Day: June 1, 2024

The Financial Reporting Council of Nigeria (FRC) and its partners have launched the Small and Medium Enterprises Corporate Governance Guidelines (SME-CGG) to ensure business sustainability beyond their founders.

FRC launched the Guidelines in collaboration with Integrity Organisation, UN Global Compact Network Nigeria and sponsored by MacArthur Foundation in Abuja.

Dr Rabiu Olowo, Executive Secretary of FRC, at the issuing and unveiling of the guidelines, said that SMEs contribute over 50 per cent to the GDP of the country.

It also employs millions of citizens who are instrumental to innovation, fostering entrepreneurship and growth.

Olowo further said that unlocking the potential of SMEs required good corporate governance practices,involving a structure through which objectives of a company were set.

‘SMEs are an incredible sector to improve growth, reduce poverty, and promote social progress.

‘We believe that governance to SMES is very key. There is a myth that the problem of SMEs is finance, which is
not entirely true.

‘A well ran SME is well governed with the principles of succession planning, risk management well put in place which will promote the ability to live in the future.

‘We believe that with this SME-CGG, SMEs will live beyond their founders and this document will go a long way to contribute to the future of our SMEs,’ he said.

Key components of the SME-CGG, Olowo said, included a board structure and responsibilities, risk management,corporate governance policies and procedures,financial oversight, and stakeholder engagement.

Other components, he mentioned, were ethical conduct and compliance, succession planning and family-owned enterprises.

The executive secretary added that the guidelines were not mandatory, but would be a key distinguishing factor to access capital, living in short, medium or long term.

‘Looking at all of these,even without its mandatory feature,I believe it is a must have for every SMEs.

‘By adopting these guidelines, SMEs will be better positioned to attract invest
ment, build trust with stakeholders, and enhance their competitive edge.

‘The launch of the Nigeria SME-CGG is an opportunity to set a new standard for how our SMEs are run, ensuring they are well-equipped to compete on a global stage,’ Olowo said.

He called on the relevant stakeholders to embrace the guidelines and remain committed to its implementation.

Ms. Ayotola Jagun, Co-Thematic Lead, Anti-Corruption and Governance, UN Global Compact Network Nigeria, said that partners working in synergy could create an ecosystem where responsible business practices and sustainability were not ignored.

‘The future of the Nigerian economy rests on the shoulders of these SMEs and by empowering them to be committed and ensure sustainability, we can create a future that is prosperous,equitable and environmentally conscious.

‘I urge SMEs and relevant bodies to adopt the SME-CGG to achieve the Sustainable Development Goals,’ Jagun said.

Mr Soji Apampa, Chief Executive Officer of Integrity Organisation, said the guideli
nes created an opportunity for SMEs to access incentives for their businesses.

Mr Osita Ede, Head of Finance Service Cluster, Lagos Chamber of Commerce and Industry (LCCI), said that apart from business capital, investors were also interested in a good governance structure of a business.

‘Investors are interested in companies raised on a good track record, equity,a good team, a clear vision and commitment to responsible practices.

‘Good governance enables businesses to equally help SMEs to demonstrate these qualities,’ he said.

Ede, also Chief Product Officer of Fidelity Bank, pledged LCCI and the bank’s commitment towards creating more awareness on the SME-CGG.

He said that Fidelity Bank was putting measures in place to launch Fidelity SME hub, a one-stop shop for SME solutions.

Ede added that they would incorporate the SME-CGG in their capacity building programmes.

Mr Oryiman Alu, from the Small and Medium Enterprises Development Agency of Nigeria, said that the problems of SMEs included access to f
unding, insecurity,among others.

Alu said there was the need to engage stakeholders at the state levels to be part of the national programme aimed at improving businesses of SMEs, encourage inclusivity and addressing their challenges.

Source: News Agency of Nigeria

The Construction and Civil Engineering Senior Staff Association (CCESSA) and National Union of Civil Engineering Construction Furniture and Wood Workers (NUCECFWW), have threatened to stop work on major roads due to some crises.

The unions affiliated to the Trade Union Congress of Nigeria (TUC) and the Nigeria Labour Congress (NLC), represent the senior and junior staff in the construction industry.

The National President of CCESSA, Ayodeji Adeyemo, and the NUCECFWW President Stephen Okoro, at a news conference on the state of the construction industry on Friday in Abuja, raised alarm over the plight of construction workers.

According to Adeyemo, the construction industry is the second largest employer of labour in Nigeria after the Government.

He, however, expressed concern that a lot of workers were being laid off by construction companies and the trend was creating a crisis in the sector.

‘About 30,000 workers have lost their jobs and about 52,000 workers may lose their jobs if care is not taken.

‘Ov
er 20,000 have already lost their jobs in the last three months and 32,000 will also lose their jobs if the conflicts are not resolved.

‘We may have no choice but to stop work on major roads if the trend continues.

‘Some of the roads that are affected by the conflicts are roads being handled by major construction companies like RCC, Setraco, Julius Berger, Dantata and Sawoe, among others.

‘They are: Obajana road, Abuja -Kano Road, Bodo-Bonny Road, East-West Road, Lagos-Ibadan expressway, Zaria-Sokoto Road and Edo-Auchi Road.

‘When you sack people with family and other dependents, you are only calling for more insecurity in the country. Nigeria is currently grappling with insecurity, and you can imagine when 52,000 workers are laid off,’ he fumed.

Adeyemo said that the unions were also concerned with the disagreement between the Federation of Construction Industry (FOCI) and the Minister of Works.

According to him, there is a total slowdown in the industry due to disagreement between the contractors han
dling various civil construction projects for the Federal Government and the ministry of Works.

He said this was because of unilateral imposition of new standard conditions of contracts by the Minister, contrary to the existing conditions as approved by the Bureau of public procurement (BPP).

According to him, this has affected employment in the industry, leading to mass sack of Nigerian workers who are members of our unions.

Adeyemo said the unions have appealed to the Minister of Works, David Umahi, for a form of bail out to the distressed construction sector rather than any form of conflict.

‘We call on the federal government to resolve the conflict in the industry by involving all stakeholders in contract awards.

‘These are the Bureau of Public procurement (BPP), Ministry of Justice, Ministry of works, Council for Regulation of Engineers in Nigeria (COREN), Federation of Construction Industry (FOCI), among others.

‘We urge the Minister of Works, FOCI and all concerned to amicably resolve the current
conflict within 21 days otherwise, the two Unions will be compelled to declare industrial actions in the construction industry.’

The two unions called for an end to banditry, kidnappings and killings that had become so common in the country, urging security agencies to ensure the safety of the members and all Nigerians.

Source: News Agency of Nigeria

The Federal Ministry of Arts, Culture and the Creative Economy and the Nigerian Economic Summit Group (NESG), have signed a Memorandum of Understanding (MoU), towards repositioning the art, culture, and creative economy sectors.

The News Agency of Nigeria (NAN) reports that the MoU was signed by officials of both organisations at the ministry’s headquarters on Friday in Abuja.

The MoU was designed to strengthen collaboration between the two parties towards developing a united policy, governance, institutional, legislative and implementation framework for operations of art, culture, and the creative sectors.

The goal, according to the Minister of Art, Culture and the Creative Economy, Hannatu Musawa, is to enhance the sectors’ contribution to the national economy.

Musawa, who signed on behalf of the Federal Government, said that the partnership would unlock the vast potential of Nigeria’s creative economy.

She described NESG as a leading private sector-led think tank, dedicated to transforming Nigeria int
o an open, sustainable, and globally competitive economy.

According to her, the MoU is a bold step forwards fulfilling the mandate of the Ministry through partnership with critical stakeholders.

‘Our collaboration with NESG is grounded in a clear set of objectives – to develop a robust governance structure for the art, culture, and creative industries.

‘Together, we have co-created the policy thrust for the development of a comprehensive national policy on the creative economy aimed at guiding the development and regulation of Nigeria’s creative economy.

‘This policy framework will provide strategic direction, outline key objectives, and establish regulatory mechanisms to foster growth, innovation, and sustainability within the creative sector.

‘Once approved, the policy will be pushed to the National Assembly for their nod to establish the Act that will create a Central Authority for Art, Culture and the creative economy and establish a fund.

‘Through strategic collaborations, forward-thinking policie
s, and dedication, we seek to unleash the complete potential of Nigeria’s creative sectors, championing enduring economic growth and cultural prosperity for future generations.’

On his part, the Director of NESG, Mr Udeme Ufot, who signed on behalf of the group, said that the MoU represents a significant innovation towards transforming the potential of the sector.

Ufot is also the Private Sector Co-Chair, Tourism, Hospitality, Entertainment, Creatives, Culture and Sports Industries Policy Commission (THECCS) of NES.

He expressed confidence that the partnership would serve as a springboard for the growth of the sector.

‘The effective implementation of the MoU would serve as a paradigm shift in the art, culture, and creative sectors of Nigeria’s economy.

‘It is commencing with the public sector side, which shall witness the establishment and optimisation of the sectors’ governance frameworks.

‘This will be achieved through reforms of policies, legislation, institutions, incentives, and human capacity deve
lopment across relevant Ministries, Departments and Agencies.

‘On the private sector side, the implementation of the MoU will result in game-changing industry reset for sector practitioners across the cultural and creative sectors value chain and ecosystem,’ he said.

Earlier, Dr Tayo Aduloju, Director-General and Chief Executive Officer, NESG, said signing of the MoU followed a series of meetings, consultations, research, and stakeholder engagements.

Aduloju explained that the specific task under the collaborative MoU would among other initiatives, make the Nigeria Creativity Week an annual event.

According to him, NESG has established a wide range of institutional collaborations and signed memorandum of understandings to drive economic growth and development across different sectors.

Source: News Agency of Nigeria

The Comprehensive Nuclear-Test Ban Treaty Organisation (CTBTO) has urged African countries to adhere to the agreement on the nuclear weapon testing ban to ensure safety and security in the continent.

The Comprehensive Nuclear-Test-Ban Treaty (CTBT) is a multilateral agreement which opened for signature in September 1996 and has since been signed by 187 nations and ratified by 178 to prohibit any nuclear weapon test anywhere in the world by anyone.

The Executive Secretary of CTBTO, Dr Robert Floyd, spoke at the opening of the two-day regional workshop organised by CTBTO for African States Signatories in Banjul, The Gambia.

The workshop held from May 31 to June 1.

He said although 52 States in Africa signed the Treaty and enjoy CTBTO membership, 50 ratified it.

Floyd, therefore, implored countries yet to ratify the CTBT to do so in order to achieve desired goals.

‘Two of them, Somalia and South Sudan are very close.’

He said that prior to 1996, there were more than 2,000 confirmed nuclear tests; some wer
e conducted in Africa but none was conducted by an African country.

‘Radioactive traces shown from all nuclear tests, particularly atmospheric tests, carried out some decades ago impacted the world negatively and are still traced in African elephants’ tusks.

‘Right now, Africa’s 35 International Monitoring System (IMS) stations are listening to the earth’s crust rumbling and groaning, as well as streaming their data to Vienna.

‘The signing of the CTBT just under 28 years ago has yielded landmark achievement: Africa played vital role to build consensus and get the Treaty adopted by the UN General Assembly in New York.

‘Therefore, the complete adherence by African countries to the CTBT will ensure the full realisation of a nuclear- weapon-free zone in Africa,’ he said.

Mr Dawda Jallow, Attorney-General and Minister for Justice of The Gambia, commended CTBTO for the organisation of the workshop at a time of global tension and conflicts.

According to him, the meeting brings together CTBTO stakeholders from
Africa to discuss and advance the nuclear testing ban policy objective within the region.

‘The challenges we face today require collective efforts through dialogue and diplomacy with relevant support to the CTBT.

‘The CTBT’s primarily aim is not just to prevent nuclear testing, but to benefit civil and scientific applications as well.

‘The verification regime established by the CTBT offers valuable data and tools that can be utilised for purposes, such as climate change research, disaster prevention, including Tsunami warning.

‘These capabilities provide additional benefits to countries like The Gambia and also have the potential of generating positive outcomes across various sectors of economy,’ he said.

Dr Oumar Touray, President of the Economic Community of West African States (ECOWAS), described the workshop as apt, coming at a time Africans needed to partner to tackle the security situation.

Touray, represented by Mr Claude Kondor, Political Advisor to the Resident Representative of the ECOWAS Comm
ission in The Gambia, said the workshop had become important to unite African countries towards achieving a shared future.

‘This is to advance the CTBT and reinforce our collective resolve; to prevent nuclear proliferation and promote global security.

‘Today, we are gathered to contribute to a cause that not only affects our continents, but the entire world.

‘This workshop is a testament to our shared dedication towards achieving sustainable peace and cooperation in Africa and beyond,’ he said.

Source: News Agency of Nigeria

Electoral Commission (IEC) Chairperson Mosotho Moepya says the commission has received 579 objections.

At a media briefing at the national Results Operations Centre (ROC) in Midrand late on Saturday evening, the Chairperson said he had promised to keep the media and citizens updated on the processing of results in the 2024 National and Provincial Elections.

He said South Africans were anxious for the commission to complete its work and announce the final outcomes.

Moepya said there were 579 objections which the commission was dealing with and that this might increase.

He explained that the leaderboard at the ROC will ‘go back and forth’ as the commission considers these objections.

‘As we consider objections before us, there will be those that require or will implicate the reopening of edit windows for results to be corrected. An edit window is a facility that allows the commission to effect corrections where there are discrepancies.’

There are 10 window edits that have been authorised, which are opport
unities to be able to align slips with captured results. Moepya said these had been dealt with.

The general themes of objections considered thus far include:

– Where results processes were not completed when objections were filed with the IEC.

– Where third parties report being informed by individuals that they voted for a specific party but this is not reflecting.

– Allegations under oath that the complainants’ vote did not reflect at a particular station but the IEC found that there was basis to investigate.

– People asking about seat allocations and what are the considerations.

– People raising matters of the conduct of a party, party agents, party supporters during the special votes and on Voting Day itself.

‘We will work through everything before us carefully and thoroughly,’ said Moepya.

The Chairperson reassured citizens that it will act without fear and without favour.

‘We have a long night ahead of us as we seek to bring finality to these matters.’

He was confident that the IEC would be rea
dy to announce the results on Sunday.

The Constitution provides that the IEC declare the outcome of an election as soon as possible after elections. ‘We have to abide by that provision, among others,’ said Moepya.

Source: South African Government News Agency

Some traders in Niger have decried the closure of the roadside market located in Madalla, along Abuja/Kaduna expressway, as ordered Gov. Umaru Bago.

The traders conveyed their displeasure in separate interviews with the News Agency of Nigeria (NAN) on Friday in Madalla.

NAN reports that the closure followed reports of frequent accidents on the road that always led to loss of lives.

Policemen were seen chasing marketers and preventing them from displaying their wares for business.

Mr Solomon Eze, a trader, told NAN that the notice given to them was short and too sudden for government to chase the traders away.

‘I came to the market to display my okrika (thrift) for sale only to see Police officers chasing people around,’ he said.

Another trader, who preferred to be identified as Mama Amina, decried the decision by the government to relocate them to where she described as a ‘bushy surrounding.”

She said that the new place (market) was not conducive and spacious enough for the traders; hence the reluctan
ce to relocate from the express market.

‘In actual sense, government is supposed to build a modern market within this area, knowing quite well that the population is growing and the environment is attracting more people everyday.

‘The new place that government is asking us to go needed to be cleared, ‘ Amina added.

Meanwhile, Hajiya Maijidda Nuhu, a trader on food stuff, said she was delighted over the decision by the governor to close the market, saying it was a welcome idea.

‘The decision is a timely intervention by the government; because the space is now too small for the traders that were growing in number by the day.

‘The traders have taken over the roads; making it difficult for free movement of vehicles with leads to frequent accidents.

‘It has always been a terrible situation whenever drivers loss control within the market.

‘We have had severe cases of accident and we should be happy for the government’s decision to relocate us from here, ‘she said.

Nuhu said she lost her husband 20 years ag
o as a result of an accident that occurred within the market.

‘I would have also lost my life alongside my husband if not for God.

‘As you can see, my face and hand are with scars; this is an unforgettable scar for me; it always reminded me of my late husband.

‘I am happy with the government for relocating the market to a safer place; the marketers don’t understand that the government’s decision is for our own good.

‘More so, the government has provided a place which is a better space behind, just few steps away from here,’ she added.

Nuhu made an appeal to the state government to ensure that the new location was developed to be standard and conducive enough for the traders.

Source: News Agency of Nigeria