Category: Money

By Collins Nweze 

The Federal Government has confirmed its commitment to support artisans and technicians in stimulating economic growth and development across all sectors of the economy. Minister of Industry, Trade and Investments, Otunba Niyi Adebayo gave the promise at the first edition of the Nigerian Artisans and Technicians Conference (NATCO) at the National Theater in Lagos, recently, with the theme: “Artisans, Technology and Empowerment; The Future of The Nigerian Economy”.

The minister, who was represented by a senior ministry official, Mr Adewale Bakare maintained that no nation can develop without credible governance that will facilitate private sector participation, adding that the federal government is already improving the needed infrastructure that brings about economic growth.

The minister said that its agencies are committed to creating an enabling environment to stimulate domestic investments and attract foreign direct investments in all sectors of the economy and also make Nigeria a destination in Africa and the world at large.

Adebayo advised the private sector to key into government efforts in its drive to improve and develop the economy, stressing “It is a truth that Nigeria’s quest for development cannot be achieved without adequate acceptance of the informal sector”, the minister said.

Also speaking at the conference, Lagos State Chairman of Nigeria Automobile Technicians Association (NATA), Asiwaju Jacob Omonide Fayeun said that the association has achieved recognition with the successful hosting of the maiden NATCO conference. Fayeun said “We have achieved recognition and I believe the president and members of his team has seen what happened today. We have not been getting recognition both from the state and federal government. We are very important in the society.

“Without us the economy cannot move. Artisans and Technicians control the employment level who would have become miscreants. Next year, it is going to be better. I know the Federal government will sponsor this programme next year. It is very difficult to organise this kind of event but God assisted us to succeed in planning this one. I know the recognition will come from government, particularly during elections.

“What you saw here are just mere representatives. I came here with almost 2, 000 of NATA members. If we say every member should come, it means we will have to use the national stadium. During election, state and federal government will use us and then dump us. I used to mobilize my people to sleep in mechanic villages during elections. So as they can cast their votes”.

The NATA chairman, however stated that the association wants government to improve conditions of their living, loans to improve their work, training and support.

He pointed out that China is doing well because their government is giving them the desired support.

In his remark, Mr Dayo Bello of Global Sight Services Limited and chief convener of NATCO said that the event was a huge success.

Bello said, “From what happened here, you can see the commitment, we registered over 13, 000 Artisans delegates, not even Artisans members.

I want to agree it is a success and we thank God. The ministry has told them to go and look at their challenges and write.

“This opportunity was not there before. At least, they now know that there will be challenges. As a consultant to the Artisans, I will not relent to ensure that we get to where we are going. They have promised and I believe government can do it.

“This country will definitely move forward. There are many people who are artisans but what do they do now. They are now okada riders because they don’t have any support. Most of them are abandoning their trade. With this first leg of the conference, I believe that the future is bright. We pray that God will crown our efforts.

“Artisans are supposed to be millionaires and billionaires if we do the right thing. The first thing is to build their capacity so that their jobs should not be taken by foreigners. They should be able to know more of their trade. If they know all these things, they are not supposed to be looking for empowerment but they are the ones to empower others.”

The Oodua Consultative Forum (OCF) has asked President Muhammadu Buhari and the National Assembly to earmark at least 20 per cent of all Value Added Tax (VAT) accruable to the Federation Accounts from the South-West to the infrastructural development of Yorubaland.

President-General Worldwide, OCF, Prince Adebisi Oyemade, made this call in a media statement issued in Abeokuta, Ogun State. The OCF, which lamented the dilapidated state of federal infrastructure in the South West and the helplessness of the region’s governors to tackle the problem owing to paucity of funds, suggested that “the proposed 20 per cent  derivation from VAT could be routed through the proposed South West Development Commission, which the South West senators and House representatives are currently seeking to establish through a bill now tabled before the National Assembly.”

According to Oyemade: “The 20 per cent, which should be applicable to all regions in the country from the VAT collected from each region, should be deductible as first-line charge and without prejudice to the current sharing formula of VAT revenue.”

The OCF lamented that most federal roads in the South West are in “deplorable conditions.” It listed these to include the “Abeokuta-Sango-Lagos expressway, Lagos-Ibadan express road, Sagamu Interchange to Papalanto to Ilaro and the Owode-Yewa road” Others are “Ibadan-Oyo-Ilorin highway, Ibadan-Ife-Ilesha-Akure road, Ado Ekiti-Akure road and Lagos-Ikorodu-Itanke via Ibefun Ijebu Ode road.”

“Allocating at least 20 per cent VAT collected from each region to it before taking the rest to the federal purse to share would afford each region the funding opportunity to meet their infrastructural challenges. For instance, Lagos, which currently grapples with a humongous infrastructural problem even as it is accountable for over 50 per cent VAT revenue accruable to the federal purse nationwide, can have the proposed 20 per cent VAT from the state to fix its public infrastructure, especially the roads, to make life better for over 25 million Yoruba

and other ethnic nationalities who live and work in Lagos,” the OCF stated.

By Collins Nweze

The Board of Directors of LAPO Microfinance Bank has announced the nomination of Mrs. Cynthia Ikponmwosa as the Managing Director designate of the premium microfinance bank. She succeeds Godwin Ehigiamusoe, Founder/CEO Lift Above Poverty Organisation and LAPO Microfinance Bank Limited.

The appointment is subject to approval of the Central Bank of Nigeria.

Chief Ede Osayande, chairman, LAPO Microfinance Bank, describes Mrs.  Ikponmwosa as a foundation member of the LAPO story in its commitment to social and economic empowerment of the members of low-income households. He noted that the board has absolute confidence in Mrs.  Ikponmwosa’s capacity to build on the accomplishments of the Microfinance bank. He added that Mrs. Ikponmwosa, in the new position, will be offered all the necessary support needed to deliver value to all stakeholders.

Mrs. Ikponmwosa   joined Lift Above Poverty Organisation (LAPO NGO) the precursor of LAPO Microfinance Bank in 2001 as a Senior Programme Officer and has played several key roles within the group. She provided leadership for the transformation of LAPO into a regulated microfinance bank between 2008 and 2010.

She led the Corporate Secretariat and recently as Executive Director, Executive Director, Corporate Services.

By Collins Nweze

The Presidential Enabling Business Environment Council (PEBEC) has honoured young public servants at the 2019 2019 The Future Awards Africa held in Lagos.

The recognition was part of its mandate to remove all regulatory obstacles towards ensuring that businesses thrive in Nigeria.

In recognition of the commitment required to strive towards transforming public service delivery in Nigeria, the head of the Enabling Business Environment Council (EBES) and Special Adviser to the President on Ease of Doing Business, Jumoke Oduwole,w lauded all the nominees for the prize category while restating the commitment of the Presidential Enabling Business Environment Council to making businesses work while “changing the face of governance in Nigeria”.

Read Also: Future Awards Africa celebrates young innovators, achievers

Also spotlightewwwd at the event was the PEBEC’s ReportGov App built to help citizens resolve complaints against regulatory bodies and public officials within 72 hours using the web and mobile applications available for downloads on all mobile devices.

Through its EBES, PEBEC, since its establishment in July, 2016, has successfully implemented over 140 reforms which continue to make doing-business easy across the country by removing bureaucratic obstacles to doing-business and reducing the time, cost, and procedures required to start and run businesses in Nigeria. The Future Awards Africa celebrates inspiring, young Nigerians changing the African narratives and making impact through their initiative, skill and creativity, thereby raising responsible citizens with the desire to achieve more and create better communities.

By Collins Nweze

The Chairman Senate Committee on Banking, Insurance and other Financial Institutions, Senator Uba Sani, has declared that the Senate will support the Asset Management Corporation of Nigeria (AMCON) in recovering over N5 trillion outstanding debt owed the corporation.

Sani, representing Kaduna Central, made the declaration at the commencement of the 2019 retreat for members of the Senate Committee on Banking, Insurance and other Financial Institutions, which began in Kaduna  last Wednesday.

He said recovering the huge debt of AMCON has become a major burden for which the National Assembly will consider all options including the reactivating the failed bank act and at some point invite the pioneer management of AMCON under the leadership of Mustapha Chike-Obi to come and explain to Nigerians what they did during their tenure.

The Chairman also hinted that the National Assembly will continue to support AMCON by providing all legislative support including further amendment of the AMCON Act, if need be, to enable the corporation  recover the huge outstanding obligation. He said the red chamber will bring up several motions that will enlighten the public on the real dangers of non-recovery of the debts to the economy.

By Collins Nweze

First City Monument Bank (FCMB) has urged stakeholders in the agriculture and power sectors to deepen access to renewable sources of energy to fast-track and sustain growth.

The Executive Director, Finance at FCMB, Mrs. Yemisi Edun, stated this in her keynote address at a conference organised by the bank on Energy-Agric Nexus for Rural Economic Development, with theme: “Stimulating the Agricultural Sector through Off-Grid Energy Development” in Abuja.

It was held in partnership with the Rural Electrification Agency (REA), The European Union, Deutsche Gesellschaft fur Internationale Zusammenarbeit (GIZ), Nigerian Energy Support Programme (NESP), Heinrich Boll Stiftung (HBS) Foundation and Power for All.

Edun said the bank’s decision to organise the conference was based on its commitment improved energy access. It is to engender a sustainable future for businesses, homes and individuals for overall national development.

She said off-grid power systems which are integral parts of solar, biomass, hydro and small wind power systems, offer veritable solutions to the challenges faced by most businesses, including the agric sector in Nigeria. This is because they utilise locally available renewable resources to provide electricity, particularly to the rural areas where bulk of farming activities take place. In addition, they are more cost-effective than extension of the national grid network.

Also speaking at the conference, the Managing Director/Chief Executive Officer, Rural Electrification Agency, Mrs. Damilola Ogunbiyi, said the agency has developed an off-grid electrification strategy, which focuses on decentralised off-grid solutions and captures several elements, such as solar stand-alone systems, solar mini grids, energizing economies initiative and energy database.

Mrs. Ogunbiyi, who was represented by the Executive Director, Rural Electrification Fund, Sanusi Ohiare, stressed that, “we are committed to collaborate with other public and private sector bodies to harness and expand the opportunities in the energy and agric sectors. We are excited that FCMB has shown tremendous support in this direction”.

By Collins Nweze

The Chief Executive Officer (CEO), First Bank of Nigeria Limited, Adesola Adeduntan, has said the introduction of FirstGem, a female-focused product by the bank has contributed to the development of the Nigerian economy.

Speaking at the FirstGem third anniversary conference held in Lagos, the bank chief said he was delighted that FirstGem,  was already in its third year during which it has promoted savings culture, financial literacy, loan management, wealth creation and healthy lifestyle for women.

Present at the event are Mrs Ibukun Awosika, Chairman, First Bank of Nigeria Ltd, Prof .Mehta Kandarp, Senior Lecturer, IESE Business School and  Soji Apampa, CEO, Convention on Business Integrity among other personalities.

Adeduntan said the product has a wide array of advisory, health and current awareness services for the discerning woman.

He said:  “Three years ago, specifically on 28 October 2016 we launched this women-centric account, designed specifically to meet the financial needs of both corporate and entrepreneurial women. This product, apart from being an account dedicated solely to women, is lifestyle-enhancing. It provides a total lifestyle support for discerning women to enable them meet their economic needs and aspirations. It goes without saying that economic stability does impact overall stability of individuals, institutions, communities and nations. With FirstGem therefore our long-term focus is on national economic development. I believe that with the indices we have so far FirstGem is on the right performance track”.

He reiterated FirstBank’s commitment to the empowerment of women adding that the bank understands their story and recognise their invaluable contributions to the economy of our nation in particular and the global economy in general.

“Having identified the gaps in their lives, both in corporate Nigeria and in the entrepreneurial space, we are committed to bridging those gaps effectively by providing the tools required for women’s empowerment.

Through FirstGem, we have organised and participated in several women empowerment programmes, international conferences, seminars and workshops as well as roadshows across different cities and states of Nigeria and offshore. One month after the launch of FirstGem, in 2016, we participated in the Benue State Women Empowerment Programme which held in Makurdi and was hosted by the First Lady of Benue State, educating women on building personal wealth and financial independence,” he stated.

Adeduntan disclosed that in the first quarter of 2017, FirstGem was launched in Oyo State, in collaboration with the First Lady of Oyo State. During the launch, women of Oyo State were availed various opportunities in trade and commerce, savings and investments, food and agriculture, fashion, tourism, education and lots of other economic empowerment initiatives.

Collins Nweze

THE President, Chartered Institute of Taxation of Nigeria (CITN), Dame Olajumoke Simplice, has advised government at all levels to explore opportunities in taxation to bridge revenue gap in the economy and promote economic development.

Speaking during her opening remarks at the institute’s 41st induction ceremony held in Lagos, the CITN boss said with glaring challenges of development and low revenue receipts from oil and associated sources, government has seen the need to look inwards in growing the country’s revenue base.

The event, which saw the induction of 586 members into the CITN professional membership, was opportunity for Dame Simplice to present the inductees to the the Registrar/Chief Executive of the institute, Adefisayo Awogbade.

In his speech, Awogbade challenged the inductees to continue to strive towards higher goals particularly by getting involved in the activities of the institute and through self development.

Simplice said: “More than ever before, there is compelling need to reinvigorate our enlightenment and education mechanisms. The National Orientation Agency must wake up to its statutory responsibilities. Council has approved, as part of its responsibilities, the continuous engagement in regular education and enlightenment programmes at the national level and through our District Societies, a concerted plan of action is required to change the narrative of poor tax awareness by the citizens”.

According to Simplice, it was important that at government level, tax policy initiatives and reviews in tax laws are well thought-out and followed through. She advised government to avoid the propensity to introduce earmarked taxes with the intention of raising revenue while neglecting the impact that such action would have on businesses and economic activities.

Speaking on the plan by government to raise the Value Added Tax (VAT) from five per cent to 7.5 per cent, she said: “While we maintain that there is need to increase indirect taxation, we also hold the government accountable for the diminishing infrastructure and standard of living of the populace. The government should intervene in critical sectors of the economy lacking in required infrastructural base for revamped economic prosperity of the nation”.