Mohammed Shosanya

The Nigerian Economic Summit Group (NESG) has held a pre-summit webinar, which focused on improving access to markets for Nigerian Micro, Small, and Medium Enterprises (MSMEs).

At a pre-summit webinar to its 30th Nigerian Economic Summit (NES#30),the group highlighted the critical role of MSMEs in Nigeria’s economic landscape.

The webinar,hosted by the NESG’s MSME Community of Practice, explored ways to address these challenges and unlock the full potential of MSMEs in driving development, innovation, wealth creation, job generation, and poverty reduction, especially given Nigeria’s youthful and entrepreneurial population.

Speaking,Ms. Amaka Nwaokolo, Co-Facilitator of the MSME Community of Practice, underscored the importance of creating a conducive environment for MSMEs to thrive.

She noted that despite Nigeria’s more than 39 million active Nano, Micro, Small, and Medium Enterprises (NMSMEs), which employ over 80 percent of the nation’s labour force, account for over 95 percent of businesses, and contribute approximately 46 percent to the Gross Domestic Product(GDP), but that productivity remains a significant challenge.

She stated that persistent issues in the business environment, along with ineffective policy design and implementation, have hampered the growth and competitiveness of MSMEs, noting that weak macroeconomic fundamentals, high operational costs, and security challenges continue to threaten their survival.

Dr. Charles Odii, Director-General and Chief Executive Officer of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), who delivered the keynote address, presented SMEDAN’s GROW Strategy, which provides comprehensive support for MSMEs.

He emphasised the agency’s efforts to enhance product distribution, collaborate with regulators like NAFDAC to ensure product standardisation, and offer single-digit interest loans through partnerships with the Bank of Industry and Sterling Bank, totaling 5 billion Naira for registered MSMEs.

Ms. Adeola Balogun, Chief Executive Officer of Lim Lim Foods Production Company, called for government support through tax breaks, especially given the reduction in consumer purchasing power.

She also highlighted the challenges of accessing funding, particularly for women-owned businesses, and the need for women-focused financial facilities.

Mrs. Nonye Ayeni, Director-General of the Nigeria Export Promotion Council (NEPC), represented by Ms. Obidike, highlighted the council’s efforts to support MSMEs in becoming exporters.

She spoke on the import of registration,mentoring, standardisation,and the council’s role in assisting MSMEs with packaging, labeling, and branding to meet regulatory standards.

Dr. Chinyere Almona, Director-General of the Lagos Chamber of Commerce and Industry (LCCI), represented by Dr. Sunnie Omeiza Michael, shared insights on the barriers to growth and competitiveness faced by MSMEs, emphasising the role of collaboration in overcoming these challenges.

Mohammed Shosanya

President Bola Tinubu has sworn-in Justice Kudirat Kekere-Ekun as Acting Chief Justice of Nigeria, pending her confirmation by the senate.

Kekere-Ekun took the oath of office and signed the oath register at 11:39 am (local time) at the Council Chamber of the State House, Abuja.

The President, Senate President Godswill Akpabio, Chief of Staff to the President, Mr. Femi Gbajabiamila, National Security Adviser, Nuhu Ribadu, Governor Babajide Sanwo-Olu of Lagos State and members of the National Judicial Council and the Nigerian Bar Association,witnessed the ceremony.

The NJC had on August 15, after its 106th meeting, recommended Kekere-Ekun to the President to replace the outgone CJN, Justice Olukayode Ariwoola.

Confirming the decision of Kekere-Ekun becoming the next CJN, the council said, “The NJC, at its 106th meeting presided over by Justice Olukayode Ariwoola, who bows out today, recommended Justice Kekere-Ekun to President Bola Tinubu and for appointment as the CJN.”

She succeeds Ariwoola, who assumed office on June 27, 2022, and bowed out on Thursday, upon attaining the mandatory retirement age of 70 years.

She is currently 66 old and is expected to serve until her retirement in 2028.

Mohammed Shosanya

The Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede,has emphasized the need to uphold transparency and accountability in the conduct of affairs in the country.

He commended the Niger Delta Development Commission, NDDC, for refining its processes to uphold the principles of probity.

Olukoyede, who spoke when a delegation of the NDDC management, led by its Managing Director, Dr Samuel Ogbuku, paid him a courtesy visit at the EFCC’s headquarters in Abuja, said that he was impressed by the “Rewind to Rebirth” initiative of the Commission.

The EFCC’s boss expression was conveyed in a statement circulated by Seledi Thompson-Wakama,Director, Corporate Affairs,NDDC.

He said: “The five minutes of interaction with the MD left me with a different perception of NDDC. I want to congratulate and also thank you for your readiness and commitment to bring change. Maybe, we will begin to see an NDDC that is a symbol of pride, accountability, transparency and able to deliver on its mandate.

“That is what the NDDC should stand for and I want to thank you for bringing that to the table. From his presentation, you can see that he is somebody that is ready to bring a change, and that is the exact thing that we stand for in EFCC. It is possible for us to build a system of accountability, transparency and integrity in Nigeria.”

Olukoyede urged all public office holders to uphold probity, transparency and accountability in the management of the finances they hold in trust for the public knowing that a day of reckoning would come.

He observed: “Always have it at the back of your mind that while you are on this side today, you might be on the other side tomorrow. Let it be the guiding principle for those in position of trust in everything they do. That has always been my own guiding principle, because you will not be there forever. You can protect certain things today, but if you leave, you will discover that the person closest to you, may be someone who benefitted from you, would be the one to expose you.”

Olukoyede further stressed that the challenge of corruption demanded that only leaders with high morals should hold positions of trust, stating: “Fundamentally, Nigerians are good people. The only problem that we have is the system that we operate; a system that allows fraud to flourish. But if you take the same Nigerian who is corrupt in our system to an environment with strict regulatory compliance and structures, you will discover that he will behave.”

The EFCC boss assured that the Commission would continue to do its job with determination and courage, noting: “We are not going to compromise. We have been called names and maligned but we are resolute. We are moving forward because somebody has to do this job and we will do it and deliver. I told Nigerians upon my assumption of office that we are going to use the instrumentality of the anti-corruption fight to build the economy and ensure good governance.”

Olukoyede assured that the EFCC would continue to assist the NDDC to achieve its mandate, noting: “We have been working with you to make recoveries, we will continue to do more. The collaboration is something we need to take to the next level, and with what you have put on the table I think we are ready to work with you to strengthen your systems and processes and to take the NDDC to the next level.”

Speaking earlier, the NDDC Chief Executive Officer explained that the visit to EFCC headquarters was in appreciation of the financial recoveries the Commission made on behalf of the NDDC, which he said had helped in developing the Niger Delta region.

He said: “We want as a management to thank the EFCC for supporting the NDDC to make the recoveries that have helped the region and the Commission. Mr. Chairman, this is to let you know that the NDDC is investing the recoveries in projects. At a point, we will invite the EFCC to join us in commissioning some of those projects. It will be a sign that the recoveries made by the EFCC are used to support the development of the Niger Delta.”

Ogbuku said further: “Apart from thanking you, we also came to let you know what the NDDC has been doing so far. Many people had a very dark impression of the NDDC but we thought that we should look forward and not backward. So, we came up with the policy of rewind to rebirth, because we just have to go back a little to see where we started and what we needed to do in future. We went back to our books, interacted with previous managements to know where things went wrong. One of the areas that we have to rebirth the NDDC was in the area of transparency.”

He sued for enhanced collaboration between NDDC and EFCC, observing: “We believe that further collaboration with the EFCC in the area of technical support will further strengthen us as a Commission and guide us in our operations. I also want to use this opportunity to plead with Mr. Chairman that before our corporate governance performances and SOP (Standard Operating Procedure) are passed, you should delegate some of your officers to look at the documents and probably make your input in areas where you think you can further contribute in strengthening us as an organisation. We also plead for further technical support in the area of training our finance staff in financial management.”

Mohammed Shosanya

The House of Representatives Committee on Public Accounts,has initiated the first phase of its oversight function to scrutinize the spending by agencies in the Southwest.

The investigation began with an oversight hearing on Wednesday, August 21st, 2024, and will continue until Friday, August 23rd, 2024, in Lagos State.

In his opening remarks,its chairman, Rep.Bamidele Salam emphasized that the agencies must demonstrate clear value for any funds they have received. He warned that any violations would not be tolerated and cautioned that appropriate sanctions, in accordance with the law, would be imposed on defaulters.

During the hearing, the committee received presentations from the Federal Neuro-Psychiatric Hospital Yaba and the Lagos University Teaching Hospital.

The Chief Medical Director (CMD) of the Neuro-Psychiatric Hospital Yaba, Dr. Olugbenga Owoeye, was probed on various financial and regulatory infractions from the committee,

The committee during the question and answer session queried Owoeye over the recurring non-remittance of the Internally Generated Revenue (IGR).

He was also questioned for engaging in extra-budgetary spending and failing to adhere to financial regulations, thereby violating multiple sections of these guidelines.

The committee also expressed concern over the hospital’s employment practices, particularly its failure to uphold the federal character principle, which mandates the equitable distribution of job opportunities across the country’s geo-political zones.

The committee also demanded that the hospital account for the contract sums totaling N422.3 million, as well as the expenditure of N50.3 million on staff training.

The explanations provided by the Chief Medical Director (CMD) were deemed insufficient by the committee. Consequently, the committee requested comprehensive records of all paid-for, completed, and ongoing contracts.

“The Chief Medical Director (CMD) highlighted the urgent need for support to enable the 500-bed facility, established in 1907, to effectively fulfill its mandate.

Besides,the Lagos University Teaching Hospital (LUTH), represented by its Medical Director, Prof. Lanre Adeyemo, emphasized the significant challenges hindering its operations. Chief among these challenges, he noted, is the persistent issue of inadequate power supply, which continues to severely impact the hospital’s efficiency.”

He revealed that at one point, the cost of powering the hospital exceeded N181 million monthly until a federal government intervention provided 300 solar panels.

He also faced intense scrutiny over several financial issues, including the non-remittance of internally generated revenue (IGR), discrepancies in Remita payments totaling over N2 billion, and unauthorized extra-budgetary spending amounting to N150.3 billion during the period under review.

He was also questioned about the untidy work by the LUTH Tender Board, the contravention of the circular prohibiting the payment of staff’s professional membership fees, among other related issues.

His justifications for the issues under investigation failed to convince the committee, which then requested the necessary evidence to support approvals, spending, and adherence to financial regulations.

In its ruling on the matters, the committee concluded that the excuses provided to explain the contraventions were unconvincing and unacceptable.

The committee stated that these actions amounted to gross violations of extant laws.

Both hospitals expressed concerns over personnel losses due to the “japa syndrome” and the untimely release of budgetary allocations. They appealed to the committee for intervention in addressing these challenges to enable them to meet public expectations.

“Other Ministries, Departments, and Agencies (MDAs) scheduled to appear before the committee include the Nigerian Institute for Medical Research (NIMR), the National Orthopaedic Hospital, Igbobi, the Nigerian Maritime Administration and Safety Agency (NIMASA), the Nigerian Shippers Council (NSC), the Nigerian Ports Authority (NPA), the Nigeria Railway Corporation (NRC), and the Council for the Regulation of Freight Forwarding in Nigeria (CRFFN), among others.”

Chairman of the House of Representatives Committee on Public Accounts, Hon. Bamidele Salam, has vowed to hold all government agencies accountable to strict adherence to budgetary appropriations.

Salam emphasized that the Committee’s mission is not to engage in witch-hunting, but rather to ensure that Nigerians receive value for every naira spent by Ministries, Departments, and Agencies (MDAs).