BUSINESS DAY
Wednesday 17 April 2019
NEWS
35
FG needs N250bn to recapitalise Bank of Agriculture - Ogbeh … plans Agro Rangers to secure farmers Cynthia Egboboh, Abuja
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minimum of N250 billion is required to recapitalise and restructure the Bank of Agriculture (BoA) in Nigeria, Audu Ogbeh, minister of agriculture and rural development, said on Tuesday. Fearing that insecurity may further threaten food supply in the country, Ogbeh hinted of plans by the Federal Government to raise Agro Rangers as a panacea for farmers safety in the wake of recurring farmers / herders clashes. Ogbe, who lamented that many farmers had abandoned their farms due to insecurity, said the Agro Rangers would be used to stem the persistent clashes threatening food security across the country. The minister, who was speaking at the meeting with the management of Bank of Agriculture on “ensuring a sustainable Agricultural development,” said that the recapitalisation of the bank aims at making the agriculture sector stronger and profitable to the Nigeria economy. “The recapitalisation of the bank of agriculture will make the sector stronger,” Ogbe said, saying, “This is a chance to make all farmers co-owners of the bank, make them responsible and ease their access to credit facility as access to credit has been the major challenge facing the sector over time.” The minister revealed the ongoing plans to intensify the Agro Ranger Service to deepen security in the sector, adding that insecurity had driven some Farmers out of their farms. “We have plans to provide new forms of security for the farmers.
We are going into agriculture extension services, getting the kings and chiefs in the rural areas to be involved in ensuring security for the farmers.” He said he the ministry was also planning improve the supply of seeds and soil testing to prepare the sector for the projected population increase by year 2050. Heneiken Lokpobiri, minister of state for agriculture and rural development, noted that restructuring the bank would be an opportunity for Nigerians to own the bank and ease farmers’ access to finance, adding that the current administration has laid a solid foundation to develop the sector. “If the BoA is fully recapitalised, it will be an opportunity for Nigerians to own the bank and it will ease access to finance. The President has laid a solid foundation for the sector as we go into his second tenure, it will be better for the sector.” He noted that Nigerians had been carried away by the oil revenue, but declared that the time had come for the nation to go back to agriculture, and prepare for the challenge of feeding over 450 million people in the next 30 years as projected”. “We should work to ensure we produce what we eat, eat what we produce and provide jobs for the rising unemployed youth,” he said. Alex Okoh, director-general, Bureau of Public Enterprise, said the meeting signalled the commencement of restructuring and recapitalisation of the Bank of Agriculture to deepen farmers’ and small scale businesses’ to access to low-cost credit.
JAIZ Bank secures N3bn from BoI to finance MSMEs HARRISON EDEH, Abuja
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aiz Bank plc, the premier non-interest bank in Nigeria, has secured a N3 billion financing facility from the Bank of Industry (BoI) to boost and develop Micro, Small and Medium Enterprises (MSMEs) in Nigeria. The funds would be lent to small business operators to grow their businesses and create wealth, Hassan Usman, managing director/CEO, said in Abuja on Tuesday during the presentation of the amount to Jaiz Bank. Receiving the cheque from
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Shekarau Omar, BoI’s executive director for Small and Medium Enterprises, in Abuja, Usman assured that the funds would be disbursed to targeted beneficiaries. “Fundamental to the vision and mission of Jaiz Bank is to create wealth for MSMEs. I want to assure you that maximum benefits will to the stakeholders. “We have already started a pilot financial inclusion drive. We are also going to use agency banking to reach those people in places where we are not physically present. We are also intervening to provide financing to women groups.”
Abimbola Ogunbanjo (1st r), president, National Council of The Nigerian Stock Exchange (NSE), accompanied by Aliko Dangote, president, Dangote Group/former president NSE (2nd r), and Aigboje Aig-Imoukhuede, ex-officio, NSE (2nd l), recently paid a condolence visit to the family of late Herbert Onye Orji, erstwhile National Council member of NSE and they were received by Nnenna Orji, wife; Leslie Okoye, daughter, and Christian, sister.
Rejected bills now 38, as Buhari again declines assent to another OWEDE AGBAJILEKE, Abuja
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he number of bills passed by the eighth National Assembly but rejected by President Muhammadu Buhari since assumption of office in May 2015 has risen to 38. This followed the President’s rejection of the Nigerian Correctional Service Bill at Tuesday’s plenary. In a letter addressed to the Senate president, Bukola Saraki, and read at plenary, President Buhari said the bill violated Sections 81 and 84 of the 1999 Constitution (as amended). In a letter dated April 4, 2019, and read by Saraki at Tuesday plenary, the President said: “I am declining assent to the bill because Section 44 (d) of the bill which seeks to fund the special noncustodial fund with 5 percent of all fines paid to the federal purse violates the provisions of Sections 81 and 84 of the 1999 Constitution (as amended) will guarantee the independence of the Judiciary.”
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It would be recalled that last month, the President had rejected eight new bills passed by the National Assembly. The bills included the controversial National Housing Fund Bill, Ajaokuta Steel Company Completion Fund Bill, Nigerian Aeronautical Search and Rescue Bill, Small and Medium Enterprises Development Agency Bill and National Biotechnology Development Agency Bill. Others were the National Institute of Credit Administration Bill, Federal Mortgage Bank of Nigeria Bill as well as the Chattered Institute of Training and D e ve l o p m e nt o f Nig e r i a (Establishment) Bill. Other bills earlier rejected by Buhari since 2015 include: Industrial Development (Income Tax Relief ) Amendment Bill, Petroleum Industry Governance Bill, Stamp Duties (Amendment) Bill, National Institute of Hospitality and Tour ism (Est.) Bill, National Research a n d In n ov at i o n C o u n c i l
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(Est.) Bill and National Agricultural Seeds Council Bill. Also rejected were: Agricultural Credit Guarantee Scheme Fund (Amendment) Bill, Chattered Institute of E n t re p re n e u r s h i p ( E s t . ) Bill, Subsidiary Legislation (Legislative Scrutiny) Bill, Nigerian Maritime Administration and Safety Agency (Amendment) Bill, Advance Fee Fraud and Other Related Offences (Amendment) Bill as well as six constitution amendment bills. Others include: Nigerian Film Corporation Bill, Immigration (Amendment) Bill,
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Climate Change Bill, Chattered Institute of Pension Practitioners Bill, Digital Rights and Freedom Bill, National Transport Commission Bill, Federal Road Authority (Establishment) Bill, National Broadcasting Commission Amendment Bill, National Oil Spill Detection and Response Agency (NOSDRA) Act (Amendment) Bill and Federal Polytechnics Act (Amendment) Bill. The President also rejected the four versions of the Electoral Act (Amendment) Bill passed by the Eighth National Assembly.
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