310 Youths Get N774m From CBN, Heritage Bank, NYSC
By Modupe Gbadeyanka
The sum of N774 million has been disbursed to no fewer than 310 beneficiaries of the Youth Innovative Entrepreneurship Development Programme (YIEDP).
The money was given by the Central Bank of Nigeria (CBN), Heritage Bank Plc and the National Youth Service Corps (NYSC).
Heritage Bank, which is Nigeria’s most innovative banking services provider, was lauded for its painstaking effort to buy into the vision of job creation and piloting the programme to a successful stage.
Governor of the CBN, Mr Godwin Emefiele, speaking at the flag-off ceremony for the disbursement of funds to young entrepreneurs under the YIEDP on Thursday, said the apex bank in partnership with Heritage Bank and NYSC instituted the programme to reduce the alarming rate of unemployment affecting over 16 million unemployed youths in Nigeria.
Mr Emefiele, represented at the occasion by the Deputy Governor, Corporate Services, Mr Suleiman Barau, noted that the access to credit via the platform would be a powerful instrument to grow businesses and the economy.
He stated that the YIEDP was part of the plan by the CBN and the Federal Government to create over one million direct jobs by 2020.
Mr Emefiele, who affirmed that the programme would have a multiplier effect on job creation and economy, urged all the beneficiaries to make judicious use of the fund.
He added that the YIEDP has the potential of becoming the stimulus for job and wealth creation, growth and economic development through improved access to finance for young entrepreneurs.
He also assured the business community that the CBN would continue to provide enabling environment, devise ways and means to grow the real sector towards a self-reliant economy.
Speaking in the same vein, Managing Director, Heritage Bank Plc, Mr Ifie Sekibo, stated that the beneficiaries would get the fund as soon as certain concerns raised by the beneficiaries regarding the conditions for the loans are addressed.
According to Mr Sekibo, who was represented by Group Executive Director, Lagos /South-West Corporate and Banking of Heritage Bank, Mrs Mary Akpobome, a proper process of disbursement would be done to the benefit and happiness of all parties.
“They will get the money as soon as all those issues they raised are addressed. The money is available. They have been disbursed. CBN has disbursed to the bans. It is now about sorting out whatever the challenges are, and then the funds are now made available,” the bank boss said.
Commenting on the process, Mr Sekibo stated that the target was for 1,000 beneficiaries, adding that the initial applicants were 4,000, while there are presently 7,000 applicants waiting.
He said, “We are optimistic that by the time we are done with the initial 1,000, and we go back, we would be able to accommodate as many as are qualified as possible, and obviously expand the amount of money that is needed to do that.”
The MD disclosed that Heritage Bank leveraged on its robust electronic platform in order to ensure a seamless and successful disbursement of the YIEDP funds.
Also speaking, Director-General of the NYSC, Brigadier-General Sule Kazaure, said the YEDP was introduced in March 2016, with the aim of funding the business plans of corps members so as to encourage and motivate others to imbibe the culture of entrepreneurship.
He further stated that the programme was also designed to facilitate access to other funding agencies and sources of support to corps members, while also making it possible for corps members to access Micro, Small and Medium Enterprises, MSMES, funds from the CBN through Heritage Bank and other banks wishing to join in the programme.
He urged the beneficiaries of the programme to remain focused, while also ensuring that the loans are paid back to make for extension of the same facilities to other corps members.
Outrage as NNPC Appoints French-Swiss National to Head Oil Trading Business
By Adedapo Adesanya
Nigeria’s oil company, the Nigerian National Petroleum Company (NNPC) Limited, has appointed Mr Jean-Marc Cordier, a former Vice President of the Abu Dhabi National Oil Company (ADNOC), to head its oil trading business.
This was disclosed in a statement signed by Mr Garbadeen Muhammad, the Chief Corporate Communications Officer of the organisation, saying Mr Cordier joined as the Head of its oil trading arm, NNPC Trading Limited.
He said Mr Cordier’s appointment was in furtherance of the ongoing repositioning drive in the company toward improved growth, better performance and service delivery.
According to the company, the renowned international oil trader, a French/Swiss national, holds a Master’s degree in Corporate Finance with Distinction from Paris 9 University.
“[Mr] Cordier comes into the role with a rich background spanning over 30 years in physical oil, oil derivatives and risk management with significant experience in reorganizing and creating a trading business,” he said.
He spent 24 years with Elf Trading/Total Trading in various positions as Trader, Trading Desk Manager in Geneva and four years as the Global Trading Manager at Addax Energy in Geneva.
At ADNOC in Abu Dhabi, UAE, he served as Vice President, Middle Distillates, Senior Vice President of Risk Management, Senior Team Member in charge of building the trading activity for ADNOC and the launch of ADNOC Global Trading (AGT) in December 2020,” he said.
Mr Muhammad said that Cordier had since assumed duty.
Business Post understands that the French-Swiss national’s appointment has sparked outbursts from stakeholders who complained that it doesn’t align with the promises of the Petroleum Industry Act (PIA), which promises more Nigerian involvement in the country’s oil company.
While some argued that expatriates have always held posts in oil companies, others said NNPC should endeavour to promote the local content drive of the federal government.
Jobrole Introduces Flexible HR Plan for SMEs
By Modupe Gbadeyanka
An outsourced human resources (HR) management solution designed to accelerate the activities of small and medium enterprises (SMEs) in the country has been introduced by a leading talent management company in Nigeria, Jobrole Consulting Limited.
This plan, called Jobrole Flexi HR, will enable small business owners to navigate common HR challenges while focusing on core business operations.
It is an integrated human resources and business solution designed to meet the administrative needs of Nigerian small businesses and help them grow from sole proprietorships to flourishing organizations with select employees and clientele lists.
Jobrole Consulting is reputed for its wide-ranging human resources solution for high business performance, and this new package further cements its status in the industry.
The Director of Strategy and New Market at Jobrole Consulting, Mr Chigbo Okeke, informed newsmen that the Jobrole Flexi HR plan was to justify that people are a strategic resource for every business.
According to him, no matter how large or small a business is, there is always a need to use effective HR strategic planning techniques to manage the company’s resources and minimize human resources issues.
“We are excited to introduce Jobrole Flexi HR plan to the Nigerian SME market. This is an outsourced HR management solution that assists start-ups and other small-to-medium-sized businesses in reducing operational issues such as staff identity risks, recruitment turnaround time, hiring costs, and developing HR policies for your organization.
“These HR activities are vital business functions, strategic to the operational success of all businesses. We help our clients carry out these tasks and get them done without a hitch while they face their core business operations,” he said.
Mr Okeke added that, “Nigerian small businesses must prioritize building a comprehensive human resources programme into the company’s overall business strategy.”
This, he said, is critical to increasing their bottom line and capable of strengthening their organization’s competitive advantage.
Some Flexi HR deliverables include staff recruitment, onboarding and documentation, employee background checks, performance management, payroll management, and HR policy development.
He urged small business owners in Nigeria to take into account that the HR role is key to their operations, noting that with the changing nature of the work environment in recent years, it is now very clear that the role of HR is very significant for small and bigger businesses because the value one or a few employees add to the business’s performance is quite significant and immeasurable.
Former NBS Chief Yemi Kale Joins KPMG Nigeria as Chief Economist
By Aduragbemi Omiyale
The former chief executive officer of the National Bureau of Statistics (NBS), Mr Yemi Kale, has joined a leading audit firm, KPMG Nigeria, as a partner and chief economist.
Mr Kale was also Nigeria’s Statistician General of the Federation between 2011 and 2021 and was very respected for how he projected the agency as a reputable stats agency.
In a post on Thursday, KPMG said Mr Kale would lead the company’s view on macroeconomics and enhance the breadth of our solutions involving economic modelling and macroeconomic analysis in private and public sector clients.
“The partners and staff of KPMG Nigeria are pleased to welcome Dr Oyeyemi Kale to our firm as he assumes the role of Partner and Chief Economist of KPMG Nigeria.
“Yemi holds a B.Sc. Honours degree in Economics (first class), Addis Ababa University, and an http://M.Sc. (Distinction) and PhD in Economics from The London School of Economics and Political Science.
“He has deep experience, gained from both the private and public sector, in macroeconomic analysis, financial, economic and investment research and fiscal and macroeconomic policy advisory.
“From 2011 to 2021, he served as the Statistician General of the Federation/Chief Executive Officer of the National Bureau of Statistics (NBS).
“As our Chief Economist, Yemi will lead the firm’s view on macroeconomics and enhance the breadth of our solutions involving economic modelling & macroeconomic analysis in private and public sector clients,” the announcement read.
Under his watch, the stats office released data that were favourable and unfavourable to the ruling government with fear.
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