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FG Targets 2000 TraderMoni Beneficiaries in Anambra

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  • FG Targets 2000 TraderMoni Beneficiaries in Anambra

To increase social intervention across different market segments, the Vice President, Prof. Yemi Osinbajo, recently has unveiled the second phase of the TraderMoni and MarketMoni in Awka and Onitsha, Anambra state.

The schemes were launched in both Eke Awka in Awka South local government area and Ochanja Market in Onitsha, as beneficiaries acknowledged the receipt of funds ranging from N10,000 for the TraderMoni and N50,000 for the MarketMoni.

Executive Director, Micro Enterprises of the Bank of Industry, Mrs Toyin Adeniji, was quoted in a statement to have said the unveiling of the second phase was to sustain continued efforts to meet the primary objective of, “broadening financial inclusion, and increasing access to affordable credit for traders and small business owners.”

She said: “This phase will target at least 2,000 new TraderMoni and MarketMoni beneficiaries. This is in addition to the over 30,000 TraderMoni and 4,000 plus MarketMoni beneficiaries that received the GEEP loans in the first phase, between 2017 and 2018.

“Prior to this official market activation, 200 new MarketMoni beneficiaries have been recorded in the state. The second phase will also target traders for the N15,000 Next Level TraderMoni loans for traders who have repaid the first N10,000 loan.”

According to the statement, some of the beneficiaries said the money would help them to buy more wares and also enhance their profit margin, thereby improving the standard of living of their families.

One of the beneficiaries of TraderMoni, Mrs Ujunwa Okonkwo, who hawks detergents in a wheel barrow in Eke Awka, was quoted to said: “I have been doing this business for three years now. My wares would have grown bigger than this; it is from here that I feed my two children.

“Now that the federal government has helped me with money, I am sure that I can do better. I am happy that people like us can still be remembered by the federal government.”

Osinbajo arrived in the company of the state governor, Chief Willie Obiano and Adeniji, and moved round the market to interact with the beneficiaries.

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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Exporters Say CBN Pre-export Requirements is Frustrating Export of Goods

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Exporters Say CBN Pre-export Requirements is Frustrating Export of Goods

Exporters have said the recently introduced pre-export requirements by the Central Bank of Nigeria is creating unnecessary bottlenecks for exporters and the movement of goods out of the country.

Exporters, who spoke under the aegis of the Network of Practicing Non-oil Exporters of Nigeria (NPNEN), said the electronic Nigeria Export Proceed Form now required by financial institutions from exporters had come with so many challenges.

Ahmed Rabiu, the President, NPNEN, explained that the new policy had several requirements that often led to delays and loss of income on the part of exporters.

He said, “We acknowledge the CBN’s desire to ensure that all exports out of Nigeria are documented in order to ensure that the proceeds of such exports are repatriated.

“However, the reality on the field shows that the process is causing undue delays and consequently, encouraging corruption.

According to them, in the new pre-export requirements, the Central Bank of Nigeria wants an export transaction to be initiated through eNXP processing on the trade monitoring system.

After which exporters are expected to have a pre-shipment inspection agent, the Nigeria Customs Service and other designated government agencies carry out their pre-export inspections.

The exporters said the pre-shipment inspection agent was expected to issue a clean Certificate of Inspection while Customs would issue the Single Good Declaration. All these they said takes time and delay goods from leaving the country on time.

Pointing to a recent report, they said about N868 billion worth of goods bound for export were stuck at the ports due to the new policy.

Speaking further Rabiu said, “For example, for the PIA to issue the CCI, the exporter is required to upload a certificate of origin as one of the supporting documents for the eNXP.

“The PIA is also required to upload the CCI to the TRMS(M) and until this is done, the Customs service will not issue the Single Good Declaration.”

He added, “After issuing the SGD, the customs is further required to upload it into the TRMS before the goods are allowed to be gated into the port and loaded on the vessel by the shipping line.

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Ardova Plc in Talks to Acquire Enyo Retail and Supply Limited

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Ardova Plc in Talks to Acquire Enyo Retail and Supply Limited

Ardova Plc, Nigeria’s leading integrated energy company, has commenced discussions to acquire Enyo Retail and Supply Limited.

According to the statement issued and signed by Oladehinde Nelson-Cole, Ag. Company Secretary/General Counsel, Ardova Plc, Enyo is one of the newest and fastest-growing retail and supply companies in the downstream sector.

It stated, “This announcement is pursuant to the acceptance in principle of AP’s offer and acquisition framework by the shareholders of Enyo, it is subject to the successful completion of a due diligence exercise and the receipt of all required regulatory approvals.”

“This announcement is pursuant to the acceptance in principle of AP’s offer and acquisition framework by the shareholders of Enyo, it is subject to the successful completion of a due diligence exercise and the receipt of all required regulatory approvals.

Speaking on the yet to be completed deal, Mr. Olumide Adeosun, CEO, Ardova Plc, said upon completion, Ardova will retain the Enyo branded stations which will operate side by side with the Ardova brand while simultaneously leveraging on the strengths of Ardova and its group companies.

He added that the two companies are determined to conclude the deal by the end of Q1 2021.

Enyo presently operates over 90 stations across the nation and attends to over 100,000 retail customers on a daily basis.

Ardova Plc and Enyo Retail & Supply Limited promised to furnish stakeholders with more information on the progress of the deal.

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Obozuwa Takes Charge as Coca Cola Vice President on Communications

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Obozuwa Takes Charge as Coca Cola Vice President on Communications

Patricia Obozuwa on Monday resumed as the Vice President, Public Affairs, Communications & Sustainability, Africa at The Coca-Cola Company.

Obozuwa was appointed in December 2020.

Prior to joining coca-cola, Obozuwa worked as the Chief Communications & Public Affairs Officer for General Electric, GE Africa for six years.

At GE Africa, Obozuwa established a corporate social responsibility platform, GE Kujenga, to better empower people by building valuable skills, equipping communities with new tools and technology and elevating innovative ideas that are solving Africa’s challenges.

Obozuwa’s unique commitment to Africa did not start with GE Africa, prior to joining GE, she led Procter & Gambler as the Head, External Relations, Nigeria and Corporate Communication Leader, Sub-Saharan Africa.

She was also the Arts and Sponsorship Manager for the British Council in Nigeria in 2005 before joining P&G.

Obozuwa is a non-Executive Director of The Water Trust (US-Headquartered Non-Profit Organisation).

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