Business

FG Disburses N785bn To MSMEs In Nigeria – Minister

Published

3 years ago

November 10, 2022

Our Correspondent, Bauchi

The Minister for Industry, Trade and Investment, Otunba Richard Adebayo, said that the federal government had disbursed about N785 billion to over 10 million Micro, Small and Medium Enterprises owners in Nigeria.

The Minister, who stated this in Bauchi on Thursday at the end of the 14th meeting of the National Council on Industry, Trade and Investment, said this was done through the Bank of Industry (BOI) from 2019 to July, 2022.

According to him, the move was made possible because the Bank Of Industry had further deepened its capital base to $5 billion with international partners like the African Export-Import Bank (AFREXIMBANK) and Credit Suisse, among others.

“We have revised the MSME Policy to drive the growth and competitiveness of MSMEs in the country and successfully increased the nation’s capacity to fund tech-driven MSMEs.

“This was done through our collaboration with the African Development Bank (AfDB) to secure the $500 million Technology Fund.

“Furthermore, the MSME Survival Fund Initiative was launched in the wake of the COVID-19 Pandemic as part of the Nigerian Economic Sustainability Plan, which protected MSMEs from the shock of the COVID-19 Pandemic.

“As of July 2022, N67.5 billion had been disbursed to over 1.2 million beneficiaries, thus protecting at-risk jobs and creating new ones,” he said.

He also said that in order to further create an enabling business environment to attract and retain investment, the ministry and the Nigerian Investment Promotion Council were committed to ensure they didn’t just attract but also protect investments that genuinely benefit Nigeria and its citizens.

Adebayo further stated that based on this, the country had successfully revised its model Bilateral Investment Treaty (BIT) to include a specific provision for investment facilitation that institutionalised the principle of supporting investors to actualise their investments.

“Our initiatives and successes are too numerous to mention at this forum, but there is still a lot of ground to cover.

“The nation is looking to us to solve big problems such as the unemployment of almost 30 million people who are mostly youth.

“Given the size of our challenges as a nation, we must design interventions to address the scale of the problems we need to solve. This will ensure we come up with creative and innovative ways to finance, implement and ultimately deliver transformative results,” said the Minister.

Also, Gov. Bala Mohammed of Bauchi state, said his administration had been initiating and implementing policies with the objectives of moving the economy of the state along the trajectory of the nation’s overall development aspirations.

He added that those policies were also in tandem with President Muhammadu Buhari’s aspiration to make sure that poverty was fought to the last level.

“I want to acknowledge the contribution of one of our own, Hajiya Mariam Katagum who represents us at the Federal Executive Council along with our brother, the Minister for Education, Malam Adamu Adamu.

“We are in the opposition but we have no regret that we have them as our representatives. They have really brought representation to the level of competence that I am proud of.

“I must thank Mr President for allowing them to always contribute. Bauchi state is a state of Buhari and Buhari is Bauchi state and that’s why even as a governor in the opposition I know the position of Mr President,” he said.

Highlights of the occasion was the exhibition of made in Nigeria products by agencies under the ministry, among which were; a Nigerian assembled electric car, fabricated electric cables, tiles, and others.

Business

NNPCL Raises Fuel Price

Published

1 day ago

October 13, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol from ₦865 to ₦992 per litre, marking a fresh hike that has sparked widespread concern among motorists and consumers .

As of the time of filing this report, the company has not released any official statement explaining the reason for the sudden adjustment.

During visits to several NNPC retail outlets, The Nation observed fuel attendants recalibrating their pumps to reflect the new price.

At NNPC filling station on Ogunusi road, Ojodu Berger, petrol attendants at the station said they were instructed to change the price to reflect the new rate N992 per litre.

However, checks at Ibafo along the Lagos /Ibadan expressway showed that NNPC outlets still displayed the old price of N875 per litre, although they were not selling to commuters.

Most of the NNPC stations were not dispensing fuel.

Business

CBN Directs Banks To Refund Failed ATM Transactions Within 48hrs

Published

3 days ago

October 11, 2025

Editor

The Central Bank of Nigeria has directed Deposit Money Banks and other financial institutions to refund customers for failed Automated Teller Machine transactions within 48 hours, in a sweeping reform aimed at protecting consumers and restoring confidence in the banking system.

The directive is contained in a draft guideline released by the apex bank on Saturday, titled “Exposure of the Draft Guidelines on the Operations of Automated Teller Machines in Nigeria.”

The document, signed by Musa I. Jimoh, Director of Payments System Policy Department, was circulated to banks, payment service providers, card schemes, and independent ATM deployers, with a call for stakeholder feedback by October 31, 2025.

Under the draft, failed “on-us” transactions, where customers use their own bank’s ATM, must be reversed instantly. If technical glitches prevent immediate reversal, the bank is required to manually refund the customer within 24 hours.

For “not-on-us” transactions, involving other banks’ ATMs, refunds must be processed within 48 hours.

“Customers must not be made to suffer for failed transactions caused by system errors or network failures,” the circular stressed.

In a significant shift, the CBN mandated banks and ATM acquirers to deploy technology that automatically reverses failed or partial transactions, removing the need for customers to lodge complaints.

Institutions holding customer funds due to failed disbursements must reconcile and return balances immediately.

According to the apex bank, these measures respond to widespread frustration over delayed refunds and poor customer service and form part of a broader effort to enhance consumer protection, improve reliability, and modernise Nigeria’s payment infrastructure in line with global standards.

The guidelines will also overhaul ATM operations nationwide. Banks and card issuers are now required to deploy at least one ATM for every 5,000 active cards, with phased targets of 30% compliance in 2026, 60% in 2027, and full compliance by 2028. Any future deployment, relocation, or decommissioning of ATMs must receive prior approval from the CBN.

To ensure safety, ATMs must be fitted with anti-skimming devices, CCTV cameras, and placed in enclosed or well-lit areas.

Machines are expected to comply with Payment Card Industry Data Security Standards, maintain audit logs, and display functional helpdesk contacts. At least 2% of all ATMs must feature tactile symbols for visually impaired customers.

ATMs are also required to dispense cash before returning cards, allow free PIN changes, issue receipts for all transactions except balance inquiries, display clear transaction fees, dispense only clean banknotes, and provide backup power to reduce downtime.

Downtime must not exceed 72 consecutive hours, after which operators must inform the public of the cause and expected restoration time.

The CBN will enforce compliance through regular audits, on-site inspections, and monthly reports from ATM operators detailing deployments and locations. Defaulting institutions risk sanctions, though fines were not specified.

The apex bank explained that the overhaul was necessary due to rising complaints about failed transactions, cyber fraud, and declining service quality, noting that “the goal is to build a payments system that works seamlessly for everyone, urban and rural users alike.”

Nigeria’s electronic payments landscape has grown rapidly in recent years, with 200 million cardholders and rising reliance on digital banking, but network failures, poor infrastructure, and delayed reversals have continued to undermine confidence.

The fresh guidelines, coming eight months after a revision of ATM fees, are expected to streamline service delivery, enhance transaction security, and hold banks accountable. Stakeholders are invited to submit feedback ahead of the final policy adoption, which could take effect before the end of the year.

Business

Nigerian Stock Market Hits 10th Consecutive Uptrend As investors Gain N308bn

Published

5 days ago

October 10, 2025

Editor

The Nigerian Stock Market recorded its 10th consecutive uptrend as investors raked in N308 billion gain on Thursday.

This comes as the Nigerian Exchange Limited, NGX, market capitalisation, which opened at N92.490 trillion, appreciated by 0.33 per cent to close at N92.798 trillion on Thursday.

Also, the All-Share Index added 0.33 per cent, or 485.25 points, to close at 146,204.34, compared with 145,719.09 recorded on Wednesday.

Increased trading in Eunisell Interlinked, Caverton Offshore Support Group, Sunu Assurances, Industrial and Medical Gases, Mecure, and 27 other advancing stocks boosted market performance on Thursday.

To this end, the market breadth also closed positive with 32 gainers and 21 losers.

Further analysis showed that Eunisell Interlinked and Caverton Offshore Support Group led the gainers’ chart by 10 per cent each, closing at N44 and N6.93 per share, respectively, while FTN Cocoa Processors led the losers’ table by 6.67 per cent, closing at N5.60 per share.

Market activity showed a decline in the number of deals and volume traded but an improvement in trade value.

Accordingly, a total of 346.99 million shares worth N27.43 billion were traded in 24,691 deals, compared with 525.72 million shares worth N13.61 billion exchanged in 25,597 deals on Wednesday.

Fidelity Bank topped the activity chart with 42.01 million shares valued at N861.54 million.

According to DAILY POST, NGX has continued its bullish run from last month’s end to date.