REPORT OF BSB MEETING HELD ON THE 25TH OF MAY 2018
THEME: ADDRESSING FOUNDATION OF BUSINESS
The program commenced at exactly 12:00noon with a worship session, followed by opening prayer.
After the Opening prayer, Fola Ogunsola (BSB coordinator) took the Seminar session “Addressing Foundation of Business”. She said our objective is to build a Godly nation and wealth ambassadors hence we need structure which is the foundation of all businesses and according to Psalm 11:3 “If the foundation is destroyed, what can the righteous do?”
There are people who have money but they don’t have business ideas. Therefore, they are looking for people they can trust to invest in them. There are different types of investors namely;
- The Venture Capitalist: They are people who want to watch what you do before they invest into it. They just want to set-up your business with funding without direct involvement.
- The Equity Capitalist: They want to have a part of your business. They want to work with you at a percentage, they want to know the total income and everything about your business but without structure, you can’t see inventors.
- The Team-Up Capitalist: They want to be a part of your business, they want to be part your structure Businesses are been disqualified because of lack of structure.
After this session she invited Mr. Azubuike Okpani of Biboting Nig. Ltd. to speak on health and a modern Chinese therapy. He started by saying we should structure our kitchen and eat right; “to succeed, you need a healthy body, no you without your body therefore we shouldn’t neglect any pain on our body”. The health talk was titled “Beauty and Wellness from Within”. Biboting is a family health care apparatus, very small and simple. We focus on breast care, massage, wellness and beauty. It works with all the systems in the body respiratory system, productive system etc. Based on over 20 years research on health, it aids blood circulation, it takes care of fibroid, it helps you look younger and fit.
Biboting works by cleaning all blockages in the body system. It dissolves some lumps without surgery. It is also a very mobile unit with 20 years guarantee. You can see more at www.bibotingnigeria.com
Question & Answer Session:
- Does it heal cancer? No, it cures lumps, non-cancerous lumps in the breast. It cures breast pain too.
- 2. Knowing that it treats fibroid, how much is the treatment and the machine? Cost of treatment depends on what is being treated. However, the machine is sold for N1.7m and it’s a family machine.
The final session was by First City Monument Bank (FCMB) and their representative broke the ice by asking “what are your perceptions about bank as a business owner?” He also asked what is the biggest problem faced by business? To which most people answered “Funding”. In his own words, “I’ll be showing you who we are as a bank, how we think and why we think the way we think”. Two business owners were called to represent their business for some questioning so as to show the audience how the bank thinks.
The FCMB representative asked the volunteers questions such as; Do you have a business plan? Does your business have structure? Is your company registered? Do you have a financial plan? How fast do you see your business growing? Do you have shares in any bank? After their answers he asked the general audience “If you were an investor which of these will you invest in?” He continued, As a Bank we are looking for businesses that have structures and business plan. We are interested in the success, progress and growth of businesses.
As an example of one of the bank’s products he spoke about one for SMEs in Agric business, with a loan access of up to N10m at an interest rate of 5% per annum. Secondly, a loan access of up to N200m for those in manufacturing at an interest rate of 18%, with 1 year moratorium and pay back after 7 years. For women in Business, there is N100mn at 16% interest rate with 4 years payback period. And there is the Youths Entrepreneurship Northern Program where coppers can access up to N5m, see more at www.ydpe.sme.com.
Question & Answer Session:
- About the first product, what is needed for collateral?
You don’t need any collateral to get it just go to the nearest FCMB branch for the procedure.
- Regarding women in business, what kind of businesses are you talking about?
It is across broad like selling, production, outsourcing etc.
- Is there any package for statues?
You need to attach few documents, visit an FCMB branch. As part of the package you get a free website, free accounting services etc.
- Is there any platform to sponsor children or even give loan for their schooling?
What we have now is just partnering with schools but we are working on the direct one too.
In conclusion Fola Ogunsola encouraged the participants to visit www.boi.ng.com, and invited Wale Ogunsola to give the closing prayer.