Connect with us

E-Financial

Aregbesola tasks CBN over Agric Financing

Published

on

Kindly share this post

Governor Rauf Aregbesola of Osun State has urged the Central Bank of Nigeria (CBN) to change its attitude towards the state by treating its application for support programme to assist genuine farmers.

The Governor made the appeal at the third anniversary of the Quick Impact Intervention Programme and turning of sod and laying of foundation for the Osun Soil and Food Laboratory Comalex at Free Trade Zone, Abere, Osogbo

He said: “We have embraced the Nigerian Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), which unfortunately is being unduly delayed.

This unproductive delay has its root in the non-operation of NIRSAL. For our counterpart fund of N300 million in the N600 million QIIP 2, we made available our N9 million NIRSAL Premium for its first year of operation.

“Unfortunately, NIRSAL, which was supposed to be in operation was not and could not avail the premium and the money had to be returned to our treasury without the supporting benefits we intended to get for our farmers and for which the Central Bank of Nigeria (CBN) had earlier assured us.”

Aregbesola therefore called on the CBN to hasten action by ensuring that NIRSAL begins operation before the end of the year, saying an effectively functional programme like NIRSAL will boost and speed up agric-financing by the financial institutions.

According to him, “this programme will encourage financial institutions to support a large number of small and large-scale farm-holders and promote revolvability of loans and build up the necessary wide pool of agric-financing expertise in our economy for consistent and sustainable growth and development of agriculture in our country.

“In addition to the loan scheme, QIIP has been working assiduously to implement a variety of other projects. One of them is the Osun Modern Beekeeping, Queen Honey Bee Rearing Project (O-Honey.) We have established a modern apiary with queen bee rearing capacity and extractor – the first of its kind in Sub-Saharan Africa. It is expected that this will boost production and plant pollination in the state, specifically at Odo-Otin Local Government Area.

“The focus of the project includes training of unemployed youths in modern beekeeping and queen honey bee rearing, production of honey and wax, distribution of starter package to beginner beekeepers, increasing bee pollination for increase in crop yield and export of honey. Compensation has recently been paid to the land donors at Oyan, and work is ongoing to complete the construction of the factory and the installation of the honey processing equipment.

“Let me also add that programmes like O’REAP(Osun Rural Enterprise and Agricultural Programme), O’REAP Youth Academy, the Osun Broilers Out-Growers’ Production (O’BOPS), the Osun Fisheries Out-Growers’

Production (O’FOPS); the Osun Beef Value Chain project (O’BEEF), and the Osun Elementary School Feeding and Health Programme (O’MEALS) have effectively seen to the empowerment of many of our people.”

“Additionally, through the Osun Agricultural Development Corporation

(OSADEC), we have distributed 10 sets of gari processing machines; 10 sets of cassava chips machines; and three sets of yam flour processing machines at subsidized prices to interested Cooperative groups and other members of the public.

“We have done the same with agricultural inputs for our farmers who have benefitted from highly subsidized fertilizer, solid herbicides, liquid insecticides, solid insecticides, fungicides and other agro chemicals.

“The subsidy programme to farmers also includes the distribution of improved rice, cassava, palm oil and cocoa seedlings, among many other viable empowerment programmes time will not allow me to highlight.

“Distinguished audience, the Osun Soil and Food Laboratory we are laying its foundation today is another programme that will move the state further in its quest to become a formidable emporium of food production, food security, and economic growth.

“This momentous initiative is a product of the collaboration between our state and the State of Saxony-Anhalt in Germany. Our German partners designed the complex whose foundation we are laying today.

When completed, this laboratory will be a key resource for increasing the quantity and quality of food production in the state, as well as provide jobs for some of our unemployed scientists and technologists.

“The soil laboratory will help ensure that crops are grown in appropriate soils and where soils are nutritionally deficient the lab will provide recommendations for suitable fertilisation. The food laboratory will determine nutritional content of foods and livestock feed, ensure quality in food products and detect or prevent contamination along the entire value chain.

“Any producer intending to export their products overseas will be able to bring their products to the lab and have them tested and certified in line with international standards and best practices. When the products are properly certified, the risk of rejection at the destination ports will reduce.

“This laboratory will further expand and widen the enabling environment for food production and security that this administration has already taken numerous steps to actualise in the state.

“I wish to assure you all that this project will come to fruition. We are starting it and we will complete it. We are also not tired of doing more for our farmers. We are more energised to see to the progressive empowerment of our active adult citizens.

“If in three and a half years we are able to turn the agricultural sector positively around, empower our people, create decent jobs, and engender increased food production, there can be no doubt that with additional four years we will perform more spectacularly.”


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Continue Reading
Comments

E-Financial

FG makes u-Turn on Bank Account Re-Registration

Published

on

Kindly share this post

Federal government on Friday apologised for asking all account holders in financial institutions in the country to re-register their personal details.

FG makes u-Turn on Bank Account Re-Registration

Recall that the federal government had on Thursday ‎ordered that all persons holding accounts across financial institutions and insurance firms should complete and submit self-certification forms to their respective financial institutions.

The notice issued by the government to that effect read, ‎“This is to notify the general public that all account holders in Financial Institutions (Banks, Insurance Companies, etc.) are required to obtain, complete, and submit Self – Certification Forms to their respective Financial Institutions.

“Persons holding accounts in different financial institutions are required to complete and submit the form to each one of the institutions. The forms are required by the relevant financial institutions to carry out due diligence procedures, in line with the Income Tax Regulations 2019.‎”

The directive raised eyebrows, as account holders already possessed Bank Verification Numbers.

Following widespread condemnation that trailed the directive, the Federal Government backtracked on Friday, saying the fresh guidelin‎e was not for all Nigerians.

The government attributed the development to misinformation.

The clarification issued by the government on Friday read, ‎“We apologise for the misleading tweets (now deleted) that went up yesterday, regarding the completion of self-certification forms by Reportable Persons. The message contained in the notice does not apply to everybody. ‎FIRS will clarify Nigerians on the objectives of the directive.”

Also on Friday, FIRS, in a statement posted on Twitter, explained that the guidelines were only for non-residents, as well as people paying tax in more than one country.

Parts of the FIRS statement read, “The Self Certification Form is basically to be administered on Reportable Persons, holding accounts in Financial institutions, that are regarded as “Reportable Financial Institutions” under the CRS.

“Reportable persons are often non-residents and other persons, who have residence for tax purposes in more than one jurisdiction or country.”

“The information that indicates an account holder is a resident for tax purposes in more than one jurisdiction, is expected to be available to Financial Institutions during account opening processes, for the KYC and AML purpose.”


Kindly share this post
Continue Reading

E-Financial

Stanbic IBTC Bank Disowns Lagos ATM Fraudster

Published

on

Kindly share this post

Stanbic IBTC Bank PLC has disowned Tope Olajide, 22-year-old fraudster arraigned for theft of customers deposits.

Stanbic IBTC Bank Disowns Lagos ATM Fraudster

The Bank said this in a statement on Wednesday.

The statement said: “The attention of the management of Stanbic IBTC Bank PLC has been drawn to news currently circulating in the media, about the alleged arraignment of staff of the Bank on charges bordering on the theft of customers deposits.

“The Bank would like to clarify that the defendant, a 22-year-old Tope Olajide, IS NOT, and was at no point in time an employee of Stanbic IBTC Bank PLC.

“The alleged culprit was apprehended around 7:30 am, on Thursday, 27 August 2020, by security operatives after he was exposed by CCTV footage using ATM cards he had allegedly stolen and converted, to make withdrawals from the accounts tied to the stolen ATMs.

“The CCTV footage also showed the alleged culprit pretending to assist customers at ATMs whilst also attempting to fraudulently dispossess the customers of their ATMs.

“He was subsequently arraigned before an Ikeja Magistrate Court on Monday, 14 September, for stealing the debit cards of two customers and using them to unlawfully withdraw the sum of N427,000.

“The Bank would also like to implore members of the public to be security conscious when conducting transactions at ATMs. Customers are advised to report any suspicious actions around them to security operatives who are usually stationed around the Bank’s ATMs, when carrying out transactions at any of our ATM locations.

“As an organisation, we hold dear the values of integrity, and we will continue to prioritise the safety of our customers effectively.”


Kindly share this post
Continue Reading

E-Financial

Buhari Okays Establishment of CBN-Led Infraco

Published

on

Kindly share this post

President Muhammadu  Buhari has approved the establishment of an   Infrastructure Company (Infraco) to be driven by the Central Bank of Nigeria (CBN) in partnership with the African Finance Corporation (AFC) and the Nigerian Sovereign Investment Authority (NSIA).

Buhari Okays Establishment of CBN-Led Infraco

Mr. Godwin Emefiele, CBN governor

This is coming  on the heels of the foreign reserves’ slump to $36 billion following a cocktail of monetary policy interventions by the apex bank to cushion the scathing effects of the COVID-19 pandemic on the economy.

Mr Godwin Emefiele, CBN governor, made these disclosures in Abuja at the annual conference of the Chartered Institute of Bankers of Nigeria (CIBN) with the theme: Facilitating a Sustainable Future: The role of Banking and Finance.

According to him, Infraco would enable the use of private and public capital to support infrastructure investment that will have a multiplier effect on growth across critical sectors.

“This entity would also be able to raise funds from the capital markets and mobilise long term finance to address some of our infrastructure needs, while providing reasonable returns to investors. “We believe this well-structured fund can act as a catalyst for growth in the medium and the long run. The support of the banking community will be important in achieving this objective.

“A well-built infrastructure system, comprising hard infrastructure such as roads and ports, and soft infrastructure such as broadband penetration, can have a multiplier effect on growth by enabling the expansion of business activities in the country”, he explained.

On foreign reserves, Emefiele attributed its crash to the decline in foreign exchange earnings and subsequent adjustments in the value of the naira to the dollar.


Kindly share this post
Continue Reading

Trending