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Tag: Bank of Industry

  • BOI, Unity Bank in court over N150m loan

    BOI, Unity Bank in court over N150m loan

    Bank of Industry (BOI) and the Unity Bank Plc on Tuesday were at the FCT Court, over non performance of N150 million loan granted to Valentino Project Ltd. by BOI.

    Valentino Project Ltd. had in 2012 secured a loan of N150 million for the construction of water treatment factory and production in Kuje, FCT, while Unity Bank acted as its guarantor.

    Mr Toluwaseun Alabi, the Counsel to the plaintiff, Valentino, said that Unity Bank acted as the guarantor for Valentine Project Ltd. to secure the loan.

    Alabi said a loan of N150 million was given to Valentino to set up a water treatment factory and production line in Kuje, adding that “it did just that, while Unity bank acted as the guarantor to Valentino.’’

    He said in August 2013, Valentino received a communication from BOI that the transaction had been terminated.

    He however argued that since the loan was for five years and still operational; it would amount to a breach of agreement if it was terminated.

    Read also: Court directs respondent to pay 60% cost of maintaining his three children

    “Valentino Project Ltd. has built the water treatment factory and production in Kuje and bought the needed equipment, in fact everything is on ground,“ he said.

    Alabi said Valentino had refused to commence work because of the problem it had encountered, adding that the project was stalled because the N150 million had not been fully disbursed.

    “It was just remaining about N5million to complete the loan and finish the project because the company has built the factory and set up everything.

    “But because the Relationship Manager of Unity Bank and the people handling the facilities on behalf of BOI and Valentino Project Ltd. were not having the best of times, it just cut off as guarantor without recourse to the investment.’’

    He said there was a project appraisal before the BOI gave out the loan, adding that based on Valentino’s performance, the loan was given to the company.

    Peter Inegi Counsel to the defendant, Unity Bank said before the loan facilities was given out to Valentino, there were conditions and some obligations attached to it.

    He said Valentino was supposed to perform based on those conditions and obligations, adding that 100 per cent  performance was expected before any intervention.

    “Unity Bank acted as Valentino Project Ltd. guarantor for  N150 million to BOI, but BOI had to act by withdrawing from Valentino Project Ltd. for non performance of obligations.’’

    Justice Peter Affen of the FCT High Court, Maitama, however, reserved judgment until a date to be communicated to both parties.

    NAN

  • Post-conflict reconstruction: Plateau invites Bank of Industry to Jos

    Plateau State government has offered the Bank of Industry a mouth-watering offer to enable the bank open a branch in Jos, the state capital, to assist its citizens with soft loans for micro businesses as part of the post-conflict reconstruction and recovery plans.

    The state government said it will provide the bank with a take- off grant of N1billion as well as an office accommodation for it to commence operations in the state in the new year.

    Secretary to Government of Plateau State, Hon Rufus Bature, disclosed this in his remarks while declaring open the Bank of Industry Customers forum held at Eliel Event Centre, Rayfield, Jos.

    According to Bature, “We are aware the BoI has been helping its customers in the North East zone with business plans for them to recover from the conflicts that had ravaged the economy of people of the zone. But Plateau State has been left out of the plan.

    “But with the opportunity of the bank holding its customers forum in Jos, we want to let the bank know that Plateau people should be captured in the reconstruction plans of the bank without delay.

    “The government of Gov Simon Lalong has also developed an all-encompassing post-conflict economic recovery plans for its people and since the Bank of Industry also has similar programme for its customers, all that is required now is for the state government to go into partnership and strike a deal.

    “In this partnership, the state government will provide the necessary incentives that will enable the bank open a branch in Jos as soon as possible. The state government is ready to provide the office accommodation and also provide the sum of N1 billion to the bank to disburse to citizens of the state for their micro businesses.

    “Already, thousands of youths are being trained on small and medium scale businesses and we intend to provide them with the fund to take off in their respective businesses after the training,” he said.

    Bature assured the bank that the narratives of security situation of Plateau State have changed for good. On his part, the Director General of the Plateau State Microfinance Development Agency (PLASMIDA), Mr. Haggai Gutap, disclosed that thousands of plateau youths have benefitted from the first batch of the programme. “Some of the deliberate policy programmes introduced by Gov Lalong as economic recovery programmes include the establishment of peace building agency, state micro finance and enterprises agency, constitution of small and medium scale enterprises council, capacity-building programme for youths on small scale businesses.”

    Earlier in a welcome address, Miriam Ann, Customer Care Unit, who represented the BOI General Manager, said, “This is the north east customers forum, an opportunity for the bank to interact directly with its customers.

    The interaction will provide us a kind of feedback from our customers in the zone, it is an opportunity for us to hear from our customers and whatever we hear from our customers in this interaction we will use it to improve on our services to them.”

  • NYSC partners financial institutions to secure soft loans for members

    NYSC partners financial institutions to secure soft loans for members

    The National Youth Service Corps ( NYSC ) on Monday said it partnered some financial institutions in the country to provide soft loans for corps members to start business.

    The Director-General of the corps, Brig. Gen. Suleiman Kazaure, told newsmen on the sideline of his visit to the 2017 NYSC Batch B Stream I Corps members at Wamakko Orientation Camp in Sokoto that the loan would help the young corps members.

    Kazaure said “we introduced skills acquisition programmes to improve the capacity
    of corps members and to key into Federal Government’s programmes of diversifying the country’s economy.

    “We thought that our corps members need soft loans to enable them to start a business and earn a living during and after their service year.

    “NYSC, therefore, entered into partnership with some financial institutions like Central Bank of Nigeria ( CBN ), Heritage Bank and Bank of Industry to secure loans for corps members at single digit interest rate.”

    The NYSC boss said the loans were for corps members to start small scale enterprises from the grassroots and practically expand the knowledge gained during their skills acquisition programme in the service year.

    Kazaure added that NYSC would establish a skills acquisition centre in each of the six geopolitical zones in the country, with the aim of ensuring that corps members got the skills they required.

    He commended the Sokoto State Government for providing peaceful atmosphere for members serving in the state and urged them to reciprocate the gesture.

    The NYSC Coordinator in Sokoto State, Alhaji Musa Abubakar, thanked Kazaure for the visit to the camp and commended the corps members for maintaining discipline.

    NAN

  • NDE to empower 1,800 youths on active small scale entrepreneurship

    NDE to empower 1,800 youths on active small scale entrepreneurship

    The National Directorate of Employment (NDE) says it will empower 1,800 youths nationwide to engage in active business entrepreneurship.

    The Director General of NDE, Dr Nasiru Argungu, said this in an interview with the News Agency of Nigeria (NAN) on Thursday in Sokoto, that the scheme tagged “50 under 30s’’, would stimulate businesses and ensure economic growth.

    Argungu said 50 youths would be selected from each of the 36 states to undergo training in different businesses.

    He added that at the end of the training, the participants would receive working tools and access to Central Bank of Nigeria and Bank of Industry for funding to set up businesses.

    The director general assured that the NDE would continue to serve as the bedrock of achieving government agenda in job creation and revival of the economy.

    He disclosed that the directorate has vast facilities and platforms to empower the youth with vital skills to be self reliant and contribute meaningfully to national economy.

    According to him, NDE has offices in 691 local government areas across the country with 74 skill acquisition training centres.

    He explained that the directorate has cut down on the occupational training offered at the centres from 80 to 10 in order to have more concentration and build expertise.

    According to him, the directorate is partnering relevant government agencies for effective execution of its mandate.

    He said that the NDE was being streamlined for efficiency and effectiveness.

    “Programmes of providing more employments are designed for targeted population through maximum usage of NDE structures strictly supervised by the headquarters.

    “The 30 years of NDE establishment has produced experienced workforce that needed to be encouraged for maximum effectiveness and training of younger ones that would sustain future challenges.

    “In this respect, the management has made it imperative to train and re-train NDE personnel to acquire appropriate skills, knowledge and right attitude to enhance productivity and efficiency to meet the special needs of the directorate’s operations,’’ the director general added.

    According to him, training is a critical incentive and motivation for employees, as it helps sharpen their skills for efficient performance.

    NAN reports that the NDE is holding a three-day retreat in Sokoto for its management staff.

    The retreat has as its theme: ‘Repositioning the NDE for Operational Excellence through Effective Leadership and Team Building.’

  • FRSC wants FG to provide loan facilities for truck owners to boost operations

    FRSC wants FG to provide loan facilities for truck owners to boost operations

    The Federal Road Safety Corps (FRSC) in Ogun, has appealed to the Federal Government to provide loan facilities for truck owners through Bank of Industry to boost their operations.

    Mr Clement Oladele, the Sector Commander of FRSC, made the plea on Thursday at the FRSC 2017 Annual Public Enlightenment Rally in Ota.

    The News Agency of Nigeria (NAN) reports that the rally was organised by the Sango-Ota Unit Command, in conjunction with the Shell Nigeria Gas with the theme: “Speed Down: Save Lives”.

    According to Oladele, provision of the loan facilities for fleet operators will reduce the frequent breakdown of their old vehicles on the roads.

    “This gesture will ensure the use of new and road worthy vehicles and also promote safety on our highways,” he said.

    Oladele said that the frequent breakdown of their rickety vehicles was majorly responsible for gridlocks on the highways and causing fatigue for FRSC officials.

    The FRSC official described the rally as apt and timely as it coincides with the Eid-Kabir festival, and moreso that the Ember Months were approaching.

    He said that this was part of the FRSC strategies to enlighten the public on safety issues to reduce auto crashes in the country.

    Oladele, however, warned undisciplined drivers to desist from driving against traffic to save lives and property on the highways.

    “Any driver caught driving against traffic will not only be booked, but prosecuted,” he said.

    The sector commander said that FRSC had commenced special operation along Lagos/Ibadan Expressway to check excesses of some drivers driving against traffic.

    Also, Mr Adekunle Oguntoyinbo, the Sango-Ota Unit Commander of FRSC, advised motorists to desist from reckless driving that could put the lives of other road users in danger.

    “Motorists should desist from buying used tyres, it is one of the major causes of road crashes in the country,” Oguntoyinbo said.

    He also advised drivers to stop using cell phones while driving now that the ember months are approaching.

  • BoI, Ebonyi govt seal N4b deal to fast-track industrialisation

    TO fast-track industrialisation through entrepreneurship and create jobs, the Bank of Industry (BoI) and the Ebonyi State Government have signed a N4 billion Memorandum of Understanding (MoU) to promote agriculture and establish industries in the state.

    The signing, which took place at the Ebonyi State Government House, in Abakaliki on Monday, will usher in economic boom for the state, which targets to set up at least one industry in each of its 150 communities under the dispensation of the N4 billion Fund.

    Governor Dave Umahi praised BoI for supporting the state’s economic growth initiative with 50 per cent of the Fund. He stressed that the bank was, indeed, not out to make money, but to foster development.

    The governor added that empowerment programmes have been proven to be more impacting when anchored with BoI, which has competent personnel and an effective coordinating strategy.

    He said: “Free money is not productive when it is not worked for, and the way to go about empowerment is what we have done today with the BoI, which has made tremendous impact in recent times.

    If this is enacted across the 36 states of Nigeria, it will lead to job creation on a massive scale.” The governor added that the initiative was Nigeria’s solution to the economic recession currently plaguing the country following the crash of global oil prices.Governor Umahi explained that N2billion under the initiative will be dedicated to the agric sector, while the other N2billion will go to the industrial sector.

    He said beneficiaries of short-term loans will be charged five per cent, while long-term beneficiaries will pay back with a 6.25 per cent.Umahi charged his cabinet members to drive awareness of the intervention fund across their constituencies and encourage would-be beneficiaries to set up cooperative societies to enable them access the fund and attend entrepreneurship capacity building workshops to be hosted by BoI.

    Earlier in his remarks, the Managing Director of BoI, Mr. Kayode Pitan, noted that the bank has been involved in supporting entrepreneurs in the growth of large and small scale industries in the state before now in excess of N2billion.”With this, we will now be able to help more people to get employed as well as enhance the growth of the solid minerals sector as the governor has also requested,” he said.

    He added that the development finance institution was ready to finance more projects beyond the scope of the MoU.”We are partners with the state and are happy that this MoU has further strengthened that partnership,” he said.Some of the projects financed by BoI include Ebony Agro Industries, Crystal Chemical Nigeria Limited, Hapelroadstone Nigeria Limited as well as Maxdove Foam and Chemical Industries Limited.

     

  • BOI disburses N50, 000 loans to 1000 women in Abuja

    BOI disburses N50, 000 loans to 1000 women in Abuja

    The Bank of Industry (BOI) in collaboration with the National Council of Women Societies (NCWS) on Monday disbursed N50,000 loan to 1000 women in the FCT.

    Mrs Toyin Adeniji, Executive Director, Micro Enterprises, BOI who doled out the cash at the NCWS National Officers Women Empowerment Progarmme, said the loan was non interest.

    She urged the beneficiaries to make use loan to improve their livelihood.

    Adeniji said that the government had made provisions for the loan and urged women to key into the empowerment project using NCWS as the platform.

    In her remarks, President, NCWS, Gloria Shoda, said that securing the facility was part of her campaign promise to Nigerian women.

    She said that under her leadership, NCWS would work hard to ensure that women are empowered economically and entrepreneurs given the needed support.

    She said that partnering with like-minded agencies and activists was one of the council core areas of operation.

    The president noted that with collaborations like this, the country would witness the desired changes in the lives of girls, women and families.

    She said in line with this, NCWS was partnering with the Federal Government and the Bank of Industry (BOI) to empower 1000 women in the FCT.

    Shoda said that the FCT was a pilot project to flag-off the scheme.

    She said that subsequently 30 women would be selected in each local government areas across the country.

    “During my campaign, I outlined a four-point development plan.

    “I want to reiterate here that, I remain fully committed to Renewing, Re-structuring, Re-integrating and Re-energising, the average Nigerian women.

    “We have swung into action by this scheme and we are committed to do more,’’ she said.

    Shoda said her vision was to see Nigerian women empowered to effectively participate in political, socio-economic sectors and to play a significant role as change agents in the society.

    Mrs Pauline Tallen, ex-Plateau Deputy Governor thanked the NCWS for its efforts to empower the Nigeria women.
    She said that empowering a woman is  to empower a nation and urged the  government to do more to better the lives of women in the country.
    The News Agency of Nigeria (NAN) report that the empowerment programme was part of the activities to mark Shoda’s one year in office.

  • Effective propagation of Nigerian culture, a revenue earner -Expert

    Effective propagation of Nigerian culture, a revenue earner -Expert

    Princess Ebun Oladunni, Managing Director, Starcrest Investment on Monday said that the positive propagation of Nigeria’s cultural heritage was capable of generating huge revenue for the country.

    Oladunni, a culture aficionado in an interview with the News Agency of Nigeria (NAN) in Abuja said the saleable point of the culture depended on the positive propagation.

    “There are Nigerian paintings, pottery, music, dance and many others that if given proper attention, encouragement and publicity would create employment for the youth.

    “In addition, it will also give the artistes sense of pride in the nature of their works.

    “I want to commend the National Council for Arts and Culture and the Bank of Industry for signing Memorandum of Understanding (MoU) to provide funds for artistes in the country to boost their productivity.’’

    According to her, the efforts were bound to transform the sector through empowering the artists, craftsmen and craftswomen to improve and sale their works within and out of the country.

    Oladunni also called for the improvement of the heterogeneity prevailing among the more than 250 ethnic groups in the country and not just the predominant ones.

    She said given audience to all ethnic culture in the country would allow for consensus via the exhibition of our cultural heritage across board thus improving political tolerance, social and economic development.

    She urged Nigerians to be proud of their cultural heritage by displaying it anywhere they found themselves.

    She stressed: “God has blessed Nigeria; it is a land flowing with milk and honey; it for everyone to tap into the heritage.

    She said the government should not be left alone in the propagation and promotion of our cultural heritage, adding that the people also have a huge role to play.

    “Since I was made the queen mother of my place in Ekiti State in 1994, which made me changed my hair style to what I am currently wearing.

    “This hair style goes with whatever am wearing either suit or traditional attire and when people see me, they know where I come from.

    “We are all responsible for to propagate and promotion of our great culture,’’ she said.

    The princess added that when one looked through the window, the grasses from the other side always look greener and verse versa.

    “Your own side is always greener to other people too.’’

    “Foreigners come to Nigeria and make money from us and take back to their countries and we go there to be slaves to them.’’

    Oladunni urged Nigerians to be proud of their culture and showcase it at any given opportunity.

  • NYSC calls for more investment in skills training for youths

    NYSC calls for more investment in skills training for youths

    Mr Abdulrazak Salawu, FCT Coordinator, National Youth Service Corps (NYSC), on Saturday called for more investment in skills training in order to reduce unemployment among youths.

    Salawu told the News Agency of Nigeria (NAN) in Abuja that skills training would also propel the nation towards sustainable growth and development.

    The coordinator was speaking on the side lines of the opening of the NYSC Skills Acquisition and Entrepreneurship Development (SAED) programme for the 2017 Batch ‘A’ corps members.

    The programme, which held at the permanent orientation camp, Kubwa, was aimed at introducing new corps members on the SAED.

    “The Federal Government spends a lot every year to mobilise corps members for the one-year national service and this shows great commitment to invest in the youth and the future of the nation.

    “There is, however, the need to do more; government should take a step further by doubling its current investment in SAED.

    “Many developed nations got to where they are today because they invested in their youths.

    “We need to do more for our youths by training and re-training them on skills acquisition,’’ the coordinator said.

    According to him, SAED would encourage youths to be self-employed, self-sufficient and eventually become employers of labour.

    NAN reports that SAED was introduced by the NYSC in 2012 to complement the Federal Government youth’s employment strategies.

    The programme trains corps members on skills like cosmetology, power and energy, horticulture, culture and tourism, construction, food processing, agro-allied and ICT among others.

    After training, beneficiaries receive loans from the Central Bank of Nigeria, Bank of Industry, NYSC Foundation and other financial institutions to start businesses.

  • ‘Bank of Industry ‘ll support youths in agric’

    ‘Bank of Industry ‘ll support youths in agric’

    The Bank of Industry (BoI) has pledged more funding support for youths willing to venture into processing of agricultural commodities.

    A representative of the bank, Mr. Tolulope Toluwalase gave the commitment during the closing ceremony of Champions for Change Leadership in Agriculture short course in Abuja.

    The training was organised by Africa Lead in partnership with the United States Agency for International Development (USAID).

    Toluwalase said the bank is willing to release as much as possible funding to support the trainees without stringent collaterals.

    According to him, graduates among other interested youths could make use of their certificates as a guarantee to access the loans.

    “The training will increase their capacity especially to approach BoI for assistance in whatever project they might be interested in agriculture. At BoI, we have lots of products participants can make use of. There is facility for women and youths.

    “We have interest rates that are attractive, tenores that are good and security arrangements the youths can meet; so whenever they are ready to harness their potentials, access funds, BoI is open and willing to attend to them,” Toluwalase said.

    Earlier, West Africa Regional Head, Africa Lead, Mrs. Carla Denizard said the training on change management for women and youths was to equip the participants on principles of African Union Comprehensive Africa Agriculture Development Programme (CAADP).

    She said it was designed to inspire, energise and mobilise innovative leaders, champions and thinkers who are committed to creative new approaches to achieve food security in Africa.

    Describing Africa Lead as primary capacity building program in sub Saharan Africa, she said the initiative remained committed to realising the Feed the Future (FTF) goals to reduce hunger and poverty by building capacity of agriculture professionals.

    She identified need to promote strategic leadership, planning and evaluation to achieve success in agriculture development programmes.