Business
EFCC Prosecutes Loan Defaulters In Osun
Determined to recover all outstanding loans granted to beneficiaries of its micro-credit scheme, the Osun State Government has invited the Economic and Financial Crimes Commission (EFCC) to investigate defaulters who are yet to fulfill their contractual agreement.
Till date, no fewer than N800 million is being owed by beneficiaries of the loan scheme introduced in 2004 by the Prince Olagunsoye Oyinlola-led administration in the state.
Secretary to the State Government, Alhaji Fatai Akinbade, in Osogbo, said the decision to invite the EFCC to investigate and prosecute the defaulters was borne out of the determination of the state government to ensure that all defaulters repay their loan.
Akinbade who said the state government was undeterred by the failure of some of the beneficiaries to repay the loan, however said stringent measures have been introduced by the government to guard against future abuse of the scheme.
To this end, he said the state government has signed a Memorandum of Understanding (MOU) between the state micro-credit agency and micro finance banks in the state to directly disburse the loan to beneficiaries.
He said the government decided to partner with the micro finance banks to serve as agent between the government and the beneficiaries for effective monitoring of the fund.
He said the government was irrevocably committed to alleviating poverty and promoting economic emancipation of the people of the state.
Akinbade, urged the micro finance banks that are agents of the programme to follow due process and laid down rules and regulations in the disbursement of the loan with a view to achieving the desired results.
Responding, a spokesman for the micro finance banks, Mr. M. O Salami thanked the state government for giving them the opportunity to contribute their quota to the economic development of the state.
He said that the finance banks would not renege in their responsibility of ensuring total monitoring of the fund.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.