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)

 Columbia University announced Tuesday that it will lay off nearly 180 staff members following President Donald Trump’s decision to revoke $400 million in federal funding. The funding cut is reportedly in response to the university’s handling of student protests against the war in Gaza.

According to a statement from the university, the layoffs represent approximately 20 per cent of employees whose roles were supported in some way by the now-terminated federal grants.

“We have had to make deliberate, considered decisions about the allocation of our financial resources,” the university said.

“Those decisions also impact our greatest resource, our people.

University spokesperson Jessica Murphy declined to comment on whether more layoffs are expected but said Columbia was taking a range of steps to enhance financial flexibility. These include maintaining current salary levels and offering voluntary retirement incentives.

In addition, the university planned to scale back research activities. Some departments would wind down specific studies, while others would continue limited operations as they sought alternative funding sources.

Research areas impacted include projects such as the development of an antiviral nasal spray for infectious diseases, studies on maternal mortality and morbidity, treatment research for chronic conditions like long COVID, care for newborns with opioid withdrawal syndrome, and colorectal cancer screenings. (AP/NAN)

Police Arrest 2 Wanted Fugitives Over Human Trafficking, Armed Robbery

 The Nigeria Police Force says it has arrested two suspected internationally wanted fugitives over human trafficking and armed robbery.

The Force Public Relations Officer, ACP Olumuyiwa Adejobi said this in a statement on Wednesday in Abuja.

Adejobi said that one of the suspects was a ringleader of a human trafficking syndicate wanted by Belgian authorities while the second was a key member of a Dubai-based armed robbery gang.

He added that the first suspect was the alleged mastermind of a large-scale human trafficking operation and had been declared wanted by the Belgian authorities through an INTERPOL Red Notice.

He disclosed that the notice was issued on Dec. 19, 2023, adding that the suspect was arrested in Benin, the Edo capital, following diligent intelligence and enforcement efforts by police operatives.

The force PRO also said that the suspect was accused of trafficking young Nigerian women, including minors to Italy and subsequently dispersing them across Europe for the purpose of sexual exploitation.

He added that the victims were subjected to voodoo-based oaths and psychological coercion, with fabricated debts ranging from £20,000 to £50,000 used to manipulate and control them.

According to him, the criminal network of the suspect involved handlers in Brussels and France who managed the victims’ activities and remit proceeds to him.

”Following a conviction in absentia in Belgium in 2021 for multiple counts of aggravated human trafficking and criminal organisation leadership, the suspect fled to Nigeria.

”Upon his arrest, a search of his premises revealed incriminating materials, including a photocopy of a passport intended for a planned relocation to Canada.”

The police spokesman said the suspect has been scheduled to be arraigned at the Federal High Court in Benin.

Adejobi said the second suspect was arrested by the INTERPOL National Central Bureau (NCB), Abuja at a hideout in Nsukka, Enugu State.

He said that the suspect was wanted by authorities in the United Arab Emirates (UAE) for series of serious crimes including armed robbery, cultism, drug trafficking, and other organised criminal activities.

He explained that intelligence had revealed that the suspect had continued to coordinate criminal operations remotely from Nigeria.

The force image maker disclosed that the suspect had been directly linked to several high-profile robberies in Dubai and Sharjah, including an armed robbery at a grocery store in Dubai Mall.

”The arrest is the result of strategic intelligence sharing and operational collaboration between the Nigeria Police Force, the Office of the National Security Adviser (ONSA), and the Dubai Police,” he said.

Adejobi said the suspect would soon be arraigned in court. (NAN)