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  • Govt begins disbursement of N50b grants to small firms

    Govt begins disbursement of N50b grants to small firms

    • One million businesses in 774 local councils to benefit from free cash

    Beneficiaries of the Federal Government’s N50,000 grant for nano business owners have started receiving credit alerts.

    Minister for Industry, Trade and Investment Dr Doris Uzoka-Anite, who confirmed this at the weekend, said no fewer than 200,000 small business owners have received the payment.

    According to her, 800,000 others will get their grants before the close of the programme by May 31.

    This will bring the total number of beneficiaries to the targeted 1,000,000 Nigerians spread across the 774 local government areas.

    She explained that about 3.6 million applications were received out of which the beneficiaries were selected randomly from among those who met the conditions.

    The minister said N50 billion is available in the 2024 budget for disbursement.

    The programme is one of the palliative measures announced by President Bola Ahmed Tinubu in a broadcast on July 31, last year to cushion the pains of petrol subsidy removal.

    The President, in the broadcast, said: “Our administration recognises the importance of micro, small and medium-sized enterprises and the informal sector as drivers of growth. We are going to energise this very important sector.”

    In the broadcast, the President also announced that 75 manufacturing firms will be given N1 billion single-digit interest loans each to reflate their businesses.

    Dr. Uzoka-Anite, in response to enquiries by our reporter, said: “The application portal was closed at midnight on April 17. The portal had to be closed due to an overwhelming number of applications totalling over 3.6 million.

    “The Bank of Industry is ensuring transparency and accountability in the N50 billion disbursement using NIN, BVN and bank account details for verification to prevent duplication.

    “They will also perform physical enumeration to re-verify information, including taking photographs of beneficiaries.

    “The time frame for disbursement is the end of May 2024. The requirement for determining the beneficiaries is not based on particular criteria. The goal is to reach 1,290 beneficiaries per local government area across the country totalling one million people.”

    On why many of the beneficiaries have not been reached, she explained: “We acknowledge that some of the beneficiaries are getting alert while others are not.

    “The disbursement is subject to verification of NIN, which became mandatory after the initial application phase which required only BVN.

    “The selection is random and without human intervention from those who have passed their NIN and BVN verification.

    “For an applicant to know if they are verified, they will get to know through publications. The verification is a digital process.

    “Individuals will not need to be contacted after verification but the disbursement will happen automatically if they are passed.”

    Read Also: Shettima departs for US to attend 2024 US-Africa Business Summit

    She ruled out the possibility of giving the grant to all the 3.6 million applicants, saying: “It is not all the 3.6 million applicants that will receive alerts. The goal is to ensure one million of them get the N50,000 grants.

    “N50 billion is the threshold of the amount budgeted for nano businesses in 2024. We cannot verify and pay everyone at the same time.

    “The process has been thorough and time-consuming, conducted in batches to minimise errors.”

    The minister added that the grants have been issued in all states, proceeding with one local government at a time and the disbursement is based on verified applications – state by state, local government by local government.

    On whether the list of beneficiaries would be published at the end of the process for transparency, she said: “Yes, the list will be available, with the option to check the status via BVN and last name.”

    On the possibility of extending the scheme to allow more beneficiaries, the minister said: “Currently, there are no plans for another grant. The decision for any further aid will depend on the President’s discretion.”

    Following the withdrawal of the petrol subsidy, the Federal Government has introduced different categories of palliatives, including giving out grains to Nigerians through governors and federal lawmakers.

    It has also made available cash disbursement, giving each of the states N2 billion to be made available to vulnerable Nigerians.

    Federal workers have also collected N35,000 in wage awards made available for six months.

    Many states have given wage awards to their workers in addition to other palliatives.

    Last month, the Federal Government said the plan to bring in Compressed Natural Gas (CNG)-powered buses would materialise before the end of this month.

  • Start petty trade with grant, Minister urges beneficiaries in C/River 

    Start petty trade with grant, Minister urges beneficiaries in C/River 

    Minister of Humanitarian Affairs and Poverty Alleviation, Dr Betta Edu has pleaded with beneficiaries of the Renewed Hope financial grants approved by President Bola Ahmed Tinubu to invest the grants into profitable economic ventures.

    Addressing the less privileged individuals in Cross River State on Monday, the Minister stated that the monies are not given to them for drinks or debauchery, but to start a petty trade or boost their existing petty trade and make better profits to sustain their families.

    “These monies can be used to start up little businesses. You can use these grants to boost your trade, and that will help with sustainability. These grants are deliberate acts by the federal government to pull people out of poverty.

     Cross River, Lagos, Kogi, Imo, Akwa Ibom, others, etc have benefitted and Nigerians have reacted by thanking the President for the Yuletide gesture, saying that the money will go a long way in providing  sustainable livelihood for their households this period.

    Over 5,000 vulnerable, very poor persons and even People  With Disabilities, PWDs in Cross River state received N20,000 grant each from the Ministry of Humanitarian Affairs.

    This is coming on the heels of other packages provided by the President to provide relief for Nigerians during this period. It will be recalled that over 3.5 million households in Nigeria have already received the Renewed Hope conditional cash transfer, with another 4.5 million being enrolled and banked presently at various villages and communities across the country even through the season. 

    “These households are to be paid within two weeks. Furthermore, the payment of the backlog for NPower Beneficiaries is ongoing with one month of payment for almost 400,000 beneficiaries already completed this Yuletide season. 

    The event, which was the first of its kind in the state, got the beneficiaries extremely excited, especially the physically challenged persons, who were part of the Christmas celebrations event in Calabar.

    Speaking at the event which was held at the Millennium Park, Calabar, the state capital,  the Minister said the one-off grant was part of President Ahmed Bola Tinubu’s determination to lift vulnerable Nigerians from the abysses of poverty across the country.

    “Here in Cross River, we are flagging off the grant for vulnerable groups in Cross River. So far, we’ve been able to reach 5,000 very poor and vulnerable persons at the grassroots in this state with plans to expand in the coming year. “

    “We have checked and confirmed that these people are very poor and they deserve to benefit from the scheme in line with President Tinubu’s commitment to lifting millions of Nigerians out of poverty in 2024 through the various social protection programs,” the Minister said.

    She urged the beneficiaries to invest the grants into profitable economic ventures.

    Dr. Edu assured that qualified Cross Riverians will be beneficiaries of the federal government’s social intervention programs being implemented through her ministry and agencies within the sector.

    Earlier, the Cross River State Governor, Senator Bassey Otu flagged off the event and presented the Dummy Cheque to beneficiaries with the wife,Reverend Mrs Eyoanwan Bassey Otu commended President Tinubu for championing the cause of the poor and prioritising the welfare of the citizens.

    The Cross River Governor, who said the state under his watch has been pushing a people-first government said he has given palliatives like never before in the history of Cross River, implored the beneficiaries to put the grants into proper use. 

    Otu said the “Grants for the Vulnerable” Program will undoubtedly make a significant impact on the lives of countless individuals in Cross River State

    “On behalf of the people of Cross River State, I want to extend my heartfelt gratitude to His Excellency, the President of this great Nation, Asiwaju Bola Ahmed Tinubu, for truly making a difference in peoples lives daily and championing this cause of prioritizing the welfare of our citizens, it is easy to know a transparent government that means well for its people,” he said.

    On her part, the wife of the Governor of Cross River State, extended her gratitude to Nigerian First Lady, Senator Oluremi Tinubu, saying “Her compassion and dedication to our nation’s well-being have been invaluable together, The President and his wife both exemplify true leadership and empathy.

    I would like to extend my appreciation to my amiable Honourable Minister, Federal Ministry of Humanitarian Affairs and Poverty Alleviation, Dr Betta Edu, for her tireless efforts in coordinating the implementation of this program in our state and across the nation. We are proud of her hard work and dedication to duty.

    “Your collective efforts have inspired hope and brought much-needed relief to those who need it most, especially in a time like this. I implore you the beneficiaries to put to good use the grant given to you so that in no distant time, we can all begin to live better lives, “Rev. Mrs Otu said.

  • Court grants garnishee order against NCC

    The Federal High Court has granted a garnishee order against the Nigerian Communications Commission (NCC) attaching the commission’s account with the Central Bank of Nigeria (CBN) to the tune of N234,193,048.18.

    Justice Binta Nyako made the order based on an application by Private Networks Nigeria Limited (PNN).

    The firm sought the enforcement of an arbitration award of November 10, 2017 made by a duly appointed sole arbitrator, Chief Akingbola Akinola, in a dispute between it and NCC.

    The applicant/judgment-creditor, through its counsel Olujumobi Orioye , had a contract with NCC to capture and transmit specified biometrics and personal information of existing mobile telephone subscribers in North-Central, comprising Benue, Kogi, Nassarawa, Niger, Plateau, Kwara states and Federal Capital Territory on NCC’s behalf.

    The payment sum for each data captured was specifically fixed in the agreement.

    PNN reportedly captured 4,105,165 subscriber data records and transmitted them to NCC.

    NCC initially informed PNN that only 1,738,731 data records were valid, while 2,366,434 were invalid, due to format and other data entry issues.

    It requested PNN to correct the errors and re-submit them. PNN did the correction and re-submitted 2,236,720 corrected data records to NCC.

    NCC paid N229,555,445.96 to PNN, leaving a balance of N227,621,419.04 since 2012.

    By parties’ consent, the Chartered Institute of Arbitrators (UK) Nigeria Branch appointed Chief Akinola, a Chartered Arbitrator, as the Sole Arbitrator to determine the debt dispute.

    The sole arbitrator, on November 10, 2017, awarded PNN N227,621, 419.04.

    He dismissed PNN’s claim for pre-judgment interest and as well as NCC’s counter-claim.

    But, NCC applied to the Federal High Court to set aside the final award.

    However, the court in a July 6 judgment refused to set the arbitration award aside.

    Justice Nyako only set aside part of the award relating to post-judgment interest.

  • Court grants interim takeover of firm’s assets

    A FEDEral High Court in Lagos has ordered Union Bank of Nigeria Plc and a receiver/manager, Gbenga Akinde-Peters, to take interim possession of a landed property belonging to A-Z Petroleum Products Limited.

    The property is Plot 3508, Cadastral Zone A06, Maitama District, Abuja, covered by a Certificate of Occupancy (C of O) of September 7, 2005, and registered as No. 3586, Vol. 18, at the Abuja Land Registry.

    Justice Chuka Obiozor made the order last Thursday, following an application filed and argued by the applicants’ counsel, Temiloluwa Adamolekun, which alleged that the first respondent, A-Z Petroleum, owed Union Bank N5.2 billion.

    The court granted a Mareva Injunction against the property following Union Bank’s argument that it would suffer “a monumental injustice” unless the defendant was so restrained.

    A Mareva Injunction is a court order freezing a debtor’s assets to prevent them being taken abroad.

    Justice Obiozor held: “in the light of the application for Mareva Order, with affidavit in support and written address and submission of the counsel, the application succeeds and is hereby granted.

    “The order granted is to last pending the hearing and determination of the substantive suit.”

    Adamolekun’s application included an interim order authorising the second applicant, Akinde-Peters, to take over exclusive possession of the property, “together with any building and appurtenances thereon, by the virtue of the Deed of appointment made on July 18, 2018, in pursuance of the duly registered tripartite deed of legal mortgage dated September 1, 2018.”

    Adamolekun also sought an order restraining both A-Z petroleum Product Limited, Chief Alex Chika Okafor, their directors, shareholders, employees, officers, agents, servants, privies and any other persons acting on their behalf, from obstructing the Receiver/Manager from performing his duty as Receiver over the said property.

    The lawyer prayed for an order restraining Petroleum Products Pricing Regulatory Agency (PPRA), Federal Ministry of Finance, Debt Management Office (DMO), Accountant General of the Federation (AGF), Central Bank of Nigeria (CBN), who are third to seventh respondents, from releasing any money or funds in form of Sovereign Debt Notes (SDN) or any other instruments belonging to the oil company to the tune of N5, 227, 543, 442 .9 billion, in their custody, pending the hearing and determination of the substantive suit of the matter.

    He further obtained an order directing the third and seven respondents to disclose on oath within 14 days the total sum of money, funds, and Sovereign Debit Notes (SDN), either processed or yet to be processed within the purview of Petroleum Subsidy Scheme, in their custody, belonging to the oil company.

    The applicants, in their affidavit deposed to by Mr Segun Omoshola, averred that the oil firm “failed, neglected to perform its obligations to the bank,” concerning the loan, which continued to accrue interest in line with the terms and conditions as contained in the instruments executed before the granting of facilities.

    “As at April 12, 2018, the company’s indebtedness to the bank stood at N5, 227, 543, 442 .9 billion, while interest continues to accrue at the bank’s lending rate,” they averred.

    The applicants further averred that apart from the defendants’ refusal to liquidate the indebtedness, they were also taking steps to divert and dissipate the SDNs and other funds due to firm from the Federal Ministry of Finance and other government agencies.They claimed that the Subsidy claims that were paid to the first defendant before now had been diverted and not paid to the bank, and that the government agencies were now on the verge of paying another subsidy claims through SDN to the oil firm.

  • Court grants interim takeover of firm’s assets

    A Federal High Court in Lagos has ordered Union Bank of Nigeria Plc and a receiver/manager, Gbenga Akinde-Peters, to take interim possession of a landed property belonging to A-Z Petroleum Products Limited.

    The property is Plot 3508, Cadastral Zone A06, Maitama District, Abuja, covered by a Certificate of Occupancy (C of O) of September 7, 2005, and registered as No. 3586, Vol. 18, at the Abuja Land Registry.

    Justice Chuka Obiozor made the order last Thursday, following an application filed and argued by the applicants’ counsel, Temiloluwa Adamolekun, which alleged that the first respondent, A-Z Petroleum, owed Union Bank N5.2 billion.

    The court granted a Mareva Injunction against the property following Union Bank’s argument that it would suffer “a monumental injustice” unless the defendant was so restrained.

    A Mareva Injunction is a court order freezing a debtor’s assets to prevent them being taken abroad.

    Justice Obiozor held: “in the light of the application for Mareva Order, with affidavit in support and written address and submission of the counsel, the application succeeds and is hereby granted.

    “The order granted is to last pending the hearing and determination of the substantive suit.”

    Adamolekun’s application included an interim order authorising the second applicant, Akinde-Peters, to take over exclusive possession of the property, “together with any building and appurtenances thereon, by the virtue of the Deed of appointment made on July 18, 2018, in pursuance of the duly registered tripartite deed of legal mortgage dated September 1, 2018.”

    Adamolekun also sought an order restraining both A-Z petroleum Product Limited, Chief Alex Chika Okafor, their directors, shareholders, employees, officers, agents, servants, privies and any other persons acting on their behalf, from obstructing the Receiver/Manager from performing his duty as Receiver over the said property.

    The lawyer prayed for an order restraining Petroleum Products Pricing Regulatory Agency (PPRA), Federal Ministry of Finance, Debt Management Office (DMO), Accountant General of the Federation (AGF), Central Bank of Nigeria (CBN), who are third to seventh respondents, from releasing any money or funds in form of Sovereign Debt Notes (SDN) or any other instruments belonging to the oil company to the tune of N5, 227, 543, 442 .9 billion, in their custody, pending the hearing and determination of the substantive suit of the matter.

    He further obtained an order directing the third and seven respondents to disclose on oath within 14 days the total sum of money, funds, and Sovereign Debit Notes (SDN), either processed or yet to be processed within the purview of Petroleum Subsidy Scheme, in their custody, belonging to the oil company.

    The applicants, in their affidavit deposed to by Mr Segun Omoshola, averred that the oil firm “failed, neglected to perform its obligations to the bank,” concerning the loan, which continued to accrue interest in line with the terms and conditions as contained in the instruments executed before the granting of facilities.

    “As at April 12, 2018, the company’s indebtedness to the bank stood at N5, 227, 543, 442 .9 billion, while interest continues to accrue at the bank’s lending rate,” they averred.

    The applicants further averred that apart from the defendants’ refusal to liquidate the indebtedness, they were also taking steps to divert and dissipate the SDNs and other funds due to firm from the Federal Ministry of Finance and other government agencies.They claimed that the Subsidy claims that were paid to the first defendant before now had been diverted and not paid to the bank, and that the government agencies were now on the verge of paying another subsidy claims through SDN to the oil firm.

  • Ekiti poll: Tribunal grants Fayemi access to electoral materials

    The Ekiti State Governorship Election Petitions Tribunal sitting in Ado-Ekiti, the capital, yesterday granted leave to Governor-elect Kayode Fayemi to inspect and obtain certified true copies (CTC) of polling documents, ballot papers and other electoral materials used in the July 14 election.

    This followed the motion ex-parte filed by Fayemi under Section 151 of the Electoral Act in defence of a petition against his declaration by Independent National Electoral Commission (INEC) as winner of the poll.

    The reliefs Fayemi is seeking include leave to hear and determine the application for the inspection before pre-hearing session.

    Counsel to Fayemi, who is the third respondent, Mr Abayomi Aliyu (SAN), listed eight grounds upon which the motion ex parte should be granted.

    The lawyer argued that such would enable his client to prepare for necessary defence in the course of the matter.

    Tribunal Chairman Justice Sulaiman Belgore, who reviewed the reliefs sought by Fayemi, held that the tribunal found merit in the application and granted them in the interest of fair hearing.

    The tribunal also granted the respondent’s prayer to allow forensic experts to inspect, by electronic scanning, the ballot papers, voters’ registers and other materials.

    It also granted Fayemi leave to use handwriting experts to inspect statutory forms used for the election.

    Last Friday, the PDP candidate, Prof. Kolapo Olusola, filed over 700 pages of petition challenging Fayemi’s victory.

    He claimed to have scored the highest number of lawful votes cast in the election.

    Fayemi’s application, dated July 31, was anchored on six grounds.

    In his application, the APC candidate said:

    • “That the counsel is seeking the order of the tribunal to see the documents of the election materials.
    • “To make photocopies of the documents of the election materials.
    • “To use forensic equipment to view the handwriting of the election result, and the fingerprint of the election materials.
    • “Request, on the order of the court, to obtain and photocopy all the election materials held on July 14, which is also in custody of the first respondent (PDP).
    • “To seek forensic experts, to access both machine and other materials used in the conduct of the election in order to defend the petition of the first respondent (PDP).
    • “To have all the materials used in all the polling units of the election.”

  • Grants from China should be tied to projects, says Forum

    The Abuja Forum Series on China-Africa Cooperation yesterday advised that grants from Chinese Government should be tied to projects.

    It said that there should be better bi-lateral arrangements to enhance military capabilities in Africa.

    It also said China can assist Africa by sponsoring investment that can steer poverty reduction and rural development.

    These are some of the highlights in the communiqué of the first conference of the Abuja Forum Series with the theme “New Era for China-Africa Cooperation: Partnership for Peace, Security and Development”.

    The conference was jointly organised by the Gusau Institute (GI), Nigeria and the Centre for Nigerian Studies at the Institute of African Studies, Zhejiang Normal University (ZJNU), China.

    The communiqué highlighted some of the recommendations of the conference including the need for a memorandum of understanding between Chinese and Nigerian universities to promote capacity building.

    The Forum said: “Money and grants from China should be tied to projects not as loans, so as to reduce corruption and promote accountability.

    “China does not have a Defence Pact with any African country: therefore, rather than having military cooperation extending to arms sales only, there should be better bi-lateral arrangements to enhance military capabilities in Africa.

    “China’s successful activities in the Gulf of Aden should be extended to the Gulf of Guinea to assist Africa in securing more of her coastline.”

    The Forum also suggested ways on how to facilitate industrialization in Africa.

    It added: “There is a need for Africa to meaningfully engage China by leveraging the opportunities in industrialisation.

    “There is a need to strengthen policies on research and development to drive industrialisation in Africa.

    “Africa’s economic reform should accommodate industrialisation and it should seek experience and guidance from other countries, the way China did with Singapore when establishing the Suzhou industrial park.

    “The use of a Pre-emptive Peace and Security Approach (PPSA) to enhance infrastructural development, trade and security in Africa should be the core of China-Africa cooperation. As such, PPSA is vital for addressing the root causes of security threats through the provision of aid.”

    The Forum also made recommendations on how to achieve good governance in Africa and enhance security on the continent.

    It said: “The governance system in Nigeria should provide the right policies and incentives that will effectively drive the economy by attracting investment.

    “An African Renaissance could be achieved by focusing on active engagement with China so that Africa can gain optimal advantage.

    ”Africa should take advantage of China’s willingness to build training institutions as part of capacity building that stressed development of the mind as human growth, and not just provision of training without replicating the knowledge acquired.

    “Acquisition of technology to drive the process of enhancing security in Africa should be based on what China and Africa can offer and learn from each other.

    “Africa should engage China on how the country has been able to curb some of her security challenges.”

  • N1.7b alleged fraud: Court grants First Nation Airline MD bail

    Managing Director of First Nation Airlines Kayode Odukoya has been granted bail by an Ikeja special offences court .

    Odukoya was arraigned on March 16, 2018 before Justice Dada for alleged theft and forgery by the Economic and Financial Crimes Commission (EFCC).

    His company, First Nation Airlines and Bellview Airlines, are joined in the suit as second and third defendants.

    He was arraigned on a four count charge of theft of N1.7 billion and forgery of Certificate of Occupancy issued by the Lagos State Government.

    Justice Mojisola Dada granted bail to the defendant after taking submissions of counsels to the parties in the matter.

    Justice Dada granted bail to Odukoya in the sum of N10 million and two sureties in like sum.

    The judge, however, ordered him to produce two sureties who are land owners in Lagos State and must deposit title documents with the court and tax clearance for three years.

    The court also granted Odukoya a temporary release provided  he is able to deposit his international passport immediately with the court.

    Odukoya has two weeks to perfect the bail condition, failure of which the defendant will be remanded in prison custody.

    Justice Dada based her decision to grant bail to the defendant on eight principles.

    The court considered the probability of the defendant jumping bail or not,  probability of committing the crime, character of the defendant, strength of evidence, seriousness of the prosecution among others.

    Defence counsels  Olawale Akoni (SAN) and John Odubela (SAN) applied for bail for the defendant, saying their application was already before the court.

    They urged the court to grant him bail in liberal terms.

    The prosecutor, Zainab Ettu, said she was  not opposed to bail for the defendant.

    The EFCC had alleged that the CEO of the airlines forged the Memorandum of Loss of Lagos State Certificate of Occupancy registered as No. 33 at page 33 volume 1011 at the Lagos State Land Registry, Alausa, Lagos, in order that the document be acted upon as genuine and that the forged document was in respect of a property located at No. 29, Oduduwa St., Ikeja GRA, Lagos.

    Odukoya is alleged by the EFCC to have used the false document and also gave false information on oath concerning the loss of the certificate of occupancy at the Lagos State Land Registry.

    The anti-graft commission also said that on October 7, 2016, Odukoya stole and dishonestly converted to his own use N1. 7 billion belonging to Skye Bank contrary to Sections 85, 86(1) 278(1)(b), 285, 361(1),(a) (b), 363 and 364(1) of the Criminal Law of Lagos State 2011.

    Further trial has been adjourned till May 7 and 10, 2018.

     

  • U.S. Embassy awards $404,553 in grants to civil society groups

    The United States (U.S.) Mission to Nigeria has awarded $404,553 in grants to civil society groups in response to applications for its 2017 annual programme, it was learnt yesterday.

    The grant is expected to be used to address 23 projects of concern to the country and its citizens.

    A statement issued by the embassy in Abuja yesterday said projects that will be executed are aimed at promoting women entrepreneurship and economic growth.

    The statement reads: “The grantees include civil society organisations, arts companies and alumni of the Kennedy-Lugar Youth Exchange and Study (YES) Programme.  Grantees will execute projects to promote women’s entrepreneurship and economic development; increase disabled and non-disabled students’ access to primary and secondary education; mitigate farmer-herder conflict and support anti-corruption efforts.”

    Already, a one-day workshop has been conducted to ensure effective management of the funds.

    U.S. Ambassador to Nigeria W. Stuart Symington, who spoke at the workshop, underscored the key role the grantees could play in “solidifying Nigeria’s democratic gains, creating economic opportunity and ensuring a united Nigeria”.

  • Govt to disburse $150m solid minerals grants

    The Federal Government has concluded plans for the disbursement of the $150 million World Bank grant to solid mineral sector operators.

    Part of the procedures includes vetting applications from operators who applied for the grant, in line with the rules as advertised and published in national dailies.

    The procedures are to determine the eligibility of the applicants, examine their impacts on the sector and see whether their purposes for seeking the funds tally with the aspirations of the World Bank to grow economies, among others.

    Minister of Solid Minerals Development Senior Special Assistant on Media, Mr. Yinka Oyebode, said making the grant accessible for operators had reached an advanced stage, adding that the grants would be disbursed soon.

    He described operators with tangible evidence as those that have proven track records of performance in the sector, while operators at the principal mining areas were those mining strategic minerals.

    He said the government wanted operators with tangible evidence of operation as well as those working in principal mining areas to benefit from the facility.

    According to him, due process is being followed, in order to ensure that the right operators get the fund.

    Oyebode said the government was carrying out investigations to determine the eligibility of those that applied for financial or material assistance, which the World Bank provided the sector in the second quarter of this year.

    Oyebode said: “Many people may be wondering, why the grants have not been disbursed to the operators since it was issued by World Bank months ago. The answer is simple. World Bank prides itself as a reputable financial institution that meets the needs of operators in developed and developing economies by providing either grants or aids or loans to them, while at the same time ensuring that the funds were judiciously spent by the receiving nations or sectors.

    “The Federal Government, which received the grants on behalf of the operators in the solid minerals, is not ready to work at cross-purpose with the World Bank, hence the decision to provide the grants to suitable operators in the sector. That is the reason for the delay in providing the fund to the operators. But I can assure you that the government would disburse the loans to qualified operators very soon.”

    According to him, using grants or any other assistance for the purpose they are intended is the World Bank’s philosophy.

    “The global financial body has done it in critical sectors such as power, agriculture and others and it ensured that the funds were utilised. The bank will not give the money cash to the operators, who applied for it. Rather, it helps an operator or sector to get the equipment needed for his operation, as contained in the agreements, which he has signed. For instance, if an operator in the solid minerals sector needs a particular technology, what the World Bank does is that it would help the operator gets the technology, and not to give him the money. This is contrary to a situation whereby the bank would give cash to the operator in form of loan to purchase the technology,” he said.