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Business News

CBN starts disbursement of N50 billion Covid-19 intervention fund

The Nigeria Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL) Microfinance bank, on behalf of the Central Bank of Nigeria (CBN), has started the disbursement of the N50 billion Targeted Credit Facility (TCF) to the beneficiaries.

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

The Nigeria Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL) Microfinance bank, on behalf of the Central Bank of Nigeria (CBN), has started the disbursement of the N50 billion Targeted Credit Facility (TCF) to the beneficiaries.

The facility is a stimulus package which was introduced by CBN, to help mitigate the impact of the coronavirus pandemic on households and MSMEs.

This was disclosed by the Managing Director of NIRSAL Microfinance Bank, Mr Abubakar Kure, at a media briefing during the official flag-off of the disbursement in Abuja to some of the beneficiaries. The 3,256 MSMEs are among the first batch of the beneficiaries of the disbursement.

The NIRSAL Microfinance boss said, ‘’The facility is available for service providers in the health sector, trading and all those businesses that have been affected by the Covid-19 pandemic’’

READ ALSO: What FG told IMF on flexible, unified exchange rate

‘’The idea is to provide cash flow which has been disrupted by the lockdown occasioned by the pandemic. The product is intended to provide liquidity for businesses’’, he said

Kure also said that ‘’This initiative is to provide liquidity and allow the economy to normalize. Businesses are hurt. People are hurt. People are no longer staying on jobs’’.

‘’By the end of today, they should be able to receive alerts. The idea is to launch the products so that people will know that we have started disbursement,’’ he said.

However, the bank boss warned that the funds were not a grant, but must be paid back to the bank so that other people can enjoy the facility.
He added that the documentation process which is ongoing, started in Abuja because of convenience as the 33 branches are not functioning optimally because of the lockdown.

It can be recalled that as a fallout of the economic crisis which was triggered by the outbreak of the coronavirus pandemic, the CBN Governor, Godwin Emefiele, had in March, announced a N50 billion intervention fund as a stimulus package to support households and Micro, Small and Medium Enterprises in order to help mitigate the effects of the pandemic.

The NIRSAL Microfinance boss said that it received 80,000 applications for the facility, out of which 40,000 of them were households.

In a run-up to this disbursement, the bank had informed the stakeholders that they do not charge any fee, either for application or processing of the facility.

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Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

32 Comments

32 Comments

  1. obianuju Anyanwu

    May 8, 2020 at 4:45 am

    am very much interested in this loan please how do I go about it.thanks

    • monday Akwete

      July 9, 2020 at 10:58 am

      pls how do i apply for the loan i need it

  2. Kingsley

    May 12, 2020 at 9:19 am

    pls how can i get the form for this loan,im in dare need of it to get up again in my business.

  3. Adeoti Rufus

    May 15, 2020 at 2:31 pm

    Please how do I apply for the house hold loan

  4. Aseweje Thomas kayode

    May 28, 2020 at 11:38 am

    Please how do I apply for the loan I need it urgently to boost my business.

  5. Nkechi

    May 28, 2020 at 11:53 am

    Please how do I get the form

    • Osas

      July 22, 2020 at 3:21 pm

      Please I need the loan, is it still on

      • Anonymous

        December 1, 2020 at 12:26 am

        I’ve not been credited

  6. Emorerhi frank

    June 4, 2020 at 10:25 am

    I’ve applied and they promised to get back ri me but I’ve not heard from them only to hear now that disbursement has begun.Pls I want to know how credible is this process and method of selection for disbursement.

  7. Anonymous

    June 9, 2020 at 10:30 pm

    I want to ventures into the farmer how do l benefit please?

  8. Rasheed sekina

    June 10, 2020 at 2:29 pm

    I won’t to apply

  9. Wilfred Dennis

    June 13, 2020 at 10:35 pm

    I need the form to apply because this coronavirus pandemic has really affected my business seriously. And I need the loan promising to pay back when required.

  10. fatima lawal sule

    June 15, 2020 at 9:16 am

    pls i need the loan how can i get it pls

  11. ogechi onyeso

    June 15, 2020 at 5:58 pm

    Pls how can i get the form i want to apply for the loan

  12. Akuma Joseph

    June 16, 2020 at 11:49 pm

    I, applied and it was approved, I accepted since but has received any alert…Akuma Joseph is my name from Ebonyi State.
    I, really need this loan to add to my Business

  13. Nuruddeen sulaiman

    June 17, 2020 at 12:42 am

    Be the best you can be

  14. Muhammed dahiru

    June 17, 2020 at 2:23 pm

    Please i need this loan how can I apply

  15. Saheed olawale

    June 18, 2020 at 10:24 pm

    Pls how can I get the form, I need the loan urgently to add to my business

  16. Abbakar Yari

    June 21, 2020 at 5:21 pm

    Please someone help how can i apply if?

  17. Anonymous

    June 23, 2020 at 1:14 am

    Please someone help how can I apply for the loan

  18. Tayo maaji

    June 23, 2020 at 12:52 pm

    I want to apply imay need a guide below are my details on how to get informed to the linked,to apply.thanks expecting your response

  19. ifeoma Shiloh Okwuokei

    June 24, 2020 at 3:51 pm

    I need money to add to my provision store which the corona virus pandemic has affected me so badly i need At least 400,000 to boost business

    • Muhammad

      June 29, 2020 at 9:18 pm

      I want to Apply the loan how can l get the form sir

  20. Alhassan A ya'u

    July 6, 2020 at 5:02 pm

    How can I know my loan enter because i fill the form sens last month but I will not receive any call or text in phone number or email thanks you.

  21. Anonymous

    July 8, 2020 at 12:41 pm

    I have applied the loan since last month and I luckily received the response from nirsal through the email but my bank account is yet to be credited with any amount by appropriate authority.

  22. Osas

    July 22, 2020 at 3:23 pm

    Please I need the loan, is it still on

  23. Temitope ojo Emmanuel

    October 14, 2020 at 1:04 pm

    Sir I have applied for the loane since around may or June presisly, and my application was successfully delivered, up till now I have not seen any message. From Ado Ekiti what do I do sir?

  24. Masaud

    October 26, 2020 at 3:34 pm

    Pls what is the actual date for giving covid 19 loan.

  25. Bethel Amagbor

    October 29, 2020 at 8:03 pm

    Am very much intrested for my agricultural business assap ,what’s the conditions of the loan

  26. Rahman ahmed

    November 13, 2020 at 3:16 pm

    I made a mistake of my bank name instead of polaris bank i wrote first bank

  27. Rikom Humwaowa

    November 27, 2020 at 2:59 pm

    I have apply and u approved my application, sent my account details but up to know I did not received any alert why?

  28. Nnette Eminue

    February 14, 2021 at 5:23 pm

    Accepted the loan

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Companies

Arvind Pathak, Deputy GMD of Dangote Cement resigns

The Deputy Group Managing Director of Dangote Cement has resigned his role on the Board of the company.

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Arvind Pathak, Deputy GMD of Dangote Cement resigns

Dangote Cement Plc has announced the resignation of its Deputy Group Managing Director, Arvind Pathak.

In line with the disclosure issued by the company, the Board of Directors of Dangote Cement after accepting Pathak’s request disclosed that his resignation will take effect from the 25th of February 2021.

The Board of Dangote Cement appreciates him for his commitment and contributions to the Board, and also wishes him well in his future endeavours.

What you should know

  • Pathak was appointed to the Board of Dangote Cement Plc on October 29, 2019, as Deputy Group Managing Director.
  • Prior to his appointment as Deputy GMD, he was the Chief Operating Officer of Dangote Cement, a position he held between 2018 and 2019.
  • Prior to joining DCP, he has worked in various leadership roles in the cement industry, he has 30 years of experience in the cement industry.

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Appointments

Africa Prudential announces appointment of Zubaida Rasheed as Director

Zubaida Rasheed has been appointed as an Independent Non-Executive Director by Africa Prudential Plc.

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African Prudential could be worth more than N4.55

The Board of Africa Prudential Plc has ratified the appointment of Mrs. Zubaida Mahey Rasheed as an Independent Non-Executive Director, effective February 24, 2021, subject to regulatory approval from the Securities and Exchange Commission.

This is according to a notification signed by the Company’s secretary, Joseph Jibunoh, and made available to the Nigerian Stock Exchange.

Given her profile and wealth of experience, the Board strongly believes that the appointment will strengthen the company by consolidating its digital transformation drive and ensuring its smooth transition from its core registrar business to providing digital solutions and technological services.

About Zubaida Mahey Rasheed 

Mrs. Zubaida is a distinguished technocrat with over forty years’ experience in the public and private sectors. A sizeable number of the aforementioned years were spent in NITEL Plc, where she served for 23 years, rising to the position of Executive Director.

Mrs. Zubaida is currently the Deputy Coordinator of Technical Working Group (TWG) for the preparation of Medium-Term National Development Plan (MTNDP) 2021-2025 & Nigeria Agenda 2050 (Business Environment, Trade, Competitiveness, and Product Space Mapping).

She is an alumna of Ahmadu Bello University (ABU), having obtained a BSC degree in Economics in the aforementioned institution. She holds professional membership in the Nigerian Institute of Management and National Institute of Marketing, Nigeria.

What you should know

  • Africa Prudential Plc had earlier declared a dividend of 50 kobo each, totaling N1 billion for its shareholders.
  • Africa Prudential Plc formerly known as UBA Registrars Ltd was incorporated as a private limited liability company on 23rd March 2006 to take over the registrar services formally operated as a department by its former parent – UBA Global Market Limited.
  • The company was listed on the Nigerian Stock Exchange on the 17th of January, 2013. It currently manages over 80 corporate clients in both the public and private sectors.

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