By Rukayat Moisemhe

Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) has partnered the Asset Management Corporation of Nigeria (AMCON) to empower practitioners with the international best practices on business insolvency and asset management recovery.

Both parties at an engagement on Monday in Lagos, stressed the need to jointly build body of knowledge in business and non performing loan recoveries.

The News Agency of Nigeria (NAN) reports that BRIPAN is a body of professionals responsible for business recovery and insolvency for financially troubled individuals and businesses.

AMCON is saddled with the statutory responsibility amongst others of recovering the non-performing loan hitherto disbursed by eligible financial institutions to their customers.

Mr Chimezie Ihekweazu, President, BRIPAN, noted that the newly appointed AMCON Managing Director’s history, experience and achievements in the corporate world within and outside the country was valuable in shaping the dynamics of the corporation.

Ihekweazu stated that BRIPAN special interest in insolvency practice and business recovery made it important to maintain the amiable working relationship it had with AMCON.

He added that the practice of insolvency which extended to different branches meant that business relationship with the credit sector must be carefully managed to engender business survival.

“BRIPAN has committed building a high level of professional standing among its members.

“We have supported the Companies and Allied Matters Act, the insolvency bill among others and enjoyed institutional relationship with the Corporate Affairs Commission (CAC), the Securities and Exchange Commission, among others.

“Based on our practical experiences in insolvency, we have outlined trainings to give proper guidance on advance knowledge for practitioners.

“It is our utmost hope that by this engagement, our business relationship would continue to be built upon for the advancement of business and asset management recovery reforms in the country,” he said.

In his remarks, Mr Gbenga Alade, the Managing Director, AMCON, stated that there was room for collaboration particularly to help maximise value in the public sector.

Alade noted that time had value and everything needed to be implemented at the right time to ensure value was not lost.

He stressed the need to reduce political interference in certain situations, saying Nigeria would start to move forward once everyone decides to do the right thing.

“When paid to withdraw and destroy a file, you must say no because you are doing the right thing.

“It is only then that Nigeria can change as until the individuals change, Nigeria cannot change,” he said.

Alade called for BRIPAN’s assistance in addressing the move by the CAC to delist some companies perceived not to be doing business.

This move, he noted, would hamper AMCON’s efforts at recovering some of the debts from these companies.

He also assured of the corporation’s commitment to BRIPAN’s trainings to lift standard of practice on insolvency, risk and rescue mechanisms to engender business longevity.(NAN)

Edited by Chinyere Joel-Nwokeoma

By Victor Adeoti

Wema Bank says it will train and empower 100,000 youths and Micro, Small and Medium Enterprises (MSMEs) in Ekiti.

Tunde Mabawonku, the bank’s
Executive Director of Retail and Digital Business, in a statement on Thursday, in Ado-Ekiti, said the training would be in partnership with Ekiti Ministry of Wealth Creation and Employment.

Mabawonku said the training, tagged, ” Ekiti-Wema MSME Empowerment Programme”, was launched on Aug. 5.

He said under the programme, youth and MSMEs operating in the state would be trained in business management, digital empowerment and finance management skills.

Mabawonku said the programme was strategically designed to help the youth in the state to maximise their potential, while equipping businesses for sustainable growth and productivity, toward boosting macroeconomic conditions.

“The Ekiti-Wema MSME Empowerment Programme is set to be executed through virtual and physical training sessions, cutting across business management, digitalisation, and financial management.

“Additionally, it will provide access to mentorship support from experienced and successful entrepreneurs from within and outside Nigeria.

“Participants will also receive a certificate of participation upon completion of their training course.

“Beyond the training, participants will also gain access to the market and assistance in securing finances to put their learnings to practice and scale their operations.

“This comprehensive approach will ensure that the programme will not only enhance the capabilities of youth and MSMEs in the state but also facilitate their sustained growth and contribution to the economic development,” he said.

Mabawonku, who urged the youth to embrace the initiative, said that the bank was committed to the growth and development of Nigerians.

The director pledged the bank’s commitment to collaborating, sharing resources, and developing solutions that address the needs of people and ultimately empower them to thrive.

“Our robust portfolio attests to this deep-rooted commitment and with the Ekiti-Wema MSME Empowerment Programme, we are extending the reach of our positive impact, positively enhancing the lives and businesses of the people in the state.

“We are empowering them with the skills, knowledge, and expertise needed to thrive in today’s competitive market.

“Our approach is granular yet comprehensive, bringing tailored solutions for growth to the youth and businesses of Ekiti State right within their vicinity.

“We hope that through this initiative, the state will become a hub of productivity and economic buoyance.

“And the domino effect of this economic boost will translate on the national scale, improving our nation’s macroeconomic indicators for the best,” Mabawonku said.

Also, Mr Kayode Fasae, the state’s Commissioner for Wealth Creation and Employment, said that the partnership with the bank was to implement a two-pronged approach of wealth creation and employment generation for skill development and finance.

“Wema Bank has been extremely supportive in working with the Ekiti State Government for the success of our people.

“We reiterate our unwavering commitment to maximise the deliverables of this Programme to serve as a veritable intervention platform for skill development and panacea for employment and wealth creation,” he said.

Edited by Olawunmi Ashafa

By Okeoghene Akubuike

The National Bureau of Statistics (NBS) says prices of beans, tomatoes, irish potatoes, garri, yam and other food items witnessed significant price increases in June 2024.

The NBS said this in its Selected Food Prices Watch report for June 2024 released in Abuja on Tuesday.

The report said that the average price of 1kg of brown beans increased by 252.13 per cent from N651.12 recorded in June 2023 to N N2,292.76 in June 2024.

“On a month-on-month basis, 1kg of brown beans increased by 14.11 per cent in June from the N2,009.23 recorded in May 2024.”

It said that the average price of 1kg of tomatoes increased by 320.67 per cent on a year-on-year basis from N547.28 recorded in June 2023 to N2,302.26 in June 2024.

“On a month-on-month basis, 1kg of tomatoes increased by 55.97 per cent from the N1,479.69 recorded in May 2024.”

The report said that the average price of irish potatoes increased by 288.50 per cent on a year-on-year basis from N623.75 in June 2023 to N2,423.27 in June 2024.

“On a month-on-month basis, the price increased by 51.92 per cent from the N1,595.07 recorded in May 2024.”

The NBS said that the average price of 1kg of white garri rose by 181.66 per cent on a year-on-year basis from N403.15 in June 2023 to N1,135.51 in June 2024.

“On a month-on-month basis, 1kg of white garri increased by 1.86 per cent from N1,114.72 recorded in May 2024.

In addition, the average price of 1kg of yam tuber rose by 295.79 per cent on a year-on-year basis from N510.77 recorded in June 2023 to N2,2021.55 in June 2024.

“On a month-on-month basis, it increased by 52.87 per cent from N1, 322.36 recorded in May 2024 to 2,021.55 in June 2024.”

On state profile analysis, the report showed that in June 2024, the highest average price of 1kg of brown beans was recorded in Kogi at N 3,006.43, while the lowest was recorded in Adamawa at N 1,336.11.

It said that Abuja recorded the highest average price of 1kg of tomato at N3,992.61, while the lowest was recorded in Kebbi at N1,200.

The NBS said that the highest average price of 1kg of yam tuber was recorded in Lagos at N3,376.54, while the lowest price was recorded in Adamawa at N1,100.

According to the report, Gombe recorded the highest average price of 1kg of white garri at N1,619.27, while the lowest was reported in Taraba at N900.

Analysis by zone showed that the average price of 1kg of brown beans was highest in the North-Central at N 2,923.45, followed by the South-South at N 2,630.03.

“The lowest price was recorded in the North-West at N1,647.03.”

The South-West and South-East recorded the highest average price of 1kg of tomatoes at N3,261.84 and N2,852.59, respectively, while the lowest price was in the North-West at N1,411.16.

The report said that the South-West recorded the highest average price of 1kg of yam tuber a tN2,745.80, followed by the North-Central at N 2,440.35, while the North-West recorded the lowest price at N1,238.49.

The NBS said also that the South-West and the North-East recorded the highest average price of 1kg of white garri at N1,199.62 and N1,155.63, respectively.

“The North-Central recorded the lowest price of 1kg of white garri at N1,055.87.”

The News Agency of Nigeria(NAN) reports that the federal government in a bid to address the incessant increase in food prices and ensure food security recently granted a 150-day duty-free import window for food commodities.

The suspended duty tariffs and taxes will be on the importation of certain food items across the land and sea borders which include maize, cowpeas, wheat, and husked brown rice.

However, experts have suggested more sustainable measures such as addressing the issue of insecurity, foreign exchange and transportation costs to address the soaring food prices and ensure food security. (NAN) (www.nannews.ng)

Edited by Vivian Ihechu

By Rukayat Moisemhe

Experts have called for the development of a framework aimed at enhancing women’s integration of digital transformation to increase their representation in the technology space.

They gave the advice at the Nigerian Institute of Management Chartered (NIM) 2024 Women in Management and Leadership (WIMLEAD) Conference on Tuesday in Lagos.

The News Agency of Nigeria (NAN) reports that the theme of the conference is: “Digital Transformation and Women Leadership”.

Mrs Solape Akinpelu, Chief Executive Officer, HerVest, said that Nigeria had the highest rate of female entrepreneurs globally, yet, only 15 per cent of its technology startup founders were women.

She noted that with only 28 per cent of Science, Technology, Engineering and Mathematics (STEM) leadership positions held by women, the growing field of digital transformation was a fertile ground to increase female representation in leadership roles.

Akinpelu, therefore, charged Nigerian women to integrate digital transformation in their businesses to increase value delivery to their stakeholders.

“Its adoption reduced cost, quickened development of products and services, increased entrance into new markets and amplified efficiency.

“According to the World Economic Forum, 100 trillion dollars will be added to the world economy through digital transformation by 2025.

“There is more work to be done regarding educating young women about tech jobs and what is out there – from engineers to coders to those in customer success roles, we are all touched and working in technology.

“Let us create a digital transformation framework, adopt agile methods, focus on interoperability, identify concrete elements of digital transformation and engage the entire organisation in digital transformation,” she said.

Dr Christiana Atako, President, NIM, said the conference’s theme was appropriate for the times we were in, noting that technology is key to today’s women leaders who desire to distinguish themselves and be ahead of the rest of the pack.

She said that digital transformation and women’s leadership were two crucial aspects of human development that could drive significant positive change in organisations and society.

She, however, noted that challenges women face in digital transformation included underrepresentation of women in technology, bias and stereotype and inadequate support and training.

Atako stated that to promote digital transformation in women’s leadership, there must be training and development programmes focused on digital skills and leadership and encourage mentorship and sponsorship opportunities.

“We must foster a culture of inclusivity and support, and celebrate women’s achievements and successes in digital transformation.

“By inculcating digital transformation in women’s leadership, organisations can unlock new potential, drive innovation, and create a more equitable and prosperous future,” she said.

In her remarks, First lady of Lagos State, Mrs Ibijoke Sanwo-Olu, said women played crucial roles in modern society, serving as the bedrocks of homes and communities while contributing indispensably to various sectors of the economy.

Sanwo-Olu, represented by the wife to her Special Adviser on Mineral Resources, Mrs Victoria Olowu, lauded the NIM for the annual conference platform which promotes, protects and preserves the rights and wellbeing of women in the society.

She noted that the conference’s theme was apt and underscored the need for women to leverage technology for greater good.

“Leadership and innovative solutions are critical to driving women’s empowerment.

“Women in politics and leadership position bring unique insights and priorities as their involvement in governance promotes transparency, accountability and social justice.

“The office of the first lady in complimenting the efforts of the state government has initiated various interventions and support programmes for women, youths and children.

“We would continue to advocate policies that address the needs of all citizens, and collaborate with stakeholders to empower them in relevant sectors to meet up with the demands of the society.

“It is my belief that with this conference, the various challenges affecting women from becoming independent and realising their full potential would be significantly addressed,” she said. (NAN)

Edited by Olawunmi Ashafa

By Okeoghene Akubuike

The Federal Government says it is committed to the successful conduct of the 7th round of the Multiple Indicator Cluster Survey (MICS)/ National Immunisation Coverage Survey (NICS).

Adeyemi Adeniran, Statistician- General of the Federation, said this at the inauguration of the National Steering Committee and National Technical Committee for the 7th round of the MICS and NICS in Abuja on Monday.

Adeniran, Chief Executive Officer, National Bureau of Statistics (NBS), said the inauguration, which was in collaboration with the United Nations Children’s Fund (UNICEF) was a highlight of the preparatory activities of the two surveys.

He said there had been improvements and innovations to the two surveys since their last round in 2021.

Adeniran said there would be structural changes in the standard survey questionnaire and the expansion of its content in the seventh round of the two surveys.

“Improved technology will be deployed to capture geographic locations and improved turnaround time to complete the process of this round.

”Efficient data quality control to ensure results are robust enough for policy-making, capacity strengthening for our staff and improved online presence after the results are out.

“There will be challenges in the delivery of these two exercises, however, it comes with immense value for national development planning, policy-making and programme development and government decisions.

“Therefore, as part of the strategic plan put in place to ensure the success of the 7th round of the MICS and NICS, a governance structure has been constituted to carry out overall coordination of the survey and the entire process.”

He said the national steering committee would be chaired by the Statistician-General of the Federation and Chief Executive Officer, of NBS.

Adeniran said members were drawn from representatives from the National Population Commission, Ministry of Budget and Economic Planning, Ministry of Health and Social Welfare and Primary Health Care Development Agency.

He said they also include representatives from the Ministries of Education, Water Resources and Sanitation, Environment And Natural Resources, Women Affairs and Social Development, Agriculture and Rural Development, and the Central Bank of Nigeria.

“Others are the representatives of the Office of the Senior Special Assistant to the President on SDGs; National Human Capital Development Secretariat, Office of the Vice-President and State Ministries of Budget and Economic Planning.

“Others include UNICEF, UNFPA, WHO, UNDP, UNWomen, World Bank, GAFI, Bill and Melinda Gates Foundation, Food and Agriculture Organisation, and World Food Programme.”

The Statistician-General said other critical members who had not been captured would be included in the course of the meetings of the steering committee toward the implementation of the surveys.

“Members of the steering committee are tasked with providing oversight for the planning, implementation and dissemination of MICS seven and NICS results. Ensuring the highest standards of accuracy and reliability.

“They are expected to advise the survey’s technical committee on the process and content of the survey, support them on the day-to-day operation of the survey management and promote ownership of the survey results.

“This will enable us to utilise the data effectively for policy formulation, advocacy and monitoring our national commitments to the 2030 SDGS and the African Agenda 2060.”

He said the technical committee comprised technical experts from the organisations represented on the steering committee and other relevant institutions that can assist with topics covered by the MICS/NICS.

Mr Wayne Bacale, Chief, Planning and Monitoring, at UNICEF, said he hoped the 7th round of the MICS would be a tool to help ministries reflect on how the country was progressing.

“I hope the inauguration will help us know the strategic priorities in the 7th edition and to what extent we can use the survey for our decision-making policy on Nigeria.

“The MICS and NICS is a strong story to tell on how we have progressed as a nation.”

The News Agency of Nigeria (NAN) reports that the MICS is a household survey developed by UNICEF to assist countries in filling data gaps for monitoring human development indicators in general and the situation of children and women, in particular.

The NBS implemented MICS which provides data on child mortality, health, nutrition, education, child and social protection, women’s health care and empowerment, water, sanitation and hygiene, while NICS assesses vaccination coverage provided through the health systems. (NAN)

Edited by Vivian Ihechu

By Martha Agas

The Minister of Solid Minerals Development, Dr Dele Alake, says the African continent is determined to empower its marginalised communities through its natural resources.

Alake described Africa as endowed with natural resources, capable of driving its sustainable economic growth, particularly with the critical minerals needed for the global energy transition.

He stated this on Thursday in Abuja. at a press briefing against the backdrop of the forthcoming 2024 African Natural Resources & Energy Investment Summit (AFNIS).

He said that equitable distribution of resources and targeted investments in local communities were key to empowering those historically underserved.

Alake said that the move would reduce inequality, promote social stability, and ensure inclusive growth across the continent.

“By channeling investments into rural areas and marginalised communities, we can create opportunities for sustainable livelihoods, improve access to essential services, and foster an environment, where every individual has the chance to thrive.”

He said that the summit, to be hosted by Nigeria from July 16 to July 18 was aimed at exploring strategies for utilising fossil fuel revenues to fund Africa’s transition to a greener future.

“AFNIS 2024 is not merely a gathering of minds, but a convergence of visionaries committed to transforming Africa’s natural resource landscape.

“ Our discussions and decisions will resonate across the continent, influencing policies, shaping industries, and setting the course for a sustainable future,” he said.

The minister said that the summit was also aimed at bolstering the continent’s efforts toward achieving the Sustainable Development Goals, while fostering the development of cleaner, more accessible, and reliable energy sources.

According to the minister, the summit will provide a platform for government officials, the private sector and industry experts from across the continent to chart ways for the sustainable development of its natural resources.

He said that the 2024 theme “Natural Resources for Economic Development,” underscored the significant role that Africa’s natural resources play in driving economic prosperity.

Alake said that the economic growth of the region would have multiplier effects, including alleviating poverty and creating job opportunities for its people.

“ By fostering economic growth, we can alleviate poverty, create job opportunities and ensure prosperity for all.

“The responsible exploitation of our resources will generate revenues that can be reinvested into our economies, enhancing infrastructure, healthcare, and education.

“This cycle of growth will elevate the living standards of our people and position Africa as a formidable player in the global economy, ”he said.

The minister said that the summit would deliberate on leveraging Africa’s natural resources to address crucial issues such as quality education, gender equality, clean water and sanitation.

He added that other issues to tackle also include provision of affordable and clean energy, and proactive climate action.

Alake explained that the summit would be the third edition and would be hosted in partnership with Core International Mining Company.(NAN)(www.nannews.ng)

Edited by Gabriel Yough

By Martha Agas

The House of Representatives Committee on Customs and Excise Duties, has tasked the Nigeria Customs Service (NCS) on improved security at land borders across the country.

The chairman of the committee, Rep. Leke Abejide, made the call during an oversight function at the NCS headquarters on Wednesday in Abuja.

He acknowledged the efforts of the NCS in the interception of arms and ammunition, particularly in its recent operations in Lagos and Rivers States.

“These interceptions were not routine seizures. They potentially saved the lives of countless Nigerians and demonstrated the exceptional skills and dedication of your personnel in protecting our borders,” he said.

The News Agency of Nigeria (NAN) recalls that the NCS recently seized 844 riffles and 112,500 rounds of ammunition in Port Harcourt, Rivers State.

Similarly, the NCS, Murtala Muhammed Area command, Ikeja, seized 55 pieces of unassembled Jojef Magnum semi automatic shot guns.

The chairman, however, urged the service not to be complacent with the outcomes, as the seized items were an indication that the country was facing enormous challenges and required more security at its borders.

“Every weapon and illicit item seized is a victory, but every attempt to smuggle them into Nigeria is a call to redouble our efforts,” he said.

According to the chairman, the committee will undertake a thorough investigation into all illegal activities taking place within bonded terminals, and free trade zones across the country.

“Our objective is to bring sanity and order to these areas , ensuring they operate within the confines of the law and contribute positively to the nation’s growth,” he said .

Abejide explained that the move was necessary to eliminate illegal businesses and activities that threatened national security and economic stability in those areas.

He said that the committee was advocating for the progress of the e-customs modernisation project, and urged the service to address issues of network outages to ensure a smooth transition.

The chairman assured the NCS of the committee’s support in addressing its challenges, saying that continuous investment in resources, technology, and manpower was crucial to ensure greater success.

Earlier, the Comptroller-General (C-G) of NCS, Adewale Adeniyi, acknowledged the importance of legislative oversight in ensuring efficiency, transparency, and accountability in the implementation of operations and projects within the service.

Adeniyi said that their insights and guidance were crucial in helping NCS to improve its services for the progress of the country.

“You help us to better facilitate trade and to secure our borders while collecting revenues that are very vital to our economy,” he said.

He assured the committee that NCS was committed to continuous improvement and innovation in all aspects of its services and project implementation.

According to the customs boss, feedback and recommendations from the legislature are crucial to enable them to streamline their processes, improve efficiency, and uphold the highest standards of integrity and service.

He said that Customs was determined to instill discipline among its personnel in  the discharge of duties, and had taken disciplinary action against those found wanting, to serve as a deterrent to others.

Also speaking, Caroline Niagwan,  the Deputy Comptroller -General in charge of Tariff and Trade, said that the service was working assiduously to meet its annual  revenue target of N5.1 trillion.

She said the service had collected N2.74 trillion as revenue in the first half of 2024, surpassing the expected revenue target of N2.54 trillion for the same period.

Edited by Isaac Ukpoju

By Yunus Yusuf

The Federal Competition and Consumer Protection Commission (FCCPC) has urged organisations dedicated to consumer welfare and business-to-customer relationships to promote fair business practices.

Its Acting Executive Vice Chairman, Dr Adamu Abdullahi, made the appeal during an engagement between the FCCPC and the National Association of Supermarket Operators of Nigeria/Retail Council of Nigeria on Thursday in Lagos.

Abdullahi noted that the commission had identified concerns in the retail sector, especially regarding the inconsistent display of prices, which had led to discrepancies between shelf prices and the final amount charged at the till.

To address this, he urged supermarkets to maintain price transparency and consistency, recognising that trust and market integrity hinge on this critical aspect.

He explained that while the FCCPC does not regulate prices, it has a mandate to promote fair competition and discourage price gouging and unfair pricing practices.

Abdullahi said, “We don’t control prices. But we ensure that there is a level playing field so that the market is open and people can come in, display their wares, and sell at their own prices.

“The price dictates whether you sell your products or not, as far as we’re concerned.

“We feel that it’s only fair that if the government is trying its very best to bring down the Naira exchange value, then those efforts should also be rewarded by retailers by bringing down the cost of items.”

By upholding consumer rights and fostering a competitive marketplace, the FCCPC boss added that the commission aimed to create a conducive environment for both businesses and consumers to thrive.

According to him, the commission is dedicated to enforcing compliance with the law, particularly the Standards Organisation of Nigeria (SON) Act, to eradicate deceptive and misleading marketing practices that undermine competition.

“That’s why we’re here today. The concerns we have in the retail business, especially the formal sector, is this issue of price display on products.

“This has been a major concern for us because it is what has already led to the ceding of a major supermarket in Abuja.

“This is because the price displayed at the counter is different from the one you pay at the till. And that’s misleading and deceptive as far as the regulations are concerned.”

Abdullahi hinted that the FCCPC had agreed to form a small technical committee that would look at a Memorandum of Understanding, its draft, and how to work together henceforth.

“We are going to have a lot of capacity building amongst ourselves so that we understand each other, we understand them from the side of businesses.

“They understand us from the side of regulators. That way, we would have a lot of mileage, ” he added.

Dr Haresh Keswani, Chairman of the National Association of Supermarket Operators of Nigeria/Retail Council of Nigeria, commended the FCCPC boss for his time and open-mindedness in understanding the importance of retail in Nigeria.

Keswani, also the Managing Director of Atee Industies, known as SPAR, said his members were law-abiding companies and they continued to be focused on the consumer, just like the FCCPC.

“As you know, the current retail is the second generation. The first generation died many years ago in the brands of Kingsway, UTC, and all that.

“And the second-generation retails, which are several brands, have been built over many years and are also currently struggling to stay in business. And you all know the reason why they are struggling. Because being compliant in Nigeria is expensive.

“To pay salaries on time, to make sure you pay your taxes, you pay your power energy bills, and you follow the rules is an expensive proposition,” he said.

To this end, he noted that the essence of the engagement with the FCCPC was to work on the value chain.

Keswani added, “In this value chain, all four pillars are stakeholders. And we all equally have to do our own bit. I cannot be a midfielder, a defender, a striker, and a goalkeeper.

“We all have a role to play. So this is team play. This is teamwork and we are clearly focused on wanting the retail business to grow.

“Also, we want the consumer to get the best value. But equally, not without everyone stepping onto the ground and playing the game.” (NAN)

Edited by Olawunmi Ashafa