Market digest Nigeria Vol 1 No 4 by market digest nigeria

DIGEST

SARAH FORBES / ONE HYDE PARK, LONDON / ARE THE RICH LESS ETHICAL / TECHNOLOGY REVIEW

MARKET FINANCE & LIFESTYLE

NIGERIA Vol 1 No 4

PRINCE SUNNY AKU

LAUNCHES ROYAL BILLIONAIRE LUXURY LIFESTYLE

DEVELOPMENT:

AFRICA'S FUTURE MULTI-BILLION MEGA CITIES

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Ellago

COMING SOON CONTACT US: +234(0) 81 600 4104

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AVANCO OIL & GAS: Energy Solutions for Africa Avanco Oil and Gas is an indigenous oil and gas company established to become an industry leader in the provision of energy solutions for oil and gas companies in Africa. We are a trusted leader and global partner in providing worldclass services and products. We assemble and deliver a large combination of consumables, capital equipment and expertise directly to major international and national oil companies in all corners of Africa. www.avancong.com

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Make a Powerful Luxury Statement

15 Agoro Diyan Street, Off Adeola Odeku , Victoria Island, Lagos. 0700BillionaireL , 0814 034 4441, 0803 439 1668 ceo@billionaireluxurylifestyle.com, billionaireluxurylifestyle@gmail.com www.billionaireluxurylifestyle.com Luxury Furniture | Executive Luxury Jet Leasing | Luxury Coach, Luxury Yacht | Luxury Apartments | Luxury Hotels Luxury Limos | Luxury SUV | Luxurious Holiday Packages

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EXCLUSIVE INTERVIEW WITH PRINCE SUNNY AKU Chairman/CEO of Royal Billionaire Luxury Lifestyle Limited

TOP 10 FASTEST CARS IN THE WORLD 2015 - 2016 Edition by Stephen Edelstein

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INTERVIEW WITH DARLINGTON NWOKE CEO of Goldcraft 60 Concepts International CONTENTS REGULARS

Great Escapes Destination: France 40

Startup Financing 62

Top 11 Free Things to do in Paris

Perfecting your Pricing

Black History: Sarah Forbes Bonetta 46

Do you have to Fail to Succeed? 64

FEATURES

The African Princess in Victorian England

Cool High Tech Gadgets to Give your Home a Futuristic Look by Bogdan Sandu

One Hyde Park London 48

Networking No Nos 68 Are the Rich Less Ethical? 70

Africa's Future Mega Cities 28 The Young & Penniless Generation 34 How Nigeria Ceoâ&#x20AC;&#x2122;s Can Leverage Twitter 36

Interior Decor Ideas 56

Editors Letter 9 News 12 Technology Review 16

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The Most Expensive Apartment Building in the World by Nicholas Shaxson

by Amanda Akah

Why Failure is Good for Success

Does Being Greedy Make You Wealthy?

Properties for Sale Abroad 72 Properties for Sale in Nigeria 75

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BRIN G

E TAT ES

IFE TO REA L G

MARKET DIGEST NIGERIA

info@marketdigestnigeria.com.ng +234(0) 7059570580 1 Ivory Street, osapa London, Lekki. Lagos. www.marketdigestnigeria.com.ng

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EDITOR'S NOTE

Welcome Dear Reader,

It is with much joy and anticipation that we celebrate this issue. On behalf of the Team, I would like to extend a very warm welcome to the readership of Market Digest Nigeria. I take this opportunity to thank our authors; editors and reviewers, all of whom have volunteered to contribute to the success of this issue. I am also grateful to Prince Sunny Aku for his professionalism over the course of producing this issue. Market Digest Nigeria magazine is a publication that doesn't just report on happeningsâ&#x20AC;&#x2122; and developments; it stands for something. We embrace the idea that business serves a purpose in our world that goes beyond Naira and Kobo, and that a responsible and sustainable enterprise can be a vehicle for progress. We believe these higher goals don't contradict the quest for profitability. We are passionately interested in the nitty-gritty of what makes businesses really work and celebrate the creative people in all types of companies, at all levels, who inspire innovation. I hope this issue can help you bloom when the ground thaws, we have filled this issue with information to help you till your corporate soil, courtesy of advice from the best business growers we could find. We welcome contributions that can demonstrate nearterm practical usefulness, particularly contributions that take a multidisciplinary / convergent approach because many real world problems are complex in nature. If your firm has new products to crow about, I'd love to hear about that, too. You can email me at odion.walter@ marketdigestnigeria.com.ng and if you are looking for real estate anywhere in the world, let us know. We'd be happy to host a tour around the best properties in the market. We appreciate your support and are happy to have you as a reader of Market Digest Nigeria Magazine. With warmest thanks, ESELE WALTER ODION Executive Editor

OUR TEAM EXECUTIVE EDITIOR Esele Walter Odion MANAGING EDITOR Ailsa Callum FINANCE MANAGER Muhammad Asoloko CREATIVE DIRECTOR Maks Franc Design ADVERTISING MANAGER Jennifer Emmanuel BUSINESS DEVELOPMENT Amanda Akah DISTRIBUTION Ade Kayode ADVERTISING For advertising opportunities please contact +234(0) 7059570580 info@marketdigestnigeria.com.ng Market Digest Nigeria magazine is published four times yearly. Unauthorized reproduction is strictly forbidden. Printed by Market Digest Nigeria Publishing www.marketdigestnigeria.com.ng

MARKET DIGEST NIGERIA

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unfOrgeTTable experience

Exotic islands, swaying palm trees, golden beaches, all that is enchanting about the archipelago of Indonesia is waiting for you at The Oberoi, Bali. Overlooking Seminyak Beach’s crashing surf and tropical sunsets with a beach frontage of 450 metres, The Oberoi, Bali is in the heart of the vibrant village of Seminyak, filled with artisan boutiques, galleries and world class shopping. Rate per room per night in US Dollars Minimum Stay 3 Nights

Minimum Stay 5 nights

Luxury Lanai Room Garden View

430

380

Luxury Lanai Room Ocean View

485

445

Luxury Villa Garden View

620

550

Luxury Villa Ocean View

695

620

Luxury Garden View Villa with Private Pool

790

710

Luxury Ocean View Villa with Private Pool

900

800

Royal Ocean View Villa with Private Pool

1,135

1,000

Room Category

Offer includes: • Luxury accommodation for two. • Daily breakfast in the restaurant, newspaper, fresh fruits in the room. • Daily afternoon tea at The Amphitheatre. • Return airport transfers. • Complimentary wireless internet access. • Free use of gymnasium, tennis court and 24 hour business centre.

Terms and conditions: • Offer is valid from: 1st April to 30th June, 2015. • Rates are for single or double occupancy and are subject to change without notice. • Rates are subject to 11% Government tax and 10% service charge.

Combine your stay at Oberoi hotels in Bali and Lombok and receive complimentary inter-island transfers by air or sea. Minimum of 6 nights stay at The Oberoi, Bali and The Oberoi, Lombok (with a minimum 2 night stay at The Oberoi Lombok), at the respective applicable rate, is required to avail the offer.

+62 361 730 361 | reservations.tobi@oberoihotels.com | www.oberoihotels.com

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unfOrgeTTable experience

The Indonesian island of Lombok presents a picture of serenity with its white sand beaches, shimmering turquoise waters and dense green forests. Located on pristine Medana Beach, The Oberoi, Lombok is a cluster of villas and pavilions set amidst lush tropical gardens. Spacious bedrooms appointed with traditional artefacts make every pavilion a lavish retreat. Villas, most with private swimming pools, create an ambience of serenity.

Room Category

Rate per room per night in US Dollars Minimum Stay Minimum Stay 3 Nights 5 nights

Luxury Pavilion Garden View

380

340

Luxury Pavilion Ocean View

450

410

Luxury Villa Garden View

550

490

Luxury Villa Ocean View

630

560

Luxury Garden View Villa with Private Pool

710

640

Luxury Ocean View Villa with Private Pool

800

710

Two Bedroom Ocean View Villa with Private Pool

1,100

980

Royal Ocean View Villa with Private Pool

1,000

880

Offer includes: • Luxury accommodation for two. • Daily breakfast in the restaurant, newspaper, fresh fruits in the room. • Daily afternoon tea at the Tea Bale. • Return airport transfers. • Complimentary wireless internet access. • Free use of gymnasium, tennis court, mountain bikes, golf putting green and 24 hour business center.

Terms: • Offer is valid from: 1st April to 20th July, 2015. • Rates are for single or double occupancy and are subject to change without notice. • Rates are subject to 11% Government tax and 10% service charge.

+62 370 613 8444 | reservations.toli@oberoihotels.com | www.oberoihotels.com

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NEWS

NIGERIAN E-COMMERCE SITE DEALDEY GETS ACQUIRED BY SWISS MEDIA GROUP RINGIER

The African subsidiary of Swiss media and e-commerce company Ringier has acquired Nigerian online shopping startup DealDey for an undisclosed amount. Ringier Africa Deals Group, a joint venture between Swiss Ringier Africa AG and South African Silvertree Internet Holdings Ltd., announced the deal in April. The digital retail startup DealDey a Grouponlike startup previously raised at least $1 million from the Swedish investment firm Kinnevik in 2011. Kinnevik followed that with $5 million in series B financing in 2015. No equity percentage was given for either round so it’s not possible to extrapolate the valuation DealDey may have put forward for the Ringier Africa acquisition.

PAN, the Nigerian assembly plant located in Kaduna State, has Peugeot Citroen as its technical partner with a capacity to assemble 240 cars a day, PAN said on its website. “We have submitted bids for the carmaker … with Aliko Dangote on board together with BoI, Kebbi and Kaduna State, we are confident our bid will sail through,” El-Rufai told a conference. El-Rufai did not provide further details. Bids for AMCON’s stake closed on Jan. 26. The billionaire tycoon’s Dangote Group is active in cement, oil, food and sugar business, and just recently opened a tomato-processing factory near Nigeria’s northern city of Kano aimed at vying for the local market with imports from China. The plant that will produce 1,200 metric tons per day was built following a 2011 Central Bank of Nigeria study that showed it was cheaper to process tomato paste locally than import from China, the source of about 300,000 tons a year worth $360 million. PAN Nigeria Limited was set up in 1972 as a joint venture between the Nigerian government and France’s Peugeot, with an annual production of 90,000 cars by the 1980s. Asset Management Corporation of Nigeria, a state-owned bank, owns 79.3 percent of PAN Nigeria Limited, having bought the company’s debt and taken some as equity.

CURIO - A COLLECTION BY HILTON MAKES ITS AFRICA DEBUT AT NIGERIA’S MURTALA MUHAMMED INTERNATIONAL AIRPORT

AFRICA’S RICHEST MAN DANGOTE MAKES BID TO ACQUIRE CONTROLLING STAKE OF PEUGEOT NIGERIA

Aliko Dangote, Africa’s richest man, has teamed up with two Nigerian states to bid for a majority stake in Peugeot Automobile Nigeria (PAN) Limited, a local joint venture with the French automaker. Governor Nasir El-Rufai said the states of Kaduna and Kebbi, along with development lender Bank of Industry (BoI) and Dangote had submitted bids for the stake which AMCON, Nigeria‘s state-backed bank, is looking to sell.

Hilton Worldwide has reached an agreement with Quits Hospitality Ltd to open the first property under the Curio – A Collection by Hilton brand in Africa. The Legend Hotel is expected to open in mid-2016 and will be located at the Murtala Muhammed International Airport in Lagos, Nigeria. The Legend Hotel, which will be located within the airport boundaries, will feature 54 guest rooms, including eight suites. Travelers will benefit from the hotel’s unrivalled proximity to the international airport terminal, as well as exclusive facilities for private and corporate clients of the private aviation jet company ExecuJet. Travelers will enjoy same-building access to the arrival and departure services of ExecuJet. >>

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Launched in June 2014, the Curio collection is a global set of remarkable upscale and luxury hotels hand-picked for their unique character and personality; each one a part of the city they call home. By partnering with Hilton, these one-of-akind hotels benefit from the proven track record and quality synonymous with Hilton without redefining the individualistic spirit of the hotel. “Curio is a great opportunity for investors looking to benefit from the performance advantage and smart innovations of Hilton, whilst retaining the individual character and identity of their hotel,” said, Patrick Fitzgibbon, Senior Vice President of Development, Europe, Middle East & Africa for Hilton Worldwide. “Our growth strategy across the continent continues at a fast pace, with more than fifty percent of our development pipeline currently under construction – opening up new destinations for travellers to Africa.”

AIG for €75 million, effectively valuing AIG at over $1 billion. AIG is the company behind Africa’s largest e-commerce company Jumia. AIG was founded with an investment from Rocket in 2012, and entered a partnership with Swedish telecoms group Millicom the same year. AIG has gone on to create 71 different companies across 26 African countries, including the online delivery service HelloFood, a hotel booking company called Jovago, and the ride-hailing service Easy Taxi. Jumia, which is the largest of the group’s businesses, was launched in Nigeria and now operates in Algeria, Cameroon, Egypt, Ghana, Ivory Coast, Kenya, Morocco, Senegal, Tanzania, and Uganda. Jules Frebault, an Executive Director at Goldman Sachs, says the bank was attracted by the AIG’s reach across the continent and “execution capabilities”, giving AIG “a leading role in the development of Africa’s online economy”. Frebault added that shareholders were likely to consider an IPO “at some point,” and said the option is “on the table for the future,” but declined to give further details.

IHS TOWERS ACQUIRES RIVAL HELIOS TOWERS NIGERIA (HTN)

IHS Holding on Thursday announced that it has agreed to acquire Helios Towers Nigeria (HTN), in the process adding 1,211 tower sites in Nigeria to its portfolio. IHS, which owns 23,300 mobile towers across Nigeria, Cameroon, Ivory Coast, Zambia and Rwanda, said it expects to derive “meaningful synergies” from the transaction, given that a considerable part of its footprint is located in Nigeria. The deal, which is subject to regulatory approval, is expected to close in the second quarter of this year, IHS said. “This transaction is significant in that it combines Africa’s two original tower companies and will enable us to strengthen our service offering to our customers while focusing on their needs,” said Issam Darwish, Group CEO of IHS.

GOLDMAN SACHS & MTN TO INVEST $245M IN NIGERIAN E-COMMERCE FIRM AFRICA INTERNET GROUP (AIG)

Africa Internet Group (AIG) has secured €225 million ($245 million) in funding from investors including US bank Goldman Sachs, South African telecoms giant MTN and German startup incubator Rocket Internet. This is one of the biggest fund raising rounds for any Africa-focused technology company. Last month, French insurer AXA purchased an 8% stake in

AFRICAN IPOS SET TO DOUBLE CAPITAL RAISED IN 2016: BAKER & MCKENZIE

Africa’s equity capital markets are set for a strong 2016 following a reasonable 2015 despite commodity price falls and capital flight from emerging markets hitting the continent’s major economies. Fifteen IPOs are already in the pipeline, with one, Nigeria‘s Interswitch, which processes payments for banks and operates in five African countries, could be Africa’s first billion dollar IPO and first public Fintech company if it proceeds with plans to dual-list in London and Lagos rather than go for a trade sale. If the 15 in the pipeline already proceed they are likely to raise $1.5 billion more than last year’s 21 African IPOs; almost twice as much as the total raised in 2015 and more than raised 2011-2013 combined. >> MARKET DIGEST NIGERIA

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NEWS asking rents in Ikoyi fell 9% through 2015, down from $1,000/ m²/annum in Q1 2015 to $910/m²/annum in Q4 2015 with more pressure expected through 2016. They went on to add that achievable rates are often 10-15% lower. Late last year, Cluttons also noted that they expected asking rents in this node to bottom out at $900/m²/annum.

GROSVENOR GROUP PARTNERS WITH RMB WESTPORT TO MAKE FIRST INVESTMENT IN SUB-SAHARAN AFRICA

Grosvenor Group, the privately owned international property group, has made its first investment commitment to subSaharan Africa. The investment, in RMB Westport Real Estate Development Fund II, has been made by the Group’s Indirect Investment team, whose remit is to enable Grosvenor to access investment opportunities with third-party managers with specialist expertise that complements those of the Group’s Operating Companies. RMB Westport is a real estate investment management and development firm, focused on creating real estate developments to international standards in sub-Saharan African cities. Grosvenor’s investment is in RMB Westport’s second fund, which will develop a combination of shopping centers, office buildings and industrial assets, targeting primarily Nigeria, Ghana, Angola and the Ivory Coast. The total capital raised in the initial close for Fund II is over $200m. Commenting on the deal, Mark Preston, Chief Executive of the Grosvenor Group, said: “This investment reflects our ambition to continue to diversify the Grosvenor Group. We have been keeping abreast of the opportunities in sub-Saharan Africa for some time and think that now is the right time to start investing in the region. It is a significant step for Grosvenor and I hope that we will increase our investment in the region over the long-term.” According to UN Habitat, around 500 million Africans live in urban centers and there are over 65 African cities with a population of more than a million people. However the developing consumer market is underprovided for, meaning that there are opportunities in the region for investment growth and strong investment returns.

OFFICE RENTS IN IKOYI TAKE A HIT

Arguably the most upmarket region in Lagos, Ikoyi is known for highflying property prices in the residential and office sector. Unluckily, the tough economic and business landscape that Nigeria has faced over the past 18 months, put together with a changing supply dynamic has put pressure on those high prices. A report released by Broll showed that average

Aside these economic woes, the Ikoyi narrative had already started changing and Alfred Rewane Road sat at the heart of this. New mixed use developments with the larger component usually being office, have lined up on this road as investors push to cement their trophy assets; and 2015 was a major year for their completions. Buildings such as Heritage Place, Temple Tower and B.A.T Rising Sun collectively put up close to 32,000m² on the leasing market. Others like Alliance Place and Kingsway Tower which are still under construction also began to visibly emerge. It has put significant pressure on rents. Troloppe Property Services explains that between Q4 2014 and Q4 2015 the supply of premium Grade A/B office space in Ikoyi increased by 170%, leading to an initial decline in rates spurred on by developers competing for tenants. They also expect rates to drop further in 2016 until positive occupancy levels are reached.

STOCK MARKET RECORDS 26% GROWTH IN Q1

The market capitalisation of the Nigerian Stock Exchange recorded a growth of 26% in the first quarter of 2016, just as the All-share Index rose by 25 per cent in the period under review. Specifically, the market capitalisation, which opened for the year, at N4.99tn, rose by 26 per cent, according to a report by Sterling Capital Markets Limited, to close at N6.28tn on March 31, 2010, up by N1.29tn. Also, the ASI which measures the movement of share prices rose by 25 per cent, from 20,827.17 points at which it opened for the year, to close at 25,966.25 points at the end of March. The FSDH Banking Index closed at 299.13 points, up by 29.42 per >>

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cent, from 20,827.17 points at which it opened for the year, to close at 25,966.25 points at the end of March. The FSDH Banking Index closed at 299.13 points, up by 29.42 per cent, from 321.14 points at which it opened for the year, but the FSDH Insurance Index closed lower at 107.39 points, down by 1.98 per cent, from 107.39. According to some analysts, the growth in the ASI and the market capitalisation of the NSE in the first quarter was due to appreciation in the share prices of blue chip companies; unattractive rates in the money market; and expectations of the passage of the Asset Management Company bill, which is expected to enhance the liquidity in the economy, by wiping off the toxic asset of banks. Commenting on the performance of the stock market in the first quarter, the Managing Director of Partnership Investments, Mr. Victor Ogiemwonyi, said, ‘The run of stock prices in the first quarter is good news for investors who thought the market will never recover. The impressive recovery of over 25% run up this last three months, is powered by several positive factors. Positive reception of the Asset management Company proposed by the Central Bank of Nigeria, low interest rate regime and saturation of investments in the bond market, which has significantly reduced yields.

receive a total dividend of N16 billion or 55 kobo per share, while Sterling Bank Plc is giving out N2.6 billion.

SHELL DELAY NIGERIA PROJECT AFTER OIL PRICE ROUTE

Royal Dutch Shell have delayed multibillion-dollar offshore oil project in Nigeria as part of efforts to rein in costs and shore up cash flow following the collapse in crude prices. Shell has postponed until next year a final investment decision on the offshore Bonga South West project in Nigeria, which it is estimated will require $12bn of spending. It comes against a wider backdrop of severe cost-cutting across the industry, with capital spending by the world’s biggest energy companies being reduced 10-15 per cent this year as they scramble to respond to the 40 per cent-plus plunge in Brent crude since last summer. Shell is trying to bring down the so-called “break even” levels at which they produce oil. Bonga South West, which began producing oil and gas 10 years ago, is Nigeria’s first deepwater development at depths of more than 1,000 metres. It has already produced more than 500m barrels. The Bonga project includes the construction of one of the world’s biggest floating production platforms. Shell’s decision to delay a final verdict on Bonga investment follows its move in January to abandon plans for one of the world’s biggest petrochemical plants — a $6.5bn project with Qatar Petroleum.

SHAREHOLDERS OF FIVE BANKS TO SHARE N149BILLION DIVIDENDS FOR 2015

Shareholders of five banks will receive a total of N149 billion in dividends for the 2015 financial year despite the dismal state of capital market in 2015.The banks are: Zenith Bank Plc, GTBank Plc, United Bank for Africa Plc, Access Bank Plc and Sterling Bank Plc. The five banks recorded growth in profit, hence the recommendation of dividends for shareholders. Zenith Bank Plc recommended the highest dividend of N56.5 billion, which is N1.80 per share. GTBank followed with N52 billion or N1.77 per share. UBA Plc is giving out N21.7 billion or 60 kobo per share. Shareholders of Access Bank Plc are to MARKET DIGEST NIGERIA

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TECHNOLOGY REVIEW COOL HIGH TECH GADGETS TO GIVE YOUR HOME A FUTURISTIC LOOK BY BOGDAN SANDU Gadgets are becoming a part of our everyday life and like the mobile phone (one of the first gadgets) we are starting to be addicted, depending on them for our daily actions. As technology advances, so do these gadgets that we are fond of and we are amazed by the new concepts created by young and ambitious designers. These innovations appear from a necessity of solving the problems that old products have and besides new and improved functions, they also come with a beautiful design.

TRANSPARENT TV

The transparent tv designed by Michael Friebe is a marvelous piece of technology that combines conventional LCD and the latest TOLED display technology. This allows it to create non-transparent / solid moving pictures with rich color reproduction and full contrast range from solid black to pristine white.

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DIMENSIONAL WALL PANELS

People aren’t familiar with 3D wall panels. I don’t know why, cause they surely bring a nice feel to a room, with their interesting shapes that create a beautiful arrangement of light and shadows. They can also be put in shops, restaurants, offices and because of their different than usual look they transmit a nice futuristic look.

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SONY ECLIPSE

This Sony Eclipse concept created by Hoang M Nguyen and Anh Nguyen is a media player that uses photovoltaic cells situated on its backside to draw in solar power. With this player you have a slight change of seeing the battery low warning very very rare.

FLOOR PLAN LIGHT SWITCH

Have you ever had a problem with forgetting which light switch stands for what light? Taewon Hwang came up with the great idea of creating a master light switch with a simple design that shows you what lights you are turning on or off.

SELF STERILIZING DOOR HANDLES

For all you Torontonians out there who survived the epidemic of H1N1, SARS, and just the downtown lifestyle entirely, the door handle with Self-Sterilization System puts fears of bacteriaspreading influenza to rest. Door handles are a breeding ground for bacteria since all it takes is for a person to sneeze into their palm and touch a door handle.

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SENZO NIGHT LIGHT

It’s really annoying during the night when you wake up and not find the light switch. The solution is provided by Soledad Clavell and Marcos Madia who created this wonderful nightlight that lights up the room when touching it.

LOCKITRON

The Lockitron is a lock that lets you unlock your door with a phone. With this worrying that you haven’t locked your door is a thing from the past. It also notifies you if your door has been opened. So even if you’re on the other side of the world you’ll know your door is safely locked.

SWAN UMBRELLA DRYER

Drying up a wet umbrella has always been a problem. Till Noh Seon Mi designed the Swan Umbrella Dryer, of course.

MARKET DIGEST NIGERIA

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CHANGE IT! WALL

This wall has been passed around on the internet for some time and has become a neat attraction. It’s not LED or anything digital, it’s actually made of turning triangles with different colors on them, white, black and a rainbow color. It is limited at these three options for now, but I’m sure we’ll see in the future various patterns and images.

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ICHEF+ OVEN

From what Iâ&#x20AC;&#x2122;ve seen on the market, the ovens are not user friendly at all, having changed over the years only at an aesthetic level without modifying the process in which you actually cook the meal. The iChef Oven has an innovative and powerful computer behind its technology and I believe it can be considered a milestone in its niche.

WAVE ULTRA SONIC WINE AGER AND REFRIGERATOR

Ever wanted to age your wine so that it will be of a higher quality? Now you can, itâ&#x20AC;&#x2122;s not only a movie idea. Designer Mika Yamamoto has created this device that does this incredible thing. The Wave uses magnetic cooling system that is based on the magnetocaloric effect, which is the ability of some materials to heat up when magnetized and cool when removed from the magnetic field. It reduces carbon emissions and increases energy efficiency. It can possibly cut energy consumption by 40%. It also reduces the cost of electricity.

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TOP 10 FASTEST CARS IN THE WORLD, 2015-2016

BY STEPHEN EDELSTEIN These 10 cars are more than just fun, though; they’re the fastest production cars in the world. The emphasis here is on “production;” racers and one-off custom jobs need not apply. We also tried to limit the selections to cars whose claimed top speeds have been generally recognized as legitimate by the automotive media and sanctioning groups. There are also some cars on the horizon that appear ready to knock some names off this list. For now, these are the fastest cars that can legally sport a license plate.

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HENNESSEY VENOM GT, $950,000 (270 MPH) On January 21, 2013, the Venom GT set a Guinness World Record for the fastest production car from 0–300 kilometres per hour (0–186 mph) with an average acceleration time of 13.63 seconds. In addition, the car set an unofficial record for 0–200 mph (0–322 km/h) acceleration at 14.51 seconds, beating the Koenigsegg Agera R’s time of 17.68 seconds, making it the unofficial fastest accelerating production car in the world. On February 14, 2014, on the Kennedy Space Center’s 3.22-mile (5.18 km) shuttle landing strip in Florida, the Hennessey team recorded a top speed of 270.49 mph (435.31 km/h) with Director of Miller Motorsport Park, Brian Smith, driving.

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1479 HORSEPOWER, 261MPH, $2.6 MILLION: THE NEW BUGATTI CHIRON

The scandal plaguing Volkswagen over its emissions-cheating hasn’t had negative consequences for the group’s halo brand Bugatti. Thankfully, the Bugatti Veyron replacement, the Chiron, was unveiled formally to the world in Geneva. Named after a prewar Monegasque racing driver, Louis Chiron (pronounced shi’ron), the new car will cost about $2.6 million (£1.9 million) before tax. Behind the cockpit is a reworked version of the 8L turbocharged W16 engine, which will propel the all-wheel drive monster to 261mph (420km/h). Bugatti will build 500 Chirons at its factory in Molsheim, France and apparently a third of them have already been sold.

BUGATTI VEYRON SUPER SPORT, $1.7 MILLION (268 MPH) When Volkswagen purchased the Bugatti brand, it had one goal: build the fastest production car in the world. The original Veyron achieved that goal, and with a price tag of $1.7 million and a quadturbocharged W16 engine producing 1,000 hp, it also boasted the most superlatives of any production car. With a top speed of 268 mph recorded at Volkswagen’s Ehra-Lessein test track, the Veyron Super Sport is still recognized as the world’s fastest production car by Guinness. The related Veyron Grand Sport Vitesse is also the world’s fastest open-topped car, with a top speed of 254 mph. MARKET DIGEST NIGERIA

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SSC ULTIMATE AERO, $650,000 (256 MPH) Briefly, the might of the Volkswagen Group and the prestige of the Bugatti name were bested by a car company no one had ever heard of. Shelby SuperCars (SSC) has nothing to do with Carroll Shelby of Cobra fame, but for a moment its Ultimate Aero was the fastest production car in the world. It hit 256 mph in 2007, beating the non-Super Sport version of the Veyron. Helping it achieve that velocity is a 6.3-liter twin-turbocharged V8 with 1,287 hp. There are no electronic driver aids to help control that power either, creating a purer driving experience for those with talent, and a scenario for certain death for those without it.

KOENIGSEGG CCR, $1,000,000 (242 MPH) To honor the Swedish Fighter Jet Squadron No. 1, (Johan röd) which had occupied the current facility of Koenigsegg, the CCR is adorned with a symbol of a ghost, the symbol of the squadron. Swedish supercar builder Koenigsegg briefly held the “world’s fastest” title before the emergence of the Bugatti Veyron. Its CCR reached 242 mph at Italy’s Nardo Ring in 2005. The CCR was essentially an earlier generation of the cars Koenigsegg is building today. It featured a 4.7-liter V8 of the company’s own design, a carbon-fiber body, and not much in the way of electronic aids. Despite its impressive stats, the CCR’s moment in the spotlight was as brief as its claim on the world. It was soon supplanted by the CCX, and then by the current Agera.

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MCLAREN F1, $5.58 MILLION (241 MPH)

The F1 is more than just a former world’s-fastest car. With its carbon-fiber body, gold-lined engine bay, 6.1-liter BMW M V12, and center driver’s seat, it just might be the coolest car ever made.Years before it attempted to take on Ferrari and Porsche with the MP4-12C, McLaren was known only as a successful race team in Formula 1 and the defunct Can-Am series. Yet its first road car wasn’t exactly an amateur effort. McLaren intended to make the F1 the ultimate road-going supercar, but its design was informed by the company’s racing experience. The F1 even went on to a fairly successful racing career in its own right, winning the 24 Hours of Le Mans in 1995.

ASTON MARTIN ONE-77, $1.415 MILLION (220 MPH) The One-77 is the most extreme road-going Aston ever, and the fastest. It may share a frontengine layout with “regular” Astons, but the One-77 is a completely different animal. Only 77 examples were made, and each sports a 7.30-liter V12 producing 750 hp. Like the chassis, it’s based on an engine used in lesser Aston production models, but it’s both lighter and more ferocious. The One-77 proves that incredibly fast cars don’t have to focus solely on performance. Its character is almost as special as its 220 mph top speed and limited production run. There was a limited run of 77 cars, giving part of the name of the One-77, and sold for GB£1,150,000.

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THE JAGUAR XJ220, $255,000 (217MPH) The Jaguar XJ220 is a two-seater supercar produced by British luxury car manufacturer Jaguar from 1992 until 1994, in collaboration with the specialist automotive and race engineering company Tom Walkinshaw Racing. Recording a top speed of 212.3 mph (342 km/h). The Jaguar held the Nürburgring production car lap record between 1992 and 2000 with a time of 7:46.36. The original concept version featured a V12 engine and all-wheel drive, but the production model had to make due with a twin-turbocharged V6, and rear-wheel drive.

MCLAREN P1, $1.34 MILLION (217 MPH) McLaren’s successor to the F1 isn’t as fast, but its much more high tech. Its 903-hp hybrid powertrain seamlessly blends electric and turbocharged V8 power, making the P1 one of the most capable performance cars ever made. During the car’s press junket, McLaren said it emphasized the driving experience over outright top speed. The concept car debuted at the 2012 Paris Motor Show. The entire P1 production of 375 units was sold out by November 2013. The production run ended in December 2015. The United States accounted for 34% of the limited production run, and Europe for 26%.

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10 FERRARI LAFERRARI, $1.416 MILLION (217 MPH) Along withe P1 and the Porsche 918 Spyder, the Ferrari LaFerrari is part of a trio of hybrid supercars that showed the world that performance cars donâ&#x20AC;&#x2122;t have to be (too) inefficient. The Ferrari matches the McLaren for top speed and cleverness. Its 6.3-liter V12 is joined to a hybrid system modeled on the Kinetic Energy Recovery Systems (KERS) used in Ferrariâ&#x20AC;&#x2122;s Formula One cars. Not only does the LaFerrari give its driver 950 hp to play with, it also provides the instantaneous response of electric motors to get things going. Only 499 units have been built, and each cost more than 1 million US dollars.

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AFRICA’S FUTURE MULTI-BILLION

MEGA CITIES

Future Cities offers an inside look at how urban living has changed in the modern era, to give us a glimpse of what we can envision to be imbued in our lives in the years to come. The jury might still be out, but these are the snapshots of urban life being touted by international and local property developers for new cities across Africa.

They are to be built from scratch on the edges of the continent’s existing metropolises, many of which are creaking under the weight of growing populations and rapid urbanization rates. From Konza outside Nairobi, to King City near the emerging port of Takoradi, Ghana, through to the luxurious Eko Atlantic on Victoria Island in Lagos, these urban projects are designed to offer high-quality services and modern infrastructure. They’re typically branded as smart and futuristic, combining leisure facilities, business opportunities and social amenities for their residents, from schools and medical centers to shopping malls, theaters and restaurants.

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In 2008, the Government of Kenya approved the creation of Konza Technology City dubbed “Africa’s Silicon Savannah” as a flagship Kenya Vision 2030 project. As part of this vision, Konza will be a sustainable, world-class technology hub and major economic driver for Kenya. Konza was initially conceived to capture the growing global Business Processing Outsourcing and Information Technology Enabled Services (BPO/ITES) sectors in Kenya. BPO/ ITES business produced US$110 billion in revenues in 2015. Revenues from this industry are expected to increase three-fold to US$300 billion by 2020. In 2009, The Konza Technology City project was initiated with the procurement of a 5,000-acre parcel of land at Malili Ranch, 60km south east of Nairobi along Mombasa-Nairobi A109 road. With this, the realization of Africa’s Silicon Savannah was officially launched. MARKET DIGEST NIGERIA

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APPOLONIA CITY, GHANA Appolonia, project City of Light is a fully master planned, mixed-use and mixed-income urban development in the Greater Accra Metropolitan area. President John Dramani Mahama officially launched the project in July 2012; it is being developed for residential properties, retail and other commercial centers, as well as schools, healthcare and other social infrastructure. Site infrastructure, including power and other amenities, is being implemented. The project’s first residential phase “Nova Ridge” launched in 2015 is 50% sold. The development area is located between the towns of Oyibi and Afienya. Appolonia, City of Light offers quick access to the capitals growth zones and transport links and lies directly within the path of Accra’s natural expansion.

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TUNISIA ECONOMIC CITY US $50 billion new Tunisia Economic City is in the pipeline. The development will host a variety of facilities, including a range of business and commercial centers to aid international business, research and science centers, university and medical centers, as well as branches of foreign universities. Enfidha district, which is located strategically in the heart of the Mediterranean, will be the construction point for the new Tunisia Economic City. The city will be strategic since the district sits at the crossroads between Europe, Africa and the Middle East. Facilities up for construction will be 14 smart zones, four economic centers, and residential areas. MARKET DIGEST NIGERIA

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EKO ATLANTIC, NIGERIA Rising off the coast of Lagos, on land reclaimed from the Atlantic Ocean, stands Eko Atlantic: a 21st century city providing vital Real Estate for people to live and work in what will become the new financial capital of Nigeria if not West Africa. Already a haven for investment, Eko Atlantic will soon become a beacon for international business and tourism, a global landmark and a symbol of Nigeriaâ&#x20AC;&#x2122;s pride and prosperity. Eko Atlantic is fast becoming a reality as clients have already begun constructing their high-rise developments within the city. Local government and private investors have made progress on the multibillion-dollar project, with over 17 miles of roadways already completed. 32 MARKET DIGEST NIGERIA

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AZURI PENINSULA Marina District Eko Atlantic City, Lagos, Nigeria.

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THE YOUNG & PENNILESS GENERATION

Once your children are grown, you hope they can make it on their own without too much help from you. But in fact, kids and grand kids in today’s world can be very expensive! In Nigeria, more than 7.8 million adult children homes are financed by their parents or they live in their parents and some even in their grandparents’ homes. In Nigeria, youth unemployment is as high as 50%. From Abuja to London, the number of jobless youth is a global phenomenon. The issue might not be dominating global headlines, but Aliko Dangote, President and Chief Executive Officer, Dangote Group, Nigeria, signaled that “our entire society is in danger of destruction” unless we pay attention to this huge segment of our young and jobless global population.

When your children were little, you probably dreamed about the day when they’d finally gain financial independence. Very likely they did, too. However, in recent years the age at which children gain economic autonomy has been pushed back. A lackluster job market for younger workers certainly hasn’t helped. According to a Pew Research Center report of May 2015, roughly seven in ten parents had helped their adult children financially in the 12 months leading up to the survey. In some cases that assistance comes in a relatively modest form, such as helping with house rents and furnishing’s, mobile phones and car payments. But often moms and dads have taken on a bigger economic role. In some more severe cases 38% of parents have recently had an adult child living in their home. Some are caring for both their parents and adult children; this is the sandwich generation and are high as 30% in Nigeria. Despite rampant unemployment across the country, the Nigerian government says the proportion of people without jobs has plummeted dramatically from 28 per cent to just 6.4 per cent, meaning France has a higher percentage of unemployed people than Nigeria, and the United States and United Kingdom barely managed to beat Nigeria by a mark. Unemployment rate in France stands at 10.6 per cent, while the U.S. and U.K. have 5.5 per cent each. The Country Director, PLAN International, Hussaini Abdu, said that the 6.4 per cent rate is far from realistic. He said 34 per cent would be close to the true figure. A former PresidentGeneral, Trade Union Congress of Nigeria (TUCN), Peter Esele, was not amused either, as he described the new rate as “fallacious and deceitful”. Kemi Balogun was 55 years old when she and her husband became full-time parents again this time to their two granddaughters, ages six and nine. The girls had been evicted from their home and left with a stranger by their mother. Their father, Kemi’s son >> 34 MARKET DIGEST NIGERIA

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was also out of the picture, due to frustration over the years trying to get a job, had fallen prey to bad friends and drug addiction. Kemi and her husband had to raise the girls to adulthood. “When you’ve already been through it once and thought you were done, it’s a different thing to go through it again and very stressful,” Kemi said. “Especially when the kids have been traumatized.” In a similar situation, when Phil Agbonlahor, a retired high school principal, helped his adult sons get on their feet after they graduated from the University, he knew he had to do it without hurting his and his wife’s retirement security. “We could live to be old … I have to remain sensible about our financial plan for the future, too,” he says. He invited his sons, Osagie and Efosa, to live at home while they got started in their first jobs. He and his wife provided free housing, meals, and endless moral support. That assistance allowed Osagie to save to get a land for his first home, and Efosa to land a job that required months of interviewing. “We said, ‘you can stay as long as you have got a plan. You’re not going to stay here and blow money,’” says Phil. That’s just the kind of limited support that financial advisers recommend. Parental assistance can be critical to adult children looking for or about to start their careers, but parents also need to protect their own retirement funds. Rather than discussing money matters only when an emergency arises, it’s a good idea to talk candidly beforehand. Here are seven ways to help your grown children without ruining your own financial security: 1. Provide Non-Financial Support To Adult Children. By inviting his sons to live at home, Phil and his wife saved them significant sums of money without putting too much strain on their own budget. “Except for the grocery bill, it’s not that much more to have them around,” he says. Parents can also provide job-hunting advice and emotional support during those turbulent post-college graduation years. 2. Make A Plan And Tell Your Children To Have One, Too. “I had no qualms about helping them as long as they had a plan,” says Phil. Financial advisers recommend talking openly about how long your children plan to live with you (and how long you want them to stay), whether they should pay some type of rent (perhaps in the form of chores around the house), and what steps they are taking to become financially independent. 3. Teach Your Kids About Money Early. Whether it’s by showing them how you compare prices at the grocery or prioritize different spending goals, talking about money decisions early and often can help pass on financial literacy to children. Parents, studies show, play a huge role in the kinds of financial lessons children pick up. Parents can also demonstrate the importance of savings by setting a good example. “My wife prepared my lunch which I carried to work in a food flask, and when I eat out, it’s a treat. My children and I had those money saving conversations over the years and it rubbed off on them,” says Phil. With both his sons now financially independent and gainfully employed, his hard work appears to have paid off. 4. Managing Expectations. Have “a talk” with your children to lay down ground rules for future financial assistance. Let’s

face it: Kids have been trained since the very beginning to approach their parents when they need money. That can be a hard habit to break. What kids don’t always understand is that as their mom and dad enter retirement, they’re often living on a fixed income. That’s why it’s a good idea to manage your children’s expectations now, rather than perpetuating the illusion that you have unlimited purse strings. What’s helpful is to convey in clear terms that you anticipate some belt-tightening, as you get older. 5. What To Do When They Ask For Money. First, it’s critical to understand exactly what the money will be used for. Let’s say your daughter loses her job and needs money until she finds a new one. If you help tide her over while she job hunts, you can work out what expenses your donation will cover, such as the groceries or house rent. If the money will be used to start a small business, you can ask for a business plan to see exactly what income is forecast and what skills your child needs to make a success of it. If, on the other hand, she’s asking for help to pay off significant debt, you may not be willing to write that cheque. You might provide a loan with a lower interest rate and ask that she show you a budget that demonstrates her future income will be adequate to pay you back. Take the opportunity to help her plan. It’s very awkward for a parent to say “no.” Sometimes it’s easier to say “yes, if.” For example, “Yes, I will give you this money if you show me a family budget. I want to see that you are making adjustments in your lifestyle so that you can comfortably live on what you make, now and in the future.

“

roughly seven in ten parents had helped their adult children financially in the 12 months leading up to the survey.

”

6. Keep Your Financial Records In Order. Give your children a general idea of the value of your estate and your plans for it, and let them know where they can find financial documents upon your incapacity or death. This is sensitive stuff, but it beats leaving them with a financial mess at a stressful, emotional time. 7. Help Them Without Hurting Yourself. This is the last and most important point. How will your decision affect you over the long term? Twenty-three percent of parents aged 50 to 70 say that their retirement savings have gone off track because they are supporting one or more of their grown children or grandchildren, according to the 2013 Financial Retirement Derailers study. If you are compromising your own dreams, you want to do that with your eyes open to spare future regret or resentment. MARKET DIGEST NIGERIA

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HOW NIGERIAN CEOS CAN LEVERAGE

Do you know how to use @ symbols and hashtags correctly in Tweets? Rather than waiting for impressions about a company to be driven by others, Twitter can be a great tool for improving brand awareness; CEOs can help shape the conversation. 36 MARKET DIGEST NIGERIA

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WHY USE

FOR YOUR BUSINESS?

your customers are on twitter

or years CEOs have wondered what the value of Twitter is for sales and business. Everyone knows the indisputable value of LinkedIn for B2B sales, marketing, B2B prospecting, and entrepreneurs in general. But Twitter is finally gaining traction in B2B. Can Twitter actually help businesses or is it a complete waste of time? We identified some advantages, you get great insight when you ask questions, you get traffic to your website, people on Twitter spread your “thoughts” and business services to new places, it is a great way for companies to connect on a more personal level with their employees and customers and in the long term, Twitter helps drive repeat customers and word of mouth.” Kolawale an insurance sales specialist saw an increase in customer inquires by implementing a strategic Twitter plan. For him, following the right people on Twitter was key. Some people are very gifted at building relationships on Twitter. “As I followed these online community builders, I realized that some of them are also excellent direct response

your customers want to engage with you

stay connected

copywriters. They get their Twitter followers to take action,” He said.

software provider to a mobile app company you can use Twitter to build meaningful connections with a relevant and engaged audience. These connections can lead to actions across a network of loyal customers for your business.

Ella, owner of an online retail company joined Twitter and began following and interacting with the people she respected. “Other than a cold call on the phone or e-mail, it will be difficult to get my name in front of vendors, and industry experts.” Olusegun, V.P. of a marketing firm said, “Twitter has all but replaced our PR agency as a large percentage of our followers are press and analysts. A magazine publisher wrote about us and linked to us based on something we tweeted and that resulted in a huge spike in web traffic and at least one deal with a major service provider.” People come to Twitter to discover what’s happening in the world right now, to share information instantly, and to connect with people and businesses around the globe. With hundreds of millions of users and over 500 million Tweets being sent each day, there is a great opportunity for businesses to reach a global audience of new and existing customers. No matter what type of business you are, from a large retailer to a freelance designer; from a B2B

In Nigeria, the internet has led to solutions and services even more forward thinking than those in advanced nations, further highlighting the transformative nature of these networks and their capacity to incite change to promote the kind of marketing that businesses in Nigeria need. Internet penetration in Nigeria currently stands at about 30% with over 50 million Internet users. Ever since the #OccupyNigeria nationwide anger strike in 2011, when the Jonathan administration suddenly removed fuel subsidies twitter started to emerge as major media player in the national discourse with an estimated tweet every second during the protest. Its national prominence rose years later when the ultra violent separatists group, Boko Haram, kidnapped 200 schoolgirls in Chibok. The #BringBackOurGirls campaign reverberated >> MARKET DIGEST NIGERIA

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around the world and even found its way to the White House. #NigeriaDecides was the top trending hashtag on Twitter on March 30th as Nigeria eagerly anticipated the results, even during and a few hours after polling units closed Nigerians voters used twitter to share each step of the process. Recently Twitter created official accounts in three african countries; South Africa (@TwitterSA), Nigeria (@TwitterNigeria) and Kenya (@TwitterKenya) hinting that these countries might be the heaviest users of Twitter on the continent or that it might be interested in ramping up local presence. Nigeria third, with largest twitter accounts. THE BUILDING BLOCKS OF TWITTER Understanding the landscape of Twitter is key to making an impact on the platform. You will need to understand the language and terminology used so that you ae able to interact with customers and engage in conversations seamlessly. Here are some definitions, from business.twitter to get you started: 1. TWEET: A Tweet is a message posted on Twitter, consisting of 140 characters or less. It can contain text, photos, links and videos. It’s important to note that whenever you include any of these

things they will be counted as a link and automatically take up to 22 characters. 2. REPLY: Click ‘reply’ to respond to a Tweet. Replying to a Tweet is a nice way to build relationships with your followers and join in conversations. 3. RETWEET: A Retweet is where you choose to take a Tweet from someone else and Tweet it to your own followers. You can either do this directly with the Retweet button or you can use the Quote Tweet button to add your own message to the original Tweet. 4. LIKE: Liking something is a great way of acknowledging or showing your appreciation for a Tweet. It can also be useful to use as a bookmarking tool if you want to easily find a Tweet again. 5. HASHTAG: A hashtag is any word, or phrase without spaces, beginning with the # symbol. People use hashtags to organize conversations and make it easier to find all content related to a given topic. Click on a hashtag to go directly to the search results for that term. 6. MENTION: Bring a Tweet to another person’s attention by including their @ username in your message. You could use it to ask someone a question, to thank them or simply to highlight a piece of content.

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Here are seven ways to get the most out of the social media platform according to Chris Price: ESTABLISH YOUR BUSINESS IDENTITY Your first job will be to create a username. Every company on Twitter should have a profile picture, such as the company logo, and you should always include your company’s web address, too. It may also be a good idea to create a custom background (Twitter also offers several options when creating a Twitter profile), as well as including a brief description of your company and what it does. INCREASE YOUR FOLLOWERS Once you have established your presence, the next step is to let people know you’re there. Increasing your follower count is undoubtedly the most effective way to boost your influence on Twitter. Start by looking at who follows your competitors and follow them. To keep track of the Twitter accounts you follow and those who don’t follow you back, you can use a tool like Manageflitter (the basic service is free but you can pay US$12 a month for the Pro Service and US$49 a month for the Business service, which will offer more in-depth analytics). This will make it easy to unfollow people who don’t follow you back. ENGAGE WITH OTHER USERS Twitter is a social medium, so you’ll need to engage with others if you want

the benefit of word-of-mouth marketing that social media can bring. Start by searching for industry keywords and look at who is getting retweeted the most. Once you have a handful of influencers, you can put them into a private list so you can keep track of what they tweet and engage with them on a regular basis. Also it’s important that your follower’s share your tweets so don’t be afraid to ask for a retweet. Salesforce.com found that when followers are specifically asked to “retweet” with the shortcut “RT”, they are 10 times as likely to retweet that message. USE HASHTAGS PROPERLY People use hashtags (#) to categorize their tweet so that other users searching for that keyword will find the tweet more easily. Make sure if you use a hashtag that it is a simple word (rather than a much longer phrase that no one is going to search for). Studies have shown that tweets with hashtags receive twice as much engagement than those without, but if you use two or more then it can lead to a decline in engagement. Always make sure your hashtag is relevant to the subject - there is nothing worse than “spamming” other Twitter users with hashtags that are irrelevant to the content you are writing about. One-way of growing your Twitter followers and encouraging engagement is to use the #FF (Follow Friday) hashtag. You can use this to recommend users to follow and thank people who have followed you.

USE THE @ CORRECTLY If you want to tweet directly to someone without DMing (Direct Messaging), then it’s often best not to start @username. If you do, then the only people who will see the tweet are your followers and the person who you are tweeting it to. Using @username later in the tweet will ensure everyone can see your tweet, including your followers and the person who you are tweeting (it’s rather like tagging someone in a Facebook post). SCHEDULE YOUR TWEETS Use free sites like Buffer and HootSuite to schedule tweets to appear at specific times. This helps you to have a presence on Twitter when your followers are more likely to be online, even if you are doing something else. According to Bitly, the best time to reach people on Twitter is Monday to Thursday from 1pm to 3pm. The very worst times are after 3pm on Fridays and any evening after 8pm. ADVERTISE WITH TWITTER One effective, although not necessarily cheap way of attracting new customers is to pay to show your tweets to a targeted audience. Twitter Ads offer several different types of ads, including promoting your account or promoting specific tweets, which you can purchase to reach potential customers who may not be familiar with your brand.

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TOP 11 FREE THINGS TO DO IN PARIS France is all about world-class art and architecture, Roman temples and Renaissance châteaux, iconic landmarks known the world over. Travelling to Paris can be daunting for anyone with a tight budget. The capital city can appear outrageously expensive at times; a traveller’s budget and Paris don’t have to be mutually exclusive terms. To prove living in Paris on a budget can be both feasible and enjoyable, we have rounded up a list: how to make the best of what you have in the city. This is an insider’s guide to the best free things to do in Paris

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Make the most of free first Sundays If you get your timing right, you can visit some of the most popular museums and monuments in Paris for free, thanks to the free first Sundays programme. Among those included are tourist magnets such as the Louvre and Musee d’Orsay, as well smaller quirky spots such as the Albert-Kahn musée et jardins (a homage to garden) and the Musée de l’Assistance Publique, which celebrates the history of Paris hospitals. The free Sundays programme offers the perfect opportunity to poke your nose into some of the places you may not have considered visiting with a door tax.

Parc de la Villette free open-air cinema Make the most of a summer evening in Paris and catch a free film at the openair cinema at the Parc de la Villette. The programme runs during July and August and usually follows a particular theme. This year it’s “Tous en scène’” or “Everybody on stage” and includes films such as Where the Wild Things Are, Be Kind Rewind and The Killing. It’s a fantastic communal event and if you’re averse to perching on the grass, you can always upgrade to a deckchair for €7. MARKET DIGEST NIGERIA

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One of the most popular attractions in Paris, Notre Dame cuts a dominating figure on the Île de la Cité in the middle of the Seine. The spindly gothic buttresses and magnificent stained glass windows make it as much a treat to see from the inside as out. Meanwhile, in the square and bridges around the cathedral you’ll find assorted buskers, from full live bands to human statues, which always draw a crowd.

Visit the Cathédrale Notre-Dame de Paris Getting a seat for Paris Fashion Week might be beyond the means of most visitors, but it’s possible to get a taste of la mode every Friday afternoon at the Galeries Lafayette department store. The free shows involve professional models strutting the runway and displaying the store’s fashion collection. It’s still worth booking ahead to get a seat, and to confirm a show will be taking place, so contact the store in advance to get yourself a ticket.

Check out a fashion show at Galleries Lafayette

Window Shopping

Window-shopping (or lécher les vitrines to the locals) is a great way to take an indulgent peek at objets d’art and wild curiosities you’d never actually buy. The StOuen flea market and antiques fair is the perfect place to let your imagination run riot. Marvel at bearskin rugs, antique tapestries and brass diving bells in this decadently eccentric marketplace. Hop off the metro at Porte de Clignancourt (line 4) and continue under the bridge until the souvenir stalls give way to side streets crammed with beautiful buys.

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On top of the grand Printemps shopping centre, there’s a secret café offering amazing views that you won’t get anywhere else in Paris. To get here, take the elevator to the top floor and then take the escalator to the final level. You’ll be rewarded with one of the most special views you’ll ever see – 360° from Montmartre to the Eiffel Tower, and everything in between. There’s plenty of room to stroll around and soak up the breathtaking beauty that Paris is so famous for.

Enjoy a 360° view of the city from Printemps Rooftop Terrace

Musee d’Art Moderne la Ville de Paris

Musee d’Art Moderne la Ville de Paris For a surreal view of French culture, dive into the permanent collections of Paris’ Museum of Modern Art. From the bolshy cubism of Braque to Matisse’s dancers, there’s sure to be something to lift your spirits. Take metro line 9 and alight at Alma-Marceau.

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Oenophiles and curious wine lovers will find free sipping at a few of Paris’s standout wine shops. Along with a series of wine courses in English, La Dernière Goutte hosts free wine tastings on Fridays at 5:00 pm (with free cheese) and all-day Saturday (with the winemakers) starting at 11:00 am. Lucky you if you happen to be in Paris during one of Caves Augé’s famous dégustations. This bustling shop, known as Paris’s second oldest cave, rolls out the barrels for its monthly tastings with the vignerons from the important wine regions of France: the Rhone Valley, the Savoie, Jura, and Alsace, Loire, and Beaujolais. Best of all, Augé also hosts two splendid annual champagne tastings—les bulles.

Sample wine at free tastings

Gawk At Le Panthéon

We may take views for granted, but in Paris they often come at the price of a meal or admission. Not so at the Panthéon, burial place of such French luminaries as Voltaire and Rousseau. From 2014 until 2022, the iconic domed structure is undergoing one of the most extensive renovation projects in France, beginning with the cupola, which reopened in March 2015, offering some of the most spectacular views of Paris from the city center. During the restoration the monument will not only remain open but will host a series of art installations, which you’ll find listed on the website. 44 MARKET DIGEST NIGERIA

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Loire Valley Châteaux If it’s aristocratic pomp and architectural splendour you’re after, this regal valley is the place to linger. Flowing for over 1000km into the Atlantic Ocean, the Loire is one of France’s last ﬂeuves sauvages (wild rivers) and its banks are a 1000- year snapshot of French high society. The valley is riddled with beautiful châteaux sporting glittering turrets and ballrooms, lavish cupolas and chapels. If you’re a hopeless romantic seeking the perfect fairy-tale castle, head for moat-ringed Azay-Le-Rideau, Villandry and its gardens, and less visited Beauregard.

This Unesco World Heritage Site near Nîmes in southern France is gargantuan: 35 arches straddle the Roman aqueduct’s 275m-long upper tier, containing a watercourse that was designed to carry 20,000 cu meters of water per day. View it from aﬂoat a canoe on the River Gard or pay extra to jig across its top tier. Oh, and don’t forget your swimming gear for a spot of post-Pont, daredevil dives and high jumps from the rocks nearby, a plunge that will entice the most reluctant of young historians.

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BLACK HISTORY SARAH FORBES BONETTA The African Princess in Victorian England The story of Lady Sarah Forbes Bonetta Davies is very fascinating; it paints a very different picture of Victorian England. In an era where racism and bigotry was the order of the day. The various characters in Sarah’s life and the ‘famous’ Brighton wedding, sheds more light on an unforeseen area for us to learn more on how Africans were perceived in England during the Victorian Era. However, there are undertones of sadness for Sarah. She was never free to make her own decisions. There is very little known information regarding her true feelings on the issues relating to the various circumstances she found herself. In any case, it is very pleasing indeed to know that Queen Victoria, ruler of the British Empire had a Nigerian Godchild named Lady Sarah Forbes Bonetta Davies. Various portraits of Sarah are on display in the National Portrait Gallery, London.

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arah Forbes Bonetta, was a princess (Egbado Omooba) of the Egbado clan of the Yoruba people. She is best known as the goddaughter of Queen Victoria of Great Britain. Bonetta was born in 1843 to a royal family in the old Egbado Yoruba country in what is now southwest Nigeria. Her parents’ names are unknown as are the names of her siblings who were all killed in the 1847 slave raid that made Bonetta a captive. It is claimed she said Ina was her name. She was believed to be about 5 years old. She was seized when the Dahomeians raided her town, where her parents and siblings were decapitated. She was kept by King Ghezo of Dahomey, who planned possibly to use her as a sacrificial offering, as opposed to being sold as a slave due to her royal blood. After persuasion from Captain Forbes, she was offered as a gift from the ‘King of Blacks to the Queen of Whites’, Queen Victoria, in good faith to end the slave trade from his Kingdom. Captain Forbes of the Royal Navy, who facilitated the transport, gave her the name Sarah Forbes, after himself and Bonetta, after his ship. She was presented to Queen Victoria and the Royal household who took charge of her and made arrangements for her future. Queen Victoria gave her over to the Church Missionary Society to be educated. This is an excerpt that shows her progress in England. “Since her arrival in the country, she has made considerable progress in the study of the English language and manifests great musical talent and intelligence of no common order. Her hair is short, black, and curling, strongly indicative of her African birth; while her features are pleasing and handsome, and her manners and conduct most mild and affectionate to all about her.” In 1851, due to the unfamiliar weather, she fell ill and was sent to the Female Institution in Freetown, Sierra Leone, to study. When she was 12, the Queen commanded her to return to England where she was cared for by Mr & Mrs Schon at Chatam. It was said the Queen was impressed with Sarah’s regal nature and academic prowess in her studies, especially in music, that she was given an allowance and accessibility to

the queen. In August 1862, after an initial rejection and sanctioned by the Queen, Sarah married James Pinston Labulo Davies, a 31 year old wealthy Yoruba businessman living in Britain. After the initial refusal, Sarah was sent to live with 2 elderly ladies in Brighton; a place she described as a ‘desolate little pig sty’. They were married at St Nicholas Church in Brighton. Apparently, the wedding was a sight to behold; she had 16 bridesmaids, 10 carriages filled with ‘White ladies and African gentlemen, as well as, White gentlemen with African ladies’.

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Since her arrival in the country, she has made considerable progress in the study of the English language and manifests great musical talent and intelligence of no common order.

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Shortly after the wedding, the couple moved to Nigeria where her husband was a member of the Legislative Council from 1872 – 1874 (when the Lagos Colony was amalgamated with the Gold Coast). Sarah gave birth to a girl who was named Victoria after the queen gave permission. Victoria Davies, like her mother, was the goddaughter of the Queen. Equally impressed by the younger Davies’ intellect, the Queen instituted an allowance for her and she was known in the royal court. It is even alleged that on passing her music exams, Queen Victoria was so pleased that she proclaimed a one-day holiday for all teachers and pupils. Victoria Davies was a regular visitor to the queen and the royal household throughout her lifetime. Sarah had a cough that never seems to go away. In 1880, she went for

treatment in Madeira off of the coast of West Africa where she died. She was buried in Funchal, Madeira. She was alleged to have been between 37 and 43. Upon hearing of Sarah’s death, the Queen wrote in her diary: “ Saw poor Victoria Davies, my black godchild, who learnt this morning of the death of her dear mother”. In his journal Captain Forbes gave an account of his mission with relation to Miss Bonetta. “I have only to add a few particulars about my extraordinary present The African child”. In a former portion of this journal I have mentioned the Okeadon war; one of the captives of this dreadful slave-hunt was this interesting girl. It is usual to reserve the best born for the high behest of royalty and the immolation on the tombs of the diseased nobility. For one of these ends she had been detained at court for two years: proving, by her not having been sold to slave dealer that she was of a good family. So extraordinary a present would have been at least burden, had I not the conviction that, in consideration of the nature of the service I had performed, the government would consider her as the property of the crown. To refuse would have been to sign her death warrant, which, probably, would have been carried into execution forthwith. Immediately on arriving… Of her own history she was only a confused idea. Her parents were decapitated; her brother and sisters she knows not what their fate might have been. For her age supposed to be eight years. She is a perfect genius; she now speaks English well, and has a great talent for music. She has won the affections, with but few exceptions, of all who have known her, she is far in advance of any white child of her age, in aptness of learning, and strength of mind and affection.”

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HYDE PARK, LONDON THE MOST EXPENSIVE APARTMENT BUILDING IN THE WORLD By Nicholas Shaxson

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s you emerge from the Knightsbridge subway station’s south exit. You will be met by four hulking joined-up towers of glass, metal, and concrete, sandwiched between the Victorian splendors of the Mandarin Oriental Hotel, to the east, and a pretty five-story residential block, to the west. This is One Hyde Park, which its developers insist is the world’s most exclusive address and the most expensive residential development ever built anywhere on earth. With apartments selling for up to $214 million, the building began to smash world per-square-foot price records when sales opened, in 2007. After quickly shrugging off the global financial crisis, the complex has come to embody the central-London realestate market, where, as high-end property consultant Charles McDowell put it, “prices have gone bonkers.” Inside, on the ground floor, a large, glassy lobby offers what you’d expect from any luxury hotel: gleaming steel statues, thick gray carpets, gray marble, and extravagant chandeliers with radiant sprays of glass. Not that the building’s inhabitants need venture into any of these public spaces: they can drive their Maybachs into a glass-and-steel elevator that takes them down to the basement garage, from which they can zip up to their apartments. The largest of the original 86 apartments (following some mergers, there are now around 80) are pierced by 213-foot-long mirrored corridors of glass, anodized aluminum, and padded silk. The living spaces feature dark European-oak floors, Wenge furniture, bronze and steel statues, ebony, and plenty more marble. For added privacy, slanted vertical slats on the windows prevent outsiders from peering into the apartments. In fact, the emphasis everywhere is on secrecy and security, provided by advanced-technology panic rooms, bulletproof glass, and bowler-hatted guards trained by British Special Forces. Inhabitants’ mail is X-rayed before being delivered. One Hyde Park was built by two British brothers, Nick and Christian Candy, together with Waterknights, the international property-development company owned by Qatar’s prime minister, Sheikh Hamad bin Jassim al-Thani. London land-registry records say that 76 had been sold by January 2013 for a total of $2.7 billion but, of these, only 12 were registered in the names of warm-blooded humans. The remaining 64 are held in the names of unfamiliar registered corporations. From this we can conclude at least two things with certainty about the tenants of One Hyde Park: they are extremely wealthy, and most of them don’t want you to know who they are and how they got their money.

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INTERVIEW WITH

PRINCE SUNNY AKU CHAIRMAN/CEO, ROYAL BILLIONAIRE LUXURY LIFESTYLE LIMITED

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e were privileged to meet with Prince Sunny Aku, The Abia state born billionaire, a gracious and exceptional host, he lives comfortably in quiet splendor. An incredibly successful man, He shares his wealth of knowledge and spills on the newly launched Royal Billionaire Luxury Lifestyle in this interview. Q: You built one of Nigeria’s most successful furniture manufacturing companies, and now you are establishing Royal Billionaire Luxury Lifestyle. What is it about your personality and skill set that makes you such a successful and ambitious entrepreneur? God!! Because with God all things are possible. Without God we are nothing. And I can say by the grace of God, I am thick in what I am doing. God made me thick. And it will be an understatement to say one of Nigeria’s best; you should say one of Africa’s best furniture factory. In fact it is the only serving production line furniture factory in the world. And when I started, I had sixteen Italians and the record is there to show and they trained the Nigerians for two years. I feel that as the world evolves, to be more successful, you don’t stand still; you have to move with the trend. So this is the time for rebranding, and in addition to the Royal Billionaire Luxury Lifestyle Ltd, I am rebranding the Novena Majesty Ltd, which is the umbrella Company, after over twenty years in existence. The new Novena is going to be called Novena Majesty Luxury Interiors Ltd Q: You said you are thick in what you do, what do you mean by thick? God made me the best in what I do, be-

cause what I do is my passion, it’s not about money; it’s not about profit. I love luxury, and luxury furniture, luxury home, luxury yachts, luxury private jets, luxury cars are my passion. Anything luxury, so I just want to offer people the opportunity to enjoy my taste. Q: How would you describe Royal Billionaire Luxury Lifestyle Ltd to someone that was reading about it for the first time? Royal Billionaire Luxury Lifestyle is all about the Luxury Lifestyle of Royal Billionaires all over the world. But being a Roman Catholic, being a believer of Christ. It’s open to everybody that has taste, I am giving the Non-Billionaires the opportunity to come on board and enjoy the luxury lifestyle of Royal Billionaires without them physically being a Billionaire or Royalty. So they can be inspired. For example, you don’t need to have money to buy a Rolls Royce, before you enjoy the benefits of owning a Rolls Royce, we are introducing the same wood you have inside a Rolls Royce, you just have strips, and the same wood you have inside Mercedes S-Class and other Luxury cars. If you cannot afford a Limousine, you can bring your SUV and we will change the interior into a Limousine interior, even into the same interior you have in other luxury vehicles. We can do that as well as in Buses; change them to Coaches, using that same concept. Q: What services does Royal Billionaire Luxury Lifestyle cover? Luxury furniture, Upgrade of car interiors, Sales of luxury cars, interior upgrade of Yachts, luxury mega yachts rental/lease, Executive Jets lease and sale of Executive jets. And it will interest you to know that Prince Al- Alwaleed, who is one of our associates, has just acquired an Airbus A380 as an executive jet and customized the interior, it

has many bedrooms in it and his throne is in it. He upgraded a Boeing 747 to an Airbus A380 and these are the kind of services we want to offer to people. Q: How did you get the idea? What was the founding story? God put the idea inside me, because God created me to love luxury and he made the provision for that. That is why; it is my passion, I was born with it. I love Luxury and I don’t look back when I am spending on Luxury. And that is why by the time we are done, people will know that there is a living God, who is the Alpha and Omega and with him all things are possible. Q: These are the early days, what have you put in place to ensure the success of Royal Billionaire Luxury Lifestyle? With God I can do all things. God has put a lot in place and it will interest you to know that as I am talking to you now, we have for the first time, luxury beds, upholstery beds coming up which we are going to launch. About five to seven designs, with different world class materials. Some in royal velvet and also in premium quality leather, the same leather you have inside Rolls Royce, Ferrari and Lamborghini. We have about seven designs of new sofas and many more. We are launching our newly designed luxury coach and the interior is better than the Limousines. Q: Can you give us an idea of the size and growth potential of your target markets or of the industry? By the grace of God, Royal Billionaire Luxury Lifestyle and Novena Majesty Luxury Interiors is not going to be all about the Nigerian market. We are already in contact with United Arab Emirates, Saudi Arabia, United Kingdom and United States. We are also taking over the Asian market by the grace of God, with our associates there. >> MARKET DIGEST NIGERIA

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Q: How do you think the current economic climate, and your experience with previous downturns, will affect what you intend to do? Tough times they say doesn’t last but tough people do last. God has already made provision. I have stock of raw materials more than any other factory in the world. And I am not greedy, God made this provision even when dollar was below 150 naira to a dollar. So it’s like the economic downturn those days paid off, to me it was like a blessing in disguise and it will continue to be a blessing in disguise because I am not going to increase my price. Probably in this country, my company will be the only company that will sell with the price of sixteen years back. We are not increasing it; we are taking over the market by the grace of God. Q: You are already an extremely accomplished man. Why launch a new business at this stage in your life? Because the older the better. At this stage of my life, I have seen it all and I know better than any other person coming up, because I have seen all that it takes. I have made a couple of mistakes. Experience is the best teacher, God has given me all that it takes, with the experience to do better and be the best. Q: What do you think is your life’s purpose? God created me to save his people, my fellow human beings from the hands of exploiters. He created me to worship him and adore him that is why he sent me to the world, so I have that as a purpose and I have realized that. And I

will not be discouraged by a few people I have come across in my life who paid evil for good. Because even when Christ came to save the world, they crucified him and we his followers will not be surprised if anybody crucifies us, but life’s purpose must be achieved, because Christ came and fulfilled his purpose on earth and we his believers will also fulfill our purpose on earth. Without looking back at what has happened in the past, how people have been ungrateful. The ingrates will not deter me from achieving the purpose that God sent me to save his people from the hand of exploiters, to show them the way of good life and that is what I am here to do by his special grace.

failed? If you have, how did it influence you? I failed a couple of times, because I left the Roman Catholic church, I went astray not by any other means. I believe in our lord Jesus Christ, I believe that he said to Simeon Peter, you are the rock, upon you I will build my church and he created me as a catholic. Later in life, one or two occasions I betrayed that belief and that trust and I payed for it but I went back and Christ welcomed me and restored my honor, my dignity, my blessing and my wealth faster than the speed of lightening. And he is doing that right now again. Now I am very strong, happy and successful and by His grace I am a happy man.

Q: What is your definition of success? Success to me is when you are able to reach out to people. Not being selfish, not acquiring wealth just for yourself. Make friends, good genuine friends, touch the life of others. As much people that I have touched their lives that made me successful. As much people by the grace of God I am going to touch their lives will make me more successful also. Because you cannot be successful without reaching out to people and I don’t mean giving them peanuts. And as a catholic and as a believer of Christ, I am not here to say what I have done for people, because God gave me what I used to render the good services. He is Alpha and Omega, all glory and honor will continue to be his forever and ever.

Q: So by going back to the Roman Catholic Church, you were able to find your success once more? A: Yes.

Q: There is a saying that you have to fail to succeed, have you previously

Q: What are you most excited about for the future? Serving God more; by reaching out to his people he created, by rendering good services without exploiting them. Q: One last question, what is your interpretation of elegance? Elegance and style works hand in hand and style is part of design, when it comes to products, style becomes a design. I love Elegance and Elegance has to do with luxury because you cannot say oh! You are Elegant and you are not putting on well made clothes, you are not associated with style. You cannot say you are Elegant if you do not associate with style.

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7 SIMPLE HEALTHY WAYS TO LOSE WEIGHT WITH NIGERIAN FOOD by Ronke Edoho www.9jafoodie.com

1. EAT LESS CARBOHYDRATE The typical Nigeria Diet is heavy on Carbohydrate, sample daily food consumption might include: Yam for breakfast, Eba/garri for lunch and Rice for supper. Most food guides recommend 6-7 servings of grain products (Carbohydrate based) for adults. To put things in perspective, daily carbohydrate requirement for the average adult, based on a 2000Calories diet will be 300g/day. In food Lingo, 300g of carbohydrate will consist of: 2 slices of bread for breakfast (70g), 2 cups of garri (156g) for lunch and 11/2 cups of rice for supper (68g). The body store excess carbohydrate as FAT and continuous excess carbohydrate consumption result in increase weight gain. 2. CONSUME LESS PALM OIL Palm oil and palm kernel oil are high in calories and saturated fat. Due to the high fat and calories content in palm oil, avoid using Palm Oil when you don’t have to, and if you must, use only a small amount. Also look at ingredient list when purchasing pre-cooked items (e.g plantain chips), most chip companies fry their sweet chips in palm oil, avoid these as much as possible. 3. WATCH THE SALT (MAGI) When we cook with packaged seasoning mixes, we introduce lots of salt into our diet. The typical seasoning like Maggi, Knorr, Adobo e.t.c contains high amount of salt in them, adding extra

table salt to dishes that already contain these seasonings means salt overload. Small amounts of salt are essential for our health. Adults need less than 1 gram per day and children need even less. Salt puts up our blood pressure. Raised blood pressure (hypertension) is the major factor, which causes strokes, heart failure and heart attacks. 4. WATCH WHAT YOU DRINK We consume loads of excess calories from drinks, as we are more likely to pay more attention to what we eat than what we drink. Drinks are equally as important when it comes to weight loss. Pop (Soda/minerals) should be avoided all together. Some drinks that are perceived as Healthy drinks can also contribute to excess weight gain, a typical 300ml of malt drink for example contains 48g of Carbohydrate, this is the same as 1 cup of white rice. 5. CHOOSE MEAT WISELY It is extremely difficult for Africans to ignore red meat; it is a staple in most soups and sauces. If you must eat red meat, make sure to trim off as much excess fat as possible. The recommended red meat option for dieter is goat meat; goat meat is comparable to beef in protein but contains 50% less calories and significantly less fat. 6. OVEN BAKE AND OVEN FRY (Avoid Deep Frying) I am sure it’s a no brainier that we

should avoid fried foods when trying to lose weight. Fried foods introduce high amounts of oil, calories and fat into our diet. An alternative to frying is oven roasting and oven frying. With a fraction of the oil required for deep-frying. 7. WALK WALK WALK AND EXERCISE This last point isn’t about food, but weight loss cannot be achieved with food alone. To lose weight, you must expense more energy than you consume and an easy way to expense energy is to exercise. Exercising doesn’t always require gym memberships; try home workout DVDs, walk for 30mins a day, go to the playground with your kids (or nieces and nephews), take the stairs. Any activity that elevates your heart rate for an extended period of time counts as a workout (all you married folks can get creative).

RONKE EDOHO works as a Chartered Professional Accountant (CPA) during the day. She is also a Certified Nutrition and Clinical Weight Loss specialist and the author of the cookbook “Lose It Nigerian”. She hopes to improve well-being through better food by providing easy to follow wholesome recipes to home cooks like herself. Her goal is to one day have a farm and develop African food centered agric products. MARKET DIGEST NIGERIA

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INTERIOR

DECOR

IDEAS By Amanda Akah

erhaps the most challenging aspect of a designer’s contribution to a project is helping define the style of a room. While words such as “contemporary,” “traditional,” “western,” “shabby chic,” are often used, seldom does the description “African modern” enter the conversation. Going for an African Modern style is all about reconnecting with nature and its unadulterated magic. Typically defined in small chunks, the notion of an entire room or even an entire home is seldom placed in the client’s consciousness. Randomly throwing in a rug with zebra stripes along with a matching throw pillow or two does not mean you have adopted the African style. If anything, such additions often seem more at home in glamorous Hollywood Regency styled rooms! Yet, it is still possible to usher in the African modern vibe in a delicate, restrained manner by combining it tidily with other design styles. Like beneath some of the wall pictures on display here, you can create an exclusive display cabinet to showcase your art collection inspired by Africa. While the rest of the house continues to remain contemporary, this small niche becomes a remarkable focal point and an instant conversation starter African wall paintings are a small niche that imbibes an African feeling in any contemporary home. The pictures can be dynamic, creative and pretty much inspiring. Picture themes can be evocative of the sunburnt earth, deep verdant rainforests, softly wistful savannah plains, burnt orange African sunsets and pinkly purple sunrises, crazily energetic and vibrant market places. And let us not forget the >> MARKET DIGEST NIGERIA

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graphic concepts of black and white. The African rational real life human picture theme can be a fantastic blend to the theme for your home, the themes touch and feel has a limited color scheme which goes well any contemporary furniture design or wall color. Vivid colors combined with earth tones are the basis of the picture design. Details such as traditional beads and hairstyle further emphasize the splendor of the themes reflection of the black continent. The recipe for this decorating style is simple – in the house you should enter the warmth of the sun and sand, but also the wealth of flora and fauna. Today, we will be showing you 10 samples of this awesome picture theme, we are sure that you will be amazed at how much they would fit and change the look of your homes.

“AFRICA

INSPIRED”

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AN INTERVIEW WITH

DARLINGTON NWOKE CEO, GOLD CRAFT CONCEPTS INTERNATIONAL‬ Nigerian based furniture designer and marketer Darlington Nwoke has been in the industry for many years. I was massively impressed by not only his furniture pieces, but also the way in which he approaches the design process. His pieces are from the Victorian era, Victorian is an intricate furniture style. It embodies the elegance and beauty of rich furnishings. It distinguishes itself with its bright finish, elaborate carvings, and decorations, and is visually and physically heavy. This style emerged during the reign of Queen Victoria of England, hence the term Victorian.

arlington has many of the same influences and passion as some of the greatest minds, with showroom locations in Lagos, Port Harcourt, Abuja and Aba, he imports and creates unique handcrafted furniture. His beautifully designed and expertly crafted pieces elevate and enrich the spaces they inhabit. Darlington speaks with Market Digest Nigeria, He gives us a brief insight on the industry today and how he sees the evolution of Goldcraft

ways has the company stayed the same, and what ways has it evolved? Gold craft has stayed true to it’s promise of superior quality and hand crafted products, but equally embraces the new methods of, and technologies involved in conducting business.

You have made a mark in the sales of Victorian furniture in Nigeria. Can you tell us a little bit about yourself, your history with furniture sales and design? Your inspirations and influences? I am the first child of entrepreneur parents born and raised in Aba, Abia state. My journey in business dates back to secondary school when I tried my hands at the family business of selling petroleum product. I still do till date. In 2006, I discovered the gap in the furniture market and decided to fill it. Les arts Nigeria limited is the contemporary furniture arm that gave birth to Gold Craft concepts, the hand crafted Victorian style furniture shop. I am inspired by the opulence of the Victorian king/queen and the Egyptian Pharaohs’ courts, the intricacies of the crafts and real gold finish.

What Specific types of Victorian furniture do you market? Where are your furniture’s from? Gold craft is in partnership with an Egyptian firm of craftsmen who have had this art passed from father to son for generations/hundreds of years.

Some years ago, you founded Gold craft concepts international. In what

Why should the Victorian Furniture be the preferred choice alternative to other furniture designs? Antique furniture are for people with the taste of old fashioned luxury, who appreciate the time put into each piece, and have the means to pay.

How would you describe the current Nigerian market for original furniture sales, especially with mass-produced low-grade furniture easily accessible? The Nigerian market appears to be saturated with furniture of different classes/types....for different people. However, value should be gotten for whatever money spent on any piece of furniture no matter the price. It is very sad indeed to find people spend good money only to end up short-changed as a result of poor quality, paucity of information as regards where to buy what, and fraud.

Gold craft is positioned in key location across Nigeria - Lagos, Port Harcourt, Abuja and Aba, open for business. When purchasing original Victorian furniture’s, what are some key things to watch for? A trusted dealer should be able to guarantee authenticity/quality of pieces of furniture given the high price. I understand you work with a lot of interior designers and notable personalities in Nigeria. Why are they calling you? Like attracts like; Quality attracts lovers of quality. So, interior designers worth their salt know that with Gold craft, you can’t go wrong in quality, time, budget and style/beauty. Can you speak to the sustainability of your products? Are these objects lifelong companions? What can I say? Gold does not rot. Diamonds are forever What do you see in the future of Gold craft concepts international‬ as an importer, a retailer, and as a design firm? The current exchange rate and economic uncertainties are disheartening for most importers and I am not exempted. However, it only re-buttresses my resolve to encourage/drive homegrown talent. I had before this time commenced preparation to start production in Nigeria.

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DARLINGTON NWOKE

CEO , Gold Craft Concepts International

CONTACT

KM No 20 Lekki/Epe Expressway, By Igbo-Efun Bus/Stop, Lagos. 0803 338 1199, 0809 677 2724, 0803 930 3896

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START UP FINANCING

Perfecting Your Pricing One of the most exciting and nerve-wracking aspects of retail is determining what price to sell your products at. Pricing is both an art and a science that requires an experimental attitude coupled with an intuitive feel for how you want your brand and by extension your products to be perceived. Price your products too low and you might get a ton of sales but you might find yourself going under when you tally up your expenses at the end of the month. When you price your products too high, you might give off an aura of luxury, prestige, and exclusivity thereby attracting a more well-off clientele which is smaller in number but makes up for volume by purchasing your products at the higher price. However, what if you are in an area where the demographic is especially price-sensitive, and then what will you do? Ultimately, you will have to decide whether you want higher prices for your products and a lower volume sold or lower priced products and higher volumes sold, and which direction will enable you to achieve profitability. Keep in mind though that when you have a range of products, you can sometimes risk lowering prices for one as long as you also sell products that are marked up higher.

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ometimes, it’s not how much you charge, it’s how you ask. Should you charge by the hour or a flat fee? What if a customer tries to bargain with you? Should you offer a sliding scale and risk being taken advantage of by fat cats who plead poverty? The questions all boil down to this: How can you charge above-average fees while leaving customers knowing they have gotten a good deal? A SIMPLE FORMULA Most businesses benchmark their pricing decisions using keystone pricing (explained below), which is essentially doubling the cost of the product to arrive at a 50% markup. However, in many instances you will want to mark-up your products lower or higher depending on your specific situation. Here is an easy formula to help you calculate your selling price: Retail Price = [(cost of item) ÷ (100 markup percentage)] x 100 So for example, say you wanted to price a product that costs you N15 at a 45% markup instead of the usual 50%, here’s how you would calculate your retail price. Retail Price = [(15.00) ÷ (100 - 45)] x 100 Retail Price = [(15.00 ÷ 55)] x 100 = N27.00 Now that we have covered how to successfully markup your products, below you will find Marty Nemko pricing strategies that you should employ to stay afloat and one step ahead of your competitors. MAKE CLIENTS COMFORTABLE

50 percent more for the extra time you will inevitably need. There’s only one way a task can take no longer than it’s supposed to-if everything goes right. Obviously, there’s an infinite number of ways that the task can take extra time. • Selling a low-priced service or product first. Many customers are understandably reluctant to spend big in their first encounter with a business. So, especially if you’re sensing reluctance, offer a low-cost initial purchase. For example, if you build Web sites, instead of expecting the customer to hire you off-the-bat to develop their site, say, “Let’s take it a step at a time so you can feel comfortable with my work. For now, why don’t you just hire me to develop a blueprint for your site? If you’re satisfied with that, we can go further. Make sense?” Don’t offer to do initial work for free by, say, offering a complimentary hour of consultation. Too many customers will take the freebie and walk. Besides, offering to work for free can make you look desperate.

A particularly good time to state the price is just after you and the customer have had a good laugh or if the customer has just said something positive about what you are offering. Whatever you do, when you state your price, sound upbeat, not sheepish. One more note: Time is money, so consider charging extra for rush jobs is an absolute must. Many customers will pay extra to get their job done pronto. That’s easy money for you and a real benefit to a desperate client. Don’t be shy to charge 15 to 30 percent more for rush jobs. DON’T LET THEM NEGOTIATE YOU DOWN

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If you sense the customer needs to feel he or she is getting a special deal, rather than discount the price, throw in something.

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• Offering a guarantee. A money-back guarantee provides peace of mind for the customer yet is unlikely to cost you anything. If your product or service is any good at all, very few, if any, customers will ask for their money back.

Many customers will pay extra to reduce their risk, so consider these options: • Offering an all-inclusive price (service industry) rather than an hourly rate. Many people will pay extra for the peace of mind of knowing, upfront, how much a project will cost. A side benefit of a flat fee: You needn’t make explicit your hourly rate, a number that often raises eyebrows. Of course, when determining a flat fee, build in 25 percent to

In every conversation, there’s at least one good moment to state the price. It almost always occurs after listening to the customer’s situation, asking a question or two, and then summarizing their needs; for example, “So it sounds like your business needs X, Y, and Z. Am I reading you right?” If he or she agrees, matter-of-factly say, “Here’s what it will cost you.”

DISCUSSING & NEGOTIATING YOUR PRICES Often the customer will ask for the price within seconds after you have said hello. Usually it’s wise to defer the answer. For example, you might respond, “Before I can give you an accurate price, I need to know a little more about your needs. Tell me about your situation.”

If a client is urging you to lower your price, try one of these responses: • “I can understand why you’d feel it was expensive. Might you want to consider, though, (insert a key benefit of your service that they would especially appreciate)?” • “I will be happy to refer you to a lower-cost provider.” If the customer was serious to begin with, he will usually say, “That’s okay. I will rather deal with you.” Not sounding desperate for the sale often motivates the buyer to say yes. • “I offer the lowest price for quality, so although the price may sound a little high, you are actually getting excellent value.” If you sense the customer needs to feel he or she is getting a special deal, rather than discount the price, throw in something. For example, if you run a home inspection service and the customer balks at the price, say something like, “Well, if you are ready to make a deal, what the heck! I will include an inspection of the garage at no additional cost. Fair enough?” MARKET DIGEST NIGERIA

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DO YOU HAVE TO FAIL TO SUCCEED? WHY FAILURE IS GOOD FOR SUCCESS! “Few of our own failures are fatal, ”Economist and Financial Times columnist Tim Harford says. This may be true, but we certainly don’t act like it. When our mistakes stare us in the face, we often find it so upsetting that we miss out on the primary benefit of failing (yes, benefit): the chance to get over our egos and come back with a stronger, smarter approach.”

According to Mary Olushoga, within the African context, the subject of failure is a difficult conversation to have. If you ask the question, “Who wants to fail?” no one would raise their hand. However, true entrepreneurs or anyone looking to learn, should look forward to failing. In the startup world, the media has focused mainly on Africa’s success stories with featured programs on CNN and Forbes along with numerous blogs, highlighting entrepreneurial success. Conferences are often filled with speakers who only share their success stories without highlighting their failures, privilege, or challenges. It is important for aspiring entrepreneurs to understand that failure is a normal part of the entrepreneurial journey, but the conversation about failure is lacking or often seen as a taboo topic in the African entrepreneurial dialogue. Publicly or otherwise, failure is rarely discussed or celebrated. According to Pauline Estrem, The sweetest victory is the one that’s most difficult. The one that requires you to reach down deep inside, to fight with everything you’ve got, to be willing to leave everything out there on the battlefield without knowing, until that do-ordie moment, if your heroic effort will be enough.

Society doesn’t reward defeat, and you won’t find many failures documented in history books. Such is the case with Thomas Edison, whose most memorable invention was the light bulb, which purportedly took him 1,000 tries before he developed a successful prototype. “How did it feel to fail 1,000 times?” a reporter asked. “I didn’t fail 1,000 times,” Edison responded. “The light bulb was an invention with 1,000 steps.” Unlike Edison, many of us avoid the prospect of failure. In fact, we’re so focused on not failing that we don’t aim for success, settling instead for a life of mediocrity. When we do make missteps, we gloss over them, selectively editing out the miscalculations or mistakes in our life’s résumé. To many, In Nigeria, like other success-driven society, failure isn’t just considered a non-option it’s deemed a deficiency, of all the things we are wrong about, this idea of error might well top the list,” Schulz says. “It is our meta-mistake: We are wrong about what it means to be wrong. Far from being a sign of intellectual inferiority, the capacity to err is crucial to human cognition.”

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However, in today’s post-recession economy, some employers are no longer shying away from failure they’re embracing it. According to a recent article in BusinessWeek, many companies are deliberately seeking out those with track records reflecting both failure and success, believing that those who have been in the trenches, survived battle and come out on the other side have irreplaceable experience and perseverance. The quickest road to success is to deliver risky, edgy, breakthrough ideas, plans, presentations, advice, technology, products, leadership, bills and more, without any fear whatsoever of failure, rejection or punishment.” Below are some guidelines on how to handle failure according to Tim Harford, in his new book, Adapt: Why Success Always Starts With Failure. THE WRONG WAY TO REACT TO FAILURE When it comes to failing, our egos are our own worst enemies. As soon as things start going wrong, our defense mechanisms kick in, tempting us to do what we can to save face. Yet, these very normal reactions, denial, chasing your losses, and hedonic editing wreak havoc on our ability to adapt. • Denial: “It seems to be the hardest thing in the world to admit we have made a mistake and try to put it right. It requires you to challenge a status quo of your own making.” • Chasing Your Losses: We’re so anxious not to “draw a line under a decision we regret” that we end up causing still more damage while trying to erase it. For example, poker players who have just lost some money are primed to make riskier bets than they’d normally take, in a hasty attempt to win the lost money back and “erase” the mistake. • Hedonic Editing: When we engage in “hedonic editing,” we try to convince ourselves that the mistake doesn’t matter, bundling our losses with our gains or finding some way to reinterpret our failures as successes. We’re so anxious not to “draw a line under a decision we regret” that we end up causing still more damage while trying to erase it. The message is very clear, “If you have never failed, you have never lived”. It’s a good reminder because as we live our day-to-day life, we tend to forget this very important message. Here is a short list of some of the greatest role models that experienced failure. The truth is, everyone has failed. Everyone has failed miserably.

JASON NJOKU Described by CNN as the Netflix of Africa, Jason Njoku’s company iROKO tv has in two and a half years built one of Africa’s most talked about, and arguably one of the most well-funded internet companies on the continent today. Launched in 2011, Iroko has raised over $25M in equity investment; a feat very few African companies are able to achieve even in decades. Having grown his business from his bedroom, to a YouTube channel, to a stand-alone venture capital backed dedicated movie platform, Njoku’s story inspires a new generation of technology entrepreneurs.

of times to try and get the money. The problem was he had already naively signed a deal with Umar to give out a stake in his startup. He had signed the share transfer documentation so Umar had the shares. Even worst, perhaps the deadliest sin of all was He had been planning on that money. During that 32-week period, rent wasn’t paid. So he had to leave his flat to another flat (which was free) which had no furniture. He stayed there for 5weeks before becoming homeless again. He ended up sleeping on people’s couches for 9 months. His co-founder of Brash Paul Machnicki left. Jessica Hope, who is the communications head at iROKO now, left thinking He was the devil incarnate. To get her final pay she force-marched him to the cash machine, his whole editorial team left, the 5-person team upped and left, He was kicked out of his office. The printing company tried to force him into bankruptcy for winding up orders. “Everyone basically thought He was a failure. But not only that, a whole class of people considered him a scumbag. According to him, his failures were widely celebrated during that period. Compared to that. Anything today is nothing.

According to him, in 2006, he was reeling in a massive cash crunch. It started from 3 months after launch of Brash magazine and turned into a 3 yearlong battle. He was desperately doing the rounds attempting to pitch to local businesses to buy advertising space in the magazine. It didn’t work. No one did, they just didn’t have the ad budgets or He was just a terrible salesman. He later met an investor named Umar aka Slick, who promised to finance his business but took him a very long time to do so. He called him like hundreds

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After three previous failed shots at the presidency, Muhammadu Buhari finally moved into Aso Rock, Nigeria’s presidential palace, as the President of the Federal Republic of Nigeria. A retired Major General, Mr. Buhari, who contested on the platform of the All Progressives Congress, APC, polled a total of 15,416,221 votes to defeat the incumbent and candidate of the Peoples Democratic Party, President Goodluck Jonathan, who got 12,853,162 votes.

now defunct All Peoples Party, APP. That year, he got 12.7 million votes to lose to Olusegun Obasanjo, also a retired army officer, who was seeking a second term as president. Despite picking a southerner, the late Chuba Okadigbo, as a running mate, Mr. Buhari got a huge chunk of his votes from the north. Four years later, Mr. Buhari, contesting under the ANPP, attempted another shot at the presidency, this time going head to head with a fellow northerner, Umar Yar’adua of the PDP. Again, he lost. Despite still picking a southerner as a running mate, his performance in 2007 was far worse than that of 2003 he polled a meager 6.6

million votes while the eventual winner got thrice his vote. By 2011, Mr. Buhari found another party, the Congress for Progressive Change, CPC, and, once again, he aimed a shot at becoming president. Once again, he picked a southerner as running mate. On April, 16, 2011, he ran against the incumbent, President Jonathan. He polled 12.2 million votes to lose to Mr. Jonathan who got almost twice his vote. He later won his fourth attempt against incumbent President Goodluck Jonathan with over 2.5 million votes in the 2015 elections, which was perhaps the most anticipated event in Nigerian history.

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The retired army officer’s journey to the presidency began in 2003 when he contested under the platform of the

PRESIDENT MUHAMMADU BUHARI

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JK ROWLING The author of the Harry Potter novels: “By every usual standard, I was the biggest failure I knew.” Those are the words of J.K. Rowling the author, whose book series has been translated into 73 languages, sold millions of copies and accrued over $20 billion through movie adaptations and sponsorships. Soon after conceiving the idea for Harry Potter, Rowling began writing, but was immediately pulled away from her work by the devastating death of her mother. Rowling ceased working on the book and sank into a deep, grieving depression, getting little to nothing accomplished in that time.

had hit rock bottom. She resumed work on her book in cafes while her daughter was asleep. When Rowling finally finished the first three chapters, she sent the manuscript to 12 different publishers and got rejected by every single one, but she didn’t let it stop her. “Failure meant a stripping away of the inessential. I stopped pretending to myself that I was anything other than what I was, and began to direct all my energy into finishing the only work that mattered to me.” She said. Finally, the editor at Bloomsbury Publishing Company sat down to read the manuscript with his daughter. The only reason he published it at all was because his eight year old daughter begged him to publish it. But Rowling was left with a warning: that she should get a day job, because she wouldn’t make any money

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In the hopes of digging herself out of grievance, she took a job teaching English in Portugal for a year. She set the goal of having the first Harry Potter book done by the time she returned from Portugal. Things did not go as planned. Not only did she fail to make progress on her first book, but also after falling in, and then out of, love, she ended up with a failed marriage and a baby daughter she now had to raise alone. She had no job, no finished product and two mouths to feed. She

writing children’s books. Once Harry Potter and the Sorcerer’s Stone was published, though, she proved everyone wrong. She went from being a jobless single mother living off unemployment benefits to one of the best selling authors of all time. The Harry Potter series has earned over $400 million in book sales, and the last movie alone earned $476 million dollars in ticket sales... on opening weekend. She was the first female to become a billionaire author.

SIM SHAGAYA

With over 10 years experience in new media and investment banking, Shagaya, whose corporate Africa stints include Google, Lucent Technologies and Rand Merchant Bank in South Africa, backed by the Harvard M.B.A is the founder and CEO of popular e-commerce site, Konga.com. We all know about the success of Konga.com but did you know that before Konga.com, there were many failures? Shagaya has failed nine times. His dating site (alarina.com) failed. His job placement site (jobclan.com) failed. His classified site (gbogbo.com) failed. His media streaming service (iNollywood.com) failed. Twenty of his ideas did not even see the light of day. All of these failed but he kept going till he achieved success with his out-of-home media firm- E-Motion. After that he later found even more success with Konga.com. That is a lesson in persistence. He said these projects failed because the timing was wrong. To him, the startups were ahead of their time.

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NETWORKING

NO NOS! Large-scale networking events can help you make connections that can land you a wealth of new contacts, connections and clients. Coming across as both professional and engaging to those new contacts, however, isn’t as simple as it may seem. “It takes about 200 times the information to undo a first impression than it takes to make one,” says Devora Zack, author of “Networking for People Who Hate Networking,” Some might think these are obvious, but surprisingly enough, some event goers haven’t yet read the memo. How easy it can be to slide into “networking mode” and forget some simple rules. Much like you would converse and interact at a friend’s get together, being relaxed and appreciating your party mates, a networking event can be approached much the same way. Unfortunately, while some people may be brilliant entrepreneurs that could talk to you till your ears explode about globalization, projecting economic trends, increasing your ROI, and providing you with great opportunities none of it matters if they have cringe worthy conversation habits Knowledge falls on deaf ears if communication skills are lacking, so put your best face forward by avoiding these common networking pitfalls.

NOT RESPECTING PERSONAL SPACE is one common mistake people make while networking. You know that guy in the room that walks up to you and every time he does, you feel like he’s looking into your soul? Making eye contact is great but doing it from an appropriate distance, with a smile, and in a nonconfrontational way is the difference between having proper etiquette and looking like you are about to square up in your suit and tie. CONTROVERSIAL CONVERSATION TOPICS are another huge mistake people make all the time. Your political views and religious beliefs don’t belong in a business-friendly conversation (or in any conversation that’s not with a close friend or family member for that matter). Stick to neutral/objective topics and avoid the disastrous occurrence of controversy. POOR HANDSHAKING SKILLS are a perfect way to kill a conversation before it even begins. On the other hand, having a solid and reassuring handshake is a great technique in getting a person to

feel connected with you. When shaking hands with someone, have a firm grip but don’t try to take an arm off. Instead, make eye contact while keeping in mind to not to be awkwardly close or overly intense. Smile. A smile can make a world of difference when meeting someone new. ASKING FOR CONNECTIONS. Are you drooling over the fact that whom you just met at an event has links to highlevel executives? While it might be a better idea to get to know the person better, you can casually talk about your desire to meet some of his/her links, but don’t ask for an introduction right away. Instead, we recommend that you enlighten the person on your needs or goals, and then wait for him/her to offer to forward your contact, for instance. You can politely say at that point, “That would be wonderful, and would you by chance also be comfortable introducing me to [the exec]?” If the person balks at your request, respect his feelings and don’t raise the issue again. From the other end, if someone asks

you for a professional referral, unless you have worked with the person in a professional capacity, avoid offering a professional referral. It can jeopardize your own credibility. If someone asks you for an unwarranted endorsement, simply say, “I wish I knew your work well enough to refer you” -- and then moving on. BEGINNING WITH ASKING. There is nothing more off-putting than meeting someone who doesn’t really listen to you and immediately zooms right in and tries to push their products or services on you. Even if you are desperate, don’t begin your conversations with a cry for help. “A common networking mistake is to start networking from the perspective of ‘here’s what you could do for me’ rather than a place of ‘I want to hear about what’s new with you,’” says networking and career expert Liz Ryan. “Networking is a two-way street. Once the other party feels heard and senses your interest and compassion, she/he is more likely to do business with you... because of the connection you have established.”

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ALWAYS USE SIMPLE ENGLISH. One surefire way to have people’s eyes glaze over is to excessively use “Technical jargon” you think everyone understands, or will admire you for using. Also there is no need to act as if you know everything about anything. For one, that’s just annoying and two, you most likely are not an expert in their job realm. The human brain tries to sort and filter incoming information into categories it has already created files for. If people cannot connect sentences or information you feed them with, they will lose focus very quickly. Work on an authentic and clear “elevator pitch” that clearly and succinctly let’s people know what you specialize in, who you help and the kind of results you help people get. THE CARD COLLECTOR. One of the more common nuisances I come across is the networker that goes to events

to only collect cards. He or she speaks with you for a minute, grabs your card, and runs off to the next victim. What type of relationship can you build off of that?! As a promising business owner or executive, you might enter a networking event with a “more the merrier” mentality when it comes to making new connections. However, it might be advantageous to take a “less is more” stance instead. SLOW DOWN. Did you ever meet someone you were attracted to at a bar or a social function, grab their number in under a minute, and expect them to be your soul mate? It doesn’t work in networking either. “It’s better to meet fewer people and create a deeper, lasting connection than simply talking to everyone in the room,” Give each person you talk to at least five minutes to get to know you and you them before you move on.

MIND YOUR DRINKS. This one is good to remember for all public events. Especially if you tend to start slurring after one drink or feel the urge to start table dancing if a good song comes on, one drink in. You are representing your company and want to give the impression you take your work seriously. Have a drink while being social, not to BE social. ADDING PEOPLE TO YOUR MAILING LIST WITHOUT PERMISSION Lastly, It amazes me how many people think that it’s okay to start sending you their newsletter and/or promotional emails, just because you gave them your business card at a networking event. If you want to put someone on your list, you must ask his or her permission first. Send them an email asking if they would like to receive your newsletter. Let them know it is okay to decline. MARKET DIGEST NIGERIA

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ARE THE RICH LESS ETHICAL? DOES BEING GREEDY MAKE YOU WEALTHY? The real difference isn’t inequality of wealth; it’s inequality of behavior. A few thousand years ago, the Greek thinkers Plato and Aristotle believed that greed, and desires for material wealth, would come at the expense of one’s ethics and that, “Greed would be at the root of personal immorality”. Can this be said to be true?

Just because someone is rich does not necessitate that they are greedy. The most common cause of accumulated wealth over most people’s lifetimes is hard work, planning and commitment; lets call it the good life. At the end of a good life you will have most likely accumulated assets that represent the hard work you have put in. That doesn’t mean you are greedy as someone has to own those assets, so why not let it be the person who’s labor has paid for it.   These sorts of debates can be easily derailed by emotion, but I think so long as you keep in mind that all assets are

the product and exchange of each others labor then you will quickly realize someone must be the owner of them; money just represents the intermediate step between your labor and the object or service you exchange it for, in this sense a society as a whole is only as rich as the labor that is put in. THE MORE YOU HAVE, THE MORE YOU WANT But it is a fact that the More Money You Have, the More You Want, lifestyle inflation can contribute to this; as individuals earn more, their spending also increases. They get used to this new

lifestyle and their ability to live within their means is diminished, even as their wealth increases. The pursuit of money can become an end in and of itself, a constant quest that becomes its own addictive reward system. Dr. Leon F. Seltzer, who holds a Ph.D. in psychology, wrote in a Psychology Today piece that the pursuit of wealth could be addictive for the rich: “Their ‘mega-fortune quest’ really has no end point. They won’t be able to name the definitive ‘millionth’ or ‘billionth’ that, finally, will do it for them. They can’t because the means by which they reap their riches has itself become the end.” And as the wealthy get wealthier, each

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million does seem easier to come by as the resources they can use to chase after wealth increase. But this imbalance has widened greatly to a precipitous point “almost half of the world’s wealth is now owned by just one percent of the population,” according to a report from British humanitarian group Oxfam International. RESEARCH Paul K. Piff, a sociologist at the University of California, studies the rich. Over the last few years he has set up a number of tests to examine the effects of money and status on behavior. In one experiment, volunteers were left waiting beside a bowl of sweets, which they were told explicitly was reserved for children participating in a trial nearby. Poorer volunteers left the bowl alone, but at least half of the rich tucked in. Did they consciously realize they

were taking candy from kids? I’m sure not. There’s evidence to suggest that those who feel powerful become past masters at inventing excuses for themselves, which they quickly accept as true. Think of that bowl of sweets as a pot of taxpayers’ money, and the rich politicians, light-headed with self-regard, get into hot water over expenses. When the researchers examined the connection between beliefs about greed and unethical behavior, they found that class was no longer a significant variable. In other words, rich people tended to take advantage of others primarily because they saw selfish and greedy behavior as acceptable, not just because they had more money or higher social status. The reason for this was not necessarily their class, but the fact they agreed with Wall Street‘s Gordon Gekko that greed is good.

Average people think the road to riches is paved with formal education. Rich people believe in acquiring specific knowledge.

Average people earn money-doing things they don’t love. Rich people follow their passion.

Average people believe you have to DO something to get rich. Rich people believe you have to BE something to get rich.

Average people believe you need money to make money. Rich people use other people’s money.

CONCLUSION Are you more likely to be wealthy if you are greedy? Although wealth seems to make a person more likely to behave greedily, you don’t necessarily have to be greedy to be wealthy, and not all wealthy people are greedy. After all, greed is just the desire for money, the use of financial success as an extrinsic motivator in our lives.

MIND SET Do you dream of amassing wealth one day? Of freeing yourself from moneyrelated stress? We all do! But here’s the thing: millions of people around the world dream of making lots of money… but very few achieve it. Why is that? Is it because of a lack of intelligence? No. Is it because of bad luck? No. Is it because of greed, well…probably, Is it because of their mindset? Yes. Just as the rich can become overwhelmed with greed, the same can happen with fear for the middle class. Being too fearful can be more costly than being too greedy. Steve Siebold author of “How Rich People Think” spent nearly three decades interviewing millionaires around the world to find out what separates the “greedy” rich from everyone else. It had little to do with money itself, he told Business Insider. It was about their mentality. This is how he summarizes the difference:

Average people believe the markets are driven by logic and strategy. Rich people know they’re driven by emotion and greed.

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Average people think rich people are snobs. Rich people just want to surround themselves with like-minded people. Average people love to be comfortable. Rich people find comfort in uncertainty.

The deciding factor is what a person uses this motivation to do. “Greed can be a positive trait if it motivates someone to run an honest business that adds value to others. In this sense, greed is a positive thing that leads to success. [But] greed is bad if it motivates someone to lie, cheat or steal.” In fact, if a person believes that money is “bad” or will make them a more evil person, this can actually sabotage their

chances for success, said Brad Klontz, Psy.D., a CFP and associate professor at Kansas State University. “One of the most self-destructive conclusions about money is that it is somehow bad or evil,” Money is just a tool, no more, no less. It is how it is used or not used that determines its virtue. But when our emotional brain clings to the association that money is bad, we are financially doomed.” MARKET DIGEST NIGERIA

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PROPERTIES FOR SALE ABROAD Market Digest Nigeria is Nigeria's leading overseas property search and sales company. We are positioned to assist Nigerians looking to invest abroad or make the move overseas. Our database contains properties from overseas property estate agents, developers and private owners who have property for sale all over the world. Whether you're interested in villas in Spain, gites in France, farmhouses in Italy, golf property in Portugal or condos in the USA, we are positioned to help you find your dream property abroad. Below are a few selected properties from our database. For enquiries, send us a mail: info@marketdigestnigeria.com.ng

5 Bed Villa In Rhode-Saint-GenĂ¨se, Brussels,Belgium | N220 Million This superb 5-bedroom 550m2 villa is located near the "Golf Sept Fontaines" and Uccle. The living space is divided into dining room, cozy living room and a kitchen with hypermodern Equipment. The house shines through with clean lines, minimalist decor and soft colors. A large terrace and a heated pool. 1st floor: Two large bedrooms and dressing room with a garden view, toilet and bathroom with shower, bath and 2 sinks. 2nd floor: 3 bedrooms, TV room, toilet, bathroom with shower and 2 sinks.

4 Bed Apartment in Ixelles, Brussels, Belgium | N164 Million This beautiful 220m2 apartment fully renovated is located on the 4th floor of the building, Haussmann style, including a beautiful bright reception (living room, dining room and library), large kitchen, 4 bedrooms, 4 bathrooms, dressing room, laundry, storage. The apartment comes with a concierge, reinforced security doors for entrance to the apartment and 2 cellars. Ideally located, between the Bois de la Cambre and the Porte Louise, near shops, stores, restaurants, cinemas, public transport. 72 MARKET DIGEST NIGERIA

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3 Bed Villa, Seabrook, Texas, U.S.A. | N215 Million This Charles Martin custom home has it all! Elegant two level foyer with double door entry. Soft contemporary architectural influences lend elegance to this fabulous home. Wonderful lake views, open concept creates a great flow for guests. Perfect for entertaining. Enjoy the gourmet island kitchen w/double door, GE Monogram built-in refrigerator, professional stainless gas range with grill & griddle, granite counters, tile backsplash w/designer tile as well as a Pool/Spa & waterfall. 4 Bed Terraced House, West Ealing, London W13, U.K. | N265 Million We are proud to present this spacious three/ four bedroom town house set over three floors. Located in a tranquil residential area. The property has recently been refurbished to a very high standard. The accommodation comprises twin reception rooms, ground floor study/ fourth bedroom, bathroom, cloakroom and three generous bedrooms. There is a private garden to rear.

2 Bed flat, Central Street, Clerkenwell EC1V, London, U.K. | N319 Million Located in the heart of the city and set on the fifth (top) floor, this luxurious two bedroom apartment boasts spacious living with an open-plan reception/kitchen and private balcony spanning the width of the property. Contemporary white kitchen with integrated appliances, finished to the highest standards. Central Street offers superb links to the diverse amenities of the City and Shoreditch while Angel, Clerkenwell and the West End are also very easily accessible. Moments from Barbican and the Circle and Metropolitain Lines.

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3 Bed Detached House, Urmston, Manchester M41, U.K. | N80 Million Stop! Take a look at this fantastic three bedroom detached family home situated on a popular tree-lined cul-de-sac in Urmston. Having been recently been re-decorated throughout, the property features two reception rooms. Whilst viewing to appreciate the size and standard of this excellent home comes recommended, in brief the property offers a bright and spacious entrance hallway, bay fronted lounge, large dining room, fitted kitchen and separate utility room to the ground floor. With three well-proportioned bedrooms (views over fields to the rear) and a fitted bathroom to the 1st floor. The property comes fully double glazed and gas central heated. Externally the property sits in an enviable plot with a driveway to the front and side, and to the rear a private and enclosed garden laid to lawn. The property offers excellent potential to extend (stpp) to the side and rear, located in such a popular location early viewing is advised to avoid disappointment!

2 Bed Apartment, City Road East, Manchester M15, U.K. | N80 Million This fabulous two-bedroom apartment is located in the highly sought after Lumiere Building. The building is located on City Road East and is only a 5 minute walk to St Peter''s Square. Here you will find a concierge on site along with a fantastic top floor gym and roof top hot tub. This is free for all residents. The apartment itself comprises of two double bedrooms, the master bedroom has the advantage of an en-suite bathroom. The master bathroom has a shower over bath and is a great size this is also stylishly fitted. The lounge area is large and provides the ideal living space; it leads out to a large corner balcony to enjoy the 7th floor view. The kitchen is modern and fully integrated. The apartment also benefits from a beautiful Japanese Communal Garden and also has a secure underground parking space. 74 MARKET DIGEST NIGERIA

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PROPERTIES FOR SALE IN NIGERIA If you are currently looking for the best properties in Nigeria, that will make an excellent addition to your asset portfolio, take a look at the following properties from the best developers in the market below. Contact us for a full list of available properties and updates. We also give an unbiased advise on the property location; with regards to security, if water logged when it rains, PHCN situation and nearness to shops, schools e.t.c. Also, if you have a unique property for sale that might be of interest to unique Homebuyers, please contact us. If you also have a stunning property that has the potential to generate income through short let rentals for companies and for holidays, then we’d love to hear from you. If your property is unusual and unique with beautiful interiors then do get in touch… we’re looking for the unique. For more properties refer to our website www.marketdigestnigeria.com.ng or send us a mail: info@marketdigestnigeria.com.ng

5 BEDROOM DUPLEX N70 million | Ikate Elegushi, Lagos.

6 NOS 3 BEDROOM FLAT | N35 million | Osapa London, Lagos.

6 NOS, 4 BEDROOM TERRACE + 1 BEDROOM B.Q. | N55 million | Lekki 1, Lagos.

3 NOS, 5 BEDROOM DUPLEX + 1 BEDROOM B.Q. | N60 million | Lekki 1, Lagos. MARKET DIGEST NIGERIA

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4 NOS 5 BEDROOM DETACHED DUPLEX + 1 BED B.Q. | N60 million | Agungi, Lagos.

4 NOS 4 BEDROOM TERRACE | N50 million | Osapa London, Lagos.

20 FLATS 4 BEDROOM TERRACE (POOL & GYM) | N60 million | Chevron Drive, Lagos.

4 NOS 7 BEDROOM TERRACE VILLA + 1 BED B.Q. | N78 million | Chevron Drive, Lagos.

3 NOS 4 BEDROOM APARTMENT N100 million | Oniru, Lagos.

2 NOS 3 BEDROOM DETACHED DUPLEX + 1 BED B.Q. | N80 million | Oniru, Lagos.

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4 BED DUPLEX+ 1 BED B.Q. N110 million | Lekki, Lagos.

2 BED (GRD FLR-110 M, 1ST FLR-115M, 2ND FLR-120M. 3

4 BED TERRACE N145 million | Ikeja GRA, Lagos.

4 NOS 5 BEDROOM DETACHED DUPLEX + 1 BED B.Q. | N180 million | Ikeja GRA, Lagos.

10 BED VILLA (2 BED GUEST HOUSE+ 2 BED BQ+

7 BED DUPLEX + GUEST HOUSE+ BQ+ POOL | N800 million | Asokoro, Abuja.

POOL+ GYM+ LAWN TENNIS COURT+ ELEVATOR)

BED GRN FLR-145M, 1ST FLR-155M, 2ND FLR-160M, SERVICE DEPOSIT 3M) | Banana Island, Lagos.

N1.3 billion | Asokoro, Abuja. MARKET DIGEST NIGERIA

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3 UNITS OF 5 BED TERRACE DUPLEX+ BQ N500 million | Asokoro, Abuja.

7 BED DUPLEX (3 BED GUEST HOUSE+ 2 BED BQ+ POOL+ GARDEN AREA) | N800 million | Asokoro

5 BED TWIN TERRACE DUPLEX + INBUILT GARAGE | N700 million | Asokoro, Abuja.

2 UNITS OF 4 BED FULLY DETACHED DUPLEX + BQ + POOL | N190million | Asokoro

8 BED SEMI-FURNISHED VILLA (2 BED GUEST HOUSE + 2 BED BQ + POOL) | N1 billion | Maitama Extension, Abuja.

8 BED VILLA (GUEST HOUSE + CCTV + SEMI-FURNISHED KITCHEN + POOL + BQ + AMPLE PARKING SPACE) | N280 million | Gwarimpa, Abuja.

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FINOLHU VILLAS 路 Your perfect Honeymoon or family getaway! 路 Relaxing on a beach stretching over a thousands yards along the coast, or admiring underwater life 路 Enjoying the luxury comforts of your Villa with your own private pool 路 Enjoying the tailor made services of your own dedicated Villa Host (butler).

ACCESS CONDITIONS

Adult Resort, from 18 years old. If you are interested in booking this amazing resort at discounted rates or have any enquiries. Please send your enquiries to reservation.travels@marketdigestnigeria.com.ng MARKET DIGEST NIGERIA

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Luxury ShortLet Apartments

We welcome you to our Apartments – the perfect home away from home. Our apartments are available for corporate and private clients. Our apartments offer

• PRIVACY • LUXURY • • CHOICE OF CHEF • PERFECT LOCATION •

SPECIAL RATES FROM JUST N20,000 view online at www.marketdigestnigeria.com.ng or call +234(0) 7059570580.

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