By Ginika Okoye

The shareholders of the United Capital Plc, a leading Pan-African financial services group, have approved a dividend payout of N10.8 billion, equivalent to N1.80 per share for the financial year ended Dec. 31, 2023.

The dividend was approved at the company’s 11th Annual General Meeting in Abuja on Tuesday.

Prof. Chika Mordi, the Chairman of the Board of Directors, United Capital Plc, commended the consistent impressive financial performance of the group.

Mordi said the company was committed to delivering consistent superior returns to the stakeholders.

He also outlined strategies to navigate potential challenges in 2024, attributing confidence to the resourcefulness and dedication of its staff.

He said the company’s total revenue accelerated by 71 per cent year-on-year to N45.9 billion in 2023 from N26.9 billion of 2022.

According to him, profit before tax increased by 28.2 per cent to N17.3 billion in 2023 from N13.5 billion recorded in 2022, indicating impressive growth in the overall profitability of the group.

”United Capital Plc also achieved significant milestones during the year, with its share price closing at N23, up 64 per cent from the previous year.

”Market capitalisation increased by 64 per cent to N138 billion.

”Its subsidiaries also excelled in various sectors – its securities business ranking first in terms of volume of stocks traded on the Nigerian Exchange (NGX).

”Its asset management business launched the United Capital Global Fixed Income Fund consolidating its position as the second largest USD fund manager in Nigeria,” he said.

Mr Peter Ashade, the Group Chief Executive Officer, unveiled the company’s outlook for 2024, Winning Amid the Volatile Operating Environment.

”Our objectives for 2024 are centered around unlocking further opportunities for our stakeholders.

”To realise this vision, we are committed to establishing a dynamic, efficient, and agile one-stop-shop financial institution.

”This institution will embody a digital-driven mindset, enabling us to deliver best-in-class services while ensuring superior shareholder value,” Ashade said.

The News Agency of Nigeria (NAN) reports that United Capital Plc offers Investment Banking, Asset Management, Trusteeship, Securities Trading, Wealth Management, and Consumer Finance.

The group is listed on the Nigerian Exchange Ltd. (NAN)(www.nannews.ng)

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Edited by Chinyere Joel-Nwokeoma

By Lucy Ogalue

The Federal Government on Monday reiterated the important role Micro, Small and Medium Enterprises (MSMEs) play in ensuring job creation and national development.

Amb. Nura Rimi, the Permanent Secretary, Ministry of Industry, Trade and Investment, said this while receiving Implementation Strategies document towards job creation and lifting people out of extreme poverty in Abuja.

“World over, nations have continued to depend on Micro, Small and Medium Enterprises for the bulk of the employment needs of their citizenry.

“Nigeria is not an exception if it must grow its economy sustainably.

“This, therefore, is a deliberate effort by the government and all stakeholders to provide the enabling environment for MSMEs to thrive in a sustainable manner.

“To reinforce this position, the Federal Ministry of Industry, Trade and Investment, as part of this programme will be distributing some skills acquisition items to selected beneficiaries,” he said.

According to the permanent secretary, the items will empower them to create wealth for their households and contribute to the national economy.

The News Agency of Nigeria (NAN) reports that the items include inverter welding machines, vulcanising machines, industrial sewing machines and hairdressing kits.

About 80 beneficiaries from the National Association of Small and Medium Enterprises (NASME) with various skills were present to receive the items.

The permanent secretary officially received the Implementation Strategy Document towards creating jobs and lifting people out of extreme poverty from the consultant, Myris International Ltd.

According to Rimi, this initiative is in line with President Bola Tinubu’s Renewed Hope Agenda to maximise the contribution of the MSMEs to the national economy.

He said the agenda aimed at proposing efficient measures for job creation and poverty alleviation through the promotion of the development of MSMEs.

He said: “in the coming days, the Ministry will be engaging with the relevant stakeholders identified in the Strategy Document to ensure that the potential employment and wealth creation loops are activated.

“To guarantee timely delivery of jobs through MSMEs. Moreover, the employment being anticipated by this strategy document and being pursued vigorously by the ministry include but are not limited to skilled and informal sector-based.”

Similarly, the Executive Director, Nigerian Export Promotion Council, Nonye Ayeni, who said the event was timely, reiterated the importance of MSMEs in national growth and development.

Ayeni urged other Ministries, Departments and Agencies (MDAs) of government to cue into such initiative to empower small businesses in the country.

“We should begin to see how we can also contribute our quota for the benefit of the country,” she said.

Mrs Gertrude Orji, the Director, Investment Promotion Department at the ministry, said the aim of the programme was to lift many Nigerians out of poverty.

She said empowering MSMEs, that are the drivers of economy, would drive economic activities, promote trade and investment and as well boost income of the country.

According to her, about one million Nigerians cut across the 36 states of the Federation and FCT will be empowered in the programme.

Responding, the NASME president, Abdulrashid Yerima, expressed gratitude to the Federal Government, the ministry, and NEPC for empowering its members with the items.

Yerima, represented by the Chairman Benue State Chapter of NASME, Gaddafi Asemanya , urged other MDAs to take a cue and do likewise for inclusivity and national development.

He pledged the commitment of its members to properly utilise the items in the best way possible to take many of its women prostituting off the streets and boost the economy. (NAN)(www.nannews.ng)

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Edited by Ese E. Eniola Williams

By Rukayat Moisemhe

Some Economists have emphasised the need for business organisations to be more resilient and adaptable to grab the opportunities available in the midst of a challenging economic landscape.

They gave the advice on Monday in Lagos via a communique from the Chartered Institute of Directors (CIoD) and Samtl webinar.

The webinar’s theme was: “From Surviving to Thriving: Cultivating Resilience for Business Growth in Times of Economic Uncertainties”.

Alhaji Tijjani Borodo, President, CIoD, said the global and national economic landscape was rife with challenges such as structural rigidities and economic fluctuations, creating a complex environment for businesses to operate in.

He, however, noted that in the midst of these uncertainties, was immense opportunities, and that directors, CEOs and stakeholders, were entrusted with the responsibility of leading organisations through turbulent times.

“The theme of today’s webinar underscores the need for us to grapple with structural rigidities and economic realities that shape the business environment.

“The key to success in such an environment lies in cultivating resilience and building strong, adaptable organisations and we should not only withstand challenges but also seize the opportunities that inevitably arise.

“Resilience is not just about weathering the storm; it is about emerging stronger and more agile than before and turning challenges into opportunities and transforming adversity into growth.

“It is about building a business ecosystem that is not only robust but also adaptable to the ever-changing dynamics of the global marketplace,” he said.

Dr Ayo Teriba, Chief Executive Officer (CEO) of Economic Associates, noted that while the economic challenges from global scene could be reversed or were temporary, the ongoing post industrial transition was not.

According to Teriba, the challenges presented by the post-industrial transitions were mostly permanent and it was important not to ignore the trend shift defined by post-industrial transitions.

He urged countries and companies to keep a keen eye on the transitional forces, saying that failure to respond to those transitional processes define fresh sources of uncertainties.

He, however, stressed that the post-industrial transition not only came with challenges but presented fresh opportunities.

“Countries can now be categorised into those that are seizing the new opportunities and those that are not.

“Companies similarly will eventually be easily categorised as those that are seizing these transitional opportunities and those that are not.

“The industrial age has peaked and now industrialisation is in reverse. They call it de-industrialisation.

“Only those countries who are able to transit from primary reliance on outputs, towards greater reliance on assets, are able to unlock liquidity, maintain stability, sustain growth and to maintain sociopolitical harmony,” he said.

Mr Olufemi Awoyemi, Chairman, Proshare Nigeria Ltd., emphasised the need for Nigeria to be able to move faster than the economic changes and trends that have occured.

Awoyemi said that the response to change required an organisation to be comfortable with uncomfortable developments, which means that to transition from survival to thriving, the organisation had to be deliberate and decisive about it.

“To structure a thriving organisation, you must be prudent, adopt an agile adaptation strategy, collaborate and partner annd aLeo absorb your share into another organisation in order to keep yourself alive,” he said.

Dr Chinyere Almona, Director-General, Lagos Chamber of Commerce and Industry (LCCI), stressed the need for everyone to build capacity within an organisation.

Almona said that the work must not be left alone to just the CEO or those in the C-suite but the entire institution, building a stronger framework to be able to navigate turbulent times.

“First thing to navigate turbulent times is to build resilience, which is the cornerstone of enduring success in today’s volatile markets.

“It is not merely about weathering the storm, but about leveraging the challenges as catalysts for innovation-led growth.

“It is important for companies to embrace agility because in times of economic uncertainty, I like to say agility reigns and that is just being able to navigate very quickly around things.

“The other thing I have is called adaptability.

“Even in these turbulent times, because you must be willing to reassess your strategies, revise your plan, embrace change proactively and you must foster that culture across the organisation,”she said. (NAN)(www.nannews.ng)

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Edited by Vivian Ihechu

By Lucy Ogalue

Dr Christopher Nwanoro, a disability rights activist, has lauded the Federal Government for its efforts to ensure inclusiveness for the Disability Community in Nigeria.

Nwanoro, also the President, National Disability Empowerment Forum (NADEF), a Non-Governmental Organisation (NGO) stated this when he spoke with the News Agency of Nigeria (NAN) on Sunday in Abuja.

He said that the federal government had taken concrete steps toward ensuring that the Persons with Disabilities (PWDs) were carried along in its various programmes.

“I must commend the federal government for signing the Violence Against Persons Act and the Disability Commission Act.

“Some states have also signed the Disability Rights Act, which is a right step in the right direction,” he said.

Nwanoro, a candidate for the Committee on the Rights of Persons with Disabilities (CRPD), said that there were much still needed to be done to ensure inclusiveness for the Disability Community.

He said that the federal government had made some efforts to create the atmosphere for the PWDs to participate in the electoral processes.

“The government has made efforts to ensure that the PWDs can participate actively in the electoral processes but lack of funding and the the attitudes of some Nigerians have been the major challenge.

“Some Nigerians still don’t believe that the PWDs can participate actively in the electoral processes, win election and occupy political offices, this is a big challenge.

“Some times even women groups take advantage of the PWDs, when it comes to manipulation to achieve their aim.

“But the PWDs are more vulnerable than women and should not be categorised alongside the women,” he said.

Nwanoro added:“ In most cases, I have attended some international programmes where we meet with women and they use PWDs to get what they wanted.

“They will merge it up – affirmative action including women and people with disabilities but when the disabilities come, women take it all.

“So, when we are talking about vulnerability, we are more vulnerable than any other group.

“So we are fighting, trying, talking and reaching out to the government, parliarment and to individuals, organisations and the international community that persons with disabilities should be carried along because they have something to offer.” (NAN)(www.nannews.ng)

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Edited by Ali Baba Inuwa

By Okeoghene Akubuike

The International Monetary Fund (IMF) says economic growth in Sub-Saharan Africa (SSA) is projected to rise from 3.4 per cent in 2023 to 3.8 per cent in 2024.

Abebe Selassie, Director, African Department, IMF, said this at a news briefing on the IMF’s Regional Economic Outlook for SSA titled “A Tepid and Pricey Recovery” on Friday in Washington DC.

Selassie said economic recovery was expected to continue beyond 2024, with growth projections reaching 4.0 per cent in 2025.

“After four challenging years and multiple shocks, SSA’s economy appears to be on the mend.

“We expect growth to accelerate to 3.8 per cent from 3.4 per cent last year, after peaking at almost 10 per cent in late 2022.

“We are also seeing inflation having been halved in the early months of this year, thanks to decisive actions by central banks.

“This includes slower food price increases, a positive development in a region where the cost-of-living crisis has been acute in recent years.”

He further said fiscal consolidation efforts were starting to pay off, with the median public debt stabilising at around 60 per cent of Gross Domestic Product(GDP), halting a 10-year upward trend.

“ With global financial conditions easing, a few countries have been able to return to international markets, ending a two-year hiatus.”

The director said though the signs were encouraging, the region was not out of the woods.

Selassie said far too many countries still faced a funding squeeze, adding that their borrowing costs were high and funding sources curtailed.

“Government interest payments now account for about 12 per cent of revenues, more than double the level a decade ago, and official development assistance concessional financing has become much more scarce.

“What does this mean for countries? It means much-needed funds are being diverted from spending on investment development to interest payments, with consequences for the region’s growth potential and its ability to withstand future shocks.”

He said sustaining reforms would be important for macroeconomic conditions to continue to improve.

Selassie said this would ensure that countries in the region could build their resilience to shocks, generate jobs, diversify their economies, and improve living standards.

The director said three policy priorities could help countries in the region adapt to the challenges

“First, to continue to improve public finances, with an emphasis on domestic revenue mobilisation.

“This will help meet the region’s vast development spending needs in the context of scarce concessional financing and high borrowing costs.”

He said the second policy priority was to sustain the focus on reducing inflation wherever inflation remained well above target.

Selassie said the third policy was to implement reforms that enhance skills development, spur innovation, improve the business environment, and promote trade integration to secure more affordable and stable financing.

“But the burden should not just be on countries alone. Support from the international community will remain essential.

“The IMF stands ready to support, having already provided 58 billion dollars in financing to the region since the start of the pandemic.

“Let me conclude by stressing that the region is at a turning point. With the right policy choices, I am very confident that the region will ensure that this will be the African century.”(NAN)(www.nannews.ng)

Edited by Abiemwense Moru