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ECOWAS, Elumelu Foundation Sign MoU on Youth Empowerment

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Tony Elumelu

The ECOWAS Commission and the Tony Elumelu Foundation (TEF) have signed a memorandum of understanding (MoU) to deepen both institutions’ efforts in supporting micro, small and medium enterprises (MSMEs) as well as promoting entrepreneurship and wealth creation.

The MoU, which has been endorsed, is for a period of two years. It allows both organisations to leverage their respective capacities and sharpen their focus on entrepreneurship as a tool of development.

Specifically, a statement explained that the collaboration is expected to help formalise and instill competitiveness in the West-African entrepreneurship ecosystem by developing and implementing a Regional Strategy and Charter to promote best practices in MSME governance, better access to finance, access to regional and international markets, and capacity building.

In addition, it is expected to help advocate for improvement in the enabling business environment for SMEs through joint organisation of workshops along sectoral lines to promote business and investments, and harmonise policies and fiscal issues that create an enabling business environment.

Furthermore, the MoU is expected to spread and strengthen the philosophy of Africapitalism by socialising it with the key stakeholders; provide research opportunities in data analysis and gathering on the state of West African SME landscape; and teach entrepreneurship in the ECOWAS region, including Africapitalism as a study in the national education curriculum (starting from primary school) of ECOWAS member states.

Speaking at the MOU signing ceremony in Abuja, an elated President of the ECOWAS Commission, Marcel De Souza, said ECOWAS sees itself as a partner of TEF since both parties share core values on the all-important issue of youth empowerment and poverty reduction in the region.

He lauded the TEF initiative which aims at improving the lives of the younger generation by promoting the Public Private Partnership (PPP) arrangement and helping to create a model which would not only uplift the youth of the present generation but the larger population of Africa and bringing a collective good to the continent in the process.

On his part, the founder of TEF, Mr. Tony O. Elumelu thanked the ECOWAS Commission for creating the partnership platform, stressing that, the provision of seed capital to young entrepreneurs is something that must continuously be encouraged if Africa is to escape the unemployment and poverty conundrum.

“I am convinced by the fact that collectively, caring Africans can help deal with the challenges of unemployment and poverty by helping our young ones to develop their ideas, realise their dreams and be like the Mark Zuckerbergs of this world,” he stated.

According to him it is even more important to support business ideas at infancy stages so that they can even grow to attract more attention and patronage, citing the example of Co-Creation Hub; a technology hub in and around Lagos, established to co-create new solutions to the many social problems in Nigeria.

“Today they have grown very big and only a few days ago brought Zuckerberg to Nigeria. It gladdens my heart that we encouraged and supported them at infancy, years ago,” he added.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Government

Senate Suspends Senator Abdul Ningi for 3 Months Over Budget Padding Allegations

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Abdul-Ahmed-Ningi

The Senate has announced the suspension of Senator Abdul Ningi for three months following his allegations of budget padding to the tune of N3.7 trillion in the 2024 budget.

Ningi, who represents Bauchi Central and chairs the Senate Committee on Population, had made the claims in a recent interview with the Hausa service of the BBC.

During a plenary session, Senator Olamilekan Adeola, the Chairman of the Senate Committee on Appropriations, raised a motion to address Ningi’s allegations, citing the urgent need to address what he termed as “false allegations.”

The transcript of Ningi’s interview was read on the Senate floor, prompting deliberation on the appropriate action to take.

Initially, Senator Jimoh Ibrahim proposed a 12-month suspension for Ningi, but Senator Chris Ekpeyong moved to reduce it to six months.

Eventually, Senator Garba Maidoki amended the motion further, suggesting a three-month suspension.

The amended motion was put to a voice vote, and Senate President Godswill Akpabio announced the decision to suspend Ningi for three months.

Following the ruling, Ningi was escorted out of the Senate chamber by the Sergeants-at-arms.

The suspension comes amidst division within the Senate over Ningi’s claims, with some senators disowning his allegations and calling for a thorough investigation.

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Government

Ekiti Governor Unveils Multi-Billion Naira Relief Programmes Amid Economic Crisis

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Biodun Oyebanji

Ekiti State Governor, Mr. Biodun Abayomi Oyebanji, has announced a comprehensive relief package aimed at alleviating the hardship faced by the people of the state.

The relief programs encompass various sectors to cushion the impact of the economic downturn.

One of the key initiatives entails clearing salary arrears amounting to over N2.7 billion owed to both State and Local Government workers.

This move signifies the government’s commitment to addressing the financial burdens faced by its workforce.

Furthermore, Governor Oyebanji has approved a substantial increase of N600 million per month in the subvention of autonomous institutions, including the Judiciary and tertiary institutions.

This augmentation is intended to enable these institutions to implement wage awards in alignment with State and Local Government workers’ salaries.

In addition to addressing salary arrears, the relief programs extend to pensioners, with the approval of payments totaling N1.5 billion for two months’ pension arrears.

Moreover, an increase in the monthly gratuity payment to state pensioners and local government pensioners will provide additional financial support, totaling N200 million monthly.

The relief initiatives also encompass agricultural and small-scale business sectors.

The allocation of funds for food production and livestock transformation projects underscores the government’s commitment to enhancing food security and economic sustainability at the grassroots level.

Governor Oyebanji emphasized that these relief programs are part of the state’s concerted efforts to mitigate the adverse effects of the economic downturn and foster shared prosperity.

The comprehensive nature of the initiatives reflects a proactive approach towards addressing the challenges faced by Ekiti State residents.

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President Tinubu Orders Immediate Settlement of N342m Electricity Bill for Presidential Villa

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power project

President Bola Tinubu has directed the prompt settlement of a N342 million outstanding electricity bill owed by the Presidential Villa to the Abuja Electricity Distribution Company (AEDC).

This move comes in response to the reconciliation of accounts between the State House Management and the AEDC.

The AEDC had earlier threatened to disconnect electricity services to the Presidential Villa and 86 Federal Government Ministries, Departments, and Agencies (MDAs) over a total outstanding debt of N47.20 billion as of December 2023.

Contrary to the initial claim by the AEDC that the State House owed N923 million in electricity bills, the Presidency clarified that the actual outstanding amount is N342.35 million.

This discrepancy underscores the importance of accurate accounting and reconciliation between entities.

In a statement signed by President Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, the Presidency affirmed the commitment to settle the debt promptly.

Chief of Staff Femi Gbajabiamila assured that the debt would be paid to the AEDC before the end of the week.

The directive from the Presidency extends beyond the State House, as Gbajabiamila urged other MDAs to reconcile their accounts with the AEDC and settle their outstanding electricity bills.

The AEDC, on its part, issued a 10-day notice to the affected government agencies to settle their debts or face disconnection.

This development highlights the importance of financial accountability and responsible management of public utilities.

It also underscores the necessity for government entities to fulfill their financial obligations to service providers promptly, ensuring uninterrupted services and avoiding potential disruptions.

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