Business
How Sterling Bank, Eatrich Farms Sting People Through CBN Scheme
Several people who bought into the attractive presentation of Sterling Bank Plc and Eatrich Farms and Food Limited, on the Agricultural Credit Guarantee Scheme Fund (ACGSF) are counting their losses.
The Central Bank of Nigeria (CBN) has it on its website that the ACGSF “was established by the Federal Military Government under the Agricultural Credit Guarantee Scheme Fund Decree 1977 (Decree No. 20) and as amended on 13th June 1988, and 26th June 2019.”
The apex bank further avers that “The Fund is under the management of the Agricultural Credit Guarantee Scheme Fund Board and the Central Bank of Nigeria is the Managing Agent for the administration of the Scheme.
“The work relating to the Scheme is handled by the Development Finance Department of the Bank headed by the Director.”
Unsuspecting members of the people would have been swayed by such copious institutional and legal backing for the ACGSF, which it now appears that Sterling Bank and Eatrich Farms rode on to develop a bait to hook some.
Biztellers gathered that as much as N20 billion would have been involved with up to 20 members of the public, in one WhatsApp Group, having fallen prey to the theatricals of the duo of Sterling Bank and Eatrich Farms, who spiced their presentations with Nollywood actors and social media influencers.
In addition, the CBN explained that “The purpose of the Fund is to provide guarantee in respect of loans granted by lending banks for agricultural purposes under the scheme with the aim of increasing the level of bank credit to the agricultural sector.”
The drive to increase food production, prevailing unemployment and under-employment as well as harsh economic environment would have added to weaponising the ACGSF in the hands of some corporate actors.
Many of those who signed-up with Sterling Bank and Eatrich Farms, mostly young Nigerians, are now aggrieved that facility packaged for fish farming has turned out to resemble loan racketeering.
One of the victims, an entrepreneur, Sogbesan Oluwayemisi told Biztellers that the bank and farm packaged and marketed the loan as an high yielding agro-entrepreneurship deal with zero risk since it was guaranteed by the CBN.
The promoters, she added, made it clear that any portion of the loan the CBN’s guarantee did not cover had been taken care of by the secured collaterals provided by the Eatrich Farms, already verified and well documented by Sterling Bank.
The whole scheme was also 100 percent insured for which insurance premium was debited against each applicant at disbursement.
These, among other factors, she explained, made the offer easy for people like her to accept.
According to her, they were told that the bank and the farm had to take professional control, for which each applicant signed-off for a new account with the bank, over which the account holder had no control.
The average loan disbursement to the participant stood at N2.5m.
The loan was packaged to be a short-term one, running for 120 days. It was supposed to be used for cart fish farming, an area Eatrich Farms went to great lengths to showcase competence to convince the prospects that nothing would go wrong.
However, those who accepted this offer were first jolted with the discover that Eatrich Farms folded up abruptly, after using the scheme to rake-in huge sums of money suspected to be well over N20bn.
Oluwayemisi further averred that when they contacted Sterling Bank, they were told not to panic because the bank had the loan fully secured and covered with collaterals provided by Eatrich Farms in addition to the fully paid insurance policy.
But much to their embarrassment the bank had gone ahead to debit their individual accounts for the loans.
She laments thus, “when the bank first debited my individual account with the sum of almost N80,000.00 in February 2022, I quickly reached out to Sterling Bank and it was promptly reversed.
“However, another head of the hydra, this time a more sinister one, has reared up in April 2023 with a debit of a similar amount, which efforts to get the bank to reverse are proving abortive.
“When I first noticed the second debit, I reached out to my account officer, Mrs Bunmi at Sterling Bank, but she was not as cooperative as she was over the first debit.”
Still on reactions from Sterling Bank, Oluwayemisi stated, “My accounts officer counselled me to make a physical appearance to lay my complaint at the bank, which I did. The customer service officer, I met, asked for the number of my account officer and I rang her up for them to speak. Their conversation didn’t go well, from what I overheard.
“Thereafter, they referred me to the supervisor, Michael Ifaluyi, who informed me that he was on vacation but would look into the matter. My gut-feeling is that once he looked-in and discovered that there was a racket, he opted to steer-clear because he has been making excuses since that day.”
Efforts to get Eatrich Farms’ side of the story proved abortive as calls to Tobi Dada did not connect, as her telephone line could not be reached as at the time of filing this report.
However, Ifaluyi told Biztellers that he just assumed responsibility at the branch where the transaction took place and would need time to study it properly before offering a proper update.
He, expressed empathy with those who took the loan, whom he described as ‘young Nigerians.’ He assured that he would resume in a matter of weeks and would try to resolve the matter.
Nigerian comedian and popular skit maker, Chibuike Josh Alfred, known by his stage name Josh2Funny, has shed light on the profitability of the content-creating industry.
In a recent interview with Echo Room, Josh2Funny highlighted the impressive financial potential that content creators can achieve, noting that it is possible for them to comfortably afford multiple luxury cars, including up to four Lamborghini vehicles.
Speaking candidly, Josh2Funny emphasised that content creation has become an extremely lucrative field due to the constant demand for fresh and engaging material. “If you want to buy four Lamborghini from content creation, you can buy it,” he said.
His remarks underscore the significant revenue opportunities available in the digital content landscape.
Josh2Funny explained that the continuous consumption of online content is what drives its profitability. “What do you think we are doing in the content-creating industry? Are we joking? You all are with your phones, when you’re in the bathroom, when you’re [using the restroom], you’re consuming our stuff. It’s like pure water,” he stated.
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The comedian further elaborated that businesses or industries that deliver products consumed on a daily basis often see the most substantial financial returns. Content creation, with its high rate of daily consumption by audiences worldwide, aligns perfectly with this model.
“People are out there, consuming our content every time,” he said, reinforcing the idea that the reach and influence of content creators have never been more extensive.
Josh2Funny’s insights reveal why the content-creating industry has become a lucrative career path for many in Nigeria and around the world. With the continuous growth of social media platforms and the public’s insatiable appetite for entertainment and relatable content, creators are finding new and innovative ways to monetize their craft.
This shift not only highlights the potential for significant financial gain but also showcases the evolving landscape of digital media, where influencers, comedians, and skit makers can turn creativity into a sustainable and highly rewarding business.
A safety alert notification by the National Agency for Food and Drug Administration and Control (NAFDAC) in Nigeria issued on October 31, 2024, regarding NIVEA BLACK & WHITE Invisible Roll-on deodorant (50 ml) batch number 93529610, in relation to the general European Union (EU) Rapid Alert System for Dangerous Non-Food Products (RAPEX), has come to our attention.
The batch is said to contain 2-(4-tert-Butylbenzyl propionaldehyde (BMHCA).
In a statement on Saturday, in Lagos, Beiersdorf, the owner of NIVEA brand, assured that the “the Batch No. 93529610 in question has not been marketed in Nigeria and thus never recalled”.
According to the statement, Beiersdorf was well informed that “Based on current European legislation, the use of ingredient 2-(4-tert-Butylbenzyl propionaldehyde (LilialTM) in cosmetic products has been banned from the European markets as of March 1, 2022.”
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It acknowledged that “The batch in question, in fact, expired in January 2022 and was hence at the time fully compliant with the then valid European cosmetic regulation.
“As a responsible corporate citizen, Beiersdorf is working collaboratively with NAFDAC to safeguard the interest of the Nigerian consumers by ensuring that our locally manufactured product meets the global quality standards.”
It maintained that “The safety of our consumers remains our highest priority, consistent with our ethical philosophy as a business.”
In pursuit of this commitment, Beiersdorf’s entire NIVEA product portfolio formulations have been reformulated to be Lilial-free formulas in full compliance with the EU Regulation on cosmetic products well ahead of its Lilial ban coming into effect as far back as March 1, 2022. For instance, the formulation of NIVEA BLACK & WHITE Invisible Roll-on deodorant has been Lilial-free since at least 2020 across the globe, including Nigeria.
“Our trade partners were informed ahead of time and reminded of their responsibility to remove the outdated Lilial-containing products within the legal timeframe to fulfill their obligations with the European Cosmetic Product Regulation,” it added.
The Shell companies in Nigeria teamed up with the Nigerian National Petroleum Company Limited (NNPC Ltd) and other stakeholders to build Information Communication Technology (ICT) centres and a digital library in Nigerian universities in 2024.
Biztellers reports that it initiative is part of their continuing support for education.
Some of the corporate bodies that executed the projects include the Shell Nigeria Exploration Production Company Limited (SNEPCo) and NNPC Ltd, and the Nigerian Content Monitoring and Development Board (NCDMB).
The benefiting institutions were, the Niger Delta University, Amassoma, Bayelsa State, which got a digital library in April, the Sa’adu Zungur University (formerly Bauchi State University), Gadau in Bauchi State, where an ICT Centre was commissioned in July, by The Shell Petroleum Development Company of Nigeria Ltd (SPDC) as part of the Joint Venture with NNPC, TotalEnergies and NAOC.
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In what would sound like singing-off on the educational intervention initiative for 2024, the Federal University of Technology, Owerri (FUTO), overflew with joy at the unveil of a world-class engineering design studios and ICT hub, courtesy of the SPDC, NNPC Ltd and other Joint Venture partners collaborated with NCDMB.
Reflecting on the three facilities, Country Chair, Shell Companies in Nigeria, and Managing Director, SPDC, Osagie Okunbor, said, “This is Shell working to power lives in Nigeria. The projects have changed the academic and physical landscapes in the three universities and linked the students and lecturers to the global learning arena.”
The facilities at FUTO include two state-of-the-art engineering design studios and a fully furnished 100-seater ICT lecture hall, equipped with computers and smartboards with dedicated power and water supplies. FUTO was selected for the project as part of the “institutional strengthening” in the catchment area of SPDC’s Assa North Ohaji South Gas Development Project. They were launched at a colourful ceremony attended by representatives of the Imo State Government and principal officers of the university.
Imo State Governor, Hope Uzodinma, represented by the Commissioner for Digital Economy and E-Government, Dr. Chimezie Amadi, said, “We deeply appreciate the efforts of our partners in NNPC, SPDC, Total Energies, and NAOC JV, who have invested in the future of Imo State by supporting this critical project. Your commitment to human capacity building aligns perfectly with our goals, and together, we will continue to drive innovation, skills development, and sustainable economic growth for our people.”
Okunbor’s address at the commissioning was read by General Manager, External Relations, Igo Weli, in which he expressed happiness “that the collaboration of SPDC, Joint venture partners, NCDMB, and FUTO has resulted in this successful social investment project that demonstrates our commitment to improving access to quality education for every Nigerian.”
On his part, the Executive Secretary NCDMB, Engr. Felix Omatsola Ogbe, called on Nigerian institutions to domesticate the advancements in AI and other technologies.
“Our AI must understand Igbo, Hausa, Efik, Yoruba, and other local languages,” he said, speaking through Dr. Ama Ikuru, the Director in charge of Capacity Building.
“We must leapfrog the innovations of other nations and become a net exporter of advanced technology to achieve the lofty ideals of Nigerian content development,” he added.
The Chief Upstream Investment Officer, NNPC Upstream Investment Management Services, Bala Wunti, said in his address which was read by the Senior Advisor Stakeholders Relations, Halimat Wilson, “Innovation thrives in an environment where ideas can be freely exchanged and developed. The Engineering Studio and ICT Hub is designed to be such a place where students, researchers, and faculty can collaborate on projects, share knowledge, and push the boundaries of what is possible.
Welcoming guests earlier, FUTO Vice Chancellor, Prof Nnenna Oti, thanked the sponsors of the project “for a landmark donation” to the university.
The Shell Companies in Nigeria have been education since the 1950s through scholarships and other initiatives. These efforts have resulted in the award of thousands of secondary, undergraduate and postgraduate scholarship awards, provision of educational infrastructure and establishment of sabbatical and internship programmes as well as centres of excellence in several universities.
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