NACCIMA Youth Wing Empowers Borno Entrepreneurs, Stresses Financial Compliance

By: Adamu Aliyu Ngulde, Maiduguri

The youth wing of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA NYE) hosted a seminar in Maiduguri on Wednesday aimed at equipping young entrepreneurs and start-ups in Borno State with tools for growth and regulatory compliance.

The one-day program focused on business networking, renewable energy opportunities, and adherence to anti-money laundering laws.

Halima Isa Ibrahim, NACCIMA NYE’s Borno State coordinator, said the association’s mission is to help emerging business owners navigate challenges and seize opportunities. She urged participants to register with the group, emphasizing access to market intelligence, business support, and dispute resolution.

> “NACCIMA NYE is more than an association; it’s a partner in your growth,” Ibrahim said.

The seminar also examined prospects in Nigeria’s green economy. Sa’adatu Muhammad Ali, state coordinator of Women in Renewable Energy (WIRE), highlighted investment opportunities in solar, hydropower and biomass. While upfront costs can be high, she said, long-term savings and environmental benefits make such ventures worthwhile.

The Economic and Financial Crimes Commission (EFCC) delivered a separate session on financial compliance. Alhaji Jamilu Saleh, representing the agency, explained regulations under the Special Control Unit Against Money Laundering (SCUML).

He stressed that Corporate Affairs Commission (CAC) registration alone does not satisfy legal requirements, noting that SCUML registration — which is free — is mandatory for many businesses.

> “SCUML is not just a legal requirement — it protects your business from being misused for money laundering or terrorist financing,” Saleh said.

He reminded participants of their obligation to report cash transactions above ₦5 million from individuals and ₦10 million from companies, warning that violations could expose them to liability for financial crimes.

Participants said the training offered valuable insights into navigating Borno’s business environment while avoiding regulatory pitfalls. Organizers described the event as part of a broader effort to encourage innovation, attract investment, and ensure compliance in one of Nigeria’s most challenging regions for entrepreneurs.