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World Bank Releases N600m Grant to Kwara Community



World Bank
  • World Bank Releases N600m Grant to Kwara Community

The Acting General Manager, Kwara State Community and Social Development Agency, Alhaji Yahaya Ahmed, says the agency has accessed over N600m from the World Bank for community and social development projects.

He added that the grant was facilitated through the mandatory payment of N50m by the state government in 2015.

Ahmed said if another N50m approved by Governor Abdulfatah Ahmed of Kwara State in December was cash-backed, the agency could access about N800m from the World Bank for projects.

He spoke with journalists in Ilorin, the Kwara State capital, on Thursday on the sidelines of the presentation of cheques to 16 communities in the state.

The benefiting communities, according to him, are Igbo-Owu, Ahun, Owode-Ofaro, Ijomu-Oro, Idi-Ose, Gulufu, Gedeworo, Ifedawapo, Oke-Agbede, Oloro-Oja, Eleko, Elega, and Aladere Magaji.

He listed other benefitting communities to include: Lata-Nna, Oluode-Aluwo and Oke-Atan.

He stated that the benefiting communities were in Ifelodun, Irepodun, Moro, Edu, Ilorin West, Asa, Patigi, Offa and Oyun Local Government Areas.

Ahmed stated that the first tranche of the cheques worth N34m were disbursed to the benefiting 16 communities during the occasion, adding that a total grant of N83m would be disbursed.

According to him, the remaining communities will also be presented with their cheques from January.

He said the agency was presently in 104 communities of the state from 2016.

Ahmed said, “The state upgraded the poverty map of the state, which has been approved by the governor. From the ranking of LGs, it was also approved that we should commence our activities from eight LGs. We have three in Kwara North (Edu, Moro and Kaiama); two in Kwara Central (Ilorin West and Asa LGs) and three in Kwara South (Offa, Oke-iro and Isin LGA). Those are the poorest LGs in terms of infrastructural development.

“The CSDP commenced operations in Nigeria in 2009, with 26 states including Kwara State and the Federal Capital Territory participating in the scheme. The first phase of this project however closed in 2013. Following the significant impact of this scheme in all the participating states in Nigeria many more states have joined the race such as Sokoto, Borno, Kaduna and Ogun while Anambra is still struggling to join the project.

“The KWCSDA has intervened in 104 communities across the 16 LGAs of the state with 176 micro projects out of which 99 has been completed while 78 are still ongoing in the sectors of education, water, health, rural electricity, environment and socio-economic. Fifteen community developments plans have been fully completed.”

The Kwara State governor, who was represented by the Commissioner for Planning and Economic Development, Alhaji Wasiu Odewale, said the payment of mandatory N50m and approval for the release of another N50m by the state government even during the current economic challenges exemplified the governor’s commitment and contribution for rural communities to benefit from the project.

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.


Nestle Nigeria Approves Final Dividend of N35.50k per 50 Kobo Ordinary Share for 2020




Nestle Nigeria Approves Final Dividend of N35.50k per 50 Kobo Ordinary Share for 2020

Nestle Nigeria, a leading food and beverage company, has declared a final dividend of N35.50k per 50 kobo ordinary share for the year ended December 31, 2020.

The beverage company said N24.50k of the amount declared was from the after-tax profit of 2020 and N5 and N6 were from the after-tax retained earnings of the years ended December 2019 and 2018, respectively.

Nestle Nigeria stated that the amount declared is subject to appropriate withholding tax and approval at the Annual General Meeting of shareholders.

It also noted that payment will be made only to shareholders whose names appear in the Register of Members as at the close of business on 21 May 2021.

Dividends will be paid electronically to shareholders whose names appear on the Register of Members as at 21 May 2021, and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their Bank accounts.

Shareholders who are yet to complete the e-dividend registration are advised to download the Registrar’s E-Dividend Mandate Activation Form, which is also available on their website:, complete and submit to the Registrar or their respective Banks.

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Banking Sector

Dennis Olisa Invests N53.6 Million in Zenith Bank



Executive Director of Zenith Bank Plc Buys 2 Million Shares of Zenith Bank at N53.6 Million

Executive Director of Zenith Bank Plc, Dennis Olisa, has invested a combined N53.58 million in shares of Zenith Bank.

The leading financial institution stated in a disclosure statement filed with the Nigerian Stock Exchange (NSE) on Monday.

Olisa carried out the purchase in two different transactions on February 24, 2021 at the Nigerian Stock Exchange in Lagos, Nigeria.

He purchased 1 million units of Zenith Bank at N26.60 each and another 1 million shares at N26.50 per share.

On aggregate, Olisa purchased 2 million shares of Zenith Bank at N26.79 per share or N53.58 million. See the details below.

Dennis Olisa was appointed as Zenith Bank’s executive director three years ago.

Prior to his appointment, Mr. Olisa was the Chief Inspector at Zenith Bank Plc and served as its Director from March 3, 2017 until March 16, 2017.

He also served as General Manager and Heads of the Energy Oil & Gas Group at Zenith Bank Plc and served as its Deputy General Manager. He served as Head of Internal Control & Audit Group at Zenith Bank Plc

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Emefiele Pledges Accommodative Monetary Policy to Boost Economic Growth



Godwin Emefile

Emefiele Pledges Accommodative Monetary Policy to Boost Economic Growth

The Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has pledged to adopt accommodative monetary policy stance in 2021 in order to support economic growth in the country.

Emefiele, said this on Friday, while speaking at a CBN/Bankers’ Committee’s initiative for economic growth, which is a one-day special summit on the economy by bank chief executive officers.

The theme of the summit is: “How to Overcome the Pitfalls of Recession.”

Nigeria’s economy recently came out of recession, according to the Gross Domestic Product report for fourth quarter 2020 released by the National Bureau of Statistics.

Owing to the slump GDP growth of 0.11 per cent that lifted the economy out of recession, Emefiele said it was imperative that, “we do all we can in 2021 and beyond to ensure that we build on the positive momentum and strengthen our efforts at stimulating growth.”

He expressed optimism that with the discovery and deployment of vaccines worldwide, 2021 would be a year of massive global recovery and Nigeria must not be left out.

“The banks CEOs are here, whether by moral suasion or by force, they will have to participate in this journey. In order to drive and sustain this recovery therefore, we need to sustain the accommodative fiscal and monetary policy measures aimed at improving access to finance for households and businesses.

“Secondly, we must prevent a resurgence in Covid-19 related cases. Thirdly, we must ensure that a significant number of our population is significantly vaccinated and also improve foreign exchange inflows into our country,” he added.

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