Business

Mistress of all trade CEO Bodex Group Talks About How She Hawks in Lagos Streets to Dining with Kings

Published

5 years ago

August 26, 2019 12:52 pm

Bodexng

Enjoy this interview with the graduate of industrial chemistry.

When did the journey begin and why so many areas of interest?

I started in 2007, but now I have three companies—Bodex Beauty House, Bodex Media and House of Bodex— all under one umbrella, Bodex Group International. However, I really don’t have particular areas of interest. All I do is start a business. The outcome determines if I should continue or not. Once the outcome is good, then it becomes the area of interest. It must have been due to my childhood experiences. While growing up, I had this mentality that too much of comfort is deadly and coming from a polygamous family made it tougher. I started hawking because things turned out unpleasant. I hawked ‘puff-puff’, bread, biscuit and more. My late father was rich, but when your father loved a set of people more than you and will pay their school fees first and delay yours, you should know you have to work hard. So I vowed to be successful and stand on my own to change such narrative.

However, capital is the most difficult in any business, especially when you are, well, not from a well-to-do family or couldn’t save money. But once you have passion for anything, the spirit of wanting to succeed automatically becomes your capital. For my shoe company, for instance, I didn’t start with one naira. I made some shoes for myself, wore them around and people liked them. When they asked that I make for them, I said it is pay before production. Someone paid N50, 000 for some and I made a profit of N20, 000. And it has been like that. As I said, your passion is your money, before you start cashing out.

You studied Industrial Chemistry; at what point did you delve into public relations and why?

I felt I had free internet and time in the office while working as personal assistant/secretary to Jimoh Ibrahim in 2014. So, I decided to start what I called ‘play play blogging’ instead of wasting time. I began blogging about my daily activities, posting about myself, my everyday experience with people, my mode of dressing and more. I never knew some important people noticed and were constantly reading my ‘play play’ blogging. When it was time for 2015 elections, I was contacted through my blog and invited to meet with the then President Goodluck Jonathan on media grounds. After my meeting with him, I was asked to be his Media Consultant and my job was to organise bloggers for press briefing, adverts and a lot more.

I pulled that crowd and His Excellency was amazed and impressed. From then onward, I decided to add PR consultancy to my job and since then, I have consulted and is still consulting for government, public and private individuals and organizations.

Did education and/or training help?

Yes. You need them. You must keep learning. Though a graduate of Industrial Chemistry from Olabisi Onabanjo University, Ago Iwoye, Ogun State, over the years, I have taken trainings across sectors. These include HSE Competence Development Training, Basic Fire Safety, Effective Communication, Value-Based Customer Service, shoe, belt and bag making, How May I help You Programme and Google News Lab, among others.

So, it’s been 12 years of working the public, private and entertainment industry as a digital business woman knowledgeable in social media strategy, digital marketing, blogging, PR consultancy, TV presentation/production, brand management and, of course, as a renowned female cobbler. I have also gained considerable project experience while working with NAPIMS-NNPC, MTN, Global Fleet Oil and Gas. As a PR consultant, I consulted for former President Jonathan; Otunba Gbenga Daniel and former Vice President Atiku Abubakar. I am the PR consultant for La Campagne Tropicana and do jobs for Globacom, Lagos State government and some entertainers.

I read about you in a Turkish shoe factory…

Yes, I was in Turkey to partner with one of the biggest shoe factories so I can start large scale shoe production. I also went to check out new shoe-making machines and their cost. During the tour, I realised that so many things I use my hands to make here in Nigeria can actually be done with some specific machines designed for such purposes. I also got to know that the Turkish government has some money set aside for entrepreneurs, who have talent but no capital.

Do you have your eyes on the foreign market?

I am already in the foreign market. I currently have two offices in United States where I sell my footwear and both whites and blacks love them. I also have clients in Dubai, London, Ghana and South Africa. Many of them buy from me and resell over there.

Let’s say you have the powers. What would be the one thing you will do to boost entrepreneurship in Nigeria?

I will create an open market—online or offline— where entrepreneurs can showcase their craft with maximum media buzz. But for now I, am into a women empowerment scheme called Bodex Exceptional Women Initiative, BEWI, which aims at training, promoting, showcasing, influencing and empowering exceptional women in men-dominated professions. Although a new initiative, we already have Mrs Toyin Saraki on board. The first summit will be in October, God willing, and we have young girls submitting entries to be part of it.

What business principles have helped you and, in retrospect, what mistakes did you make that you would advise entrepreneurs against?

The personal business principle that has helped me over the years, and still helping me, is sticking to whatever I believe or have passion for; as long as it keeps people talking, then that’s good business. I have made a lot of mistakes, such as ‘chopping’ my profit and then ending up spending from capital. Again, I combined my personal account with the business account, which isn’t good for business. Every business owner should separate personal account from business account.

What gives you the most satisfaction?

My home.

Business

UBA to raise N239bn through rights issue to expand lending capacity

Published

8 hours ago

November 16, 2024 2:23 pm

BodexNG

The United Bank for Africa (UBA) says it will raise N239.4 billion through a rights issue to existing shareholders.

According to a statement on Thursday, the bank is offering a rights issue of 6.83 billion ordinary shares of 50 kobo each at N35 per share.

The financial institution said the offering, opened on November 15, gives existing shareholders the opportunity to buy additional shares in proportion to their current holdings and is being offered based on one new ordinary share for every five existing ordinary shares held by shareholders, as of November 5.

Speaking to shareholders, Tony Elumelu, group chairman of UBA, said the rights issue is the first step in its broader capital-raising programme.

“UBA’s rights issue aims to raise N239.4 billion, through the issuance of new Ordinary Shares to our shareholders,” Elumelu said.

“The primary objective of this Rights Issue is to further strengthen our capacity to take advantage of growth opportunities and sustain our leadership in the banking industry.”

Elumelu said beyond regulatory compliance, the funds would expand UBA’s lending capacity, investment in digital infrastructure, support sustainable business practices, and expand its African operations.

The group chairman also highlighted how UBA is driving economic growth across Africa.

“Our historic partnership with the Africa Continental Free Trade Area (AfCFTA) Secretariat, where UBA pledged up to US$6 billion in financing over the next three years to support eligible SMEs across Africa underscores our commitment to fostering economic development,” he added.

The businessman also said the issuance complies with the revised minimum capital requirements for Nigerian commercial banks announced by the apex banking regulator in Nigeria — the Central Bank of Nigeria (CBN) earlier this year.

In April, UBA sought shareholders’ approval at the company’s 62nd annual general meeting (AGM) to raise capital.

The development followed the CBN’s directive to commercial banks with international licences to raise their capital base to N500 billion, pegging the capital requirement for national and regional financial institutions at N200 billion and N50 billion, respectively.

Business

FBN Holdings to change brand name to First Holdco

Published

15 hours ago

November 16, 2024 7:54 am

BodexNG

First Bank of Nigeria (FBN) Holdings Plc says shareholders have approved its plan to change the company’s name to First Holdco Plc.

In a notice on Friday, Adewale Arogundade, the company secretary, said the decision was approved by shareholders at its 12th annual general meeting held virtually on Thursday.

According to the company, the change will be extended to all subsidiaries.

“That there should be a change of the legal and brand names of the Company from FBN Holdings Plc and FBNHoldings to First Holdco Plc and FirstHoldco, respectively,” FBN Holdings said.

“That the change of legal and brand names should be extended to the subsidiaries of FBN Holdings Plc

“That the directors be and are hereby authorised to perform all such other acts and do all such other things as may be necessary to give effect to the above resolutions, including, without limitation, complying with the directives of any regulatory authority.

“That upon completion of the processes for the change of name, Increase of the Company’s share capital and allotment of the new ordinary shares in accordance with the resolutions above, the Memorandum and Articles of Association of the Company be amended as necessary to reflect the Company’s new legal name and Issued share capital.”

Business

Nigeria’s inflation rate rises to 33.8% as food prices’ surge persists

Published

1 day ago

November 15, 2024 2:10 pm

BodexNG

The National Bureau of Statistics says Nigeria’s inflation rate was 33.88 percent in October — up from 32.7 percent in September.

The data is captured in the NBS’ latest consumer price index (CPI) report for October published on Friday.

The CPI measures the rate of change in prices of goods and services.

The data bureau said the headline inflation rate in October rose by “1.18% points when compared to the September 2024 headline inflation rate”.

“On a year-on-year basis, the Headline inflation rate was 6.55% points higher than the rate recorded in October 2023 (27.33%),” NBS said.

“This shows that the Headline inflation rate (year-on-year basis) increased in October 2024 when compared to the same month in the preceding year (i.e., October 2023).

“Furthermore, on a month-on-month basis, the headline inflation rate in October 2024 was 2.64%, which was 0.12% higher than the rate recorded in September 2024 (2.52%).

“This means that in October 2024, the rate of increase in the average price level was higher than the rate of increase in the average price level in September 2024.”

‘INCREASE IN RICE, YAM PUSHED FOOD INFLATION RATE TO 39.16%’

The NBS also said the food inflation rate in October surged to 39.16 percent, compared to 33.77 percent in September.

On a year-on-year basis, the food inflation rate was 7.64 percent higher compared to the rate recorded in October 2023 (31.52 percent).

“The rise in food inflation on a year-on-year basis was caused by increases in prices of the following items: guinea corn, rice, maize grains, etc (Bread and Cereals Class), Yam, Water Yam, Coco Yam, etc (Potatoes, Yam & Other Tubers Class), Palm Oil, Vegetable Oil, etc (Oil and Fats Class) and Milo Lipton, Bourvita, etc (Coffee, Tea & Cocoa Class),” the bureau added.

The statistics firm also said the month-on-month food inflation rate in October was 2.94 percent, showing a rise of 0.3 percent compared to the 2.64 percent recorded in September.

“The rise can be attributed to the rate of increase in the average prices of Palm Oil, Vegetable oil, etc (Oil & Fats Class), Mudfish, Croaker (Apo), Fresh fish (Obokun), etc (Fish Class), Dried Beef, Goat Meat, Mut-ton, Skin meat, etc (Meat Class), and Bread, Guinea Corn flour, Plantain flour, Rice, etc (Bread and Cereals Class),” the NBS said.

“The average annual rate of food inflation for the twelve months ending October 2024 over the previous twelve-month average was 38.12%, which was an 11.79% point increase from the average annual rate of change recorded in October 2023 (26.33%).”

Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others