By Ginika Okoye

Federal Competition and Consumer Protection Commission (FCCPC) has called on Fintech operators to adhere strictly to regulatory guidelines and partner with regulators in their operations for more global impacts.

FCCPC in its official social media handle quoted the Executive Vice-Chairman of the commission, Mr Babatunde Irukera, as making the call on Thursday at a meeting with the operators.

Irukera said that the partnership with regulators and policy makers would help increase the country’s investments.

“If the country is capturing 40 per cent of 2.7 billion dollars in investment, imagine what she will do when you partner with regulators and policy makers.

“Fintech is not just the present, it is the future. Fintech is transactional; it is the greatest instrument of financial inclusion.

“If the operators do not get together with regulators and policy makers to define what is best for all of us, it will soon become more sensible for businesses to just cite themselves across the border.

“These businesses could begin to explore the market because it is a free trade area.

“You cannot keep talking about what the regulators have not done right, but you have to get down with the regulators to create a regulatory environment that protects businesses,” he said. (NAN)(www.nannews.ng)

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Edited by Deborah Coker and ‘Wale Sadeeq

By Kadiri Abdulrahman

The Debt Management Office, on Thursday, took its Federal Government of Nigeria (FGN) Securities Issuance Awareness Programme to Asaba, the Delta State capital.

The programme, which is a collaborative effort of the DMO and CSL Securities Limited, the stockbroking firm for the FG, witnessed a large turnout of industry stakeholders and prospective investors.

Patience Oniha, Director-General of the DMO, said the programme was designed to educate Nigerians about safe investment opportunities in FGN securities.

According to Oniha, who was represented by Mr Makaizu Nwankwo, Director, Debt Recovery and Settlement Department at the DMO, investing in FGN securities is the safest place for Nigerians to grow their investments.

“The safest place to grow your investment is through the FGN securities. They help to fastrack national development, ” she said.

She said that the various FGN security instruments, which constituted the local component of country’s public debt, also contributed to developing the local financial market and deepening financial inclusion.

She listed the various investment platforms to include FGN bond, FGN savings bond, treasury bills, the green bond, and the Sukuk bond.

She said that the FGN savings bond was specifically designed for the retail investors to benefit, while supporting government to raise funds and also supporting development of the financial market.

“One function of these FGN securities is to raise capital to finance deficits in the budget, and also to raise funds to execute critical infrastructure projects.

“FGN securities also contribute to the development of the domestic capital market, and they serve as a benchmark for other private institutions to issue their own securities.

“They are backed by full faith and credit of the Federal Government of Nigeria, and are default risk-free,” she said.

Oniha said the objective was to ensure that many more Nigerians became aware of the huge investment opportunities so they could take advantage of them.

“The purpose of this gathering is to introduce DMO to the people. Some might have read one or two things about us in the newspapers, but the Nigerian people are a very important set of stakeholders we must engage.

“Also, we have to educate the general public about the various products that we offer. We are talking of investment products similar to shares, but this is the other side of shares.

“The needs of government are growing and becoming different, so, we need to get more stakeholders involved in what we are doing,” she said.

She said that the idea of getting more Nigerians to invest in government securities was to also promote and encourage financial inclusion.

“We do not want anybody outside of the banking system as much as possible. We want to encourage financial inclusion.

“It is good to keep bank accounts, but it is also good to get actively involved in the financial market, either by buying shares or bonds,” she said.

According to her, the various FGN securities constitute the local component of government borrowings which go into providing some critical needs of the citizens.

“As you know, government does borrow to execute projects. One of our objectives is to prove our ability to raise the funds that government will use to fund these projects that will benefit all of us.

“We will like you to support us by subscribing to our products so that we can transfer the funds to the government, ” she said.

According to Mr Abiodun Fagbulu, Managing Director, CSL Stockbrokers Limited, the stockbroking firm for the Federal Government, FGN securities are financial instruments issued by the DMO on behalf of the government.

Fagbulu, who was represented by Mr Richard Akinmoladun from CSL, said that FGN securities were designed to accommodate all categories of Nigerian investors.

He said that government securities also enhanced the saving and investment opportunities of the populace.

“They are mostly fixed-income securities under which the government is obliged to make payments of a fixed amount on a fixed schedule, once or twice a year, and repay the principal amount on maturity.

“Investors in fixed-income securities are, therefore, guaranteed a constant and secure return on their investments,” he said.

Fagbulu said that it had become increasingly necessary to create awareness about government securities among retail investors.

He said that ordinary Nigerians also deserved the opportunity to invest and benefit from the huge opportunities in FGN securities.

“FGN securities serve as a benchmark for other private institutions to be able to issue their own debt securities,” he said.(NAN)(www.nannews.ng)

Edited by Idris Abdulrahman

By Rukayat Moisemhe

The Nigerian Institute of Management Chartered (NIM) says a more holistic and proactive approach is critical to addressing Nigeria’s foreign exchange challenges and reinvigorating the economy.

NIM President, Dr Christiana Atako, said this at the Pre-39th Omolayole Management Lecture(OML) news briefing on Wednesday in Lagos.

The annual lecture, scheduled for Sept. 28, is in honour of a doyen of management in the country, Dr Michael Omolayole.

The event, with the theme: ‘The Interplay between Capital Markets and Economic Growth: Exploring the Dynamic Relationship’, has Mr Kyari Bukar, Managing Director, Africa Operations, Inlaks Ltd., as the keynote speaker.

The NIM President urged the government to strategically leverage the strength of the Nigerian Capital Market to address the foreign exchange crisis.

Atako, however, stated that experts must address the issue in totality; how it started, where it is currently and consider every index in dealing with such complexity.

She noted that the theme was apt and critical because of the symbiotic relationship between capital markets and economic growth.

The NIM president explained that the annual lecture, beyond being a tribute to Omolayole, would be a clarion call to policymakers, industry stakeholders, academicians, and the media to engage.

She said the event would provide the platform to craft a blueprint for a future, where capital markets and economic growth march in embrace toward shared prosperity.

“We note the steps that the current administration has taken to preach the safety and security of the business environment in the country.

“The most important thing now is to find a way to ensure the foreign exchange crisis does not escalate.

“Previous OMLs have impacted many policy formulations based on the need of the country at the time and so this time, we are looking at how we can leverage the capital market to address some economic concerns.

“NIM would continue to be the source and symbol of management excellence and in making an impact on governance, while addressing contemporary issues germane to nation building,” she said.

Also, Ms Bunmi Abejirin, President, International Association of Students in Economics and Commercial Sciences (AIESEC) Alumni, pointed out that the Nigerian Exchange Ltd. (NGX) has experienced a twelve-year high.

This, she said, was a pointer to the happenings in that sector.

Abejirin stated that the 39th OML would unveil how the NGX All Share Index (ASI) would impact individuals and businesses.

“While the government is doing all it can to address foreign exchange issues, Nigerians must consciously cut their roles in the crisis by beginning to have a taste for everything made in Nigeria,” she said. (NAN)(www.nannews.ng)

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Edited by Kamal Tayo Oropo/Olawunmi Ashafa

By Joshua Olomu

Veritas Kapital Assurance has announced Net Premium Income of N2.699 billion for the 2022 financial year, which translate to a marginal one per cent growth compared to N2.675 billion in 2021.

The Chairman of the Board of Directors of Veritas Kapital, Mr Nahim Ibraheem, said this on Tuesday Abuja at the 46th Annual General Meeting (AGM) of the company.

According to him, the company recorded a 28 per cent reduction in Gross Premium Written (GPW) to N4.37 billion compared to N6.055 billion in 2021.

This, he said , was a result of the strain on operations attributable to the adverse economic environment in the year under review.

“According to the company’s annual report for the year under review, Profit before Tax (PBT) grew to N219.77 million in 2022 from N36.31 million in 2021, which signifies a growth of 505 per cent.

“The report however shows a decline in Profit after Tax (PAT) from N331.24 million in the prior year to N170.13 million in 2022.

“The board chairman noted in his report that ”Shareholders’ equity grew organically by three per cent from N9.320 billion to N9.625 billion in 2022 as total assets declined by per cent from N14.551 billion in 2021 to N13.996 billion in 2022,” he said.

He noted that although the general economic challenges the country was facing affected the company, adding that, the company was working hard to ensure shareholders get dividends in the next business year.

Ibraheem added that the company was strengthening business relations with notable and key players in the upstream and downstream sectors of the oil and gas industry to attract profitable business from the sector.

“The Board and management remain confident and committed as it continues to leverage several key fundamentals in its activities to provide reasonable returns to shareholders.

“Efforts are in high gear to enhance the perception and awareness of the Veritas Kapital Assurance brand geared towards further penetrating the market.

“Your company has re-strategised and has taken deliberate steps to compete favourably while retaining more premiums from the highly lucrative energy sector,” he said.

He said that in the same connection, the strategy to strike a balance between overexposure to capital and total risk aversion in making business decisions remained germane.

“We are well-positioned to take full advantage of the prospects while maintaining excellence and affordable cover for our customers and the insuringpublic.,” he said.

Earlier, shareholders commended the board and management of the company for remaining steadfast in steering the affairs of the company amidst the prevailing economic challenges facing the sector.

They expressed delight that although no dividend was paid during the period, the company was able to pay its clients all their claims during the period under review.(NAN)(nannews.ng)

Edited by Dorcas Jonah/Isaac Aregbesola

By Justina Auta

The Nigerian Economic Summit Group (NESG) says mobilising finance in high-growth sectors  is critical towards achieving sustainable development in Nigeria.

Dr Olusegun Omisakin, Director of Research, NESG, gave the advice in a statement in Abuja, ahead of its 29th economic summit (NES 29), scheduled for Oct. 23 -24.

“Efforts should focus on domestic revenue mobilisation by expanding the tax net and improving collection efficiency.

Omisakin explained that Nigeria should leverage a compelling portfolio of competitive investment-grade projects and social investment programmes to access and deploy financial resources in support of sustainable development initiatives.

“Promoting innovative financing mechanisms, strengthening public and private financial institutions, and enhancing public-private partnerships are essential for mobilising the necessary funds.

” Hence, it is crucial to shift Nigeria from a predominantly government-led funding approach to a private sector-led investment-driven economy, while also improving transparency, efficiency, and accountability in public revenue and expenditure.”

He said the forthcoming NES 29, themed: ” Pathways for sustainable economic transformation and inclusion,” was in view of the urgency of translating economic growth into improved and sustainable living standards for all citizens.

He explained further that the summit theme hints at Nigeria’s potential for sustainable development, leveraging innovative policies, robust institutions, strategic infrastructural investments, and human capital development. (NAN)

Edited by Idris Abdulrahman

By Salisu Sani-Idris

The Federal Government, in partnership with WEMA Bank, has concluded arrangements to train two million youths on digital skills.

The Director of Information, Office of the Vice President, Mr Olusola Abiola, made this known in a statement on Monday in Abuja.

He said the training is in furtherance of the Federal Government’s pledge to support the job creation agenda of the Tinubu administration.

“WEMA Bank, in partnership with the Office of the Vice President, has concluded arrangements to commence an initiative that will impact two million youths and one million Micro, Small and Medium Enterprises (MSMEs) across the country.”

He said that the Managing Director of the bank, Mr Moruf Oseni, during a courtesy visit to the Vice President, Kashim Shettima, presented an update report to him on the programme.

“The delegation was at the Villa to brief the Vice President on the progress made in the implementation of the FGN-ALAT Digital Skill-Novation Programme, which is an initiative of a partnership between government and the bank.

“This is with a view to training two million youths and empowering one million Micro, Small and Medium Enterprises (MSMEs) across Nigeria.”

Shettima lauded the commitment and partnership of the bank for the initiative.

“I will call on you to be above board. You are a good organisation. I want to thank you most sincerely for your initiative and commitment, be rest assured that we will fulfill our own part of the bargain.”

In an interview with State House correspondents, the bank’s MD, Oseni, said they were at the Presidential Villa to brief Shettima on how far they have gone on the FGN/ALAT project.

“Vice President was very happy, and shortly you will hear from his office of how we want to progress with this programme, part of this is to help create innovation hubs across the country for us,” Oseni said.

“Mr president came out with a very bold and audacious plan on how to revive the Nigerian economy. The banks are a key player and we will put in our best to actualize this.

“If Nigeria does well, the financial institutions will do well. Mr. President is 100 per cent on track and we are totally in support of his administration.”

Also, Mr Temitola Adekunle-Johnson, the Senior Special Assistant to the President on Job Creation and MSMEs, said the significance of the collaboration cannot be overemphasised.

“There is power in partnership. Private sector and the public sector coming together can always do more for the people.

“Mr. President’s ‘Renewed Hope’ agenda cannot be achieved by the government or private sector alone as it requires all hands on deck.

“So, we dug deep into the private sector to see how they can actually play their own role. In the first instance, they agreed to partner with us on skills acquisition and in other aspects of the scheme that we plan to implement.”

The FGN/ALAT Digital Skill-Novation Programme will be formally launched by the Vice President on the 29th of September at the State House Banquet Hall, Abuja.

Also present at Monday’s meeting were Mr Tunde Mabawonko, Executive Director, WEMA Bank; Mr Bamidele Adefemi, Head of Federal Public Sector, and Mr Chioma Onuaguluchi, Regional Manager, Wema Bank, Abuja. (NAN) (www.nannews.ng)

Edited by Vincent Obi

By Rukayat Moisemhe

Dr George Akume, Secretary to the Government of the Federation (SGF) has solicited the support and understanding of all and sundry to get the nation’s economy out of the doldrums.

Akume, represented by Dr Dapo Oyedemi, Senior Special Adviser to the SGF, made the call at the Nigerian Institute of Management Chartered (NIM) 2023 Annual National Management Conference on Monday in Lagos.

The News Agency of Nigeria (NAN) reports that the event had as its theme: “Managing Nigeria’s Path to Sustainable Economic Growth and Prosperity: The Challenges before the New National Leadership.”

The SGF noted that the theme was apt and relevant towards charting a new course and national rebirth for the country in line with the eight-point agenda of the federal government.

He recalled that President Bola Tinubu unveiled an eight-point agenda to turn around the economy and make life comfortable for all Nigerians.

These include: food security; ending poverty; economic growth and job creation; access to capital; improving security; improving the playing field on which people and particularly companies operate; rule of law; and fighting corruption.

Akume said concerted efforts was being made by the Federal Government in all critical sectors to get the economy up and running and deliver the dividends of democracy.

“By the theme of this year’s conference, the Institute has further demonstrated that it is committed to supporting the Federal Government in achieving its drive to reposition and turn around the nation’s economy.

“I can boldly tell this gathering of professional managers that the Bola Tinubu-led administration is in a haste to make a mark and will not disappoint in this daunting, but surmountable task.

“While we plead for more time to implement our eight-point agenda, we equally solicit the support and understanding of all and sundry to get the economy out of the doldrums,” he said.

Akume urged the NIM to improve its visibility at public sessions of the National Assembly to make more robust professional management input that would be most relevant in the public domain.

“To truly set Nigeria on the path of greatness and prosperity, good leadership built on enduring democratic principles must be on the front burner and our collective consciousness always.

“I, therefore, call on the Institute to ensure that the code of conduct becomes a culture for all Nigerians through their interaction and collaboration with the National Orientation Agency (NOA) and other relevant agencies that will support this cause.

“If all Nigerians align themselves with the Institute’s code of conduct, Nigeria shall become an enviable nation,” he said.

In her remarks, Dr Christiana Atako, President, NIM, noted that President Bola Tinubu, inherited a fractured and weak economy when it took over the reins of leadership in May this year.

Atako commended the present administration’s efforts to taking on the numerous problems head on and finding lasting solutions to revive and revamp the nation’s economy.

She noted that the unveiling of his administration’s eight-point agenda showed that the administration has commenced work.

Atako, however, noted that government’s decisions on fuel subsidy and to float the Naira which came with some pains required measures to mitigate the effects of the decision on the most vulnerable members of society.

“The Institute admonishes the Federal Government to continue working closely with labour and civil society organisations, community leaders, and other stakeholders.

“This is to ensure that meaningful remedial programmes are put in place to help the citizenry to cope with the new economic realities.

“In all, the administration should focus on implementing policies that will promote economic growth, job creation, and poverty reduction.

“This could include diversification of the economy, getting the nation’s refineries up and running again, investments in infrastructure, education, and healthcare, as well as measures to attract foreign investment and promote entrepreneurship.

“The Institute enjoins Nigerians to join hands with the Federal Government by supporting its good economic policies.

“Nigerians can overcome the effects of subsidy removal on their daily life through budgeting, increasing productivity, reducing consumption, embracing local goods, and seeking alternative transportation,” she said.

Atako said that while the masses were tightening their belt as a result of ongoing economic policies, it was only moral and rational that those in government make conscious effort to reduce the cost of governance.

She said frivolous and avoidable expenses must be shunned at all cost to show equal sacrifice and commitment to resuscitate the economy on both sides to promote unity of purpose between the governors and the governed.

“We need to review and reinvent our version of democracy, find ways of adjusting it and ensure a system and a structure that guarantee that the citizens, rather than their representatives, are the primary focus and beneficiaries of the dividends of our democratic system,” she said.

NAN reports that the NIM also unveiled the Journal of Management Professionals (research journal on management practice in Nigeria). (NAN)(www.nannews.ng)

Edited by Remi Koleoso/Ekemini Ladejobi

By Ikenna Uwadileke

The Nigerian Export Promotion Council (NEPC) on Monday in Abuja, empowered 35 women entrepreneurs on packaging and labeling of shea products.

The News Agency of Nigeria (NAN) reports that NEPC organised the two-day training in collaboration with the International Trade Centre (ITC).

Dr Ezra Yakusak, the Executive Director and CEO of NEPC, said that the training was essential in equipping the women with the knowledge to develop appropriate packaging and labelling solution.

According to Yakusak, in today’s global marketplace, packaging and labelling play pivotal roles in determining the success of non-oil exportable products.

“They are the first impressions products make on our customers, the stories we tell through our branding are the crucial elements that enable us to stand out and compete globally.

“However, we acknowledge the challenges that many businesses face in this regard.

“It is not merely about understanding the importance of good packaging and labelling but building a sustainable packaging system.

“When you are starting something for the first time, you need to figure out how to begin and understand the complicated steps.

“You also need to make choices that align with your customers’ needs and specific market requirements for the market,’’ he said.

The NEPC boss further said that the workshop would provide valuable guidance to shea product processors, distributors, cooperatives, traders packing shea products in bulk, semi-bulk for hotels and restaurants, retails, and e-commerce.

“In doing this, we aspire to enhance the efficiency, profitability and sustainability of your businesses.

“Our approach is like a roadmap to prevent mistakes when improving your packaging.

“It saves time and money by doing things correctly from the start, instead of trying different things and learning from errors,’’ he said.

Yakusak urged the participants to utilise the opportunity to improve their businesses.

“The knowledge you gain here will be a contributory driving force behind the success of your businesses.

“So, let us embark on this journey together, exploring the world of packaging and labelling, and charting a new course toward greater success and sustainability in the shea beauty sector,’’ he said.

Mr Frederic Couty, a packaging and continuous improvement expert at ITC, said that the programme was about supporting small and medium scale companies to improve their packaging system.

According to him, it will enable the beneficiaries to better access the market and to improve their sales, improve their profitability on the Nigerian market and also outside Nigeria.

“We look at the methodology on how to improve a packaging system and how to create a new packaging system in a cost-efficient manner doing right the first time in order to reach the targeted customer in an efficient manner.

“There are many ways to improve their packaging system.

“First is to align your strategy with the packaging system. You don’t design the packaging system for yourself but you design as an entrepreneur, you design it for your targeted customers.

“So, it is very important to understand the difference between those two components and more specifically to take your strategy and to see how this can influence your packaging system.

“This means your packaging materials is behind the graphic that you are going to develop on your products and developing good relationships with your suppliers of materials.

“Others are identifying the right type of packaging equipment to facilitate the packing of your product and then also come with the logistics and the transportation of the finished product,” he said.

One of the beneficiaries, Mr Evelyn Nduka, commended NEPC for the opportunity, saying that the knowledge acquired would enable her to align with her customers’ market requirements. (NAN) (www.nannews.ng)

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Edited by Isaac Ukpoju

By Kelechi Ogunleye/Kadiri Abdulrahman

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), has urged Nigerians to endeavour to pay their taxes to boost government revenue and improve service delivery.

The Chairman of RMAFC, Alhaji Muhammad Shehu, said this in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja.

According to Shehu, less than 40 million Nigerians are presently captured in the tax net and paying taxes.

“That is too low for a country that has more than 200 million population,” he said.

He commended the idea of a Tax Reform Committee recently set up by President Bola Tinubu.

He said that the committee would do a lot to include economic players from the informal sector into the tax net.

“There is all these debate about the informal economy.

“What this tax reform committee that we have set up will do is bring a lot of agencies together, including RMAFC. We are a member of that committee.

“We have articulated our position and we will communicate what we believe that can add value to the discussion.

“At the end of it all, we will have a better society where more people are paying taxes and the money will be utilised for better services and infrastructure so that every Nigerian can benefit, ‘” he said.

He urged the Federal Inland Revenue Service.(FIRS) to collaborate with the Nigeria Customs Service (NCS) to identify certain categories of Nigerians who evade taxes.

“There are some taxes that the government is not getting from Nigerians.

“Somebody will declare an income of N600,000 in a year but that same person will import a vehicle of N40 million into Nigeria.

“I believe the FIRS will look at all those things, aand then collaborate with the NCS for better efficiency.

” If you import a brand new car, your name, your date of birth, your address, your NIN number should all be required.

“They should place a search and see what it is that you filed last year, how much taxes you paid to the government. Thereby, they will get a lot more people to pay taxes,” he said.

He urged all Nigerians to embrace the idea of willingly paying their taxes so as to boost government’s revenue drive.

“I think it is very important for every Nigerian to try and pay their taxes because it is from those monies you get services.

“All the things that people like to tell you about clean environment, good roads, functional infrastructure in other countries, it is the taxes that citizens pay that are utilised for those services.

“People should learn to pay electricity bills, they should pay their water bills they should pay just like you pay for telephone recharge cards.

“The more you pay your taxes, the more money government has to put into road, rail construction, better hospitals, pension, social securities, and better plan to help the needy,” he said. (NAN)(www.nannews.ng)

Edited by Ese E. Eniola Williams