E-Financial
Emefiele Flags-off TIE Scheme
Mr Godwin Emefiele, Central Bank of Nigeria (CBN) Governor, yesterday, officially flagged off the Tertiary Institutions Entrepreneurship Scheme (TIES), an intervention of the apex bank aimed at frontally tackling the dual challenge of youth unemployment and underemployment in Nigeria.
Also inaugurated was the Body of Experts (BoE) for the scheme, which was developed in partnership with Nigerian polytechnics and universities.
TIES was designed to harness the potential of graduate entrepreneurs by creating a paradigm shift from the pursuit of white-collar jobs to a culture of entrepreneurship for economic development and job creation.
Speaking at the event, the CBN Governor noted that six start-up firms in various endeavours emerged the pioneer beneficiaries of N5 million loan facility each, which they will plough into their businesses to expand them, generate more income and employ more people.
The CBN Governor added that with about 600,000 students graduating yearly from Nigerian tertiary institutions, and without the commensurate employment opportunities in both the public and private sectors, it has become imperative that government, at all levels, puts in place policy measures to support entrepreneurial development among the youth.
“Such measures would create an enabling business ecosystem that supports innovation and enables the youth to unleash their entrepreneurial potential, by redirecting their focus from seeking white-collar jobs to a culture of entrepreneurship development.
“The ecosystem should provide support in re-orientating, training, and providing a financing model apt to the peculiarity of the sector within which the businesses operate”, he explained.
Emefiele, while describing entrepreneurship as an integral part of any economy, assured that the apex bank, on his watch, will keep introducing and sustaining several programmes that create an ecosystem that allows the flow of affordable credit to the real sector.
He noted that Nigeria, with an estimated population of 213 million, out of which two-thirds are youth, aged under 35 years, the nation was faced with a historic opportunity, particularly as the demography continues to create clear evidence of their relevance to economic development, as accentuated by the global recognition of Nigerian tech start-ups and continued growth of businesses in the technology space owned by the youth.
Emefiele further explained that the scheme was designed to address three verticals of the segment, which are; the term loan component that provides direct credit opportunities to graduates of Nigerian polytechnics and universities of not more than seven years post-graduation.
“An applicant, if successful, shall be eligible for a maximum of ₦5 million for an individual, sole-proprietorship or small company; and a maximum of ₦25 million for a partnership or company. The tenor for the facility is maximum of five years, with a one-year moratorium, and at an interest of 5 per cent per annum, which shall revert to 9 per cent from March 2022.
“The pilot phase of the Scheme is presently being implemented through the Bank of Industry (BOI) with the development of an application portal and processing of submitted applications.
“The Equity Investment Component – is designed to support start-ups, existing businesses requiring expansion, and ailing businesses seeking resuscitation. The Component shall be implemented under the Bank’s AgSMEIS Equity Window. Thus, the investment limit shall be subject to the limit prescribed by the AGSMEIS Guidelines and the investment period not more than 10 years.
“The Developmental Grant Component is aimed at raising awareness and visibility of entrepreneurship among undergraduates of Nigerian tertiary institutions.
Here, polytechnics and universities in Nigeria shall compete in a national biennial entrepreneurship competition where undergraduates are presented by the tertiary institutions to pitch innovative entrepreneurial or technological ideas with transformational potential.
“Three top institutions at the regional levels shall proceed to the national level, where the top five shall be awarded grants ranging between ₦120 million and ₦250 million. It is instructive to note that grant awards shall be used by the tertiary institutions solely for the development of the award-willing ideas”, he added.
For the Body of Experts, Emefiele listed an 11-member committee with Mr. Abubakar Suleiman of Sterling Bank Plc as the Chairman, while the Secretary is Mrs. Temitope Akin-Fadeyi of the CBN.
Members include;Mr. Patrick Iyamabo of First Bank Plc; Mr. Adamu Lawani (Zenith Bank Plc); Ms. Ngover Ihyembe-Nwankwo (Rand Merchant Bank); Mr. Ashafa Ladan (National University Commission), Engr. Abbati D.K. Muhammad (National Board for Technical Education; Dr. Friday Okpara (SMEDAN); Mr. Tope Fasua (Global Analytics Consulting); -Brigadier-General Folusho Oyinlola (National Defence College); and Ms. Bolanle Adekoya (PWC).
The first five beneficiaries of N5 million facility are; Aisha Suleiman; Chukwudi Ukpabi; Zainab Mohammed; Nura Muhammed; Simeon Ojonugba and Adebowale Adeoye.
Emefiele while urging them to work harder in their respective endeavours, said then apex bank will continue to support youths entrepreneurship.
He listed some intervention programmes to include; Targeted Credit Facility (TCF), where the bank has disbursed a total of ₦363.49 billion to 766,719 beneficiaries, comprising 638,070 households and 128, 649 small businesses.
Under its Agribusiness Small and Medium Enterprise Investment Scheme (AgSMEIS), the Bank has released ₦134.63 billion to 37,571 entrepreneurs. Disbursements under the NYIF stood at ₦3.00 billion to 7,057 small business beneficiaries.
“I would like to urge the recipients of these loans to judiciously utilize the funds for the purpose for which they had indicated in their applications. It is my strong belief that the Scheme will offer our youth entrepreneurs access to much needed finance, which has been identified as one of the major limiting factors to entrepreneurship development in Nigeria.
“We are aware that there have been agitations by some tertiary institutions that were not included in the pilot phase of the Scheme. Let me reiterate here that with the launch of the Tertiary Institutions Entrepreneurship Scheme today, other deserving tertiary institutions will be brought on board over time.
“With ongoing dialogue and engagements with other segments of the educational sector, feedbacks received shall form the basis for the periodic review of the guidelines, with the intent to scale up participation under the Scheme in future.
“Let me restate the Central Bank of Nigeria’s total and unrelenting commitment to supporting the country’s educational sector in all ramifications, as without a robust educational sector wholesome development shall remain a mirage.
“I believe with the launch of the Tertiary Institutions Entrepreneurship Scheme, and other programmes such as this, it is only a matter of time before our tertiary institutions return to the glory days, where they churned out graduates, not only ready and able to provide real solutions to the various challenges emanating from their immediate environment and even beyond, but who can compete favourably with their counterparts around the world” Emefiele stated.
Federal Government of Nigeria has signed a Memorandum of Understanding (MoU) with Investonaire Academy to train 100,000 young Nigerians annually in forex trading, financial planning, and risk management.
The agreement, signed in Abuja, was announced by Omolara Esan, Director of Information and Public Relations at the Federal Ministry of Youth Development. According to her, the initiative is part of the government’s broader strategy to reduce youth unemployment and enhance financial inclusion.
At the signing ceremony, Minister of Youth Development, Comrade Ayodele Olawande, described the partnership as a milestone in the ministry’s efforts to equip young Nigerians with practical financial skills. He emphasized that the programme would foster critical thinking, improve digital literacy, and expand access to global economic opportunities.
Speaking on the collaboration, Dr. Enefola Odiba, International Programme Director at Investonaire Academy, highlighted the importance of empowering youth with relevant financial and digital skills. He described young people as essential drivers of innovation and national development.
The ministry assured that the programme would be implemented with transparency and measurable outcomes, ensuring that participants gain practical expertise in forex trading and financial planning.
The Federal Government has recently intensified efforts to boost skill development across various sectors. A separate plan aims to train 100,000 artisans nationwide, following the successful upskilling of 29,000 individuals in previous phases. This initiative seeks to professionalize vocational trades, eliminate quackery, and introduce licensing systems.
Additionally, technicians from specialized institutions will receive industry-standard training to strengthen Nigeria’s labor force and increase self-reliance in skilled professions.
Through these efforts, the government hopes to position Nigerian youth for economic success both locally and globally.
Nigeria Deposit Insurance Corporation (NDIC) has begun the final phase of liquidation for the defunct Premier Commercial Bank, initiating the payment of liquidation dividends to verified creditors, nearly 25 years after the bank’s closure.
Premier Commercial Bank had its operating license revoked by the Central Bank of Nigeria (CBN) on December 20, 2000, following findings of financial instability and regulatory non-compliance.
Since then, the NDIC has overseen the bank’s liquidation process under a winding-up order from the Federal High Court, which designated the corporation as the official liquidator.
In a public announcement, the NDIC invited all eligible creditors to visit any of its zonal offices between June 2 and June 27, 2025, to verify and claim their entitlements.
This move marks a critical milestone in the final settlement of claims related to the bank’s collapse.
To facilitate the verification process, creditors are required to present proof of deposit or shareholding, such as a passbook, chequebook, term deposit certificate, or bank statement.
Additionally, valid identification documents must be submitted, including a driver’s license, international passport, national identity card, NIN slip/card, voter’s card, or a formal identification letter from a traditional ruler or local government chairman.
The NDIC assured the public that the ongoing settlement is part of a broader effort to bring closure to longstanding claims resulting from Premier Commercial Bank’s liquidation. The process, according to the corporation, has been designed to ensure efficient disbursement to all verified stakeholders.
Premier Commercial Bank is one of 53 deposit money banks whose licenses were revoked by the CBN between 1994 and 2018 due to various violations and signs of financial distress.
These closures were followed by legal procedures appointing the NDIC to manage asset recoveries and creditor settlements.
By initiating this final phase of payment, the NDIC is reaffirming its commitment to financial system stability and depositor protection while calling on all affected individuals and institutions to complete verification processes promptly to receive their due compensation.
Securities and Exchange Commission (SEC) has directed all public companies and Registrars to stop treating unclaimed dividends older than 12 years as “statute-barred”, especially those dating from before the enactment of the Finance Act 2020.
The directive reaffirms the provisions of Section 60 of the Finance Act, which mandates that dividends unclaimed for over six years be transferred to the Unclaimed Funds Trust Fund (UFTF), where they remain accessible to shareholders pending claims.
The Commission said that shareholders are entitled to continue to claim their dividends that are not statute-barred (that is not above 12 years) before December 31, 2020 “when the Finance Act 2020, came into effect.”
According to the SEC in a Circular, “The attention of the Securities and Exchange Commission has been drawn to the fact that paying companies and their Registrars have continued to treat unclaimed dividends of public companies that are older than 12 years as being “statute-barred” without recourse to the provisions of the Finance Act 2020.
“In response to various inquiries on the subject, the Commission hereby clarifies as follows: The import of the provisions of Section 60 of the Finance Act 2020 (December 31, 2020), is that, where dividends declared by a public company quoted on the Nigerian Exchange Limited remained unclaimed for a period of six years or more, such dividends are expected to be transferred to the Unclaimed Funds Trust Fund (UFTF) to be held in trust and managed pending when the shareholder presents a claim for such unclaimed dividends.
“Pending the setting up and operationalisation of the UFTF by the Federal Government, pursuant to its powers under Sections 3 (4) (e) and 93 of the Investments and Securities Act 2025, the Commission hereby directs public companies and their Registrars to continue to honour all requests by shareholders for the payment of unclaimed dividends as described above, with effect from December 31, 2020”.
The Commission therefore directed public companies and Registrars to effect immediate compliance with the directive and submit periodic reports on same in the manner prescribed in the Commission’s Rules and Regulations.
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