The Central Bank of Nigeria (CBN) has raised an alarm to members of the public over the operation of a fake Twitter handle, @yusufPhilipYila, which was alleged to belong to its Director, Development Finance, Mr. Philip Yila Yusuf. The apex bank described the operations of the fake Twitter handle as fraudulent.
This was disclosed by the CBN Director of Corporate Communications, Mr. Isaac Okoroafor, in a press statement that was released on Sunday, June 28, 2020, in Abuja.
According to information from News Agency of Nigeria (NAN), Okoroafor pointed out that fake messages relating to the bank’s N50 billion Targeted Credit Facility (TCF) had been posted on the Twitter handle with the intent of wooing unsuspecting loan seekers and owners of small-scale businesses to enter into correspondence with the fake handle.
The CBN Director warned unsuspecting members of the public, particularly households, micro, small and medium enterprises (MSMEs), to stop any form of correspondence with the fake Twitter handle, while also informing them that the real Mr. Yusuf does not currently own a Twitter handle.
In the statement, Okoroafor said, “Although the CBN, through the NIRSAL Microfinance Bank (NMFB), has indeed disbursed loans to successful beneficiaries under its COVID-19 Targeted Credit Facility, none of the bank’s officials engages in direct interactions with prospective or successful applicants.
“We, therefore, find it embarrassing that Mr Yusuf has continued to be inundated with personal calls relating to messages from the impostor handle.
“For the avoidance of doubt, our Director, Mr Yusuf, does not currently own a twitter handle.”
The CBN Director also cautioned that anyone who enters into correspondence with the operators of the fake Twitter handle, does so at his or her own risk.
He then advised prospective applicants to approach NIRSAL Microfinance Bank or any CBN branch nearest to them or tweet at @cenbank or @NirsalMFB for clarification on the procedure for accessing the TCF or any of the CBN-related loans.
Nairametrics had reported a few days ago that the apex bank, through NIRSAL Microfinance, had disbursed N49 billion out of the N50 billion targeted facility for households and small businesses to over 80,000 beneficiaries. This is just as the CBN Director also said that the bank had earlier announced a couple of measures to ensure that Nigeria’s economy does not slip back into recession due to the coronavirus pandemic.
Payroll Support Program: FG pays 101,567 beneficiaries first-month salary
The President announced thousands of beneficiaries received their first monthly payment from our Payroll Support Program.
President Muhammadu Buhari has announced that 101,567 beneficiaries, drawn from 16,253 businesses, received their first monthly payment from the Payroll Support Program yesterday.
This information was disclosed in a tweet by the official Twitter handle of the President.
I am pleased to announce that 101,567 beneficiaries drawn from 16,253 businesses today received their first monthly payment from our Payroll Support Program. The program is a @SurvivalFund_ng Covid-relief initiative to support qualifying MSMEs with staff salaries for 3 months.
— Muhammadu Buhari (@MBuhari) November 18, 2020
The President also disclosed that the program is an initiative by the Federal Government of Nigeria to ensure that Nigerian MSMEs survive, as the Federal Government supports qualifying MSMEs with staff salaries for 3 months.
Why this matters
The stimulus package would go a long way to assist businesses in averting massive job loss or a crash of the business enterprise. The fund is expected to place affected businesses, which are beneficiaries of this fund, on the path of survival and sustainable growth.
What you should know
In July, Nairametrics reported that the Federal Government had announced plans to roll out a N2.3 trillion stimulus package and survival fund for Micro, Small and Medium Enterprises (MSMEs) to stay afloat amid the economic challenges imposed by the pandemic.
The stimulus package, which is under the National Economic Sustainability Plan (NESP), includes payroll support for three months and guaranteed off-take schemes, among others.
A month ago, Nairametrics reported that 70,000 businesses in Nigeria had been shortlisted from the 432,000 businesses that applied for the Payroll Support from the Federal Government’s Survival Fund Grant Scheme.
Development Bank of Nigeria disbursed over N150 billion in 3 years
52% of loans disbursed by Development Bank of Nigeria in 2019 were to youths and women-owned businesses.
Development Bank of Nigeria has disbursed over N150 billion since 2017 through twenty-seven (27) participating financial institutions, impacting close to 100,000 MSMEs through the process.
This is according to a disclosure by the Government of Nigeria, as seen by Nairametrics.
What you should know
A verified tweet by the Government revealed that in 2019, 52% of the loans disbursed by the Development Bank of Nigeria were to youths and women-owned businesses.
#DYK 52% of loans disbursed by @DevBankNG in 2019 were to youths and women-owned businesses. Since 2017, the Bank has disbursed more than N150 billion through 27 Participating Financial Institutions (PFIs), impacting close to 100,000 MSMEs: https://t.co/DD6bn1t8u2
— Government of Nigeria (@NigeriaGov) November 17, 2020
What they are saying
The Government of Nigeria tweeted “#DYK 52% of loans disbursed by @DevBankNG in 2019 were to youths and women-owned businesses. Since 2017, the Bank has disbursed more than N150 billion through 27 Participating Financial Institutions (PFIs), impacting close to 100,000 MSMEs.”
Why it matters
The recent disclosure is in line with the present regime’s drive to diversify the economy and expand opportunities for youths and women, bridging the social exclusion gap, and ensuring prosperity for all.
The efforts by the Development Bank of Nigeria complements other social programmes introduced by the government and targeted towards Youths and Women, such as the Special Grant to Rural Women, Nigeria Youth Investment Fund, National Young Farmers Scheme, amongst others.
FG commences disbursement of N20,000 special grant to rural women
Special grant project will see over 700,000 women empowered with N20,000 each.
The Federal Government has commenced the disbursement of the N20,000 special grant to women in rural areas of Gombe state.
This is according to a verified tweet by the Federal Ministry of Humanitarian Affairs, as seen by Nairametrics.
Recall that Nairametrics had earlier reported the flag-off of the special grant project for rural women, initiated by the Federal Government, which will see over 700,000 women empowered with N20,000 each.
What they are saying
Commenting on the latest development, the verified tweet reads thus:
“MAKE GOOD USE OF THE CASH GRANT”– Umar Faroq tells Rural Women.
“The HM @FMHDSD @Sadiya_faroq has urged rural women in Gombe state to use the one-off cash grant given to them by the federal government to improve the lives of their families.”
MAKE GOOD USE OF THE CASH GRANT- Umar Farouq tells Rural Women.
The HM @FMHDSD @Sadiya_farouq has urged rural women in Gombe state to use the one-off cash grant given to them by the federal government to improve the lives of their families. https://t.co/W2y9x3mzyE pic.twitter.com/ZdGZ3fXhOy
— Federal Ministry of Humanitarian Affairs (@FMHDSD) November 12, 2020
What you should know
The rural women’s programme was introduced in 2020 by the Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development as part of President Muhammadu Buhari’s social inclusion and poverty reduction agenda.
It includes the realization of the national aspiration of lifting 100 million Nigerians out of poverty in 10 years.
The Grant for Rural Women is designed to provide a one-off grant to some of the poorest and most vulnerable women in rural Nigeria.