Yemisi Izuora The Central Bank of Nigeria, CBN, in line with its intervention strategy in the agriculture sector has disbursed N12.5 billion under the paddy Aggregation Scheme, PAS, a special window under the Commercial Agriculture Credit Scheme, CACS. The PAS is a working capital facility for Integrated Rice Millers for a tenor of six months and offered at an interest rate of 9 per cent while the single obligor limit under CACS is to be waived for beneficiaries under the scheme. Giving these details at a 3 day capacity building workshop for CACS agriculture desk officers of Commercial Banks organized…
Author: Orientalnews Staff
Hyacinth Chinweuba One of the opposition parties in the country, the Labour Party says it is strategizing with the hope to win the presidential election in 2019. The Acting state Chairman of LP, in Lagos Chief Sam Okpala who made the remark while presenting report of the state Affairs of LP in the state and the assessment tour of the state by the National Vice Chairman, Al-Basiru Apapa, at the weekend, charged members of the executive and members to work towards dislodging the ruling APC in the state. Okpala said the goal was achievable if every member of the party…
Yemisi Izuora The Nigerian Airspace Management Agency (NAMA) has charged Air Traffic Controllers in the country to brainstorm and come up with practical and achievable solutions to problems encountered in the provision of air traffic control services in their respective airports across the nation. Giving this charge at the recently concluded Annual General Meeting and Conference of the Nigerian Air Traffic Controllers’ Association (NATCA) which held in Uyo, the Akwa Ibom State capital, Managing Director of NAMA, Capt. Fola Akinkuotu, said there is urgent need for NATCA and its members to “re-invent their professional ethos, ethics and commitment, by avoiding…
Yemisi Izuora President Muhammadu Buhari has maintained that his Administration has recorded significant verifiable achievements contrary to the opposition’s statement that the Administration is running on propaganda and lies. The President, who was represented by the Minister of Information and Culture, Alhaji Lai Mohammed, made the assertion at the opening of the two-day Nigeria Governors’ Forum Conference for Media Handlers of States’ Chief Executives in Abuja on Monday. ”For our Administration, our achievements are there for all to see. We are delivering in the broad areas that formed the plank of our policies: Security, fight against corruption and the economy, which…
Yemisi Izuora Propel, the trademark and brand name of Propetrol Limited, one of Nigeria’s emerging downstream players, has opened a new service station at the popular and strategically-important Trans Amadi Industrial Layout Road in Rumubiakani, Port Harcourt River State. The newest addition, brings to four (4) the number of Propel Service Stations in Port Harcourt and 19 across its retail network in Lagos, Ondo, Cross River and Edo States. According to Mr. Harry Ebohon, the Chief Executive Officer of Propetrol Limited, the launch of another Propel Service Station in Port Harcourt is a strategic step taken to enable the brand expand…
Yemisi Izuora Ondo state government is taking steps to revive the OK Liquefied Natural Gas, plant which is run by the government. To achieve the objective, the State Governor, Rotimi Akeredolu said government would be partnering with other stakeholders like the Nigerian National Petroleum Corporation, NNPC and Chevron. This was the high point of a meeting held in the office of the Chief of Staff to the President, Alhaji Abba Kyari, at the Presidential Villa on Sunday. Akeredolu noted that the initiative emanated from the state’s economic and industrialization summit held in June, 2017. He explained that the gas programme…
Yemisi Izuora The Chief Executive Officer of Ecobank Transnational Incorporated, Ade Ayeyemi, has advised Government to introduce Credit Guarantee Schemes for Micro, Small and Medium Enterprises (MSME) as a measure to hedge their risk. He made the call in Abuja while speaking during the ‘Access to Capital’ panel at the 23rd Nigeria Economic Summit where he explained that MSME’s are a fundamental part of the economic fabric in Nigeria and the wider continent and therefore play a crucial role in furthering growth, innovation and prosperity. Ayeyemi further suggested that shouldering some of the risk would encourage greater confidence amongst banks…
Yemisi Izuora The National Pension Commission, PenCom has said that the delay in payment of some retirees under the Contributory Pension Scheme (CPS), is due to unfunded Defined Benefit Scheme (DBS) backlog owed by the Federal Government. The Acting Director-General of the National Pension Commission (PenCom), Mrs Aisha Dahir-Umar, made this known in Lagos, said that gratuities to pensions would be low if the commission paid only CPS. The director-general said the affected retirees had been in service before the enactment of CPS Pension Reform Act, 2004. According to Dahir-Umar, the Pension Transitional Arrangement Directorate (PTAD) has been fully established…
Yemisi Izuora Sterling Bank Plc has won the Best Bank in Support of Agriculture Award at the Business Day Banking Awards 2017. The award was in recognition of Sterling Bank’s peerless support to the entire value chain in the agriculture sector of the economy. Speaking on the award, Mr. Kayode Lawal, Executive Director, Corporate and Investment Banking, Sterling Bank said “The bank’s commitment to the agriculture value chain aligns with the Federal Government’s current policy focus of diversifying the economy and re-positioning the agriculture sector to play a lead role in economic development. “We are quite proud of our intervention…
Yemisi Izuora Wema Bank Plc. has received approval from shareholders to embark on capital reorganization to strengthen its operations.. The bank received the approval at its Extraordinary General Meeting (EGM) held on Friday October 20, 2017 in Lagos. With the approval, Wema Bank would give effect to the creation of a Capital Reduction Account (CRA), the transfer the negative balances in the retained revenue account to the Capital Reduction Account (CRA), reflect the carrying amounts on the specified assets based on their current economic values while effectively setting-off these balances against the share premium account. As part of the next…