General News
Sanwo-Olu Reaffirms Support for SMEs, Unveils N10m Loan Initiative

Gov. Babajide Sanwo-Olu of Lagos State has unveiled the Lagos State Access to Finance for SMEs through Cooperatives (LASMECO) to provide access to finance for Small and Medium Scale Enterprises (SMEs) and registered cooperative societies in the state.
Sanwo-Olu unveiled the initiative at the Adeyemi Bero Auditorium, Alausa, Ikeja, on Wednesday in partnership with Bank of Industry (BoI) and Sterling Bank Ltd.
He said the tripartite initiative was designed to break the funding barrier to enable SMEs to access up to N10 million at a single-digit interest of nine per cent per annum without collateral.
LASMECO is a first-of-its-kind public-private financing platform that aims to deliver low-interest, risk-mitigated loans to SMEs across strategic sectors, including healthcare, agriculture, creative industries, manufacturing, and circular economy clusters.
The initiative is a game changer that will accelerate access to finance for SME business owners in the state by providing a loan of up to N10 million at nine per cent interest rate for two to three years.
The governor advised the beneficiaries to use the money and grow for their businesses judiciously.
“I stand here today filled with pride and hope. Pride in the indomitable spirit of Lagosians, and hope for the future we are building together.
“This occasion, the launch of the joint initiative between the Lagos State Government, Bank of Industry, and Sterling Bank MSME Fund, is not just a formal unveiling of a financing programme.
“It is the unveiling of dreams, the lighting of thousands of small candles that together will illuminate the path to a more prosperous and inclusive Lagos.
“Let me begin with a story that captures why this moment matters. A few years ago, I met a young woman named Bisola in Alimosho. Bisola ran a small tailoring business out of a single shop.
“She had creativity, she had customers, and she had ambition, what she didn’t have was affordable capital to expand. Traditional loans were out of reach without collateral, so for years her dream of opening a small factory remained just that: a dream.
“In 2020, through a Lagos State support scheme for small businesses, Bisola accessed a low-interest loan. With that little boost, she bought two additional sewing machines and hired three apprentices from her community,” the governor said.
The governor further said that there were other Bisola’s that would benefit from the scheme.
Sanwo-Olu commended the contribution of the informal sector to economic growth and development.
“Bisola’s story is not only inspiring, but it is unique. It is one of thousands of success stories our Micro, Small, and Medium Enterprises (MSMEs) have written across this great state.
“From the bustling markets of Balogun and Idumota, to the tech hubs of Yaba, to the bustling garages in Ikeja and the creative studios in Surulere, our MSMEs are the unsung heroes of Lagos’s economy.
“They are the backbone and the heartbeat of our drive toward prosperity. When we talk about making Lagos a 21st century economic powerhouse, it is their energy and innovation that power the engine.
“Think about it, MSMEs account for almost 96 per cent of businesses in our nation and nearly half of our GDP. Here in Lagos, we are proud to host the highest concentration of these enterprises in Nigeria.
“That means millions of our citizens wake up every day as owners of small shops and stalls, founders of startups, operators of restaurants and factories, providers of services and artisans of trade.
“Together, these hard-working men and women employ the vast majority of our workforce and provide livelihoods for countless families. They turn the cogs of commerce in every neighborhood, from Epe to Eko, Badagry to Ikeja,” he said.
Also speaking, the Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folasade Ambrose-Madebem, described the initiative as a revolutionary financing scheme for MSMEs to provide a single digit non-collateralised loan.
Ambrose said the loan to be given to businesses under cooperatives would unlock the next generation of entrepreneurs in the state.
“So, as we begin this journey today, let us remember that this is not just about launching, it’s about unlocking the next generation of entrepreneurs.
“This is about creating a type of globally grown, globally competitive enterprise that will find its future opportunities.
“It’s about ensuring that whether you’re a young woman in Badagry, a healthcare provider LASMECO will work for you,” she said.
The Managing Director of BoI, Dr Olasupo Olusi, said the bank partnered Lagos State on the initiative to ensure access to finance for MSMEs to tackle poverty and guarantee economic growth in communities.
NAN reports that the highpoint of the event was the signing of the Memorandum of Understanding on the initiative between the Lagos State Government, Bank of Industry and Sterling Bank. (NAN)
General News
Tinubu Congratulates Chimaroke Nnamani on 65th Birthday

President Bola Tinubu rejoices with Sen. Chimaroke Nnamani, a former governor of Enugu State, as he celebrates his 65th birthday today.
Tinubu commended Nnamani’s contributions to Nigeria’s democratic journey, particularly his service as governor from 1999 to 2007, and his membership of the Southern Governors Forum, Mr Bayo Onanuga, the President’s spokesman, said in a statement.
The President noted that the reforms Nnamani championed in healthcare, education and infrastructure left a lasting legacy on the state and improved its people’s lives.
Tinubu acknowledged Nnamani’s commitment to national unity, dialogue, and development, as well as his intellectual depth and medical expertise, which had continued to enrich Nigeria’s policy evolution.
“As you mark this milestone, I wish you good health, renewed strength, and more years of fruitful service to the nation,” the President concluded. (NAN)
General News
Okpebholo Applauds Tinubu at two-year Mark

Gov. Monday Okpebholo of Edo has extended heartfelt commendations to President Bola Tinubu as he marks his second anniversary in office as President of the Federal Republic of Nigeria.
In a statement issued on Thursday in Benin by his Chief Press Secretary, Mr Fred Itua, Okpebholo described Tinubu’s leadership as transformative, stating that “one good term deserves another.
”He lauded the President’s Renewed Hope agenda, calling it a firm commitment to economic recovery, national security, and improved living conditions for all Nigerians.
According to the governor, Tinubu’s bold reforms, infrastructure development, and renewed focus on key sectors like agriculture and education are evidence of a result-oriented leadership.
Okpebholo also emphasised the strong synergy between the federal and state governments, noting that the cooperation had accelerated developmental gains across Edo.
The governor further highlighted Tinubu’s decisive actions and visionary leadership, which he said had brought new hope, stability, and direction to Nigeria’s democratic journey.
Reaffirming Edo’s partnership with the federal government, Okpebholo pledged continued collaboration to drive sustainable national growth and unlock the country’s full potential.
He commended Tinubu’s courage in implementing critical reforms in spite of global economic challenges, describing him as forward-thinking and patriotic.
Okpebholo expressed confidence that Nigeria was on the right path under Tinubu’s leadership.
He ended by wishing the President divine wisdom, strength, and continued success in leading Nigeria toward unity, peace, and lasting prosperity.(NAN)
General News
First Lady Donates 7 Vehicles to YOWICAN

The First Lady, Sen. Oluremi Tinubu on behalf of her organisation, Renewed Hope Initiative (RHI) has presented seven new 18-seater CNG buses to the Youth Wing Christian Association of Nigeria (YOWICAN).
The First Lady presented the keys of the vehicles to the YOWICAN executives led by its National Chairman, Amb.
Belusochukwu Enwere on Thursday in the State House, Abuja.Each of the vehicles, according to Mrs Tinubu, are for YOWICAN in each of the six geopolitical zones and the National Secretariat.
She said the presentation of the vehicles which coincided with the second anniversary of President Bola Tinubu’s administration on May 29, was also her token of appreciation unto God for sustaining the present administration.
She said it also came as a fulfilment of her promise made to the YOWICAN members during the Easter Brunch held in the State House on April 21 to provide them with mobility for evangelism.
Mrs Tinubu also told the youth to extend love to people through giving, saying “we thank God that whatever we have, that has sustained us at RHI, God kept providing.
“I saw your strength when you came for the brunch and I asked if you have a vehicle and you said no, it means it’s the fathers that have been sustaining you, I said that our children also need teeth to be able to bite.
“As we handle these vehicles to you, we pray that God will bless it and we won’t hear of any accidents in Jesus name.”
The First Lady further urged the youth to utilise the vehicle for God’s work and assist people.
“You can’t love without giving, so anytime we profess love to people, we should be able to back it up with giving.
“As you have chosen Christ, you should be good followers of Christ indeed, always embrace truth and do what is right and pleasing before God.
“We cannot do this any other day than today which happens to be the second anniversary of this administration.
“It is God that has been sustaining us, therefore, giving to people who are serving him is a good way to celebrate.
“We believe today God wants us to celebrate because we would just be there thanking God privately for sustaining President Tinubu and all his team on the second anniversary of this administration, but we have something to give.
“Therefore, on behalf of RHI, and in due to our love for you as our children, because we believe you’ll all be achievers of this nation, we hand over these vehicles to you,” she said.
The Executive Secretary, Nigeria Christian Pilgrimage Board, Bishop Stephen Adegbite, however, prayed on the vehicles, YOWICAN and expressed gratitude to President Tinubu and the First Lady for the gesture.
Enwere on behalf of YOWICAN expressed gratitude to the First Lady and her RHI team for the donation.
He said that the buses would ease the stress they encountered during evangelism and help to make progress.
“These buses you donated to our organisation would help to ameliorate the work and operations of our organisation’s activities.
“On behalf of YOWICAN nationwide, and the entire youth, we want to say a big thank you to our mother for her generosity and for these enormous gifts,” he said.
The News Agency of Nigeria reports that the presentation was also witnessed by the Wife of the Vice-President, Hajiya Nana Shettima, who is the RHI, National Vice Chairman; and the Wife of Imo State Governor, Mrs Chioma Uzodinma, the RHI Secretary.
Others are Wife of Ministers led by Mrs Racheal Umahi, YOWICAN Executives from the six geopolitical zones, Wife of Secretary to the Government of the Federation, Mrs ReginaAkume among others.(NAN)