The Nation Newspaper

Tag: Bank of Industry (BoI)

  • Bayelsa trains over 5,633 youths in various vocational skills

    Bayelsa trains over 5,633 youths in various vocational skills

    The Bayelsa Government says it has trained no fewer than 5,633 youths in various skills since the inception of Gov. Seriake Dickson administration in 2012.

    Mr Collins Cocordia, Bayelsa Commissioner for Youth Development, said this on Friday at the on-going Inter-Ministerial and Agencies’ briefing in Yenagoa.

    The briefing was part of activities to mark Dickson’s six years in office come Feb. 14.

    The briefing tagged, “Restoration Government at Six: Our Score Card in Focus”, started on Jan. 22 and would end on Feb. 9.

    Cocordia explained that about 40 members of the National Youth Service Corps ( NYSC ) were also trained in different professional skills in the state.

    He said the training was carried out in collaboration with other agencies both at the national and international level.

    On the cost of training, the Commissioner said that the government had invested huge resources to ensure that people of the state were empowered.

    “The state government spends between N1.5 and N2 million to train a youth in professional skills.

    “Since we came on board, about 1, 000 persons were trained in partnership with the Industrial Training Fund ( ITF ), Small and Medium Enterprises’ Development Agency of Nigeria ( SMEDAN ), and Bank of Industry ( BoI ) for three months.

    “More than 150 were trained at the International Institute of Tourism and Hospitality on different skills, including GSM telephone repair for four months.

    “Also about 627 youths were also trained in a programme tagged “Catch Them Young through Skills Acquisition” in science and technology.

    “We have had series of training progrmmes to empower and develop the youth; similarly we have sent some to different parts of the world for training.

    “In this 2018, we hope to train many youths on solar energy in partnership with a German based company on other skills such as diving, flight dispatch, and fire fighting among others,” the ommissioner said.

    NAN

  • NFVCB seizes pirated films worth N200m

    NFVCB seizes pirated films worth N200m

    The National Film and Video Censors Board ( NFVCB ) said it seized uncensored, unclassified and pirated films worth about N200 million and arrested 12 suspected pirates between March and December, 2017.

    Mr Adedayo Thomas, the Executive Director of NFVCB made the disclosure in an interview in Lagos on Wednesday.

    Thomas said that pirated items were confiscated at Alaba International Market, Lagos, Kubwa, Banex Plaza and Wuse Market in Abuja, as well as Benin City in Edo and Kaduna.

    He explained that the seized items include; DVD’s, CD’s, Production equipment and copies of several pirated films.

    “The board has scaled up its enforcement activities for the New Year and are intensifying efforts to make this evil business of pirates becomes unbearable for those that have seen it as a means of making quick money.

    “The board will ensure total sanity and get rid of pirates in the industry, while the right owners of works enjoy the fruit of their hard labour,” he said.

    According to him, the 12 suspects arrested in Lagos and Abuja would soon be charged to court for prosecution.

    Thomas said that such action would serve as deterrent to others thinking of going into such business and prevent such illegal products from selling in the market at the expense of genuine ones.

    The Executive Director added that the action was part of the board’s enforcement operations in sanitising the Nigerian market of illegal films.

    He explained that the board had lined up nationwide raid against uncensored, unclassified and pirated films to ensure that such products were completely removed from the movie market.

    The NFVCB boss noted that the motion picture industry was not all about entertainment, but a big business that must be encouraged and protected to grow and bring profit to its investors.

    Thomas said that the creative industry was acclaimed to have contributed 1.4 per cent to Nigeria’s GDP and can do more.

    He commended the Bank of Industry ( BoI ) and Tonye Princewill, the executive producer of film “79 for supporting the board to discharge its mandate effectively.

    Also Read: NFVCB confiscates pirated materials worth N150m at Alaba Market

    “Bank of industry (BoI) support the Censors Board with the sum of N500,000 and three powerful motorcycles, while Tonye Princewill gives the board N500,000 to repair its abandoned operational vehicle used for raiding of pirates on the street.

    “BoI and Tonye Prince will have been supporting any drive that would enhance the commercial viability of the films and creative industry.

    “Recently, BoI gives two powerful motorcycles to the board as part of machinery needed to carry out its work smoothly.

    “I am indeed grateful and happy towards their gesture, and I appeal to other stakeholders, individuals and philanthropists to support and partner with the board to be effective and efficient in discharging its mandate, ” he said.

    Thomas said that BoI was a major financier of the creative sector, having invested heavily in the development of infrastructure and movie production in the country.

    NAN

  • Expert tasks businesses to leverage on technology

    Expert tasks businesses to leverage on technology

    Mr Tonye Cole, Executive Director, Sahara Group, has tasked entrepreneurs on the need to exploit technology for information gathering toward enhancing business opportunities and economic growth.

    Cole gave the advise at the Entrepreneurs Connect Forum themed: “The role of credit and technology in building a sustainable business” on Saturday in Lagos.

    The News Agency of Nigeria (NAN) reports that Entrepreneurs Connect is one of the initiatives of The Young CEO that seeks to connect startups with business leaders from various sectors.

    The platform provides startups access to mentorship, grants and networking opportunities to help them scale up their businesses and command authority in their respective sectors.

    Cole noted that many entrepreneurs were not leveraging the internet to research diverse information that could catalyse and expose their businesses to global trends that would spur growth.

    “Startup businesses collapse because people have not done enough research into why they are going into business; they go into business because they see someone else doing it.

    “Every business school would tell you that most businesses fail in their first year, so to reduce the rate of this failure, you must spend time in conducting research so that you can avoid pitfalls that others went through,” he said.

    According to him, lots of financing opportunities are available to be explored by startups, adding that money is chasing entrepreneurs with innovative ideas.

    He commended the Federal Government on the country’s improvement on the World Bank’s Ease of Doing Business ranking, adding that sustainability of the improved index should be enhanced.

    “The government can set a target and continue to build upon it, the ultimate is doing business registration and operating your business without seeing any government official.

    “The government should continue working that way because you do not need any government official to access money, pay taxes, access information and I believe that we will surely get there. It is a work in progress,” Cole said.

    He stressed that everyone and not just government has a role to play in contributing to easing the business environment in view of the immense benefits.

    Mr Michael Akintan, risk analyst, Bank of Industry (BoI), urged the entrepreneurs to keep proper business records and to explore the various financing products of the bank to upscale their businesses.

    Mr Aigbe Omoregie, Convener of The Young CEO, said that the initiative had been at the forefront of youth empowerment through its programmes and events.

    “Nigeria, in comparison with other West African countries, is by far a bigger economy with a teeming population of over 210 million, with the young unemployed people constituting a whooping 65 per cent of the number.

    “A large percentage of these young people are willing to work and create new business opportunities in their local communities but lack access to funding and mentorship from renowned business leaders,” he said.

    Omoregie noted that the platform seeks to bridge the gap of financing, mentorship and capacity building of youths between 15 to 30 years toward boosting entrepreneurship, job and wealth creation in the country.

    NAN reports that two beneficiaries in the fashion and agro-allied industry were awarded N100, 000 grant each to scale up their businesses.

  • FG moves to consolidate ease of doing business in mining sector

    FG moves to consolidate ease of doing business in mining sector

    ….as Ministry unveils integrated automated GIS Web Portal

    The Federal Government, on Thursday took another bold step in consolidating ease of doing business in the mining sector with official unveiling of the Integrated Automated and Interactive GIS Web Portal of the Ministry of Mines and Steel Development.

    The unveiling of the GIS Web Porter, which came barely a month after a World Risk Report on Global Mining sector rated Nigerian Mining jurisdiction as having a better investment risk profile, according to Minister of Mines and Steel Development, Dr Kayode Fayemi, underscores the government’s commitment to grow the sector.

    Dr Fayemi who demonstrated some geological enquiries on the GIS web portal (portal.minesandsteel.gov.ng), during the inauguration, said the e-platform would aid the steady growth of the mining sector and contribute to the realisation of the administration’s goal of diversifying the economy’s revenue base, creating jobs, and broadening the range of economic opportunities available to Nigerians.

    He said  with the launch of the portal, the country has now joined the league of jurisdictions in the global mining space that have deployed technology towards achieving transparency and ease of doing business in mineral sector governance.

    The Minister said that the overall objective of the project was to increase provision of reliable information and knowledge to enhance promotion of investment in the sector using technology driven innovation. “This would in turn help increase the sector’s GDP contribution significantly”, he added.

    “Part of the deliverables of this project, among others, include: Business Processes Re-engineering, building of a GIS Web Portal with a Business Automation System, Content Management System (CMS), Geographic Information System (GIS), Decision Support System, collaboration and upgrade of the ICT Infrastructure of the Ministry.”

    Fayemi, noted, while new technology would further reduce the time spent on various processes in the sector as information can now be assessed from any parts of the world, just as transaction could be done from any location.

    He listed some of the tasks to be performed by the Web portal to include online processing of mining licenses and mineral titles application; online payment of royalties and fees; as well as database for revenue drive; business intelligence analysis, reports and statistical data generation.

    Others include GIS mapping representation of resources within the country; Side stream along the mineral corridor, Deployment of Electronic Document Management System (EDMs); Provision of GIS Laboratory; Provision of Data Centre at Ministry’s Headquarters; Provision of Disaster Recovery facilities within Nigeria; Training on GIS, ERP, EDMs and portal navigation.

    Fayemi revealed that the portal was designed to serve as an input Decision Support System to no fewer than 15 MDAs, the Bank of Industry ( BOI ), the Federal Inland Revenue Services ( FIRS ), Miners Association of Nigeria.

    The Minister said: “The strategy adopted for Go-Live is incremental in nature. Today we are unveiling the following: Content Management System for the Ministry and its Agencies: Market Place comprising of Minerals Commodity Price, certified list of COMEG members, List of mining operators with valid licenses & related minerals they trade on etc.

    “Online Application of Licenses and Permit issued by Artisanal and Small Scale Department such as: Formalization of Artisanal Miners,  Registration of a Small-Scale Operator, Registration of Private Mineral Buying Centres, Renewal of Private Mineral Buying Centres.

    “Administration Module with Internal Document Management System, Development of Workflow Approval Engine, Integration between Main Portal and GIS portal, Development of electronic payment platform, GIS Portal – Executive Dashboard and Application portal, Payment Integration with REMITA, Helpdesk Solution – Live chat, Development of Internal Users Reports and Dashboard”

    “Distinguished ladies and gentlemen, with the launch of the portal today, Nigeria now joins the league of jurisdictions in the global mining space that have deployed technology towards achieving transparency and ease of doing business in mineral sector governance,” the Minister added.

    Also speaking at the event, the Minister of State for Mines and Steel Development, Hon Abubakar Bawa Bwari said  when himself and Dr Fayemi first report at the ministry, they met a sector that was moribund and seemed to lack both the wherewithal  and the will to carry on. He said the duo however resolved to make a mark in the sector.

    Abubakar said: “We designed a roadmap that we hoped will take us out of the doldrums and lead us on the path to shared mining prosperity. Anyone who looks at our roadmap will notice that we have made plans that will in time make this nation a mining destination again. Some of these plans, like the legitimisation of artisanal miners, improved funding for the sector, ensuring greater cooperation between states and the federal government, and raising the contribution of mining to GDP, have achieved modest success.

    “However, when you consider the huge potentials we have in the sector and compare that to what we presently contribute to the GDP, you will agree with me that the gap is just too much. Some of causes of this could have been avoided if in the past we had been more careful as a country”.

    President of Women in Mining, Hon Janet Adeyemi said the deployment of the GIS web portal would be the game changer in the Nigerian mining sector.

    “This is the first time the leadership of the Ministry would be matching words with action,” she said. She also added that the development would open up the system and that mining activities can now be tracked,” she added.

  • Trucks used in Nigeria are over 30 years old – FRSC Corp Marshal

    Trucks used in Nigeria are over 30 years old – FRSC Corp Marshal

    The Federal Road Safety Corps ( FRSC ) yesterday decried the poor state of the trucks on the highways across the country.

    The FRSC disclosed that some of the trucks that travel on the highways are over 30 years.

    This, the Corp said has contributed to their frequent breakdowns and obstruction on the highway.

    To however address the poor state of the fleet, the FRSC and Nigeria Shippers Council signed a MoU; ‘Road Transport Safety Standardisation Scheme.

    The MoU which is expected to set standard for the operation of fleet across the country would also assist in data collection of truck drivers and owners.

    This was disclosed in Abuja when the MoU was signed by both agencies.

    Speaking on the importance of the scheme, the FRSC Corp Marshal, Boboye Oyeyemi said: “We would partner with them to ensure that the parks they want to construct are appropriately located.

    “The Scheme provides for all the truck owners to register with the corps and it will make us have a joint database and with that, we should be able to tell the country how many trucks we have for planning and economic purposes.”

    On the poor state of the trucks, Oyeyemi said: “We should also be able to tell the state of these vehicles in order to encourage government to work on re-fleeting because most of these trucks on the highways are over 30 years and that is why we experience frequent breakdowns, especially in areas where the roads are bad.

    “We need to tell government the actual number of trucks available and their lifespan in order for government to assist in the re-fleeting, maybe through the Bank of Industry ( BOI ) or through any other means.

    “The truck owners are really in dare need of a life-saving intervention in terms of re-fleeting. We are battling with old trucks and there is an urgent need to really address this”.

    The Corp Marshal also noted that the implementation of the scheme which is immediate would carry stakeholders in the transport sector along.

    “The implication is that all truck owners must now comply with the Road Transport Safety Standardisation Scheme. We need to get it right to stop all these indiscriminate parking, accidents, on the highway and once the drivers know that they are fully registered and can be punished, they will sit up.”

    Also seapking, the Executive Secretary of NSC, Hassan Bello said the scheme when implemented would boost the economy of the  country and help in the decongestion of roads.

    He also said the initiative would ensure quick delivery and distribution of goods adding that the first set of parks would be located in Enugu and Kogi States.

    He said: “We are concerned just like the FRSC about free movement of goods, the delivery of goods, good transport infrastructure.

    “As you know, 90 percent of the goods that come into Nigeria are distributed by road, so it is important we have not only the good road as an infrastructure but we should have supporting facilities like the Truck Transit Parks to ensure smooth delivery.

    On the essence of the MoU signed, Bello said: “it would help to standardize the vehicles because if you look at the fleet,  they are rickety and old and we need to start refleeting of these trucks.

    “Refleeting would help us look at the economic indices. We have been working with Automobile Council to see how it could be done and the truckers themselves”.

  • Ebonyi, BOI float N2bn loans for civil servants

    Ebonyi, BOI float N2bn loans for civil servants

    The Ebonyi Government has urged civil servants in its payroll to key into the N2 billion loan scheme being operated by the government and Bank of Industry ( BOI ) to improve their standard of living.

    Mr Pius Eze, Chairman of the 15-man committee inaugurated by the state government to work out the modalities for the loan disbursement, made the call in an interview on Thursday in Abakaliki.

    According to him, the committee has embarked on sensitisation visits to local government areas of the state to enlighten the workers on the importance of keying into the scheme.

    He said that it was difficult under the present economic situation for workers to save about N300,000 and N500,000 from their salaries to start up a business, hence the need to key into the project.

    He said government and BOI contributed N1 billion each into the scheme and stressed that beneficiaries would pay a paltry six per cent interest.

    He said that the loan would assist civil servants to engage in alternative sources of income to better their welfare and economic wellbeing.

    He said that the workers’ monthly pay could no longer sustain them and their families under the present economic situation hence need to diversify sources of income.

    “Thye Governor, David Umahi, is interested in alleviating the plight of Ebonyi workers and that is why he has earmarked N1 billion as loan for workers to access and this is in addition to the N1 billion he attracted from the BOI.

    “The loan, which has only six per cent interest, will enable civil servants to invest the fund in any business of their choice which they can fall back on during their service and after retirement from active civil service.

    “The whole idea is to empower the Ebonyi civil servants and enable them to improve on their monthly in come generation by engaging in other alternative sources of income.

    “The Committee has embarked on sensitisation campaigns to local government councils to educate the workers, enhance their understanding and appeal to them to exploit the huge opportunities being provided by the loan scheme, ” Eze said.

    NAN

  • FG to launch One-Stop-Shop for MSMEs

    FG to launch One-Stop-Shop for MSMEs

    In fulfillment of its mandate to significantly spur Micro, Small and Medium Scale Enterprises ( MSMEs ) the Federal Government would launch one-stop shops in no fewer than seven states across the country.

    The measure is to facilitate smoother government regulation and interface between entrepreneurs and agencies of government.

    Read also: UNIDO upgrades MSMEs’ financial literacy 

    The Vice President’s Spokesman, Laolu Akande, said in a statement on Monday that already one such one-stop shop for MSMEs in Plateau State was launched in Jos on Aug. 24, and was being housed by the Plateau State Micro-Finance Development Agency (PLASMEDA).

    According to him, the states that are next in line are Abia, Cross River, Ogun, Akwa Ibom, Kwara, Kano, Benue and the FCT.

    He said that the shops were slated to take off between September and October, adding that more of the one-stop shops are expected to be launched in other states before the end of the year.

    The one-stop-shop is aimed at bridging the information gap between micro and small investors and regulatory agencies of government.

    Such agencies include the National Agency for Food and Drug Administration and Control (NAFDAC), Corporate Affairs Commission (CAC), Standards Organization of Nigeria (SON), Federal Inland Revenue Service (FIRS), and others.

    Akande said that the MSMEs clinics which held in several States already had provided the opportunities for entrepreneurs and local producers in the MSME level to interact with regulatory agencies.

    Read also: ‘Accounting can sustain MSMEs in Nigeria’

    He added that the One-Stop Shop would create an ongoing opportunity in a permanent location to achieve the same purpose.

    The One-Stop Shop programme is part of the on-going Nationwide Micro, Small and Medium Enterprise Clinics for Viable Enterprises (MSME Clinics) initiated by the Presidency in January 2017.

    The MSMEs Clinics, one of the diversification initiatives of the Buhari administration, was designed to give small businesses the opportunity to interact with the industry regulators in an effort to spur local production and harness the nation’s export potential.

    Read also: Entrepreneurship, Key to ending Youth Unemployment in Nigeria- YPNI

    The agencies to be housed in the One-Stop Shops are the Bank of Industry (BOI), Bank of Agriculture (BOA), CAC, FIRS, SON, NAFDAC, and the Industrial Training Fund (ITF).

    Others are the Nigerian Export-Import Bank (NEXIM), Nigerian Export Promotion Council (NEPC), and Small & Medium Enterprises Development Agency of Nigeria (SMEDAN).

  • BoI allays fears over N11b loan

    BoI allays fears over N11b loan

    The Bank of Industry (BoI) has said that the N11b owed it by 53 debtors will be fully recovered irrespective of litigation by some of the debtors.

    The Managing Director of the Bank, Olalekan Pitan said the recovery drive has already begun.

    The House of Representatives has however requested the Bank to furnish it with details of the recovery of the debt.

    The query for the debt was raised by the 2015 Auditor General’s report.

    At the resumed hearing of the Public Accounts Committee (PAC) Friday, Pitan said the bank had complied with the directives of the Auditor General of the Federation (AGF) on the recovery of the debt.

    In compliance with the directives of the AGF, Pitan said the recovery efforts began immediately with the publication of the names of the debtors in three national newspapers.

    He said: “In addition, we have recovered some money; some of the companies were reported to the Economic and Financial Crimes Commission (EFCC) for recovery.

    “Also, some of them have subjected the recovery to litigation while the property of some of them are on the verge of being sold.”

    Asked to provide exact figures recovered so far, as well as the names of the companies that have taken the bank to court, Pitan said he could not provide the details at the sitting as he had to consult his records.

    On the N2.7b YouWin fund domiciled with the bank for disbursement since 2012, Pitan said the bank could only access N870m out of which N129m was returned to the treasury through the Treasury Single Account in 2015

    Chairman of the Committee, Kingsley Chinda said the House was worried about the huge debt that could affect the objectives of the bank meant to boost the economy.

    In his response, Pitan, who recently assumed office as MD of the Bank said though the debt appeared huge, the bank was prepared for such developments.

    Saying that the bank will not relent in recovery the debt fully, Pitan added, “The bank is not under duress, this does not in any way threaten our business.

    “We are rated and in a healthy position”.

    The Committee also requested the bank to furnish it with the details of transactions on the YouWin programme.

  • Ebonyi releases N1.5b for pension, gratuity arrears

    Ebonyi releases N1.5b for pension, gratuity arrears

    The Ebonyi Government on Thursday released N1.5 billion to settle arrears of workers’ pension and gratuities accruing from Oct.2, 2016 to June 6, 2017.

    Sen. Emmanuel Onwe, the state Commissioner for Information and Orientation, disclosed this in a statement in Abakaliki.

    According to him, the decision was sequel to a report submitted by the committee on verification of workers’ pensions and gratuities to the state executive council.

    “The council has authorised the release of N750 million for the payment of pension and gratuity arrears of retired state civil servants.

    “The council also authorised the release of N750 million for the payment of the pension arrears and gratuities of local government workers,” he said.

    The commissioner said that Gov. David Umahi had directed all eligible beneficiaries to proceed to the Deputy Governor’s Office for verification and to ensure that the payments were disbursed with dispatch.

    “The council also deliberated on the deepening economic recession in the country and resolved to expand the state government’s empowerment programme.

    “This is to meet the growing economic challenges faced by the ordinary citizens, particularly the most vulnerable in the society,” he said.

    Onwe said that government would release funds for the ongoing economic empowerment for over 2,000 widows across the state on Monday, Aug. 21.

    “The widows would be given N200, 000 following the concluded report of the verification exercise conducted by the Senior Special Adviser to the Governor on Religious and Welfare Matters which has been presented to Council.

    “The widows’ empowerment programme has also been expanded to accommodate additional 2,000 widows who will be selected, verified and paid the sum of N200, 000 each by October, 2017,” he said.

    Onwe said that the N1billion budgeted for empowerment of 4,000 eligible persons of the state was still being disbursed by the Ministry of Empowerment and Job Creation.

    He said that over 1,000 persons had already applied and collected grants of N250, 000 each.

    “Beneficiaries who meet the criteria should expect to be paid with effect from Monday, Aug.21 as the relevant ministry will announce and publish the names of recipients of the grants at the conclusion of the disbursements.

    “The state government in partnership with the Bank of Industry (BOI) has inaugurated a Small and Medium Enterprises (SME) Fund of N4 billion operated by the bank for companies and cooperative societies.

    “The beneficiaries with business plans, would access loan facilities ranging from N1million to N100 million to either commence or expand small scale or medium scale enterprises.

    “Interested citizens of the state with creative and entrepreneurial drive are encouraged to approach the BOI to obtain loan facilities at a staggeringly low interest rate of just 6%”.

  • 37,000 registered NANTS members unable to access govt empowerment fund

    37,000 registered NANTS members unable to access govt empowerment fund

    The National Association of Nigerian Traders (NANTS) says about 37,000 members of the association who registered for the Government Enterprise Empowerment Programme fund (GEEP) are yet to access the fund.

    Mr Ken Ukaoha, the President of the association who spoke to the News Agency of Nigeria (NAN) in Abuja on Wednesday, noted that the N140 billion GEEP fund was meant for traders, artisans as well as market men and women.

    According to him, members are yet to receive alerts from the banks having completed the registration.

    Ukaoha explained that the Federal Government had rolled out the fund under the Systematic Investment Plan (SIP) and was being implemented by Bank of Industry (BoI).

    “In April, beneficiaries were trained on how to manage the fund.“In June, we had a meeting to evaluate the outcome and we discovered that more than 37,000 of our members have not been able to access the funds.’’

    According to him, a few of the association’s members received alerts after registration before it suddenly stopped.

    He said the association sought clarification from the two banks involved in the disbursement, and was assured that they would be paid.

    Ukaoha said that the association found out that BoI was also making adjustment to its operations, but, however, added that it was not communicated to applicants.

    “We want to believe that given the approval of the budget, things will start working immediately. “Also during the budget briefing, BoI and Bank of Agriculture had recapitalisation to the tune of N15 billion. “So, we hope this will go a long way to strengthening the capacity and work for Small and Medium Enterprises,’’ Ukaoha said.

    He commended the Federal Government, adding that it was the first time the country had a social intervention programme that would touch the ordinary man.

    “The money may look small but it makes people feel a sense of belonging in the country.’’ He said the programme had been designed to enable beneficiaries begin repayment of N4, 000 every week, adding that the macro credit was interest free.