Month: June 2024

Some residents of Ado, One Man Village and Masaka in Nasarawa State, have commended President Bola Tinubu’s efforts in fixing the nation’s economy.

The residents made the commendations in separate interviews with the News Agency of Nigeria (NAN) in Mararaba.

While some residents hailed Tinubu for what he had done in his one year in the office, others urged him to do better in repositioning the country.

One of the residents, Mr Okoronkwo Okechukuwu, Chief Executive Officer of Okeson Industrial Chemicals, said Tinubu’s first year has been a ‘mixed bag’.

According to him, it is too early to judge his leadership, because he is still trying to correct past mistakes, so we should pray for him and his administration.

‘The challenges faced by the President are enormous, and the fluctuation of the dollar is critical to the Nigerian economy, this has also affected business.

‘My business is something we buy with the dollar, and as the dollar increases the prices of goods go high which affects the business badly,’
he said.

Okechukwu said that in spite of these challenges, Tinubu has the potential to do better and therefore sought prayers for the President.

‘I believe he can do better. His leadership will be better than the last leadership, therefore, fellow Nigerians, I urged us to pray for the government and those in authority and for President Tinubu.

‘This is because if he does well, it is for the betterment of us all,’ he said.

Similarly, Mr Graham Eberechukuwu, a resident of Masaka, said that Tinubu’s first year had been a tale of two halves.

Eberechukwu, who expressed concern over the price of fuel that has gone higher than it was before now, acknowledged the progress made by the President in reducing terrorism.

‘As a country, the rate of terrorism has reduced, and this is the area that President Tinubu has impacted well,’ he said.

He advised Nigerians to be self-reliant saying,’ We cannot rely on the government alone. We need to be self-sufficient and find ways to overcome our challenges.’

Also, Mr Tosin
Owolabi, a resident of Ado and a dealer on second-hand clothing, expressed optimism in spite of the challenges.

‘We are still keeping the faith, in spite of the challenges. Tinubu promised to improve the livelihood of Nigerians and we are waiting to see the results,’

Owolabi, who acknowledged the difficulties faced by the citizens, urged them to exercise patience as things would be better soon.

Meanwhile, Miss Patience Abraham, a fashion designer, lamented that the economic hardship was caused by the removal of fuel subsidy.

‘The first month Tinubu assumed office as the President, the first thing he did was to remove fuel subsidy, and that caused a lot of economic breakdown.

‘This however, led to the increase of price of commodities in the market,’ she said.

Abraham said the economic situation had affected her business seriously, adding that it called for an urgent action to fix the country.

‘The fabrics I got for as low as N1,000 are now N2,500, and it is making the business unprofitable, and clients
are complaining.

‘Before, you can make a dress for N5,000, but now you cannot make that same dress for N10,000 because of the high cost of sewing materials,’ she said.

Abraham said the high cost of transportation was also a major challenge, adding that it had contributed to the high cost of things generally.

‘A common man can no longer feed three times a day now in Nigeria. A ‘mudu’ of beans is now N2,300, as against N800. Things have not been easy.

‘As Tinubu marks his first year in office, I hope for a better future.

‘Let us keep praying, work hard and hope that as the years go by the president will try to fix the country,’ she said.

Source: News Agency of Nigeria

Some traders in Niger have decried the closure of the roadside market located in Madalla, along Abuja/Kaduna expressway, as ordered Gov. Umaru Bago.

The traders conveyed their displeasure in separate interviews with the News Agency of Nigeria (NAN) on Friday in Madalla.

NAN reports that the closure followed reports of frequent accidents on the road that always led to loss of lives.

Policemen were seen chasing marketers and preventing them from displaying their wares for business.

Mr Solomon Eze, a trader, told NAN that the notice given to them was short and too sudden for government to chase the traders away.

‘I came to the market to display my okrika (thrift) for sale only to see Police officers chasing people around,’ he said.

Another trader, who preferred to be identified as Mama Amina, decried the decision by the government to relocate them to where she described as a ‘bushy surrounding.”

She said that the new place (market) was not conducive and spacious enough for the traders; hence the reluctan
ce to relocate from the express market.

‘In actual sense, government is supposed to build a modern market within this area, knowing quite well that the population is growing and the environment is attracting more people everyday.

‘The new place that government is asking us to go needed to be cleared, ‘ Amina added.

Meanwhile, Hajiya Maijidda Nuhu, a trader on food stuff, said she was delighted over the decision by the governor to close the market, saying it was a welcome idea.

‘The decision is a timely intervention by the government; because the space is now too small for the traders that were growing in number by the day.

‘The traders have taken over the roads; making it difficult for free movement of vehicles with leads to frequent accidents.

‘It has always been a terrible situation whenever drivers loss control within the market.

‘We have had severe cases of accident and we should be happy for the government’s decision to relocate us from here, ‘she said.

Nuhu said she lost her husband 20 years ag
o as a result of an accident that occurred within the market.

‘I would have also lost my life alongside my husband if not for God.

‘As you can see, my face and hand are with scars; this is an unforgettable scar for me; it always reminded me of my late husband.

‘I am happy with the government for relocating the market to a safer place; the marketers don’t understand that the government’s decision is for our own good.

‘More so, the government has provided a place which is a better space behind, just few steps away from here,’ she added.

Nuhu made an appeal to the state government to ensure that the new location was developed to be standard and conducive enough for the traders.

Source: News Agency of Nigeria

The Financial Reporting Council of Nigeria (FRC) and its partners have launched the Small and Medium Enterprises Corporate Governance Guidelines (SME-CGG) to ensure business sustainability beyond their founders.

FRC launched the Guidelines in collaboration with Integrity Organisation, UN Global Compact Network Nigeria and sponsored by MacArthur Foundation in Abuja.

Dr Rabiu Olowo, Executive Secretary of FRC, at the issuing and unveiling of the guidelines, said that SMEs contribute over 50 per cent to the GDP of the country.

It also employs millions of citizens who are instrumental to innovation, fostering entrepreneurship and growth.

Olowo further said that unlocking the potential of SMEs required good corporate governance practices,involving a structure through which objectives of a company were set.

‘SMEs are an incredible sector to improve growth, reduce poverty, and promote social progress.

‘We believe that governance to SMES is very key. There is a myth that the problem of SMEs is finance, which is
not entirely true.

‘A well ran SME is well governed with the principles of succession planning, risk management well put in place which will promote the ability to live in the future.

‘We believe that with this SME-CGG, SMEs will live beyond their founders and this document will go a long way to contribute to the future of our SMEs,’ he said.

Key components of the SME-CGG, Olowo said, included a board structure and responsibilities, risk management,corporate governance policies and procedures,financial oversight, and stakeholder engagement.

Other components, he mentioned, were ethical conduct and compliance, succession planning and family-owned enterprises.

The executive secretary added that the guidelines were not mandatory, but would be a key distinguishing factor to access capital, living in short, medium or long term.

‘Looking at all of these,even without its mandatory feature,I believe it is a must have for every SMEs.

‘By adopting these guidelines, SMEs will be better positioned to attract invest
ment, build trust with stakeholders, and enhance their competitive edge.

‘The launch of the Nigeria SME-CGG is an opportunity to set a new standard for how our SMEs are run, ensuring they are well-equipped to compete on a global stage,’ Olowo said.

He called on the relevant stakeholders to embrace the guidelines and remain committed to its implementation.

Ms. Ayotola Jagun, Co-Thematic Lead, Anti-Corruption and Governance, UN Global Compact Network Nigeria, said that partners working in synergy could create an ecosystem where responsible business practices and sustainability were not ignored.

‘The future of the Nigerian economy rests on the shoulders of these SMEs and by empowering them to be committed and ensure sustainability, we can create a future that is prosperous,equitable and environmentally conscious.

‘I urge SMEs and relevant bodies to adopt the SME-CGG to achieve the Sustainable Development Goals,’ Jagun said.

Mr Soji Apampa, Chief Executive Officer of Integrity Organisation, said the guideli
nes created an opportunity for SMEs to access incentives for their businesses.

Mr Osita Ede, Head of Finance Service Cluster, Lagos Chamber of Commerce and Industry (LCCI), said that apart from business capital, investors were also interested in a good governance structure of a business.

‘Investors are interested in companies raised on a good track record, equity,a good team, a clear vision and commitment to responsible practices.

‘Good governance enables businesses to equally help SMEs to demonstrate these qualities,’ he said.

Ede, also Chief Product Officer of Fidelity Bank, pledged LCCI and the bank’s commitment towards creating more awareness on the SME-CGG.

He said that Fidelity Bank was putting measures in place to launch Fidelity SME hub, a one-stop shop for SME solutions.

Ede added that they would incorporate the SME-CGG in their capacity building programmes.

Mr Oryiman Alu, from the Small and Medium Enterprises Development Agency of Nigeria, said that the problems of SMEs included access to f
unding, insecurity,among others.

Alu said there was the need to engage stakeholders at the state levels to be part of the national programme aimed at improving businesses of SMEs, encourage inclusivity and addressing their challenges.

Source: News Agency of Nigeria

The Controller General of Nigerian Correctional Service(NCoS), Haliru Nababa, has appointed Ibrahim Usman as the new Controller incharge of FCT Command.

The newly appointed FCT command controller, Usman Ibrahim assumed duty on Friday in Abuja.

Ibrahim took over from John Francis, who was recently redeployed to Kaduna State Zonal Headquarters.

Francis while handing over thanked the officers of the command for their support and urged them to extend the same gesture to Ibrahim, whom he believed would take the command to greater heights.

On his part, Ibrahim expressed confidence for a mutual working relationship towards achieving the mandate of the service in FCT.

The News Agency of Nigeria (NAN) reports that Ibrahim was enlisted into the service in 1990 and had served in 14 Custodial Centres.

Until his deployment as Controller of Corrections, FCT Command, Ibrahim was the Controller of Corrections in charge of Operations at the National Headquarters.

Source: News Agency of Nigeria

The Construction and Civil Engineering Senior Staff Association (CCESSA) and National Union of Civil Engineering Construction Furniture and Wood Workers (NUCECFWW), have threatened to stop work on major roads due to some crises.

The unions affiliated to the Trade Union Congress of Nigeria (TUC) and the Nigeria Labour Congress (NLC), represent the senior and junior staff in the construction industry.

The National President of CCESSA, Ayodeji Adeyemo, and the NUCECFWW President Stephen Okoro, at a news conference on the state of the construction industry on Friday in Abuja, raised alarm over the plight of construction workers.

According to Adeyemo, the construction industry is the second largest employer of labour in Nigeria after the Government.

He, however, expressed concern that a lot of workers were being laid off by construction companies and the trend was creating a crisis in the sector.

‘About 30,000 workers have lost their jobs and about 52,000 workers may lose their jobs if care is not taken.

‘Ov
er 20,000 have already lost their jobs in the last three months and 32,000 will also lose their jobs if the conflicts are not resolved.

‘We may have no choice but to stop work on major roads if the trend continues.

‘Some of the roads that are affected by the conflicts are roads being handled by major construction companies like RCC, Setraco, Julius Berger, Dantata and Sawoe, among others.

‘They are: Obajana road, Abuja -Kano Road, Bodo-Bonny Road, East-West Road, Lagos-Ibadan expressway, Zaria-Sokoto Road and Edo-Auchi Road.

‘When you sack people with family and other dependents, you are only calling for more insecurity in the country. Nigeria is currently grappling with insecurity, and you can imagine when 52,000 workers are laid off,’ he fumed.

Adeyemo said that the unions were also concerned with the disagreement between the Federation of Construction Industry (FOCI) and the Minister of Works.

According to him, there is a total slowdown in the industry due to disagreement between the contractors han
dling various civil construction projects for the Federal Government and the ministry of Works.

He said this was because of unilateral imposition of new standard conditions of contracts by the Minister, contrary to the existing conditions as approved by the Bureau of public procurement (BPP).

According to him, this has affected employment in the industry, leading to mass sack of Nigerian workers who are members of our unions.

Adeyemo said the unions have appealed to the Minister of Works, David Umahi, for a form of bail out to the distressed construction sector rather than any form of conflict.

‘We call on the federal government to resolve the conflict in the industry by involving all stakeholders in contract awards.

‘These are the Bureau of Public procurement (BPP), Ministry of Justice, Ministry of works, Council for Regulation of Engineers in Nigeria (COREN), Federation of Construction Industry (FOCI), among others.

‘We urge the Minister of Works, FOCI and all concerned to amicably resolve the current
conflict within 21 days otherwise, the two Unions will be compelled to declare industrial actions in the construction industry.’

The two unions called for an end to banditry, kidnappings and killings that had become so common in the country, urging security agencies to ensure the safety of the members and all Nigerians.

Source: News Agency of Nigeria

The African Development Bank (AfDB) Group President, Dr Akinwumi Adesina, has reaffirmed the bank’s commitment to continue to deliver at scale to countries in the continent.

Adesina said this at the sideline of an event to celebrate the bank’s 60th anniversary.

The event was held on the sidelines of the ongoing 2024 AfDB Annual Meetings in Nairobi.

‘On the walk of the bank, with the journey we have travelled in supporting Africa and the one yet to be embarked on, one thing is sure that we are on the right path.’

‘A journey to accelerating the development of Africa. Amazingly, in the 60 years that we have been travelling this journey, we are not yet tired.

‘Just like Kenyans always run and win in long-distance races, so are we. We are running to win for Africa.

‘In 60 years, we have not diminished; we have grown and are delivering at scale for Africa,’ he said.

The AfDB president said the bank began its journey with nine countries and advanced to 23 countries after its inauguration, but now, it counts a
bout 81 countries.

According to him, the bank’s founding fathers dreamed of promoting and accelerating the economic and social development of African countries.

While commending the founders’ vision, Adesina said, ‘Their dreams have been realised, one strategy at a time, one president at a time.

‘But it takes all of our shareholders, you, to support us in making things happen. You, as shareholders, celebrate with us today,’ he said.

Adesina said that the AfDB was a trusted voice for Africa and responsible for its needs.

He thanked various heads of state and governments for their continued support for the bank, and urged them to do more to transform the continent.

‘I would like to close this time by congratulating His Excellency, President William Ruto for the wonderful announcement you made this morning by contributing to the African Development Fund (ADF).

‘That will make you the largest contributor to that fund as a regional member. Thank you also for your bold call for a 17th fund replenishment at 2
5 billion dollars.

‘It is so important in the AfDB that the Organisation of African Units gives it a clear mandate to mobilise development financing for Africa. And we are doing so with your collective support.

‘In 2019, you, the bank’s shareholders, raised the bank’s capital 93 billion dollars to 208 billion dollars, the highest in the bank’s history since it was established in 1964. Thank you very much,’ he said.

According to the AfDB president, the bank’s staff has been its strength, moving from 10 pioneer members in 1996 to 2,092 staff members.

‘Today, from 17 to 6 countries, we all come with one goal in mind, to activate African development.

‘Our Board of Governors and Board of Directors from 81 member countries have been the guiding light of the bank,’ he said.

He said that from an initial capital base of 2.3 billion dollars, the bank now maintained a triple-A rating and was the only triple-A-rated financial institution in Africa.

Adesina said the bank took pride in its humble beginnings and its
current status as a globally respected institution, innovating and leading among global financial institutions.

‘The African Development Bank is on the hybrid path from the global capital market, first-ever by a multilateral development bank, creating a new global asset class for institutional investment.

‘It is the first and the only multilateral development bank to do synthetic decentralisation, transferring risks from our sovereign and non-sovereign portfolios to the private sector for institutional investment.

‘In 2021, AfDB was ranked the best multilateral financial institution in the world by Global Finance.

‘In 2022, the ADF, our concessional lending institution, was ranked the world’s second-best concessional financial institution by the Centre for Global Development, ahead of all eight concessional financial institutions,’ he said.

The AfDB president said the bank in 2022, was ranked the most transparent financial institution in the world by Corbett.

He said: ‘together, building on the foundati
ons laid by our founders, we have built a global financial institution focusing on the assets, bringing the wealth to Africa and taking Africa to the world.

‘Let us celebrate Africa’s development. Let’s accelerate it relentlessly. Africa deserves the best, and only the best is good enough for Africa. Happy 60th anniversary,’ he said.

Source: News Agency of Nigeria