Banking
Mohammed to Tutor SMEs on Ways to Cut Energy Costs at Ecobank Conference

By Modupe Gbadeyanka
Surviving in a harsh business environment like Nigeria can be tough, especially when the cost of operations, including energy and others is rising amid a decline in the purchasing power of consumers.
On July 23, 2024, at 10 am, the chief executive of Rena Energy, Mr Abraham Mohammed, will teach small business owners how to save energy costs to remain afloat.
The energy will be the guest speaker at Ecobank Nigeria’s MySME Growth Series designed to empower small and medium enterprises (SMEs) in the country.
He will speak on the use of solar energy as an alternative source of power for businesses in Nigeria, particularly now that some businesses are folding up after they were moved to the Band A feeders by their electricity distribution companies (DisCos).
Customers in the Band A category pay N209 per kilowatt hour compared with customers in the Band B level, who pay about 68 per kilowatt hour.
Announcing the planned virtual conference in Lagos, the Head of SME at Ecobank Nigeria, Mrs Omoboye Odu, said it is one of the several ways the bank supports its customers, stressing that the choice of the topic and a subject matter specialist as a guest speaker underscores the importance of power to the growth and development of small businesses.
He explained that the conference would also explore energy challenges as they affect small businesses, the benefits of solar energy as an alternative source of power and how to transition to solar energy, adding that participants would also have the opportunity to ask pertinent questions.
“This is part of our commitment as a bank to empower SMEs through knowledge-sharing sessions, skills development, access to new markets and networking opportunities.
“We expect many Nigerians particularly those that are yet to have an account with us to do so and avail themselves of the opportunities and top-notch services that we offer,” she stated.
Ecobank MySME Growth Series which started in February this year is designed to empower SMEs across the country. It is part of the bank’s commitment to train over 1 million SME operators in various sectors of the economy in 2024.
The training will provide resources for starting a business, registration processes, industry insights, and essential considerations for running a business. The series covers key topics such as accounting, credit, sales & marketing, taxation, and inventory management.
Additionally, articles on key topics like increasing sales, advertising ideas, business management practices, case studies, and leveraging technology are also provided. Ecobank also plans to launch an SME Mentorship program to collaborate with successful entrepreneurs. Taken together, the MySME Growth Series reflects Ecobank’s dedication to fostering growth and success within the SME community.
Banking
GTCO Distributes 3,000 Gas Cylinders to Obafemi Owode Residents

By Aduragbemi Omiyale
Over 3,000 residents of the Obafemi Owode Local Government Area of Ogun State have been given a unit each of a 3kg gas cylinder by Guaranty Trust Holding Company (GTCO) Plc under its Waste for Gas initiative launched recently.
The cooking tool was distributed mostly to women in the community after conducting thorough assessments by visiting beneficiaries’ homes to ensure that the support reached those who genuinely needed it.
The financial institution said the items would provide access to gas-powered cooking solutions and simplify daily routines by freeing up time for other productive activities that support financial stability.
It expressed optimism that the cooking gas cylinder will make a meaningful impact in the community and enhance the quality of life for households.
“The Waste for Gas initiative is about making life easier for families, giving them more time to focus on important activities such as education, work, or personal development.
“Beyond this, our goal is to continuously develop sustainable initiatives that empower individuals, strengthen communities, and contribute to socioeconomic growth,” the chief executive of GTCO, Mr Segun Agbaje said.
Also, the Chief Communication Officer of GTCO, Ms Oyinade Adegite, said, “We visited various households across the local government and were surprised to find that some residents had already gone borrowing from money lenders just to afford gas cylinders, while some others were considering doing the same.”
She urged beneficiaries to use the cylinders for their intended purpose and not resell them, adding that GTCO would return for the second phase of the program. The bank’s decision to expand the initiative would depend on how well the items are utilized.
Expressing gratitude for the initiative, Obafemi Owode Local Government Chairman, Mr Ogunsola Adesina, stated that the intervention would significantly improve the standard of living in the area.
He also appealed to GTCO to establish a branch within the community to alleviate the banking challenges residents currently face.
In his remarks, the Olu of Owode-Egba, Mr Kolawole Aremu Sowemimo, advised beneficiaries not to sell the gas cookers and assured them that discussions were underway to establish discounted gas refill stations within the community.
Additionally, the Iyaloja General, Mrs Ganiyat Oyelakin, cautioned beneficiaries to use the gas cookers safely to prevent accidents. Residents were also educated on the proper handling and maintenance of their gas cylinders.
One of the beneficiaries, Mrs Risikat Ayoka, thanked GTCO for the initiative, saying, “We are excited. This gesture will make us stop using firewood for cooking.”
Banking
Union Bank, ICAN Explore Potential Areas of Collaboration

By Aduragbemi Omiyale
The managements of Union Bank of Nigeria and the Institute of Chartered Accountants of Nigeria (ICAN) are looking at ways to join forces for growth.
Recently, the executives of ICAN were at the head office of the financial institution tucked in the iconic Stallion Plaza in Lagos.
This visit underscores ICAN and Union Bank’s mutual commitment to advancing the accounting profession and contributing to the overall growth of Nigeria’s financial sector.
The president of ICAN, Mr Davidson C.S Alaribe, appreciated the warm reception and highlighted the importance of such engagements in promoting professional excellence and ethical standards within the accounting and finance sectors.
In his remarks, the Chief Financial Officer of Union Bank, Mr Oluwagbenga Adeoye, emphasised the bank’s commitment to supporting initiatives that enhance the professional development of accountants and ICAN members.
Banking
Senate Accuses CBN of Stalling N30trn Ways and Means, ABP Investigations

By Adedapo Adesanya
The Senate Ad-hoc Committee on Ways and Means Advance has accused the Central Bank of Nigeria (CBN) of frustrating its investigation into the N30 trillion Ways and Means Advance and the Anchor Borrowers’ Programme (ABP) under former President Muhammadu Buhari’s administration.
The committee made the accusation after receiving an interim report from its consultants at a meeting where they expressed frustration over the central bank’s failure to provide crucial documents required for the probe.
The panel, which was inaugurated a year ago by Senate President, Mr Godswill Akpabio, stated that the delay has significantly stalled progress on the investigation.
The chairman of the committee, Mr Isah Jibrin, criticised the CBN for withholding vital information, despite multiple requests, revealing major infractions with the preliminary reports of the lender.
He dismissed speculations that the Senate had been compromised or gone to sleep, reaffirming its commitment to ensuring accountability and transparency in the management of public funds.
“The information we have here is not different from what we have heard all along. What we did was to hand over the documents to the consultants, and when the consultants made available to us this interim report, our intention was to hold onto the interim report on the final report,” he told reporters.
“But we’ve been compelled to make available this interim report to the general public so that they know that we let them know where the problem is, and the problem is that the Central Bank of Nigeria has denied us consistently the documents that we need to complete this assignment. That is the truth.
“It was at the CBN sometimes, I met Bala the deputy governor. And they promised, but nothing came out of it. The Clerk has been there several times. Nothing has come out of it.
“The consultants themselves even took it upon themselves to go with CBN directly, because we introduced them to CBN and nothing has come out of it.”
The committee issued a strong warning to the CBN representatives, emphasizing the need for full disclosure of how the funds were utilized to address Nigeria’s economic challenges.
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