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FCMB, NEPC sign agreement on export facilitation

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Ladi Balogun CEO FCMB Group

First City Monument Bank FCMB has announced a partnership with the Nigerian Export Promotion Council NEPC on non-oil export facilitation.

The new Memorandum of Understanding MOU is expected to further engage and build the capacity of exporters on new and emerging developments in the sector.

Speaking on the agreement Executive Director/Chief Executive Officer, NEPC, Mr. Olusegun Awolowo noted that the MOU with  FCMB would go a long way to address the age-long challenge of access to finance that had been a nightmare to Nigerian exporters.

He, however, urged exporters to take advantage of the numerous opportunities offered by the NEPC and FCMB to grow their businesses.

Regional Head, Abuja & North of FCMB, Mr. Lukman Mustapha, restates the Bank’s commitment to empowering customers and other stakeholders involved in export trade.

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In his words:

“It further demonstrates how much we value their patronage and to inform the Market that we are seriously prepared to support the government and businesses in their efforts towards driving and growing export trade to boost non-oil revenue in Nigeria”

The Nigerian government has continued to encourage the diversification of the nation’s revenue sources away from oil.

Nigerian Export Promotion Council NEPC was established through the promulgation of the Nigerian Export Promotion Decree No. 26 of 1976 and formally inaugurated in March, 1977.

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It is charged with the responsibility of promoting non-oil export in Nigeria and position it as a key driver of the economy.

First City Merchant Bank was licensed in 1982, changed the name from First City Merchant Bank to First City Monument Bank in 2001, following its transformation to a universal bank and was listed on the Nigerian Stock Exchange in 2005.

Its share price currently trades at ₦2.50 on the Stock exchange as at today.

Fikayo has a degree in computer science with economics from Obafemi Awolowo University. ITIL v3 in IT service management. An alumnus of Daystar Leadership Academy. Prior to joining Nairametrics had stinct in Project management, Telecommunications among others. Also training in Consulting and Investment banking from Edubridge Academy. He has very keen interest in Politics, Agri-business, private equity and global economics. He loves travelling and watching football. You can contact him via [email protected]

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Business

After 22 years, NBS is set to commence National Business Sample Census

The National Business Sample Census is expected to commence on October 12 2020, and end on December 12 2020.

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Dr Yemi Kale, National Bureau of Statistics, NBS, Federation Account Allocation Committee, FAAC

The National Bureau of Statistics, with the support of the World Bank, has commenced the process of implementing the 2020 National Business Sample Census (NBSC) in Nigeria. This is exactly two decades and two years after the last business census of establishments in the country.

This disclosure was stated in a circular signed by Ichedi, Sunday Joel, Head, Public Affairs & International Relations Unit, which was released by the Statistician-General of the Federation this morning.

The Survey which is coming after a similar one conducted twenty-two years ago (1997/98) is necessary, especially now that the current government is re-structuring the economy for faster growth through support to Small, Medium and large-scale enterprises, in order to increase their productivity.

The National Business Sample Census is expected to last two months from October 12 to December 12.

The main objectives of NBSC includes:

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• To compile, frame, and develop instruments and concepts, establish standards and methodology for industrial and business surveys in Nigeria.
• To serve as a benchmark for updates of subsequent commercial and industrial sector statistics.
• To develop a national directory of commercial and industrial business establishments, with all their associated social and economic characteristics
• To provide the country with comprehensive and detailed information about the structure of the Nigerian economy.

The Census will cover all the thirty-six (36) states of the Federation and FCT, with establishments in all economic sectors involved in the exercise.

For the avoidance of doubt, the establishments to be covered should have a fixed structure and location, a separate shop with a different entrance, and enclosed from dwelling place (in the case of residential areas), shops should have locks and keys for a market setting. While kiosks and shops under the umbrella are not to be listed during the census.

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All commercial and industrial businesses in each LGA will be identified and listed by the state. Name, location address, postal address, phone number, email address, year of commencement, number of activities engaged in, main type of activity, and others are questions that will be asked.

NBS enumerators with customized T-Shirts and Face Caps will visit your establishment, at any date within the stipulated period, to collect necessary information for the census. Please oblige them with the information, as your cooperation is germane towards the successful execution of the census exercise.

However, the Bureau wishes to assure you that any information given will be kept in absolute confidentiality, and will not be divulged to a third party.

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Economy & Politics

Lagos revisits Ehingbeti Economic Summit, to hold first virtual edition

The Commissioner for Economic Planning and Budget said the State will again host the Ehingbeti Summit.

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Lagos, Sanwo-Olu, Businesses that must remain closed after May 4

Lagos State government has decided to resuscitate its annual Ehingbeti Summit after it held the last one in 2014.

The 2020 edition, which is to hold virtually between November 10-12, is themed ‘For greater Lagos: Setting the tone for the next decade.’

This was disclosed by the Commissioner for Economic Planning and Budget, Samuel Egube on Sunday during an interactive session with journalists, which was attended by Nairametrics.

Egube explained that most of the developments recorded in the states over the years were from ideas and recommendations gathered from the previous editions of the summit.

According to him, the summit, which is a collaboration between the state and private sector operators, has seen the government implement 109 out of 119 resolutions suggested to the state government in past editions.

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He said, “The rail line projects, the Lekki toll gate, among others are ideas generated from the economic summit. The summit has a rich history and is firmly established as a credible forum for stimulating economic growth for Lagos state. It is our belief that you cannot lead a place like Lagos with one mind you have to bring together all the minds. The first one was hosted in 2000 making this the 20th year since the first summit was held. The first three editions were deliberately diagnostic but by the fourth one, we had started to create a blueprint and have started to implement it from the early decisions that had been made.”

He added that the good thing about the summit is that the government is responsible for the decisions taken and that they are obliged to report back to the next Ehingbeti what it has done with the decision taken and if there are challenges.

We highlight what those challenges were and take other decisions on how to repair those challenges. To some it appears the ambitions are too high, because how do you put the private sector in the lead and collaborate in that manner. They have wondered whether the government can be trusted to follow through with this idea of collaboration, but the performance shows that yes, we follow through,” he stated.

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According to him, with the summit, what the Lagos state government is trying to do is stimulate contribution from the private sector, get them interested in the governance of the state and lead the way in terms of the outcomes.

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Entertainment

What BBNaija winner, Laycon can do with N30 million  

Nairametrics has come up with possible investments that Laycon should consider, as he begins his millionaire phase. 

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What BBNaija winner, Laycon can do with N30 million  

After 71 days of intense competition, the season 5 of BBNaija tagged, Big Brother Naija Lockdowncame to an intriguing end yesterday, as one person walked away with the N85 million total grand prize.

After 10 weeks of staying cooped in one house, executing several tasks from sponsors, partying every Saturday, and watching their competitors leave one after the other; finalists emerged from the 20 that started the show  Vee, Neo, NengiDorathy, and Laycon. 

Of the 5, just 1 emerged winner – Olamilekan Agbeleshepopularly known as ‘Laycon’.  

READ: How to access CBN’s N250 billion intervention fund for gas sector

As earlier announced by Multichoice, N30 million was awarded to him as cash prize, with the supplementary 55 million covering;  

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  • A two-bedroom apartment courtesy of Revolution Plus 
  • top of the range SUV from Nigerian automaker, Innoson Motors 
  • trip to Dublin courtesy of Guinness 
  • Home appliances courtesy of Scanfrost, and a branded Chiller 
  • trip to Dubai packaged by Travelbeta 
  • 1-year supply of Indomie noodles, Munch it, and Colgate toothpaste 
  • 1-year supply of Pepsi 
  • trip to watch the UEFA Champions League finale 
  • brand new Oppo Reno 3 smartphone. 

Not many are surprised with the outcome, as Laycon was a strong contender from the first day in the house. Despite his vivid intelligence and calm nature; his victory can be attributed to a strong social media strategy by his campaign team. His acceptance was easier, being a lightweight Twitter influencer himself prior to the show.

Also, from the diary session in the final week, two of the finalists projected Laycon as the most likely winner. Nengi, particularly said she had always considered Laycon a strong competition, and she views him as someone viewers would love. Neo saw Nengi as a possible winner, while Laycon thought Dorathy to be his biggest competition. Vee said that Laycon had strong plans of what to do with the money, and believes he is deserving of the grand prize.

READ: Real Estate Developers express fear over selection process of CBN’s N200 billion Housing Fund

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Speaking of strong plans, Nairametrics research team has come up with possible investments that Mr. Agbeleshebioba Massoud Al Khalifah aka Laycon should consider, as he begins his millionaire phase.

Already, the finalists have won some prizes via tasks from sponsors of the show; in fact, all of the finalists have won at least N3million prize each, and Laycon in particular has about N7 million in excess winnings. Assuming that this N7 million and other gifts would take care of his living expenses for the next few months, while he channels the N30 million into worthwhile investments.

The 26-year-old singer and rapper has over the last couple of years built a music profile that could benefit massively from his new-found fame. Already, front-line artistes like Davido are hinting a possible collabo with the University of Lagos graduate.

In April 2019, Fierce Nation signed on Laycon, alongside Runnjozzy. His singing career dates back to the 2014 Coke Studio University of Lagos event, where he was one of the 10 artistes who performed. Later in 2017, he was one of the top 10 finalists at the MTV Base LSB challenge.

READ: Why Warren Buffett’s company is buying shares of a gold mining company

After struggling through his music career for years, without recognition, Laycon will discover that N30 million is a lot of money if invested wisely. It is also a sum that could evaporate in a matter of weeks, if misused.

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Mercy Eke, winner of last year’s ‘Pepper Dem’ edition, invested her cash winnings in expanding her luxury clothing line, and launching her real estate company “Lambo Homes” which she founded in partnership with a seasoned real estate Consultant/luxury property developer, and an experienced lawyer.

Now, Laycon does not have a luxury clothing line which he might want to expand, but Research Analyst Samuel Oyekanmi avers that he could consider real estate investments just like last year’s winner. He may not have to start a real estate company, if he has no interest in it, and some landed property could make a good addition to his portfolio, given that the value rarely depreciates. “Such property could become hoteling centres or rented apartments, and bring impressive returns over time,”  he said.

READ: What UACN decision to un-bundle UPDC means for its shareholders

Founder of Nairametrics, Ugochukwu ‘Ugodre’ Obi-Chukwu, suggests Laycon should consider choice stocks in the Nigerian and foreign stock exchanges, as well as investments in money market instruments, where some decent profits can be made.

According to him, “This will also be the time to look into Agri-Tech investments, using crowdsourcing platforms, after which you can sit back and watch your funds grow over a time span of 5 months to a year.” 

Another investment worth considering is Food production. Food is a necessity, and the border closure has done wonders for investments along the food value chain, from farming to processing, and so on.

The transportation sector can also be considered. With proper management, an investment in a couple of vehicles in the transport line, could also yield good returns for Laycon.

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Nairametrics’ Investment Analyst, Olumide Adesina, thinks that Crypto-currencies are a good bet at this time, as they are now being used to facilitate payments. He said, “Cryptos offer the highest yield across financial assets, and investing in them can only turn out great. It has recently been attracting institutional funds, and is properly regulated through a legal framework. Laycon could also consider Agro-allied stocks, as many of them have performed quite well. In spite of the insecurity problems disrupting farming in Northern Nigeria, agro stocks such as Okomu Oil have enriched investors, through dividend pay-outs and appreciation of share price. A lot of investors are looking at U.S stocks, but among the log, the tech market remains the most attractive, after the impressive performance tech companies like Google, Facebook, Apple, and Amazon put on this year. A lot of people have been spending more time on their phones, working remotely, moving their businesses to the digital space, and providing services down the value chain; all of these has improved the performance of tech stocks.” 

Laycon might need to keep all these in mind, while drawing up the budget allocation for his N30 million cash prize.

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