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Wema Bank Affirms Commitment to SMEs Growth

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Wema Bank Plc has once again reaffirmed its commitment to empowering and educating Small and Medium Enterprises (SMEs) with skills and knowledge on current business trends.

Dotun Ifebogun, the Divisional Head, Retail Business, Wema Bank Plc., said this on Friday February 25th at the bank’s first quarter SME webinar series themed ‘From Talent to Wealth: Building your Talent into a Successful Business.’

The webinar, one of the banks’ avenues to bridge the enterprise knowledge gap and grow Nigeria’s SME space, was moderated by Creative consultant and experiential communication coach, Chioma ‘BBB’ Okpala. Featured as panellists were the Chief Digital Officer of Wema Bank, Olusegun Adeniyi; the Deputy General Manager, Creative Industries, Bank of Industry, Uche Cynthia Nwuka and Director, Siren and Suave Entertainment Limited, Oluwole Idowu.

In his opening remarks, Ifebogun stressed the significance of SMEs to the economic growth of any country, and highlighted Wema Bank’s strides in the SME segment and the importance of participating in such knowledge sharing sessions.

“We understand the need to focus on this segment of the economy, and we will continue to support SMEs with funds, help them harness their skills and equip them with knowledge on current business trends to help them upscale. This is our first SME webinar of the year 2022, but the 5th edition we’ve done since we started the SME webinar series”, he said.

Speaking on ‘Developing talent and building it into a successful business, Director, Siren and Suave Entertainment Limited, Oluwole Idowu, said innovators and serious-minded entrepreneurs need first to identify their talents, then market and make revenue from it.

According to Idowu, entrepreneurs and creative artists must market themselves with the channels and tools available and slowly build an online presence.

“As a creative person, you need to put yourself out there continuously; have an Electronic Press Kit (EPK) to showcase your talent and update it frequently. You must make sure that your brand image and perception align with your message. It is easy to get to the top but staying at the top isn’t easy. Build and grow slowly,” he advised the participants.

Idowu further counselled creative artists to see themselves as a product and sell themselves as one. He also told them to be intentional when choosing a manager because it is crucial to harnessing their talent and building a brand.

Reiterating the importance of identifying talent and applying creativity in building a business, Uche Cynthia Nwuka, the Deputy General Manager, Creative Industries, Bank of Industry, said individuals need to identify their talent and conduct market research in the industry they are interested in, as well as develop their character.

“As an SME business, you need to be skilled in your area of interest, understand the key elements of business growth, conduct extensive market research, understand your financial needs, have knowledge of growing a customer base and learn to update yourself. Your talent will drive your business idea, and a good business idea will generate revenue,” she said.

Nwuka further noted that character is a decisive game-changer that can make or mar a business if not well guided. “Talent gets you to the room, while character will keep you in the room,” she concluded.

Olusegun Adeniyi, the Chief Digital Officer, Wema Bank, wrapped up the session, speaking on leveraging technology to build your talent into a successful business.

“Technology is the biggest enabler in today’s world, around which businesses revolve. We have experienced digital disruptions, leading to success stories and improved services across all sectors. In this digital age, building your talent into a successful business requires a high level of creativity and innovation,” he said.

Adeniyi highlighted some of the opportunities for creatives in the entertainment, hospitality, digital marketing, fintech and health care sectors, and also took participants through current industry trends and how the internet has created a broad playing field for business competition.

He urged young innovators and SMEs to focus on building in-demand skills, creating channels to market themselves, protecting themselves through legal guidance, and giving back to society.

The SME-centric Wema Bank has a rich history of supporting SMEs and has, over the years, introduced several initiatives in the SME segment like ALAT for Business platform, funding unique start-ups and creatives through its Hackaholics program, SME Business School, SME loan offerings and many more.

 


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FG Order MDAs to Close Commercial Banks’ Accounts, Enforce TSA Policy

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Federal government has directed all Ministries, Departments, and Agencies (MDAs) operating in states to close their accounts with commercial banks and fully comply with the Treasury Single Account (TSA) policy.

FG Order MDAs to Close Commercial Banks’ Accounts, Enforce TSA Policy

Dr. Oluwatoyin Madein, accountant-general of the Federation,

The directive was issued by Dr. Oluwatoyin Madein, accountant-general of the Federation, during a working visit to the Federal Pay Office in Benin, Edo State.

This was disclosed in a statement released on Thursday by Bawa Mokwa, director of Press and Public Relations at the Office of the Accountant-General of the Federation.

Reaffirming the government’s commitment to the TSA policy, Madein warned that no MDA should operate accounts with commercial banks unless expressly approved by the President and officially communicated by her office.

The statement reads:

“While reiterating the Federal Government’s commitment to the Treasury Single Account policy, the Accountant-General of the Federation urged the Federal Pay Officers to monitor and ensure that Ministries, Departments, and Agencies in the States do not operate any account with the commercial banks or circumvent any provision of the TSA policy.”

She further stressed that any exceptions must follow strict guidelines, requiring presidential approval and formal communication from the Office of the Accountant-General.

Madein also tasked Federal Pay Officers (FPOs) with ensuring compliance, upholding transparency, and maintaining professionalism in their financial operations.

She warned against actions that could undermine the integrity of the Federal Treasury and emphasized the need for accurate financial record-keeping.

As part of ongoing reforms, she revealed that the Federal Government is constructing new Federal Pay Offices in some states to address infrastructure and operational challenges.

She assured that her office remains committed to the welfare of its personnel while enforcing compliance with financial regulations, including the Public Procurement Act and the Constitution.

Her visit to the Benin Federal Pay Office was part of a nationwide tour to assess the operations and challenges of Federal Pay Offices across the country.


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NBRDA Investigates Biocatalysts for Bioethanol Production

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National Biotechnology Research and Development Agency (NBRDA) is investigating the development of biocatalysts from underutilised bioresources through its Young Researchers Forum (YRF) research group for bioethanol production.

NBRDA Investigates Biocatalysts for Bioethanol Production

Prof. Abdullahi Mustapha, director general, NBRDA sated this in an interview conducted in Abuja on Wednesday

Biocatalysts, which can be either bacteria or enzymes, are biological entities that accelerate chemical reactions.

An alcohol-based fuel derived from renewable resources such as plants and algae is called bioethanol. It can be blended with petrol or used in place of it to cut down on petroleum use.

He asserted that bioethanol is crucial and that Nigeria has the means to fully investigate its possibilities, noting that the production of bioethanol will be helpful in setting up bioethanol plants.

“However, the catalyst for the fermentation of sugar to produce ethanol is what we are after, and we have it locally.

“When we isolate the biocatalyst, it is going to be useful in helping to establish a bioethanol factory, which will function very well due to our varying weather conditions,’’ he said.

Bioethanol has similar uses to fuels used to generate other classes of energy like heat, motor power, transportation, and electricity, the NBRDA chief added.

According to him, bioethanol is the most widely used biofuel in modern civilisation, and the process of turning biomass into bioethanol is receiving a lot of attention.

“Biological energies are renewable fuels with minimal pollution and play an important role in reducing greenhouse gas pollution, and one of them is bioethanol, which is obtained from fermentation operations.

“The world’s attention to the use of bioethanol as an energy source is focused on reducing the cost of production and increasing the efficiency of the ethanol industry.

“By consuming ethanol fuel instead of fossil fuels, the amount of greenhouse gas emissions known to be the cause of global warming will be somehow reduced,’’ Mustapha said.

According to the D-G, the creation of the Young Researchers Forum (YRF) demonstrates the agency’s efforts to support nation-building.

He added that young biotech innovators chosen from across the agency’s departments will use the conference as a training ground and launching pad.

The YRF, according to Mustapha, was a manifestation of his wish to establish an institutional framework for mentoring that would close generational divides.

He stated that one of the projects the YRF would concentrate on was the development of biocatalysts for the manufacture of bioethanol.


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NDLEA Says 14m Nigerians Affected by Consumption of Harmful Drugs

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National Drug Law Enforcement Agency (NDLEA), said no fewer than 14 million Nigerians are estimated to be involved in and addicted to the consumption of harmful drugs.

NDLEA Says 14m Nigerians Affected by Consumption of Harmful Drugs

Mrs Yetunde Joyifous, deputy commander, Ondo State Command of NDLEA, made the disclosure at a drug abuse awareness programme organised by Oijefon Youth for secondary schools in Ile Oluji/Oke-Igbo Local Government Area of the state on Wednesday.

Joyifous said that the drugs consumed were mostly chemical substances capable of negatively altering the minds of users.

According to her, the only way to curb the menace is to engage all stakeholders in the community and encourage them to partner with the authorities in the fight against the dangerous trade.

“I want to thank the Oijefon Youth Council for partnering with the NDLEA in the fight against drug abuse in society,” she noted.

She described younger people, especially those at the secondary school level, as the most vulnerable victims of drug abuse, adding that efforts must be intensified to rescue them from involvement.

In his welcome address, Adedokun Adeyonu, president, Oijefon Youth Council, said the council organised the sensitisation programme to discourage youths from drug abuse.

“Drug abuse means using harmful substances like alcohol, tobacco, or illegal drugs in a way that harms the body and mind,” he noted.

He explained that many people use drugs out of curiosity, peer pressure, or in an attempt to overcome problems in their lives, believing it to be the only solution.

Adeyonu also identified peer influence, as well as exposure to certain films and music, as factors that push youths into drug abuse.

He urged members of society to help create a prosperous future for the younger generation.

 

 

 

 

 

 

 


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