Author: The Nation

  • Govt targets 1.5m Nigerians with Market-Moni scheme

    Govt targets 1.5m Nigerians with Market-Moni scheme

    First Lady Oluremi Tinubu has launched the expansion of the Market-Moni scheme with the symbolic presentation of cheques to the first set of beneficiaries at the Conference Centre, State House, in Abuja.

    Senator Tinubu advised beneficiaries of the interest and collateral-free loans to invest their shares strategically.

    She restated the Tinubu administration’s commitment to support Micro, Small and Medium Enterprises (MSMEs) so as to create a ripple effect for employment generation.

    According to her, such support will go a long way in serving as lifeline to those struggling to make ends meet, while enhancing the overall well-being of individuals and families.

    She noted that the transformative impact of MSMEs on the lives of the vulnerable ones in the society cannot be overemphasized, considering the fact that enterprises are the bedrock of our economy.

    Butressing her position further, she said that small scale businesses offer a platform for economic empowerment of those with limited resources but could become self-reliant entrepreneurs when equipped with the required skills and an enabling environment.

    She said: “It is in this regard that the rebranding of the three components of this programme is significant. Thus, Tradermoni (now rebranded Owo Oja or Olilanya Ndi Nagbambo or Tallafin Sana’a); Farmermoni (now rebranded Owoagbe or Olilanya Ndi Oru Ugbo or Tallafin Manoma); and Marketmoni (now rebranded Iyaloja or Nne Ahia or Agajin Yan Kasuwa).

    “These rebranding drums home, especially among the womenfolk including traders and farmers, a deeper understanding and actual implication of the programme in our native languages.

    “As I was informed that one of the strategic components of the Federal Government’s National Social Investment Programme (NSIP) is the rebranded and expanded Government Enterprise and Empowerment Programme (GEEP), this programme is expected to focus, amongst others, on offering interest and collateral-free loans to small scale entrepreneurs thereby providing financial inclusion and enabling individuals with limited resources to access much-needed capital for entrepreneurial endeavors.

    “This democratisation of financial resources helps break down barriers and empowers the poor to participate actively in economic activities.”

    She said loans from commercial banks often come with high interest rates and stringent requirement for collateral, making it challenging for those with limited assets to secure funds.

    “Eliminating these barriers, through MSMEs programmes create a more accessible and supportive environment for individuals to start and expand their businesses.

    “Such financial support enhances the overall sustainability of MSMEs. Small businesses often face cash flow challenges, and the absence of exorbitant interest rates ensures that entrepreneurs can invest profits back into their businesses, fostering growth and resilience. This, in turn, contributes to job creation and economic stability within communities.

    “My advice to those who might secure interest and collateral free loans through this programme is that you should plan wisely, exercise financial discipline in managing the funds, invest strategically, be committed to repayment agreement, and be flexible to be able to navigate the dynamic business landscape.

    “It is on this note that I hereby flag-off the Renewed Hope MSMEs programme to the glory of God, and wish you all a successful participation in the scheme. May all those who participate in the scheme prosper in their various business ventures”, the First Lady said.

    Minister of Humanitarian Affairs and Poverty Alleviation, Dr. Betta Edu, said the Market-Moni scheme target 1.5 million beneficiaries across various states in the country would cover all the 109 senatorial districts.

    The minister noted a major market from each of the senatorial districts would be taken, adding that each beneficiary would receive interest and collateral free loans of N50, 000 after registration.

    Dr. Edu said: “We are at a point to lift 50 million Nigerians out of poverty. They will be registered in the market. Their BVN will also be registered in the market….It is taking governance to the people.

    “As soon as they register, a loan of N50,000 will be given to them, to use it for their businesses. The target for this is 1.5 million Nigerians that will benefit. We have other programmes that are within that bracket. Some of them are special projects targeted at Nigerians.

    “I must say that Mr. President is in a hurry to change Nigeria for better within the next one year. Other projects include the N-Power projects, the home-grown school feeding projects, the new special vehicle, which is the end-hunger project, by the Grace of God ,the President will be flagging that off next month, etc.

    “Beyond this, we are going to also launch other projects that will help young people to get coding skills. We have several other projects.

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    “There are several interventions. We are dealing with multi-dimensional poverty so that at the end, we would have a nation that is strong under God, that its citizens will beat their chest and say indeed I am proud to be a Nigerian, and the Renewed Hope has truly come.”

    Some of the beneficiaries expressed appreciation to the federal government for the interest-free loans, thanking the First Lady, especially for her role.

    The Women Leader at the Gwagwalada Main Market, Hajia Rekiya Shauibu, described the loan as a capital, saying “N50, 000 is a capital, anywhere you fix it, it’s going to help. It’s not too small for a start and it’s not too big for a start.”

    Hajiya trades in food stuffs, iced fish and dried fish,

    Another trader, Mrs. Ironic Ude, who sells iced fish, could not hide her excitement, saying: “I’m very excited today, we were in the market when people from the ministry of Humanitarian Services came to our market and informed us about this and today, I am here in the Villa, I am very happy because I am a beneficiary”.

     Mrs. Malomo Mojisola, who deals in children’s items “this is to augment the business and it will go as long way. I’m happy because I know, to become a beneficiary is not easy.

    “Out of thousands, few are chosen and to the glory of God, I’m among the ones that were chosen. N50, 000, if God multiplies it, it can become N50 million, N500 billion, N500 trillion and so on.

    Mrs. Saratu Maikeffi, a widow, who runs a small grinding machine business, the N50, 000 is like  million naira to her, thanking President Tinubu and the First Lady. 

    She said: “This will support me more and I’m very happy. This N50, 000 e be like a million to me, I’m a widow. I thank God. May God bless the President’s wife and the President, please deliver my message to them. I’m very happy”.

    An excited Assistant Women Leader at Gwagwalada Market, Mrs. Harira Hudu, described the loan as real help. She commended the president.

    She said it was her visit to the State House.

  • Fed Govt, states, councils share N907b

    Fed Govt, states, councils share N907b

    The Federation Account Allocation Committee (FAAC) has disbursed a total sum of N906.955 billion as October 2023 Federation Account Revenue to the Federal Government, states, and local councils.

    According to a communique issued by FAAC at its November 2023 meeting, the N906.955 billion distributable revenue comprised: N305.070 billion statutory revenue; N323.446 billion Value Added Tax (VAT) revenue; N15.552 billion Electronic Money Transfer Levy (EMTL) revenue; N202.887 billion Exchange Difference revenue and N60.000 billion augmentation

    Total revenue of N1,346.519 billion was available in October 2023. Deductions for cost of collection amounted to N53.483 billion, and total transfers, interventions, and refunds totaled N386.081 billion.

    Gross statutory revenue of N660.090 billion was received in October 2023, a decrease of N354.863 billion from the N1,014.953 billion received in September 2023.

    Gross VAT revenue was N347.343 billion, an increase of N43.793 billion from the N303.550 billion available in September 2023.

    From the total distributable revenue of N906.955 billion, the Federal Government received N323.355 billion, the State Governments received N307.717 billion, and the Local Government Councils received N225.209 billion.

    A total sum of N50.674 billion (13 percent of mineral revenue) was shared to the relevant States as derivation revenue.

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    From the distributable statutory revenue of N305.070 billion, the Federal Government received N147.574 billion, the State Governments received N74.852 billion, and the Local Government Councils received N57.707 billion. The sum of N24.937 billion (13per cent of mineral revenue) was shared to the relevant States as derivation revenue.

    The Federal Government received N48.517 billion, the State Governments received N161.723 billion, and the Local Government Councils received N113.206 billion from the distributable Value Added Tax (VAT) revenue of N323.446 billion.

    The N15.552 billion Electronic Money Transfer Levy (EMTL) was shared as follows: the Federal Government received N2.333 billion, the State Governments received N7.776 billion, and the Local Government Councils received N5.443 billion.

    The Federal Government received N93.323 billion from the N202.887 billion Exchange Difference revenue. The State Governments received N47.334 billion, and the Local Government Councils received N36.493 billion. The sum of N25.737 billion (13% of mineral revenue) went to the relevant States as derivation revenue.

    The Augmentation of N60.000 billion was shared as follows: Federal Government received N31.608, the State Governments received N16.032 billion, and the Local Government Councils received N12.360 billion.

    In October 2023, Import Duty, Petroleum Profit Tax (PPT), Value Added Tax (VAT), CET Levies, and Electronic Money Transfer Levy (EMTL) increased significantly, while Excise Duties and Companies Income Tax (CIT) recorded considerable decreases. Oil and Gas Royalties decreased marginally.

  • Dirty gold: The child miner conundrum

    Dirty gold: The child miner conundrum

    In Zamfara, the Kadauri gold fields loom like artisanal dystopia. Think of it as the glitter belt where little boys toil, chained to manly lust.  

    The children, caught between the womb wall of lower earth and the dazzle of proverbial Midas’ spoils, illustrate embowered servitude in open fields.

    The boys are many and dispensable inside the mine pits of Kaudari in Maru, Anka, among other local councils. Far from the confines of their barely populated classrooms, they write their dreams in shiny beads of sweat: the indelible ink of their brow. It’s the only way that their absence from school could mean something.

    Scores of out-of-school kids, mostly boys, litter the dusty tract digging for gold. A dirt pan assures a full plate to their starving bellies. Thus they defy the heat, obstinate souls accustomed to searing whipping from the sun.

    If they aren’t deterred by the scorching heat of the mine pits, how can they recoil from the gold fields over the threat of a distant public officer?

    On September 3, 2023, the Minister of Solid Minerals, Dele Alake, issued a 30-day ultimatum to artisanal miners engaged in illegal mining nationwide to join cooperatives or find another vocation. He said, “On the expiration of the period, the full weight of the law will fall on anyone seen on a mining site without a determinable status.”

    Alake’s threat to crack down on illegal miners, however, hardly deters the underage gold prospectors perhaps because it doesn’t summarily address them. Mubaraq Baballe (11), Naziru Aliyu (13), and Naziru (eight), for instance, belch a narrative only hunger could reveal.

    Shouldering aplomb like a steel amour, the minors feverishly dig the earth and shovel sludge every day, hoping to hit pay-dirt. They have been at it for over four years, hunting for gold amid the dusty plains of Kadauri.

    The hope of hitting pay-dirt and earning between N500 and N1,000 (less than $1) for their efforts is overpowering. 

    Many of them have never been to school. They slave away at the various mine pits every day; when they get lucky, they give their earnings to their parents “to buy food.”

    There is a backstory to each boy’s presence in the Kadauri gold field. The recurrent strain recounts how poverty and hunger render them vulnerable to older associates and paymasters in Zamfara’s illicit network of artisanal miners.

    The latter use them as mules and errand boys in an illicit network that cost Nigeria about $2 billion annually and over N353 billion in losses in gold smuggled out of the country between 2016 and 2018, according to the Nigerian Extractive Industries Transparency Initiative (NEITI) audits and reports from international sources.

    The mineral-rich earth of Zamfara offers child miners several opportunities to make a quick buck. It’s a perilous keep, fraught with attacks by armed bandits prowling the region and toxic lead deposits in the soil.

    Despite the obvious perils, the dazzle of Kadauri’s gold belt lures the boys to turn up every day, armed with a shovel, a can-do spirit and a dirt pan.

    Alake’s warning bears no resonance among the child miners perhaps because they do not understand the magnitude of their work as ”outlaws.” A lack of compliance with his 30-day ultimatum made him grant another 30-day extension even as he warned that from October, a security task force would become active in the solid minerals sector and illegal miners would be prosecuted.

    Still, illegal mining persists. This may be blamed on the lack of effective regulation and punishment for flouting them. Miffed by their daring, the Governor of Zamfara, Dauda Lawal, on Sunday, September 23, issued a ban on illegal mining activities in the state and ordered law enforcers to shoot illegal miners at sight, claiming that such stringent action has become necessary to end the destructive activity and ensure the well-being of the people.

    Hundreds of people have been killed or kidnapped by bandits in Zamfara in the wake of a previous ban imposed by former Governor Bello Matawalle, and several miners relocated from Zamfara to less policed hubs of artisanal mining in Niger and Osun States.

    In their absence, field leaders contract underage boys to fill the vacuum created in the artisanal gold mines thus accentuating their predicament as part of the 10.5 million out-of-school children in Nigeria – 30 per cent are in the North-West (Zamfara, Katsina, Sokoto, Kebbi, Kano) and Niger States in the North Central region.

    Read Also: Alake tours agencies under Solid Minerals ministry

    To cushion the huge foreign exchange revenue loss from gold smuggling, the immediate past administration of Muhammadu Buhari launched the Presidential Artisanal Gold Mining Development Initiative (PAGMDI), an artisanal and small-scale gold mining development programme meant to diversify the country’s revenue base.

    Initial forecasts held that the PAGMI initiative could add about $500 million annually to Nigeria’s foreign reserves, and contribute $150 million in taxes and $25 million in royalties.

    To guarantee the seamless actualisation of set goals, the federal government licensed two refineries to refine gold to the London Bullion Market Association (LBMA).

    Under the arrangement, the government was expected to buy directly from small-scale miners at designated hubs in their villages, while the Central Bank of Nigeria (CBN) buys directly from the state government.

    This was meant to prevent the locals from selling extracted gold to bandits and other illegal operators. The plan is yet to materialise to the advantage of all identified stakeholders.

    And neither Alake’s ultimatum nor Governor Lawal’s resort to hard power would resolve Zamfara’s illegal mining conundrum until stakeholders address the difficulty posed by the teeming army of underage boys scattered across the gold fields of Zamfara and other mining hot spots in the country.

    The government must work with other stakeholders to address the structural and institutional factors such as rural poverty and difficulties in meeting legal and regulatory requirements that tend to push artisanal gold mining operators deeper into the informal economy – where child miners become instant, defenceless tools for illegal miners and bandits.

    The International Labour Organisation (ILO) estimates that about one million children work in mines and quarries. However, the actual number is deemed higher as the proportion of child miners in some countries is estimated to be as high as 30 to 50 per cent of the workforce.

    In Zamfara, many such children work in extreme conditions in remote areas like Kadauri and other parts of Maru LGA. Children work in ore extraction and assist in drilling. They push carts, clean galleries, and remove water from the mines. They crush stones, haul minerals, pick gemstones, and wash gold.

    They descend to the bowels of the earth to crawl through narrow, cramped, and poorly lit makeshift tunnels, where the air is thick with dust and smothering. They constantly risk fatal accidents due to falling rocks, explosions, collapse of mine walls, and the use of equipment designed for adults. It’s a very scary situation which could trigger another health crisis reminiscent of Zamfara’s lead poisoning disaster of 2010.

    Experts warned that the 2010 epidemic may persist in the environment for up to 15 years resulting in long-term health problems including permanent learning and behavioural problems, and brain damage.

    But the child miners of Kadauri are oblivious to such dangers. Their struggles blend into the toxic underbelly of their dreams and the vague promise of a better tomorrow.

  • Gridlocked justice

    Gridlocked justice

    Justice delayed is justice denied’ is an age-old dictum on justice dispensation. For some inmates of Nigerian correctional centres, however, the dictum could as well be ‘Justice delayed is justice.’ This is because such inmates have been awaiting trial for years on end and are not getting closer to being put through that experience to confirm their guilt or otherwise. Yet they remain in custody. Few lucky ones who caught attention and got released came in the news recently.

    An Ikeja High Court, last week, freed three men – Peter Edialu, Godspower Friday and Bayo Segun – after they were held for nearly six years without trial. Justice Oyindamola Ogala, in separate judgements, ordered that they be “released and discharged forthwith if there are no pending matters in other courts.”

    The men had sued Lagos State Attorney-General, the Commissioner of Police and the correctional service over their custody without trial. Counsel to the applicants, Ben Abraham, said the court granted the enforcement of their fundamental rights as brought before it. “They have been in detention for about six years. The oldest of them had been in Kirikiri medium custodial centre since 2018 for sexual offences and was awaiting the Department of Public Prosecutions’ advice. But nothing has happened since then. When we got to the custodial centre and saw their plight – that they were not even before any court or having the opportunity to defend themselves – we picked up their cases earlier this year,” he stated.

    These three men had a fairer deal compared with a 73-year-old man arrested by the Economic and Financial Crimes Commission (EFCC) and held in custody for 13 years and eight months, awaiting trial until a court released him late October. A rights group that secured his release, Headfort Foundation, said the man identified as Nyeche got arrested when he was 60 years old. Headfort took up Nyeche’s case after a church member who went for prison outreach in March 2022 alerted it, and it found that his casefile had gone missing and wasn’t before any court since 2019.

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    “We traced his file to the DPP’s office and brought him before a court on 20th October 2023, when he was re-arraigned for the crime of stealing. We argued that Nyeche should be released because he has already served more than the sentence provided for the crime if found guilty,” the group said, adding that the EFCC rather requested an adjournment to prepare for trial, which the court granted. The group thus applied for Nyeche’s bail and undertook to produce him in court on next adjourned date, and that was how he got freed from incarceration.

    Hardball thinks there is need to shake up the judicial system and end this gross abuse of human rights.

  • Inspector killed in Adamawa police/soldiers clash

    Inspector killed in Adamawa police/soldiers clash

    • Fintiri urges calm

    An inspector of Police, Jacob Daniel, was killed when the Adamawa State Police Command headquarters in Yola was attacked in the early hours of yesterday.

    This followed a rift between policemen and soldiers. The crisis started in the late hours of Tuesday, a check point around Target Junction in Jimeta, and culminated in the attack on the police headquarters, according to reports.

    Residents said soldiers went to the police headquarters to vent their anger because a patient was denied admission at the police clinic.

    A resident close to the command headquarters said fierce gunshots, which lasted nearly 30 minutes, distorted the peace of the night.

    The police command also confirmed the clash, and identified the deceased officer.

    A statement by the spokesperson, Suleiman Nguroje, reads: “The conflict at Target Junction resulted in exchange of fire and brutal attack on the police facility, and death of Inspector Jacob Daniel.

    “The Commissioner of Police, Afolabi Babatola, has ordered an investigation of the clash. He also warns that attacks on all security officers in the line of duty would no longer be tolerated under whatever guise, as the Command holds the lives of all security personnel sacrosanct, and such unwarranted conflict would be treated in accordance with extant laws.”

    But Commander of the 23 Armoured Brigade, Brig.-Gen. Gambo Mohammed said his officers and men acted to rescue one of their own who was taken away by police operatives.

    Read Also: How Tinubu is fighting insecurity, by Gbajabiamila

    He said: “The police shot at our soldiers at a checkpoint. A soldier was injured and they (police) went and hid him. The soldiers went to rescue their colleague and they shot at them, so they also retaliated.”

    Governor Ahmadu Fintiri has appealed for calm, emphasising need for inter-agency harmony to ensure public peace.

    A statement yesterday by his Chief Press Secretary, Humwashi Wonosikou, appealed for tolerance among security agents, and appealing to the parties to exercise restraint.

    The governor also urged all security personnel on special assignment to remain at their duty posts and conduct themselves maturely.

    The statement reads: “The incident is unacceptable at this time of peace building. I am concerned that such acrimony could have lasting consequences on the hard earned peace we have been able to build over the years.

    “I appeal to all security personnel for restraint, mutual respect and tolerance for one another as people destined to work together in this great state. I appeal for patience and understanding as the administration works towards lasting solutions to these conflicts.”

  • Court grants Emefiele N300m bail

    Court grants Emefiele N300m bail

    A High Court of the Federal Capital Territory (FCT) in Maitama has granted former Central Bank of Nigeria (CBN) Governor Godwin Emefiele a N300 million bail.

    In a ruling yesterday, Justice Hamza Muazu asked Emefiele to produce two sureties, who must have landed property in Maitama District of the FCT.

    The judge said the sureties must present the property’s Certificate of Occupancy (C of O) in court for verification.

    He also directed Emefiele to deposit his travel documents with the court and obtain the court’s permission before embarking on any trip outside the country.

    Emefiele was not in court during yesterday’s proceedings. 

    On November 17, after the erstwhile CBN governor had pleaded not guilty to a five-count charge the Federal Government filed against him, the court ordered that he be remanded in Kuje correctional facility pending bail. 

    But prison officials failed to produce him in court yesterday.

    After the court ruling, Emefiele’s lawyer, Matthew Burkaa, expressed concern that his client may be rearrested by officials of the state.

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    The lawyer averred that the ex-CBN governor was rearrested before, even after he was granted bail by a court.

    He urged the court to issue an order prohibiting his client’s further arrest by any agency of the Federal Government.

    But the prosecution lawyer, Rotimi Oyedepo (SAN), averred that he could not promise that Ememfiele would not be rearrested.

    Oyedepo said he could only assure the defence that the ex-CBN governor would not be rearrested over the current case for which he was granted bail.

    Ruling, Justice Muazu held that it was impossible for the court to bar any government agency from carrying out its statutory responsibilities.

    But the judge cautioned against any further arrest of the defendant over the current case.

    He adjourned till November 28 for the commencement of trial.

  • Senate blows hot over N12tr TAM of refineries

    Senate blows hot over N12tr TAM of refineries

    The Senate yesterday threatened to sack and equally jail the Group Managing Director of Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari and other top executive officers of petroleum subsidiaries.

    The Senate specifically threatened to sack the executive officers whose agencies were involved the Turn Around Maitanance (TAM) projects of Nigerian refineries.

    The Senate noted that from 2010 till date, over N12 trillion has been spent on TAM. The Senate also said that it has records of over $592 million, €4.8 million and £3.4 million spent between 2010 till date on TAM, yet none of the refineries is working.

    The Chairman of the Senate Ad-hoc Committee investigating the various Turn Around Maintenance (TAM) projects of Nigerian Refineries, Senator Isah Jibrin, made the threats following the failure of Kyari and other chief executive officers of its subsidiaries to attend an interactive session organized by the panel.

    Some of the agencies invited whose chief executive officers failed to turn up at the session but sent representatives include the Nigerian National Petroleum Company Limited (NNPCL), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and others.

    Senator Jibrin (APC – Kogi East), noted that so much has been heard on the TAM of refineries and so much have been spent on operational materials on the refineries that are not working.

    He said that the Senate want to find solutions to all the leakages, as there are a lot of them.

    “We will ask for refund and dismissal of all the chief executives involved in the Turn Around Maintenance,” he declared.

    Senator Jibrin said that for weeks, they have been asking for documents, which have not been given by the oil companies, a development that created suspicion.

    “We sent them invitation more than two weeks ago requesting for documents and the documents have not been released after two weeks. So, we want the chief executives to be present.

    “More worrisome is between 2010 and 2020, the sum of N4.8 trillion was said to have been spent as operational expenses.

    “How do you incure operational expenses that have to do with purchase of raw materials and similar expenses on factories that are moribund? How do we come about operational expenses? We need to know.

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    “These are issues that Nigerians want to know; they want solutions to all these leakages. We know they are leakages. Whether you accept it or not they are leakages and they are all forms of compromise within your various establishments.

    “We know and we will not hesitate to escalate it to the highest possible level, including possibility of refund and outright dismissal of some of the heads of some of these agencies and possibly go to jail,” he said.

    Also speaking, Senator Yahaya Abdullahi said that NNPCL and management of other agencies, who came to represent their bosses, should be sent back to tell their Chief Executives that they should appear in person rather than send representatives.

    Senator Sumaila Kawu said that they know the modus operadi of the civil service, adding, “We are not in the Senate for personal functions. We are representing the entire legislators. You in the civil service, we know how you are operating.

    “We are in a very serious business. At the end, you will be at the receiving end. Nigerians are not satisfied with what you are doing and you will be at the receiving end.

    “We are independent. We can go to any length to defend our people. It is the constitution that  established you. So, we must agree how to operate.

    “We will suspend this interaction until when you are ready. We have 100 ways through which we can achieve our legislative work. We just wanted to give you fair hearing and you must respect the constitution.”

    Senator Danjuma Goje, who asked them whether they are the heads of the agencies, added that the panel will only deal with heads or Chief Executives and not people who have been sent.

    “We will have to agree on new dates for the submission of the documents both hard copies and soft copies and a date for meeting where the Chief Executive must appear,” he said.

    They were, however, given till Tuesday to submit the documents before the meeting with the Chief Executive.

  • SMEDAN, Sterling Bank partner on N5b single-digit loans for SMEs

    SMEDAN, Sterling Bank partner on N5b single-digit loans for SMEs

    The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has signed an agreement with Sterling Bank to provide N5billion in loans to small businesses across the country at a single-digit interest rate of nine per cent, making it one of the most appealing credit options for Nigeria’s SMEs.

    The Memorandum of Understanding (MOU) was officially signed yesterday at SMEDAN corporate headquarters in Idu, Abuja. Director-General of SMEDAN, Mr. Charles Odii and the Managing Director of Sterling Bank, Mr. Abubakar Suleiman, sealed the deal.

    To access the loan, small businesses must register with SMEDAN and complete an application form following which the bank will process the application for disbursement. This opportunity is available nationwide to small businesses across all sectors, with loan options ranging from N250,000 to N2.5million.

    SMEDAN stated that the initiative marked a significant stride in fulfilling Odii’s commitment to fostering prosperity by facilitating the growth of small businesses through enhanced financial access. According to SMEDAN, the move is pivotal, considering the crucial role SMEs play in revitalizing the economy, and it strongly aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which focuses on growth-oriented economic reforms and support.

    It follows an agreement struck with the Anambra State government by the Odii-led SMEDAN to provide a N1billion loan portfolio for SMEs in the state. Earlier, the Director-General assured of his plans to announce more partnerships with other state governments and private actors in pursuit of the goal to enhance finance access to small businesses.

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    The N5 billion agreement with Sterling Bank represents a key demonstration and fulfilment of the pledge.

    Speaking at the event, Odii described it as “an important milestone in our efforts to stimulate economic growth and drive prosperity by enhancing SME access to finance. We believe that the financial support, which comes at a very competitive rate, will help SMEs expand operations, hire additional employees, and contribute to an overall upswing in beneficial trade and economic activities.”

    The ¦ 5 billion loan agreement with Sterling Bank has a duration period of 24 months, and repayment will commence after a minimum period of three months, enabling small businesses to fully leverage the facility. Application for the loan through the portal [www.smedan.gov.ng/smedansterling] has commenced and disbursement is expected to begin in two weeks.

    Mr. Suleiman said the partnership with SMEDAN was done to provide prompt access to finance for small businesses and guide them through a formalization process crucial for sustainability and access to funds. This includes record-keeping, separation of personal from business finances, and investment in competitive strategies to stand out and succeed.

  • Reps seek ban on imported goods with local substitute 

    Reps seek ban on imported goods with local substitute 

    As the naira consolidates its  strength , the House of Representatives Committee on Finance , Loans and Debt Management has recommended that all locally produced goods be banned from importation.

    The House gave the recommendation while considering a report on the 2024-2026 Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP).

    Recall that the dollar  fell against the naira on Tuesday and Wednesday at both the official and parallel market.

    According to the Data from the Nigerian Autonomous Foreign Exchange Fixing (NAFEX), the country’s official exchange rate window, the Naira fell from N750.14 on Monday to N830.97 and N840.53 on Tuesday and Wednesday.

    Also, in the parallel market, the Naira moved from N1,140, on Monday to N1,145 and N1160 on Tuesday and Wednesday.

    To this end, the lawmakers said despite the unification of the foreign exchange market, there is still pressure on the naira.

    This, the house said is “due to the lack of stable foreign reserve as a result of the lack of exports of locally produced goods”.

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    The lawmakers, therefore, recommended that “all items locally produced should be outrightly banned from importation and customs tariffs amended accordingly.”

    Supporting the reps call, an exporter, Ikechi Okonkwo, disclosed that the fall in naira was as a result of over reliance on importation.

    He, however, called for diversification of the economy, saying the refinery must also begin refining of petroleum products if we want to stem the fall in naira.

    “The rise in dollar rate is telling on Nigerians because the Nigerian economy is import based. As you may know, we practically import almost everything, including toothpick and as such any time dollar rises against the naira, the effect is immediately noticed as we can see on the prices of petroleum, rice and other essential commodities. 

    “President Tinubu’s economic team should initiate policies that could lead to diversification of the economy from oil. It is sad that after 60 years of independence, Nigeria fell from an agro-based economy to a nation that could barely feed its citizens. 

    “It is also appalling that despite the fact that the country falls among leading petroleum nations in Africa, it can’t boast of any functional refinery. All these obstacles must be overturned if we must truly become the giant of Africa,” Okonkwo said.

  • Glo begins new season of Smartphone Festival

    Glo begins new season of Smartphone Festival

    As Yuletide draws near, telecommunications company, Globacom, has unveiled a new Smartphone Festival which offers up to N150,000 discount as well as 18GB of free data for customers.

    Globacom explained in a press release issued in Lagos that the special Smartphone Festival tagged Gloworld Black Friday runs from Thursday November 16 to November 30 and is open to subscribers who buy selected smartphones from any of the Gloworld outlets across the country.

    Said Globacom: “Customers who visit Gloworld shops across the country and purchase devices will enjoy up to N150,000 discount and also 18 GB bonus data for 6 months”.

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    The festival gives prepaid and postpaid subscribers the opportunity to visit Globacom’s one-stop shops to get the best price deals on any handset of their choice, adding, “customers who buy Glo SIMs will also  enjoy bonuses on airtime and data”.

    The telecommunications giant encouraged subscribers who are yet to visit the Gloworld outlets  for devices to do so soonest  in order to buy any device of their choice from the range of latest devices and enjoy the bundled benefits.