Connect with us

Action

The Nigerian CEO Report Fears Devastating Impact of Pandemic on Real Estate

Published

on

The Nigerian CEO Report Fears Pandemic Impact Devastating on Real Estate- Study, SiliconNigeria

About 84 per cent of chief executive officers in Nigeria have agreed that real estate industry in Nigeria is plagued due to the pandemic, especially, companies in the business of office rentals.

This revelation is contained in the recently published CEO Report, a Philips Consulting initiative for 100 Nigerian business leaders.

The PCL. CEO Report further stated that 83 per cent and 55 per cent of CEOs have adopted a ‘Work From Home Strategy’ and ‘Standby Model Strategy’ respectively, and are beginning to question the need for large office spaces.

“Only 46 per cent CEOs are considering retaining their current offices, while others will seek smaller and cheaper offices, shared offices, or adopt an entirely virtual working model,” added the Report.

 In commercial cities like Lagos where massive high-rise office complexes are commonplace, real estate players must be ready for a shift in demand. They might be forced to repurpose their buildings or provide new services to suit the new mode of work, the Report recommended.

The survey that recently engaged 100 Nigeria business leaders on the current economic landscape and presented the insights in its “CEO Report” said, “One word that best describes today’s business environment is “uncertain”. The ‘new normal’ occasioned by the effects of the Coronavirus pandemic is gradually fading away and being replaced by what is termed the ‘next normal’.

Amidst the frenzy of realigning strategies to better position businesses for recovery after the pandemic, the Philips Consulting’s CEO, Rob Taiwo mentioned that “We have been hit with the harsh reality that the Coronavirus might be here to stay. There is no going back to normal; instead, we have a next normal that is unpredictable.”

He said, the conversation to be had now is how to prepare for a future full of unknowns. Speaking on which industries benefit from the crisis, Taiwo, a transformational leader said, “Globally, the IT sector experienced a surge in the wake of the pandemic, as a result of the shift to remote working.

“This resulted in a heavy reliance (or dependence) on IT products for both personal and business purposes.” Nigeria is no exception, he stated, “From our survey, 86 per cent of CEOs reported that the pandemic led to them improving the IT infrastructure of their organizations. Our respondents predict that Nigeria’s healthcare, agribusiness, and manufacturing industries stand to benefit from the next normal.”

“They expect the professional services industry to experience comparatively minimal disruption. This is primarily due to their vast array of services, relatively low operational expense, lean and agile business model, and legacy clients.”

On the levels of preparedness for the pandemic, the Report said, only 6 per cent of CEOs reported that their organizations were prepared for the pandemic. Hence, it comes as no surprise that 55 per cent of Nigerian businesses are currently operating below 50 per cent of their operating capacity.

The 6 per cent mentioned above stated a strong leadership team as the most critical factor of their preparedness. Other important factors include having a robust business continuity plan, government support, and a well-articulated business strategy.

On forging ahead into the next normal, the CEOs Report revealed that 57 per cent of CEOs expect that the earliest possible time for the business environment in Nigeria to normalize will be August 2021.

CEOs are increasingly taking responsibility for their companies, and are not necessarily looking up to the government for solutions to the problems occasioned by the pandemic. As against the 79 per cent of CEOs that voted in the 2019 general elections, only 67 per cent of CEOs reported that the pandemic would make them more interested in the outcome of the 2023 election.

Taiwo said, “Results from our survey showed that the Nigerian government and business leaders should pay close attention to the post-COVID19 policies and strategies of the United Kingdom, China, and the United States of America as these will have the most profound impact on the Nigerian business environment.

“At pcl., we are committed to working with our clients and partners to build and develop people’s capabilities, technology systems and processes, effective and robust strategies, and business continuity plans. Let us work with you to future proof your business in the next normal.”

Continue Reading
Advertisement Advertisement
Click to comment

Leave a Reply

Action

Independence Day, #EndSARS, Ondo Election Results Top Nigeria’s October Search Trends

Published

on

Independence Day #EndSARS Ondo Election Results Top Nigeria’s October Search Trends, SiliconNigeria

A milestone anniversary, calls to shut down an allegedly brutal police department, and state election results were among the top trending Google searches in Nigeria during October. These searches partially crossed over into the most asked questions, which concerned a leading activist, the whereabouts of the president, and the winner of Big Brother Nigeria. 

On 1 October, Nigeria celebrated the 60th anniversary of its independence from Great Britain. What would ideally have been a day of celebration instead turned into a day of protest across the country’s major cities as people expressed their anger over corruption and increases to petrol and electricity prices. Nigeria Independence Day was, nonetheless, the top search for the month.  

Protests continued throughout the month as the #EndSARS campaign gained momentum. The campaign called for the disbanding of the Special Anti-Robbery Squad (SARS), a unit of the Nigerian Police. After SARS was disbanded, protests have continued over police brutality and other issues. As the protests dominated news headlines, online interest grew. As a result, “end sars” was the second most searched term for the month. 

Staying with politics, “ondo election result” was the third most popular term for the month. The poll saw Oluwarotimi Akeredolu reelected as governor of Ondo state. Despite heavy criticism from opposition parties, Akeredolu won by a significant margin. 

Other topics trending in October included actress Eniola Badmus, who was falsely rumoured to have been shot during the #EndSARS protests; activist Aisha Yesufu, who has been at the centre of the protests; and rapper Lil Frosh, who was arrested in early October for the alleged assault on his girlfriend Gift Camille.   

These were the top 10 searches for the month:
1. Nigeria Independence Day

2. End sars

3. Ondo election result

4. Eniola Badmus

5. Aisha Yesufu

6. Lil Frosh

7. Cavani

8. Room 306

9. Boyfriend day

10. Soro soke / soro soke meaning

Yesefu also featured among the most asked questions for the month, topping the list. Nigerians were also keen to know where President Muhammadu Buhari was. The national leader, who is frequently overseas for medical treatment, waited days before addressing Nigerians on the protest, before finally urging citizens to spurn the protestors’ efforts. 

It wasn’t all serious politics, however. Nigerians also took to Google to find out who the winner of BBN 2020 was, as well as to ask practical questions around tracking stolen cellphones and to find out who Anonymous is. 

Top ten trending questions for October 2020: 

  1. Who is Aisha Yesufu?
  2. Where is Buhari now?
  3. Who is the winner of BBN 2020?
  4. Where is Tinubu now?
  5. How to track a stolen phone?
  6. Who is Anonymous?
  7. Who is Tompolo?
  8. How to prepare jollof rice?
  9. Who is leading in Ondo election?
  10. Who is DJ Switch?

Search trends information is gleaned from data collated by Google based on what Nigerians have been searching for and asking Google. Google processes more than 40 000 search queries every second. This translates to more than a billion searches per day and 1.2 trillion searches per year, worldwide. Live search data is available on the Google Nigeria Trends site

Continue Reading

Action

Globus Bank Opens Three New Branches in Lagos

Published

on

Globus Bank Opens Three New Branches in Lagos, SiliconNigeria

L-R: Modupe Ajayi, Branch Manager Lekki, Globus Bank; Elias Igbinakenzua, Managing Director/CEO Globus Bank; Ekundayo Yakubu, Chief Financial Officer Globus Bank and Titus Ebare, Chief Risk Officer, Globus Bank at the launch of the Globus Bank Lekki Branch recently.

Nigeria’s “phygital” bank, Globus Bank Limited, celebrates 2020 Customer Service Week with a special gift to Lagos customers.

The bank opened 3 new branches at the following locations – Plot 17, Admiralty Way, Lekki; Plot 2B, Aromire Street, Allen Avenue, Ikeja and Plot 17, Warehouse Road, Apapa, Lagos.

The bank is poised to strategically branch out in a manner that aligns with its vision to offer the banking public a viable alternative that is designed to provide ultimate and endearing customer experience.

Globus Bank commenced operations on November 6, 2019, and in accordance with their service promise, they have continued to roll out branches in very strategic locations across the country. These three new branches in one week demonstrate their commitment to match words with action.

To serve the retail customers, the Bank is currently active on USSD code (*989#) and has a mobile banking application (Globus Mobile), that is seamless and provide end-to-end solution for retail customers. Accounts are fully opened in 2 minutes without the need to physically visit any branch.

The transfer service on Globus Mobile is the most enjoyable in the industry. Individuals can switch between personal and corporate accounts on Globus Mobile and do transactions seamlessly, including bulk payments. With Globus Mobile, your corporate account is on your palm. This is a robust solution for individuals and MSMEs.

For key corporate customers, the bank has a robust Corporate Internet Banking Solution that has been adjudged by customers as one of the best in the industry.

Whilst rapidly gaining market share in the corporate segment, the bank is maintaining its focus on enhancing financial inclusion by encouraging the unbanked through innovative digital platforms and incentives. There are plans to show optimal physical presence in key retail centres aimed at strengthening financial inclusion and supporting MSMEs.

Continue Reading

Action

ATCON To Hold AGM, Elect New Executives November 12

Published

on

ATCON Sets To Hold AGM Elect New Executives, SiliconNigeria

The Association of Telecommunications Companies of Nigeria (ATCON) has concluded plans to hold its 2020 Annual General Meeting (AGM), during which it would also elect new executives.

The AGM, which was earlier scheduled to hold in earlier this year was postponed due to the COVID-19 pandemic. According to a statement from the association’s executive secretary, Mr. Ajibola Olude, the meeting will now hold on November 12, 2020, in Lagos.

ATCON noted that the tenure of the National Executive Council 2018 – 2020 which would have ended in May 2020 was extended to forestall the leadership vacuum that would have occurred.

“The Association upholds a culture of corporate governance and is set to have another election that would usher in a new set of National Executive Council that would direct the Association for the next two years.

“As part of upholding the principle of transparency in the conduct of the forthcoming election into various positions in the National Executive Council of the Association, we are pleased to officially announce to all the CEOs and Directors of all our qualified member companies to take an active part in the in Annual General Meeting (AGM) and Election into the National Executive Council (NEC) of the Association,” ATCON said in the statement.

Highlighting the eligibility criteria for voting, ATCON said, in accordance with the association’s constitution, only financially active members would be allowed to vote and be voted for at the elections

Continue Reading

Popular News

%d bloggers like this: