By Vivian Emoni

The Head of Civil Service of the Federal Capital Territory (FCT), Mrs Grace Adayilo, says the MSMEs One Stop Shop initiative will enhance and strongly support small businesses in the country.

Adayilo said this at the 5th Abuja Enterprise Small and Medium Enterprises (SMEs) Expo in Abuja.

She commended the efforts of the Management of Abuja Enterprise Agency (AEA) for organising the expo, adding that the commitment has sustained the territory’s development.

According to her, this is in line with the President Bola Tinubu’s Renewed Hope Agenda, being championed in FCT by the Minister, Nyesom Wike.

She said that the MSMEs One Stop Shop was an initiative of the government to support MSMEs, with the aim of providing easy interaction between regulatory agencies and MSMEs across the country.

She said that the SME Expo had explored partnerships and created opportunities to enhance investment across the country.

Adayilo, who was represented by her Personal Assistant, Mrs Olaide Yongo, said that over the years, AEA had served as FCT’s special purpose vehicle for various SME initiatives like the expo.

She said that the AEA had also successfully implemented the FCT-CARES programme, under Nigeria’s COVID-19 economic recovery efforts, as well as engaged the One Village, One Product (OVOP) initiative.

The News Agency of Nigeria (NAN) reports that theme of the expo was, “Leveraging Financial Opportunities and Strategies to Mobilise Funding for Sustainable Growth”.

According to Adayilo, the theme is both timely and strategic.

“It focused on financial tools, investment strategies and collaborations to unlock capital and promote sustainable development.

“Beyond funding, the expo is a vibrant space to build networks, explore partnerships, and connect with distributors, customers and export markets,” she said.

Adayilo urged participants at the expo to fully engage and ensure that the programme enhanced their businesses.

She appreciated the FCT minister, corporate partners and sponsors for their unwavering support in making the event a success.

She said that their steadfast commitment to enterprise development, youth empowerment and inclusive economic growth had impacted greatly on SMEs in the FCT.

The Acting Managing Director, AEA, Dr Chudi Ugwuada-Ezirigwe, said that the expo was planned to improve the competitiveness of Nigerian SMEs and promote industrialisation.

Ugwuada-Ezirigwe said that it had also stimulated investment in digital technologies and strategically positioned made-in-Nigeria products in the African and global markets.

He said that the theme reflected the increasing need to empower SMEs with information, tools and strategies to access funding.

According to him, harnessing these opportunities demands a collaborative commitment from all stakeholders in the SME ecosystem which is made up of financial institutions, investors, policymakers and development partners.

“It is only through collective effort that we can create an enabling environment that promotes entrepreneurship and sustainable growth.

“The spirit of this expo is that it helped to gather various people together. At this time that we are together, we should be able to strategically position ourselves to run the expo quarterly,” he said.

Ugwuada-Ezirigwe said that the agency had successfully organised four previous editions with over 1,200 enterprises showcasing their goods and services to an estimated 11,000 visitors.

“The ongoing edition, just as the past ones, has featured impactful activities such as business clinics, symposia, interactive panel discussions and business advisory sessions,” he said.

He called on the exhibitors and participants to see the expo as an opportunity to expand their markets, work and cross fertilise ideas and innovations. (NAN) (www.nannews.ng)

Edited by Esenvosa Izah/Kadiri Abdulrahman

By Grace Alegba

Bureau De Change Operators (BDCs) on Monday appealed to the Central Bank of Nigeria (CBN) to further extend the recapitalisation deadline and review license requirements to save jobs.

The BDCs, under the aegis of the Association of Bureau De Change Operators of Nigeria (ABCON), made the appeal in an interview with the News Agency of Nigeria (NAN) in Lagos.

ABCON President, Dr Aminu Gwadabe, told NAN that a further extension and review would give more members opportunities to meet the new capital threshold.

NAN reports that the CBN in May 2024 issued new operational guidelines for BDCs, which became effective on June 3, 2024, directing all existing BDCs to reapply for new licenses.

BDCs with Tier 1 licenses were expected to have a capital base of N2 billion, while Tier 2 licenses needed N500 million, with non-refundable license fees of N5 million and N2 million respectively.

Both Tier 1 and Tier 2 BDCs were given six months to meet the minimum capital requirement of the license category applied for.

However, the apex bank later extended the recapitalisation deadline by an additional six months, which will lapse on Tuesday, June 3.

With the new deadline in sight, Gwadabe expressed fears of mass job losses, noting that less than 10 per cent of his members had complied with the new capital threshold.

He estimated that over three million jobs and livelihoods were at risk.

“The way forward to mitigate this is an appeal for further extension and a deliberate review of the financial requirements as some members strive to achieve them.

“The CBN should continue their stakeholder collaboration during the time of the extension to douse the anxiety, pressures, and tension currently enveloping the sector.

“Finally, there is the acceleration of the licensing process to give hope, clarity, and direction to the investors who have met the requirements and the prospective investors,” he said.

He explained measures by the association to curb job losses, including continued engagements with the Central Bank of Nigeria and lobbying of other relevant agencies.

He added that there were ongoing strategic sessions among ABCON members towards identifying frameworks like mergers, investor acquisition, and seeking a “No Objection” from the CBN.

The ABCON boss added that this was to allow members to establish public limited liability companies across clusters for more participation and inclusiveness.

“The plans for mergers include identifying like minds in five, 10, 15, 20 entities to come together and float a new entity.

“As earlier mentioned, we have also applied to the CBN for ‘No Objection’ on our plans to float public limited liability with capacity to absorb many of our members but met a holding response from the CBN,” he said. (NAN)(www.nannews.ng)

Edited by Olawunmi Ashafa

By Ginika Okoye

Some retired cooperative members of the Nigerian National Petroleum Company Limited (NNPC Ltd.), Lagos State Branch, have decried alleged misappropriation of their funds by the management committee of the multipurpose society.

Speaking at a media briefing in Abuja, the members said that they were yet to access their monies after years of retirement.

They called for a forensic audit of the NNPC Ltd. Lagos State cooperative account for transparency, justice and accountability.

Elder Ante Ante, the Leader of the Group and an NNPC Ltd. retiree, said that their colleagues were yet to receive their dividends and monies contributed for 10 years.

According to him, the essence of a cooperative society is to provide assistance, immediate or emergency solution to financial crisis of members.

Collaborating the misappropriation claim, he said that the cooperative society declared N96 million as surplus in 2021 but recorded a loss of N806 million by 2022.

“For up to 10 years, we have not received the normal dividend from this cooperative and yet, people have been and are still contributing on monthly basis.

“Those who run the societies just use our funds as if it is free money.

“Those who retired, who have needs, to even pull out their savings, were unable to because the money is not there.

“If you go for loan, they will tell you, wait, you want to withdraw, you cannot get withdrawal, no dividend is paid,” he said.

Ante said that the current Caretaker Committee of the Lagos State Chapter of the cooperative society was constituted illegally without due process of a congress and Annual General Meeting (AGM).

He said that the cooperative was marred with crisis and misappropriation of funds.

He appealed to the management of NNPC Limited and the Lagos State Government to work with the group in the interest of the cooperative members.

“We want to tell the world that all is not well with this cooperative society.

“We want the management of NNPC Limited, Lagos State government, Ministry of Industry, Trade and Investment to cooperate with us.

“Monies have been wasted, our savings have been depleted just for people to keep themselves in office and we have documents to back all these things up,’’ he said.

Mr Odey Ochicha, an NNPC Limited retiree and a former President of the Lagos State Chapter of the cooperative society, said that the group was on a rescue mission.

Ochicha, who said that the management committee was yet to hold an AGM since 2023, called for transparency, accountability, due diligence and justice to save cooperators funds.

He said that his over N10 million contributions to the cooperative was yet to be accounted for.

Mr Bob Manuel, a member of the group, said that he retired from NNPC Ltd. since 2020 but was yet to access his over N15 million.

“We have seen a lot of squandering of cooperatives investment. We are not here to witch-hunt anybody,’’ he said.

Mrs Bola Babalola, another NNPC Ltd. retiree and member of the group, frowned at alleged unfettered access to the cooperative funds by the members and misuse of members’ savings without proper accountability.

Babalola, who retired in 2021, said that the management committee of the cooperative was illegally constituted.

“The caretaker committee has been running the cooperative with impunity and without proper information and concern for the members,’’ she alleged. (NAN)(www.nannews.ng)

Edited by Kadiri Abdulrahman

By Muhammad Nur Tijani

The Kano State Board of Internal Revenue (KIRS) is targeting an Internally Generated Revenue (IGR) of N200 billion through a tax reform that leverages the National Identification Number (NIN).

The Executive Chairman of KIRS, Dr Zaid Abubakar, made this known while addressing stakeholders at a recognition ceremony for individuals and organisations whose efforts have supported the agency’s achievements despite prevailing challenges.

According to him, KIRS has made significant strides since 2024 in the areas of tax compliance, revenue generation, and efficient service delivery, due to sustained reforms and support from relevant partners.

One of the notable milestones, he said, was the deployment of a new electronic tax system which integrates the National Identification Number (NIN) as a prerequisite for registration.

“This system has contributed to the steady increase in NIN enrolment in the state. As of today, we have recorded 10.2 million NIN enrolees in Kano,” he said.

The chairman added that KIRS was on a mission to register no fewer than two million taxpayers, each contributing a minimum of N100,000 annually, which would generate an estimated N200 billion in Internally Generated Revenue (IGR).

“We have been deliberate in ensuring that our tax system incorporates the NIN to eliminate identification challenges. With a robust database, we can ensure transparency and accountability in tax administration,” he said.

He said Kano is currently trailing only Lagos State in terms of tax revenue but expressed confidence that Kano would surpass Lagos due to its population advantage and ongoing reforms.

“Imagine having six million registered and active taxpayers in Kano each contributing N100,000 annually – that would give us N600 billion annually, which is a huge sum,” he said.

The KIRS boss reaffirmed the agency’s commitment to boosting IGR in Kano and commended Governor Abba Kabir-Yusuf for providing the necessary support, cooperation and an enabling environment to drive reforms in the sector.

The News Agency of Nigeria (NAN) reports that Isa Yargaya, emerged as the Staff of the Year, receiving a cash prize of N1.5 million and a Renewed Hope house from the state government.

The second runner-up, Zaradeen Umar, received N1 million and a Renewed Hope house, also donated by the state government.

Ten other outstanding staff members were also recognised and received awards. (NAN)(www.nannews.ng)

Edited by Sadiya Hamza

By Ese William

The newly elected President of the African Development Bank (AfDB), Mr Sidi Ould Tah, has pledged to serve the continent with humility and a deep sense of duty.

Tah said this in his acceptance speech delivered before African finance ministers, governors of the bank, and dignitaries at the AfDB Annual Meetings in Abidjan, Côte d’Ivoire on Thursday.

He expressed profound gratitude to African nations for the confidence reposed in him.

“It is with great humility and a sense of responsibility that I speak to you at this special moment.

“I will like to thank Africa for the trust it has placed in me. I fully appreciate the responsibility and duty that come with it,” he said.

He paid special tribute to his home country, Mauritania, and President Mohamed El-Ghazaouani, whose strong support and diplomatic outreach were instrumental in securing his election.

“I thank my country and President El-Ghazaouani, who supported my candidacy and made tireless efforts to ensure the success we have just witnessed,” he said.

The new AfDB president also acknowledged the unwavering solidarity shown by Africans across the continent and extended heartfelt appreciation to his campaign team for their commitment throughout the election process.

“I will like to make a special mention of my team, who did a remarkable job from beginning to end. I express my deepest gratitude to them,” he said.

While he recognised the many individuals and groups who supported his candidacy, Tah emphasised that the time for celebration was over and called for immediate action.

“Now, let us go to work! I am ready,” he said.

The News Agency of Nigeria (NAN) reports that Tah succeeds Dr Akinwumi Adesina.

Adesina had served two successful terms and was widely praised for expanding the bank’s capital base and amplifying its development impact across the continent.

Experts say Tah’s tenure begins at a time when the continent was grappling with multiple economic challenges, including climate shocks, debt distress, and the urgent need for sustainable infrastructure financing.

As he steps into this pivotal role, expectations are high that Tah will continue to strengthen the AfDB’s role as a cornerstone institution for Africa’s development and integration. (NAN)(www.nannews.ng)

Edited by Kadiri Abdulrahman