The Nation Newspaper

Author: The Nation

  • FCMB okays N100m asset finance cash for SMEs

    FCMB okays N100m asset finance cash for SMEs

    Small and Medium Scale Enterprises (SMEs) can now access from N5 million to N100 million First City Monument Bank (FCMB) SME Asset Finance Facility to purchase equipment needed to grow and expand their operations.

    In a statement, the bank said over 25,800 SMEs have accessed the facility.

    FCMB has provided about N45.9 billion loan guarantee support to SMEs with inadequate collateral coverage in the start-up stage and has disbursed over N637.08 billion in loans to entrepreneurs.

    With a four-year repayment option, this asset finance facility is open to early-phase businesses of less than five years and growing SMEs to help fund new equipment addition or replace depreciating assets to sustain growth trajectory.

    Group Head of Business Banking, FCMB, George Ogbonnaya, said SMEs in Nigeria have what it takes to be more productive and contribute more to growth. However, they face a major challenge, the capacity to raise funds to acquire modern equipment and other assets.

    Read Also: FirstBank grants N455b loans to SMEs

    He said: “FCMB understands the challenges SMEs face in securing funding and is committed to providing them with the financial support they need to grow and succeed.”

    The FCMB Asset Finance facility is structured to provide a viable option for SMEs to acquire business assets at an affordable rate.

    So far, the uptake by SMEs has been impressive, and it is helping them to succeed.

    In recognition of its support to SMEs in the country, FCMB was awarded “Best Bank with the Highest Impact on SMEs in Nigeria” for the second consecutive year by the Development Bank of Nigeria (DBN) at its annual awards ceremony. This prestigious award is a testament to FCMB’s ongoing efforts to provide SMEs with the financing and support they need to grow and succeed.

    In 2021, the Bank won nine national and international awards and recognitions across various SMEs segments, including the “Best SME Bank in Africa” and “Best SME Bank in Nigeria” at the Asian Banker Middle East and Africa Regional Awards for the second consecutive year.

    A member of the FCMB Group Plc, First City Monument Bank is committed to fostering inclusive and sustainable growth in its communities, building a supportive ecosystem rooted in Africa that connects people, capital, and markets.

  • ICT training centre, others to empower youths

    ICT training centre, others to empower youths

    Convener of Lagos of Our Dreams project (Project LOUD), Mr Kehinde Bolaji, has said the LOUD Sanwo-Olu ICT/Skill Acquisition Centre in Surulere, Lagos, will give youths training and skill acquisition resources.

     Speaking at the launch, Bakare said the training was bankrolled by Governor Babajide Sanwo-Olu, saying the governor was committed to youth development.

    Read Also: Organisation empowers 200 vulnerable persons

     Special Adviser to Lagos State Governor  on Special Duties and Inter-Governmental Relations, Mobolaji Ogunlende noted such initiative was  important to youth development in 21st century.

    Ogunlende, who represented Sanwo-Olu, hailed the convener for the programme, and urged participants to be dedicated.

    The programme will enable youths run courses in  fashion design, photography, makeup artistry, catering, and digital marketing.

    Highpoint of the event was presentation of a car and gifts to members of the LOUD  team.

  • Energy transition: Tinubu seeks consideration for Nigeria’s devt

    Energy transition: Tinubu seeks consideration for Nigeria’s devt

    President Bola Tinubu, yesterday, challenged the United States  (U.S) and other developed nations to recognize that Nigeria and Africa have a challenge of poverty that must be addressed.

    According to a statement endorsed by his Special Adviser on Special Duties, Communication and Strategy, Mr Dele Alake, the president spoke during a meeting with U.S Assistant Secretary of State, Bureau of Energy Resources, Ambassador Geoffrey Praytt, at the State House, Abuja.

    President Tinubu gave the challenge in relation to the demands placed on the nation in the race for energy transition, noting that the world must  strike a balance between fossil fuel and green energy.

    He also called for stronger and better cooperation with the U.S as Nigeria and the rest of the world move in the quest for renewable and other sources of clean energy.

    President Tinubu presented his own perspectives to the U.S delegation on the role of Nigeria as an oil-producing country and the importance of revenue from fossil oil to national economic well-being.

    Nigeria, according to the him, will honour all its obligations to climate change and quest for clean energy.

    “Nigeria is an oil producing nation and a developing economy that needs revenue from fossil fuel for growth and development. The new energy we are talking about represents just five per cent of global energy requirements. We must find the right balance between new energy and fossil fuel because we have problem of poverty in Africa,” he said.

    On the nexus between the problem of poverty in Africa and fragility of democracy on the continent, President Tinubu admonished the U.S to work with Nigeria to protect the government of the people.

    He also urged the Assistant Secretary of State to impress on his home government the urgency of responding to the needs of Nigeria.

    Read Also: BREAKING: Tinubu appoints two additional Special Advisers

    “Our democracy needs protection like all other democracies in the world. We cherish our partnership with the US. My concern is whether the United States is giving us enough as much as we need. The US should not make us hungry to the point we will have to eat the dinner of our enemy.

    “We need the funding support to help us drive and accelerate our energy diversification. There are bottlenecks that must be unbottled in terms of how the US bureaucracy responds to our needs. Help must be given when it is needed. We are ready to learn and develop to join the 21st century economy. Please take it home that we need help and very quickly too. I am honoured with your recognition of the baby steps we have taken so far. I want to assure you that Nigeria will honour her obligations on climate change and renewables,” the President said.

    Ambassador Praytt in his remarks extolled the bold economic initiatives already taken by President Tinubu with respect to fuel subsidy removal and unification of multiple foreign exchange rates.

    He said he was in the country partly to inform the President that President Joe Biden is in support of the steps taken so far by Nigeria to reduce the impact of fossil fuel.

    “We are opening a new page in US relations with Nigeria. Nigeria is taking important steps in growing the renewable energy to meet the need of her citizens.

    “We are very happy with our work with NNPCL and your team. Your new Special Adviser on Energy is already doing very well,” the US Envoy said.

    Earlier in his introductory remarks, Group Managing Director of NNPC Limited, Mele Kyari, told the President that the Energy Industry in Nigeria had been engaging the US Department of Energy on the energy transition.

    Kyari acknowledged the support the Nigerian government received from the US Department of Energy to develop the Petroleum Industry Act.

  • Jaiz identifies 100m poor Nigerians, gives 70 persons N15m

    Jaiz identifies 100m poor Nigerians, gives 70 persons N15m

    Chief Executive Officer of Jaiz Charity and Development Foundation, Dr. Abdullahi Shuaib, has said over 100 million Nigerians are in multi-dimensional poverty.

    This, he said, is due to rise in inflation followed by high cost of household items, food items, fuel, electricity and transportation.

    He spoke during Zakat Distribution in Lagos where N15 million was disbursed to over 70 beneficiaries for empowerment, health, livelihood and educational intervention, among others.

    Beneficiaries went home with deep freezers, industrial sewing machines, gas cookers, generators, laptops, and grinding machine.

     Shuaib said the foundation was concerned by worsening living conditions of the vulnerable.

    “Jaiz Foundation is inspired to wipe off tears and soothe pains of people,” he said.

    Read Also: Jaiz Bank grows profit by 44.6% in first quarter

    He urged them to utilise either the zakat or items so purpose of the intervention is attained.

    Grand Mufti of Conference of Islamic Organisations (CIO), Sheikh Dhikrullah Shafi’i said the zakat institution was established to eradicate poverty and empower and reform society.

    The scholar encouraged those eligible to pay their zakat.

    “Those eligible should remove zakat from their wealth as and when due. The administrators should ensure only eligible beneficiaries enjoy it, just like Jaiz Foundation screens people. They have been doing a great job in the screening which I am also part of. The beneficiaries should use the proceeds for the right purpose and not divert it,” he said.

    Executive Director of Zakat and Sadaqat Foundation, Prince Sulaiman Olagunju praised Jaiz Foundationm for putting smiles on the faces of the poor.

  • PCN suspends three pharmacists for misconduct

    PCN suspends three pharmacists for misconduct

    PHARMACY  Council of Nigeria (PCN) Tribunal has suspended three pharmacists for three years for professional misconduct.

    They are Fidelis Okenwa,  Bukonla Odubiro, and Daniel Aghanemuzo.

    Another, Nwakpuma Nwophe, got 12-month for same offence. But Chigozie Sunday was reprimanded as petitions against were withdrawn.

     The statement was signed by tribunal’s Registrar and Secretary, Ibrahim Ahmed.

    It reads: “Pharmacy Council of Nigeria (PCN) Tribunal, at its sitting  of June 15, convicted and passed sentences on five pharmacists.

    Read Also: New Act gives more impetus to PCN, says Registrar

    ‘’The particulars of the persons convicted and their sentences are: Fidelis Okenwa was found guilty of professional misconduct and the tribunal ordered the registrar to suspend him for three years; Nwakpuma Nwophe, guilty of professional misconduct and the tribunal ordered the registrar to suspend him for 12 months; Bukonla Odubiro, also guilty of professional misconduct and ordered to be suspended for three years; Daniel Aghanemuzor, guilty of infamous conduct, was ordered to be suspended for three years.

    “Concerning Chigozie Sunday, the complainants withdrew the petitions against him.

    ‘’The tribunal, however, looked at the circumstances surrounding the petitions and ordered the registrar to reprimand him…”

  • Sani assures LG chairs of financial autonomy

    Sani assures LG chairs of financial autonomy

    •Swears in SSG, HoS, CoS

    Kaduna State Governor, Senator Uba Sani has assured that his administration will continue to grant the 23 local governments in the state financial autonomy, tasking them on developmental projects.

    Speaking when he received the local government chairmen, who visited yesterday, Sani said: “The local governments in Kaduna State have been enjoying financial autonomy in the past eight years and our administration shall continue with that. Local governments chairmen should focus on developmental projects, the era of buying items and distributing to the people is over. The state government would partner the local governments for joint projects on infrastructural development but we need to know what project will benefit our people most.

    “The era of politics is over, there should be no sentiments, no party, religious or ethnic differences in the projects. Safety and security is the major focus of our administration, we shall work closely with the local government administration to build trust with the people. Intelligence gathering will be used effectively. Our administration will prioritise development of the rural areas by extending infrastructure to all local governments, especially the rural local governments.

    Read Also: Group marks 10th anniversary with environmental sanitation in Lagos community

    Chairman, the Association of Local Governments of Nigeria (ALGON) Kaduna State chapter and Chairman, Lere Local Government, Hon Abubakar Buba said the council chairmen are at Sir Kashim Ibrahim House to congratulate Governor Uba Sani on his inauguration, to pledge their support and readiness to work with his administration. He requested for periodic citizens’ engagement to bring the people closer to government. “We would appreciate for us to have a quality meeting for us to be on same page, for you to be abreast with what is happening at the local government level.

    Earlier, Sani had inaugurated the Secretary to the State Government (SSG), Malam Balarabe Abbas Lawal; Head of Service, Habiba Anana Shekarau and Chief of Staff to the Governor, Sani Liman after they were sworn into office. He tasked them to ensure the delivery of dividends of democracy to the people of the state based on the Seven-Point agenda, SUSTAIN – Safety and security, Upgrade infrastructure, Strengthen institutions, enhance Trade and investment, Invest in human capital and Nurture citizens engagement.

  • CSOs demand conclusion of cases against Oduah, others

    CSOs demand conclusion of cases against Oduah, others

    The National Coalition of Civil Society Organisations has urged President Bola Tinubu to revisit cases of corruption that have not been prosecuted to a logical conclusion.

    The group, while congratulating the new president, noted that steps taken by the Tinubu administration in addressing corruption and financial crimes will give a sense of direction to where the country was headed for the next four years.

    They specifically made reference to former Minister of Aviation, Senator Stella Oduah’s alleged fraud charges.

    Senator Oduah, who represented Anambra North in the 9th senate, is standing trial alongside eight others on a 25-count charge bordering on alleged conspiracy, money laundering, and maintaining anonymous bank accounts with First Bank Plc.

    National Secretary of the group, Comrade Femi Osabinu, at a press briefing in Abuja, said the group has written to Tinubu and security agencies on the need to conclude some of these corruption cases.

    He said some of these corruption cases had “lingered for too long.”

    He said the group would embark on protest if the president failed to act on their letter. 

    Read Also: Oduah, Ubah, shun Senate committee’s workshop in Anambra

    He said: “As a not-for-profit nongovernmental organisation comprised of patriotic Nigerians, our unremitting quest to see that all public funds appropriated for the procurement of dividends of democracy to the benefit of the teeming citizenry are judiciously applied and accounted for, compels us not to keep mute in the face of this brazen alleged theft of our collective wealth.

    “We are therefore of the informed view that this orchestrated drama that has played out for the past nearly three years in the Federal High Court Abuja, on the corruption case before Justice Ekwo involving Sen. Oduah and others, is a monumental disgrace and a slap on the face of the anti-corruption crusade of the APC-led Federal Government, as well as a huge dent on the image of the judiciary. Let’s bear in mind that the international community; the Financial Action Task Force (FATF) and the global body of anti-corruption agencies are keenly watching to see how the matter is panning out.”

    Among other prayers, he called on President Tinubu to direct the “EFCC to ensure that Sen. Stella Oduah is properly arraigned for the prompt determination of the fraud charges leveled against her by the Federal Government.”

    He added: “That Mr. President should cause an independent investigation into the reason(s) Senator Stella Oduah and her co-defendants have not been arraigned for almost 30 months after the EFCC had concluded its investigations and filed the case of conspiracy, money laundering and maintaining anonymous bank accounts against them at the Federal High Court, Abuja.

    “Let Nigerians see the end to their struggle against poverty and impoverishment within the immediate society. The judiciary is bound to seek the confidence of the people.

    “We have written to EFCC and security agencies. We are waiting for the clock to tick appropriately. If justice is denied again we are going to come out and make our voice known to the people.”

  • Stakeholders stress mentorship for maritime students

    Stakeholders stress mentorship for maritime students

    Stakeholders in maritime have called for more opportunities for students in maritime schools to get more practical exposure to equip them before graduation.

     They spoke  in Lagos at 2023 Annual Maritime Students and Youth  Conference.

     Chief Executive Officer of  Platform Communications, Mr. Sylvanus Obasi, noted in line with the vision of International Maritime Organisation (IMO), maritime nations and member states are encouraged to explore means to attain greener shipping. 

    Obasi said the conference x-rayed how stakeholders could attain greener shipping.

    Read Also: Maritime safety in Gulf of Guinea

    Managing Director/Chief Executive Officer of GOG Marine, Mr. Bem Garba, called for more similar conferences for students, not only in the maritime sector but in other fields to equip them in their chosen career even before graduation.

    Expressing gratitude to the organisers, Garba noted the conference offered participants the opportunity to think deep about happenings in the industry and the future.

    President of Ship Owners Association of Nigeria, Dr. Mkgeorge Onyung, said the knowledge from the conference will broaden understanding of students, saying his association will continue to support the younger generation.

    The conference was organised by Platform Communications in collaboration with Nigerian Maritime Administration and Safety Agency (NIMASA).

  • Future universities must accommodate technology, says VC

    Future universities must accommodate technology, says VC

    Universities must innovate for a future that accommodates degrees and micro-credentials, intellective and job skills, using online or hybrid delivery models, Vice Chancellor of Igbinedion University, Okada in Edo State, Prof. Lawrence Ikechukwu Ezemonye, has said.

    This was the thrust of the 10th memorial lecture in honour of University of Lagos (UNILAG) 10th Vice Chancellor, the late Prof Babatunde Sofoluwe, at the institution. 

    The professor of Ecotoxicology and Environmental Forensics, in his lecture: ‘Future Universities and Future-ready Graduates: Transition from Rhetorics to Realities,’ reiterated the need for innovative curriculum that fits into changing landscape of higher education.

    Deputy Vice Chancellor of Development Service at UNILAG, Prof. Ayodele Atsenuwa, noted curriculum should respond to industry needs.

    “We must work at curriculum improvement and reform. Curriculum should be designed to respond to industry needs. We need to address our pedagogy; how we deliver training, in such a way that will engage students in a participatory way…

    Read Also: Ex-NASENI boss wants Tinubu to promote local technology, innovations

     ”We need to embrace what technology offers to widen opportunities to access knowledge.

    “We cannot talk of technology only at higher education level. We must talk about technology from start. That means government must be serious about digital penetration. 

    “For digital penetration to be effective, you need accessibility and access.  We must address poverty,” she noted.

    Chairman of UNILAG Alumni Association in Lagos,, Adedeji Owoeye, noted “the future of universities is driven by technology. Universities should re-focus on this. 

    “There’s need to do more. The future is technology. There should be proper funding in the area of research.” 

    Occasion Chairman, Prof. Rosemary Egonmwan, said Sofoluwe is ‘an embodiment of simplicity and humility.’

  • Akpabio’s victory as Senate president excites vanguard

    Akpabio’s victory as Senate president excites vanguard

    A group, known as  Senator Akpabio Vanguard, has felicitated the senator representing Akwa Ibom Northwest Senatorial District,  Godswill Akpabio, on his election as 10th Senate president.

     The group, through its Convener,  Jeffrey Udende, and Director of Operations,  Islameen Etudaiye, hailed senators for the trust they had in Akpabio by electing him.

    Read Also: Akpabio, Abbas: lawmakers will back Tinubu to deliver

      Udende said members shunned anti-democratic tendencies and heed the voice of reason and the yearnings of Nigerians who wanted Akpabio.

    He said it’s the best decision for the new dispensation.

    The group urged lawmakers and judiciary to complement efforts of President Bola Tinubu to work for citizens.