Day: June 1, 2024

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

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Source: News Agency of Nigeria

The Federal Government has reiterated its commitment to ensuring compliance with environmental standards by monitoring the operations of mining companies.

The Minister of Solid Minerals Development, Dr Dele Alake, stated this when he received the Gov. Peter Mbah of Enugu in his office on Friday in Abuja.

Alake said that the move was aimed at sanitising the sector and repositioning it to boost the economic profile of the country.

He disclosed that the Federal Government and Enugu had agreed to set up the state’s Mineral Resources and Environmental Management Committee (MIREMCO), to monitor mining companies’ compliance with environmental standards.

He said that the move would enhance the development of the mining sector in the state.

The News Agency of Nigeria (NAN) reports that MIREMCO is charged with overseeing the regulations of mining operations in a state.

This includes ensuring environmental standards to address land degradation, where minerals are extracted, and the sustainable and orderly developm
ent and management of mining resources.

The minister underscored the state’s significant contribution to Nigeria’s economy during the colonial era, and highlighted its potential for renewed economic growth through the development of solid minerals.

‘Now that we have our own independence of thought and action, Enugu is the way to go.

‘We are collaborating with Enugu and other states to ensure that the benefits accruable from the solid minerals sector are available to all Nigerians,’ he said.

On his part, the governor said that his administration was committed to harnessing Enugu’s vast mineral resources in partnership with the Federal Government.

Mbah thanked the minister for his accelerated actions to set up MIREMCO, which was critical to addressing the menace of illegal mining.

‘The minute the minister received my application on setting up MIREMCO, he immediately called the relevant officer and mandated him to ensure the process for the establishment of the committee is fast-tracked.

‘ We believe that
with the setting up of MIREMCO in Enugu, we will be able to curb the activities of illegal miners and those racketeering licenses,’ he said.

The News Agency of Nigeria (NAN) recalls that the minister recently held an interface with 32 governors to form a joint committee aimed at resolving mining issues, sanitising the sector, and attracting investors.

The move was part of the ministry’s efforts to seek the support of sub-national entities and engage them in ongoing efforts to reposition the sector.

Mbah’s visit was in furtherance of these engagements, aimed at creating a conducive environment for mining operations in the country to significantly contribute to Nigeria’s Gross Domestic Product.

Source: News Agency of Nigeria

A Group, Balm in Gilead Foundation for Sustainable Development (BIGIF), has urged the youth in Ondo State to take advantage of the ongoing Continuous Voter Registration (CVR) in the state.

The Programme Manager, BIGIF, Mr Nelson Akerele, made the call on Thursday in Akure.

Akerele urged all the eligible youth and first-time voters to take advantage of the opportunity, as the state prepare for the governorship election scheduled for November.

The News Agency of Nigeria (NAN) reports that the Independent Electoral Commission (INEC) had opened registration on May 27, and will run until June 5 across the 18 local government areas.

The CVR exercise allows new registrants, those wishing to transfer their registrations, and individuals with lost or defaced Permanent Voter Cards (PVCs) to obtain replacements.

According to Akerele, the CVR process is crucial for including eligible Nigerians, who have reached the voting age of 18 since the last registration exercise to ensure that they are not disenfranchised.

Ak
erele decried low turnout observed at some centers, describing it as discouraging, thereby urged all stakeholders to mobilise people for the CVR exercise, stating that, ‘your vote is your power.’

The group, which is a youth-led non-governmental organisation, is actively encouraging youths and other eligible residents to register and obtain their PVCs.

Akerele stressed the importance of inclusive political participation for building a stable society and developing policies that address the needs of younger generations.

He called on the youth to engage in community and national life, contributing to the country’s future through creative and productive thinking.

Supported by LeapAfrica under the Nigeria Youth Future Fund, BIGIF aimed to engage youths in active participation and decision-making processes.

Akerele expressed optimisms that increase in the youth inclusion in governance will lead to inclusive development and national recovery.

NAN reports that BIGIF is a registered nonpartisan, nonprofit organi
sation focused on women and youths empowerment, good governance, policy advocacy, and citizens engagement.

Source: News Agency of Nigeria

The Interior Designers Association of Nigeria (IDAN) has urged stakeholders across the interior design ecosystem to embrace a blend of multi-generational and futuristic aesthetics and designs to drive inclusion.

The President of the association, Dr Jennifer Chukwujekwe, said that this would also help to safeguard the future of interior design in Nigeria.

Chukwujekwe made the assertion during the association’s celebration of the 2024 World Interiors Day, on Friday in Lagos.

The News Agency of Nigeria (NAN) reports that the 2024 World Interiors Day was celebrated on May 25 with the theme: ‘Bridging the gap for a better multi-generational future’.

Chukwujekwe said that the theme indicated designers’ responsibility to create spaces that would not only reflect aesthetical aspirations but also meet the functional needs of people across all ages.

She said that interior designers had the unique privilege and duty to shape environments that would foster connection, inclusivity and well-being.

According to her, d
esigns must transcend the present, anticipate the needs of future generations while honouring the legacy of those who lived in the past.

‘While trends come and go, the essence of good design is timeless, and we should strive to create spaces that blend contemporary style with classic elements, ensuring they remain relevant and appealing across generations.

‘We must embrace inclusive design principles, ensuring that our spaces are accessible and welcoming to people of all ages and abilities.

‘This includes thoughtful considerations for mobility, sensory needs and comfort.

‘Our designs should celebrate cultural heritage and diversity, reflecting the rich tapestry of our society,’ she said.

She added that, by incorporating traditional elements and local craftsmanship, designers would create spaces that would resonate with a sense of identity and continuity.

The IDAN president also emphasised the need for stakeholders across the interior design ecosystem to embrace sustainability practices and integrate tec
hnology in envisioning the future of interior design.

She said that designs should prioritise sustainability and ensure that a positive environmental legacy would be left behind.

Chukwujekwe said that, by using eco-friendly materials, energy- efficient systems, and sustainable practices, designers could create spaces that would support a healthier planet.

‘The integration of technology in our designs must be thoughtful and forward-thinking; from smart home systems to adaptive lighting and climate control, we need to ensure our spaces are equipped to evolve with technological advancements.

‘Let us commit to continuing our professional development, staying abreast of emerging trends and technologies, and always striving for excellence in our craft.

‘Together, we can design a future that bridges generations, creating environments that nurture, inspire and endure,’ she said.

Ogun State Commissioner for Women Affairs and Social Development, Mrs Adijat Adeleye, emphasised the need for stakeholders to commit t
o designing with empathy, sensitivity and inclusivity.

Adeleye said that the stakeholders should create spaces that would meet the functional needs of all ages and inspire and connect people across generations.

She said that doing so would facilitate creation of a future where generations would lead, learn and trade together, enriching communities.

‘We are united by shared love for design and our collective commitment to fostering an environment that showcases the richness of diverse generational perspectives, using our creative talents to bridge the gaps that exist between generations.

‘By doing so, we can create more harmonious and inclusive communities where everyone feels valued and understood.

‘The theme of today’s event points to an inherent challenge: the communication gap between different age groups which can lead to misunderstanding, isolation or loss of valuable knowledge and experience.

‘However, design has a pathway to address and overcome these challenges, and in creating spaces that encou
rage dialogue and interaction, we can facilitate greater understanding and cooperation between generations, ensuring that wisdom of the past is not lost,’ she said.

The commissioner added that familiar elements of design could be seamlessly integrated with cutting edge technologies, such as smart lighting, energy-efficient systems, and adaptive furniture to cater for the diverse needs of different generations.

She said that such blend would not only harness or preserve the cultural legacy but would also engage the younger generation by introducing them to the beauty and significance of the heritage.

The Treasurer of IDAN, Mrs Titi Fowora, said that the association was determined to be a steward of the environment by advancing the built environment in trans-generational design practices.

‘The idea is to leave the environment better that one met it; hence, the importance of using materials that are sustainable, eco-friendly, recyclable and reusable.

‘We have to be as green as possible, as forward-thinking
as possible, and design not just for ourselves but design for the future so that people do not feel the need to constantly re-invent the wheel or re-design,’ she said.

Also, Dolapo Amole, Professor of Architecture, Obafemi Awolowo University, said that there was the need to fill the gaps in design created by generational differences to drive harmony, productivity, innovation and a strong community.

‘In design, bridging the gap is understanding the differences, adopting technology, providing variety of spaces, amenities and opportunities and an inclusive process to preserve the future of design,’ she said.

Source: News Agency of Nigeria

The Association of Investment Promotion Agencies of West African States (IPAWAS) says ECOWAS’ facilitation of the resuscitation of its hitherto moribund statute will engender sub-regional investment promotion and drive economic growth.

Members of the technical committee of the association made this known in separate interviews with the News Agency of Nigeria (NAN) at the end of a collaborative meeting on Saturday, in Abuja.

Abayomi Salami, Chairman of the Technical Committee and Deputy Director, Nigerian Investment Promotion Commission (NIPC), explained that the meeting was essentially for the member states to align their efforts, streamline regulations, and promote cross-border investments.

He said that the event was basically informed by the need for member states to be united to maximize their potentials and opportunities to promote and facilitate foreign direct investment into the West African region.

‘That was the main objective of setting up these high powers, having realized that it was actually se
t up in the year 2008, and for one reason or the other, it could no longer function.

‘So, for this, we had the mandate of ECOWAS because the ECOWAS Commission mandated IPAWAS and the Nigerian Investment Promotion Commission to resuscitate and institutionalize the body,’ he said.

Also speaking, Liberia’s Margaret Kawala, described the outcome of the deliberations as a win-win situation for the association and participants, who had spent days toiling to craft out something that they could call their own.

‘It is like a win for all of us, who have participated in this process, because all the past few days, we have been engaging, networking in crafting something that we can take ownership of.

‘So it’s a sense of pride. It comes to a sense of ownership for us. So it’s a win for us,’ she said.

Mr Bruno Jauad, Director of Investments, Republic of Guinea-Bissau, said: ‘This is a very important process because we are trying to attract more investments to our region.’

Edward Ashong-Lartey and Eugenia Okyere, Dir
ector, Ghana Investor Services, and Head of Research, respectively, were upbeat about the positive outcome of the meeting and its recommendations.

‘You know, we’ve just concluded the AfCTA protocol on investments, and as investment promotion agencies, we’ve taken note of the provisions and aligned it to our investment promotion efforts, as well as our regulatory regime for high powers.

‘I’m very happy because I was there in the beginning and then somehow it became dormant. So this meeting which has revived it is very heartwarming.

‘And I can confirm that whatever we are going to do as an association, and as independent investment promotion agencies, are totally aligned with the provisions of the AfCFTA protocol,’ Ashong-Lartey said.

On her part, Okyere said: ‘Where we are now, I think that combining it with what AfCFTA holds, we would make great impact if the high powers come to stay.’

Gambia’s investment and export promotion agency boss, Ousainou Senghore, said that the activation of the high powers was
in sync with the AfCFTA protocol, adding that when members promoted their individual countries, they would take ECOWAS as a market.

‘We really need to thank ECOWAS for taking the initiative and bringing us together.

‘This will definitely harmonize our laws, including creating a conducive business environment and also build an informal bond among ourselves,’ he said.

Also speaking, ECOWAS Head of Investment Promotion, Peter Oluonye, explained that by this development, each member state was preparing its own environment to participate in the AfCFTA.

‘For us, our focus in this segment is on investment attraction, preparing the ECOWAS community to work together as a bloc and to leverage the common market to achieve scale and synergy in AfCFTA and in the global market.

‘So it is very much in sync with the goals of the AfCFTA. We are to prepare our people, we are to strengthen our integration and we are also to align our member states together,’ he said.

ECOWAS Director, Private Sector, Anthony Elumelu, said
the work had just started, adding that as a young region, ECOWAS was looking at the future, where it would like to be, for instance, by 2050.

‘We are looking at the continental free trade, which is also to attract investment to the region and, whether we like it or not, the better you keep your region in terms of enabling the environment for others to invest, to bring in foreign direct investments, the better for you,’ he said.

Elumelu had earlier in his opening address, explained that the meeting was organized to enable the stakeholders to deliberate on the draft statute that would govern IPAWAS, shape the framework for cooperation, and engender sustainable subregional development.

He stressed that the continuous collaboration of the member states’ investment promotion agencies with the ECOWAS Commission would enable investors to accept the subregion as the most favored destination for investment drive.

Source: News Agency of Nigeria

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