NEWS
CBN Disburses N114bn Through 100-for-100 Policy
The Central Bank of Nigeria (CBN) says its 100-for-100 Policy on Production and Productivity has seen it disburse N114.17 billion to beneficiaries since the commencement of the intervention.
Governor, CBN, Godwin Emefiele, made the disclosure after the last Monetary Policy Committee meeting held in Abuja.
According to Emefiele, the funds were expended on 71 projects across healthcare, manufacturing and agriculture sectors.
In his words, “Furthermore, under the 100 for 100 Policy on Production and Productivity, the Bank has disbursed the sum of N20.78 billion to nine projects in healthcare, manufacturing, and services. This brings the cumulative disbursements under the facility to N114.17 billion to 71 projects across healthcare, manufacturing, services and agriculture.”
Biztellers reports that the CBN programme, was launched in January 2022, for a select 100 private sector companies with projects that have the potential to significantly increase domestic production and productivity, reduce imports, increase non-oil exports, and overall improvements in the foreign exchange generating capacity of the Nigerian economy.
Going by the guidelines for the implementation of the initiative, the CBN fixed the maximum loan amount that a participant could get at N5bn.
“The initiative, which shall be bank-led, will be rolled over every 100 days (that is, quarterly) with a new set of companies selected for financing under the initiative,” it stated.
It was gathered that in collaboration with relevant stakeholders, the apex bank said the initiative would be implemented with a focus on micro- and macro-economic impacts, including the creation of sustainable jobs, the development of local content, production output, capacity utilisation and integration into global value chains.
The Guidelines added, “Loan amount shall be a maximum of N5bn per obligor. Any amount above N5bn shall require the special approval of CBN’s management.”
The broad objective, according to the Guidelines of the initiative, is to reverse the nation’s over-reliance on imports, by creating an ecosystem that targets and supports the right projects with the potential to transform and catalyse the productive base of the economy.
Highlighting the specific objectives of the initiative, the CBN said it was designed to catalyse import substitution of targeted commodities, increase local production and productivity, increase non-oil exports, and improve the foreign exchange-earning capacity of the economy.
It said key activities covered under the initiative would be existing businesses and projects (brownfield) with the potential to immediately transform and catalyse the productive base of the economy, and new projects (greenfield) with equal potential may be considered under the initiative, subject to CBN management’s approval.
A tragic building collapse in Rivers State has left a middle-aged contractor, identified as Udeme, feared dead after a two-storey structure under construction caved in at the Egbelu Mgbaraja area of Ogbogoro Community, Obio/Akpor Local Government Area.
This incident comes just one week after a three-storey building collapsed at the Iriebe axis of the same local government, though that incident fortunately recorded no casualties.
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The latest collapse occurred on Monday, November 4, 2024, around 2 p.m., with construction workers on site when the structure gave way.
According to eyewitness Mr. Jonathan Obey, the building’s second floor suddenly buckled, trapping Udeme beneath the rubble, while another worker managed to escape with serious injuries.
Obey, who attempted to rescue the trapped contractor, suspected negligence, saying, “We couldn’t reach him despite our efforts. An inspection revealed substandard materials had been used, with the foundation only three feet deep for a two-storey building, which is insufficient. The rebar was of poor quality, and essential supports, such as a center beam, were absent.”
The Rivers State Government has since sealed off the property and declared the developer, Vincent Nwoye, wanted for questioning.
Rt. Hon. Evans Bipi, Commissioner for Physical Planning and Urban Development, visited the site and expressed his dismay, attributing the collapse to gross negligence.
“This tragedy was preventable,” Bipi stated. “The developer failed to obtain an approved building plan and used inferior materials. The government will ensure accountability and take severe action.”
Bipi extended his condolences to the victim’s family and the Ogbogoro Community, affirming that the government will facilitate the family’s recovery of their loved one’s remains. “We sympathize with the bereaved family and the entire community,” he added.
The Commissioner for Special Duties, Dr. Samuel Anya, also condemned the developer’s actions, highlighting the dangers posed when profit is prioritized over safety. “This loss is a direct consequence of unethical practices,” he said.
The government has committed to a thorough investigation and tighter regulatory enforcement to prevent further tragedies in Rivers State.
The Chief Judge of Ekiti State, Hon Justice Oyewole Adeyeye has passed on.
The news of his passing was leaked by a reliable source under the condition of anonymity.
The sad incident, according to the source, happened in Ado Ekiti in the early hours of Tuesday.
His death is being traced to a sickness which came upon him following the injury he sustained when a section of the Ekiti State High Court Complex, Ado Ekiti wall collapsed in July 12, 2023.
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The late Justice Adeyeye was at the office when the building collapse happened and sustained injuries.
While the state and his family were yet to issue statements on his demise, the Ekiti State Chapter of the Association of International Female Lawyers (FIDA) has sent condolences to the family.
The condolences message read: “With deep sorrow in our hearts and in total submission to the will of God, FIDA Ekiti consoles with the family of the Chief Judge of Ekiti State, Hon Justice Oyewole Adeyeye on his call to glory.
“May He find rest with his maker.
“I pray that God grants the family, the Judiciary and the people of Ekiti State, the grace to bear this irreparable loss.
Adieu great one.”
Justice Adeyeye was born 1960 in Araromi Ugbesi in Ekiti East Local Government of Ekiti State and was called to bar in 1986.
He started his career as a State Counsel in the civil service of the then Ondo State before joining the Ekiti State Judiciary Service Commission shortly after the state was created in 1996.
He was promoted to the position of a judge in the state’s high court in 2002 and has served at different occasions in the election petition tribunal.
A Federal High Court in Abuja has dismissed all charges against 76 individuals accused of participating in the nationwide #EndBadGovernance protests.
The ruling came after the Attorney General of the Federation (AGF), Lateef Fagbemi, moved to discontinue the case under orders from President Bola Tinubu.
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Justice Obiora Egwuatu, presiding over the matter, struck out the charges after hearing a motion from the AGF’s representative, Director of Public Prosecution of the Federation (DPPF) Mohammed Abubakar.
Citing Section 174 of the 1999 Constitution, the AGF formally took over the case from the Inspector General of Police, then requested to drop all charges against the defendants, many of whom are minors.
The judge granted the AGF’s application without objection from defense counsel, ordering the immediate release of the accused, who were not present in court.
This decision follows a directive issued on Monday by President Tinubu, instructing the AGF to withdraw charges against the protesters.
More to follow……….
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