₦airaland Forum

konos:
Does anyone in the house know if one can start NAFDAC registration even when they have not started production.

Don't know if its for Food, Drinks or Drugs.

But for Food and Drinks, yes and no! This is a summary of my understanding:
(1) Visit NAFDAC now to get their requirements for what you want to setup
(2) Setup your production factory
(3) Apply to NAFDAC to get a Certificate of Recognition for the factory.
- At this point, NAFDAC will inspect the factory against their requirements
(4) Thereafter, apply for Certificate of Registration for the different products you want to sell
- NAFDAC will take samples of your products for lab tests, etc prior to approval
(5) After Certificate of Registration is granted, you can start selling.
I understand you require NAFDAC approval for any advertisement you want to put out.

edundayo:
youwin_three@youwin.org.ng

Yes, I received the email too.
My account has been ready for a while, so I'll reply them with the details again.

By the way, our accounts are COT free.
I wonder if this will be in perpetuity, or the banks will change it after the Youwin contract expires?

sunylee1:
I completely disagree with the contact that gave such excuse for the following reasons:
1. Most of the banks officials did not demand for refree (as the account managers provided the referees)
2. For previous YouWiN editions first tranche was released in batches as account opening as ready
3. I make bold to declare that as at today there is NO awardee that has not finalised their parts of acount opening. PLEASE IF THERE IS ANY AWARDEE THAT IS STILL HAVING PROBLEM WITH ACCOUNT OPENING THEY SHOULD PLEASE SPEAK OUT so that we can advise on next line of action to solve any problem such person(s) may have

I understand your doubts bro. But it seems the YouWin email sent this afternoon, even though just a reminder, somewhat reflects part of the issue.
The point being made by the banker is that not all awardees have actually commenced process of opening their accounts.
In addition, I also know that the process of opening accounts itself has to be followed - in this case by GTB, whether special YouWin account or not.
However, bank managers can waive (postpone) some requirements based on need. For example, I and about 20 other Youwin! accounts required SCUML registration which is also necessary before GTB finally allocates you an account number. A waiver was obtained from the zonal head or so to enable processing of the Youwin accounts. That does not mean the SCUML registration, which usually takes about 3 weeks will not be done.

@chukwuka12's advice on the reference aspect is also true... reference from a different bank extends the opening process.
Generally, bankers are happy to help you get referees to ease the process. So if the bank did not ask you for a referee, its not because it was not necessary, its because they will sort is out for you and not all of them are able to do that (my view).
In my own case, I brought my own references.


On your 2nd point, yes payments are/may be made in batches. But, in the first instance YouWin secretariat still needs to know that majority have sorted out their accounts before it starts paying. 1st tranche payments may still be in batches but within a closer period (I wouldn't expect them to pay 500 ready accounts this month then another 500 next month, etc); 2nd tranche has more to do with your triggering and other factors.
In the case of Youwin 2, they signed the contract end of June 2013; booth camp followed during which they were given allocated banks. Accounts were opened as from July 2013. 1st tranche was paid around October 2013 or thereabout.


On your last point, do you have proof? Its safer for me to say that Youwin 3 awardees on this nairaland thread (who make comments) plus those we know (to use as examples here) are only a fraction of the total size, so we cant really know.

Anyway, lets see what happens by 12 December 2014!

@Beedee777
Good you raised opportunities through the CAPFund. I have issues with the fund as follows:

(1) The prices of the equipment I was interested in as per their list of accredited suppliers were too high. Although a BOI official I met during the MSME Summit told me I can discuss and negotiate with the suppliers, I’m not sure one can get a great deal. You cannot introduce suppliers or tell them you want to buy from your own source.

(2) One requires 2 guarantors from any of the following 3 (a) Assistant Director or higher in civil service (b) a Lawyer - SAN (c) Manager or higher level in a bank. How easy can one get such people, and how easy will they be able to stand as guarantor for you without feeling sooooo uncomfortable? - I think it’s a tough one or at least I dont have such people!

Before I forget, I think I was also told it cannot be assessed by start-ups. This has also put me off, at least until next year - if I still need it. The BOI guy I met said it may be possible but tough to make a case for a start-up though.

For those looking for more information check http://boinigeria.com/capfund

As we all wait for the 1st tranche, my strategy for now is to take my time as YouWin! payments dictates, I’ll also gradually bring in my own funds - I don’t even have all of it now. I am not in a hurry because I am still working (I advice that no one should resign except they have other sources of additional funds to commence their business). My 1st tranche will be used for land (either buy land or rent a suitable property - not yet decided as it depends on what I can get), trademark registration and any initial site work. Then I’ll get invoices and proforma for equipment, machines, generator, BOQ for any buildings/construction, estimates for Nafdac registrations to support tranche 2 trigger, quotations for any marketing, etc. These will support 2nd tranche request.

Tranche 2 will generally depend on how fast you can trigger your request. For Youwin 2, the 1st tranche was paid sometime between end of September and early November 2013 - can’t remember exact dates, while 2nd tranche was paid in December 2013. This was the case for people who triggered 2nd tranche request early, had good documentation which was Ok for the monitors; other people may have had different experiences which led to delayed payments. Their 3rd tranche was mostly paid in July 2014.

Generally, everyone’s business is different as well as the plans, so what you can do with your tranches will vary. Overall, if you are going to do something different from what was in your winning business plan, it will be advisable to get consent of your monitor(s) or at least be able to defend your decisions when they come knocking. Don’t forget they may not even show up until after you trigger 2nd tranche request.

@Terry1, to add to what stagger, chukwuka12 and jeffmyson have said with regards to what to do with your 1st tranche, I’ll repeat that you cannot get Nafdac registration until you have fully setup the factory for inspection and produced samples for testing.

For my own food processing business, my forecast in the business plan to start generating revenue is from month 7, which is when I hope to have setup the factory (about 2-3 months including importing period for machines) and obtained Nafdac registration (additional 2-4 months). [I have a friend who argues I don’t need Nafcac registration for before selling, which I disagree].

Please if I may ask, how much personal funds were you looking to bring in, apart from the N7m (now N5m) from Youwin! for the plantain flour processing, because I am wondering how that would have been adequate. I have to bring in N4m in addition to Youwin! N10m for my business. I’ll still need more as I noticed an error in the Youwin! financial template structure which affected my forecast, because while revenue is generated in the previous month before expenses is deducted to give you your remaining cash flow monthly, in the month 7 I’ll commence bulk purchases of primary raw materials, I’ll need much more than what is in the remaining cash flow. As Denn once said, you guys should all review your business plans to ensure no stone is unturned.

I understand that GTB has about 250 accounts allocated to them for Youwin! 3. It has already been correctly said by someone on this thread that Youwin! has asked the banks to send weekly reports on account opening progress. My contact said when they sent the report last week, only about 100 accounts had been opened. Youwin! complained that it was too small to release funds - which they prefer to do in bulk!. My contact told me as at now, about 150 accounts have been opened, and that d 1st tranche funds are available, but slow progress from awardees in opening account is stalling things - not the banks or Youwin!. Now this is only for GTB, I don’t know for other banks.

jeffmyson:
I would rather suggest that people who are Youwin 4 applicants should open a new thread to synergise together and work issues affecting them out.

Exactly!

I'd rather want us to defeat Congo with more than 2 goals advantage, to put the head to head results in our favour.
Achieved!
Now we need to defeat SA.

Awardees, I want to compare something on your 'Appendix 1: ....Grant Disbursement Schedule'. (That's the white sheet attached to the grant agreement).

Did any of you have Triggers included for 'Jobs created' and 'Minimum monthly turnover'?
I don't have any on mine, but I remember people I know from last year had triggers for Tranche 3 on the sheet!

No cause for alarm anyway.
Thanks

Alhamdullahi.
Validation and signing went well.
Got what I requested for too...10m for new buz.
Met a couple of people who also got 10m for new businesses.

Denn:
Done...

I got 100%

Congrats!
Good luck with you business, and will keep in touch.

Denn:
^^^^^^ i have a question pls....so i don't turn to a proverbial lamp that shines everywhere but refuses to see its own bottom-

Are limited liability companies required to do the court declaration of shares being above 51%?

Legally i don't think so as there is already an allotment of shares form that shows the shareholding.

However, i don't want to start scampering all over abuja looking for a court.

ideas welcome pls.... pardon my question

Exactly, I was wondering while reading the above posts.
The CAC2 form and Memo of Association already specifies share allotments.

@sunylee1, as you have already completed your CAC registration, is your OWN share allotment above 51%. If yes, then you may not need the partnership deed.

Generally, for some professions/sectors, CAC will not give approval for registration unless one of the Directors is a certified professional in the field!

blink182:
Please if anyone is doing a food processing business here, can you please give me the cost analysis for getting nafdac certificate?

1. First setup the processing factory; then invite Nafdac for inspection, and they will take samples of your product for testing in lab.
2. If you pass the inspection, you obtain Certificate of Recognition.
3. Then you can register the product(s) with Registration Fee of N52,000 per product.
3. Fee for additional packaged sizes of same product is N21,000 each.
i.e. Register 10kg size at N52,000. Then Register 5kg, 2kg, 1kg sizes at N21,000 each.

Denn: how far?

i have refreshed my mail so many times in the last 24 hours that i am sure the email company might call me soon...lol

Once the list of winners are advised, i wont mind providing two basic finance solutions for winners...

insurance and banking...

i have identified some products that will benefit us....details after the list is announced.

Good point!
Insurance is particularly important for business.
Unfortunately, many people do not make use of the vast facilities available.

I am even considering options for insurance for crops I will buy before processing. Especially as I intend to buy in bulk and store.
I don't know the rates yet but I am aware the premiums are much higher than for other things.

bamistol: Beloved fellow potential millionaires, we like the encouragement we are getting from some of us either confirmed or not at least it is dowsing tension.

I will suggest that we take our fate in our hand, and bombard president Jonathan through his FaceBook page soliciting that he increase the slot to accommodate all of us that defended well. Please let all of us continue to bombard him with the message till he responds. Because I know that the old Papas have collected their own National Cake through Confab. Why wont he give we the youths who are the future of this country our own National Cake that will still benefit the society and the nation at large.

Please carefully select your words if you are posting any comment on his FaceBook page.

Here is the link to his FaceBook page: https://www.facebook.com/jonathangoodluck

I have taken the first step. Below is the message I just posted on President Goodluck Jonathan FaceBook page:

My beloved president, we from YouWin! want to commend your laudable, unbeatable and innovative agenda of job creation through the YouWin! programme. Sir nobody can beat your record. Sir we want to appeal to you to please increase the Award slots to accommodate all of us that defended our proposal during the last panel interview. We all know that the issue of employment is so pertinent in our country. If people who defended their proposal very well are thrown away because of limited slot, it will kill their morale. Sir, remember that after first round some people were dropped and after the second round some people were also dropped as usual. Now that we have scaled through two stages, dropping any of us that defended our proposal well during the last YouWin panel interview will cause more harm than good to us. Sir please help take all of us that defended well. We know that Nigeria has the capacity. And posterity will continue to reward you and your generation even after you second term 1n 2019. Knowing fully well that you are a unique president with listening ears even to the masses, we want to appreciate your positive response in advance. THANKS SIR ESEU, DAALU, NAGODE AND GOD BLESS

While you are free to solicit for increasing number of people to be awarded, I do not agree with your associating the YouWin grant to part of National Cake!
We are looking for grants to help us start a business (or expand existing businesses) and not looking for free money to use for other purposes.

You are perhaps one of the reasons why one of my panelists (panel 2) would say something like I am looking for free money!
I felt offended. While it is a grant that will not be repaid, I made it clear i wanted to raise money genuinely for the business.

Denn: Did you tell them you will not resign?
How do you now intend to manage the farm?

Cant resign abruptly cuz its a family business so will still have some commitments to it; I can't lie about (which they appreciated) ...
Told them i'll continue in the first instance and manage with the two. Understand the concerns raised but it is what it is!

Not starting a farm till 2/3 years. I'm going into food processing, buying from farmers first.
Consulting work I do now is flexible so still gives me enough time for managing new ventures.

Did mine yesterday facing three panelists (and with a YouWin! representative present, probably taking records!)
Experience not really different from what everyone else here have said.
Just make sure you come with originals and photocopies of all info requested in the invitation email; know and be able to defend your business and ability to manage it.
I think they were convinced enough I could manage the business; but a panelist was not comfortable with my not having prior agric-related experience and not wanting to leave my current profession for the business fully. Spent close to 50mins there!
By Gods grace, we will make it!

dauaminu: who told u?

A friend who did his today.

Mine is tomorrow in Abuja
I have been told there are about 1,100 to be interviewed here!

edundayo: Though, I don't have the same experience, I think you might want to be very careful and tread with caution in changing whatever figures that got you through the 2nd stage (because there is the possibility you might not have gotten through if you had submitted with your intended correction). I think YouWiN is primarily expecting you to come and "defend" not "come and correct". You can always make the changes during the execution stage of your business.

For now, my advise is; do your corrections somewhere separate, study, understand and memorise them. You'll not be needing much of the financials in your presentation "looking at the format of the template" and you can always explain if you are asked about it during the questions & answers time with the panel.

Thanks!

neksummi: Guys I have this challenge. I noticed bullets are counted too in the number of words presented and some times I have up to 8 - 15 points that are bulleted (Don't mind the english). What should I do? More so that we're printing things out. Even if they're to count the words, do you think they'll count bullets as words? Help me out please.
Thanks.

I don't know if they will, I don't expect anyone to count words on the printed document, but I'll still advise you stick to word limits.
If you cant reduce the words and are still bothered, consider using numbering and close space with first word, e.g.
(1)The
(2)For

I found an arithmetical error in the financial plan I submitted for 2nd stage, which I now intend to correct.
I also need to update the financials to take into account of some new information, etc such as type/cost of processing equipment. The business will still be profitable but less than expected. I'll also have to make some adjustments to ensure reasonable breakeven.

I do know business financial plans may change due to different reasons, such as new information/knowledge of issues, errors, change in technology or business method/model, etc.

But guys, whats your take on this, especially as per YouWin! factor? and is anyone else facing a similar experience?

CoolKizzy: Another mail from youwin, guys I don't think dragons den should be the priority! follow the guideline contained in the mail o.

Received email too. Very clear on what to bring along and do to prepare.
Also, the questions in the panel review guidelines are what you expect an investor / dragon to ask before putting money in!

Overall, I think guys will still benefit from watching some Dragons Den videos or any other videos and even text regarding business presentations and pitches. All as part of your preparation and rehearsals. Delivery of 10mins oral presentation and 15mins Q&A are now what's left standing in the way of the grant!

Good luck to all.

Omaobe: A friend who knows an insider in YouWiN at Abuja called and told me d very day we got d interview notificatn dat d person informed him dat dose of us who got d notificatn are d 1200 winners. He told me dis even b4 I told him I had got dr message. When I asked him as to why d interview, he said dey want to use dat to disqualify dose who may not b able to defend dr proposals. But when I kept asking him more questns, he just told he had told me all dat d person told him.

Dis is also all dat I know too now. All d best!

Interesting but wonder how YouWin! will achieve awarding to 1200 winners this way. If this is the case and some are disqualified, they'll have to carry out more interviews all over again to make up the planned 1200 winners. Except they dont intend to meet the 1200 mark. Of course I'll be glad it we were the tentative 1200 already!

I did hear from a YouWin2 awardee (who heard from a inside source also) that about 1600 are to be invited for the Youwin! 3 interviews, to be pruned down to 1200. Cant confirm it but she made fun saying I should be ready for 'Dragon's Den' experience!

Whichever way, we just have to prepare our-self to defend the plan. I guess that means your business idea, management plans, operational and marketing plans, financial plans and overall business sustainability; and your own passion, interest and know-how or how you will compensate for it, etc. It think!

stagger: Like I said earlier, this is a YouWIN first. I think they have used the experiences of the 2 programs where many awardees are still struggling despite the cash injections, as well as the known fact of people having others write their proposals or fronting for others to come up with the idea where you come to defend your proposal, the way it is done on Dragons Den.

Therefore, it is very likely that many people will be dropped. But the 1,200 figure will be maintained when awards are announced.

You do have a valid point!

I received the email notification for the interview as well!
Congrats to all invited.
To everyone that has been through the whole Youwin! 3 process (successful or not) to date, good luck going forward in your business ventures (proposed or existing) as well as in raising alternative and/or additional funds!
May Allah make it easy for us all, Amin

Omaobe: Congrats to dose of us selected and all the thanks to God our Creator alone. To those not selected, just say 'may God bless ours for us' and He shall do sth bigger and better for u too very soon. Yes, very soon by His grace.
Now I have questions. Is it that those of us that got d email now are d ones in the final list of 1200 or is it that they selected more than that from which they will select d final 1200? because my email reads 'NOTIFICATION OF SELECTION FOR YouWiN INTERVIEW'. Can someone who is sure clarify this from any past winner pls? because I'm still a little bit sceptical o.

Good question, which I will like answered as well.
However, whichever way, I''l be preparing for the interview to discuss/defend my business plan.

that freekick was good.
good goal.
Game on!!

oh. but that was a good goal.
actually sweet goal!

Obvious that she has not been carrying her Executives along.
Heard she spent about 6hrs begging them sometime ago after the hullabaloo of the first probe - importantly for discrediting them.
Her days may be numbered; but maybe not as in 9ja.
May God help us to help ourselves and our society to be a better place, amin.

Please note, emails should be sent to:

horiland.recruit@gmail.com

Sorry for any inconveniences.

oradilo,
you can pay by forex wire transfer to their UK account.
i use GTB to send money to overseas accounts, u can check wit other banks too.
ensure to confirm all charges with the bank before doing anything.