel in Lagos.

Atiku, also said he would confiscate all oil blocs allocated to some Nigerians who have failed to make them operational.

“If you are not going to develop oil blocs given to you, we will take it away and give it to those who will develop it. We will also assemble the names of those involved in oil theft, publish same and prosecute them,” Atiku told the stakeholders.

Ondomind 

Join us in the fight to collect VAT – Wike tells other states

Governor Nyesom Wike has called on other states in Nigeria to join Rivers State in the fight to take control of the Value Added Tax (VAT) in Nigeria.Governor Wike made the call while presenting the 2023 Appropriation Bill before the Rivers State House of Assembly on Tuesday.

The governor noted that the funds generated from the collection of VAT will form part of the funding from the budget for 2023.

The case against the Federal Government on VAT is currently at the Supreme Court after a Federal High Court ruled that the states in Nigeria reserve the right to collect VAT.

The governor while speaking on the floor of the House, however, explained that the move is dependent on the Supreme Court doing justice to the matter.

Wike said: “We will continue to intensify our fight to significantly improve IGR by expanding opportunities for more investment, industrialization and efficient tax collection.

“While we are yet to achieve the projected milestone, we will not relent in our determination to reduce the state dependency on statutory federal allocation to finance this budget.

“We call on our sister states to join us in this struggle to secure the right to impose and collect VAT at the sub-national level”.

The governor also called for the establishment of a new revenue-sharing formula in the country, saying it is long overdue.

Ondomind 

Nigeria To Earn N32tr From North’s New Oil Fields

Nigeria may be in for another breakthrough in oil exploration as the first of such activities debut in the North on the Kolmani River range spanning Bauchi and Gombe states with fresh 1 billion barrel oil reserve generating over N32 trillion, when developed.Daily Trust, at the weekend, confirmed from multiple sources at the Nigerian National Petroleum Company Ltd (NNPC) that President Muhammadu Buhari will on Tuesday supervise the first oil drilling in the North. The development is historic for Nigeria, with the country now boasting of crude oil reserves in both its southern and northern parts.

An official said that the oil finding activity would be the first major oil exploration since NNPC transformed into a commercially viable entity.

Drilling on the Kolmani Oil Prospecting Licence (OPL) 809 and 810 at the Kolmani field sites in Bauchi and Gombe will be the first oil drilling in Northern Nigeria after oil discovery in commercial volume was announced nearly two years ago.

Ondomind