16082018 - Uproar as EFCC seeks minutes of Benue's security meetings

By Nkiruka Nnorom
National Association of
Small and Medium
Enterprises (NASME),
NEPAD Business Group
Nigeria, and other
participants at the second
roundtable of NASME,
Lagos chapter, have called
for more research funding
to enhance the
competitiveness of Micro
Small and Medium
Enterprises (MSMEs),
noting that lack of relevant
research system that aligns
NASME, NEPAD, others seek R&D funding for MSMEs
with their needs is one of the
major challenges
bedevilling the sector in
Nigeria.
Mr. Solomon Aderoju,
Chairman, Lagos branch of
NASME; Mrs. Nike Akande,
Chairperson, NEPAD
Business Group Nigeria;
Mrs Uzamat Akinbile-
Yusuf, Commissioner for
Wealth Creation and
Employment, Lagos State;
and Mrs Olayinka
O l a d u n j o y e ,
Commissioner of
Commerce, Industry and
Cooperatives, Lagos State,
who represented
Governor Akinwunmi
Ambode, stressed the need
to ensure that research
process is aligned to specific
needs and local demands of
MSMEs as well as apply
advanced science and
technology to enhance
innovation and creativity
of the sector.
They also said that special
funds for the development
of MSMEs should be set
aside; while proper
awareness should be
created on the availability of
such funds to enable
prospective creditors take
full advantage of the funds.
In a communiqué issued at
the end of the event,
participants recommended
gradual and systematic
VANGUARD, THURSDAY, AUGUST 16, 2018 — 21
reduction of multiple
taxation which they
identified as bane of
competitiveness of MSMEs;
urgent resuscitation of
MSMEs policy requiring
Small and Medium
Enterprises Development
Agency of Nigeria
(SMEDAN) to generate data
on the number of MSMEs
every three years. They also
recommended that tax
policy system and process
should factor in Targeted
Tax breaks, targeted
subsidies aimed at specific
forms of businesses or
entrepreneurs and the
provision of the requisite
infrastructure needed for
MSMEs to thrive and be
globally competitive.
Other recommendations
include recognising the
need of MSMEs for
unfettered access to
adequate capital markets to
provide the greatest
opportunities for
entrepreneurial expansion.
•Source: World Bank
Tony Elumelu Foundation:
5000 African entrepreneurs to
convene in Lagos Oct 25
Stories by Yinka
Kolawole
The Tony Elumelu
Foundation (TEF)
is set to host the
fourth edition of its
annual
TEF
Entrepreneurship
Forum on October 25,
2018 in Lagos.
The gathering is
expected to bring
together over 5,000
entrepreneurs, global
investors, leaders from
African public and
private sectors as well
as developmental
organisations at the
Federal Palace Hotel,
Lagos.
The event offers a
unique opportunity to
generate ideas, forge
networks and bring
policymakers and the
private sector together,
in a spirit of robust
debate and interaction.
The Forum will include
an interactive session
with President Uhuru
Kenyatta of Kenya and
President Nana Akufo-
Addo of Ghana,
moderated by TEF
Founder, Tony O.
Elumelu, and also
feature the launch of
TEFConnect, a digital
platform dedicated to
connecting African
entrepreneurs and the
entrepreneurship
ecosystem.
In a remark, TEF
founder, Tony Elumelu,
stated: "In just four
years, we have directly
impacted 4,460
entrepreneurs, and we
are beginning to see the
results - job creation,
ripple effects, but most
i m p o r t a n t l y
recognition that Africa's
economic well-being is
driven
by
entrepreneurs - female
and male, large and
small - they are the
engine of our
c o n t i n e n t ' s
transformation. We will
be championing and
celebrating them. This
year, we are truly
achieving scale and
impact; we received
over 150,000
applications in 2017
alone, up from 20,000
applications in 2015.
We are now calling on
the current generation
of African success
stories and others to
partner with us to see
how we can all further
create impact,
genuinely transform
In just four
years, we
have directly
impacted
4,460
entrepreneurs,
and we are
beginning to
see the
results
millions of lives and
increase the number of
inspiring stories we will
be hearing in Lagos."
Also speaking on the
event, TEF CEO,
Parminder Vir said: "The
TEF Entrepreneurship
Forum is the only event
across the continent
that brings together the
complete African
entrepreneurship
e c o s y s t e m ,
demonstrating our
commitment to
capturing the whole
continuum - from the
entrepreneurs
t h e m s e l v e s ,
governments who must
provide enabling
environments, to
capital, advice and
perhaps most
importantly access and
network".
The programme is a 10-
year, $100 million
commitment to identify,
train, mentor, and fund
10,000 young African
entrepreneurs.
Getting business loans
from banks
Wema Bank (2)
Last week we published the series on Wema Bank's micro,
small and medium enterprises, MSME, packages with
particular reference to their product called 'myBusiness
Account'.We said then that the account is meant for sole
entrepreneurs, micro enterprise business owners, small and
medium scale businesses e.g., Private schools, Bakeries,
Hospitals, Trading concerns, Commercial printers, Eateries,
etc. And we also said that 'myBusiness Account' has three
variants - Bronze, Silver and Gold.
In this part of the series we give some details of these variants
as follows:
For 'myBusiness Account BRONZE' the customer is expected
to maintain a minimum account opening balance of
N10,000.00 (Ten Thousand Naira), and a minimum
operating balance of N10,000.00 (Ten Thousand Naira).
The account would run on a monthly Debit Turnover Limit
of N5million, with a monthly fixed charge of N2,000.00 (Two
Thousand Naira).
For 'myBusiness Account SILVER' package the bank expects
the prospective customer to have a minimum account
opening balance of N25,000.00 (Twenty-five Thousand
Naira only) and maintain a minimum operating balance of
N25,000.00 (Twenty-five Thousand Naira) also.
The account holder is expected to maintain the account with
a monthly Debit Turnover Limit of N10million. It also attracts
a monthly fixed charge of N5,000.00 (Five Thousand Naira).
For the 'myBusiness Account GOLD' the customer is expected
to maintain a minimum account opening balance of
N100,000.00 (One Hundred Thousand Naira) with a
minimum operating balance of N100,000.00 (One Hundred
Thousand Naira).
There is also a monthly Debit Turnover Limit of N40million
with a monthly fixed charge of N7,500.00 (Seven Thousand
Five Hundred Naira).
Before you complain about the requirements wait to see the
benefits which will be in the next edition.
The account holder is expected to maintain the account with
a monthly Debit Turnover Limit of N10million. It also attracts
a monthly fixed charge of N5,000.00 (Five Thousand Naira).
For the 'myBusiness Account GOLD' the customer is expected
to maintain a minimum account opening balance of
N100,000.00 (One Hundred Thousand Naira) with a
minimum operating balance of N100,000.00 (One Hundred
Thousand Naira).
There is also a monthly Debit Turnover Limit of N40million
with a monthly fixed charge of N7,500.00 (Seven Thousand
Five Hundred Naira).
Before you complain about the requirements wait to see the
benefits which will be in the next edition.