Business

“I started my multimillion naira Bodex Footwear business with N20,000 only”-Bodex Hungbo

Published

4 years ago

March 19, 2021 2:57 pm

By. Charles Kalu

Nigerian Lady Cobbler And entrepreneur, Florence Bodex Hungbo is advising young girls seeking to have a career in male dominated professions like shoe making and mechanics not be intimidated but to have a strong mindset to succeed no matter the odds.

She reminded them that it’s their hand work that puts money in their pockets and not what people say or think about them.

The Young female entrepreneur was speaking during an appearance on Silverbird News24 breakfast show; NewsHub to mark the International Women’s Day in March 8, 2021.

According to her, “I do feel discriminated doing male dominated work but I really don’t care because it’s all about how well you carry your brand and your mindset about being a lady doing fabulously well in a male dominated environment that’s the selling point.

Asked how she got into shoe making business? Hear her;” I was pushed into shoe making due to depression that led to almost taking my life. I paid a shoe maker N30,000 at Ajegunle to learn the trade. And I have no regrets because today I make shoes for governors, ministers, celebrities and so on

After my training; I started making branded shoes with ‘Bodex media’ written on it to cover all types of events. I had no intention of making it money making venture until a Nollywood actress commissioned me to make four pairs of shoes worth N20,000 which I said it’s pay before service and she obliged now, that token became the seed money I invested to start the Bodex Footwear.

“Before I got into the business I had to study my environment first knowing that almost everyone wears and must need a shoe. If you are in my shoes, you need to also ask yourself what is selling where you are? Yea, you might be frightened for being a male dominated industry but for the love of choosing to challenge, such narrative is the least you want to dwell on. Don’t feel threatened for doing what men are known for as physical appearance is different from your hands strength and deliverables

Bodex disclosed that she also runs an NGO known as BEWI AFRICA- Bodex Exceptional Women Initiative. She reveals that she talks to young girls on the streets about shoe making, mechanics, painting and so on where they are trained for free and taught about the gains in shoe making in her factory situated at Surulere. I tell them it’s a male dominated work but you have to choose one and make it work if we are really fighting for gender equality

The lockdown due to Covid19 affected our work but we had to resort to online advertisements and also kept in touch with some of our clients. The effect of COVID-19 didn’t have much impact since it’s a selling business

I always tell young girls, stereotypes is a mindset not society impacted thought and so long as someone else either a man or woman had done it before or now then, we can always do it

Business

UBA to raise N239bn through rights issue to expand lending capacity

Published

1 day 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

2 days 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

2 days 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