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1,500 Youth Get N2.5bn CBN Entrepreneurship Loan

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The Central Bank of Nigeria
(CBN) on Thursday in Abuja flagged off the pilot phase of the Youth Entrepreneurship Development Programme (YEDP) aimed at empowering 1,500 youths with a total of N2.5 billion loan.
The CBN Governor, Mr Godwin Emefiele in his remarks said that the inability of Nigerian youths to access funding for businesses had been the bane of entrepreneurship.
Emefiele said that entrepreneurship among Nigerian youths had been hindered by low capacity and funding which has made many of them opt for white collar jobs which are not even available.
“ These challenges have continually made many youths to jettison their laudable ideas in pursuit of white collar jobs.
“Their inability to access funding has been the bane of developing the ideas of many educated and enterprising youths in Nigeria.’’
He said that the programme would address the problem of high and rising youth unemployment and restiveness.
While stressing that it was a loan that would be paid back and not a grant, he said that the single digit interest rate of the loan was to allow the youths to grow their businesses without much ado.
He admonished the beneficiaries to be of good character by repaying the loan when due as the success of the scheme depends solely on this first phase.
“We do not anticipate that they would not pay, we have as collateral their NYSC and Degree certificates and we know that our youths know the importance of their certificates.
“I do not think that somebody who has gone to the higher institution for those number of years to gain gainful employment for a gainful life will abandon those certificates because he wants to collect loan and not pay back.
“As far as I’m concerned I have not looked at the equation of them not re-paying so I want to enjoin everybody who accessed this loan to please pay.’’
The YEDP is aimed at harnessing the latent entrepreneurial spirit among the teeming youths by providing timely and affordable loans to implement their business ideas.
It is also serving as a training sponsored by the CBN for National Youth Service Corp (NYSC) members in collaboration with Heritage Bank.
It targets youths between the age of 18 and 35 to create one million direct jobs in the productive sectors of the economy within four years.
Some of the qualified business sectors are agro-allied, food processing and preservation, arts and crafts, construction support and Information and Communication Technology (ICT).
The Director General, NYSC , Brig.-Gen. Sule Kazaure said that the programme was a milestone for the NYSC because it was in line with the its Skill Acquisition and Entrepreneurship Development (SAED) programme.
He said under the SAED scheme, over 600,000 corps members had been trained in various entrepreneurship programmes but lacked funding to establish their own businesses.
He urged the corps members to take the programme seriously saying their future and the nation’s may depend on it.
“I urge all corps members, irrespective of their course disciplines, to key into the opportunities provided by these collaborations and become budding entrepreneurs through skill acquisition, self employment, wealth creation and employment generation.’’
The Managing Director, Heritage Bank, Mr Ifie Sekibo, told the youths that their success was important as it might mean that a path to creating a society that is worth our while was being charted.
He urged them to exhibit a flawless character and be tenacious in the pursuit of their goals.
“The spirit of entrepreneurship is not just in word but in the character you exhibit and the tenacity you bring to bear, the ability to follow your dreams despite the challenges.
“ If you don’t bring your character to the table this experiment will not succeed. A tenacious spirit, a never say die spirit, a can do spirit.’’
Mr Success Obi, one of the applicants who spoke on behalf of others, thanked the three organisations for providing such employment opportunity for the teeming Nigerian youths.
He assured that if granted the loan they would do their best to create employment opportunity for themselves  and fellow youth and pay back the loan when st

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Western Marine Command Intensifies Anti-Smuggling Operations … Intercepts N8.75m Worth PMS

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For officers and men of the Western Marine Command of the Nigeria Customs Service (NCS), the battle is not over until smuggling is over.
In the wake of Wednesday May, 8, 2024, the ever vigilant officers, acting on a tip-off, intercepted 177 sacks and 61 kegs of 25 litres containing petroleum products, valued at about N8.750,000million.
The items were intercepted along Isalu Creek, Badagry Waterway en-route Benin Republic.
While briefing newsmen, the Command’s Customs Area Controller, Comptroller Paul Bamisaiye, said: “This seizure is most economically significant to the Command at this period of scarcity of Petroleum Products, especially Premium Motor Spirit (PMS) in our cities, and shows the anticipatory posture in our response to economic saboteurs.
“At about 2:330hrs on Wednesday 8th May 2024, while on joint patrol by teams in the Command, credible intelligence was received of the movement of 2 boats laden with what was suspected to be petroleum products concealed in sacks. Upon receipt of the information, the team moved into Isalu creeks, Badagry waterway.
“On sighting the approach of the Officers, the smugglers took to their heels through the shore of the Creek. The loaded boats were then towed to the station at Badagry where preliminary examination was conducted and transferred to Western Marine Command Headquarters, Ibafon, Apapa, Lagos.
“Careful examination at the Command Headquarters revealed that the arrest was found to contain One Hundred and Seventy Seven (177) Sacks and Sixty One (61) Kegs of 25 Litres Premium Motor Spirit (PMS) containing Twelve Thousand Five Hundred (12,500) Liters with a total Duty Paid Value standing at Eight Million Seven Hundred and Fifty Thousand Naira (N8,750,000) only”.
Bamisaiye noted that the action of the smugglers is a contravention of Section 245 & 254 of the Nigeria Customs Service Act 2023 which the service, through Western Marine Command, is responsible for enforcing.
“The Command, under the leadership of Compt. PK Bamisaiye, is poised more than ever to rid the waterways of all acts of smuggling and economy sabotage for the benefit of the growth of economy of Nigeria”, he said
Bamisaiye said so far, no suspect was arrested in the Command’s anti-smuggling operations.

Nkpemenyie Mcdominic, Lagos

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Illegal PMS Trading Booms In Lagos

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Petroleum products  being sought by motorists have disappeared from virtually all filling stations within Lagos and its environs, but are now booming in business in retail outlets.
Investigations by our correspondent revealed that while the product could not be got at some of the petrol service stations, activities are in top gear in the local retail outlets where the price has gone beyond the reach of users.
It was also gathered that in some filling stations supplied with the products, preference are often given to retail outlet operators by petrol attendants against the consuming public.
A source, directly involved in the business, said some petrol dealers are cashing on the irregular supply to divert the products to retail outlets where they could easily make their gains.
It was also gathered that some sales representatives in the service of major oil marketing firms indulged in the diversion exercise because of their personal interest.
At the retail outlets a liter goes for N950,00 against the normal N760,to N800 at some stations.

Nkpemenyie Mcdominic, Lagos

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Customs Board Appoints Five DCGs, Eight ACGs

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The Nigeria Customs Service Board (NCSB) has confirmed the appointment of five Deputy Comptroller-Generals (DCGs) and eight Assistant Comptrollers-General (ACGs) of Customs during its 59th regular meeting.
The meeting, chaired by the Honorable Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, was held at the Nigeria Customs Service Headquarters in Abuja last Tuesday.
National Public Relations Officer of the Service, Chief Superintendent of Customs, Abdullahi Maiwada, who disclosed this in a statement yesterday, gave details of the confirmed appointments as: O.O. Peters (DCG /Commander, Training and Doctrine Command (rtd); B.M. Jibo (DCG Enforcement Inspection & Investigation); and B.U. Nwanfor (DCG Excise, Free Trade Zone & Industrial Incentives).
Others are: S.A. Bomia (DCG, Commander Training and Doctrine Command); and C.K. Niagwan (DCG, Tariff & Trade).
The Assistant Comptrollers General (ACGs) are: B. Imam (ACG Board); A.A.S. Oloyede (ACG, Trade & Tariff); S.K. Dangaldima (ACG/Zonal Coordinator, Zone ‘B’); A. Abdul Azeez (ACG/Zonal Coordinator, Zone ‘D’); S.A. Yusuf (ACG, Human Resource Development); N.P. Umoh (ACG, Training and Doctrine Command); C.O. Obih (ACG/Zonal Coordinator, Zone ‘C’); and S. Chiroma (ACG, Strategic Research and Policy).
The new appointments, according to the statement, were made to fill the vacancies created by some senior officers who recently retired from the Service, noting that the principles of federal character, seniority and merit guided the appointments approved by the board.
“These appointments are a testament to the officers’ exemplary services and dedication to the Nigeria Customs Service. The NCSB remains committed to providing strategic leadership to ensure effective and efficient service delivery for optimum performance”, he said.
While thanking the retired members of the management for their meritorious services, the Comptroller General of Customs, Bashir Adewale Adeniyi, congratulated the newly confirmed officers and charged them to redouble their efforts to ensure the service attains greater heights in its mandates of revenue generation, suppression of smuggling, and trade facilitation amongst others.

Nkpemenyie Mcdominic, Lagos

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