Eighty percent of registered businesses in Lagos, Nigeria, as at 2011, were not in existence 20years ago, this is according to officials of the Corporate Affairs Commissions (CAC). It therefore implies that in spite of the harsh operating environment, more people are still seeking investment opportunities in the country, especially in Lagos, the nation’s commercial capital and home to over 20million inhabitants.
Just like the emergence of “good to great” companies described by Jim Collins, approximately two decades ago, two home bred bankers in an attempt to realize their dream of pioneering a reference African bank with global edge; embarked on a journey that led to the birth of Guaranty Trust Bank (GTBank).
When a bank changes its name, it takes a while for the customers to get used to it. Those banking with Intercontinental Bank got the information about the change of status on the banks’ Automated Teller Machines (ATMs) that ‘their’ bank, Intercontinental Bank, is glad to be a subsidiary of Access Bank plc.
They have absolutely no say in the matter, regardless of how much was in their account or how long they have been customers of the bank.
The disturbing number of Nigerians who die daily due to lack of funds to access proper medical care is a nightmare that many are praying to wake up from. The scenario of watching a relative suffer and be denied medical services because some huge bills could not be paid is usually pathetic and demoralising.