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KPMG SME REPORT: FIRSTBANK NAMED BIGGEST MOVER IN 2019

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Written by Collins Nweze

Capital is crucial in driving sustainable Small and Medium Enterprises’(SMEs’) growth and uplifting the economy. First Bank of Nigeria Limited, as part of the launch of its specialised SMEs’ propositions, has continually supported SMEs through diverse initiatives. The bank says its support for SMEs is in line with the Central Bank of Nigeria’s directive on improved funding for SMEs to ensure economic growth and development.

The economies of great nations thrive on the strength and performance of Small and Medium Enterprises (SMEs) seen as engine of growth.

For Nigeria, the Central Bank (CBN) defines SMEs as enterprises with asset base (excluding land) of between N5 million and N500 million and labour force of 11 and 300 people.

The benefits of funding SMEs have attracted many banks with eye on the future to invest and support SMEs in the interest of the economy.

For SMEs to achieve these goals, operators’ easy access to credit must be promoted.

First Bank of Nigeria Limited is one of the banks that is investing and supporting SMEs. Following research by the bank over the years, it identified these seven strategic pillars that are essential to the sustainability and growth of the SMEs.

These include access to infrastructure, access to talent, capacity building, policy and regulation, access to resources, access to market as well as access to finance.

The bank has also held its SMEs’ Week in Lagos, Abuja, Port Harcourt, Ibadan, Kano and Owerri. The week-long event was rounded off with a live webinar, facilitated by Gbenga Shobo, the bank’s Deputy Managing Director.

According to Shobo, “FirstBank has, over the years, been at the forefront of supporting businesses, especially the SMEs, as we recognise that the SMEs are the engine of the economy.

We are committed to ensuring that we leave no stone unturned as we connect with them in their continued contribution to national development in terms of the employment opportunities they create as well as their contribution to the nation’s GDP amongst many economic values.

“The FirstBank SME Week is driven to promote the Bank’s SME proposition, thereby having SMEs across the country optimally enlightened on how to plug in. We believe this will help SMEs bolster their contribution to the growth and development of the economy.”

The 2019 Nigeria banking industry customer experience survey report recently published by KPMG Nigeria showed that in the retail segment, the top two performers have remained the same for the fourth consecutive year.

GTBank, Zenith Bank are top-rated bank in the 2019 ranking. Sterling Bank, FirstBank and UBA are the biggest movers in 2019, coming in third, fifth and seventh places.

Commitment to fashion and entrepreneurship

FirstBank sponsored the Sixth Africa Fashion Week, which held last December in Lagos.

The event themed ‘’Africa Unites’’ was a convergence of fashion entrepreneurs and the public to promote the creativity and innovation of Nigerian and African brands through worldwide visibility, distribution and manufacturing.

Dignitaries at the event include wives of the Ekiti, Ogun and Kwara state governors, Mrs Bisi Adeleye-Fayemi, Mrs Bamidele Abiodun and Mrs Folake Abdulrazaq. The Ooni of Ife, Oba Adeyeye Enitan Ogunwusi; former Director-General of Nigerian Tourism Development Corporation,Mrs Omotayo Omotosho; television presenter and model, Idia Aisen; model and beauty influencer, Whitney Madueke were also there. FirstBank was represented by Helen Ogboh, Business Manager, Corporate Banking.

Speaking on FirstBank’s sponsorship of the event, the Bank’s Group Head, Marketing & Corporate Communications, Folake Ani-Mumuney, said: “We are pleased to identify with Africa Fashion Week Nigeria as it showcases creativity by African fashion designers to the teeming public, leading players and enthusiasts of African fashion while promoting their contribution to the growth of the fashion industry.

“We will continue to drive advocacy for this as it can create jobs that will deepen opportunities for the revival of our textile industry resulting in SMEs’growth along the value chains especially, with the growing demand in the fashion industry.”

Recently, the bank promoted the use of local fabrics with a ‘What If’ campaign to commemorate the country’s Independence. It ran across the social media channels, Twitter, Instagram and Facebook, focusing on the creativity of sewing local fabrics as a national symbol vis-a-vis our outfits, clothing accessories, household furniture, in line with the bank’s celebratory 125th Anniversary, themed, “Woven into the Fabric of Society”.

Ani-Mumuney said the bank would continue to empower the society, including the support for small businesses and promotion of the growth of the entertainment industry.

Also, on the list of fashion sponsorship credentials of the Bank is the Fashion Souk, as well as Street Souk organized in partnership with Eventful Limited. Ani-Mumuney said “Street Souk was designed to encourage the youth to channel their talents to genres as music, arts and fashion. It’s a platform that identifies opportunities, which promote the innovative spirit in youngsters.

She noted that Street Souk was tied to the FirstBank’s initiative to empower the society, including small business owners. According to her, the initiative is also tied to the promotion of the entertainment industry.

Manager XIIG Glover, a merchant at the Street Souk, Mr Obembe Abiola, said he was happy to be part of last year’s (2019) street trading.

“We are here to showcase what we also have as a brand which is African made and to reach out to people to know about the brand. Last year (in 2018), we were also here and it was a great time out to meet up with new clients, customers and to meet up with other brands and this year is a lot more better than last year. We are large in number, new faces and everything is going on fine,” Abiola said. He commended FirstBank for organising the event aimed at encouraging entrepreneurship.

Also, Creative Director, Dmf Designs & Shopwith5k, Adebayo Bankole, a participant, said she was glad to showcase her brand to people. “I have finally found my target audience here, people that are interested in street Souk culture in Nigeria. They are my target audience,” Bankole said.

She stated that sales had been very amazing and that it was worth-while being part of this year’s Street Souk.

“I really appreciate the fact that FirstBank is doing this because most banks go for ankara or made- in-Nigeria but this is promoting a different culture in Nigeria. Street trading is not common in Nigeria, the fact that FirstBank is able to support the promotion of street Souk in Nigeria is amazing,” Bankole added.

The bank also said it would remain committed to the Federal Government’s diversification drive with the development of agricultural value chain to boost employment.

FirstBank’s Chairman, Mrs Ibukun Awosika, stated this at last year’s edition of ‘Food Souk’, an event the Bank convened in partnership with Eventful Limited, an events management firm.

Mrs Awosika said the bank would continue to support the agricultural value chain from production to consumption to create opportunities for SMEs in the food sector to create job opportunities. “As you have noticed, we have been doing a chain of Souks with Eventful. It is critical for the economy of the nation that we encourage the SMEs sector across different industries,” she said.

According to her, the Food Souk was introduced to diversify the economy through agricultural development. “When we have 200 million people, food is big business because everybody will eat. So, what we are trying to do is in support of the nation’s building. We are seeking to encourage small, medium and big enterprises in different sectors of the economy.

“One is to help create jobs because if we think that 65 per cent of our population is made up of people under 40 years and the highest unemployment rate is within the segment that is between 20 and 35, so you need to create jobs.

“But you will only create jobs when you create entrepreneurs, as we create more businesses you are creating job opportunities,” Mrs Awosika said.

She added that the bank’s focused on the growth of the economy with the hope it would benefit from it as a provider of financial services. “As we grow the economy, as we build lives of Nigerians, as we support the government’s investment in the diversification of the economy and help to create jobs through the enterprises we will ultimately benefit,” Mrs Awosika stated.

The Chairman said FirstBank, the largest retail bank in the country, would continue to support growth and development of SMEs. “A lot of big businesses of today that grew in Nigeria are businesses we supported from scratch. “We are starting with different generations of new businesses and events like this help you to see the trends. It helps you to see the companies that need nurturing.

“It helps you to see the companies that you can support. It also gives you information about how you can best support them and engage them in their terrain to see businesses and understand their feelings to create the kind of product that will support their businesses,” Mrs Awosika said.

A food vendor, Ms Ijeoma Ebeneme, the Chief Executive Officer, JEM N Iris, commended FirstBank for putting the event together. Ebeneme said she was at the fair to make profit, meet new clients  as well as create the needed publicity for her brand. Food Souk, formerly known as Fiesta of Flavours, is a food and wine fair, that holds yearly at Harbour Point in Victoria Island, Lagos, since its premier edition in 2015.

The fun food and beverage fair hosted by Eventful and sponsored by FirstBank provides an avenue for attendees to experience the entertainment, art and business of food. It showcases the best in local and international cuisine, cutting-edge food technology and cooking techniques, and the best beverages, wines and spirits the world offers. It provides management and training seminars, food demonstrations and performances.

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Oil marketers counter Dangote

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Oil marketers counter Dangote

Oil marketers counter Dangote over allegation of substandard product importation

 

The Depots and Petroleum Products Marketers Association of Nigeria (DAPPMAN) has countered the claim by Dangote Refinery that any oil importers landing petrol at a price cheaper than what the refinery is selling are importing substandard products and conniving with international traders to dump low quality products into Nigeria.

The refinery had made the claim on Sunday.

In a statement yesterday, DAPPMAN’s Executive Secretary, Olufemi Adewole, said none of its members was engaging in activities that could shortchange Nigerian fuel users by conniving with anyone to bring in low quality product into the country.

 

“We’ve said this for the umpteenth time, and it bears repeating, those in the downstream sector business of petroleum products trade are patriotic Nigerians who will not shortchange Nigerian citizens for filthy lucre. Our members are in this business to add value to the businesses of their fellow Nigerians and not to defraud them.

 

“Prices of products in the international market are dynamic as they’re dictated by prevailing circumstances at every given situation. We calculate our landing costs based on the dynamics of market forces, and the templates are always in the public domain. To claim that if the landing cost of imported product happens to be lower than that of the refinery indicates importation of low quality product is not only preposterous, but also fallacious. In any case, the management of the refinery has, until now, kept its cost and prices close to its chest and put it away from public scrutiny. “

“This type of submission, targeted at projecting our members negatively before the public, cannot help the management’s desire to have oil marketers patronise its products. What will ensure such patronage is transparency, fair play, and readiness to compete with others, including foreign refineries, on an even keel and on a level playing field.”

Adewole said the disclosure by the refinery’s management that the facility has a huge stock of 500 million litres fuel reserve came to its members as news.

“We were surprised because we believe that if the refinery has such huge stock, it’s the marketers that should be put in the know first.

‘Secondly, it was even more surprising given that the news came about the time the refinery was working on rationing what each marketer could pick from the refinery. If they had such huge stock, how is it then that they’re rationing what marketers could buy?

“On all these developments in the industry, the position of our members is very clear: we’ve always played by the rules, and we’ll continue to play by the rules. We’ll not be tired of advocating for a level playing field and a highly competitive and transparent sector that’s devoid of arm twisting and devoid of any form of dominant tendencies,” he said.

Similarly, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) said it had concluded plans to import the best quality petroleum product and sell at far cheaper prices.

The association said it was awaiting the NMDPRA to grant it import licence, saying it “has successfully incorporated a strategic business unit called PETROL.”

Its spokesman, Joseph Obele, said PETROAN had concluded plans with her foreign refinery counterparts and financial partners to import the best quality of PMS and “then sell far less than the present selling rate of PMS in Nigeria.”

He said the allegations that PETROAN would import inferior products and that an international company was trying to establish a PMS blending plant in Lagos “are all strategies for Dangote Refinery to push others out of the market…”

Also, Pinnacle Oil and Gas Limited, in a statement by its Chief Executive Officer, Bob Dickerman,  denied blending substandard petroleum products.

 

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Why Protesters demanded Kyari’s resignation

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Why Protesters demanded Kyari’s resignation

Why Protesters demanded Kyari’s resignation

 

Scores of youths stormed the headquarters of the Nigerian National Petroleum Company Limited on Monday, demanding the immediate resignation of the Group Chief Executive Officer of the company, Mele Kyari.

The protesters, led by some Civil Society Organisations, described Kyari’s leadership as incompetent, citing skyrocketing fuel prices, endless fuel queues, and economic hardship in Nigeria.

The protesters carrying placards with different inscriptions such as “we demand the immediate resignation of Kyari”, among others, said the leadership of the NNPCL boss has failed.

The aggrieved youths led by Abdullahi Bilal of the (Two Million Man March Against Oil Scam Cabal) and Barrister Napoleon Otache and Olayemi Isaac from Citizens and Economic Freedom Rights Activists in Nigeria demanded immediate action to address what they described as failed leadership in managing the country’s oil sector.

Central to the protests were grievances over skyrocketing fuel prices and the never-ending queues, which they argued have driven inflation and plunged millions of Nigerians into poverty.

They also decried the importation of adulterated fuel, which they said is a corrupt practice that harms citizens by damaging vehicles and businesses.

They demanded an immediate halt to these imports and accountability for those responsible, questioning how substandard fuel continues to enter the country despite quality control assurances.

Additionally, the group criticized the unfulfilled promise of the Dangote refinery to resolve Nigeria’s fuel crisis, expressing frustration over the billions of dollars spent on refinery development and refurbishing existing facilities.

They argued that despite these investments, fuel shortages persist, leaving Nigeria reliant on costly imports even as an oil-producing nation.

They urged President Bola Tinubu to intervene by overhauling leadership in the oil sector, enforcing greater accountability, and putting citizens’ needs first. The protesters vowed to continue mobilizing until their demands for reform and transparency are met.

Speaking to journalists during the mass demonstration, Abdullahi Bilal said, “The Two Million Man March stands as a united voice for every citizen who has been betrayed by a system that continues to enrich a few at the expense of many.

“Today, we call for the immediate resignation of the current leadership in the country’s oil sector. Their management has failed Nigerians.

“Under their watch, we have seen fuel prices skyrocket without consultation or consideration of the devastating impact on the people. We have endured fuel scarcity while substandard, adulterated fuel is imported, causing further hardship.

“We demand the complete removal of the fraudulent fuel subsidy regime that has only served to enrich a select few. Full deregulation is necessary to introduce transparency, competition, and fairness to our oil sector.”

On their part, Otache and Isaac, insisted, “This act of economic sabotage has led to endless fuel queues, skyrocketing fuel prices, and unprecedented disruptions in the daily lives of Nigerians.

“We demand an immediate end to fuel queues, transparency, and accountability from all involved parties.  We want to know how substandard fuel continues to enter the country despite assurances of quality control.”

On July 7, 2019, former President Mohammadu Buhari appointed Kyari as the 19th GMD of NNPC, but with the passage of the Petroleum Industry Act, his current portfolio is without recourse to previous employment ranks in the company.

NNPCL reacts

Reacting, the NNPCL spokesperson, Femi Soneye, said the protestors lack understanding of the sector.

He explained that contrary to their agitation, the GCEO ensured Nigerians had access to fuel at N620 per litre for over a year, even when the landing cost was above N1,100.

Responding via a chat, Soneye said, “Unfortunately, they lack understanding of the sector. If they were informed, they would know that the GCEO is not responsible for the fuel price increase; in fact, he ensured Nigerians had access to fuel at N620 per litre for over a year, even when the landing cost was above N1,100.”

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Renewed Hope Agenda and Impacts in Aviation* By Mary Odoma

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Renewed Hope Agenda and Impacts in Aviation* By Mary Odoma

*Renewed Hope Agenda and Impacts in Aviation*

By Mary Odoma

 

President Bola Tinubu’s knack for selecting top talent is unparalleled. In his quest to build a prosperous Nigeria, he’s assembled an exceptional team. By leveraging their expertise, experience, and strategic insight, he’s fostering national stability, economic growth, and a sustainable future.

His latest win is in Aviation and Aerospace Development, where he’s appointed a fearless and straightforward leader, Festus Keyamo, SAN. Keyamo’s commitment to excellence makes him an ideal fit. President Tinubu’s vision for Nigeria is taking shape, and his leadership choices are truly commendable.

A dedicated, charismatic and impactful lawyer, the dynamic and astute developer is a terror to mischief makers and enemies of progress. A tough and forceful personality who is determined with an ultimate goal to change Nigeria.

Appointed on 21st August 2023 as the helmsman of the Ministry, Keyamo has been unwavering in his drive for positive transformation, reforming the sector and bringing about enduring positive impact in a transparent manner.

Renewed Hope Agenda and Impacts in Aviation*
By Mary Odoma

His Ministry has the core mandate of regulating air travel and aviation services in the country. It is also responsible for overseeing air transportation, air development, maintenance, provision of aviation infrastructural services and other needs.

A very patriotic Nigerian, Chief Festus has several achievements, in line with the Renewed Hope Aviation Roadmap approved by President Tinubu to his credit.

In a steadfast commitment towards revitalizing the nation’s aviation sector, Mr Keyamo was able to ensure the approval of the concession of the Nnamdi Azikiwe International Airport (NAIA), Abuja and Mallam Aminu Kano International Airport (MAKIA), Kano Airports. This is in line with the initiation of the Nigerian Airport Concession Strategy.

Also, in line with the Federal Ministry of Aviation Roadmap, Chief Keyamo initiated the signing of an MoU with the Nile University for the take-off of African Aviation and Aerospace University (AU). This milestone achievement of the Minister aims to integrate and create an avenue for the training, research and development of ready middle-class manpower for the sector.

Equally, under his watch, the pragmatic leader led the Ministry into partnership with the ICRC and also a collaboration with the IFC on infrastructural development. This partnership is to both develop and implement a comprehensive and durable framework that will meet the infrastructural needs of the sector over a long period.

Through Keyamo’s congruence and dynamism, the BASA arrangement is another revolutionary innovation aimed at ensuring the operationalization of direct flights between Nigeria and Brazil.

Keyamo’s motivation and altruistic devotion to having a functional aviation and aerospace sector also moved him to upgrade the Muhammadu Buhari, Airport, Maiduguri to the standard of an international airport. This airport is ready to commence full operation on January 1, 2025

In the area of staff motivation, retirees of the Ministry now have no cause for alarm as their interest is covered. Recently, the Ministry honoured 24 retirees drawn from the lowest rung to the highest. It is in a bid to acknowledge those who have contributed immensely to the growth and development of the sector as Nation-builders.

His prompt response to issues including distress reveals an empathetic personality and someone who is very much alive to his responsibilities. Recently, while reacting to the accident involving a helicopter on the 24th October 2024, Mr Keyamo, immediately upon receiving the distress call, activated protocols aimed at search and rescue operations, mandating all relevant bodies to do everything humanly possible to ensure the safety of the passengers on board the ill-fated vehicle.

The Minister was also actively involved with all the relevant agencies towards ensuring a coordinated response. His active and physical involvement led to the minimization of casualties.

In a show of collaboration and solidarity, the Hon. Minister travelled to far away Marrakesh, Morrocco, to give support to the 2024 International Transport Workers’ Federation (ITF) congress. His presence was to underpin the importance the federal government attaches to the role of the transport workers in stabilizing the aviation sector.

Festus Keyamo as the Honourable Minister of Aviation and Aerospace Development is certainly the best thing that has happened to the industry. He has exhibited passion, dedication and selfless forthrightness in the discharge of his duties and a total comprehension of what it takes to carry out his roles. He is well-groomed for the job and his background has helped him greatly towards shaping the positive impact he is making on society.

Today, Festus has proved that a faithful, disciplined, and dedicated Nigerian can stand out of the crowd because he symbolizes what governance is all about. These feats can only be achieved by a man with the right comportment and conduct in the service of humanity and the fatherland.

Deserving of note is that Chief Keyamo, through the foresight of President Tinubu has well-prepared team leaders appointed as heads of the agencies of the Ministry.

The supportive and collaborative roles of the Nigeria College of Aviation Technology, Nigeria Metrological Agency, Nigeria Civil Aviation Authority, Nigeria Airspace Management, the Federal Airports Authority of Nigeria, and the Nigeria Safety Investigation Bureau (NSIB), have brought about those tangible and noticeable volte-face experienced today in the Aviation sector.

With Keyamo at the helm, Nigeria’s aviation sector is experiencing a transformative shift, thanks to President Tinubu’s foresight in appointing well-prepared team leaders. The Nigeria College of Aviation Technology, Nigeria Metrological Agency, and others are working together to bring about tangible change. Keyamo’s dedication, discipline, and commitment to service have improved Nigeria’s image and reformed the aviation and aerospace sectors.

Odoma is the President of New Nigeria Network [NNN[ writing from Abuja.

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