Banking
Diamond Bank Trains SME Owners in Taxation, Business Expansion
By Modupe Gbadeyanka
Last week, one of the mid-tier lenders in Nigeria, Diamond Bank Plc, held two editions of its 64th business seminar for small and medium scale business owners within the Lagos and Ibadan metropolis.
This was in line with its commitment to fuel economic growth in the country through support for the sector of the economy.
During the seminars, which were held simultaneously, the small business owners were educated on tax affairs to give them business advantage in the competitive world of business.
Speaking at the Business Seminar held at the NECA House in Alausa, Lagos, the Chief Executive Officer, Diamond Bank Plc, Mr Uzoma Dozie, said Small Medium Enterprises (SMEs) in Nigeria have not thrived because they did not have the proper resources and good documentation of tax payments to stay afloat.
“There are businesses which are successful today but evade paying taxes to the government which is very wrong, in some cases, these companies did pay taxes but did not document it well and so they found themselves paying taxes that they were not supposed to pay so there is a need to pay taxes as these taxes paid are used to create the working business and friendly environment we crave for.”
The Ibadan edition of the 64th Diamond Business seminar which was held at the Segun Aganga Hall of the International Conference Center, University of Ibadan, was part of Diamond Bank’s effort at growing indigenous businesses for business owners who are customers of the bank to get information on how to grow their businesses and acquire the required skills that can get them funding.
While speaking on the theme for the Lagos edition of the 64th Business Seminar ‘Be the boss of your tax affairs’, Partner at PwC, West Africa, Mr Taiwo Oyedele, explained that countries where tax is paid have better governance, adding that the government needs to do more to educate the public on approved taxes meant for collection by the local or state government.
He revealed that Nigeria makes $25 billion from tax collection yearly when compared with $6 trillion the United States of America makes from tax and urged Nigerians to pay attention to tax affairs.
Speaking at the Ibadan edition of the seminar, the Area Manager of the financial institution, Adenike Ogunsugba, stated that Diamond Bank organized the seminar to satisfy the yearning of its customers, build their capacity and give them tips on how to grow their businesses, adding that it is a platform for them to dialogue with the bank and tell the bank their expectations and how also learn from experts on how to expand their business.
“This seminar is to build the capacity of our customers and teach them how to grow their business as part of fulfilling the value promises we made to you and open you up to opportunities available at the bank to help grow your business and the services you can explore for expansion.
“There are a lot of services we have that you can explore though many do not understand the advantages, one of such is the Diamond Business Advantage account which allows you to assess funding without collateral,” Ogunsugba said.
The keynote speaker in Ibadan, Preye Jimoh, the Managing Director of Dovas Spa Group and a financial expert while speaking on the topic, ‘Achieving business expansion: Relationship between accessing finance and basic book keeping’ stated that without a business plan and up to date financial records, a business owner cannot say whether he is making headway or sinking.
She concluded by saying, a business owner without financial records can be likened to an individual driving with a blindfold on. “Without a financial record, you will not know if you are making profit or not. Income is different from profit and the only way you know if your business is making profit is through financial records.
“You also need to keep proceeds in a bank, let there be a trail so that you make the work of your auditor easier. These records will help with financing because a business without proper book keeping cannot access loans.
“There are 37 million small and medium scale businesses in Nigeria and they contribute 48 percent of the gross domestic product,” she said.
By Modupe Gbadeyanka
To strengthen Europe-Africa trade ties, Access Bank has opened a new branch in Malta. It will focus on international trade finance, employing approximately 30 people in its initial phase, with plans for controlled expansion over time.
It was learned that this Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
Access Bank Malta Limited commenced operations after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
Malta, a renowned international financial centre, and a gateway between the two continents, is strategically positioned to play a pivotal role in advancing commerce and fostering economic partnerships.
This strategic expansion into Malta enables The Access Bank UK Limited to leverage growing trade opportunities between Europe and Africa.
It underscores the organisation’s commitment to driving global trade, financial integration, and supporting businesses across these regions.
“By establishing operations in Malta, we will gain a foothold in a market that bridges European and North African economies, moving us one step closer to our goal of becoming Africa’s Gateway to the World.
“It further enhances our bank’s capacity to support clients with innovative solutions tailored to cross-border trade and investment opportunities,” the chief executive of Access Bank, Mr Roosevelt Ogbonna, stated.
“Europe has emerged as Africa’s leading trading partner, driven by initiatives such as the Economic Partnership Agreements between the EU and African regions and the African Continental Free Trade Area (AfCFTA).
“With Europe-Africa economic relations entering a new phase, The Access Bank Malta Limited is ideally positioned to deepen trade and meet the financing and banking needs of our clients in these expanding markets,” the chief executive of Access Bank UK, Mr Jamie Simmonds, commented.
Also speaking, the chief executive of Access Bank Malta, Renald Theuma, said, “Malta is uniquely positioned as a bridge between Europe and Africa, making it an ideal location for our subsidiary. This move allows The Access Bank Malta Limited to engage more closely with customers in Europe and deliver tailored financial solutions that drive growth and connectivity across both continents.”
By Adedapo Adesanya
The International Finance Corporation (IFC) and Goldman Sachs have announced a new partnership with African banks, including Nigeria’s Zenith Bank and Stanbic IBTC Nigeria to support the Goldman Sachs 10,000 Women initiative, a joint programme launched in 2008 to provide access to capital and training for women entrepreneurs globally.
The two Nigerian banks are part of nine financial institutions from across Africa which have agreed to join the 10,000 Women initiative committing to leverage the business education and skills tools the programme provides to create more opportunities for women entrepreneurs across the continent by providing access to business education.
Others banks include Stanbic Bank Kenya, Ecobank Kenya, Ecobank Cote d’Ivoire, Equity Bank Group, Banco Millenium Atlantico – Angola, Baobab Group, and Orange Bank.
Speaking on this, Ms Charlotte Keenan, Managing Director at Goldman Sachs said – “10,000 Women has had a powerful impact to date, but we know that there are more women to reach and more potential to be realized.
“We are delighted to partner with IFC to supercharge the growth of women-owned businesses across Africa, and mainstream lending to female business leaders. We remain committed to supporting entrepreneurs with the access to education and capital that they need to scale.”
Since 2008, the 10,000 Women initiative has provided access to capital and business training to more than 200,000 women in 150 countries.
“This expanded initiative marks a significant step forward in creating equitable economic opportunities for women in Africa, enabling them to build stronger, more resilient businesses and to realize their entrepreneurial goals,” said Ms Nathalie Kouassi Akon, IFC’s Global Director for Gender and Economic Inclusion.
Goldman Sachs’ 10,000 Women initiative complements the Women Entrepreneurs Opportunity Facility (WEOF), launched in 2014 by Goldman Sachs and IFC as the first-of-its-kind global facility dedicated to expanding access to capital for women entrepreneurs in emerging markets.
By Aduragbemi Omiyale
In recognition of its unwavering commitment to fostering access to financing for Nigerian micro, small and medium enterprises (MSMEs), Development Bank of Nigeria Plc has been rewarded with the Financial Inclusion Leadership Award at the Champions of Inclusion Nigeria Financial Inclusion Awards.
This was at the 2024 International Financial Inclusion Conference (IFIC) organised by the Central Bank of Nigeria (CBN) in collaboration with the World Bank and other stakeholders.
The chief executive of the lender, Mr Tony Okpanachi, said the recognition affirms the company’s efforts in expanding access to financial services for MSMEs in Nigeria.
“We are honoured to receive the Financial Inclusion Leadership Award, which is a testament to our bank’s commitment to expanding access to financial services for all Nigerians. This award recognises our efforts to bridge the financial inclusion gap, particularly for a priority sector like the MSMEs.
“Additionally, this award is a validation of our strategic focus on driving financial inclusion for small businesses, and we are proud to be at the forefront of this initiative that drives that. We will continue to innovate and expand our financial inclusion programmes, ensuring that more Nigerian small and startup businesses have access to services,” he stated.
On his part, the Chief Operating Officer of DBN, Mr Bonaventure Okhaimo, said the accolade demonstrates the firm’s dedication to driving financial inclusion and economic growth in Nigeria.
“This award acknowledges our Bank’s innovative approach to widening opportunities for MSMEs in Nigeria to grow and scale their businesses,” he said.
“This award will motivate us to continue pushing the boundaries of financial inclusion, exploring more innovative solutions and partnerships to expand our reach and impact.
“We are committed to ensuring that more small businesses and startup enterprises in Nigeria have access to financial services, this award will further inspire us to accelerate our efforts in this regard,” he stated.
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