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SMEs urges CBN to ease access to COVID-19 fund
The Nigerian Association of Small and Medium Enterprises (SMEs) on Tuesday urged the Federal Government to set up mechanism to ensure SMEs had easy access to the N50 billion COVID-19 intervention fund.
Mr Auwal Bununu, Zonal Vice President (North Central) of the association made the call in a telephone interview with our correspondent
Our correspondent reports that the Central Bank of Nigeria (CBN) introduced the N50 billion targeted credit facility as a stimulus package to support households and micro, small and medium enterprises affected by the COVID-19 pandemic.
The apex bank stated that the eligible participating financial institution for the scheme was NIRSAL Microfinance Bank.
It added that the loan amount would be determined based on the activity, cashflow and industry/segment size of beneficiary, subject to a maximum of N25 million for SMEs and a maximum of N3 million for households.
While commending the federal government for the intervention fund, Bununu emphasised that easy access to the fund by SMEs would maintain manufacturing and supply of essential commodities during the pandemic.
“This is essential to ensure that supply of essential commodities are maintained,’’ he said.
According to him, the condition of assessing the money whereby CBN will transfer all the risk to commercial banks to deliver it to the beneficiaries is going to be very difficult for businesses to access.
“Instead, we want government to partner with the organised private sector in such a way that there will be a complete value chain packages for SMEs.
“This includes market access so that there will be skill acquisition for improvement of quality and standard of the services.
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“Government should bring in the organised private sector; Manufacturers Association of Nigeria, National Association of Chamber of Commerce and Nigerian Association of Small and Medium Enterprises to work with CBN.
“Then they will work on the market access to ensure improved quality and standard and some other infrastructure as well as access to affordable energy.
“This can be done in such a way that it will be less risky instead of transferring it to commercial banks to administer. With that there is going to be minimum risk whereby the loan will be administered and recovered speedily,’’ Bununu said.
He further urged the federal government to increase the COVID-19 intervention fund from N50 billion to 1 billion dollar.
“The central bank has put up this intervention fund and our call is that the federal government should increase the intervention fund for SMEs to 1 billion dollars,’’ Bununu said.
Investigations by Nigerian Concord Newspaper reveal that the Executive Secretary of the Nigerian Shippers Council, Mr. Pius Akutah, has allegedly misappropriated public funds for a lavish lifestyle.
According to our findings, within months of assuming office, Akutah allegedly purchased a bulletproof SUV valued at approximately N850 million. In addition, he is reported to have acquired over twenty exotic SUVs for use as a convoy.
Akutah is also said to have acquired multiple high-value properties, including three in Abuja’s Maitama and Asokoro districts worth over N2 billion, and two in Lagos’ Banana Island valued at N1.8 billion. These acquisitions appear far beyond the scope of his official salary and allowances.
Further investigation suggests that Akutah may be using public funds to support political ambitions, including allegedly grooming militants across 23 local government areas in Benue State for a potential 2027 gubernatorial bid.
Staff of the Shippers Council reportedly claim that Akutah frequently accesses the council’s treasury without proper authorization. Some insiders have indicated that a petition will soon be filed with the EFCC, ICPC, and the Presidency to report his alleged misconduct.
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Investigations by Nigerian Concord Newspaper reveal that the Executive Secretary of the Nigerian Shippers Council, Mr. Pius Akutah, has allegedly misappropriated public funds for a lavish lifestyle.
According to our findings, within months of assuming office, Akutah allegedly purchased a bulletproof SUV valued at approximately N850 million. In addition, he is reported to have acquired over twenty exotic SUVs for use as a convoy.
Akutah is also said to have acquired multiple high-value properties, including three in Abuja’s Maitama and Asokoro districts worth over N2 billion, and two in Lagos’ Banana Island valued at N1.8 billion. These acquisitions appear far beyond the scope of his official salary and allowances.
Further investigation suggests that Akutah may be using public funds to support political ambitions, including allegedly grooming militants across 23 local government areas in Benue State for a potential 2027 gubernatorial bid.
Staff of the Shippers Council reportedly claim that Akutah frequently accesses the council’s treasury without proper authorization. Some insiders have indicated that a petition will soon be filed with the EFCC, ICPC, and the Presidency to report his alleged misconduct.
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I am writing to felicitate with Your Excellency, Atku Abubakar, GCON, former Vice-President of Nigeria (Zege Mule u Tiv & Wazirin Adamawa)
on the occasion of your 79th birthday anniversary.
I join your teeming admirers globally in celebrating you on this special day, an adorable Statesman and my Boss.
I recall with nostalgia, how countless generations have benefited from your generosity, wealth of experience and benevolence including being my key benefactor even as a young lawyer for my professional success.
Your Excellency, may your special day be filled with grandeur befitting your illustrious career.
I wish you continued success, prosperity, and an unending stream of accolades.
It takes a remarkable kind of fortitude to remain active in public life well into one’s golden years. Your dedication and patriotism remain truly exceptional.
May you enjoy a day of reflection on your many years of fruitful service to humanity. It is my prayer that God Almighty grants you many more healthy, fruitful, and fulfilling years ahead, and continues to endow you with wisdom, strength, and the grace to keep contributing to our nation-building.
Happy Birthday, Your Excellency.
Michael Kaase Aondoakaa SAN.
Former Attorney General of the Federation and Minister of Justice
TAU reaffirms commitment to globally competitive learning
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