Connect with us

Business News

First Bank Joins SMEs Finance Forum

Published

on

Share

First Bank has advocated efforts to promote financial inclusion for Small and Medium Enterprises (SMEs) to grow the economy despite the ravaging effects of COVID-19, saying it has joined the SME Finance Forum.

Deputy Managing Director of the bank, Mr Gbenga Shobo,  disclosed this in a statement Sunday in Lagos.

“We are excited to join the SME Finance Forum, especially at this time, when the sustenance of businesses is essential to mitigate the adverse effects of the COVID-19 pandemic on the socio-economic development of Nigeria.

“This membership is in recognition of the leading role we play in enabling SMEs in Nigeria.

“This role is hinged on our heritage of over 126 years; our experience and continuous reinvention, which we bring to bear in empowering other businesses, aimed at contributing to the economy.

“Without a doubt, outliving the pandemic is the responsibility of everyone.

“FirstBank has been nimble at promoting a digital economy in Africa and has issued over 10 million cards.

“The bank’s financial inclusion and cashless transaction drive have resulted in over 228 million users on its USSD and over 4.1 million users on Firstmobile platform, its digital banking application,’’ Shobo stated.

According to him, since the last nine months of the COVID-19 impact, FirstBank has organised six virtual SME centric webinars aimed at getting business owners informed and educated on various ways to withstand the economic shocks caused by the pandemic.

He said had in April, the bank offered a 90-day moratorium on SME loans and introduced special waivers on repayment fees on its credit cards as part of the palliative measures to mitigate the effects of COVID-19 in the country.

Also in September, he stated that the bank partnered the Lagos State Employment Trust Fund (LSETF) in a N6 billion matching fund scheme.

He said the scheme was aimed at cushioning the impact of COVID-19 pandemic on low-cost private schools by ensuring lending at an attractive interest rate.

Chief Executive Officer, SME Finance Forum, Mr Matthew Gamser, said the aim of the forum was to expand access to funds for small businesses.

“The SME Finance Forum comprises financing experts from more than 80 countries, who share the common goal of expanding access to finance to small businesses worldwide, through knowledge exchange and innovation.

“Forty per cent of SME businesses worldwide struggle to get access to credit and capital that they need to grow their enterprises.

“We are delighted to welcome FirstBank to our network of 200 members, who are working to eliminate the finance gap for SMEs,’’ he said.

Business News

Budget Office Defends Tax Reform Acts, Seeks Due Process

Published

on

Share

By Tony Obiechina, Abuja 

The Budget Office of the Federation has reaffirmed the integrity of Nigeria’s newly enacted Tax Reform Acts, cautioning against what it described as governance by speculation and unverified claims following allegations of post-passage alterations.

In a statement on Wednesday, the Budget Office said it had taken note of concerns raised by the Minority Caucus of the House of Representatives, stressing that the sanctity of the law is central to constitutional democracy and not a mere procedural formality.

According to the Office, any suggestion that a law could be altered after debate, passage, authentication, and presidential assent without due process would strike at the core of the Republic and undermine citizens’ right to be governed by transparent and stable laws.

However, it warned that democratic integrity is also endangered by the careless amplification of unverified claims. “A nation cannot be governed by insinuation or sustained on circulating documents of uncertain origin,” the statement noted, adding that public confidence, once shaken by speculation, is often difficult to restore.

The Budget Office emphasized that both government and citizens share a common interest in truth, clarity, and due process, noting that public finance depends heavily on trust in the legality and clarity of fiscal laws. It welcomed the decision of the National Assembly to investigate the allegations, describing institutional inquiry, not conjecture as the appropriate response to claims of illegality.

On public access to the law, the Office agreed that Nigerians and the business community are entitled to clear and authoritative texts of all laws they are required to obey. It clarified, however, that the authenticity of legislation is determined by certified legislative records and official publication processes, not by informal or viral reproductions.

The statement also underscored the importance of separation of powers, warning that claims suggesting Nigeria is being governed by “fake laws,” if not backed by established facts, risk eroding confidence in democratic institutions.

 At the same time, it stressed that legislative scrutiny should not be dismissed by the executive, noting that oversight is a constitutional duty, not an act of hostility.

From a fiscal perspective, the Budget Office said legal certainty is essential for revenue projections, macroeconomic stability, budget credibility, and investor confidence. While it is not the custodian of legislative records, it maintained that uncertainty around operative tax provisions directly affects economic planning.

To restore confidence, the Office proposed a set of measures, including the publication of verified reference texts in a single public repository, orderly access to Certified True Copies for stakeholders, clear public explanations where discrepancies are alleged, and strict alignment of all implementing regulations with authenticated legal texts.

Addressing calls for suspension of the tax reforms, the Budget Office cautioned against allowing prudence to slide into paralysis. It argued that properly implemented tax reform is necessary to reduce dependence on borrowing and inflationary financing, while easing indirect burdens on vulnerable citizens.

“Where clarification is required, it must be provided; where correction is required, it must be effected; where investigation is required, it must proceed,” the statement said, adding that governance and reform should not be stalled by unresolved conjecture.

The Office concluded by describing taxation as a democratic covenant that binds citizens and the state, insisting that compliance depends on transparency and trust. It called on political actors to protect institutions as much as positions, urging citizens and businesses to rely on verified sources and resist the spread of unauthenticated information.

The statement was signed by Tanimu Yakubu, Director-General of the Budget Office of the Federation, who reaffirmed the agency’s commitment to fiscal transparency, institutional integrity, and reforms that advance national prosperity while safeguarding citizens’ rights.

Continue Reading

Business News

Tinubu Congratulates Dangote on World Bank Appointment

Published

on

Share

By Jennifer Enuma, Abuja

President Bola Tinubu has congratulated Alhaji Aliko Dangote, the President of Dangote Group, on his appointment to the World Bank’s Private Sector Investment Lab, a body tasked with promoting investment and job creation in emerging economies.

In a statement by Special Adviser on Media and Publicity, Bayo Onanauga, the President described the appointment as apt, given Dangote’s rich private sector experience, strategic investments, and many employment opportunities created through his Dangote Group.

The Dangote Group became one of Africa’s leading conglomerates through innovation and continuous investment.

Dangote Group’s business interests span cement, fertiliser, salt, sugar, oil, and gas. However, the $20 billion Dangote Petroleum Refinery and Petrochemicals remains Africa’s most daring project and most significant single private investment.

“President Tinubu urges Dangote to bring to bear on the World Bank appointment his transformative ideas and initiatives to impact the emerging markets across the world fully” the statement said.

The World Bank announced Dangote’s appointment on Wednesday, as part of a broader expansion of its Private Sector Investment Lab. The lab now enters a new phase aimed at scaling up solutions to attract private capital and create jobs in the developing world.

The CEO of Bayer AG, Bill Anderson, the Chair of Bharti Enterprises, Sunil Bharti Mittal, and the President and CEO of Hyatt Hotels Corporation, Mark Hoplamazian, are on the Private Sector Investment Lab with Dangote.

The World Bank said the expanded membership brings together business leaders with proven track records in generating employment in developing economies, supporting the Bank’s focus on job creation as a central pillar of global development.

Continue Reading

Business Analysis

Nigeria Customs Generates over N1.75trn Revenue in 2025

Published

on

Share

By Joel Oladele, Abuja

The Nigeria Customs Service (NSC) has generated an impressive N1,751,502,252,298.05 in revenue during the first quarter of 2025.

The Comptroller-General (CG) of the Service, Bashir Adeniyi, disclosed this yesterday, during a press briefing in Abuja.

According to Adeniyi, the achievement not only surpasses the quarterly target but also marks a substantial increase compared to the same period last year, reflecting the effectiveness of recent reforms and the dedication of customs officers across the nation.

“This first quarter of 2025 has seen our officers working tirelessly at borders and ports across the nation.

I’m proud to report we’ve made real progress on multiple fronts—from increasing revenue collections to intercepting dangerous shipments,” Adeniyi stated.

He attributed this success to the reforms initiated under President Bola Tinubu’s administration and the guidance of the Honourable Minister of Finance and Coordinating Minister of the Economy, Olawale Edun.

The CG noted that the revenue collection for Q1 2025 exceeded the quarterly benchmark of N1,645,000,000,000.00 by N106.5 billion, achieving 106.47% of the target. This performance represents a remarkable 29.96% increase compared to the N1,347,705,251,658.31 collected in Q1 2024.

Adeniyi highlighted the month-by-month growth, noting that January’s collection of N647,880,245,243.67 surpassed its target by 18.12%, while February and March also showed positive trends.

 “I’m pleased to report the Service’s revenue collection for Q1 2025 totaled N1,751,502,252,298.05.

“Against our annual target of N6,580,000,000,000.00, the first quarter’s proportional benchmark stood at N1,645,000,000,000.00. I’m proud to announce we’ve exceeded this target by N106.5 billion, achieving 106.47% of our quarterly projection. This outstanding performance represents a substantial 29.96% increase  compared  to  the  same  period  in  2024,  where  we  collected N1,347,705,251,658.31.

“Our month-by-month analysis reveals even more encouraging details of this growth trajectory,” Adeniyi said.

In addition to revenue collection, Adeniyi said the NCS maintained robust anti-smuggling operations, recording 298 seizures with a total Duty Paid Value (DPV) of ₦7,698,557,347.67.

He stated that rice was the most seized commodity, with 135,474 bags intercepted, followed by petroleum products and narcotics.

“From rice to wildlife, these seizures show our targeted approach,” Adeniyi remarked, noting the NCS’s commitment to combating smuggling and protecting national revenue.

Adeniyi also highlighted key initiatives, including the expansion of the B’Odogwu customs clearance platform and the launch of the Authorized Economic Operators Programme, which aims to streamline processes for compliant businesses. The NCS’s Corporate Social Responsibility Programme, “Customs Cares,” was also launched, focusing on education, health, and environmental sustainability.

Despite these achievements, the CG noted that the NCS faced challenges, including exchange rate volatility and non-compliance issues. Adeniyi acknowledged the need for ongoing adaptation and collaboration with stakeholders to address these challenges effectively.

Looking ahead, the NCS aims to continue its modernization efforts and enhance service delivery, ensuring that it remains a critical institution in Nigeria’s economic and security landscape.

“Results speak louder than plans; faster clearances through B’Odogwu, trusted traders in the AEO program, and measurable food price relief from our exemptions. We’ll keep scaling what works,” he concluded.

Continue Reading

Advertisement

Top Stories

NEWS14 hours ago

Project Gazelle 2: Commending Better Terms; Demanding Greater Transparency

ShareBy Uche Uwaleke The decision of the National Economic Council (NEC) to approve the refinancing of the US$3.3 billion Project...

NEWS15 hours ago

How South African Leaders throughout History Have Openly and Tacitly Promoted Xenophobia

ShareBy Isaac Asabor One cannot examine the evolution of xenophobia in South Africa without looking beyond the obvious perpetrators on...

NEWS15 hours ago

Youths Laud Borno Skills Programme

ShareYouths in Borno South have commended the Borno State Government’s vocational training and starter packs distribution programme, describing it as...

NEWS15 hours ago

FG Empowers Jigawa Women, Youth with 100 Bullocks Heifers, Others

ShareBy Raphael Atuu, Abuja The Federal Ministry of Livestock Development, has distributed 100 bullocks, heifers and livestock production ancillaries to...

NEWS15 hours ago

FCTA Set to Upgrade Life Camp Recreation Park

ShareBy Laide Akinboade, Abuja The Federal Capital Territory Administration (FCTA), on Monday, said it has concluded an arrangement to transform...

Health15 hours ago

Viral Hepatitis: A Silent Threat Nigeria Cannot Ignore

ShareBy Abiemwense Moru For millions of Nigerians, viral hepatitis remains a silent health threat, progressing unnoticed for years without obvious...

NEWS15 hours ago

M’East Crises: Egyptian FM Discusses De-escalation Efforts with U.S. Envoy

ShareEgyptian Foreign Minister Badr Abdelatty has held talks with U.S. Special Envoy Steve Witkoff and other foreign ministers as Cairo...

Foreign News15 hours ago

Moroccan king’s Letter Confirms Naming of Major Highway in Honour of Trump

Share A letter from Morocco’s King Mohammed VI has confirmed that the country has named a major highway after US...

Foreign News16 hours ago

Blanche Withdraws Trump Fund Plan Ahead of AG Confirmation Vote

ShareActing US Attorney General Todd Blanche has formally withdrawn President Donald Trump’s plan for a fund that could have been...

POLITICS16 hours ago

CSOs Urge NASS to Reject Bills Threatening Civic Space, Democratic Freedoms

ShareSome civil society organisations (CSOs) have urged the National Assembly to reject bills capable of threatening civic space, constitutional freedoms...