Business

Talents Hunt: SMEDAN Commends Nigerians’ Creativity In Bauchi

Published

2 years ago

December 15, 2021

Our Correspondent, Bauchi

Alhaji Dikko Radda, the Director-General, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), has commended the creativities displayed by participants of the Agency’s 2021 talents hunt in Bauchi State.

The D.-G who made the commendation in Bauchi on Wednesday during the commencement of SMEDAN’s 2021 talents hunt programme in Light Manufacturing’, said the programme was to discover youths between the ages of 18-35 with innovative business ideas in Agro-processing equipment fabrication.

He said the programme was also to assist the participants with grants, start-up kits, link them with affordable sources of finance as well as to facilitate network linkages with industry, professionals and practitioners that will promote their indigenous products.

Radda further explained that the selection of the Light Manufacturing sector as the focus of this year’s edition was a well thought out strategy to further fast-track the commitment of the present administration to lifting 100 million Nigerians out of poverty.

“I’m proud to call myself a Nigerian because I’ve seen talents exhibited by these young Nigerians.

“These are the kinds of creativity we require in this country and if they are supported, the sky’s the limit for the economy of our nation in terms of manufacturing, industrialization and creating job opportunities for our people.

“If you have talents, SMEDAN will support, mentor and link you up with the relevant MDAs and Ministries that can support you to scale up your production.

“210 participants were selected across three geo-political zones of Southeast, North central and Northeast. They underwent stages of screening and are expected to pitch their ideas to the panel of Judges for evaluation and subsequent selection.

“The programme is running concurrently in three locations of Bauchi, Kwara and Ebonyi States. The winners in each state will go home with various cash prizes, capacity building and linkages to relevant MDAs for protection of their intellectual property,” said the D-G.

He reiterated that SMEDAN was making concerted efforts towards repositioning Micro, Small and Medium Enterprises (MSMEs) to harness the numerous benefits of African Continental Free Trade Agreement (AfCFTA).

The SMEDAN boss revealed that the agency intended to build the participants’ capacities and to support them with sum amount to enable them to continue producing so as to help the economic prosperity of the nation.

Radda added that the participants would go through a lot of training, saying there would be a selection process after the training and those who came first, second, third, up to forty positions in the programme would be rewarded.

“It is therefore our mandate to build your capacity and identify critical stakeholders with key responsibilities to assist you in the effective management of your businesses.

“The fabrication of agro processing equipment locally should be supported and encouraged as it will make agric goods export competitive and promote rapid industrialization as agriculture is now perceived as a business enterprise,” he said.

In her speech, the state Coordinator, Standard Organization of Nigeria (SON), Mrs Hauwa Husseini, appreciated SMEDAN for Organising such a ‘wonderful’ programme.

Represented by Mohammad Chinade, the Principal Standard Officer, SON, Bauchi Office, Husseini said that SON was ready to collaborate with SMEDAN in training young entrepreneurs in their businesses.

Business

CBN Sells Fresh Dollars To BDCs At N1,021/$

Published

4 days ago

April 23, 2024

Editor

The Central Bank of Nigeria (CBN) started fresh and direct sales of US dollars at N1,021 per dollar to Bureau De Change operators.

Nigeria’s apex bank disclosed this in a circular signed by its Director of Trade and Exchange Department Hassan Mahmud.

“We write to inform you of the sale of $10,000 by the Central Bank of Nigeria (CBN) to BDCs at the rate of N1,021/$1. The BDCs are in turn to sell to eligible end users at a spread of NOT MORE THAN 1.5 percent above the purchase price,” the circular posted on its website read.

“ALL eligible BDCs are therefore directed to commence payment of the Naira deposit to the underlisted CBN Naira Deposit Account Numbers from today, Monday, April 22, 2024, and submit confirmation of payment, with other necessary documentations, for disbursement of FX at the respective CBN Branches.”

CBN’s move is coming as the naira is recording a slight depreciation against the dollar after weeks of gains.

In late March, the bank also sold $10,000 to each of the eligible Bureau De Change (BDC) operators in the country at the rate of N1,251/$1.

Like in the most recent sales, it warned BDCs against breaching terms of the dollar sales, vowing to sanction defaulters “including outright suspension from further participation in the sale”.

The fortunes of the naira have fallen sharply since President Bola Tinubu took over in May. Inflation figures have reached new highs and the cost of living hitting the rooftops.

Nigeria’s currency slid to about N1,900/$ some months ago at the parallel market. But in recent weeks, it has gained against the dollar.

The Nigerian authorities have also doubled down on their crackdown against cryptocurrency platform Binance and illegal BDCs.

On March 1, the CBN revoked the licences of 4,173 BDCs over compliance failures.

Business

JUST IN: FirstBank Gets New MD/CEO

Published

6 days ago

April 22, 2024

Editor

Olusegun Alebiosu has been appointed as the Acting Managing Director/Chief Executive Officer of First Bank of Nigeria Limited (FirstBank Group), effective April 2024.

Alebiosu steps into this pivotal role from his previous position as the Executive Director, Chief Risk Officer, and Executive Compliance Officer, a position he held since January 2022.

Alebiosu brings to the helm of FirstBank over 28 years of extensive experience in the banking and financial services industry. His expertise spans various domains including credit risk management, financial planning and control, corporate and commercial banking, agriculture financing, oil and gas, transportation, and project financing.

Having embarked on his professional journey in 1991 with Oceanic Bank Plc. (now EcoBank Plc.), Alebiosu has held several notable positions in esteemed financial institutions.

Prior to joining FirstBank in 2016, he served as Chief Risk Officer at Coronation Merchant Bank Limited, Chief Credit Risk Officer at the African Development Bank Group, and Group Head of Credit Policy & Deputy Chief Credit Risk Officer at United Bank for Africa Plc.

Alebiosu’s academic credentials further enrich his professional profile. He is an alumnus of the Harvard School of Government and holds a Bachelor’s degree in Industrial Relations and Personnel Management. Additionally, he obtained a Master’s degree in International Law and Diplomacy from the University of Lagos, as well as a Master’s degree in Development Studies from the London School of Economics and Political Science.

A distinguished member of various professional bodies, including the Institute of Chartered Accountants (FCA), Nigeria Institute of Management (ANIM), and Chartered Institute of Bankers of Nigeria (CIBN), Alebiosu is renowned for his commitment to excellence and ethical practices in the banking sector.

Beyond his professional endeavors, Alebiosu is known for his passion for golf and adventure. He is happily married and a proud parent.

With Alebiosu’s appointment, FirstBank of Nigeria Limited anticipates continued growth and innovation under his leadership, reinforcing its position as a leading financial institution in Nigeria and beyond.

Business

CBN Gives New Directive On Lending In Real Estate

Published

1 week ago

April 17, 2024

Editor

The Central Bank of Nigeria, CBN, has released a new regulatory directive to enhance lending to the real sector of the Nigerian economy.

The directive, issued on April 17, 2024, with reference number BSD/DIR/PUB/LAB/017/005 and signed by the Acting Director of Banking Supervision, Adetona Adedeji, signifies a notable shift in the bank’s policy towards a more contractionary approach.

In line with the new measures, the CBN has reduced the loan-to-deposit ratio by 15 percentage points, down to 50 per cent.

This move aligns with the CBN’s current monetary tightening policies and reflects the increase in the Cash Reserve ratio rate for banks.

The LDR is a metric used to evaluate a bank’s liquidity by comparing its total loans to its total deposits over the same period, expressed as a percentage.

An excessively high ratio may indicate insufficient liquidity to meet unexpected fund requirements.

All Deposit Money Banks are now mandated to adhere to this revised LDR.

The CBN has stated that average daily figures will be utilised to gauge compliance with this directive.

Furthermore, while DMBs are encouraged to maintain robust risk management practices in their lending activities, the CBN has committed to continuous monitoring of adherence and will adjust the LDR as necessary based on market developments.

Adedeji has called on all banks to acknowledge these modifications and adjust their operations accordingly. He emphasised that this regulatory adjustment is anticipated to significantly influence the banking sector and the wider Nigerian economy.

The circular read in part, “Following a shift in the Bank’s policy stance towards a more contractionary approach, it is crucial to revise the loan-to-deposit ratio policy to conform with the CBN’s ongoing monetary tightening.

“Consequently, the CBN has decided to decrease the LDR by 15 percentage points to 50 per cent, proportionate to the rise in the CRR rate for banks.

“All DMBs must maintain this level, and it is advised that average daily figures will still be applied for compliance assessment.

“While DMBs are urged to sustain strong risk management practices concerning their lending operations, the CBN will persist in monitoring compliance, reviewing market developments, and making necessary adjustments to the LDR. Please be guided accordingly.”