News

Edo Procurement Agency Threatens Sanction On Awarding Contracts Without Tenders Board Approval

Published

2 years ago

March 23, 2024

Editor

The Edo State Procurement Agency has said any contract awarded by Ministries, Departments and Agencies, MDAs, without the approval of the tenders board will attract two years jail or a fine of not less than N2 million.

The Managing Director/Chief Executive Officer of the agency, Henry Idogun, disclosed this during the training of members of the Edo State House of Assembly Standing Committee on Tenders Board, other members of the house and some staff on the state public procurement legal framework.

Idogun, who told the lawmakers that the provisions of public procurement law applied to all public bodies in the state including the legislature, noted that public procurement was critical for national development.

“1 want you to know that part of the provisions in the law states that there shall be no award of contract without the approval of the Tenders Board vested with the approving authority.

“Violation shall attract two years imprisonment or an option of fine not less than N2 million,” he said.

He added that public procurement was a strategic management function that deals with the acquisition of external resources needed for public programmes and projects using public funds and following systemic processes.

He posited that public procurement constitutes a large proportion of the gross domestic product (25-30%) in developing and emerging market economies.

While taking the lawmakers through the overview of the state public procurement legal framework, he opined that the hallmark of an effective public procurement system was fairness, reliability, economy, efficiency, transparency, accountability and ethical standard.

Earlier in her welcome address, the Deputy Speaker and chairman of the House Standing Committee on Tenders Board, Maria Edeko, said the training was to enable the tenders board to carry out its activities from a well informed perspective.

Edeko, who said the tenders board has been inactive for years, noted that with the autonomy of the House, it has become imperative to have the training to ensure that board’s processes and activities are in compliance with extant laws.

She commended the management of the procurement agency for the robust engagement which she said would enhance the committee’s performance.

Among the lawmakers that attended the training are, Maria Edeko, the House, Deputy Speaker and chairman, Tenders Board Committee; Idiaye Yekini, Akoko-Edo; Sunday Ojezele, Esan South-East; Richard Edosa; Oredo West; and Charity Aiguobarueghian, Ovia North East 1 and majority leader of the house.

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.