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DBN to Finance 20,000 MSMEs in First Year

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  • DBN to Finance 20,000 MSMEs in First Year

The newly licensed Development Bank of Nigeria will finance about 20,000 Micro, Small and Medium-scale Enterprises in the first year of its operations.

The Managing Director, DBN, Mr. Tony Okpanachi, stated this on Friday during a media briefing where some members of the management team were unveiled by the Minister of Finance, Mrs. Kemi Adeosun.

He said that the bank would be taking off with a total of $1.3bn, adding that this would be used to provide wholesale long-term funding to small businesses.

Okpanachi state that long-term funds would be provided to microfinance banks for on-lending to the MSMEs, adding that this would enable the sector create jobs and contribute significantly to economic growth.

He said part of the strategies of the bank was to de-risk the sector by making sure that loans were provided at a longer period of 10 years, with a moratorium that would enable the loans to be repaid within 12 years.

Okpanachi added that the loans would be given at a competitive rate and that this would be used to promote the development of the MSME sector.

He said, “The DBN is a new dawn for MSMEs because we will provide small businesses with funds and this will impact on the economy. We will create a sustainable funding model and also ensure financial inclusion through access to funding.

“We are also looking at more female participation and about 20,000 SMEs will be funded in the first year of our operation.”

Adeosun, who also spoke at the briefing, said the operations of the bank would be devoid of political interference.

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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FG Includes Emirates Airlines in Restricted Flights

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FG Restricts Emirates Airlines From Flying Nigeria

The Federal Government on Friday said it has included Emirates Airlines in the list of airlines not allowed to fly into Nigeria as part of measures to contain the spread of COVID-19 in Nigeria.

Hadi Sirika, the Minister of Aviation, disclosed this via his official Twitter handle on Friday.

According to him, the decision was taken after a meeting between members of the Presidential Task Force on COVID-19 and European Union ambassadors.

The minister said the ban would take effect on Monday, September 21, 2020.

The PTF sub-committee met today with EU Ambassadors to discuss Lufthansa, Air France/KLM ban. The meeting progressed well. Emirates Airlines’s situation was reviewed & they are consequently included in the list of those not approved, with effect from Monday the 21st September 2020,” Hadi Sirika tweeted.

“The PTF sub committee met today with EU Ambassadors to discuss Lufthansa, Air France/KLM ban. The meeting progressed well. Emirates Airlines’s situation was reviewed & they are consequently included in the list of those not approved, with effect from Monday the 21st Sept. 2020.

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FG to Absorb Exited N-power Beneficiaries into New Program

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Exited N-power Beneficiaries to Be Absorbed into Another Program

The Federal Government has commenced plans to absorb exited N-power beneficiaries into a new program in an effort to help them eke a living.

Sadiya Umar Farouq, the Minister of Humanitarian Affairs, Disaster Management and Social Development, made the statement at an interactive forum with state focal persons of the National Social Investment Programmes in Abuja.

She said: “As we renew our commitment to the service of humanity, I will like to cease this opportunity to once again state that we have successfully exited Batch A and B of the N-Power beneficiaries in June and July respectively and we are still working towards ensuring a transition plan that will further engage or absorb them into other programmes.

Sadiya also stated that the selection process of the Batch C N-power application will be thorough and base on merit.

We have also received over 5 million applications from proposed N-Power Batch C and we are currently in the process of selecting the qualified beneficiaries coming into the programme.

“I assure all the applicants and Nigerians that the selection process will be transparent,” she said.

She added that, “I wish to reiterate that I have given approval for the payment of stipends for the exited beneficiaries of batches A and B up to the month of June 2020 including that of the independent monitors. Also, the final payment of stipend for Batch B is almost ready for transmission to the office of the Accountant General of the Federation for final checks and payment.

The minister urged state coordinators to discharge their duties diligently and not let her down.

It is against this background that I urge everyone of you to continue to give in your best to ensure the lives of those we are called to serve are made better.

“We must not lose sight of the fact that each one of the vulnerable persons are not mere numbers or statistics but real people with dreams, hopes, aspirations and a desire to live decent lives in peace and safety,” he submitted.

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FG Says All Airports Are Now Open for Domestic Flight Operations

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All Airports Are Now Open for Domestic Flight Operations Says FG

The Federal Government on Monday said all airports in the country are officially open for domestic flight operations.

This was disclosed by the Minister of Aviation, Hadi Sirika, during the briefing of the Presidential Task Force on COVID-19 on Monday in Abuja.

Hadi, however, noted that operators flying into private-owned airports must know the status of such airports.

Speaking at the PTF Briefing, the minister said there is no need for flight approval within Nigeria again as all airports are now opened for domestic operations.

He said, “All airports in Nigeria are now open for domestic flights, including those that are for private charter operations.

“They (operators) will no longer need approvals from us to operate domestically within government-owned airports. However, for the private airports, operators should check their safety status with the Nigerian Civil Aviation Authority.

“Such airports are Jalingo, Uyo, Asaba, Gombe, Nasarawa, Damaturu, Osubi, etc. So you don’t need any approval from the minister, but you should check the status of these airports with the NCAA.”

Commenting on international chartered flights, the minister said they need approvals to flight out of the country.

He said, “All flights out of the country that are private charter will still need approvals for those kind of flights, including technical stops.

“So with this, it means that the approvals that are sent via the NCAA, NAMA and myself will cease and if there is any change, it will be so advised accordingly.”

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