By Mike Abbah
The Development Bank of Nigeria (DBN) has made significant strides in empowering women entrepreneurs, disbursing more than N272 billion to over 518,170 women-owned businesses.
The financial support accounts for 74% of the bank’s total beneficiaries, underscoring DBN’s commitment to empowering female entrepreneurs across the country.
Tony Okpanachi, DBN Managing Director who announced this on Thursday said that by supporting female-led enterprises across sectors such as fashion, agribusiness, and technology, the bank is further facilitating economic growth and development in Nigeria
Okpanachi spoke Abuja during the bank’s event to celebrate the 2025 International Women’s Day – the sixth in the series.
He said this year’s celebration, under the theme “Accelerate Action,” is not just a call to recognize women’s invaluable contributions, but a time to move beyond dialogue and take deliberate, measurable, and bold steps to bridge the gender gap in entrepreneurship, finance, and leadership.
“Women at the heart of economic growth,” Okpanachi stated.
He said the bank does not just believe in women’s economic empowerment, “but funding, enabling and scaling it.”
Over the years, the bank has taken deliberate actions to ensure that more women-led businesses have access to financing and capacity-building programs.
The bank’s targeted financing has supported female entrepreneurs in diverse sectors, including fashion, agribusiness, technology, trade, healthcare, and renewable energy, ensuring they contribute meaningfully to the economy.
The MD said the bank has since moved beyond access to finance alone – which is not enough – to push them through strategic partnerships, policy support, mentorship, and market access to thrive in an increasingly competitive world.
One of the bank’s recent milestones is the Women Entrepreneurs Finance Initiative (WE-FI) Code, a landmark partnership with the Central Bank of Nigeria (CBN) and the Bank of Industry (BOI) aimed at enhancing women’s access to finance, capacity-building, and business networking.
According to him, this initiative underscores their commitment to creating a gender-inclusive financial ecosystem that enables women-owned businesses to thrive.
He noted that women entrepreneurs play a critical role in Nigeria’s economic transformation, in terms of driving innovation, resilience, and prosperity, powering over 21 different sectors of the economy.
Yet, female entrepreneurs face steeper challenges, including limited access to finance, structural barriers, and fewer growth opportunities.
He emphasized that financiers and investors must reassess traditional risk evaluation methods and boost funding for women-led businesses across all stages of development.
He encouraged the private sector to actively support and procure from female-owned businesses, ensuring that our supply chains reflect diversity and inclusion.
Assuring women entrepreneurs of DBN’s continued support, through financing, capacity-building, and advocacy, he urged them to think big, innovate boldly, and take their businesses to new heights.
Development Bank of Nigeria exists to alleviate financing
constraints faced by Micro, Small and Medium Scale Enterprises (MSMEs) in Nigeria.
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*Exposed: Illegal mining fuels banditry in Nigeria – NSCDC*
By Mike Abbah
The Nigeria Security and Civil Defence Corps (NSCDC) has revealed a strong connection between banditry and illegal mining activities in the country, emphasizing that this remains a source of concern.
NSCDC Commandant-General, Ahmed Audi, made this statement during his first-quarter meeting with senior officers of the corps at its headquarters in Abuja on Thursday.
Audi explained that investigations showed illegal miners collaborating with suspected bandits to carry out criminal activities.
He stressed the need for the corps to adopt more robust strategies to combat these issues, urging senior officers to intensify efforts in fulfilling their duties.
Audi noted, “Recently, we have seen that there is a nexus between banditry and illegal mining. There is a serious connection between banditry and illegal mining.
“These bad guys collude and connive with illegal miners and they hibernate in our environments to unleash mayhem and cart away with our resources.
“These are real issues that we need to face head-on and so we need to re-strategies on what we have been doing and buckle down.
“We need to do more. So, what I am saying is that we need to add some bite to our operations and make it more robust.”
The CG further stated that the Federal Government was committed to supporting the corps in ensuring its mandates were successfully achieved, including the protection of critical national assets and infrastructure.
“We have been receiving various support from the government and so it is expected that we reciprocate by putting in active efforts.
“Ways to reciprocate is to try to implement our mandate by providing security for critical national assets and infrastructure and then to try in the long run to provide security for Nigerians.
“We need to appraise ourselves on what we have been doing, methods implemented, results achieved and challenges.
“In the long run we need to discuss strategies on how to cope with challenges that will be identified and then chart the way forward,” he said.
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*Look into unresolved $2.4bn FX contracts, Muda Yusuf urges CBN*
By Mike Abbah
Muda Yusuf, the chief executive officer of the Centre for the Promotion of Private Enterprise (CPPE), has asked the Central Bank of Nigeria (CBN) to invite companies who have been affected by the $2.4 billion lingering foreign exchange forward contracts in a key move to put the matter at rest.
Yusuf said the affected companies should be given room to offer explanations to convince those who conducted the verification exercise.
“I think it is only fair for the CBN to look into their complaints because initially, what the CBN said was that there was a verification exercise that was done before the conclusion that the forwards that were cleared were the ones that were properly verified and that those that were not cleared, according to the CBN, were not properly verified.
“But the argument is that if there was any issue with those that were not cleared, those companies were not invited to defend themselves or to offer further explanations or shed light so that they can convince those who are undertaking the verification exercise,” the former director general of the Lagos Chamber of Commerce and Industry (LCCI), said.
Nigerian firms have been in a “severe crisis” over the central bank’s failure to settle $2.4 billion of overdue foreign exchange forward contracts, according to the Manufacturers Association of Nigeria and the Nigerian Association of Chambers of Commerce Industry Mines and Agriculture (NACCIMA.)
The top manufacturing body described the non-clearance of the $2.4bn worth of forward contracts as a “breach of contract” which has further exacerbated currency risk for businesses, leading to substantial financial losses and operational disruptions.
DAILY QUERY recalls that the CBN governor, Olayemimi Cardoso, had said in February 2024 that of the roughly $7 billion FX forward contract, about $2.4 billion had issues such as not having valid import documents.
Meanwhile, MAN and NACCIMA said the non-payment has continued to put a severe strain on manufacturers as commercial banks continue to charge dollar accounts along with other naira bank charges such as 35 percent interest rate on the facilities that these companies have with their banks.
The trade pressure groups had said many businesses borrowed money from deposit money banks as working capital to open clean lines of credit for their companies based on forward contracts allocated by the CBN.
Many business organisations have continued to lament the apex bank’s inability to honour matured FX contracts for over two years since the President Bola Tinubu administration got in the saddle.
The manufacturing bodies had also urged Tinubu and Nigeria’s minister of finance and coordinating minister of the economy, Wale Edun, to intervene in and salvage manufacturers from the protracted situation and current losses and guarantee business stability, productivity, and job security in the country.
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*Border security: Customs intensifies use of advanced technology for effective patrol*
By Mike Abbah
The Nigeria Customs Service (NCS) has said it is stepping up efforts to deploy advanced technology to strengthen border security, intelligence gathering, and enforcement operations.
This was revealed by the Comptroller-General of Customs (CGC), Adewale Adeniyi, during a courtesy visit to the National Security Adviser (NSA), Malam Nuhu Ribadu.
Adeniyi emphasized the critical role of technology in modern border management, particularly in combating smuggling, trafficking, and other cross-border crimes.
He highlighted the NCS’s adoption of Geospatial technology as a key component of its surveillance strategy, aligning with global best practices while addressing Nigeria’s unique border security challenges.
“Technology remains the key to effective border management in today’s rapidly evolving security landscape. The Nigeria Customs Service is committed to deploying Geospatial technology and other innovative tools to enhance our surveillance, intelligence gathering, and enforcement capabilities.
“These efforts are designed to align with international best practices while addressing Nigeria’s unique border security challenges,” the CGC stated.
He further explained that these technology-driven measures would not only help curb illicit activities but also facilitate legitimate cross-border trade, ensuring a more efficient and transparent system.
Responding to Adeniyi’s remarks, Ribadu commended the Service for its proactive approach, recognising the critical role of technological advancements in national security and trade facilitation.
“The Customs Service has demonstrated a commendable commitment to modernisation and efficiency in securing our borders. Integrating advanced technology into border management is a step in the right direction and aligns perfectly with our broader national security objectives. We are confident that these innovations will enhance border control operations while ensuring that legitimate trade is not hindered,” the NSA said.
There have been concerns over the infiltration of illegal aliens and smuggling of illegal arms across the Nigerian borders which is traced to be fueling insecurity challenges in the country.
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*Dangote Group remains highest Nigerian taxpayer, paid N402bn in 2024*
By Mike Abbah
The Dangote Industries Limited (Dangote Group) paid over N402 billion in taxes in 2024, reaffirming its status as the highest taxpayer in Nigeria.
This disclosure was made by Dangote’s Chief Branding and Communication Officer, Anthony Chiejina, in a media interactive session in Lagos.
He stated that Dangote Industries Limited (DIL) and its subsidiaries, including Dangote Cement, NASCON, and Dangote Packaging Limited, collectively remitted a total of N402.319 billion in taxes for the year under review.
DAILY QUERY recalls that the Federal Inland Revenue Service (FIRS), Nigeria’s apex tax authority, had earlier in 2024 recognized DIL and its subsidiary, Bluestar Shipping, as the most tax-compliant organizations in the country.
The recognition was conferred during the FIRS Special Day at the 2024 Lagos International Trade Fair, organized by the Lagos Chamber of Commerce and Industry (LCCI).
The FIRS plays a crucial role in assessing, collecting, and accounting for tax and other revenues accruing to the Federal Government of Nigeria. Dangote Group’s consistent tax remittances highlight its commitment to fiscal responsibility and economic development in Nigeria.
Chiejina emphasized that DIL and its subsidiaries have remained unwavering in fulfilling their obligations to both the government and their host communities. Beyond tax compliance, the conglomerate has significantly contributed to Corporate Social Responsibility (CSR) initiatives, reinforcing its role as a responsible corporate citizen.
“As a responsible business entity, the Dangote Group ensures timely and full tax remittance at all levels of government. We also prioritize community engagement and social impact initiatives, furthering our commitment to national development,” Chiejina said.
Dangote Group’s outstanding tax compliance record is complemented by multiple industry accolades. At the FMDQ Gold Awards in Lagos, its subsidiary, Dangote Cement Plc, won three prestigious awards, recognizing its leadership in Nigeria’s financial markets.
