Business
CBN To Establish Special Fund To Empower Women
The Central Bank of Nigeria (CBN) says it is establishing a special fund that will provide loans to women by the end of the 2012.
The CBN Governor, Malam Sanusi Lamido Sanusi, made this known at the 6th Annual Microfinance Conference and Entrepreneurship Award on Tuesday, in Abuja.
He said the loan was to assist the women improve on their businesses.
“I am pleased to inform you that the Bankers’ Committee has declared 2012 the year for women empowerment.
“Before the end of this year, the CBN will introduce a fund that is aimed at ensuring that business owned and managed by women gets access to single digit interest loans.
“On the agenda of the bankers committee is an attempt to get banks to give a commitment to reserving a minimum percentage of seats of their directors and top management for women.”
Sanusi said it was the apex bank’s belief that involving women at that level in the sector, would improve financial inclusion.
He said the bank would establish a Web Fare considering the role of Information and Communication Technology in entrepreneurship development.
According to him, the fare will enable young entrepreneurs to key into e-business on the web.
He, therefore, tasked all the state governors to create avenues that would promote women and youth empowerment in the country.
He called on the state governors to establish more incubation and industrial centres, saying such establishments would provide the environment conducive for youths to take advantage of their entrepreneurship skills to create jobs and reduce restiveness in the country.
The CBN governor pointed out that it was necessary to reposition the micro-finance sub-sector, given the considerable role it could play in entrepreneurship development in the country.
He said that the sub-sector had several challenges such as inadequate financial infrastructure leading to low banking penetration.
He said, the apex bank had revised the microfinance policy, regulatory and supervisory framework, and concluded on the National Micro finance Development strategy to address low banking penetration.
“The Bank made a commitment at the 2011 Alliance for Financial inclusion Global policy forum held in Mexico to reduce Nigeria’s Financial exclusion rate from 46.3 to 20 per cent by 2020.”
Sanusi lauded President Goodluck Jonathan for supporting the bank in its effort at enhancing the nation’s economy.
Also speaking at the conference, Mrs Antonique Koning, a micro-finance specialist from Washington DC, said there was need for all stakeholders to enforce financial inclusion in the country.
This, she said, would help to build visionary financial inclusion strategy in Nigeria and help boost the economy..
“The timing for redoubling the collective commitment to financial inclusion in Nigeria is ripe.
“Indeed increasing access to finance is one of the tools that can help to reduce the vulnerability of citizens and enable them to build access.
“Nearly 60 million adults in Nigeria have no access to formal financial services, according to the 2010 finance survey as already mentioned.”
She urged all stakeholders to work hard to ensure that they increased the level of financial inclusion in the country.
Highlights of the conference were the award of various entrepreneurship honours to the Best National farmers of the year; Best Innovative Small/Medium Entrepreneur; and the Best micro Entrepreneur, among others.
Business
UNIPORT, UNIBEN Clinch NCDMB’S Engineering Olympiad Regional Victories
Two universities in the Niger Delta zone (University of Port Harcourt and University of Benin) have emerged winners of the South-South region in the Nigerian Engineering Olympiad (NEO) competition.
The NEO competition which took place at the Nigerian Content Tower(NCT), headquarters of the Nigerian Content Development and Monitoring Board(NCDMB) in Yenagoa, Bayelsa State is a nationwide engineering, innovation and entrepreneurship competition launched in 2025 by a non-profit organization, ‘Enactus Nigeria’, in partnership with NCDMB, Renaissance Africa Energy Company Limited, First Exploration & Petroleum Development Company and the Nigerian Society of Engineers (NSE).
The two Universities teams represented differently by ‘Inovation team PROTRONICS’ and ‘Innovation team VHORDE’, won their counterparts from the Igbinedion University, Okada, Edo State, Federal University of Petroleum Resources (FUPRE), Effurun, Delta State, and the University of Uyo, Uyo, Akwa Ibom State, in the competition showcasing hardware and software prototypes developed to serve as innovative solutions to real-world challenges with specific reference to Nigeria and Africa.
From UNIPORT’s ‘team PROTRONICS’ was an innovation called ‘KEYTRIC’ which the competitors presented as a ‘SMART POWER CONTROL’ that makes electricity usage effortless and automating with the use of an intelligent locking systems.
Team PROTRONICS highlighted high electricity bills, electricity fire risk and expensive smart home and gaps in existing solutions, including costly installation, lack of integration between security and energy, and dependence on the Internet as the reason for their innovative invention.
“Our innovative solution is a smart energy door lock that switches off a user’s electricity supply when they lock to leave the house.
“Our solution saves money on electricity bill, reduces the risk of electric fire accident, and is affordable to everyone”, the Uniport’s team said.
On the other hand, Team VHORDE of the University of Benin presented what it terms Intelligent Real-time Interface(IRIS) which enables visually impaired individuals to gain sight.
They pointed out that there are 4.5 million visually impaired Nigerians who are in some way incapacitated and unable to live life to the fullest.
The students displayed an IRIS pack, consisting sensors, wearable glasses, microphone, camera and Haptic feedback.
On how the IRIS works, the UNIBEN students said the smart glasses, which consist, a camera, depth sensor, and edge Artificial Intelligence(AI) processor, enables a visually impaired person to see and understand the world in real time.
“There’s an AI Compute Unit to be worn at the waist, which runs Convolutional neutral network (CNN) object detection, face recognition, and voice processing on-device”, the team said.
In a section on Business Model and Revenue Streams, the University of Benin competitors indicated production-scale pricing for IRIS Standard as N699,000 one-time purchase.
According to the team, the IRIS standard has the following functions, real-time object and scene identification, familiar face recognition, obstacle and hazard detection (haptic wristbands), natural voice interaction, Edge AI – fully offline core functions, and OTA software updates via Wi-Fi.
In an assessment of the prototypes and demonstrations made, one of the key judges of the competition, Engr. Dokubo Obongo, Manager, Institutional Strengthening, at the NCDMB, described all the presentations as “top-notch”.
He noted that there are solutions that are viable marketwise, relevant to the society and the challenges humans face, explaining that the Engineering Olympiad is a competition targeted at developing home-grown solutions from research and development from Nigerian universities.
“The idea is to see how we can proffer solutions to our own problems which means creating business opportunities”, he said.
Speaking for Enactus Nigeria, the group’s Country Director, Mr. Michael Ajayi, said the two top finalists from the six geopolitical zones would move to a boot camp for further preparation towards the main national championship, and that the best three teams would share N100 million.
He also disclosed that each of the 30 teams that displayed prototype technology in the regional competition would receive N3 million.
Team PROTRONICS of the University of Port Harcourt had as Team Lead Dr. Victor Jinn (Faculty Adviser), while the contestants were Chukwuma Sunday-Odu, Fubara David Otokini, and Ekemini Godwin Akpan, while Team VHORDE of the University of Benin had Anoint Oritsetimeyin Igorki, Oghosa Derick Osarobo, Uti Henry Eworitsewarami, Jada O. Godfrey-Ariavie, Richard O.Enegbuna, Momodu O. Olayemi, and Asemota G. Ayevbosa.
By: Ariwera Ibibo-Howells, Yenagoa
Business
Customs Launches SCADS To Curb Airport Delays
The Nigeria Customs Service (NCS) has officially unveiled the Simplified Customs Advanced Declaration System (SCADS) at the international wing of the Nnamdi Azikiwe International Airport, Abuja.
The move is aimed at improving passenger clearance, compliance and customs operations.
This was contained in a statement by the NCS spokesperson, Abdullahi Maiwada, and made available to Newsmen in Abuja.
Maiwada explained that the platform, designed to simplify baggage declaration for inbound international passengers, aims to reduce manual bottlenecks, improve transparency in revenue assessment and enhance operational efficiency at Nigeria’s international airports.
Speaking at the inauguration ceremony, Deputy Comptroller-General of Customs in charge of ICT/Modernisation, Oluyomi Adebakin, said the deployment of SCADS marked another major step in the service’s digital transformation agenda.
Adebakin said the initiative became necessary to address operational challenges encountered on the service’s previous passenger declaration platform earlier this year.
She explained that rather than allowing the setbacks to slow operations, the service chose to develop a stronger and more efficient alternative.
“When the earlier platform experienced operational challenges, we chose not to see it as a setback.
“We saw it as an opportunity to build something better, stronger and more efficient,” she said.
According to her, the newly introduced SCADS platform allows passengers to declare items before arrival, thereby reducing clearance time while improving compliance and operational integrity.
“For passengers, this system creates the opportunity for advance declaration before arrival. It means faster clearance, easier compliance and smoother movement through our airports,” she added.
Adebakin said that the system would eliminate subjective revenue assessment by ensuring that duties were being automatically generated based on declared items, their quantities and actual values.
“When we talk about revenue collection, it is not about collecting more or less. It is about collecting the right revenue. With this system, assessment will now be more objective, accurate and driven by data,” she said.
Earlier Comptroller Customs Area Controller, FCT Area Command, Victoria Alibo,described the selection of the command for the pilot phase as a vote of confidence in its operational capacity.
Alibo said the new platform integrates passenger baggage and e-commerce declarations into a single digital framework designed to support global Customs best practices.
“SCADS is designed to simplify declarations, reduce clearance time, eliminate manual bottlenecks and align our operations with international standards,” Alibo said.
She said that the pilot phase would run for five days, from May 18 to May 22, during which officers would evaluate the system in a live environment ahead of nationwide deployment.
The event was attended by senior Customs officers, officials of the Federal Airports Authority of Nigeria, partner government agencies, technical teams, and other key stakeholders in Nigeria’s aviation and border management ecosystem.
By: CHINEDU WOSU
Business
Energy Theft, Obsolete Infrastructure Deepen Nigeria’s Electricity Crisis – Expert
Olubiyo, said this in an interview with Newsmen to Monday in Abuja.
He said energy theft occurs at both the consumer and institutional levels across the electricity value chain from generation to transmission and distribution.
According to Olubiyo, at the consumer level electricity theft includes metre bypass, illegal connections and unauthorised access to power without proper billing.
According to him, some customers would dig underground cables directly to their homes or businesses without being metered, while others exploit estimated billing systems to consume electricity without payment.
“Whether through metre bypass or illegal connection, many customers are using electricity for free. That is energy theft,” he said.
He also alleged that institutional energy theft exists within the power sector, particularly through defective, obsolete, or wrongly installed metres used in monitoring electricity generation and distribution.
He said that wholesale metres installed at critical interfaces among generation companies (GenCos), transmission companies, and distribution companies (DisCos) were often out-dated or improperly configured.
He said those could lead to inaccurate readings and inflated subsidy claims.
“If 4,000 megawatts is generated and 7,000 megawatts is recorded, that is energy theft because the excess energy does not get to consumers,” he stated.
The expert further said some operators in the sector allegedly exploit maintenance and repair contracts through inflated contract sums and possible collaboration with vandals.
He also cited the deployment of secure pole-mounted metres in military barracks as an example of how technology can curb metre tampering and unauthorised access.
He, therefore said the sector had to urgently address infrastructure decay, weak regulation, poor investment, and corruption within the value chain.
Otherwise, according to him, Nigeria’s electricity industry will continue to face liquidity challenges, revenue losses and unstable power supply.
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