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BoI Warns Women Entrepreneurs Against Diverting Intervention Fund

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  • BoI Warns Women Entrepreneurs Against Diverting Intervention Fund

The Bank of Industry has commenced the disbursement of loans to about 1,000 women entrepreneurs in Plateau State, with a warning to them not to divert the funds to other things not contained in the loans’ terms of agreement.

The loans, which ranged between N10,000 and N50,000 per beneficiary, were disbursed by the Managing Director of the bank, Mr. Olukayode Pitan, under the Government Enterprise and Empowerment Programme.

Tagged ‘MarketMoni Alert’, the initiative is one of the Federal Government’s social intervention programmes aimed at helping micro enterprise operators in the country to bridge the gaps in access to affordable credit identified as a major constraint to business growth.

The GEEP, which is being administered by the BoI, seeks to provide non-interest loans raging from N10,000 to N100,000 to 1.6 million beneficiaries in the 774 local governments of the federation.

Pitan, who was represented by the Executive Director, Micro Enterprise, Mrs. Toyin Adeniji, underscored the significance of the scheme, saying that it would help to expand loan windows available to small enterprises in the country.

He said, “Current statistics show that over 80 per cent of micro enterprises lack access to affordable credit as a major barrier to business growth. We also know that even when these loans are available, they come at a very high cost to the borrower.

“It is with a view to bridging the gaps that the Federal Government set up a social intervention programme to provide access to affordable micro credit to existing micro businesses in Nigeria.”

He said the scheme, conceived for four target segments of market women and traders, artisans, youths and farmers, had loan tenor of six months with two weeks grace and a weekly repayment package.

Pitan said the bank would partner the Plateau State Microfinance, Small and Medium Enterprise Agency to expand the reach of the loan facility to cover more beneficiaries.

In his address, the Governor of Plateau State, Simon Lalong, commended the Federal Government for the initiative.

While urging the beneficiaries to invest the loan facility appropriately with a view to providing employment for the jobless people in the state, the governor affirmed the determination of his administration to bring economic empowerment opportunities to the people.

“We have remained focused on our approach to wealth creation particularly for women and the youth, throughout three dimensional approach of employment, empowerment rand engagement,” he added.

Also speaking, the Special Adviser to the Vice President, Yemi Osinbajo, on Micro, Small and Medium Enterprises, Mr. Tola Johnson, said the scheme was conceived to help Nigerian women and traders overcome poverty.

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

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Transcorp Hotels Expand into Marketplace, Launches Aura to Connect People, Hoteliers, Others

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Transcorp Hotels Plc, on Thursday, announced it has launched a new digital platform, Aura, through which people can book accommodation, restaurants and experiences.

Aura, Transcorp’s first in the alternative accommodation segment, is part of the company’s asset-light model, leveraging technology to deliver true hospitality, exciting experiences, and drive shareholder value.

It’s a new dawn in the hospitality industry! I am thrilled to introduce you to Aura by Transcorp, the digital platform we are using to connect people to quality accommodation, great food, and awesome experiences,” Managing Director and Chief Executive Officer of Transcorp Hotels Plc. Dupe Olusola said.

For more than 30 years, Transcorp Hotels Plc has been at the forefront of creating a superior guest experience at our locations. Today, our commitment to innovation has offered us an opportunity to extend this beyond the hotel premises,” Olusola added.

The launch of Aura by Transcorp is one of the most significant developments in the company’s history as it seeks to transform the travel and tourism industry in Africa by focusing on three important components of travel, whether for leisure or business — where you stay, what you eat and how you spend your time. With its people-driven hospitality model, Aura is set to revolutionise travel and help remind Africans of our deep history of hospitality.

Speaking on the launch of Aura, Obong Idiong, Chief Executive Officer at Africa Prudential Plc, Aura’s technology partners, expressed his excitement. “Finding the right accommodation when you travel can be incredibly complex. Options available for the right prices are often limited, and travellers sometimes end up with accommodation that taints the travel experience. Transcorp Hotels Plc has been able to fix that with Aura and we are proud to be associated with them.”

To ensure topnotch user experience, we built a solution to drive digital transformation through the adoption of shared living spaces for the Aura business. With an advanced search algorithm powered by artificial intelligence, Aura determines the relevance of locations taking into consideration, the customers’ preferences and requirements to meet them at the point of their needs,” Idiong added.

Priscilla Adeboye, a travel enthusiast and early adopter of Aura, said the global pandemic has pushed international travel down her list. “But I still want to be able to take some time off work or spend a weekend away from home with the family. I have found incredible homes on Aura that meet my need for space and privacy.

 

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Siemens Energy Nigeria Appoints Seun Suleiman as Managing Director

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Seun Suleiman is the New Managing Director of Siemens Energy Nigeria

Mr. Seun Suleiman is the new managing director of Siemens Energy Nigeria, the company announced on Wednesday.

According to the statement released by the energy company, Suleiman will be responsible for the entire management of operations and decisions on business policies and corporate strategy.

Commenting on his appointment, Suleiman said, “It is an absolute honor to lead the business for Siemens Energy Nigeria and I look forward to delivering on the brand’s promise of excellence.

Suleiman joined Siemens Energy in 2014, bringing over 15 years’ experience and deep expertise in the private sector across Europe and West Africa.

The statement said, “He is an accomplished business strategist and success-driven leader with strong business acumen. Suleiman has also been a core member of the executive management team at Siemens Energy serving in roles as Sales Director West Africa – Service Distributed Generation Oil & Gas and Vice President Service & Digital.

“Prior to this, he also held various functional and managerial positions with ABB Ltd UK, ABBNG Nigeria, Schneider Electric Nigeria and Dresser-Rand Nigeria Ltd.

It added that Suleiman was experienced in establishing operational excellence with specific competence in the power, oil and gas sectors.

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FG Reopens Osubi Airport Warri for Daylight Operations

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FG Reopens Osubi Airport Warri for Daylight Operations

The Federal Government on Monday said the Osubi Airport in Warri has been reopened for daylight operations.

The Minister of Aviation, Hadi Siriki, disclosed this in a tweet.

The airport was closed in February 2020 over mismanagement and debt allegation involving aviation service providers and airport management.

However, Oberuakpefe Afe, a lawmaker representing Okpe/Sapeie/vaie federal constituency, recently moved a motion for the Federal Government through the ministry of aviation and relevant authorities to reopen the airport for flight operations.

On Monday, Hadi Siriki said “I have just approved the reopening of Osubi Airport Warri, for daylight operations in VFR conditions, subject to all procedures, practices and protocols, including COVID-19, strictly being observed. There will not be need for local approvals henceforth.

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