News
Reps Approve Special Bank For Entrepreneurs, Small Businesses
Published
3 years agoon
By
Editor
The House of Representatives has passed for second reading, a bill seeking to establish an Entrepreneurship Development Bank of Nigeria, with the aim of providing soft loans for small and medium-scale enterprises in the country.
The consolidated bill was jointly sponsored by Messrs Benjamin Kalu and Olalekan Afolabi
The legislation is titled ‘A Bill for an Act to Establish Entrepreneurship Development Bank of Nigeria to Charge It with the Responsibility, Among Other Things, to Provide Medium and Long-Term Finance for Indigenous Small Businesses and to Provide for Establishment of Nigerian Entrepreneurship Development, Encourage Aspiring Entrepreneurs and Small Scale Enterprises in Nigeria.’
Leading the debate on the bill at the plenary on Wednesday, Kalu said the proposed bank would be charged with the responsibility, among other things, of providing medium and long-term finance for indigenous small businesses.
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He added that the bill, which July 18, 2019, focuses on Nigerian youths and contemplated providing improved access to finance for youth entrepreneurs in innovation, manufacturing, agriculture and trade.
Kalu said, “In Nigeria today, due to numerous socio-economic challenges, many youths depend on themselves and drive their own future by creating opportunities for themselves and others, by undertaking different entrepreneurial ventures toward self-reliance. However, this group of people still need capacity building, financial support and favorable policies.
“The strength of any nation depends on the policy framework and initiatives put in place to develop and empower the youth in order to maximise their potentials, talents and untapped capacities in nation building. Without a vibrant, skilled, focused and equipped youth, no nation can rise to its full potential because the youth are the visionaries and producers who power nations to greater heights.
“Youths are estimated to constitute about 70 per cent of the population of Nigeria. This is a huge advantage for a nation that is seriously and furiously pursuing national development. The youth are assets to a nation, not liabilities. The youths, if well-educated, trained and motivated, can utilize their mental, technical and visionary power to develop the Nigerian economy.”
According to the lawmaker, a fundamental challenge to youth entrepreneurship capacity is the lack of access to functional and effective finance. He stated that the existing financial institutions are not really servicing the real needs of the indigenous business or initiatives owned and run by the youth.
READ ALSO: Edo Govt Pledges Better Opportunities For Youths
“In most cases, their requirements are way beyond the reach of such entrepreneurs; and their operational modalities are not really designed to deliberately encourage indigenous small businesses. A closer look at the operational modalities of the Bank of Industry, Bank of Agriculture and the Development Bank of Nigeria would show that there is no clear-cut intention and support for indigenous small businesses owned and run by youth.
“Commercial and microfinance banks are not even feasible options for indigenous small businesses. This is the gap which the contemplated bank would fill. There is a need for a specialised bank, which would target the youth at different levels and scope with emphasis on harnessing abundant potentials for economic growth and greatness of the nation,” he said.
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News
Sanwo-Olu makes U-turn, Unblocks Lawyer Who Sued Him Over Blocking On X
Published
4 hours agoon
September 13, 2025By
Editor
Lagos State Governor, Babajide Sanwo-Olu, has unblocked human rights lawyer, Festus Ogun, on X after a meeting with him at Lagos House, Marina, on Friday.
The lawyer, who had accused the governor of rights violations, announced the development in a post on his X account on Saturday.
According to him, Sanwo-Olu personally invited him for a brief meeting to address his complaints.
“Lagos Governor Babajide Sanwo-Olu has unblocked me on X (Twitter). I met briefly with him yesterday at Lagos House Marina, on his invitation, to amicably resolve my complaint of human rights violations. We will continue to hold authorities accountable, regardless. Aluta continua!” Ogun wrote.
READ ALSO:Lawyer Sues Sanwo-Olu For Blocking Him On X
Tribune Online reports that Ogun had earlier filed a suit against Sanwo-Olu at a Federal High Court in Lagos, accusing him of violating his fundamental rights by blocking him on his verified X account.
In the suit marked FHC/L/CS/1739/25, which he shared on Facebook, the lawyer claimed the governor blocked him over his 2021 “constructive criticisms” and “demand for accountability” on the October 2020 #EndSARS killings.
“In 2021, I noticed that the Governor blocked me on his official X handle @jidesanwoolu owing to my constructive criticisms of his policies and demand for accountability in respect of the October 2020 #EndSARS Massacre.”
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Ogun said the action has prevented him from accessing vital government updates and information.
“Blocking me on X has prevented me from accessing public updates and receiving information about policies and governance in Lagos, which constitutes a violation of my right to receive information without interference,” he said.
In his originating summons, he asked the court to declare the move unconstitutional, arbitrary, and discriminatory.
News
Tragedy Deepens As Prime Suspect in Taraba Student’s Death Found Dead
Published
5 hours agoon
September 13, 2025By
Editor
The investigation into the death of Comfort Jimtop, a 100-level Mass Communication student at Taraba State University, has taken a dramatic turn following the discovery of the lifeless body of Emmanuel Kefas, the prime suspect in the case.
Kefas’s body was discovered on Friday in the Tudiri community, Ardo-Kola Local Government Area, under unclear circumstances, intensifying public concern and adding a tragic dimension to a case that has already gripped the university community and residents across Taraba State.
Confirming the development on Saturday, the spokesperson for the Taraba State Police Command, James Lashen, said the police received a report from the village head of Tudiri about the discovery.
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“A lifeless body was found in Tudiri, and a Tecno Android phone was recovered beside it,” Lashen stated.
“Upon charging the phone, investigators found a photograph showing the deceased with the late Comfort Jimtop, suggesting they were in a romantic relationship.”
Lashen added that the body has been taken to the Federal Medical Centre (FMC) in Jalingo for autopsy. At the same time, efforts are ongoing to officially identify the remains through the suspect’s family.
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Police have yet to determine whether Kefas’s death was the result of suicide, homicide, or an accident. Investigations into both deaths are continuing.
Comfort Jimtop’s mysterious death had earlier sparked outrage on campus and across the state, with students and rights groups demanding justice. Kefas was named a prime suspect in the case, which remains open.
This latest development has left many unanswered questions and deepened the grief surrounding the case.
Students, residents, and civil society groups are closely monitoring the situation, calling on authorities to ensure a thorough investigation and bring clarity to the tragic chain of events.
News
Ossiomo, Chinese Impasse: This Is Our Story — Management
Published
7 hours agoon
September 13, 2025By
Editor
The management of Ossiomo Power Plant has cleared the air on the dispute between its Chinese partners and the circumstances surrounding the shutting down of the power plant early this month.
Representative of Ossiomo management, Engineer Festus Evbuomwan, during an interactive session with customers on the impasse between the two partners, said contrary to the rumour making the rounds, the management of Ossiomo Power Plant had paid over ₦2bn to its Chinese partner — Jiangsu Communication Clean Energy Technology (CCETC) — since the power plant started operation.
Recall that representative of CCETC who identified himself as Mr. ‘W’ had, during a telephone phone interview two weeks ago, claimed that “instruction to shutdown was because we lost lots of money and did not get any return on investment,” adding that “all the $20m investment was done by us including the distribution lines.”
But Evbuomwan during the interactive session, said the management was not aware of the $20m investment the Chinese partner claimed, just as he disclosed that “when they generate power, we sell and pay them.”
READ ALSO:Edo Govt Denies Shares As Ownership Tussle Rocks Ossiomo Power
He disclosed that after shutting down the power plant, the Chinese partners came up with a request of ₦185m to be paid to two Chinese not known to the management, stressing that this was declined.
According to him, the Chinese partner, having seen how lucrative the business is, “went to some quarters and raised some issues probably thinking they can manoeuvre us with the help of some big persons, so that they can use their machines to generate power and sideline us but this is not possible.”
“The Chinese partners also claimed that they borrowed $20m from their native land to invest, we are not aware of such investment, and we do not know where the money was invested up till now.
“They have been also saying they have not been receiving anything, but I want to tell you unequivocally that first, the partners run a joint account where their investment is going into. More so, The Chinese partners have received over ₦2bn so far for the power they generate with their machines. When they generate the power, we sell and pay them.”
READ ALSO: Five Years After, Edo Govt Reconnects To BEDC As Ossiomo Shut Down
Engr. Evbuomwan, while apologising to customers for the power outage caused by the dispute between the two partners, said Ossiomo had started power generation though not in full capacity, assuring that power generation would be fully restored soon.
“We have purchased turbines, and one have started working. They are working on the second one, so, by the time our five turbines start working we will be in full capacity. Even with that, those connected to the government may not be reached immediately. This is because the government bought the poles and contracted the wiring, and we cannot force the government to do our bid. Also, we are making efforts to site 33kva transformer along Airport Road and Lagos Road as soon as possible, so that our customers there will get power.”
He said the Edo State government does not have a stake in the company, just as he appealed to the “government to let us supply power to customers in through their Lines. I want to emphasise that Ossiomo is not completely shut down.”
He further urged the “government to encourage the Nigerian citizens to invest and not to work against local investors.”
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