News
BOA, Suntrust Bank Ink Agreement to Provide Better Deals for Farmers
Chief Audu Ogbeh Minister of Agriculture and Rural Development has described the partnership between SunTrust Ltd and the BOA as a welcome development since most commercial banks are wary to offer loans to farmers.
He also explained that farming has remained unattractive to prospective farmers because of high-interest rates being charged by commercial banks.
The Minister made this observation during the signing of a Memorandum of Understanding (MOU) between SunTrust Bank Ltd and the Bank of Agriculture at the Federal Ministry of Agriculture.
With the partnership, farmers across the country are to start enjoying better financial services through accessing agricultural loans from the Bank of Agriculture (BOA) through the SunTrust Bank Ltd that will provide farmers with e-wallet and Automated Teller Machine (ATM) Cards.
Expressing his confidence in the ability of management of the banks to deliver on this initiative, the Minister announced that efforts are on to reduce interest rates being offered by commercial banks to 5% from the initial 7%.
The Minister recalled that farmers have been enjoying the support of the Central Bank of Nigeria (CBN) through the Anchors Borrowers Programme while noting that the CBN cannot act as a commercial bank for long.
He also made it known that the Bureau of Public Enterprise (BPE) is being restructured to favour farmers.
He assured that after the restructuring, 30% of the shares of Bank of Agriculture will be diverted to farmers.
Mr Muhammad Jibrin, Chief Executive Officer of SunTrust Ltd explained that with this partnership, more customers will be attracted to their banks, projecting that by the Year 2020; about two million (2million) customers would have been attracted to the bank.
Mr Kabiru Adamu , Managing Director Bank of Agriculture, said his bank is interested in changing the narrative of farmers who suffer because they do not have access to financial services.
According to him, “Farmers should be able to do business without any challenges.
“This is the era of e-business, so farmers with e-wallets and ATM cards, can access our products”
He said BOA strongly identify with the Federal Government on its effort to diversify the economy through agriculture and assured the public that farmers would henceforth have easy access to finance at reasonable terms through this partnership.
News
Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria
Legit.ng recently joined forces with the Shade of Life Foundation to become a voice of autism, and drive advocacy for improved media support during Autism Awareness Month.
Conversations around media support exploration was led by Joseph Omotayo, head of Department for Human Interest Stories at Legit.ng, and Dr. Eziafakaku Nwokolo, founder and CEO of the Shade of Life Foundation,
This partnership is a response to the concerns raised by organizations like the Shade of Life Foundation about the level of support received from the media in discussing autism as a disability.
While other disabilities may receive attention, autism, with its critical developmental implications often lacks adequate representation in mainstream media.
Recognizing the importance of addressing these concerns, Legit.ng took proactive steps by integrating itself into the essence of autism awareness.
It facilitated a one-hour workshop with Dr. Nwokolo, the founder of the foundation, to deepen our understanding of autism, its various spectrums, and the language boundaries associated with it.
Other steps we took in advocating autism awareness in the media, can be seen in our attached press release.
Legit.ng believes that by amplifying the voices of autism and advocating for better media representation, we can contribute to creating a more inclusive and accepting society for all.
News
As Nigeria Struggle, Tanzania Turns off Power Plants Due to Excess Supply
While 85 per cent of Nigeria is in darkness, Tanzania, an African country has shut down five hydroelectric stations in a bid to reduce excess electricity in the national grid.
Kassim Majaliwa, prime minister, Tanzania, has said the main plant, Mwalimu Nyerere Hydroelectric Station, alone generated enough electricity to power major cities, including Dar es Salaam, the country’s commercial hub.
It is the first time Tanzania, which suffers chronic power shortages, has closed hydroelectric stations due to excess production.
“We have turned off all these stations because the demand is low and the electricity production is too much, we have no allocation now,” an official from state-run power company, Tanesco, said.
The 2,115MW Julius Nyerere Hydropower Dam is said to be almost filled with water following heavy rains that started early this year.
Meanwhile, while the country has an installed capacity of 1,938MW and the grid installed capacity of 1,899MW, Nigeria which has an installed capacity of 13,000MW is struggling to electrify 85 per cent of its electricity consumers.
News
President Tinubu Appoints Jim Ovia as Student Loan Fund Chairman
President Bola Tinubu has approved the appointment of Jim Ovia, renowned banker and businessman, as the Chairman, Board of the Nigerian Education Loan Fund.
Ovia’s appointment is contained in a State House statement titled, ‘President Tinubu appoints Jim Ovia as Chairman of the Nigerian Education Loan Fund,’ and issued on Friday by Ajuri Ngelale, special adviser to the President, Media & Publicity.
The statement noted that “Ovia is the founder of one of Nigeria’s leading banks and a respected business leader, with a surfeit of efforts and benefaction towards nurturing and empowering young Nigerians.
“He is an alumnus of Harvard Business School and holds a Master’s in Business Administration from the University of Louisiana.”
The National Student Loan Programme is a pivotal intervention that seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths.
The Nigerian Education Loan Fund, the implementing institution of this innovation, demands excellence and Nigerians of the finest professional ilk to guide and manage.
“The President believes Mr. Ovia will bring his immense wealth of experience and professional stature to this role to advance the all-important vision of ensuring that no Nigerian student suffers a capricious end to their pursuit of higher education over a lack of funds,” the statement partly read.
Ovia’s appointment will also ensure “that Nigerian youths, irrespective of who they are, have access to higher education and skills that will make them productive members of society and core contributors to the knowledge-based global economy of this century.”
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