How to Establish Insurance Business in Nigeria
Establishing your own general insurance company in Nigeria or any parts of the world is one of the most ideal approaches to become stupidly rich and keep earning till you die. This is because Insurance like most other lucrative businesses is a game of numbers – the more customers you have over the coming years, the richer you become and the faster you transmit from richness to wealth. How do you gain this wealth? It is from the insurance premiums you charge your clients against loss. So, when they record fewer damages, you make more gains. The reverse, however, is the case if the tables turn in the favour of your clients.
Like I said above, General insurance organizations profit month to month, quarterly, and yearly through the premiums customers pay to them. And installment of premiums involves need or “constraint” for customers that intend to stay secured against potential misfortunes, creating definite cash for the general insurance company and its proprietors. General insurance specialists additionally acquire size able commissions by getting more business to buy insurance premiums from them.
Steps to Start General Insurance Business in Nigeria
In any case, beginning a general insurance business takes times, it requires specialized mastery of the industry especially here in Nigeria, concrete business experience and proficiency, and it must be approved by the relevant government authorities to guarantee administrative rights and consistency with governmental laws for the industry. Below are the steps you may take to start your general insurance business in Nigeria.
Learn the Trade
At the start, you may begin as an authorized operator to another general insurance company to understand things like the marketing and administrative parts of the business. During this period, too, you can as well operate autonomously under the name and security of the parent insurance company and make money for yourself as you are making money for them. After this, you may set up your own insurance company with the benefit of having ready customers from those of the proprietary insurance firm you worked for.
Decide the General Insurance Risks You Wish to Cover
There are more than 50 types of general insurance risks you can cover in your business; yet you should be highly conscious and cautious and also know the level of recurrence and degree of harm conceivable under each hazard or risk you wish to cover before you add it to your product list. Generally, you can do life assurances, auto robbery/car collisions, fire and theft for structures, travel general insurance, well being insurance, property insurance, and many others.
Put Together a Formal and Composite Business Plan for Your Proposed General Insurance Company
When putting together a business plan for a general insurance company, you should get an expert to work with you in writing it, particularly in view of the fact that you would need to present the business plan before a bank, the CBN, NAICOM and other legal and administrative boards for approval or support.
Since you will be running this business as a company, it must not have elements of entrepreneurship in its business plan. Everything should be kept formal and corporate. Organization Licenses are given to Corporations, Limited Liability Companies (LLC) and Partnerships. You should have this at the back of your mind while developing your insurance business plan.
Register Your Insurance Firm As A Company With The Government
You should formally register your Insurance Firm with the Corporate Affairs Commission (CAC) of Nigeria as a Public Liability company (PLC) or a Limited Liability Company (LLC). You can’t simply register a business name and then start business, there is a whole lot to it than that. So, you must register the business as a company and specifically as a PLC or LLC.
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Register and Get Approval From Insurance Regulators in Nigeria
The Nigeria General insurance Commission (NAICOM) is the administrative organization or regulatory body for general insurance business in Nigeria.You need to register with them and get the necessary licenses before you can begin operating an insurance firm in Nigeria
Get Insured (Protected)By a Bigger Insurance Company
Your general insurance company must be insured by another general insurance firm which is bigger than yours. While your general insurance company paysinsurance premiums to customers on account of a loss, the bigger insurance company would help you pay premiums if the insurance claim or loss is too expansive for only you to pay out. This is similar to the banking system where customers bank with commercial banks who subsequently bank with the Central or national bank.
Meet the Necessary Financial and Legal Requirements
You should have at least N300,000,000 as capital to start an insurance company in Nigeria. The amount would cater for startup expenses, cover advertising, staffing, marketing and different costs expected to launch your general insurance company as well as serve as your base capital (unknown).
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In Nigeria, you will require the endorsement of the Central Bank of Nigeria (CBN) and the Nigerian General insurance Commission (NAICOM) before you can setup a general insurance firm. Likewise, you would need to meet the base capital required to open a general insurance organization. Please, contact the CBN and NAICOM to know the current base capital.
Additionally, you would require a letter of credit from a bank to attest to the availability of these funds, that is, the sum you require to obtain the general insurance company. This is required so that in a situation that you default payments ofcustomers’ insurance premiums, legal action can be taken against your company to retrieve the customers’ insurance premiums.
Prepare For Take-Off
Regardless of whether you secure a business loan or pool together the cash from friends and relatives, you will require cash to obtain an office space, buy office equipment, recruit workers and pay their salaries, print reports and pamphlets, keep up field operations, and settle starting cases that emerge.
Lease an office space
Your office ought to be situated in vicinity that is both appropriate and very self-informing. The inside of the workplace should be perfect with private workplaces, a meeting or conference room, convenience, etc. There must be proper lighting and ventilation to make the place comfortable for both staff and customers.
It is preferable to site your general insurance offices in the business areas so that people can easily see and consider stopping by. General insurance business at times is about the appearances and the impression made. What your office premises look like could rouse customers to stop by or just keep moving. Nobody wants to buy general insurance from a shady looking business environment with uninviting staff and administrators.
Advertisement and Marketing
General insurance is a service and like other services, it must be appropriately advertised keeping in mind the end goal which is to make profits. Quite a number of people purchase their general insurance from general insurance operators, general insurance dealers or the general insurance company itself. Most general insurance organizations showcase their services through well-tailored advertisements, email marketing, print media, online marketing using social media platforms, post office mail, etc.you can leverage on all or any of these to make your general insurance business stand out.
Have you considered starting up a general insurance company? Or, on the other hand, searching for an approach to make your a general insurance firm standout and begin making the most anticipated profits? If that’s the case, consider these tips discussed in this article again. They will greatly help you in your quest.
Since general insurance is a service individuals buy continually for different occasions in their lives, with little hazard and preparation, you can develop a business that is beneficial and additionally gives awesome service to the customers.
How to Start DJ Service Business in Nigeria and Make Money
The entertainment industry in Nigeria is one ever-growing sector that reaches out to all regardless of their background and there are opportunities for youths in this business which are profitable.
If you love a kind of music and have a passion for sounds mix or beats, this is the business for you. You can start providing disc jockey services and get paid for it, as simple as that.
There are people who are already doing this just as a hobby without any idea that they can make money off this skill set and turn it into a business which is lucrative.
This is a business that involves mixing different music or sounds, pleasing to the listeners and for their entertainment at their event. You can mix up songs from a different artist with use of turntable which produces awesome sounds and burns the mix into a compact disc and put them out for sale. Therefore people can play them in their homes, cars, stores or supermarket and so on and forth
If you have a passion for music, you can start this business and this also goes for individuals who love to attend ceremonial activities and network with them.
This business can be done part-time with a very flexible schedule which is the amazing thing about this business. Therefore you can have a full-time job and by the side work out your disc jockey business, playing during the weekends at events. This is a business that enables you to plan your time of work to suit your circumstances.
Students can also be involved in this business especially those who want to earn little income while they stay in school till they graduate. They could raise enough funds from this business to develop further in the business
If the business is planned properly, it can develop into a successful one which will be very profitable.
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WHY THIS IS A DJ SERVICE BUSINESS GOOD BUSINESS TO DO PEOPLE LIKE MUSIC
People love listening to music be it on their mobile phone, at their events, and in their cars. People can go the extra mile to call a person who is willing to play great music to make their show or events a thrilling one.
The live band could play and sing the songs of other musicians, however, some people will like to listen to the sounds of their favorite musicians and since it is not possible to get the artiste to their event. The services of a disc jockey come into play as he scratches favorite songs from their favorite musicians.
SERVICES ARE NEED FOR VARIOUS PURPOSES
DJ services are needed to produce a means of fun and entertainment coupled with relaxation. Which is why the services of a DJ is needed on various occasions and ceremonial activities such as birthdays, weddings, anniversaries, burials, meetings, seminars, workshops and many more.
It is a belief that any event without a DJ dishing out good music is an incomplete event and makes the demand for the services of a DJ to have reason over the years.
TYPE OF MUSIC AVAILABLE
An experienced DJ is versatile and has knowledge of all kinds of music and with great exposure, makes doing business easy for all kinds of events such as children party, business symposium, conferences etc.
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You can play soul, rap, rock, Hip Hop classical and a lot more local music too.
WHAT IS NEEDED FOR THE BUSINESS
GAIN KNOWLEDGE OF THE BUSINESS
Having love for music and passion for sounds is not enough to make you a successful DJ. You need to gain knowledge and have experience of its operations in order to succeed.
In acquiring knowledge, you’ll need to learn the types of equipment you need to use, where you can get, where you can use them and how to use them. You need to understand the type of songs that goes on air at certain events and how to get the proper mix to produce great sounds.
To gather this knowledge, you need a mentor or someone who has been in the business for a long time, someone you can learn from can understudy.
What is the equipment you need as a mobile DJ?
Djs have lots of options in terms of selecting equipment and all these comes down to the taste of the DJ.
Most common set up is that of work with a laptop. The DJ moves with the laptop and when it’s time, selects the songs he wants to play and uses the wheels to spin the songs.
Some DJ may already have the songs on their iPods then just come over to the mixing dock and the events buzzing with unique sounds
Basically, you need a laptop, turntables to play music from and also a mixer with the very good speaker to produce quality sounds.
With the advancement in today’s technology, your setup can be easy and simple.
KNOW YOUR MUSIC
In this business you need to know your music very well, that is apart from knowing which equipment to use, you have to decipher the genre of song that fits a particular event.
Example there are certain songs you will be expected to play at a wedding ceremony which will not be needed at a birthday party.
This is an exciting business for individuals who like music and entertainment a lot. However, carry out a feasibility study to determine the gadgets you’ll need.
GET A SPACE
You can begin from your house for a start since you will be going out for events and parties. Ensure that your equipment is neatly kept safe in your house.
As your business begins to go grow and you finally have the capacity to expand, you can hire an assistant or a manager who will help in taking bookings, answering clients calls and listing.
PROMOTE THE BUSINESS
This can easily be done right now with the level at which the use of social media has increased. The business promotion has been made very easy, rather than the distribution of flyers, you can promote online and you can have access to your potential customers.
REGISTER THE BUSINESS
Get your business registered and make sure you meet the necessary criteria required by the government.
5 Steps to Start a Distributorship Business in Nigeria
We are very much aware that the present economic situation of the country is a kind that you and I can not specifically point to when it will come to an end. As the saying goes that desperate situations require desperate measures, I guess you will agree with me that we need to do whatever it takes us to make money, as far as it’s legit.
There are some highly lucrative businesses in Nigeria today that we sometimes don’t pay much attention to and this might be as a result of financial constraint or other varying factors, but the truth is, we can always start any business as far as we have the information required to go about such business. This distribution business is very profitable when it comes to the high demand of widely used products especially in a country like Nigeria
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This is the reason why I will be sharing with you, the processes or steps involved in setting up your distributorship business in Nigeria and I hope you’ll work towards setting up your distributorship business as soon as possible. However, the business is competitive but with the right plan and good mobility, you will be able to reach out to as many customers as possible.
A distributor can be anyone who has an affiliation with manufacturers which they stand for and most times buy from products from the manufacturer to deliver these items or products to the wholesalers or retailers, depending on the open market while sometimes the distributors tend to sell the product to the consumers when they are directly available. Simply put, the distributors purchase the product straight from the factory in large quantities and deliver them to the wholesaler or retailer, who then sells them to the consumers in little quantity. The distributor makes the product of the manufacturer to circulate in the open market regardless of the state of production; the distributor ensures that all products get to the strategic location for easy distribution to the consumers.
As stated earlier, the business is lucrative but before venturing into this business, you need to understand how the market functions and the strategic plan to follow in order to make huge profits.
STEP 1- CONDUCT YOUR RESEARCH
As soon as you decide to start your own distributorship business, the first thing you shouldthink about is carrying out your research. What do I mean by this? All you have to do is look at your environment and look at what your community is lacking. For instance, if there are many schools around you, its an opportunity to become a stationeries distributor especially if they don’t have a good customer base, it will be a good opportunity for you. We have different publishing outfits such as Lantern books, Evans books, Literamed and so on. Type on Google to find out more about these publishing outfits or any businessthat interest you.
STEP 2-KNOWEVERYTHING ABOUT YOUR GOODS
Now you know the kind of goods you want to distribute but you don’t know how it works. You need to find out the pros and cons of being a distributor of your goodsand you also need to know how long it takes to keep such goods. You know that durable goods aren’t to be kept for too long unlike non-durable goods, so you need to know the kind of good you’re dealing with, in allits entirety. You need to understand every components of your product, so that when consumeinquiresre about them, you can give the correct answers promptly.
STEP 3- GET A STORE, WAREHOUSE OR A SHOP
Starting your distributorship business does not have to be difficult after having the information above in step 1 and 2. You can always start small and expand as time goes on and as such, finance should not be the primary determinant of how your business will thrive. Also, note thatGetting a shop shouldn’t be an hindrance to starting your distributorship business and as such, you can start without it if you don’t have the means right away, your home can serve as a store pending the time that you’re able to get your desired store, shop or warehouse
STEP 4- FIND YOUR DISTRIBUTOR
What else are you waiting for? You have created the foundation of your business and the next thing is to build on this foundation. The next thing you should do is just to find means of contacting your distributor and kick off on your long-awaited distributorship business. This shouldn’t be a hard nut for you to crack as you can always go online, search for the product and company you’re interested in and follow the steps you that will be required of you to be a distributor for them.
STEP 5- FIND YOUR CUSTOMERS AND KEEP THEM
The last but not least of these steps is to find customers for your goods. This is the most delicate and important part of setting up your business as this will determine the success of your business in the long run. Getting customers for your goods is not as important as keeping them and that’s why you need to work on your marketing skills and learn a few tips on how to get and keep your customers. The more customers you get require more expansion that is, you will need to be mobile whereby you can easily move products from one location to another.
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Items mostly distributed in Nigeria
- Petroleum product and so on
Tips to successful distributorship in Nigeria
- Maintain is a responsible, loyal and trust-worthy relationship with your good customers.
- Rapidly grow the numbers of your customers. The idea behind distributing product is not about the product itself but about the customers you distribute to. The more customers you distribute to, the more money you earn. Therefore develop a strategic plan to increase your customer’s number.
- Regularly reach out to customers and inquire about the demands of your customers.
Lastly, enjoy your business and make it grow by reinvesting your profit. Although the business is highly competitive but with the proper planning, you can break forth beyond your competition and supply widely to all regions possible.Wish you all the best!
How to Get a Job in Debt Management Office Nigeria (DMO)
DMO Recruitment Guide – http://www.dmo.gov.ng
This guide covers all you need to know about the DMO Current Recruitment. With this Debt Management Office Recruitment guide, you will get to know about the functions of the Debt Management Office, the requirement, how to apply and other essential information on Debt Management Office recruitment this year.
Also covered in this guide is the DMO Recruitment Form, the DMO Recruitment portal, etc.
About Debt Management Office
The DMO was established on 4th October, 2000 to centrally coordinate the management of Nigeria’s debt, which was hitherto being done by a myriad of establishments in an uncoordinated fashion. This diffused debt management strategy led to inefficiencies. For instance, in the FMF alone, four different departments have functions for the management of external debt in the following format:
- External Finance Department: responsible for all Paris Club debts and for the management of public debt statistics;
- Multilateral Institutions Department: responsible for relationships with all multilateral institutions (excluding the African Development Bank and its subsidiaries such as ADF and the NTF, which is handled by the ABER Department). It is also responsible for managing and servicing multilateral debt;
- Africa and Bilateral Economic Relations (ABER) Department: responsible for liaising with the ADB and its subsidiaries, ECOWAS, and all non-Paris Club bilateral creditors;
- Treasury Department (OAGF): responsible for issuing mandate to the CBN for payment of all external debts;
- Foreign Exchange and Trade Relations Department: responsible for issuing reconfirmation for payment externalization to the CBN and for documenting repayment and servicing of external debts;
In the CBN, the following departments had some involvement with external debt management:
- Debt Management Department: responsible for the London Club debts consisting of trade debts, par bonds, and promissory notes;
- Debt Conversion Committee: responsible for managing various debt conversion options such as debt-for-debt, debt-for-equity, debt-for-export, debt-fornature, and debt-for-development; and
- Various departments: responsible for processing and effecting loan repayments on behalf of all the other agencies or departments of government listed above.
This diffusion in the management of public debt created fundamental problems, including the following:
Operational inefficiency and poor coordination;
- Inadequate debt data recording system and poor information flow across agencies with consequent inaccurate and incomplete debt records;
- Extreme difficulty in the verification of creditors’ claims due to conflicting figures from the various bodies handling the debt management function;
- Complicated and inefficient debt service arrangements, which created protracted payment procedure and often led to penalties that added to the nation’s debt stock;
- Inadequate manpower and poor incentive systems for the affected personnel, which affected outputs and performance;
- Lack of consistent well-defined borrowing policies and debt management strategies;
The consideration of these myriad problems led government to support the establishment of a relatively autonomous debt management office, which resulted in the formation of the DMO in October 2000. The need for the creation of a separate public debt management office was therefore aimed at achieving the following advantages:
- Good debt management practices that make positive impact on economic growth and national development, particularly in reducing debt stock and cost of public debt servicing in a manner that saves resources for investment in poverty reduction programs;
- Prudently raising financing to fund government deficits at affordable costs and manageable risks in the medium- and long-term;
- Achieving positive impact on overall macroeconomic management, including monetary and fiscal policies;
- Consciously avoiding debt crisis and achieving an orderly growth and development of the national economy;
- Improving the nation’s borrowing capacity and its ability to manage debt efficiently in promoting economic growth and national development;
- Projecting and promoting a good image of Nigeria as a disciplined and organized nation, capable of managing its assets and liabilities;
- Providing opportunity for professionalism and good practice in nation building;
Debt Management Office Management Team
- Director-General:Ms Patience Oniha
- Director, Special Assignments, Director-General’s Office: MijiAmidu
- Director, Organisational Resourcing Department: Hannatu Suleiman
- Director, Policy, Strategy and Risk Management Department: Joe Ugoala
- Director, Portfolio Management Department: OladeleAfolabi
- Head, Debt Recording and Settlement Department: Alfred Anukposi
- Head, Market Development Department: Monday Usiade
- Head, Strategic Programmes Department: Elizabeth Ekpenyong
DMO Academic Recruitment Requirements
- Possession of B.Sc, HND, NCE, OND in any discipline from a recognized institution
- West African School Certificate (WASC) or Senior Secondary School Certificate (SSSC) with Credits in not less than three (3) subjects including English and at least passes in two (2) other subjects; or
- National Examination Council (NECO)/General Certificate of Education (GCE) Ordinary Level with passes in four (4) subjects obtained at one sitting or five (5) subjects obtained at two sittings including English Language.)
- National Diploma (ND) obtained from a recognized institution. National Certificate of Education (NCE) from a recognized institution; or
- General Certificate of Education (Advanced Level) in two (2) subjects obtained at one sitting or three (3) subjects obtained at two sittings.
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Other Things You Should Know about DMO Recruitment and Employment
Given the nature of work at the DMO, the organization normally initiates an intensive background investigation on all prospective applicants after they pass their interview process before they are given a conditional offer of any employment.
The investigation includes the following:
- A test for illegal drugs,
- Credit and records checks,
- A medical examination,
- Verification of all employment documents submitted to DMO by the candidate.
- Applicants must provide originals of HND, OND, NCE or B.Sc. degree in any discipline from recognized institutions.
- It’s mandatory to provide NECO/WAEC with two sittings (English should be included).
- Extensive interviews with former and current colleagues, teachers, business associates, neighbors, friends, etc.
- Applicants must be a Nigerian, either by birth or nationalization.
- All applicants must not older than 35.
- Your willingness to push yourself beyond your comfort zone is your greatest strength.
- Applicant must possess a valid means of identification, Such as a Voters card, driving license or international passport.
- Applicants may be required to take an online qualifying examination.
How to Apply for DMO Recruitment
The DMO conducts recruitment into its establishment every year.we are very optimistic that they will conduct for this year too.
Although the Debt management Office Recruitment form for this year is not yet out as at the time of compiling this article, understand that registration for the job is always done online on their website at http://www.dmo.gov.ng/.
Please, visit the agency’s official website to apply for this job or for further details on the job.
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