Welcome to Nigeria

Okay, I might have been too hard on the banks and other financial companies in the economy, but it is because these institutions at present represents or sheds light to what the future or re-branding of Nigeria should be, thus, it must be without fault, error free, highly professional in their services, transparent, conscious of its environment, and above all, one with great moral and ethical standard. As such, if this is what we hope for, then Nigeria still has a long way to go. First and foremost some of these organizations that are named and known as giant in their field have somethings in common - they were initiated or introduced into this country by one or two people that records have shown to be involved in one or two financial and fraudulent acts in this country. Think, list, and make mention of them and you will be amazed. As such, should the new Nigeria be branded by these hoodlums turned right because they choose to 'give something' back to the society - which in turn would again increase their net worth?

Nigeria indeed is a nation to recon with (at least in Africa), we have the market, the capital, and so many opportunities to invest. Maybe you might are like others that would want to follow the established market already in the country or do something completely different. Above all, whatever you are interested in doing, so long as your package and logistics are cemented you can become a successful entrepreneur in this country. Or you might be interested in importing illegal and contra-bounds into the country - if you are among these group you have the custom officers and other governmental agencies personnel to bribe before you bring such goods into the country. For example, imported shoes, clothing, and some other importable are considered contra-bound but there still come through the ports either in Nigeria or docked in Benin Republic and smuggled into this country under the eyes of the so called watchful immigration and custom officers (or should we call them bribed officers?) Well, contra-bounds is another discussion for another day.

Thus what has Nigeria got to offer and what sectors needs the graceful touch of intelligent, risk taking, and savvy Nigerian and Foreign business people to invest in- here are the list: TOURISM, INFORMATION TECHNOLOGY, AGRICULTURE, MANUFACTURE, POWER AND SOLID MINERALS, TRANSPORTATION etc.

So if you are interested in these areas or more, do feel free to shoot an e-mail for reports, analysis, and others. Look forward to my next article - Nigeria and its Contra-bound.

Business Orientation Nigeria (Financial Sector 2)

I am encouraged for getting the response that I am receiving from everyone. It has been a blast. Thus, as we continue with this article, the goal is to inform and hopefully challenge the financial organizations to do better, but, why should they, when every quarter they are posting serious earning either exceeding their previous year same quarter by a sixty (60%) percent to a hundred and seventy (170%) percent. As such, continue to do the same, moreover, it seems to be working, and 'if it is not broken, why fix' right? Right, but again, same caution behemoths fall and when they do, it is always very difficult for them to stand.

Or wait, maybe it is because various malpractices occur that cannot be proven therefore if they are not caught or cannot be caught why should they bother. Recently, some Nigerian banks were accused of various malpractices (aiding various individuals and organizations to conceal or siphon money out of the country - but why worry, it cannot be proven, thus all inclusive). After all, the malpractices in the education sector - going on within the country among students and faculties cannot be curbed so how can that of the financial sector be?

Have we wondered about the hidden surcharges applied to accounts and other transactions, while these charges are not new, what makes it complicated is that when marketers are offering these product and you inquire from them, generally, they do not have any answer of what charges applies and which would not for that account, as such: how well rounded are these marketers? Oh well, I guess, the process is throw into the water the ready shark to attract whatever customers that will listen. Yet, when you stand at take a survey just like I have for these articles in two states (Abuja and Lagos) one will be amazed of the complains that permeates concerning one of our astute institution - thus, the question, do they listen to these complains, or just like the 'window shoppers evaluations' that are ignored as such it is okay to ignore the complains as well. Then, it also puzzles me hear some of the banks being awarded customer service award when their offers are not encouraged.

Training not shelving these marketers into the sea will be nice. Banks, people are evolving each day. People are learning, and if you cannot offer them what they want they would simply leave.

I look forward hearing from you. Thanks for reading.

Business Orientation Nigeria (Financial Sector)

For those that have taken their time to read my first blog, I thank you as well as the comments that I have received. As promised, the second article will focus on the financial sector in Nigerian Business environment.

To so many, the question is why is the focus on the Financial Sector - the simple truth is this - recently, the burst in this sector can only mean that Nigeria is not longer going to be considered in the near future - say ten (10) years from now - an oil strong dependant nation rather, people will see that the service sector of the economy is growing and can stand to compete in a global environment. Currently, we see these banks spreading their tentacles to other industries like telecommunication, oil, and agriculture, as such the power that most of these bank behemoth carry is great and can as well modify as well as reshape the banking climate in the country and region.

Thus it is imperative for them to work within that guidelines that will help in the future as well as now. Generally, financial institutions like banks amongst many other things are measured in three key areas: Assets, Customer Service Management, and Employee Morale (Work Compensation and Benefits). Well, the former has become the predominant agenda for most, I fear that they have ignored other aspects of their visions and objectives. Ignoring these areas could be detrimental, but maybe the key reason why they have ignored such is because most of our citizens that call on their patronage is not well informed about what can be acquired elsewhere. As such I decided to conduct my own (a non-paid) survey.

Yes, you heard me right. I survey. I decided to compare performances of banks in the area of customer service management in two states (Abuja and Lagos "Apapa specifically") and what I found is greatly disturbing, though not all the associates in these banks failed the test, thus it tells me that the financial sector needs to do a lot of over-hauling of its staff in order to compete in the coming age.

When I inquired about a product from same bank in five (5) different branches I was given different answers. Actually some staff were so arrogant to other customers that I felt like walking towards them and calm the situation, while some associates were seating receiving phone calls, doing some stuff on the net ignoring the long standing customers and their complains. Some of my inquest were shifted to the manager and only for the manager not to be well informed about it as well. Thus, it boggles me to only to realize that competition is strong in the banking sector as such the issue of God-father syndrome has as well moved in the financial sector thus the right persons might not necessarily be the ones occupying the management posts - if bank manager is not informed about some banking product or does not know the right person to contact - wow!!!!!! we are in trouble.

As part of the survey, I gathered that banks have instituted what they tag as "mistery shoppers" to grade the performance of the internal customers, yet, only to find out that most banks do not pay attention to such - rather building and enlarging their purse is what most consider in doing. Again, behemoths fall and when they do, people externally as well as internally fall. Banks in foreign countries that has ignored the retention of customers have come to suffer the pain, would your organization continually ignore this simple warning?

Interested in what can be done to improve, you can contact me via my e-mail. Thanks for the reading. My next article will be a continuation of this - focusing on training of associates and charges.

Business Orientation Nigeria

I find it difficult to comprehend the motives of various organizations like Banks and others in the Financial Industry - sending people out at all cost to attract the right client to their business for two reasons: raise assets and more moeny to transactions. Thus, for the marketers "as they are called" who is the right client? Perhaps to some, those that's making the money (as such if you are not among the haves, then your luck runs out) while to some it is anyone - since having the right capital is not written on ones forehead. As such, from every angle, a single individual is tagged with a price - raise a certain amount of capital with less training for such staff on bank products as well as other subsidiary of the bank since most of today's Nigerian banks operates as a full financial service center offering you whatever you need. Therefore, it is mine opinion that banks should concentrate on raising marketers with a well informed knowledge of their bank related product and a target of attracting clients whom all of its family or household accounts are tied to that bank alone --- as such developing and sustaining a loyal customer.

While, I am certain that the guise and revelation of this is not new to bankers, I am sure that banks are already on the board trying to match and combine all products and services to one IT platform, as well as having a cohesive marketing department that would respond to the ever growing and changing need of the global people. Yet, I feel that some are just okay with their strategy: copycats. Not ready to delve into new angles. For them, they are contented with what is working now - throw the ready sharks into the market, grab as much as possible of the peoples wealth, do not disclose as much information as possible - moreover, our bank's image should do the work for us, yet, ignoring one simple truth - behemoths fall and when they do, it is difficult for them to rise.

In other for them (banks) to withstand the coming age, there are but somethings they should consider - customer relation management, devising a global marketing culture of well informed associates (staffs), as well as reinforcing their strengths by training their work practice and ethics to their internal customers.

Thanks for the reading. Look forward to my next article --- Business Orientation Nigeria (Financial Sector)