Connect with us

Economy

Businesses to Benefit from Abia SME Bank – Adviser

Published

on

Share

The Special Adviser to Gov. Okezie Ikpeazu on Social Investments, Mr Chinenye Nwogu, says the government’s Small and Medium Scale Micro-Finance Bank will serve the needs of start ups for business development.

Nwogu, who said this on Monday, in an interview with the NewsMen, in Aba, added that the bank, unveiled in Aba last Friday, by Gov.

Ikpeazu, would focus on providing funds for developing small and medium scale businesses in Aba.

He said the idea of the bank was mooted by the governor since he assumed office in 2015.

“The vision for this bank is to hand it over to the citizens to address the bottlenecks that hinders businesses from accessing micro credits, so that they can continue to inject money and grow their businesses.

“So, this bank is a response to the challenge of access to finance in Abia and in the course of time, the bank will transit to become a bank owned by the people and not the government,” Nwogu said.

The Managing Director of the bank, Mr Kingsley Nwobilor also told reporters that the establishment of the bank was a right step in the right direction.

He thanked the governor for the opportunity to showcase his understanding of what businesses in Abia needed, saying that the bank would provide a number of business credit opportunities for Abia entrepreneurs, to easily access funds within 24 hours and develop their businesses.

Nwaobilor listed the bank’s packages to include, Cluster Credit Scheme for traders, Save to Own for tricycle operators and taxi drivers, and Thrift Savings Credit Scheme for traders, especially market women.

Others are the Abia SME Bank Diaspora Investment Fund and Abia Youth Entrepreneurship scheme.

Chairman, Ariaria International Market Traders Association, Emeka Igara  and President, Leather Products Manufacturers Association of Abia State (LEPMASS), Mr Okechukwu Williams, thanked the state government for establishing the bank.

They observed that the bank would help artisans expand and grow their work. (NAN)

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Economy

Imo records over $1m from non-oil exports in 2025 – NEPC

Published

on

Share

The Nigerian Export Promotion Council (NEPC) says exporters in Imo generated a total of 1,244,095 dollars as proceeds from export trade in 2025.

The Imo Coordinator of the council, Mr Anthony Ajuruchi, disclosed this during a follow-up engagement with cocoa farmers in the state on Thursday in Owerri.

50 cocoa farmers and exporters in Imo received 30 cocoa seedlings each in 2025 as part of interventions to boost production for export.

Ajuruchi said the amount was derived from proceeds of both formal and informal export transactions carried out by the farmers within the 2025 fiscal year.

He commended the Executive Director of NEPC, Mrs Nonye Ayeni, and the management team for their support and commitment to the growth of the export market in Imo and across the country.

According to him, the council recorded notable achievements in 2025, including the organisation of capacity-building programmes on non-oil export, product packaging and labelling.

“In addition to our interventions for cashew farmers, we conducted trainings on product development and adaptation, export contracts, market penetration, product certification and export documentation procedures.

“We also trained about 600 exporters and small and medium-scale enterprises,” he said.

Ajuruchi said the engagement with the cocoa farmers was aimed at obtaining feedback and brainstorming on strategies to increase production and export volume in 2026.

One of the beneficiaries, Mrs Sophia Orji, said the cocoa seedlings she received were doing well and had started fruiting after 17 months.

Another farmer, Mrs Mary Okeke, said her cocoa plants were thriving and appealed to NEPC to extend similar support to farmers during the rainy season.

Also speaking, Mr Canice Nze, Director of Produce in the Imo Ministry of Trade, Commerce and Investment, urged the farmers to register with the ministry to enable them benefit from cooperative structures and access possible government grants. (NAN)

Continue Reading

Economy

NCC, CBN Approve Refund Framework for Failed Airtime and Data Transactions

Published

on

Share

By David Torough, Abuja

In line with the consumer-focused objectives of the Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN), the two regulators have drawn up a framework to address consumer complaints arising from unsuccessful airtime and data transactions during network downtimes, system glitches, or human input errors.

The framework is the outcome of several months of engagements involving the NCC, the CBN, Mobile Network Operators (MNOs), Value Added Service (VAS) providers, Deposit Money Banks (DMBs), and other relevant stakeholders.

According to the NCC, these engagements were prompted by a rising incidence of failed airtime and data purchases, where subscribers were debited without receiving value and experienced delays in resolution.

“The Framework represents a unified position by both the telecommunications and financial sectors on addressing such complaints. It identifies and tackles the root causes of failed airtime and data transactions, including instances where bank accounts are debited without successful delivery of services. It also prescribes an enforceable Service Level Agreement (SLA) for MNOs and DMBs, clearly outlining the roles and responsibilities of each stakeholder in the transaction and resolution process,”  a statement by Head of Public Affairs of NCC, Nnen Ukoha said.

Under the new framework, where a purchaser is debited but fails to receive value for airtime or data—whether the failure occurs at the bank level or with an NCC licensee—the purchaser is entitled to a refund within 30 seconds, except in circumstances where the transaction remains pending, of which the refund can take up to 24 hours.

The framework further mandates operators to notify consumers via SMS of the success or failure of every transaction. It also addresses erroneous recharges to ported lines, incorrect airtime or data purchases, and instances where transactions are made to the wrong phone number.

  Director of Consumer Affairs at the NCC, Mrs. Freda Bruce-Bennett in a comment on the development said   the framework also establishes a Central Monitoring Dashboard to be jointly hosted by the NCC and the CBN. According to her, the dashboard will enable both regulators to monitor failures, the responsible party, refunds, and track SLA breaches in real time.

“Failed top-ups rank among the top three consumer complaints, and in line with our commitment to addressing these priority issues, we were determined to resolve it within the shortest possible time,” she said.

“We are grateful to all stakeholders—particularly the Central Bank of Nigeria and its leadership—for their tireless commitment to resolving this issue and arriving at this framework, and for ensuring that consumers of telecommunications services receive full value for their purchases.

“So far, pending the approval of management of both regulators on the framework, MNOs and banks have collectively made refunds of over N10 billion to customers for failed transactions” she explained .

Mrs. Bruce-Bennett further noted that implementation of the framework is expected to commence on March 1, 2026, once the two regulators have made final approvals, and technical integration by all MNOs, VAS providers and DMBs is concluded.

Continue Reading

Business News

Budget Office Defends Tax Reform Acts, Seeks Due Process

Published

on

Share

By Tony Obiechina, Abuja 

The Budget Office of the Federation has reaffirmed the integrity of Nigeria’s newly enacted Tax Reform Acts, cautioning against what it described as governance by speculation and unverified claims following allegations of post-passage alterations.

In a statement on Wednesday, the Budget Office said it had taken note of concerns raised by the Minority Caucus of the House of Representatives, stressing that the sanctity of the law is central to constitutional democracy and not a mere procedural formality.

According to the Office, any suggestion that a law could be altered after debate, passage, authentication, and presidential assent without due process would strike at the core of the Republic and undermine citizens’ right to be governed by transparent and stable laws.

However, it warned that democratic integrity is also endangered by the careless amplification of unverified claims. “A nation cannot be governed by insinuation or sustained on circulating documents of uncertain origin,” the statement noted, adding that public confidence, once shaken by speculation, is often difficult to restore.

The Budget Office emphasized that both government and citizens share a common interest in truth, clarity, and due process, noting that public finance depends heavily on trust in the legality and clarity of fiscal laws. It welcomed the decision of the National Assembly to investigate the allegations, describing institutional inquiry, not conjecture as the appropriate response to claims of illegality.

On public access to the law, the Office agreed that Nigerians and the business community are entitled to clear and authoritative texts of all laws they are required to obey. It clarified, however, that the authenticity of legislation is determined by certified legislative records and official publication processes, not by informal or viral reproductions.

The statement also underscored the importance of separation of powers, warning that claims suggesting Nigeria is being governed by “fake laws,” if not backed by established facts, risk eroding confidence in democratic institutions.

 At the same time, it stressed that legislative scrutiny should not be dismissed by the executive, noting that oversight is a constitutional duty, not an act of hostility.

From a fiscal perspective, the Budget Office said legal certainty is essential for revenue projections, macroeconomic stability, budget credibility, and investor confidence. While it is not the custodian of legislative records, it maintained that uncertainty around operative tax provisions directly affects economic planning.

To restore confidence, the Office proposed a set of measures, including the publication of verified reference texts in a single public repository, orderly access to Certified True Copies for stakeholders, clear public explanations where discrepancies are alleged, and strict alignment of all implementing regulations with authenticated legal texts.

Addressing calls for suspension of the tax reforms, the Budget Office cautioned against allowing prudence to slide into paralysis. It argued that properly implemented tax reform is necessary to reduce dependence on borrowing and inflationary financing, while easing indirect burdens on vulnerable citizens.

“Where clarification is required, it must be provided; where correction is required, it must be effected; where investigation is required, it must proceed,” the statement said, adding that governance and reform should not be stalled by unresolved conjecture.

The Office concluded by describing taxation as a democratic covenant that binds citizens and the state, insisting that compliance depends on transparency and trust. It called on political actors to protect institutions as much as positions, urging citizens and businesses to rely on verified sources and resist the spread of unauthenticated information.

The statement was signed by Tanimu Yakubu, Director-General of the Budget Office of the Federation, who reaffirmed the agency’s commitment to fiscal transparency, institutional integrity, and reforms that advance national prosperity while safeguarding citizens’ rights.

Continue Reading

Advertisement

Top Stories

NEWS7 minutes ago

Nigeria’s Foreign Reserves Exceed $52.5bn – CBN

ShareBy Tony Obiechina, Abuja The Central Bank of Nigeria (CBN) has disclosed that Nigeria’s foreign reserves have exceeded its annual...

United Nations Children’s Fund (UNICEF) United Nations Children’s Fund (UNICEF)
OPINION9 minutes ago

Heatwaves Are Killing Human Rights: Who Will Stop the Climate Killers?

ShareBy Fransiscus Nanga Roka UNICEF calls on the international community to take urgent action: Extreme heatwaves are no longer just...

NEWS11 minutes ago

If Fellow Africans Were Stealing Jobs, Who Own Closed South Africa’s Shops?

ShareBy Isaac Asabor For years, a familiar refrain has echoed across parts of South Africa: “Foreign Africans are stealing our...

NEWS16 minutes ago

Powering Nigeria’s Digital Economy Beyond Connectivity

ShareDinesh Balsingh For decades, the telecommunications industry competed on connectivity. Success was measured by the size of our networks, the...

NEWS35 minutes ago

Africa and the Imperatives of Leadership

ShareBy Toyin Falola Africa has had good leaders throughout its history who have been empire builders, thinkers, traders, kings, diplomats,...

NEWS49 minutes ago

The Cardinal Onaiyekan Debate: Can Nigerians Ever Be Satisfied?

ShareBy Matthew Ma In Nigeria, it is rare for a week to pass without calls for religious leaders to take...

NEWS51 minutes ago

Urging Nigeria’s Political Class to Stop Seeing Public Opinion as an Attack

ShareBy Isaac Asabor One of the greatest misconceptions among many Nigerian politicians is the belief that every critical opinion is...

NEWS57 minutes ago

CBN Resolves 23, 129 Complaints,  Orders N19.2b, Refund to Bank Customers

ShareBy Tony Obiechina, Abuja The Central Bank of Nigeria (CBN) had directed refunds of N19.2 billion and $329.3 million to...

NEWS1 hour ago

FG Launches Africa’s First Renewable Energy College in Kogi

ShareFrom Joseph Amedu, Lokoja President Bola Tinubu on Tuesday declared that Nigeria has taken the lead in Africa’s renewable energy...

NEWS1 hour ago

Tinubu Approves Salary Increase for 250,000 Armed Forces Personnel

ShareBy David Torough, Abuja President Bola Tinubu has unveiled a major package aimed at strengthening Nigeria’s armed forces through improved...