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BoI Disburses N2.25bn To MSMEs In Gombe

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The Federal Government, through the Bank of Industry, has disbursed N2.25 billion to support 16,696 Micro, Small, and Medium Enterprises in Gombe State.

The Managing Director and Chief Executive Officer of BoI, Dr Olasupo Olusi, confirmed this during a town hall meeting held in Gombe on Friday.

The meeting aimed to sensitise the Gombe business community about the N200 billion Federal Government Loan Scheme for MSMEs and manufacturing enterprises.

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Olusi said the Federal Government, through BoI, had disbursed over N107 billion to nearly 900,000 beneficiaries across Nigeria’s six geo-political zones.

“Out of this, over 16,696 beneficiaries, valued at N2.25 billion, are from Gombe State,” he said.

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Represented by Mr Mohammed Maina, North East Regional Manager of BoI, Olusi described the fund as a landmark initiative of President Bola Tinubu’s administration.

He stated that the initiative aims to empower MSMEs and revitalise Nigeria’s manufacturing sector as part of a broader economic growth strategy.

According to him, the scheme represents a strong investment in Nigeria’s future and a commitment to unlocking the business sector’s potential.

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“MSMEs bring life to the local economy. They create jobs, provide livelihoods, and drive innovation across sectors,” Olusi noted.

He added that MSMEs account for 96 per cent of Nigerian businesses, 84 per cent of employment, and nearly half of the country’s Gross Domestic Product.

Olusi said President Bola Tinubu envisions an economy where local industries thrive, meet global standards, and every enterprise is empowered to succeed.

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READ ALSO: FULL LIST: 20 States With Local Government Caretaker Committees

BoI, he said, is working to ensure the scheme becomes a catalyst for jobs, innovation, and prosperity, especially among young entrepreneurs.

He commended Gombe State Government’s support and urged MSME owners, community leaders, and youth groups to champion the intervention.

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The Senior Special Assistant to Gov. Inuwa Yahaya on MSMEs, Mr Abdulwahab Sabo, praised President Tinubu for positively impacting Gombe’s local economy.

Sabo stated that MSMEs remain the backbone of the state’s economy by creating jobs and fostering entrepreneurship, especially among women and youths.

He said the Yahaya-led administration is committed to supporting initiatives that empower women and youths while encouraging business growth.

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READ ALSO: Edo, LAPO Seal Deal To Empower, Support Small Businesses In 18 LGAs

Abbas Abdul, Chairman of the Tea and Bread Association in Gombe, expressed gratitude to President Tinubu for the financial support.

Abdul, who received N50,000 six months ago, said his business has grown to N300,000, and he now plans to open a mini restaurant.

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Adamu Abubakar from Dukku LGA, who engages in fabrication and welding, said the intervention saved him from high commercial bank interest rates.

Abubakar received a N5 million loan at nine per cent interest per annum and now plans to expand and employ more young people.

The News Agency of Nigeria reports that the town hall included a question and answer session on accessing loans and challenges faced by MSMEs.
(NAN)

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JUST IN: PENGASSAN Strike May Trigger Nationwide Blackout, Thermal Plants Shut Down

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Nigerians may face a nationwide blackout from Monday as power generation companies have raised the alarm over an imminent shutdown of thermal plants following directives from the Petroleum and Natural Gas Senior Staff Association of Nigeria.

The Executive Secretary of the Association of Power Generating Companies, Joy Ogaji, raised the alarm over the imminent blackout in a WhatsApp message on Sunday.

She revealed that gas suppliers had issued notices to halt supply to thermal power stations in line with PENGASSAN’s strike resolution.

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READ ALSO:Why We Rejected Govt’s Plan To Sell Assets – PENGASSAN President

Good day, all. Thermal GenCos have received notification from our gas suppliers to shut down our thermal power plants following directives from PENGASSAN. The Nigerian Gas Infrastructure Company has specifically requested GenCos to comply,” Ogaji said in the post.

She warned that the development could plunge the country into darkness, as hydroelectric dams alone cannot sustain the national grid.

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Please all be notified of the imminent darkness, as hydros alone cannot sustain the system,” she added.

READ ALSO:PENGASSAN Shuts OML-18 Over Labour Dispute With NNPC Subsidiary

The warning comes hours after PENGASSAN announced that it would commence a nationwide strike on Monday to protest the dismissal of over 800 workers at the Dangote Petroleum Refinery.

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The oil workers’ union, after an emergency National Executive Council meeting on Saturday, directed its members in all oil and gas installations to down tools until the sackings were reversed.

The action could cripple crude production, fuel supply, gas distribution and now electricity generation, worsening the hardship faced by Nigerians.

With thermal stations accounting for more than 70 per cent of Nigeria’s electricity supply, industry experts say the shutdown will trigger widespread outages, stretch hydro plants beyond capacity and heighten the risk of a nationwide system collapse.

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Customs Launches One-stop-shop To Cut Cargo Clearance To 48 Hours

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The Nigeria Customs Service (NCS) says it has officially introduced its ‘One-Stop-Shop (OSS)’ initiative aimed at reducing cargo clearance time to 48 hours.

NCS spokesperson, Abdullahi Maiwada, made this known in a statement on Sunday in Abuja.

Maiwada said the initiative was unveiled recently during a meeting between NCS management and Customs Area Controllers, chaired by the Comptroller-General (C-G), Adewale Adeniyi, in Abuja.

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He said the meeting deliberated on the service’s modernisation agenda and the role of leadership in driving reforms across commands.

READ ALSO:10 Things Candidates Should Know About Customs Recruitment CBT Exams

Maiwada quoted the C-G as describing the OSS as a “transformative shift” which aligned with global best practices and the Federal Government’s Ease of Doing Business policy.

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Adeniyi said the reform was designed to sanitise operations, reduce duplication of efforts and ensure predictability in customs procedures.

The OSS initiative will not only shorten clearance time from 21 days to 48 hours, but it will also strengthen trader confidence, restore transparency and make our operations more business-friendly,” Adeniyi said.

The C-G acknowledged the role of technology in customs operations but also emphasised the importance of physical engagement with officers.

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READ ALSO:Customs Seize N905m Rolls Royce, Other Contrabands In Ogun

As much as technology has helped us, it has its limits. There are moments when physical presence, coming together under one roof, adds weight and value to our deliberations,” he said.

The NCS boss said the reform would be piloted at Apapa, Tin Can Island and Onne Ports before being rolled out nationwide.

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He added that the initiative was constitutionally supported by the NCS Act 2023 and aligned with the World Trade Organisation’s Trade Facilitation Agreement (TFA).

This is not just a policy. It is a statement of intent that reflects our determination to build a modern, transparent and trader-friendly Customs Service,” he said.

READ ALSO:Customs Intercepts N5.1b Illicit Drugs From India, Canada At Lagos Airport

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The spokesperson said that under the OSS framework, all customs units would work jointly on flagged declarations, eliminating multiple checks and reducing delays.

According to him, consignments cleared under the OSS will not be subject to re-interception, thereby reducing costs and enhancing trade facilitation.

He said the meeting also provided a platform to review the NCS accountability framework, including a new central dashboard that tracks clearance times, interventions and stakeholder satisfaction.

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SEC Warns Nigerians Over AI-generated Investment Scams

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The Securities and Exchange Commission (SEC) has warned Nigerians to be cautious of a rising wave of artificial intelligence (AI)-driven scams that are targeting unsuspecting investors with promises of guaranteed profits and fake celebrity endorsements.

The Commission, in a statement, recalled that platforms such as CBEX, Silverkuun, and TOFRO were operating illegally by advertising AI-powered trading systems that promised unrealistic returns.

These platforms are not registered or regulated by the SEC, yet they continue to mislead the public with false claims of AI-driven investments. They pose serious risks to investors; hence, the Commission issued a series of disclaimers against their activities,” the Commission stated.

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The SEC explained that fraudsters are increasingly turning to deepfake videos and AI-generated content to lure victims, noting that manipulated videos featuring politicians, celebrities, and television hosts are being shared through Facebook adverts, Instagram reels, and Telegram groups to give fraudulent platforms an air of credibility.

According to the Commission, “Scammers are exploiting AI to fabricate endorsements and testimonials that appear genuine. This has made traditional fraud detection methods less effective, hence the need for tech-enabled regulation and greater public awareness.”

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To counter the growing threat, the SEC explained that it is adopting advanced surveillance systems capable of detecting fraudulent activity in real time, adding that partnerships with the Central Bank of Nigeria (CBN) and the Nigerian Financial Intelligence Unit (NFIU) are being strengthened to enable data sharing and joint enforcement actions.

READ ALSO:FG Security Agency, Nigerian Army Move To Tackle Illicit Small Arms, Light Weapons

We are moving from reactive to predictive oversight. This is essential in combating fraud and systemic risks in our market,” the Commission emphasised.

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The regulator said it has also engaged social media companies to clamp down on misleading adverts and cautioned influencers against promoting unlicensed investment schemes.

Any influencer or blogger found to be complicit in promoting illegal platforms will face regulatory sanctions or even prosecution,” the SEC warned.

READ ALSO:US Commits $32.5m To Support Food Security In Nigeria

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The Commission urged Nigerians to take extra precautions before investing, stressing that any scheme promising daily profits, zero risk, or celebrity-backed endorsements should be treated with suspicion.

It stated: “Any investment that guarantees unrealistic returns or uses manipulated videos of public figures should immediately raise a red flag.”

The Commission further encouraged Nigerians to verify the registration status of any investment platform on its website, where a list of licensed Capital Market Operators is available.

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It added that investors should confirm that registration numbers displayed on company websites match the details on the SEC portal and avoid platforms that only operate through Telegram or WhatsApp without a verifiable office address.

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