All Posts in "Day: June 30, 2022"

Buhari re-appoints Patience Oniha as DG DMO

By Favour Nnabugwu

 

 

President Muhammadu Buhari has approved the renewal of the appointment of Patience Oniha as the Director-General of the Debt Management Office (DMO) for a second term of five years.

A statement issued in by the Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu, said the re-appointment was in accordance to Section IV (9-i) of the Debt Management Office (Establishment ETC) Act, 2003.

The statement further said that the renewal takes effect from July 1, 2022.

“Her appointment for a second term was based on the significant achievements recorded by the DMO in the last 5 years, under her leadership.

“Amongst the achievements are the introduction of Sukuk and Green Bonds to finance the development of infrastructure where there is a huge gap.

“Under her watch, as part of the initiatives to improve the sustainability of the public debt and opening up avenues for raising long term funds for corporates, the DMO introduced long term Bonds with tenors of 30 years in the domestic and international markets.

“This is aside from attracting diverse investors including retail investors to the FGN Bond Market, ” the statement said.

It further added, “Internally, Oniha introduced reforms to strengthen the DMO, as a critical agency in the public finance ecosystem of the country.”

Patoma Admin by — June 30, 2022 in Banking & Finance 0
43,008 pilgrims for airlifting to Saudi July 3 – NAHCON

*Hajj: We’ll complete airlifting of 43,008 pilgrims to Saudi July 3 – NAHCON reassures*

_By Luminous Jannamike, Abuja_

The National Hajj Commission of Nigeria (NAHCON), has concluded plans to finish the airlifting of all 43,008  pilgrims to the Holy Land for this year’s pilgrimage by July 3. 2022.

This excludes the pilgrims airlifted by private tour operators across the country.

The Saudi government had allocated 43,008 slots to Nigeria, out of which licensed tour operators, under the aegis of Association of Hajj and Umrah Operators of Nigeria, got 9,032.

NAHCON’s Executive Chairman, Alhaji Zikirullah Kunle Hassan, who disclosed these while briefing journalists in Abuja on Thursday, said the Commission had contracted three airlines to fly the pilgrims to Saudi Arabia.

He was reacting to fears in certain quarters that barely three days to the commencement of this year’s Hajj ceremony, thousands of Nigerian pilgrims may miss the exercise because they have not been airlifted to the Holy Land.

“So far, everything is smooth. We are back to full Hajj operations after two-year interregnum. We have everything in place. We expect to finish flight operations by July 3,” he assured.

“Over  22,000 pilgrims have been airlifted from 23 states and the Armed Forces with Kano and Kaduna State having the highest number of pilgrims.

The Executive Chairman further confirmed that NAHCON’s request for additional slots from Saudi Arabia had been turned down by the Ministry of Hajj and Umrah.

He also said it was true that the request to have some officials who are above 65 years to travel because of their experience in hajj operation was also not granted.

Nonetheless, Hassan blamed the initial hiccups in the airlifting of the pilgrims on the short notice of the Saudi authorities for countries to mobilise their pilgrims for this year’s Hajj.

He, however, regretted that while the contracted airlines were ready to fly the pilgrims to the Islamic capital of the world for the religious expedition, most of the state pilgrims’ boards were not ready with their people for airlifting.

On the challenges faced by nearly 3,000 pilgrims of licensed tour operators, who made deposits to NAHCON’s Treasury Single Account domiciled in the Central Bank of Nigeria, but whose accounts in Saudi Arabia were yet to be credited to enable them process their accommodation in Makkah and Madinah and pay for other services, Hassan assured that the Commission was working with the relevant authorities in Saudi Arabia to address the issue.

Patoma Admin by — June 30, 2022 in Aviation 0
CBN ACGSF loan to farmers hit N131bn

By Favour Nnabugwu

 

 

The Central Bank of Nigeria (CBN) has guaranteed the sum of N130. 90 billion loan to farmers under the Agricultural Credit Guarantee Scheme Fund (ACGSF) between its inception in 1977 and May 2022.

The Chairman of the Board of the ACGSF, Mr. Stephen Okon, gave the update at the 2021 National Best Farmers of the Year Award, held in Abuja, yesterday.

Okon said, “The ACGSF Scheme has proved relatively successful in de-risking the agricultural sector in Nigeria as evidenced in the number of loans guaranteed from inception to date.

“A total of 1,232,326 loans valued N130.903 billion were guaranteed from inception to May 2022 out of which 973,646 beneficiaries had repaid a total of N98.91b.”

The chairman said that the federal government and the CBN both contributed to the Fund in the ratio of 60 percent and 40% respectively, with the CBN doubling as the Managing Agent and the Secretariat.

Mr. Okon said that the timing of the event was apt, given the fact that countries across the globe were experiencing challenges, resulting from the Russian – Ukrainian War.

“Its impact being – global oil and food crises affecting the agricultural sector which has contributed to disruptions in domestic food supply chains and other shocks affecting food production.

“This has led to the loss of incomes, food security risks, inflationary trends, and creating serious tensions in many countries,” he said.

The chairman noted that achieving food security not only carried significant benefits for human health but also served as the basis to achieve sustained economic growth.

“Awakened by a potential rise in food insecurity, many countries and organizations are mounting special efforts to keep agriculture safely running as an essential business,” he added.

In his remarks, the Abuja Branch Controller of the CBN, Mr. Michael Ogbu, said that the successes achieved under the ACGSF had led to significant improvement in Deposit Money Banks’ (DMB) lending to the agricultural sector and to a remarkable growth in the agri-business value chain in Nigeria.

He stressed the determination of the Management of the CBN towards supporting farmers to grow exponentially, saying, “ that way, Nigeria can actually grow what she eats.”

The ACGSF was established by Decree No. 20 of 1977 to guarantee agricultural credit facilities granted to farmers.

The Scheme encourages Deposit Money Banks and Microfinance Banks to lend to those engaged in agriculture by providing guarantee.

It mitigates risks associated with banks’ lending to agriculture by guaranteeing to pay banks 75 per cent of the net amount in default in accordance with the provisions of the enabling Act.

Under the new ACGSF Amendment Act 2019 the maximum for a non-collateralized loan has increased from N20,000.00 to N100,000.00, while the maximum for a collateralized loan moved from N10 million to N50 million.

Mr. Peter Okonkwo emerged overall winner of the 2021 National Best Farmer of the Year.

He was said to have taken an N8. 050 million facility under the scheme for the procurement of additional agricultural plants, machineries and packaging in 2018 and with it, generated N15 million income and a profit of over N2,7 million.

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Patoma Admin by — June 30, 2022 in Banking & Finance 0
88,000 candidates sit for 2022 NABTEB examinations

By Favour Nnabugwu

 

 

Not less than 88,000 candidates sat for the ongoing 2022 National Business and Technical Examinations Board, NABTEB Certificate examination across the country.

The Chief Executive Officer of NABTEB, Ifeoma Isiugo Abanihe, who spoke while while monitoring the examination in some secondary schools in the Federal Capital Territory, said there had been tremendous increase of enrollment in the past five years.

Some of the schools she monitored were Federal Government College, Orozo and Government Technical College, Garki, Abuja.

“The surge began in 2015 when the examinations’ body first recorded 55,000 enrolments, moving to 83000 in 2018″

She warned against any discriminatory art  against the certificate, stated that they henceforth not condone such action by institutions found involved in the practice.

She said,”In 2022,about 88,000 candidates applied to write the NABTEB examination nationwide.

“Starting from 2018, it was about 55,000 candidates, but this year you can see last year was 83,000 plus so there has been steady increase in enrollment and I think it is because of the realisation that TVET is the way to gom

“In the world today there is need for skills acquisition there is need for empowerment in skills, self reliance, and it’s at the bottom of development and that is why there’s more realisation that is a very, very crucial aspect of education.”

Minister of Education, Malam Adamu Adamu, who spoke through his representative and Director, Human Resources of the ministry, David Gende ,called for an end to the demeaning of NABTEB certificates.

“Skill acquisition is what the government is promoting to take over the Nigerian business and technical workspace.”

“People need to stop demeaning this very certificate, so that people can pick up the skills that are required. We need to stop those who are taking over our space, you know if those space were available, the young ones who cannot continue after this level, at least have some skills to carry on and take over the space,”he further said.

Gender said government was presently directing students towards the sector “as option for those who cannot fit into the formal sector.”

“That is the way to go. And that is where we are directing our students to go. Those who cannot fit into other professional areas,there are other sound options that we know are acceptable anywhere, and even contributing greater to the development of our country”,he added.

Patoma Admin by — June 30, 2022 in Education 0
Efekoha now member of AIO Executive Committee

Favour Nnabugwu

 

The Group Managing Director of Consolidated Hallmark Insurance (CHI) Plc, Mr. Eddie Efekoha is now a member of the Executive Committee of the African Insurance Organisation (AIO).

Efekoha admission into the committee took place at the 48th AIO Annual conference and General Assembly in Nairobi, Kenya, was in recognition of his immense contribution towards the growth and development of insurance in Nigeria and on African continent.

In his role, aside working with AIO Secretariat, he is expected to continue to use his rare talents and experience to deepen the penetration of insurance and address all issues on the African Insurance landscape

Efekoha who was once the chairman of Nigerian Insurers Association ( NIA) has been a strong pillar in the Nigerian insurance industry, having become the President of the Chartered Insurance Institute of Nigeria (CIIN) and the Chairman of Nigerian Insurers Association (NIA) in the past of which he served meritoriously.

In a congratulatory letter from CIIN to Efekoha on his feat, the President, CIIN, Sir Muftau Oyegunle, applauded his impact and contributions toward deepening insurance penetration in Nigeria and across the continent, expecting him to dip into his experience to excel in his new role.

“Everything you have done and accomplished in improving the insurance industry both in Nigeria and Africa are plausible. We are sure that this is another opportunity to continue to use your rare talent and experience to deepen the penetration of insurance and address all issues on the African insurance landscape. Accept the institute’s hearty congratulations.”

Efekoha holds a Bachelor’s degree in Insurance and a Master’s degree in Business Administration both from the University of Lagos.

He was the Executive Vice Chairman/CEO of Consolidated Risks Insurers, the past President of the Chartered Insurance Institute of Nigeria (CIIN) and the 22nd Chairman of the Nigerian Insurers Association (NIA) from 2016-2018

He has worked with leading Insurance Brokerage firms in top executive positions including Hogg Robinson Nigeria, Glanvill Enthoven & Co (Nig.) and Fountain Insurance Brokers as pioneer MD/CEO

Patoma Admin by — June 30, 2022 in Insurance 0
AIBA elects Olatunde-Agbeja, Ezeibe as Chairman, Secretary

By Favour Nnabugwu

 

 

The African Insurance Brokers Association (AIBA) has elected the Chairman of Boff Insurance Brokers, Chief Babajide Olatunde-Agbeja and as it’s new Chairman and Ekepma Ezeibe as Secretary

Others also elected are as follows: Mr. Shaibu Ali – Ghana – Vice Chairman;  Mr. Yombo Bammeke – Nigeria – Treasurer; Mr. Nelson Omolo – Kenya – Ex Officio; Mr. Shola Tinubu – Nigeria – Ex officio and Mr. Jean Baptiste Ntukamazina- AIO SG – Ex Officio.

The election which took place on the sideline of ongoing 48th African Insurance Organisation Conference in Nairobi,Kenya.

The executive are to serve for one year and it is expected that heir election will give a great impetus to the body in accomplishing its mandate of broadening the practice of insurance broking in Africa.

Patoma Admin by — June 30, 2022 in Insurance 0