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CBN urges SMEs to designed good business plan to enable them access development loans

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Central Bank of Nigeria (CBN) have persuade small and medium scale entrepreneurs to design reasonable business plans to enable them access development loans.
 
Malam Faruk Abdullahi, Business Development Financing Officer, Central Bank of Nigeria (CBN) Sokoto State branch, gave the advice in Sokoto at a one day seminar on Small Scale Enterprises and Entrepreneurship, with the theme, “Fresh Ideas, New Opportunities organised by Duck Consult Ltd. and BlueBridge Smart Project Ltd on monday.
 
 He said CBN had earmarked about N200 billion to facilitate the growth of micro, small and medium scale enterprises development in the country.
 
According to him, properly designed business plan is a prerequisite to obtaining any financial institution loans.
 
Malam Faruk Abdullahi, said that CBN had provided guidelines toward facilitating business growth, enjoined young entrepreneurs to utilize, including Islamic financing schemes across the country.
 
According him, the apex bank has also established Entrepreneurship Development Centres at various geo-political zones in the country to boost business activities.
 
Malam Baba Yunusa, the President of African Islamic Economic Foundation, the co-sponsor of the programme enjoined young entrepreneurs to always tap the economic potentialities in their immediate surroundings.
 
Yunusa, who said good ventures enjoyed sustainability and accorded opportunities to other developments, however, advised the people to be transparent in their dealings.
 
 He noted that business plans done in accordance with Islamic Shariah and other economic principles as well as on prudence always succeed.
 
Also speaking, Hajia Hafsat Sahabi, the Chairperson of Northern Women Entrepreneurs Association called on stakeholders to always localise such event to benefit more rural dwellers.
 
Sahabi said that emphasis on theories and academic discussions on how to start business be discouraged while prospective business men and women should be taught more on practical aspects of business orientations.
Alhaji Bello Gwaranyo, Sokoto State Commissioner for Solid Minerals, In his remark, commended the organisers of the seminar and urged beneficiaries to practice what they gained and educate others.
 
Gwaranyo said Sokoto state had enormous potential that, when tap properly, would rejuvenate economic activities and provide employment to many persons in the state.
 
The Chief host and Chairman, Duck Consult, Alhaji Kabir Dasuki, said participants were owners of business enterprises in the state who aimed at improving their capacities.
 
The event was attended by representatives of Ja’iz Bank, Sterling Bank, Stanbic IBTC as well as Sokoto State Small and Medium Scale Enterprises Development Agency.
 

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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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