News
Forest Capital Acquires of Kayvee Microfinance Bank
Forest Capital, the investment subsidiary of Farmforte Limited, has acquired Kayvee Microfinance Bank as part of its strategic imperative to create greater synergy between socio-economic empowerment, agriculture, and the finance sector.
Speaking on the acquisition, Osazuwa Osayi, Farmforte’s co-Chief Executive Officer, said: “This strategic acquisition demonstrates our commitment to continuously improve our portfolio and effect economically sustainable developments, primarily across the agri-value chain. Our multi-pronged enterprise growth strategy is ever-reliant on the financial and technological advancement of our growing 112,000 smallholder farmer network, which will be up to one million by the close of 2022.
“With a widely heralded generation of disruptive banking services, and wider sector focus on mobile-first, personalised banking, we are structuring a world class and formidable agriculture services ecosystem via Forest Capital.”
Speaking in the same vein on the acquisition, Managing Director, Forest Capital, Paul Okunaiya, said: “As Africa’s digital financial services sector grows exponentially in the next few years, this transaction underpins our desire for a necessary symbiosis between the unbanked and private entities pertaining to access, relevance, and ultimately trust.
“With about 350 million adults un-served by the financial services industry in sub-Saharan Africa, there is more emphasis on financial inclusion, and Forest is poised to provide much-needed solutions to individuals and corporates, from farmers to entrepreneurs, and industries at large.”
He said Forest would bridge the access to requisite financing across the agriculture value chain for small to medium scale farmers, infrastructure and supply chain operations, distributors, wholesalers, and retailers, last mile delivery and Agric tech-driven startups.
A Tier-1 digital microfinance bank operating under the licence of the Central Bank of Nigeria (CBN), Kayvee MFB leverages technology to provide savings and lending platforms to support the CBN’s financial inclusion strategy.
“Forest’s short term strategic diversification plans include a ramp up of its investment advisory services, the development of high yield portfolio investments, and the build out of Forest Bank, a modern digital interface based on the rapidly evolving concept of application programming interface (API)-driven embedded finance.
“Forest will bridge the access to requisite financing across the agriculture value chain for small to medium scale farmers, infrastructure and supply chain operations, distributors, wholesalers, and retailers, last mile delivery and Ag. tech-driven startups,” he said.
News
NCDC Activates Emergency Response as Lassa Fever Kills 190
Nigeria has launched an emergency response centre after recording 190 deaths from Lassa fever, a viral hemorrhagic illness, according to Nigerian Center for Disease Control (NCDC).
The disease, mainly transmitted to humans via contact with food or household items contaminated with rodent urine or excrement, has infected 1,154 people in six Nigerian states.
Jide Idris, head, Nigerian Center for Disease Control, said the agency’s risk assessment has categorized it as high, prompting the activation of the emergency Operations Centre to manage the outbreak.
“While the disease occurs throughout the year, peak transmission typically happens between October and May, coinciding with the dry season when human exposure to rodents increases,” he said at a press briefing in Abuja.
The centre will ensure seamless coordination of the control and management of the outbreak.
Symptoms of the virus – which can also be passed between people through bodily fluids of those infected – include fever, headaches and, in the most severe cases, death.
The World Health Organization classifies Lassa fever as a priority disease due to its epidemic potential and lack of approved vaccines.
News
2025 Budget: FG Earmarks N1.5Bn for Airports’ Internet, Others
Federal government has proposed to spend N1.5bn for internet services for passengers at five international airports in the country.
The project, “Provision/Upgrade of WiFi Services for Passengers in Five International Airports and some Domestic Airports” was listed as a new project in the 2025 appropriation.
In some parts of the world, access to the internet via Wi-Fi at airports is regarded to be a basic human right.
Such amenities are lacking in Nigeria.
But the 2025 budget presented to the National Assembly last week by President Bola Tinubu saw the sum of N105.953,496,365 being allocated to the Ministry of Aviation.
Apart from internet access at the airports, some other capital allocations were reinstated for the Nigerian Airspace Management Agency (NAMA).
In previous budgets, three agencies of the ministry including the apex regulatory agency, the Nigeria Civil Aviation Authority (NCAA); the Federal Airports Authority of Nigeria (FAAN) and NAMA were exempted from the annual budgetary allocation.
In addition, the federal government deducts 50 per cent of the Internally Generated Revenue (IGR), which is against the standard and recommended practices of the International Civil Aviation Organisation (ICAO), which recommends that the funds generated by the agencies should be reinvested into improving infrastructure and boosting aviation safety.
News
Egueke, Former Bank Manager Jailed for $46,900 Fraud
Fidelis Egueke, former bank manager, , has been convicted and sentenced to six months in prison by an Asaba, Delta State Chief Magistrate’s Court for defrauding a victim of $46,900.
Chief Magistrate Callistus Isioma Moeteke found Egueke guilty of a single charge brought against him by the police under case number CMA/295c/2024.
Raphael Eze, prosecutor, of the State Criminal Investigation Department (SCID), Asaba, said Egueke, a former Asaba branch manager of a tier-one bank, fraudulently obtained $46,900 by using two Certificates of Occupancy (CofOs) as collateral.
One of the land titles, however, was not his, and the other was fake.
After receiving the money, Egueke used it for personal expenses and failed to repay the victim as promised.
The prosecution argued that Egueke’s actions violated Section 419 of the Criminal Code Law, Cap C21, Vol.1 Laws of Delta State, Nigeria, 2006.
Despite denying the offence, Egueke failed to present evidence of repayment during the trial.
Chief Magistrate Moeteke determined that the prosecution had proven its case beyond a reasonable doubt.
Egueke was convicted and sentenced to six months imprisonment.
However, the court also gave him the option to pay a fine of N350,000 in lieu of serving the prison term.
The court ordered Egueke to pay N30 million in restitution to the victim within six months of his conviction.
The charge against Egueke stated that, in 2016, he fraudulently obtained a credit facility worth $46,900 (approximately N60 million) from Chief Jude Ndudi by presenting false documents, including land titles that did not belong to him, in violation of Section 419 of the Criminal Code Law.
Egueke is also facing trial before a Lagos Federal High Court on charges related to a separate fraud case involving N179.498 million.
He is being prosecuted by the Force Criminal Investigation Department (ForceCID), Annex Alagbon-Ikoyi, Lagos.
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