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CBN dispenses N55bn to farmers via Anchor borrowers programme

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As part of its mandate to create economic linkages between farmers and processors, the Central Bank of Nigeria (CBN), says it has disbursed N55 billion to more than 250,000 farmers within two years of implementation of the Anchor Borrowers Programme (ABP).

 

Isaac Okorafor, Acting-Director, Corporate Communications Department, CBN, confirmed the figure on Wednesday in Abuja during a media briefing on the implementation of the programme.

 

The ABP was launched in Kebbi State on Nov. 17, 2015, by President Muhammadu Buhari.

 

It was designed to create economic linkages between farmers and processors, not only to ensure increased agricultural output of rice and wheat, but also close the gap between production and consumption.

 

Okorafor was accompanied to the briefing by the Special Adviser to the CBN Governor, Mr Olatunde Akande, and top executive of the Rice Farmers Association of Nigeria (RIFAN) led by its President, Alh. Aminu Gorongo.

 

Okorafor said that out of the N55 billion provided by the apex bank to farmers, 80 per cent of the amount, N44 billion was given to rice farmers alone.

 

He said the need to provide rice farmers adequate funding was to ensure self sufficiency in rice production and to also ensure that Nigeria becomes a net exporter of the product.

 

“It goes to underscore the effectiveness and efficiency that the CBN has put into this programme.

 

“We have assisted about 250,000 farmers across Nigeria to cultivate close to 300,000 hectares of farmlands and you can see the impact on the streets’’ he said.

 

Alh. Aminu Gorongo, RIFAN president, in his remarks, said that the association was partnering with the CBN to increase rice production by two million tonnes in 2018.

 

He said under the new ABP partnership between the CBN and RIFAN, 200,000 farmers would be given fresh funds to plant rice in the dry season farming.

 

According to him, another 500,000 rice farmers would also be mobilised during the wet season farming.

 

Gorongo said that through the funding, the farmers would be able to employ a total of five million people to work on rice production value chain during the period.

 

He said so far, farmers in about 34 states were presently under the new ABP with RIFAN.

 

“We have started collaboration with the CBN to have a private sector driven ABP, which means that under this new agreement, the state governments are not involved.

 

“We have launched this programme to put this country on the right part, especially in the area of agri-business.’’

 

Mr Olatunde Akande, Special Assistant to the CBN Governor on Development Finance, said the ABP had been digitized to keep account of the activities of all the farmers involved.

 

According to him, under the new agreement with RIFAN, each farmer’s identity, home address, farm location and other vital information has been captured and each farmer is given a biometric card.

He said the new system would help resolve the issue of delay in payments to farmers and also the recoupment of funds borrowed out by the CBN.

 

“We have successfully digitally mapped all the farmers that are participating in the projects. This makes the new programme reliable, accessible and verifiable.

 

“The digitization will ensure that no farmer will collect payment and refuse to pay. So loan repayment is guaranteed.

 

“Also, in the new agreement, RIFAN will provide training, and ensure that whatever is given to the farmers are well utilised.

 

“Depending on the season and the crop which is being cultivated, each farmer will get a support of about N250, 000 per hectare,’’ he said.

 


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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