REPORT OF GENERAL MEETING OF NECA’S NETWORK OF ENTREPRENEURIAL WOMEN (NNEW) HELD ON THURSDAY 21ST SEPTEMBER 2006 AT PISCES HALL, ALL SEASONS PLAZA, AGIDINGBI, ALAUSA, LAGOS
 
The last general meeting of NNEW hosted over One Hundred entrepreneurs. Also in attendance were Mrs Rosi Lovdal, Inger Ostby, and the Director-General – NECA, Mr O.A Oshinowo.
 
The Director General of NECA gave a brief remark and assured NECA’s support for NNEW both financially and by the provision of infrastructure for NNEW’s development.

Mrs Rosi Lovdal and Inger Ostby both representatives of the Norwegian Donor agency NHO partnering with NECA to support the initiative of sustaining the network, also gave brief remarks and encouraged the women present at the meeting to use the opportunity provided by the Network to add visible value to their businesses and also for the economic growth of the country. They commended NECA’s efficient secretariat, good, able and dedicated personnel and hoped that NNEW would be sustained even when NHO has to pull out of the co-operation.

The business of the day proceeded with the address by Mr Reginald Nworka who represented Mr Solomon Graham, the Country Director of  International Finance Corporation –IFC. He explained the modalities of the corporation’s Gender Entrepreneur Management  programme –GEM to the group. He informed the group that this programme is targeted at the uniqueness of female business – through local financial institutions like Access Bank Plc. He explained further that this programme was designed based on a report which show that women entrepreneurs are better borrowers than their male counterparts worldwide. According to Mr Nworka, about =N=60b idle funds is available under this scheme because there are not enough fund attracting compliant businesses and IFC is ready to assist by the provision of Technical Assistant to make these business funds attractive.
 
The women also had in attendance Mrs Uloma Eke, the programme Manager, GEM Access Bank Plc who also opined that women entrepreneurs though adjudged worldwide as good borrowers, were unable to put their businesses in a structured manner to access finance. She explained that GEM could  assist women entrepreneurs in growing their businesses by:
a. Encouraging Networking at meetings such as the present forum;
b. Organizing subsidized Training and the provision of subsidized Consultancy services;
c. Providing business advisory services in the running of the businesses; as well as
d. Encouraging women entrepreneurs to acquire assets that can be used to leverage finance.

To be able to access funding under the GEM programme at Access banlk Plc, an entrepreneur needs to open an account with a minimum of =N=50,000 either as sole proprietor trading under a busin

ess name or as a Limited liability company. A minimum loan size of =N=500,000 is available to GEM account holders at Access Bank Plc. She expatiated further on the benefits of the programme to female entrepreneurs.

The meeting proceeded after a 15minutes tea break with a presentation by  Rev. Eric Ighalo who explained to the women the need to check their networth. The topic discussed was :-

PRACTICAL FINANCING MODEL FOR WOMEN ENTREPRENEURS- A FINANCIAL PLANNING APPROACH. A person’s networth according to him, is the difference between assets owned which are Liquid, Investment and Personal assets and liabilities. In a very stimulating and eye opening session, he explained why an entrepreneur needs to check her networth. He emphasized the need to acquire Investment assets that generate income over personal assets like Jewelries, Homes, etc.

Liabilities on the other hand are what you owe i.e.  bills, salaries, supplies etc. Rev Ighalo emphasized that an entrepreneur must strive to increase her networth  by:
1. Reducing or stagnating personal assets
2. Think different from society
3. Reduce liabilities
4. Increase investment.

He also highlighted some key money management principles which affect an entrepreneur’s financial planning.

According to Rev Ighalo, an entrepreneur is susceptible to failure if she cannot manage money. He enjoined the women entrepreneurs present at the meeting to inculcate the habit of saving and ploughing back resources in their businesses.

Mrs. Aderoju Odunsi, the protem vice president introduced to the group the thirteen consultants trained in all aspects of business financial planning on a module from the INTERNATIONAL LABOUR ORGANISATION-ILO. These consultants will be rendering business advisory services to NNEW members and twenty selected NNEW members will receive free consultancy services from the consultants. They shall also train NNEW members on how to generate, start or improve their businesses. These courses she explained shall be run on 3 modules namely;
a.         Generate your business Idea
b.         Start your Business
c.         Improve your Business

Mrs Fayo Williams invited women who were not already members of NNEW to endeavour to pick up their registration forms from the secretariat or at this forum and that they should endeavour to pay their annual subscription as benefits (like participation in this kind of forum) accruing from the Network shall be limited only to financial members as from January 2007.
 
The  women were also encouraged Mrs. Lola Okanlawon, the Executive Director (operations) of Afrotec Industries Limited, manufactures of P.V.C. pipes when she shared her company’s experience and success in accessing funding from the Bank of Industry BOI despite the hurdles and difficulties According to her, dedication was a very important determinant of their success and they were always willing and determined to meet and surpass timelines given by their clients. She shared with the women requirements of BOI which include:

1. 10% annual interest on loan
2. One year moratorium
3.  Monitoring fee of 5%
4. Security for loan -fixed assets of the company
5. Personal guarantee of 2 of the directors
6. applicant must be a member of some  renown manufacturers association like MAN, NNEW etc.
 
The women were encouraged to pay back any loan obtained and assured that NHO, NECA & NNEW are all poised to assist the female entrepreneur technically. One of the objectives of NNEW is to advocate as a formidable active network to reduce hurdles in access to funding by women entrepreneurs irrespective of the size of the business.
 
The women returned to the meeting after lunch in the sectoral groups where the challenges of the different sectoral groups were identified and solutions and linkages proffered.

Mrs. Adenike Ogunlesi, the protem president informed the women about the official launch of NNEW scheduled for Wednesday 22nd November 2006. She explained that there was a need for the formal launch of NNEW for visibility. NNEW is poised to positively influence government policies as it affects individual businesses of the female entrepreneur and also impact on the socio-political development of the society. The venue of the event shall be the Sheraton Hotel, Ikeja, Lagos.
 
The meeting ended at 3.45p.m.

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