Business
EFCC: Administrative, Personnel Costs Gulp N2.8bn
The Economic and Financial Crimes Commission spent N2.8bn on administrative and personnel costs between 2007 and December 31,2008.
But it recovered assets worth N15bn during the period.
Expenses incurred by the agency appreciated to the present level of N2.8bn from N2.4bn incurred 2007.
A breakdown of the expenses revealed that N1.1bn was spent on administrative costs, N1.7 on personnel costs, and N1.3m on bank charges. Of this amount, N206.17m was spent on local transportation and trips while N134.64m was spent on overseas travels.
Uniform and dress code allowance jumped from N10.67m in 2007 to N130.87 in 2008.
These figures were contained in the EFCC’s annual report obtained exclusively by our correspondent in Abuja on Thursday.
The 62 page report, which was signed by the chairman of the commission, Mrs. Farida Waziri, noted that the problem of corruption was huge and had continued to manifest.
This, it said, made the result achieved easily whittled down.
According to the report, “in the last one year, the commission recorded 74 criminal convictions recovered assets worth over N15bn and filed 123 cases in courts of which 30 involved politically exposed persons”.
The level of seizures of funds from suspicious transactions also rose from N3.98bn in 2007 to N9.31bn in 2008.
Of recoveries made by the EFCC in 2008 N2.9bn was deposited in Access Bank Plc and 2.3bn in Intercontinental Bank Plc.
The commission also deposited N139.6m in a domiciliary account in Access Bank; Afribank also has N1.036bn in its vaults for the anti-graft agency.
The sum of N2.5bn was lodged at the Central Bank of Nigeria branch in Lagos and N309.72m at the CBN headquarters in Abuja.
Commenting on the rule of law, Waziri said, “This is a major policy issue which I appeal for consideration at the highest level of government. “We must not espouse the rule of law and open it up for unbridled abuse by the same people who ought not to take advantage of it.
“The application of the rule of law in a manner that gives the common man a reasonable impression that the rule of law is a respecter of certain categories of persons is certainly the rule of gone wrong”.
Waziri, who had earlier opposed the methods employed by her predecessor, Mallam Nuhu Ribadu, admitted that the fight against corruption could not be fought without “Sometimes” adjusting basic right of the accused.
Explaining that it was time for soul-searching on the part of policy makers, she stressed the need for political parties to scrutnise the source of wealth of their candidates.
The EFCC boss admitted that there was still a lot more work to be done.
She said a report by the African peer review mechanism issued in May 2008 referred to Nigeria as a country where “corruption and fraudulent practices are rampant and remains a cause for concern”.
Waziri stressed that the EFCC had substantially overcome some of its initial challenges and observed that some ongoing high profile investigations and prosecutions involving top executives in the public and private sector were yielding results.
According to her, “The commission has so far recovered N108bn from the five banks under bailout by the CBN”.
She attributed the improvement in the nation’s corruption rating to the effort being made by the current administration to fight corruption.
Kolomoni Microfinance Bank has awarded grants to five female entrepreneurs to boost their businesses as part of its commitment to promoting women in business.
The initiative, organized to mark International Women’s Day, was themed “Accelerate Her Growth.”
According to the bank, the decision to support women was inspired by World Bank data, which shows that 41 percent of Nigeria’s micro-businesses are owned by women.
Delivering the keynote address, business strategist, Ebun Akinwale, emphasized that entrepreneurship requires resilience, creativity, and passion.
She illustrated this by recounting her own business challenges and highlighting the critical role passion plays in overcoming obstacles.
The event underscored Kolomoni’s mission to empower women and support small businesses in Nigeria.
Other speakers at the occasion were Odunayo Oyebolu, a seasoned entrepreneur; Victori Ajiboye, a marketing strategist with global experience; and Simi Ojumu, a finance expert.
The beneficiaries said the financial support was a validation of their hard work and a boost of confidence towards scaling through in their businesses.
The winners were selected after sharing their entrepreneurial journeys and presenting business proposals for financial assistance from the bank.
The 8th edition of the Nigeria Small and Medium Enterprises (SMEs) Summit and Awards (Nigeria SMEAwards) is set to take place in Lagos for the first time in its history, marking a significant milestone for this prestigious event.
Endorsed by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), the annual awards celebrate the entrepreneurial spirit driving Nigeria’s economy.
The visionary convener of NigeriaSMEAwards 2025, Adedayo Olalekan, said, “Governors from Zamfara, Sokoto, Ebonyi, Borno, Enugu, Ekiti, Benue, and Kaduna States have all implemented transformative initiatives that have greatly benefitted local enterprises.
“Their contributions will serve as a beacon of inspiration for the nation.”
Speaking at a recent press conference in Lagos, Olalekan emphasised that the event would introduce a fresh and unique approach, moving away from tradition.
“Despite economic challenges, Nigerians continue to show an unwavering commitment to progress”, he said.
He noted that the awards will not only honor outstanding individuals, but also recognise the critical role state governments play in nurturing vibrant SMEs.
“State governments have been instrumental in fostering a supportive environment for SMEs, which in turn benefits both the awardees and the larger economy.
“With major banks like Providus, Access, and First Banks competing for top honors, the 8th NigeriaSMEAwards promises to be a night of celebration, recognising exceptional contributions to Nigeria’s SME landscape”, Olalekan added.
Amid global challenges such as inflation, geopolitical instability, and the ongoing conflict in Ukraine, Nigerians continue to show remarkable resilience.
Their efforts, according to reports, have contributed to job creation, economic growth, and overall prosperity, with SMEs at the forefront of this success.
This year’s awards will recognise governors who have made significant strides in advancing the SME sector within their states.
Small and Medium Enterprises (SMEs) consultants in Rivers State have called on entrepreneurs to be focused and avoid distractions.
The experts, who were speaking on the recent developments about the change of leadership in the state, said entrepreneurs need to put more efforts in their businesses in order to break even in the present situation in Rivers State.
Speaking in a chat with The Tide, an international SMEs consultant, Amb. Larry Goodwill Ajiola, said the political moves is capable of distracting SMEs who are not grounded in their businesses, adding that “the serious minded business men and women would utilise the opportunity to increase their revenues”.
Amb Ajiola, who is the President and Chief Executive Officer (CEO) of Rumuomasi Co-operative and Credit Society Limited, Port Harcourt, said, “Rugged entrepreneurs look out for business opportunities in situations around them, whether good or bad”.
He reiterated that the loan facility given to 3,000 SMEs in the state revived and expanded businesses, adding that the empowered businesses should continue to push, no matter the situation.
“credit is a powerful tool for achieving financial security.
“We can only keep imagin the economic value that the over 3,000 MSMEs would add to the positive economic dynamics of Rivers State and the Local Government Areas in terms of Gross Domestic Prooduct (GDP), increased tax returns, employment creation, income distribution, and production of goods and services”, he said.
Another SMEs Expert, a business consultant and SMEs trainer, Mr. Chisom Sam-Orji, in his advice, noted that every SME in the state should realize that change is the only constant thing.
He said SMEs should also know that “tough times never last, but tough people do”, adding the need for every entrepreneur to stay focused on creating value and remain resilient.
“This is not the time to be distracted by every noise around your space, but to maximize every time you have to focus on the essentials and keep creating value.
“For some people, it may just be the time to diversify, create new products and services to serve a new or existing market. But this must be based on the facts available to you via research and market surveys”, he said.
The SMEs expert also said the present time in the life of an entrepreneur is a time to cut off unnecessary excesses that surround one’s business.
“Those extra costs that may hamper your growth in this season and beyond, and focus on just essentials.
“SMEs should find certain leverages that are available to aid their business growth. This could be in form of grants, knowledge, and other leverage tools.
“Collaboration is one big way to grow in this season. Finding ways to collaborate with like minds instead of competing could enable a product or service gain advantage in the market and beyond.
“They should also find ways to sustain and grow their customer relationship as this is key to sustaining business flow. They must seek new and efficient ways to serve their customers and gain their loyalty”, he stated.
He further called on every entrepreneur to keep building capacity and never take their eyes off their visions, adding the need to muster every courage it takes to keep building and moving forward.
Lilian Peters