Business

Nigerian Correctional Service Begins Commercial Bread Production In Benin

Published

5 months ago

December 5, 2023

Editor

The Nigerian Correctional Service (NCoS) Zone G, has commenced the production of bread in Benin, the Edo capital, for both its inmates and members of the public.

Speaking at the official handover of the zonal bakery project to First Global Hakitekt Bread Bakery Limited for effective management, the Minister of Interior, Hon Olubunmi Tunji-Ojo, said the project was laudable.

Tunji-Ojo, represented by Mrs Comfort Kabirwa, Director of Special Duties in the ministry, commended the buy-in of the project by the different controllers in the zone comprising Edo, Delta, Anambra, Enugu and Ebonyi.

He stressed the importance of Public Private Partnerships (PPP), noting that a recent decongestion of correctional centres was not government funded but through corporate social responsibility.

“We have to think out of the box to achieve our mandate. The bakery is a laudable project because it will help build the skills of the inmates and give them a source of livelihood and make them employable after leaving the correctional centre,” he said.

He added that charging the name from prisons to correctional was intentional not just for rebranding but to change the way prisoners were treated.

Earlier, Controller General of Corrections, Haliru Nababa, said the Bakery Initiative was a collaborative effort between the NCoS and the First Global Hakitekt Bread Bakery Limited under a PPP arrangement.

Nababa said the project was also supported by the Ministry of Interior, Ministry of Finance, and the Infrastructure Concession Regulatory Commission.

“It is a pilot initiative aimed at enhancing the performances of federal government projects. The First Global Hakitekt Bread Bakery Limited is expected to bring in expertise to allow for a win-win situation for both parties. “

Represented by the NCoS Zonal Controller, Zone G, Assistant Controller General, Friday Ovie, he said that initiative was in line with the mandate of the Service, which included inmates rehabilitation via skills acquisition.

Meanwhile, Managing Director, First Global Hakitekt Bread Bakery Limited, Mr Dare Eluyemi, said the project was not just to equip inmates with bakery skills but also to create jobs in the bakery value chain.

“The bakery project has the capacity to produce bread for more than 32,000 inmates on a daily basis.

“It will help to reduce government effort in meeting the food consumption of inmates in correctional centres and sold to thepublic for income generation.”

On her part, Controller, NCoS, Edo, Philomena Emehinola, said the Bakery initiative was a plus to the state as it would put the state in the limelight.

“We will make the project sustainable to feed our inmates as well as build their skills in bakery.”

She added that the inmates who would undergo skill acquisition in the bakery project would be paid an incentive under the earning scheme but would be given the money at the end of their jail term.

The News Agency of Nigeria reports that the pilot project will run for two years, after which it will be replicated in other zones of the NCOS.

The high point of the event was the inspection of the bakery by the representative of the Minister of Interior and other government officials present.

Business

Naira Slumps, Exchanges At Over N1,500 Against Dollar

Published

3 days ago

May 13, 2024

Editor

The naira continued its depreciation against the US dollar in the foreign exchange market.

Data from the parallel market section and FMDQ showed further depreciation against the dollar on Monday.

At the parallel market, a Bureau De Change operator in Wuse Zone 4, Mistila Dayyabu, told DAILY POST that the naira was sold as high as N1,517 per dollar on Monday before settling at N1,500 per dollar.

“On Monday morning, the dollar was sold at N1,517 per dollar. However, on hearing the information about the coming of the Economic and Financial Crimes Commission operatives, we started selling at N1,500 this evening, ” he said.

The figure increased from the N1, 450 per dollar it traded at the weekend.

Similarly, at the official market, FMDQ data showed that they dipped to N1478.11 per dollar on Monday from N1466.31 last Friday.

This represents an N11.8 drop from the N1466.31 recorded last Friday.

Earlier, the Central Bank of Nigeria Governor, Olayemi Cardoso, said the apex bank’s Monetary Policy Committee will do everything to bring down soaring Nigeria’s inflation, which stood at 33.22 per cent in March 2024.

Business

CAC Opens Centre For Registration Of PoS Operators

Published

1 week ago

May 9, 2024

Editor

The Corporate Affairs Commission has inaugurated a centre for bulk registration of Point of Sale operators in its database.

The CAC Registrar-General, Hussaini Magaji, said this while inaugurating the centre stationed at its Federal Capital Territory Office in Abuja on Wednesday.

According to Magaji, the importance of registering the PoS operators in the commission’s database cannot be over emphasised.

He said the centre was well equipped with all the necessary facilities to operate 24 hours a day and ensure the commission’s achievement of its purpose.

“What we did was accommodate the request from the Fintechs.

“We have allowed them to integrate with the Corporate Affairs Commission; they have developed their structure, and we gave them access.

“Once they supply the necessary details for registration on their platform, the certificate is generally generated and transmitted directly to their platform without them having to contact anyone.

“We have done this to ensure that everyone gets it easy without hitches, but if they choose to apply manually, we have a secretariat open for them to do so,” he stated.

Recall that the Federal Government through the CAC on Tuesday issued a two-month registration deadline to Point of Sales companies, to register their agents, merchants, and individuals with the commission in line with legal requirements and the directives of the Central Bank of Nigeria.

Meanwhile, at the event, the registrar-general reiterated that the centre would be opened to all operators in the fintech industry who voluntarily submitted their agents and merchants for regularisation with the CAC.

Magaji said that the registration was in line with President Bola Tinubu’s desire to ensure financial inclusion for the youth and strengthen the fight against fraud, finance and other crimes in the country.

He further expressed his resolve to ensure compliance with the provisions of Section 863 (1) of the Companies and Allied Matters, CAMA 2020, and the CBN guidelines for Agent Banking, 2013.

On security, the CAC boss said that if a crime were committed using the PoS, the government would easily trace the perpetrators to the CAC data platform if such machines were registered.

“If an incident happens and they report it to CAC, if we do not have the operator’s details, we cannot respond, and that is the essence of this registration.

“The registration ensures that every detail of the person is provided, including NIN, passport photograph and all other useful documents.

“And it is an opportunity for more people to be captured into the formal sector,” he said.

The News Agency of Nigeria reports that the Special Adviser to the President on ICT Development and Innovation, Tokoni Peter attended the event.

The event was attended by Dr Salihu Dasuki, the Special Adviser to the President on ICT Policy Office, the PoS operators, and other stakeholders.

(NAN)

Business

FULL LIST: CBN Publishes List Of Licensed Deposit Money Banks

Published

1 week ago

May 8, 2024

Editor

The Central Bank of Nigeria has released a comprehensive list of licensed Deposit Money Banks operating within the country.

The list, which was made public on the CBN’s official website on Tuesday, provides insights into the banking landscape in Nigeria.

Banks with international authorisation include Access Bank Limited, Fidelity Bank Plc, First City Monument Bank Limited, First Bank Nigeria Limited, Guaranty Trust Bank Limited, United Bank of Africa Plc, and Zenith Bank Plc.

Commercial banks with national authorisation include Citibank Nigeria Limited, Ecobank Nigeria Limited, Heritage Bank Plc, Globus Bank Limited, Keystone Bank Limited, Polaris Bank Limited, Stanbic IBTC Bank Limited, Standard Chartered Bank Limited, Sterling Bank Limited, Titan Trust Bank Limited, Union Bank of Nigeria Plc, Unity Bank Plc, Wema Bank Plc, Premium Trust Bank Limited and Optimus Bank Limited.

Commercial banks with regional licenses are Providus Bank Limited, Parallex Bank Limited, Suntrust Bank Nigeria Limited, and Signature Bank Limited.

Players in the non-interest banking sector with national authorisation include Jaiz Bank Plc, Taj Bank Limited, Lotus Bank Limited, and Alternative Bank Limited.

In the merchant banking category, the apex banks listed, are Coronation Merchant Bank Limited, FBN Merchant Bank Limited, FSDH Merchant Bank Limited, Greenwich Merchant Bank Limited, Nova Merchant Bank Limited, and Rand Merchant Bank Limited.

The financial holding companies listed were Access Holdings Plc, FBN Holdings Plc, FCMB Group Plc, FSDH Holding Company Limited, Guaranty Trust Holding Company Plc, Stanbic IBTC Holdings Plc, and Sterling Financial Holdings Limited.

The Mauritius Commercial Bank Representative Office (Nigeria) Limited was listed as the sole representative office.