By Lucy Ogalue

The President, Abuja Chamber of Commerce and Industry (ACCI), Emeka Obegolu, has charged its newly inaugurated Governing council members to ensure prosperity of Nigeria’s business community.

Obegolu, represented by his 1st Deputy President, Prof. Adesoji Adesugba, said this while inaugurating the Governing Council of ACCI’s Four Centres in Abuja.

The News Agency of Nigeria (NAN) reports that the inaugurated officials would be responsible to drive affairs of the centres.

The centres include: “the Nigerian Chamber of Commerce Dispute Resolution Centre (NCC-DRC) to be chaired by Prince Adetokunbo Kayode and Mr Patrick Ikwueto, as vice-chairman.

“The BEST Centre, with Prof Adesoji Adesugba as Chairman and Mr Ezenwa Anumnu as his vice-chairman.

“The Abuja Trade Centre (ATC) is chaired by Dr Johnson Anene, and Mr Abiodun Odusanwo is his vice-chairman.

“The National Policy Advocacy Centre (NPAC) has Dr Aliyu Hong as chairman while Mr Dozie Mbanefo is serving as his vice-chairman.”

Obegolu emphasised the transformative potential of these centres in shaping the business landscape not only in the Federal Capital Territory (FCT) but also across Nigeria.

“The Centres will play a major role in promoting international trade, resolving commercial disputes, fostering entrepreneurship and innovation, and advocating conducive business policies.

“I urge the newly inaugurated leaders to leverage their expertise and networks to drive the success of these Centres, thereby, contributing to the overall prosperity of the business community.”

Responding on behalf of the officials, the chairman of Abuja Trade Centre expressed gratitude for the opportunity to serve.

Anene pledged the commitment of the officials to the development and success of the various centres.

The inauguration of the Governing Councils marks a significant step in ACCI’s mission to create a vibrant and resilient business environment, driving sustainable growth and prosperity for all stakeholders. (NAN) (www.nannews.ng)

Edited by Ese E. Eniola Williams

By Rukayat Moisemhe

A financial expert, Mr Gbemi Adelekan, has advised Micro, Small and Medium Enterprises (MSMEs) to ensure a solid repayment history to enhance their credit scores and improve their access to funding.

Adelekan, also the Chief Executive Officer of KwikPay Credit, gave the advice on Saturday in Lagos in an interview with the News Agency of Nigeria (NAN).

KwikPay Credit is a financial services provider and licensed lender by Trafalgar Associates, approved by the Federal Competition and Consumer Protection Commission (FCCPC).

Adelekan said that in Nigeria, accessing credit facilities was crucial for individuals and enterprises to meet various financial needs and increase circulation of disposable income and engender business sustainability.

He emphasised that a strong repayment history would enhance access to higher levels of funding that would enable expansion of small businesses into larger enterprises and increase their performances.

“A short-term loan with a solid repayment history can significantly enhance your credit score in a short period.

“This improvement in your creditworthiness opens up greater opportunities to secure larger loan amounts in future applications,” he said.

Adelekan said that short and quick loans had helped many small businesses to navigate murky economic terrains, particularly those operating under the informal bracket.

“An ice block maker, that hair dresser on the street, the welder whose machine needs to work and other artisans may be unable to go to big banks or development finance institutions to ask for small loans.

“They may not have the requisite paperwork. Accessing small and quick loans online has saved many of these businesses from collapse.

“Fortunately, the money lending sector is fully regulated by the FCCPC, and the rights of borrowers are very much protected,” he said.

He said that non-repayment of loans had adverse effects.

“Owing money for a long time and watching the interest accrue on such a facility can have a psychological effect,” he said.(NAN)(www.nannews.ng)

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Edited by Ijeoma Popoola

By Rukayat Adeyemi

Shareholders of Odu’a Investment Company Ltd.(OICL) on Thursday approved the total dividend of N428 million declared by the company for the year ended Dec. 31, 2023.

They gave the approval at the company’s 42nd Annual General Meeting (AGM), held in Lagos.

They also approved other resolutions and the company’s financial statements for the financial year ended 2023.

The News Agency of Nigeria (NAN) reports that Odu’a group, owned by the government of the Western States of Nigeria, is a strategic investment and asset management firm founded in 1976.

The company was established to hold and manage the industrial and commercial assets of companies.

It has substantial investments in real estate, energy, hospitality, information technology, printing and publishing, equipment leasing, food and beverages, among others.

The total dividend would be shared equally among the six states that have equal equities in the company.

In his address, Otunba Bimbo Ashiru, Group Chairman, Odu’a Investment, said that it was the 10th consecutive year that the company would be paying dividends to its shareholders.

On the company’s financials for the year under review, Ashiru stated that the firm recorded seven per cent growth in its operating revenue from N3.68 billion in 2022 to N3.95 billion in 2023.

Ashiru noted that in spite of the economic headwinds of 2023, the company was able to post an impressive performance, as its Profit Before Tax(PBT) grew by 62 per cent to N1.772 billion in 2023, from N1.092 billion recorded in 2022.

He expressed satisfaction with improved collaboration and synergy within the group and leveraging shared services, cross selling, joint marketing and astute business innovation.

He noted that Odu’a Investment was translating the timeless vision of the founding fathers of the company into reality by the implementation of the group’s five-year strategic plan.

Ashiru explained that the strategic plan aimed to create and revive businesses and assets to deliver continuous growth and value to shareholders and stakeholders.

According to him, notable events in the year under review included the commissioning of the Phase one of Westlink Iconic Villa, Alakia, Ibadan, comprising 67 residential units of three-bedroom apartments, four-bedroom and five-bedroom duplexes.

” It also involves the launching of the Odua Investment Foundation and its flagship Educational Intervention Project, tagged: ’’Digital Education for Innovation and Economic Development (DEFINED).

” Odu’a Investment also secured its first ever Credit Rating in 2023 with Agusto & Co awarding it ‘’A’’ Rating with a stable outlook attributed to its deft management and good operating cashflows.”

Mr Adewale Raji, Group Managing Director/CEO of Odu’a Investment, appreciated the shareholders for the opportunity given to him to serve the company for two successive terms, lasting 10 years.

Raji said with the support of the shareholders, a new corporate governance framework that depoliticised operations, appointments and management of the firm was enthroned.

He stated that the company in last 10 years witnessed repositioning that was driven by her SRC (Sweat, Revive & Create)- 2025 Strategy to be a lean non-operating investment holding company focused on eight sectors.

He listed the sectors as: real estate, hospitality, financial services, agriculture, energy/power, ICT/ digital, healthcare/pharmaceuticals and logistics/e-commerce.

“It is such focus on ‘’Sweating’’ that necessitated the consolidation of the entire group real estate portfolio under our Wemabod Ltd., subsidiary.

“This led to the massive redevelopment either through own resources or joint venture partnerships of our real estate portfolio to optimise yield and return.

“‘’Revive’’ is manifesting in our renovation and redevelopment of Premier Hotel at Ibadan with significant progress made in both the existing building and new developments on the site with phased re-opening starting in half year of 2025.

“ Create’’ reflects in the significant step up in our BITA Exploration and Production Ltd., marginal field (PPL 249) funding thrust to implement the Field Development Plan with our partner, Pioneer Global Energy Resources.

“The company expects that once these funding and regulatory requirements are met, it will be able to achieve ‘’First Oil within the first quarter of 2025.

“ All these translated to remarkable success in its financial performance, corporate governance, risk management, and asset optimisation across its chosen sectors,” he said.

Raji expressed confidence that the incoming group managing director of the company, Mr Abdulrahman Yinusa, would deliver on the ongoing redevelopment of the company’s hotels and the group’s new pipeline of premium residential and commercial projects.

He assured that the new managing director would also secure viable joint venture partnerships for the agriculture portfolio and achieve ‘’First Oil‘’, in the implementation of the field development plan of BITA marginal field.

According to him, Yinusa would facilitate the company’s mainstream participation in the turnaround of the power sector.

Raji expressed optimism that President Bola Tinubu administration’s pursuit of a market-driven approach to resolving underlying problems of the economy would attract long-term investments into the country to fund infrastructure and social services.

He said that these include roads, rail, power, healthcare, and education, among others, that would translate into sustainable economic and human capital development.

Prof. Olanike Adeyemo, Secretary to Oyo State Government, commended the board of OICL for piloting the affair of the organisation to an enviable height.

Adeyemo said, worthy of note was the consistency the organisation had maintained in remitting annual dividend for shareholders in the last 10 years.

Also, Mr Olatokunbo Joseph, Secretary to Ogun State Government, said, “I’m very proud to see OICL manifest as a big company.

” I feel everyone should give an applause to the directors for giving us a fair financial analysis.

“ I enjoin everyone to stay focused on what we are set to do,” Joseph said. (NAN)(www.nannews.ng)

Edited by Olawunmi Ashafa

By Kazeem Akande

The United States Diplomatic Mission has sponsored 100 youths in Lagos for vocational and entrepreneurial training, aimed at boosting self-reliance.

U.S. Consul General in Lagos, Will Stevens, on Thursday in Lagos, commended the youths for their resilience and determination during the training, emphasising the importance of entrepreneurial skills in the green economy job market.

The News Agency of Nigeria (NAN) reports that the graduands were offered certificates after three months of training at the Field of Skills and Dreams (FSD) Vocational, Technical and Entrepreneurship Training Institute, Agege.

The theme of the event is: “Life Entrepreneurship Skills for Green Economy Job”.

“I know Nigerian citizens are focused, hardworking and unwilling to give up under any circumstances.

“It’s very rear to see a Nigerian with one job. They work so hard with entrepreneurial skills with credible potential.

“That’s why the U.S. Consulate is sponsoring the youths in solar energy installations and fashion designers,” Steven said.

According to him, the training focuses on helping and equipping the youth with the green economy.

The U.S. Consul General added that vocations and skill acquisitions were what the people needed to be able to succeed in the 21st century.

The most amazing thing in this programme is the incredible entrepreneurial experience of the students with their dedications in promoting themselves and their community.

“At the same time, seeing that all of them have been gainfully employed, which mean ‘graduating on Friday and starting a job on Monday’ that’s exactly why we are so proud as a consulate to support such programme.

“We are also determined to tackle the challenges facing Nigerians and showcase our commitments to partnering with Nigeria,” he added.

Miss Oluwabusolami Yusuf, in her remarks, thanked the U.S. Consulate for sponsoring the vocational training.

“This is a great opportunity giving to us to be empowered and trained in various entrepreneurial skills.

“I am sure the programme will go a long way in making the youth self-reliant in our various fields of training,” she said.

Mr Muhammed Ibrahim, who was trained in solar energy installations, thanked the consul for helping the grassroots youth to benefit in such quality training.

“I really appreciate our sponsor and the institution involved.

“In fact, I really gained a lot in the training because presently, I have submitted three proposals to different clients where I am expecting a positive response from them. (NAN)

Edited by Olawunmi Ashafa

By Lucy Ogalue

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has introduced a business pitch competition known as “SMEDAN Speed Pitch”.

The Director-General of SMEDAN, Charles Odii, in a statement said the initiative was designed to enhance financial literacy and provide small businesses with opportunities to access funds for growth.

Odii said the participants would receive training and support to develop and clearly articulate unique business innovations, viability and potential to unlock opportunities.

According to him, this will include private investments, in the country and across the globe.

He said: “the first edition of the pitch competition will take place on May 1, at the Eko Convention Center in Lagos as part of the Nano Micro Small and Medium Enterprises(NMSME) Engagement Series.

“It will be hosted by Ms Jennifer Adighije, the Senior Special Assistant to the President on Entrepreneurship and Innovation/Digital Economy.

“This initiative is part of SMEDAN’s ‘GROW Nigerian’ strategy, which focuses on boosting local production.

“It does this by providing Small and Medium Enterprises (SMEs) with financial and non-financial resources, including markets, knowledge, mentorship, and tools, to grow sustainably and spread prosperity.”

Odii said to participate in the first edition, businesses must be female-owned, registered and must be in operation for at least three years.

He said: “Applications will open on April 24 and close on April 27.

“Shortlisted applicants will undergo a test to determine the top five performers who will get the chance to present their pitch at the main event in Lagos.

“The winner will receive a prize of one million naira for workforce support, procurement of work tools, and business expansion.

“Runners-up will receive 300,000 and 200,000 respectively, along with free Business Development support.”

On how to apply, the director-general urged applicants to upload a three-minute video pitch to social media.

Odii said: “introduce yourself in the video and showcase your product/service and the problem it solves, and make a case for why you should be enlisted

“Follow and Tag SMEDAN’s official pages (@smedaninfo, use the hashtag #SMEDANSpeedPitch), and remember that application deadline is April 27.

“For pitch criteria, you must posses clear vision and concept, understanding of target audience, unique selling proposition (USP), short-term and long-term goals and utilisation of the prize (money).

“The judging criteria will include clarity, market potential, innovation and differentiation as well as presentation skills.” (NAN)(www.nannews.ng)

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Edited Ekemini Ladejobi

By Lucy Ogalue

The Abuja Chamber of Commerce and Industry (ACCI) has urged the Federal Government to ensure policies that will drive industrialisation and foster economic growth of the country.

The President of ACCI, Emeka Obegolu, said this at a roundtable organised by the National Policy Advocacy Centre of the Chamber on Strengthening the Naira on Wednesday in Abuja.

The News Agency of Nigeria (NAN) reports that Obegolu was represented by his first deputy president, Prof. Adesoji Adesugba.

“The Abuja Chamber as representatives of the business community has taken the task to advocate for policies that facilitate industrialisation and economic development.

“I urge the government to prioritise the revitalisation of the power sector, recognising its pivotal role in driving industrial growth.

“The speedy implementation of the Electricity Act of 2023 is paramount, and I call upon sub-national governments to emulate the success of projects.

“Such projects include the Geometric Power Plant in Abia State, which have the potential to bridge the electricity deficit plaguing our nation,” he said.

Obegolu expressed confidence that with determination and collective effort, similar projects would soon take root in the Federal Capital Territory to further bolster our energy infrastructure.

According to him, today’s gathering is more than just a forum for discussion but a platform for action.

He said: “we are here to brainstorm innovative strategies for strengthening the Naira, assessing progress, identifying challenges, and formulating practical solutions.

“We assure you that the recommendations emanating from this roundtable will be diligently conveyed to the appropriate authorities for implementation.

“Together, let us chart a course towards a stronger, more prosperous economic future for Nigeria.”

Obegolu said the roundtable was timely as the Naira was showing promising signs of resilience against foreign currencies.

According to him, the naira earned accolades as the best-performing currency globally for March, as recognised by the esteemed Goldman Sachs Group.

While acknowledging the realities confronting the country, he underscored the urgent need for government intervention to curb the trend.

Obegolu urged the Federal Government to focus on critical sectors such as security, power and infrastructure.

“Fiscal policies must align seamlessly with the monetary strategies of the Central Bank of Nigeria to achieve sustainable economic growth,” he said.

Also speaking, Dr Aliyu Hong, Second Deputy President of the chamber, said no enterprise could survive with fluctuations in foreign exchange, thus the importance of the roundtable.

Hong said the fact that Nigeria was not a producing country posed a major challenge.

He, however, urged the Federal Government to ensure efforts geared towards boosting production and stabilising the naira to foster national growth.

Also, Prof Mohammed Yelwa of Department of Economics, University of Abuja, reiterated the importance of encouraging production and exportation in the country.

Yelwa urged the Nigerian business community to embrace Information and Communication Technology (ICT) so as to enhance the growth and development of their businesses and the country at large.

He said: “the anticipated economic boom in the country is attributed to the visionary leadership of President Bola Tinubu-led administration.

“This is, however, not the time to rest on our oars but to keep at it until our challenges are fully surmounted, no matter how long it takes.” (NAN)(www.nannews.ng)

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Edited by Ekemini Ladejobi

By Kadiri Abdulrahman

The President, Association of Bureau De Change operators of Nigeria (ABCON), Aminu Gwadabe, says the BDC operators are committed to wadding off attack on the Naira by speculators.

Gwadabe said this in an interview with the News Agency of Nigeria (NAN) on Wednesday in Abuja.

According to him, ABCON, as a self-regulatory body, has platforms to check excesses of BDC operators.

“We have inaugurated state chapters whereby we can have data repository of participants in the forex market.

“This is for the Financial Action Task Force (FATF) to understand this market and to know the participants, give them a simple registration,” he said.

Gwadebe said that what the foreign exchange market needed was a kind of harmonisation; a centralisation and KYC to know all participants in the business.

“This will enable the CBN to track other players in the market other than the BDCs and their levels of involvement.

“The BDCS are collaborating with the regulatory authorities for physical verification of offices using technology.

“We want to balance international obligations with our own objectives. International obligations are templates that have been built without our imput.

“We are coming with our own template to balance it. We have seen some illegal economic behaviour, and the CBN and the security agencies are aware, and I am sure they will nip it in the bud,” he said.

He said that the recent wave of depreciation of the Naira was of concern to the BDCs operators.

“I am happy that the authorities, and even the BDCs as operators, have identified the peer-to-peer (P2P) platform.

“The P2P is a platform like the Binance, where speculators use the dollar to buy USDT, a sdablecoin that is pegged at one to the dollar.

“As long as Binance and such other platforms continue to be profitable, the Naira will continue to depreciate.

“There are many of them in the system. Binance has been nipped in the bud, but there are still many. They are online platforms with no registration, no restrictions,” he said.

Gwadabe said that the CBN and the security agencies were already aware of the antics of the platforms.

According to him, they are more of an illegal economic behaviour, and the people behind them have no patriotism in them.

“People have turned dollar to be an asset; to be a commodity of trade that is why those platforms continue to thrive.

“We have seen where people are buying dollars into their domiciliary accounts to finance these schemes.

“A lot of millions of dollars are going out from the system. It is one USD to one USDT. The market can be liquid.

“Binance alone has four billion dollars liquidity and more than two million transactions.

“Most of them source money to finance their transactions from the open market, and that is one of the reasons why Naira is depreciating,” he said. (NAN)(www.nannews.ng)

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Edited by Ese E. Eniola Williams