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Federal Government steps up TraderMoni beneficiaries to 5 million Nigerians

No fewer than 5 million Nigerians are set to benefit from TraderMoni, an initiative of the FG which was flagged-off by Prof. Yemi Osinbajo.  

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Federal Government steps up TraderMoni beneficiaries to 5 million Nigerians

No fewer than 5 million Nigerians are set to benefit from TraderMoni, an initiative of the Federal Government which was flagged-off by Vice President, Prof. Yemi Osinbajo.

This was announced by the Minister of Humanitarian Affairs, Hajiya Sadiya Farouq during a visit to the Command Centre of the TraderMoni programme located at the Bank of Industry Building in Abuja.

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[READ MORE: Obasanjo blows hot, tears apart FG’s TraderMoni initiative]

The minister made known that the Federal Government would increase the number of beneficiaries from the 2.5 million to 5 million annually. Farouq added that the implementation of the TraderMoni programme was a huge success and that through it, the government would be able to achieve its objective of reducing the level of poverty in the country.

What Trader Moni initiative is all about: TraderMoni is meant to help very small scale traders to easily get loans without collateral in Nigeria for the purpose of expanding their small businesses. It avails artisans, street hawkers, and petty traders opportunity to have access to loan facilities from N10,000.

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Federal Government steps up TraderMoni beneficiaries to 5 million Nigerians

The initiative was launched under the Government Enterprise and Empowerment Programme (GEEP) in partnership with the Bank of Industry (BoI).

Unlike the existing GEEP Market Moni loan scheme, which targets market women, traders, artisans, and enterprising youths, TraderMoni is a micro-credit scheme to cater for ultra-micro enterprises.

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The initiative, which has started nationwide, is to support millions of Nigerians to grow their businesses by having access to loan irrespective of their status or level of education.

[READ ALSO: Petty traders in Niger State gets FG’s TraderMoni fund]

Since its launch, the initiative has covered states like Osun, Kano, Abia and Akwa Ibom, Abuja, and so on. Beneficiaries of this scheme must belong to an accredited market association or cooperative group registered with their state’s Corporate Affairs Commission.

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Although the initiative has received criticisms since it first began, it is still thriving against all odds. One of the criticisms came from the former President, Olusegun Obasanjo who described it as an outrightly idiotic programme for being more interested in traders in the urban areas than those in the rural areas.

Patricia

Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - [email protected]

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Coronavirus

FCMB shuts contact centre locations due to COVID-19 scare

Other banks have recently had to shut down their branches due to public health concerns caused by COVID-19.

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FCMB contact centre

First City Monument Bank (FCMB) Limited informed its customers, yesterday, that its contact centre locations have all been temporarily shut down following COVID-19 scare.

A brief statement that was issued via Twitter emphasised that the general shutdown of the physical locations is only a temporary and precautionary measure aimed at preventing further spread of the contagious virus. The statement, however, did not clarify whether there have been any reported cases of infection at these contact centre locations.

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“Dear Customers, we trust you are doing well and staying safe. We would like to inform you about the temporary closure of one of our Contact Centre locations as a precautionary measure to curtail the spread of COVID-19 and protect our employees,” part of the statement said.

Meanwhile, customers were informed that FCMB’s contact centres will remain active in the meantime, albeit virtually. However, customers may experience delays prior to being attended to. Customers were also advised to explore the self-help options offered by the bank’s electronic banking channels in order to resolve their challenges.

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Nairametrics understands that some of the bank’s customers have been experiencing some ‘not so great’ customer service over the past few weeks. One of these customers, who chose not to be named, confirmed this to Nairametrics. Reacting to the statement by the bank, the customer said:

“This statement explains why the bank has not been responding to complaints across all its channels. For at least 4 weeks now, they don’t respond to emails, WhatsApp messages or DMs. I have some funds that they have not reversed in like 4 weeks now. If you check Twitter, you will see so many similar complaints.”

Recall that some other banks have had to close down their branches due to the same reason given by FCMB. Just recently, Jaiz Bank Plc shut down its Ikeja branch for disinfection. Weeks before that, Wema Bank also confirmed that two of its branches were temporarily shut down after two staff became infected with the virus.

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Corporate Press Releases

NSE Masks for All Nigerians Campaign receives boost from private sector

The Exchange will distribute 100,000 face masks through different cities in Nigeria.

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CEO NSE, NSE lifts suspension on Omatek Ventures’ shares, NSE launches Comic Book to boost financial literacy, NSE goes public with 2.5 billion ordinary shares in unanimous vote by the members, NSE commemorates 2020 International Women’s Day and rings the bell for gender equality, COVID-19: NSE extends time for submission of financial statements, NSE PUBLISHES GUIDANCE TO FACILITATE EFFECTIVE VIRTUAL MEETINGS FOR STAKEHOLDERS AMIDST COVID-19, NSE Hosts First-Ever Digital Closing Gong Ceremony

The rapid rise in confirmed cases of Coronavirus (COVID-19) in Nigeria demands more collective, decisive, coordinated and inclusive action in the fight against the virus. Now is the time for government, private sector and well-meaning individuals to come together to flatten the curve.

In light of this, The Nigerian Stock Exchange (NSE or The Exchange) on Monday, 06 July 2020, redeemed its pledge of Sixty Million Naira to the Capital Market Support Committee for COVID-19 (CMSCC) with the donation of ambulance and Twenty Million, Seven Hundred Thousand Naira cash to the committee. The CMSCC is a Securities and Exchange Commission (SEC) led initiative set up to stimulate the capital market ecosystem to play an active role in curbing the spread of COVID-19 in Nigeria. The donation was received by the Chairman, CMSCC, Mr. Ariyo Olushekun and the Director, Lagos Zonal Office, SEC, Mr. Steven Falomo.

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In furtherance of its commitment to support the fight against the virus, The Exchange launched the Masks For All Nigerians campaign with the aim to galvanize responsible corporate citizens and individuals to donate 400 million face masks to Nigerians, especially low-income households. The NSE kicked off the campaign with an anchor donation of 100,000 face masks that are being distributed in areas where it has operations and areas that are greatly affected by COVID-19.

As part of the Masks For All Nigerians campaign, The Exchange executed a nationwide awareness campaign on social media and radio to educate Nigerians on the need to wear face masks, practice social distancing and maintain good hygiene. It also involved its Good Cause Ambassador, Innocent ‘TuFace’ Idibia, to amplify the need for Nigerians to wear and donate face masks via www.masksforallng.com, as well as adhere to the guidelines put in place to keep our communities safe. As part of its Employee Giveback Programme, members of staff are also donating 500 masks per week to Nigerians.

Speaking on the initiative, the Chief Executive Officer, NSE, Mr. Oscar N. Onyema, OON said, “We are facing an unprecedented crisis that requires us to adopt a more collaborative approach in fighting this pandemic especially as economic activity and social interactions resume. As we work to encourage the use of reusable face masks and adherence to other safety guidelines, we call on responsible corporate citizens and well-meaning individuals to support this initiative by wearing a mask when in public settings and donating masks especially to those at the bottom of the pyramid so as to protect lives.”

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In response to the call, several private sector players have sprung to action bringing the total number of masks donated under the Masks for All Nigerians campaign to 216,300. Opay was the first to partner with a donation of 100,000 face masks to Lagos State University Teaching Hospital on Thursday, 4 June 2020. Also, Morbod Group donated 13,000 masks to residents of Lagos and South-Eastern part of Nigeria. The two most recent donors are Babalakin & Co Legal Practitioners and AIICO Insurance who donated 1,300 non-medical face masks to the Ikoyi Custodial Centre, Nigerian Correctional Service and 2,000 non-medical face masks to the Nigerian Red Cross Society, Lagos State Branch, respectively. AIICO Insurance has also made a commitment to donate another 7,000 face masks.

In fulfilling its commitment to donate 100,000 face masks, The Exchange will distribute 33,000 face masks in Lagos; 7,000 in Oyo; 5,000 in Ogun; 5,500 in Anambra; 5,500 in Rivers; 3,800 in Edo; 14,500 in Abuja; 18,000 in Kano; 3,900 in Borno; 3,800 in Kaduna; and 10,000 to capital market stakeholders.

The Exchange has displayed remarkable resilience during this pandemic and continues to support the fight against COVID-19 in line with the strategic pillars of its Corporate Sustainability and Responsibility (CSR) strategy – community, workplace, marketplace and environment. The Masks For All Nigerians campaign and the attendant mask donation will provide immense support to the Government in reaching communities who have hitherto been left vulnerable. The Exchange also continues to sustain market activity through remote working and trading; promote market deepening activities; create an enabling regulatory environment for stakeholders; and recognise the efforts of public and private sector players in raising awareness, ramping up testing and increasing the capacity of the health sector to slow the spread of COVID-19.

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Appointments

AfDB appoints new acting Vice President as Jennifer Blanke steps down

Wambui who joined the AfDB in 2018 currently supervises the Bank’s water sector program.

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The African Development Bank (AfDB) Group has announced the appointment of Wambui Gichuri as Acting Vice President- Agriculture, Human and Social Development, with effect from 5 July 2020.

This follows the resignation of the erstwhile Vice President of Agriculture, Human and Social Development, Dr Jennifer Blanke, about 4 weeks ago.

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This was disclosed by the bank in a press statement on July 4, 2020.

Wambui who joined the African Development Bank Group in 2018 as Director, Water Development and Sanitation, currently supervises the Bank’s water sector program of over $ 4.5 billion covering 44 countries and multinational projects.

Wambui has a supervisory role over two divisions, namely the Water Development, Coordination and Partnerships, and Water Security and Sanitation divisions, as well as the African Water Facility divisions, a project preparation facility.  She also leads the development and coordination of the technical program, manages the department’s human resources and budget, and the development of extensive partnership activities. Her leadership role includes water sector policy dialogue, strategy and business development, and spearheading innovations.

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READ MORE: Adesina Probe: US Treasury Secretary praises AFDB’s decision on independent review

Before joining the African Development Bank, she worked for the World Bank where she served in various capacities for twenty years, including 17 years in water resources management, supply, sanitation, irrigation and drainage, with vast experience in Africa, Latin America and the Caribbean.

Wamgui holds a Master’s Degree in Economics from the University of Nairobi, Kenya (1988); a Bachelor of Philosophy degree in Economics (1986) and a Bachelor’s degree in Economics and Sociology from (1983) from the same university.

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The President of the African Development Bank Group, Akinwumi Adesina, expressed his delight in having Wamgui in that role due to her wealth of experience and leadership skills

Adesina said, “I am very pleased that Wambui agreed to step into this role as Acting Vice President. The Vice Presidency Complex on Agriculture, Human and Social Development has some of our largest programs and flagship initiatives. With her extensive experience, leadership, people management skills, and strong execution capacity, I am confident that she will help strengthen the team and accelerate execution on critical programs and initiatives”.

Nairametrics had reported that the former vice president for Agriculture, Human and Social Development, Jennifer Blanke, stepped down from her role with effect from July 4, 2020, on purely family reasons, she said that she intends to rejoin her family in Switzerland after a very fulfilling time at the bank.

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