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Lagos: MSSN Alagbado Holds Maiden Edition Of Business Summit

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Lagos: MSSN Alagbado Holds Maiden Edition Of Business Summit

 

As part of its commitment to alleviating financial constraints and to better the lives of Muslims in Nigeria, the Muslim Students Society of Nigeria (MSSN) Alagbado Central Branch in Lagos state on Sunday held the first edition of business summit.

 

 

 

The summit themed: “Business Resilience’ which was held at Palmroof Event Center at Mao Junction, Alakuko area of the state is aimed at contributing to the economic empowerment of MSSN members and Muslims in general.

 

 

Ustaz Ibrahim Fadipe, the Amir, MSSN Alagbado Central Branch in his welcome address said: “It’s my special pleasure to welcome you all to the maiden edition of the Business summit organized by MSSN Alagbado central branch. It’s a program that was conceived to contribute our quota to the economic empowerment of our members and Muslims in general.

 

 

“We believe youth organizations should now focus on solving societal problems and at MSSN Alagbado, we want to set the pace for others. We started with skills acquisition program in October where we trained 20 people on different skills and as a follow-up program, we set up this program to educate, motivate and support our members to grow their business.

 

“To achieve this, we have invited erudite scholars, business management gurus and CEOs of great businesses to dissect the central theme of this edition which is ” Business Resilience”.

 

 

“I am confident of their competence and ability to do justice to the topic and am very sure you will enjoy their delivery.”

 

 

Delivering his keynote address, the Amir MSSN Ojokoro Area Council, Mallam Mutohir Arogundade lauded the efforts of the MSSN Alagbado executives for organizing the summit.

 

He encouraged the participants to be creative, have a good management and be reliance on others in order to have a suitable business.

 

 

Mr. Abdul Wasii Olufemi, an astute management professional and a business consultant while speaking on the topic ‘Developing Business Plan and Financial Projection’ urged participants to be excellent in business and need to be at the cutting edge of their industry, own the space.

 

 

He said: “Our businesses must be resilient and agile enough to adopt to change quickly and they must leverage on technology and innovation in service delivery because business is no longer the same.”

 

 

He explained the need for every business owner to always grow digital and online, adding that using technology will make business to grow well.

 

 

“The future is hinged on technology, so apart from the global trend, locally we continue to see that technology is now about 18% of GDP. ICT is the fastest-growing sector of the economy. Apart from that, technology and digital transformation is not just a megatrend, it underpins all the other megatrends in finance, engineering, and climate action which is topical right now,” he said.

 

 

Also speaking, Mr. Shefiu Olabanjo, a chartered accountant and a business coach, while speaking on the topic ‘Business Challenges To Anticipate And Overcome’, appealed to all business owners to always work in team in order to have a suitable sustainable business.

 

He urged participants to always be thinking strategic, comply with regulatory and take advantage of technology so that their businesses can thrive.

 

 

Other discussants at the summit include Mr. Ibikunle Waliyullah (CEO Idea Global Link Intl’), MSSN stakeholders and host of others.

 

 

 

This medium reports that the participants of the summit had earlier submitted a business proposal each to the MSSN Alagbado and Mrs Ojedele Balikis’s proposal was marked as the best and she was given a sum of hundred thousands (100,000naira) for her business.

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NNDC Shareholders Set To Receive Dividends

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The Chairman Board of Directors of New Nigeria Development Company (NNDC) Limited, Tanimu Yakubu has said that the Company Shareholders would receive dividends after a very long period.

 

 

Our correspondent gathered from a statement sighted on Friday September 10, 2021, that Tanimu Yakubu gave the assurance while presenting the financial statement of the company during its 52nd Annual General Meeting held in Kaduna on Friday 27 August, 2021.

 

He said, in recognizing the results for the period under review, the Directors proposed for approval: 1. Appropriation of gross Dividend of N100 million at the rate of 20 kobo per share based on earnings per share of 55 kobo; and 2.

 

Additional appropriations of N15 million each for the Young Professional Development Trust and Musa Bello Learning Resource Center Funds respectively, totaling N30 million.

 

Commenting on the progress achieved by the company during the year under review, the Chairman noted that, turnover stood at N854.13 million against the corresponding period’s figure of N637.24 million which represents an increase of N216.90 million or 34%. Operating expenses for the period under review stood at N580.91 million as against the preceding year’s figure of N643.84 million giving a favourable variance N62.93 million or 9.8%.

 

Pre-tax profit for the year ended 31st March, 2020 stood at N273.22 million against the corresponding period’s pre-tax loss of N6.61 million. Shareholder’s funds stood at N14.70 billion as at 31st March, 2020.

 

Yakubu stated that the company will continue to manage investments in associate and quoted companies with a view to optimizing returns while pursuing an optimal management strategy for the subsidiary companies. He added that the nominal value of NNDC quoted investments stood at N761.02 million as against their combined market value at N6.26 billion as at March 31, 2020.

 

On Manpower Development, the Chairman said, the Young Professionals Development Trust will continue to produce professionals in Accountancy, Stock Broking, Insurance and ICT whose primary aim is to develop Manpower Resources within Owner States. He said, “Staff development has continue to receive our encouragement and support.

 

 

“We remain more than ever committed to the empowerment of our employees whom we recognize as our most important asset”.

The Chairman said, as part of efforts to re-position and re-brand the company. best practice of good corporate governance are being put in place in NNDC.”

 

He said, in 2020 the NNDC Board approved the review of the NNDC Memorandum and Articles of Association (MEMART) in line with the current structure of the Company, and to comply with the recently amended Companies and Allied Matters Act (CAMA) 2020 as well as to reflect the recommended practices of the Nigerian Code of Corporate Governance (NCCG).

Yakubu further said the Office of the Company Secretary/Legal Adviser was redesigned to include the additional responsibility of Chief Compliance Officer. In addition, a Code of Ethics and Business Conduct have been developed for the NNDC Group.

 

He added that, NNDC Board Committees have also been restructured in line with the NCCG as follows;

A. Nominations, Remuneration and Governance Committee

B. Strategy, Finance and Planning Committee; and

C. Audit, Compliance and Risk Management Committee.

 

On the future outlook of the company, the Board Chairman, said, “We will continue to initiate measures aimed at utilizing emerging business opportunities in the global economic landscape”. This requires partnering with local and international entities that will enable the company to turn around its fortune, improve company net worth and meet stakeholder’s reasonable expectations.

 

Yakubu also said, “NNDC intends to go well beyond upstream activities in our four (4) hydrocarbon blocks in the Benue Trough (OPLs 809 and 810) and Chad Basin (OPLs 722 and 733). NNDC will therefore venture into power generation, gas processing and other midstream activities with the private sector in the lead”.

 

Earlier on, the Chairman reflected on the Operating Environment, saying that the Q4 2020 result is a reflection of economic realities (though recovering but still weak) which is largely attributed to the reopening of economic activities in almost all sectors of the economy. The National Bureau of Statistics (NBS) in its latest Gross Domestic Product (GDP) report for Quarter 4 2020 shows that the Nigerian economy grew by 0.11% in real terms from a negative of -3.2% in Q3 2020. This represents the first positive quarterly growth since the 1st Quarter of 2020. For the full year 2020, the annual growth of real GDP was estimated at -1.92%.

 

Finally he added that, the full year 2020 GDP of -1.92 percent was largely attributed to the global COVID-19 pandemic, but we must know the Nigerian economy was already undergoing issues such as rising inflation, increasing unemployment, escalating debt service cost, among other macroeconomic issues before the pandemic.

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Investment: Chinese Conglomerate Set to Establish 5 Million Metric Tonnes Cement Plant in Gombe

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23rd July, 2021

Gombe has started reaping the benefits of its new status as number one state in terms of ease of doing business with a Chinese conglomerate, Sinoma International Engineering Company Limited in partnership with an indigenous company, Madugu Cement coming to establish a five million metric tonnes Cement Factory in Kembu and Kwali districts of Akko and Yalmatu Deba Local Government Areas of the State.

Gombe State Governor, Muhammadu Inuwa Yahaya earlier today met with the investors at the Government House.

The Governor informed them that with the prevailing atmosphere of peace and tranquility in the State, coupled with the hospitality of its people, Gombe is equally endowed with human and natural resources suitable for investors to explore for and cause a social and economic change.

He explained that in order to put the State on the path of progressive development, his administration has revamped the health and other critical sectors and institutionalised policies and programmes that will enhance and boost economic activities in the State.

Governor Inuwa Yahaya further explained that the location of Gombe at the centre of the North East makes it a hub for a robust commercial activities in the sub-region which has a market population of about 25 million people.

“Your coming here is very apt and we welcome you most profoundly because we benefited from the existence of the one and only cement company in the sub-region, infact in the whole of the North we have only 4 cement plants; those of Obajana, Sokoto, then Gboko and that of Ashaka; so any number on top of these ones will only improve on our economic activities, improve on our infrastructure to the people of the sub-region”.

The Governor said the recent award of the State as number 1 in terms of ease of doing business in the country is not by accident but a deliberate approach of facilitating business activities by his administration to make the State a choice destination for both local and foreign investors.

Governor Inuwa Yahaya thanked the Chairman of Madugu Cement Factory, Mohammed Ibrahim Madugu, a son of the soil, for the bold initiative, saying the North East in particular is home to many mineral desposits of commercial quantity.

He said Gombe State can contain up to 3 cement factories owing to vast deposits of Gypsun and the viability to produce both hydro and coal powered energies, describing the 40 megawatts Dadin kowa hydro plant as a one stop shop.

The Governor noted that with the complimenting business variables in the State and its status as number 1 in ease of doing business, no investors should contemplate on coming to invest in the State on the grounds of favourability.

Governor Inuwa Yahaya therefore assured Madugu Cement Factory and its Chinese partners that his administration will clear the coast for their business engagement to thrive for the overall benefit of the people of the State.

The Chairman, Madugu Cement Factory, Mohammed Ibrahim Madugu informed Governor Muhammadu Inuwa Yahaya that the 5 million metric tonnes cement factory will be executed in two phases with the first one having the capacity for 2.5 million metric tonnes.

He said when completed, the company will create jobs, boost local economy and aid revenue generation as well as social corporate responsibility to the people especially the host communities.

Mohammed Ibrahim Madugu said their coming to the Government House was to intimate the Governor on their investment plan and to seek for his support and blessings.

“The desire for this project was driven by your administration’s quest to place Gombe State on a sustainable development trajectory through long term visioning and planning. As a citizen of Gombe State, I feel I have a role to play in actualizing this dream “.

The Project Manager of International Marketing Africa Region of Sinoma International Company Limited, Sun Yujin assured the government and people of Gombe State that the partnership with Madugu Cement Factory will produce a monumental socio-economic and human capital revolution in Gombe State.

Ismaila Uba Misilli Director-General
( Press Affairs)
Government House
Gombe

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