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Micro Finance Bank ,Group Partner to Empower Public School Teachers

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The Illmi Children’s Fund (ICF) and Peace Microfinance Bank (PMFB) have signed a Memorandum of Understanding (MOU) to financially empower teachers and educators.

The Managing Director of ICF, Mrs Maryam Augie-Abdulmumin, disclosed this on Saturday in Lagos.

Reports says that the MOU, is to set up the TARM (Training, Advocacy, Research, Mentorship) Cooperative, a ground-breaking initiative designed to empower teachers financially and support their crucial role in education.

Augie-Abdulmumin said the partnership with PFMB  was to empower female teachers in their work with adolescent girls.

She noted programme would offer teachers  training in the prevention of Gender -Based Violence (GBV) at home and school.

Augie -Abdulmumin added that the co-operative   also sought to help both male and female teachers plan for a secure retirement.

“This partnership will also empower teachers who become members to retire to a future of ease.

“ICF is committed to social impact through empowerment and entrepreneurship ,and we could not pass off the golden opportunity that this partnership offers us to do what we do best,” Augie-Abdulmumin said

On her part, the Managing Director of PMFB, Ms Judith Onyishi, said that the  partnership was aimed at giving teachers access to financial tools to plan for the future.

“Through this partnership with ICF on setting up the TARM Cooperative, we are giving teachers access to financial tools and resources they need to plan for a secure future while strengthening their ability to continue to do their work whole-heartedly.

“We believe that teachers deserve a retirement plan that is dignifying and gives them hope.

“The TARM Cooperative is a significant step towards ensuring financial stability for teachers, allowing them to focus on their important work of educating and inspiring the next generation of leaders.” Onyishi said

According to her , TARM Cooperative offers a  diverse range of benefits to eligible public school teachers, with future expansion planned for private schools.

She added that the benefits included secure retirement plans, easy access to loans, flexible payment options, financial literacy training and entrepreneurial growth. (NAN

NEWS

Tinubu Mourns Ex-Minister, Ogbonnaya Onu

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President Bola Tinubu has extended his deepest condolences to the Onu family over the passing of Chief Ogbonnaya Onu, a former Minister of Science and Technology in the Buhari administration.

Chief Onu passed away on Thursday at the age of 72.

“The President mourns a luminous star in Nigeria’s political firmament.

The first civilian governor of Abia State; former minister of Science, Technology and Innovation, a principal draughtsman in the founding of the All Progressives Congress (APC), and a valiant partner in the victory of the party in the 2015 elections.
 

“Most importantly, the President celebrates the life of an accomplished scholar, first-class engineer; a man of proven integrity; defiant to indiscipline, but ever yielding to the highest standards of rectitude,” a statement by Chief Ajuri Ngelale, Presidential spokesman quoted the President to have said.

The statement said Tinubu affirmed that the late Onu epitomized Nigeria in concord; in wholeness, as the late statesman believed in and defended Nigeria’s unity, advocated peace, and promoted fellowship across the Niger.

The President also condoled with the friends and associates of Chief Onu, Ebonyi and Abia State Governments, and all Nigerians grieving this gaping loss.

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Business News

Geregu Power Earns N50.4bn From Electricity Sales, Capacity Charges 

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By Tony Obiechina, Abuja 

Geregu Power Plc has generated N50.4bn on electricity sales and capacity charges to Nigerians in the first quarter of 2024.

The power company which is the first listed power company of the Nigerian Exchange Ltd disclosed the performance in its Q1, 2024 financial statement.

The company grew its Q1 revenue by 225 per cent from N14.

2bn in 2023 to N50.
4bn in 2023.

A breakdown reveals that Geregu Power sold energy worth N31bn and received N19bn as revenue from capacity charge.

Recall that the power company posted an annual revenue of N82.9bn in the full year of 2023 but it has covered half of the amount in Q1.

The revenue was above the company’s forecast for Q1 2024 when it projected its revenue to rise to N31.24bn.

Geregu Power recorded a profit before tax of N21.9bn up from the N5.3bn recorded in Q1 of last year, reflecting 307.8 per cent growth.

During the period underreview, the company saw its profit after tax rose by 307.3 per cent to N14.46bn from N3.54bn recorded in Q1 of last year. In the full year 2023, the company made N16.1bn net profit.

The net profit was above the company projection of N5.5bn. 

Geregu Power took an income tax charge of N7.43bn, up from the N1.8bn in Q1 2023. The tax charges were higher than the N2.7bn projected for Q1 2024.

The company also spent N21.5bn on the cost of sales involving gas supply and transportation, up from the N6.6bn spent on gas supply and transportation in Q1 2023.

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Foreign News

U.S. not Expecting to be Drawn into War but Predicts Attack by Iran Against Israel

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The United States expects an attack by Iran against Israel but one that would not be big enough to draw Washington into war, a U.S. official said late on Thursday.

The White House said earlier that Washington did not want conflict to spread in the Middle East and the U.S. had told Iran it was not involved in an air strike against a top Iranian military commander in Damascus.

The White House added it warned Iran to not use that attack as a pretext to escalate further in the region.

Suspected Israeli warplanes bombed Iran’s embassy in Damascus on Monday in a strike for which Iran has vowed revenge and in which a top Iranian general and six other Iranian military officers were killed, ratcheting up tension in a region already strained by the Gaza war.

Iranian sources told Reuters that Tehran has signalled to Washington that it will respond to Israel’s attack on its Syrian embassy in a way that aims to avoid major escalation and it will not act hastily, as Tehran presses demands including a Gaza truce.

The United States has been on high alert about possible retaliatory strikes from Iran and U.S. envoys have been working to lower tensions.

Palestinian Islamist group Hamas attacked Israel on Oct. 7, killing 1,200, according to Israeli tallies.

Israel’s military assault on Hamas-governed Gaza has since killed more than 33,000 people according to the local health ministry, displaced nearly all of Gaza’s 2.3 million population, caused a humanitarian crisis, and led to genocide allegations that Israel denies.

Iran-backed groups have declared support for Palestinians, waging attacks from Lebanon, Yemen, and Iraq.

Tehran has avoided direct confrontation with Israel or the United States, while declaring support for its allies. (Reuters/NAN)

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