Economy
BuyScrap Nigeria, Seven Others Win at Sustainable Enterprise Challenge Programme
By Adedapo Adesanya
Eight winners emerged from the Sustainable Enterprise Challenge Programme (TSECP), sponsored by the British Council and Prince’s Trust International (PTI) and implemented by Nerdzfactory.
The initiative, introduced to allow companies building for a sustainable future to hone the skills essential for navigating the modern business landscape, produced 16 finalists and eight winners, each receiving N250,000.
The scheme saw 56 participants trained over four weeks, and the most effective 16 were selected from the rigorous programme.
Among the winners were Blue Sands Stem Labs for the Most Innovative Business Idea; Mee Best Foods for the Most Societally Friendly Business Idea; Hems to Fit for the Most Profitable Business Idea; and Ecodey Management Resources for the Most Environmentally Friendly Business Idea.
Others included Eco Feet, a PlastiBuild company, for the Most Business Idea; Suss Flow for the Most Societally Friendly Business Idea; Cartle Technology for the Most Profitable Business Idea; and BuyScrap Nigeria for the Most Environmentally Friendly Business Idea.
Speaking at the grand finale last Friday in Lagos, the British Council Country Director, Ms Lucy Pearson, said the UK supported the competition to help Nigeria’s booming young population navigate growing economic disadvantages.
She said the initiative was targeted at providing young people with the skills, knowledge, and confidence to succeed as entrepreneurs.
Ms Pearson noted that the aim was to create positive pathways for young people in their communities and to contribute to the growth of the nation’s economy.
“The British Council also works across education, the arts, and culture to develop young people’s skills to give them positive pathways and skills for employability. So, this is one piece of the puzzle,” she said.
Adding his input, the British Council Director of Programmes for Nigeria, Mr Chikodi Onyemerela, said that the council has always focused on creating opportunities for young people in the country, adding that more of such will come.
“This is a pilot; the purpose of piloting is to cook up concepts. We are piloting it in the ranges of Enugu and Kano. The closure event is happening in Lagos today,” he stated.
Speaking on behalf of the Founding Partner of Nerdzfactory Company, Mr Ade Olowojoba, Mr Matthew Ozigbo, a business partner, expressed enthusiasm about the competition and the impactful partnership the organisation has with the British Council and PTI.
He said the goal of the scheme is to significantly impact youth entrepreneurship, job creation, and skill development, empowering individuals.
“Witnessing the growth of participants over the course of the programme has been incredibly rewarding,” he stated.
The supervisor, Mrs Omozele Umoren, stated that the initiative utilised a variety of engaging and learning methods, including interactive workshops, breakout sessions, mentorship sessions, and group discussions that were relevant to their entrepreneurial journey.
“The participants during the course of the four weeks were equipped with digital marketing skills and relevant technological skills that will help them enhance and grow their businesses,” she said.
By Adedapo Adesanya
The federal government is offering two new savings bonds with interest rates between 17 and 18 per cent through the Debt Management Office (DMO).
In a statement by the agency, the country said retail investors can purchase the two-year bond maturing in January 2027 at 17.23 per cent interest, while the three-year paper maturing in January 2028 at a coupon rate of 18.23 per cent.
Bonds are very safe financial instrument that serve as investments because they are backed by the federal government, which promises to pay back the money.
According to the DMO, people can buy these bonds starting January 13, 2025, until January 17, 2025, with allotment expected on January 22, 2025, and the interest to be paid to investors every three months – in April, July, October, and January.
These bonds have some special features. They are tax-free under both company and personal tax laws.
Big investors like pension funds and trustees are allowed to buy them and each bond costs N1,000 each.
However, interested investor can only buy at least N5,000 worth, and can’t buy more than N50 million.
This comes after the Ms Patience Oniha-led debt office said the Nigerian government was offering three bonds worth N150 billion in September 2024.
By Aduragbemi Omiyale
The House of Representatives has said it would make efforts to pass the controversial tax reform bills forwarded to the National Assembly by President Bola Tinubu last year.
Mr Tinubu, in a bid to improve revenue of the government, asked the parliament to pass the bills, but this has been resisted mostly by northern lawmakers and others.
At the resumption of plenary session on Tuesday in Abuja, the Speaker of the House of Representatives, Mr Abbas Tajudeen, assured that the green chamber of the legislative arm of government would prioritise the tax reform bills.
“The legislative agenda of the House for 2025 prioritises the passage of the Appropriation Bill and the Tax Reform Bills, both of which are pivotal to economic recovery and fiscal stability.
“These reforms are essential for broadening the tax base, improving compliance and reducing dependency on external borrowing.
“The House will ensure that these reforms are equitable and considerate of the needs of all Nigerians, particularly the most vulnerable,” Mr Abbas said through the Deputy Speaker, Mr Ben Kalu, who presided over the session.
He also expressed grief over the loss of lives in stampedes in Ibadan, Abuja and Anambra State last month due to hardship in the country.
Several Nigerians died in the stampedes while trying to receive palliatives given to alleviate their sufferings.
“Tragic events, such as the stampedes in Ibadan, Abuja and Okija, during the distribution of palliative aid, underline the urgent need for improved planning and safety protocols in humanitarian efforts. On behalf of the House, I extend our deepest sympathies to the families and communities affected.
“These incidents serve as a stark reminder of the socio-economic hardships facing our citizens and the imperative for policies that tackle hunger and poverty at their roots.
“Turning to the economy, 2024 presented both difficulties and opportunities. While inflation remains a pressing concern, progress in GDP growth and the positive trajectory of economic reforms provide hope for a more stable and prosperous 2025,” the Speaker said.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.69 per cent appreciation on Monday, January 13, as investors showed renewed interests in unlisted securities.
During the trading session, the NASD Unlisted Security Index (NSI) increased by 21.07 points to wrap the session at 3,095.00 points compared with the 3,073.93 points recorded in the previous session.
In the same vein, the value of the local alternative stock exchange went up by N7.22 billion to close at N1.061 trillion compared with last Friday’s N1.051 trillion.
Yesterday, FrieslandCampina Wamco Nigeria Plc recorded a growth of N3.78 to close at N42.00 per share versus N38.22 per share, Mixta Real Estate Plc improved by 20 Kobo to end at N2.35 per unit versus the preceding closing rate of N2.15 per unit, and Industrial and General Insurance (IGI) Plc gained 1 Kobo to finish at 25 Kobo per share compared with the previous session’s 24 Kobo per share.
Conversely, Geo-Fluids Plc lost 29 Kobo to quote at N4.56 per unit compared with the preceding day’s N4.85 per unit, and Afriland Properties Plc slid by 75 kobo to end the session at N15.50 per share versus the preceding closing rate of N16.25 per share.
During the session, the volume of securities traded decreased by 27.2 per cent to 3.1 million units from 4.3 million units, the value of securities slumped by 81.5 per cent to N3.2 million from N17.2 million, and the number of deals expanded by 57.9 per cent to 30 deals from 19 deals.
At the close of trades, FrieslandCampina Wamco Nigeria Plc remained the most active stock by value (year-to-date) with 1.9 million units worth N74.2 million, followed by 11 Plc with 12,963 units valued at N3.2 million, and IGI Plc with 10.7 million units sold for N2.1 million.
Also, IGI Plc remained the most traded stock by volume (year-to-date) with 10.6 million units sold for N2.1 million, trailed by FrieslandCampina Wamco Nigeria Plc with 1.9 million units valued at N74.2 million, and Acorn Petroleum Plc with 1.2 million units worth N1.9 million.
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