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Experts seek Kefas intervention to revive Taraba microfinance Bank

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Agbu Kefas

Eleojo Samuel Jalingo

Financial experts in Taraba State, are seeking governor Agbu Kefas intervention to revive the liquidated Taraba State Microfinance Bank.

Investigation by our reporter shows that the circumstances that led to the closure of the bank was faulty and politically motivated as the last administration failed to adhere to the report submitted by a committee set up to investigate the activities of the financial institution and also a court order stopping the Central Bank of Nigeria (CBN) from liquidating the bank.

National update gathered that in May 2023 the CBN liquidated the Microfinance Bank and directed the Nigeria Deposit Insurance company (NNDIC) to sell off the assets of the bank.

But in swift reaction the Board of the bank approached the Federal High court Jalingo and also wrote the CBN in a letter dated 10th June 2023 challenging its decision.

These two efforts yielded positive results as the Federal High Court sitting in Jalingo gave CBN an interim injunction stopping the liquidation exercise pending the suit before it.

Also, the letter written by the board to the Central Bank of Nigeria was honoured as the Apex bank, in a letter dated 11th July 2023 directed the bank to recapitalised to the minimum capital requirement of N1billion to enable it operate a statewide microfinance bank

Also because the last financial statement submitted by the bank before the liquidation showed a net loss of Six Hundred and Ninety Million Two Hundred and Ninety thousand Naira (N690,290,000).

The apex bank requested the micro bank to recapitalizated One Billion, Six Hundred and Ninety Million, Two Hundred and Ninety Thousand.(N 1,690,290,000) to cover the minimum recapitalization requirement and the loss in the books of the bank.

Our investigation further reveals that the bank was given an initial window of Ten working days and weeks with another additional window of two weeks, however the first and second window elapsed without the state government taking advantage of it.

Financial experts in the state have continued to express concerns over the development, saying the lack of state owned Microfinance bank is causing the state to lose Billions of Naira.

Speaking to our correspondent the former Managing Director of the defunct bank, Nasiru Baba, said apart from denying rural communities in the state of assessing financial services the state is losing a lot of financial grants.

He said within this period, the CBN under the administration of President Bola Tinuba has given out billions of naira to support Micro funding through various Micro Finance Bank across the country, particularly to alleviate the suffering in the country, but Taraba State has not been benefiting from any of such intervention due to lack of state own Micro Finance Bank.

Mr. Baba then appealed to Governor Kefas, to intervene in saving the bank as CBN is willing to restore the license of the bank if the basic requirements are met.

Olayinka Gabriel, a Chartered Accountants and CEO Taraba Business School, said if the government is serious about resolving the crisis within the bank it can be resolved within 7 days.

“I have studied different reports concerning the bank and I have come to the conclusion that it is the political will of the Kefas led administration that can resolve the crisis of the bank.” He said

He said the state government needs to sit down with the dissolved board members and resolve all legal tussles.

According to him the bank currently has 18 different cases, two at the Supreme court, 6 at both Jalingo and Abuja federal High Court, and others at upper area court and Magistrate courts.

He said the withdrawal of these cases by both Taraba Investment and Properties Company and the board members of the bank will clear the way for the bank to recapitalise and explore its strategy.

Another Expert Maurice Agor who is the chairman of Taraba State chapter of the Institute of Chartered Accountants of Nigeria (ICAN), also said under the current situation the bank only needs a political solution to be revived.

“All the parties involved in the various legal tussles must be prepared to make sacrifices for the interest of the bank and its growth.

He said the CBN will not recognize any decision outside the one taken by the board, the board need to be reinstate, the government can ask the board members to resign with a promise of giving them another position into either board or parastatal or other political appointment, this way, a new board can be constituted with forward thinking individual that can move the bank forward.

He said anything outside a political solution will not solve the current problem of the bank.

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Taraba

Senator Tutare Facilitates Training for 537 Women, Youth in Soap Production in Taraba

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A two-day training program aimed at empowering 537 women and youth from Shira, Yerima, and Sendirde wards in Gassol Local Government Area, Taraba State, kicked off in Mutum Biyu, the local government headquarters.
The program, focused on bar and liquid soap production, is being implemented by Ladun Global Concept Limited, with support from Senator Abubakar Tutare and the Border Communities Development Agency (BCDA).

The initiative, designed to enhance self-reliance and community development, provides participants with practical skills that they can apply in both personal and commercial ventures. At the opening ceremony, Alhaji Isa Gunduma, chairman of the event, urged participants to seize the opportunity to learn and practice the skills being taught.
He emphasized that the training could be a transformative experience for their personal growth and the betterment of their communities.

CEO of Ladun Global Concept Limited, Mallum Abuga, reassured participants that the skills acquired during the training would not only improve their livelihoods but would also contribute to the overall development of their local communities.
He urged them to use the knowledge gained to create sustainable opportunities for themselves and others.

A director at the BCDA, Mr. Nesting Ovie, noted that the training would also cover the production of other household items in addition to soap. He stressed that the goal was to make participants self-reliant and empower them to teach others, thereby spreading the benefits of the program even further.

In her address, one of the program facilitators, Mrs. Hauwa Pogumai, encouraged the trainees to apply their skills with integrity and strive for excellence. She commended the participants for their commitment to the training and the organizers for their dedication to community empowerment.

The training underscores the commitment of Senator Abubakar Tutare, the Border Communities Development Agency, and Ladun Global Concept Limited to fostering skill acquisition and economic empowerment in rural communities across Taraba State.

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Taraba

Why I Pushed for a Kwararafa History Department at Kwararafa University – Dr. Yakubu

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Dr. Andrew Yakubu Laah

From Eleojo Samuel Adaji Jalingo

The former Group Managing Director of the Nigeria National Petroleum Company (NNPC) and Pro Chancellor of the Kwararafa University Wukari, Taraba State, Engr. Dr. Andrew Yakubu Laah said he advocated for the creation of a department of Kwararafa history at the institution to preserve the Kwararafa cultural history as a foundation for a progressive future.

Dr. Yakubu stated this last Weekend shortly after he was awarded with a honorary doctorate degree in Science by the community based university in Wukari.

He explained that understanding historical roots is significant in shaping a promising future, saying, “If we do not know where we are coming from, we may not likely know where we are going”.

The former GMD added that being a descendant of the great Kwararafa Kingdom, inspired him to advocate for the creation of the department, stressing that it will open room for historians across the world to visit the University for more authentic insight on the history of the kingdom.

Dr. Yakubu also explained the need for the Middle belt and other cultures across the country to embrace their rich cultural heritage as a means of positioning themselves as leaders rather than just following the global trend.

“For us to stand out as a unique kingdom, and to compete with other cultures across the globe, we must invest and celebrate our unique cultural heritage.

“While the world should be competing with us as first-generation leaders in culture and creativity, we have abandoned that position. It is time to do things differently by investing in uplifting our culture”, he said.

Dr. Yakubu further pledged to use his connections and experience to rally round support for the development of the University.

“The ultimate aim is to make the university self-sufficient and better positioned to serve the community’s educational needs.

“We will come up with a scheme to enhance the teaching and learning environments within the school and give the students access to high-quality educational opportunities.

The School was founded in 2005 as a community based university, by the Jukun chiefdom, under the leadership of the paramount ruler, the Aku Uka, to
focus on students’ intellectual and moral development.//.

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Taraba

Save Kwararafa University from imminent collapse, Dr. Kente urges descendants

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Chief Dr. David Sabo Kente

From Eleojo Samuel Adaji Jalingo

A philanthropist and founder of Mecapacynth International Academy in Abuja and Wukari local government area of Taraba State, Chief Dr. David Sabo Kente, has urged the descendant of the Kwararafa dynasty and other well-meaning Nigerians to support the community-based Kwararafa University, Wukari, Taraba State to meet its academic mission.

Dr. Kente pleaded with all stakeholders to do everything possible to rescue the university from collapsing.

The philanthropist who made the plea shortly after he was awarded with a honorary doctorate degree of public service at the 2nd joint convocation ceremony of the university held at the school premises last weekend said the founders of the institution needed to be encouraged to meet up with their aspiration.

“Let us do our best to make Kwararafa University a place to be proud of,” he said.

The business tycoon thanked the University community, especially the Senate for finding him worthy of the award.

Kente, pledged to continue supporting education and the sustenance of the institution, which is one of first Africa community University.

He said he rejected offers of such awards from five major universities across Nigeria to be honored with a doctorate degree, but decided to accept the one from a university founded by his community because the initiative is so dear to him.

“Ask my aides. I have rejected offers from five universities to be honored with a doctorate degree, but I accepted this one because the university is dear to me and the honour is coming directly from my community. I appreciate the honour and I won’t take it for granted

Dr. Kente, a former financial facilitator on education with the North East Development Commission (NEDC), said he has helped in facilitating the building of lecture halls and staff quarters in the institution while working with the commission.

“Asides from that I have personally built structures in the University and I have a scholarship program in the University through my foundation, DSK foundation “said.

Kente added, he would continue to deploy his God-given ability of working hard to achieve positive and admirable results in the country’s educational landscape, especially in the Kwararafa University.

He disclosed that the Kwararafa University was conceived by the five local governments in Southern Taraba, but nurtured by only a few people.”

“It was through the collective efforts of some stakeholders, including the staff and students that the university is surviving, I am calling on all the descendants of the great Kwararafa empire and all well meaning Nigerians to help the university attain its vision and projection.”

Apart from Chief Dr. Kente, notable individuals also received awards including Attah Igala, Alaji Mathew Opaluwa Oguche Akpa II who was awarded with doctor of letters and former Group Managing Director of the Nigeria National Petroleum Company (NNPC), Engr Andrew Yakubu, was awarded doctor of science.///.

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