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BoI, Ebonyi to Sign MoU to Empower SMEs

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Bank of Industry (BoI) and Ebonyi State Government have signed a Memorandum of Understanding (MoU) of N2 billion matching fund to empower Small and Medium Enterprises (SMEs) in the state.

Mr Olukayode Pitan managing director of BOI, said this at a meeting between the bank and Gov. David Umahi of Ebonyi on Friday in Abuja.

Pitan said that the bank would work with the state to ensure that it provided training for the SMEs.

He said that the training would also be for some civil servants who were about to retire on how to form a company or private enterprise.

“Like in Ebony, where the emphasis is on solid minierals, we have a team that does that; we also plan to provide training for the miners.

“We are going to have joint assessment of the project to be financed because not every project can be financed automatically.

“This project is a starting point; N1billion from Ebony State Government and N1 billion from BoI, but if we are able to use this money very quickly, nothing is stopping us from having a phase two and three.

“Our people must be empowered, there are too many graduates moving around without jobs. Graduates without jobs are becoming dangerous armed robbers.

“This is what we are trying to ensure that it does not get to that point. Let us empower people and lift them up and we will work with Ebony state to do that,” Pitan said.

On process of accessing loans by young graduates, Pitan said that the bank would review its strategy.

He said that the orientation of Nigerians needed to change, adding that “intervention funds are not their own part of the national cake.’’

“If the state wants to empower you, you can’t take the money and not pay back because once you are able to pay back, the  governor will be encouraged to do more.

“So the mentality of Nigerians that take money for this kind of projects has to change.

“With the type of training and curriculum that we have in universities, some have to be amended and they need to begin to teach entrepreneurial classes so that graduates do not have to work for formal organisations as employees.

“We are making sure that we support all the states of the federation on macro, medium and small enterprises,” 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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