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BUSINESS

How to Make Your First 1 Million Dollars in 2022

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When we asked our followers from different platforms that what is your immediate financial goal, most of them said that they want to make their first million. So that’s what we’re doing today.

01Be in the top 1% of a lucrative profession

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02Write several books that sell ok

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03License a patent or trademark to a big company

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04Start a dropshipping company under your own label

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05Start a small business and keep growing

06Aggressively save money and put it in index funds for several years

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07Do an ICO

08Purchase a franchise and make it really successful

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09Create a subscription service where 1000 people pay $83 per month

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MILLIONAIRE MATH: Explained

Millionaire Math: The way rich people think about making money!

medium.com

10Work for someone who’s a multi-millionaire

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11Go viral on YouTube

12Have a blog that gets over 41 million views per month

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13Make an app that a million people use

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14Get over 100,000 twitch subscribers

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15Buy — Flip — Repeat

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16Come Up With An Original Crazy Idea That It Might Just Work

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BUSINESS

Top Health Tech Start-up’s in Nigeria

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1. LifeBank Nigeria

Founder: Temie Giwa-Tubosun

Launched in 2016, LifeBank is among the top digital health startups in Nigeria. In a bid to largely contribute to the health sector and save the lives of people out there, this platform deals mainly in the speedy transmission of blood from labs nationwide to patients and doctors in hospitals. The main mission of LifeBank is to ensure that blood is available when and where it is needed in any community/area in the nation in order to save lives out there.

Part of the basic activities done at LifeBank include mobilization of blood donations from individuals, taking inventory of the blood available nationwide, and transmission of blood in the right condition to the exact hospitals/locations it is currently needed.

The report shows that the platform has served more than 500 hospitals, transported more than 12,000 products, synergized with nothing less than 6,000 donors with 2,000+ lives being saved.

Due to its high impact in the industry, Life Bank once received coverage from international broadcasting houses, such as CNN and BBC, while the startup also received the total sum of $50,000 from the MIT Global Challenge in September 2018.

2. Omomi

Founders: Owobu Emmanuel Osayi, Charles Akhimien Immanuel, and Raman Anurag.

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Omo mi simply refers to ‘my child’ in Yoruba. It is a web, and mobile-based childcare service developed to help improve the health of younger children by providing parents with ample opportunity to monitor their children’s health easily. 

With this unique app, parents can easily track the immunization status of their kids, manage diarrhea at home via a responsive and interactive DIY platform.

Additionally, it will interest you to know that Omomi has served more than 30,000 mothers up to date, and the platform offers a lot of cool features to help parents make excellent health decisions for their children.

To start with, Omomi has an interactive section where parents can interact with parents from other parts of the country who have had similar experiences in time past. It also comes with a ‘chat-a-doctor’ feature that gives parents access to a doctor for as low as N600 per week.

That’s not all; the app again has the Diarrhoea Management section, where parents will be asked relevant questions to help diagnose the internal disorder. If your child is confirmed to have diarrhea, then proceedings on what to do next will be given to you, or better still the app may recommend chatting with a doctor.

3. Safermom

Founders: Adeloye Olanrewaju and Cletus Ajibade.

SaferMom was established with the sole aim of dealing with high maternal and infant mortality crises in Nigeria. The innovative platform provides expectant/nursing mothers with timely and personalized health information via a two-way SMS system and prerecorded voice services, basically in the dominant native languages.

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Some of the health campaigns delivered by SaferMom include but not limited to – malaria prevention, HIV/AIDS, tuberculosis control – all through low-cost mobile technologies! 

In addition to the above, this platform also sports a feature that allows for tracking of vaccinations and medical appointment adherence, widespread of urgent information, among other functions.

4. Find-a-med

Founder: Emeka Onyenwe

Find-a-med, as the name suggests, is a mobile directory that gives pertinent information on the closest health and medical centers around its users. The app features more than 5,000 registered medical centers, showing how large its database is.

With Find-a-med, you will be able to get turn-by-turn directions to the nearest medical health facilities and services to you, ranging from hospital, clinic, pharmacy, dental care, eye care, providers, diagnostics, therapy, laboratory, to name but a few.

If you want to get the very best of Find-a-med, you must grant it access to your current location through your mobile settings. 

Having said that, it is equally worthy of highlighting that you don’t have to sign up or log in before you can use the app, and again there is a catalog of reviewed hospitals on the app to help you make informed decisions as to the medical health facilities to visit.

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5. Kangpe

Founders: Femi Kuti, Ope Olumekan, Matthew Mayaki

Kangpe is a mobile application that allows patients from Nigeria and other countries of the continent to interact with and seek sound advice from seasoned medical practitioners in less than 10 minutes. With this app, you will be able to get in touch with doctors who can give you relevant answers to questions that have to do with your health.

Some of the intriguing features offered on this platform include – “Find a Doctor,” “Book Appointment,” “Health tips,” “Featured questions,” among others. 

6. Drugstoc

Founders: Adham Yehia and Chibuzo Opara

Drugstoc is a health tech startup established in 2015 by Adham Yehia and Chibuzo Opara to help licensed hospitals, pharmacies, and medical experts obtain authentic pharmaceutical and health care products directly from certified distributors nationwide.

According to recent reports, Drugstoc currently serves over 3,000 doctors and pharmacists in the country, and it leverages on the globally accredited end-to-end traceable supply chain to help guarantee the genuineness of its pharmaceutical and health care products.

Again, it is worthy to note that this health tech startup is said to be the only entity in the industry to be ISO certified in the nation, while the firm also got the ISO 9001-2015 certificate in recent times.

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Additionally, Drugstoc was part of the awardees at the 2019 Nigerian Healthcare Excellence Awards. It was awarded the Technology-Driven Distributor Company of the Year at the event.

7. Mobidoc

Founders: Timi Aiyemo and Abiodun Okunola

Mobidoc offers a user-friendly, mobile health consultation platform where people can easily receive consultation from verified healthcare professionals in the country. The headquarter is in Abuja, and it was launched by Timi Aiyemo and Abiodun Okunola to solve certain problems in the Nigerian medical world using the internet.

 

8. Doctoora

Founder: Dr. Debo Odulana

Doctoora Health was founded in 2016. It is an online marketplace for healthcare professionals. They aim to combine technology and infrastructure, which enhances access to healthcare in Africa by providing short-term healthcare facility rentals to health professionals.

Put simply, they are solving the challenge of doctors finding affordable facilities, especially in urban areas where they can be able to treat their patients. By providing quality medical facilities to healthcare providers, they are inadvertently boosting the quality of healthcare delivery in Nigeria. What a genius idea.

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9. Cardium

Founders: Lawal Abdulrazak, and Joshua Abel.

Cardium is a patient-centered health information & management app that promotes health literacy and antimicrobial resistance(AMR) stewardship. The app is designed to educate people and empower them with the right information to make an informed health decision to prevent issues like treatment failure due to medication adherence, poor health literacy, and so on.

This easy-to-use app gives you health information in a streamlined, bit sizes, jargon-free text, coupled with images, video to educate the population on diseases, medications, prevention, and other health information so as to complement the efforts of the healthcare providers.

On the Cardium App a user can:

  • Schedule medication reminders even with the image of the drug.
  • Have access to drug counseling information
  • Track and document vital parameter like BP
  • Access to Medication history
  • Drug & lifestyle-related tips and more are presented in a unique style.

The app is available on play store and it is FREE.

10. Mentally Aware Nigeria Initiative

Founder: Dr. Victor Ugo

Nonprofits are often overlooked in the discussion of digital healthcare startups in Nigeria, but they are exactly the same thing. When you talk of building an audience and impact this non organization is as good as any digital healthcare startup in Nigeria.

Mentally Aware NG is one of the most popular healthcare platforms in Nigeria. The  Mentally Aware Nigeria Initiative (MANI) was established by Dr. Victor Ugo in 2016. He began this nonprofit to awareness about mental illness, and provide mental health services to young Nigerians.

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Since then, Mentally Aware Nigeria Initiative (MANI) has grown into a formidable user-led community of young people, who are passionate about putting an end to the stigma and discrimination regarding mental health related issues in Nigeria. MANI has made use of social media to provide mental health and counselling to Nigerians. They use WhatsApp and Twitter to run a 24-hour mental health support line for emergency help, advice, counseling, and even a 24-hour suicide hotline.

OTHER AMAZING DIGITAL HEALTH STARTUPS IN NIGERIA WORTH MENTIONING

  • Medismarts – Founded by Damilola Oni And Obinna Osuji
  • Apmis  – Founded by Dr. Simpa Dania 
  • Medenhanz – Founded by Wole Faroun
  • Dokilink – Founded by Niyi Osamiluyi 
  • Ubenwa  – Founded by Charles Onu.

Bottom Line 

Digital health, telemedicine, e-health and mhealth are fast-growing sectors all of the world. The digital health sector in Nigeria is also thriving, because they are clearly many top digital health start-ups with beneficial features. It would be great to learn about them, use them, and recommend them.

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BUSINESS

Kenyans to start using Chinese-built expressway in March: official

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Kenyans will begin using the Chinese-built Nairobi expressway in March, three months earlier than anticipated, an official said on Friday.

Kenyans will begin using the Chinese-built Nairobi expressway in March, three months earlier than anticipated, an official said on Friday.

Kenyans to start using Chinese-built expressway in March: official© Provided by Xinhua EN

Kung’u Ndung’u, the director-general of the Kenya National Highways Authority (KeNHA), said construction works on the road currently stand at 82 percent, bringing it closer to completion.

“Construction of the Nairobi Expressway continues to make good progress with its completion status standing at 82 percent. The project is on schedule for opening to the public by March,” said Ndung’u in a notice.

He observed that construction of the operation and monitoring center stands at 99.5 percent while 98.5 percent of elevated sections have been built.

Kenyans are eagerly awaiting the completion of the 27 km road that will cut travel time from the south to west of Nairobi to about 20 minutes from two hours currently during peak time.

Kenyans to start using Chinese-built expressway in March: official© Provided by Xinhua EN

Kenyan President Uhuru Kenyatta in December made an extensive inspection tour of the expressway which is financed and constructed by the China Road and Bridge Corporation (CRBC).

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Kenyatta hailed the expressway as a key infrastructure project, noting that the highway is bound to reduce the traffic gridlock that people have experienced and that has added to the cost of doing business in the country.

More than 4,000 Kenyan workers in various cadres have been employed by the project with tonnes of construction materials sourced locally, according to KeNHA.

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BUSINESS

Lawd! 207,527 investors, crypto accounts liquidated, as Bitcoin loses $4K

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It’s no longer news that the flagship crypto lost about $4K in just a few hours after notes from the Fed’s December FOMC session re-confirmed plans to reduce the balance sheet. This has sent many investors scurrying and selling off the crypto.

As the dollar strengthened and positive economic data from the U.S. shook investors’ grip on risky financial assets, bitcoin dropped to $42.5K with record-selling observed in the early hours of Thursday.

An intraday sell-off was triggered after the Federal Reserve indicated a rate hike may occur in March rather than the usual timeframe.

More than $800 million worth of trading positions were liquidated during the day, with 207,527 traders liquidated. $10 million worth of XBTUSD was liquidated on Bitmex.

As investors rush to safe-haven currencies, others are turning to alternative cryptocurrencies (altcoins) like Solana, XRP, and Polkadot, which are down more than 10%.

For now, despite the spotlight on altcoins, buying pressures have declined in both Bitcoin and Ethereum. If BTC does not break back above $45K, the market may experience an extended bear period in which it could retrace to the low $30K range.

Crypto market capitalization is $2.04 trillion, down 8.53% since yesterday. However, activity is on the surge as the total crypto market volume for the day is $122 billion, an increase of 18.25%.

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At present, bitcoin dominates the market with 39.74%, up by 0.39% since yesterday. BTC’s dominance ratio – or the measure of BTC’s market capitalization in relation to all crypto – continued to decline on Wednesday, reaching 39%.  This is the lowest ratio since April 2018, when crypto markets were in a bear market

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AFRICA

Investors will now pay 10% tax on sale of shares in any Nigerian company

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Investors on the Nigerian Stock Exchange are to pay a Capital Gains Tax of 10% on the sale of shares according to provisions of the signed Finance Act 2021. The tax is applicable on the disposal of shares worth N100 million and above.

The tax also extends to anyone selling shares of any company even if the shares are not listed on the stock exchange which inadvertently includes the sale of shares by private equity firms, startups, venture capitalists, or any shareholder looking to sell shares in Nigeria.

The law however exempts anyone who sells shares and reinvests the proceeds in purchasing another company’s shares or the shares of the same company within the same year. However, this is provided that you invest all the proceeds within a year. Any part of the proceeds not reinvested will be taxed while the balance reinvested will not be taxed.

What the Nigerian Finance Act says about tax on shares

This was captured under Part 1 Section 1. Of the Act, which states as follows;

“Without prejudice to any other applicable law, the gains accruing to a person on disposal of its shares in any Nigerian company registered under the Companies and Allied Matters Act shall be chargeable gains under this Act except where —

(a) the proceeds from such disposal are reinvested within the same year of assessment in the acquisition of shares in the same or other Nigerian companies:

Provided that tax shall accrue proportionately on the portion of the proceeds which are not reinvested in the manner stipulated in this subsection;

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(b) the disposal proceeds, in aggregate, is less than N100,000,000 in any 12 consecutive months, provided that the person making the disposals shall render appropriate returns to the Service on an annual basis; or

(c) the shares are transferred between an approved Borrower and Lender in a regulated Securities Lending Transaction.”

The act also specifies a capital gains tax of 10% on the disposal of the shares.

“Without prejudice to the provisions of section 2 of this Act, the rate of capital gains tax on disposal of shares under this section shall be 10%.”

What this means

For anyone selling shares:  If you are an investor looking to sell shares then you pay a 10% tax on the capital gains you make selling the shares if you do not reinvest the proceeds into shares.

  • For example, if you sell shares you bought for N100 million for N150,000,000 and decide not to reinvest the entire N150 million, you pay tax on the gain of N50 million you made. This means you pay a tax of N5 million.
  • If you reinvest just N130 million, then you pay tax on N20 million which is N2 million in tax.
  • If you do not make a profit (or gain), you do not pay any tax.

Who do you pay the tax to?

Individual Investor: This is anyone other than a registered company who is selling shares in any company. Taxes are paid to the state inland revenue service via the personal income tax. For example, if you reside in Lagos, then that tax goes to the Lagos State Inland Revenue Service. This will mostly be high net-worth individuals.

Corporate Investor: For foreign investors, pension funds, private equity firms, venture capitalists, or any corporate that invests in startups, the taxes will be paid to the Federal Inland Revenue Service.

Implications for investors

  • For the first time in decades, investors in Nigerian companies will pay tax when they sell shares they own without reinvesting the proceeds within a year.
  • This will definitely affect investors in the Nigerian stock market whose capital gains can easily be administered through stockbrokers or sny intermediaries.
  • Currently, the only tax that is applicable on the equities market is the 10% withholding tax on dividend payments. This tax is deducted at the source.
  • Investors will now have to be smarter about how they manage their portfolios deploying more tax avoidance tactics to reduce the tax paid when they takeout profits from investments.
  • There will also be a need to acquire the software and human resource in the finance department of corporates to help document these transactions and analyze tax implications.
  • Individual investors (especially HNIs) will also likely need to calculate their taxes themselves or employ consultants to do it for them.

Why is the government taxing the sale of shares?

After decades of applying a zero tax on sale of shares, the Buhari administration has introduced taxes many think are a disincentive for investing in the equities market.

  • Before now, one of the many attractions of investing in Nigerian Stocks is the zero tax on capital gains, unlike most countries that tax the sale of shares.
  • However, the Nigerian Government has been under intense revenue strains struggling to cope with ballooning multi-year budget deficits. This tax is an attempt to help shore up revenues.
  • Supporters of this tax also cite the need to balance things out especially for institutional investors who shelve dividends and thus avoid paying withholding tax. Instead, they rather sell the shares and pocket the capital gains avoiding tax liability.
  • This law now requires that they pay tax if they do not reinvest the capital gains within a year.
  • Thus this tax is targeted at institutional investors and HNI’s who sell hundreds of millions in shares.

How much could the government make?

  • The Minister of Finance, Zainab Ahmed was not specific on how much the government hopes to rake in annually.
  • According to data from the Nigerian Stock Exchange the total transaction value of foreign and domestic investors on the exchange was N1.9 trillion and N21 trillion in 2019 and 2020 respectively. The figure is N1.74 trillion as of the year to date November 2021.
  • Total foreign portfolio outflows (amount taken out by foreign investors from the equities market) were N523, and N482 billion in 2019 and 2020 respectively. It is currently N540 billion as of November YTD 2021.
  • Assuming a profit of 10% for foreign investors who took their money out of equities in 2021, the government could pocket capital gains of N5.4 billion in stock market equities from just FPIs.
  • This assumes the entire amount is from investors who dispose over N100 million which is unlikely.
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