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Articles by Providence Emmanuel
Nigeria: #EndSARS - Smugglers Take Over Mile2/Seme Route
SMUGGLERS are having a free ride along the Mile2/Seme Expressway, Lagos, transporting large quantities of imported rice, frozen poultry products, vegetable oil, fish and other banned imports into the country.
Nigeria: FFI Set to Close $42bn Financial Gap Among African Women
Future Female Invest, FFI, has said that it is set to close $42 billion financing gap for African women even as it shops for about 1000 investible businesses for ready women in Nigeria by 2021. FFI is an organization powering financial opportunity for African women with a mission to driving women economic empowerment solutions.
Nigeria: Amato Set to Tackle Trucking Nightmare On Apapa, Tincan
Association of Maritime Transport Owners, AMATO, has kicked off efforts to rejuvenate its operations by creating a better and conducive working environment with other relevant stakeholders in the maritime industry. To this end it has called on regulatory agencies in the maritime sector to help end the many challenges facing truck drivers operating in the nation's ports in Lagos.
ANLCA charge logistics experts on country’s untapped potentials
By Godfrey Bivbere & Providence Emmanuel The National President of Association of Nigerian Licensed Customs Agents, ANLCA, Mr. Tony Nwabunike, has charged logistics practitioners to take advantage of the many untapped potentials in the country.
Invest more in HIV prevention, experts tell FG
By Providence Emmanuel Experts have called on the federal government and other stakeholders to invest more in efforts to prevent HIV infection human immunodeficiency virus, HIV prevention interventions while advocating for supportive policy and programmes.
We are poised for recapitalization - Echo MfB boss
By Providence Emmanuel ECHO Microfinance Bank, MfB, Limited has disclosed that it is poised for the new recapitalization in the MfB sector ordered by the Central Bank of Nigeria, CBN, even as it rewards loyal customers for the year 2019. Managing Director, Echo MfB, Mr. Ndoma Odey, made the disclosure at the bank’s Customer Appreciation/Award Draw and 10 years Anniversary Celebration, held at its Head Office in Isawo, Ikorodu.
Performance, not recapitalization determines bank’s survival -Imowo MfB boss
By Providence Emmanuel Banking hall The Managing Director, Imowo Microfinance Bank, MfB, Ijebu Ode, Ogun State, Mr. Ajayi Abiodun, in this interview, said that the survival of a bank is largely determined by its financial performance which requires good management and corporate governance, rather than capital base. He also highlighted other issues affecting the sub sector and its operations.Excerpts DO you think the MfBs really need recapitalization as required by the CBN?
Nigeria: VAT - 7.5% Increase Is On Consumption From Large Food Retailers - CITN
The Chartered Institute of taxation of Nigeria, CITN, Ikeja and District Society has said that the proposed increase on Value Added Tax (VAT) rate from five to 7.5 percent by the federal government is on consumption especially from largest food retailers.
By Providence Emmanuel Banking hall THE Nigerian Association of Small and Medium Enterprises, NASME, has said that micro and small businesses may not survive charges from bank loans. Speaking with Vanguard at the just concluded Alimosho Community Trade Fair organized by NASME, Vice President, NASME South West, Mr. Oladipupo Jemi-Alade, said it is not advisable to approach a commercial bank as a micro or small business.
Ehigiamusoe steps down as LAPO MD
By Providence Emmanuel The pioneer Managing Director/ Chief Executive Officer, LAPO Microfinance Bank Limited, Dr. Godwin Ehigiamusoe, has stepped down. Consequently, the board of directors announced the nomination of Mrs Cynthia Ikponmwosa, as the Managing Director designate subject to the Central Bank of Nigeria, CBN’s approval.
Lagos fashion fair: Entrepreneurs charged to embrace networking | Bestnaira.com
Lagos fashion fair: Entrepreneurs charged to embrace networking Mon Oct 7th, 2019 - Lagos By Providence Emmanuel Entrepreneurs in the fashion industry have been charged to embrace networking to enhance the growth of the economy.
U.S. Consulate launches academy for women entrepreneurs | Bestnaira.com
U.S. Consulate launches academy for women entrepreneurs Wed Sep 25th, 2019 - Delta By Providence Emmanuel The United States Consulate General in Lagos has launched the Academy for Women Entrepreneurs (AWE), a State Department-led initiative that supports women entrepreneurs around the world.
U.S. Consulate launches academy for women entrepreneurs
By Providence Emmanuel The United States Consulate General in Lagos has launched the Academy for Women Entrepreneurs (AWE), a State Department-led initiative that supports women entrepreneurs around the world. In a statement, U.S. Consul General, Ms Claire Pierangelo, said that the goal of the AWE is to teach women around the world to become successful entrepreneurs, adding that women empowerment would be key to Nigeria’s long-term economic development.
Competition escalates in microfinance sector — Whensu | Bestnaira.com
Competition escalates in microfinance sector — Whensu Mon Sep 23rd, 2019 - Lagos We must respond to changing dynamics —NAMBLag Chairman By Providence Emmanuel FOLLOWING the advent of money loan apps, an online borrowing system and Central Bank of Nigeria, CBN’s NIRSAL Microfinance Bank, MfB, competition may have escalated in the MfB subsector. This was disclosed by the former President, National Association of Microfinance Banks, NAMB, Mr. Valentine Whensu.
High cell phone users will boost chat commerce in Nigeria | Bestnaira.com
High cell phone users will boost chat commerce in Nigeria By Providence Emmanuel The market for chat commerce is significantly huge in Nigeria due to the population of people using a cell phone to interact on a daily basis, said Chief Commercial Officer, Clickatell, Mr Hannes Van Rensburg.
ICAN recommends 3-way approach to anti-corruption fight | Bestnaira.com
ICAN recommends 3-way approach to anti-corruption fight By Providence Emmanuel The Institute of Chartered Accountants of Nigeria, ICAN, has recommended that the government should adopt a three-way approach – education, prevention and sanctions, in the fight against corruption.
High cell phone users will boost chat commerce in Nigeria
By Providence Emmanuel The market for chat commerce is significantly huge in Nigeria due to the population of people using a cell phone to interact on a daily basis, said Chief Commercial Officer, Clickatell, Mr Hannes Van Rensburg. Children with Cell Phones In a statement made available to Vanguard, Van Rensburg said that the reason e-commerce companies are struggling in Nigeria is because the population of Nigerians that browse the internet on their laptop and personal computers is very small.
ICAN recommends 3-way approach to anti-corruption fight
By Providence Emmanuel The Institute of Chartered Accountants of Nigeria, ICAN, has recommended that the government should adopt a three-way approach – education, prevention and sanctions, in the fight against corruption.
Exclusive breastfeeding increases children immunity
By Providence Emmanuel & Elizabeth Uwandu LAGOS—THE Permanent Secretary, Ministry of Women Affairs and Poverty Alleviation, Mrs. Oluyemi Kalesanwo, yesterday, said exclusive breastfeeding for the first six months of life increases immunity in babies. Kalesanwo spoke during a fitness walk organised by the Nigeria Association of Women Journalists, NAWOJ, Lagos Chapter to commemorate the 2019 World Breastfeeding Week themed: Empower Parents, Enabling Breastfeeding.
LAPO MfB raises share capital to N3.5bn
By Providence Emmanuel LAPO Microfinance Bank, MfB, Limited has increased its authorised share capital by 75 per cent to N3.5 billion from N2 billion. This was done by the creation of three billion additional ordinary shares of 50 kobo each, which ranks pari-passu in all respects with the existing ordinary shares.
MfBs’ bad loans drop by 5.3% to N25bn — NDIC - Vanguard News
By Providence Emmanuel Nonperforming loans (bad loans) in the microfinance industry declined by 5.2 percent in 2018 to N25 billion against N26.18 billion in 2017. The Nigerian Deposit Insurance Corporation, NDIC, disclosed this in its 2018 annual report, which also revealed 14.7 percent increase in total deposits of the industry to ¦ 191.41 billion in 2018 from ¦ 166.88 billion in 2017.
NPF microfinance bank records 69% fall in profitability
By Providence Emmanuel NPF Microfinance Bank (MfB) Plc has recorded 69 percent decline in its Profit After Tax, PAT, which fell to N195.7 million in financial year ended 2018 from N631.89 million recorded in 2017.
RECAPITALISATION: Foreign investors inject funds into 20 MfBs
By Providence Emmanuel Foreign investors have injected funds into 20 microfinance banks (MfBs) in a bid to aid their compliance with the new minimum capital requirement of the Central Bank of Nigeria, CBN. Naira CBN, IFC challenge Microfinance Banks on self regulation, consolidation(Opens in a new browser tab) Director, Other Financial Institution Supervision Department, OFISD, CBN, Mrs.
Africa: CBN Gives Approval to Africa's First Farmers' MFB
By Providence EmmanuelTHE Central Bank of Nigeria, CBN, has given approval to Africa's first farmers microfinance bank to operate in the Unit Category in Nigeria. The approved MfB is called Joint Farmers Microfinance Bank Limited as contained in a CBN letter titled: "Final Approval To Operate As Joint Farmers Microfinance Bank Limited" signed by Director, Financial Policy and Regulation Department, Mr. S. Mohammed.
ICAN urges FG to invest in fibre optic — Nigeria Today
THE Institute of Chartered Accountants of Nigeria, ICAN, has called on the Federal Government to invest in optic fibre even as it inducted over 1,600 new members into the profession. President of ICAN, Alhaji Isma’ila Zakari, made the call at the 61st induction for in Lagos, where he said globalisation will aid professionals to move around the world.
Experts challenge media practitioners on fake news — Nigeria Today
lagos—Experts in public relations, academics and the media have challenged media practitioners on the implication of fake news coming from those they described as privileged charlatans operating in the space.
Money laundering: New sanction regime will enhance public confidence-MfB operators — Nigeria Today
MICROFINANCE banks’ operators have commended the new Anti Money Laundering/Counter Financing Terrorism (AML/CFT) sanction regime saying it will enhance public confidence in the banking system. Two weeks ago, the CBN rolled out a new AML/CFT sanction regime which stipulates fines against banks, their directors and other key officials for money laundering infractions.
Nigeria: Our Population Growth May Become a Time Bomb - - Bukar, NESG Chairman
At the second edition of the Vanguard Newspapers' Economic Discourse with the theme; "Economy in Rebound: The Pitfalls, Trajectories and Resetting", held in Lagos two weeks ago, Mr. Kyari Abba Bukar, one of the lead discussants at the event, in a post-event interview reinforced some of the points raised by the keynote speaker, Mr. Bode Agusto, a renowned economist and financial expert.
African Alliance claims settlement hits N8bn in 2017 — Nigeria Today
By Providence Emmanuel MANAGEMENT of African Alliance Insurance Plc, yesterday, announced payment of N8.69 billion in claims settlement in 2017, reiterating commitment to corporate governance. Managing Director, African Alliance Insurance, Mrs Funmi Omo, gave the figure in a statement, saying that the figure increased by 32.5 percent from N6.56billion paid in 2016, recording a gross premium income of N6.29billion in the year under review.
ICAN warns against proliferation accountancy bodies — Nigeria Today
LAGOS — The Institute of Chartered Accountants of Nigeria, ICAN, has warned against proliferation of accountancy bodies in Nigeria, saying promoters of these bodies are only interested in their personal pockets and not the profession.
Nigeria: Govt Urged to Convert 50% Nigerian Universities to Vocational Centres
By Providence EmmanuelAn expert has called on the Federal Government to consider converting about 50 per cent of the universities in Nigeria into vocational centres to enable young people gain skills in different vocations. Chief Executive Officer, Footprint to Africa, Mr. Osita Oparaugo, made the call in an interview with Vanguard on the sideline of an Exclusive Brunch with the theme: Disruptive Thinking as a Tool for Entrepreneurial Effectiveness in Africa.
Support Secondus to oust APC, Dickson tells PDP leaders — Nigeria Today
Governor Seriake Dickson of Bayelsa State has called on leaders of Peoples Democratic Party, PDP, to support Prince Uche Secondus-led National Working Committee, NWC, saying without the needed support, the leadership cannot deliver on its goals. The governor said it was by so doing that the PDP will be able to effectively lead a coalition to challenge All Progressives Congress, APC, in 2019 general election.
We would put more pressure on govt over N220bn MSMED fund - MD, BBB MfB
What are your expectations for the microfinance sub sector in 2018? Actually, we have been having some serious liquidity challenge for a while and we hope that it is worth solving this year. Like the issuing of $300 million that they are trying to release to the market, we hope that would spur economic activities and we should be able to tap into that. We are also hoping that the economy would pick up so that there would be a lot of activities in terms of the microfinance subsector.
Why MfBs charge high interest rate - Accion MfB boss
Newly appointed Managing Director of Accion Microfinance Bank, MfB, Mr. Taiwo Joda in this interview explains the factors that influence the high interest rate charged by microfinance banks (MfBs). He however expressed optimism that the trend would abate as more intervention funds are made available to MfBs. Excerpts: WHAT would you be doing to enhance access to the CBN’s N220billion Micro Small and Medium Enterprises Development Fund, MSMEDF? As a microfinance bank, we have had our fair share.
Microfinance banks need stable funds from multiple sources - Adegbami
The Managing Director/Chief Executive, Mainstreet Microfinance Bank Limited, Mr. Adegoke Adegbami, in this interview speaks on challenges of MfBs and factors responsible for non performing loans. HOW do you manage bad loans? There is an adage that says: “There are no bad followers but bad leaders.” So you need to do your assignment before you pass your money to your customers. We talk about policies relating to risk and the types of policy we have are policies that tell us to begin and end a loan.
Nigeria: MTN Foundation Lauded On Skills Empowerments
By Providence EmmanuelFriends of The Disabled (FOTD) Vocational and Educational Centre have lauded MTN Foundation for having empowered 96 youths with disabilities in the past four years to establish their own businesses.
Nigeria: Move Nigerian Embassy in Israel to Jerusalem, Udeogaranya Tells Buhari
By Providence EmmanuelLagos — The decision of Israeli government to move its capital to Jerusalem needs to be supported by the Nigerian government. This view was expressed by Chief Charles Udeogaranya, a chietain of All Progressives Congress, APC, and presidential aspirant of the party in 2019. In a statement in Lagos yesterday, Udeogaranya said: "This official action by the Israelites has since been endorsed by the United States president, Donald John Trump.
Nwoye faults Obiano for claiming past govt’s projects as his — Nigeria Today
The Dr. Tony Nwoye Campaign Organisation has alerted the public to what it called “the new propaganda scheme of the Willie Obiano administration in dressing up projects of former administrations in Anambra State as its own.” The campaign in a statement in Awka said with no solid projects to show, the Obiano government has also usurped the Federal Government intervention projects as its own.
NECCI Public Relations Roundtable addresses investor perspectives — Nigeria Today
THE Convener/CEO NECCI Public Relations Roundtable, Mrs. Nkechi Ali-Balogun, has said that foreign investors were the ones with empirical data about what is going on in Nigeria especially at a time when Nigeria is coming out of recession.
ICSAN advocates effective shareholders’ engagement — Nigeria Today
THE Institute of Chartered Secretaries and Administrators of Nigeria, ICSAN, has called for effective shareholders’ engagement to enhance the credibility of organizations and thereby facilitating a better understanding between the stakeholders and board of directors of companies.
Andy Uba gets support for tomorrow’s APC primaries — Nigeria Today
A group, Progressives Friends Forum, PFF, has said that Senator Andy Uba is the most suitable candidate for tomorrow’s gubernatorial primaries of the All Progressives Congress, APC, in Anambra State. In a statement, Director-General of the group, Chief Ifeanyi Oramah, said after an appraisal of all the aspirants cleared for the primaries by the APC, it found Uba, who is representing Anambra South in the Senate, as most suitable for the job.
Nigeria: 10 Microfinance Banks Account for 40 Percent of Industry Loan - CBN
By Providence EmmanuelTHE Central Bank of Nigeria (CBN) has said the ten microfinance banks account for 40 percent of total loans in the subsector. Director, Other Financial Institution and Supervisory Department (OFISD) Central Bank of Nigeria (CBN) Mrs.
Experts enumerate impediments to doing business in Nigeria - Nigeria Today
EXPERTS across key sectors of the economy have highlighted some of the impediments to doing business in Nigeria, and possible ways of tackling them. Some of these obstacles include government’s poor knowledge of the financial market, multiplicity of taxes; infrastructure; poor power supply, multiple taxes from different agencies of government; weak transportation system; inability to cultivate available land for agricultural produce; among others.
ICAN to intervene in Legislature for good governance - Nigeria Today
THE Institute of Chartered Accountants of Nigeria, ICAN, may be getting ready to involve itself in the legislative process for purposes of accountability and good governance. This was disclosed by Mallam Isma’ila Zakari, at his investiture as the 53rd President of the foremost accounting body.
BVN: We are working ahead of deadline – NAMBLAG - Nigeria Today
Ahead of the July 31 deadline for the use of Bank Verification Number (BVN) for customers of Microfinance banks in the country, National Association of Microfinance Banks Lagos State Chapter, NAMBLAG, has said that the subsector is ready. Chairman NAMBLAG, Mr. Omololu Fatunbi, in this interview said it would be substantially achieved by July 31.
Nigeria: Criteria for Obtaining Microfinance Bank Loan
By Providence EmmanuelTo obtain credit facilities from Microfinance Banks (MfBs) in the country, applicants, prospective customers and individuals must meet certain criteria to qualify for funding to grow their businesses.
ICAN tasks members on exemplary conduct - Nigeria Today
The Institute of Chartered Accountants of Nigeria, ICAN, has charged its members to live above board by exhibiting exemplary conduct. Also, Vanguard Accountant, Mr. Samuel Iroegbulem and Deputy Accountant, Mr. Michael Oso, were conferred with the ICAN Fellowship Award symbolizing that they have acquired and continued to demonstrate professional knowledge, skills and excellence in their profession.
Nigeria, Israel Deliberate Bilateral Trade Volume
By Providence EmmanuelNigeria and Israeli govern ments are proposing alternative means of raising bilateral trade volume which is currently low to boost relationship between the two countries. Hinting on this during a visit to Bank of Industry last week, Israeli Ambassador to Nigeria, Mr. Guy Feldman, said that Israel has evolved new measures to boost its trade with Nigeria, adding that it is high time Israel raised the volume of trade between both countries.
DBN to serve as a wholesale bank for MfBs to on-lend - Nigeria Today
With the approval of operational license for the Development Bank of Nigeria (DBN) it would serve as a wholesale bank to Microfinance Banks (MfBs) which will on-lend on medium and long-term loans to Micro, Small and Medium Enterprises (MSMEs). The Central Bank of Nigeria, penultimate week, approved the application for an operational license for the DBN to begin operations.
Financial inclusion: Ecobank partners AMfB on Western Union Money Transfer | 4-Traders
To further boost financial inclusion in the country, , penultimate week, entered into partnership with (AMfB) to introduce Western Union Money Transfer Remittance services in some of its locations. Speaking at the flag off program in , Deputy Managing Director, , Mr. Anthony Okpanachi, described the partnership as strategic and laudable, saying it is a proof of commitment towards extending financial inclusion services to the individuals beyond its branches.
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