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Business

CBN disburses N106.96 billion to 27,956 AGSMEIS beneficiaries

The CBN has disbursed a total of N106.96 billion to 27,956 beneficiaries of AGSMEIS.

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CBN releases new guidelines for OFIs, orders inclusion of NUBAN code or face sanctions

The Central Bank of Nigeria (CBN) has revealed that it disbursed a total of N106.96 billion to 27,956 beneficiaries of Agri-Business Small and Medium Enterprise Investment Scheme (AGSMEIS).

This information is contained in a recent communique from the last MPC report of the CBN.

Recall that Nairametrics had earlier reported the expansion of AGSMEIS beneficiaries to 14,638. In lieu of this, the recent figures show a remarkable improvement of an additional 13,318 beneficiaries.

READ: Access Bank rejects Appeal Court’s suspension of injunction against Seplat, approaches Supreme Court

The apex also revealed that it has disbursed a total of N2.0 trillion as at January 2021. Other key disbursements are;

  • The disbursement of N192.64 billion to 426,016 households and small businesses under the COVID-19 Targeted Credit Facility (TCF).
  • The disbursement of N72.96 billion to the Health Care Support Intervention Facility, directly impacting about 73 projects which comprises of 26 pharmaceutical projects and 47 hospitals and health care services projects in the country.
  • In a bid to support the provision of employment opportunities, the apex bank provided financial support of N3.12 billion to 320 beneficiaries under the Creative Industry Financing Initiatives and N268 million to 395 beneficiaries under the Nigerian Youth Investment Fund.
  • The apex bank also provided N18.58 billion for the procurement of 347,853 electricity reading meters to Discos, in a bid to support the National Mass Metering Programme.

READ: CBN opposes bid to remove Arabic inscriptions from Naira notes

What you should know

  • The Agri-Business/Small and Medium Enterprise Investment Scheme is a Federal Government initiative aimed at supporting efforts and policy measures for the promotion of agricultural businesses and small/medium enterprises (SMEs) in Nigeria, with the long-run goal of achieving sustainable economic development and employment generation.
  • With the CBN AGSMEIS Loan, one can access up to N10M at 5% per year without collateral.

READ: Nigeria’s forex devaluation timeline – 2020

Chidi Emenike is a graduate of economics, a Young African Leadership Initiative Fellow and an Investment Foundations certificate holder. He worked as a graduate Teaching Assistant in the Federal College of Education Kano and is also a trained National Peer Group Educator on Financial Inclusion

8 Comments

8 Comments

  1. Iloabuchi kenechukwu Jeremiah

    January 27, 2021 at 8:51 am

    What CBN is going to disburse for AGSMEIS loans, for those that finished training, wrote loan application, and our account was created since 21/08/2020,what time are we excepting,it sir thanks,

    • Paul Onam Niles

      January 27, 2021 at 5:40 pm

      Some of the the beneficial haven’t receive their loan from this agro scheme, have been waiting

  2. Ibrahim Bello Katagum

    January 27, 2021 at 10:44 am

    I appreciate the various Fed Govt intervention programs through the CBN.But more perplexed with the mode of releases of AGMEISS LOAN.I applied for the loan since MARCH 2019 & was called for interview in JUNE 2019 respectively. Today,is exactly 7MONTHS since the interview & no disbursement. It’s really unfortunate that we’ve prepared our land for dry season RICE, but no support to cultivate my 40 hectares land. May God be our guide.

  3. Achori ThankGod

    January 27, 2021 at 8:51 pm

    I am tired of applying for employment in Nigeria. The federal government is scamming people in the name employment. Who knows if they have shared the money

  4. Benjamin Sunday Ohemu

    January 27, 2021 at 10:58 pm

    I’m wondering why I haven’t received the loan up till date. I went to the Central Bank to know how and to apply and was directed to Smedan where I paid the stipulated training fees, including fees for Business Plan and uploading. After about 40 of us were trained and the business plan were uploaded by Smedan, we were directed to go for interview which we did on 3rd, October 2020.
    I’m therefore surprised that I have not received the loan, when others with whom we were interviewed have received their loans.
    It would be very painful after spending over N20,000.00 and be schemed out.
    It would be helpful to know the situation of the loan please.
    I

  5. Abubakar Sadiq Musa

    February 1, 2021 at 12:44 pm

    Thanks To the Federal government for their effort to elevate poverty, from both the young and old. But for Nirsal and CBN that are busy hidding the Masses money God Will Jugde you all. I applied and spent my small money just to have this loan. Over 8months now nothing to show forth, continue keeping the money for your generation yet unborn, we shall all die. Long Live Nigeria

  6. Muhammad Bello Kasim

    February 6, 2021 at 11:49 am

    I have been done my interview on 13th October, 2020. But yet I don’t heard anything about it. from the nirsal.

  7. Bello Sani bungudu

    February 17, 2021 at 8:34 pm

    I have done my interview since October but I’m not see any response from you

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Business

More Nigerians don’t trust government, fear losing jobs more than COVID-19 – Report

The 2021 Edelman Trust Barometer has revealed that Nigerians trust NGOs, businesses more than they trust the government.

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Cross section of Nigerians

A recent survey has revealed that only 24% of Nigerians have trust in the government which is one of the lowest rates in the world. The report also stated that Nigerians have more fear of job losses than Covid-19.

The was revealed in the 21st Edelman Trust Barometer Survey Report on Nigeria unveiled virtually by Edelman and its Exclusive Nigerian Affiliate, Chain Reactions Nigeria, in Lagos on Tuesday, 23 February 2021.

Presenting the 2021 Nigeria findings with the theme: ‘Pandemic’s Ongoing Impact on Trust’, CEO of Edelman Africa, Jordan Rittenberry, noted that Nigerians are looking to civil society organisations and businesses to assist the government in uplifting communities and driving positive change.

The 2021 Edelman Trust Barometer Report revealed that “out of the four institutions of government, business, media and Non-Governmental Organisations (NGOs), Nigerians trust civil society organisations the most, with businesses coming second.” 

Highlights of the survey include:

  • Most Nigerians expressed distrust for the media and returned the lowest trust quotient in the world for government with 24%.
  • Nigerians overwhelmingly placed the highest Trust in their ‘employers’, and in the process revealed their expectations for CEOs and business leaders to be more pro-active in speaking out on societal issues (92%) and driving positive change (79%) rather than wait for government.
  •  Nigerians fear losing their jobs more than they fear coronavirus, with a high degree of vaccine hesitancy revealed, as only 26% expressed readiness to take the COVID-19 vaccine when made available.

Laolu Akande, the Senior Special Assistant on Media to Vice President Yemi Osinbajo said: “Distrust in government is not peculiar to Nigeria. However, the government does have the responsibility to up its game in communication, to demonstrate responsibility and responsiveness.”

Akande cited the acclaimed National Social Intervention Programmes, and the COVID-19 Survival Fund as some evidence of the Muhammadu Buhari administration’s unprecedented responsiveness to Nigerians.

In case you missed it

Nairametrics reported last month that only 68.8% of Nigerians believe Covid-19 is real. While 39.9% of Nigerians say they will take the vaccine, 63.3% are opposed to another lockdown, in a report by SBM Intel

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Business

SEC denies knowledge of Oando shareholder’s court case

SEC has denied ever being served with court processes with respect to the purported matter at the FCT High court.

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unclaimed dividend, SEC restrains fintech company, Chaka from advertising or offering for sale shares

The Securities and Exchange Commission (SEC) has denied the claim by one of Oando Plc’s shareholders, Engr Patrick Ajudua, that he won a court case against the capital market apex regulator.

SEC disclosed in a statement it issued and seen by Nairametrics on Wednesday that there was never a time it was served with court processes with respect to the purported matter at the FCT High court.

It stated, “The attention of the Securities and Exchange Commission (the Commission) has been drawn to several publications in the media, where it is reported that a shareholder of OandoPlc, purportedly obtained a judgment from the Federal Capital Territory High Court against the Commission.

“The Commission wishes to inform the general public that it was never at any time served with court processes with respect to the purported matter at the FCT High court. The Commission will consequently take all necessary steps to verify and set aside the purported decision of the said Court.”

What you should know

  • On Tuesday, Ajudua, reportedly won a legal suit, which was filed at the High Court of the FCT against SEC, according to Nairametrics.
  • He filed that the directive of the SEC suspending Oando’s Annual General Meeting is in breach of his right to freedom of association as guaranteed under Section 40 of the Nigerian Constitution and Articles 9, 10 & 11 of the African Charter on Human and Peoples Rights.
  • In the said hearing presided over by Honorable Justice O. A Musa, all cases filed were granted in his favor.

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