By Angela Atabo

A faith-based group, Amani Muslim Women Empowerment Initiative, has awarded grants to some women entrepreneurs to boost small-scale businesses.

The Coordinator of the initiative, Hajiya Hadrat Omipidan, in her remarks at the Grant Award Ceremony on Saturday in Abuja, said that the support was part of the group’s major project for the year.

Omipidan disclosed that N250, 000 was given to each of the beneficiaries to upscale their businesses and help them stabilise against current economic challenges.

She explained that the women were carefully selected for the grant based on their dedication and hard work in the group.

According to her, the goal of the initiative is to promote self and collective developments and improve the well-being of women through empowering engagements, schemes and programmes that are in tandem with the tenets of Islam.

She said the gesture would enable more women to build momentum and connections that would foster sustainable social and economic developments.

“We started the Armani Muslim Women Empowerment Initiative, five years ago; it is about giving back to society.

“We have done a lot of projects in the past; we have gone to correctional centres; we have gone to hospitals; in fact,  last month, we did another hospital charity.

“So, that is part of our own way of giving to the society; today, we are giving grants to some of our members, because we believe charity begins at home.

“We get these moneys from our sponsors and from our members; there is nothing we get from government; it is by our personal savings, and from our sponsors.’’

Omipidan commended the sponsors for their support over the years.

“May God continue to bless them and grant them their wishes.’’

She implored governments at all tiers to help women stabilise economically.

“I am sure if our First Lady can help us with grants like this, we will be able to do more for our society.

“We have been doing so many charity outreaches; during Ramadan, we fed  no fewer than 300 widows; we gave out cash and food stuff; however, this is the first time we are giving our members grants to empower them,” she said.

Some of the beneficiaries expressed their gratitude to the group and to God for the privilege to be picked.

A caterer and a beneficiary, Sherifat Akanmbi, who is into cooking, baking and rentals of cooking utensils, thanked the group for its foresight and generosity.

“I call on every well-meaning Nigerian who can afford to do something similar to what AMANI did today to please try and give back to the society because the economy is not really smiling for everyone,” she said.

Kafayat Hassan, also a beneficiary, expressed her happiness.

“This money will go a long way in my business; so, I feel happy and I advised other women to join AMANI,” she said. (NAN)

Edited by Yinusa Ishola and Chijioke Okoronkwo

By Grace Alegba

The management of Guaranty Trust Holding Company Plc (GTCO) has refuted a circulating media report regarding its business activities and executive team.

GTCO, in a statement on Friday night, debunked all allegations from the smear media reports, while advising its customers, shareholders and stakeholders to disregard the fake news.

The statement also said that its executive management team was not under any financial or regulatory scrutiny as alleged.

According to the statement, the company is also seeking legal redress as it continues its credible banking and financial services and activities.

“Based on the incessant release of false news reports on GTCO’s business activities, results and its management team, it has become necessary to set the records straight and dispel attempts by certain groups to create a false narrative about the GTCO Brand and its Management.

“The false news articles, which are being sponsored using the media, centre around baseless allegations against the group’s business activities and its executive management.

“Being a responsible corporate citizen and a first class institution, GTCO Plc has taken swift and decisive legal actions against the various sources of these false reports, and will continue to use the full extent of the rule of law available to safeguard its reputation.

“We urge all our customers, shareholders and stakeholders to kindly disregard all the allegations being peddled through various media platforms and handles.

“Members of the executive management team will continue to operate in their full capacities as appointed and are not under any financial or regulatory scrutiny as alleged,” the statement said.

A video, which recently went viral, hurled lots of accusation on the bank’s management and called on relevant authorities to investigate the outfit.(NAN)

By Angela Atabo

Vice President Kashim Shettima has said that an ethical and morally upright society was essential for attracting investors and promotion of economic development.

Shettima, who was represented by Bashir  Maidugu, Senior Special Assistance  to the President on Legal and Compliance Matters,  Office of the Vice President, said this at a Webinar tagged: “Let’s Talk Ethics’’ on Tuesday in Abuja.

The theme of the Webinar is:“Community Engagement for Ethical Transformation, Leadership and Integrity.”

It was convened by Civil Society for Ethics and Values Development Initiative (CSEVDI) to mark the Independence Day anniversary

According to Shettima, the call was imperative because a nation’s morals are like teeth, the more decayed they are, the more it hurts to touch them.

He said that President Bola Tinubu had a lot of agenda for the growth of the nation.

He said that the Renewed Hope Agenda of the current government could not be an effective transformative policy without a sincere ethical transformation, authentic leadership and uncompromising integrity at all levels.

He added that Nigeria was in dire need of a reorientation, a repositioning of Nigeria and Nigerians with respect to the values they should hold dear in order for the nation to be where it ought to be.

“I am impressed with the organisers of this webinar because this is a responsibility of all Nigerians, as mothers, as parents, as teachers, to ensure that ethics, morals, are imbibed in ourselves, in our youth, so that we have a better society.

“This is because without a morally upright society; without an ethically upright society, there won’t be a positive economic growth.

“Investors will be very unwilling to invest in such a society.

“So, it is our collective responsibility, not only for the government, and the private sector, but the responsibility of every Nigerian, to ensure that we do things according to how they should be done.

“Not because people are looking at us; not because we want people to notice it, but because these are the right things to do. Do the right thing at all times, and then we will have a better society.’’

He reiterated that Nigeria’s seven national ethics as prescribed by the 1999 Constitution were discipline, integrity, dignity of labour, social justice, religious tolerance, self-reliance and patriotism.

“The teeth that are our morals are hurting because this code of national ethics has been observed more in the breach than in true and good faith.

“We have sunk into an ethical wilderness of despairingly unimaginable proportions.

“The totally negative value system that has resulted from abandoning the noble path of ethical conduct has had serious consequences for our individual corporate image and reputations both home and abroad,” he said.

Shettima said the first step towards the overhauling of the national ethics would be a revolutionary re-orientation of the value system of the society.

He said there was a need to embark on an authentic search for that genuine national culture that would reshape Nigeria’s core value system, national character and national image.

He urged Nigerians to be very patient with the government because it had positive programmes for the country but it required sacrifice.

Mr Tajudeen Toyin-Oke, the Secretary-General of Civil Society of the Initiative, said the organisation had been working to make Nigeria an ethical compliant society to restore the country to its lost glory.

Toyin-Oke said that Nigeria used to be a well-respected nation in the past and till date Nigerians were always top everywhere in the world.

“You go to the university, Nigerians are always top. So we felt we should do something as a civil society to augment the government’s effort.

“We decided to use the Nigerian Independence Day as a forum to be able to reach out to Nigerians by way of webinar so that we can reach out to more people.

“I have written a book on: “The Ethical Dilemma, Shattering a Board, a New Path for Ethics and Value in Nigeria” to drive home the message.

“We have approached the National Assembly to see if there is any way we can bring in a law that will encourage people to imbibe ethics and morals,” he said.

Toyin-Oke called on Nigerians to use the occasion of the indolence to make the nation an ethical compliant society.

“That is my duty, that is your duty, that is our duty. If we keep this at the back of our mind, and when we talk about ethics it is between doing right and good, and we all know when it is right.

“So let this be our yardstick as we turn a year older today as a country,” he said. (NAN)

Edited by Joe Idika

By Yunus Yusuf

The Director-General of the Budget Office of the Federation, Mr Tanimu Yakubu, has underscored the need for continuous training in the use of the GIFMIS/BPS system for efficiency.

The News Agency of Nigeria (NAN) reports that GIFMID/BPS is Government Integrated Financial Management Information System Budget Preparation Sub-System.

Yakubu emphasised this on Monday in Lagos at the training of officials of various Ministries, Departments and Agencies (MDAs) on the 2025 budget preparation using GIFMIS/BPS.

Yakubu, who was represented by Mrs Funmi Lasekan, Director of Economic Expenditure, Budget Office of the Federation, said that this system remained crucial for ensuring a well structured budget.

According to him, the training is part of the government’s ongoing efforts to address the fiscal challenges faced by the country and improve budget efficiency.

He said that the quality of the national budget was key to meeting the expectations of the Nigerian people.

“As we prepare the 2025 budget, it is essential that MDAs stay true to their mandates and ensure that their budget proposals are coherent, purposeful and aligned with the government’s vision for security and development,” he said.

The director-general reiterated that President Bola Ahmed Tinubu’s administration remained committed to overcoming the current fiscal challenges, including insecurity, limited resources, and global economic pressures.

He noted that the budget preparation process would play a significant role in fostering capital accumulation, meeting investor expectations and empowering citizens through strategic resource allocation.

He also highlighted the importance of collaboration among MDAs to align their policies and programmes with the government’s Renewed Hope Agenda and National Development Plan.

This synergy, Yakubu said, was necessary to mobilise resources effectively, enhance infrastructure, and boost economic growth.

He, therefore, urged participants to engage fully in the training for the tools needed to navigate the budget process efficiently, avoid errors, ensure transparency and accountability in the use of government resources.

“The GIFMIS Budget Preparation Subsystem is designed to eliminate bottlenecks and promote accountability, and I encourage all MDAs to take full advantage of this system as they prepare their respective budgets,” the DG added.

Also, Mr Alfred Okoh, Technical Adviser to the Director General, Budget Office of the Federation, said that in spite of several headwinds, the Nigerian economy posted positives, though lower-than-expected, growth for the 14th consecutive quarter.

Okoh said that the Real Gross Domestic Product (GDP) grew by 3.19 per cent year-on-year in second quarter of 2024, up from 2.98 per cent in first quarter same year.

According to him, this is higher than the 2.51 per cent recorded in second quarter of 2023.

He explained that growth in second quarter of the year was driven mainly by the Services sector, which grew by 3.79 per cent and contributed 58.76 per cent to aggregate GDP.

However, this sector’s contribution contracted by 0.63 per cent compared to the corresponding period of 2023.

This, he added, reflected a surge in the Industrial sector’s growth to 3.53 per cent in second quarter 2024 from -1.94 per cent in second quarter 2023.

Okoh noted that non-oil sector grew by 2.8 per cent in second quarter of 2024, slightly lower than the 3.58 per cent growth recorded in second quarter of 2023 (NAN)

Edited by Olawunmi Ashafa

By Salif Atojoko

President Bola Tinubu says his administration is retooling the economy through necessary reforms to serve Nigerians better and more sustainably.

The President said this in his Independence Day broadcast on Tuesday.

“If we do not correct the fiscal misalignments that led to the current economic downturn, our country will face an uncertain future and the peril of unimaginable consequences,” he said.

He said thanks to the reforms embarked upon by his administration, the country attracted foreign direct investments worth more than 30 billion dollars in the last year.

“Fellow compatriots, our administration is committed to free enterprise, free entry, and free exit in investments while maintaining the sanctity and efficacy of our regulatory processes.

“This principle guides the divestment transactions in our upstream petroleum sector, where we are committed to changing the fortune positively.

“As such, the ExxonMobil Seplat divestment will receive ministerial approval in a matter of days, having been concluded by the regulator, NUPRC, in line with the Petroleum Industry Act, PIA,” said Tinubu.

He saidthat this was done in the same manner as other qualified divestments approved in the sector, as the move would create vibrancy and increase oil and gas production, positively impacting the economy.

“The more disciplined approach adopted by the Central Bank to monetary policy management has ensured stability and predictability in our foreign exchange market.

“We inherited a reserve of over 33 billion dollars 16 months ago. Since then, we have paid back the inherited forex backlog of 7 billion dollars.

“We have cleared the ways and means debt of over N30 trillion. We have reduced the debt service ratio from 97 per cent to 68 per cent.

“Despite all these, we have managed to keep our foreign reserve at 37 billion dollars. We continue to meet all our obligations and pay our bills.

“We are moving ahead with our fiscal policy reforms,” he said.

According to him, to stimulate the productive capacity of the economy and create more jobs and prosperity, the Federal Executive Council approved the Economic Stabilisation Bills, which will now be transmitted to the National Assembly.

He said these transformative bills would make the business environment more friendly, stimulate investment and reduce the tax burden on businesses and workers once passed into law. (NAN) (www.nannews.ng)

Edited by Rabiu Sani-Ali

By Rukayat Moisemhe
Stakeholders have advocated legal and regulatory structures aimed at addressing business recovery challenges for economic growth, financial stability and long-term recovery.

They made the call at the Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) annual international conference on Thursday in Lagos.

The News Agency of Nigeria (NAN) reports that the event had as its theme: “Restructuring and Insolvency in Times of Economic Challenges”.

BRIPAN is an association of lawyers, accountants and bankers with bias in insolvency and business rescue.

Registrar General, Corporate Affairs Commission (CAC), Hussaini Magaji, said the utilitarian value of the concept of business recovery was more compelling now than in other times.

Magaji was represented by Terver Ayua-Jor, the Special Assistant to the Registrar-General.

He said changes in approach and in legal framework came with the promulgation of the Companies and Allied Matters (CAMA) Act No.3 of 2020 Sections 434 –549 and 718 – 727.

Magaji said the Act introduced three new major insolvency processes namely Company Voluntary Arrangement (CVA), Company Administration (CA) and Netting.

He added that the Act in section 705 (1) (d) recognised BRIPAN as one of the professional associations entitled to be given automatic authorisation to practice as insolvency practitioners by the commission.

Magaji said that in addition to the development of a framework for accreditation of insolvency practitioners, the commission issued insolvency regulations 2022 to drive the new framework.

The CAC registrar, however, noted that the current legal and administrative reforms had not translated into quantum leap in business recovery processes.

He said that in spite of the available legal reforms, less than 10 CVA & CA applications had been filed in the last three years of the issuance of insolvency regulation.

According to him, there are still more filings of the traditional processes of liquidations and receiverships.

“It is hoped that this will change after this conference creates the necessary awareness on the need to adopt business recovery as the default insolvency process as required by law- CAMA.

“This is necessary not only because it is the requirement of law but more importantly, it is the most efficient business decision to preserve income, jobs and other economic benefits to all stakeholders in the company and the economy,” he said.

The President, BRIPAN, Mr Chimezie Ihekweazu, SAN, said a lot of businesses were struggling in spite of the huge efforts by the present administration to engender positive changes to the economy.

Ihekweazu stated the need to improve some aspects of the country’s laws to support business management.

He said the association, as leaders and key stakeholders in the insolvency and restructuring landscape, was tasked with ensuring that Nigeria’s legal and regulatory structures are equipped to address these challenges of business recovery.

“BRIPAN’s capacity building programmes will continue to equip members with advanced skills and knowledge to navigate the evolving landscape of business rescue and insolvency practice in Nigeria.

“In recognition of its statutory responsibilities and its objectives, we would continue to forge alliances by strengthening its partnership with key institutions in public and private sectors as well as professional groups,” he said.

Mazi Afam Osigwe, SAN, President, Nigerian Bar Association (NBA), stressed that in these times of uncertainty, the expertise of restructuring and insolvency professionals had become most crucial.

Osigwe said that effective restructuring and insolvency processes were essential to preserving business value, protecting jobs, and fostering investor confidence.

He stated that as global and national economies experienced pressures from multiple fronts, legal and financial experts needed to collaborate to find sustainable solutions.

Osigwe added that the NBA, the largest professional body of lawyers in Nigeria, recognised the important role BRIPAN played in shaping insolvency practice in our country.

“We remain committed to working alongside BRIPAN to improve the legal and regulatory frameworks governing restructuring and insolvency.

“Our shared goal is to ensure that businesses facing financial difficulties have the best chance of survival while maintaining fairness and transparency for creditors, employees, and other stakeholders.

“It is through events like this that we can ensure the continued development of our legal and economic systems, which are so vital to Nigeria’s growth and stability,” he said.

Also, Dr Anthony Idigbe, SAN, Senior Partner, Punuka Attorneys and Solicitors, stressed the importance to organise and sensitise the insolvency environment the Nigeria, particularly on cross border insolvency practices.

Idigbe noted that while CAMA 2020 was a major leap in developing the insolvency regime in Nigeria, there were still some gaps due to lack of adoption of model law on cross border insolvency.

The adoption, Idigbe said, would make it easy to have cross border transactions and proceedings in Nigeria and create opportunities for practitioners appointed to get relief within Nigeria.

“It is important for Nigeria to have practitioners who can work across border in insolvency area.

“The other issue is that although BRIPAN is recognised under CAMA 2020, it is still yet to achieve chartered status so it must seek legislation for it to be chartered,” he said. (NAN)
Edited by Chinyere Joel-Nwokeoma

By Ginika Okoye

By Rukayat Moisemhe

Economic experts have highlighted the need to explore the frontiers that the Nigerian non-metallic industry presented as part of the country’s economic diversification agenda.

The experts spoke at the 2024 Annual General Meeting of the Non-Metallic Mineral Products Sectoral Group of the Manufacturers Association of Nigeria (MAN) on Wednesday in Lagos.

The News Agency of Nigeria (NAN) reports that the event had as its theme: “Exploring New Frontiers: Maximising the Non-Metallic Industry for Diversification”.

Dr Biodun Adedipe, Chief Consultant, BAA Consult, said that unlocking opportunities in the industry could bring sustainable diversification of the Nigerian economy, especially its external sector, within a short space of five years.

Adedipe stressed the need for Nigeria to diversify its foreign earnings in a way that built resilience into its external sector.

He said that it would help to reduce the country’s vulnerability to external shocks and occasional internal disruptions.

According to him, the benefits and prospects of the non-metallic industry with 34 minerals in 450 locations included substantial revenue to governments.

He said that it would also boost taxes, job creation, enhanced industrialisation and economic diversification.

He added that other benefits included increased foreign exchange earning, reduced dependence on imports, among others.

The economist, however, said that challenges such as policy inconsistencies, land tenure systems, responsibilities overlap between Federal and State governments, inadequate geoscience data, terrorism and banditry hindered its development.

“The value in non-metallic mineral products is much more than the hydrocarbons combined!

“The investment requirements are also not as steep as those for exploration and production of non-metallic minerals.

“The recommendations for the sector include strengthened advocacy, intensified local beneficiation, energised strategic partnerships, commodity exchanges, and government oversight of the entire value chain.

“Unlocking the opportunities therein can bring sustainable diversification of the Nigerian economy, especially its external sector, within a short space of five years,” he said.

Mr Segun Ajayi-Kadir, Director General, MAN, called for insights to uncover the vast opportunities available for the industry to innovate and expand.

This, he said, was necessary especially at this time when diversification is crucial for economic sustainability and global competitiveness.

Ajayi-Kadir said that the event was a prime opportunity to extract actionable strategies and ensure that the sector remained not just relevant but transformative in Nigeria’s broader economic narrative.

He also called for support for the sectoral incoming executives, particularly in forging partnerships to inspire innovation, growth, and a strengthened future for the Non-Metallic Mineral Products Sector.

In his remarks, Mr Afam Ukatu, Chairman, MAN, Non-Metallic Mineral Products Sectoral Group, said that the event was an opportunity to chart a bold path forward.

Ukatu said that it would help to inspire innovative approaches toward maximising the vast potential within the non-metallic industry.

He said that innovation, technology, and sustainability were key drivers of growth.

“As the government shifts focus toward economic diversification, the non-metallic industry is poised to play a pivotal role in Nigeria’s future development,” he said.

Ukatu said that in spite of the various obstacles the industry faced, ranging from infrastructure deficits and regulatory burdens to the threat of substandard imports, it remained resolute.

The chairman stated that the industry had shown resilience, and with pragmatic solutions, was preparing to compete both locally and across the continent.

“Our sector is a critical contributor to national development, especially in addressing Nigeria’s housing deficit, currently estimated at 28 million.

“This gap presents a significant opportunity for members in the production of essential materials needed to close the housing shortfall.

“We must align our efforts with national strategies to help overcome this challenge and together, we can drive our sector toward greater achievements and ensure our competitiveness on a global scale,” he said. (NAN)

Edited by Kadiri Abdulrahman