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Business News

Banks repay N387 billion agric loan to CBN

The Central Bank of Nigeria (CBN) has been repaid a total of N387.2 billion as part of the total N622 billion disbursed to commercial banks under the Commercial Agriculture Credit Scheme (CACS).

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CBN seeks withdrawal of mutilated notes in banks

The financial institutions under the Commercial Agriculture Credit Scheme (CACS) have refunded a total of N387.2 billion to the Central Bank of Nigeria (CBN) as part of the total N622 billion disbursed to commercial banks.

The N622 billion fund was disbursed to participating banks to enable them to finance commercial agricultural enterprises by giving farmers loans at a maximum interest rate of 9%.

Breakdown of reimbursement: Out of the N83.5 billion disbursed by the CBN to United Bank of Africa for 52 projects, about N53 billion was repaid. Zenith Bank Plc and First Bank of Nigeria repaid the sum of N83.3 billion and N44.8 billion out of the N126.94 billion and N52.99 billion received respectively.

Other banks include Unity Bank with N13.9 billion; Union Bank, N21.5 billion; Stanbic IBTC, N19.7 billion; Sterling Bank, N28.9 billion; Access Bank, N30.3 billion; Fidelity Bank, N14.3 billion; and Polaris Bank, N11.7 billion.

First City Monument Bank repaid the sum of N11.6 billion Ecobank, N6.4 billion; Guaranty Trust Bank, N24.4 billion; defunct Diamond Bank, N4.2 billion; and Heritage Bank, N2.4 billion. Others are Citibank, N3bn; Keystone Bank, N8.5 billion; Wema Bank, N1.3 billion; and Sun Trust Bank, N300 million.

[READ MORE: CBN and other industry stakeholders establish N1 billion Bankers’ Charitable Endowment Fund ]

What you should know: The apex bank said over 1.13 million jobs have been created along the various agricultural value chains. Director, Corporate Communications Department, CBN, Isaac Okorafor, explained that this was done through the CACS, which provided credit facilities to commercial agricultural enterprises at a single-digit interest rate.

The CBN’s spokesperson added that the utilisation of agro-allied companies has increased through various interventions by the CBN in the sector.

About CACS: It is a sub-component of the Federal Government Commercial Agriculture Development Programme financed from the proceeds of the N200bn seven-year bond raised by the Debt Management Office.

The CACS was among the many agricultural schemes of the CBN that was established to fast-track the development of the agricultural sector. In collaboration with the Federal Ministry of Agriculture and Water Resources in 2009, the CACS was also introduced to enhance national food security, reduce the cost of credit in agricultural production; increase national output, generate employment, and raise the level of foreign exchange earnings of the country.

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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Tech News

Netflix competes with TikTok, launches rival product

Netflix has launched a new feature that will allow users to watch, react,r share short clips and more.

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Netflix users increase by 16 million in Q1 2020

Netflix, the world’s leading video streaming platform has launched a new feature called “Fast Laughs” that will allow users to watch, react or share short clips as well as add the show or movie to a Netflix watchlist or you can simply tap the “Play” button to start watching the show immediately.

Similar to Tiktok or Instagram’s Reel, Fast Laughs features full-screen videos that you can swipe through vertically, and places the engagement buttons on the right side of the screen. These buttons let you react to the clip with a “LOL” (crying/laughing) emoji or share it via iMessage or other social media apps, like WhatsApp, Instagram, Snapchat, or Twitter. The only difference is that there is no comment button yet.

Users can access the feed through the bottom navigation menu by clicking on the Fast Laughs tab. The clips will start playing automatically when one ends another begins.

The feature will include a full-screen feed of funny clips from Netflix’s big comedy catalog including films like “Murder Mystery”, series like “Big Mouth’’, sitcoms like the ‘Crew’’ and stand-up from comedians like Kevin Hart and Ali Wong.

Fast laugh is currently available for iPhone users in select countries, and Netflix will be testing on Android soon.

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Business News

Apapa gridlock: Sanwo-Olu explains how his administration solved the problem

The Governor said the electronic Call-Up was designed to permanently address the movement of trailers in and out of the ports.

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Lagos, Sanwo-Olu, Businesses that must remain closed after May 4

The Lagos State Governor, Babajide Sanwo-Olu, has explained how his administration in partnership with the Nigerian Ports Authority (NPA) and other stakeholders in the maritime sector was able to get the heavy articulated vehicles off the road around the Apapa axis and improve traffic along that corridor.

This is as the governor has warned that the state government would resist any attempt by individuals and maritime operators that may want to reverse the progress being recorded along the Apapa corridor.

This disclosure was made by Sanwo-Olu on Wednesday while speaking at the formal hand over of newly improved 3 traffic-prone junctions along the Lekk-Epe expressway.

The Governor said the electronic Call-Up System launched, last Saturday, in the Apapa seaports was designed to permanently address the movement of trailers in and out of the ports, and bring about traffic improvement along the corridor.

What Governor Babajide Sanwo-Olu is saying

While sharing the details, the Governor described the progress recorded in Apapa as a hard-won, disclosing that it took the State Government over a year to bring together all stakeholders on the discussion table to agree on a far-reaching approach to permanently address the problem.

Sanwo-Olu said, “What we are seeing is the beginning of the lasting solution we have brought to Apapa. Our appeal is that we are not out of the problem completely yet. Our citizens can now see that a journey that took them three hours can, indeed, take between 15 and 20 minutes to commute. Everyone can now see that when we work together, indeed we can solve our problems internally.

“We have taken some troublesome people that are benefiting from the gridlock out of the way. Whatever they were earning illegally has been taken away from them. We know they will want to make an attempt to fight back. We will not stop at anything to ensure that anybody that tries to retract the progress or wants to take us back to gridlock in Apapa will be fought against. We will bring out their names and shame them.

The Governor vowed that any corporate organisation, security operative, NPA or State Government official who attempts to circumvent the newly instituted traffic procedures around the Apapa seaports would be named and shamed publicly.

The Governor said the State was serious about bringing a lasting solution to the Apapa congestion, stressing that the Government could no longer condone the careless attitude of truckers clogging the highways with heavy-duty vehicles.

He said part of the State’s efforts was to approach the Federal Government for the unbundling of the inefficient Presidential Taskforce on Apapa gridlock and took over the traffic management in the area.

Sanwo-Olu added that State Government also met with stakeholders, including the Federal Ministry of Transportation, Maritime operators and seaports unions.

He said: “I commend NPA’s Managing Director and management for working with us on this agenda. My appeal is to other stakeholders in the maritime sector who have not signed up on the electronic Call-Up System we have embarked on. I call the big logistics companies, including Sifax, Dangote, Flour Mills, Tunde Folawiyo and others, to come and collaborate with us on this progress.

“Let us have a system that our citizens will be proud of. We will stop at nothing to sustain the progress achieved. Our team will be working round the clock to keep the system working. This is one of our modest efforts to deliver what we promised in solving traffic and transportation challenges. We will not relent in doing anything required to ensure traffic improvement in Apapa.”

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What you should know

  • Following the withdrawal of the Presidential Task Force on port congestion, the Lagos State Governor, Babajide Sanwo-Olu, set up a Special Traffic Management Team to resolve the traffic gridlock in and around the Apapa corridor.
  • The Electronic Truck call-up system, Eto, which was designed and launched by NPA for the management of truck movement and access to and from the Lagos ports and to end the gridlock in and around the ports, formally took off last weekend.
  • During the implementation of the new system, all trucks doing business at the ports will be required to park at the approved truck parks until they are called up into the port through the Eto app.

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