I was recently speaking with a business coaching client who lost one of their key team members to a cross-country move. Up until this point, my client had really enjoyed working with that team member and thought they were doing a great job.

But shortly after their departure things started to surface that were problematic. Turns out that that key team member had been engaging in secretism, which is the practice of hoarding knowledge, keeping information close to the chest and limiting its dissemination.

These actions had not only hurt the company's growth trajectory overall, but really set them back in terms of growth in the short term as well.

So today I wanted to delve into the concept of secretism and why it often goes unnoticed in the workplace.

Secretism may offer a temporary sense of control to leaders, but the long-term risks associated with it are substantial. Here's a glimpse of what can happen when knowledge isn't shared and team members aren't cross-trained:

1. Knowledge silos: When key information is confined to a select few, it creates knowledge silos within the organization. This leads to inefficiencies as team members are forced to rely on a limited group for critical data.

2. Dependency on individuals: Organizations become overly dependent on specific individuals who possess the coveted knowledge. This dependency creates vulnerabilities should those individuals leave the company or become unavailable.

3. Stifled growth: Without knowledge sharing, team members miss opportunities for growth and development. This stagnation can lead to disengagement and hinder the organization's progress.

4. Innovation roadblocks: Innovation thrives on the exchange of ideas and information. Secretism stifles creativity and can prevent breakthroughs that drive competitiveness.

5. Loss of institutional memory: When knowledge isn't documented or shared, the organization loses its institutional memory. Historical insights and lessons learned become forgotten, leading to repeated mistakes.

How to Prevent Secretism

To counter the dangers of secretism, it's important to actively promote a culture of knowledge sharing. Here are some strategies to foster openness and transparency within your business:

1. Lead by example: Leaders should set the tone by sharing information openly and encouraging others to do the same.

2. Establish clear communication channels: Create platforms and systems that facilitate easy sharing of knowledge and information across teams.

3. Recognition and rewards: Recognize and reward employees who actively contribute to knowledge sharing. This incentivizes the behavior.

4. Documentation: Encourage the documentation of processes, best practices and lessons learned. Make this knowledge accessible to all team members.

5. Cross-training: Develop cross-training programs that ensure critical knowledge is not held by a select few. This spreads expertise across the organization.

The key team member in question may have not had ill intentions with their actions. They may have acted in a way that they thought was appropriate to control the flow of information and ensure that things got done in a timely manner.

Secretism may offer a semblance of control, but its hidden dangers can have far-reaching consequences for organizations. Long-term risks include knowledge silos, dependency on individuals, stifled growth, innovation roadblocks and the loss of institutional memory.

To mitigate these risks, it's imperative that leaders actively foster a culture of knowledge-sharing and transparency. Prioritizing knowledge sharing not only ensures long-term success but also empowers teams to thrive in an environment of collaboration and innovation. Remember, the real power lies in what we share, not what we hoard.

Inc

A Nigerian cement production company, BUA Cement Plc, has announced a reduction in the price of the commodity.

AbdulSamad Rabiu, the chairperson of BUA cement Plc, last month, said the company was considering a plan to reduce the price of cement upon completion of its new lines by the end of 2023.

Rabiu had explained that the planned reduction was part of efforts to support the Nigerian government‘s quest to alleviate the suffering of Nigerians.

New price

In a statement on Sunday evening, the company’s management said it had now decided to bring the “price reduction forward” in fulfilment of the pledge.

The reduction would now take effect from 2 October, according to the statement which was posted on the firm’s official Facebook page.

“As a result, BUA Cement would now be sold at an ex-factory price N3,500 per bag so that Nigerians can begin to enjoy the benefits of the price reduction before the completion of our plants,” the company said.

The current ex-factory price is N4,650, while it is being sold at N5,000 in the market. The reduction represents a 25 percent drop.

Several Nigerians on various social media platforms have expressed their excitement over the development.

More on the way

The BUA Cement Plc hinted that it intends to review the reduced prices further in line with their earlier pronouncements.

The company said the further review would take place upon completion of ongoing construction of its new plants which would increase the company’s production volumes to 17 million metric tonnes per annum.

“All pending, undelivered orders which had been paid for at the old prices will be reviewed downwards to N3,500 per bag in line with the new pricing from October 2, 2023,” it said.

“Our licensed dealers are also enjoined to ensure that end users benefit from this reduction in ex-factory prices as we will monitor field sales to ensure compliance.”

With the crash to N3,500, the market price is expected to be between N3,850 and N4,000, according to an Abuja-based Cement dealer.

PT/Daily Trust/NewsScroll

Following write-offs, restructuring of facilities, Global Standing Instruction (GSI) and credit risk management as a result of economic challenges, 11 banks recorded N1.67 trillion non-performing loans (NPL) during the first half (H1) of 2023, an increase of 37 per cent from N1.22 trillion reported in the full year ended December 31, 2022.

The banks are: Zenith Bank Plc, Access Holdings Plc, Guaranty Trust Bank Holding Plc (GTCO), FBN Holdings Plc Ecobank Transnational Incorporated (ETI), and United Bank for Africa Plc (UBA).

Other are:  FCMB Group Plc, Wema Bank Plc, Stanbic IBTC Holdings Plc, Sterling Financial Holdings and Fidelity Bank Plc.

In the period under review, the dollar trended weaker from the historic highs witnessed in 2022 sending ripples through currency markets around the world. For most African countries, currency depreciation contributed to higher inflation and public debt figures as well as a deteriorated loan position.  

Central Banks around the world, including Africa continued to hike interest rates in a bid to effectively manage inflation.

Analysis of the banks’ results revealed that FCMB Group, Wema Bank and ETI reported NPL ratio above five per cent regulatory requirement of the CBN, while GTCO declared 4.60 per cent NPL ratio in H1 2023 from 5.19 per cent reported in 2022 full year.

According to CBN, the industry NPLs had improved from 5.1 per cent as of June 2022 to 4.1 per cent in June 2023, and was below the five per cent supervisory requirement.

ETI, a an-African financial institution reported 5.5 per cent NPL ratio in H1 2023 from 5.20 per cent in 2022, bringing its NPL by value to N512.12 billion as of June 30, 2023 from N299.7 billion reported in 2022.

 ETI’s net loans & advances to customers stood at N9.31 trillion as of June 2023, an increase of 62 per cent from N5.76 trillion in 2022FY. 

According to ETI, its NPLs of $612million were one per cent lower Year-on-Year (YoY) (increased 44 per cent at CC), and an NPL ratio of 5.5 per cent.

With about 4.3 per cent NPL ratio and N5.26 trillion gross loans & advances, FBN Holdings reported N226.24 billion NPL in H1 2023 from N204.29billion reported in 2022. FBN Holdings is the second highest financial institution with NPL by value after ETI.  

The oldest financial institution declared 5.4 per cent NPL ratio and N3.79 trillion gross loans & advances in the 2022 financial year.

Other Tier-1 financial institutions: Access Holdings, Zenith Bank, UBA and GTCO closed June 2023 with N218.9 billion, N209.86billion, N154.53 billion and N115.29 billion NPL by value respectively.    

According to UBA, its asset quality remained strong and resilient, as the total non-credit impaired facilities i e Stages 1& 2 accounted for 96.7 per cent of the Group’s total loan portfolio as of H1 2023 from 96.9 per cent in 2022 financial year.

The lender in a presentation said its NPL remains within regulatory limit, ranging between 3.1 per cent and 3.3 per cent.

“Notwithstanding the moderate NPL ratio, the group’s NPL coverage ratio as of June 2023 stood at 187 per cent. This has remained well over 100 per cent over the period,” UBA added in a presentation to investors/ analysts. 

Also, GTCO in its presentation to investors/ analysts explained that, “The Group’s IFRS 9 Stage 3 loans closed at 4.6 per cent (Bank: 3.6per cent) in H1-2023 from 5.2per cent (Bank:4.7 per cent) in 2022. With Individuals and Others emerging as sectors with the highest NPLs i.e., 20.9 per cent and 30.96 per cent respectively.

“IFRS 9 Stage 3 loans grew marginally to N115.3billion in H1-2023 from N102.8billion in 2022, primarily driven by exchange rate impact as the Group continued to deleverage in Ghana and Kenya and carried out derecognition of fully provided facilities in the Nigerian book.”

In addition, FCMB group declared N52.66billion NPL value as of H1 2023 from N45.01billion in 2022, while Wema Bank including its local and foreign NPL by value stood at N33.07 billion as of H1 2023 from N32.77 billion reported in 2022.

FCMB group NPL ratio stood at 5.20per cent as of Junne 30, 2023 from 6.60 per cent in 2022, above the regulatory requirement.

In the same vein, Wema bank declared 5.12 per cent NPL as of June 30, 2023 from 6.08 per cent reported in 2022. 

“Reduction of 0.96 per cent in NPL ratio driven by improvements in loan management tactics. Reduction in NPLs across some sectors including general commerce, transport & storage, and manufacturing sectors, ”said Wema bank in a presentation obtained by THISDAY.

The Chief Risk Officer, Wema Bank, Sylvanus Eneche said the lender is cautious and taken some steps in mitigating raising NPL.

According to him, “We’ve taken some very proactive steps. In sectors where we see some challenges, and in some of those cases, for instance, some portion of our commercial businesses that we see that there is going to be significant challenge. We’ve taken a very proactive step of recognizing that there’s some significant impairment. But then again, I would say that you would notice that the value of our aggregate NPLs has not moved much. And that’s simply because we have had some good recoveries.

“Again, this year, there was the initial lull in business as a result of the elections and of course, as a result of the Naira redesign. But I believe that business has actually rebounded much faster than we expected after the elections. And of course, some of the issues that we have expected on the basis of our worst case scenario, stress testing have not come to pass. So, we expect that you continue to see that our coverage ratio continues to improve.”

Meanwhile, banks in the country have continued to write off non-performing loans. This came as lenders also continued to debit the bank accounts of recalcitrant debtors in other to reduce the volume of non-performing loans.

The former Deputy Governor, at the CBN, Obiora Kingsley who corroborated this in a statement during the July Monetary Policy Committee (MPC) meeting said, the continuous decline in NPL was attributable to write-offs, restructuring of facilities, Global Standing Instruction (GSI) and sound credit risk management.

According to him, “Total assets of the banking industry grew by N30.92 trillion or 47.21 per cent between June 2022 and June 2023, largely driven by the effects of new FX policy.

“As a result, total gross credit increased by N10.75 trillion or 39.73 per cent between the end of June 2022 and the end of June 2023 due to the increase in the industry funding base, the CBN’s directive on Loan-to-Deposit Ratio (LDR), business strategy and competition, and changes in valuation of FX denominated loans due to operational changes in the FX market. The credit growth was largely recorded in oil and gas, manufacturing, general commerce, and government.”

Thisday

President Bola Tinubu has approved N35,000 as the provisional wage increment for all treasury-paid workers for a period of six months.

“Going from the meeting with Labour today, Tinubu has agreed to increase the provisional wage award for all treasury-paid Federal Government workers to N35,000 for 6 months,” a statement from the presidency on Sunday night reads.

The approval followed the outcome of the meeting between representatives of the federal government and leaders of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) to avert the planned indefinite nationwide strike by the unions.

The unions have directed their members across the country to mobilise for a “shutdown of the nation” on October 3 as a protest against the removal of the petrol subsidy and the economic hardship in the country.

However, Femi Gbajabiamila, chief of staff (CoS) to Tinubu, who chaired the meeting, announced that the president has approved the N25,000 provisional wage increment for all categories of federal workers.

Tinubu in his Independence Day speech on Sunday morning said that the N25,000 would be for low-grade workers for the period of six months.

But before the resolutions were reached, the labour had rejected the N25,000 provisional wage increment.

Speaking at the end of the four-hour meeting with the leaders of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) at the State House, Abuja, Gbajabiamila said the government team and the labour leaders have reached some resolutions.

The meeting was called by the federal government to avert the planned nationwide indefinite strike by the labour to protest against the removal of the petrol subsidy and other issues.

“I am happy to say that after four hours, we have reached certain agreements that are for the benefit of the Nigerian worker,” he said.

“Agreements on wage bills, agreements on committees on salary increments, CNG buses, on several other things, I believe, both TUC Labour and government side.

“Hopefully, we expect that labour will call a meeting of their various branches and executive tomorrow to present the agreements that have been reached, and we pray and we believe and we hope that the strike will be called off on Tuesday.

“So I want to once again, thank labour for taking time out on a good Sunday like this one when they should be with their families to come and discuss in the interest of the workers. Thank you very much.”

In a statement issued at the end of the meeting, Mohammed Idris, minister of information and national 0rientation, said the federal government is “committed to fast-tracking the provision of compressed natural Gas (CNG) buses to ease public transportation difficulties associated with the removal of PMS subsidy”.

He added that the government would see to the provision of funds for micro and small-scale enterprises, adding that the value-added tax (VAT) on diesel will be waived for the next six months.

“The Federal Government will commence payment of N75,000 to 15 million households at N25,000 per month, for a three-month period from October-December 2023,” the statement reads.

“A sub-committee is to be constituted to work out the details of implementation of all items for consideration regarding government interventions to cushion the effect of fuel subsidy removal.

“NLC and TUC will consider the offers by the Federal Government with a view to suspending the planned strike to allow for further consultations on the implementation of the resolutions above.”

The Cable

WESTERN PERSPECTIVE

Ukraine gets bad news from two NATO allies

Ukraine received troubling news from two allies in the North Atlantic Treaty Organization (NATO) as it continues its counteroffensive effort against Russia to reclaim occupied territory.

NATO emerged as a crucial ally for Ukraine after Russian President Vladimir Putin launched a "special military operation" against the country in February 2022. The military alliance has provided Ukraine with tens of billions of dollars to bolster its defense effort, which has left the Russian military in a more tenuous condition, blunting any future military plans for Putin.

However, both the United States and Slovakia delivered bad news to Ukraine this week, threatening to upend the amount of humanitarian and military aid Kyiv receives as the war continues.

On Saturday, the U.S. Congress passed a 45-day short-term spending bill, which follows a weeks-long showdown that saw Republicans spar over how much funding should be cut by and other conservative priorities. Ultimately, the bill, known formally as a continuing resolution (CR), received bipartisan support, but does not include additional funding for Ukraine.

President Joe Biden, a staunch Ukraine supporter, requested $300 million for more weapons for Ukraine and to train its soldiers. But those funds were not included in the bill, as aid for the Eastern European nation has become a sticking point for House conservatives, who argue that money should be spent domestically instead.

The spending package has drawn questions about the future of U.S. support for Ukraine, as polls throughout this year have also shown slipping support for Ukraine aid. The U.S. has been one of Ukraine's strongest allies, with Biden overseeing the transfer of billions of dollars to Kyiv.

Between January 2022 and July 2023, the U.S. has provided Ukraine with $46.6 billion in military aid, $3.9 billion in humanitarian aid and $26.4 billion in financial aid, totaling roughly $77 billion, according to a recent analysis from the Council on Foreign Relations (CFR). This means it has provided more than any individual nation, though the European Union (EU) institutions have provided more than $80 billion.

Still, supporters of Ukraine aid have vowed to continue efforts to get more assistance passed later on in a separate bill.

"We cannot under any circumstances allow American support for Ukraine to be interrupted. I fully expect the Speaker [Kevin McCarthy] will keep his commitment to the people of Ukraine and secure passage of the support needed to help Ukraine at this critical moment," Biden wrote in a statement following the passage of Saturday's bill.

Slovakia Backs Pro-Russia Party

Meanwhile, Ukraine also received bad news on Sunday from Slovakia after Robert Fico, the leader of the country's populist Smer-SD party, led his party to victory in Bratislava's parliamentary elections.

Slovakia shares its eastern border with Ukraine and has provided it with Soviet-era MiG-29 fighter jets amid the Russian invasion. Fico, however, pledged to put a halt on military assistance from Slovakia, saying he would only support humanitarian aid packages. He has also opposed issuing sanctions against Moscow and ran on a pro-Russian message, according to the Associated Press.

In late September, Fico told United Kingdom's The Telegraph that "arming Ukraine brings nothing but killing."

Meanwhile, an Eurobarometer survey in August found a decline in the number of Europeans who support Ukraine aid.

The survey found that 24 percent of EU citizens said they "totally agree" with "financing the purchase and supply of military equipment and training to Ukraine," compared to 33 percent who said they "fully approve" of this taking place in April 2022. Total support for providing Ukraine with military funding fell from 67 to 48 percent over the same period, with the percent of those against aid increased from 26 to 34 percent.

The survey polled 26,514 EU citizens across the 27 EU member states between August 24 and 31.

** Zelenskiy says nothing will weaken Kyiv's resolve against Russia

Ukrainian President Volodymyr Zelenskiy said in a speech released on Sunday that nothing would weaken his country's fight against Russia, a day after the U.S. Congress passed a stopgap funding bill that omitted aid to Ukraine.

Defense Minister Rustem Umerov said separately he had received reassurances about further military assistance in a telephone call with U.S. Defense Secretary Lloyd Austin.

"Secretary Austin assured me," he wrote in a post on X, the platform formerly known as Twitter, using flags in place of country names, that U.S. support to Ukraine "will continue" and that Ukrainian "warriors will continue to have a strong back-up on the battlefield."

A Ukrainian foreign ministry spokesperson said Kyiv was working with its American partners to ensure a new budget decision would include funds for the country, and that U.S. support was intact.

Zelenskiy, in a recorded speech marking the Defenders Day holiday, did not address the vote in Congress directly, but reiterated his determination to fight to victory.

No one could "shut down" Ukraine's stability, endurance, strength and courage, he said, echoing a Ukrainian verb often used to refer to power outages caused by Russian attacks.

He added that Ukraine would only stop resisting and fighting on the day of victory. "As we draw closer to it every day, we say, 'We will fight for as long as it takes.'"

U.S. President Joe Biden said on Sunday that Republicans had pledged to provide Ukraine aid through a separate vote and U.S. support could not be interrupted "under any circumstances."

Foreign Ministry spokesperson Oleg Nikolenko also sought to reassure Ukrainians about future U.S. support in comments on Facebook, stressing that previously approved funds would be unaffected.

"Support for Ukraine remains unwaveringly strong in the U.S. administration, in both parties and chambers of the U.S. Congress, and most importantly, among the American people," he wrote.

RUSSIAN PERSPECTIVE

Ukrainian forces lose more than two platoons in Kupyansk area over day — top brass

The Ukrainian armed forces lost more than two infantry platoons in the Kupyansk area over the past 24 hours, Sergey Zybinsky, the spokesman for the Russian battlegroup West, told TASS.

"The total losses of the enemy amounted to more than two platoons, two Kozak armored fighting vehicles," the spokesman said.

He pointed out that during the fighting in the Kupyansk area, the battlegroup West carried out two air strikes on the temporary deployment areas of the 44th Ukrainian mechanized brigade and the Radio-Technical units stationed near Cherneshchynavin the Kharkpv Reegion.

In addition, the crews of Ka-52 and Mi-28 attack helicopters and attack planes carried out 13 missile attacks on the accumulation of personnel, weapons and military equipment of the Ukrainian 14th, 32nd mechanized brigades of the 40th rifle battalion and territorial defense units in the areas of Ivanovka, Sinkovka, Berestovoye and Kislovka.

"In the course of anti-tank warfare, the group's artillery destroyed a US-made AN/TPQ-7 anti-tank radar station, a 152-mm Msta-B howitzer and a mortar crew in the areas of Peschanoye, Krakhmalnoye, Kolodezi," he added.

** Russian army repels 8 Ukrainian attacks in DPR, eliminates over 300 militants — top brass

Russia’s Battlegroup South has repelled eight Ukrainian attacks in the Artyomovsk and Avdeyevka areas, with the enemy’s losses exceeding 300 servicemen, battlegroup Spokesman Georgy Minesashvili told TASS.

"Battlegroup South units have repelled eight attacks by Ukrainian assault groups in the Artyomovsk and Avdeyevka areas. The enemy’s losses amounted to over 300 servicemen, a Krab self-propelled artillery system, a D-20 weapon, two tanks, a mechanized infantry fighting vehicle, two Strela-10 anti-aircraft missile launchers, a signals intelligence station, as well as seven vehicles and eight drones," he said.

Battlegroup South with the help of aviation eliminated a hangar with Ukrainian military equipment in the Donetsk area, Minesashvili told.

"Operational-tactical aviation of the group eliminated a hangar with military equipment, army aviation destructed a temporary deployment site of the 110th mechanized and the 79th air assault brigades of the Ukrainian army in Novomikhailovka and Avdeyevka," he said.

Newsweek/Reuters/Tass

Saudi Arabia is undergoing a nationalist transformation. During this year’s Saudi National Day, on September 23, people across the Kingdom – especially the young people who constitute a majority of the population – turned out in droves to wave flags, dance, and marvel at military flyovers. Promoted by Saudi Arabia’s de facto leader, Crown Prince Mohammed bin Salman (widely known as MBS), the surge in patriotic displays sheds light on the motivations behind the country’s recent political and economic reforms.

Begin with the foreign-policy front, where Saudi Arabia has agreed to a détente with Iran, facilitated by China; entered into talks with Israel, brokered by the United States, to normalize the diplomatic relationship; gained entry into the BRICS group of major emerging economies; and embarked on efforts to end the war in Yemen.

Domestically, the Kingdom has pursued a major transition that includes centralization and consolidation of power under MBS; suppression of dissent, especially from Islamists advocating an alternative political model; and a revision of Saudi history and school curricula to align with the regime’s narratives. Meanwhile, the Kingdom has made massive investments in international sports (particularly golf and soccer) and adopted an oil-production policy more aligned with its long-term fiscal needs.

The core purpose of MBS’s reforms is to transform the Kingdom from a rentier state that is predominantly reliant on oil revenues to a diversified economy that can generate income unrelated to the hydrocarbon sector. To this end, the government has launched several so-called “giga projects.” Neom, a carbon-neutral city being developed near the Red Sea at a staggering cost (even by the standards of a rich petrostate), is a prime example.

To understand these developments, one must pay close attention to what MBS has said about past Saudi policies, both publicly and in private, since 2016. He argues that his predecessors pursued failed policies and governed in ways that were detrimental to the country’s national interests. For example, he regards the Kingdom’s earlier endorsement of Islamism – partly a response to domestic religious opposition and to the threat posed by the 1979 Islamic Revolution in Iran – as a grave mistake. Instead of fostering stability, it created enemies, with radical Islamists such as the Muslim Brotherhood, al-Qaeda, and the Islamic State all eventually seeking to end the Al Saud dynasty’s rule. MBS believes the regime should have relied on nationalism, rather than religion, as a means of ensuring its survival.

Moreover, MBS contends that rampant corruption and bureaucratic inefficiency significantly undermined Saudi Arabia’s stability. And, most importantly, he views previous Saudi governments’ reluctance to diversify the economy away from oil – an effort that officially began in the 1960s – as inexcusable. The Kingdom must address these historical mistakes urgently, he believes, before it is too late.

Saudi Arabia’s domestic reforms and foreign-policy agenda are inextricably linked, since the success of the Kingdom’s economic project hinges on its ability to secure peace and stability throughout the Middle East. MBS envisions the Kingdom as a leading geopolitical force and a nexus of trade, transportation, logistics, and communication between East and West.

This objective is the driving force behind the normalization talks with Israel. The conflict between Israel and the Arab world has long been a source of regional instability. Moreover, Israel provides a gateway to the Mediterranean, positioning it as a critical strategic link in a vast transglobal network that extends from India to Europe.

In a recent interview, MBS said he wants Saudi Arabia to become one of the world’s ten largest economies, noting that the Kingdom, already a member of the G20, recently became the 15th largest. While MBS had previously sought an invitation to join the G7, he made little headway and then jumped at the chance to join the BRICS, insisting that this was not a move against the West, but rather a way to position his country for future growth and maintain cordial relations with all of the world’s major powers.

MBS is data-driven and frequently compares his country to others. When he talks, he sounds more like the CEO of a company aiming for market dominance than a traditional political leader. Even as the US and China move toward economic decoupling and try to establish new supply chains, he advocates a global liberal economic order. He has made efforts to foster strong trade ties with each of the three countries that will likely shape the twenty-first century: the US, China, and India.

When it comes to national security and strategic alliances, however, MBS remains firmly pro-American. Given that the Saudi military is largely equipped and trained by the US, ending this relationship would be immensely costly.

Saudi Arabia under MBS can be viewed as an emerging power that aspires to use its available assets to develop and diversify its economy. At the same time, the Kingdom aims to leverage its resources and diplomatic ties to enhance its influence in a world increasingly divided among major powers like the US, China, Russia, and, to a lesser extent, Europe. Judging by MBS’s recent foreign-policy moves – such as getting the Chinese to mediate his dispute with Iran and the US to do the same with Israel – he certainly appears adept at navigating an exceptionally challenging geopolitical landscape.

Project Syndicate

This story is part of CNBC Make It’s Six-Figure Side Hustle series, where people with lucrative side hustles break down the routines and habits they’ve used to make money on top of their full-time jobs. Got a story to tell? Let us know! Email us at This email address is being protected from spambots. You need JavaScript enabled to view it..

It took Rodney Melton just over a year to build a six-figure side hustle.

In March 2021, Melton started molding, engraving and selling headstones for pet memorials on Etsy. He’d long worked with concrete and stone as a hobby, while working 60 hours per week as a maintenance lead at Mars Pet Care.

He already owned a $15,000 engraver. Plus, he could work in his self-built workshop behind his home in Alma, Arkansas, a town of less than 6,000 people on the edge of the Ozark Mountains.

At first, it took Melton two or three days to set the headstones in molds, then another five hours to engrave them before his wife added epoxy filling. As his side hustle grew, revenue started pouring in — so he used a combination of proceeds and savings to invest another $51,500 in other tools, like a sandblaster, granite saw and chisel, and laser engraver.

Each new piece of equipment minimized Melton’s production time, allowing him to sell more headstones. In May 2022, his Etsy shop brought in nearly $20,000, and Melton left his full-time job. Now he works fewer hours and spends them with his family, after hiring his daughter and daughter-in-law last summer.

Last year, the four-person operation brought in more than $207,000 on Etsy, according to documents reviewed by CNBC Make It. About two-thirds of that is profit, Melton estimates, and he’s on track to make roughly the same amount this year.

Here, he discusses how he built his business, why he likes working with family members and what you might need to replicate his success.

CNBC Make It: Do you think your side hustle is replicable? What do you need to get started?

Melton: Anyone can do this. I’d say you need $10,000 or less to get started. That’s for cement molds and sandblast equipment.

It’s just a matter of having the passion for it. My mom passed at the end of 2020, and my dad and I were taking it really hard. I started making things, like concrete crosses, 3D roses and plaques. Just little memorial pieces that turned out really nice.

Then, my friend Carlos lost his dog Molly. I think those things had a lot to do with the direction I went. My heart has been in it for the people [who lose their pets]. But by result, if you serve more people, you make more money.

Have you had to set any boundaries working with your family?  

Not really. If you have an alpha personality and are really assertive, it might clash with some of your family members. But if you let everybody have a part it in, things can run smoothly.

In the beginning, my wife and I would meet my daughter Kristen for lunch, one day a week. We would just sit there and talk about things and brainstorm. She came up with an idea for a concrete mold shaped like a dog bone. We’ve sold thousands of dollars’ worth [of them] since.

Now, Kristen has taken over a lot. She keeps me in line on what needs to be done. I’ll go out [to the workshop] and there’ll be a sticky note that says, “Dad, you need to pour seven beige stones today.”

How has creating pet memorials full-time impacted your work-life balance?

My wife, daughter and daughter-in-law, we all work about five hours per day now. I work 75 feet out my back door — it’s freed up so much time and given me the opportunity to just be with my family a whole lot more.

I like to sleep in and work into the evening a little bit. I’m my own boss, which has its downfalls. But it still isn’t a full-time job. I can mow the yard, clean the house.

It’s helped all of us. My daughter wasn’t happy with where she worked at the time. My daughter-in-law, who helps us design the stencils, was a stay-at-home mom and wanted something to do. She makes a few hundred bucks a week, and instead of paying for daycare, stays at home with her kids.

I can make a good living shipping everything the way we do now. If I were in my 30s, I would probably gear up and do big headstones for cemeteries. But those are much bigger items.

I’m in talks with a local monument company to start updating shared headstones in cemeteries. Maybe we’ll go in that direction next year.

CNBC

The United States District Court in Northern Illinois has given Chicago State University (CSU) 48 hours starting from Saturday to release President Bola Tinubu’s academic records to an opposition candidate in Nigeria’s February presidential election, Atiku Abubakar.

In a ruling delivered on Saturday, the judge, Nancy Maldonado, after dismissing Tinubu’s objection, gave the university until 12 noon on Monday to release the documents to Atiku.

Maldonando dismissed Tinubu’s objection to the 20 September decision of a magistrate judge of the court, Jeffery Gilbert.

The judge on Saturday fully affirmed Gilbert’s ruling ordering the CSU to release Tinubu’s academic records as requested by Atiku. She insisted Atiku had the right to have access to the records.

“For the reasons stated in the Court’s accompanying Memorandum Opinion and Order, the Court overrules Tinubu’s objections (44] and adopts Judge Gilbert’s recommended decision [40] in full.

“The Court therefore grants Abubakar’s application under 28 U.S.C. § 1782. [1],” Maldonado ruled.

She said the CSU must complete all necessary filings with regard to the release by 5 p.m. on Tuesday.

“Respondent CSU is directed to produce all relevant and non-privileged documents in response to Requests for Production Nos. 1 through 4 (as narrowed by Judge Gilbert and adopted by the District Court in its opinion) in Abubakar’s subpoena, by 12:00 p.m. (noon) CDT, on Monday, October 2, 2023.

“The Rule 30(b)(6) deposition of CSU’s corporate designee must be completed by 5:00 p.m. CDT on Tuesday, October 3, 2023,” the court ordered.

Atiku had asked for the documents for use in Nigerian courts to support his argument that Tinubu forged a diploma certificate he claimed to have obtained from CSU in 1979 and submitted to Nigeria’s electoral body, INEC, for the 2023 presidential election.

This, Atiku argued, goes to the root of Tinubu’s qualification to contest the last presidential election.

Although Atiku lost his case against Tinubu at the Presidential Election Petition Tribunal which delivered its judgement in early September, he hopes to reintroduce the issue backed with the documents from the CSU in his appeal which he is pursuing against the election court’s decision at the Nigerian Supreme Court.

Atiku had told the US district court that he had up to 5 October to file the documents from the CSU against Tinubu at the Supreme Court.

Tinubu mounted stiff opposition to the release of the documents to Atiku, arguing that “the Nigerian election proceedings and the Nigerian courts” had explicitly rejected the documents Atiku sought to obtain and tender in his case aimed at overturning the results of the 25 presidential elections.

Tinubu’s second reason is that Atiku’s request “is unduly intrusive because it allows Applicant (Atiku) to conduct a fishing expedition into Intervenor’s private, confidential, and protected educational records.”

Court order not confirmation of Atiku’s forgery allegation

But dismissing Tinubu’s objection on Saturday, Maldonado said she was only affirming Atiku’s right to have access to the CSU documents, not confirming the merit of his allegations against the Nigerian president or his comments on the validity of the country’s presidential election.

“In reaching this conclusion, the Court emphasises that it is expressing no view on the merits of Abubakar’s underlying claims regarding Tinubu or his graduation from CSU, or on the validity of the Nigerian election.

“Nor is the Court taking any position on what any of the documents or testimony from CSU may or may not ultimately show. The Court simply finds, on the narrow question before it, that Abubakar is entitled to the production of documents and testimony that he seeks from CSU,” a summary of the judgement read in part.

‘No more order of stay’

Given the time constraints Atiku has to file the CSU documents at Nigeria’s Supreme Court, Maldonado cautioned Tinubu not to bother applying for a stay of the order, as such application would be denied.

She said his only option is to take up such an application for a stay of execution at the US Court of Appeals.

“Given the October 5, 2023 filing deadline before the Supreme Court of Nigeria, the Court will not extend or modify these deadlines.

“Further, the Court notes that at the recent emergency hearing, the possibility of a stay pending an appeal to the Seventh Circuit Court of Appeals was raised. The Court cautions Tinubu that any request for a stay before this Court will be denied, as the Court finds any stay impracticable in light of the fast-approaching Supreme Court of Nigeria deadlines.

“Tinubu is, of course, free to request a stay directly from the Seventh Circuit should he file any appeal. Judgment is entered in favour of Atiku Abubakar.”

As of Sunday morning, it was not clear if Tinubu had filed an appeal at the US Court of Appeals.

Tinubu’s CSU documents ordered for release

The court ordered CSU to release four sets of documents relating to Tinubu as requested by Atiku.

They are true and correct copies of:

*An exemplar of a Chicago State University diploma issued to President Tinubu in 1979;

*Mr Tinubu’s diploma issued in 1979;

*Any exemplar of a Chicago State University diploma that “contains the same font, seal, signatures, and wording as contained in Exhibit C to the First Liu Declaration, which purports to be a CSU diploma issued to Tinubu on or about June 22, 1979″; and

* The CSU documents that were certified and produced by Jamar Orr (an associate general counsel at CSU) as well as communications relating to these documents.

PT

Here is the full speech of President Bola Tinubu on Nigeria’s 63rd independence day anniversary.

Dear Compatriots,

It is my unique honour to address you on this day, the 63rd anniversary of our nation’s independence, both as the President of our dear country and, simply, as a fellow Nigerian.

On this solemn yet hopeful day, let us commend our founding fathers and mothers. Without them, there would be no modern Nigeria. From the fading embers of colonialism, their activism, dedication and leadership gave life to the belief in Nigeria as a sovereign and independent nation.

Let us, at this very moment, affirm that as Nigerians, we are all endowed with the sacred rights and individual gifts that God has bestowed on us as a nation and as human beings. No one is greater or lesser than the other. The triumphs that Nigeria has achieved shall define us. The travails we have endured shall strengthen us. And no other nation or power on this earth shall keep us from our rightful place and destiny. This nation belongs to you, dear people. Love and cherish it as your very own.

Nigeria is remarkable in its formation and essential character. We are a broad and dynamic blend of ethnic groups, religions, traditions and cultures. Yet, our bonds are intangible yet strong, invisible yet universal. We are joined by a common thirst for peace and progress, by the common dream of prosperity and harmony and by the unifying ideals of tolerance and justice.

Forging a nation based on the fair application of these noble principles to a diverse population has been a task of significant blessing but also serial challenge. Some people have said an independent Nigeria should never have come into existence. Some have said that our country would be torn apart. They are forever mistaken. Here, our nation stands and here we shall remain.

This year, we passed a significant milestone in our journey to a better Nigeria. By democratically electing a 7th consecutive civilian government, Nigeria has proven that commitment to democracy and the rule of law remains our guiding light.

At my inauguration, I made important promises about how I would govern this great nation. Among those promises, were pledges to reshape and modernize our economy and to secure the lives, liberty and property of the people.

I said that bold reforms were necessary to place our nation on the path of prosperity and growth. On that occasion, I announced the end of the fuel subsidy.

I am attuned to the hardships that have come. I have a heart that feels and eyes that see. I wish to explain to you why we must endure this trying moment. Those who sought to perpetuate the fuel subsidy and broken foreign exchange policies are people who would build their family mansion in the middle of a swamp. I am different. I am not a man to erect our national home on a foundation of mud. To endure, our home must be constructed on safe and pleasant ground.

Reform may be painful, but it is what greatness and the future require. We now carry the costs of reaching a future Nigeria where the abundance and fruits of the nation are fairly shared among all, not hoarded by a select and greedy few. A Nigeria where hunger, poverty and hardship are pushed into the shadows of an ever fading past.

There is no joy in seeing the people of this nation shoulder burdens that should have been shed years ago. I wish today’s difficulties did not exist. But we must endure if we are to reach the good side of our future.

My government is doing all that it can to ease the load. I will now outline the path we are taking to relieve the stress on our families and households.

We have embarked on several public sector reforms to stabilize the economy, direct fiscal and monetary policy to fight inflation, encourage production, ensure the security of lives and property and lend more support to the poor and the vulnerable.

Based on our talks with labour, business and other stakeholders, we are introducing a provisional wage increment to enhance the federal minimum wage without causing undue inflation. For the next six months, the average low-grade worker shall receive an additional Twenty-Five Thousand naira per month.

To ensure better grassroots development, we set up an Infrastructure Support Fund for states to invest in critical areas. States have already received funds to provide relief packages against the impact of rising food and other prices.

Making the economy more robust by lowering transport costs will be key. In this regard, we have opened a new chapter in public transportation through the deployment of cheaper, safer Compressed Natural Gas (CNG) buses across the nation. These buses will operate at a fraction of current fuel prices, positively affecting transport fares.

New CNG conversions kits will start coming in very soon as all hands are on deck to fast track the usually lengthy procurement process. We are also setting up training facilities and workshops across the nation to train and provide new opportunities for transport operators and entrepreneurs. This is a groundbreaking moment where, as a nation, we embrace more efficient means to power our economy. In making this change, we also make history.

I pledged a thorough housecleaning of the den of malfeasance the CBN had become. That housecleaning is well underway. A new leadership for the Central Bank has been constituted. Also, my special investigator will soon present his findings on past lapses and how to prevent similar reoccurrences. Henceforth, monetary policy shall be for the benefit of all and not the exclusive province of the powerful and wealthy.

Wise tax policy is essential to economic fairness and development. I have inaugurated a Committee on Tax Reforms to improve the efficiency of tax administration in the country and address fiscal policies that are unfair or hinder the business environment and slow our growth.

To boost employment and urban incomes, we are providing investment funding for enterprises with great potential. Similarly, we are increasing investment in micro, small and medium-sized enterprises.

Commencing this month, the social safety net is being extended through the expansion of cash transfer programs to an additional 15 million vulnerable households.

My administration shall always accord the highest priority to the safety of the people. Inter-Service collaboration and intelligence sharing have been enhanced. Our Service Chiefs have been tasked with the vital responsibility of rebuilding the capacities of our security services.

Here, I salute and commend our gallant security forces for keeping us safe and securing our territorial integrity. Many have paid the ultimate sacrifice. We remember them today and their families. We shall equip our forces with the ways and means needed to perform their urgent task on behalf of the people,

We shall continue to make key appointments in line with the provisions of the Constitution and with fairness toward all. Women, Youth and the physically challenged shall continue to be given due regard in these appointments.

May I take this opportunity to congratulate the National Assembly for its role in the quick take-off of this administration through the performance of its constitutional duties of confirmation and oversight.

I similarly congratulate the judiciary as a pillar of democracy and fairness.

I also thank members of our dynamic civil society organizations and labour unions for their dedication to Nigerian democracy. We may not always agree but I value your advice and recommendations. You are my brothers and sisters and you have my due respect.

Fellow compatriots, the journey ahead will not be navigated by fear or hatred. We can only achieve our better Nigeria through courage, compassion and commitment as one indivisible unit.

I promise that I shall remain committed and serve faithfully. I also invite all to join this enterprise to remake our beloved nation into its better self. We can do it. We must do it. We shall do it.!!!

I wish you all a happy 63rd Independence Anniversary.

Thank you for listening.

May God bless the Federal Republic of Nigeria.

National Union of Electricity Employees (NUEE), say its members will join the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) in the planned indefinite nationwide strike. 

Labour had threatened to go on an indefinite nationwide strike from October 3 over the removal of petrol subsidy by the federal government and its attendant impacts on Nigerians.

Specifically, Labour is asking the government for tax exceptions, allowances to public sector workers, reduction of cost of governance, and wage awards following the removal of the petrol subsidy.

Last month, the NLC had embarked on a two-day warning strike after which the federal government was given a 21-day ultimatum to meet its demands.

The ultimatum expired on Tuesday without the government attending to the requests of the union.

Also, the meeting between the federal government and leadership of the NLC scheduled to hold on Friday to prevent the planned nationwide strike by the unions failed to take place.

Aligning with the labour unions, NUEE, in a statement signed by Dominic Ogwebike, acting general secretary, directed its members to commence full mobilisation to ensure compliance with the directive. 

“Hence, we are to totally withdraw our services and participate in street protests and rallies until the government responds to our demands,” the statement reads. 

“To this effect, all National, State and Chapter executives are requested to start mobilization of our members in total compliance with this directive.

“Please note that withdrawal of Services nationwide commences from 0.00 hours of Tuesday, October 3, 2023.”

“The employees are encouraged to work with the leadership of state executive councils (SEC) of the congress in various states with a view to having a successful action.”

‘PENGASSAN JOINS LABOUR UNIONS’ STRIKE’

On its part, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) in a recent statement, directed members in the formal and informal sectors of the Nigeria oil and gas industry to commence full mobilisation for the indefinite strike. 

The union directed its members to ensure unwavering compliance with the directive of the two labour centres to all affiliate industrial unions to embark on a nationwide industrial action from October 3, 2023.

“The leadership of NUPENG finds it so disturbing and unfortunate, that the federal government of Nigeria and other tiers of governments are so insensitive to the excruciating and debilitating socio/economic pains Nigerians are passing through as a result of very harsh and sudden economic policies taken by this administration without any accompanying socio/economic policies to ameliorate and cushion the immediate effects and impacts those difficult and harsh policies are having on the citizenry,” PENGASSAN said. 

The union said the “apparent lack of regard and respect” for cries and yearnings of the organised labour, civil society organisations and the general public by the administration, is worrisome.

MORE TRADE UNIONS DECLARE SUPPORT FOR STRIKE

At the moment, more trade unions have declared their support for the planned strike.

The Medical and Health Workers Union of Nigeria (MHWUN) has directed its state councils to immediately commence intensive mobilisation of members “in total compliance to the indefinite strike, peaceful protest and rallies as has been declared by the organised labour”.

Also, the Non-Academic Staff Union of Educational and Associated Institutions (NASU) in a circular by Peters Adeyemi, its general secretary, instructed its members to “embark on total and comprehensive strike action as directed”, with a view to getting the federal government to react positively to the demands of labour.

Others unions are National Association of Nigeria Nurses and Midwives (NANNM),  the Senior Staff Association of Universities, Teaching Hospitals, Research Institutes and Associated Institutions (SSAUTHRIAI), the Colleges of Education Academic Staff Union (COEASU), the Television, Theatre and Arts Workers Union of Nigeria (RATTAWU), and the Nigerian Union of Allied Health Professionals (NUHAP).