Small and Medium Scale Enterprises (SMEs) are globally recognized as engines of socio-economic transformation. In Nigeria, they are at the heart of a push for economic prosperity.
Together with micro-scale ventures, these businesses contribute almost half of the national Gross Domestic Product (GDP), employ 76.5 percent of the national workforce and account for 7.64 percent of export receipts, a joint survey by Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the National Bureau of Statistics (NBS) in 2017 shows.
They also make up more than 90 percent of the total businesses in Nigeria.
Micro, Small and Medium Enterprises, said to be about 41.5 million in Nigeria, can help re-distribute wealth, improve local manufacturing and diversify the economy.
As such, the policies and institutions that support their growth are important variables for Nigeria’s economic ends.
One of such institutions is First City Monument Bank (FCMB), a leading financial services provider.
The mid-tier lender last year proved its mettle in the Nigerian banking industry, emerging the best bank in customer experience for SMEs.
The bank leapt to the first position in the SMEs category from a third-place ranking in the prior year. FCMB in 2018 also emerged the third most customer-focused in retail banking.
This is according to the 2019 Nigeria Banking Industry Customer Experience Survey (NBICES) report by KPMG, one of the Big 4 global consulting firms.
According to the 2019 report, analysis of performance in the SME segment reveals dynamism in the latest ranking, with FCMB edging other Banks to emerge top.
The 2019 research was conducted via face-to-face and online survey methodology, involving SME owners across Nigeria. It was anchored on six pillars of assessment and performance, namely personification, integrity, expectations, resolution, time and effort as well as empathy.
“While the Nigerian banking landscape has constantly been faced with steep competition, the stakes have been raised even higher and performing well on customer experience is the new minimum standard,’’ said KPMG. “As the race for the customer intensifies, front-runners will be those who demonstrate an understanding of the customer’s specific circumstances to consistently deliver a personalised experience”, it added.
The latest positive affirmation received by FCMB is a demonstration that the various supports the Bank offers to boost the performance of SMEs and its overall contributions to the growth of the nation’s economy are yielding the desired results and appreciated by the market.
FCMB is known for its bespoke products and excellent service offerings cutting across retail, SMEs, transaction, commercial and corporate.
The leap in the rating of FCMB as the number one Bank in Customer Experience for SMEs is a proof that the bank is on the right path towards achieving its goal of attaining the highest levels of customer advocacy in the industry and a major contributor to economic development.
FCMB, on several occasions, has restated its commitment to consistently deliver exceptional service and offering the right propositions to help SMEs and other customer segments fulfil their individual and business aspirations.
For instance, the bank recently organized a training themed, ‘’Supporting Women Businesses to Scale Up in 2020’’, a free and comprehensive capacity building and empowerment programme for women entrepreneurs in Ogun State.
The programme aimed at enhancing the productivity and profitability of Small and Medium Scale Enterprises (SMEs) through funding, capacity building, advisory and other forms of support, held February 5, 2020, in partnership with the Office of the First Lady of the State, Mrs. Bamidele Abiodun.
The bank said it would continue to assist SMEs to overcome the challenges they usually face, especially at the take-off stage, because it wants to be part of their success story.
FCMB has built a strong base in the SME segment by consistently championing and executing several cutting-edge solutions that have tremendously impacted on businesses nationwide under the following pillars of support; access to capital, capacity building, advisory services, networking opportunity and technology. The lender is one of the top participating Banks in the various intervention funds of the Central Bank of Nigeria (CBN) and Development Finance Institutions (DFIs). FCMB has been commended by the CBN, Bank of Industry, Development Bank of Nigeria, among others, for its strong support to SMEs.
The lender also partners local and international DFIs to provide various forms of funding, guarantees, grants and capacity building programmes to entrepreneurs. Also, FCMB offers free banking transactions for three months to new to Bank SME customers. It also has in its bouquet tailored products to suit the needs of SMEs customers, such as free accounting applications, Payroll solution and so on.
FCMB has equally automated its lending process for SMEs by adopting digital banking solutions to penetrate and deepen its intervention in the segment through its Quickloans platform. Since the launch of the platform in July 2019, over N10billion unsecured loans have been disbursed to SME customers within three to twenty-four hours of application through the Quickloans platform.
For women entrepreneurs, FCMB’s SheVentures initiative, launched in March 2019 to offer enhanced support to existing and start-up women-owned SMEs through access to finance, training and mentoring, has continued to encourage entrepreneurship, while also turning around the fortunes of existing businesses. Apart from other benefits, it comes with a zero-interest rate for an initial period of three months for beneficiaries. Also, over 2000 women entrepreneurs are being mentored by the Bank through the SheVentures initiative.
Beyond financial support, FCMB has trained over 10,000 SMEs, while also championing and executing several value-added capacity building programmes that have fast-tracked the growth of businesses, thereby upscaling their contributions to the development of the country. The lender organises a comprehensive programme, tagged, ‘’Business Enterprises and Sustainability Training (BEST)’’, SME Clinics and Masterclass for business owners nationwide to equip them with management skills and ensure effective networking.
FCMB has ensured the development of emerging markets, such as renewable energy, agribusiness and creative industry. The Bank hosts several workshops and exhibitions for these sectors. For instance, it organised a workshop on Climate Finance Awareness, in partnership with the International Finance Corporation (IFC), under the theme, ‘’EnergyEfficiency and Solar Energy Solutions for Your Business”. This was a follow-up to the one held in August 2018 on Sustainable Energy Finance (SEFi). There was also a seminar on tax matters, in collaboration with the Federal Inland Revenue Service, for SMEs in June.
In the same vein, FCMB in November last year hosted a workshop on Energy-Agric Nexus for Rural Economic Development, under the theme, “Stimulating the Agricultural Sector through Off-Grid Energy Development”, in Abuja. It was in partnership with the Rural Electrification Agency (REA), The European Union, Deutsche Gesellschaft fur Internationale Zusammenarbeit (GIZ), Nigerian Energy Support Programme (NESP), Heinrich Boll Stiftung (HBS) Foundation and Power for All. The workshop provided a rare opportunity for operators in agribusiness and the power sector to engage in constructive and interactive sessions with industry experts and decision-makers on harnessing and deploying alternative, renewable, clean and affordable sources of energy, particularly off-grid ones, to stimulate agribusiness.
First City Monument Bank (FCMB) Limited is a member of FCMB Group Plc, which is one of the leading financial services institutions in Nigeria with subsidiaries that are market leaders in their respective segments.
Having successfully transformed into a retail banking and wealth management-led group, FCMB expects to continue to distinguish itself through innovation and the delivery of exceptional services.
NEW BPP DG COMMITS TO EFFICIENCY AND STAFF WELFARE FOR IMPACTFUL SERVICE DELIVERY*
*_…begins review of bureau processes to enhance government procurement systems_*
The Director General of the Bureau of Public Procurement (BPP), Dr Adebowale Adedokun, has outlined his vision to drive efficiency, enhance staff welfare, and reinforce the Bureau’s regulatory mandate in alignment with President Bola Ahmed Tinubu’s renewed hope mandate and his commitment to improving Nigeria’s economy. This was made known during an interactive session with staff of the Bureau at the State House Banquet Hall on November 20, 2024. Dr Adedokun emphasised the urgency of delivering results as well as improving trust in the government procurement system to support President Bola Tinubu’s Renewed Hope Agenda, declaring, “Let us work together to get value for money for Nigeria’s developmental processes and achieve President Tinubu’s mandate of making Nigeria’s economy better.”
Furthermore, in a bid to strengthen operational efficiency, the DG also announced key reforms, including introducing Service Level Agreements for the bureau’s processes ensuring that letters are treated within 3 (three) days, and ensuring reports are completed within 14 (fourteen) days. He also highlighted plans to secure a sustainable budget that would improve the working environment and provide better welfare for staff.
Dr Adedokun firmly stated the Bureau’s resolve to uphold its regulatory integrity under his watch. He warned that officers are prohibited from visiting Ministries, Departments, and Agencies (MDAs) unless on official assignments stressing the need for officers of the Bureau to stay above board. He further declared that contractors are no longer allowed within the Bureau’s premises to ensure that officers can perform their duties without undue interference and influence.
Calling for a collaborative approach, the DG urged staff to embody the Bureau’s regulatory values by adhering to procurement guidelines, avoiding delays, and striving for excellence. “As a regulator, you must be seen to be guided by the procurement process,” he stated. He assured the team of an open-door policy, encouraging innovative ideas that could propel the Bureau to greater heights.
The session also featured a visit from former DG, Engr. Emeka Ezeh, OFR, FNSE, who led the Bureau from 2009 to 2016. Engr. Ezeh commended President Tinubu for appointing Dr Adedokun and urged staff to provide their full support to the new leadership. He encouraged staff to focus on leaving a legacy of excellence, saying, “Work in a way that you will be celebrated wherever you go in life.”
Senior Directors, including Engr. Nasir Bello and Engr. Isaiah Yesufu reiterated the importance of supporting the DG’s vision while emphasizing adherence to the Bureau’s operational guidelines. Staff also welcomed the session, sharing their perspectives on improving the Bureau’s operations and pledging their support for the new leadership.
In a related development, Dr Adedokun sought collaboration with the Presidential Office of Digital Engagement and Strategy (PODES) led by its Head, Mr O’tega Ogra, who is also the Senior Special Assistant to the President on Digital/New Media, during a courtesy visit to his office on November 21, 2024. The DG emphasized the need to enhance the Bureau’s public engagement and visibility in line with the all-of-government communications approach being espoused by the PODES.
Mr Ogra congratulated Dr Adedokun on his appointment and highlighted the key role BPP plays in advancing Nigeria’s development agenda. O’tega further expressed his commitment to collaborating with the Bureau in amplifying its communication efforts and ensuring Nigerians understand and appreciate its critical role in national governance.
Dr Adedokun’s leadership marks a new chapter for the Bureau of Public Procurement, focused on accountability, efficiency, and impactful service delivery. His vision aligns seamlessly with the Federal Government’s goals of economic transformation and sustainable development as well as President Bola Tinubu’s renewed hope agenda.
Janet McDickson
Director, Information & Public Relations/Head, Media-BPP
The Rivers State Police Command said its men rescued a businessman identified as Julius Madabuchi, who was kidnapped by a four-man gang at a filling station in the Oyigbo Local Government Area of the state.
The police said the man was abducted when the miscreants who were driving in a Black Toyota car stormed the area and started shooting discriminately before executing their plan.
The rescue of the man, the police said, followed a distress call sent to the command control room about the activities of the hoodlums on November 17 and immediately mobilised operatives to the scene, saying the abductors engaged the police in a shootout.
The spokesperson for the state police command, Grace Iringe-Koko, disclosed this in a statement issued in Port Harcourt, Rivers State capital, on Wednesday.
The statement reads, “On the 17th of November, 2014, at about 2023hrs, operatives of the command received a distress call from the Room indicating that a gang of armed men numbering about four operating in a Black colour Toyota Corolla car shot sporadically and kidnapped one Madabuchi Julius at Sabbath Filling Station, Oyigbo.
“Operatives were swiftly mobilised to the scene and the hoodlums on sighting the police operatives drove off, but they were given a hot chase by the operatives and subsequently intercepted along Egbu Street, Oyigbo and a gun duel ensued between the operatives and the hoodlums.
“The hoodlums could not withstand the police’s superior firepower and eventually abandoned the victim and their operational vehicle with registration number RIVERS PHC 938 AH and escaped. The victim was rescued unhurt and the vehicle recovered. He has since reunited with his family.”
The state police image maker however said an investigation is ongoing while concerted efforts are being intensified to apprehend other fleeing members of the gang and recover their operational weapons.
In a related development, Iringe-Koko said the following day, precisely on Monday, operatives of the command acted on credible information, coordinated a covert operation at the St Lorinta Street, Oyigbo and arrested one Gabriel Morris, aged 25, at Mercy Ground in Kom-Kom, Oyigbo LGA of the State.
The state police spokesperson stated, “During interrogation, the suspect confessed to being a member of a syndicate that had been terrorising Oyigbo and its environs in recent times.
Iringe-Koko, a Superintendent of Police, listed items recovered from the suspect including one locally made pistol and a quantity of weeds suspected to be Indian hemp.
She added, “Investigation is ongoing, while concerted efforts are intensified to apprehend other fleeing members of the syndicate.
“This successful operation further demonstrates the effectiveness of the Rivers State Police Command in combating kidnapping and all other forms of crime in the state.”
“Celebrate Your Wins, No Matter How Small-Prudent Ludidi
Today, I want to talk about something incredibly important, yet often overlooked: celebrating our wins. Yes, you heard that right – celebrating our wins, no matter how small.
We live in a world that constantly pushes us to achieve more, be more, and do more. We’re always striving for the next goal, the next milestone, the next achievement. And while ambition is great, it’s equally important to acknowledge and celebrate the small victories along the way.
Think about it. How often do you achieve something amazing, only to dismiss it as “not a big deal” or “just part of your job”? How often do you downplay your successes or attribute them to luck rather than your hard work and dedication?
Here’s the thing: every win, no matter how small, is worth celebrating. Every achievement, no matter how insignificant it may seem, is a testament to your strength, resilience, and determination.
Celebrating your wins does several things. Firstly, it boosts your confidence and self-esteem. When you acknowledge your achievements, you remind yourself of your capabilities and potential.
Secondly, celebrating your wins helps you stay motivated and focused. By recognizing your progress, you’re more likely to stay committed to your goals and keep pushing forward.
Thirdly, celebrating your wins fosters a positive mindset. When you focus on what you’ve achieved, rather than dwelling on what’s still to be done, you cultivate gratitude, happiness, and contentment.
So, how can you start celebrating your wins?
Start small. Write down three things you’ve accomplished each day before bed. Share your achievements with a friend or family member. Treat yourself to something special.
Celebrate the tiny victories: finishing a difficult project, trying a new recipe, or simply making it through a tough day.
Celebrate the milestones: landing a new job, running a marathon, or graduating from college.
And celebrate the moments in between: learning a new skill, making a new connection, or taking a much-needed break.
Remember, celebrating your wins isn’t about being arrogant or boastful. It’s about acknowledging your hard work and dedication. It’s about recognizing your worth and value.
Don’t wait until you’ve achieved something “big” to celebrate. Celebrate every win, no matter how small. Celebrate every achievement, no matter how insignificant it may seem.
You are worthy of recognition. You are worthy of celebration. And you are worthy of acknowledging your own strength and resilience!