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Sponsorship As a Potent Force in The Journey of Life

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In this piece, Chuks Oluigbo reviews Omo-Ojo Ernest Ivie’s The Potent Force of Sponsorship.

In choosing the title of his book, ‘The Potent Force of Sponsorship’, Omo-Ojo Ernest Ivie consciously uses the word ‘potent’ to demonstrate the power, efficacy, potency of the force of sponsorship, which, according to him, is “the very principle that rules the world”.

And the author demonstrates, in six chapters and 86 pages, that “the world runs on sponsorship” – it is there in the businesses/corporate world, entertainment industry, churches or religious organisations, politics, sports, etc. But there are also 15 preliminary pages that include endorsements, dedication and introduction.

The book, a bold attempt to change mindsets, answers the critical questions – Who is a sponsor? Why do we need a sponsor? Can you reach your zenith without a sponsor? Do we confuse a mentor with a sponsor? Does the world run on sponsorship? Is it scriptural and spiritual?

Going through, one cannot miss the nuggets that dominate the entire book, nuggets that essentially speak to the critical place of sponsorship in every phase of human life and career. But beyond these nuggets, the author calls readers to be strategic in positioning themselves to be identified by potential sponsors as, according to him, “Life without a sponsor cannot reach its zenith.”

‘The Potent Force of Sponsorship’ opens with an introduction, where the author emphasises that while having a mentor is good, a sponsor is actually more critical than a mentor. Indeed, he says, sponsorship is “the most useful of the success chains” as “all the coaching and mentoring” would be useless “if you do not have a platform to showcase all you have learnt”.“A mentor is good,” he argues, “but having a good mentor without a sponsor is time and energy wasted.”

The opening chapter, titled “Who is a Sponsor?”, traces the word ‘sponsor’ from its Latin origins and offers various definitions from different sources. Some qualities of a sponsor highlighted in this chapter include that a sponsor announces your arrival to the stage; makes room for you; sponsors are very impatient and very strategic; they are visionary – they see opportunities well ahead; they usually have big egos; they could charge a fee; they could demand rewards; and they do not operate based on emotions.

“Sponsorship does not happen by accident. It is deliberate, thought over, planned and executed. It takes a lot for someone to agree to undertake a sponsorship; it demands responsibility from both partners. Most times the person sponsoring must find value before embarking on the mission.

It does not come cheap, it is expensive and as such you have to earn it, there are no emotions about it, which is why it is not a philanthropic movement,” the author says.

He goes ahead in Chapter Two to clearly distinguish between sponsors and mentors, two distinct roles, he says, people often tend to confuse. While “a mentor is someone inside or outside your organisation who can give advice, feedback and encouragement”, the author defines a sponsor as “someone within or outside your organisation who has positional and political influence to help you move your career or life forward. Sponsors provide leads to advancement and growth”.

Using Biblical examples, the author in the third chapter attempts to show that the world runs and has always run on sponsorship; that even God himself understands this concept and used it.

To illustrate this point, he cites the examples of Jesus and John the Baptist, David and Jonathan,Moses and Pharaoh’s daughter, Naaman and the Jewish maid (2 Kings 5:1-26), Rebecca and Jacob (Gen. 27:5-30), Joseph and the Cupbearer (Gen. 41), Ruth and Naomi (Ruth Chapter 2), Saul, the first king of Israel (1 Samuel 9: 6-20), Jesus at the feeding of the 5,000 (John 6: 1-10), among others.

Arguing that John was the sponsor of Jesus, the author buttresses his argument by pointing out that John announced Jesus’ arrival on stage when he said, “Behold the Lamb of God which taketh away the sins of the world”, and made room for Jesus when he said, “He will increase and I will decrease”.

The author says, “You can never tell where your next breakthrough would come from as the next person to you may just be the sponsor you have been waiting for; so do not despise small beginnings.”

He adds, “We all need leveraging, don’t despise the power of leveraging, it’s the difference why two people who set out on the same journey same day to the same destination arrive differently.”

In Chapter Four, the author, using contemporary examples, demonstrates that the sponsorship principle is a reality of our time which you ignore or hate at your own peril.

“This principle today defines the essence of politics, government, business, religion, entertainment, sports, etc. It is the single game changer or decider of who gets what, why, where and how. If you hate or fail to recognise and operate in this principle, your chances of succeeding and reaching your zenith are greatly diminished,” he says.

He cites the late Archbishop Benson Idahosa as an example of a sponsor in Pentecostal Christianity, Don King in world boxing, Asiwaju Bola Tinubu in Nigerian politics, while he also uses immediate past United States President Barack Obama to show a great beneficiary of the sponsorship principle.

“You must strive to get to a position where your sponsor will believe so much in you and would have no alternative to you, which speaks volume about loyalty and trust. This principle is not ‘ojoro’ (deceit), this is how the world operates and your feelings cannot change it. Instead of being frustrated by it, key into this principle,” he admonishes.

In the fifth chapter, the author highlights some qualities one needs to develop in order to attract a sponsor. These include develop your skills (both hard and soft skills); humility to learn; patience; perseverance; loyalty, and trust.

“The path to sponsorship discovery,” he says, “involves a series of steps. Essentially, you must believe in this immutable principle of human existence as it governs the affairs of men. You must realise that life’s success is not only a determinant of the most skilled, most talented and most hardworking, but time and chance happen to men. It takes a lot of effort and focus to tap into this principle.”

In this sixth and final chapter, the author sums up the discussion using some personal examples to show how the sponsorship principle has worked in his life and calls his readers to action.

“My entire life has been about sponsorship; if it worked for me it can for you. Don’t go on this journey of life without a sponsor; the pains and headaches are too much to bear and it is certainly not worth it. Sponsors shorten time, distance, space and generally give you a leveraging advantage,” he says.

For the author, the sponsorship principle is something experiential. And like the author, if we also look very closely at our lives, we may see that the principle the author has espoused in the book is what many of us probably have experienced all along.

At every phase in our lives or career, we have had someone speak on our behalf, recommend us for an assignment, a job or a position.

The only difference is that we may not have given a name to it. And while we may have been thinking sponsorship is accidental, the author says it is not and calls us to be strategic as we go about positioning ourselves to be identified by potential sponsors.

Essentially, what the author has done in ‘The Potent Force of Sponsorship’ is that he has gathered our collective experience, using his personal experience and those of a few others, and given it a potent voice, an expression. It reminds one of what Alexander Pope says in his definition of poetry – or what he calls “true wit”: “What oft was thought but ne’er so well expressed”.


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Transcorp Power Reports N67.86Bn Revenue

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Transcorp Power Plc, also known as Transcorp Power, reported N67.86 billion in revenue for the quarter that concluded on March 31, 2024, on Friday.

Transcorp Power Reports N67.86Bn Revenue

Peter Ikenga

The amount represents a notable 223 percent increase from the N21.04 billion reported in the first quarter of 2023.

This was disclosed in the electricity generating company’s unaudited financial report, which was made available in Lagos, for the period ending March 31.

Transcorp Power reported that its Profit Before Tax (PBT) increased to N28.77 billion in the first quarter of 2024 from N3.29 billion in the same period the previous year, a 775 percent increase.

In the first quarter of 2024, the company’s Profit After Tax (PAT) increased by 665% year over year to N20.1 billion, from N2.6 billion in the same period the previous year.

The total assets of the electricity-generating subsidiary increased as well, rising from N223.3 billion in the same period of 2023 to N276.2 billion in the first quarter of 2024.

Mr. Evans Okpogoro, chief fnancial officer, Transcorp Power, commented on the financial highlights, stating that the company’s first quarter results for this year showed a cost to income ratio of 70% and a gross margin of 51%.

According to Okpogoro, the company also reported a gross margin of 37%, an expense-to-income ratio of 87%, a net profit margin of 13%, and a net profit margin of 30% as of the first quarter of 2023.

He stated that this highlighted the remarkable operational efficiency gains of the company.

According to him, Transcorp Power has continued to grow its revenue aggressively and consistently over the last five years.

“We expect that by the end of the year 2024, we will see a similar growth trajectory recorded between 2022 and 2023 financial year.

Also, Mr Peter Ikenga, managing director/chief executive officer (CEO), Transcorp Power, expressed the company’s delight to report further robust financial performance, despite sectoral challenges such as gas supply issues and macroeconomic challenges.

Ikenga said the ability of the electricity subsidiary to sustain growth amidst the environment shows the resilience of its business model and the efficient execution of its strategic initiatives.

As part of the Transcorp Group’s implementation of its integrated power strategy, the managing director went on to say that the company’s strong performance is evidence of its strategic focus and effective execution.

Strategically investing in the power, hospitality, and energy sectors, Transcorp Power Plc is an electricity-generating subsidiary of Transnational Corporation Plc (Transcorp Group), one of Africa’s top listed companies.


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NELFUND Says UTME, NIN, BVN Mandatory for Student Loans

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Nigerian Education Loan Fund (NELFUND) has said that Nigerian students will need to present their Unified Tertiary Matriculation Examination registration number (UTME); National Identification Number (NIN); and Bank Verification Number (BVN) to access student loans.

NELFUND Says UTME, NIN, BVN Mandatory for Student Loans

Mr Akintunde Sawyerr, managing director of NELFUND, assured that the body would ensure that those he called ‘ghost students’ would not have access to the soon-to-be-launched scheme.

The MD noted that NELFUND has put processes in place to ensure that all applicants and beneficiaries are traceable to prevent the loan from turning into a sort of national cake.

“We are using technology to run the system. The process of application is online and we are limiting human contact as much as possible. Once you have a Bank Verification Number, BVN and National Identification Number, NIN, which are parts of the requirements, we will have access to your data and all your accounts. This will also help us to know if you are qualified or not,” he explained.

He explained further that those who are already in school can apply for the loan at any level of their study, but must be at the beginning of each session. They would also have to provide their admission and matriculation details in addition to BVN and NIN.

According to the NELFUND boss, about 1.2 million Nigerian students in tertiary institutions and government-recognized skill acquisition centres would be among the first batch of beneficiaries. The number may increase as time goes on.

The programme, he noted, will be funded with one per cent of the total annual collectable revenue by the Federal Inland Revenue Service (FIRS), which will amount to N194 billion if the agency meets its projection.

He explained that the loan would be paid in two segments. The first, he said, is the chargeable school fees which would be paid directly to the institutions while stipend would be paid into individual student’s account for day-to-day upkeep.

Mr. Sawyerr stated that the amount individual applicants will access will vary because of the course of study, school fees payable and geographical location of the institutions among others.

On the method of payback, he said, “You don’t start paying back the loan until two years after your National Youth Service Corps, NYSC Scheme and that is, if you have secured a job or business. A beneficiary can defer repayment if he has not secured a job, but if after due diligence, he defaulted, then he becomes a criminal and we will work with every agency that can help us get the money back, for example, EFCC, ICPC etc.”

 


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Sun International Finalizes $14.4M Exit from Nigeria, Sells Interests to RFC

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Sun International Limited, run by Anthony Leeming, South African entrepreneur, has agreed to sell its Nigerian interests to Rutam Finance Company Limited (RFC) for roughly $14.4 million.

Sun International Finalizes $14.4M Exit from Nigeria, Sells Interests to RFC

The move is part of Sun International’s strategy to consolidate operations and focus on key markets. Sun International joined the Nigerian market in 2009, but has struggled in recent years due to a challenging operating climate.

This divestiture is consistent with the company’s strategic objectives and represents a shift in portfolio management.

Sun International, will sell a 43.3 percent ownership investment in Tourist Company of Nigeria PLC (TCN), which manages Lagos’ Federal Palace Hotel, to RFC for $1.875 million.

In addition, the group would pay off its whole $12.675 million credit to RFC, effectively exiting the Nigerian market. The corporation also intends to sell its remaining 6% ownership in TCN in due course.

The transaction, subject to customary closing conditions including as regulatory approvals, is estimated to create a cash inflow of about $14.41 million for Sun International.

These funds will be utilized to reduce debt.

Following the completion of the acquisition, TCN will no longer be included in Sun International’s financial statements.

This will reduce group debt by about $41.82 million, excluding IFRS 16 lease liabilities.

The closing is scheduled for no later than May 28, 2024, provided that all usual closing conditions are met. The Nigerian Competition Authority, the Securities and Exchange Commission, and the Nigerian Stock Exchange have all provided key clearances.

Sun International, founded in 1968 by the late Sol Kerzner, has grown into a renowned gaming and resort company under Leeming’s leadership.

In fiscal 2023, the company’s revenue increased by 7% to $646.14 million, while headline earnings increased by 86 percent to $55.35 million.

This demonstrates Sun International’s resiliency and strategic direction. Sun International’s pullout from Nigeria demonstrates the company’s dedication to streamlining its portfolio and pursuing growth possibilities in key areas.

With a rich history and a focus on the future, this transaction demonstrates the company’s commitment to create wealth for shareholders and stakeholders while also strengthening its position in the gaming and hospitality industries.

 

 


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