By Mercy Omoike

The Ikorodu Chamber of Commerce and Industry (ICCI) has reiterated its support for Micro, Small and Medium Enterprises (MSMEs), in its annual Ikorodu Division (IKODIV) Trade Fair.

The chamber made this known at a news conference on Wednesday in Lagos.

The News Agency of Nigeria (NAN) reports that the second edition of the IKODIV Trade Fair is scheduled to hold from March 26 to April 2, at the Lagos State University of Science and Technology (LASUSTECH), Ikorodu.

The fair is expected to accommodate more than 100 vendors, with affordable exhibition stands between N20,000 and N90,000 based on exhibitors capacity.

The fair is a joint partnership of the ICCI and LASUSTECH, supported by the Lagos State Ministry of Commerce, Industry and cooperatives.

The President of ICCI, Mr Rasheed Shoderu, said the aim of the fair is to promote continuous support for growth and improvements of MSMEs in Ikorodu Division.

According to him, the ICCI was established with the primary objective of promoting commerce, Industry and economic growth of Ikorodu Division.

“Over the years, we have worked tirelessly to create avenues of growth for businesses to thrive, and we are proud to say we have achieved significant strides in achieving this objective.

“Our IKODIV Trade Fair is one of the many ways to demonstrate our commitment to the economic development of our community.

“The fair provides a platform for MSMEs to showcase their products and services, network and engage in business transactions.

“As an organisation, we are convinced that promoting entrepreneurship and support for MSMEs is crucial to the economic growth of our community,” Shoderu said.

On his part, the Vice Chancellor of LASUSTECH, Prof. Olumuyiwa Odusanya, said support for MSMEs is the fulcrum for economic growth of any nation.

“As a university we are glad that our transmutation has added impetus rather than distraction to the gestation of chambers and the Trade Fair.

“The theme of this year’s fair is very important, MSMEs are really the most important part of any economy.

“Data have shown that we have not less than 41 million MSMEs in Nigeria. Even if one employs just one person, that is about 20 per cent of the Nigerian population employed.

“Anyone, who ignores this segment of the economy is ignoring the human capital and financial development of the country.

“As a university we know this is one of the critical components of developing an economy, and if Nigeria will improve, we must consider MSMEs.

“We, therefore, want to recognise the IKODIV Trade Fair starting next week and we encourage everyone to support it,” Odusanya said.

Promising a successful fair, the chairman of the IKODIV Trade Fair, Mr Seye Adedipe, lauded the immense recognition the fair had received so far.

“It is my pleasure to welcome us to the IKODIV Trade Fair, it is one of the most anticipated event of the chamber.

“As chairman of the Trade Fair organising committee, I am pleased to announce that we have gone above and beyond the call of duty to ensure that this year’s fair exceeds all expectations.

“The team has put in countless hours of hard work and dedication to bring an exceptional event that showcases the very best our local businesses have to offer.

“With over 100 exhibitors and counting from various industries and sectors, the fair promises to be a hub of innovation, creativity and economic opportunity.

“This year’s IKODIV Trade Fair has the full support of the Lagos State Government and we have the honour of hosting Gov. Sanwo-Olu at its opening ceremony.

“We thank and appreciate our sponsors, we appreciate your support in making the fair a reality,” Adedipe said. (NAN) www.nannews.ng

Edited by Ifeyinwa Omowole

By Ginika Okoye

Norrenberger, a financial services group, has taken over a controlling equity stake of 60 per cent in The Infrastructure Bank (TIB).

The group in a statement on Tuesday, said the take-over followed a concluded acquisition arrangement which began in 2019.

The statement said that the Chairman of Norrenberger Group, Alhaji Ibrahim Aliyu, said the group would leverage the acquisition to bring about new opportunities and growth.

Aliyu said the growth would be beneficial to both the group, the infrastructure space and the general public.

He said that the Central Bank of Nigeria (CBN) approved the acquisition of the 60 per cent controlling stake in the bank on March 10.

Aliyu said that the transaction followed established protocols and necessary regulatory procedures.

He said the admission of private capital in TIB Plc equity as permitted in its Act had created the first Public-Private Partnership spectacle of reform and innovation in the infrastructure finance space.

The chairman said it would also position the institution for greater engagement.

Aliyu said the bank was a private sector-led, but Government-sponsored Development Finance Institution (DFI), whose previous ownership structure comprised the three tiers of government, the Nigeria Labour Congress and the private sector.

“As a group, this takeover marks a milestone toward Norrengerger’s strategic infrastructure mission.

”TIB, formerly known as Urban Development Bank of Nigeria Plc was established in 1992 under Decree 51, as Urban Development Bank Ltd.

“It has a mandate to foster the rapid development of infrastructure across the country.

“In line with its establishing Act, the bank has the mandate to raise and manage funds for infrastructure development projects in the country.

“The bank provides custom-made financial solutions to projects in its focus sectors namely transportation, mass housing and district development, urban infrastructure and municipal finance projects.

“The bank will also lend its expertise to contribute to discourse on development strategy, with associated policy formulation and guidelines,” he said.

The statement quoted the Chairman of TIB, Alhaji Lamis Dikko, as saying “we are looking forward to a brighter future as part of the Norrenberger group”.

Dikko said the new umbrella which the bank would be operating would be a springboard for them.

“This transaction brings a win-win for everyone, the Norrenberger group, selling shareholders, remaining shareholders and the infrastructure space in Nigeria especially at a time where the infrastructure deficit is huge,” he said.

The News Agency of Nigeria (NAN) reports that Norrenberger is an independent financial services group in Nigeria which provided bespoke financial solutions to its individual and institutional clients.

The group’s subsidiary companies are licensed and regulated by key financial services regulators including the Securities & Exchange Commission, the National Pension Commission and the National Insurance Commission. (NAN)(www.nannews.ng)

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Edited by Chinyere Joel-Nwokeoma

By Joy Odigie

Presco Plc has emerged winner of the 2022 Company of the Year award in recognition of its contributions to the nation’s agricultural sector.

This is contained in a statement by the Managing Director of the company, Mr Felix Nwabuko.

Nwabuko said the award was presented at an investors’ summit held on Thursday in Ibadan with the theme: “The Valuable Shareholder.”

The award was organised by the Proactive Shareholders Association of Nigeria (PROSAN).

Addressing participants, the Director-General, Securities and Exchange Commission, Mr Lamido Yuguda, advised shareholders to maintain transparency in their investment activities.

Yuguda, who was represented by Senior Manager, Egbuniwe Obinna and Manager, Obaji Uroro, noted that an ideal shareholder must maintain a positive and constructive relationship with other capital market stakeholders.

The guest speaker, Prof. Benjamin Ehigie, Department of Psychology, University of Ibadan, urged participants to abide by the rules in their day-to-day activities.

Ehigie urged participants, especially shareholders to see themselves as part of the company for positive growth and development.

Earlier, the National Coordinator, PROSAN, Mr Taiwo Oderinde, said that the event was designed to serve as an opportunity for shareholders to evaluate their contributions to the development of the Nigerian capital market.

He also commended the company for its consistent dividend policy in spite of the various challenges.

Other awardees at the event were Alhaji Aliko Dangote, Investor of the year, Tony Elumelu, Alhaji Kabiru Ishiaku Rabiu, NEM Insurance Plc, Nigeria Union of Teachers and Rose-Hill Group Ltd., among others.

Honoured in the shareholders activist category were Mr Gbenga Idowu, Barr. (Mrs) Oludewa Thorpe, Mr Dipo Olasope, SAN, Sir Sunny Nwosu, Mrs Visit Bakare and Mr Ariyo Olugbosun.

Others were Dr Umar Farouk, Mr Nonah Awoh, Chief Matthew Akinlade, Alhaji Ahmad Rabiu, late Asiwaju Akintunde Asalu and Late Chief Aderemi Oyepeju. (NAN)(www.nannews.ng)

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Edited by Kevin Okunzuwa/Chinyere Joel-Nwokeoma

By Dorcas Jonah

The Ugandan High Commission in Nigeria, has solicited the collaboration of the National Council of Women Societies (NCWS) on investment opportunities for Nigerian women.

The Deputy Head of Mission, Amb. Alfred Nnam, said this when he led a delegation of the Nigeria-Uganda Chamber of Commerce, Industry, Mines of Agriculture, on a visit to the president of NCWS, Lami Lau, on Tuesday in Abuja.

Nnam said that the collaboration would open investment opportunities for both Nigerian and Ugandan women.

He said that 35 per cent of Uganda national parliament was reserved for women, adding that every district in Uganda had a woman representative.

Nnam said this was possible because the Ugandan president understand the key role women play in the development of the country.

According to him, women in Uganda are not just mothers; they are into business, politics and are doing well.

”We have given the women very prominent roles in the developmental process of Uganda, not only in business but also in politics

“We want the NCWS to be part of this development,” he said.

Nnam said that Uganda and Nigeria are about 60 years of independent, but the level of development in business was still very low.

”I think Uganda exports about 4.5 million dollars of goods and services to Nigeria, while Nigeria exports only two million dollars of goods to Uganda.

”This is why we think we need to make effort and developed ourselves, we have a lot of potential, minerals and manpower to change the narrative and match further,” he said.

Nnam said that the Africa Continental Free Trade Area (AfCFTA) as vehicle for promoting business development between Ugandan and Nigeria is an added advantage.

He said the direct flights between Nigeria and Uganda, would also be a big help for the interaction.

Also speaking, Mr Michael Awunor, president of Nigeria-Uganda Chamber of Commerce, Industry, Mines of Agriculture, said that the collaboration would help to better the lives of Nigerian women.

Responding, Lau promised to collaborate with the mission for investment opportunities for Nigerian women.

She said that the council had representation in the 774 Local Government Areas in Nigeria, adding that the collaboration would better the lives of the ordinary Nigerian.

Lau said that the commitment of the society, under her watch, was to promote women in leadership and governance and ensure their economic empowerment. (NAN)(www.nannews.ng)

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Edited by Joseph Edeh

By Razak Owolabi

Nigerian public and private sector organisations face severe existential challenges in these turbulent times, which require unique solutions, a director at TEXEM UK, Caroline Lucas has warned.

During an interview with the News Agency of Nigeria (NAN), Lucas, the Director of Special Projects at TEXEM (www.texem.co.uk), contended that leaders need to hone their strategic leadership skills to survive and thrive in these volatile periods.

She stated that in view of this, TEXEM is organising a four-week programme, Strategic Leadership For Enduring Impact During Volatile Periods, comprising live, virtual and engaging sessions from April 15 to May 6.

“As a leader, you hope each year ushers in huge fortunes for your organisation.

“However, there is a lot that we do not know about tomorrow. So, as you wish for the best, you also need to prepare for an uncertain future.

“The Strategic Leadership for Enduring Impact During Volatile Periods programme, a four-week master class, aims to equip leaders and their organisations with the requisite actionable skills and core competence for dealing with the uncertainty that tomorrow brings,” Lucas explained.

She stated that organisations worldwide constantly face challenges, especially post-COVID-19 pandemic and in this era of heightened geopolitical and socio-economic risks due to the Russia-Ukraine crises.

Lucas listed some challenges such as, the exodus of talent, depressed demand, high inflation, policy inconsistency and low individual and organisational performance.

She emphasised that executives should attend the programme as it would greatly benefit the leaders, organisations and society.

“As a leader, attending this TEXEM, UK programme will make you more versatile, resilient and agile in volatile periods.

“This is so that you will be better equipped to optimise your decisions, inspire your team to build an innovative culture and help your organisation to win consistently.

“Among the benefits derivable are challenging assumptions, enabling you to position your organisation better to harness scarce opportunities in volatile times and build competitive advantage when others are baulking during volatile times,” Lucas said.

She mentioned other benefits of attending the TEXEM, UK programme as, empowering participants to become better strategic leaders during difficult situations, enabling them to carry along employees easily due to their confidence in leaders’ decisions.

Lucas said it would also, furnish participants with the qualities of effective stakeholder engagement credentials and the foresight to win.

She articulated that the programme would inspire participants with actionable insights on developing winning strategies despite temporary setbacks, just like Lionel Scanoni, the Argentine football coach.

Lucas said that the programme would share insights into what makes strategic leaders like Scanoni effective.

Lionel Scanoni is the Argentine coach whose team was beaten by the Saudi Arabian football team in the World Cup group stage but turned his temporary setback into a setup for a comeback.

The TEXEM Director said just like Scanoni, whose team won the World Cup after the initial defeat, strategic leaders are focused on the bigger picture.

She added that the programme would be actionable, memorable and impactful, and would entail learning from examples of companies that could identify and harness opportunities in volatile times.

“For example, Fortune magazine was founded three months just after the market crash of 1929, and FedEx came into existence during the 1973 oil crisis.

“Others are Procter and Gamble, which started during the financial crisis in the USA in 1837 and Microsoft, which began operating in 1973 during the economic stagnation in most developed countries that lasted two years.

“What all these illustrious organisations have in common is Strategic Leadership,” Lucas said.

She explained that the TEXEM programme would showcase how leaders and their organisations could develop a sustainable competitive advantage in volatile times.

Among the faculty delivering the upcoming programme, Prof. Roger Delves is a Professor of Practice in Leadership and Associate Dean of Ashridge Executive Education at Hult International Business School.

Another faculty delivering the programme is Prof. Paul Griffith, a London Business School alumnus and the world’s first Management Professor to lead a team that launched a rocket to space.

Also, Prof. Rodria Laline, the developer of the intellectual property used in the chip on every ATM card globally, a former adviser to the Prime Minister of the Netherlands, and the founder of the Harvard University Maximise Your Board programme, will deliver the live sessions.

Also expected to facilitate learning during this programme is Ambassador Charles Crawford, strategic adviser to world leaders and winner of the equivalent of two Oscars.

Crawford is a qualified barrister and mediator; who draws on 28 years of experience in the UK diplomatic service, part of which he served as UK Ambassador in some countries experiencing volatility. (NAN) (www.nannews.ng)

Edited by Bashir Rabe Mani

The Dangote Articulated Truck Driving School has graduated 50 trainees who have passed through a specially designed and rigorous educational curriculum.

The articulated truck driving school at Obajana in Kogi State is Nigeria’s first and only accredited truck driving academy.

The school was commissioned last year by the former Corps Marshal of the Federal Road Safety Corps (FRSC) Dr. Boboye Olayemi Oyeyemi.

Oyeyemi described it as a significant step towards taming the menace of auto crashes involving articulated trucks in Nigeria.

Speaking at the graduation ceremony, the Divisional Director Transport (DDT), Mr Ajay Singh, said the new Batch C graduates have only qualified and graduated from classroom instructions.

He said that they will now be exposed to practicals through attachments for an additional six months.

Singh gave the assurance that the school would not only reduce the rate of crashes by articulated vehicles but also positively impact other road users.

The director said the ultimate objective was to achieve zero accidents for all subsidiaries in the Dangote Group.

On his part, the Manager of Dangote Articulated Truck Driving School, Dangote Cement Transport (DCT) Obajana, Mr Daniel Akuso, said the intensive training was carried out in collaboration with the FRSC and Fantique Driving Training Centre of South Africa.

According to the Manager of the school, the three months training programme has helped change the orientation of the trainee drivers.

“This is the only articulated truck driving school in Nigeria where the students are paid stipends, trained, tested, certified, licensed, and employed.

”Our products are not only for Dangote Cement but for all subsidiaries of the Dangote Group in Africa,” Akuso said.

Speaking, Deputy Road Commandant, (OC Instructor) of the FRSC attached to Dangote Driving School, Mukhtar Umar, said the agency plays a significant role in training and certifying old drivers and newly recruited trainees.

“We teach them defensive driving, road signs, responsibilities of the driver, driving culture, and then certify them,” Umar said.

The Executive Secretary of the National Board for Technical Education, Prof. Idris Bugaje, said that the board was partnering the Dangote Cement Plc in the execution of the school’s programme.(NAN)

Edited by Ismail Abdulaziz

Nestlé Nigeria Plc has announced a 27.0% revenue growth in her 2022 financial results when compared to her performance in 2021.

Also, the company posted a revenue of N 446.8 billion in the year under review as against N 351.8 in the preceding year.

A statement by its Corporate Communications and Public Affairs Manager, Mrs Victoria Uwadoka, said that consequently, Nestlé Nigeria Plc  announced a final dividend of N36.50 per share to its shareholders for the financial year ended Dec. 31, 2022.

The company’s profit after tax during the review period stood at N48.9 billion compared with N40 billion in 2021, representing an increase of 22.3 per cent.

“The board of the company proposed an additional dividend of N36.50k, in addition to N25 per share interim dividend already paid in December 2022, bringing the total dividend per share of N61.50k for 2022.

“This proposed final dividend will be submitted for approval at the company’s Annual General Meeting May 17, 2023,” it said.

The statement quoted the company’s Managing Director, Mr Wassim Elhusseini, as saying that the growth was due to unwavering commitment, dedication and ingenuity of its staff.

This, he said, was proof that success was built into the DNA of the organisation and that working together, they could thrive and even excel in the most trying environments.

Elhusseini pledged that in 2023, the company would continue to ensure the availability of affordable nutrition for individuals and families who depend on the company to nourish their families daily.

“We know that it will be a challenging year, with the general elections and the associated charged political environment as well as the disruptions in economic activities experienced with the change of some denominations of the Naira.

“We are also faced with the increasing cost of doing business – especially the high cost of inputs, and therefore, remain flexible and resilient in our operations.

“Our priority will remain the wellbeing of our people, our consumers, our communities and our planet as we unlock the power of food to enhance quality of life for everyone today and for generations to come,” he said.(NAN)(www.nannews.ng)

The Ecobank Group has partnered with Visa to provide micro, small and medium-sized enterprises (MSMEs) across Ecobank’s footprint with access to Visa’s Practical Business Skills educational resource.

This was facilitated through its Commercial Banking division and supported by the Ecobank Academy.

 The online training was part of the Ecobank’s MSME Booster series and offers online learning tools for MSMEs seeking growth as they prepare for the new business year, a statement by the group, from Lome, issued by Christiane Bossom, Corporate Communication Manager, said on Friday.

 The course has been specially designed to cater for the needs of both seasoned business owners and startups eager to take their business to the next level, .

According to it, participants will learn from key modules including financial management, how to promote a business, managing employees, creating a business plan and digitising their business amongst others.

 “SMEs are at the heart of Africa’s economic growth where they provide up to 80 per cent of the region’s employment and are the force behind a new middle class, fueling demand for new goods and services.

“The training course is part of Ecobank’s mission to help MSMEs sharpen their business skills and make an immense contribution to the continent’s economic fortunes.” 

While announcing the partnership, Acting Group Executive, Commercial Banking and  Deputy Managing Director Ecobank Nigeria, Carol Oyedeji said: “MSMEs across Africa are collectively critical to the achievement of many of the sustainable development goals.

“And that is why we place great emphasis on their upskilling.

“We are delighted to partner with Visa on a training programme that will help them understand how to get started, how to manage a business and how to navigate the tough process of building and growing a business.”

 Also, Carl Manlan, Vice President, Inclusive Impact & Sustainability Visa CEMEA, spoke.

 “We are excited to continue to collaborate with our partners in sub-Saharan Africa to provide digital financial services and skills that empower micro, small and medium-sized enterprises.

“The extension of Practical Business Skills through the MSME Booster Series will help to bridge the skills gaps that exist among youth and women and enable them to take full advantage of the digital economy,” Manlan said.

The News Agency of Nigeria (NAN) reports that other similar initiatives run by Ecobank to support SMEs include the Global Skilling Progamme, a collaboration with Microsoft, LinkedIn and GitHub to upskill and equip SMEs and their employees with digital skills at the height of the COVID-19 pandemic.

 The pandemic made business owners more aware of the need to close the digital skills gap within their workplaces and an improved digitally diverse talent pool is essential to a sustainable post-pandemic recovery, the group noted.  

Edited by Vivian Ihechu

By Rukayat Moisemhe

The Chairman, Vitafoam Nigeria Plc, Dr Bamidele Makanjuola, has announced his retirement after ten years of meritorious service, in line with the company’s tenure policy.

Makanjuola made this known while addressing the company’s shareholders at its 61st Annual General Meeting (AGM) in Lagos on Thursday.

He commended the company’s board, management and shareholders for their support throughout his tenure.

He said that the company shall continue to post strong earnings and generate shareholder value, given its team of innovative management and staff, irrespective of vagaries in the operating environment.

“While turnover grew substantially, profitability was hobbled by raw materials price inflation at both local and international markets.

“In addition, we had to contend with a sharp decline in naira exchange rate relative to other major currencies, the paucity of foreign exchange, high inflation, poor purchasing power and low disposable income of consumers, among others.

“I would like to inform you that this is the last AGM at which I shall address you as the Chairman of Vitafoam Nigeria Plc., having served out a full term, in line with the company’s tenure policy for non-executive directors.

“Together we have moved boundaries and broken glass ceilings and while some of our plans might not have turned out exactly as envisioned, we have persevered with your support to move the company to the next level in our collective quest for greatness.

“With renewed confidence, efforts will be intensified to grow our business lines by expanding Vitafoam’s product offerings,” Makanjuola said.

President, Noble Shareholders Solidarity Association, Mr Mathew Akinlade, lauded the outgoing chairman, saying he showed exemplary leadership, characterised by integrity and dedication.

He said that during his tenure, the company recorded exponential progression in virtually all performance indicators.

“A peep into just the last five-year performance alone is quite revealing that Vitafoam under Makanjuola grew tremendously.

“For instance, the revenue grew from N19.5 billion in 2018 to N46.3 billion in 2022, an increase of 137 per cent.

“The earnings per share moved from 57k to 338k, an increase of 493 per cent.

“The man deserves to be celebrated,” he said.

Vitafoam Group Managing Director, Mr Taiwo Adeniyi, declared a dividend payout of N1.9 billion, translating into N1.52 per ordinary share of 50k each for the 2022 financial year.

According to him, the dividend, a commitment to positive rate of return, is an evidence of the company’s stellar performance, in spite of the tough operating climate.

He hinged the company’s ability to weather the storm on the innovation and corporate culture of its quality products and services.

“You may see two products looking so much alike in the market but they do not cost the same price.

“The intrinsic values in our products stand us out and we have created a niche market for ourselves as we invest heavily in research and development.

“And we customize our products to address the needs of our diverse customers, including consideration for age and gender.

“This is what is standing us out in the market place,” Adeniyi said. (NAN)(www.nannews.ng)

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Edited by Sam Oditah