Home Blog Page 1826

DBN releases N631bn to MSMEs

By
coic
-
0

Loans totaling over 631 billion naira have been distributed to Micro, Small, and Medium-Sized Businesses (MSMEs) all over Nigeria by the Development Bank of Nigeria (DBN).

At the bank’s Annual General Meeting in Abuja, the Managing Director, Dr. Tony Okpanachi, revealed this information that was included in the bank’s financial report for the year 2022.

According to him, the record of loans disbursed as of the end of the Financial Year on December 31, 2022, represented a significant increase of 31 percent from the N482 billion that was distributed in the year before.
His words were as follows: “In the five years that DBN has been in operation, the bank has been at the forefront of development, playing a focal and catalytic role in alleviating financing constraints for Nigeria’s underserved MSMEs.”

“By the end of December 2022, the DBN had distributed more than N531 billion to slightly more than 313,000 MSMEs across the country. This represents an increase from the previous year’s total of N482 billion, which was distributed to more than 208,000 MSMEs.

“This implies a growth of 31 percent in financing support and a growth of 50 percent in the number of MSMEs impacted.”

In spite of the challenging circumstances in both the immediate community and the wider world, Dr. Okpanachi praised the team’s outstanding performance during the previous year.

Earnings for the bank totaled N47.6 billion by the end of the Financial Year 2022, with a PBT of N29.5 billion, and a cost to income ratio of 15.9 percent. These figures were all achieved prior to the payment of taxes.

The manufacturing sector accounted for 13. 5 percent of the total loan portfolio by sector, followed by agriculture, forestry, and fishing (5.7 percent), and oil and gas (4.9 percent). Trade and commerce accounted for 52. 8 percent of the total loan portfolio by sector.

 

 

 

EFCC to begin fresh proceedings against Fani-Kayode, others over alleged N4.6bn fraud

By
coic
-
0

The former aviation minister Femi Fani-Kayode and three other people will face new charges of money laundering and theft at the Federal High Court in Abuja, according to the anti-graft agency, the Economic and Financial Crimes Commission (EFCC).

The EFCC’s attorney, Rotimi Oyedepo, explained to Justice Daniel Osiagor of the Federal High Court in Lagos on Tuesday that the decision by the Court of Appeal, Lagos Division to throw out the charges last week made this action necessary.

Oyedepo asserts that all exhibits and documents submitted by the prosecution should be made public in light of the Court of Appeal’s ruling in order for the Commission to reopen the case at the Federal High Court, Abjua.

After that, Justice Osiagor ruled that the EFCC should be given all exhibits and documents that were presented to the court during the hearing of the case.

On Thursday of last week, Justice Mohammed Danjuma of the Court of Appeal rendered a decision regarding an appeal filed by one of Fani-Kayode’s co-defendants, former Minister of Finance Nenadi Usman, challenging the Federal High Court in Lagos’ jurisdiction to hear the case. Additionally, the appellant claimed that the charge as it was presented to the Lagos court was flawed.

The Federal High Court in Lagos lacked jurisdiction to make a ruling in this case, according to the appeal court, which unanimously decided the issues in favor of the appellant.

The appellate court further determined that because all of the Defendants’ transactions occurred in Abuja, the Federal High Court in Abuja has jurisdiction to hear the case.

The verdict was supported by Justices Onyekachi Otisi and Fatima Akinbami.

Nevertheless, it should be remembered that in a previous appeal submitted by Fani-Kayode in 2019, a different panel of the same court of appeal led by Justice Mohammed Garba had sided with the EFCC in saying that “some act forming part of the offence or at least the consequence of it happened in Lagos.” Determining that the Federal High Court in Lagos had jurisdiction to hear the case, the court had made that ruling.

Read Also: Nigerians react negatively to MultiChoice’s decision to raise subscription rates for GOTV, DSTV

After Justice Rilwan Aikawa, the previous trial judge, was transferred out of the Lagos division, the EFCC re-arrested the defendants before Justice Daniel Osiagor.

Nenandi Usman, a former chairman of the Association of Local Governments of Nigeria (ALGON), Yusuf Danjuma, and the business Jointrust Dimensions Nigeria Ltd. are also named as defendants in the lawsuit that includes Fani-Kayode.

They were accused of illegally keeping more than N4.6 billion between January and March 2015, which they knew or should have known was part of the proceeds of theft and corruption.

In counts 15 to 17, Fani-Kayode and a man named Olubode Oke—who is reportedly still at large—were accused of paying N30 million in cash to a company called Paste Poster Co (PPC) of No. 125, Lewis St., Igbosere, Lagos.

The alleged payments were made without going through a financial institution and were in excess of what was permitted by law.

The Money Laundering (Prohibition) (Amendment) Act of 2012’s sections 15 (3) (4), 16 (2) (b), and 16 (5) were alleged to have been violated by each offense.

The accused had all entered not guilty pleas and been released on bail.

 

Nigerians react negatively to MultiChoice’s decision to raise subscription rates for GOTV, DSTV

By
coic
-
0

The satellite television service provider, MultiChoice, recently announced that it will be raising the monthly subscription fees for both GOTV and DSTV in Nigeria.

A number of subscribers all over the country have expressed their displeasure with this announcement.

According to Multichoice, the new prices will be implemented beginning on May 1 of the year 2023.

“Dear Customer, due to rising costs of business operations, please note that from May 1, your monthly subscription (Premium) will be N24,500,” reads an example of the message that will be sent to the decoders of DStv Premium subscribers. If you want to keep paying the old price of N21,000 for up to a year, make sure you are active by the 30th of April.

Under the new administration, the monthly cost of the Compact+ bouquet is expected to increase to N16,600 from its current level of N14,250. Under the new pricing structure, subscribers on the Compact bouquet would pay N10,500 as opposed to N9,000, and subscribers on the Confam bouquet would be expected to pay N6,200 as opposed to N5,300.

Those who subscribe to DStv Yanga and Padi will be required to pay N3,500 and N2,500 respectively, as opposed to N2,950 and N2,150 currently.

When it comes to the GOtv service, subscribers on the GOtv Supa package would pay N6,400 as opposed to N5,500, and subscribers on the GOtv Max package would pay N4,850 as opposed to N4,150.

 

Subscribers to GOtv Jolli will soon be required to pay N3,300 instead of the previous N2,800, and the prices of GOtv Jinja and GOtv Lite will also increase, moving from N1,900 to N2,250 and from N900 to N1,100 respectively.

In response to the announcement, a number of subscribers voiced their displeasure with the increased cost of the service, which is especially pertinent given the state of the economy in the country at the present time.

They contend that the new rates are excessively expensive and may not be within the financial means of many Nigerians, particularly those with lower incomes.

Kunle Adeleke, one of MultiChoice’s subscribers, was quoted as saying, “This is a very bad move by MultiChoice. Before increasing the rates for subscriptions, they ought to have given some thought to the current state of the economy in the country. How exactly do they anticipate that regular Nigerians will be able to afford these new rates?

Another customer, Mrs. Chidinma Okeke, expressed her dissatisfaction with MultiChoice by saying, “I am very disappointed with MultiChoice. They have been raising the prices of subscriptions on an annual basis, and it is reaching a point where it is unsustainable. It’s possible that I’ll have to look into switching to a different service provider.

 

Gunmen kill soldier, more than 14 people in Benue

By
coic
-
0

At least 15 people, including a military officer, were killed in a shooting by gunmen who are thought to be members of a herdsmen militia in Benue State’s Opaha community, Edikwu Ward 2, in Apa Local Government Area.

The slain soldier was the Commander of Operation Whirl Stroke (OPWS) in that region, a resident of the community told news reporters in Makurdi.

The State Commissioner of Finance, David Olofu, resides in the village of Opaha.

Over 15 people, including an army officer, were killed, according to Olofu, who confirmed the incident.

“Yes, they simply went to my community and killed people without provocation; there were over 15 fatalities there, including the Commander of OPWS.

“As far as I know, there was no problem. That location borders the Gwer West LGA, and every community along that axis has experienced repeated attacks.

“The attackers arrived in this peaceful community around 4 pm; the residents don’t look for anyone’s trouble.” The entire community has been fired as I speak with you right now.

“There have been harvests of killings along that axis since the beginning of this year, and the locations are deserted. People are unable to do anything, including going to their farms. They continue to live there while you enter and kill 15 people in a single day, including the military personnel stationed there to protect the area.

What else can we do if we send the military and they are killed, who else are we going to send beyond the military, he asked. “If the military can just be killed like that, then what about the people.

He pointed out that Umuogidi community, where over 50 people were killed earlier this month, is 10 kilometers from Opaha village and said the military has been stationed there to maintain law and order.

The Finance Commissioner stated that the three levels of government need to come together and have a policy on the matter, “that you cannot just come and kill somebody and get away with it and nothing happens to anybody,” noting that the situation goes beyond an individual, the community, the LG, and the state.

“It is so heartbreaking that all of these things are taking place despite all of your efforts to do what you can to help the people. That’s sad.

The OPWS Commander had visited the attack site, according to Flight Lt Flogh Oquoh, the operation’s public relations officer.

Additionally, SP Catherine Anene, the State Police Command’s spokeswoman, confirmed the report but stated that she was awaiting more information.

 

Closed-Door Meeting at Defense House with Tinubu, Adamu, Others

By
coic
-
0

The All Progressives Congress (APC) National Chairman, Senator Abdullahi Adamu, and Senate President, Ahmad Lawan, met with President-elect Bola Tinubu on Wednesday at the Defence House in Abuja.

Deputy Senate President Ovie Omo-Agege, APC National Publicity Secretary Senator Iyiola Omisore, and former APC Presidential Campaign Council Secretary James Faleke were also present at the meeting, which was held in private.

The meeting’s specifics are still unknown, but APC National Chairman Adamu described it as a routine activity.

The meeting takes place just two days after Tinubu’s 35-day vacation in Paris, France, was over.

Tinubu has since relocated to the Defence Guest House in Abuja’s Maitama District.

This disclosure was made on Wednesday in a video post on Twitter by Bayo Onanuga, the director of Tinubu’s media and publicity.

Onanuga claims that Kashim Shettima, the vice president-elect, and his superior will work out of the Defense Guest House up until Tinubu is sworn in as president on May 29, 2023.

He stated, “President-elect Bola Tinubu moves to Defence House, his official residence prior to 29 May,” with Vice President-elect Kashim Shettima.

 

Fire razes Bodija plank market, 1 injured, 50 stores destroys

By
coic
-
0

A fire incident at Bodija plank market in Ibadan North Local Government Area of Oyo State on Tuesday night resulted in at least 50 shops being destroyed and one person being reported injured.

At the moment, Ahmed Abdulwasiu, the injured victim, is receiving medical attention at Calvary Baptist Hospital in Bodija, Ibadan.
Abdulwasiu described how he was trying to put out the fire in his shop before becoming trapped and how, but for the quick action of the rescuers, he would have perished.

Read Also: Nigerian students trapped in Sudan are subject of FG action

A furniture trader and additional victim named Mutiu Olaoluwa stated: “I was outside my shop when i suddenly heard the fire upsurge. Before I could react, there were flames everywhere. Nothing would come out for me. My customer’s over 75 doors suffered burn damage. Also burned was my N120,000 plank.

“All of my equipment, a generator, and machines were burned in the fire, which cost me over N5 million. All the labor I had put in over the previous 30 to 40 years was burned.

Another victim, Adeniyi Ogunmola, said, “I was here yesterday around 4:30 pm. The fire started from a carpenter shop behind my shop, and I went there to see what was going on. On my way back to my shop to carry my equipment, the fire came to my shop in less than five minutes.”

“I just got back from the market where I loaded a full trailer of plank; I lost about N6 million worth of goods to the incident,” the man who pulled him out of the fire said.

Read Also: Breaking: President of Appeal Court issues order moving Ebonyi election tribunal to Abuja

However, the victims pleaded with the government to help them.

Breaking: President of Appeal Court issues order moving Ebonyi election tribunal to Abuja

By
coic
-
0

The Ebonyi State Election Petitions Tribunal must move to Abuja right away, according to a directive from Monica Dongban-Mensem, the president of the Court of Appeal.

On Wednesday in Abakaliki, the tribunal’s secretary, Nyior Sekulla, made the announcement.

The tribunal office at the Ebonyi State Judiciary Headquarters in Abakaliki, according to him, has been closed as of Wednesday as a result of the directive.

Read Also: CBN defends its forex importation ban on stockfish

He stated that Abuja would serve as the location for the continuation of all tribunal-related proceedings.

“In accordance with the HPCA directives, the petitioners, counsel for parties, and the general public are hereby informed via this medium that the EPT sitting here in Abakaliki thereby cease to operate in Abakaliki as of 26-04-23; filings of processes, taking of proceedings, etc., shall thereafter continue at Abuja.”

When asked why Abuja was chosen as the new location for the tribunal, Mr. Henry responded that he was unable to comment on the matter.

The Rivers State Election Petition Tribunal and that of another state were also impacted, he pointed out.

Ifeanyi Odii, of the Peoples Democratic Party, and Bernard Odoh, of the All Progressives Grand Alliance both rejected Francis Nwifuru’s declaration that he had won the 18 March election and was the new governor of Ebonyi State.

Read Also: In honor of Buhari, Umahi names Ebonyi Airport Buhari

Mr. Nwifuru, the APC candidate, had been Governor David Umahi’s top choice for replacement. The Ebonyi House of Assembly’s Speaker, he is.

The shifting of the election tribunal to Abuja has not yet elicited a response from the various political parties.

 

In honor of Buhari, Umahi names Ebonyi Airport Buhari

By
coic
-
0

The Ebonyi State government announced on Wednesday that it had received permission from the federal government to begin operating flights out of Onueke International Airport.

According to reports, President Muhammadu Buhari’s name has been given to the airport.

The Senior Special Assistant to the Governor on Aviation and Technology, Mrs. Obianuju Alo, stated that the inauguration will increase commercial activity in the state while speaking to reporters in Abakaliki.

She said, “There will be two flights landing at the airport, one from Lagos and the other from Abuja.

And as a result, two flights from Lagos and Abuja will land each week. What it really means is that Ebonyi state is now open for business with the opening of the airport.

“We want to entice investors and all Ebonyians to come to Ebonyi and conduct business. Now, Ebonyi will begin exporting agricultural goods everywhere.

International airlines will soon arrive in Ebonyi state, and when they do, she predicted that the local community will greatly benefit from it by way of employment opportunities.

Alo added that the state government has authorized six (6) individuals per Local Government Area to be scheduled to board the test flight from Abuja and Lagos, and that the State Government will pay for the cost of the tickets.

 

EFCC in Kaduna detains 48 ‘Yahoo boys’, 2 other people

By
coic
-
0

The Kaduna Zonal Command of the Economic and Financial Crimes Commission, or EFCC, has detained 48 alleged fraudsters.

Precious Malachi Zidyep and Tina Patrick Omoyeme were also detained by the Commission during a sting operation in Kaduna at the Rosalux Blue Hotel in Agua, Kaduna South.

Williams Justice Gankon and AbdulWasiu Yunus, two ex-offenders who were previously detained on April 10, 2022, tried by Justice Nasiru Umar Sadiq of the Kaduna State High Court, and found guilty on August 31, 2022, are also among the suspects.

They were captured in Kaduna State at Yoruba Street and Yakowa Expressway.

Numerous mobile phone models and laptop computers were among the items recovered from them.

The anti-graft agency added that the suspects would be brought up in court as soon as the investigation was finished.

 

 

 

 

APC Chieftain in serious trouble as EFCC begins fresh proceedings against Tinubu campaigner

By
coic
-
0

The Economic and Financial Crimes Commission (EFCC) has announced that it will begin a new prosecution of a former Minister of Aviation named Femi Fani-Kayode and three other individuals at the Federal High Court sitting in Abuja. The former minister is being taken to court by the agency that combats graft because of allegations that he laundered money and misappropriated N4.6 billion.

Read Also: CBN defends its forex importation ban on stockfish

Fani-Kayode served as a minister in the government that was led by the Peoples Democratic Party (PDP), but he is now a chieftain of the All Progressives Congress (APC) and a well-known supporter of Bola Tinubu, who will be the next president of the country.
On Tuesday, April 25, Rotimi Oyedepo (SAN), the attorney for the Economic and Financial Crimes Commission (EFCC), told Justice Daniel Osiagor of the Lagos Federal High Court that it had become necessary for him to make such a move following the decision made by the appeal court in Lagos over the weekend that quashed the charges against the APC chieftain. Oyedepo argued that in light of the decision made by the court of appeal, all of the exhibits and documents that the prosecution had submitted ought to be made public. This would allow the commission to begin the matter anew in front of the Abuja federal high court.

Read Also: NDIC starts checking insured Peak Merchant Bank depositors’ accounts

The judge then issued an order directing the return of all exhibits and documents that were presented to the court while the hearing was ongoing to the EFCC. Recall that Justice Mohammed Danjuma of the Court of Appeal rendered a decision on the appeal filed by one of Fani-Kayode’s co-defendants and a former Minister of Finance, Nenadi Usman, who contested the jurisdiction of the Federal High Court in Lagos to hear the matter.

1...1,8251,8261,827...2,857Page 1,826 of 2,857

EDITOR PICKS

POPULAR POSTS

POPULAR CATEGORY

©