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Bank MD Urges DFIs To Contribute To Real Sector Dev

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The Managing Director of
Infrastructure Bank, Mr Adeleke Oyinloye, has advised Development Finance Institutes (DFIs) in Nigeria to re-evaluate their roles in the nation’s development.
Oyinloye made the call in Lagos during his investiture as Chairman, Association of Nigerian Development Finance Institutions (ANDFI).
He stressed the need for a new advocacy for finance institutions’ sustainable participation in the real sector development and for government’s appreciation of their role.
Mr Oyinloye described DFIs as the engine of economic growth through the provision of long-term finance, expertise and skills.
“You can see the fact that the real sector has not grown as expected. It might also be directly or indirectly traceable to DFIs.
“If we know our roles as DFIs, we double and recommit ourselves; we might be able to impact on the development of the real sector
According to him, when members know and appreciate their mandates, they begin to articulate policies and structure themselves to meet the needs of developing the real sector.
“Nigeria is at a turning point which not only makes demands on us all to contribute our quota, but also creates an opportunity to redirect our energy towards actualising our set goals.
“The tasks before us are enormous, but we must refocus ourselves towards achieving our collective and individual mandates.
“This will naturally give us a platform to further transform ANDFI into a key player to address issues concerning the real sector of the economy,’’ he said.
He pledged that ANDFI would partner governments at the various levels for development and stressed that the partnership would be in the areas of policy formulation and financing of development projects.
Mr Oyinloye urged the various states’ investment companies to seek membership and benefit from ANDFIs’ coordinated development policy and project finance initiatives.
He said that the four development banks: Bank of Agriculture, Bank of Industry, Nigerian Export-Import Bank and Infrastructure Bank were members of ANDFI.
Oyinloye identified one of the challenges facing the association as the absence of internal cohesion as strong partners of government.
The new chairman also pledged to make ANDFI a strong voice in the development of the nation’s real sector.
The immediate past chairman of ANDFI, Dr Mohammed Santuraki, said that Oyinloye’s appointment was significant following the defined role of development finance.
Santuraki, who is the Managing Director of Bank of Agriculture, said that the recent failure in global economy had made allocation of resources for the promotion economic development a challenge.
Santuraki, who was represented by Mr Abiodun Adedeji , an Assistant General Manager, Odu’a Investment Company, said that the Nigeria DFIs were being restructured for partial privatisation and to create mega cross-sectoral wholesale DFIs.
“We believe that all these changes would energise the DFIs’ space in Nigeria.
The association is currently governed by the general assembly, executive council and electoral committee.

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Stakeholders Meet To Assess Nigeria’s Preparedness For AFCFTA

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Stakeholders are expected to converge in Lagos today to take a look at the Nigeria’s preparedness to maximize the gains of the African Continental Free Trade Area (AfCFTA). 
The Tide learnt that stakeholders will be converging at the instance of a popular online newspaper, Primetime Reporters, to assess the progress made so far by the Federal Government through the National Action Committee on AfCFTA agreement.
The event which is the Third Annual Lecture and Awards of the online medium has as its theme: “Assessing Nigeria’s Preparedness to Maximize the Gains of AfCFTA.” 
The event will also witness conferment of awards on eight eminent Nigerians who have distinguished themselves in various fields of human endeavours.
The Managing Director/Editor-In-Chief of Primetime Reporters, Mr. Saint Augustine Nwadinamuo, made this known in a statement made available to The Tide in Lagos on Monday.
According to him, the event will hold at the National Institute of International Affairs (NIIA), Kofo Abayomi Street, Victoria Island, Lagos beginning from 10.00am.
Nwadinamuo said that the event would be chaired by a renowned legal practitioner, Barr. Osuala Emmanuel Nwagbara of the Maritime and Commercial Law Partners, Lagos, while the Director General, Lagos Chambers of Commerce and Industry (LCCI), Dr. Muda Yusuf, would be the lead paper presenter.

By: Nkpemenyie Mcdominic, Lagos

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EFCC Nabs 419 Kingpin Over N250m Fraud

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The Economic and Financial Crimes Commission (EFCC), has arrested a leader of a deadly 419 syndicate, Abayomi Kamaldeen Alaka (a.k.a Awise) over an alleged attempt to swindle an innocent Nigerian of N250 million. 
The Tide learnt that the syndicate operates from a shrine at Ashipa Town, near Abeokuta, Ogun State.
According to a statement made available to The Tide in Lagos on Sunday, by the EFCC, Awise’s arrest followed a petition by his victim, Juliet Bright who lost N250m to the fraudster after she was tricked to provide money for sacrifices and invocations to heal her of an ailment.
The statement said Bright was introduced to Alaka by one Akinola Bukola Augustina (a.ka. Iya Osun) whom she met on Facebook in the course of her search for solutions to her health challenge. 
What drew her to Augustina was the latter’s post under the name, Osunbukola Olamitutu Spriritual Healing Centre.
 Once Bright contacted Augustina, the latter promised to heal her if she could pay N16 million. 
The victim paid the money through an Access Bank account belonging to one Mohammed Sani, who later turned out to be a Bureau De Change Operator.
After paying the money without receiving healing, Augustina transferred the victim to other members of the syndicate, notably Awise. 
Bright revealed that she met Awise at his shrine in Ashipa Town and was hypnotized and subsequently transferred various sum through bank accounts and in cash to the suspect and his syndicate members, until she lost N250 million to them.
Despite all the monies collected from her, her health conditions has never improved.

By: Nkpemenyie Mcdominic, Lagos

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Expert Wants Farmers To Grow Plant Produce For Export

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An expert in Quarantine Agriculture, Dr Vincent Ozuru, has advised Nigerian farmers to give more attention to growing plants produce that could be exported.
He said that plant like the hibiscus, popularly known as Zobo is on high demand in some countries around the world, today.
Ozuru who gave the advice while speaking to aviation correspondents at Port Harcourt International Airport, Omagwa, noted that some plants produce, particularly hibiscus, had yielded huge revenue to the Federal Government through export.
According to him, Nigeria exported about 1,983 containers of hibiscus to Mexico alone in 2017 and earned $35 million within nine months of that year.
The agricultural quarantine expert explained that the export of the plant had a setback as a result of storage pest discovered by the Nigeria Agricultural Quarantine Service in some consignments.
“The issue has now been taken care of and the export is resuming again, and all matters have been resolved with the stakeholders across the value chain.
“Mexico is the largest importer of Nigerian hibiscus, and our farmers should brace up to the challenge.
“The good news is that Nigeria has a vast growing belt in hibiscus, and the harvest is available all year round.
“We need to take advantage of this opportunity to earn foreign exchange for ourselves and for the country at large, even with the commitment of the present administration to diversify the economy”, he said.
Ozuru called on Nigerian farmers to show more commitment to the growing of export produce and also endeavor to get ready information on it in order to increase their income.

By: Corlins Walter

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