News

Edo Govt., APC In Verbal War Over State’s Rising Debt Profile

Published

2 years ago

February 2, 2024

Editor

By Joseph Ebi Kanjo

The Governor Godwin Obaseki-led Edo State government and the state chapter of the All Progressives Congress (APC) on Friday locked horns over the alleged rising debt profile of the state.

Jarrett Tenebe, the state acting chairman of the APC, during a press briefing in Benin, while accusing the state government of plunging the state into “debt profile of N135 billion Naira and $35.6 billion Dollars,” the state Commissioner for Communication and Orientation, Mr. Chris Nehikhare described the acting chairman’s allegation as “infertile rambling, wild and completely off-the-mark.”

On Tenebe’s allegation that the Edo
State Government has requested “a loan of N17.5 billion Naira with
no corollary of project attached there to the said facility, and also that the facility is not contained as loan to be taken in the 2024 fiscal budget just recently passed,” Nehikhare said “recent facility approved by the State Assembly was to amongst other projects, enable the State Government procure electric buses to enhance the states transportation system.”

Tenebe said: “Information at the behest of the members of the Edo State House of Assembly is to the effect that they were recalled from their holiday or leave by the Speaker on the request of the State Governor for the immediate approval of the said facility which accord to them were said to be N9billion Naira but as event unfolded, after the mammoth request by the opposition in the house as to the rationale for a facility as stupendous as N9billion Naira for fathom projects which only existed in the imagination of the Governor, it was
discovered that the facility was not even N9billion Naira but a figure wrapped in secrecy as much as N17.5 billion Naira to which the opposition in the house rejected and or refused to be part of the approval.

“While it is important to state that the citizens of Edo State have been taken through difficult and hard times by the Obaseki led administration, it is our request and most profoundly too that the Obaseki administration to hence forth stop these borrowings which its proceeds found their way into his pocket and that of his co-travelers, as Edo State has suffered enough decay in infrastructural and other developmental sects,” Tenebe lamented. (Sic)

But the state Commissioner for Communication fired back: “Even if that was what was written for him, he should have known that the figure is wrong and can’t be true .

“In reality, our debt stock is not a secret and in fact, we are ‘under borrowed’. Emperor Tenebe would have known this if he understood the economics of governance, fiscal responsibility and debt-to-GDP ratio.

“The recent facility approved by the State Assembly was to amongst other projects, enable the State Government procure electric buses to enhance the states transportation system.

“Tenebe’s undoing is that he and his party have been so used to looting of the people’s treasury and cannot bear the pain that they would never have access to the State’s purse with which the governor has continued to pursue developmental projects across the state.

“It is even more saddening that a party’s chairman only thinks about brick and mortar when it comes to development.

“Tenebe’s attention must be drawn to the fact that opposition politics is not cynicism. Opposition politics requires intelligence, tact and not childish tantrums.”

News

Transfer: Premier League Clubs Scramble For Dele-Bashiru

Published

3 hours ago

May 6, 2026

Editor

Lazio midfielder, Fisayo Dele-Bashiru is a subject of interest from three Premier League clubs, according to Sky Sports.

Lazio reportedly rejected offers from Nottingham Forest and Bournemouth for the Nigeria international in January.

La Biancolesti are bracing for more interest in Dele-Bashiru ahead of the summer transfer window, according to Sky Sports.

The 24-year-old has two years left on his contract with the Serie A club.

The attacking midfielder joined the Rome-based club from Turkish Super Lig outfit Hatayspor in 2024.

He has been a regular feature for Lazio this season.

News

Xenophobic Attacks: Nigerian Students To Picket MTN, MultiChoice, Other Businesses

Published

3 hours ago

May 6, 2026

Editor

The leadership of the National Association of Nigerian Students, NANS South-West Zone D, has announced plans to picket South African companies in Nigeria following the ongoing xenophobic attacks in the country.

DAILY POST reports that some Nigerians were recently killed in South Africa over the violent attacks.

A statement issued to newsmen by Comrade Adeyemo Josiah Kayode, Coordinator, NANS South-West, Zone D, said that the association is mobilizing to take decisive and lawful action by organizing peaceful picketing and mass advocacy against South African business interests operating in Nigeria.

“We categorically state that the continued targeting of Nigerians under any guise is unacceptable and must come to an immediate end.

“This will include major corporations such as MTN Group and MultiChoice Group. It is morally indefensible for businesses to thrive in an environment where the lives of Nigerians are protected, while Nigerians are subjected to fear and violence elsewhere.

“This contradiction will no longer be tolerated,” the statement said.

News

N5m, N10m Zero-interest Loans: SheVentures Opens Applications For Women Entrepreneurs

Published

5 hours ago

May 6, 2026

Editor

First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth.

The facility provides loans ranging from ₦500,000 to ₦5 million under a general category, and ₦5 million to ₦10 million for sector-specific businesses, with funding capped at up to 50% of an applicant’s average monthly turnover.

At the centre of the offering is a 0% interest rate, with all charges embedded in a transparent structure.

Repayment is structured over four or six months, allowing businesses to match obligations with their cash flow cycles.

Yemisi Edun, Managing Director and Chief Executive of First City Monument Bank (FCMB), said the initiative reflects a deliberate approach to inclusive growth.

“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively.

“Women-led enterprises are critical to economic activity, yet they face structural barriers.

This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs.”

“Access to affordable finance remains a major constraint for women entrepreneurs,” said Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB).

“By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.”

Women-owned businesses account for a significant share of Nigeria’s small and medium-sized enterprises but continue to face high borrowing costs and limited access to credit.

Through these efforts, SheVentures tackles persistent financing gaps facing women-led businesses, combining targeted funding with broader support to empower women entrepreneurs, encourage business innovation, and enhance their ability to compete on a national scale.

Applications for the zero-interest loan are now open.Apply now.