Economy
Don Advocates Govt. Support for SMEs Affected by COVID-19
A Professor of Business Administration, Prof. Oluseyi Oduyoye from Babcock University, has called on the Federal Government to support small businesses devastated by the COVID-19 pandemic.
Oduyoye stated this at Ilishan-Remo, Ogun while delivering the Babcock University’s 33rd inaugural lecture at the university’s Business School main auditorium on Sunday night.
This is contained in a press release on Monday made available to rporters signed by Dr.
Joshua Suleiman, Babcock’s Director of Marketing and Communication.Delivering his lecture titled, “From the Small Business to Big Business: A Future with Little Hope”, Oduyoye noted that many small businesses were unlikely to recover from losses from COVID-19 lockdown if government did not come to their aid.
He called on the Central Bank of Nigeria to assist the small businesses from the much publicized N50 billion support fund set aside for distribution to businesses in need of lifelines for sustainability and growth.
Oduyoye also urged deposit banks and insurance companies to strengthen SMEs through renegotiation of contract terms and affordable minimal premiums following economic setbacks occasioned caused by COVID-19.
He noted that small businesses could become big companies if they were fortified with values of integrity, customer focus, openness and the fear of God.
“Starting small but having the eyes on the big picture should always be the focus of the typical small business owner,” Oduyoye stated.
He also recommended networking with more experienced individuals in the industry to gain the needed leverage for growth.
Oduyoye thanked the leadership of the Seventh-Day Adventist Church, his family and the Ilishan Development Association for his achievements.
He attributed the collapse of many businesses to lack of integrity and absence of the fear of God.
“Anything done without integrity cannot stand.
“The lack of integrity and the love for quick money and shady deals is the bane of long-term growth of these small businesses,” Oduyoye said.
He lamented the fact that internet fraud popularly known as Yahoo-yahoo had taken over while integrity had been relegated to the background causing the nation to “bleed.”
“For aspiring small business owners who have the ambition of becoming big players in the future, the qualities of integrity and customer satisfaction are key attributes of success,” Oduyoye said. (NAN)
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
NDA Commandant Decorates Ombugadu, Others as Fellows of Solar Energy Society of Nigeria
ShareFrom Abel Zwànke, Lafia The 2023 gubernatorial candidate of the People’s Democratic Party (PDP) in Nasarawa State, His Excellency Rt....
Yuletide: Bode George Urges Tinubu to Reduce Petrol Price
ShareChief Bode George, a former Deputy National Chairman of the Peoples Democratic Party (PDP), has urged President Bola Tinubu to...
Tinubu Set for Groundbreaking of Renewed Hope City in Lagos
Share President Bola Tinubu, is set to perform the groundbreaking of 2,000 housing units of the Renewed Hope City in...
Gov. Alia Presents N550.1bn as 2025 Budget Estimate to Benue Assembly
ShareGov. Hyacinth Alia on Wednesday presented the sum of N550.1bn as the 2025 appropriation bill to the Benue State House...
Tax Bills: NASS will not Betray the Trust of Nigerians, says Akpabio
Share The President of the Senate, Sen. Godswill Akpabio, says the National Assembly will prioritise the interest of all Nigerians...
Alia Has Demonstrated Capacity, Courage to Entrench Good Governance—Speaker
Share The Speaker, Benue Assembly, Mr Hyacinth Dajo, has said that Gov. Hyacinth Alia has so far demonstrated capacity, courage,...
Investors Gain N183bn on NGX
Share The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion. Accordingly, the market capitalisation, which...
Energy, Solid Minerals Top Priority, Tinubu Tells German Businessmen
Share President Bola Tinubu, on Wednesday, assured the German government and businessmen of Nigeria’s preparedness to expand frontiers for investors...
Nigerian Who Wrote WASSCE 17 Times Bags Distinction from London School
Share Dr Emmanuel Ahmadu, a Nigerian who wrote the West Africa School Senior Certificate Education 17 times, has earned a...
INEC Staff Welfare Association Warns Members Against Manipulating Election Results
Share The Abia Chapter of the INEC Staff Welfare Association (ISWA) has warned its members to uphold the integrity of...