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By Enyeribe Ejiogu
When Dr Humphrey Erumaka, Presiding Bishop of Wordbase Assembly, Okota, Lagos, envisioned the Business Triangle Forum (BTF) at the beginning of 2022, as the world experienced more recovery from the effects of COVID-19 in 2020, it was deliberately conceived to teach Christians how to do business in godly ways that reflect the righteousness of Christ. After all, Jesus Christ clearly enjoined his followers to be the salt of the earth and the light of the world. So, operating as apostles in the marketplace is one sure one way of contributing to the establishment of the kingdom of God and doing his will on earth, while using the inspiration of His Spirit and power to make wealth.
The BTF training and interactive sessions have been a hit with members and other Christians who have had opportunity to participate and learn nuggets of business wisdom, dished out by an array of resource persons, who are themselves successful entrepreneurs.
In the run up to the first anniversary of BTF, held yesterday, he spoke looked back at the past year and gave indications of ways the successes recorded so far will be consolidated and deepened in the coming year.
Looking at BTF, what has it been like in the last one one year?
We have been sensitising our members and other people who have participated in our programmes on various areas of business, by bringing resource persons who are already doing well and successful in such business activities. For instance, we brought the leader of the Shoe Manufacturing Association Aba, Abia State, who is also a consultant to the Government of Rwanda and currently coordinating the establishment of a shoe manufacturing hub in that country. We have had experts in non-oil export business and financing speak at our seminar focused on export trade and how to succeed in it. During that particular session, there was a talk on the export opportunities in Rwanda and the procedure for setting up presence in that country and secure government approvals to do business.
We have also had physical visits to major business hubs in the South-east. In the course of discussing business opportunities, some members of BTF partnered with some importers, to bring in a special gum from Brazil, for making shoes. Under BTF platform, some members are collaborating with a major producer of processed industrial starch made from cassava, based in Bayelsa State, to export the industrial starch.
Again, in keeping with the Central Bank of Nigeria (CBN) policy on financial inclusivity, a lot of women have been taught on how to get business loans from banks, either to start a business or expand an existing enterprise. The seminar was also used to enlighten men on the financial benefits of incorporating their wives into their business and even allowing them have a substantial shareholding. The reason is that it gives the company an advantage in securing loans under the CBN MSME (micro, small and medium enterprises) scheme. Under the programme, if the woman holds the larger share, the company can get loans at about 9% but if the man has the larger share, the interest rate could be as high 25% or more per annum. As you can see, the new CBN policy has empowered and given women a major role and a strong voice in determining the growth and success of MSMEs. In that regard, the involvement of women in managing family businesses is another expression of the divine purpose of God as it is written in the bible. God said in Genesis 2:18: “I will make him a help meet for him.” Again, the bible says that a man who finds a wife, finds a good thing and obtains favour from God. The lower interest rate granted to the business of a man whose wife owns a large share in it is the kind of favour referred to in the bible.
Is it that the banks tend to believe that women are more likely to pay back loans or what?
In a sense yes, though there is a Federal Government policy to include more women in entrepreneurship. For example, my wife got a loan from Access Bank, which she used to set up a poultry business in Ogun State, where she built a farm house, poultry farm. Given that I am funding the household and generally responsible for the children, any other money she made was used to pay back the loan. So I was not surprised when she said she had paid off the loan.
However, the biggest headache today is that the farm is not running again because of the Fulani kidnappers who pretend to be herdsmen. In the plant section, she planted pineapple and other crops. But the Fulani would come with their cattle and weapons (guns, swords and daggers), chase the workers away, and graze their herd. The place became unsafe and so we shut it down for now, while hoping that a new administration at the federal level will bring stability back to the agricultural sector. The greatest problem against agriculture is insecurity. A lot of farms are not working.
I know that organised business groups encourage entrepreneurship among youths. Has BTF done anything in this regard?
Definitely. As part of my birthday programme this year, money was raised to serve as startup capital, to help about eight young graduates who successfully pitched their business ideas to a panel of experts, including one senior executive from PriceWaterhouseCoopers, PWC. In fact, one of the young participants proposed an innovative idea built around the use of a drone for surveillance purposes. He was awarded a special mentorship under the aegis of PWC. Under the plan, he will be taught how to establish, run and grow the business to the point of attracting venture capital finance. Another of the young people who was using his smartphone to create Google adverts needed a laptop to improve his work. He received a positive response and was given N200,000. The least amount given to the winners was N100,000.
As we look ahead to next year, what should Nigerians expect from BTF?
We are going to establish relationships with institutions such as the commercial sections of the embassies in the country. The essence is to facilitate business relationships between members of BTF and companies from their countries. On our part, BTF will thoroughly vet members who want to establish business relationships, so that we can certify that they are credible. For instance, if we are contacted by an embassy to give a report, we will be able to give the report.
We are developing a training centre, which will be well equipped with modern audio-visual facilities in the training hall and small group rooms. The new facility will neutralise the need for people to go to Victoria Island, Lekki or Ikeja, to rent small group facilities, because of the traffic situation. The BTF training centre will adequately meet that need. We expect to draw patronage from Okota, Ire Akari, Ajao Estate, Festac, Ejigbo, Alimosho, etc.
Looking back, what would you say have been the major challenges and how did BTF surmount them?
The challenge was getting people to buy into the vision, participate and instead of the “just come, take and go’ mentality. By that I mean that people come to you with a business problem, you link them up, the problem is solved and they just go away. It would be better if they remain in the system, participate and help to lift up others. Your contribution could even be just your presence at our events. It should not be a situation where you are seeking collaboration and after you are introduced to somebody you just disappear. You do not build relationships that way.
We have also had delay in setting up the secretariat for BTF. But our office is now ready and furnished with the right equipment and facilities. The secretariat is located within the new, solidly built and well-finished structure of three floors beside the Wordbase headquarters auditorium.
Some Chambers of Commerce and Industries provide opportunity for incubation of credible startups which do not have their own office, and they then use the secretariat as a point of contact and pay an affordable rental fee. Is BTF likely to provide this kind of business incubation service now that it has a secretariat?
Yes, we are looking in that direction because it is at the core of the purpose for establishing BTF, which is to facilitate the take-off, development and growth of genuine Christian businesses. Beyond that we can do recruitment for companies that are part of BTF. We can also serve as a call centre for companies, whereby we can take calls on your behalf, receive correspondence, etc. Our principal person running the BTF secretariat used to operate a call centre for Airtel and is knowledgeable in this area. What you said can also be incorporated by BTF, to serve as a liaison office for small startups until they are able to set up their own office. Given the reality today, where digital technology has redefined the workplace for several enterprises, the quest to have a physical office is far less a necessity than it was two decades ago. For most people their tablet or smartphone is their office and workplace.
The business incubation service will also serve as a place for harvesting business ideas, studying, harmonising and putting them on the table for other interested people to actualise them through collaborations between BTF members.
