Connect with us

Business

MFBS Foresees Tough Times In 2010

Published

on

Practitioners in the Microfinance Institution in the Nigeria have predicted that the sector would face tough time this year.

This prediction is connected to the sanitisation exercise being carried out by the Central Bank of Nigeria (CBN) in the sub-sector.

While some stated that mergers and acquisitions would envelope MFBs in the new year, others said weak MFBs would need to pave way for strong ones for any meaningful growth and development in the microfinance market.

The chief executive officer, King Solomon’s Microfinance Bank, Mr. Ugo Umeseanka said 2010 is going to be a tough and busy year. He said that happenings in the banking sector would also indirectly affect microfinance institutions, especially those who have account in their corresponding banks.

Pointing the way forward, he noted that CBN needs to do a lot especially in the area  of redeeming the image of microfinance institutions.

He called on the apex bank to publish the list of the licenced MFBs that would be made available to the public in form of pamphlets. This he said would distinguish the licenced MFIs and sake ones.

Passion, patience and commitment, he said is the only instrument operators need to adopt to survive in this tough time.

In a related development, the chairman, Lagos State Association of Microfinance Banks, Olutayo Adenekan, said, though the harsh economic scenario in the country would not augur well for smooth operations of the industry, adding that operators should embrace low cost measure.

Flamboyant ways of living, he said is not ideal for an industry that is just three years old, as this would affect the financial standing of banks.

“Building of gigantic structure, buying of exotic cars, and bumper package for directors, among others is not good especially for banks that are facing liquidity challenges. These are expenditure and assets that could not bring profit”, he said.

He however warned his colleagues not to be the architect of their misfortune by cutting corners in a bid to make quick profits.

Another operator, Lanre Abiola chairman, Gold Microfinance Bank whose view is a little different, stated that 2010 would be positive and better more than the out-gone year “because we have learnt our lessons and a lot of operators are also making efforts toward increasing the capital base”.

He noted that to ease the operating environment in the current year, government needs to provide adequate infrastructure such as electricity to reduce operating cost. Most microfinance institutions are running on generators and all those affect the profitability of microfinance firms. He continued that, unless this is addressed, he foresees harsh operating environment in the current year.

The chairman further said that banks would be compelled to reduce staff strength in a bid to employ lost measure which CBN have bee sensitising operators about in the current year.

Continue Reading

Business

FG Launches Blueprint For Africa’s Digital Trade

Published

on

The Federal Government of Nigeria has launched a comprehensive strategy to spearhead Africa’s digital trade revolution, aligning with the African Continental Free Trade Agreement (AfCFTA) framework.
The initiative, a key component of President Bola Tinubu’s Renewed Hope Agenda, is aimed at leveraging trade as a driver of economic growth and continental unity in accordance with AfCFTA’s objectives.
According to Vice President Kashim Shettima, in his X handle (formerly twitter), “Nigeria is in a unique position to spearhead the continent’s technological transformation”.
He said the strategy includes implementing AfCFTA’s Digital Trade Protocol, developing technical talent hubs, enhancing digital infrastructure investments, and promoting innovation and entrepreneurship.
Shettima stated this while delivering a keynote address during a stakeholders’ summit with the theme, “Digital Trade in Africa: The Renewed Hope Strategy”, at the Presidential Villa, Abuja.
The Vice President emphasised the need for public-private sector synergy and assured continued government investment in digital infrastructure and human capital development.
On his part, the Minister of Communications, Innovation, and Digital Economy, Bosun Tijjani, highlighted the Tinubu administration’s substantial investments in all aspects of the digital trade protocol, aiming at harnessing opportunities both in Nigeria and across the continent.
He stated that innovative policies and programmes, such as the Three Million Technical Talent programme, the data protection policy, and increased investments in digital infrastructure, were equipping Nigeria’s young population for current and future opportunities.
Tijjani stressed the critical role of technology in facilitating trade across Africa, noting that the unprecedented opportunities within the single market area could be best leveraged through effective collaboration and networking enabled by digital technology.

Continue Reading

Business

Oil Bearing Communities Okay Exploration In Ogoni Adopt Indigenous Company

Published

on

A body under the auspices of Ogoni Oil Bearing Communities has resolved that oil exploration should commence in Ogoni.
The body also adopted an indigenous company, Ogoni Royal Resources and Energy Limited, to operate the Ogoni oil fields located within the Oil Mining Lease (OML) 11.
The adoption followed a motion moved by a prominent community leader in the area, Chief Sylvester Kogbara, during a meeting of Ogoni oil producing communities, at Kpite, in Tai Local Government Area of the State.
The decision of the body to adopt an Ogoni indigenous company to explore oil in Ogoni was  taken by the stakeholders after a motion by Chief Sylvester Kogbara from Bodo Community, based on the provisions of the Local Content Act which empowers indigenous firms to participate in oil exploration activities.
Kogbara said: “That the Ogoni Royal Resources and Energy Limited has been adopted as the only indigenous company to mine, process, export and extract oil and gas from Ogoniland. I so move”.
In his address at the meeting, President of Ogoni Oil Bearing Communities (OOBC), Chief Donald Gberesuu, described as unfortunate, the plights and act of marginalisation of the oil bearing communities in the area in the scheme of things perpetrated by certain Ogonis he described as “greedy”, and the Nigerian government.
Gberesuu said: “The plights and act of marginalisation of the Ogoni Oil Bearing Communities in the scheme of things by certain greedy Ogonis and the Nigerian State, is quite unfortunate.
“The oil bearing communities are not subservient and shall not relegate our responsibilities to middlemen and interrupters who are fronting greed and usurpation of common opportunities.
“The Ogoni oil bearing communities hold title to our lands as individuals and as community who should decide the usage of their land, in respect of the oil beneat”.
The body cautioned against division in the rank and file of Ogoni and called for unity of purpose among the people to actualise the objectives of the Ogoni struggle.
Earlier in his remark, the host of the meeting, HRM, King  Samuel Nnee, had declared that the meeting was for the Oil bearing communities to deliberate on issues of development concern, especially on oil exploration resumption in Ogoni.

Continue Reading

Business

Customs Alerts Nigerians On Online Auction, Recruitment Fraudsters 

Published

on

The Nigeria Customs Service (NCS) has warned the public to be wary of  fraudsters using the name of the Service to perpetrate illegal activities on the social media.
Speaking against the background of advertorials on the social media by some unknown persons indicating that the NCS is currently auctioning some seized items, including vehicles and essential items.
In a statement by the National Public Relations Officer, Abdullahi Maiwada, the NCS said the fraudsters have been exploiting public trust and ignorance to promote fictitious auctions and sham recruitment exercises supposedly endorsed by the Service.
It stated that, “The attention of the Nigeria Customs Service, NCS, has been brought to the escalating activities of fraudulent entities preying on unsuspecting individuals through social media platforms, falsely claiming association with the Service for purposes of auctions and recruitment.
“These individuals exploit public trust and ignorance, promoting fictitious auctions and sham recruitment drives supposedly endorsed by the our service.
“The Service wishes to clarify that auctions of seized/overtime goods are never conducted via social media platforms.
“Any such claims on social media should be treated as fraudulent and promptly reported. All seized/overtime goods have a laid-down Standard Operating Procedure, SOP, for disposal in line with the Nigeria Customs Service Act  2023.
“It is pertinent to state that the only portal for e-auction in NCS is http://auction.nigeriatradehub.gov.ng.
“For authentic updates about the operations of NCS, we strongly encourage the public to verify information exclusively through the NCS website, www.customs.gov.ng.
“Our commitment remains unwavering in protecting the public from fraudulent activities. We implore all Nigerians to exercise vigilance and prudence when approached with unverified offers or announcements as  regards NCS auctions or recruitment”.

“Any suspicious activities should be reported to any nearby customs formations”.

Nkpemenyie Mcdominic, Lagos

Continue Reading

Trending