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CBN, Heritage Bank Disburse N930m to 310 Entrepreneurs

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The Central Bank of Nigeria (CBN), in conjunction with Heritage Bank Plc, yesterday, commenced the process for the disbursement of N930 million to 310 young entrepreneurs under the Youth Entrepreneurship Development Programme (YEDP), so as to help address the rising unemployment situation in the country, empower the youths and reactivate the economy.

Speaking at the commencement of the loan disbursements to the beneficiaries, comprising members of the National Youth Service Corps (NYSC), graduates and artisans, the Governor of the CBN, Mr. Godwin Emefiele, disclosed that the YEDP is part of the plan by the CBN and the Federal Government to create over one million direct jobs by 2020.

Emefiele, who was represented by the Deputy Governor, Corporate Services Directorate of the CBN, Mr. Suleiman Barau, stated that the aim of the programme was to ensure that the creative energies of the over 64 million Nigerian youths are harnessed to stimulate growth, address restiveness and promote economic development.

He said, “To realize this objective, the CBN in partnership with the NYSC and Heritage Bank began the pilot seven months ago, to inspire and harvest the entrepreneurial abilities of Nigerian youths towards creating over one million direct jobs by 2020.”

“I am pleased to announce the disbursement of funds to the first batch of 310 prospective entrepreneurs under the YEDP, while other applicants are at different stages of completing their loan documentation process.”

Emefiele further stated that the Programme is open to youths of between 18 and 35 years who are serving Corp members, graduates or artisans, while he stated that all youths in this category are eligible to apply and be pre-qualified for training on entrepreneurship before they can access credit lines of up to N3 million at single digit interest rate.

According to him, the programme is premised on the provision of timely and affordable credit to identified youths entrepreneurs with expected multiplier effect on job creation and economic growth.

He added that the YEDP has the potential of becoming the stimulus for job and wealth creation, growth and economic development through improved access to finance for young entrepreneurs.

He also assured the business community that the CBN would continue to provide enabling environment, devise ways and means to grow the real sector towards a self-reliant economy.

Speaking in the same vein, Managing Director, Heritage Bank Plc, Mr. Ifie Sekibo, stated that the beneficiaries would get the fund as soon as certain issues raised by the beneficiaries are addressed.

According to Sekibo, who was represented by Group Executive Director, Lagos and South-West Corporate Banking of Heritage Bank, Mrs. Mary Akpobome, a proper process of disbursement would be done to the benefit and happiness of all parties.

He said, “They will get the money as soon as all those issues they raised are addressed. The money is available. They have been disbursed. CBN has disbursed to the banks. It is now about sorting out whatever the challenges are, and then the funds are now made available.”

Commenting on the process, Sekibo stated that the target was for 1,000 beneficiaries, adding that the initial applicants were 4,000, while there are presently 7,000 applicants waiting.

He said, “We are optimistic that by the time we are done with the initial 1,000, and we go back, we would be able to accommodate as many as are qualified as possible, and obviously expand the amount of money that is needed to do that.”

He, however, declared that the process is going to be reviewed, stating that “for each of the items, you see, when you get an offer letter, if there are any of the line items that are conditions that you have a challenge with, it is obviously going to be reviewed with all parties.”

Also speaking, Director-General of the NYSC, Brigadier-General Sule Kazaure, said the YEDP was introduced in March 2016, with the aim of funding the business plans of corps members so as to encourage and motivate others to imbibe the culture of entrepreneurship.

He further stated that the programme was also designed to facilitate access to other funding agencies and sources of support to corps members, while also making it possible for corps members to access Micro, Small and Medium Enterprises, MSMES, funds from the CBN through Heritage Bank and other banks wishing to join in the programme. He urged the beneficiaries of the programme to remain focused, while also ensuring that the loans are paid back to make for extension of the same facilities to other corps members.


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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