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Invest In Microfinance Sub-Sector, Wealthy Northerners Told

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Rita Ojukwu

Wealthy northerners have been challenged to invest heavily in the microfinance sector so that the active poor in the north would benefit from the services of Microfinance Institutions (MFIs)

The Director, Other Financial Institution Department (OFID), Olufemi Fabamwo of the Central Bank of Nigeria (CBN) who challenged the wealthy Northerners at the meeting of the Committee of Microfinance Banks in Nigeria in Lagos, noted that urban areas like Lagos, Abuja and Port Harcourt amongst others continue to be the toast of microfinance shareholders, while the rural areas in the north remain uncovered.

Fabamwo’s challenge was coming on the heels of revelation that about 205 Microfinance Banks (MFBs) are located in Lagos along with the Southern region recording 70 per cent of the total 905 microfinance banks in the country and this has impacted positively on the people of the areas.

The director said at the forum that the apex bank would encourage investors willing to set up their firms in the rural communities even as it has restricted licenses of MFB in urban centres.

While appealing to Nigerians to invest in microfinance sub-sector, Fabamwo said that the regulating body would not relent in its efforts being the informal sector into the informal financial system to make its accounting a lot more finance firm.

“This is the only way we think we can reduce poverty, unemployment, while creating job opportunities, Fabamwo declared, and appealed to the present 904 microfinance institutions to take banking services to the people rather than wait for transactions.

Meanwhile, the National Association of Microfinance Banks in Nigeria (NAMBIN), Lagos State chapter has said that it will not allow any microfinance bank to fail in the state.

Mr. Olutayo Adenekan, chairman, Lagos State Association of Microfinance Banks told journalists at the end of the Association’s monthly meeting in Lagos last week that, every necessary steps have been taken to ensure that no bank, especially its members collapse.

The chairman explained that the decision to put some members to some vacant post such as executive secretary was to allow the Association achieve its aims and objectives of protecting the integrity of the membership banks, as well as take microfinance banking campaign to the doorstep of the micro clients.

This, he noted, was to make Nigerians aware of how MFBs could assist them, while disclosing that the association is still working on the modalities of the Intervention Fund.

When operational, he said the Fund would provide short-term liquidity for MFBs in the state.

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Eradiri Faults NDDC Leadership Structure Wants Agric As Top Priority

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The Special Adviser to the Sole Administrator of the Niger Delta Development Commission (NDDC) on Youths, Udens Eradiri, has faulted the leadership structure of the commission, saying it has not helped the cause of the Niger Delta in the last 25 years.
Describing the leadership structure of the NDDC as faulty, he said that the faulty leadership structure was the reason why President Muhammadu Buhari ordered for a forensic audit in the commission.
Eradiri who is the former president of the Ijaw Youths Council (IYC)
disclosed this while speaking to aviation correspondents, last Friday, shortly on arrival at the Port Harcourt International Airport, Omagwa, from Abuja. 
He said the outcome of the forensic audit would be used to do a wholistic reorganisation of the organogram of the commission.
According to him, the wholistic review of the organogram of the NDDC will help in putting the leadership structure in order, and enable things to function properly.
“The leadership structure of NDDC in the past years had been faulty, and that was why the President said there should be forensic audit, which would be used to do a wholistic review of the organogram of NDDC, so that it can function properly.
“The new board is coming soon, but the whole process will pass through the National Assembly to be cleared”, Eradiri said.
On the achievement of the present NDDC management, the special adviser said that the Effiong Akwa led administration had recorded some landmark achievements compared to the last 25 years. 
He said that the present interim management within two years completed and commissioned the headquarters of the NDDC, which had been left for over 25 years.
He also said that the completion of the East-West road project had intensified under the present management, adding that NDDC has also supported states on sanitation through donation of trucks.
Eradiri, however, admitted that the present interim management had not taken a firm stand on agricultural development even though it has been working with the Central Bank of Nigeria on the Anchor Borrowers Scheme.
“I believe that the only tool to use and get ourselves out of the quagmire we find ourselves is agriculture, and I think that the NDDC can design its own scheme on how to grow agriculture as a deliberate policy.
“This will bring change that will grow the region’s economy. We must talk about agricultural processing, and we can put palm oil into sachet, and even students can be buying them,” he said.

By: Corlins Walter

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Nigeria Lost N851bn To Oil Theft, Sabotage   – NEITI

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Nigeria lost N851.84bn ($2.78bn) to oil theft and pipeline sabotage in 2019, the Nigerian Extractive Industry Transparency Initiative (NEITI)   has said.
NEITI said this in its latest oil and gas industry audit report.
NEITI stated that it arrived at the estimate after using an average price of $65.61 per barrel and an average exchange rate of N306.42/$ .
It, however, noted that there was a significant reduction of 21 per cent from the previous year, where 53.28 million barrels were lost.
Losses such as these are recorded by companies whose crude volumes are carried through pipelines easily compromised by saboteurs.
The report also stated that some oil terminals recorded no production. These included Aja operated by Bayelsa Oil, whose license was revoked by the government.
Others were Asaramatoru and Oyo managed by Prime and Allied/CAMAC who were reportedly inactive for the year.
Nigeria earned a total of N10.49tn ($34.22bn) from crude oil and gas sales. This was a marginal 4.88 per cent increase from 2018 revenues of N9.99tn ($32.63bn).
The total crude oil production recorded was 735.24 million barrels, a 4.87per cent increase from 701.10 million barrels reported in 2018.
A total of N2.145tn ($7.011bn) was the domestic sales proceeds in 2019 from 107.24 million barrels of crude oil. This was 0.36 per cent lower than the domestic crude sales of 107.63 million barrels in 2018.

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Residents Task New Council Chairmen On Dev, Agric Policies

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Some residents in the 23 local government areas of Rivers State have urged the newly sworn-in council chairmen in the state to come up with good agricultural and developmental policies that will transform the grassroots.
They also urged the council boss to take pragmatic steps and actions towards tackling security challenges to encourage business activities thrive in their domains. 
Some of the residents who spoke with The Tide at the weekend, noted that the local government administration in the state had not faired well in terms of real development in recent times, and urged the new council helmsmen to change the narratives. 
A resident of Emohua Local Government Area, Mr Charles Amadi, noted that no real development had taken place in the area, lamenting the dearth of companies and small scale industries in the area.
He, therefore, called on the new chairman, Dr. Chidi Lyoid, not to solely depend on the monthly allocation, but to go all out to attract small scale companies to the area so as to create employment opportunities as well as generate revenue for the council.
He also urged the new chairman to invest in agriculture, especially farming and fishing.
On his part, Mr Ebenezer Otamiri who lives in Etche, urged the Etche council boss, Obinna Ayanwu, to consolidate on the achievements recorded in his first tenure, especially by building more markets for the people, as well as initiate good agricultural policy to drive the economy of the area.
He also urged the council boss to tackle the issue of electricity and security in the area, saying electricity and security are key to the development of the area. 
In his own charge, Mr Mene Geoffrey Dekaa who hails from Bori in Khana Local Government Area of the state, called on his new council chairman, Bariere Thomas, to show capacity and competence in the area of security.
He noted that the issue of security has left native imprint in the development of the area, saying many investors have left Bori, the headquarters of the council, for other places.
“Because of security challenges, many people have left Bori to build houses and invest in Nonwa- Tai, and Eleme.
“Areas like Kono-Boweeh communities are no go areas, as people there can hardly sleep. So if the chairman can work with government recognised traditional rulers and security agents, security issues will be tackled, and people’s confidence will be restored, and business activities will move on”, he said.

By: Residents Task New Council Chairmen On Dev, Agric Policies

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