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.
Published
10 months agoon
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.
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]
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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.
Published
14 mins agoon
February 26, 2021
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.
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.
Published
39 mins agoon
February 26, 2021
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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