Business News
Sterling Bank set to provide credit facilities to IITA trained agripreneurs
Sterling Bank Plc to support IITA’s trained ‘agripreneur’ with credit facility.
Tier 2 lender, Sterling Bank Plc has partnered the International Institute of Tropical Agriculture (IITA) to provide loans to potential IITA trained agripreneurs. The bank’s proposed loan scheme which amounts to N10 million will come with a 5 per cent interest rate.
The scheme offers a loan tenure of seven years and moratorium of up to 18 months for the principal and six months for interest.
The agribusiness financing scheme known as the Agribusiness Small and Medium Enterprises Investment Scheme (AGSMEIS) is a voluntary initiative of the Bankers’ Committee to support the Federal Government’s efforts and policy measures for the promotion of agricultural businesses and Small and Medium Enterprises (SMEs) as vehicles for sustainable economic development and employment generation.
Sterling Bank Plc had released its financial statements for the period ended June 2018.
Results for the half year show that interest income increased from N50 billion in 2017 to N62 billion in 2018. Profit before tax jumped from N4.3 billion in 2017 to N6.3 billion in 2018. Profit after tax also jumped from N3.8 billion in 2017 to N6.2 billion in 2018.
About the bank and IITA
Sterling Bank Plc (formerly known as NAL Bank Plc) was the pioneer merchant bank in Nigeria. It was established on November 25, 1960, as a private limited liability company, and was converted to a public limited liability company in April 1992. The bank was listed on the Nigerian Stock Exchange (NSE) on August 17, 1993.
The current entity is a product of the 2006 merger among Indo Nigeria Merchant Bank (INMB), Magnum Trust Bank (NBM), and Trust Bank of Africa.
On the other hand, International Institute of Tropical Agriculture (IITA) is a non-profit institution that generates agricultural innovations that are aimed at meeting Africa’s most pressing challenges of hunger, malnutrition, poverty, and natural resource degradation.
Hospitality & Travel
Passengers can now arrive 90 minutes before departure for domestic flights – FG
The Federal Government has announced the reduction of arrival time for passengers from three hours to one hour and a half before departure for domestic flights.
This was disclosed in a tweet post by the Minister for Aviation, Hadi Sirika, through his Twitter handle on Monday, July 13, 2020.
The minister said that the decision was arrived at after they have reviewed passenger facilitation at the airport while noting that passengers should check-in online.
In the tweet post, Sirika said, ‘’My colleagues and I have reviewed passenger facilitation at our airports, consequently I am happy to announce that, henceforth travellers are to arrive one hour and half before their departure time for domestic flights. Travellers are advised to check-in online, please.’’
My colleagues & I have reviewed passenger facilitation at our airports, consequently I am happy to announce that, henceforth travelers are to arrive one hour and a half before their departure time for domestic flights. Travelers are advised to check in online, please 🙏🏽🇳🇬🇳🇬🇳🇬🙏🏽
— Hadi Sirika (@hadisirika) July 13, 2020
It can be recalled that the Federal Airports Authority of Nigeria (FAAN) had earlier in June issued flight resumption protocol for both international and local passengers across the country, advising passengers to arrive at the airport three hours before their time due to the new COVID-19 safety checks for domestic flight operations and five hours for international flight operations.
Economy & Politics
Seyi Makinde Proposes N3 billion investment plan for water supply
The local governments in Oyo are advised to submit a list of 10 faulty boreholes in the LG.
The Governor of Oyo State, Seyi Makinde announced the proposal of a N3 billion investment plan dedicated to water supply in rural and urban areas of the state.
Speaking through the Chairman of Rural Water Supply and Sanitation Agency (RUWASSA), Mr. Najeem Omirinde in Ibadan on Monday, he added that N500 million of the N3 billion would be used for repairing broken and faulty state-owned boreholes.
All Chairmen of each of the Local Governments in Oyo are advised to submit a list of 10 faulty boreholes in the Local governments.
The Oyo State governor also ordered that all new boreholes must be compliant with solar-powered pumps, to enable their longevity and save costs.
Urging residents to patronize the agency if they need to dig up boreholes for water, citing that it would be cheaper if done through the state agency than with private drilling companies.
Minister of Finance, Zainab Ahmed stated last year that Nigeria needs an estimated N36 trillion annually for the next 30 years to solve Nigeria’s infrastructure problem. The investment, although a tiny fraction of what Nigeria needs is a bold step by the Oyo State government.
Economy & Politics
FG asks UK court for more time to appeal $9.6 billion arbitration judgement
Malami stated that the Evidence of P&ID’s highly orchestrated scam had only recently come to light.
The Federal Government has approached a UK court to appeal for more time to appeal the $9.6 billion arbitration award against it over the breach of contract with Process & Industrial Development (P&ID) Ltd.
Nigeria has said that it needs more time to pursue its argument that the 2010 gas supply contract with Process & Industrial Development Ltd was a sham.
The legal dispute with P&ID is coming against the backdrop of the huge drop in the country’s revenue due to the collapse in oil prices globally. Nigeria had applied to US courts in March seeking for documents from 10 banks which includes Citigroup Inc. and JPMorgan Chase & Co, in a bid to prove its corruption allegations.
P&ID, however, has denied any wrongdoing in the whole transaction, arguing that Nigeria missed its opportunity to appeal.
The Nigerian Lawyer, Mark Howard, on Monday, the first morning of a 2-day hearing, said ‘’It is very unusual in a fraud case to discover a single smoking gun. By its very nature, fraud is conducted in secret, which makes it hard to detect and justifies an extension.’’
READ MORE: The effect of the United States’ Shale Oil on Nigeria?
The legal representatives for Nigeria are seeking another hearing for the judge to decide whether any misconduct has taken place and whether it justifies overturning the contract
The Attorney General and Minister for Justice, Abubakar Malami in a statement said, ‘’Evidence of P&ID’s highly orchestrated scam had only recently come to light.’’
It can be recalled that last year, a UK judge upheld an earlier arbitration award to P&ID, which had accumulated to about $9.6 billion. The arbitration decision was over a failed contract to build a gas processing plant in the Southern city of Calabar.
The Nigerian lawyers disclosed that they have uncovered alleged bribes to government officials and their family members dating back to 2009.
Malami in his court filing on March 24, submitted that ‘’There is good reason to believe that ministers at the highest level were involved in a corrupt scheme to steal money from Nigeria.’’
Passengers can now arrive 90 minutes before departure for domestic flights – FG
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Seyi Makinde Proposes N3 billion investment plan for water supply
Coronation Research releases report on the Nigerian Investment terrain
FG asks UK court for more time to appeal $9.6 billion arbitration judgement
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