The Nation Newspaper

Tag: financial

  • Chidoka: I lost to superior financial power

    The candidate of the United Progressive Party (UPP), Mr Osita Chidoka, has conceded defeat in Saturday’s Anambra State governorship election.

    In a statement, Chidoka said he accepted the results but hoped the people had not mortgaged the future of the state by selling their votes to the highest bidder.

    He said: “On September 30, we officially kick-started our campaigns for the election. That event at Uli, the remarkable site of the historic Biafra Airport, remains significant to our people in our collective search for a new beginning.

    “Our campaign attracted the finest and brightest of Anambra. The bold and the courageous were with us as we exerted our best in running the most robust issue-based and technology-driven campaign in the history of our dear state.

    “We attempted to change the course of events and chart a new beginning for our state. We believed and we dared; we engaged with all patriotic vigour as we held strongly that the long-awaited time for our people to experience a new opportunity had come and we laboured for it.

    “In all, our focus was the people: the forgotten, the poor and the disadvantaged. They were the prime impetus for our involvement. We beheld their agony and we strived to redirect and vent that energy through a genuine political process. We heard the complaints of our people and we worked to redirect them from the streets to the ballot box.

    “Upon that pedestal, we rejected ‘godfatherism’ and money politics. Instead, we made personal sacrifices and worked with small donations and goodwill of a few good men and women. Our campaign started and remained issues-based. We attacked no persons; we looked up in faith because we believed.

    “But from the ballots, we heard the voice of our people. We heard it loud and clear. On November 18 our people announced strongly their rejection of politicians. They traded their votes because they doubted we would truly represent their interest. While our message resonated with the people they doubted that the political class cared about them. They voted for the highest bidder.”

  • ‘Access to financial support by rural women ’ll help local markets’

    ‘Access to financial support by rural women ’ll help local markets’

    It all started like play on a WhatsApp platform. But today, Mayowa Akinpetoye has transformed it into a big venture. In this interview with Bukola Aroloye, she recalls how she came about Chronicles Empowerment Foundation.

    ow do you empower women entrepreneurs and what inspired this?

    Our focus is to empower women to fund their business with 5000 per head to start a business for rural woman. How to save and give them financial tips while chipping in things on violence. Rural women die in domestic violence. Empowering them will save them from domestic violence.

    Tell us about your life and the lessons you have learnt over the years

    Life to me is designed to be fully enjoyed, while fulfilling God’s ordained plans. We are all here to fulfil purpose. This purpose might be to generate new ideas or improve on existing ideas, either way problems are solved. The onus lies on us to identify where we are needed and fix problems.

    What are some of the things that make what you do different?

    Precisely last year April, I registered an NGO under the name Kronikles Empowerment Foundation. It first started as a dream but with the help of God and committed friends, the NGO has since kicked off. To be honest, we have more than enough NGOs doing similar thing with ours, especially in the area of women empowerment.

    However, the difference with what we do in our organisation is that we make use of real life stories and experiences to connect and empathise with women.  Women connect better with empathy than expectations. As a matter of fact, the word “Kronikles” was gotten under the inspiration of God, not mere fantasy. That is why “Experience is the best teacher” is our watchword.

    Why did you decide to go into this area?

    My decision to pursue this line of service is due to my personal experience in life. Growing up as a teenager, my mum was a strict woman who believed that being strict with female girls was the best way to guarantee that they are not led astray. Somehow, I didn’t get a clear understanding of why she was being strict in her gestures to me especially. But sooner I learnt why.

    I got involved in few relationships while growing up, but one got really messy and bad. This relationship moved from good to worse to sour, because at some point trust and every form of respect was lost.

    After this ordeal, I summoned all of my experiences up. I knew my experience was to help other people facing similar challenges. It was only structured to help us connect better.

    How did the interest develop?

    I have had this passion for a long time, but somehow the interest developed after walking out of the messy relationship I found myself. On leaving the abusive relationship to restart my life, I was financially grounded. I received the grace to pick up again and face the new life I found myself. With the support of friends and family members, I started to sell vintage baby wears, while I continued looking for jobs. After few months of doing this, I got a job.

    The thought of vulnerable girls and women in rural settlements who are in abusive homes and relationships have since not left my mind.  How do these women get back their lives after exiting abusive marriages or relationships? How do pregnant teenagers get back their lives? How can we reduce the number of girls exchanging their bodies for tokens in the slums just to feed and clothes? These were the problems I was interested in solving.

    I remember my mother worked as a Centre Supervisor for Maryam Babangida’s “Better Life for Rural Women” project, in connection with UNICEF in the old Ondo State back in the days. I was always with her at the centre waiting for her to close from work.

    At the centre, women were taught life and vocational skills, which produced many viable businesses owned by Nigerian women. All these contributed to the developed passion.

    What were you doing before this?

    I have always been in full time employment. Presently I work with one of the foremost Share Registration Companies in West Africa as Customer Relationship personnel.

    What do you consider as some of your achievements over the years?

    There are quite a number of achievements but I can only share but few of them. A lady contacted me on one of my social platforms of what she was going through at that moment. She had no source of income and was abandoned by the husband. She was left with her kids. The NGO was able to empower her with funds for her to start a business and in the space of five working days. She has since sealed a catering job deal with a private school in her state.

    Another lady from the northern part of the country also supported us. Members of the group were able to rally round her until she got back on her feet. She is a teacher and baker today. She is one of our strong and committed members impacting lives in the north as I speak.

    I also remember a young lady I mentored, while staying in Ogba area of Lagos. I met her on the street and we became friends. I saw a beautiful woman in her and I asked if she could please allow me mentor her. I became her friend, got to know her parents and helped in grooming and influenced some of the choices she made. Today, she is married with kids, and runs an event outfit.

    When I look back and see the women whose lives have been impacted by programmes and activities of our foundation, I cannot but thank God for the opportunity. I sincerely owe my achievements to God almighty who turned my mess into an inspiring message, all members of Kronikles Empowerment Foundation home and abroad. I want to say l am nowhere close to where I am destined for, but certainly not where I used to be!

    What are some of the challenges you encountered?

    One of the major challenges I encounter is low educational levels of women. Most of the women we deal with lack education, hence communicating vital points to them is a bit difficult.

    Also the population of women who live below average in Nigeria is alarming. Women make the majority of the poor population in Africa. They are directly and indirectly affected by the financial and economic crisis.

    Some women are still keeping mute about their situations. They are scared of being stigmatised in the society. They therefore prefer to die in their pains rather than speak out for what they believe. They stylishly allow various forms of abuse without knowing they have rights to say NO.

    If you have to compare what you do with your counterparts in other parts of the world, what would you say?

    I want to say with the support of friends and family, I am making progress but I can do much more.

    The role of education cannot be over emphasised in empowering women.  The education level of majority of rural women is very poor. Hence, I would like to partner more with volunteers who are willing to teach rural women how to read, write and speak basic English. This will help to spread literacy in more rural settlements.

    Nigeria is blessed with mineral resources and our women are making good use of these resources as means to generate income for themselves. However, despite the ideas these women have, they lack equipment to maximise their outputs. Helping rural women to access financial support from rural development agencies, micro finance banks would help to utilise local resources and local market.

    I would encourage more women to come out to support women who are already involved in social engagements with rural women. This is because we would achieve more together. I need women in technology to come up with social apps that will help us connect better with rural women. Apps that would enable rural woman get quick response to domestic violence cases even in remote villages across Nigeria, Africa and all over. We need more donors to prioritise funding women’s empowerment at this critical time.

    Let’s talk about some of the memorable moments in your life and on the job

    I would say the most memorable was the day I met my man. He’s been such a wonderful husband, and my number one complement.

    I run an event outfit named SimpliiAriya. I am also a Certified Traditional Engager (Alaga Iduro and Ijoko). I do this mostly on weekends. In my spare time, I enjoy brushing up on my skills and learning about any developments in the social enterprise world. I attend local seminars, go on shopping and spend quality time with my lovely family.

    What changes would you like to see in the sector? 

    I desire to see more women leading in all sectors of the economy. An empowered woman will make an empowered society.

    What is your assessment of the impact of the sector on the economy?

    Empowering women benefits all. This is important for any economy. Most countries that have invested in empowering women in financial and basic life development programmes are doing much better than countries where women are suppressed and caged. Hence for any home, community or society at large to economically progress, women empowerment must be a topmost agenda.

    What is your advice for women? 

    I have so much to tell women, but these few would do for now. I would like to encourage every woman, especially those experiencing difficult times in their lives. Stumbling only makes us stronger, and when you do, never remain on the floor.

    What you pick after any fall matters. Some pick rubbles, others pick rubies. Only you can choose what you make out of every situation. Take responsibility for your life, don’t run your life based on people’s opinion about you.  Don’t compare yourself with others, it only promotes envy. Accept criticism as compliments, in this manner you would only become better. Trying to please people will only frustrate you. Get a mentor and improve on your skills, volunteer when less busy. Be good to yourself.

    Who or what do you consider as the greatest inspiration in life?

    One great inspiring woman in my life is my maternal grandmother, Chief Mrs. Matilda Agunbiade. She is ninety-seven years old but she looks younger than her age. My grandmother is a courageous woman who hardly has negative feelings about life no matter what challenge she’s faced with.

  • Financial wasteland

    •Vice-President Osinbajo and Governor Dickson highlight how payrolls are a drain

    Two developments, one at the centre and the other in a state, provide insights into why we pay high salaries that should go to more worthy causes.

    The vice-president, Professor Yemi Osinbajo, noted with regret that the nation needed about N700 billion to pay salaries, pensions and other civil service entitlements every month. In the maritime state of Bayelsa, Governor Seriake Dickson lamented what he described as “monumental fraud” in the state’s civil service, especially in the third tier, otherwise known as the local governments.

    With the dip in revenue and the depredations from the profligate Jonathan era, state governments have struggled to pay salaries. Some have been able to survive only from bailouts from the Federal Government. This led to the following lament from the vice president: “Over the years, our over-reliance on statutory transfers from the Federation Account has resulted in the unsustainable culture where 36 state commissioners of finance come to Abuja every month to collect their share of revenue derived from crude oil.”

    He added that: “In the period of high prices, we saw the FAAC distribute revenue as high as N909bn in June 2014 for example, but by the same month in 2016, the FAAC allocation was N302bn. This is bearing in mind that the minimum amount required to cover monthly salaries, statutory transfers and debt service is N700bn.”

    Governor Dickson noted that 80 percent of workers in the local governments receive salaries without evidence of work, adding that the subsectors of health, primary education and bureaucracy contributed negatively.

    Dickson stated, “It is a complete mess. When the economy was robust, the local governments received N200m, their wage bill was about N150m or N160m. Now when a local government is receiving N90m, how do you expect them to pay?

    “You have a fraudulent system. What you call payroll in Bayelsa is like the Nigerian voter register. You will find the names of unborn children and nobody retires and nobody dies. We are happy that no worker in Bayelsa dies.”

    He noted that the majority of the workers had no credentials. He stated that a specific primary school with a headmaster had 10 clerks, 30 cleaners and 20 labourers with the average age of the workers put at 70. This clearly is a case of ghost workers.

    “Bayelsa people themselves must stop blaming the wrong people. If our allocations were down, how do you want local governments to pay these fraudulent salaries? Will they steal money to come and pay fraudulent salaries? Or as a governor, I should stop everything I am doing to come and pay fraudulent salaries?” said Governor Dickson.

    What Governor Dickson revealed reflects the widespread skepticism about the workability of the local government system as we have it today. Some analysts have called for the independence of the sector while others have argued that the local government is subject to the state government, which represents units of a federal system.

    If ever we are to have a local government system, it could not be the type that operates today. It shows that productivity is still lacking in our country and no country can develop when citizens prefer to cheat rather than work.

    We recall that this was a big problem in Lagos State until the Tinubu administration did a technologically driven audit that pruned the payroll brutally.

    “The President Muhammadu Buhari-led administration is working to achieve inclusive and sustainable growth after a period of declining revenue earnings as a result of the twin impact of falling oil prices and production volumes,” said Professor Osinbajo.

    We need productivity and prudence. The sort of fraud highlighted by Governor Dickson has no place in that future.

     

  • UNIDO upgrades MSMEs’ financial literacy

    UNIDO upgrades MSMEs’ financial literacy

    The United Nations Industrial Development Organisation (UNIDO’s) Investment and Technology Promotion Office (ITPO) in Nigeria, in partnership with government institutions and the private sector, has commenced the upgrade of the financial literacy of Nigerian entrepreneurs, Micro, Small and Medium-sized Enterprises (MSMEs), women and youths.

    The programme is in response to United Nation (UN)’s call on UNIDO to develop, operationalise and lead the implementation of the programme for the UN’s Third Industrial Development Decade for Africa (IDDA III), which reaffirms the importance of industrialisation in supporting Africa’s own efforts towards sustained, inclusive economic growth and accelerated development.

    UNIDO was invited to foster partnerships and build joint initiatives in favour of industrialisation. Consequently, the UNIDO ITPO Nigeria has, in recent weeks, held a number of workshops on the use of UNIDO tools and methodologies for the preparation and appraisal of investment projects, both with the private sector and government agencies. A statement by UNIDO ITPO Nigeria’s Adebisi Olumodimu said the aim of the workshops was to help Nigeria prepare for the IDDA 111 at the grassroots level.

    According to the statement, five workshops were organised across Nigeria – one in Lagos in partnership with the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA). The second workshop was in Kano in partnership with Kano State Government and the Office of the Special Advisor to the President on Youth and Student Affairs. Three of the workshops were in Abuja in partnership with the Nigerian Investment Promotion Commission (NIPC) and the Nigeria Incentive-based Risk Sharing System for Agricultural Lending, among others.

    Olumodimu explained that governments, financial institutions and entrepreneurs require properly prepared feasibility studies in order to make sound investment decisions, adding that from the perspective of entrepreneurs, the most important factor was that they are “bank-ready.”

    “Many Nigerian start-ups do not survive because they cannot cope with the financial aspects of business. The problem of financial literacy affects a range of actors, starting with university graduates, who cannot find jobs, to existing MSMEs, which cannot find the resources to grow,” the statement said.

  • WAIFEM, Centre for Financial Journalism hold workshop

    The West African Institute for Financial and Economic Management (WAIFEM) in collaboration with Centre for Financial Journalism (CFJ Nigeria) is organising a Workshop on Budget Monitoring and Reporting for Financial Analysts and Journalists. The five-day workshop is scheduled for July 17-21, 2017 at the Central Bank of Nigeria’s International Training Institute (ITI) Abuja and is funded by the African Capacity Building Foundation (ACBF) and WAIFEM.

    The Workshop will draw participants from West African countries, including Nigeria, Ghana, Liberia, Sierra Leone, The Gambia, Senegal, Ivory Coast, Togo, Benin Republic, Niger, Guinea, Burkina Faso, Mali and Guinea Bissau. The participants will come from the Central Banks and Ministry of Finance of the various West African countries, the West African Monetary Institute (WAMI), West African Monetary Agency (WAMA), BCEAO, ECOWAS and Media Houses (Television, Radio, Newspapers and Online publications) in the west coast.

  • ‘Africa loses $60b yearly through illicit financial flow’

    ‘Africa loses $60b yearly through illicit financial flow’

    •Takes campaign for minimum wage review to ILO confab

    Nigeria Labour Congress (NLC) President, Comrade Ayuba Wabba, has expressed concern over the impoverishment of workers in the country, alleging that about $60 billion leaves the continent annually through illicit financial flows.

    Wabba, who led the workers’ delegates from Nigeria to the ongoing 106th International Labour Conference (ILC), told world leaders that the state of the working poor in Nigeria has continued to worsen.

    Soliciting for intervention, he said Nigeria’s chances at achieving sustainable development goals will be better enhanced if the illicit financial activities are halted and revenue channeled to government coffers to support public service delivery.

    Wabba, who blamed this on the high cost of living, rising unemployment, low social protection coverage, delayed payment of salaries said: “Due to the challenges faced by workers in Nigeria, a tripartite national minimum wage committee has been set up by the Federal Government to review the minimum wage”.

    In a related event, the NLC has taken the campaign for a new minimum wage to the on-going 106th International Labour Conference (ILC) in Geneva, Switzerland.

    President of NLC, Ayuba Wabba argued at the conference that the struggle for a new minimum wage has become even more compelling in the face of economic recession in Nigeria.

    His words: “We wish to state that the situation of the working poor in Nigeria continues to be dire and exacerbating. It is for these reasons that we have demanded and achieved the composition of the tripartite national minimum wage committee to deliver an upward wage review.”

    NLC Deputy President and President, Africa of the Public Service International (PSI), Peters Adeyemi, insisted that the government does not have any genuine excuse for not constituting the tripartite committee on minimum wage.

    He said: “For us in the labour movement, there is no reason the tripartite negotiation committee should not have been constituted by now. Nigerian workers are groaning under heavy yoke. So many of them can no longer afford basic necessities of existence.’’

  • Africa to increase insurance penetration, financial inclusion

    Insurance operators and regulators at the just-concluded General Assembly of the 44th African Insurance Organisation Conference, have passed a resolution to work on six common goals to advance the US$64 billion market.

    In the resolution, the stakeholders agreed to invest in partnerships that are wider, including non-insurance actors, and deepen within the industry areas that are critical to the agenda of increasing insurance penetration and realisation of financial inclusion.

    The resolution was read by Chief Executive Officer, Uganda Insurers Association, Ms Miriam Miriam Magala. Other resolutions at the conference include adoption of a range of technologies to collect data, design and deliver insurance products, provide educational information to the public, and manage the threats of cybercrimes.

    They also agreed to invest in capacity building across the entire industry including insurance companies, regulators, associations, and institutes; pursue the financial inclusion agenda through development of insurance value chains that cut across several stakeholders/actors within and outside the traditional insurance sector.

    Others are adoption of appropriate laws and regulation that allow for innovation and minimal compliance costs; and pursuit of a diversified strategy for consumer education that embraces the various strands of building capabilities of consumers to make the right decisions with full knowledge of the benefits and obligations and access.

    They also unanimously agreed that to reach the bottom of the income pyramid, products have to be delivered effectively and at an affordable price, which calls for leveraging capacities that exist within and outside the industry.

    They observed that as is the case with the industry, which enters into upward partnerships through re-insurance to deal with big risks, insurance actors have to do downward partnerships to better manage diversified small risks at the bottom of the income pyramid.

    The conference noted that increasing penetration of the smallholder farmers requires a lot of data to design and evaluate products, as well as make decisions regarding responses to emerging risk positing that technology will help to provide products and information as well as enable premium collections and claims payments.

    A specialised pool of knowledge for research, product development and regulatory reviews is required in a centralised place that serves the entire industry, such as , training institutes/associations.

    “We have resolved to work with government, regulators, insurance and re-insurance companies, local/regional/global associations and development agencies, such as the World Bank. He urged the Insurance Initiative, International Association of Insurance Supervisors (IAIS) to invest in developing the required capacities.

    In the case of agricultural insurance, the actors include farmers, agro-dealers, financial institutions, agents and insurers, among others. All the stakeholders  must be duly prepared for their roles as they are part of the chain in a world where “insurance is not bought but sold’’.

    “Regulation should be responsive to the African context, albeit within a framework that allows for appropriate harmonisation-based on best international practices, industry involvement and regional fora.

    ‘’Regulations should reflect local needs and conditions, while the strands should essentially address business and financial management, among others,  to reduce business risks.”

  • Union Bank promotes financial literacy among youths

    Union Bank promotes financial literacy among youths

    Executives of Union Bank has  celebrated Financial Literacy Day by teaching students across Nigeria about the merits of saving.

    Its CEO, Emeka Emuwa; Executive Director, Commercial Banking; Emeka Okonkwo, Head, Group Corporate Strategy, Lola Cardoso, Head of Human Resources, Miyen Swomen and over 50 other workers visited 30 schools across six states including St. Johns College, Jos and Government Science School, Kuru, Plateau State.

    Financial Literacy Day is a part of Global Money Week, an annual worldwide celebration set aside in March for youths to learn about money, saving, creating livelihoods and becoming financially literate as a whole.

    The theme for this year was Learn, Earn and Save. Union Bank employees spent the day with over 3000 primary and secondary students from 30 schools in all the six geo-political zones across the nation, providing them with the basics of financial education, and empowering them to be prudent from a young age.

    During his interactive session with students of St. John’s College, Jos, Plateau State, Emuwa taught the students how careful money management will help them gain financial freedom, and prepare them for the future. He encouraged them to start making the right financial decisions now so they could build their understanding of how to earn, save and invest money.

    He said: “One of the benefits of this program is that children are becoming more financially literate. Financial education in schools will empower them to make sound financial decisions in future. School children will also pass the knowledge gained to their family and friends”.

    To the students he said “You must remain focused on your goals and work towards achieving them. Goals have to be SMART- Specific, Measurable, Achievable, Realistic and Time-bound. Stay focused in school and develops as many critical skills as possible. Keep learning and stay curious always” he concluded.

  • Recession: Financial experts task FG on private sector involvement

    Some experts on Friday called on the Federal Government to involve the private sector in its new economic recovery plan for the needed foreign and portfolio investments, to bring the country out of recession.

    They stated this in at the Vanguard Economic Discourse themed, “The hard facts to rescue the Nigerian economy,’’ in Lagos.

    Mr Muda Yusuf, the Director-General, Lagos Chamber of Commerce and Industry (LCCI), said that the country would not experience any economic recovery without the involvement of the private sector.

    Yusuf stated that government should involve the private sector in the new economic plan to take the country out of recession because they were the ones that would bring in investment.

    He said that the key driver of investment into any country was confidence, adding that confidence building through good economic policies was needed for both foreign and portfolio investments.

    “We cannot get these investments to come into the economy without confidence,” he stated.

    The director-general said that getting the foreign exchange regime right was critical to confidence building, noting that no economy can live in isolation of other economies.

    Yusuf said that critical scarcity of foreign for manufacturing companies was affecting their production capacity to move on with their businesses, with some of them having to close down.

    He said that the policy had brought about all manner of underhand dealings, drop in remittances, dividends payout and drop in profits, among others.

    According to him, people have suffered serious loss transiting from the former foreign exchange rate policy regime to the new one.

    He stated that many businesses had collapsed because of inability to service off shore obligations and credit lines.

    Yusuf added that round tripping in the foreign exchange market was very high because the huge exchange gap and margin.

    “We need to fix liquidity issues in the foreign exchange market by allowing the market to play bigger roles, rather than regular CBN interventions,” Yusuf said.

    He added that the current monetary policy rate would not in any way help to rescue the economy, noting that policies and incentives determine the kind of Investment people pursue.

    Yusuf also said that government borrowing had become a major problem of investors.

    He said that government borrowing at 18 per cent, without risk, was crowding out the private sector with banks preference to invest in Treasury Bills and bonds, instead of lending to the real sector.

    “We cannot compete with the Federal Government in investment, banks invest in Treasury Bills and bonds, rather than borrowing to the real sector,”  he said.

    Yusuf stated further that high cost of business in the country, due to high inflation rate, was affecting the growth and development of industries.

    Also speaking, Dr Obadiah Mailafia, a former CBN Deputy Governor, said that there was the need for a national concensus with regards to national development, for the country to move forward.

    Mailafia said that the insecurity of lives and property and rise in crime rate was affecting economic growth and development and should be checked.

    He stated that the country was losing money with the closure of the Abuja airport following some international airlines decision not to fly to Kaduna, due to alleged security challenges.

    The former CBN deputy-governor said that the country must industrialise and improve on technology innovations or perish.

    “We are still very behind in the issue of industrialisation, technology and innovation and if we fail to industrialise, we will perish,” Mailafia stated.

    He added that youths involvement in the government’s economic recovery plan was low, in spite being the majority in the country’s population.

    Mailafia said that the country was sitting on a time bomb, if they were ignored, considering the rising unemployment rate.

  • Reps probe NPA for alleged financial iregularities

    The House of Representatives yesterday mandated its Committees on Ports, Harbours, Waterways and Privatisation to investigate alleged operational and financial irregularities by the Nigerian Ports Authority (NPA).

    The committees are to specifically probe the extent of the observance of all operations, obligations and remittances arising from agreements, understandings, contracts  and related financial relationships between of and between the NPA and its concessionaires/service providers with regard to their compliance with extant financial laws, circulars/regulations.

    The committees are to report back to the House within 12 weeks for further legislative action. The resolution of the House was sequel to the passage of a motion by a member, Linus Okorie on the need for such a probe.