Twenty-five undergraduates and post-graduate students of various tertiary institutions across the country were awarded scholarship grants by Centre for Research in Enterprise and Action in Management (CREM), a leading research centre on enterprise and management in Lagos, with the collaboration of a microfinance bank, Grooming Centre, writes SEYI ODEWALE.
TO Aminat Olayinka, a post-graduate student of University of Lagos, and 24 others (undergraduates and postgraduates) from other tertiary institutions in Nigeria, ending 2019 with scholarship awards for their industry and diligence was the hallmark of the year and their scholarships.
They were recently rewarded at a landmark event hosted by a leading centre for research in entrepreneurship and management, Centre for Research in Enterprise and Action in Management (CREM) and Grooming Centre, a microfinance bank. These awardees were also rewarded for their initiatives toward enterprise and microfinance.
Beneficiaries
The awards beneficiaries included Gideon Anietie Offobi., an undergraduate of Akwa-Ibom State University, Ikot Akpaden; Okediji Simeon Adedayo, an undergraduate of Ladoke Akintola University of Technology, Ogbomoso Oyo State; Ekeh Sanctus Ikenna, an ndergraduate of Seat of Wisdom Major Seminary, Owerri, Imo State;David Oludotun Oluwaseyi, an undergraduate of Lagos State University, Ojo, Lagos; Faruk Adamu Kele, undergraduate of Federal University Birnin-Kebbi, Kebbi State; Meduye Oluwadamilare Micheal, undergraduate of Federal University of Technology, Akure Ondo State; Nwawueze Confidence Chioma, undergraduate of Lagos State Polytechnic, Ikorodu Lagos; Nwaoza Faith Ozioma, undergraduate Lagos State Polytechnic, Ikorodu Lagos and Ajayi Toyin Racheal, undergraduate of Federal Polytechnic, Offa, Kwara State.
There were others such as Ogbonna Uche Jude, a postgraduate student of Gregory University, Uturu, Abia State; Owolabi Folashade Oreoluwa, postgraduate student of Covenant University, Ota, Ogun State; Adewale Ogunmodede, postgraduate student of University of Ibadan, Oyo State; Ojo Kehinde Olaoluwa, a postgraduate of Obafemi Awolowo University, Ife, Osun State; Okolie Ifeanyichukwu, a postgraduate of University of Nigeria Nsukka, Enugu State; Madu Chibuzor Gloria, also a postgraduate of University Of Nigeria Nsukka Enugu State and Gbemudu Jeffery, who does his postgraduate programme at Gregory University, Uturu Abia State.
There were also postgraduate students like Lanre Ajibola from University of Ilorin, Kwara State; Anachuna Chinyere Maria, Abia State University, Uturu Abia State; Ogundeji Ademola Solomon from University of Lagos, Akoka, Lagos State; Okehie Judith Onyinyechi from University of Lagos; Hauwah Kemi Kamaluddeen, fromKwara State University, Kwara State; Achugamonu Bede Uzoma from Convenant University, Ota Ogun State; Onyekere Osita Charles from Federal University Jigawa, Jigawa State; Ikudaisi Catherine Olamiposi, from University of Ibadan and Eniayewu Aminat Olayinka from University of Lagos.
At the occasion, which was the centre’s second annual business forum, a platform designed to project expert opinions through meaningful discussions on emerging trends within the microfinance sector, these 25 awardees were pleasantly surprised with cash awards of N75,000.00 for nine undergraduates each and N150,000.00 each for the remaining 16 postgraduates. To them, 2019 was a rewarding year. Hence, they, apart from their benefactors, who made it a media event, decided to make it louder.
Their mood, appearances and attires (both English and traditional), made a statement that their year indeed, ended well.
Resplendent in their various outfits, they gave a good account of their industry and why they should be rewarded. And six of them, three each from both undergraduate and postgraduate categories, were graded and awarded first to third positions for their outstanding research works.
To conform to the theme of the forum, “Emerging trends in microfinance and enterprise: A focus on green microfinance, digitisation and social enterprise”, these students were tested and assessed on various issues relating to green micro-financing, digitisation and social enterprise. Their projects were considered good enough to be rewarded.
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In the words of the organisers of the forum, creating a solution-based platform where various issues affecting the microfinance and enterprise can be addressed,. discussing emerging trends in the areas of Green Microfinance, Digitisation and Social Enterprise with a view to proffering sustainable solution and. collating expert opinion on the issues for the benefit of the microfinance and enterprise practitioners, were what the forum set out to explore.
Setting the tone of the forum was the Chief Executive Officer of Grooming Centre and CREM Chairman, Dr. Godwin Nwabunka, who said Grooming Centre was committed to poverty alleviation through conscious efforts to the economic growth of those financially excluded with special attention to those at the bottom of the pyramid.
“There is need to drive financial inclusion and social business in the enterprise sector. This includes the social, digital and environmental aspect of the people. Microfinance is a powerful tool to meet the needs in the micro, small and medium enterprises. The Grooming Centre Scholarship Grant scheme is to promote financial inclusion and contribute to the knowledge base in enterprise development through research,” he said.
The business forum, which was anchored by the popular thespian, Gloria Young, wife of Norbert Young, was an eye opener for many participants, particularly young graduates, who have been disillusioned by their endless search for the elusive white collar jobs.
Their hopes were rekindled that they can still turn their fortunes around with issues discussed at the forum. Participants included practitioners and stakeholders in digital and green microfinance, social enterprise and regulatory agencies. Others were entrepreneurs, MSMEs, academics, students and media practitioners.
Papers were also presented by eight different personalities. They included Chief Executive Officer of Emel Solar, Mr Onye Mba Uzoukwu, who spoke on Green Financing for Small and Medium Enterprises.
Managing Director/Chief Executive Officer of Crystal Expertise Ltd, Dr. Michael Oladun, spoke on Social Enterprise, while Mr Adegbami Adegoke, Managing Director/Chief Executive Officer of Mainstreet Microfinance Bank, spoke on digitisation.
Others such as Mrs Chinyere Uzoma, Executive Director, Victory Empowerment Centre; Mrs Nkem Adenuga, CEO of Eagle Eye Empowerment; Prof Joseph Nnanna, Chief Economist at Development Bank of Nigeria; Mr Olugbenga Ogungbemisola, MD/CEO of A4 & T Power Solutions Ltd and Mr Chikezie Egbulefu, Head of Special Projects, Grooming Centre also made presentations at a panel discussion during the forum.
At the end of the one-day forum, a communiqué was issued, summarising the event by grouping the discussions into three compartments: Social Enterprise, Green Microfinance and Digitisation.
Social Enterprise
The forum defined Social enterprise or social business as having specific social objectives that serve its primary purpose. It seeks to maximise profits while maximising benefits to society and the environment. They, however, looked at its criticisms.
Criticisms of Social Enterprise
According to them, some social entrepreneurs have universally created micro-enterprises that have not been able to scale up.
Microfinance and other programmes aiming to develop micro-enterprises for the poor have limited economic potential.
As a result this, simple trading, retail, service and production operations, which constitute the majority of micro-entrepreneurial ventures, have not resulted in significant growth or poverty alleviation.
To them, Social entrepreneurship diverts financial resources and talented individuals from other development initiatives; emphasis on financial sustainability creates pressures and requires compromises that undermine social entrepreneurship.
They also said there are high statistics of interest rates in the sector. Such high-interest rates impose huge burdens on a poor vulnerable population, and any default is likely to push borrowers deeper into poverty.
Social Entrepreneurs, they said, have a narrower vision than is required for economic development. They focus on a specific problem or market niche. This is not the type of vision that can drive an effective economic development
“Social entrepreneurship in general and microfinance in particular, can be used as an instrument to control the poor for political purposes.
Microfinance can be used by opportunistic regime to mobilise donor money, and then use these resources to control the poor for narrow political ends while claiming that the process helps the empowerment of vulnerable groups such as women and the poor.”
Green Microfinance
The forum said it has been scientifically proven that 99 per cent of nitrogen and oxygen with an important trace of greenhouse gases are in water vapour, carbon dioxide, methane and nitrous oxide while some energy from the sun warms the earth; some are held by greenhouse while some escape back to space. There is a sharp increase in the heat-trapping gases such as carbon dioxide, methane and nitrous oxide since the industrial revolution.
Since records started in 1880, 2019 was likely to be the 2nd or 3rd warmest year on record. The impacts of the climatic change can be observed in the following instances:
Twelve billion tons of ice melted as a result of a heat wave in Greenland in August 2019
Ocean temperatures have risen across most of the globe in the last century
Flood killed more than 500 people in Mozambique this year, 2019
Over 900 people died of the heat wave in India and Pakistan this year 2019
Lagos has shown to be one of the cities in the world at the extreme risk of climate change.
In order to avoid the impending environmental disaster, the following were suggested
Engage the population to use renewable energy
Strengthen the partnership between renewable energy companies and microfinance institutions.
Government should free the market and also lower the import duties on renewable energy products. Currently, import duty on diesel is 5% while solar product is 20%.
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