NEWS AGENCY OF NIGERIA
Nestle Nigeria records increase in revenue reaching N547bn in 2023
Business , General News

Nestle Nigeria records increase in revenue reaching N547bn in 2023

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Nestlé Nigeria PLC has declared a N547.1 billion sales increase for the 2023 financial year, translating to a 22.4 per cent increase of N100 billion compared to the corresponding period of 2022.

Its operating profit also jumped by 41.2 per cent, reaching 122.7 billion; while Profit After Tax was negatively impacted by the devaluation of the Naira.

The Manager, Corporate Communications, Public Affairs and Sustainability, Nestle Nigeria, Ms Victoria Uwadoka,highlighted these in a statement on Wednesday.
It stated that the Managing Director and Chief Executive Officer, Nestlé Nigeria PLC., Mr Wassim Elhusseini, made the disclosure in the Nestlé Nigeria PLC Full Year 2023 financial results on Wednesday in Lagos.
He added that while its gross profit totalled N217.2 billion, representing a 39.4 per cent increase from N155.8 billion in 2022, the devaluation of the Naira had an adverse impact on its PAT resulting in a loss of N79.5 billion for 2023.
 The complete financial results can be accessed online at https://www.nestle-cwa.com/en/investors/nigeria
He commended staff of the company for their unwavering commitment and dedication to the achievement.
“I thank every member of our team for the unwavering commitment and dedication which resulted in the strong revenue growth and operating profit vs 2022 in spite of the challenging economic environment.
“The devaluation of the Nigerian Naira in 2023 which led to a revaluation of our foreign currency obligations undoubtedly impacted our financing cost and consequently the profit after tax.
“However, we remain optimistic of our capacity to overcome the current economic difficulties and emerge stronger,” he said.
The Nestlé Nigeria Managing Director expressed the company’s dedication to its purpose of unlocking the power of food through responsible local sourcing and confection of high-quality nutritious food and beverages for families across Nigeria.
“Looking ahead, we remain dedicated to our purpose of unlocking the power of food through
responsible local sourcing and confection of the high-quality nutritious food and beverages
that families across Nigeria prefer.
“We also remain steadfast in optimising our operations to ensure the availability and accessibility of affordable and nutritious products to our consumers in anticipation of a timely turnaround in the business environment,” he said.
The News Agency of Nigeria (NAN) reports that Nestlé Nigeria is a leading food and beverage company in Africa, known for its quality, excellence, and commitment to creating shared value.
The company in 2023 received recognition for its contributions to society through its CSV initiatives.
Some of them include Sustainability, Enterprise and Responsibility (SERAS) CSR 2023 Awards for Best Company in Rural Population Integration, Best Company in Food Security, and 2nd Runner-up for Most Responsible Organisation in Africa among others.
The Company drives initiatives aimed at improving livelihoods: capacity building and access
to grants to empower women to achieve business growth, technical training programmes to
improve youth employability, and the promotion of good agricultural practices among farmers
to increase crop productivity and long-term income growth.(NAN)(www.nannews.ng)
Edited by Vivian Ihechu
NIM woos NCAA to enhance aviation excellence 
Business , Aviation

NIM woos NCAA to enhance aviation excellence 

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By Rukayat Moisemhe

The Nigerian Institute of Management Chartered (NIM) has sought the partnership of the Nigerian Civil Aviation Authority (NCAA) on managerial excellence to enhance the aviation industry and the economy in general.

President, NIM, Dr Christiana Atako, said this during a courtesy visit to the NCAA.

Atako said the partnership, alongside the professional experience of the NCAA in leadership, piloting and regulatory expertise in the industry, was in line with achieving President Bola Tinubu’s Renewed Hope agenda.

She noted that the NIM had recorded laudable achievements in the areas of professional management, capacity building, consultancy, re-engineering and human capital development.

Atako said the institute was convinced that under the watch of the new NCAA leadership, the nation’s aviation industry would continue to enjoy efficient and effective service delivery.

“We project improved aviation infrastructural facilities at the airports, state-of-the-art navigational aids, modern weather forecasting equipment and highly skilled manpower to further bolster the confidence and safety of the flying public.

“Having succeeded in other sensitive responsibilities in the past where you discharged yourself creditably with track record of performance, you will make a huge success of the present one because you are in a familiar terrain,” she said.

The NIM President urged the top management staff of NCAA to access the membership of the Institute through the Intensive Training for Membership Admission (ITMA) programme.

She stated that membership of the Institute and the human capital development trainings would imbue the NCAA with the best international management practices which will ultimately rub off positively in the discharge of their duties.

“As one of the ways to optimise productivity and service delivery, we request you to consider commissioning the Institute to design and hold training on Work Ethics and Attitudinal Change for the entire workforce of this organisation.

“You would agree with me that this particular training is needed by your organisation’s staff across board to help them in imbibing and adopting best management practices in the discharge of their everyday duties,” she said.

Responding, the Acting Director General, NCAA, Capt. Chris Najomo, assured of the NCAA’s presence at the NIM conferences and promised to partner with the Institute to build the capacity of their staff. (NAN)(www.nannews.ng)

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Edited by Chinyere Joel-Nwokeoma

NGX, capital market stakeholders pay tribute to late Chairman, Ogunbanjo
Business

NGX, capital market stakeholders pay tribute to late Chairman, Ogunbanjo

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By Rukayat Adeyemi

The Nigerian Exchange Ltd. (NGX) and the Capital Market community on Tuesday paid tribute to the late former Chairman of the NGX Group, Mr Abimbola Ogunbanjo, and pledged to sustain his legacies.

They made the pledge while expressing their grief on the passing of late Ogunbanjo at an Afternoon of Tribute And Closing Gong Ceremony in his honour, held at the NGX on Tuesday in Lagos.

The News Agency of Nigeria(NAN) reports that late Ogunbanjo, late Dr Herbert Wigwe, Group CEO of Access Holdings, his wife and son died on Feb.9 in a helicopter crash in Southern California, USA.

In his tribute, the Chairman of the NGX Group, Alhaji Umaru Kwairanga, said that the Exchange and other capital market community members were pained by the loss of Ogunbanjo.

Kwairanga said his demise was a huge loss to the capital market, having lost his father, Pa Chris Ogunbanjo, who was a patriarch of the Exchange, barely four months ago.

He described the late NGX Group chairman as a transformative leader with impeccable character and prayed for the repose of his soul.

According to him, the NGX and capital market were already a part of the Ogunbanjo’s family and, as such, would ensure that the legacies of the late Group chairman was sustained and improved upon.

“To the Ogunbanjo’s family, no words can ease your pain, but be assured of the unwavering support of the capital market community.

“I believe that the late Bimbo is in a better place resting,” he said.

Also, Mr Temi Popoola, Chief Executive Officer of the NGX Group appreciated the late Ogunbanjo, describing him as an encourager.

Popoola stated that the late group chairman’s personal interest and commitment to his career brought him to the position he has attained on the Exchange.

“The late Ogunbanjo is a family man and I am grateful for the opportunity he gave me to be close to his family and also mentor his son, Rotimi.

“We pray God grant him eternal rest and we thank all the capital market stakeholders and Coronation Group for rallying around the Exchange and his family at this trying period,” he said.

Mr Aigboje Aig-Imoukhuede, Chairman Coronation Group/Former President, Nigerian Exchange Group, said that this was a difficult period for him, having lost closed family and friends in the unfortunate air crash.

Aig-Imoukhuede said that he shared intimate relationship with Ogunbanjo, who was his vice, during his tenure as the President of the Exchange.

According to him, late Ogunbanjo played a huge role to the demutualisation of the NGX when the process begun under his leadership.

He also said the process, however, materialised during Ogunbanjo’s tenure after he succeeded him.

Aig-Imoukhuede stated that late Ogunbanjo’s role as the first NGX Group Chairman after the demutualisation was a difficult one, but he was able to navigate through the challenges because of his intelligent and exceptional leadership attributes.

“This market has lost one of his most worthy founder.

“Bimbo; you served the world in a way only few could ever served. Good bye, May your soul rest in perfect peace,” he said.

Mr Abubakar Mahmoud, former chairman, NGX, said that paying tribute to late Ogunbanjo was not an easy task because of his tragic passing.

Mahmoud described the late group chairman as a dear brother and friend, as well as a courageous and decisive leader and a patriotic Nigerian.

“His death is a great loss to his family, but indeed the Exchange, corporate community and the nation at large, ” he said.

Ms Omowunmi Sanni, one of Ogunbanjo’s closest staff at Chris Ogunbanjo LP, described late Ogunbanjo as an incredible boss who was always willing to teach and also open to learn from the younger lawyers.

Sanni pledged on behalf of other staff of the law firm to hold on the legacy of late Ogunbanjo and continue to sustain the professional standard of the law firm in future years.

Mr Sam Onukwe, President, Association of Securities Dealings Houses of Nigeria, said that the capital market would continue to celebrate the immense contribution of late Ogunbanjo.

Onukwe stated that the late NGX group chairman left the legacy of a transformative and true leadership.

“He was able to manage the demutualisation of the Exchange and manage the affairs of the NGX perfectly as the first group chairman after the demutualisation.

“He left an Exchange that has continued to out-perform its peers and history would forever be kind to him and his family, ” he said.

Responding on behalf of Ogunbanjo’s family, Sen. Tokunbo Ogunbanjo, brother to late Ogunbanjo, thanked the NGX, capital market stakeholders and others for their condolences and support to the family at its trying period.

”I will borrow the likely words of our late father if he were to be alive, he would have said ; death is turn by turn and has no particular order, so late Bimbo has tried is best and gone to rest,” he said.

NAN reports that late Ogunbanjo was born on July 11, 1962, to Christopher and Hilda Ogunbanjo.

He attended Corona School Apapa, Claremont School in the UK and the University of Lagos Staff School for his primary education, spanning from 1967 to 1973.

The late NGX group chairman continued his secondary education at Igbobi College, Yaba, in 1974 and obtained his GCE “O” Levels at Milfield School, England, in 1977.

His parsuit of higher education led him to Switzerland in 1980, where he earned a BSc (Hons) in Business Administration from the American College of Switzerland in 1965.

Embarking on his professional journey, late Ogunbanjo started as a credit analyst with Chase Manhattan Bank (Nigeria) Ltd.

Subsequently, he ventured into law, qualifying as a solicitor after completing his studies at the University of Buckingham School of Law in 1987 and called to the Bar in 1990.

He joined Chris Ogunbanjo & C0, where he served as Managing Partner until his passing.

In September 2017, Abimbola was elected the 19th President of the Council of the Nigerian Stock Exchange, a position he held with distinction until his tenure ended in 2022. (NAN)
Edited by Olawunmi Ashafa

350 teachers graduate from Seplat empowerment in Edo, Delta
Business , Education , Oil & Gas

350 teachers graduate from Seplat empowerment in Edo, Delta

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By Nefishetu Yakubu

No fewer than 350 public and private school teachers in Edo and Delta on Saturday graduated from Seplat JV Energy education empowerment programme in its host communities.

The teachers were trained on Science, Technology, Engineering, Arts and Mathematics (STEAM) under the Seplat Teachers Empowerment Programme (STEP).

The training, done in collaboration with NNPC Limited, was geared towards equipping the teachers with skills to effectively deliver STEAM knowledge to the students.

Chioma Afe, Director, Seplat External Affairs and Sustainability, explained that the education value chain played a crucial role in shaping the workforce and fostering economic development.

During the education summit and graduation ceremony organised by Seplat JV and NNPC Ltd. in Benin, Afe said that collective efforts were vital in building a skilled and productive workforce.

Afe noted that in spite of efforts to increase access to quality education, disparities in resources persisted across different regions, particularly in secondary education.

“We want to address the challenges within the education value chain, especially in the areas where Seplat and NNPC operates, as well as across the nation.

“At the foundation of the education value chain lie primary and secondary education, crucial for laying the groundwork for future learning.

“However, access to quality early education, especially in rural areas, remains a challenge,” Afe said.

According to her, collaboration among the private sector, educational institutions and the government is essential to improve the quality of teaching and learning outcomes.

Earlier, the Chief Operating Officer, Seplat JV, Mr Samson Ezugworie, said the outfit recognised the problem and the need to confront it head-on.

Ezugworie noted that the country’s education system today was not where it should be, adding that Seplat understood its pivotal role in development.

“If the youth of this country are not developed, there’s a problem.

“This shared drive among Seplat, our senior partners and the state governments in the areas we operate is what propels us forward,” he said.

Also, Dr Joan Ovaiwe, the Edo Commissioner for Education, thanked Seplat JV Energy and NNPC Ltd. for supporting teachers in Edo and Delta

Ovaiwe said under the leadership of Gov. Godwin Obaseki, Edo had been focusing on education reform for the past seven years through Edo Best framework.

Akinyele Akin-Olusoji, the Group Managing Director NewGlobe, said there was a compelling evidence that improved quality of education would produce a more educated and skilled labour force.

Commenting on the theme, “Transforming the education workforce, a critical success factor to nation building, Akin-Olusoji said improved education system would accelerate the growth in GDP each year by 0.5 per cent at the minimum. (NAN)(www.nannews.ng)

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Edited by Idris Abdulrahman

Stakeholders seek improved ease of doing business for sustainable development
Business

Stakeholders seek improved ease of doing business for sustainable development

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By Rukayat Moisemhe

Some stakeholders have said that improving the ease of doing business in Nigeria would encourage entrepreneurship, attract international investment and promote sustainable development, thereby, unlocking the country’s economic potential.

The stakeholders said this on Thursday in Lagos at the Nigerian-British Chamber of Commerce (NBCC) Inward Trade Mission featuring United Kingdom companies in the Fashion/Beauty Industry.

The News Agency of Nigeria (NAN) reports that the event was organised in partnership with the British Deputy High Commission.

Ms Anne Rinu, the Chairperson, Advocacy Committee, NBCC, noted that the country with its rich history and as Africa’s largest economy was striving to diversify its economy.

Rinu said that in spite of its economic potential, Nigeria was confronting obstacles such as inadequate infrastructure, corruption and security issues.

She said that, though, in recent years the country had made tremendous progress in strengthening its business environment to attract investment and stimulate economic growth, hurdles remained.

This, she noted, prevented the country from fully realising its economic potential.

The NBCC committee chairperson noted that improving the ease of doing business in Nigeria was critical for maximising the country’s economic potential and boosting long-term growth.

“According to the World Bank’s Doing Business Report, Nigeria ranked 131st out of 190 economies in 2019 from its previous 146th position in 2018, reflecting the challenges faced by businesses in the country.

“Nigeria has made strides toward simplifying the process of starting a business. The creation of online registration platforms revolutionised company registration procedures, decreasing time and cost.

“Bureaucratic red tape and delays in acquiring permits and licenses continue to be obstacles for businesses, while insufficient infrastructure presents challenges for businesses in Nigeria.

“Addressing these infrastructure gaps needs significant investments in energy, transportation and telecommunications infrastructure to support business operations and promote trade.

“Nigeria can encourage sustainable development by streamlining regulations, enhancing infrastructure, eliminating corruption and fostering innovation,” she said.

Pharm. Joke Bakare, Founder, Medplus Health and Beauty Ltd., a foremost retail-pharmacy chain, said that navigating the business terrain had not been an easy feat.

Bakare said challenges such as funding, policies, technology disruption, bureaucratic hurdles, infrastructural limitations, among others had impacted the business.

“I have come to appreciate the importance of innovative thinking, collaboration, persistence and perseverance.

“In Nigeria, considering the current business challenges which cuts across all sector, I will say success on a sustainable level is not just about competence alone, but about resilience in the face of adversity and the ability to seize opportunities where others see obstacles.

“As I reflect on my journey this past 30 years through the Nigerian business terrain, I’m reminded of the words of a wise entrepreneur: ‘In Nigeria, our best opportunities are masked in our challenges.’

“So, let’s embrace it, celebrate the victories and continue to chart new paths in this ever-evolving landscape,” she said. (NAN)(www.nannews.ng)

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Edited by Nkiru Ifeajuna/Christiana Fadare

Sanlam General Insurance surpasses 2023 revenue by 19% – MD
Business

Sanlam General Insurance surpasses 2023 revenue by 19% – MD

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By Rukayat Adeyemi

Sanlam General Insurance, on Wednesday, said it surpassed its 2023 revenue budget of N13.5 billion by 19 per cent and and achieved 41 per cent year-on-year growth of Gross Premium Written.
Mr Bode Opadokun, Managing Director of the insurance company, disclosed this in an interview with the News Agency of Nigeria (NAN) in Lagos.
Opadokun stated that the insurance company also surpassed its Profit Before Tax( PBT) by 172 per cent and achieved 129 per cent year- on- year growth as well.
Opadokun said that the underwriter’s 2023 financial result had yet to be released due to the directive of the regulator to present it in the International Financial Reporting Standard (IFRS 17) format.

The managing director who noted that 2023 was a great year for the insurer, stated that the unaudited financial report of the company for the year under review indicated an impressive performance.

“Although there were a lot of economic issues in the country last year, such as inflation, increase in business operation, among others.
“In all, we were able to weather the storm, just as we did during COVID-19 period,” he said.
According to him, the insurer is well prepared for the IFRS 17, as it is not a new model for the company.
NAN reports that IFRS 17 is the newest IFRS standard for insurance contracts, which replaced IFRS 4 on Jan. 1, 2022.
IFRS 17 states which insurance contracts items should be on the balance and the profit and loss account of an insurance company; how to measure these items; how to present and disclose the information.

The financial standard is a big change for insurance companies globally, as data administration, financial presentation and actuarial calculations will need to change.

According to Opadokun, Sanlam has experts within its group who have been part of the team that have been providing  support for it remotely on the finacial standard.
He said: “We will be among the first set of insurance companies that will turn out our result in the required IFRS 17 standard.
“IFRS 17 is a better way of reporting financial report because it gives the customers and investors a better view of the status of the company and help them  to take firm decisions on the company.
“Many companies have gone under as a result of inadequate information provided to people. In today’s business, enterprise risk management is key and the reporting standard is a good development.”
On the 200 per cent upward review of premium on compulsory Third- Party Motor Insurance Policy by the National Insurance Commission (NAICOM), from N5,000 to N15,000 in Jan. 2023, Opadokun said the insurer experienced an increase on its revenue.
The managing director stated that the increase was not as high as expected because not all of its comprehensively insured vehicles were renewed.
According to him, some of the insurer’s customers also converted to third-party motor insurance policy due to their inability to continue to run the comprehensive motor insurance policy.
“Some customers also tried to reduce the value of their vehicle, which also impacted on the premium.
“Motor insurance has always been a challenge in terms of underwriting profit previously, but the increment in the amount of the policy, has helped insurers to meet with management expenses.
“Insurance cost of operation has skyrocketed, but the increment has helped insurers to improve their balance sheet size and profitability.
“Overall, Sanlam insurance followed the rule as required by the National Insurance Commission (NAICOM), which impacted positively on our business,” he said.
Opadokun further said that claim ratio for the underwriter’s motor insurance portfolio improved as a result of increase in the policy, which indicated a positive development for Sanlam and the insurance industry.
He stated that this year has started on a good note for the insurance company, while it aspires to be among the first leading five insurance companies in the industry ranking in terms of revenue. (NAN)(www.nannews.ng)
Edited by Folasade Adeniran

FG intensifies efforts to formalise SMEs operations
Business

FG intensifies efforts to formalise SMEs operations

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By Lucy Ogalue

The Federal Government is intensifying efforts to formalise the activities of Small and Medium Enterprises (SMEs) to increase the country’s tax net, an official has said.

The Registrar-General Corporate Affairs Commission (CAC), Hussaini Magaji stated this on Thursday while disclosing that over 2.5 million businesses had been brought for registration so far through this effort.

Magaji was responding to the Managing Director of Palmpay Nigeria Ltd., Chika Nwosu, who visited him to present over 219,000 agents (small businesses) to him in Abuja.

He said the provisions of the Companies and Allied Matters Act (CAMA) made it mandatory for any business taking place in Nigeria to register with the Corporate Affairs Commission.

“Section 863 (2) made it to the extent of criminalising any business taking place in Nigeria without registration.

“And in our drive to ensure compliance, we are able to force registration of small businesses of over 2.5 million so far this year alone.

“Today another company, Palmpay, is handing over 219 ,000 small businesses for registration.

“In other words, we are creating jobs for 219,000 youths.

“We agreed to regularise them in order to achieve the Renewed Hope Agenda of President Bola Tinubu, including job creation, financial inclusion, and access to wealth to the youth,” he said.

On the upsurge in registration of small businesses, Magaji said there was a drive by the present administration to formalise small businesses into the system.

He said the administration also aimed at increasing the tax net of the country and to enable the government to track the activities of the SMEs.

“The government will have the opportunity to track terrorism and money laundering. That’s the essence of the registration,” he said.

Earlier, the Managing Director of Palmpay expressed the desire of the company to partner and support the commission to achieve its mandate of formalising the sector.

“Our business is one of the largest in Nigeria, with over 30,000 employees and over 30 million Nigerians doing businesses and using our application to do various transactions.

“We are ready to partner with the CAC and to support the government of Nigeria by introducing most of our agents who are doing businesses on our platform and using our POS.

“We have over 219,000 agents on our platform to hand over to CAC today,” Nwosu said.

The News Agency of Nigeria (NAN) recalls that Moniepoint had brought in over two million businesses; Opay, over 300,000; and Kudimata, 30,000 businesses for registration . (NAN)(www.nannews.ng)

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Edited by Kamal Tayo Oropo/Ekemini Ladejobi

Power sector: FG to settle N3 trillion inherited debt
Economy/Business , Business

Power sector: FG to settle N3 trillion inherited debt

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By Constance Athekame

The Minister of Power, Mr Adebayo Adelabu, says the Federal Government is committed to settling more than three trillion Naira debt it inherited in the power sector.

Adelabu said this in Abuja on Wednesday when he briefed newsmen.

“Today, we are owing the Power Generating Companies (GenCos) a total of N1.3 trillion, out of which 60 per-cent of it is being owed to gas suppliers.

“We have a legacy debt of 1.3 billion dollars prior to 2014 to gas suppliers companies at today’s rate that is close to two trillion Naira.

“if you add the two trillion Naira legacy debt to N1.3 trillion owed the GenCos, we have an inherited debt of more than three trillion naira in the power sector.

“How will the sector move forward, Nigerians deserve the right to know and we are working underground to resolve these issues,” he said.

According to him, the Federal Government plans to settle the existing sectoral outstanding debt obligations to the gas supply and power generation companies, using partly cash payment and guaranteed debt instruments.

Adelabu said that the Ministry of Power was liaising with the Ministry of Finance, Budget and Economic Planning, and office of the Special Adviser on Energy to the president to settle the outstanding debt.

“We are also working with the Minister of State for Petroleum Resources (Gas), to have a working arrangement for firm gas supply contracts for the Gencos.

“And possibly agree on gas to power domestic supply pricing in local currency to reduce price fluctuations,” he said.

According to the Minister, said the issues with the electricity supply value chain are multiple simple technical operational problems across all segments in the value chain.

According to him, these issues are made complicated by lack of sustaining liquidity and infrastructure funding as well as structural misalignment.

He listed the simple technical issues to include inadequate shortage of gas supplies and aging dilapidated generation machineries.

“Causing below optimal capacity utilisation leading to short supply by the GenCos,” he said.

Others he said include inadequate power evacuation capacity at Genco locations, coupled with unstable and fragile transmission lines devoid of automated frequency controls.

“Lacking in fail-over or back-up capacity with frequent human disturbances through vandalism and theft.

“Aging weak distribution infrastructure (lines and transformer) coupled with huge meter gap causing unbearably large technical and collection losses.

“These are issues that look so simple on the surface and should ordinarily require little efforts to fix over time,” he said.

The minister said that it had been difficult to get these problems fixed over the years due to the complications wrapping the entire value chain end to end.

Adelabu said that the road map to stabilising the sector in preparation for turn around and transformation was the settlement of existing sectoral outstanding debt.

He said that there was also the need for a national discourse on the nation’s perspective to electricity supply, commercial product or social service.

“There must be an agreement across divides on how we define electricity.

“Depending on the outcome of the above, either implementation of a cost reflective tariff or a cashed backed Federal Government guaranteed subsidy funding regime to inject liquidity into the sector.

”Increased investments across the value chain for infrastructure improvements, capacity expansion and transmission automation.”

The minister said that diversification of power generation to absorb renewables and facilitate the nation’s journey to energy transition target was key.

He said that the roadmap would encourage distributed power strategy in conjunction with sub- national government focusing on embedded power model.

This he said would reduce pressure on the national grid, and ensure alternative electricity supply to Electricity Distribution Companies (DisCos).

The minister said that the development of a rural electrification plan from a bottom up and a top down approach to identify the unserved and the underserved rural and sub urban communities was required.

According to him, this will enable the government to direct targeted subsidy through rural electrification agencies at a national and sub national level.

“Using renewables (small hydro, solar micro grid, solar home systems and wind technology.

“Develop and expand capacity for sectoral regulation, technical inspection and sectoral expertise.

Adelabu also said that there were ongoing activities in the ministry of power and its agencies to improve power supply.

He said that these activities include the augmentation of the hydro plants: operational capacity and thermal power.

“The recent completion of the 700 Megawatts (MW) Zungeru Hydro Electricity Power Plant in Niger State.

“Financing the required infrastructure to enable complete evacuation of the 40MW Kashimbila Hydro Power Plant in Taraba using Promissory Note facility at the Debt Management Office (DMO).

“Resuscitation of abandoned 26 small and medium size hydro plants across the country with solar hybridization.

“This will adopt embedded power model with connectivity to the regional Discos distribution network.

Others he said are completion of the 20 MW Wind/Solar hybrid power plant in Katsina.

“Completion of infrastructure require for complete evaluation of the 30 million Gurara Dam Power Plant.

“Re-visitation of the abandoned 15 IPP Solar plants in the Northern part of the country, and developing an IPP solar auction with the support of the World Bank,” he said. (NAN)(www.nannews.ng)

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Edited by Dorcas Jonah/Ese E. Eniola Williams

Registration: CAC, coy partners for economic sustainability, national development
Business

Registration: CAC, coy partners for economic sustainability, national development

267 total views today

By Lucy Ogalue

The Corporate Affairs Commission (CAC) and a firm known as Kudimata have agreed to collaborate to ensure economic sustainability and national development.

The Registrar-General of CAC, Hussaini Magaji, said this when the Group Managing Director (GMD) of Kudimata, Kathleen Erhimu, visited him to present 30,000 youth businesses for registration by the CAC on Tuesday.

Magaji said:“ we just received 30,000 small businesses to be registered today from kudimata and they are in the process of registration.

“So, my determination to register 20 million businesses this year is realisable.

“As you are aware, last week alone we registered more than two million, this morning we received 300,000 and now we are receiving 30,000 from Kudimata.

Earlier, the GMD, Kudimata said the firm was partnering with the National Youth Service Corps (NYSC) and Nigerian National Petroleum Corporation (NNPC) Foundation to empower NYSC members in Nigeria.

Erhimu said they were trained firstly on basic financial education after which they go to the second phase called `kick start my business’.

“In this phase, they go through the business fundamentals, all that they need to start up their entrepreneurial journey.

“Apart from that, to ensure that they are fully equipped, they have to have their entities registered and that is why we are at CAC to partner with CAC to have all their businesses registered.

“Currently, we have over 30,000 and counting and before the end of the year, we will have close to 100,000 Corps members to register their businesses.

“We have trained almost 300,000 until date and they are going through the business fundamental stage and they would all register their business,’’ she said.

“The aim is to ensure that our coppers are fully equipped and the bottom line is economic sustainability and development for the country.

“So, we thank the CAC, the Minister of Industry, Trade and Investment, the NYSC and President Bola Tinubu for giving us this opportunity.’’

On monitoring, she said after youth service, follow –up, monitoring and development would continue, as after their entities were registered, they would be equipped with startup kits sponsored by the NNPC Foundation.

“So, the idea is to have all coppers who are currently undergoing the skills acquisition process in NYSC, the SIDE programme, go through this process. It is an eight modules course, and done by both kudimatter and NNPC academy.

“After they are trained, they are certified, they are attached to mentors. After mentors, then they are given startup kits, and then they are monitored after the phase.

“So its catching the youth, and we are in the process of working with the youth ministry for other youths that are not within.”

According to her, the firm had trained more than 400 ,000 youths nationwide, and have also equipped them.

She called for stronger collaborations with institutes like CAC, NNPC, Foundations, banks, to ensure the dreams of these youths who after NYSC, were not clear on where to go is realised.

She said that the training was free, the startup kits provided were free and the registration would be at a major discount from CAC. (NAN) (www.nannews.ng)

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Edited by Ese E. Eniola Williams

ACCI boss describes private sector as engine of economic opportunities
Business , Economy/Business

ACCI boss describes private sector as engine of economic opportunities

253 total views today

By Lucy Ogalue

The Abuja Chamber of Commerce and Industry (ACCI) says the private sector is the engine of economic opportunities and not the government.

The ACCI President, Mr Emeka Obegolu, said this during his inauguration dinner as the 12th President of the ACCI in Abuja.

Obegolu, who said he assumed leadership at a time when Nigeria faced enormous challenges, expressed confidence that the private sector would rise up to ameliorate some of these challenges.

He commended the steps being taken by the Federal Government to remove subsidy, the unification of foreign exchange market and students loan programme among others.

He said: “while these measures may have initially tested our resilience, we believe they will, with time, yield the desired results.

“We can only urge the government to deepen the collaboration with the private sector, represented by the chamber of commerce.

“A partnership that has the potential to significantly benefit the business community, the society and the national economy.

“We must never forget that the private sector, is the engine of economic opportunity; small businesses flourish and can provide good jobs when government acts as a productive partner.”

According to Obegolu, the ACCI has been in the forefront of fostering economic growth, entrepreneurship and innovation in Nigeria through its initiatives and entities.

He said the chamber had consistently demonstrated its commitment to driving sustainable development and empowering businesses across diverse sectors.

On the issue of security in the country, he said the ACCI would collaborate with the defense and national security leadership to institute an annual summit on security, defense and business.

The ACCI president said this would review and proffer solutions to the challenges facing the country and foster confidence and assurance that Nigeria was a safe destination for investment.

On his vision, Obegolu said his administration would prioritise collaboration with the government, non-state stakeholders and capacity-building within the ACCI team.

He said this would enhance management processes for improved efficiency and productivity.

“Ongoing projects initiated by the previous administration will be completed within a stipulated timeframe. We aspire to maximise the investment potential of ACCI assets, adding world-class projects to our distinguished records.

“To strengthen our various departments, financial self-reliance will be promoted and necessary support provided to achieve their mandates.

“Collaboration with the National Association of Chamber of Commerce, Industry, Mines and Agriculture (NACCIMA) will be intensified, giving the chamber a national outlook to better serve our members.

“As ACCI president, I will do my best to discharge my duties and undertake to respect judgments and advice by council members and EXCO. I could not have asked for a better team. Together we can!,” he said.

In his goodwill message, the Deputy Speaker of the House of Representatives, Benjamin Kalu, charged the chamber to come up with programmes that would include youths and women in the society.

“I charge ACCI to draw up programmes that will inspire these set of people so they can contribute to the social, economic development and growth of the society.

“ACCI should also prioritise initiatives that promote and empower our youth and women who are the key drivers of the future economy.

“For those outside Abuja, it should draw up programmes that will include these young ones, who are agitating for one thing or the other.

“Let us have a programme that will give them that sense of inclusion, teach them skills, expose them to opportunities that will make them have confidence in themselves to use their brain not their hands,” he said.

Kalu then urged all the chamber of commerce in the South-Eastern region to make programmes that will teach our youths the best ways of developing themselves and impacting on the society positively.

He expressed optimism that the new president would lead the sector with integrity, wisdom and strong commitment.

“I wish to inform you that the House of Representatives will always be there; through our various committees of commerce and industry, to support your initiatives.

“It will also suggest laws that you think need legislative intervention to make the lives of businessmen in Nigeria easier.

“We will partner with you in redesigning the laws of our federal government with regards to commerce and industry.

“Together, let us forge ahead, united in our pursuit of economic progress, society justice and sustainable development,” he said.

The News Agency of Nigeria (NAN) reports that some past presidents of the chamber, government officials, heads of private sector, royalties, friends and well-wishers among other dignitaries attended the event. (NAN)(www.nannews.ng)

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Edited by Sadiya Hamza

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