Author: The Nation

By Ibrahim Apekhade Yusuf

In a bid to further re-inforce the core message of instilling background checks as a culture, Nigeria’s pioneer in the industry, Background Check International (BCI) organised a webinar titled ‘The impact of background check on businesses, now and in the future” aimed at promoting the overall importance of background checks to corporate existence.

The webinar had in attendance global expert, Barry Nixon, the Founder and COO of Pre-employment Directory, USA, Yemi Faseun, Head, Human Resources, Globacom, Mary Ikoku, Editor-in-Chief, Working Moms Africa Magazine and Kunbi Adeoti, Divisional Director, Leadway Assurance Company Ltd, among others.

The speakers urged corporate organisations to conduct due diligence before employing any staff to forestall avoidable mistakes which could cost the organisation both in the short, medium to long term.

According to them, data has been a major challenge in conducting due diligence as this impedes the due diligence process.

Specifically, Adeoti stated that due diligence impacts the organisation and it should form a crucial part of the employment process to identify bad behaviour and fraudulent acts. “If due diligence is not done, certain behavioral pattern may impede organisational growth.”

Echoing similar sentiments, Faseun believes there should be tracking of employees before they engage in fraudulent acts.

On his part, Barry White, Founder, pre-employment Directory.Com stated that every organisation should start a culture of verification.

While commenting on the issue, the Chief Executive Officer of Background Check International, Mr. Kola Olugbodi bemoaned the situation where organisations inadvertently forgo background checks when making hiring decisions.

Further justifying the relevance of background check, Olugbodi said it has to be determined in line with what organisations stand in line with what organisations stand to gain or lose.

He further said about 70 percent of organisational loss is always due to employees sharp practices even as he urged organisations to stop recruiting based on brilliance and focus on due diligence and background checks.

In reinforcing the issue of culture, Ikoku stated that hiring staff need the same indices applied during traditional marriage to prevent fraudulent claims. “Hiring new employees needs the same traditional pattern of background check due to corruption the system.”

By Adeola Ogunlade

Local government council areas in Lagos have the capacity to generate over N100billion revenue annually, Oguntebi Dele, a management consultant has said.

Dele, who sits atop as Principal Consultant at De-Delpedge made this disclosure at the Agbado Oke-Odo Economic Summit 2021.

According to him, Lagos state has access to bigger revenue sources that they have had to neglect other revenue generating streams within the state.

He lamented that many local government councils dissipate energy and resources chasing revenue sources such as licenses for bicycle, and radio that can only generate meager income.

From available record, the tax expert said, “Lagos has only been able to raise 20% to 30% of revenue on tenement rates and is because many at times demand notices are issued but how many are enforced.”

He however, appealed to council chairmen to systematically push their revenue sources to areas it can be collated and explore digital tools to curb compromises and corruption within the system.

Also speaking at the event, a member of the House of Representatives, Ajeromi Ifelodun Federal Constituency, Hon. Musibau Kolawole Taiwo said that local government areas in Lagos have enormous potential to generate revenue within their area but it is imperative that they create an enabling environment for businesses to strive.

Responding, the Chairman of Agbado Oke-Odo, LCDA, David Famuyiwa said that the summit as a community based interactive forum attracts participant from all walks of life who are expected to incubate ideas and share the experiences of others on how to solve the economic challenges hindering the development of our communities.

Tagged: ‘Creating a Landscape for Economic Growth in Agbado Oke-Odo Local Council Development Area (LCDA),’ the summit brought together policy experts, industry players, traditional rulers, religious leaders and members of the Community Development Committee and Community Development Association within council area.

By Ibrahim Apekhade Yusuf

The party may be over for fraudulent estate developers across the southwest region out to hoodwink unsuspecting members of the public as the new sheriff in town as vowed to run them out of town.

Giving this charge at the weekend was the top hierarchy of the Real Estate Developers Association of Nigeria (REDAN).

They spoke at the inauguration of new elected executives of the Osun State chapter of REDAN, while presenting certificates of return at the REDAN South-West zonal office, Lagos at the weekend.

Firing the first salvo, the newly-appointed chairman of the association, Omoluabi Victor Eniola Mark, shortly receiving his certificate of return by REDAN South-West chairman, Mr Debo Adejana; General Secretary, Dr Kunle Adeyemi and the Ogun State chairman of the association, Mr. Oyebola Okusanya, warned that REDAN will not tolerate the rejection of the call by the Economic and Financial Crime Commission (EFCC) for all estate developers to be registered with the union in order to track illegal funds.

He also noted that REDAN flush out all fraudsters who are bent on defrauding unsuspecting members of the public in the next three months of his administration.

“There is no doubt that this association is all out to restore sanity in the real estate business and as well as ensure that our people follow due process from the purchase of their landed properties to building our their choice structures in the country while Osun is no exception.

“Our enemies as practitioners in this business remain the fraudsters around the corner who are head bent on defrauding the unsuspecting members of the public and as a result tarnish the image our real and responsible members who diligence and uprightness remains their watchword in the business of real estate.

“It is on this note that I want to sound a note of warning to erring practitioners who by their actions have shown that they have rejected the call of the EFCC that all practitioners should be identified with REDAN, with a view to track illegal funds in a section of the sector to have a rethink.”

By Ibrahim Apekhade Yusuf

The country has the capacity to generate over $1billion earnings from the export of cashew nuts and other commodities annually, The Nation has learnt.

Speaking at a pre-listing event of Agvest Limited, a player in the agricultural value chain in Nigeria, experts observed that with over 14 states of the federation involved in the planting of cashew nuts, the country was literally sitting on a cash cow as they highlighted the opportunities in the cashew value chain.

Nigeria is the fourth largest producers of cashew nuts worldwide.

Addressing journalists at the event the Managing Director of the Lagos Commodities and Futures Exchange (LCFE), Mr. Akin Akeredolu-Ale, noted that Nigeria had opportunities to earn robust income from cashew nut.

“Nigerian cashew sector is dominated by smallholder farmers. Numbered at about 25,000 and some commercial plantations, with an average cultivated area of 325,000 hectares, local processing industry is growing gradually while there is a significant rise in export due to increased awareness of export potential and processing opportunities. Other actors in the ecosystems include local buying agents, processors, exporters, and service providers.

“The challenges around the production and processing of cashew in Nigeria mainly centre around the primary production of cashew from aged trees. Thanks to scientific research, there has been a substantial improvement in seed varieties that have introduced improved varieties which present primary production efforts need to take advantage of the meet the improved quality requirements of the international market,” he said.

The Chairman, Mega Group, Mr Sam Onukwue expressed optimism that LCFE would transform the commodities ecosystem and put it on the global map. He attributed one of the challenges that raw exporters face to inability to repatriate their fundsback into the country.

Speaking earlier, the Managing Director, Agvest, Mr Olabode Abikoye, while addressing journalists on Tuesday, explained that proceeds of the offer would enable the company to get both its plantation and factory up and running in West Africa at the first instance.

According to him, Agvest will commence with cashew aggregation on the spot market, issue exchange traded notes in the medium term and add value.

“Our decision to list Cashew Nut contracts on the LCFE is to enable private investors enjoy the benefits of quotation. We shall by this approach support the governments drive to generate foreign exchange. We have 210 hectares of land as plantation in Iwo, Oyo State and we are working closely with Oyo State Investment and Public Partnership Agency (OYSIPA) to activate our plan.

“As a listed product, our cashew shall always meet international standard as prescribed by the International Standard Organization (ISO) which requires good temperature, moisture level and grade. Many stakeholders in the commodities value chain in Nigeria operate in silos. One of our company’s functions is to integrate the stakeholders in the value chain,” Abikoye said.