Business

Lack Of Funds May Cripple SURE-P

Published

13 years ago

September 27, 2013

The chairman of Subsidy
Re-investment Empowerment Programme (SURE-P) Committee, Dr Christopher Kolade, has told the Senate Committee on SURE-P that beginning from next month, the committee would be unable to sustain the empowerment scheme of the committee as a result of dearth of funds.
Dr Kolade said the SURE-P had provided employment to 3,000 people from each state of the federation and the Federal Capital Territory (FCT) with the N10,000 each as monthly allowance, regretting that the programme might end next month due to lack of funds.
He also said the committee had planned to provide 5,000 jobs for people from every state of the federation with a view to reducing unemployment, disclosing that it was limited funds which forced it to take off with 3,000 people in each state.
The SURE-P chairman further disclosed that the committee had initially proposed N28 billion estimate in 2013 budget but was reduced to N9 billion by the National Assembly, saying the sum was grossly inadequate.
He remarked that it prompted the committee to draw the attention of the executive to it, noting that despite the restoration of the funds through budget amendment by the National Assembly, the situation has remained unchanged.
According to him, the committee got a total sum of N180 billion last year and another N105 billion this year through the N15 billion monthly funds made available to the committee and pays about N13 billion to the employees every month.
He equally revealed that the monthly N15 billion funds are domiciled in the Central Bank of Nigeria (CBN) while the Director-General of the Budget office is the accounting officer who also ensures that a project follows due process before payment is made.
Similarly, he said through the SURE-P scheme, a lot of projects such as construction and resurfacing roads and bridges in all parts of the country had been carried out.
Dr Kolade explained that SURE-P had been involved in training of 625 midwives, provision of health facilities across the country and raising them to expected standard, adding that there was a graduate intensive scheme through which unemployed graduates were paid N25,000 monthly and were linked to companies.
The SURE-P committee chairman also spoke of a vocational training programme for people through which he said people were given the benefit to learn a vocation in addition to a mass transit scheme as well as railway project through which rails from Lagos to Kano had been refurbished and made functional.
Senate Committee chairman on SURE-P, Senator Abdul Ningi, expressed shock when he heard that only N9 billion was available to the committee for youth empowerment despite the restoration of N28 billion SURE-P funds in the budget.

Business

Withdrawal, Deposit Fees Changes From May 1, 2026 Still Stands – CBN … Declares 5 Banking Services Free

Published

7 days ago

May 6, 2026

The Tide

The Central Bank of Nigeria (CBN) has said that the announced changes in fees attached to several everyday banking services, scheduled to take effect on May 1, 2026 has commenced.

The changes are contained in the apex bank’s revised Guide to Charges by Banks and Other Financial Institutions, which outlines consumer-focused reforms designed to improve transparency and reduce the burden of banking fees nationwide.

According to the document, which was signed by Dr. Rita Sike, the CBN’s Director of the Financial Policy and Regulation Department, the new changes affect account reactivation, ATM withdrawals on own bank networks, and virtual card issuance.

Following the changes made by CBN, the five key banking services affected by the CBN’s update are in account reactivation and closure, under which banks are no longer allowed to charge customers for reactivating dormant accounts, while account closure also remains free.

The second change is that banks will now be required to provide monthly statement of account to their customers at no cost, and also ensure better access to financial information.

However, requests for printed statements outside the agreed standard format attract a maximum fee of N20 per page.

Thirdly, the CBN has introduced small inter-bank electronic transfers to promote digital payments and micro-transactions.

The implication is that, henceforth, transfers from N0 to N5,000 are free, transfers between N5,000 and N50,000 will attract a maximum fee of N10, while transfers above N50,000 are capped at N50.

The fourth change in the CBN update is in the use of own bank’s ATM (On-Us Transactions).

Here, withdrawals made from your bank’s ATM (on-us transactions) are free. Non-cash transactions, such as intra-bank transfers carried out at these ATMs, also attract no charges.

The fifth change is in virtual cards and PIN management in which banks are now required to issue virtual cards at no cost. In addition, PIN-related services, including PIN re-issuance and resets, are free for all customers.

The document further said the new charges guide, which aims to boost financial inclusion and reduce banking costs, updates the 2020 version to better align with current market realities, particularly the growing reliance on digital payments and mobile banking.

Business

Binani Air Commences Flight Operations May 10 in Nigeria

Published

7 days ago

May 6, 2026

The Tide

Binani Air has announced the commencement of sales tickets on Monday, describing the development as a milestone that will improve the aviation sector and create jobs for the people in Nigeria, as head of its scheduled inaugural flight operations starts May 10, 2026,

In a statement issued by the head of corporate communications of the new airline, the move marks a significant milestone in the aviation sector.

She said this announces the transition from vision to operation as the airline moves closer to welcoming its first passengers on board.

Quoting the Chief Executive Officer of Binani Air, Aminatu Dahiru Chiroma, the Corporate communications officer said,”the commencement of ticket sales represents more than just access to flights. It reflects the airline’s readiness to deliver a new standard of air travel in Nigeria.

“Opening our ticket sales is a defining moment for us. It is the point at which our commitment becomes real for the travelling public. From this moment, we are not just preparing to fly—we are preparing to serve.

“Built on the principles of reliability, safety, and respect for passengers’ time, Binani Air enters the market with a clear focus on consistency and operational discipline.

“The airline is committed to delivering a travel experience that is both seamless and reassuring, particularly in a sector where trust remains critical.

“Passengers can expect a streamlined booking process, responsive customer engagement, and a service culture designed to prioritize comfort and professionalism from the very first interaction”.

Chiroma said as anticipation builds towards the inaugural flight, Binani Air invites travellers, corporate partners, and stakeholders to be part of this defining journey, one that seeks to reshape expectations and restore confidence in Nigerian aviation.

She said “bookings are available via the airline’s official website (www.binaniair.com) and authorised travel partners from 12 noon of 4th of May 2026.”

Business

DANGOTE Debunks Claims Of Rift With Tony

Published

7 days ago

May 6, 2026

The Tide

The Dangote Group has dismissed as false and malicious publication alleging that its President, Aliko Dangote, distanced himself from fellow businessman Tony Elumelu.

In a statement issued by the company, the Group said it never made such claims and described the report as baseless and a deliberate misrepresentation of facts.

The statement was signed by the Group Chief Branding and Communications Officer of Dangote Industries Limited Anthony Chiejina.

The company also refuted assertions that the development of the Dangote Petroleum Refinery & Petrochemicals was financed through personal borrowing from friends.

It maintained that such claims are entirely inaccurate, stressing that Dangote does not fund projects through informal personal lending arrangements.

Addressing speculation about a fallout between Dangote and Elumelu, the Group clarified that both men maintain a longstanding and cordial relationship.

The statement further expressed concern over what it described as a growing trend of fabricated statements and the unauthorised use of Dangote’s name, image, and likeness in AI-generated advertisements and misleading content, warning that such actions could amount to fraud and reputational damage.

The company warned individuals and platforms involved in spreading false information to desist immediately, noting that it would take appropriate legal action where necessary.

The Dangote Group reiterated its commitment to maintaining high standards of integrity while continuing to promote industrialisation, economic self-sufficiency, and sustainable development across Africa.

Nkpemenyie Mcdominic, Lagos