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CBN’s N50 billion loan: NIRSAL warns Nigerians against fake loan adverts

NIRSAL Microfinance Bank (NMFB) has warned Nigerians to stay clear from advertisements that claimed state governments or organisations partner Central Bank of Nigeria (CBN) and NMFB on the N50 billion COVID-19 Targeted Credit Facility (TCF)

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CBN, NIRSAL, Stanbic, Union, and Sterling banks have disbursed N4.5 billion to farmers

NIRSAL Microfinance Bank (NMFB) has warned Nigerians to stay clear from advertisements that claimed state governments or organisations partner Central Bank of Nigeria (CBN) and NMFB on the N50 billion COVID-19 Targeted Credit Facility (TCF). This was disclosed in a statement issued by the financial institution via its Twitter handle.

The financial institution stated that it is not aware of any partnership with any state governments or various organisations/Associations on the CBN’s N50 billion facility and it would not be responsible for any losses incurred by Nigerians that failed to heed to the warning.

It stated, “The attention of the management of NMFB has been drawn to various advertisements in the name of state governments or various organisations/associations partnering with the Central Bank of Nigeria (CBN) and NMFB on the COVID-19 TCF.

READ MORE: Fraud Cases hit major payment channels across Nigerian Banks 

“While such advertisements carry the name and logo of the bank, the management of NMFB wish to categorically state that the bank is not in partnership with any state government/organization/association on the said TCF and are not aware of such partnerships.”

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READ ALSO: BOOM: Nigeria’s total debt portfolio hits at N27.4 Trillion

NIRSAL Microfinance Bank (NMFB) explained that applicants under the CBN COVID-19 TCF are required to go through the application process directly via the bank’s online portal nmfb.com.ng/covid-19-support and are not required by the bank to fill out any other forms or provide information to any other party outside what is stipulated on the NMFB website.

“NMFB will not be responsible for any losses as a result of failure to heed this warning,” it added.

READ MORE: CBN temporarily suspends settlement of failed Visa and Verve card transactions

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Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

6 Comments

6 Comments

  1. John glory grace

    April 25, 2020 at 8:24 pm

    Thank you so much, though am one the Nigeria cooperate affairs, a business man, am also interested of the loan. If there is a possibility for me to improve my my business I will be happy. Thanks.

  2. Paul

    April 25, 2020 at 9:57 pm

    Please why Nirsal Microfinance Bank is not disbursing the AGSMEIS Loan that have been on since to its Applicants, instead they started another package of Covid-19 Intervention fund without any word on those they have cleared and approved their loan and waiting for disbursements?

  3. Nwanyioma Uzoma Emmanuel

    April 26, 2020 at 1:04 pm

    AGSMEIS loan some approved applicants has gotten disbursement while some have not… please NIRSAL or CBN should do well to complete the disbursement because we are still the same people hit by Covid 19 on our businesses.

  4. Abraham Shittu Dahbo

    April 27, 2020 at 3:50 pm

    I have been running this business for an upteem times now. But with the vivid 19 pandemics everything crumble hence, the need for this loan can never be overemphasized as we are hit by the lockdown.

  5. Anonymous

    April 30, 2020 at 8:49 pm

    It doesn’t make sense why sme’ have to go through a rigorous stress with the application. We struggling with salary payment and other obligations. Most of us have bank accounts and bvn’ what can’t that be used to evaluate need. We applied since 17th no feedback till now

  6. Fidelis nweke junior

    October 12, 2020 at 4:51 pm

    I’m one of the applicants that applied CBN’s#50billion Covid-19 loan since 2/5/2020. My application was approved through message I received but up till now nothing has been done. What is the problem?

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Tech News

Elon Musk to offer $100 million prize for best carbon capture technology

Elon Musk has announced a donation of $100 million prize money for the best technology that can capture carbon dioxide.

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Elon Musk needs $20 billion wealth gain to clinch world's richest man title

Tesla Inc CEO Elon Musk on Thursday took to Twitter to promise a $100 million prize for the development of the “best” carbon capture technology.

Elon Musk wrote in a tweet, “Am donating $100M towards a prize for best carbon capture technology,” details next week.

Carbon capture technology is designed to prevent the release of CO2 generated through conventional power generation and industrial production processes by injecting the CO2 into suitable underground storage reservoirs.

According to Reuters, “Capturing planet-warming emissions is becoming a critical part of many plans to keep climate change in check, but very little progress has been made on the technology to date, with efforts focused on cutting emissions rather than taking carbon out of the air.”

Since the tweet was shared, it has garnered thousands of responses from people because of the jaw-dropping cash prize. A lot of people have started sharing their carbon capture ideas.

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The International Energy Agency said late last year that a sharp rise in the deployment of carbon capture technology was needed if countries are to meet net-zero emissions targets.

Newly-sworn-in U.S. President, Joe Biden has pledged to accelerate the development of carbon capture technology as part of his sweeping plan to tackle climate change. On Thursday, he named Jennifer Wilcox, an expert in carbon removal technologies, as the principal deputy assistant secretary for fossil energy at the U.S. Department of Energy.

Besides Tesla, Elon also heads rocket company SpaceX and Neuralink, a startup that is developing ultra-high bandwidth brain-machine interfaces to connect the human brain to computers.

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Business News

WHO warns Africa in danger of being left behind in Covid-19 vaccination

The WHO has warned that Africa is in danger of being left behind in Covid-19 vaccination.

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AstraZeneca suspends COVID-19 vaccine final stage trial over safety concerns, COVID-19: J&J starts vaccine trials on humans after success on monkeys

The World Health Organisation (WHO) has warned that Africa is in danger of being left behind in Covid-19 vaccination as countries from other regions strike bilateral deals, thereby driving up prices.

This follows the development and approval of safe and effective vaccine less than a year after the emergence of the coronavirus pandemic, regarded as a stunning achievement.

This disclosure was made by the WHO’s Regional Director for Africa, Dr Matshidiso Moeti while speaking during a virtual press conference which was facilitated by APO Group.

Dr Moeti was joined at the press briefing by the Managing Director, Country Programmes, Gavi, Thabani Maphosa and UNICEF Regional Director for Eastern and Southern Africa, Mohamed Fall.

What the WHO’s Regional Director for Africa is saying

Dr Moeti stated that as of early this week, 40 million Covid-19 vaccine doses have been administered in 50 mostly high-income countries with Guinea being the only low-income country on the continent to have provided doses to only 25 people so far.

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According to her, Seychelles is the only high-income country on the continent where a national Covid-19 vaccination campaign has started.

She said, “We first, not me first, is the only way to end the pandemic. Vaccine hoarding will only prolong the ordeal and delay Africa’s recovery. It is deeply unjust that the most vulnerable Africans are forced to wait for vaccines while lower-risk groups in rich countries are made safe.

“Health workers and vulnerable people in Africa need urgent access to safe and effective COVID-19 vaccines.’’

What the Managing Director, Country Programmes, GAVI, is saying

Mr Thabani Maphosa, the Managing Director, Country Programmes at GAVI, a partner in the alliance, was quoted as saying delivery would begin soon.

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He said, “COVAX is on track to start delivering vaccine doses and begin ensuring global access to vaccines. This massive international undertaking has been made possible thanks to donations work towards dose-sharing deals and deals with manufacturers that have brought us to almost 2 billion doses secured. We look forward to rollout in the coming weeks.”

What you should know

  • COVAX facility is an international alliance which is backed by the WHO, Gavi, the vaccine alliance and Coalition for Epidemic Preparedness Innovations (CEPI), to ensure equitable distribution of the Covid-19 vaccines among all countries regardless of income level.
  • The alliance has secured 2 billion doses of the Covid-19 vaccine for Africa from 5 producers, with options of over 1 billion more doses.
  • COVAX has committed to vaccinating no fewer than 20% of the population in Africa by the end of 2021.
  • Priority will be given to health workers and other vulnerable groups, such as older persons and those with pre-existing health conditions.
  • An initial 30 million vaccine doses are expected to begin arriving in countries by March.
  • The United Nations in its report said that a maximum of 600 million doses will be disbursed, based on 2 doses per person.

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Spotlight Stories

Google threatens to remove its search engine from Australia due to media code

Google has threatened to remove its search engine from Australia due to the media code introduced by the government.

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Google made a whooping $4.7b from news content in 2018, Google Threatens To Remove Its Search Engine From Australia Due To Media Code

Google said that it will disable its search engine in Australia if the government proceeds with a media code that would force it and Facebook Inc to pay local media companies for sharing their content.

The code requires Google and Facebook to enter mandatory arbitration with media companies if they cannot reach an agreement over the value of their content within three months.

It also requires the platforms to give the news businesses 14 days’ notice of algorithm changes, and non-discrimination provisions have been put in place to stop the tech giants from taking retaliatory action such as removing content or punishing organisations that participate in the code.

READ: Satoshi Nakamoto’s unspent BTCs worth $10.9 billion

Mel Silva, Google Australia and New Zealand VP told Australia’s Senate Economics Legislation Committee today that Google would shut off the search in Australia if the government’s proposed media bargaining code becomes law. According to her, “The code’s arbitration model with bias criteria presents an unmanageable financial and operational risk for Google”

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Australia announced the legislation last month after an investigation found Alphabet Inc-owned Google and social media giant Facebook held too much market power in the media industry, a situation it said posed a potential threat to a well-functioning democracy.

READ: Facebook Oversight Board to review decision to suspend Trump’s account

Prime Minister of Australia, Scott Morrison said Australia would not respond to the threats as news media companies fired back at suggestions their content did not add value to the platforms. “Australia makes our rules for things you can do in Australia. That’s done in our Parliament. It’s done by our government, and that’s how things work here in Australia,” he said. “People who want to work with that, in Australia, you’re very welcome. But we don’t respond to threats.”

READ: Betting on Bitcoin is better than investing in PayPal, Google, Facebook, Amazon

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What you should know

  • Google’s threats follow similar remarks made by Facebook Australia’s managing director, Will Easton in September, who announced plans to remove news articles from the social media’s main app if the media code is passed by Parliament.
  • To avoid the operation of the code, Google and Facebook have no option but to cease linking to news altogether. If Google can’t reliably separate news results from other search results, then logically it may have to pull its entire search service from Australia.
  • Google’s threat to limit its services in Australia came just hours after the internet giant reached a content-payment deal with some French news publishers.
  • This new media code will affect millions of Australians who use Google Search and Facebook every month.

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