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Computer Village: Meet the New Iyaloja, Abisola Azeez Raolat

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  • Computer Village: Meet the New Iyaloja, Abisola Azeez Raolat

Computer Village, Nigeria’s renown ICT market, appointed a new Iyaloja and Babaloja (traditional market leaders) to replace the leadership of Computer and Allied Product Dealers Association of Nigeria (CAPDAN), headed by Ahmed Ojikutu.

The newly appointed Iyaloja, Abisola Azeez Raolat, is not your everyday traditional market leader despite protesters against her installation saying otherwise.

Raolat, who speaks fluent English, studied Linguistics and graduated from the University of Benin in 1990.

Her journey to the top of the ladder in Nigeria’s largest ICT market started in the 1990s after her graduation from the University.

The Iyaloja, according to her, used to have an office in the highbrow area of Lagos, Victoria Island to be precise, where she was importing laptops and selling them locally.

She, however, relocated to Ikeja some 25 years ago, five years before Computer Village was formally established in 1999.

So it wasn’t a surprise when she mentioned that she was a foundation member of CAPDAN, executive board member and doubled as its secretary before it was reformed recently.

“I am the secretary of the group that registered CAPDAN,” Abisola explains, “I was the major person whom God used to install the president of the association. Evidence of this can be found in the video of his electioneering campaign as I was in the forefront of it,” Raolat continues.

The New Iyaloja of Computer Village, Abisola Azeez RaolatDespite the committee having executive board, the Iyaloja said she was the lead negotiator for the association whenever they need to approach blue-chip companies and banks.

“As part of the executive board of CAPDAN, and apart from being the secretary of the group that registered the association, I am the one who goes out on behalf of the association to talk to the likes of Microsoft and other blue-chip companies. I’m the one they send. So I have been in the system for long doing all of these, adding value to the business and community at large,” she added.

Therefore, because of her efforts and contributions, she said she is fully aware of Computer Village needs to thrive.

“The challenges of the people here are many, but I can tell you that lack of funding for these shop owners sits somewhere at the top. I however equally know how to harness facilities that enhance the growth of businesses in Computer Village,” says Raolat.

She explains that in the early days of the market, banks used to be a stumbling block to most shop owners. Apparently, banks in the country were buying laptops in bulk and selling to customers with a well-thought-out instalmental payment plan.

“I was one of the people who wrote to the government to stop banks from selling laptops as they aren’t specifically in the business of buying and selling,” she stated.

The New Iyaloja of Computer Village, Abisola Azeez Raolat

The new Iyaloja, however, expressed concern over market security.

According to her, “majority of the people on the streets (of Computer Village) are doing nothing. It is impossible not to get accosted by at least 5 boys asking if you want to buy or sell laptop should you find yourself walking the streets of Ikeja. Those are miscreants. The ones that really have things to sell are in front of their shops.”

She stated that it is impossible to leave the market like, hence promised to restore sanity to the streets of Computer Village soon.

“We cannot leave a large market like this just like that, without adequate security. If we remove those, you will see that there will be sanity on the streets with free flowing traffic. Very soon you would see that, on the streets of Ikeja, there will be no waiting, no stopping and no soliciting. Just keep moving,” boasts Abisola.

On her appointment as the new Iyaloja, Raolat said it wasn’t really surprising as more than five meetings, spanning several months were held with stakeholders prior to the appointment.

“I have always been a leader. I’ve been called ‘Iyaloja’ by everyone in the market for over ten years, as a nickname and as a result of my contribution in the market. But in my humble opinion, I think it’s just the right time for God to crown the name with a position,” she concludes.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Guinness Nigeria Postpones Spirits Importation Exit, Extends Deal with Diageo

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Guinness - Investors King

Guinness Nigeria Plc has announced a delay in its plan to halt the importation of spirits as it extended its agreement with multinational alcoholic beverage company Diageo until 2025.

The decision, communicated through a corporate notice filed with the Nigerian Exchange Limited on Tuesday, cited a longer-than-expected transition period for separating its business from Diageo’s.

Initially slated for discontinuation in April 2024, the importation of premium spirits like Johnnie Walker, Singleton, Baileys, and others under the 2016 sale and distribution agreement with Diageo will now continue for an additional year.

The extension comes as the process of business separation between Guinness Nigeria, a subsidiary of Diageo, and Diageo itself faces unexpected delays.

In October, Guinness Nigeria had announced plans to cease importing spirits from Diageo, a move aimed at reducing its foreign exchange requirements.

However, the separation process has encountered unforeseen hurdles, necessitating the extension of the importation agreement.

The notice, signed by the company’s Legal Director/Company Secretary, Abidemi Ademola, highlighted the ongoing efforts by Guinness Nigeria and Diageo to implement the separation, originally scheduled for completion by April 2024.

The extension underscores the complexity of disentangling the businesses and ensuring a smooth transition.

Guinness Nigeria reaffirmed its commitment to the long-term growth strategy, aligning with Diageo’s decision to establish a new, wholly-owned spirits-focused business.

Despite the delay, both companies remain dedicated to managing the importation and distribution of international premium spirits in West and Central Africa, with Nigeria as a key hub.

The postponement comes amid challenges faced by Guinness Nigeria, including significant exchange rate losses, which amounted to N49 billion in the 2023 half-year operations.

Despite these setbacks, the company remains optimistic about its future prospects in the Nigerian market.

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Private Sector Warns: Interest Rate Hike to Trigger Job Cuts and Inflation Surge

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Private employers

As the Central Bank of Nigeria (CBN) announced a hike in the Monetary Policy Rate (MPR) from 22.75% to 24.75%, concerns have been raised by the private sector regarding the potential ramifications on job stability and inflationary pressures.

The move, aimed at curbing inflation and stabilizing the exchange rate, has prompted apprehension among business operators who fear adverse effects on the economy.

Representatives from the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and the Nigerian Association of Small Scale Industrialists have voiced their worries over the increased difficulty in accessing affordable credit.

They argue that the higher interest rates will impede the private sector’s ability to borrow funds for expansion and operational activities.

This, they fear, could lead to a reduction in business investments and subsequently result in widespread job cuts across various sectors.

The Lagos Chamber of Commerce and Industry (LCCI) acknowledged the necessity of the interest rate hike but emphasized the potential negative consequences it may bring.

While describing it as a “price businesses would have to pay,” the LCCI highlighted the current fragility of the economy, exacerbated by various policy missteps.

They cautioned that the increased cost of borrowing could stifle entrepreneurial activities and discourage expansion plans critical for economic growth and job creation.

Experts have echoed these concerns, warning that the tightening monetary conditions could exacerbate inflationary pressures and hinder economic recovery efforts.

With inflation already soaring at 31.70%, the rate hike could further fuel price hikes, especially in essential goods and services, thus eroding the purchasing power of consumers.

However, CBN Governor Yemi Cardoso defended the decision, citing the imperative to address current inflationary pressures and ensure sustained exchange rate stability.

He emphasized the need to restore the purchasing power of ordinary Nigerians and expressed confidence that the economy would stabilize by the end of the year.

Despite assurances from the CBN, stakeholders remain cautious, calling for a more nuanced approach that balances the need for price stability with the imperative of fostering economic growth and job creation.

As businesses brace for the impact of the interest rate hike, all eyes are on the evolving economic landscape and the measures taken to mitigate its effects on livelihoods and inflation.

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Breaking Barriers: Transcorp Hotels CEO Shares Journey from Crisis to Success

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Dupe Olusola

Dupe Olusola, the Managing Director/CEO of Transcorp Hotels Plc, reflects on her remarkable journey from navigating the depths of a global pandemic to achieving unprecedented success in the hospitality industry.

Appointed in March 2020, amidst the onset of the COVID-19 pandemic, Olusola found herself at the helm of a company grappling with the severe economic fallout and operational challenges inflicted by the crisis.

Faced with a drop in occupancy rates from 70% to a mere 5%, Olusola and her team were confronted with the daunting task of steering Transcorp Hotels through uncharted waters.

Undeterred by the adversity, they embarked on a journey of transformation, leveraging creativity and resilience to navigate the turbulent landscape.

Implementing innovative strategies such as introducing drive-through cinemas, setting up on-site COVID-19 testing facilities, and enhancing take-away services, Transcorp Hotels adapted to meet the evolving needs of its guests and ensure continuity amidst the crisis.

Embracing disruption as a catalyst for growth, Olusola fostered a culture of collaboration and teamwork, rallying her colleagues to overcome obstacles and embrace change.

Through unwavering determination and a commitment to excellence, Transcorp Hotels emerged from the pandemic stronger than ever, breaking profit and revenue records year after year.

“It’s indeed been a great opportunity to learn and relearn, to lead and to grow. When you see success stories, remember it’s a journey with twists, turns, ups and downs but in the end, it will all be okay”, she said.

Olusola’s leadership exemplifies the power of adaptability and perseverance, inspiring her team to transcend limitations and chart a course towards unprecedented success.

As Transcorp Hotels continues to flourish under her stewardship, Olusola remains steadfast in her dedication to driving innovation, fostering growth, and breaking barriers in the hospitality industry.

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