Economy
1,438 SMEs Owners Get N925m Funding Support in Lagos
By Modupe Gbadeyanka
No fewer than 1,438 owners of Micro, Small and Medium Enterprises (MSMEs) in Lagos State were given the sum of N924.7 million by Governor Akinwunmi Ambode on Tuesday.
The money is a form of funding assistance to support businesses of the beneficiaries, thereby reducing unemployment and increasing wealth among the people.
At the presentation of cheques to the business owners at De Blue Roof, LTV 8 in Ikeja, Mr Ambode expressed delight that his administration was on course to boost economy of the state.
He further said it was good to know that the previous beneficiaries have started repaying their loans, thereby expanding their businesses and creating jobs.
The Governor, after assuming office, launched a N25 billion Employment Trust Fund (ETF) scheme to provide entrepreneurs, artisans, traders and others with capital to boost their businesses.
Since the programme started, about 4,000 businesses have benefited a total of N3.5 billion from the scheme, while the target of the state government is to support about 100,000 MSMEs and create at least 300,000 direct and 600,000 indirect jobs by 2019 through the initiative.
In January 2017, Mr Ambode presented cheques totalling about N1 billion to 705 beneficiaries who were selected after scaling through a transparent screening process.
At today’s presentation, the Governor, represented by the Commissioner for Wealth Creation and Employment, Mr Babatunde Durosinmi-Etti, made particular reference to one of the earlier beneficiaries simply identified as Jand2Gidi, saying that it was a thing of joy that they have started contributing to the growth of Lagos economy.
“One of the success stories of this programme which I am very proud of is the achievement of one of the first set of beneficiaries, a company called Jand2Gidi, run by two young women.
“Today, they have invested their loan in buying motorcycles for their delivery men, and hired people to operate those motorcycles.
“Not only are they repaying their loan, they have also created at least 10 direct jobs for Lagos residents, thereby increasing the economic activity across the State. We eagerly expect to celebrate many more success stories like this,” the Governor said.
The Governor, who commended the ETF Board for the good work done so far, equally charged them to increase the pace of work and ensure that by the end of 2017, at least 20,000 businesses would have benefited from the loan program, just as he expressed optimism that the overall target of the scheme would be met by 2019.
While congratulating the new 1,438 beneficiaries, Mr Ambode charged them and other potential beneficiaries to emulate those who are repaying their loans, thereby ensuring the success of the program
“It is only when you pay your loans back, and grow your businesses, that we can truly celebrate the success of this programme. Your success is our success, and together we will grow Lagos State’s economy and create jobs for our residents.
“This initiative is another example of taxpayers’ money working for the people. I cannot thank enough all taxpaying citizens for providing the resources from which the State Government contributes N6.25billion tranches annually to the N25 billion ETF,” he said.
Besides, Governor Ambode urged other existing businesses or people desirous of starting one to take advantage of the scheme, assuring that the process of assessing and selecting beneficiaries would continue to be transparent and meet globally acceptable standards.
In her opening remarks, Chairman, Board of ETF, Mrs Ifueko Omoigui-Okauru, said the presentation ceremony was another milestone by Governor Ambode’s administration, saying that the vision of the Governor in setting up the Fund, which is the first of its kind in Nigeria, and his unwavering commitment to its success deserved commendation.
Mrs Omoigui-Okauru also revealed a partnership between the Lagos State Employment Trust Fund (LSETF) and the United Nations Development Programme (UNDP) to improve technical and vocational training in the State.
Under the programme, she said the LSETF will contribute Naira equivalent of $3million, while UNDP will contribute $1million and the funding will be used to train eligible Lagos residents in manufacturing, construction, healthcare, hospitality and entertainment, while successful trainees will be placed in jobs at the completion of the programme.
Responding on behalf of beneficiaries, Mr O.A Goriola of November 16 Nigeria Ltd, commended the state government for the initiative and pledged that the funds would be judiciously utilized.
By Adedapo Adesanya
The National Pension Commission (PenCom) has defended its decision to allow Pension Fund Administrators (PFAs) to invest in the parent companies of their custodians, insisting that adequate safeguards are in place to protect contributors’ funds.
The director-general of the pension regulator, Ms Omolola Oloworaran, speaking on Tuesday during the Meet the Press Briefing at the Presidential Villa, Abuja, said the commission’s decision to relax the investment restriction followed a comprehensive risk assessment that found minimal conflict of interest.
She explained that under PenCom’s investment regulations, PFAs are only permitted to invest pension assets in carefully selected instruments that meet stringent criteria, including profitability, strong credit ratings and proven track records.
According to her, the commission regularly reviews its investment regulations, conducts routine examinations and spot checks on PFAs to ensure strict compliance with established risk management guidelines.
“PFAs cannot just go into the stock market and buy any kind of stock. There are strict guidelines. Companies must demonstrate profitability, have a proven track record and satisfy other criteria before pension funds can invest,” she said.
Ms Oloworaran noted that each PFA also operates under the oversight of a board, an investment committee and a risk management committee, providing additional layers of governance to safeguard contributors’ funds.
She said PenCom recently issued a circular allowing PFAs to invest in the parent companies of their custodians after determining that the potential conflict of interest was negligible.
The PenCom boss explained that the parent companies involved are largely Tier-1 banks, including First Bank, United Bank for Africa (UBA) and Zenith Bank, which she described as A-rated institutions with strong financial foundations.
She said the policy was intended to widen investment opportunities for pension funds without compromising safety.
Using Stanbic IBTC as an example, Ms Oloworaran explained that if its custodian is Zenith Bank, the previous restriction prevented the pension administrator from investing in Zenith Bank shares despite the bank’s strong performance.
“We reviewed the risks and any potential conflict of interest and found the risks to be very low. That is why we opened that investment window,” she said.
By Aduragbemi Omiyale
Analysts at Meristem Research have predicted that the inflation rate for June 2026 in Nigeria should marginally rise to 15.95 per cent on a year-on-year basis from the 15.93 per cent reported in May 2026.
The National Bureau of Statistics (NBS) is expected to release inflation numbers for last month later today, Wednesday, July 15, 2026.
In its report sighted by Business Post, Meristem Research said it expects inflationary pressures to re-emerge across key economies in the near term, as the re-escalation of the US-Iran conflict has reignited upward pressure on global oil prices.
It disclosed that this marks a sharp reversal from most of June, when the ceasefire between the two countries helped drive oil prices lower, raising expectations of some relief on the inflation front.
With conflicts now flaring up again, oil prices are likely to increase again, and the anticipated easing in energy-driven inflation may not materialise as broadly as earlier envisaged.
“Nonetheless, some relief is likely from the food segment, where robust supply conditions across major producing regions and softening demand should continue to ease food price pressures,” it stated.
The team also explained that it projected a 15.95 per cent inflation rate because of the lingering effects of persistent food price pressures.
“However, we expect core inflation to moderate as the sharp reversal in energy prices begins to filter through to transportation, distribution, and other energy-related costs, easing underlying price pressures.
“On a month-on-month basis, the combined effect of lower petrol prices, a relatively stable Naira, and the gradual pass-through of reduced energy costs across the supply chain should exert further downward pressure on inflation.
“Based on our assessment, food inflation is expected to remain the key swing factor, as seasonal pre-harvest supply constraints are likely to offset some of the gains from lower logistics costs,” it said.
By Adedapo Adesanya
The duo of Central Securities Clearing System (CSCS) Plc and Afriland Properties Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.61 per cent on Tuesday, July 14.
CSCS Plc saw its stock value drop N9.08 to close at N82.40 per share compared with the preceding session’s N91.48 per share, and Afriland Properties Plc slid by 17 Kobo to sell at N15.00 per unit versus N15.70 per unit.
The losses recorded by the two securities pulled back the market capitalisation by N41.64 billion to N2.546 trillion from N2.587 trillion, and cracked the NASD Security Index (NSI) by 69.36 points to 4,242.31 points from 4,311.67 points.
It was observed that the exchange witnessed two price advancers during the session, led by FrieslandCampina Wamco Nigeria Plc, which gained N1.37 to end at N151.37 per share compared with the previous day’s N150.00 per share, and Food Concepts Plc chalked up 5 Kobo to settle at N2.50 per unit versus N2.45 per unit.
The volume of securities traded by market participants surged by 50.7 per cent to 13.7 million units from the previous 9.1 million units, while the value of securities went down by 79.7 per cent to N65.2 million from N320.4 million, and the number of deals crashed by 3.6 per cent to 27 deals from the previous session’s 28 deals.
At the close of transactions, Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with the sale of 3.4 billion units for N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc, which exchanged 2.3 billion units valued at N6.5 billion, and CSCS Plc with 73.9 million units transacted for N5.2 billion.
GNI Plc also closed the trading day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units valued at N415.7 million.
