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Nigeria-Japan N642m eco-social development grant, here’s what it means

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A grant aid project on economic and social development worth N642million was signed between Nigeria and Japan on Tuesday. The amount would be provided by the Government of Japan.The Minister of Budget and National Planning Sen. Udoma Udo Udoma signed for the Nigerian government while Japan’s Ambassador Extraordinary and Plenipotentiary to Nigeria, Sadanobu Kusaoke, signed on behalf of his home country.

According to a  statement from the Budget Ministry said grants from the agreement will be channeled towards:

  • Enhancing competitiveness and support the Nigeria’s poverty reduction efforts.
  • It is also meant to improve standard of living and ensure environmental sustainability, which is in line with the development priorities encapsulated in the Economic Recovery and Growth Plan (ERGP) (2017–2020) of the Buhari administration.
  • Also Japanese Government is providing $1.75million for necessary equipment to the National Institute for Pharmaceutical Research and Development (NIPRD), and the Ministry of Agriculture and Rural Development. The equipment will be products of Japan’s highly-specialised small and medium sized enterprises (SMEs).

While signing the agreement, Senator Udoma expressed Nigeria’s gratitude to Japan, for its numerous interventions in various sectors of the country’s economy in support of its development aspirations; and particularly for aligning its intervention programmes with the ERGP.

Udoma also recalled last year’s signing of an Exchange of Note (E/N) with Japan on emergency improvement of electricity supply facilities in Abuja, and commended its role in the development of the National Power Development Master Plan, designed to guide government on the optimal energy mix and efficiency for the country.

“The Economic and Social Development programme for which we are here gathered this morning, is also one of such interventions in the sum of Y200,000,000.00 (approximately N642,204,315.79)”

While responding, the Japanese Ambassador promised that his country will continue to explore development options, strategies and paradigms that will engender more mutually beneficial collaborations in support of our long-term friendship between the two countries. He also added that his home country’s government has been extending grant aids to Nigeria in different fields over the years, it considers the ones for health and agriculture particularly important, because advanced pharmaceutical research and improved agricultural production have direct, positive impact on the quality of life and on inclusiveness of growth.

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“Japan is working together with the Ministry of Agriculture and Rural Development for the efficient post-harvest processing of rice crop and improvement of its quality. I believe this processing method, when adopted widely in this country, could have a huge multiple impacts on job-creation and food security as well as the country’s external balance,” Ambassador Kusaoke was quoted.

Reported by Fikayo Owoeye

Nairametrics Research team tracks, collates, maintains and manages a rich database of macro-economic and micro-economic data from Nigeria and Africa. Our analysts share some of the data collated on Nairametrics, using formats such as docs, tables and charts etc. The team also publishes research based analysis as articles on a regular basis.

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Tech News

Instagram disables its “Recent” feature

Instagram has announced it remove the “recent” tab from hashtag pages on a temporary basis.

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COVID-19: Instagram cracks down on coronavirus AR effects, Instagram Tenders apology for fagging #EndSARS fake, Instagram has disabled the “Recent” feature for the forthcoming U.S election,

Instagram disclosed that it would remove the “Recent” tab from its hashtag pages for people in the U.S.

The social networking and video sharing service stated this on its official Twitter handle. It said it is “doing this to reduce the real-time spread of potentially harmful content that could pop up around the election”

What you should know

Nairametrics had reported on Instagram’s apology for its algorithm malfunction that led to the flagging of #EndSARS posts as fake.

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Instagram has also taken the following measures to ensure a successful election

• The registration of 4.4 million votes this year through its flagship platform, Instagram and Messenger.
• Serving as a means of information and tool to people in the US on the electoral process
• The ban of any content that can cause destruction or war to the election.

(READ MORE:U.S dollar stable amid U.S holiday)

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Mark Zuckerberg, the CEO of Facebook, said he was perturbed about the high risk for civil unrest in the U.S. due to the upcoming presidential election.

“I’m worried that with our nation so divided and election results potentially taking days or weeks to be finalized, there is a risk of civil unrest across the country,” Zuckerberg said.

Furthermore, he disclosed on a call while discussing Facebook’s third-quarter earnings, stating that, “Given this, companies like ours need to go well beyond what we’ve done before.”

Why this matters

The aim of the short-term decision is to decrease the spread of misinformation on the forthcoming U.S election.

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ENDSARS

#EndSARS: Police did not shoot protesters – IGP Adamu

The IGP has said that police officers acted professionally and exercised commendable restraints during the #EndSARS protests.

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The Inspector-General of Police, M.A Adamu, has said that officers of the Nigeria Police Force acted professionally and exercised commendable restraints during the protests, in a response to Amnesty International about police firing at protesters.

The IG disclosed this in a statement on Friday morning, saying reports on the shooting of protesters is not true.

What you should know

Amnesty International released a report on the 21st of October, 2020, saying it has confirmed “that the Nigerian army and police killed at least 12 peaceful protesters yesterday at two locations in Lagos. The killings took place in Lekki and Alausa, where thousands were protesting police brutality as part of the #EndSars movement.”

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President Muhammadu Buhari also disclosed last week that 51 civilians, 11 Police officers, and 7 soldiers have been killed in the unrest.

The IGP said today that, “Officers of the Nigeria Police Force acted professionally, exercised commendable restraints and some paid the supreme price for peace during the recent protests and ensuing violence in some parts of the country.

“The Amnesty Int’l report is untrue, misleading, and contrary to all available empirical evidence.

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“Even when the protests turned violent in some parts of the country, the officers still maintained utmost restraint and did not use excessive force in managing the situations.”

The IG added that 22 Police personnel were killed by hoodlums, with many more injured and that 205 police stations were attacked.

“Available reports show that twenty-two (22) police personnel were extra-judicially killed by some rampaging protesters and scores injured during the protests. Many of the injured personnel are in life-threatening conditions at the hospital.

“Two hundred and five (205) police stations and formations including other critical private and public infrastructure were also damaged by a section of the protesters,” he said.

The IG said Amnesty International failed to pay tribute to police officers who lost their lives in the violence and accused the organization of “discriminatory tendencies.”

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Corporate Press Releases

LivingTrust Mortgage Bank posts N192 million in Q3 2020

The improved result was driven by an effective mix of revenue optimization and cost minimization strategies by the management and the Board of the company.

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LivingTrust Mortgage Bank has announced its unaudited third-quarter 2020 financial results, which showed an impressive performance, as revenue went from N120 million in Q3 2019 to N192 million Q3 2020.

This information is contained in the LivingTrust Mortgage Bank unaudited third-quarter 2020 financial results.

The company reported an impressive leap in profits in the third quarter of 2020, as profit after tax increased from a meager N3.34 million in the third quarter of 2019 to an impressive N71.43 million in 2020; the company witnessed improvement in its operations, owing to an effective mix of revenue optimization and cost minimization strategies by the management and the board of the company.

READ: First Bank is cutting inefficiencies and focusing on its strengths

What you should know

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  • LivingTrust Mortgage Bank’s turnover was N191.72 million, compared to N120.20 million in the third quarter of 2019.
  • The Mortgage Bank’s profit after tax was N71.43 million, compared to N3.34 million in the third quarter of 2019.
  • The increase in profit after tax was largely driven by interest Income From Mortgage Loans And Advances
  • To Customers, which increased from N119 million to 170 million.
  • The total assets of the company increased from N4.6 billion as of the last day of business in 2019 to N5.3 billion as of 30 September 2020.

READ: Access, GTBank, two others pay PWC & EY N1.5 billion as Audit fees in H1 2020 

Operational Review

Despite prevailing economic headwinds and the tight regulatory framework of the economy, LivingTrust Mortgage Bank continues to show sustained growth in key segments driven by strategic positioning of the business in Osun State.

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LivingTrust Mortgage Bank is headquartered in Osun State where it operates from 3 branches with desk offices in Lagos, Akure and Abuja. The new strategies deployed by the management and the board of the company yielded huge gains for the company since the beginning of the year.

This is obvious in the improved performance of the company in Interest Income From Mortgage Loans And Advances To Customers, during the period.

READ: UPDATED: Nigeria’s GDP contracts by 6.10% in Q2 2020, as critical sectors plunge

What they are saying

In a note by the management of the company commenting on the result, it was stated that: “Living Trust Mortgage Bank Plc achieved this result under a new management, led by Adekunle Adewole as the Managing Director, which came on board in May, this year, and Alhaji Adebayo Jimoh-led board of directors.”

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The bank which was hitherto known as Omoluabi Mortgage Bank Plc also rebranded and became known by its present name.

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The bank further said, “Our recent achievement are fallouts of the strategies introduced by the new management, to ensure that the bank effectively discharges its commitments to its growing customer base.

“Our recent rebranding also contributed to our feat, as it became necessary for us to adopt an image which correctly reflects our current outlook and strategic focus.”

READ: C&I Leasing gets approval to list N539 million worth rights issue 

The bank’s management was recently overhauled, while its board of directors was also reconstituted, following the acquisition of majority shareholding in it by Cititrust Holdings Plc.

According to the bank, with the increasing cultural diversity of its fast-growing customer base, it became necessary for it to adopt an image that correctly reflected its current outlook and strategic focus.

The bank added that the name change is also a reflection of its corporate transformation plan, which primarily aims at delivering superior quality products and services to all customers, regardless of their status or location.

READ: Devaluation: Nigeria’s current account deficit rises again

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About Adewole Adekunle

The new MD, Mr. Adewole Adekunle, is a banking professional with over 2 decades of experience cutting across areas like retail, commercial, corporate banking, corporate strategies, and credit recoveries.

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He served in various positions in Omega Bank (now Keystone Bank), Standard Trust Bank (now UBA), Broad bank (now Union bank), and Sterling Bank.

He has 2 MBAs in Marketing and Finance from the University of Ado-Ekiti and the Metropolitan School of Business and Management, UK. He also holds a Masters in Business Law and a certificate in Global Management (CGM). He is an Alumnus of Lagos Business School and INSEAD.

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