By Kadiri Abdulrahman

The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has reiterated that  his leadership would focus mainly on the core mandate of price stability.

According to a statement from the CBN, Cardoso disclosed this recently, while playing host to the Impact Investing Community.

The News Agency of Nigeria (NAN) reports that the Impact Investing Community was led by the 14th Emir of Kano,  Muhammadu Sanusi II, who is a former Governor of the CBN.

Cardoso said that he and his team were determined to change the narrative about the CBN, and make it more impactful in the lives of Nigerians by curtailing inflation.

According to him, at the end of our tenure, we want to look back and see that our policies have positively impacted people’s lives.

He said that the community represented an excellent future for Nigeria and has the potential to transform the country’s economy.

Cardoso assured the visitors that the apex bank would collaborate with them in the direction of putting in place frameworks that will encourage investments.

In his remarks, Sanusi said that the CBN’s activities had a massive impact on the lives of Nigerians.

According to him, many people often do not know the impact of a Central Bank’s works until a Central Bank fails.

He urged the new leadership at the CBN to work persistently at driving down inflation rate, which he said had severely impacted the wealth of individuals.

Sanusi acknowledged the importance of long-term planning by the CBN in achieving its goals.

He emphasised on  the need for the fiscal authorities to focus on agriculture and education, especially for the girl-child.

Sanusi pledged his continued support, along with the Impact Investing Community to the CBN in achieving its goals.

Also speaking, the Chairperson of Impact Investing Community, Mrs Ibukun Awosika, said that the team was at the CBN to register its willingness to support the apex bank.

Awosika said that the organisation would support the authorities in changing Nigeria’s investment climate, by redirecting resources to areas where they will make the most positive impact.

According to her, over 200 trillion dollars is available around the globe as investment funds, with Impact Investing controlling one trillion dollars of that sum.

She further said that Impact Investing, with a presence in over 41 countries, was willing to blend with traditional investment practitioners to make an impact in the country.

Awosika sought the support of the CBN to enable the body to achieve its goal.

Dr Bala Bello, CBN’s Deputy Governor, Corporate Services, underscored the importance of investment, saying that global capital was moving towards social investment.

Bello  said that collaboration and effective communication were vital to successfully navigating the current challenges in the country.(NAN)(www.nannews.ng)

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(Edited by Joseph Edeh)

By Kadiri Abdulrahman

TAJBank Limited, one of Nigeria’s fastest-growing non-interest banks, has won the BusinessDay “Islamic Bank of the Year Award” for third consecutive time.

This is according to a statement by TAJBank’s Managing Director, Mr Hamid Joda.

The award was presented  to the Bank’s management, represented by its Regional Head, Lagos Mr. Michael Iteye, during the newspaper’s Banking and Financial Institutions (BAFI) awards ceremony in Lagos.

The managing director of the bank said the award was a result of the hard work and dedication of staff and management of the bank over the years.

According to Joda, the Islamic Bank of the Year Award by BusinessDay to the bank this year is a clear indication that the public is aware of the remarkable strides we are making.

“We are consistently making effort to set new standards in technology-powered and value-laden services and products to our customers.

“We are happy that this award is coming barely four months after TAJBank became a leader in the Tier 1 Capital ranking.

And, posted the highest Profit Before Tax (PBT) of the non-interest banking segment of the Nigerian Exchange in half year 2023.

“As we have said from the beginning, our only interest is the customer.

“The BusinessDay newspaper’s award this year is a confirmation that we are on track in terms of innovative service delivery and value-addition to our growing customers globally,” Joda said.

He assured the bank’s customers, the regulatory authorities and other stakeholders in the financial system that the bank would not relent in its efforts to consistently offer the best as it continues to expand the frontiers of its operations for financial inclusion.

Also, TAJBank’s Executive Director, Mr Sherif Idi, said the management of the bank was excited about the award.

Idi gave assurance that the recognition would further propel the bank to do more in terms of providing innovative products and services to its customers.

“As our board and management have always said, this award is a call on us to do more in terms of innovative services and products packaging.

” I want to assure our valued customers that TAJBank will not let them down in terms of their expectations for world class services and getting loans without interest as we jointly continue to take the bank to loftier heights”, he said.

The News Agency of Nigeria (NAN) reports that TAJBank won the BusinessDay’s awards in 2021 and 2022 (NAN)(www.nannews.ng)

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Edited by Isaac Aregbesola

By Lucy Ogalue

Mr Fife Banks, an entrepreneur, has urged Nigerian investors to leverage the opportunities that the United States provides through its Employment Based (EB) platform.

Banks, who is the Managing Partner, BraveICONS Global, made the call at the EB-5 Information series 2023 Abuja Investors Brunch in Abuja on Thursday.

By Rukayat Moisemhe

British American Tobacco (BAT) Nigeria, alongside other private sector stakeholders have emphasised the need for organisations to collaborate to become catalysts for climate change and environmental preservation.

They called on stakeholders to integrate Environmental, Social and Governance (ESG) practices into their core operations.

This, they said, would foster responsible and climate-resilient business approaches, engender environmental sustainability, drive sustainable manufacturing practices and preserve the planet.

Mrs Odiri Erewa-Meggison, Director, External Affairs, BAT, during a news conference on Wednesday in Lagos, said current global realities necessitated the importance to deploy deliberate sustainability measures to preserve the environment.

According to her, private sector organisations must come together and become collectively responsible from a corporate governance perspective to become the catalyst for climate change and environmental preservation.

“As one entity, there’s only so much BAT can do and so we have to form a formidable alliance to protect the environment even as we grow our business in a sustainable way.

“The ESG forum holding in Eko hotel on Nov. 8; an industry leading initiative, is aimed at promoting sustainable and responsible business practices within the manufacturing sector.

“This forum serves to catalyse the conversation surrounding climate change, environmental preservation and how we can transform our business to give back to the society and the environment for a better tomorrow,” she said.

Mr Adamu Garba, Chief Operating Officer, Nigeria Climate Innovation Centre (NCIC), emphasised the need to bridge the gap on social and environmental responsibility and accountability.

Garba proposed that organisations could begin to declare ESG indicators just as they declared profit at the end of the year to drive accountability.

He added that Chief Executive Officers (CEO) must become accountable for environmental and carbon footprint, gender balance and equality within staff strength, among other ESG principles.

“The greatest threat facing the planet is the belief that someone else would save the planet, hence the need for this forum which would be a continuum to steer organisations to be more environmentally responsible and climate friendly.

“Less than 40 per cent of Nigerians understands what climate change is and there needs to be awareness and education around this even to the local communities.

“If you respond to ESG practices, you would manage carbon footprint, balance staff strength of organisations and be better positioned for long term sustainability and profitability,” he said.

Mr Micheal Ajayi, Country Director, Enactus Nigeria, noted that the damage of inaction when it came to sustainability was enormous, particularly with reference to the flooding situation in Pakistan and Nigeria in 2022.

According to him, potential impact of extreme weather disasters shows what happened in Pakistan is a tip of the iceberg, and the cost of inaction globally could consume a large number of lives and livelihood.

Ajayi stressed that as private sector leaders, particularly those in manufacturing, the right governance structure and technology to support the initiative must be put in place to reverse the trend of climate degradation.

“I urge the media to help private the private sector spread the news and educate everyone on the concept and importance of mitigating climate change.

“There’s also the need for the young ones to become environmental, social and governance conscious to protect the environment for the future,” he said.

The News Agency of Nigeria (NAN) reports that the collaboration is between the Manufacturers Association of Nigeria (MAN) British American Tobacco (Nigeria) Ltd. (BAT Nigeria), and the Nigerian Climate Innovation Centre (NCIC).

Others such as Nigerian bottling company, Blue Echo Foundation, Stanbic IBTC, Sterling One Foundation and Enactus, have given rise to the Pan-African private sector Environment, Social and Governance (ESC) Forum, holding in Nigeria. (NAN) (www.nannews.ng)

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Edited by Salif Atojoko

By Deji Abdulwahab

Abuja, Nov. 1, 2023 (NAN) The new Auditor-General for the Federation, Mr Shaakaa Chira, has urged the management and staff of the agency to ensure timely completion of audit assignments and submission of reports.

Chira gave the charge on Wednesday, while meeting with Assistant Chief Auditors and other officers in Abuja.

The News Agency of Nigeria (NAN) reports that the Senate on Wednesday confirmed President Bola Tinubu’s nomination of Shaakaa Chira as Auditor- General for the Federation.

This followed the adoption of a motion by the Senate Leader, Opeyemi Bamidele (APC-Ekiti), at the Committee of the Whole.

The Auditor-General, who sought for the support of the staff, urged them to deliberate on how to redeem the image of the office by playing active roles in the Office.

“I want to implore you to join hands with me on my mission to restore the lost glory of the office for the Auditor-General for the Federation.

“My clarion call to us is to always put the office of the Auditor-General for the Federation first in whatever we do and always strive to place it on good pedestal to take it to an enviable height,’’  Chira said.

According to him, members of staff should take measures that will facilitate timely completion of audit assignments and submission of reports by making staff perform optimally.

“Other measures to be taken seriously are staff welfare, discipline and posting by aligning the work and operational processes of the office of the Auditor-General of the Federation with practices and other things as are necessary to surpass public expectations.’’

Speaking on behalf of the staff, Mr Afeez  Rafiu of Revenue and Economy Planning Audit Department, expressed excitement over the maiden meeting with the new Auditor-General.

He pledged that members would give him the needed support to move the office to the next level. (NAN) (www.nannews.ng)

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Edited by BensonIzima/Isaac Aregbesola

By Kadiri Abdulrahman

President Bola Tinubu has assured genuine businesses intending to invest in Nigeria that his government was determined to create the conducive atmosphere for genuine businesses to thrive.

Tinubu, who was represented by the Secretary to the Government of the Federation, Sen. George Akume, said this in Abuja at the opening of the 2nd edition of the Africa Natural Resources and Energy Summit (AFNIS).

He warmed that the government would no longer tolerate criminal adventures and their criminal collaborators.

According to him, the government will do everything possible to lower the risks of investment by overcoming the temptation to interfere in the legitimate business operation of duly licenced miners.

“Dear investors, we are determined to create the conducive conditions for genuine businessmen.

“We welcome you and shall do everything possible to assist law-abiding businesses to operate in our country.

“However, we shall no longer tolerate criminal adventures and their local collaborators who exploit our socio-economic – environment to sabotage our nation, in the guise of bringing business.

“Those caught will face the full wrath of our laws, ‘” he said.

The president said that the said that the AFNIS event was also an opportunity to discuss new ideas and display new technologies.

” Our country does not Intend to “re-invent the wheel”.

“We hope to leverage on the advancement of technology so that our solid minerals can catch up with the world,” he said.

He called on geologists, , and all other professionals in the field, to put on their thinking caps, and establish Nigeria as an intellectual, professional and industrial hub in solid mineral exploitation, manufacture and export in Africa.

Also speaking, the Minister of Solid Minerals Development, Mr Dele Alake said that Nigeria has witnessed the transformative potential of the solid minerals sector.

Alake expressed government’s renewed commitment to effectively harness the resources for the benefit of all Nigerians.

“In Nigeria, we have witnessed the transformative potential of our solid minerals sector and the vast opportunities that lie within it.

“We are committed to harnessing these resources effectively, efficiently and sustainably to drive economic growth and create prosperity for our citizens.

” Our efforts in this direction have already yielded positive results, with increased exploration, investment, and responsible mining practices taking center stage,” Alake said.

According to him, the global energy landscape is also undergoing a profound transformation.

He said that the imperative of combating climate change was steering us towards cleaner and more sustainable energy sources driving our industrial activities towards less carbon footprints.

“We must embrace this transition, seizing the opportunities it presents for innovation, job creation, and a healthier planet.

“Nigeria, with its vast energy potential, is poised to play a pivotal role in this journey.

“We must work collaboratively to diversify our energy sources, promote renewable energy, and implement energy efficiency measures,” hesaid (NAN)(www.nannews.ng).

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edited by Sadiya Hamza

By Kadiri Abdulrahman

Minister of Steel Development, Prince Shuaibu Audu, says the Federal Government will enforce the processing of industrial raw materials locally to boost foreign exchange inflow and enhance job creation.

Addressing the 2nd edition of the Africa Natural Resources and Energy Investment Summit on Tuesday in Abuja, Audu said some pathways had been suggested that transition metals could be produced locally with requisite value addition.

He said such pathways included enforcing the processing of raw materials locally.

“Government will provide an environment conducive to investments in minerals processing plants across the country.

“This will ensure FOREX proliferation and creation of jobs for skilled and unskilled workers in the mining sector.

“We must improve promotional activities for specific minerals; we must build on several on-going initiatives to grow Nigeria’s mining sector.

“Local and global promotion needs to be intensified on lithium, gold, limestone, among others to attract investments into the sector,’’ he said.

The minister said the government would also invest in exploration of bankable data for mining.

“Government will encourage investments in the determination of large volumes and deposits of transition metals.

“We need to secure the mining environment; ensuring a secure environment through enhanced security initiatives remains one of the matters that require urgent attention.

“We need to establish host communities mineral development fund.

“This will address the challenges investors usually encounter with local communities on ownership of mineral deposits,’’ he said.

Audu noted that Nigeria’s journey in the mining sector had been both transformative and evolutionary.

According to him, as Nigeria stands at the cusp of a new era, the pursuit of value addition becomes paramount, particularly in the realm of transition metals.

“The demand for these metals, crucial in the development of green technologies, has surged globally.

“Africa’s potential to meet this demand is vast, yet largely untapped.

“The key lies not only in extracting these metals, but in harnessing our capabilities to produce and refine them locally.

“Doing so is an opportunity to foster economic growth, create jobs, and also maintain control over our resource value chain.

“By investing in domestic refining and production capabilities, we are adding value and also paving the way for sustainable development,’’’ the minister stressed.

He said collaboration between the Federal Government and sub-national governments, industry stakeholders, and investors was necessary to build a robust infrastructure, promote innovation, and instigate supportive policies that encouraged local value addition.

“Furthermore, it calls for a commitment to sustainability, incorporating responsible mining practices, and embracing environmentally-friendly production techniques to mitigate any adverse impact on the ecosystem.

“As the minister of steel development, I stand committed to supporting initiatives that foster the local production of transition metals.

“We are committed to a sustainable future that demands innovation and transformation in steel production, ensuring that our advancements align with global environmental standards,’’ Audu said. (NAN) (www.nannews.ng)

Edited by Alli Hakeem

By Lucy Ogalue

The Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) says it will reward top MicroFinance Banks (MFBs) in loan recovery under the One Local Government One Product (OLOP) scheme.

The Director-General of SMEDAN, Mr Charles Odii, said this during the Stakeholders Meeting/Signing of Memorandum of Agreement (MoA) on the implementation of the programme on Tuesday in Abuja.

The OLOP scheme is a bottom-top approach designed to promote Micro Small and Medium Enterprises development in communities by focusing on products distinctive to each locality where they have comparative advantage, and cultivating the same through value-addition into a national and global brand.

He said the aim of the meeting was to encourage MFBs and their representatives to take loan recovery seriously for economic growth and development.

Odii who acknowledged the importance of MFBs for the growth of small businesses urged the managers to embrace innovative ways of loan recovery.

”I want you all to go with this assignment. Look for innovative ways of collecting that money back, and in innovative ways, I don’t want you to harass the small businesses.

”But we will start tracking, the sooner we get results we will take it up and continue to develop on it.

”So monitor, and even evaluate the process and I am very certain that at the end of it all we will come back here smiling.

”I am going to promise you this, we are going to continue this dialogue; and I’m going to set up a reward system for the top performing banks,” he said.

The director-general commended some of the banks that were already performing well and urged others to take a queue from them.

He said: ”It is not enough to be partners if we cannot once in a while be frank about the situation on ground and we cannot achieve our purpose without everyone’s commitment.

”That is why I have given you that charge to please go and deliver your duties to the best of your abilities.

”And we will be visiting some of the states to see first hand how you are working.”

Speaking on behalf of other representatives, Mr Abdullahi Umar, Hamada MFB Kaduna, assured the director-general that they would continue to put in their best and ensure recovery of the loans.

“One of the major challenges is the mindset of the people, who think the loan is their share of the ”national cake,” Umar said.

He called for enhanced collaboration between SMEDAN and MFBs managers and meetings where all parties would deliberate on issues.

Umar also enjoined the agency to ameliorate the cost incurred by MFBs in loan recovery. (NAN)

Edited by Mark Longyen/Chinyere Joel-Nwokeoma