CIBNBFC2018: Stakeholders harp on collective efforts to boost MSME Clusters in Nigeria

Stakeholders at the 11th edition of the annual banking and finance conference organized by the Chartered Institute of Bankers of Nigeria, are calling for concerted efforts to build strategic clusters for SMEs in the country.

This was part of the main resolution of the business session 3 of the conference, which discussed “Harnessing the Value Adding Potentials at MSME in Income and Empowerment Generation”.

Chaired by the Managing Director of National Deposit Insurance Corporation, NDIC Alhaji Umar Ibrahim, it had a guest speaker Mrs Ibukun Awosika the Chairman of First Bank of Nigeria and seasoned panelists.

Mrs Awosika who was unavoidably absent due to earlier commitments gave a video presentation, where she made a strong case for SME clusters in the country.

According to her there must be deliberate structures in place to drive the entire value chain for SMEs in the country.

“We have opportunities to build SME clusters in Industries like fashion and entertainment which both have a huge value chain, to generate massive employment” she said.

Awosika stressed that from the financial services to the business registration process and down to infrastructure, the structures must be supported to enable their growth and development.

Giving his remarks the Director-General of the Small Medium Enterprise Development Agency of Nigeria, SMEDAN Dr Umaru Dikko Radda shared that Nigeria has 37 million MSMEs that are macro-based and account for 84% of the employment in Nigeria.

Speaking further he said SMEDAN remained focused on providing business development support for MSMEs and was working with micro-finance banks, to expand the “One Local Government One Product” initiative across the nation.

Mrs Ndidi Nwuneli the CEO of AACE Foods in her intervention harped on the need for collective efforts amongst the banks in achieving MSME development.

On his part Mr Emmanuel Ijewere, CEO Best Foods Limited appealed to the banking and finance community, to support the agric sector which provides immense opportunities to boost the economy.

Hon. Mohammed Abubakar Chairman, UMZA International Farms Limited, which has one of the largest rice mills in Africa believed policy sustainability was vital to enterprise development.

He said the processing segment in the Agric sector was a great opportunity for investments, while he believed the Bank of Agriculture must be reformed to allow the commercial banks, to have major controlling shares.

The business session 3 was the first of the final day of the 11th CIBN annual banking and finance conference.

Mrs Bashirat Odunewu represented the Chairman of First Bank at the event.

NSE Opens Registration for 5th Corporate Challenge to Fight Cancer

The Nigerian Stock Exchange (“The Exchange” or “NSE”) is pleased to announce that the 5th edition of the annual NSE Corporate Challenge, scheduled to take place in Lagos at 7:00a.m. on Saturday, September 15, 2018, at the Muri Okunola Park, Adeyemo Alakija Street, Victoria Island, Lagos, is open for registration.

Started in 2014, the NSE Corporate Challenge is a one-day competitive and fun-filled 5 kilometre walk, jog and run event, primarily designed to raise awareness on the early detection and funds to support the fight against cancer in Nigeria. . The day’s activities will also include dance, aerobics, music and entertainment. Winners in the various race categories will be recognized as part of an awards ceremony at the end of the race.

This year’s event will bring together participants from listed and non-listed companies, dealing member firms, non-commercial organizations such as Federal, State and Local Governments, Quasi-Governmental Organizations, Educational Institutions and Non-Governmental Organisations; as well as celebrities and other notable Nigerians to support the figh​t against cancer. Interested participants are encouraged to register online at​ with a fee of N200,000, N400,000 and N500,000 per team of up to 5 members for dealing member firms, listed companies and non-listed companies/non-commercial organizations respectively.

Cancer epidemic in Nigeria is huge and is set to rise if urgent actions are not taken to raise awareness about the disease and to develop practical strategies to address the increasing cancer burden. Data from the ‘Rapid Assessment of the Prevention and Control of Cancer in Nigeria’ report by the Wellbeing Foundation Africa (WBFA), show that cancer is responsible for 72,000 deaths in Nigeria every year, with an estimated 102,000 new cases annually.

Reaffirming the commitment of The Nigerian Stock Exchange to fighting cancer, Mr. Bola Adeeko, Head, Shared Services Division, NSE, said, “The Exchange has been at the forefront of cancer awareness and advocacy for the provision of screening and treatment facilities. Our commitment is unwavering, as we will continue to use the NSE Corporate Challenge platform to create awareness and raise funds to win the race to erase cancer. This deliberate intervention is imperative because of the statistics of life claimed by cancer and the fact that one third of these cancers are actually treatable”.

“By leveraging our access to a vast network of employees and clients of our listed companies, dealing members and other stakeholders, we believe we can work together in scaling up access to cancer screening services for early detection of cancer and provision of treatment and palliative care services to diagnosed patients”.

“From past editions of the NSE Corporate Challenge, we have been able to raise N57,362,624 which is geared towards the purchase of MCCs. For the 2018 edition, we have received support from our list of growing sponsors, such as Dangote Group, StanbicIBTC, Union Bank, FCMB and Chellarams. No one should fight cancer alone, I therefore call on other institutions and individuals to support this cause with the goal of multiplying efforts ​to prevent avoidable deaths. Together, we truly can make cancer a distant memory for future generations”, said Adeeko.

The NSE Corporate Challenge which is now in its 5th year, has been highly successful, recording more than 2,035 runners from over 306 institutions, comprising c-suite level executives, top government officials and celebrities. Celebrities such as Ali Baba, MI Abaga, Burna Boy, Seyi Shay, Dolapo Oni-Sijuwade, Gideon Okeke, Debola Williams, Tina Mba, Simisola and Yung6ix amongst others, have at some point thrown their weight behind the NSE Corporate Challenge. The race has also enjoyed huge publicity from both our traditional and digital media partners.

CBN Seeks Measures To Tackle Global Shocks

Some members of the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) have called for the introduction of new measures to address shocks in the global environment.
They also expressed concern that the emergence of Mr. Donald Trump as the president of the United States may disrupt global markets and affect monetary policy.
These formed parts of the personal notes of the MPC members at their November 2016 meeting obtained in the communique posted on the CBN’s website yesterday.
Specifically, the Deputy Governor (Operations), CBN, Mr. Adebayo Adelabu called for the introduction of new measures to address shocks in the global environment. Adelabu argued that the influence of monetary policy in reversing recession was limited. Read more

Shareholders Approve Union Bank’s N50bn Rights Issue


The shareholders of Union Bank Nigeria Plc have endorsed five resolutions authorising the Board of Directors of the bank to raise up to N50bn through rights issue.

The shareholders gave their approval at an Extraordinary General Meeting of the bank held in Lagos on Wednesday.

In order to accommodate the new shares, the shareholders approved the increase of authorised capital of the bank from N9.5bn (made up of 19 billion ordinary shares) of 50 kobo each to N17.5bn (made up of 35 billion ordinary shares) of 50 kobo each by the creation of additional 16 billion ordinary shares of 50 kobo, each ranking equally with the existing shares of the bank.

Consequently the memorandum and articles of association Consequently, the memorandum and articles of association of the bank will be amended to reflect the increase in the authorised share capital to N17.5bn. Read more

Ensure Insure Plc. Is The 32nd Security Available To Trade On The Nasd Otc Market


The securities of Ensure Insurance Plc have been admitted to trade on the NASD OTC market. The company’s securities were introduced by Chapel Hill Denham Securities Limited.

Ensure Insurance Plc has issued and fully paid up 3.75 billion ordinary shares at a nominal value of ₦0.50 per share. All participating Institutions are encouraged to inform their clients of this development. The Secretaries/Registrar is GTL Registrars Limited and demateralisation can start immediately.

Digital Channels Aid 70% Deposit Growth At UBA

  • Bank pioneers email banking in Nigeria

United Bank for Africa (UBA) is profiting from its huge investments in technology, as its various digital channels currently aid 70 per cent of incoming transactions at the bank.

Besides, the bank, which claimed to have over 10 million accounts in its 19 branches across Africa, informed that outflow transactions is over 80 per cent, aided still by the digital channels, which include the Automated Teller Machines (ATM); Point of Sales (PoS) terminals, Nigeria Inter-Bank Settlement Scheme (NIBSS) Instant Payment, Internet and mobile banking, among others. Read more

Members Of MAN Plans To List Shares On NSE

Director General, Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir (left); Chairman, Economic Policy Committee, MAN, R.I Odiah,; Vice President, Multinational, MAN, Christos Giannopoulos; Chief Executive Officer, the Nigerian Stock Exchange (NSE), Oscar N. Onyema; President, MAN, Dr. Frank S. Udemba Jacobs; Vice President (Lagos Zone) & Honourary National Treasurer, MAN, I.A Agoye; and Chairman, Finance & Establishment Committee, MAN, Francis Meshioye, at the closing ceremony at the Exchange, on Wednesday.
Director General, Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir (left); Chairman, Economic Policy Committee, MAN, R.I Odiah,; Vice President, Multinational, MAN, Christos Giannopoulos; Chief Executive Officer, the Nigerian Stock Exchange (NSE), Oscar N. Onyema; President, MAN, Dr. Frank S. Udemba Jacobs; Vice President (Lagos Zone) & Honourary National Treasurer, MAN, I.A Agoye; and Chairman, Finance & Establishment Committee, MAN, Francis Meshioye, at the closing ceremony at the Exchange, on Wednesday.

Manufacturers Association of Nigeria (MAN) has disclosed plans by the members to list their share on the Nigerian Stock Exchange (NSE).Already, three members of the group are currently working out modalities with the exchange to fasttrack every listing requirement.

The Director General of the association, Segun Ajayi-Kadir, during the Association’s Bell Riging Ceremony at the exchange in Lagos on Wednesday assured that more members had also indicated interest to list their shares on the market. Read more

Weak Nigerian Economy Will Endanger Fiscal Consolidation – Fitch

Weaker growth will make it harder to contain Nigeria’s rising debt burden, Fitch Ratings says. Fitch has substantially cut its growth forecasts for Nigeria to reflect a weak performance in 1H16 and continuing policy challenges, including implementing the new foreign-exchange regime and delays in the disbursement of the 2016 budget.

We expect real GDP to contract by 1% in 2016, compared with our earlier forecast of a 1.5% expansion. We expect a limited bounce back and forecast a recovery to 2.6% next year, with downside risks if dollar liquidity remains tight. The medium-term growth outlook remains significantly lower than the 5.6% growth seen in 2010-14.  Read more

PZ Nigeria’s Assets Hit N74.4b

The Chairman, PZ Cussons Nigeria Plc, Chief Kola  Jamodu yesterday said the company’s balance sheet remained strong with total assets of N74.4 billion compared to N67.4billion it was last year.

The chairman who spoke during the firm’s ‘Annual Report and Accounts 2016’ in Abuja, stated that overall, the company did well to hold its share of the market. Read more

How Nigeria Can Deal With Recession

Nigeria will have to turn to industries other than oil to help pull itself out of recession, experts have said as the latest sobering government figures revealed that the economy fell by just over two per cent in the second quarter of 2016.

The overall decline of Nigeria’s economy is – gross domestic product (GDP) fell 2.06 percent in the second quarter – largely attributed to the global drop in the price of oil, which saw growth of -17.48 per cent in real terms in the same period.

IMF data projects a -1.8 per cent change in real GDP for 2016. This would be the first annual decline in over twenty years, and the worst annual recession to have hit the country since 1987, when GDP growth dropped to -10.8 per ceNigeria plans to borrow as much as $10billion from debt markets, with about half of that coming from foreign sources. Funds from this Eurobond would be spent on power transmission projects, solid mineral development and agriculture.

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