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States to Start Receiving N500bn This Week

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  • States to Start Receiving N500bn This Week

The disbursement of the N500bn London-Paris Club loan refund to states by the Federal Ministry of Finance is to commence this week, investigations have revealed.

Top government officials confided in our correspondent that the Minister of Finance, Mrs. Kemi Adeosun; and Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, would meet anytime soon over the modalities for the disbursement of the fund.

The official said, “We have received the President’s directive, which was issued last week, and we have already started working on the release of the fund; but of course, you know there are processes to be followed, which is what we are doing now.

“The minister will have to meet with the CBN governor to discuss the modalities for the release of the funds to the respective states and that will be done anytime from now. It is after that meeting that a payment mandate will be issued for the money to be credited to the respective accounts of the states.

“All these processes usually take between two and five working days, depending on the circumstances. So, by this week, the states will start getting the money, barring any last minute change in plans.”

It was gathered that the meeting between the CBN governor and the Finance minister was imperative in order to review the states that had met the criteria for the disbursement of the fund.

One of the criteria is that a minimum of about 50 per cent of the fund would be devoted to the payment of salaries and pension in line with the government’s plan to stimulate consumer demand.

It was also learnt that the fund would be credited to an auditable account from which payment to individual creditors would be made and that such payment would be made to the Bank Verification Number-linked accounts that could be verified.

The Director of Information, Federal Ministry of Finance, Mr. Salisu Dambatta, could not be reached for comments as calls to his mobile telephone were not answered.

He, however, sent a text message that he was in a meeting when the calls became persistent.

President Muhammed Buhari had on Thursday directed that the amount be released by the Finance minister to the states to enable them meet pressing financial obligations such as payment of salaries and pension arrears.

He said the presidential order should be carried out “appropriately and with dispatch.”

Buhari, who had earlier released the first tranche of N388bn to the state governments in December 2016, said the latest release was meant to ease their financial hardship.

He stressed the need for the state governors to ensure the settlement of unpaid salaries and pension arrears of their workers with the fund.

“I will not rest until I address those issues that affect our people. One of these basic things is the issue of salaries. It is most important that workers are able to feed their families, pay rents and school fees, then other things can follow,” the President was quoted to have said.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Insurance

Heirs Insurance Group Unveils Revolutionary Website for Seamless Insurance Experience

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Heirs Insurance Group has launched a website designed to revolutionize the insurance experience for its customers.

With a focus on simplicity, accessibility, and personalized service, the new website aims to streamline the process of obtaining insurance coverage and empower customers to make informed decisions about their insurance needs.

The website boasts a range of innovative features that make navigating insurance options easier than ever before.

From simple and intuitive navigation menus to personalized insurance recommendations, the website is designed to guide customers through every step of the insurance process quickly and efficiently.

According to Ifesinachi Okpagu, the Chief Marketing Officer of Heirs Insurance Group, the new website embodies the company’s commitment to delivering exceptional customer service.

“Today’s customers want simplicity, and this new website delivers on that request,” Okpagu said. “We are empowering customers to take control of their lives, their businesses, assets, and their most cherished people.”

One of the key features of the website is its personalized insurance experience, which takes customers through a short journey to help them identify the best insurance plan for their needs.

Whether customers are looking for coverage for their home, car, business, or loved ones, the website provides tailored recommendations to ensure they find the right insurance solution quickly and easily.

With its user-friendly interface and innovative features, the new website from Heirs Insurance Group sets a new standard for the insurance industry, making it easier than ever for customers to protect what matters most to them.

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Banking Sector

Safaricom, Access Holdings Forge Partnership to Revolutionize Remittance Corridor in Africa

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Safaricom, the leading telecommunications company in Kenya, has entered into a strategic partnership with Access Holdings, spearheaded by Aigboje Aig-Imoukhuede.

The collaboration aims to revolutionize the remittance corridor between East and West Africa, marking a significant step towards enhancing financial inclusion and empowering millions of individuals across the continent.

The partnership comes on the heels of Access Holdings’ recent acquisition of the National Bank of Kenya Limited, signaling the company’s ambitious expansion into the East African market.

Leveraging Safaricom’s extensive network and expertise in mobile money through M-Pesa, which currently dominates the mobile money market in Kenya, the alliance seeks to create seamless and efficient channels for remittance transactions.

Aigboje Aig-Imoukhuede, the driving force behind Access Holdings, expressed enthusiasm about the collaboration, highlighting its potential to transcend traditional boundaries and foster greater economic connectivity between East and West Africa.

He highlighted the fusion of collective expertise and resources between the two entities, underlining their shared commitment to driving financial inclusion and empowerment across the continent.

The partnership holds promise for addressing the challenges faced by millions of Africans in accessing affordable and reliable remittance services.

By connecting more than 60 million customers and 5 million businesses across eight countries, the collaboration aims to facilitate over $1 billion in daily transaction value, significantly boosting the flow of remittances within and outside Africa.

With the first phase of the collaboration focusing on key markets such as Nigeria, Kenya, Ghana, and Tanzania, stakeholders anticipate a transformative impact on the remittance landscape, paving the way for greater intracontinental trade and economic integration in line with the objectives of initiatives like the African Continental Free Trade Area (AfCFTA).

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Banking Sector

EFCC Urged to Repatriate Recoveries to NDIC for Depositors’ Relief

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The Nigeria Deposit Insurance Corporation (NDIC) has made a fervent plea to the Economic and Financial Crimes Commission (EFCC) to expedite the repatriation of recovered funds to its coffers to facilitate the timely reimbursement of depositors affected by bank failures.

During a recent meeting between the Managing Director of NDIC, Bello Hassan, and the Executive Chairman of the EFCC, Ola Olukoyede, at the NDIC headquarters in Abuja, Hassan stressed the importance of enhanced collaboration between the two agencies in recovering depositors’ funds lost due to bank failures.

Hassan emphasized that the return of recoveries made by the EFCC on behalf of the NDIC would significantly contribute to the prompt reimbursement of affected depositors.

He commended the EFCC for its unwavering efforts in combating corruption and financial crimes, highlighting its crucial role as a key member of the Taskforce on Implementation of the Failed Banks Act chaired by the NDIC.

The NDIC boss also highlighted the existing partnership between the two organizations, which led to the establishment of the NDIC Help Desk at the EFCC in 2022.

He disclosed that several high-profile cases referred to the EFCC were currently under investigation.

In response, Olukoyede reiterated the EFCC’s commitment to collaborating closely with the NDIC to combat financial crimes and safeguard the integrity of the Nigerian banking sector.

He pledged to intensify efforts to repatriate recovered funds promptly, acknowledging the interconnectedness between criminal activities and bank failures.

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