Business
11,000 Entrepreneurs Benefit From N12bn Bank’s Loans
More than 11,000 micro entrepreneurs benefitted from Accion Microfinance Bank’s N12 billion micro loans between 2007 and 2011.
The bank’s Managing Director, Mrs Olubunmi Lawson, announced this at the company’s 2011 annual general meeting (AGM) in Lagos.
Lawson said that in spite of the tough operating environment in 2011, Accion recorded significant growth, with profit before tax growing to N306 million or 103 per cent from N150 million in 2010.
She added that savings also rose by 46 per cent to N431 million from N294 million in the previous year.
“In the year under review, the bank also successfully increased its loan portfolio by 56 per cent to N1.5 billion from N1 billion,” Lawson said.
According to the managing director, the bank’s operational strategy in 2012 will focus primarily on expansion.
“We will be expanding to other parts of Lagos to better service our existing clients and address the issue of financial inclusion for people without account,” Lawson said.
Reports say that in March Accion won the best microfinance bank in Lagos.
The award, coordinated by Leads Award Group (LAG) and Lagos State Government, aims at rewarding organisations that have contributed to enterprise development in the state.
Business
FEC Approves Concession Of Port Harcourt lnt’l Airport
Business
Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor
The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.
He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.
Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.
“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”
Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.
“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.
Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.
Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
Business
PHCCIMA Leadership Hails Rivers Commerce Commissioner for Boosting Business Ties …..Urges Deeper Collaboration to Ignite Economic Growth
