Participants at the Entrepreneurship Development Programme /Public Presentation of Practice Licence in Lagos

By Lydia Ngwakwe

The Chartered Institute of Bankers of Nigeria (CIBN) has awarded practice licence to 14 deserving members who met all the requirements for issuance of the licence.

The News Agency of Nigeria (NAN) reports that the public presentation of the license was done at a two-pronged event organised by the institute, on Wednesday in Lagos.

The event has the theme, “Building a Sustainable Enterprise: The Role of Environmental, Social, and Governance (ESG)’’.

The President/Chairman of Council, CIBN, Dr Ken Opara, said that candidates who were granted the licence went through an extensive screening process, which in part required meeting preset requirements.

“While the Entrepreneurship Programme is aimed at sharpening the entrepreneurial skills of our professional members and empowering them to successfully run their own businesses, the public presentation of practice licence enables the holders to consult and render services in banking, finance, and allied matters to clients except for financial intermediation services.

“This year,  we are proud to award the practice licence to 14 deserving members who have met all the requirements for issuance of the licence,’’ he said.

Opara said that the theme for the event, which was carefully chosen, gave the various factors involved in sustaining a business in the 21 st Century.

According to him, sustainable enterprise helps to recognise that success is not measured solely by financial gains but also by the positive impact made in one’s environment, society, and during corporate governance.

The CIBN boss stressed that considerations for the environment, society, and good governance (ESG) was fundamental to how businesses operate in the modern world.

He said, “ in recent times, environmental, social, and governance principles have become the bedrock of modern business practices.

“Among other things, it helps businesses identify and manage social risks that can impact their operations and reputation.

“It also gives businesses a competitive advantage, this is because investors and other key stakeholders are more likely to prioritise support for organisations that have displayed a commitment towards maintaining ESG standards.’’

Dr Bankole Allibay, Consultant, Social Safeguards, World Bank Group, urged every organisation to adopt ESG in business operations.

According to him, every business, to varying degrees, has environmental and social impact on the society and their environment as well as risks associated with their operations.

“To manage these risks and impacts, every organisation needs to adopt ESG in their business operations.

“The three major pillars of ESG are key factors that affect an organisation’s reputation and long term success.

He said that some of the benefits of ESG to business were to provide competitive advantage, attract and retain top talent, attract investors and lenders, and improve the health of the living ecosystem, among others.

He said that low employee commitment, investors apathy, litigation, bad public reputation, among others were some of the cost of not adopting ESG.(NAN)

Edited by Olawunmi Ashafa

L-R  Speaker, Lagos State House of Assembly, Mr Mudashiru Obasa and Gov. Babajide Sanwo-Olu

Resident

By Adekunle Williams and Florence Onuegbu

The 2024 budget proposal of N2.246 trillion presented by Gov. Babajide Sanwo-Olu should be tailored towards improving the lives of residents, the Speaker, Lagos State House of Assembly, Mr Mudashiru Obasa, has said.

Obasa made this known immediately after the presentation of the budget estimate by the governor to the lawmakers on Wednesday at the assembly’s chamber.

The News Agency of Nigeria (NAN) reports that Gov. Babajide Sanwo-Olu presented N2.246 trillion budget estimate tagged, ’Budget of Renewal’ to the assembly for legislative approval.

NAN reports that a breakdown of the budget shows a capital expenditure of N1.224 trillion and a recurrent expenditure of N1.02 trillion.

Obasa said the state government should urgently begin to look at better ways to alleviate poverty beyond giving out packaged foodstuff.

The speaker said this was important because the country had been faced with multifaceted issues of rising prices of goods and services, high forex and other societal problems, which required urgent attention and drastic solutions.

He said: “It is highly important for us to apply the right indices toward ensuring a performing and functioning budget that would lift people out of poverty and reposition the state towards infrastructural growth and renewal.

“Palliatives should move from just giving people garri, rice, beans or even money. We should have a direction that is focused, impactful and deeply backed up by effective policy implementations.

“For instance, in the name of palliative care, let there be provision of drugs at all public hospitals in the state at subsidised rates. At the same time, focus should be on a downward review of treatment costs in these hospitals.

“Also, provision of subsidised school materials should be encouraged. In like manner, raw food merchants who bring food items from the hinterlands should be put into consideration.

“The government can help subsidise their transportation system too. This will in turn lead to a crash in the cost of food prices and make them affordable.”

Obasa said this was an avenue to reiterate his stand on the need to improve the enforcement and implementation of state polices, which was highly necessary.

According to him, it is on record that most people flout the laws of the land with impunity.

“We hear of people’s total disregard to traffic laws every now and then,” he said.

The speaker urged his colleagues to be steadfast, courageous and determined as they perform their constitutional duties.

He said his colleagues should monitor the performance, execution, and compliance of the provision of the budget.

Obasa appealed to Nigerians to be patient with the administration of President Bola Tinubu, saying,”he is aware of the economic challenges in the country”.

The speaker said Tinubu’s team was working on turning around the economic situation of the country, urging them to support the president in his prayers. (NAN)

Edited by Olawunmi Ashafa

By Rukayat Adeyemi

Mrs Barakat Odunuga-Bakare, Special Adviser to Gov. Babajide Sanwo-Olu on Housing, says real estate is contributing a sizable share to the state’s Gross Domestic Products (GDP).

Odunuga-Bakare said this at the fourth Lagos Real Estate Market Place Conference and Exhibition, organised by the Lagos State Real Estate Regulatory Authority (LASRERA), on Wednesday.

The News Agency of Nigeria (NAN) reports that the theme of the conference is: “Real Estate Regulation – A Panacea For Disaster Mitigation and Recovery in the Built Environment.”

She stated that real estate contributed 5.31 per cent to the state’s GDP in first quarter of this year, noting that Lagos is the economic heartbeat of the nation.

“Real estate in Lagos has also displayed great potential to create jobs, bridge housing deficit as well as boost economic growth.

” This year alone the budget for affordable housing in Lagos was in excess of N67 billion,”she said.

” Considering the strong demand for affordable and decent homes, there is a growing market for luxury homes and an increased demand for commercial real estate.”

She noted that in spite of the state of the economy, the outlook for the Nigerian real estate market is still positive.

” As such, the government as a regulator must continues to play its supervisory and regulatory role.

” This is to streamline the sector’s activities, both to foster greater prosperity and protect the interest of all stakeholders.”

She commended Gov. Sanwo-Olu for strengthening the executive in the implementation of the Lagos State Real Estate Regulatory law as documented in the state Official Gazette of Feb. 11, 2022.

According to her, sections 6 and 7 of the law give LASRERA the power, among other functions, to formulate policies for proper dealings in real estate transactions in line with best global practices.

” Considering the huge opportunities in real estate, the stakes are higher, as there are several risk and dangers that could make or mar us as players.

“However, embracing best practices is the sure way to mitigate disasters in the sector.

“There are established quality control measures, time tested ethics and operational principles applicable in all professions.

“In spite of laid down rules and tenet, we cannot curb innate human tendencies of some who will always attempt to circumvent and sabotage extant rules.

” This is where regulation and compliance works for all.”

Odunuga-Bakare emphasised that de-risking housing investment for private developers and investors was a key goal for the Lagos state government.

She said that providing a favourable environment for private investment in the built sector was a fundamental and entry point for partnership that works.

The special adviser expressed readiness for collaboration with stakeholders and development of regulations that will boost their businesses and grow Lagos economy.

The Managing Director, Gracias Global, Dr Ololade Abuta, urged government to create a more convenient platform for realtors in the state and ensure that documentation processes for construction were seamless.

Abuta noted that enforcement of LASRERA’s regulations was key to sanitising the real estate sector.

The managing director added that realtors must ensure to do the needful at all times to promote the sector. (NAN)(www.nannews.ng)

Edited by Olawunmi Ashafa

By Constance Athekame

The  Federal Government says  it plans to restructure the Transmission Company of Nigeria(TCN) to align with the Electricity Act 2023 and the industry demands.

The Minister of Power, Mr Adebayo Adelabu said this in Abuja at the Ministerial Retreat on the Integrated National Electricity Policy and Strategic Implementation Plan.

The retreat has as its theme ‘’Navigating and Aligning on the Path to Enhanced Electricity Reliability’’.

Adelabu said ‘’it is time to restructure the TCN into two entities: the Independent System Operator (ISO) and the Transmission Service Provider (TSP).

“This restructuring must synchronise with the evolving landscape of state electricity markets, addressing calls for the decentralisation of the national grid into regional grids interconnected by a new higher voltage national or super-grid.

“Essentially, we must ask whether the government should directly provide electricity nationwide or rather facilitate its provision by drawing comparisons with China’s centralised model and the US’s diverse access models.

“Understanding how to handle subsidies, cross-subsidies, and aligning the Rural Electrification Agency’s role with emerging state markets are vital questions that demand stakeholder scrutiny for effective resolution, ‘’he said..

The minister said that for the country to increase its Gross Domestic Product (GDP) to one trillion dollars by 2030 as projected by President Bola Tinubu it must massively increase investments in electricity.

Adelabu said that the Federal Government must work with state and local governments to increase the coverage and distribution of electricity across the country.

“Certain observable aspects within our sector require attention. These include the poor track record in contracting, contract management, and adherence to contractual obligations, in some cases, even by design.

“With impartial examination, it is evident that these identified factors erode confidence in the viability of the sector and pose fundamental challenges of inadequate capitalisation and limited access to funds.

“ For the diverse players along the energy value chain, from gas supply to electricity distribution, ‘’ he said..

The minister said that a major issue in the power sector was the pricing of gas utilised by Generation Companies (GenCos) in dollars describing it as a huge volatile variable that affects the pricing of electricity for end-users.

“A preferable option was to ensure that gas utilised by the GenCos is traded in naira so as to manage the foreign currency-related inflationary trends that challenge the application of the Multi-Year Tariff Order (MYTO) methodology.

“ We must find ways and means to pursue domestic gas policies and incentivise stakeholders for the supply of gas for inland use in electricity supply.

“Other industrial activities and conversion to Compressed natural gas (CNG)   and Liquefied Petroleum Gas (LPG) for transportation and domestic uses respectively,’’ he said.

According to him, one of the major deliverables from the policy-making process is a viable method for establishing a sustainable capital investment programme around gas processing and transportation infrastructure.

“We must be forthright and passionate about our industry while remaining objective in finding the necessary solutions to propel us forward, establishing a credible policy framework for reliable electricity in the country,” he said.

Mr Wale Edun, Minister of Finance and Coordinating Minister of Economy, said that power was one of Tinubu’s priority areas.

According to him, 40 per cent of the Nigerians populations do not have access to electricity and clearly to the president and other stakeholders that is unacceptable that is why what is being done here today is critical.

“Ten years ago there was a privatisation exercise, but it has underwhelmed and underperformed and the results have been disappointing so it is important that those stakeholders are part of the conversation and solutions.

“In addition to all other options that we have for providing electricity, we now have an array of option with the renewable energy, green energy.

“What we want to see is a solution of providing power and growing the economy rapidly and inclusively,“ he said.

Earlier, Permanent Secretary, Ministry of Power, Mr.Temitope Fashedemi said that the retreat was for stakeholders to sit together to and chat a way forward to achieve the mandate of kps given to the minister.

Fashedemi said that participants at the retreat were drawn across the value chain of the power sector as well as other sectors of the economy that align with the sector.

“It is, therefore, expected that the outcome of the retreat will form the basis of the development of the new integrated national electricity policy and its strategic implementation plan which will guide other reforms the minister has for the sector,“ he said.(NAN)(www.nannews.ng)

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Edited by Uche Anunne

By Kadiri Abdulrahman

TAJBank Limited, one of Nigeria’s leading non-interest banking services provider, has again set a record with Bbb+ rating by the foremost rating agency – Agusto & Co.

This makes the  bank the best rated in the nation’s Non-Interest Banking (NIB) space.

According to a statement by Founder and Chief Executive Officer (CEO) of TajBank, Hamid Joda, the latest rating is a notch up from the bank’s previous rating.

Joda said that it came in recognition of the bank’s high quality balance sheet and robust earnings capacity.

He described the improved rating by Agusto & Co as a clear demonstration that TAJBank has continued to prioritise necessary risk management and operational control.

“The latest rating of TAJBank by the reputable agency has, once again, confirmed the management’s commitment to world-class standardisation of the bank’s operations.

“Especially, in terms of ensuring high operational standards and service provisions for our growing customers on a sustainable basis.

“As we have consistently assured our customers and industry regulators, our primary goal is to deliver cutting edge quality and operational systems and services as well as protect the interest of our customers.

“By so doing, retain TAJBank as the leader in the NIB subsector of the banking system and make it the preferred choice for value-conscious customers in non-interest banking services in Nigeria and globally.

“Our message to our current and potential customers is that with TAJBank, they can be rest assured of safety of their transactions.

“TAJBank is ready to support their business and other endeavors in line with our operational mantra, which says our interest is only the customer,” he said.

The bank’s Executive Director, Sherif Idi, said that the latest ratings reaffirmed TAJBank as a system and operational-conscious and standard-drive non-interest lender.

“Today, TAJBank remains at the leading edge of the NIB sub-sectoral market and is determined to retain this position in the years ahead by prioritising investment in human capital and innovative technologies and solutions.

“By this, we will continue to serve our customers better and add value to the businesses or socioeconomic well-being ” he said. (NAN)(www.nannews.ng)

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Edited by Isaac Aregbesola

By Lucy Ogalue

Ms Aisha Rimi, the new Chief Executive Officer (CEO), Nigerian Investment Promotion Commission (NIPC), has expressed resolve to ensure ease of doing business and attract quality investments to Nigeria.

In a statement by the commission on Tuesday, Rimi also expressed delight at officially beginning her journey as NIPC CEO.

She said: “My vision for the NIPC is clear; to attract high-quality investments that align with national development goals.

“I will create an enabling environment conducive to business growth and ensure investors feel supported and empowered every step of the way.

“I’m committed to working tirelessly with the NIPC team to deliver on these goals and contribute to the realisation of a thriving and resilient Nigerian economy.”

Rimi said that her appointment alongside others in the Ministry of Industry, Trade, and Investment, aligned with President Bola Tinubu’s Renewed Hope Agenda, marked a new era for Nigeria’s economic trajectory.

“I’m honoured to be entrusted with this significant responsibility and ready to leverage my extensive experience in law, business, and investment.

“To position the NIPC as the leading facilitator of sustainable and impactful investments in Nigeria,” the executive secretary said. (NAN)

Edited by Bayo Sekoni

By Lucy Ogalue

The Abuja Chamber of Commerce and Industry (ACCI) has reiterated commitment to world-class training for youths and businesses to boost economic growth and development.

Its Director-General, Ms Victoria Akai, said this at the inaugural ACCI Business Entrepreneurship Skills and Technology (ACCI-BEST) Centre Day, on Tuesday in Abuja.

Akai, the pioneer director of the Centre, expressed joy at the level of growth and successes the institute had recorded since inception.

She said: ”Today, we celebrate not only the accomplishments of the past year but also the enduring legacy created by our esteemed alumni.

”Many of whom have gone on to make significant contributions to their industries and communities.

”The impact of the BEST Centre reverberates in the achievements and successes of those we have had the privilege to serve.

”Our commitment to providing world-class training, fostering a culture of innovation, and contributing to the growth of businesses remains unwavering.”

According to her, the BEST Centre has become a hub for transformative experiences, where individuals and organisations alike discover their potential and chart new paths to success.

She said the Best Centre with the support from its partners had been able to train over 4,000 individuals across different sectors.

Akai, however, commended stakeholders, partners, and supporters who had been instrumental in the journey of the BEST Centre.

Earlier, the ACCI 2nd Deputy President and Chairman BEST Centre, Prof. Adesoji Adesugba, said the focus of the centre on empowering youths and women remained paramount.

Adesugba said over 80 per cent of its alumni belonging to these demographics had received training across various skills and business support programmes.

He said the past few years presented challenges, particularly in engagement with the Centre’s paid training programmes.

He said: ”The BEST Centre remains steadfast in reaching out to local and international entities for support to implement training at reduced costs.

”In our commitment to the business community and the public, we aspire to provide capacity development programmes for a minimum of 5,000 individuals within the next next years.

”As we embark on this journey, we reflect on the past, celebrate our achievements, and anticipate a future of greater significance.

Mr Gilmore Ogbaje, the Head of Facility Management Technology, Industrial Training Fund (ITF), commended the training efforts of the Centre, while expressing the fund’s continued support where necessary.

For his part, Dr Munir Aminu, the Director, Center for Clean Energy and Climate Change, Base University, thanked the centre for the practical learning it provided for the students.

Aminu said, unlike the theoretical education the classroom provided, Best Centre gave the students the opportunity to practically carry out the knowledge gathered.

Similarly, the Country Director, Center for International Private Enterprise, Lola Adekanye, said: ”Best Centre understands the importance of capacity building.

”Their approach is very practical. I am delighted and proud to be a partner and look forward to a more impactful year.

The News Agency of Nigeria (NAN) reports that the event was attended by alumni, partners, clients, trainers, faculty members, and stakeholders of the Best Centre.(NAN)

Edited by Chinyere Joel-Nwokeoma