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FIRSTBANK: BOOSTING SMES GROWTH THROUGH FIRSTSME ACCOUNT

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First Bank of Nigeria Limited created FirstSME Account to add to its SME product family in support of small and medium scale business owners by sustaining and expanding their business.

AMAKA IFEAKANDU looks at what the facility offers and how SME owners can key in to boost their businesses.

There is no doubt that Small and Medium-scale Enterprises (SMEs) are essential for the rapid and sustained economic growth and development of any nation, including Nigeria, Africa, and other growing countries of the world. First Bank of Nigeria Limited, the nation’s most valuable bank brand, has over the years shown commitment towards the success and growth of SMEs business in Nigeria.

The bank has severally introduced different customized products to provide solutions that would grow SMEs in the country. Given that the SMEs industry is the backbone of economic development and the major contributor to employment opportunities and export growth, First Bank is committed to ensuring the sector sustains business growth by providing all the necessary financial support needed to grow their businesses and Nigeria’s economy at large.

Although the SME sector is awash with various industries and businesses, FirstBank is always at the forefront of packaging products and services that suit their various businesses. The bank, which has been in existence for over 127 years, has been a pillar of support to businesses in Nigeria and always develops the right products to provide flexible and dependable services that would help SMEs achieve the expected growth profile in all areas of their business lines.

 

FirstSME Account 

The FirstBank’s leading SME Initiative – FirstSME account – was specifically created on August 2020, to support SMEs towards the sustenance and expansion of their businesses.

The FirstSME account, which comes in two variants – FirstSME Classic and First SME Deluxe – is offered to SMEs irrespective of industry and a tailor-made current account with a clear value proposition aimed at harnessing the huge opportunities available in the SME sector in Nigeria.

The product also exposes SMEs to a wide range of services that are essential for their continued growth and playing their roles in contributing to national development.

Apart from supporting SMEs, FirstSME account is also available to all non-individual entities like Limited Liability Companies, Public sector institutions, Enterprises/Sole proprietorships, Partnerships & Associations, Religious Bodies, Traders NGOs.

Benefits to customers

FirstSME account has been beneficial to a lot of companies, especially SMEs, in terms enhancing the capacity to sustain growth. The major benefits of these accounts include; access to Temporary OverDrafts (TODs) and other facilities subject to meeting Risk Adjustment Capital (RAC) of each product; immediate enrollment on all digital platforms; free access to FirstBank SME events; free access to extensive business promotional and networking opportunities on the SMEConnect portal; access to a wide range of discounted and promotional offers and access to SMEConnect.

Other opportunities

Other available opportunity for operating the FirstSME account is its connection to the SMEConnect initiative of FirstBank which is a platform through which SMEs access the bank’s unique description that will equip them with the essential tools required for the growth of their business.

The SMEConnect portal is also designed to help SMEs identify various gaps affecting the growth of their business. Beyond financial support, SMEConnect offers strategic advisory services, business seminars periodic updates as well as information that will guide you in growing your business.

 

Importance of SMEConnect

SMEConnect is created to bring under one umbrella relevant resources, products, and services aimed at helping SMEs in Nigeria. FirstBank has tailored-made products targeted at the specific needs of SMEs in Nigeria. These loan products have been designed for financing the activities of Small and Medium Enterprises (SMEs) under the U-First Scheme

The leading financial institution also provides Business Advisory and Support services and business-oriented credit access, customer/market, financing structure, access/availability of raw materials sales/cash flow projections, marketing/distribution/logistics, and business strategic plan.

The platform provides other features including the SME Connect blog, business categories, e-newsletter, special offer,s and upcoming events and programme.

Accessibility/criteria for opening an account 

The FirstSME classic account is specifically designed to support small-scale enterprises to grow and scale up their business with a minimum opening and operating balance of N50,000 and turnover limit caps at N100 mIllion with an annual maintenance charge on the excess at 0.50k/mile.

The account also attracts a Zero/mile annual maintenance charge subject to minimum operating balance and turnover limit.

But on the other hand, the FirstSME Deluxe account expects holders to have a minimum opening and operating balance of N500,000 and N1 million respectively with zero annual maintenance charge subject to minimum operating balance and with no turnover limit caps.

FirstSME Connect’s scope of coverage

FirstBank’s SMEConnect services cover small/medium scale manufacturing firms, merchants (both suppliers, distributors), professional firms including law, consulting, audit, agricultural, Churches, Mosques, and NGOs whose annual debit turnover is between N5 million and N500 million.

SMEs and FirstBank’s FirstSMEs account

The FirstBank’s FirstSME account is unique when compared with other SMEs accounts operating  in the  nation’s banking industry and the  bank is passionate about helping SMEs to grow on all fronts

 Another thing that makes the product stands out from products of other banks  is that FirstSME customers get to enjoy services such as; zero account maintenance charge, access to webinar/training, various credit facilities, workplace resources, access to SMEConnect portal and directory and It is specially made for MSMEs and SMEs.

SMEs’ importance  to FirstBank 

 Across the globe and Nigeria in particular, SMEs are known to be responsible for the majority of new jobs created and they are crucial to Nigeria’s success in the global economy, in so many ways namely: For government, SMEs, contribute to wealth creation and generate tax revenues; in business, SMEs represent an important source of innovation and in the society, they are an important source of employment.

Furthermore, SMEs drive consumption because they operate in every sector of the economy, and they have extensive local knowledge of resources, supply patterns, and purchasing trends. In the same vein, the sector constitutes an important source of local supply and service provisions to larger corporations and makes a significant contribution to the revenue profile of most financial institutions.  The SME sector stimulates growth and development within the economy.

NBS data

Available data from the Nigeria Bureau of Statistics (NBS) showed that SMEs in Nigeria have contributed about 48 percent of the national GDP in the last five years, accounting for 96 percent of business and 84 percent employment. With about 1.7 million people, the sector accounted for about 50 percent of the industrial jobs. In other words, SMEs is one of the sectors that cannot be ignored in any given country

These also imply that First Bank of Nigeria Limited understands what it takes to turn around the nation’s economy, knowing fully well that supporting the SMEs will bring multiple effects on individuals, society, and the economy in general.

The bank also has a deeper understanding that providing support, loans facilities, and training to SMEs through SMEConnect would not only help their business to thrive but increase employment opportunities, reduce the high rate of crime, open doors for more investments in the country and bring a return on investment and increase individual’s ability to save.

Impacts beneficiaries/economy 

The FirstBank FirstSME account will go a long way to reducing the cost of operating corporate accounts which frees up funds for the beneficiaries to grow their businesses faster. The resultant effect on the economy is the increased growth of SMEs.

Challenges of SMEs

Without any iota of doubt, the SMEs in the country is faced with different challenges ranging from poor capital structure, high cost of production, limited access to long term funds, poor business continuity/succession plan, weak value chain: supply, distribution, logistics, poor managerial and technical skills to lack of access to the international market.

 The FirstBank’s FirstSME account has  provided an answer to some of the SMEs challenges by its readiness and commitment to  providing  the Nigerian SMEs with the  necessary support needed to grow their various businesses

In all, for any SMEs company to move its business to the next level- both locally and internationally-, such a business owner needs to open the FirstSME account to avail him/herself of all the advantages provided by First Bank of Nigeria through its SMEConnect.

Operating the FirstSME account is one step away from any form of distress, as all the training opportunities from SMEconnect and credit facilities embedded in the account will help to revive the company and place it on the path of growth.

BIG STORY

#MakeWeHalla Movement Shows It’s Time To Change Culture Of Silence Around Domestic Violence In Nigeria — Charles Inojie [PHOTOS]

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Nollywood actor and director Charles Inojie has opened up what inspired he and actor Ali Nuhu to create the #MakeWeHalla movement against domestic violence.

In a recent interview with Wazobia FM, Inojie noted that he wanted to use his platform to change the culture of silence around domestic violence, and he realized that the way to do it was to make noise.

“When we all keep quiet, the abuser, perpetrator of this act of abuse seems confident to do more. But when we speak up and against the abuse without being violent, it sends a signal to the perpetrator that he should desist.”

Inojie continued, “This evokes what prompted myself and Ali to decide to join our voices for this matter. We thought about it and arrived at the fact that we all are guilty if we continue to keep quiet, and watch domestic abuse happen around us. “Make We Halla” is actually a call to action to everybody around to say “if you see something that is bad, speak out and do not keep quiet.”

Ali Nuhu and Inojie recently teamed up in a viral video, “Make We Halla”, that has continued to make waves on social media. In the video, the two friends start banging on their plates in a restaurant in an attempt to call out the domestic violence they witness. Other patrons join in on the halla in a moving display of solidarity, and the violence stops.

The two film stars have gone a step further to start the #MakeWeHalla challenge that has seen celebrities like Wumi Toriola, Kiki Bakare, and Tosin Olaniyan, and many other fans jump on the #MakeWeHalla train and lend their voice.

Explaining the challenge during his interview, Inojie said, “We’ve been overwhelmed by how much support we’ve seen in this movement. It just shows how much we need this conversation. People have spoken up, shared their stories, and most importantly, committed to “Halla” whenever they see domestic violence.”

He continued, “The #MakeWeHalla challenge for everyone is very easy. Just go Tiktok or Instagram. Almost everybody is now on Tiktok, almost everybody is on Instagram. Take your phone. It’s easy. No rules, just halla your way. Anyhow, you deem fit to add your voice in raising awareness against domestic violence is welcome. Halla, talk am. Or if you feel like “I am someone that is shy’, you can go to the videos already uploaded -whether my own oo, or Ali’s own – you can duet. Just post with the hashtag #MakeWeHalla. And the beautiful thing is that joining in the challenge to create more awareness even gets you a reward. The best Halla video will collect brand new iphone 12..”

Going further, he said, “The hashtag is very important so that we can see the video. The hashtag is #MakeWeHalla. If you like, tag Ali or tag myself and for the prize we have, the middle of May will be the finale.”

When asked about his motivations for “Make We Halla”, Inojie also revealed how an incident he witnessed as a young man further changed his mindset about the need to always speak up when domestic violence is witnessed.

“By myself, as a little boy, I have seen one who, till today, lost one eye to domestic violence. That time, many of us could have done something in that same compound but we felt like we were concerned about it, because they are a couple and they will sort themselves out. So, all of those things are what we refer to as silent bystanders, passive. People just say “Wetin concern me?” or ignore and move on with their lives and in little time, major damage would have been caused. This has led to several innocent children losing their mothers and some becoming orphans. Hence, we say no to domestic violence, it shouldn’t thrive in our midst or our society. Let’s see a way, a movement to call people to action saying don’t keep quiet when you see domestic violence, no matter where it happens, no matter who it happens to, speak out but not in a violent way. Let’s Make We Halla!”, Inojie encouraged.

Links to #MakeWeHalla Challenge entries:

https://www.instagram.com/reel/C5bzgAhqf5w/?igsh=MXZ6Y2d0dmdjcHpwdg%3D%3D

@jire_ogunleye

#duet with @Joseph A. Momodu #MakeWeHalla #challenge Please join me as l join Uncle Charles to Halla against Domestic. I am also Halla-ing! Domestic violence is not good.

♬ original sound – Jire🖤

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BIG STORY

Canada Fines Binance $4.38m For Breach Of Money Laundering Laws

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Popular cryptocurrency platform Binance was fined “$6 million for violating the country’s money laundering and terrorist financing laws” by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

International media reports indicate that the fine is denominated in Canadian dollars, which, when converted, brings the total sum to USD4.38 million.

FINTRAC claimed in a recent post on its website that Binance had neglected to register with the organisation as a foreign money services provider.

The cryptocurrency company allegedly neglected to disclose significant virtual currency transactions totaling $10,000 or more, according to the anti-money laundering agency.

“FINTRAC announced today [Thursday] that it has imposed an administrative monetary penalty on Binance Holdings Limited, also operating as Binance Holdings (IE) Ltd., Binance.com, Binance Global and Binance,” the statement reads.

“This foreign money services business was imposed an administrative monetary penalty of $6,002,000 on May 7, 2024 for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated Regulations.

“Binance Holdings Limited was found to have committed the following administrative violations: Failure to register with FINTRAC as a foreign money services business; and failure to report large virtual currency transactions of $10,000 or more in the course of a single transaction, together with the prescribed information.”

Commenting on the matter, Sarah Paquet, director and chief executive officer of FINTRAC, said the country’s anti-money laundering and anti-terrorist financing regime is in place to protect the safety of Canadians and the security of the nation’s economy.

“FINTRAC will continue to work with businesses to help them understand and comply with their obligations under the Act. We will also be firm in ensuring that businesses continue to do their part and we will take appropriate actions when they are needed.”

Adjudged to be the largest cryptocurrency exchange by trading volume, Binance has been the subject of regulatory sanctions in some parts of the world.

On April 30, Changpeng Zhao, the founder of Binance, was sentenced to four months in prison for money laundering, unlicensed money transmitting and violations in Seattle, United States (US).

According to US officials, Zhao intentionally turned a blind eye to transactions that financed terrorism, the illegal drug trade, and child sex abuse.

Earlier in February, a federal judge in the US approved a plea deal by Binance, requiring the cryptocurrency exchange to pay over $4.3 billion in fines and reparations.

Binance is also under investigation for illicit operations and foreign exchange (FX) rate manipulation in Nigeria.

The firm, and two of its top officials, Nadeem Anjarwalla, Binance’s regional manager for Africa, and Tigran Gambaryan, the company’s head of financial crime compliance, were charged with tax evasion and money laundering by the federal government.

The duo were arrested and detained on February 28, but Anjarwalla escaped from custody in March.

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BIG STORY

Kitigbe O: Honouring Six Years of Oba Adeyemi Obalanlege’s Reign As Olota Of Otta-Awori Kingdom By Victor Ojelabi

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As the sun sets over the vibrant town of Otta, the air is filled with a sense of celebration and reverence. It marks the six-year anniversary of the coronation of His Majesty, Oba Professor Adeyemi Obalanlege, the esteemed Olota of Otta-Awori Kingdom.

Stepping into his reign, Oba Obalanlege brought with him not only the weight of tradition but also a distinguished background in academia and a fervent dedication to community service.

Born into the esteemed lineage of Prince Taiwo Hassan Obalanlege and Mrs. Mutiat Afolake Obalanlege (Nee Anjorin), Oba Adeyemi entered the world on August 28, 1966, in Mushin, Lagos State.

His educational journey began in AUD Primary School, Iganmode and led him to Ansar-ud-Deen College, Isolo, before culminating at Iganmode Grammar School in Otta. This foundation laid the groundwork for his illustrious academic career.

With a Higher National Diploma in Mass Communication from Ogun State Polytechnic and a Bachelor of Arts (Hons.) in Journalism from independent Colleges, UK, Oba Adeyemi’s thirst for knowledge propelled him further. He pursued postgraduate studies in Food Safety and Quality Management at Greenwich University, London, and attained a Master’s degree in Mass Communication from the University of Leicester. His quest for scholarly excellence reached its pinnacle with a Ph.D. in Communication Studies from the University of Antwerp in Belgium.

Oba Adeyemi’s academic prowess extended beyond the confines of the classroom, earning him recognition as a world-class scholar. His contributions to the field of Mass Communication, including publications in esteemed academic journals and presentations at conferences across Africa, Europe, and North America, solidified his reputation as a cerebral intellectual.

However, his journey was not confined to academia alone.

Oba Adeyemi’s foray into journalism began humbly as a reporter for The Mail newspaper, where he honed his skills under the mentorship of Prof Idowu Sobowale. His career trajectory led him to prominent roles, including Public Relations Officer at the Lagos State Polytechnic and positions at Thisday Newspaper, where he earned acclaim for his coverage of tourism and hospitality.

Even as his academic and professional pursuits flourished, Oba Adeyemi remained deeply rooted in community service.

His commitment to uplifting others led to his election as the Chairman of the Awori Obas Forum, Ogun State, and his involvement in Rotary Clubs, where he earned recognition as a Paul Harris Fellow.

In 2018, Oba Professor Adeyemi Abdulkabir Obalanlege was crowned the Olota of Otta, emerging as the preferred candidate after rigorous selection by the Ijemo Isoloshi Ruling House. Since then, he has led with wisdom and compassion, fostering unity and progress within the Awori Kingdom.

As the Royal Symbol of Awori Nation celebrates six years on the throne alongside his beloved wife, Olori Oloruntoyin Obalanlege, and their two accomplished sons, Mustapha and Tobi, the good people of Otta-Awori are satisfied about his legacy of scholarship, leadership, and service.

This is a testament to his unwavering commitment to the betterment of the kingdom and the preservation of Yoruba heritage.

May the reign of Lanlege Ekun II, Arole Iganmode Olofin continue to bring peace and tranquility to the entire Otta-Awori kingdom.

Kitigbe o! Omo Iganmode a f’ele ja, a f’ikoti y’oju egba, a fi ponpondo y’oju Ketu.

Happy 6th coronation anniversary, baba mi!

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