News

Reps Approve Special Bank For Entrepreneurs, Small Businesses

Published

3 years ago

June 29, 2022

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.

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.

“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.

News

DSS Issues Warning, Arrests Man For Circulating Fake Recruitment Materials

Published

4 hours ago

August 24, 2025

Editor

The Department of State Services (DSS) has disclosed the arrest of one Mr. Eze Ezenwa Benard, who was recently apprehended for circulating fake DSS recruitment past questions and answers on Facebook.

The agency, while warning the public in a statement on Saturday, said the suspect operated through a page known as “Jobs and Education”, where he advertised the fraudulent materials and charged unsuspecting members of the public one thousand naira (N1,000) for access.

“The public is hereby cautioned to disregard any materials, as the DSS does not sell or distribute recruitment questions, answers, or examination guides through private individuals or social media pages. Recruitment into the Service, when necessary, follows specialised procedure in accordance with extant laws and due process,” the statement reads.

News

‘Na Only People You Gave Work Love You,’ Singer Speed Darlington Tells Tinubu

Published

4 hours ago

August 24, 2025

Editor

Singer Speed Darlington has told President Bola Tinubu that public admiration cannot be bought, warning that only those who received appointments or jobs from the government truly support him.

In a video posted on Saturday, August 23, the singer said, “Everything isn’t about the economy! There is more to leadership than the economy. See as everybody dey call your name, dey complain. Nobody loves you. Na only the ones you gave work, na them love you. Even your own tribe dey complain about you.”

Darlington, an Igbo man, urged Tinubu to focus on police reform and respect for human rights. “The Nigerian police is an oppressive agency rooted in human rights violation. As a matter of fact, if they do not violate you, it’s as if they are not even doing their job.

“The idea of arrest before investigation is a pure human rights violation. You arrest and hold a person before you dey investigate. Please, before you leave office, please speak to your Yoruba brother IGP man,” he added.

News

Before You Leave Office, Reform The Police — Speed Darlington Urges Tinubu

Published

4 hours ago

August 24, 2025

Editor

Popular controversial singer Speed Darlington has called on President Bola Tinubu to reform the Nigerian Police Force, urging the government to prioritise citizens’ rights alongside economic growth.

In a video posted on Saturday, the entertainer criticised what he described as the police’s systemic human rights violations and oppressive practices.

“Mr President, before you leave office, whether you secure a second term or not, try your best to improve Nigeria. Everything isn’t about the economy!

“There is more to leadership than the economy. See as everybody dey call your name, dey complain. Nobody loves you. Na only the ones you gave work, na them love you. Even your own tribe dey complain about you,” he said.

The singer, who identifies as Igbo, urged Tinubu to engage with the Inspector-General of Police and implement reforms.

“As an Igbo man, the advice I can give you so people will know your name and remember you for something good is to reform the police. Reform the police.

“The Nigerian police is an oppressive agency rooted in human rights violation. As a matter of fact, if they do not violate you, it’s as if they are not even doing their job.

“The idea of arrest before investigation is a pure human rights violation. You arrest and hold a person before you dey investigate,” he added.

Darlington also recounted his personal ordeal with law enforcement, highlighting the system’s abuse of power.

“I was held for two months after the judge had ordered my release. FID held me for two months. According to my lawyer, the Nigerian law gives only 28 days for investigation.

“They held me for two months. What is the extra month for? Because they can. If you give them money, they oppress your enemy. I have experienced it,” he said.