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Tag: fund

  • Fed Govt shops for $500m exploration fund

    Fed Govt shops for $500m exploration fund

    The Federal Government is in talks with the Sovereign Wealth Fund (SWF) and Nigeria Stock Exchange (NSE) to create a $500 million exploration fund and corporate mining bonds to attract investment, Solid Minerals Development Minister, Dr Kayode Fayemi has said.

    He also said the country had made a “promising” nickel discovery and was looking for investors for a moribund steel plant, part of efforts to reduce reliance on oil exports.

    The country has made boosting the mining sector a priority as a slump in crude sales, which provide 70 per cent of government revenues, has pushed economy into recession.

    “We are looking at a $500 million fund from their side which would primarily focus on exploration,” Fayemi told Reuters yesterday.

    The ministry was also discussing with the stock market selling “corporate mining bonds” in partnership with mining and other investors, he added.

    Nigeria has been trying to attract foreign mining firms. Currently, the only significant foreign investor in the sector, where 80 per cent of mining is carried out on an artisanal basis, is Australia’s Kogi Iron.

    The country has largely untapped deposits of 44 minerals, which include gold, iron ore, coal, tin and zinc, in more than 500 locations spread across the nation.

    Fayemi wants to increase mining’s contribution to gross domestic product (GDP) to 10 per cent, from just 0.3 per cent now, within a decade.

    He said a geologically “strange” discovery of nickel in the northern state of Kaduna seemed promising.

    The discovery of some 40 million tonnes of nickel with a depth of five meters over a 13 kilometer area, around the town of Dangoma, was announced in August by an Australian team registered as Comet Nigeria Limited.

    “It could also be that what they are telling us is an under-estimation of what it ought to be by the time we do core drilling,” he said.

    Fayemi also said there was need to get a grip on the informal gold rush which he said is dominated by smugglers.

    “Clearly a lot is being taken out illegally,” he said, adding that gold was being smuggled to neighboring Cameroon and Niger, as well as Togo and registered in those countries.

    Fayemi said his ministry did not have figures for gold production but the Central Bank of Nigeria (CBN) had provided figures the minsitry was trying to validate.

    “They have given figures in the region of about 100kg of gold leaving the country on a daily basis.

    “None of this gets accredited as gold from Nigeria,” added Fayemi.

  • ASUU laments poor funding of Kebbi varsity

    The Academic Staff Union of Universities (ASUU) has expressed concern over what it described as ‘unacceptable’ way the Kebbi State Government was handling its Science and Technology University, Aliero ( KSUSTA).

    Sokoto Zonal Coordinator of the union, Dr. Lawal Alkali Argungu, complained at a briefing in Sokoto, that apart from poor funding, the state had failed to constitute a governing council for the university.

    “This is indicative of how the state government has relegated the issue of education in the state to the background.  With the monthly overhead of N5 million only, since inception to date, the university can be considered abandoned by the government.

    “The state government has left the university without a Governing Council for over one year.

    “ASUU is appealing to the Kebbi State Government not to force the campus to industrial restiveness unnecessarily, because the issue of Governing Council is a serious business in any university system,” he said.

    Argungu also said the union had an “understanding” with Governor Atiku Bagudu, to the effect that, the Council was going to be constituted.

    “And, thereafter, the council will procedurally address the rest of the contentious issues as presented by ASUU/KSUSTA.  As a union, we believe any university without a Governing Council is just like a ship without a captain. KSUSTA has been a peaceful campus since inception. It has never had any course to embark on indefinite strike action,” he said.

    Argungu appealed to eminent Kebbi indigenes and others to prevail on the government to redress the ugly trend.

    “The state government should attend to its responsibilities on the University without further delay in the interest of peace and industrial harmony,” he said.

     

  • Wabba warns against diverting NHIS fund

    Wabba warns against diverting NHIS fund

    Nigeria Labour Congress (NLC) President Comrade Ayuba Wabba has warned against diverting the Nigeria National Health Insurance Scheme (NHIS) funds to build  health centres.

    He said this when NHIS Executive Secretary Prof Usman Yusuf visited the Labour House in Abuja.

    According to Wabba, the Congress had written several times against using the fund to build primary health care centres.

    He said: “We are still on our position that those funds should be used strictly as applied in line with the provision of the mandate of the law establishing the National Health Insurance Scheme.’’

    He argued that any attempt to divert the fund would be wrong, as the cash came from the earnings of workers to provide health service for members.

  • N5b capital market development fund coming

    N5b capital market development fund coming

    The Securities and Exchange  Commission (SEC) is planning a N5 billion Capital Market Development Fund (NCMDF) to promote infrastructural development of the capital market.

    A source said the regulator would provide the cash to demonstrate its commitment to the special fund.

    Earlier, SEC provided N5 billion initial capital for the Nigerian Investor Protection Fund (NIPF).

    The source said the NCMDF was conceived as a trustfund to enhance the development of the market.

    The source added that the proposal for the NCMDF to take custody of statute-barred and unclaimed dividends of 12 years and above was part of efforts to ensure that the seemingly “free funds” were put to the collective use of the market to enhance future returns to investors, adding that the NCMDF will be managed by a board and an  independent fund manager without interference from SEC.

    SEC had last week launched the plan for NCMDF. In a circular  to capital market stakeholders, the regulator called for a consideration of a new rule that will set up the NCMDF, which will take custody of all unclaimed dividends that are 12 years old and above. SEC estimates unclaimed dividends to be about N80 billion, with nearly half of the money unclaimed for  years.

    Under the laws, unclaimed dividends will remain available for collection by beneficiaries up till 12 years when they become statute-barred and are returned to the companies that paid them. The  rule seeks to change the return of the unclaimed dividends to companies that issued the dividends.

    According to SEC’s proposed “rule on application of 12 years and above unclaimed dividends”, companies and registrars in custody of dividends which remain unclaimed by shareholders 12 years after the date of declaration or subsequently attain the 12 years threshold shall upon the coming into effect of this rule transfer such monies into the Nigerian Capital Market Development Fund (NCMDF).

    “All companies and registrars shall not later than 30 days after the end of every calendar year forward to the Commission a report of unclaimed dividends in their custody, which shall specify compliance with Sub Rule (1) of this Rule. Companies shall disclose details of compliance with this Rule in their annual reports,” SEC stated.

    Major retail shareholders’ groups have risen against the plan to return statute-barred unclaimed dividends to NCMDF, describing it as a ploy to divert private funds into the control of the regulator.

    Shareholders’leaders across the groups said they would resist the transfer of statute-barred unclaimed dividends to any NCMDF, describing the plan as a wrong move and a volte face from the recent campaign by SEC for the removal of the 12-year limit to enable shareholders and their beneficiaries collect their dividends at any time.

    Independent Shareholders Association of Nigeria (ISAN) National Coordinator, Sir Sunny Nwosu, said his group would mobilise shareholders to resist what he described as “very offensive” attempt to take their private monies.

    Shareholders’ activist and  Nigeria Shareholders Solidarity Association (NSSA) Co-founder, Alhaji Gbadebo Olatokunbo, said the plan would lead to corruption and discourage investors from the domestic market.

    Constance Shareholders Association of Nigeria Coordinator, Mallam Shehu Mikhail, said the rule on return of statute–barred dividends to companies should be retained.

    He criticised the plan by SEC for lack of details on benefits of such initiative to shareholders and the quoted companies.

    However, the Association for the Advancement of Rights of Nigerian Shareholders (AARNS) President, Dr. Faruk Umar, described the plan by SEC as a healthy development, noting that the trustfund would discourage sharp practices around the unclaimed dividends.

  • Kwara to launch N4.2b infrastructure fund

    The Kwara State Government is set to launch its Infrastructure Development Fund ‘InfraFund Kwara’ (IF-K) in the energy sector in the fourth quarter of 2016 with an initial investment of N4.2 billion.

    Governor Abdulfatah Ahmed revealed this during an interaction with community leaders in his office last Friday. He said IF-K has been codified into the Kwara State Public Private Partnership Law, which he assented to in 2015.

    According to him the IF-K project is a result of the Kwara Infrastructure Investment and Finance strategy, which he approved following an infrastructure assessment that was done in 2014.

    He said the outcome of the assessment showed an estimated N225 billion deficit value of infrastructure across the 16 councils and spanning all sectors, which required both government and private investment, in order to boost the state’s productivity and wealth creation.

    The governor added that the main objectives of IF-K is to provide a guided, systemic and outward facing framework for continuous and consistent infrastructure development, optimally leverage private sector or resources for infrastructure development and maximize the state’s resource allocation policies.

  • Cancer patient’s family deny fundraising scam claim

    Cancer patient’s family deny fundraising scam claim

    The family of Mayowa Ahmed, a Nigerian woman who raised over N60 million to fight cancer, has decried claims by a blog that they set up the fraud to scam people.

    The blog on Thursday published that the family had been told by the Lagos University Teaching Hospital (LUTH) that at Stage 4 of her cancer, there was no longer hope for her but to wait to die yet went ahead to raise millions of naira locally and up to 100,000 dollars through gofundme.

    It was also reported that Nollywood actress, Toyin Aimakhu, who helped with the fundraising, visited LUTH with police men to arrest the alleged scammers.
    A source said the effort raised about N64million for the 29-year old woman who suffers from ovarian cancer.
    However, the family in a statement, noted that despite LUTH’s verdict, they would not give up on Mayowa.
    They noted that efforts are being made to fly her to Abu Dhabi by next week.
    The statement reads: “We have been called by friends, family that our raising funds for Mayo is a scam. We were also informed that some persons had made statements concerning her state and her ability to pull through this ordeal.
    “As a family we wish to make these affirmative statements:
    · Mayowa is presently in LUTH receiving treatments that will prepare her for seven-hour trip to Abu Dhabi. We have also engaged the services of the Flying Doctors to accompany her on the trip based on recommendation by the Doctors in LUTH.
    · Mayowa is receiving treatment in LUTH to allow her be able to travel as advised by the Doctors in LUTH and she has been transfused to help improve her PCV.
    · The funds are solely for Mayowa’ s treatment and for no other reason.
    · We await her Visa for travel documents to commence the journey as we are in touch with the doctors abroad and they are awaiting her arrival.
    “We appreciate the contributions made by Nigerians on this journey. Mayowa will live to tell this story and you shall be one of the audiences by His grace.”
    When The Nation put a call through to Mayowa’s sister, Tope, it was answered by a family friend, Saheed Badmus, who described Linda Ikeji’s claim as false.
    He said the family only got to know Mayowa’s ailment was cancer about a month ago after about a year of regular tests at LUTH and the Reddington Hospital and are continuing with medical treatment because Mayowa’s wish to fight for her life.
    “The true story is that the girl is very sick. She was in my house in March and up till that time LUTH and Reddington could not give us the cause of her sickness.
    “It is not as if the family knew she had cancer like three or four months ago. We just learnt about the cancer last month because LUTH and Reddington could not give us a diagnosis from the results of the tests they had been conducting since last year. They are the major cause why we are in this situation. We had to send the test results abroad before we were told she had ovarian cancer.
    “The girl said she doesn’t want to die like this. She is not giving up on herself. It is not like the hospital she is going to in (Abu Dhabi) is promising a miracle. But they can take care of her.
    “Linda Ikeji is not being open-minded. Watch her (Mayowa’s) videos. She says she just wants a chance to live,” he said.
    Badmus also told this reporter that he was the one that urged the family to seek help from the public in their struggle to save their daughter’s life.
    “The family does not want thi publicity. I was the one that said they should seek support. They are not hungry people without jobs. But I advised them that with the enormity of the problem, they should seek help,” he said.
    Another source close to Mayowa’s sister (names withheld), defended the family, saying she demonstrated integrity when they were in school together.
    She added that one dose of injection for Mayowa’s treatment costs up to N4million.
    She said Linda likely published the post because people normally give up when cancer gets to advanced stage.
    “Linda Ikeji is going based on the stage of her ailment and the theory that once it’s stage IV there is no remedy and that is not true. It all depends on how much money you have to treat yourself; and most especially God’s grace,” she said.

  • Group launches appeal fund

    Group launches appeal fund

    A Muslim group, Kasumu/Isokan Estates Muslim Community Ibadan, off Ojo-Ekun Road, Odo-Ona Elewe, Orita Challenge in Oluyole Local Government Area of Oyo State has concluded plans to launch an appeal fund to complete work on their N50 million Central Mosque on Saturday.

    The event will also feature Qur’anic recitation and open prayer sessions. The event will hold at Kasumu Estate, off Ojo Ekun, Odo-Ona Elewe, Ibadan Oyo State at 9:00 in the morning.

    According to the organisers, Alhaji Fatai Fehintola Ali Olalere will be the Chief launcher and Alhaji Daud Makanjuola, the Aare Musulumi of Yoruba land will be the Father of the Day. The mothers of the Day are Alhaja Afusat Oyebamiji and Alhaja Sidikat Aderibigbe while Special Guests are Alhaja K. Adetona, Alhaji Y.K. Abass and Alhaji Okegbile.

    The hosts are Alhaji Abdulraham Oluwakemi (Imam Kasumu/Isokan Central Mosque), Alhaji Rasheed Opadijo (General Chairman Kasumu/Isokan Muslim Community) and Chairman of the committee, Mr. Gbolagade Azeez.

     

  • ‘Our plan for Cabotage Fund’

    ‘Our plan for Cabotage Fund’

    The Nigeria Maritime Administration and Safety Agency (NIMASA) has pledged to adhere to statutory due diligence in the administration of the Cabotage Fund.

    NIMASA’s Director-General Dr Dakuku Peterside said with the clamour for a national shipping line, there was need to strengthen administration of the fund.

    Peterside told the News Agency of Nigeria (NAN) on the sidelines of a news conference in Lagos yesterday that the fund was set up to encourage Nigeria ship owners to be able to acquire and maintain vessels.

    The DG regretted the maladministration that had characterised the fund, which, he said, had made it inoperative.

    “We are aware of the complaints of the contributors (ship owners) of the fund and their predicament in accessing it.

    “The fund, if well administered, will ensure that Nigeria has sea-going vessels at all times, with a large number of Nigerian seafarers on board. It is a pride to see our national flag hoisted on transnational vessels,’’ Peterside said.

    According to him, the idea will absorb many of the country’s trained but idle seafarers, thereby adding to the nation’s Gross Domestic Product (GDP).

    He said the administration would tend to emulate countries, such as the Philippines in exporting seafarers to other countries, thereby stemming piracy on board.

    Peterside said the agency was training middle-cadre manpower at the maritime academy at Oron, while the senior officers were being trained abroad.

    He noted that NIMASA’s primary objective did not include the setting-up of a Maritime University, as was being propelled by the ousted leadership of the agency.

    “The Cabotage Fund, under the present leadership, will be channelled for what it is meant for and not for a university.

    “The government is reviewing the concept of setting up the university, therefore, whatever the official stance is, will be our guiding principle,’’ the DG added.

  • SMEs get $5m boost from growth fund

    A Group Co Creation Hub has earmarked $5 million to support Micro, Medium and Small-Scale Enterprises (MSME) over the next two years.

    Speaking with The Nation during the Social Change Summit in Lagos, the Managing Partner, Tunji Eleso said the fund would help facilitate increased access and availability of financing for MSME working to use technology to improve public services.

    He, however, added that only existing SMEs with potential to generate revenue will benefit from the fund.

    According to him, applying individual organisation can get between $50,000 and $500,000.

    He explained also that organisations seeking bigger funding will be supported to present their allocations as counterpart funding to attract other funders.

    He  expressed hope  that the  fund would not only support the objectives of stimulating more diversified and inclusive growth,  but it would also help alleviate the financing constraints that have hampered the growth of  tech companies seeking to expand their  innovational by filling the current financing gaps.

    Earlier, he stressed that SMEs in technology and innovation business are an important driver for growth. He further pointed out that, access to funding is perceived by smaller businesses as a major constraint.

    Eleso, also Director, Pre-Incubation, CcHUB said there are foreign investors ready to invest seed and growth capital in innovative technology businesses with the ambition and potential to become market leaders.

    He  added that there are numerous organisations around the world that are ready to work  with entrepreneurs, adding that his organisation is determined to unleash the full potential of technology to aggregate and connect portfolios of green that have viable projects.

  • Unemployment: ‘Lagos needs more funds’

    Unemployment: ‘Lagos needs more funds’

    Lagos State needs more funds to tackle unemployment. the Governor,  Akinwunmi Ambode, has said.

    Ambode, who spoke in Lagos yesterday  at the first Stakeholders’ Summit of the Ministry of Wealth Creation and Employment, said the state is  doing all it could to help tackle the problem, but stated that more funds was needed .

    He said the investment of N25 billion ETF for wealth creation purposes, would not yield the expected outcome if other complimentary efforts, like right attitudes to employment issues and employability of job seekers are not addressed.

    He said Lagos has identified wealth creation path as the direction for economic growth, saying the  state will offer the needed support to the establishment and growth of small businesses to enable them create job opportunities and generate wealth for collective prosperity of residents in the state.

    Ambode maintained that the present economic situation in the country presents opportunity to explore other areas of economic development that would reduce the adverse effects occasioned by the dwindling crude oil revenue.

    The Commissioner for Wealth Creation and Employment, Hon. Durosinmi Etti in his welcome address , said  the outcome of the summit would lead to a plan of action between government and the private sector and would assist government in creating needed atmosphere for employers of labour to excel.

    The said three Job Registration/Labour Exchange Centres have been established in Badagry, Lagos and Ikorodu divisions. ‘The centres are fully operational. In the next two months, we expect the Ikeja and Epe divisional centres to come on stream.’ He added.

    In his goodwill message, Vice President Yemi Osinbajo commended Governor Ambode commended the investment of the State governor in infrastructure and security of lives and properties across the State describing them as the needed ingredients for meaningful and sustainable wealth creation.

    The Vice President, who was represented by the Special Adviser to the President on Economic Matters, Dr. Adeyemi Dipeolu, expressed the belief that economic activities only thrives in a secured atmosphere adding that Governor Ambode has already demonstrated  this through the creation of an enabling environment for SMEs to thrive.