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IFC To Invest $4m In Nigeria’s Grooming Centre

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The International Finance
Corporation (IFC) last Monday signed an agreement to invest four million dollars (N650 million) in Grooming Centre for on-lending to microenterprises in the country.
Grooming Center is a financial Non-Governmental Organisation (NGO) that provides financial intermediation to small and medium scale enterprises in Nigeria.
The Tide reports that the agreement was signed by Mr Solomon Adegbie-Quaynor, IFC Country Manager for Nigeria and Dr Godwin Nwabunka, the Chief Executive Officer (CEO) of Grooming Center in Lagos.
The two organisations said that 780, 000 microenterprises would benefit from the loans across the nation between 2014 and 2018.
According to them, the partnership will also improve financial inclusion and promote job creation and growth in Nigeria
Adegbie-Quaynor said IFC’s local currency loans would help Grooming Centre to offer increased financial services to economically active low income earners engaged in small-scale trading and productive microenterprises.
“Grooming Centre will use IFC’s funding to reach entrepreneurs in more than half of Nigeria’s 36 states, including those in remote rural areas largely not serviced by other lenders.
“IFC is supporting Grooming Centre to improve financial inclusion and help grow Nigeria’s economy.
“This loan will provide local currency finance and empower entrepreneurs and microenterprises that cannot yet access the formal banking sector,” IFC Country Manager for Nigeria said.
He said that over the years, the IFC had invested about 10 billion dollars in more than 60 local currencies around the world to help protect borrowing companies from currency risks.
Also speaking, Nwabunka said that Grooming Centre’s mission would empower the economically active low income earners by bringing a range of tailor-made microfinance services to their doorstep using globally-tested best practice methodologies.
He said the partnership with IFC would strengthen microfinance market in Nigeria on a sustainable basis and create greater income for their members.
Nwabunka said the NGO was currently servicing more than 300, 000 clients with N9 billion loans on a graduated loan basis.
The Grooming Centre boss said that the organisation had built N7 billion loan portfolio with more than 1, 200 employees.
He also said that the NGO had disbursed about N64.5 billion to 1.7 million microenterprises in Nigeria, particularly small scale women entrepreneurs.
The Grooming Center Executive Director, Mr Adesoji Tayo, said that, “the micro loan which starts from N40, 000 after repayment is usually graduated to N50, 000, N100, 000 as the case may be”.
Tayo said the center was currently operating from 18 states and the Federal Capital Territory (FTC).
He identified the states as Lagos, Ogun, Oyo, Osun, Ondo, Ekiti, Kwara and Kogi.
Others are Anambra, Abia, Akwa Ibom, Imo, Enugu, Ebonyi, Niger, Benue, Nassarawa and FTC.

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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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