NEWS
DBN Honors PFIs at 4th Annual Service Ambassadors Awards
By Tony Obiechina, Abuja
The Development Bank of Nigeria has once again recognised its Participating Financial Institutions (PFIs) with various categories of awards at its 4th DBN Annual Service Ambassadors Award ceremony for their sterling contributions to facilitating access to financing to Micro, Small and medium-scale enterprises in Nigeria.
Managing Director of DBN, Dr Tony Okpanachi while recognising and appreciating the PFIs noted, “This annual event is a testament to our unwavering commitment to fostering sustainable economic growth in Nigeria. It is an opportunity to recognise and appreciate the invaluable contributions of our PFIs in ensuring that MSMEs have access to the much-needed financial resources they require to thrive.At the awards ceremony with the theme, ‘Celebrating Partnerships for Amplified Impact’ held at the Civic Centre, Victoria Island, Lagos, recently, he also said DBN has supported the Federal Government’s priority sectors through the disbursement of various loans to catalyse their growth and capacity to scale.According to him, the priority sectors include the manufacturing sector, which received N74 billion, benefitting 3,696 end-borrowers; and N38 billion to agriculture, reaching 8,163 end-borrowers, among others.Okpanachi said these strategic investments underscored the Bank’s drive to grow sectors that were vital to the nation’s economic development while also commending the PFIs for their remarkable support to DBN in delivering on its mandate of enabling MSMEs to increase access to financing and ensuring sustainable growth of the sector.The DBN boss noted that having completed its initial five-year strategy with impactful outcomes, the Bank has equally unveiled its next strategic chapter, characterised by significant growth and an ambitious intent to achieve scale. “This strategic vision reflects our commitment to elevating our impact and expanding our reach in the coming years,’’ he added.The COO specifically applauded First Bank of Nigeria and Sterling Bank for their outstanding performance in 2023 having achieved a minimum 45% year-on-year growth on key parameters, thereby earning recognition as platinum winners for the year.Okhaimo also appreciated other PFIs who achieved notable milestones within the same year for their contributions in meeting various other lines of DBN’s impact objectives, noting “We truly appreciate your commitment and contributions in advocating for DBN and collaborating with us to increase our footprint in the MSME ecosystem.’’While soliciting increased synergy and impactful support for DBN in achieving its mandate, he assured them of DBN’s commitment to continuously engage with them on its various programmes and initiatives to increase its impact on MSMEs’ growth and scalability.Making the presentation, Dr Okpanachi said the bank was honoured for its exemplary service and exceptional dedication, recognising its significant efforts in advancing development banking.In the South-South Zone, Lapo MFB won the ‘PFI with the Highest Impact on the Zone’, showcasing its extraordinary commitment to regional development and support, while NPF MFB emerged as the ‘PFI with the Highest Impact on the North-West Zone’, emphasising its exceptional dedication and contributions to the region.Accion MFB came top as the ‘PFI with the Highest Impact on the North-Central Zone’, reflecting its hard work and commitment to regional growth, just as First Bank Nigeria was the ‘PFI with the Highest Impact on the North-East Zone’, highlighting its exceptional dedication to making a substantial difference in the region.Baobab Microfinance Bank was awarded ‘MFB with the Highest Impact on MSMEs Accessing Credit for the First Time’; and honoured for going the extra mile in facilitating first-time credit access for MSMEs, reflecting its unwavering commitment to enhancing financial accessibility, while Providus Bank Ltd won the ‘DMB with the Highest Impact on Start-ups’ award. The bank was recognised for showing exceptional dedication to supporting start-ups, highlighting its role in fostering new business ventures with innovative solutions.On the honour’s list for ‘PFIs with the Highest Impact on Focus State, First-time Access, Start-ups, Innovative Products and Green Projects’, the award winners included First City Monument Bank as the ‘DMB with the Highest Impact on MSMEs Accessing Credit for the First Time.’ The bank was acknowledged as the Depositor Money Bank that has tirelessly worked to provide credit access to MSMEs for the first time, demonstrating exceptional dedication to expanding financial inclusion.Richway Microfinance Bank won the award as ‘MFB with the Highest Impact on Start-ups’ for providing outstanding support to start-ups, showcasing its commitment to nurturing new businesses with a focus on impactful and sustainable growth, just as FSDH emerged as the ‘PFI with the Most Innovative Products for MSMSEs.’ The Bank was honoured for developing cutting-edge financial products for MSMEs, demonstrating its dedication to driving innovation and meeting the evolving needs of small businesses.The ‘PFI with the Highest Disbursement to Sustainability Projects’ award went to First City Monument Bank for being the PFI with the highest disbursement towards sustainability projects and showcasing its exceptional commitment to environmental and social responsibility.
Lapo Microfinance Bank Ltd again emerged as the ‘MFB with the Highest Impact in the DBN Focus States.’ The award celebrated the bank’s remarkable impact in DBN’s focus states, showcasing its dedication and hard work in driving regional growth and support, while First Bank Nigeria again won the ‘DMB with the Highest Impact on MSMEs in Nigeria’, acknowledging it for going above and beyond in efforts to support MSMEs in the country, thereby showcasing its exceptional dedication to fostering small business growth.Sterling Bank’s Group Head of Business Banking, Ezinne Nwokafor, said through collaboration with DBN, Sterling Bank has reached many MSMEs across the country with its banking solutions, pledging further cooperation with the Bank stating that. “DBN has significantly helped us to reach out to MSMEs across the country, and we are excited and look forward to doing much more with DBN,’’ she enthused.First Bank’s Group Head Financial Institution, Oluseyi Soetan, said the partnership with DBN has offered a veritable platform to the bank to impact the under-served MSMEs by empowering them with the funds to scale and giving them a voice in the marketplace, as well as enabling job creation. “The multiple awards we won are a testament to the hard work and contribution of First Bank to the Nigerian economy and the great partnership we have with DBN.The DBN Annual Service Ambassadors Award is a prestigious event that recognises and rewards participating financial institutions for their commitment to facilitating access to finance in the most critical sectors of the Nigerian economy.
NEWS
Yuletide: Bode George Urges Tinubu to Reduce Petrol Price
Chief Bode George, a former Deputy National Chairman of the Peoples Democratic Party (PDP), has urged President Bola Tinubu to reduce the price of petrol to N300 per litre ,to make things easy for Nigerians during the festive season.
George, the Atona Oodua of Yorubaland, made this plea at an interactive session with newsmen on Wednesday in Lagos.
The price of Premium Motor Spirit, popularly known as petrol, is currently above N1,000 per litre.
According to the elder statesman,Nigerians are going through hardship, the President should give an order to reduce fuel price, specifying time frame the people will enjoy such window of relief.
He said that the federal government as well as well- meaning individuals and businesses could bear the cost of such price slash , to bring happiness to all Nigerians.
The PDP leader, who noted that December and January are special months , said that such gesture could start from the middle of December and run through January.
“I have been thinking, as a Nigerian, what can we do because the anger and the hunger are almost equal on the streets of Nigeria.
“What am I suggesting is that Mr President should sit down with his managers and give an order that from the middle of December to the end of January, the cost of petrol will be N300 per litre.
“The government can absorb the losses in the interest of the suffering people.
“If they (government) want others to contribute, let us know how much that is going to cost and ask people to donate, to bear the cost.
“We will be sending a lot of messages of happiness across the tribes and homes.
“Everybody in Nigeria will be happy because it will positively impact on this period of the year. It is a challenge and he (Tinubu) can do it.
“We need this in this December and January to put smiles on the faces of Nigerians, ” George, a PDP Board of Trustees (BOT) life member, said.
Advising the President to take further measures to bring relief to the people, he said that the gesture would crash prices of essential commodities and services for the benefit of all .
He said that government’s efforts should be concentrated on reducing high inflation rate, unemployment, poverty and youth restlessness in order to create a better future for Nigerians
Speaking on the recent presidential election in Ghana, George noted that Nigeria’s electoral system needed reforms to guard against electoral frauds and manipulations.
According to him, the nation will continue to grope for development if the system fails to encourage best candidates to emerge.
Stating that election must reflect the wishes of the people and be devoid of religious and tribal sentiments, George said that Ghana election should be a wake up call for Nigeria.
“INEC performance must improve. The commission must make sure that the voice of the people is heard in elections.
“Electoral offenders should be made to face the music and sent to jail. We must be very firm about due process, credibility and transparency in elections,” he said.
Urging the President to revisit resolutions in the 2014 Constitutional Conference, George said that the current constitution was not federal in principle and practice.
“We should not deceive ourselves, the constitution is a problem. It is a military constitution, it is not democratic,” he said.
George called on the National Assembly to ensure devolution of powers and electoral reforms that would do away with manual collation of election results and mandate electronic transmission of election results from polling units.
George disagreed with political watchers saying no vacancy in presidency in 2027.
On the dwindling strength of the former ruling party, George, who noted that all organisations had its ups and downs, said that selfish interests and disregard for party rules remained PDP’s major challenge.
He said that PDP could bounce back and win presidential election if the leadership decided to elevate national interest above selfish interests and adhere to the party’s constitution.
“We will tell ourselves some serious old truth. We messed ourselves up. ” he said.
Stating, however, that the PDP was not dead, George said that lack of justice, equity, fairness and the inability to adhere to the party’s zoning and rotational principle cost the party victory in 2023.
Calling on the party’s founding fathers alive to wake up and rescue the party, George said that Nigerians were still waiting for the former ruling party to take over power and put things right. (NAN)
NEWS
Tinubu Set for Groundbreaking of Renewed Hope City in Lagos
President Bola Tinubu, is set to perform the groundbreaking of 2,000 housing units of the Renewed Hope City in Ibeju Lekki, Lagos, in the next few weeks.
Mr Ahmed Dangiwa, Minister of Housing and Urban Development, announced this during an official assessment visit, on Wednesday in Lagos
Dangiwa said Lagos would represent the South-west, while the president would do that of the North-West in Kano, before doing that of the four other regions.
“Arrangements is already on ground, we have gotten sites, and work has commenced for 2000 houses in the Renewed Hope City that we intend to build in Ibeju-Lekki,” he said.
Towards achieving the set goal, the minister said the visiting team also paid a courtesy visit to Gov.
Babajide Sanwo-Olu to discuss area of collaboration between the federal and state governments.He disclosed that the federal and Lagos state governments had agreed to set up a Tripartite committee and ensure all the issues of concerns between the parties were resolved amicably for the benefit of all.
Earlier, the Minister embarked on an assessment visit of deplorable Federal Government buildings and assets across Lagos state in a bid to commence rehabilitation on them in a few months.
Dangiwa said the rehabilitation was necessary as the deplorable buildings posed a challenge and security concerns to the Lagos state government. (NAN)
NEWS
Gov. Alia Presents N550.1bn as 2025 Budget Estimate to Benue Assembly
Gov. Hyacinth Alia on Wednesday presented the sum of N550.1bn as the 2025 appropriation bill to the Benue State House of Assembly for consideration and passage into law.
Alia told the lawmakers that out of the total budget size, N175.4 billion is for recurrent expenditure while the N374.
7 billion is for capital expenditure.The governor said that the total estimate represented a 47.
5 per cent increment over the 2024 revised and approved figure of N373 billion.He stated that the appropriation bill tagged “Budget of Human Capital Development, Food Security, and Digital Economy” was to consolidate the gains made in 2024.
Alia further explained that the proposed recurrent expenditure of N175.
4 billion was 13.55 per cent higher than the previous year.According to him, budgeted capital expenditure of N374.7 billion represents a 71.5 per cent increment on the 2024 revised capital expenditure.
“The budget breakdown indicated that the sum of N212.2 billion, representing 38.52 per cent is for administration; N196.6 billion, representing 35.68 per cent is for the economy; law and justice will take N26.6 billion, representing 4.84 per cent while social welfare will gulp N115.5 billion, representing 20.96 per cent.
“We have the vision. We have the will. And most importantly, we have the people ready to work alongside us to turn this vision into reality.
“Together, we will build a state where every citizen has the opportunity to succeed, where food is plentiful, and where the digital economy opens new frontiers of opportunity for all,” he said.
The governor said the intention of the government was to stay within the limits of its recurring revenue to build the state without accruing unnecessary debts for generations unborn.
He, however, said that since the 2025 budget was a deficit one, it proposed a borrowing plan of a conservative sum of N26bn, representing a modest 4.7 per cent of the proposed aggregate expenditure for 2025.
“This is lower than the state’s debt-to-GDP ratio of 8.2 per cent which is within the benchmark of the 25 per cent debt sustainability threshold.
“Despite these favourable debt ratios, I want to reiterate that borrowing will only be considered as a last resort and for regenerative investment purposes,” he added.
Alia stated that the problem of Internally Displaced Persons (IDPs) remained a challenge, adding that they have reasonably improved their living conditions.
He said the Bureau of International Cooperation and Development has elicited substantial grants from donors, totalling N85bn. (NAN)