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Latest NPower News: 300,000 N-Power NEXIT Applicants To Get CBN Loan

Published

2 years ago

February 18, 2022

The Federal Government, through the ministry of Human Affairs, Disaster Management and Social Development has disclosed that about 300,000 Npower Exit package applicants will get loans from the Central Bank of Nigeria (CBN).

Recall that Investors King had earlier reported that the Federal government had, through the ministry which is handling the scheme, launched a portal for the 500,000 exited beneficiaries to apply for their exit packages.

The Minister of Human Affairs, Disaster Management and Social Development, Hajia Sadiya Umar Farouk disclosed that the Federal government plans to train about 300,000 applicants while the CBN will provide them with the loan.

According to her, 500,000 applicants have been on the programme with Batch A and Batch B being on the programme for four years and two years. She stated further that out of the 500,000 applicants, about 300,000 indicated interest to be put on an exit programme where they can be trained on different skills and then, given loans by the CBN to start their businesses.

“We have gone far. We are in the process of training those that have indicated interest. And I’m sure before the end of this quarter, these people will be given these loans by the CBN”, she revealed.

The minister, who spoke during the weekly briefing organised by the Presidential Communications Team, noted that about 109,000 of the N-Power beneficiaries have become entrepreneurs and are now employers of labour. The first batch of the Npower exit (NEXIT) training is expected to commence this February 2022.

With the NEXIT plan package, at least 200,000 exited Npower beneficiaries will be engaged as financial services operators under a Shared Agent Network Expansion Facility (SANEF) scheme controlled by the Central Bank of Nigeria.

Among other things, the NEXIT programme is expected to create a platform for Nigerian owned financial services companies to grow whilst empowering and creating job opportunities for Nigerian youths.

The N-Power scheme is one of the Social Investment Programmes (SIP) of the Muhammadu Buhari administration. It involves the temporary recruitment of unemployed graduates between the ages of 18 and 35 in various sectors including education, agric, among others.

These beneficiaries are employed for a period of two years, during which they are paid a stipend of N30,000.

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FBI Analysis Reveals Shocking Details in Mompha’s Trial

Published

4 days ago

September 21, 2023

Samed Olukoya

A Lagos High Court recently admitted into evidence a comprehensive report from the Federal Bureau of Investigation (FBI) during the trial of Ismaila Mustapha, popularly known as Mompha.

This report sheds new light on the alleged fraudulent activities of the accused, including the use of his iPhone in a series of financial transactions.

The FBI report, presented by the Economic and Financial Crimes Commission (EFCC) as evidence, has revealed a string of suspicious activities carried out through Mompha’s iPhone.

According to the report, Mompha’s phone was used to send account details to a United Arab Emirates telephone number, searched for Swift Codes of a bank, and, shockingly, had a compromised Microsoft 365 account.

The charges against Mompha and his company, Ismalob Global Investment Limited, include conspiracy to launder funds, retention of proceeds from criminal conduct, money laundering, failure to disclose assets, possession of documents containing false pretense, and the use of property derived from an unlawful act.

The prosecution alleges that they conducted financial transactions amounting to over N5.9 billion with the intent of promoting unlawful activities.

During cross-examination, the witness from the FBI revealed that Mompha’s iPhone was employed in changing payment delivery methods from cheque to wire transfer after two failed attempts, ultimately succeeding on the third attempt.

The defense counsel, Kolawole Salami, initially objected to the admissibility of the FBI report, arguing that it needed certification by the United States Consulate.

However, the objection was overruled by Justice Mojisola Dada, who deemed the documents to be in their original state and not requiring certification.

As the trial progresses, these shocking revelations from the FBI analysis have cast a new light on the case against Mompha.

The courtroom drama continues, with the case adjourned until Wednesday, November 1, leaving both the prosecution and the defense with much to consider in the days ahead.

Travel

Nigeria Holds $783 Million in Blocked Funds, IATA Engages with Government for Resolution

Published

5 days ago

September 20, 2023

Investors King

The International Air Transport Association (IATA) reported that as of August Nigeria holds approximately $783 million in blocked funds belonging to various airlines.

This significant financial concern was communicated via an official statement released by the trade association.

Kamil Al Awadhi, IATA’s Regional Vice-President for Africa and the Middle East, has been actively engaged in discussions with the Federal Government in an effort to find a resolution to this pressing issue.

Foreign airlines operating within Nigeria have faced ongoing challenges in repatriating their commercial revenues due to a prolonged shortage of foreign exchange in the country.

The official statement from IATA stated, “Mr. Al Awadhi also held discussions with Nigeria’s newly appointed Minister of Aviation and Aerospace Development, the Honorable Minister Festus Keyamo. During these discussions, he urged the new government to maintain and strengthen consultations with the industry while developing both short-term and long-term solutions to address foreign exchange access issues for both domestic and foreign carriers.”

Highlighting the severity of the situation, the statement said, “As of August 2023, Nigeria accounts for $783 million of airlines’ blocked funds.”

According to the statement, IATA commends the Federal Airports Authority of Nigeria (FAAN) for its commitment to enhancing infrastructure and service standards at Lagos’s Murtala Muhammad International Airport within a twelve-month timeframe.

In related news, IATA had previously raised concerns about safety, security, and passenger service levels at Lagos Airport in the past year.

A recent high-level meeting between IATA and FAAN, represented by Managing Director/Chief Executive Officer Kabir Mohammed, concluded with FAAN committing to expedite improvements in these areas as part of a corrective action plan.

Kamil Al Awadhi, IATA’s Regional Vice-President for Africa and the Middle East, said, “We welcome FAAN’s commitment to upgrade Lagos Airport, which serves as a vital domestic and international hub connecting Nigeria to the rest of Africa and beyond. This strategic focus not only strengthens the aviation sector but also acts as a catalyst for Nigeria’s broader economic and social progress. IATA is ready to provide support and expertise to FAAN to ensure that international standards are met through the corrective action plan. Safety, security, and efficient infrastructure are crucial for a well-functioning air transport system, as is the ability of airlines to access the revenues they generate in Africa.”

Travel

Federal Government Reopens D Wing of Murtala Muhammed International Airport

Published

6 days ago

September 19, 2023

Investors King

In a bid to address the escalating flight disruptions and enhance the efficiency of air travel, the Federal Government has officially reopened the D Wing of the old international terminal at the Murtala Muhammed International Airport in Lagos.

The move is part of a broader effort to tackle the challenges faced by both travelers and airlines operating in Nigeria.

This challenge emerged following the sudden relocation of foreign airlines from the international terminal of the Lagos airport to an adjoining new terminal that opened in March.

The announcement of the reopening of the old international terminal, which had temporarily closed for renovation, was made by the Minister of Aviation, Mr. Festus Keyamo, on Monday.

According to a statement signed by the Director of Public Affairs & Consumer Protection at FAAN (Federal Airports Authority of Nigeria), Abdullahi Yakubu-Funtua, Minister Keyamo emphasized the government’s unwavering commitment to improving the aviation sector and ensuring passengers enjoy a seamless travel experience.

The statement reads in part, “We are pleased to inform the traveling public that Hon. Minister of Aviation, Mr. Festus Keyamo, has graciously permitted the use of the D Wing of the Old Murtala Muhammed International Terminal to complement the New International Terminal, aimed at facilitating the smooth movement of passengers through the airport.”

Minister Keyamo had originally ordered airlines to relocate to the new terminal starting on October 1, 2023. However, FAAN took the initiative to forcibly relocate the international carriers to the new facility on Wednesday.

The sudden relocation by FAAN coincided with a fire incident that occurred in part of the baggage hall of MMIA on the same day. This incident compelled the agency to evacuate passengers and personnel from the facility.

In response to the situation, Mr. Abdullahi Yakubu-Funtua, the Director of Media at FAAN, stated that the airport fire and other developments affecting power supply had necessitated the abrupt relocation of foreign carriers. He assured the public that FAAN is actively addressing the situation.

The utilization of the D Wing for passenger processing has already commenced, promising improved travel experiences for all passengers.