Empowerment

Again Senate considers ‘uneven’ disbursement of N483bn intervention loan

Published

1 year ago

July 12, 2023

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The Senate on Wednesday reconsidered the alleged uneven disbursement of intervention loans to the tune of N483 billion by development financial institutions to the six geopolitical zones in the country.

The Senate raised a 7- man Ad- hoc Committee to carry out a holistic investigation into the matter and report back to the in four weeks for further legislative action.

Chairman of the Committee is Senator David Umahi. Other members are senators; Babangida Oseni, Ali Ndume, Sani Musa, Tokunbo Abiru, Ipalibo Banigo and Chizoba Chukwu.

This followed the debate on a motion by Senator Ali Ndume (Borno South) which was supported by 64 other senators on the need to holistically investigate the disbursement of the loans by Development Bank of Nigeria, NIRSAL and related Banks to micro, small and medium scale enterprises (MSMEs) in Nigeria from 2015 to date.
Recall that Senate witnessed its first rowdy session last Wednesday over the same subject matter when Akpabio rejected the motion to debate the alleged uneven distribution of N500 billion credit facilities to Micro, Small and Medium Scale Enterprises (MSMEs) across the country.
Ndume, had upon the commencement of plenary session, drawn attention of the Senate to a motion he sponsored on the same issue of imbalance in the distribution of the money adding that the outcome of that motion was not concluded before the end of the tenure of the 9th Senate.
Recall alao that the same motion by Ndume and three others was investigated by an ad- hoc committee in the 9th Senate and a report was submitted by the panel headed by Senator Sani Musa (Niger East).

Deliberating on the motion at plenary on wednesday, the Senate noted that the huge disparity and un- even distribution of half a billion Naira to states in the six geopolitical zones of Nigeria and the states in the country in 2021 by the Development Bank of Nigeria .

“Aware that the Bank’s Annual Integrated Statutory Report 2021obtsined on 13th July, 2022 from the organisation’s website showed that the Bank disbursed a loan worth Four Hundred and Eighty Three Billion Naira (N483,000,000,000) only out of which only 11 percent went to the 19 states of Northern Nigeria, while 47percent went to Lagos State alone.

“Also aware that the 13 percent of the loan that went to the North totals about about Fifty Three Billion , One Hundred and Thirty Million Naira (N53,130,000,000) while the 47 percent that went to Lagos State alone totals Two Hundred and Twenty Seven Billion and Ten Million Naira (N227,010,000,000) only..”

According to the breakdown of the loan presented by Sen Ndume, “the South West got 57 percent worth N274,740,000,000; South South got 17 percent worth N81,940,000,000; North Central got 11 percent worth N53,020,000,000; South East got 9 percent worth N43,380,000,000; North West got 5 percent worth N24,100,000,000; North West and North East got just One percent worth N4,820,000,000.”

Recall that the Development Bank of Nigeria exists to alleviate financing constraints being faced by Micro, Small and Medium Scale Enterprises (MSMEs) in Nigeria through providing finances , partial credit guarantees and technical assistance to eligible financial intermediaries on a market – conforming and fully financially sustainable basis.

Ndume also noted that the top five sectors considered for the loan were oil and gas (42.0 percent), manufacturing (16.0 percent) , agriculture, forestry and fisheries (7 .2 percent), trade and commerce (6.3 percent), and transportation and storage (3.5 percent),

However, there was mild drama as senators took time to dissect the motion

Seriake Dickson (PDP Bayelsa) while suggesting an addition prayer asjed that
the Ad- hoc investigation should be extended to look at all intervention loans by the CBN including Covid- 19 palliative, Anchor Borrows loan etc.

But the additional prayer was dropped on the pretext that will make the assignment of the ad- hoc committee unending.

Contributing earlier, Sen. Orji Uzir Kalu (Abia North) said loans are gotten up in application and following satisfaction of requisite requirements including bank guarantees.

Olamilekan Adeola (Ogun West) said Ndume had the notion that his North East zone was short changed but forgot that the development financial institutions had laid down procedures to disburse loans but appealed that the motion be given a second look if Ndume felt bad about the facts.

Sen. Sani Musa (Niger East) who headed the former ad- hoc committee said it should be noted that there is difference between bank loans and palliatives .

While agreeing that development institutions has criteria gor granting loans , he said the institutions might not be strictly followed .

He disclosed that 65 percent of loans disbursed by DBN has been repaid.

Musa also said interest of northerners in applying for the loan may be restricted by religious belief that no interest should be paid on.loans while financial institutions take 17 percent on loan.

But Ndume interjected him saying he perfectly understood workings of development institutions and their requirements . But claimed he got information presented from the website of the DBN and microfinance institutions involved.

A financial expert and retired banker, Sen. Isah Jibtil advised that the DBN among other institution is not wholly Nigerian institution but has foreign bodies like the World Bank and International Monetary Fund (IMF) as investment partners and they have their criteria which cannot be compromised by the Nigerian system.

He advised that Nigerians that failed to meet such requirement should approach other less cumbersome institutions such as the Bank of Industry and Bank of Agriculture.

Empowerment

Again, Obi doles out N60m to educational institutions in Anambra

Published

2 weeks ago

November 11, 2024

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***Canvasses for health, education as keys to poverty eradication

Former presidential candidate of the Labour Party in the 2023 General elections Peter Obi, has again donated N60 million to two educational institutions in Anambra State.
The effort is to strengthen health and education sectors he considers essential for lifting people out of poverty.
During a visit on Monday, Obi presented N50 million to Peter University in Achina and later donated N10 million to the College of Nursing Sciences in Adazi Nnukwu.
Just on Thursday last week Obi had donated N60m to support local institutions; N50m to the University on the Niger (UNINIGER) in Umunya, the university’s Iyi-Enu campus, to aid its expansion and infrastructure goals.
He also visited the School of Nursing at Iyienu Mission Hospital in Ogidi, where he contributed an additional N10 million to support healthcare training.
Writing on his X-handle on Monday, Obi expressed that the contributions align with his longstanding commitment to fostering a productive Nigeria. “Health and education are the cornerstones of development,” Obi remarked.
“A nation cannot progress without a healthy and educated workforce.” He highlighted the importance of prioritizing the future of Nigeria’s youth, given the country’s predominantly young population.

The donations are part of Obi’s broader vision of building a “New Nigeria” by investing in critical sectors that address poverty and improve citizens’ quality of life. He emphasized that such investments are crucial for creating a nation where citizens can contribute productively to economic growth and development.

Obi also extended gratitude to the proprietors, management, staff, and students of both institutions, commending their dedication to the fields of health and education.
His message of hope and commitment concluded with a reaffirmation of his belief that a “New and Productive Nigeria is Possible.”

Empowerment

Reps member Launches ICT Hub in Ibadan to Promote Digital Literacy

Published

3 weeks ago

November 1, 2024

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Chairman of the House of Representatives Committee on Digital, Information Communication Technology, and Cybersecurity, Hon. Adedeji Dhikrullahi Olajide, has inaugurated a cutting-edge ICT Hub at Oba Abass Aleshinloye Secondary School in Eleyele, Ibadan. This development, in collaboration with the National Information Technology Development Agency (NITDA), aims to boost digital literacy and broaden educational opportunities for students in the area.

The ICT Hub, equipped with modern computers, high-speed internet, and essential software, reflects Hon. Olajide’s vision of a tech-driven Nigeria. Tolu Mustapha, Special Adviser on Media and Public Affairs, highlighted that the facility aligns with the Oyo State Government’s commitment to improving technological access and educational quality, especially within the Ibadan North West/Ibadan South West Federal Constituency.

“This ICT Hub isn’t just about infrastructure; it’s a doorway to new possibilities,” Mustapha stated. “It’s designed to equip our youths with the skills they need to excel in a tech-centric future, fostering a self-sustaining and innovative socio-economic environment.”

The hub will primarily serve students at Oba Abass Aleshinloye Secondary School but is open to neighboring schools, encouraging a collaborative learning environment.
Workshops and training sessions are also planned to maximize the hub’s benefits for students and teachers alike.

By establishing the ICT Hub, Hon. Olajide fulfills a campaign promise and contributes to Nigeria’s journey toward a technology-driven economy. This project, he emphasized, is part of an effort to prepare Nigerian youth for success in a global digital landscape.

Empowerment

Businessman empowers 50 youths, women with strategic business training in Gombe

Published

1 month ago

October 13, 2024

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By Friday Idachaba

A Businessman, Muhammad Sani Abdullahi (Majin Dukku), has sponsored 50 youths and women in strategic business training and empowerment on Agricultural value chain in Livestock, in Dukku Local Government of Gombe State.

Addressing newsmen at the end of the three-day programme which was held at Mohammad Inuwa Yahaya Hall, Dukku, Muhammad Sani Abdullahi said that the beneficiaries were carefully selected from Dukku town and its environs.

He said that the three-day programme was organized by the Federal Ministry of Agriculture and Food Security and National Animal Production Research Institute (NAPRI) Zaria in collaboration with AMRAH Farms Nigeria Limited.

The traditional title holder of Majin-Dukku expressed satisfaction with the success of the training programme and charged the participants to put the knowledge acquired into proper use in order to have stable and viable sources of livelihood.

In his remarks, the Community representative, Hon. Abdulkadir Abubakar Alkali, urged the participants to take advantage of the training in finding their way into businesses capable of improving their standard of living.

Hon. Abdulkadir also urged the beneficiaries to make judicious use of the items of empowerment given them as he assured that more empowerment programmes were on the way for the good Dukku people.

Earlier in his address, Dr Ayinla John, representative of the Federal Ministry of Agriculture and NAPRI, commended the facilitator for his support and developmental efforts in the community.

He urged the beneficiaries to use the opportunity accorded them to improve their livelihood and wellbeing.

In his remarks, Alhamdullilah Bello A. Tahir, Director, AMRAH Farms Nig. Ltd, represented by Mallam Suberu Ahmed Tijani, urged the beneficiaries to make use of the training programme to develop themselves and become self-reliant.

He expressed optimism that the skills acquired would improve their standard of living as he appealed to the beneficiaries to grow day-old chicks rather than sell them off for quick money as some individuals do.

Responding on behalf of the beneficiaries, the Class Governor, Bappah Ladan and his Deputy Umukulsum Abubakar thanked the Facilitator and expressed their gratitude.

They attested to the fact that the training exposed them to new ways of enhancing their businesses and appealed to other well-meaning individuals in the society to emulate the Majin-Dukku to initiate laudable projects that make direct impact on the society.

At the end of the training programme, each participant was given a Carton of day old chicks (50), 50 kg feeds, drinkers, feeders, drugs, medication and cash support. (Ends)