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Enugu SME to partner with icreate Africa for Youth Empowerment

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With the current economic and technological growth cum the current challenge with employability. Skill-based job opportunities are expected to be increase more than 75%.

Small Medium Enterprise – SME Enugu Centre, has partnered with iCreate Africa for Youth development and empowerment.

Realising the significant need for a skilled workforce to boost employment and economic growth, the Enugu State government, through the Enugu SME Centre is partnering with iCreate Africa.

This is aimed at launching the Enugu Skill-Up Project— a technical and vocational skills training that will empower over 500 youths across the state.

The project will be executed through the iCreate skill-up platform, a unique feature on http://www.skillers.ng, designed to reform and modernise skills training through apprenticeships under experienced Master Craft Persons (MCPs).

The Enugu Skill-Up Project will focus on delivering, among other things:

  • Skilled training in welding
  • Carpentry
  • Tiling
  • Plumbing
  • Electrical installation
  • Drywall and painting
  • Solar inverter installation and maintenance
  • Wallpaper installation
  • Pop installation
  • Wall screeding
  • Concrete construction work.

Bright Jaja, chief executive officer of iCreate Africa, stated that the platform will match selected applicants with highly qualified MCPs to deploy competency-based training techniques during a three months-long apprenticeship.

Assigned MCPs will use a combination of theoretical and practical training approaches to train apprentices, helping them gain hands-on experience and adapt quickly to working environments.

The Special Adviser to the governor on SME Development & Head, Enugu SME Center, the state agency charged with job creation, capacity development, and access to capital for SMEs in Enugu State, Arinze Chilo-Offiah, intimated that the goal of Enugu State government is partnering with a competent organisation like iCreate Africa to create a mutually-beneficial ecosystem that positions and encourages MCPs to lead and provide industry-relevant training that will guarantee employment for interested youths.

After the training, each apprentice is assessed, on boarded on the Enugu Skillers platform, and matched with employers/clients within Enugu State and across the country.

This initiative has been driven via the flagship loan product of the agency— the Human Capital Development Loan (HCDL) Programme.

It is a zero-interest loan used solely for upskilling and training with access to jobs and entrepreneurial support provided upon completion to support loan repayment.

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Buhari sends delegation to Ghana over Nigerian traders’ plight

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The President, Major General Muhammadu Buhari (retd.), has directed that a ministerial delegation be sent to Ghana to resolve the prolonged conflict between Nigerian traders and Ghanaian authorities.

The Minister of Industry, Trade and Investment, Niyi Adebayo, disclosed this on Monday.

According to a statement by his Special Adviser on Media, Ifedayo Sayo, the minister spoke at a meeting.

The statement was titled, ‘FG delegation to visit Ghana over Nigerian traders’ conflict with Ghanaian counterparts.’

“President Muhammadu Buhari has directed that a ministerial delegation be sent to Ghana to resolve the lingering conflict between Nigerian traders and Ghanaian authorities,” the minister was quoted as saying.

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Adebayo, who said he would be leading the delegation, added that members of the delegation “will also engage in further dialogue with Ghanaian authorities with a view to finding a lasting solution to the problem.”

He disclosed that the delegation is expected to embark on the visit between May 31 and June 1, 2021.

Other member of the delegation include the Minister of State, Foreign Affairs, Ambassador Zubairu Dada; the Permanent Secretary, Ministry of Industry, Trade and Investment, Dr Nasir Sani-Gwarzo; the Executive Secretary, Nigerian Investment Promotion Commission, Yewande Sadiku; Chief Executive Officer, Nigerian Diaspora Commission, Abike Dabiri-Erewa; and the President of National Association of Nigerian Traders, Dr Ken Ukaoha.

There has been lingering controversy over $1 million levy imposed on Nigerian traders and foreign investors by the Ghana Investment Promotion Centre.

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Board Dissolution: FBN Shares Drop By 6.75%

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Board Dissolution: FBN Shares Drop By 6.75%

The share price of FBN Holdings (FBNH) Plc on the Nigerian Exchange Limited (NGX) in two days dropped by 6.75 per cent following the Central Bank of Nigeria’s (CBN) dissolution company’s board.

The share price of the holding company depreciated on Wednesday closed at N7.4 but dropped to N6.90 on Friday, according to the daily market report by NGX.

The share price drop of fall 6.76 per cent on Thursday is the highest drop since December 10, as the bank faced a stringent regulatory action by the apex bank.

Meanwhile, the domestic equities market closed transactions for the week on a positive note to extend the previous day’s positive sentiment, as NGX-All- Share Index (ASI) grew by 0.95 per cent and investors’ wealth rose by N195 billion.

The Central Bank of Nigeria Limited (CBN) reconstituted the Board of Directors of First Bank of Nigeria Limited.

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On April 29, 2021, the Boards of FBN Holdings Plc and First Bank of Nigeria Limited were dissolved and reconstituted, pursuant to its power under Banks and Other Financial Institutions Act (BOFIA) 2020.

The Board of Directors of First Bank of Nigeria Limited is now comprised as follows: Mr. Tunde Hassan-Odukale as Chairman; Tokunbo Martins; Uche Nwokedi; Adekunle Sonola; Ms. Isioma Ogodazi; Mr. Ebenezer Olufowose; Mr. Ishaya Elijah B. Dodo; Dr. Adesola Adeduntan as the managing director/ chief executive officer; Mr. Gbenga Shobo, deputy managing director; Dr. Remi Oni, executive director and Mr. Abdullahi Ibrahim, Executive Director.

The Bank said that Adeduntan has since resumed work as CEO in line with the directives of the CBN, saying “We can confirm that the Bank is co-operating with the Central Bank of Nigeria and other regulators while the operations of the Bank are not hampered or hindered in any way and are in fact running smoothly.

“We further wish to reassure the public, customers and stakeholders in the words of the Governor of the Central Bank in concluding his press conference, of its commitment to ensuring the stability of the financial system.

“There is therefore no cause for panic amongst the banking public, given that the actions being taken are meant to strengthen the Bank and position it as a banking industry giant.”

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Speaking on the issue, CEO of Greenville Capital Limited, Azeez Bello said that the timely intervention of the Central Bank of Nigeria in the corporate governance issues within FBNH is quite commendable apparently because it is a systemically important bank.

According to Bello, investors appear to be satisfied with the apex banking regulators swift resolution hence the share price of FBNH was flat at N6.90 at the end of the today’s trading session, April 30, 2021.

“However , it is highly expedient that the CBN work closely with the Financial Reporting Council in the institutionalisation of sound corporate governance practices in our banking institutions.”

Also, the managing director, Highcap Securities Limited, Mr. David Adnori stated that the decline in share price of the Holdco is directly linked to the CBN action.

According to him, what happened with the FBN Holdco shares has to do with price sensitive development and it has taken a toll on devaluation of price because investor’s confidence has really shaken with the CBN revelation.

“In addition to what CBN has done with the removal of Mr. Oba Otudeko, the bank will then need to implement series of decision to restore investors and customers deposits confidence going forward.”

First Bank of Nigeria Limited (FirstBank) is the premier Bank in West Africa and the leading financial inclusion services provider in Nigeria for over 125 years.

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COVID-19 resurgence, threat to oil demand recovery – OPEC

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The resurgence of the COVID-19 pandemic in many countries is posing a threat to economic and oil demand recovery, the Organisation of Petroleum Exporting Countries has said.

It disclosed this at the 16th OPEC and non-OPEC ministerial meeting of the Declaration of Cooperation, which took place via teleconference on Tuesday.

In a document on some of the deliberations at the meeting, the organisation stated that participants highlighted the continuing recovery in the global economy, supported by unprecedented levels of monetary and fiscal support.

They noted that the recovery was expected to pick up in the second half of the year, but observed that the resurgence of COVID-19 across the globe could hamper economic and oil demand recovery.

OPEC said, “The ministerial meeting emphasised, however, that COVID-19 cases are rising in a number of countries, despite the ongoing vaccination campaigns, and that the resurgence could hamper the economic and oil demand recovery.”

The meeting also emphasised the ongoing positive contributions of the Declaration of Cooperation in supporting a rebalancing of the global oil market.

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This, according to the organisation, was in line with the historic decisions taken at the 10th (Extraordinary) OPEC and non-OPEC Ministerial Meeting on April 12, 2020 to adjust downwards overall crude oil production, and subsequent decisions.

The meeting further reviewed the monthly report prepared by the Joint Ministerial Monitoring Committee, including the crude oil production data for March 2021.

Participants welcomed the positive performance of the participating countries, as they noted that overall conformity to the production adjustments was 115 per cent in March 2021, reinforcing the trend of high conformity by the nations.

OPEC said the meeting expressed its appreciation to the participating countries that performed beyond expectation in March 2021, with total over-conformed volumes of 1.23 million barrels per day.

It, however, noted that some participating countries had yet to achieve the minimum expectation of 100 per cent conformity and to compensate for overproduced volumes.

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