Abike Dabiri-Erewa leads dignitaries to raise funds for out-of-school children - ITREALMS

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All is set for Saturday's fundraising in aid of out-of-school children as Chairman/CEO, Nigerian in Diaspora Commission, Hon.Abike Dabiri-Erewa, Founder, IA Foundation, Lagos, Pastor Otuah Ighodalo lead other dignitaries' to Civic Center, Victoria Island, Lagos by 4pm, reports ITREALMS.

This is coming as the royal father of the day, Orangun of Oke-Ila, His Royal Majesty (HRM). Oba (Dr.) Adedokun Omoniyi Abolarin, has been confirmed to chair the event, being hosted by IA Foundation.

Speaking ahead of the event, the founder and chief executive officer, Mrs Ibironke Adeagbo disclosed that her desire was to see the vulnerable children being able to acquire qualitative education cum relevance in the society not minding their status.

Realnews 11th anniversary lecture gets date, to focus on illicit funds threats - ITREALMS

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The management of Realnews Magazine and Publications Limited, publishers of Realnews Magazine Online, has announced the date for its 2023 annual lecture on 'The Threats of Illicit Funds Flow to the African Economy,' reports ITREALMS.

According to the publisher, Maureen Chigbo in a public statement available to ITREALMS, said the lecture comes up on Tuesday, November 7, 2023.

Mega cake event involves vision, courage, funds & intelligence says SND boss - ITREALMS

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The Chief Executive Officer, SND Business Solutions, Mr. Daniel Edet David is a versatile chef who spoke with ITREALMS' GBEMI OMOTOSO, says a mega cake event involves vision, courage, capable funds and high level intelligence.

Excerpts:

How did you get your brand name?
From my mum, my mother gave me the name SND, while CAC gave me business solutions
SND simply means "Sea Never Dries".

Sanwo-Olu promises more funds for Lagos tech startups - ITREALMS

ITREALMS:

Technology startups and entrepreneurs operating in Lagos State will have a better time to improve their businesses and take their skills to another level if the All Progressives Congress (APC) governorship candidate in Lagos, Mr Babajide Sanwo-Olu, is elected to govern the state, reports ITREALMS.

The APC candidate said his government would increase the funds dedicated for the development of Small and Medium Enterprises (SMEs) and lessen the conditions to access the funds at the Lagos State Employment Trust Fund (LSETF). This, he said, is in line with his drive to make Lagos economy smart and a 21st-Century economy.

LSETF was established to provide financial support to SMEs and entrepreneurs to tackle unemployment through jobs and wealth creation.

Sanwo-Olu spoke before a large number of young entrepreneurs and tech startups at the Lagos Enterprise Summit held at Harbour Point on the Victoria Island. The event had the theme: The Enterprise Initiative: Job for Lagos.

Sanwo-Olu also urged successful SME operators to take up and train interns for mentoring purpose, saying the such action would have multiplier effect on young people’s productivity and economic development.

He said: “Lagos has recorded successes and positive interventions through Employment Trust Funds. Many entrepreneurs have accessed these funds to improve their business. We are going to double the funding for this agency to reach more entrepreneurs and startups. We will also review the conditions for getting start-up loans, with the aim to lessen them for more people to access the funds.”

The APC candidate, who was accompanied to the summit by his running mate, Dr. Obafemi Hamzat and their wives, Dr. Ibijoke Sanwo-Olu and Mrs. Oluremi Hamzat, urged the entrepreneurs not to rest on their oars in bringing out innovations to improve their business and skills, noting that economic growth in the modern times was being anchored on problem-solving innovations.

Sanwo-Olu said his government, if elected, would be initiating policies that would be geared towards making working and living in Lagos safe, adding that his thematic programmes codenamed “THEME” would create atmosphere for the entrepreneurs to flourish.

He said: “Our programmes ‘THEME’ is strategically designed to solve the challenges most of our entrepreneurs are facing. We are coming to make your businesses thrive and create policies that will make you the strategic partners in making Lagos a smart economy. We believe solving traffic problems would empower entrepreneurs and SMEs to deliver their products and services on time.

“We are going to complete the light rail projects, which are projected to bring about seamless and rapid transportation in Lagos. The use of light rail will also lessen the burden on our roads.”

The APC candidate also said the environment policies of his administration would create wealth from the tonnes of waste generated in the state. He said women would play key role in driving his government’s waste management ideas.

The convener of the summit, Tonya Lawani-Okojie, said the event was organised with the objective to foster partnership between policymakers in the public sectors and entrepreneurs for economic growth.

Nenye Dom/DoP

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Dr. Ibijoke Sanwo-Olu, Mr. Babajide Sanwo-Olu, All Progressives Party governorship candidate, Miss Omoshalewa Olusanya, Tonya Lawani-Okojie, Convener of the Lagos Enterprise Summit, Dr. Obafemi Hamzat, deputy governorship candidate and his wife, Mrs. Oluremi Hamzat after the summit. 

USPF: Nigeria lacks transparency around universal service, access funds

ITREALMS:

Nigeria has been accused of lacking in transparency around the Universal Service and Access Fund, around how these funds are dispersed remains a secret, says the latest research by the United Nations Women, alleging that estimated US$408m is sitting unspent across Africa, reports ITRealms.

The Universal Service Provision Fund (USPF) in Nigeria is resident in Nigerian Communications Commission (NCC) with an Executive Secretary as its chief executive officer.

Nigeria, ITRealms gathered, is one of only four African countries required to spend its Universal Service and Access Funds (USAF) by the end of the fiscal year.

“However, there is a lack of transparency around how these funds are dispersed,” part of the report read.

Although Nigeria is touted to have 47 per cent of the population online, according to the International Telecommunication Union (ITU, 2015) while some 36 per cent of women are online, as said by Web Foundation, 2015.

The new research from the Web Foundation, the Alliance for Affordable Internet and UN Women, made available to ITRealms at the 62nd UN Commission on the Status of Women, calls on governments to invest at least 50 per cent of funds collected for expanding connectivity in projects targeting women’s internet access and use.  

With an estimated US$408 million collected to expand internet access throughout Africa sitting dormant in public coffers, the report finds that many African governments are failing to take action to connect women and other offline populations — despite the existence of funds earmarked for this purpose.

The research warned that failure to utilise these funds which is enough to bring 6 million women online, or to provide digital skills training to 16 million women and girls — to expand connectivity to all risks widening global inequality and undermining global development.

Though nearly half the world is online today, close to four billion people remain unconnected. Just 22 per cent of the population in Africa is online, and the continent has the widest gap in internet use between men and women (25 per cent). Universal Service and Access Funds (USAFs) are communal public funds dedicated to expanding internet connectivity and access opportunities for these populations and other underserved communities who are least likely to be connected through market forces alone.

The research entitled, Universal Service and Access Funds: An Untapped Resource to Close the Gender Digital Divide, examines the existence and use of USAFs across Africa, and the extent to which these funds are being put to use to improve internet access and use among women.

Further, the research findings include that a majority of African countries have a USAF in place that is collecting funds, amongst 37 African countries, which amounts to almost 70 per cent have a USAF set up, and 62 per cent of these funds are considered ‘active’.

But, most governments are failing to spend the USAF funds collected. In 2016, USAFs across Africa disbursed just 54% of funds collected. Across all 37 USAFs in Africa, unspent funds total an estimated US$408 million — enough to bring 6 million women online, or to provide digital skills training to 16 million women and girls.

“Few countries are focused on improving women’s internet access and use — despite the worsening digital gender gap. Just three of the 37 countries with USAFs have universal access policies guiding the USAF that explicitly aim to connect women and girls through the fund.

“Most USAF managers do not yet appreciate the importance of investing in solutions to reduce the gender digital divide. Many assume that investment in any internet access solution will equally benefit both men and women, which is unfortunately not the case. 

“Information about USAF financing, programming, and disbursement is hard to find. Just 23 countries openly publish details on their USAF activities; even when they do publish these details, they can be hard to find and hard to understand, leaving citizens little power to hold the USAF to account.”

“Analysis in the report shows that in order to reduce the growing global gender gap in internet use — a gap which is widest in Africa — USAFs should boost investments in programmes that aim specifically to tackle obstacles to internet use and access faced by women.

Commenting on the report’s findings, Phumzile Mlambo-Ngcuka, Under-Secretary-General of the United Nations, Executive Director of UN Women, said that the Universal Service and Access Funds offer an incredible and vastly underutilised opportunity for making real progress; an opportunity that cannot missed.

“Every day that these funds remain unused is another day women and girls are sidelined in the digital revolution. We call on governments to take immediate action to put these funds toward their intended purpose, and to work to make the digital divide history — starting with women and girls,” Mlambo-Ngcuka said.

The Executive Director, Alliance for Affordable Internet and Head of Digital Inclusion Programmes at the Web Foundation, Sonia Jorge, said that they cannot reduce global inequality without closing the digital divide and online gender gap.

“We must act now to stop  the online world from entrenching offline inequalities. We call on governments to make effective and timely use of available funds, and to invest at least 50% of them in projects aimed at bringing more women online,” she said

Chuks Egbune/GEE

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FG discharged N336b capital funds to MDAs in Q1 2017

ITRealms:

The Federal Government has discharged till date, the sum of N336 billion from the 2017 Budget to Federal Ministries, Departments and Agencies for the funding of capital projects in the first quarter of 2017, reports ITRealms.

The balance of N14 billion, ITRealms also reports, is being processed, pending resolution of some formalities within the agencies concerned.

Power, Works and Housing received the largest allocation of N90 billion, followed by Defence and Security, which got N71 billion, while Transport got N30 billion. 

Additionally, Agriculture received N30 billion and Water Resources got N12 billion. 

Other sectors combined received a total sum of N103 billion. 

The Minister of Finance, Kemi Adeosun, said the prioritization of the release of available funds was made in accordance with the objectives of the Economic Recovery and Growth Plan.

She also said that in 2017, the Federal Government would continue to focus on capital expenditure spending on priority sectors to stimulate economic activities and job creation. 

“Despite fiscal constraints, the Federal Government was able to fully cash-back the budgeted capital releases so far made, which is a reflection of the current administration’s commitment to economic development,”Adeosun said.

Ayo Midele/GEE

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NGO bill debate: Umar Jibril alleges some collected IDPs funds, disappeared

ITRealms:

The Deputy Majority Leader, House of Representatives, Hon. Umar Buba Jibril has alleged that Non-Governmental Organisation (NGOs) and Civil Society Organisations (CSOs) have collected funds meant for the Internally Displaced Persons (IDPs) in the North East and disappear, reports ITRealms.

This, he said, was a core reason for the introduction of the NGO Regulation Bill before the National Assembly, aside the allegation of sponsoring or financing terrorism in the country.

Jubril, “...Some people registered NGOs, solicited for funds and disappeared. That happened recently in the North East,” just as he said, “...Churches, Mosques, Esusu, Market Women Associations not affected.“

According ot him, religious bodies and organizations are “NOT NGOs” stressing that quasi financial institutions at local levels are not NGOs.

“These organizations have existed for centuries to serve businesses and commerce of our market women and traders.

Pointing out that NGOs and CSOs are voluntary organizations that are registered to partner Government at all levels to fill gaps wherever they exist, thus partners in progress with the Government; hence the need for a commission to serve this purpose arises

“Secondly and naturally for them to carry out their activities, the NGOs and CSOs solicit for funds from all over the world and collect billions of naira on behalf of Nigerians. Thirdly they recruit expatriates to help them run their activities in the country with lots of abuses,” he said.

He also “Some NGOs are used to fund the activities of terrorist and insurgents.”

Jubril attempted to explain that the NGOs bill is primarily to set up a commission to regulate their activities and provide a platform for robust relationships between them and the government for the interests of Nigerians.

In addition it is to ensure transparency and accountability in the ways and manners the NGOs collect moneys and use them for Nigerians.

Jubril maintained that the NGOs bill is not new or peculiar to Nigeria. It exists in many countries particularly in the ECOWAS sub- region and all over Africa and other continents. In Europe, Israel passed theirs last year! Kenya has a similar law since 1990.

“Nigeria is and should not be a banana republic where anything goes,” he said.

Emphasising that finally, the way the NGOs are reacting to this wonderful and well packaged bill particularly SERAP is not only shameful, but condemnable.

The Nigerian parliament is an institution governed by rules and traditions, he said, noting, that when a bill is for public hearing you go there and present your views like other interested Nigerians and invited cooperate bodies and government agencies for the standing committee to do justice to the bill.

“Going on cheap propaganda and blackmail and even calling on world bodies including the United Nation to help you withdraw a bill from our National Assembly will not help you,” he insisted

Uboshe Uboshe/GEE

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More funds for MSMEs as DevBank takes-off

ITRealms:

The Federal Ministry of Finance has confirmed the completion of the recruitment exercise for the Executive Management team of the Development Bank of Nigeria (DBN), and has formally applied for the issuance of its operational license from the Central Bank of Nigeria (CBN), which is expected imminently, reports ITRealms.

The DBN, Director, Information at Ministry of Finance, Mr. Salisu Na’Inna Dambatta, told ITRealms, was conceived in 2014 however, its take-off had been fraught with delays. The President Muhammadu Buhari led administration inherited the project with a determination to resolve all outstanding issues and set a target of 2017 for its take-off.

The DBN will have access to US$1.3bn (N396.5 billion) which has been jointly provided by the World Bank (WB), KfW (German Development Bank), the African Development Bank (AfDB) and the Agence Française de Development (French Development Agency).  The Bank is also finalising agreements with the European Investment Bank (EIB).

To provide clarification, the operations of the DBN will not in any way, result in the elimination of the Bank of Industry (BOI), Bank of Agriculture (BOA) or any other existing development bank. The operations of the DBN is clearly distinct from other development banks as it is focused on supporting small businesses defined by size and not by sectors. 

The DBN, will provide loans to all sectors of the economy including, manufacturing, services and other industries not currently served by existing development banks thereby filling an important gap in the provision of finance to Micro, Small and Medium Enterprises (MSMEs).

As a wholesale bank, the DBN will lend wholesale to Microfinance Banks which will on-lend medium to long-term loans to MSMEs. The MSMEs contribute about 48.47 percent to the Gross Domestic Products (GDP) of Nigeria but have access to only about 5 percent of lending from Deposit Money Banks (DMBs).

The influx of additional capital from the DBN will lower borrowing rates and the longer tenure of the loans, will provide the required flexibility in the management of cash flows, giving businesses the opportunity to make capital improvements, and acquire equipment or supplies.

As the economy diversifies, the growth of the MSME sector will have a positive impact on the economy through employment generation, wealth creation and economic growth.

 Chuks Egbune/GEE

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How N67.45m was transfer from NIMASA in 9 days

ITRealms:

An account officer with the Access Bank Plc, Oliver Ewerem has narrated how funds were transferred to Gama Marine Nigeria Limited and one Vincent Udoye from a NIMASA account within nine days to the tune of N67.45m, reports ITRealms.

Noteworthy is that a former Director-General of the Nigeria Maritime Administration and Safety Agency (NIMASA), Patrick  Ziadeke Akpobolokemi and six others continued before Justice R.I.B Adebiyi of a Lagos State High Court sitting in Igbosere, 

Ewerem made this disclosure while being led in evidence by prosecuting counsel Idris Abdullahi Mohammed, and gave a breakdown of some of the transactions that occurred between 2nd - 11th February, 2015.

“On 2nd February, 2015, there was a credit of N28,000,000 from the account of Committee of Voluntary International Maritime Organization Member State Audit Scheme, (VIMSAS). The same day, another credit of N39, 450,000 entered into account of Gama Marine.

“On 10th February, 2015, there were withdrawals from Gama Marine account in favour of one Vincent Udoye, N10 Million in three tranches which is N30 million was made. Another withdrawal by same Vincent Udoye in three tranches of N10, 000,000 which is N30 million occurred again in the same account.

"Also, on 10 February, 2015, a credit of N10, 000,000 in three tranches was paid  into Vincent Udoye’s account. On 11 February 2015, another credit of N10,000,000 million in three other tranches were again paid into the account of Vincent Udoye, altogether being seven transactions and amounting to N67,450,000."

ITRealms recalls that Akpobolokemi is standing trial alongside six others on a 13-count charge bordering on conspiracy, stealing and fraudulent conversion of funds to the tune of N687, 294,680 (Six Hundred and Eighty Seven Million, Two Hundred and Ninety Four Thousand, Six Hundred and Eighty Naira).

His co-accused persons are Captain Ezekiel Bala Agaba, Ekene Nwakuche, Governor Amechee Juan, Vincent Udoye, Captain Ade Sahib Olopoenia and Gama Marine Nigeria Limited.

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NUSACC mobilizes $1b Diaspora fund for Nigeria

ITRealms

The Nigeria-USA Chamber of Commerce (NUSACC) has concluded plans to raise $1 billion, about N198.95b Diaspora funds for development in Nigeria, reports ITRealms.

The fund meant to close infrastructure gap in Nigeria, will be mobilized at the 5th International Summit of the Chamber between August 27 and 29, 2015, at Mayflower Renaissance Hotel in Washington DC, the United States.

According to Primus Igboaka, secretary, NUSACC, the business-to-business match-making event will provide opportunities for personal interactions between United States business leaders and Nigerian entrepreneurs, while also creating a platform for them to showcase their products and services, ITRealms gathered.

“They are avenues for market meetings, presentations and match-making between businesses and key industry players,” Igboaka said, adding that players in agriculture, construction and real estate, energy and power, information and communication technology (ICT) and franchising, among others, are expected to be there.

Nigerian Ambassador to USA, Adebowale Adefuye, ITRealms reports, will be the key note speaker, while former minister of finance and coordinating minister for the economy; Dr. (Mrs) Ngozi Okonjo-Iweala, will be joined by the consul- general of the Federal Republic of Nigeria in US, Habib Baba Habu, as speakers.

The Nigeria-USA Chamber of Commerce, incorporated in 2009 in the State of Ohio as a non-profit organisation, functions as a unique business and legislative advocacy organization comprising members and professionals with business management, finance and accounting backgrounds.

Cyriacus Nnaji/GEE with additional report by BusinessDay

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CBN clears air on unfettered access to export proceeds

DigitalSENSE Business News:

The Central Bank of Nigeria (CBN) has made some clarification on the provisions of Memorandum 26, paragraph 5, section D of the foreign exchange manual, which dominantly centred on “Unfettered access to funds in Export proceeds domiciliary accounts, reports DigitalSENSE Business News.

A press statement made available to DigitalSENSE Business News by Olakanmi Gbadamosi, Director, Trade and Exchange Department, stated that following different interpretations of Memorandum 26, paragraph 5, Section D of the Foreign exchange Manual, it has become imperative to clarify the term “unfettered access” as contained in the provisions under reference.

For the avoidance of doubt, all authorized dealers and the general are to note that henceforth, the term “unfettered access” granted to holders of export proceeds domiciliary accounts shall be strictly construed to mean that the proceeds of exports in the account can only be defined in two distinct manners, namely as used by the exporters to finance eligible and other trade related transactions supported with appropriate documentation.

Also, Gbadamosi said that the second part of the interpretation entails to be sold to authorized dealers, which in this case is banks, for eligible transactions only.

Any exporter that henceforth utilizes the export proceeds for non-eligible transactions will be barred from the foreign exchange market in Nigeria.

@DigitalSENSE Business News @DigitalSENSEng +Remmy Nweke (ITRealms) 

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Remita: How CBN, Accountant General saved N126bn - ITREALMS

Commentary@ITRealms:

In a recent interview with one of the national dailies, a former Secretary to the Government of the Federation, Chief Olu Falae said one of the ways to enthrone fiscal regime in the country is to stop a regime where government agencies and parastatals are allowed to operate accounts with commercial banks.

According to him, the ideal thing is to have a situation where all funds meant for ministries, department and agencies [MDAs] are kept with the Central Bank of Nigeria (CBN) from where the MDAs will withdraw to fund their operations and projects.