CBN to Open N75 Billion Nigeria Youth Investment Fund for Application Soon
The Central Bank of Nigeria has said it will announce the Nigeria Youth Investment Fund soon to support Nigerian youths as unemployment jumped to 27.1 percent in the second quarter.
The apex bank has launched numerous funds to deepen growth and ease the negative impact of COVID-19 on Nigerian youths, Africa’s largest youth population and one of the largest in the world.
As stated on the apex bank website, the Nigeria Youth Investment Fund (NYIF) is a N75 billion investment fund approved by the Federal Executive Council (FEC) in August to address the financial needs of 500,000 youths from 2020 to 2023.
According to the CBN, approval will range from N250,000 to N50 million with a spread across group applications, individual applications and working capital loans with a single-digit interest rate of 5 percent.
The fund was approved in August by the Federal Executive Council, the first of such approval.
Following the FEC meeting presided over by President Muhammadu Buhari in August, the presidency had tweeted that, “We recently established a 75 billion Naira Nigerian Youth Investment Fund (NYIF), as part of our commitment to creating opportunities for the youth of Nigeria. On this occasion of International Youth Day, I urge all our young people to take advantage of these opportunities.”
Nigeria youth investment fund website/portal
There is no dedicated website or portal to Nigeria Youth Investment Fund, applicants would have to go through the 125 micro-credit banks across the country to access the fund.
How to apply for the Nigeria Youth Investment Fund
To apply for the Nigeria Youth Investment Fund, you must have a fundable business idea, be a registered business owner in Nigeria and be a Nigerian citizen.
Also, you must be between the age of 18 and 35 to be qualified for the fund.
The fund would be disbursed to qualified applicants through one of the numerous microcredit institutions in Nigeria under the Central Bank of Nigeria but supported by BOI, Fintech Organisations and Venture Capital Organisations registered with the apex bank.
This is coming after the Federal Government introduced Survival Fund a week ago to stimulate growth in small and medium businesses and cushion the economy from the impact of COVID-19 that is expected by many to plunge it into recession in this third quarter.
Insider Dealing: Paul Miyonmide Gbededo Adds Another 612,326 Shares of Flour Mills to His Stake
Paul Miyonmide Gbededo, the Group Managing Director, Flour Mills of Nigeria Plc bought an additional 612,326 shares of the company.
The management stated this in a disclosure statement sent to the Nigerian Stock Exchange on Monday.
The managing director purchased the shares at N27.75 per share on November 20, 2020 at the Nigerian Stock Exchange in Lagos, Nigeria. Meaning, Gbededo has invested another N16,992,046.5 into the company.
This was in addition to the 3,284,867 shares valued at N91,642,269 and 4,200,852 shares worth N117.62 million purchased by Gbededo earlier in the month of November. Bringing his recent purchases to 8,098,045 million shares worth N226,254,315.5. See the details of the latest transaction below.
FCMB Reports 16.4 Percent Increase in Profit After Tax in Q3 2020
FCMB Group Plc, one of the leading financial institutions in Nigeria, reported a 16.4 percent increase in profit after tax for the third quarter of the year.
In the unaudited financial statements released through the Nigerian Stock Exchange (NSE), the lender’s profit before tax grew by 10.2 percent year-on-year to N4.8 billion while profit after tax increased by 16.4 percent to N4.2 billion.
FCBMB Group Plc expanded gross earnings by 4.8 percent to N48.3 billion during the period under review. Similarly, the bank’s net interest income rose by 30.03 percent year-on-year to N22.7 billion.
The strong performance continued across the board as net fee and commission income increased by 0.29 percent to N5.2 billion. Net trading income rose by 39.4 percent year-on-year to N1.82 billion.
Personnel expenses dropped by 7.9 percent to N6.9 billion during the quarter while general and administrative expenses declined by 7.52 percent year-on-year to N7.6 billion. Largely due to the COVID-19 lockdown.
Loans and advances to customers rose by 10.8 percent to N793.14 billion between December 2019 and September 2020. Total desposits from customers during the same period grew by 26.7 percent to N1.2 trillion.
The bank’s total assets increased by 22.12 percent to N2.04 trillion.
Stanbic IBTC Obtains Approvals, License to Establish Life Insurance Subsidiary
Stanbic IBTC Holdings Plc on Friday announced that it has obtained all required Regulatory Approvals and a license from the National Insurance Commission to establish a wholly-owned Life Insurance subsidiary, Stanbic IBTC Insurance Limited (SIIL).
In a statement signed by Chidi Okezi, Company Secretary, Stanbic IBTC and released on Friday, the bank said “The establishment of this new subsidiary essentially complements the bouquet of product offerings by Stanbic IBTC as it continues its goal of being the leading end-to-end financial solutions provider in Nigeria. In this regard, SIIL will aim to facilitate long term insurance for already financially included individuals and will seek to become the preferred Insurer in the Life Insurance Business.
“Stanbic IBTC Holdings PLC, a member of Standard Bank Group, is a full-service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. The group’s largest shareholder is the Industrial and Commercial Bank of China (ICBC), the world’s largest bank, with a 20.1% shareholding. In addition, Standard Bank Group and ICBC share a strategic partnership that facilitates trade deals between Africa, China and select emerging markets. Standard Bank Group is the largest African financial institution by assets. It is rooted in Africa with strategic representation in 21 countries on the African continent.
“Standard Bank has been in operation for over 158 years and is focused on building first-class, on-the-ground financial services institutions in chosen countries in Africa; and connecting selected emerging markets to Africa by applying sector expertise, particularly in natural resources, power and infrastructure.”
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