Business
Reactions Trail Ex-militants’ Demand On Resource Control
Mixed reactions have continued to trail the demand by the ex-militants in the Niger Delta region that the 13 percent derivative fund be paid directly to the oil bearing communities.
While some described the demand as a welcome development in view of the several years of neglect of oil bearing communities by those that manage the derivative funds, others faulted it, saying the demand is defective and selfish.
The ex-militants had, in a reaction to the recent position of the South South stakeholders on resource control, said the derivative funds should no longer be paid to the state governments, but directly to oil bearing communities.
Reacting to the ex-militants’ demand, a public affairs analyst, Reginald Chukwu, said the demand by the ex-militants did not make any difference, particularly as it relates to the character of those that manage the funds.
According to him, it is not an issue of making money available, but how the money is utilised for the good of the people, and for the overall development of the oil bearing communities.
“How have we utilised the funds available to us here in the Niger Delta? If only six percent of the funds are invested in the communities, you will see it by yourself, but all you will see is individuals enriching themselves with such resources”, he said.
Sharing the same sentiment, a Niger Delta activist, Mr Jacob Fubara, said that the ex-militants’ demand was long overdue, given the state of underdevelopment in oil bearing communities in the region.
According to Fubara, those opposing the ex-militants’ demand should understand what is happening in the North, particularly in Zamfara State, where the state is allowed to mine gold and pay tax to the Federal Government.
“What is important is that the money should come to the region for the development of the region”, he said.
However, an economic analyst, Jude Chioma, in a telephone chat with our correspondent, said that there was nothing new with the ex-militants’ demand and what is already in place.
He noted that the activities of militants had dragged down the operations of oil companies in the Niger Delta, and urged the militants to desist from those things that could hinder the operations of the multinationals, for real development to take place in the region.
Chioma described the demand of the ex-militants as selfish, explaining that they made the demand with a view to hijacking the funds for selfish gains.
He believes that if the funds go directly to the communities, the militants would hijack it, and such will cause unrest in the communities.
“Look at the amnesty issue, and the current Cluster Development Board being practiced now, where the oil companies give funds directly to the communities. Instead of development, you see the money being diverted to private pockets.
“In those days when the oil companies rendered corporate social responsibility by themselves directly, you would see a cluster of development, but now, the funds given to the communities are diverted to private pockets”, he alleged.
By: Corlins Walter
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