Business
FG Supports Ex-Agitators With N1.5B Cooperative Program
On Wednesday, Major General Barry Ndiomu (retd.), the Interim Administrator of the Presidential Amnesty Program, announced that the Federal Government has allocated N1.5 billion to assist a cooperative initiative benefiting 30,000 ex-agitators in the Niger Delta region.
The goal of the program is to promote the self-sufficiency of the militants and reduce their reliance on the monthly stipends of N65,000.
Major General Ndiomu revealed that the PAP Cooperative Society Limited has been launched in Abuja, and an initial deposit of N1.5 billion has been made at Providus Bank to facilitate the implementation of the scheme.
The program aims to allocate N500 million on a monthly basis to provide ongoing support to the ex-agitators. Presently, the cooperative scheme is exclusively focused on benefiting the former agitators
He expressed optimism that as the funds increase, they would expand to impacted communities and that the scheme would also benefit several people across the region.
He said “We on our part, will continue to support the cooperative with additional finance and the plan going forward is to provide a minimum of N500 million every other month to sustain it.
“The whole essence is to discourage reliance on the monthly stipends which you will all agree with me has brought the culture of indolence and is not in our best interest. So we have decided that rather than give them fish we should teach them how to fish,” he added.
Ndiomu emphasized that the primary objective of the initiative is to establish an alternative economic development scheme that would offer ex-agitators a sustainable and more prosperous source of income to foster the socio-economic growth of both their communities and the overall region.
Ndiomu further outlined that the ex-agitators themselves would take charge of managing the cooperative scheme, while the PAP office, along with its consultants, would closely supervise its operations.
He revealed that an Advisory Board, led by Justice Francis Tabai from the Supreme Court, would oversee and monitor the program.
Ndiomu clarified that the cooperative would collaborate with PAP beneficiaries to identify business opportunities that align with their respective skills to establish and develop these ventures into profitable enterprises.
Additionally, Ndiomu highlighted that the beneficiaries would receive technical and business development support to help them establish and sustain viable businesses to empower them to meet essential needs, generate employment opportunities, and contribute to the economic growth of the Niger Delta region.
The Interim Administrator, in his address, disclosed that the PAP’s focus would be on rice production as they have entered into a Memorandum of Understanding with communities to facilitate the development of rice farms.
Furthermore, he stated that discussions are underway with the International Institute of Tropical Agriculture to explore potential collaborations in this area.
The ultimate goal is for the ex-agitators to transition into entrepreneurs, and it is anticipated that the monthly stipends of N65,000 will be gradually phased out as they become self-sufficient.
One of the ex-agitators, HRM Henry Ekes, expressed his appreciation for the scheme, acknowledging that many of them had been concerned about their future prospects since returning to the creeks and engaging in disruptive activities was not a viable option.
Ekes highlighted that several other agitators were also in favor of the scheme, and he consistently encouraged them to view it as the path towards self-reliance.
He emphasized the significance of embracing the program, noting that its success would not only be advantageous for the ex-agitators themselves but would also bring benefits to the Niger Delta region as a whole.
In a sharp turn of events, the Nigerian Naira took a significant tumble on Tuesday, plunging to N1,416.57 against the US dollar at the official market.
This staggering drop of N62.36 from the previous trading day represents a 4.60 percent loss, sparking concerns among investors and analysts alike.
Data from the FMDQ Exchange, overseeing the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed this unsettling trend.
Despite the currency’s downward spiral, trading activity surged, with the daily turnover soaring to $160.77 million, compared to Monday’s $84.83 million.
Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira’s performance remained volatile, trading between N1,445 and N1,301 against the dollar, underscoring the currency’s precarious position in the market.
The management of Dangote Cement Plc., Ibese Plant has assured that it would continue to complement the efforts of the Ogun State Government in the development of its host communities through capacity building for the people, especially the youths.
In a statement, the company declared its commitment to development for the prosperity of the people and host communities for which it is placing a premium on the developmental needs of the communities and empowerment of their indigenes.
During a capacity development workshop for Host Community Representatives, General Manager, Human Asset Management/Admin, Aina Olugbenga, said, Dangote Cement remained committed to implementing value-adding empowerment programs to uplift the people and develop the host communities.
The workshop themed: “Team Building, Inclusivity and Stewardship, a panacea to effective Community Representatives” according to him, was to equip the Community reps with the right skills to offer quality representation for their people. He stated: this capacity building workshop is aimed at developing and strengthening the skills, instincts, and abilities of the communities through their representatives adapt and thrive in a fast-changing world.
Olugbenga noted that the workshop is part of the management’s strategy to improve relationships with the host communities and urged the participants to leverage the knowledge acquired from the workshop to improve service delivery to their people and the Cement plant.
According to him, Dangote Cement, Ibese Plant is committed to building the capacity of the people and institutions in the communities by identifying skill gaps and partnering to up their skills for economic prosperity. This, he stated, was in anticipation that other stakeholders will continue to play their part by partnering and supporting the Company to ensure peaceful co-existence and shared prosperity for all.
Said he, “Apart from reciprocating the good gesture of Dangote Cement by ensuring peace at all times and keeping an open and trusting mind towards the organization, we also desire from our community leaders and representatives who are present here, the ownership of all Social Investment programme, be it training or infrastructure because they are meant for the betterment of our people.”
On behalf of the Community Representatives, Hon. Dayo Ogunyinka thanked the Dangote Cement management for the workshop while assuring continued commitment to effective, efficient and selfless discharge of their roles and responsibilities to their various communities and the Plant.
The Nigeria Deposit Insurance Corporation (NDIC) has announced revisions to the Maximum Deposit Insurance Coverage for banks operating within the country.
NDIC’s Managing Director, Bello Hassan, disclosed the updated coverage benchmarks during a media briefing in Abuja on Thursday.
The coverage for Deposit Money Banks has been increased from N500,000 to N5 million, for Microfinance Banks from N200,000 to N2 million, for Primary Mortgage Banks from N500,000 to N2 million, and for Mobile Money Operators subscribers’ pass-through from N500,000 to N5 million per subscriber.
Hassan underscored that the objective of the update is to enhance depositor safety, foster public trust, promote the inclusivity of financial services, and ensure the overall stability of the financial sector.
More to follow.. . .. .
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