Business
Microfinance Banks Re-unite To Form NAMB
Registered microfinance banks in the country, which have been operating under two umbrellas, have decided to bury their differences and forge ahead under one association.
This followed a meeting of the two factions the National Association of Microfinance Banks in Nigeria in Lagos recently.
They are now to be called the National Association of Microfinance Banks (NAMB) with a caretaker committee put in place to organise election in January 2010.
The caretaker committee is headed by Chief Mathias Omeh, Chairman of Nsukka Microfinance Bank, and also has Barrister Jude Nosagie, managing director Prosperity Microfinance Bank Benin Mrs Bunmi Lawson, managing director of Accion Lagos, as members.
Operators, who spoke on the reunion, said it is a landmark development which is also in the best interest of operators, as they would now be able to address knotty issues confronting the country’s microfinance sector as a united entity.
In his acceptance speech, Omeh, the caretaker chairman, promised that the caretaker committee would not stay a day longer than the January 29, 2010 deadline give it to conduct an election. He described the coming together as a big success, saying it is one thing they have earnestly looked forward to, and that delegates were happy at the outcome of the meeting.
“We are all happy that the meeting succeeded. In fact, the Central Bank of Nigeria (CBN) has challenged us to prepare for our AGM in January”, Omeh said.
He said the challenges facing mega banks at their level, and bemoaned the fact that over 65 per cent of Nigerian population do not have access to the services provided by mega banks.
This, he said, places a responsibility on the MFBs to reach this percentage both in the urban and rural areas.
He said aside the challenge of infrastructure, MFBs also have to contend with capacity challenges and are expected to package and deliver beneficial pro-poor products.
Mrs Bunmi Lawson, managing director of Accion who is also a member of the new caretaker committee also described the meeting as a landmark, adding that Nigerians would soon begin to see the fruit manifest.
She said one area the association would focus on now is the area of capacity building, adding it is key to the survival of the sector.
“Part of what the association would need to do next is to assist MFBs in capacity building. We intend to raise a pool of funds to be able to tackle this” she said.
Lawson asserted that if the infrastructure problem in the country is addressed, MFBs would have more funds and the poor would be able to feel their impact.
“The issue of liquidity is hampering the operations of MFBs, and we have limited options to increasing liquidity, what remains is for MFBs to build up that confidence to attract more funding. That is why the association we have formed today is very imperative,” she said.
The coming of the federal government’s microfinance policy, not only created room for new MFBs to come on stream but also mandated existing community banks to convert to MFBs.
The Nigerian Content Development and Monitoring Board (NCDMB), in partnership with a firm, Sweetcrude Ltd., has announced detailed selection criteria for the inaugural “Champions of Nigerian Content Awards”, designed to honor outstanding contributions to local content development in Nigeria’s oil and gas sector.
The Tide learnt that the event, scheduled to hold 21st May, 2025, at the NCDMB’S content tower headquarters in Yenagoa, capital of Bayelsa State, will recognize individuals and organizations that have demonstrated exceptional commitment to advancing Nigerian Content in 2024.
The Tide further gathered that the ceremony will coincide with the Nigerian Oil and Gas Opportunity Fair (NOGOF), which promises to spotlighting industry excellence and contributions to national economic transformation.
A statement by the Board’s Directorate of Corporate Communications and Zonal Coordination says the event has 12 Award Categories, which include, “Nigerian Content Icon of the Year”, “Nigerian Content Lifetime Achievement Award”, “Nigerian Content International Upstream Operator of the year”, and the “Nigerian Content Independent Upstream Operator of the year”.
Others are, “Nigerian Content Midstream Operator of the year”, “Nigerian Content Downstream Operator of the year”, “Nigerian Content International Service Company of the year”, Nigerian Content Indigenous Service Company of the year”, and the “Nigerian Content Innovator of the year”.
Also included are, “Nigerian Content Financial Services Provider of the year”, “Nigerian Content Media Organization of the year”, and “Women in Leadership Award for Promoting Gender Equality and Empowerment”.
According to the NCDMB, the criteria for oil and gas operators will include key and empirical benchmarks such as Production output for crude oil and gas volumes, Compliance with Nigerian Content Plans (NCPs) and Nigerian Content Compliance Certificates (NCCCs).
Other criteria are adherence to NOGICD Act reporting requirements, such as submission of Nigerian Content Performance Reports and Employment & Training Plans.
The Board’s statement added that similar criteria will apply to financial institutions, media organizations, and individuals, ensuring a transparent and merit-based selection process.
“Winners for the Nigerian Content Icon of the Year, Innovator of the Year, and Women in Leadership Award will also be selected based on measurable performance indicators.
“The Advisory Committee of Industry Titans will Oversee the process to uphold the prestige of awards. The Committee consist of distinguished experts set up to oversee nominations and validate winners”, the NCDMB said.
Members of the committee, according to the Board, include: Pioneer Executive Secretary of the NCDMB, Dr. Ernest Nwapa; Secretary-General, African Petroleum Producers Organization, Dr. Omar Farouk; and former Zonal Operations Controller, DPR, Mr. Woke Akinyosoye.
The Statement quoted the Executive Secretary, NCDMB, Engr. Felix Omatsola Ogbe, as emphasizing that the awards aim to becoming the oil and gas sector’s equivalent of the Oscars, celebrating genuine impact rather than mere participation.
“This recognition is reserved for those who have gone beyond compliance to drive tangible growth in Nigerian Content.
“With a focus on credibility, compliance, and measurable impact, the Champions of Nigerian Content Awards is poised to set a new standard for excellence in Nigeria’s energy sector”, the NCDMB Executive Scribe said.
By: Ariwera Ibibo-Howells, Yenagoa
Nigeria’s apex Banking institution, Central Bank of Nigeria (CBN), has declared that Federal Government’s debt servicing increased to N696billion in January 2025.
The CBN’s recently published Economic Report revealed a precarious fiscal position, which worsened in January 2025 as debt servicing obligations exceeded total retained revenue by a wide margin.
According to the report, the Federal Government’s debt servicing obligations for the month stood at N696.27bn, while total retained revenue amounted to only N483.47bn, indicating that debt service alone consumed about 144 per cent of all government earnings.
This development highlights the growing debt burden and dwindling fiscal space facing Africa’s largest economy.
According to the report, despite slight improvements in some revenue categories, the retained earnings were grossly inadequate to cover obligatory debt repayments, exposing the government’s continued reliance on borrowing to meet basic obligations.
The report further revealed that retained revenue in January 2025 only recorded a marginal 0.89 per cent increase when compared with the N479.21bn generated in the corresponding month of 2024.
”FGN retained revenue declined in the review period, owing largely to lower receipts from Federal Government Independent Revenue and FGN’s share of exchange gain.
“At N0.48tn, provisional FGN retained revenue was 69.19 and 70.40 per cent below the levels recorded in the preceding period and monthly target, respectively”, it revealed.
While this points to stagnation rather than growth, the marginal rise was wiped out by the overwhelming debt service obligations.
The retained revenue components showed that the Federation Account contributed N167.69bn, while the VAT Pool Account delivered N90.73bn.
By: Corlins Walter
The Federal Government has announced plans to commence the payment of the outstanding N35,000 wage award arrears owed workers in the Federal Civil Service.
A statement issued by the Office of the Accountant-General of the Federation (AGF), which was signed by the Director of Press and Public Relations, Bawa Mokwa, said the outstanding arrears will be paid in instalments, with workers set to receive N35,000 per month for five months.
It clarified that the first tranche of the wage award arrears would be released immediately after the April salary payment.
“The wage award arrears was not paid with the April 2025 salary; it will come immediately after the salary is paid”, the statement read.
The Federal Government had earlier disbursed wage awards to federal workers for five months as part of efforts to cushion the impact of economic reforms. However, five months’ arrears remained unpaid.
The AGF office further reiterated the government’s commitment to fully implementing all policies and agreements relating to staff remuneration and welfare, noting that such efforts were geared towards enhancing productivity and operational efficiency across ministries, departments, and agencies.
The N35,000 wage award was introduced in 2023 as a palliative measure to support workers following the removal of the petrol subsidy and other economic adjustments.
In January this year, the Federal Government assured workers that it would clear the arrears of the N35,000 wage award, just as it also said the government had resumed the payment of the wage award.
The government also reiterated its commitment to addressing issues in the National Minimum Wage agreement reached with the Organised Labour in 2023.
The Minister of Labour and Employment, Nkeiruka Onyejeocha, had disclosed the government’s commitment towards implementing agreements with trade unions during separate meetings with the leadership of the Trade Union Congress and Congress of University Academics, in Abuja.
The Nigeria Labour Congress had criticised the Federal Government over the delay in the payment of the minimum wage for certain workers in the federal civil service.
Also, the Federal Government had earlier blamed the delay in payment on the prolonged approval of the 2025 budget.
By: Corlins Walter
-
News3 days agoTroops Eliminate Boko Haram Fighters, Capture Weapons In Sambisa Offensive
-
Rivers3 days agoExpert Demands Full Implementation Of PIA In N’Delta Oil Communities
-
News4 days agoFalana Demands Probe Of Alleged Diversion Of $3.4bn IMF Loan
-
Politics3 days agoYouth Group Warns Against Politicising Governance In Zamfara
-
Sports4 days ago“Remo Ladies will win every NWFL Super Six match”
-
Business3 days agoNCDMB, Partners Sweetcrude On Inaugural Nigerian Content Awards
-
News3 days agoEleme Indigenes Hail Council Boss Over Evacuation Of Refuse
-
News4 days agoOver 80 Army captains to sit for 2025 promotion exam in Benin