Government Aims to Secure N200 Million from Philanthropic Organizations to Boost MSMEs and Job Creation

GovernMend Nigeria November 28, 2023 0

The Federal Government of Nigeria is embarking on an initiative to bolster job creation and provide robust support to Micro, Small, and Medium Enterprises (MSMEs).

Plans are underway to raise £200 million from philanthropic organizations, a strategic move to fuel economic growth across the nation.

Temitola Adekunle-Johnson, Senior Special Assistant to the President on MSMEs and Job Creation, announced the ambitious venture.

The funds, he disclosed, will be strategically invested in key programmes and projects spanning various sectors, marking a significant step towards addressing unemployment and fostering the growth of MSMEs.

In a bid to streamline and coordinate these efforts, the presidency has instituted the Nigeria Philanthropic Organisation (N.P.O).

This private sector-led coordinating office will find its home in the office of the vice president, playing a pivotal role in facilitating this groundbreaking initiative.

The N.P.O will collaborate with philanthropic entities, impact investors, and financial institutions to establish twelve mega hubs nationwide.

These hubs will serve as catalysts for entrepreneurs in crucial sectors such as renewable energy, agro-processing, furniture, and fashion. The overarching goal is to invigorate economic sectors and generate employment opportunities.

Vice President Kashim Shettima has entrusted Thelma Ekiyor-Solanke with the leadership of the Nigeria Philanthropic Organisation.

As the current Chairperson of SME.NG, Ekiyor-Solanke brings a wealth of experience to the role.

Notably, she is a member of Nigeria’s National Advisory Board on Impact Investing (NABII) and also chairs the Centre for Analytics and Behavioural Change (CABC) in South Africa.

In a bid to ensure effective coordination, the Senior Special Assistant to the President on MSMEs and Job Creation will oversee the secretariat of the Nigeria Philanthropic Organisation.

Source: Channel TV

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BF Borgers, an accounting firm owned by former US President Donald Trump, has been accused by the Securities and Exchange Commission (SEC) of engaging in widespread fraud and operating a “sham audit mill.” The SEC alleges that BF Borgers committed “deliberate and systemic failures,” including the fabrication of audit papers and false assurances to clients regarding compliance with accounting standards.<br><br>This fraudulent activity, described as “massive,” occurred between January 2021 and June 2023, impacting over 1,500 SEC filings and more than 500 public companies. As a consequence, the SEC has permanently barred BF Borgers from practicing as accountants before the agency and imposed a severe penalty, including a collective fine of $14 million against the firm and its owner, Benjamin Borgers.<br><br>In a statement, Gurbir Grewal, director of the SEC’s enforcement division, declared that Borgers and his “sham audit mill” have been permanently shut down. The SEC has notified public companies that engaged BF Borgers to seek new accounting firms.<br><br>Trump Media & Technology Group, chaired and majority-owned by Donald Trump, was among BF Borgers’ clients. While Trump Media may be the most high-profile client, BF Borgers served around 350 clients subject to SEC rules during the mentioned period. However, the SEC review only examined BF Borgers’ work for public companies, excluding its services to Trump Media when it was private.<br><br>Trump Media, despite its significant valuation on Wall Street exceeding $9 billion, generates limited revenue. Its social media platform, Truth Social, faces challenges, with a notable decline in average daily active US users on iOS and Android in April. Despite this, Donald Trump remains a prominent user on Truth Social.<br><br>In response to the SEC’s actions, a spokesperson for Trump Media expressed readiness to collaborate with new auditing partners in compliance with the SEC’s order. BF Borgers did not provide a comment on the allegations.<br><br>In summary, BF Borgers, owned by Donald Trump, faces severe consequences following accusations of fraud by the SEC. The firm’s practices, characterized as a “sham audit mill,” have led to permanent suspension and hefty fines. Trump Media, among BF Borgers’ clients, is navigating challenges despite its substantial valuation, particularly with its Truth Social platform experiencing a decline in user engagement.

BF Borgers, an accounting firm owned by former US President Donald Trump, has been accused by the Securities and Exchange Commission (SEC) of engaging in widespread fraud and operating a “sham audit mill.” The SEC alleges that BF Borgers committed “deliberate and systemic failures,” including the fabrication of audit papers and false assurances to clients regarding compliance with accounting standards.

This fraudulent activity, described as “massive,” occurred between January 2021 and June 2023, impacting over 1,500 SEC filings and more than 500 public companies. As a consequence, the SEC has permanently barred BF Borgers from practicing as accountants before the agency and imposed a severe penalty, including a collective fine of $14 million against the firm and its owner, Benjamin Borgers.

In a statement, Gurbir Grewal, director of the SEC’s enforcement division, declared that Borgers and his “sham audit mill” have been permanently shut down. The SEC has notified public companies that engaged BF Borgers to seek new accounting firms.

Trump Media & Technology Group, chaired and majority-owned by Donald Trump, was among BF Borgers’ clients. While Trump Media may be the most high-profile client, BF Borgers served around 350 clients subject to SEC rules during the mentioned period. However, the SEC review only examined BF Borgers’ work for public companies, excluding its services to Trump Media when it was private.

Trump Media, despite its significant valuation on Wall Street exceeding $9 billion, generates limited revenue. Its social media platform, Truth Social, faces challenges, with a notable decline in average daily active US users on iOS and Android in April. Despite this, Donald Trump remains a prominent user on Truth Social.

In response to the SEC’s actions, a spokesperson for Trump Media expressed readiness to collaborate with new auditing partners in compliance with the SEC’s order. BF Borgers did not provide a comment on the allegations.

In summary, BF Borgers, owned by Donald Trump, faces severe consequences following accusations of fraud by the SEC. The firm’s practices, characterized as a “sham audit mill,” have led to permanent suspension and hefty fines. Trump Media, among BF Borgers’ clients, is navigating challenges despite its substantial valuation, particularly with its Truth Social platform experiencing a decline in user engagement.

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