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PAGE 40—SUNDAY Vanguard, SEPTEMBER 18, 2016 Recession: Government to give SMEs lending funds .We are giving free land incentive to industries- Vice Chairman, Foreign Direct Investments By Udeme Clement In a bid to manage economic recession that is taking its toll on industries across the country, the governor of Akwa Ibom State, Udom Emmanuel, has empowered some micro finance banks in the State to give out lending funds to operators of Small and Medium Enterprises (SMEs) doing business in his State to enhance investments inflow. The governor also restructured Akwa Savings and Loans Company for SMEs to have easy access to funds for start-ups and expansion in various sectors. The chairman, Akwa Savings and Loans, Mr. Uduak Ewitat, disclosed this in a chat with <strong>Sunday</strong> Vanguard, at the sideline of a business seminar, organised by the Special Representative to the governor in Lagos, Mr. Sam Bassey, to sensitise the indigenes about investments opportunities in the State. He said, “Aside from empowering micro finance banks for on-lending to SMEs, Udom is working with some regulatory agencies to reduce over-regulation of SMEs, to enhance industrial growth. The Ibaka Deep Seaport gives access for export trade and investments in the State as well. Udom himself is from the private sector and he is ready to discuss business with any investors coming to the State.” Also speaking, the Chief Executive Officer (CEO) SO & U, currently the Vice Chairman, Technical Committee on Foreign Direct Investments (FDIs), Akwa Ibom State, Mr. Udeme Ufot, revealed that Udom is giving free land incentive for investment in agriculture and for investors to open industries across the State. “Our target is to become industrial hub It remains amazing that the Federal Mortgage Bank of Nigeria, FMBN, in spite of some societal challenges that had militated against the optimum realisation of its core mandate, has been steadfast in meeting the financial request of Nigerians. The bank which operates as an effective vehicle for increasing the mobilisation of long-term funds, lending volume and expansion of mortgage lending services among others, is currently being challenged by the activities of questionable developers and loan defaulters. There are also the issues of interest rate on National Housing Fund,NHF, low level of participation in NHF, macroeconomic environment, nonvibrant PMIs and bank deposit liabilities, which when put together resulted in the paucity of funds that had largely hindered the efforts of FMBN. Of these challenges, it was learnt that huge bad debt from questionable developers and others who obtained housing loans but misappropriated the funds are known to bother the in Africa. Tax incentive is also given to encourage SMEs. The potentials for investments in agriculture are enormous, even as the soil quality of the State is among the best in the country. The economic benefit of FDIs is the fact that the State has potentials for investments in the Gulp of Guinea. So, manufacturers can set up industries in our free trade zone to promote industrialisation. For instance, Champion Breweries can expand and exports its products across the borders of Nigeria”, he stressed. He added, “The government is also working on increasing power generation for the State. At the moment, there is an American firm that wants to come to Akwa Ibom. The company has the capacity to generate 2.000mega watts of electricity from sea water in the State. So, if 2.000mw is added to the national grid, it will boost economic activities tremendously. The biggest challenge that has given • Rice farm: Inset, Gov Udom and Udeme Ufot Our target is to become industrial hub in Africa. Tax incentive is also given to encourage SMEs. The potentials for investments in agriculture are enormous our economy a big set back is erratic power supply. Therefore, with capacity to generate 2.000mw of power, the firm can supply potable water to every household in the State, because water will be the byproduct.” In his remarks, Sam Bassey said, “The government’s economic policies to develop the State are anchored on industrialisation. The State is the third highest producer of crude oil in Nigeria, but Udom is looking beyond oil to open up investment windows on non-oil export. Now, oil price is declining at the international market, therefore revenue from oil is dwindling, as a result, some industries are closing shop. So, government is awakening the consciousness of people about investments in agriculture, SMEs, manufacturing and other non-oil sub-sectors. For example, a barrel of crude oil is about $38, while palm oil is up to $95 per barrel, which is higher in terms of income and the technology used for palm oil production is not complex like crude oil. So, we can generate more income from palm oil than even crude oil, which means agriculture has more potentials for economic growth, if the sector is adequately harnessed.” “So, people should take advantage of incentives provided by government to invest more in the real sector. The State is serviced by multiple export free trade zones. Ibaka Deep Seaport presents another investment window for local and foreign investors to come in. Once vessels begin to land at the port, it will create more jobs and wealth for people of the State. Government cannot be the only employer of labour, so private sector participation is imperative”. The Senior Special Assistant to Udom, on Marketing and Brand Management, Mr. Sam Edoho, said, “The significance of the business seminar was to enlighten the people on the 5-Points agenda of Udom, which include job creation, poverty alleviation, wealth creation, economic/ political FMBN/EFCC partnership dares housing, debt challenges BY CHARLES KUMOLU organisation so much. It is so given that the possibility and political will needed to apprehend the offending customers readily abound. It was for that reason that the Managing Director of FMBN, Mr. Richard Esin recently lamented that but for the resilience of the bank, it would have been unable to meet the financial requests of Nigerians. He particularly revealed that fraudulent partner developers are heavily indebted to the bank, explaining that they obtained construction finance to build estates but diverted the funds into other non-productive and nonregenerative activities. Esin, who this when he paid a courtesy call on the Chairman of the Economic and Financial Crimes Commission,EFCC, Mr. Ibrahim Magu, explained that some completed the projects, sold the housing the units but failed to remit proceeds to FMBN. In specific terms, he told his host that some Primary Mortgage Banks, who obtained funds from the bank for purposes like Mortgage Financing, on-lending to qualified NHF contributors had declined to disburse the funds to the applicants; while others obtained equity contribution from would-be mortgagors but refused to deploy same. Accordingly, he revealed that even though the bank carried out punitive measures, the debts were yet to be repaid thereby hampering efforts at providing efficient service delivery. In that regard, he stated that despite the revocation of their operational licences, some operators of PMBs were still encouraging unsuspecting mortgagors to continue to repay their mortgages to them through fictitious accounts. Irked by these, he beckoned on the EFCC boss to assist in recovering the debts and possibly, prosecute offending customers to serve as a deterrent. In respective of these hurdles, it came gratifying to know that FMBN is actually providing affordable housing to civil servants and other Nigerians in line with its statutory mandate. A particular reference is the commitment to the housing needs of EFCC members of staff. This, it was gathered was sequel to a Memorandum of Understanding,MoU, between the two organisation. Accordingly, the FMBN was discovered to have disbursed N3bn in 10 batches to 156 staff of the EFCC. A breakdown showed that the bank had packaged N1.6b worth of NHF loans for 113 staff of EFCC which was yet to be approved. In addition, the N1.3b that had been approved was not disbursed because the targeted houses are no longer available. However, to ensure accountability in the functions of the bank, it was learnt has established a vibrant Anti- Corruption and Transparency Unit ,ACTU. This department, it was gathered succeeded in training over 120 staff in the leadership cadre on anti- Corruption programs. This, Esin said, was done to bring into operation the globally acclaimed Anti-Money Laundering and Combating of Terrorism Financing Manual, which will serve as a key guide in driving operations and the management of all facets FMBN’s relationships. Corroborating these at the visit, Esin said “FMBN will work with other interested PMBs to revive inclusion, infrastructure consolidation and expansion. Agenda 1-3 are inter-related, as wealth creation can translates into employment for the people and poverty alleviation. Government is also providing incentives through Akwa Ibom Entreprise and Employment Scheme (AKEES), where indigenes who have good business plans are empowered to start. At present, Udom has gone into rice and cocoa production and he is encouraging other investors to explore these sub-sectors. He went on, “The initiative is to make the indigenes change their mind set, to become entrepreneurs and investors, rather than job seekers. The Rise to Greatness philosophy is about change of mind set, re-orientation towards economic growth and development. The people must begin to face the right direction to enhance rapid economic growth and development. We must embrace hard work, integrity and excellence. This philosophy has sensitised a lot of people to know that they can be independent. “The government has gone to the level of not just empowering people, but promoting regular capacity building programmes for practical training. For example, we found four companies to train our people on skills and entrepreneurship development. One of such companies is MTN Nigeria, which is working in line with this entrepreneurship policy to set up about 600 independent small businesses in the State. Imagine the number of jobs this initiative will create within the medium term, in the long-run and the number of people it will take out of poverty. We must create jobs for ourselves instead of waiting for government to do everything. The State has 10 federal constituencies and we went round those places to sensitise our people on the Rise to Greatness philosophy. We have visited six local governments in the State, remaining 25 to cover the entire place. It is important for us to model the leadership. For infrastructure development, the past government started the foundation and Udom is trying to consolidate on that. The business seminar will further enlighten people on issues of economic survival. There are challenges in the economy now but we know that our economy will soon bounce back”. the scheme once they are able to provide the bank with a suitable and acceptable security. “We have also redefined our business to sharply focus on the low and middle-income earners, collaborating with credible developers to deliver affordable houses at not more than N5m per unit, to enable us to achieve the required spread among NHF contributors in the delivery of mortgages. ‘Our goal is to make affordable mortgages, a veritable tool in the fight against corruption’. “We have introduced the FMBN Home Renovation Loan for interested contributors desirous of renovating their homes via home expansion and other forms of value-enhancement. We will encourage the staff of EFCC to take advantage of these opportunities for their benefit.” Continuing, he assured the commission that the FMBN is in support of the anti- corruption war which is hinged on one of the four pillars of the bank’s selfreinvention journey of Corporate Governance restoration, starting with a Corporate Governance Audit of FMBN and staff training.
SUNDAY VANGUARD, SEPTEMBER 18, 2016, PAGE 41 Mrs. Florence Jadesola Aboderin post-humous 80th birthday Faces at the post-humous 80th birthday held for Mrs Florence Jadesola Aboderin, wife of the founder of Punch Newspapers, held at The Haven, Ikeja GRA, Lagos, yesterday. Photos by Bunmi Azeez From left: Pastor Emeka Orji; Mr. Wale Aboderin, Chairman, Punch Newspapers, son of the deceased, and Mr. Dewole Adenmosun, nephew. From left: Chief Olorunola Akinmade, Mrs. Angela Owoyemi and Mrs. Sola Peters. From left: Mr. Wale Aboderin, Mr Sunmi Smart Cole, veteran journalist, and Mr. Tunji Larder. From left: Mr. Kunle Adebowale, Mr. Iyaniwura Adewunmi and Mrs. Abiodun Adewunmi. Final Burial Of Chief Ahmed Onibudo 40th day prayers for the late Chief Ahmed Adisa Onibudo took place at Penninsula Resort t Ajah, Lekki, Lagos, yesterday day. . The occasion as captured by Sola Oyelese From left: Captain Raji Rasheed, Alhaji Wale Nojimudeen and Alhaja Alimota Lai From left: Mr Adeniyi Onibudo, son of the deceased; Alhaji F O Yusuf, Aare Muyiwa Omisade, and Vice Admiral Jubrila Ayinla (retd). From left: Mrs Stella Onibudo , Mrs Olu Otudeko, Mrs Olaitan thomas and Mr Bolaji Onibudo, son. From left: Children of the deceased: Ibby Iyana, Sunmi Onibudo, Wunmi Onibudo and Morenike Onibudo
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Sunday 18092016

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