Trust critical in Nigeria’s business environment – experts

The Chief Executive Officer, Vet and pay, Dr Kenneth Ibe Kalu, has called for strong synergy between government and family unit to promote trust in Nigeria business environment.

Kalu made the call during a webinar townhall meeting with Nigerians in diaspora worldwide, on Sunday.
The theme of the meeting was “Bridging barriers and connecting diasporas and homeland businesses with VetandPay, an app designed to facilitate safe and transparent transactions.

He said that to boost diaspora investments in Nigeria, the issue of trust deficit in business environment must be addressed, with government and family unit taking the lead.

Kalu in his presentation titled “why trust issues in business and how to curb it,” noted that developing countries including Nigeria had continue to witness low trust and lack of integrity in businesses compare to their developed counterpart.

Citing a case study of the parable of the unjust or pertinent steward from Luke 16;1-13, Kalu said that issue of dishonesty remained major factor that must be jointly addressed by government, family and private sector.

“from the above passage the servant’s appointment was to be terminated due to probable mismanagement of the master’s company and not fraud.

“However, on tip-off, the servant became smart and went on to commit the actual fraud to secure himself.

“His master commended him upon discovery of his smart move. The servant may have learnt dishonesty from his master,” he said.

Kalu said that to cure the malaise of lack of trust in business, the ultimate solutions will involve government at all levels, the family unit taking the lead.

Emphasising the role of Public Private Partnership (PPP) in addressing the menace, he said that a Nigeria based technology solution provider Tradewyse Concepts Limited (TCL), has unveiled systemic solution using vetandpay, an escrow application, to address lack of trust and fraud in online business transactions in the country.

Kalu the Chief Executive Officer of TCL, said that the software app proudly developed by a team of Nigerians, was capable of reducing corruption by restoring trust and integrity.

He added that it was also capable of inspiring confidence in business and general transactional environment in Nigeria.

The Chief Executive Officer of TCL, said that the Africa’s foremost escrow company’s services include auto purchase, procurement, e-commerce, service based, property, staff payment, project monitoring and verification.