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Folarin Kehinde

CBN Sets up NCR to Help MSMEs, Access Business Loans

by Folarin Kehinde October 13, 2022

written by Folarin Kehinde

There is good news for farmers and operators of Micro, Small and Medium Enterprises (MSMEs), as the Central Bank of Nigeria (CBN), has set up National Collateral Registry (NCR) to assist them obtain loans from financial institutions to boost their business, using movable assets as Collateral.

The apex Bank in collaboration with the International Finance Corporation (IFC), established the NCR, a financial infrastructure that will enable MSMEs to leverage on their movable assets (equipment, machinery, vehicles, keke-napep, crops, livestock, account receivables, inventories, jewelleries etc) as collateral for loans in their various banks.

Speaking at a town hall meeting in Benin yesterday, with the theme “MSMEs Safe Haven: Improving Financial Access to the Nation’s Main Economy Drivers”, the Registrar, National Collateral Registry, Mr. Bulus Zgabawa Musa, an Assistant Director of the CBN, said NCR was created in 2015 to deal with movable assets which financial institutions would accept as Collateral to guarantee loans for farmers and MSMEs operators.

Musa who was represented at the event by Dr. Xavier Itam Okon, explained that NCR provides information on all movable assets to banks to enable them reach appropriate decisions on giving loans to prospective clients.

“The message is that you can walk into any of your banks to take business loans, using movable Collateral or assets.

The event was organised by NCR in collaboration with Pro-Poor Growth and Promotion of Employment in Nigeria Program- Sedin of Deutsche Zusammenarbeit (GIZ).

Earlier, Mr. Olawale Afolabi of GIZ, told participants that what his organisation does is to assist prospective clients solve the problems of getting loans from financial houses.

“What we do at GIZ is to look at the problems of securing loans from financial houses. We also teach how to prepare proposals, and support the Cassava value chain,” Afolabi said, adding that GIZ has been in Nigeria since 1974.

Participants at the event, especially those from the informal sector, were urged to think ahead for their retirement by saving gradually.

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October 13, 2022 0 comments

Headlines

Judge Acquits Ex-Jigawa Governor of $8.3 Billion Fraud Charge

by Folarin Kehinde October 13, 2022

written by Folarin Kehinde

A Judge in the Dutse Federal High Court, Jigawa State, has today, discharged and acquitted Senator Saminu Turaki of the N8.3bn corruption charges preferred against him by the Economic Financial Crimes Commission.

Turaki and three other companies had been standing trial since May 4, 2007, in a suit filed by the EFCC on 33 counts.

The former governor was arraigned by the EFCC before Justice Binta Nyako of the Federal Capital Territory High Court on July 13, 2007.

In 2011, the case was, however, transferred to the Federal High Court, Dutse, after the former Jigawa governor challenged the jurisdiction of the FCT division of the court.

A new judge, Justice Hassan Dikko, was reassigned to take over the case which was formerly being handled by Justice S. Yahuza before his retirement early in December.

The presiding judge, Justice Hassan Dikko, who delivered the ruling, struck out all charges and discharged all the accused persons for want of diligent prosecution.

The court further ordered that the travel document of the first accused person, Saminu Turaki, be released to him with immediate effect.

Reacting on the judgment, Saidu Tudunwada, who is one of the defense counsel, said that the court found merit in their application for the discharge of the accused person against the 33 counts.

He added that, with the ruling, justice had been served and it was a victory for all.

October 13, 2022 0 comments

Business Headlines

House of Reps Orders CBN To Suspend Polaris Bank Sale

by Folarin Kehinde October 13, 2022

written by Folarin Kehinde

The Nigerian House of Representatives has directed the Central Bank of Nigeria (CBN) to immediately suspend the sale of Polaris Bank Plc.

The Reps said the suspension should be until the CBN deposit Insurance Corporation and the Asset Management Corporation of Nigeria concluded all processes for open, transparent, and competitive bid process.

This, the house said it should be in line with best practice and procedure for divestment of this nature.

This followed the adoption of a motion of urgent public importance by Rep. Henry Nwauba (APGA-Imo) at the plenary.

He said public attention had been drawn through a circulation currently on social media in respect of the proposed sale of Polaris Bank for N40 billion.

He said that there was need to ensure that the divestment in the bank did not jeopardize the core reason for the CBN intervention in the bank in the overall public interest.

He added that the divestment should be done most transparently following the required due process.

He said that this was necessary to avert public outcry and untoward reaction from critical stakeholders in the economy, foreign business partners banking community, depositors, Correspondent banks.

He added that it was crucial to avoid the shortcomings of the previous similar exercise undertaken in the past

He said that Polaris Bank was borne out of the bailout of the defunct Skye bank Plc that failed due to poor corporate governance and non-performing loan.

This, he said, was for which close to a trillion Naira of public fund was committed to resuscitating the bank.

He said that the proposed sale was shrouded In secrecy and was opaque and required that it was done in transparency and accountability to eliminate insinuations of corruption.

He said the transited defunct Skye Bank was a systemically important Bank with a large pool of employees, customers, and other stakeholders.

He said that the bank without a bailout would have had a serious contagion effect on the economy and global perception/reputation;

The House therefore set up an Ad hoc Committee to within 20 days, review the total outlay by the Federal Government of Nigeria in Polaris Bank and account for the entire financial input in the bank by the Federal Government.

The House said this should be through CBN, NDIC and AMCON to determine whether the conditions and terms of sale were likely to ensure positive return on public funds thus far committed to the bank, whether as bailout funds or other investments.

The House urged the committee to take action necessary to ensure that the public funds committed to Polaris Bank were appropriately documented, accounted for.

October 13, 2022 0 comments

Headlines

Wike Signs N1 Billion Relief Fund To Support Rivers Flood Victims

by Folarin Kehinde October 13, 2022

written by Folarin Kehinde

The Rivers State Governor, Gov. Nyesom Wike has approved N1 billion for emergency relief measures to support flood victims in Ahoada West and Ndoni Local Government Areas of the state.

The was made known in a statement by the Special Assistant to the Governor on Media, Mr Kelvin which was made available to journalists on Wednesday in Rivers, Port Harcourt.

Wike also set up a taskforce to coordinate the distribution of the relief materials to the affected communities in the State.

He said the fund was to enable vulnerable families, particularly in Ahoada in the two local government areas, the most impacted areas in the state, to cope with the devastating flood water.

The governor noted that the flood had inundated homes and farmlands and forced residents of affected communities to relocate to safer places.

He said Dr. George Nwaeke, the Permanent Secretary, Special Services Bureau, Office of the Secretary to the State Government, would serve as the Chairman of the taskforce, while, Mrs Inime Aguma, was the Secretary.

Wike named other members of the taskforce as the Chairman of Ahoada West LGA, Hope Ikiriko; the Chairman of LGA, Vincent Job; and the Director of Administration, Ministry of Special Duties, Chukwuemeka Onowu.

The governor said all the members of the taskforce would meet with him at the Government House, Port Harcourt on Thursday.

The governor said he had also appointed 28, 000 Special Assistants for political units in the state and the appointments took immediate effect.

It will be recalled that the governor had on Tuesday appointed 319 Ward Liaison Officers and 40 Local Government Area Liaison Officers.

October 13, 2022 0 comments

Headlines

2022 Flood: Over 350,000 Displaced, more than 500 Lives Lost – NEMA

by Folarin Kehinde October 13, 2022

written by Folarin Kehinde

The Director General, National Emergency Management Agency (NEMA), Mustapha Ahmed has disclosed that over 350,000 Nigerians have been displaced with more than 500 lives lost to the 2022 flood which ravaged the nation.

Ahmed while speaking in Abuja on Thursday at the 2022 International Day for Disaster Risk Reduction noted that 33 states of the federation were affected by the flood.

Ahmed explained that despite early warning signals, Nigerians still refused to heed to the warnings and the current consequences is severe.

“We released early warning signals, but people do not heed to the warnings, when the seasonal climate prediction was released we alerted the whole nation and identify vulnerable area on time but has the nation will have it unfortunately, we have the country flooded”.

Meanwhile, the NEMA director general stated that President Muhammadu Buhari have approved the distribution of 12,000 metric tonnes of grains spread across the affected 33 states to mitigate the impact of the flood and ensure the provision of other relief materials.

“The President has approved 12,000 metric tonnes of grains, 4,000 trailers spread across the country and we are working towards providing more relief materials”.

“I have alerted the security agencies to help us clear their way along Lokoja road so that these materials will be duly delivered”.

He however noted that as government agencies responsible for the generation and dissemination of early warnings, they will continue to review the progress and trends in strengthening effectiveness of early warning and early action, review contributions from different approaches as well as the application of the lessons learned through the lenses of anticipatory early actions.

Also, Director General, Federal Emergency Management Agency, (FEMA), FCT, Idris Abba on his part noted that the locals being the first responders and most vulnerable to be educated and duly supported during cases of flood.

Idris stated that the ongoing demolition witnessed in the federal capital territory is strategic owing to blocked of waterways and disruption of the FCT masterplan.

He disclosed that over 250 houses have been removed in the lokogoma axis and others in Life Camp axis of the federal capital territory, this he assured is the only way to have a saner society and mitigate impact of climate change.

October 13, 2022 0 comments

Headlines

FG’s Relapse to Technology, Boom Oil Theft Business – Ex Naval Officer

by Folarin Kehinde October 13, 2022

written by Folarin Kehinde

The President, Club Twelve 88, Abuja, Rear Admiral Gbadejo Adedeji (rtd) has attributed the lack of adequate technology to secure and monitor oil pipelines to recent oil theft cases in Nigeria.

Adedeji while speaking in Abuja on Wednesday at a press briefing to commemorate the 11th President investiture ceremony and inauguration of the new corresponding members stated the issue of oil theft borders on how much foresight the Nigerian leadership has exercised in mining how to explore our oil resources and reforms, and technologically secure it.

According to Adedeji, there is a total neglect of studying our situations in the country particularly in the area of oil business.

He explained that in other climes, professionals in the oil and gas sector are duty bound researching, gathering and analysing data and looking for likely solution to oil theft rather than leave the armed forces alone to make arrest

“Today we are talking of people laying oil pipe at the sea beds and going out there to load trucks, the armed Forces will not be in the business of researching this.

“Look at Saudi Arabia for example, the network of their oil pipe is so tight and so technologically backed up that if you touch one pin, you will be located, it is a huge structure that they are watching what is going on in the system”.

Meanwhile, the President noted that since the club has been found about 36 years ago before the creation of they Federal Capital Territory, though infrastructural development is fair now compared to other cities but initial plans has been thwarted over time.

“The concept of town planning is important to the development of any country, but the impromptu concept of Abuja caused lots of flaws ” I guess there was an abandonment of the initial plan of the city”.

Corroborating, Former Head, Public Health and Environment Division of the Federal Capital Territory Development Administration (FCDA), Dr. Francis Ayande noted that change of leadership structure on quarterly basis affected the continuity of the Abuja master plan.

“What happened in Abuja was that the leadership of FCDA was changed every 2-3 years, in many society, if you have a project like this, the leadership must be there continuously to see the dream and plan implemented and if there is need for adjustment, they will do this systematically”.

Francis also stated that due to insecurity around neighboring fct states, many people moved in and there was no way the planners of FCT could cope with the influx of people, also government budget was limited until the private sector came into to support.

“So like I said the changes of the FCDA leadership affected the continuity of the initial concept and plan of the FCT.

October 13, 2022 0 comments

Business Headlines

SMEDAN Salutes Inauguration of Certified Business Development Service Providers Association

by Folarin Kehinde October 12, 2022

written by Folarin Kehinde

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), has hailed the inauguration of Association of Certified Business Development Service Providers of Nigeria (ACBDSP).

The Director-General of SMEDAN, Olawale Fasanya, described it as a welcome development, adding that the association would deepen the practice of business development services in Nigeria.

Fasanya said this on Tuesday when the Board of Trustees (BOT) and members of the ACBDSP visited him in Abuja.

The SMEDAN boss reiterated the objectives of the BDSP programme in Nigeria, saying that the Federal Government plans to achieve a more effective Small and Medium Enterprises (SMEs) sector through it.

While pledging SMEDAN’s commitment to collaborate with the new association, Fasanya tasked all certified Business Development Service Providers (BDSPs) to work hard under the umbrella of ACBDSP.

According to him, this is to bring value to the SMEs in Nigeria and to promote the growth of the sector.

Fasanya further urged the association to drive the commitment of its members toward the shared goals.

He assured the association of SMEDAN’s readiness to support to promote the development of SMEs in the country.

The Chairman BOT, ACBDSP, Stanley Muoneke, commended SMEDAN for the foresight and support during the formation of the association as well as its continued efforts to develop the Micro Small and Medium Enterprises (MSMEs) sector in Nigeria.

Muoneke also hailed the leadership role played by the Enterprise Development Centre of the Pan Atlantic University as well as Kaduna Business School.

He said that the ACBDSP aimed at build a community of professional BDSP practitioners who define excellence and advance ethics for the business development service Providers profession and practice in Nigeria.

“Going into the future, SMEDAN and ACBDSP expect to work closely together on key projects aimed at bringing value and growth to the MSMEs sector in Nigeria,’’ Muoneke said.

The News Agency of Nigeria reports that BOT members of the ACBDSP include Prof. Helen Andow, Dr Dahiru Sani and Hajia Raliat Oyetunde.

Others are Mike Alade, Helen Emore, Ibrahim Buwanhot and Onaifo Uwa. It would be recalled that in 2018, the Federal Government through SMEDAN, set up a national framework for the accreditation and certification of business development service providers.

It aims at setting the standard for business development interventions by certifying a mark of quality for the delivery of business development services to the MSMEs in Nigeria.

BDSPs, who go through training and accreditation process attain the standard benchmark for business development services interventions.

They become certified and assist MSMEs in strategy, performance, competitiveness as well as facilitate access to finance therefore directly contributing to the country’s economic development.

The ACBDSP was formed and incorporated by the certified BDSPs in April 2022 as a platform for advancing professional practice of BDSPs in Nigeria.

It acts as springboard for members to exchange ideas, accelerate business growth, strengthen practical knowledge, drive common standards, and enhance client relationships.

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October 12, 2022 0 comments

Headlines

How Lagos Traders Were Forced To Attend Tinubu’s Rally

by Folarin Kehinde October 12, 2022

written by Folarin Kehinde

A viral video making the rounds showed how some traders have had their shops closed in Jakande Market in Lagos for not attending the political rally held in honour of APC presidential candidate, Asiwaju Bola Ahmed Tinubu.

Lagos State Parks and Garages Management Committee chairman, Musiliu Akinsanya, popularly called MC Oluomo, led different groups at a rally on Sunday in support of the All Progressives Congress presidential aspirant, Asiwaju Bola Tinubu.

It appears however that some of the people that went for the rally were coerced to participate. This was revealed in a recent video on social media.

In the video which was shared on twitter, one of the traders was heard complaining that they have been asked to pay the sum of N5,000 as a fine for not attending the rally which held on Sunday.

A man on long sleeves and jean trouser who’s allegedly the chairman of the market was seen going around a market to close shops and kiosks belonging to those who didn’t attend Bola Tinubu’s political rally on Sunday.

Though, it is not known whose order the market chairman acted on but there are all indications that it is connected to the organizers of the rally.

October 12, 2022 0 comments

Headlines

Kogi Residents Protest Dangote Exploitation

by Folarin Kehinde October 12, 2022

written by Folarin Kehinde

Kogi State residents have come out en masse to protest over exploitation by the Dangote group over the ownership of Obajana cement. The citizens of the state occupied all mining sites across the state to express their plight over the alleged exploitation of the Dangote Group.

This comes just hours after it was reported that the state governor, Alhaji Yahaya Bello, and the Chairman of Dangote Group, Aliko Dangote, were meeting with President Muhammadu Buhari to discuss the matter.

The conflict between the Kogi State government and the Dangote Group over the ownership of Obajana cement took a new turn in the early hours of Tuesday, when citizens of the state occupied all mining sites across the state to express their plight over the alleged exploitation of the Dangote Group.

Massive crowds gathered with various placard inscriptions urging the state and federal governments to press Dangote Group for justice. Despite the fact that the protesters are not violent, trading activities in various areas have been halted.

The protest is happening at Obajana, Ankpa and other areas of Kogi State.

They are urging the state not to back out until the state recovers Obajana Cement, the largest cement plant in Sub-Saharan Africa.

Another group of Nigerians have hit the roads in Abuja in protest against Dangote’s claim of 100% ownership of Kogi Cement without the approval of state assembly.

Reports showed that the state government sealed off the cement factory last week, claiming ownership of the company due to breech of contract agreements and non involvement of the state assembly. Meanwhile, Dangote Group has responded that it owns the entire company.

According to the report of a committee of inquiry set up by the state government, documents show that the agreements entered into between Group and the previous government in 2002/2003 are invalid. According to the government, the State Assembly was not involved in the negotiations.

The government’s statement noted that Dangote Group has even failed to meet the terms of the agreement. It was stated that 90% of the shares were transferred to Dangote Group, with the remaining 10% reserved for the government and citizens.

October 12, 2022 0 comments

Headlines Opinion

WARNING!! How Social Media Is Used To Track Your Activities

by Folarin Kehinde October 12, 2022

written by Folarin Kehinde

For those who are not aware, social media applications and your phone hardware can be used to monitor your activities and track your location.

Tracking location is something your phone does all the time, and your social media applications harvest that information for malicious reasons.

These activities can pose a serious threat to your privacy and your physical safety.

HOW SOCIAL MEDIA APPLICATIONS TRACK YOU

Your mobile device’s hardware and its operating system work together to monitor your location. The primary location tool is your GPS chipset, of course. If you can see the sky from where you are, your phone can determine your location to within a yard or two.

That only works when you’re outdoors and aboveground, so your devices have other tricks they can use for location-finding. One is by monitoring which cellular towers your phone “pings” as you go about your business.

Another checks the Wi-Fi networks your phone finds along the way: those locations (IP addresses) can be looked up and used to define your location in something pretty close to real-time.

Your device (and your social media app) can even use subtler cues, like your phone’s accelerometer (to tell when you’re in motion) and altimeter (to monitor how far up you’ve gone) to place you accurately on a specific floor of a given building.

When you have all of those things enabled, your devices can potentially pinpoint you within a given room.

DISADVANTAGES OF SOCIAL MEDIA TRACKING

The disadvantages of Social Media location tracking are enormous. Though no list may be comprehensive enough to outline all the disadvantages of Social Media tracking, a few of the most obvious include:

The possibility of stalking and harassment. This is the flip side of protecting yourself through location tracking: it allows stalkers, vindictive exes and pretty much anyone else to find you as well if you share your location. It’s especially concerning for those in abusive or controlling relationships.
It gives scammers a lot of additional leverage. Phone scammers often “spoof” caller ID to show a number that’s local to you, or even your own number, which you’re more likely to answer. It also gives them the info they need for plausible stories to con you with (“My kids go to Acme Elementary as well …”).
Aside from that, keeping location services turned on lets them match up your name to your address (anyone can do that) to target you personally, as opposed to a one-size-fits-all scam.
When you check in from a popular vacation spot, you’re telling any burglars in your area that your home is empty, and ready to be looted. That doesn’t make for a happy homecoming.

HOW TO PROTECT YOURSELF FROM SOCIAL MEDIA TRACKING

Keeping location services on, or turning them off, comes down to deciding whether the benefits outweigh your potential exposure to harm. If you decide you’d rather opt out, you’ll need to change those settings. For your convenience, here’s a quick guide to doing that.

Android 9 and Previous Versions

On a phone running any version of Android up to and including Android 9, tap the Settings icon, then Connections, and finally Location to turn location services on and off (there may be some slight differences between different phones and versions of Android). This turns off location services for all apps, so you’ll need to turn it back on again to use GPS navigation or other location-centric apps.

Android 10 and Newer Versions

Newer versions of Android let you control permissions on an app-by-app basis, which is much more practical. Tap Settings, then Apps & Notifications and See All Apps. Scroll down the list and tap each of your social media apps, then find and turn off location services for each of them. Alternatively, you can set it to ask every time before using location services or to only allow it while the app is active, but those options aren’t helpful if you always have the app open.

iOS and iPad OS

On an Apple device, tap Settings, then Privacy, then Location Services. You can turn off Location Services entirely using the toggle at the top of your screen, or leave them on for the phone as a whole but turn them off for specific apps. Scroll down to your social media apps, tap them one after the other and choose whether or when each app can use location services.

On a given social media platform, you may need to tweak other settings as well to maximize your privacy. A few examples include:

Facebook

Facebook has already dropped several location-driven services from its platform, including Nearby Friends, Background Location and Location History. Location History will be viewable until August 2022, but if you want to delete it now you can find it in your Profile Settings. You may also want to turn off the “Background Location” setting (Android app only), which lets Facebook track your location even when you aren’t using the app. Bear in mind that even with Location Services turned off, Facebook will still use tools like your IP address or Wi-Fi connection to guess your location.

Instagram

Unlike Facebook, Instagram’s default is to not use location settings. Turning them off on your phone is all you need to do, but you can manually add a location (if you want to) when uploading a photo.

Twitter

Twitter makes little use of your location, but there is one setting you might want to look at. Tap Settings, then Privacy and Safety, and then Location Information. You’ll see an option labeled “Add location information to your Tweets.” If that’s turned on, you can turn it off for more privacy. You also have the option of removing all location information attached to your tweets, if that setting has been turned on until now.

October 12, 2022 0 comments

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