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Agro-processing firms get a N73 billion credit risk guarantee from NIRSAL.

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Agro-processing firms get a N73 billion credit risk guarantee from NIRSAL.

The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) Plc has facilitated the flow of over N73 billion into Nigeria’s agro processing industry to date from various sources, including deposit money banks, development financiers, private equity investment firms, and other fiduciaries, in order to carry out its mandate of creating a stronger linkage between segments of Nigeria’s Agricultural Value Chain (AVC) and subsequent AVC-linkage to commercial bank finance.

Farmers in the upstream AVC segment have a reliable market in the form of agro processors who offtake farmers’ produce, thanks to NIRSAL Plc’s strategic support for agro processors operating in the midstream segment of the AVC.

The support of NIRSAL Plc comes at a time when developing economies are increasingly shifting away from just producing raw materials and toward both production and value addition in order to boost foreign exchange earnings and social development.

Read also: 2023 Presidency: Osinbajo Finally Breaks Silence, Says I’ll Declare My Position Soon

Pre-upstream, upstream, and downstream AVC operators involved in inputs production and supply, mechanization service provision, primary production, and logistics are also beneficiaries of NIRSAL Plc’s financial assistance.

This accomplishment, which has made a significant contribution to the federal government’s agricultural promotion efforts, was made possible by NIRSAL Plc’s efficient use of its credit risk guarantee instrument.

The core product of NIRSAL was used to share up to 75% of agribusiness-related credit risks with commercial banks and financiers, depending on the segment in which applicants operate. The higher the percentage of risk NIRSAL Plc shares, the riskier the farmer group or agribusiness operations.

NIRSAL Plc has increased financiers’ and investors’ confidence in lending to players in the Agric sector, which was once widely regarded as a no-go area in finance circles, by protecting them from possible losses in a credit transaction.

With the support of the NIRSAL CRG, farmer groups and agribusinesses that previously struggled to obtain loan approvals from commercial banks now have a faster approval process for the loans they need to expand their operations, increase profits, and improve their livelihoods.

NIRSAL Plc’s Interest Drawback (IDB) scheme goes the extra mile to reward diligent borrower behavior by providing discretionary rebates of up to 40% of interest paid on NIRSAL CRG-backed agribusiness loans, providing additional support to Nigeria’s farmers and agribusinesses. NIRSAL Plc has paid out over N1.64 billion to date, effectively lowering the effective interest rate for borrowers with good credit histories.

NIRSAL Plc’s constant engagements with commercial banks and training of their officers are also crucial in the creation of NIRSAL CRG-backed loans. Over 4,250 bank officers have been trained on the NIRSAL CRG guidelines and efficient agric lending to date, resulting in a better understanding of the two, improved bank attitudes toward Agric lending, and increased bank lending.

Bank lending to agriculture stood at 1.4 percent at the time NIRSAL Plc was founded. Since then, the NIRSAL CRG has helped to raise this figure to 5.4 percent in Q3 2021.

Aliyu Abdulhameed, managing director of NIRSAL Plc, said the organization’s support has benefited financiers, borrowers, and the nation’s economy. He claims that financiers can now invest with confidence in profitable agribusiness ventures.

Read also: PDP Submits Umahi’s Replacement To INEC, Declares Igariwe New Ebonyi Governor

NIRSAL Plc’s injection of finance into the agricultural sector, according to Abdulhameed, has resulted in broad socio-economic growth. Agribusinesses have been able to expand their operations and staff, with NIRSAL CRG beneficiaries reporting increases in capacity utilization, productivity, number of markets served, and sales value of 20-60%.

Through agricultural products/outputs and other value chain economic activities, NIRSAL Plc’s finance facilitation efforts have generated an additional $2.5 billion in economic activity, created 360,000 direct jobs, and positively impacted the lives of 1.8 million Nigerians.

Commercial banks have pledged a total of $500 million to fund agriculture and agribusiness as a result of the success of NIRSAL Plc’s risk-sharing model. In addition, other African countries have approached NIRSAL Plc for assistance in establishing and implementing Risk Sharing facility models in their respective jurisdictions.

The latest achievement of NIRSAL Plc also coincides with the development of the Nigeria special agro-industrial processing zones program, which NIRSAL Plc is supporting across the country. “SAPZ will mobilize private sector investment into the selected zones to enhance productivity and integrate production, processing, and marketing of agric commodities,” he said, citing NIRSAL Plc’s finance-facilitation mandate.

2023 Presidency: Osinbajo Finally Breaks Silence, Says I’ll Declare My Position Soon

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2023 Presidency: Osinbajo Finally Breaks Silence, Says I’ll Declare My Position Soon

Vice President Yemi Osinbajo’s spokesperson, Laolu Akande, has stated that the vice president will soon officially declare his candidacy for the 2023 presidential election.

On the occasion of Osinbajo’s 65th birthday, Lalolu revealed this on Tuesday while answering questions from State House Correspondents.

Lalolu told reporters that Osinbajo is currently focused on his job of collaborating with President Muhammadu Buhari.

Well, as he has stated previously, he is dedicated to the work for which he was elected vice president and to supporting the president.

“That is what he is focused on right now,” he said, adding, “and as I also said in my last tweet, whatever his activities or whatever he does will be communicated officially.”

Mr Akande said the vice president was motivated by the idea that government, governance, and leadership should have a heart of justice and a heart of service, based on his observations over the last seven to eight years.

Read also: PDP Submits Umahi’s Replacement To INEC, Declares Igariwe New Ebonyi Governor

“In almost all of our meetings, he says that the reason we’re here is because people put us here.

“We are here to serve the people,” he says, “so he is someone who is committed to that notion of public service, whether in government, as a pastor, or as a lawyer.”

“He fully grasps the concept that we are here to serve in every aspect of his life.”

Mr. Osinbajo, he said, had always emphasized the importance of making an impact on the people.

The vice president, he claims, is very inspiring and deserving of leadership.

“As you can see, there are a lot more Nigerians today who want to say, ‘This is the kind of man I want to follow.'” So, vice president, happy birthday,” he said.

PDP Submits Umahi’s Replacement To INEC, Declares Igariwe New Ebonyi Governor

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PDP Submits Umahi’s Replacement To INEC, Declares Igariwe New Ebonyi Governor

Following a court order that Governor David Umahi and his deputy immediately vacate the position of Governor of Ebonyi State, the People’s Democratic Party (PDP) has submitted the names of Iduma Igariwe as the new Governor and Fred Udogwu as his Deputy.

On Tuesday, our reporter reported that a Federal High Court in Abuja had ruled that Governor Dave Umahi and his deputy, Dr Kelechi Igwe, defecting from the PDP to the APC was illegal.

In his ruling, Justice Inyang Ekwo stated that the votes that elected Umahi as governor belonged to the party and could not be transferred to another.

The court made the ruling in a case brought by the Peoples Democratic Party (PDP) seeking the removal of Umahi and Igwe from office.

Read also: 2023: A UNIBEN professor enters the presidential Race

While Umahi chastised the judge and insisted on remaining the state governor at a press conference in Abakaliki, the PDP National Chairman, Iyorchia Ayu, said the party had forwarded Umahi and Igwe’s replacements to the Independent National Electoral Commission (INEC).

Meanwhile, the Federal High Court in Abuja ruled that the central issue in the case was the third defendant’s (governor) and fourth defendant’s (deputy governor) defection from the PDP to the APC.

The third and fourth defendants’ declarations, according to the judge, did not address the issue of defection properly and directly, instead relying on general denial and affidavit evidence.

The third and fourth defendants’ depositions in their counter-affidavit were “evasive and insufficient” to competently challenge the plaintiff’s originating process, according to Justice Ekwo.

He claimed that Section 308 of the Constitution’s “immunity clause” is not absolute. Section 308 is a constitutional fortress,” and not for political reasons.

According to the court, Umahi and Igwe did not refute the deposition that all votes cast in an election belonged to a single political party.

There was enough evidence, according to Justice Ekwo, that the second defendant (the APC) ran its own candidates in the Ebonyi State governorship election in March 2019.

“It should be noted that the constitution does not take the issue of defection lightly,” he said. The plaintiff’s votes and victory on March 9, 2019, cannot be transferred to the APC by the third and fourth defendants.

“The PDP holds the governor’s and deputy governor’s offices in Ebonyi State. The court declared that Umahi and Igwe’s only option is to vacate office and wait until the next election to run on the platform of their new party.

As a result, the court determined that, under Nigeria’s democratic system, the plaintiff received a majority of votes during the election and was entitled to continue to do so until the end of the term of office for which the election was held.

As a result, the court barred Umahi and Igwe from acting as governor and deputy governor of Ebonyi State in the future.

On the same grounds that the governor was removed, the judge sacked 15 members of the state House of Assembly who defected from the PDP to the APC.

2023: A UNIBEN professor enters the presidential Race

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2023: A UNIBEN professor enters the presidential Race

Godspower Ekuobase, a professor at the University of Benin, has entered the presidential race on the platform of the All Progressives Congress (APC).

Nigerians should be wary of moneybag aspirants who have nothing to offer Nigerians but to buy their way into the state’s resources, according to the Professor of Services Computing.

In a press conference in Benin, Edo State, he bemoaned the fact that Nigerians place a premium on politicians with deep pockets who have nothing to offer the country.

The don stated that the time had come for those with technical expertise to be given the opportunity to lead the country.

“Nigeria is not for sale; we want people who have intellect, brains, and a love for the country, not people who have money.” When you say you’re looking for someone who has money, he’ll be eager to get it back. “We are not selling Nigeria,” he stated emphatically.

Read also: Buhari appoints a coordinator for the project to clean up hydrocarbon pollution.

He claimed that the country is where it is because leaders are chosen based on their wealth rather than their knowledge.

According to Ekuobase, the country has failed to measure up to other countries around the world due to poor leadership in the past.

“I want to run for president because I have the strength, age, and support of both the elderly and the young,” says the candidate.

“That is why I intend to make Nigeria a member of the League of Nations.” We are too sluggish, and we need to improve; knowledge must be introduced. He stated, “We need people who can think.”

If elected, he said he would focus on agriculture, security, job creation, education, health, and technology, among other things, in order to make Nigeria a producer rather than an importer.

Buhari appoints a coordinator for the project to clean up hydrocarbon pollution.

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Buhari appoints a coordinator for the project to clean up hydrocarbon pollution.

President Muhammadu Buhari has approved the appointment of Dr Giadom Dumbari as the Project Coordinator for the Federal Ministry of Environment’s Hydrocarbon Pollution Remediation Project, HYPREP.

This is according to a statement released by the ministry’s Press Director, Saghir el Mohammed, on in Abuja.

Mr Dumbari holds a PhD in Environmental Geology and a Bachelor of Science in Geology, both from the University of Port Harcourt in Rivers State.

Rivers State University awarded him a Master of Philosophy in Environmental Management.

Dumbari, according to Mr Mohammed, had over 20 years of experience conducting impact assessments and baseline studies of Brownfields and Greenfields, as well as proven expertise in the development of Conceptual Site Models for a variety of environments.

Read also: DIG Joseph Egbunike has passed away.

“Dumbari also has experience evaluating natural attenuation processes and effective remediation technologies for a variety of contaminants, including petroleum hydrocarbons, heavy metals, and other chemicals of concern.”

“He is a specialist in remediation project management and a UN Environment Programme (UNEP) consultant on the implementation of the UNEP report on Ogoniland’s environmental assessment,” he said.

Dumbari is a Chartered Environmental Geologist and a member of the Nigerian Mining and Geosciences Society, as well as the Nigerian Association for Engineering Geology, according to Mr Mohammed.

His appointment is for a four-year term and takes effect right away.

In the case of Umahi, deputy, we have yet to receive a court decision- INEC

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In the case of Umahi, deputy, we have yet to receive a court decision- INEC

The Independent National Electoral Commission (INEC) said on Tuesday that the certified True Copy of the Federal High Court order sacking Ebonyi State Governor Dave Umahi and his Deputy, Chief Kelechi Igwe, had not yet been served.

In an interview with the News Agency of Nigeria (NAN) in Abuja, Mr Festus Okoye, the INEC National Commissioner and Chairman, Information and Voter Education Committee, revealed this.

When the commission receives the certified true copy of the court judgment, Okoye said the commission would meet and make a decision.

“A copy of the said judgment has not been served on the Commission.”

“When the Commission is served with a Certified True Copy of the judgment, it will meet and make a decision,” Okoye said.

On Tuesday, a Federal High Court in Abuja, presided over by Justice Inyang Ekwo, ordered Gov. Umahi to vacate office following his defection from the PDP to the APC (APC).

Read also: Senate Asked INEC To Allow Eligible Prisoners To Vote In Elections

In his ruling, Justice Ekwo also ordered Dr. Eric Igwe to stop posing as the state’s deputy governor.

The duo were deemed to have resigned from the office after defecting from the PDP, the platform on which they came to power, according to Justice Ekwo, and were thus no longer entitled to be referred to as governor and deputy governor.

The judge ruled that it was unconstitutional for a candidate elected on the platform of one political party to switch parties while still in office.

He claimed that the votes cast for Umahi and Igwe on March 9, 2019, were for the PDP, not the APC.

According to NAN, the PDP has submitted the names of Iduma Igariwey, a serving member of the House of Representatives, as a nominee to replace Umahi, and Fred Udogwu as Deputy Governor to replace Igwe to INEC in response to the Court’s decision.

Sen. Iyorchia Ayu, the PDP National Chairman, said at a press conference in Abuja that the decision was reached after extensive consultation with party stakeholders at the national and state levels, in accordance with the Federal High Court’s ruling on Tuesday.

In response, Umahi stated that he will not relinquish his position as governor of the state to anyone else.

DIG Joseph Egbunike has passed away.

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DIG Joseph Egbunike has passed away.
Joseph Obiajulu Egbunike, the Deputy Inspector General of Police in charge of the Federal Criminal Investigation and Intelligence Department (FCIID), has died.

 

According to a police source, Egbunike died on Tuesday night after collapsing and being rushed to National Hospital in Abuja, where he was pronounced dead.

 

Until his death, the senior police officer chaired the Special Investigation Panel set up by the Inspector-General of Police, Usman Baba, to look into the money laundering allegations leveled against Abba Kyari, the suspended head of the Police Intelligence Response Team.


Egbunike, a native of Onitsha in the state of Anambra, had been a member of the Nigerian Police Force for 33 years.

Read also: Buhari Condemns Assassination Of Kebbi Vigilantes, calls On Security Agencies To Be More Proactive


He holds a Bachelor of Science (Hons) Accounting degree from the University of Nigeria, Nsukka, as well as a Bachelor of Laws (LLB Hons. ), B.L., a Masters in International Law and Diplomacy (MILD), and a PhD in Criminology.

DIG Egbunike was a member of the International Association of Chiefs of Police (IACP), the Association of National Accountants of Nigeria (ANAN), the Nigeria Bar Association (NBA), the Institute of Cost Management (ICM), the Nigeria Institute of Management (NIM), and the Chartered Institute of Fraud Examiners, among others.

NYSC DG visits Kano, says skills and ideas is what brings money”

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NYSC DG visits Kano, says skills and ideas is what brings money”

 

“Please, open your minds so that you will benefit immensely from the skill acquisition training. Avoid cutting corners: drive your vision with passion; remain focused and the sky will be your limit,”

That assertion was made during the working visit of NYSC Director-General, Major General Shuaibu Ibrahim, while addressing the 2022 Batch ‘A’ Stream One Corps Members deployed to Kano State at the NYSC Orientation Camp kussala Dam karaye.

The DG advised the Corps Members to embrace the Skill Acquisition and Entrepreneurship Development programme of the Scheme, aimed at empowering them for self-employment and wealth creation.

He urged them to avoid night travelling, lone movements and acceptance of ride from strangers, adding that they should report suspicious activities around them to the law enforcement agencies.

The Maj Gen.also enjoined them to use the period of the Orientation Course to imbibe teamwork, build lasting friendship, promote the unity of the country, add value to themselves and the NYSC.

The DG said many of their predecessors had made history by distinguishing themselves through participation in national assignments such as elections, immunization programmes, population and housing census and COVID-19 prevention, among others.

He also stressed the need for them to always be of good conduct, adding: “Shun cybercrimes, drug abuse, cultistism and other acts of criminality. You must be good ambassadors of your families, NYSC and your institutions”.

The Director-General urged the Corps Members to obey set rules and regulations in their places of primary assignment. He warned that the Scheme would not condone acts of indiscipline, and that every infraction would attract sanctions as stipulated in the NYSC Bye-Laws.

“You are the future leaders of this country, you must be disciplined, respectful, obedient, patriotic and hardworking. Note that the rules and regulations in your places of primary assignment are also binding on you,” he added.

General lbrahim sensitized the Corps Members on the criteria for selection of winners of the President’s NYSC Honours Award, stressing that they must excel in all the four cardinal programmes of the Scheme, namely: Orientation Course, Primary Assignment, Community Development Service and Winding-Up/Passing-Out activities.

“Once you relocate from Kano State or change your place of Primary Assignment, you are automatically disqualified,” he said.

He informed them that Bill for the establishment of NYSC Trust Fund that would empower Corps Members with start-up capitals to establish their businesses as they exit service had passed through the second reading followed by public hearing at the National Assembly. He said when actualized, the Fund would reduce the rate of unemployment and insecurity among the youths.

The Director-General enjoined the Corps Members to identify felt needs of their host communities and initiate projects that would positively improve their standard of living.

He warned against using their personal money or borrowing to fund the projects, stressing that they should source for funds from within the community.

He urged the Corps Members to be guided by the spirit and letters of their Oath of Allegiance even beyond the Service period.

“As Corps Members, you are supposed to propagate the ideals of NYSC.

“The unity of the country should be paramount to you and you should avoid anything that will jeopardise the unity, integration and cohesion of this country. You must let the spirit of NYSC live in you,” lbrahim added.

The DG warned against the negative use of the social media, advising that they should use same for promotion of national unity and development.

Senate Asked INEC To Allow Eligible Prisoners To Vote In Elections

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Senate Asked INEC To Allow Eligible Prisoners To Vote In Elections

The Senate on Tuesday urged the Independent National Electoral Commission (INEC) to allow duly registered and eligible prisoners to vote in general elections.
It also advised the electoral umpire to determine the status of inmates who are constitutionally and legally eligible to register as voters and vote at elections.
The commission and relevant agencies were also urged by the Red Chamber to conduct voter education in all Nigerian prisons, informing inmates of their rights and the importance of exercising their right to vote in general elections.
According to the Senate, INEC and all relevant agencies should update voter registration lists to reflect the prison population for election purposes.
The upper chamber also urged INEC to work with the Nigeria Correctional Service (NCS) to establish voting centers at detention facilities across the country.
Senator Patrick Abba Moro sponsored a motion that led to the adoption of the Senate resolutions (Benue South).

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‘The right of prison inmates to vote in general elections in Nigeria: Statutory, Inalienable, and Non-negotiable,’ read the motion.
“The Senate notes that certain human rights are inalienable and come with the birth of the individual,” Senator Moro said in his presentation. Citizenship is an example of one such right. Despite the fact that incarceration is one of the legal grounds for depriving a person or an offender in custody of certain rights, citizenship cannot be taken away at any time.”
He went on to say that citizenship comes with many defined rights and civic responsibilities, one of which is the right to vote in general elections, as enshrined in the Nigerian Constitution 1999 (as amended).
“It should be noted that certain individuals in prison custody awaiting trial, undergoing trial, or awaiting conviction for one or more offenses retain their right to vote and citizenship.

Note that being a prison inmate has no bearing on a prisoner’s right to register and vote under Section 24 of the Electoral Act, 2022, and denying prison inmates access to the electoral process is an infringement of their rights as citizens of Nigeria under Section 25 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), which confirms the definition of who a citizen is, and Section 12(1) of the Electoral Act, 2022.
The Senate also postponed its consideration of a report on the Proceeds of Crimes (Recovery and Management) Bill, 2022, on Tuesday.

Read Also: Buhari Condemns Assassination Of Kebbi Vigilantes, calls On Security Agencies To Be More Proactive

The Joint Senate Committee on Anti-Corruption and Financial Crimes, as well as the Committee on Judiciary, Human Rights, and Legal Matters, produced the report.
While calling for the report to be pushed back, Senate President Dr. Ahmad Lawan stated that doing so would allow for more robust contributions from lawmakers who were unable to attend the session.
Nevertheless, he stated that the report would be discussed in plenary on Wednesday.

Buhari Condemns Assassination Of Kebbi Vigilantes, calls On Security Agencies To Be More Proactive

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Buhari Condemns Assassination Of Kebbi Vigilantes, calls On Security Agencies To Be More Proactive

President Muhammadu Buhari has expressed his sorrow over the “brutal murder of tens of vigilante members in Kebbi State by bandits who ambushed them in the Sakaba/Wassagu Local Government Area,” as he put it.

According to a statement released by the President’s spokesman, Mallam Garba Shehu, “this egregious level of criminality is shocking,” and that he will do everything possible to tackle the monster decisively.

Read Also:  War: After Russia Destroys Ukraine, You’re Next – Zelensky Warns US, NATO

“My greatest concern is the threat to life posed by these murderous gangs and merciless outlaws who have no regard for the sanctity of life,” he says.
While expressing his condolences to the victims’ families, President Buhari also urged the country’s security agencies to be more proactive and redouble their efforts in order to thwart terrorists’ operational plans before they launch attacks.

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