Friday, May 12, 2006

Bussiness insurance

Bussiness insurance is often overlooked in our society today because many people believes having a bussiness insurance is of no use, but when you do bussiness from your house you have property equipments, surrounding your home office and when you make a quick estimate of the cost of this eqiupments you might not be able to replace them if it was stolen and also not all the equipment you use stay in your home at all time.

Tthere are different types of home based bussiness insurance which depend on what type of home base bussiness you are for example if your bussiness involves selling a product,providing of services, the use of vehicles for carrying out bussiness.

Many different organisation today offers bussiness insurance plans to their members also offers bussiness insurance is very important when purchasingany bussiness insurance you need to get good information from different companies,investigating properly on thier insurance benefit.

Tuesday, May 09, 2006


Before you incoporate a business you have to decide whether to incoporate federally or provically. incoporating a business federally you will be able to carry out business in every territory in the country even if another company has a similar name. but a federal incoporation cost more to start and also there are lots of paper works involved.

Incoporating a business provincally means you can only do business only in the province of your state where your business is incoporated.

when choosing a name for your business it has to be a coporate name because there are some requirements attached to incoporate a business. your name must not be similar to any existing company, and also the name of your company must be english, native or english conbined language.
after choosing a name, you need to make a research if the name is available and also acceptale to the commission in which it will be reserved for a couple of days during you will complete the incoporation process of your business.

Incoporation documents such as articles fo incoporation, memorandum, notice of office and always checking properly the requirments in the documents.



In nigeria today company incorporation is govern by the provisions of the companies and allied matters CAMA which provide that every comany, association or partnership consisting of more than 20 persons formed for the purpose of carrying out any business in order to make profit must register under CAMA. The principal character in company incoporation is the promoter, that is any person who takes part in forming a company with reference to a given project and to set it going and taking the nessessary steps to accomplish that purpose and also the person acting in a profession capacity for company incoporation should not be promoted. with this the promoter is motivating behind the company incoporation. it is important for the promoter to seek advice from the solicitor that will provide expert guidiance.

The promoter is the one to decide if the company can be a private or public company, when selecting a name for the company it is better to have a list of about 2 to 3 names in case the first name is not available, then a search is conducted at the coporate affairs commision (CAC) for the availability of the chosen names because some names are restricted for use by the public except the consent of the owner of the trade mark or business name has been obtained with the consent of the (CAC) for the company's incoporation.

Monday, May 08, 2006

This woman turned a mere hobby into money spinner

Nineteen years ago, when Dr (Mrs.) Joy Dominic, Chief Executive Officer, Joy Skin Maintenance and Beauty Parlour had a chance encounter with the art of beauty therapy in Accra, Ghana, she didn’t know that fate had thrust a gold mine on her laps. Almost two decades in the business, Mrs. Dominic has every cause to thank God for her strides in beauty therapy which has earned her fame and fortune. In this encounter with Daily Sun, the beauty director opened up on her foray into the business and how she’s been able to beat all odds to rise to the pinnacle of fame and fortune.

Culled from The Sun

Friday, May 05, 2006

CBN doubts capacity to tackle N350b Bad Credit Loans

Challenges of Nigerian banks' post- consolidation may have assumed a bigger dimension, agains't earlier assesment with Central Bank of Nigeria (CBN) reassessing the magnitude of the situation.
CBN, which failed to meet the 90-day payment plegde to depositors of failed banks, has now admitted that bad credit loans, estimated at N350 billion, is beyond it's capacity to shoulder.
CBN Governor, Professoe Charlse Soludo has promised thyat the bank would establish an Asset Management Company (AMC) to take over and manage the bad credit loans of banks after the consolidation excercise.
The Deputy Governor of the CBN incharge of banking sector surveillance, Mr. Tunde Lemo, said that the CBN might not be able to carry the huge dept burden alone. He said that the apex bank would have to network with other agencies of government in resolving the bad credit loan problems. it is a burden that the CBNN should not carry alone but be supported by other agencies of Governments, he said, adding that the bad credit loan burden is too heavy for the CBN to bear alone.
The deputy governor said that another area of concern for the CBN was how nigerian banks would manage their global exposure post consolidation, since they would not be exposed to international fraudsters. he advised the banks to develop strong internal control systerms and also develop robust risk management structures since the failure of big banks would have dire consequence on the economy. this he said would give a massive boost to the consolidation excersise.