News

Hardship: 10 million MSMEs Shut In 2023, Says ASBON

Published

2 years ago

December 30, 2023

The Association of Small Business Owners of Nigeria has said no fewer than 10 million small businesses under the association were shut in 2023.

ASBON’s President Femi Egbesola, who disclosed this during an interview with The PUNCH, said that the businesses ceased to exist due to economic hardship.

The removal of subsidy by President Bola Tinubu during his inauguration on May 29 and the subsequent increase in the pump price of petrol and other basic commodities, leading to worsened inflation, an increase in unemployment, and poverty rates created hardship for Nigerians.

According to the National Bureau of Statistics, in November 2023, the headline inflation rate increased to 28.20 per cent relative to the October 2023 inflation rate, which was 27.33 per cent.

Speaking on the effect of the economic hardship on members, Egbesola said, “We experienced about 25 per cent death of businesses this year (2023), which is a high and alarming figure. This is the percentage that was determined after thorough research.

“At the moment, we have 40 million MSMEs in the country that are captured by data. When you are talking about 25 per cent of that, that is 10 million businesses that have died.

“In some countries, if this happens, a state of emergency would be declared by the government in this sector because it is a critical sector that will be metamorphosed from micro to small, small to medium, and from medium to large. If you can ask, for the past 10 years, how many micro or small businesses have become large businesses?

“You will never see it, and that tells you that there is a lacuna and that something is mitigating against the growth. If a business has operated as a micro, small, or medium for a period of five to 15 years and is unable to migrate to a large, then there is a big problem that should be investigated and solutions provided for, but without this being done, we will not have bigger businesses, and if we don’t have bigger businesses, there will be more unemployment, there won’t be innovation, our GDP will not improve, and poverty will continue to rage.

“When there is poverty, it goes along with its attendant problems like crimes, like japa, yahoo-yahoo and other social vices which are not good for our country.”

According to him, to save more businesses from collapsing in the coming year, the Federal Government must endeavour to fix power and roads and make forex and funds available to MSMEs.

He added, “When these things are fixed, certainly a lot of businesses will grow. We can no longer buy fuel at very exorbitant prices to power our generators, and one of the critical challenges for MSMEs is that they are unable to access affordable funds.

“This will help to awaken ailing and almost dead businesses. As far as forex is concerned, we depend on the black market, which is very exorbitant because the banks sell only to big companies at the detriment of micro and small businesses.”
PUNCH

News

Tinubu Approves Portfolios For 5 NCDC Executive Directors

Published

7 hours ago

September 15, 2025

Editor

President Bola Tinubu has approved portfolios for five executive directors on the board of the North Central Development Commission (NCDC).

Mr Segun Imohiosen, Director, Information and Public Relations, Office of the Secretary to the Government of the Federation (SGF), made the announcement in a statement issued on Monday in Abuja.

The appointees and their portfolios are: Hajiya Biliquis Jumoke- Administration and Human Resources, Mrs Aisha Rufai Ibrahim-Commercial and Industrial Development.

Others are, Mr James Abel Uloko-Corporate Services, Prof. Muhammad Bashar-Finance and Atika Ajanah-Projects.

The president urged the executive directors to work closely with the governing board of the commission to promote and coordinate sustainable development of the North-Central geopolitical zone.”

News

Court Orders Arrest Of 2 Lawyers Over Alleged Forgery, Impersonation

Published

7 hours ago

September 15, 2025

Editor

A High Court of the Federal Capital Territory, FCT, sitting at Apo, on Monday, issued a bench warrant against two lawyers charged with forgery and impersonation.

Justice Jude Onwuegbuzie made the arrest order following repeated failure of the defendants- Victor Giwa, and Ibitade Bukola- to appear before the court to enter their plea to the charge that was preferred against them by the Inspector General of Police.

In the charge marked: CR/150/25, the duo were accused of conspiring to forge a legal document purportedly issued by the chambers of a Senior Advocate of Nigeria, SAN, Prof. Awa U. Kalu, with the intent to mislead the Attorney General of the Federation, AGF.

According to the three-count charge, the alleged offence occurred on June 28, 2024.

The prosecution alleged that the defendants forged and signed a letter on the official letterhead of the SAN, requesting the AGF to suspend a scheduled arraignment.

The contentious letter, titled “Urgent and Solemn Appeal to Suspend the Arraignment of Our Colleague Victor Giwa on Charge Number: CR/222/2023”, was allegedly addressed to the AGF.

It allegedly sought intervention of the AGF to halt an arraignment that was scheduled before trial Justice Samira Bature of the high court.

The IGP, in the charge, maintained that the two lawyers committed offences punishable under Section 97, 179 and 364 of the Penal Code Act, 2004.

At the resumed proceeding of the court on Monday, the prosecution counsel, Mr. Eristo Asaph, noted that the defence lawyer told the court that the 1st defendant was bereaved, hence his absence for the scheduled arraignment.

The prosecution counsel further noted that it was on the strength of an application by the defendant that the case was adjourned.

He, therefore, wondered why the duo were also absent in court for the case to proceed.

Responding, the defence counsel, Mr. Ogbu Aboje, told the court that the 1st defendant, Giwa, wrote a letter that was accompanied with a medical report dated September 3, indicating that he had a health challenge he described as “Degenerative disorder of the lumber vertebrae,” in addition to his hypertensive condition.

He added that the 2nd defendant equally went to the hospital on Monday morning to keep to a routine appointment for the immunisation of her daughter.

More so, he drew attention of the court to an application the defendants earlier filed to challenge its jurisdiction to entertain the case.

Dissatisfied with the developments, the prosecution counsel urged the court to issue a warrant for the defendants to be arrested y security agencies and produced for their trial.

In his ruling, Justice Onwuegbuzie held that having listened to both parties, he was minded to accede to the prosecution’s request.

He court stressed that the medical report did indicate that the 1st defendant would not be able to attend court, adding that the 2nd defendant did not adduce any material to justify her absence.

Consequently, relying on the provision of section 266 (2) and 352 of the Administration of Criminal Justice Act (ACJA), Justice Onwuegbuzie issued a bench warrant for the defendants to be arrested and produced before the court on October 8.
(VANGUARD)

News

Community Attributes Access Road To Reduction In Maternal Mortality In Bauchi

Published

11 hours ago

September 15, 2025

Editor

A cross-section of residents in Toro Local Government Area of Bauchi State has attributed the reduction in maternal mortality to the ongoing construction and rehabilitation of the Kirjaule–Lame roads.

Mr. Samila Jauro, who spoke on behalf of the community, made the disclosure during a media tour of ongoing Bauchi State projects in the area.

He explained that in the past, no fewer than 50 pregnant women and their babies had lost their lives due to delays in accessing healthcare caused by the poor condition of roads.

“We have lost many of our pregnant women and their unborn babies in the past because of bad roads.

“But the present administration has changed our lives through its infrastructural development,” Jauro said.

While commending the state government, he appealed for the electrification of Kirjauke community.

“We are grateful for the road project, but we still call on the governor to provide us with electricity.

For the past 18 years, we have had no source of power,” he added.

The Bauchi State Government, through the Ministry of Works, in 2023 awarded a 40.5-kilometer road construction and rehabilitation projects in the aforementioned sites.

Speaking on the progress of the projects, the Site Engineer, Mr. Ado Shehu, said the project had reached 75 percent completion.

“The Kirjaule–Lame and Magama–Gumau roads were awarded at the end of November 2023.

“Some portions are already completed, while others are at the second layer and shoulder stage to ensure a successful outcome.

“The duration of the project according to the contract is 36 months.

” But with 75 percent already completed, the project will be finished ahead of schedule,” he said.