NEWS
BoI Generates 3m Jobs, Grows Profit to N153bn
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The Bank of Industry (BOI) said its profit before tax increased from N70.7 billion to N153.81 billion, the highest in the Bank’s history.
According to the bank, this represents 117.69 per cent.
The Chairman of the Shareholders Committee, Malam Muhammed Bala, said this at the 64th Annual General Meeting (AGM), held at the Transcorp Hilton, on Wednesday in Abuja.
Reports says that BoI has continued its impressive financial performance, showcasing a year of remarkable growth and achievements.
This is in spite of the significant global and local economic challenges it faced in the period under review.
“In furtherance to its drive to boost job creation through its interventions, the BoI significantly increased its disbursements to large, medium, small and micro enterprises.
“The bank in doing so advanced its credit to N496.717 billion to 75,809 beneficiaries.
“These efforts have had a substantial socio-economic impact, creating approximately 2,198,953 direct and indirect jobs across the country,’’Bala said.
Bala said that the bank’s total assets surged by an impressive 64.6 per cent, escalating from N2.37 trillion to N3.91 trillion.
According to him, this underscores the bank’s commitment to enhance its financial foundation and expand its capacity to support Nigeria’s industrial sector.
Bala said the bank’s loans and advances increased by 41.5 per cent, rising to N1.14 trillion and N803.6 billion respectively due to increased interventions and disbursements to enterprises.
He said this reflected the BoI’s ongoing efforts to provide essential financial support to businesses across various sectors.
“The bank’s total equity grew by 57.7 per cent from N427 billion to N678 billion, reinforcing the institution’s financial stability and capacity for future investments,’’ he said.
On BoI’s outlook for the coming year, the chairman said the bank would continue to implement its medium-term corporate strategy for 2022-2024.
“Thereby, effectively sustaining the trajectory of supporting Nigeria’s industrial growth.
“This is subsequent to President Bola Tinubu’s Renewed Hope Agenda and in tandem with the National Development Plan (2021-2025).
Also speaking, BoI Managing Director, Dr Olasupo Olusi, said during the period under review, the bank had empowered Nigerian enterprises, especially the micro and small ones, to remain in operation sustainably.
Olusi said this was done through the bank’s disbursement lines and managed intervention programmes.
He listed the programmes to include the Smallholder Farmer Financing Product, MSMEs Distributor Finance Programme, Fintech/Digital Lending Product, Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES).
He said the Business Resilience Assistance for Value-Adding Enterprise (BRAVE) was also part of the programmes, among others.
“The BoI’s continued focus on strategic lending and investment in critical sectors has been instrumental in achieving these outstanding results.
“As the bank looks to the future, it remains dedicated to leveraging its financial strength to support the industrialisation and economic transformation of Nigeria,’’ he said. (NAN)
NEWS
Ajuri, Tinubu’s Spokesperson Takes Exit, Cites Mesical Reaaona
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Special Adviser on Media and Publicity to the President Chief Ajuri Ngelale has quit his job. He said in a statement in a Abuja that he would proceed on an ” indefinite leave, to deal with ” medical matters” affecting him amd hia immediate family.Hos statement reads: “On Friday, I submittd a memo to the Chief of Staff to the President informing my office that I am proceeding on an indefinite leave of absence to frontally deal with medical matters presently affecting my immediate, nuclear family.
While I fully appreciate that the ship of state waits for no man, this agonizing decision — entailing a pause of my functions as the Special Adviser to the President on Media & Publicity and Official Spokesperson of the President; Special Presidential Envoy on Climate Action, and Chairman, Presidential Steering Committee on Project Evergreen — was taken after significant consultations with my family over the past several days as a vexatious medical situation has worsened at home.I look forward to returning to full-time national service when time, healing, and fate permit.I respectfully ask for some privacy for my family and family”NEWS
Fuel Crisis: 1000 CSOs Fault Tinubu’s Economic Team, Want Immediate Reconstitution
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By David Torough, Abuja
About 1000 Civil Society Organizations (CSOs), under the auspices of Coalition Of Civil Society Organisations (CCSOs), on Saturday Faults President Bola Tinubu’s Economic Team and called for immediate reconstitution.Expressing deep concerns over the state of the economy and escalating fuel prices compounding the hardship of Nigerians despite the recent protest, the groups said Tinubu must act now to avert disintegration.
The groups said the current situation across the country has cast doubt on the competence of the Tinubu economic team and called for urgent review. The CCSOs in a statement by its National Coordinator, Mallam Ibrahim Mohammed, pointed out that the plight of Nigerians is sinking low and their patience is wearing off following the deteriorating economy.The statement reads in part, “The Coalition of Civil Society Organisations (CSOs) is deeply concerned about the deteriorating state of the Nigerian economy, which is becoming increasingly unbearable for millions of citizens.“It is evident that the recent hike in fuel prices and the unstable exchange rate are the direct results of economic mismanagement by those responsible for overseeing our nation’s financial policies. The ripple effects of these failures are being felt in every household across the country, worsening poverty and crippling economic activity.“The floating of the Naira, which was initially sold to Nigerians as a means of stabilizing our currency, has done little to prevent the continued devaluation of the Naira. In fact, the exchange rate disparity has widened significantly, with the Naira losing value daily, impacting the cost of living, basic commodities, and inflation.“While this policy was expected to ease foreign exchange pressure, it has instead deepened economic challenges due to poor implementation and lack of strategic foresight.”The coalition also expressed concern over what it described as a death trap of indebtedness of the Nigerian National Petroleum Company Limited (NNPCL), which also they claimed had slowed down importation of Premium Motor Spirit, PMS, hence the current shortage of PMS across the country. “Of equal concern is the precarious position of the Nigerian National Petroleum Company Limited (NNPCL), which finds itself in a debt trap, with global suppliers of petroleum products losing confidence in Nigeria’s ability to honour its obligations.“Reports have shown that NNPCL has accrued debts totalling over $6 billion, causing petrol supply shortages. International suppliers are now reluctant to continue providing fuel on credit, exacerbating supply chain issues and pushing up the price of petrol at the pump”, they claimed.The CSOs also asserted that, “We hold the managers of the Nigerian economy responsible for these disturbing developments. Their inability to provide sound policies and long-term solutions has left the nation in this predicament.“It is clear that there is no cohesive strategy to address the rising debt, the growing imbalance in the foreign exchange market, or the country’s heavy reliance on importation for petrol supply. The recent hike in fuel prices reflects the collapse of responsible economic management and accountability.“Nigerians are left to bear the brunt of these failures. Businesses are shutting down, transportation costs have skyrocketed, and citizens are spending an increasingly larger percentage of their income on basic necessities. This state of affairs is unacceptable.”The group therefore placed some demands; Immediate intervention from the government: There needs to be a comprehensive and transparent plan to stabilize the Naira, restore confidence in the petroleum supply chain, and negotiate a restructuring of NNPC’s debts to ensure continuous fuel supply.“Accountability for economic mismanagement: Those responsible for the reckless management of our foreign exchange policies and NNPC’s debts must be held accountable. The government must also disclose its plan to mitigate the rising fuel costs and economic burden on Nigerians.“A return to sound financial policy: The floating of the Naira has proven ineffective under current conditions. We call for a re-evaluation of monetary and fiscal policies to stabilize the economy, reduce inflation, and attract foreign investment.“In conclusion, the Coalition of Civil Society Organisations reiterates that without immediate corrective measures, the economic situation will continue to deteriorate, leading to further hardship for the average Nigerian. The government must act decisively and responsibly to reverse this downward spiral”, they added.NEWS
Tension in Makurdi Community as NAF Personnel Demolishes Houses, Destroys Rice Farm
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There is growing tension in Ugondu community, Makurdi LGA, Benue state by young people opposed to the demolition of houses and destruction of rice farms in the area allegedly on the directives of senior Air Force officer, Air Commodore Akinbuwa Ayodele.
It was learnt that Commodore Ayodele, who is facing multiple legal actions following dispute over a plot of land located on George Akume Way Makurdi and owned in blatant disregard to the judicial process embarked on destruction of structures on the plot.
Eyewitness said when the equipment arrived no one imagined it was for destruction.
But in a militray- like operation, two flats of two units each, completely roofed, electrified and plumbing work completed were among the structures demolished as the bulldozers rolled over rice farms in the vicinity as well.
It was learnt that last year, a Makurdi High Court presided by Justice Mary Ijohor, granted an order of perpetual injunction, in the same matter, upon application by the supposed owner of the plot and awarded the sum of One Million Naira (N1,000,000.00) only, as cost. The matter, enforcement of fundamental rights, was marked as MHC/582/M/2023.
Godwin Akor whose rice farm was destroyed in a chat with newsmen said that he was shocked at the development. He however said he won’t speak more on the matter as it is still before the court.