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Category: Economy

  • FCCPC frowns at increased sale of adulterated foods

    FCCPC frowns at increased sale of adulterated foods

    Adulteration
    By Ginika Okoye
    Abuja, June 13, 2024 (NAN) The Federal Competition and Consumer Protection Commission (FCCPC) has frowned at the increasing sale of adulterated and contaminated foods in the markets.
    The acting Executive Vice Chairman of the Commission, Dr Adamu Abdullahi, said in Abuja on Thursday, that some traders were engaging in various forms of adulteration without minding the health implications on consumers.
    Abdullahi said this at a one-day sensitisation for traders, farmers, Civil Society Organisations (CSOs) and the public on forceful ripening of fruits, adulterated palm oil, contaminated meat and grains.
    Abdullahi said the move was to ensure a healthier society in line with President Bola Tinubu’s Renewed Hope Agenda.
    He said the Acts that established the Commission gave them powers to evacuate fake and adulterated products from the markets to avoid purchase by consumers.
    According to him, we have to renew the hope of our people to be alive and healthy first.
    “We have allowed the love of money to supercede everything that we do.
    ”We will go the markets to sensitise the traders, educate the public and sellers that adulterated and fake products are not allowed in the markets and if they see any, they have somewhere to report.
    ”We are going to markets in the states, the grassroots, farms to find out the sharp practices going on and to ensure we get a healthier society in line with President Tinubu’s Renewed Hope Agenda.
    ”We have to ensure that the goods in the markets are according to the standard that they should be, ”he said.
    Mr Femi Stephen from the Federal Ministry of Health and Social Welfare, described adulteration as the addition of substandard substances that had same properties with the food stuff which they are mixed.
    On adulteration of palm oil, Stephen said they are being adulterated with dye, lard (animal fat from pork) and transformer oil (paraffin).
    Stephen said that adulteration had been linked to various health challenges.
    He listed some health issues linked to adulteration to abdominal pain, nausea, brain damage, stomach disorder, cardiac arrest, liver disease and breathing difficulties.
    Stephen urged farmers to seek experts’ guidance in the application of pesticides to avoid poisoning.
    Dr Promise Ogbonna from the National Agency for Food, Drug Administration and Control (NAFDAC) said that forceful ripening of fruits was detrimental to health.
    Ogbonna said that calcium carbide used for forceful ripening of fruits were arsenic and phosphorus which had been said to be carcinogenic.
    Dr Edozie Ugwu, the Vice-President, North Central, National Association of Nigerian Traders (NANTS), commended the FCCPC for the sensitisation.
    Ugwu said that many Nigerians had lost their vital body organs to the adulteration of food.
    He said the market associations would collaborate with the Commission and other government agencies to ensure that the law penalised any trader found wanting in the practice.
    ”What we intend doing is to take this back and sensitise our traders on the importance of avoiding these adulterated foods.
    ”We plead that this be extended to various markets, ”he said.
    The News Agency of Nigeria (NAN) reports that various market associations including market women associations and members of Food and Hygiene Association of Nigeria were present at the event. (NAN)(www.nannews.ng)
    GINI/EAL
    ========
    Edited by Ekemini Ladejobi

  • Expert backs Commission’s move to sanitise digital lending space

    Expert backs Commission’s move to sanitise digital lending space

    Lending

    By Rukayat Moisemhe

    Lagos, June 13, 2024 (NAN) Money Lenders Association, has commended the continuous actions by the Federal Competition and Consumer Protection Commission (FCCPC) to sanitise the digital lending space in Nigeria, saying it is a welcome development.

    Chairman of the Association, Mr Gbemi Adelekan, in an interview with the News Agency of Nigeria (NAN) on Thursday, said efforts of the FCCPC resulted in growth of online lending applications.

    Adelekan, also Managing Director, Kwikpay Credit, said that the use of online lending applications, when compared to traditional financial institutions, had witnessed significant growth in the past few months.

    He, however, noted that this growth also led to increase in default rate due to the economic situation and financial constraint for some customers.

    He furthered stated that the growth in the industry had also attracted licensed players and some unregistered operators that were violating the consumer rights in the country.

    Adelekan recalled that in August, 2022, the FCCPC issued interim guidelines on the registration of digital lending platforms in the country.

    These guidelines, he stated, were necessary to curb these unlawful practices in the eco system and help to sanitise the industry.

    According to him, the FCCPC has made significant progress in monitoring this important sector as the commission continues to investigate and track most of these illegally operating DMLs.

    “While most licensed Digital Money Lenders (DML) are operating their loan app business ethically, in compliance with the prevailing laws of the land and lending principles, we also have a few bad eggs in the industry.

    “Most of these unscrupulous lenders are unregistered and without the required licenses, thereby contravening various regulations and guidelines introduced by FCCPC and the various regulatory bodies of the government.

    “These illegal operators use threatening and arm-twisting tactics as part of their collection strategy,” he said.

    Adelekan stated that the continuous investigation and surveillance by the commission demonstrate its commitment to tackling these unwholesome practices head on.

    He said that as of today, over 230 digital money lenders have been registered by FCCPC with 88 existing loan operators put on watch list.

    He noted that the commission had also delisted 47 Loan apps from operating online on the google play store and also blocked the bank accounts of lenders violating the contraventions.

    Adelekan charged the general public to desist from patronising illegal loan apps, saying any loan application that has approved and disbursed funds to you without the necessary verification was a red flag.

    “The association advises the general public to exercise caution when applying for loans online, to only select licensed and approved Digital Money Lenders (DML) on the FCCPC’s website.

    “This will help to reduce the rate at which these illegal loan apps name, shame and contravene the rights of consumers,” he said.(NAN)(www.nannews.ng)

    ARM/EAL

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    Edited by Ekemini Ladejobi

  • Heads of State, Ministers discuss economic prosperity

     

    Meetings
    By Okeoghene Akubike

    Abuja, June 13, 2024(NAN) Heads of State, Ministers, government officials, and renowned captains of industry have gathered at the 31st African Export-Import Bank (Afreximbank) Annual Meetings (AAM) in Nassau, The Bahamas.

    The meetings, holding simultaneously from June 12 to June 15, would be hosting no fewer than 2,000 delegates, the News Agency of Nigeria (NAN) reports.

    The theme of the Annual Meetings is “Owning our Destiny: Economic Prosperity on the Platform of Global Africa.”

    The three-day event is taking place jointly with the 3rd AfriCaribbean Trade and Investment Forum (ACTIF).

    “This is in recognition of the increasingly closer linkages between Africa and the Caribbean and the movement towards a Global Africa uniting Africans, their diaspora, and descendants worldwide.

    “The first day of the Meetings called to strengthen the linkages between Africa and the Caribbean, the sixth region of the African Union.

    “These meetings are considered crucial for economic decision-makers in Africa and the Caribbean and are covered by the African, Caribbean, and international media,”  Vincent Musumba, Afreximbank’s Manager, Communications and Events (Media Relations), said in a statement.

    Mr John Rolle, Governor, Central Bank of The Bahamas, in his welcome remarks, encouraged the attendees to capitalise on the opportunities to learn, share, and network.

    Rolle mentioned that the Caribbean could benefit from learning more about the Pan African Payment and Settlement System (PAPSS) from Africa.

    He said that with support from Afreximbank, the Central Banks across the Caribbean Community (CARICOM) could work towards replicating that system.

    “A successful project in the Caribbean could keep us on pace to deliver on targets that are already being set for an international payment system.

    “A system that even at the retail level, is more integrated, faster, and significantly cheaper for the average consumer.

    “If we perfect the multilateral cross-border payments and settlements arrangement, it could also help us to conserve the use of precious international reserves, especially if we expand intra-regional trade.”

    Also, Mr Denys Denya, Senior Executive Vice-President, Afreximbank, said the AAM and ACTIF2024 were a reunion of all Africans in the context of Global Africa.

    Denyal said the meetings would also help shape the shared vision and aspirations of the Caribbean region and Africa.

    “For a continent that is endowed with such an abundance of natural resources, the quest for sustainable development has been a perennial struggle.

    “It is in this context of sustained deprivation and marginalisation, that we seek to unify our forces in the context of Global Africa for a better future.

    “ In our unity, we have the numbers, we have the voice to sit at the table when decisions are made. We are a viable force to influence global decisions.”

    Similarly, Asa Pamela Coke-Hamilton, Executive Director, International Trade Centre, emphasised the significant trade potential between Africa and the Caribbean, projecting trade to reach 1.8 million dollars annually by 2028.

    Coke-Hamilton suggested it was time to explore establishing a free trade area between Africa and the Caribbean.

    “Trade agreements are one way to help bring down barriers and open new opportunities.”

    During a session on “Building Resilience in an Era of Globalisation,” Dr Roger Ferguson, Former Vice Chair, Federal Reserve, emphasised the importance of developing diverse and flexible systems to respond to challenges.

    Dr Donald Kaberuka Chairman/ Managing Partner of SouthBridge Group emphasised the importance of countries learning to manage crises rather than treating them as unique situations.

    Kaberuka, Former President, African Development Bank Group said this during the first plenary session, on “Navigating Economic Transformation in a Poly-Crisis World.”

    Also, Prof. Jeffery Sachs, Senior Lecturer in Economics, International Institute of Social Studies (ISS), Erasmus University of Rotterdam, said that in the face of stiff competition internationally, Africa must unite.

    “You cannot operate in this world as a small country. Even the small countries that are successful are part of somebody’s world.

    “ Africa is too big to be part of somebody’s world. It’s got to be Africa as a fundamental pillar of the world scene.”(NAN)(www.nannews.ng)

    OKE/VIV

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    Edited by Vivian Ihechu

  • ECA strengthening financial systems for devt in Africa, says officia;

    ECA strengthening financial systems for devt in Africa, says official

    Development

    By Lucy Ogalue

    Abuja, June 13, 2024 (NAN): The Economic Commission for Africa (ECA) is taking significant steps to strengthen public finance systems in Africa to ensure sustainable development.

    The ECA said in a statement that it organised a workshop on Integrated National Financing Frameworks (INFFs) for experts and stakeholders from across Africa in Addis Ababa to ensure this.

    The News Agency of Nigeria (NAN) reports that the two-day workshop aims to strategise on mobilising and utilising financial resources to achieve Africa’s Sustainable Development Goals (SDGs).

    The INFFs are designed to strengthen public and private financing for sustainable development.

    They align financing policies with national development plans, fostering collaboration between the public and private sectors. Africa is at the forefront of this initiative, with over 40 governments embracing the approach.

    The Director of Macroeconomics and Governance Division at the ECA, Zuzana Schwidsowski, called for immediate action on the initiative.

    “We are entering an era of poly-crises, characterised by multiple shocks, including pandemics, climate change, and economic and financial stresses.

    “These challenges jeopardise our progress in sustainable development.

    The need to raise financial resources to accelerate SDG implementation is more urgent now, given that we are less than seven years from attaining Agenda 2030,” she said.

    Schwidsowski said the severe financing gap is estimated to range from 200 billion dollars to 1.3 trillion dollars annually, as detailed in the ECA’s Economic Report on Africa 2020.

    She said the importance of domestic resource mobilisation and the role of INFFs in integrating national plans with available resources could not be overemphasised.

    “The workshop aims to strengthen the capacities of officials and stakeholders to develop effective financing strategies, promote knowledge-sharing, and generate regional dialogue on public finance trends and issues affecting INFF implementation.

    “Serving as a crucial platform for sharing experiences and planning future actions, the insights gained will be essential for the Fourth International Conference on Financing for Development in Spain in 2025.

    “This workshop will be a rewarding experience for each participant, creating a space for knowledge sharing and learning.

    “We are keen to deepen our partnerships to tap into the full potential of domestic resource mobilisation to achieve Agenda 2030 and the AU’s Agenda 2063,” Schwidsowski said.

    In a video message, Shari Spiegel, the Director of Financing for Sustainable Development Office at United Nations Department of Economic and Social Affairs (UNDESA) underscored the critical role of domestic public finance.

    Spiegel said: “Robust and resilient fiscal systems can contribute to alleviating poverty, reducing inequalities, and supporting economic growth.

    “However, significant challenges remain, including unmet tax potential and the impacts of globalisation and digitalisation.

    “The recent establishment of a UN Ad Hoc Committee to develop a draft framework for international tax cooperation is a historic step towards a fair and effective international tax system,’’ she said.

    Also speaking, Maxwell Gomera, the Director of the United Nations Development Programme (UNDP) Africa Sustainable Finance Hub provided a compelling perspective on the role of INFFs in transforming African economies.

    Gomera said: “with limited resources for necessary growth in many African countries, INFFs ensure that all available resources are effectively mobilised, allocated, and used where they are most needed.

    “INFFs help align public finance with national development priorities, enhance revenue collection, and improve spending efficiency.”

    Meanwhile, Rumbidzai Manhando, Programme Coordinator for the African Union Financial Institutions, restated the AUC’s dedication to strengthening public and private financing for sustainable development.

    She said: “INFFs offer a comprehensive approach to mobilising and utilising financial resources. By integrating public and private financing, we can develop cohesive strategies that align with our development goals.”(NAN)(www.nannews.ng)

    LCN/SH

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    edited by Sadiya Hamza

  • Newly reconstructed towers along Damaturu-Maiduguri line destroyed -TCN

     

    Towers
    By Constance Athekame
    Abuja, June 12, 2024 (NAN) The Transmission Company of Nigeria (TCN), says two of its towers, T193 and T194, along the Damaturu -Maiduguri 330 Kilo Volt (KV Single Circuit) transmission line have again been destroyed by vandals.
    Mrs Ndidi Mbah, TCN’S General Manager Public Affairs said this in a statement in Abuja on Wednesday.
    According to Mbah, the incident happened at about 10:15 p. m. on Tuesday night, when the 150 Mega Volt Ampere (MVA) power transformer at Molai Substation tripped.
    She said that the tripping happened at the same time as the 330kV transmission line supplying bulk power to Maiduguri from Damaturu Transmission Substation.
    ‘After the line tripping, efforts were made by TCN engineers to close the Mulai – Damaturu line to enable bulk transmission of electricity, which failed repeatedly.
    ”Early Today, TCN lines engineers along with security operatives patrolled the line and discovered that towers 193 and 194 along the 330kV transmission line were brought down using an explosive device, which fragments are scattered at the site of the incident.
    ”The area affected by this incident is Maiduguri and its environs, ” she said.
    Mbah recalled that on Dec, 28, 2023, towers T193, T194 and T195, were destroyed using similar improvised explosives.
    She said that two out of the towers in question were the towers affected by Tuesday vandalism attack, which were rebuilt after that incident.
    According to her, TCN is currently assessing the situation with a view to deciding the best approach at ensuring temporary restoration of the power supply while a contractor is mobilised to rebuild the two transmission towers.
    ”We will continue to do everything possible with the assistance of security operatives to protect our transmission towers.
    ”We are also calling upon the government and well-meaning Nigerians to join in the fight against the destruction of our collective national assets, ”she said. (NAN) (www.nannews.ng)
    COA/EEE
    ========
    Edited by Ese E. Eniola Williams

  • Nigerian banking system is stable, CIBN assures Nigerians

    Prof. Pius Olarenwaju, President/Chairman of Council, CIBN.

    Lagos, June 12, 2024 (NAN) The Chartered Institute of Bankers of Nigeria (CIBN) on Wednesday reassured Nigerians that the banking system remained “safe, sound and resilient,” dispelling fears of bank liquidations.

     

    Its president, Prof. Pius Olanrewaju, gave the reassurance in a statement in Lagos to correct misinformation and fake news that licence of more banks would be revoked.

     

    Olanrewaju emphasised the importance of clarifying rumours that additional bank licenses would be revoked, following the regulatory action taken by the Central Bank of Nigeria (CBN) against Heritage Bank Plc on June 3.

    “We would like to allay the fears of bank customers and the general public that the assertion is false and misleading.

    “The Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) have debunked the claim,” the Chairman of Council, CIBN, stated.

    He added that the ongoing recapitalisation process announced by the CBN aims to further strengthen the resilience of banks and their capacity to support the growth of the Nigerian economy.

    “Consequently, we urge the public to continue conducting their banking services without hesitation or apprehension,” Olanrewaju said.

    According to him, CIBN is committed to promoting best practices and ensuring that the sector remains safe and sound, in collaboration with other stakeholders in the ecosystem. (NAN)(www.nannews.ng)

    GA/AWA

    =========

    Edited by Olawunmi Ashafa

  • First Bank partners IWS to empower 250 widows

    Empowerment
    By Rukayat Adeyemi
    Cross section of widows at the IWS 2024 Widows Feast And Empowerment Programme on Tuesday in Lagos

    Empowerment
    By Rukayat Adeyemi

    Lagos, June 12, 2024 (NAN) First Bank of Nigeria has partnered with the International Women Society (IWS) to empower over 250 widows, in commemoration of the 2024 International Widows’ Day.

    The News Agency of Nigeria (NAN) reports that beneficiaries at the event, tagged “IWS Widows Feast and Empowerment Programme”, received various essential tools, equipment and grants on Wednesday in Lagos.

    The items distributed were sewing machines, freezers, coolers, hair dryers, cake mixers, industrial cooking gas, generators, and freezers to help the widows establish and sustain their businesses.

    Ms Lande Atere, Chief Customer Experience Officer of First Bank, said that the financial institution had been partnering with IWS for over a decade.

    According to her, the bank has been empowering women-owned Small and Medium Enterprises (SMEs) with funding and skills acquisition.

    “As an organisation that strategically prioritises financial inclusion, we will continue to support IWS in creating entrepreneurial opportunities and promoting self-reliance and vocational skills among women,” Atere stated.

    Mrs Adebanke Adeola, Chairperson of the International Women’s Society (IWS) Widows Trust Fund (WTF), appreciated First Bank for supporting the society in empowering and feasting with the widows.

    Adeola mentioned that the bank provided Point of Sale (PoS) machines to improve the benefiting widows’ access to financial services and income generation opportunities.

    Also, some beneficiaries would receive extra working capital through the generosity of the financial institution and other sponsors.

    “This partnership, along with generous sponsorships from other companies and individuals, enables us to continue our mission and expand our impact.

    “The programme, organised yearly, aims to help widows achieve financial independence and self-sufficiency,” Adeola said.

    RUKY/AWA

    ==========

    Edited by Olawunmi Ashafa

     

  • LBS launches initiative, promotes best practices in hospitality sector

    LBS launches initiative, promotes best practices in hospitality sector
    Hospitality
    By Rukayat Moisemhe
    Lagos, June 12, 2024 (NAN)The Lagos Business School (LBS) has launched an  initiative geared towards promoting best practices and advancing standardisation within the hospitality sector.
    Dr Belinda Nwosu, faculty member, LBS, on Wednesday in Lagos, via a statement, said the initiative would also enhance innovation and drive customers’ experiences across  Nigeria’s hospitality value chain.
    Nwosu said the LBS had via a retail summit with theme:” Rethinking Standardisation in Hospitality Retail” taken significant steps to foster growth and development within Nigeria’s hospitality industry and across Africa.
    She noted that by addressing challenges facing the industry through the initiative, the LBS reaffirmed its commitment to delivering practical solutions for businesses.
    She urged stakeholders to collaborate by offering solutions to business challenges, providing market research data for informed decision-making, facilitating networking opportunities, and nurturing executive-level talent from Africa.
    “We need creative and adaptive thinking, and with this launch, the Lagos Business School demonstrates a commitment to the hospitality industry in Nigeria first of all and across Africa.
    “Our commitment is to walk with you and together find solutions to your business problems, and as far as discussions go, we have realised that there is a desperate need to raise the profile of engagement for hospitality businesses in our region,” she said.
    Prof. Chris Ogbechie, Dean, LBS, noted the  crucial need for standardisation as today’s businesses strive for competitive advantages through creating exceptional customer experiences.
    He emphasised the need to achieve consistency, quality as well as efficiency across every aspect of the hospitality value chain.
    “Standards play an integral role in fostering loyalty by offering unique service engagements essential not only within retail but also critical for delivering delightful services within hotels or any other type of accommodations that may be available.
    “Being competitive demands organisations’ capability to provide exceptional customer experiences consistently – but how do you scale this? Only through standardisation can you achieve this,” he said.(NAN)(www.nannews.ng)
    ARM/SOA
    Edited by Oluwole Sogunle

  • ASR Africa, BUA Group donate N10m to empower widows

    L-R: Dr Ubon Udoh (MD/CEO, ASR Africa), Dame Olabisi Alokolaro (President, IWS), Mrs Banke Adeola (⁠Chairperson, Widows Trust Fund), ⁠Mrs Umoren Cecilia-Aqua (IWS Trustee), ⁠Mrs Feyisola Abiri (Ex-Officio) and Mrs Olande Atere (⁠General Secretary, IWS) during ASR Africa presentation of the N10 million Grant to International Women’s Society.

    Donation

    By Rukayat Adeyemi

    Lagos, June 12, 2024 (NAN) The Abdul Samad Rabiu Initiative for Africa (ASR Africa), in commemoration of the 2024 International Widows’ Day, donated N10 million grant to the International Women’s Society (IWS) on Tuesday in Lagos.

    ASR Africa is a brainchild of African industrialist, philanthropist, and Chairman of BUA Group, Mr Abdul Samad Rabiu.

    The initiative, established in 2021, aims to provide sustainable, impact-based, homegrown solutions to developmental issues affecting health, education, and social development within Africa.

    Dr Ubon Udoh, the Managing Director/Chief Executive Officer (CEO) of ASR Africa, announced the donation at the Widows Feast and Empowerment Programme organised by IWS in Lagos.

    According to Udoh, the grant is part of ASR Africa’s ongoing efforts to invest in social development, one of its primary focus areas.

    He noted that the grant also reflected the commitment of the chairman of ASR Africa and BUA Group to improving the livelihoods and welfare of Nigerians.

    He said that the grant, distributed to widows in partnership with IWS, aimed to bring relief to the beneficiaries while ensuring its relevance and sustainability.

    Udoh appreciated the significant work done by IWS since its establishment in 1957.

    Commenting on the donation, Mrs Adeola Adebanke, the Chairperson of the Widows’ Trust Fund of IWS, expressed joy and satisfaction.

    She stated that not less than 250 widows benefited from the empowerment programme.

    Adebanke explained that the programme, organised yearly through the IWS WTF, is held to feast with and empower the widows.

    She further explained that the IWS WTF plays a vital role in supporting widows by providing them with the resources, skills, and connections needed to build a bright future.

    Adebanke prayed that the ASR Africa/BUA Group chairman continues to make significant strides and break new boundaries.

    The widows unanimously expressed their gratitude to ASR Africa and BUA Foods Plc for the timely palliative care packs received.

    The News Agency of Nigeria (NAN) reports that 250 widows received palliative care packs from BUA Foods Plc, which comprised rice, pasta, edible oil, and semolina.(NAN) (www.nannews.ng)

    RUKY/AWA
    ==========
    Edited by Olawunmi Ashafa

  • VSF constructs skill acquisition centers in Yobe communities

    VSF constructs skill acquisition centers in Yobe communities

    VSF
    By Ahmed Abba
    Fika(Kukargadu), June 12, 2024 (NAN) The Victims Support Fund (VSF) has begun construction of skill acquisition centers in select Yobe communities as part of its post-insurgency recovery programmes.

    Retired Lt.-Gen. Theophilus Danjuma, Chairman of the VSF, announced the initiative during the project inauguration on Wednesday in Kukargadu.

    Represented by Prof. Nana Tanko, the VSF Executive Director, said the organisation was targeting nine communities across three Yobe local government areas for these interventions.

    The News Agency of Nigeria (NAN) reports that the three local governments ares are Gujba, Gulani and Fika.

    “We are building these centers in various communities across three local government areas to ensure their sustainability.

    “These centers will serve not only women but also youth and others. Kukargadu, for instance, will receive the most significant VSF intervention.

    “We are establishing a comprehensive skill acquisition training centers such as computer training, tailoring, electrical work, welding, carpentry, and other trades,” Danjuma said.

    He added that VSF has been actively supporting the Northeast region since 2014 with various interventions and livelihood supports.

    “For example, we have provided educational materials to children affected by the insurgency, established savings and loans associations for women who engaged in similar economic activities.

    “(We also) bring them together and provide them with grants to grow their businesses,” he said.(NAN) (www.nannews.ng)
    AIA/IS
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    Edited by Ismail Abdulaziz