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Kano SMEs urged to leverage capital market for wealth creation

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Small and Medium Enterprises (SMEs) in Kano have been urged to tap into Nigeria’s capital market as a strategic tool for wealth creation and business expansion.

Alhaji Umaru Kwairanga, Chairman of Nigerian Exchange Group (NGX), made the remarks in Kano on the sidelines of a stakeholders’ meeting themed ‘Unlocking Growth: Harnessing the Capital Market for SME Growth.’”

Kwairanga emphasised that access to capital market instruments could provide SMEs with the funding needed to scale operations and generate sustainable wealth.

The chairman noted that SMEs form the backbone of the Nigerian economy and have the potential to significantly contribute to national economic growth if properly supported.

He added that NGX has designed initiatives to make capital market participation more accessible to businesses across the country.

“Our aim is to engage prospective and listed companies in the NGX, helping them meet the necessary requirements to fully benefit from market opportunities.We want these SMEs to achieve great success, just like Dangote or BUA,” he said.

He highlighted the investment potential in the capital market, citing that last year, companies in the sector, particularly engineering firms, delivered returns exceeding 50 percent.

“Currently, our market has already returned over 30 percent, and we are confident of tripling last year’s performance,” he added.

Kwairanga also cited local success stories such as Jai’s Bank, a non-interest bank listed on the stock exchange. Its shares, initially priced at one unit, have risen to over ten units, illustrating the wealth creation potential of strategic investments.

Stressing the need to engage young people and women, Kwairanga said, “ 70 percent of our population is under 30. If we do not provide these opportunities, we risk producing untapped potential that could become a ‘time bomb’ for the future.” he explained.

 

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Economy

Milo intervention empowers Kano tea sellers with business tools

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The Nestlé Milo Mai Shayi empowerment programme has continued to receive commendation from stakeholders in Kano, with beneficiaries describing the initiative as a major boost to their small-scale businesses.

The programme, aimed at supporting tea sellers with business tools and resources, provided participants with items including gas cookers, cups and other materials to enhance their daily operations.

Speaking during the programme in Kano, Kannywood actor, Yusuf Sulaiman Bosho, said the initiative would contribute to the growth of tea-selling businesses and improve the livelihoods of operators.

Bosho noted that many small businesses require support to expand, adding that providing essential working tools would encourage beneficiaries to increase productivity.

“Supporting them with tools such as gas cookers, cups and ingredients is really a motivation in their day-to-day businesses,” he said.

He urged other corporate organisations to emulate Nestlé Milo by introducing similar interventions that would support small businesses across the country.

Also speaking, Milo Ambassador, Mansura Isa, said the programme demonstrated the company’s commitment to supporting its customers, particularly those engaged in small-scale enterprises.

Isa encouraged the beneficiaries to make effective use of the materials provided to improve their businesses and create more opportunities within their communities.

She added that more initiatives were being planned by the company to support customers across Nigeria and other parts of Africa.

The Category Manager of Nestlé Milo, Mr Gilbert Teenaboah Koduah, said the company would continue to invest in programmes that promote socio-economic development among its customers.

Koduah explained that the intervention was part of efforts by the company to strengthen businesses and contribute to economic growth at the community level.

Some of the beneficiaries who spoke to our Correspondent expressed appreciation to Nestlé Milo for the support, saying the items would help them improve their services and increase their earnings.

They pledged to continue patronising the company’s products while maximising the opportunity provided through the empowerment programme.

The event featured the presentation of tea-selling equipment and other gifts to participants.

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New Kano revenue boss pledges open drive

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The newly appointed executive chairman, Kano State Internal Revenue Service (KIRS) Alhaji Bashir Maitama, has pledged to strengthen revenue generation through transparency, accountability, teamwork and innovation.

This is contained in a statement issued by the Head, Corporate Communications of KIRS, Aisha Maigiwa, on Tuesday in Kano.

The statement said the new chairman formally assumed office on Monday, July 20, 2026, following a handover ceremony from the Acting Executive Chairman, Mallam Muhammad Abba Aliyu.

Welcoming Maitama, Aliyu, who is also the Executive Director, Compliance and Enforcement Group, prayed for God’s guidance and wisdom for the new chairman.

He urged members of staff to give the new leadership maximum support and cooperation towards sustaining the growth of internally generated revenue in the state.

In his inaugural remarks, Maitama expressed gratitude to Almighty God for the opportunity to lead the agency, describing his assumption of office as a historic moment.

He appreciated Gov. Abba Kabir Yusuf for finding him worthy of the appointment, assuring the governor and people of Kano State of his commitment to delivering on the mandate entrusted to him.

The chairman said he was delighted to join a team of professionals who had contributed immensely to the progress of the Service.

He commended his predecessor for his efforts in strengthening KIRS, saying history would recognise his contributions to the development of the agency.

Maitama also appreciated the Service’s technical partner, Manam Professional Services, for its support towards the transformation of KIRS.

He described his appointment as a collective responsibility and called on management and staff to work together to achieve the objectives of the Service.

The new chairman assured workers of an open, transparent and inclusive leadership style anchored on accountability, teamwork and innovation.

He identified achieving revenue targets, expanding the tax net and deepening the state’s tax base as key priorities of his administration.

Maitama expressed confidence that the targets set for KIRS were achievable, urging staff to embrace creative ideas and innovative solutions in carrying out their responsibilities.

He added that his office would remain open to constructive suggestions and meaningful contributions from staff.

Also speaking, the Executive Director, Revenue Operations Group, Mallam Kassim Ismail, expressed confidence in Maitama’s ability to lead the Service to greater heights.

He pledged the support of his directorate towards achieving the mandate of KIRS.

The event ended with the formal handover of leadership from the Acting Executive Chairman to the newly appointed Executive Chairman.

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KIRS Commissions Compliance Office, Sets N68 Billion Revenue Target

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The Kano State Internal Revenue Service (KIRS) on Tuesday commissioned a new Compliance and Enforcement Office as part of efforts to strengthen tax administration and boost internally generated revenue across the state.

Speaking at the inauguration ceremony in Kano, KIRS Executive Chairman, Dr. Zaid Abubakar, said the office marked a major milestone in the ongoing reforms within the agency.

Dr. Abubakar disclosed that the service initially set a revenue target of N35 billion for the year but has now raised expectations for the compliance and enforcement department to deliver as much as N68 billion.

He said the newly commissioned office would provide staff with a conducive working environment to enhance efficiency and productivity.

“This office is a key component of our service. Previously, the compliance and enforcement team operated from a container facility, but today they now have a befitting environment to work effectively,” he said.

The chairman commended Kano State Governor, Abba Kabir Yusuf, for supporting the agency’s reforms and modernization efforts.

“We thank Governor Yusuf for all the political support given to the service. We are also grateful to our technical partners whose contributions have been commendable,” he added.

Dr. Abubakar highlighted a series of infrastructural and technological upgrades by the agency, including the commissioning of the Gyadi-Gyadi Tax Centre and a new call centre to improve taxpayer engagement and service delivery.

He further announced that another tax office in Nassarawa would be commissioned within two weeks to oversee municipal tax operations in the area.

The chairman also noted improvements in operational equipment and digital infrastructure.

He revealed that before the current administration, the agency had only 60 computers, but this number has now increased to over 300.

“We are providing all the necessary equipment for effective service delivery. I urge every staff member to take their responsibilities seriously,” he said.

Dr. Abubakar added that the state government was considering improved welfare packages for revenue service staff, including plans to remove staff remuneration from the mainstream civil service structure and align it with better-performing agencies in states such as Lagos.

“The state governor is committed to improving the welfare package of workers so it can match what is obtainable in states like Lagos,” he said.

Also speaking at the event, Director of Revenue Compliance, Muhammad Abba Aliyu, described the commissioning as a major opportunity for staff. He urged workers to adopt a renewed attitude toward their duties and maximise the benefits of the improved working environment.

“This is a golden opportunity for the compliance and enforcement staff. I urge all members to change their attitude from today and double their efforts,” he said.

A representative of Mannan Professional Services, the agency’s technical partners, expressed appreciation for being part of the initiative and voiced confidence that the compliance team would utilise the facility effectively.

In his remarks, Kano State Commissioner of Finance, Dr. Aliyu Danmaraya, represented by Permanent Secretary Amina Yusuf Yargaya, commended the revenue service for its efforts to improve tax compliance and promote state development.

He noted that effective revenue generation remains a key strategy for sustainable economic growth and infrastructure development in Kano State.

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