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FG Raises MSMEs Loans to N5m at 9%

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The Federal Government has raised the amount small businesses could access on single digit loans to N5 million to ensure the country’s inclusive economic growth.

The Managing Director and Chief Executive Officer, Bank of Industry (BOI), Dr Olasupo Olusi, made the announcement on Friday during a town hall sensitisation in Lagos on the Federal Government Grant and Loan Scheme.

The event was organised by the Federal Ministry of Finance in collaboration with the Federal Ministry of Industry, Trade and Investments, the Presidency, Bank of Industry and other stakeholders.

Olusi, represented by Umar Shekarau, Executive Director, MSMEs, BoI, praised President Bola Tinubu for the availability of N200 billion Presidential Intervention Fund for Micro, Small, and Medium Enterprises (MSMEs).

He said N75 billion out of the presidential conditional grant and loan scheme, was targeted for MSMEs, adding that, the initiative was expected to create thousands of direct and indirect jobs nationwide.

The BoI boss said the fund, facilitated through the Bank of Industry (BOI) nationwide, was already sitting in the bank ready to be disbursed to beneficiaries at just nine per cent interest.

He urged business owners to approach the BoI or register online, without going through intermediaries, to benefit from loans and grants.

According to him, over 800,000 Nigerians have benefited and there is room for  including youths, women, physically challenged and all Nigerian.

“We maintain our integrity as BoI and disburse the funds,” he said.

The town hall is holding  simultaneously in six states of the federation.

Temitola Adekunle-Johnson, Senior Special Assistant to the President on Job Creation and Micro, Small and Medium Enterprises (MSMEs) said that successful applicants will receive an increased loan of N5 million.

This is against previous N1 million benchmark earmarked to boost their business operations.

He said President Tinubu gave the funds to cushion the effects of challenges experienced by businesses including access to finance, infrastructure, among others.

“The loan is nine per cent three years tenure. A single MSME can collect up to N5 million single digit,” he said.

Wale Edun, Minister of Finance and Coordinating Minister of the Economy, listed interventions of the presidency for small businesses and manufacturing sector and success recorded so far.

Edun, represented by Ahmed Gazalli, said the event marked a pivotal moment in our collective journey toward economic empowerment and sustainable growth.

He said the event was to propagate a shared vision for communal prosperity in a thriving, inclusive economy where every Nigerian had the tools and resources to succeed.

Edun said the government was keenly focused on driving MSME growth and the success of the manufacturing sector to properly reposition Nigeria’s economy.

“It is common knowledge that MSMEs are the backbone of the Nigerian economy and if we do not support our MSME’s to prosper, the Nigerian economy suffers,” he said.

He thanked the MSMEs and beneficiaries in attendance for your hard work, sacrifice, and contributions to the development and stability of Nigeria.

Minister of State for Industry, Trade and Investment, Sen. John Eno, said the government was eager to support programmes and initiatives that promotes welfare of Nigerians.

Eno pledged the government’s commitment to help all the agencies to deliver on their mandates.

He called for collaboration to remove barriers from growth of MSMEs.

“It is such collaboration that can make it work,” he said.

On his part, Mr John Uwajumogu, Special Adviser, Industry, Trade and Investment, explained the gains of supporting industries with finance for inclusive growth

Some of the beneficiaries included, Mr Akor Goddy, a vegetable farmer and vendor from Badagry; Angela Christopher, a nanny; and Mr William Asuquo, a food vendor from Isolo in Lagos. (NAN)

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2027: Benue People Are Not ‘Shenanigans’, Alia Owes You No Apology, Ex-Ambassador Tells Ortom

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From Attah Ede, Makurdi

A former Nigerian Ambassador to Namibia, Terhemen Tarzoor, has criticized former Benue State Governor Samuel Ortom over his reported comments about Governor Hyacinth Alia, the Catholic Church and the state’s finances, urging him to exercise restraint in his public engagements ahead of the 2027 general elections.

Tarzoor, a former Speaker of the Benue State House of Assembly, said political disagreements should not be allowed to degenerate into personal attacks against the governor or derogatory remarks about the people of Benue State.

Speaking with journalists in Makurdi on Thursday, the former ambassador described Ortom’s reported remarks during a television programme last week, in which he allegedly referred to Alia as a “419” and a “fake Reverend Father” and described some Benue people as “shenanigans”, as inappropriate and condemnable.

He maintained that political differences did not justify the use of language capable of undermining the office of the governor or diminishing the dignity of the people who elected political leaders into public office.

Tarzoor, who is the Benue State Coordinator of the Renewed Hope Initiative (RHI) campaign for President Bola Tinubu ahead of the 2027 elections, said Ortom should be mindful of the implications of his public comments about the incumbent governor.

“My take is that the former governor is not in the position to call the number one citizen 419. He has no right to call him that,” he said.

While acknowledging Ortom as an elder brother whom he respected, Tarzoor expressed concern that political disagreements were increasingly being expressed in ways he believed could heighten tensions in the state.

He also faulted the former governor’s reported comparison of Alia’s administration with the Catholic Church’s parish system, arguing that the analogy appeared to question the church’s financial accountability mechanisms without sufficient understanding of its administrative structure.

“As a Knight of St. John International, I want to disabuse his mind and the minds of people who listened to that programme that there is a high level of accountability in the Catholic Church,” Tarzoor said.

He explained that the Catholic Church maintained administrative and accountability structures involving priests, church councils, elders and lay faithful, which, according to him, provided oversight and ensured accountability in the management of church affairs.

“There is no Catholic priest that can just earn money and spend at ease in the Catholic Church. I therefore say Ortom does not have the equipage to pontificate on such a subject matter,” he added.

Tarzoor urged political leaders to exercise caution when commenting on religious institutions, warning against statements that could be interpreted as attacks on their administrative practices.

The former lawmaker also challenged what he described as an unfair comparison between Ortom’s eight-year administration and Alia’s government, which he said had been in office for just over three years.

He argued that any meaningful assessment of the two administrations should take into account their respective periods in office, the resources available to them and their development priorities before conclusions were drawn about their performances.

Tarzoor further condemned Ortom’s reported description of some Benue people as “shenanigans”, saying such language was unbecoming of a political leader who had previously benefited from the electorate’s support.

“I see that as repugnant. I see that as unbefitting of a personality who has benefited enormously from the votes of Benue people all his life,” he said.

He urged the former governor to distinguish between disagreements with the incumbent administration and respect for the people of the state, stressing that political criticism should be expressed with decorum.

“If he has issues, he should apply the right language, apply decorum in the manner to address matters. That is the only legacy we can leave for our children, those yet unborn, and not to talk down on someone in the person of the governor because you are bitter,” Tarzoor said.

On Wike’s reported comments concerning federal allocations to Benue State and the need for the state government to disclose its revenue and expenditure, Tarzoor questioned what he described as the minister’s selective focus on the state’s finances.

He asked whether the FCT minister had made similar demands for financial disclosures from other states, including Nasarawa, Rivers and Kano, arguing that calls for transparency should be consistent and not directed at one state alone.

“Has he spoken about the one coming to Nasarawa, or the one going to Rivers State? Has he published the one in Rivers? Has he published the one in Kano?” he asked.

Tarzoor, however, acknowledged that public revenue and expenditure were legitimate matters of public interest, but insisted that demands for financial information should be pursued through appropriate channels and applied consistently across the country.

He maintained that Alia’s administration was open to scrutiny and urged interested members of the public to use established legal mechanisms to obtain relevant government records.

“Governor Hyacinth Alia is open to all criticisms. The law is clear on freedom of information. You test it; the records will be there for you to see,” he said.

The former ambassador cautioned against what he described as uncoordinated demands for financial information, arguing that government officials should be allowed to concentrate on governance while legitimate enquiries were handled through established procedures.

He also urged the media to promote accountability by seeking accurate information from relevant government agencies rather than relying solely on exchanges among political actors.

Tarzoor’s comments come amid heightened political activities ahead of the 2027 general elections, with disagreements over governance, public accountability and political leadership increasingly featuring in the debate in Benue State.

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JPMorgan’s Entry into Nigeria: Turning Global Finance into a National Development Opportunity

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By Uche Joe Uwaleke

The proposed establishment of JPMorgan Merchant Bank Nigeria Limited presents Nigeria with an important opportunity to deepen its financial markets, attract international investment and strengthen its integration into the global economy.

At a time when the country is grappling with inflationary pressures, currency depreciation, high borrowing costs and declining purchasing power, the prospect of a major international financial institution expanding its operations in Nigeria deserves a measured assessment of both its potential benefits and its attendant risks.

JPMorgan Chase is one of the world’s largest banking and financial services groups, with extensive capabilities in investment banking, corporate finance, capital markets and international payments.

Its proposed transition from a representative office to a locally licensed merchant bank would represent a significant expansion of its institutional presence in Nigeria.

Although approval-in-principle is not a final banking licence, the development signals an interest in establishing a more substantial platform in one of Africa’s most important economies.

The timing of this development has understandably attracted attention, given the economic difficulties confronting many Nigerians.

However, the fact that an international financial institution sees opportunities in a challenging economic environment does not, in itself, suggest that those difficulties were deliberately engineered to facilitate foreign exploitation.

Investment decisions are influenced by a combination of market size, financing needs, regulatory reforms, commercial opportunities and expectations about future growth.

Nigeria’s present economic challenges can coexist with substantial long-term investment potential.

It is equally important to distinguish between the commercial interests of international banks, the policies of governments and the decisions of multilateral financial institutions.

Although these interests may occasionally overlap, they are not necessarily identical.

Major financial institutions naturally seek profitable opportunities, but their participation can also mobilize capital, facilitate trade, transfer expertise and support business expansion.

The key question is whether Nigeria possesses the institutions and policy framework necessary to ensure that these commercial interests contribute meaningfully to national development.

One argument frequently advanced against foreign investment is that the depreciation of the naira has made Nigerian assets cheaper for international investors.

While currency depreciation may reduce the dollar-equivalent cost of certain local assets and expenses, it also increases the cost of imported equipment, foreign-currency borrowing and other external obligations.

It can erode local earnings when converted into foreign currency and introduce significant uncertainty into investment decisions.

A weaker currency is therefore neither an unqualified advantage to foreign investors nor a sufficient condition for attracting sustainable investment.

Similarly, the ₦50 billion capital requirement associated with the proposed merchant bank should be considered in its proper context.

Its dollar equivalent fluctuates with the exchange rate, but the required naira capital remains unchanged.

The more important considerations are whether the institution is adequately capitalized, operates within the applicable regulatory framework and deploys its resources in ways that support legitimate economic activity.

The objective should be to ensure that the bank’s presence contributes to the strength of Nigeria’s financial system rather than merely expanding the reach of international finance.

The potential benefits are considerable. Nigerian businesses often face difficulties obtaining appropriately structured, long-term financing for expansion, infrastructure development and industrial investment.

A merchant bank with JPMorgan’s international network and financial expertise could help credible businesses access global capital markets, arrange syndicated financing, issue debt and equity instruments, and undertake complex corporate transactions.

These services could support manufacturing, agriculture, energy, logistics and technology, particularly where viable Nigerian enterprises require capital and expertise to scale their operations.

Its presence could also facilitate international trade and investment.

Nigerian companies seeking to enter foreign markets or attract overseas investors could benefit from improved access to international financial networks, advisory services and trade-finance arrangements.

Properly structured transactions could bring additional foreign capital into productive sectors, strengthen export capacity and help businesses earn foreign exchange.

Such outcomes are not automatic, however; the benefits would depend on the nature of the transactions and whether they generate lasting economic value rather than merely facilitate short-term capital movements.

Employment and professional development constitute another important dimension.

A fully operational local subsidiary could create opportunities in banking, financial analysis, compliance, risk management, technology and related professional services.

Nigerian professionals could gain exposure to international standards, specialized training and sophisticated financial transactions.

The institution could also stimulate competition within the financial services industry, encourage improvements in service quality and create opportunities for collaboration with Nigerian banks and capital-market operators.

There is an African precedent worth considering. JPMorgan has an established presence in South Africa, including operations in Johannesburg and Cape Town.

The firm has also pursued initiatives to support Black-owned businesses in the country, including a US$20 million fund launched in 2021 with targets for supporting early-stage enterprises, creating employment and facilitating financing.

While such programme targets should not be confused with independently verified outcomes, they illustrate the potential for a global financial institution to contribute to business development beyond its conventional corporate banking activities.

Nigeria should explore similar opportunities tailored to its own economic circumstances and development priorities.

None of this requires the assumption that foreign capital is inherently benevolent.

International banks are commercial institutions whose primary responsibility is to generate returns for their shareholders.

Their activities may include financing acquisitions, arranging sovereign debt and facilitating cross-border transactions.

Depending on the circumstances, such activities can promote productivity and investment or contribute to market concentration, excessive external borrowing and the transfer of strategic assets without adequate domestic benefit.

The appropriate response is not to reject foreign participation on principle, but to establish safeguards that distinguish beneficial investment from transactions that undermine national interests.

Corporate acquisitions, for example, should be assessed against competition rules, transparency requirements and their implications for employment, productive capacity and market concentration.

Sovereign borrowing should be guided by a credible debt-management framework, transparent disclosure and a careful assessment of repayment capacity.

International financing must complement domestic economic development rather than encourage unsustainable dependence on external capital.

The responsibility for establishing these safeguards rests principally with Nigeria’s institutions.

The Central Bank of Nigeria must ensure that JPMorgan satisfies all applicable licensing, capital adequacy, governance and risk-management requirements before commencing operations.

Its global reputation should confer no regulatory privileges.

Effective supervision, compliance with tax and reporting obligations, and appropriate oversight of cross-border transactions must remain fundamental requirements.

Beyond regulation, Nigeria should adopt a deliberate strategy for maximizing the institution’s developmental contribution.

Engagement with the bank should encourage financing for productive enterprises, viable infrastructure, export-oriented businesses and other sectors capable of generating employment and sustainable economic returns.

Local recruitment, professional training and collaboration with domestic financial institutions should also be encouraged, while respecting applicable laws and commercial realities.

Equally important is the need to strengthen Nigeria’s domestic financial architecture.

Local banks, pension funds, insurance companies, investment firms and capital-market operators must be equipped to mobilize domestic savings and finance long-term investment.

International participation should complement and strengthen these institutions rather than displace them.

A diversified financial system, supported by credible regulation and deeper domestic capital markets, would give Nigeria greater negotiating power and reduce excessive dependence on any single institution or source of financing.

By and large, the benefits of JPMorgan’s proposed entry will depend on the broader economic environment.

High energy costs, inadequate infrastructure, expensive credit, policy uncertainty and the difficulties confronting domestic manufacturers continue to constrain productive investment.

Addressing these obstacles, maintaining macroeconomic stability and protecting vulnerable households must remain national priorities.

Foreign capital can support these objectives, but it cannot substitute for sound economic management, institutional accountability and policies that promote inclusive growth.

Nigeria should therefore approach this development with neither uncritical enthusiasm nor reflexive suspicion.

The proposed bank’s entry offers an opportunity to mobilize international expertise, deepen financial markets, expand financing options and connect Nigerian businesses with global investment opportunities.

Whether these possibilities translate into tangible benefits will depend on the quality of regulation, the discipline of economic policy and the country’s determination to place national development at the centre of its engagement with international finance.

The essential challenge is to ensure that Nigeria does not become merely a marketplace for global financial transactions, but a country in which those transactions help build productive enterprises, create skilled employment, strengthen domestic institutions and improve living standards.

With the right safeguards and a clear development strategy, JPMorgan’s proposed entry could become a valuable addition to Nigeria’s financial architecture and a meaningful opportunity to advance the country’s long-term economic interests.

Prof Uche Uwaleke is the Director of the Nasarawa State University Institute of Capital Market Studies and the President of the Capital Market Academics of Nigeria.

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WAHO Steps Up Regional Health Surveillance After Ebola Case Confirmed in Abuja

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By David Torough, Abuja

The West African Health Organisation (WAHO) has intensified regional health surveillance following the confirmation of an imported case of Ebola virus disease in Abuja, Nigeria, on October 20, 2026.

In a statement, WAHO said it was closely monitoring the situation in collaboration with the Nigeria Centre for Disease Control and Prevention (NCDC), national health authorities and regional epidemiological surveillance mechanisms to prevent the potential spread of the disease across borders.

According to information provided by Nigerian health authorities, the patient is a woman who recently arrived from Uganda.

She reportedly developed symptoms on October 7 and received treatment at a private health facility in Abuja on October 11 before her diagnosis was confirmed through laboratory testing on October 20.

As part of efforts to strengthen regional preparedness and response, WAHO said it remained fully mobilised to support member states of the Economic Community of West African States (ECOWAS) in enhancing disease surveillance and preventing cross-border transmission.

The organisation disclosed that it maintained regular contact with the NCDC and held a briefing on October 21 with directors of National Public Health Institutes (NPHIs) across ECOWAS member states to discuss the situation and reinforce regional coordination.

WAHO stressed that early detection, prompt reporting of suspected cases, effective epidemiological surveillance and coordination among health services were essential to preventing and controlling the spread of epidemic-prone diseases.

It urged the public to observe preventive measures, including frequent handwashing with soap and clean water or the use of alcohol-based hand sanitisers.

The organisation also advised people to avoid direct contact with the blood and other bodily fluids of sick or deceased persons, as well as their clothing, bedding and personal belongings.

It cautioned against handling the bodies of people who died from suspected causes, emphasising that safe and dignified burials should be conducted by trained teams.

On animal-related risks, WAHO advised the public to avoid handling or consuming bushmeat, refrain from touching sick or dead animals, including bats and primates, and ensure that all meat is thoroughly cooked before consumption.

The organisation further urged anyone experiencing symptoms consistent with Ebola, including sudden fever, severe fatigue, body aches, vomiting, diarrhoea or bleeding, to seek immediate assistance from a health facility.

It also recommended avoiding non-essential travel to affected areas and adhering strictly to official health guidance whenever travel is unavoidable.

WAHO called on the public to rely on information from official sources and refrain from spreading rumours or unverified reports that could undermine public health response efforts.

Reaffirming its commitment to regional health security, the organisation said it would continue working with the health ministries of ECOWAS member states, as well as technical and financial partners, to strengthen preparedness and protect populations across West Africa.

Through the ECOWAS Regional Centre for Surveillance and Disease Control (RCSDC), a specialised WAHO agency based in Abuja, the organisation said it would continue monitoring developments and communicate relevant information in coordination with the appropriate health authorities.

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