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DFA Applauds CBN’s Oversight Functions on NIRSAL’s Operations

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The Development Finance Advocates (DFA), a network of individuals who believe and support the adoption of development finance strategy in growing the Nigerian economy has commended the Central Bank of Nigeria (CBN) for effectively performing its statutory oversight functions on the activities of Nigeria Incentive-Based Risk Sharing for Agricultural Lending (NIRSAL Microfinance Bank) as regards the disbursement of funds meant to catalyse the flow of finance and investment into fixed agricultural value chains.

The CBN, through its Development Finance Department (DFD), has undertaken several financial intervention initiatives over the years, covering some major strategic sectors of the economy.

These interventions include 37 development finance initiatives, across critical sectors of the economy namely; Agriculture, Aviation, Creatives, Export, Health, Information Technology, Manufacturing, MSMEs, and Power.

In the wake of the COVID-19 pandemic last year, the CBN introduced the Targeted Credit Facility (TCF) through NIRSAL Microfinance Bank.

This is aimed at cushioning the impact of the pandemic on businesses and households. The TCF is a N50billion stimulus package designed to support households, Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic.

To accommodate more beneficiaries, an additional N50 billion has been added making it a total of N100 billion.

Also notable is the Agric Small and Medium Enterprise Scheme (AGSMEIS) which was introduced in 2017 by the Bankers’ Committee in a bid to support and complement the Federal Government’s efforts at promoting Agri-businesses/Small and Medium Enterprises as a vehicle for sustainable economic development and employment generation. So far, this initiative has been impactful with testimonials from beneficiaries.

Commending the apex bank for ensuring transparency of the process, Mrs. Bolaji Oyekanmi, executive director, Development Finance Advocates (DFA), said: “The CBN has clearly demonstrated that it is totally committed to funding developmental projects to drive economic growth in the country.

“It has been consistent in ensuring that these initiatives, not only succeed but achieve the set objectives of impacting the lives of individuals and businesses.”

Oyekanmi further stated, “it is quite reassuring for us, as we continue to monitor the implementation of these initiatives across board.

“We have been following developments as its concerns NIRSAL Microfinance Bank and other partnering banks under the supervision of the CBN in adhering to strict compliance governing the disbursement of the funds. The way and manner this has been done so far is worthy of commendation.”

She further stated that, in situations where infractions were reported, the CBN, has been effective in using the instrumentality of its mechanism, to swiftly investigate and resolve issues, thereby sustaining stakeholder’s confidence in the initiatives.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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FG suspends Nigeria Air indefinitely

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Federal Government has announced the indefinite suspension of the Air Nigeria Airline project.

Festus Keyamo, Minister of Aviation and Aerospace Development, during a ministerial press briefing in Abuja, marking President Bola Tinubu’s first year in office, provided updates, confirming that the project remains suspended.

In 2023, the Ministry of Aviation, under Hadi Sirika, former minister, unveiled Nigeria Air three days before the end of former President Muhammadu Buhari’s administration. https://punchng.com/sirika-under-fire-after-nigeria-airs-md-says-aircraft-hired/

The development had elicited concerns among stakeholders nationwide over the ownership arrangement which gave Ethiopian Airlines a 49 per cent equity stake.

The Federal Government had a 5 per cent equity, while a consortium of three Nigerian investors had 46 per cent.

Reacting to the deal in June 2023, the House of Representatives asked the Federal Government to suspend the operations of Nigeria Air, describing it as a fraud.

In August 2023, Keyamo announced that the national carrier project was suspended till further notice.

Keyamo said, “It remains suspended. It was never Air Nigeria. It was not Air Nigeria. That’s the truth. It was only painted Nigeria Air. It was Ethiopian Airlines trying to flag our flag.

“If it is so, why not allow our local plane to fly our flag? So nobody should dispute that it was Nigeria Air.

“Air Nigeria must be indigenous, must be wholly Nigerian, and must be for the full benefits of Nigeria, not that 50 per cent of the profit is for another country.”

Keyamo reiterated that the ownership structure of the suspended airline is not beneficial to the country.

“Nigeria Air must be indigenous, it must be only Nigeria or it must be for the full benefit of Nigeria.

“Not that 60 per cent of the profit is for another country. How does that benefit us? So It remains suspended,” he said.


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Choosing the Right Internet Plan: A Comprehensive Guide for All Users

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By Abraham Oluwambe, Chief Executive Officer, LifiNet

In a digital age where the internet plays a pivotal role in our daily lives, selecting the right internet plan is not just a choice; it’s a necessity. Whether you’re a student, a home user, an office worker, or part of a corporate entity in Nigeria, making an informed decision about your internet subscription can save you money, boost your productivity, and enhance your online experience. In this comprehensive guide, we’ll walk you through the essential factors to consider when choosing the perfect internet plan for your needs.

A.      Understanding Your Internet Needs

Before diving into the world of internet plans, it’s crucial to assess your specific requirements. Each user category has its unique demands:

1. Students: Balancing Studies and Entertainment

As a student, you need reliable connectivity for online classes, research, and entertainment. Look for plans that offer high data allowances, unlimited night-time browsing, and access to educational resources.

2. Individual Home Users: Seamless Streaming and Browsing

For the family at home, prioritize plans that support multiple devices simultaneously, offer high-speed connections, and provide unlimited streaming for movies and gaming.

3. Office Users: Reliability and Efficiency

Office users require stable connections for video conferencing, file sharing, and remote work. Consider business-grade plans with strong customer support, Service Level Agreements (SLAs), and backup options.

4. Corporate Users: Scalability and Security

Corporations demand scalable solutions with dedicated bandwidth, advanced security features, and robust infrastructure. Assess options like dedicated leased lines or VPNs to meet your corporate needs.

B.      Factors to Consider When Choosing an Internet Plan

1. Internet Type: Understand the available internet technologies in Nigeria, including DSL, cable, fiber-optic, satellite, and 4G/5G. Different areas may have different options, so check what’s accessible in your location.

2. Speed: Your internet speed should match your usage patterns. Students and home users can opt for plans with moderate speeds, while office and corporate users may need faster connections.

3. Data Caps: Be aware of data limits and choose a plan with a data cap that suits your monthly usage. Unlimited plans are ideal for heavy users.

4. Reliability: Research the ISP’s reputation for reliability and uptime. Read reviews and ask for recommendations from friends or colleagues.

5. Customer Support: Consider the quality of customer support and technical assistance provided by the ISP. Quick and efficient support can save you from prolonged downtime.

6. Cost: Compare pricing across ISPs but keep in mind that the cheapest option may not always be the best. Consider the value you receive for your money.

7. Contract Terms: Understand the terms of the contract, including contract length, early termination fees, and any hidden charges.

8. Value-Added Services: Some ISPs offer additional services like free Wi-Fi router rental, antivirus software, or content streaming bundles. These can be beneficial extras.

C.      Making Your Decision

Once you’ve assessed your needs and considered these factors, it’s time to make an informed decision. Reach out to ISPs in your area, ask questions, and seek recommendations from others in your category. Remember, the right internet plan can transform your online experience, making it faster, more reliable, and tailored to your unique requirements.

In conclusion, choosing the right internet plan in Nigeria is a crucial decision that impacts your daily life, work, and entertainment. By understanding your needs and the factors that matter most to you, you can select a plan that not only suits your budget but also enhances your online experience, no matter if you’re a student, home user, office worker, or part of a corporate entity.


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Idachaba, Ex-NBC Boss Calls for Measures to Tackle Cyber-Bullying, Sexting

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Professor Armstrong Idachaba, former director-general of the National Broadcasting Commission (NBC), has proposed regulatory measures to address cyberbullying, trolling, sexting and online pornography.

Idachaba, Ex-NBC Boss Calls for Measures to Tackle Cyber-Bullying, Sexting

Professor Armstrong Idachaba, former DG, NBC

Adachaba, who is a Professor of Mass Communication at Veritas University, Abuja, stated this when he presented a paper on ‘Media Utilisation in the Era of Media Convergence – Fear and Opportunities,’ recently in Abuja, regretting that people use social media to foment trouble instead of advancing friendship and meaningful connection.

“The biggest threat of social media is in the area of the content it spurns out, the use of the social media seems to be a double-edged sword, bringing good and providing fears. Cyberbulling, trolling, sexting, internet addictions, cybercrime, online pornography, fake news, hate speech, rumour mongering, negative imitations and violence, etc.

“Before Facebook started enforcing its community rules on violence, many of us recount with trepidation the horrific violence that happened at New Zealand when a youth connected his camera to his facebook account and streamed live the rather animalistic killing of human beings at a mosque,” he said.

He, therefore, said regulatory agencies should look into “the following guidelines, towards the following – Protection of freedom of expression, Prohibition of outlawed practices and domestication of community guidelines to recognize specific outlawed practices, like indecent dressing.

“Hate speech and incitement to violence promote ethical use of social media, to check misinformation and disinformation need for fact checking, transparency and accountability, data privacy and security user verification and accountability, content moderation.

“Ensure fair and transparent algorithms promote on line safety for students and staff, collaboration with govt and civil society, support culture and local content.

“There should be digital literacy and education, emergency response protocols, collaboration with social media platforms, protection of vulnerable population, conventional processes and rules for adaptation have been jettisoned.

“Makers of mediated content, producers and makers of technology, mediated product consumers and indeed those who formulate media policies must seek continued adaptive means for the maximisation of converged media.”

According to him, “here at Veritas University, social media usage has been sometime very effective, socialising, informative, enlightening and educating. Unfortunately, it is also sometime very contentious and controversial.”

 

 

 

 

 

 


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