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LSETF Disburses N1.7bn to 1,400 Beneficiaries



  • LSETF Disburses N1.7bn to 1,400 Beneficiaries

The Lagos State Employment Trust Fund (LSETF) has put the total disbursement of its fund currently at about N1.7 billion, to 1,400 beneficiaries.

The Executive Secretary, LSETF, Mr. Akin Oyebode, who disclosed this, said the target of the organisation was to disburse at least N25billion to 100,000 businesses by 2019.

This, according to him, is expected to translate to one million jobs within the same period.

“We have also launched our online application portal, which is now fully automated making it easy and convenient for micro, small and medium enterprises (MSMEs) based in Lagos State to send in their applications online and take advantage of the LSETF’s loan programmes.

“With the new portal, we will do away with paper based applications, as applicants will start and end the loan process online,” he explained in a statement.

Oyebode explained that the trust fund is an initiative of the Lagos state government, which was set-up to help bridge the unemployment deficit in the state by providing leverage and access to finance for small business to grow, expand and contribute to the growth of the local economy.

The LSETF is executing its mandate through the following strategies: providing financial support to businesses; micro-enterprise owners can get a loan of up to N500,000 at five per cent interest rate – which is the lowest one can get in the country.

He also said SME operators can get loan of up to N5 million at five per cent interest rate.

“Under our micro-enterprise start-up scheme, youth who have received certified vocational training can get a loan of up to N250,000 to start their own business. This is also at just five per cent interest rate.

“Under our employability programme, we train youths between the ages of 18-35 and also help them get job placement within various organisations we partner with.

“The LSETF will work with the office of the Lagos State Governor as well as the various MDAs to influence a conducive policy environment for small businesses to thrive in the state.

“For those applicants who are unable to go online, we have set up liaison offices in the 20 LGAs, residents can visit their respective Local Government and apply for their loans there,” Oyebode added.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade experience in the global financial markets.


MTN Nigeria, Gameloft Partner to Increase Access to Variety of Exciting Games




MTN Nigeria announced it has partnered with Gameloft, a leader in the development and publishing of games, to increase access to a variety of fun and exciting games online.

The telecommunications giant in collaboration with its new partner, Gameloft announced the launch of MTN Gameworld, a new gaming platform for its subscribers.

According to MTN, the new platform will allow the Nigerian growing gaming community access to a lot of unique games online through an extensive premium catalogue from Gameloft and other renowned publishers.

Commenting on the partnership, Srinivas Rao, the Chief Digital Officer, MTN Nigeria, said, “We are constantly seeking to deliver innovative products that support the aspirations of our customers, whilst delivering superior user experience. This partnership allows us to provide our customers with access to a variety of exhilarating games from Gameloft and other leading publishers at an affordable rate.”

MTN Gameworld will allow subscribed customers access to a variety of games, which they can play at subsidised data rates through the MTN Gameworld app. Android, iOS and Windows phone users can subscribe via SMS, app, web, USSD menu (*447#), 131 USSD menu and any other MTN customer channel.

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President Buhari Commissions 5,000bpd Modular Refinery Built in Imo State



President Buhari

President Muhammadu Buhari on Tuesday commissioned the 5,000 barrels per day modular refinery built by Waltersmith Group in Imo State.

President Buhari, who commissioned the new modular refinery virtually, said the refinery will enable Nigeria to export petroleum products to neighbouring countries and other markets.

The 5,000 barrels per day Waltersmith Modular Refinery is the first phase of 50,000 barrels per day combined capacity plant planned for Imo State, according to the Group.

Buhari commended Waltersmith Group, an indigenous oil firm, and the Nigerian Content Development and Monitoring Board for the collaboration that led to the actualisation of the modular refinery.

President Buhari, therefore, directed the Ministry of Petroleum Resources, the Nigerian National Petroleum Corporation, the Department of Petroleum Resources and all other relevant government agencies to provide Waltersmith all the necessary support in terms of access to crude oil and condensate feedstock.

Buhari said, “We rolled out our refining roadmap in 2018, to address challenges in the downstream sector. After many years of government giving out modular refining licences without any coming on-stream, we are today seeing a commissioning within two years.

“The plan to commence the expansion of this refinery to 50,000bpd capacity, to refine crude oil and condensate, is a demonstration of the economic reform Nigeria is undergoing.

“The realisation of the refinery roadmap will ultimately lead us to becoming a net exporter of petroleum products, not only to our neighbouring countries but to other wide markets,” he said.

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Elon Musk Net Worth Jumps by $100 Billion this Year to Topple Bill Gates, Mark Zuckerberg, Others 



Tesla earnings

Elon Musk, the Chief Executive Officer and founder of Tesla, is now the world’s second-richest person following another surge in the price of Tesla share.

Musk total net worth jumped by $7.6 billion to $110 billion between November 16 and 17 to dethrone Facebook founder, Mark Zuckerberg, from the third position.

Since then, Tesla stock has been on a bullish run and in the last 24 hours added $7.24 billion to Elon Musk’s total net worth, according to Bloomberg Billionaire Index. Bringing the billionaire’s total net worth to $128 billion.

Elon Musk’s net worth rose from just $28 billion in January 2020 to $128 billion on November 24, 2020, representing an increase of $100 billion, the highest by any billionaire.

Musk has finally toppled Bill Gates as the second richest person and for the first time, Bill Gates is the third richest man in the world. This is the first time in almost 40 years that Gates will be in the third position.

Billionaires listed on Bloomberg Index have collectively gained $1.3 trillion this year.

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