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Reps Approve Special Bank For Entrepreneurs, Small Businesses

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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.’

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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.

READ ALSO: BREAKING: Senate Confirms All Seven Ministerial Nominees

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.

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“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

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“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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Knocks, Kudos As Senator Donates Clay Pots, Burial Materials To Constituents

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Senator Rufai Hanga, representing Kano Central Senatorial District, donated 5,000 pieces of white fabric and clay pots to his constituents.

The donation is reportedly intended to help with the burial process for loved ones, in response to the frequent requests for burial assistance from constituents.

Premium Times reports that Dawuud Auwal, one of Hanga’s social media aides, announced the donations on Facebook, though the specific post was unable to locate during check.

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Auwal reportedly wrote, “We are used to these frequent requests from people soliciting money to buy white cloths and clay pots. Some have requested vehicles for transporting the dead.”

READ ALSO: PHOTOS: Moment 23-year-old Miss Ecuador Beauty Queen Is Gunned Down In Hail Of Bullets

The senator, whose district covers 15 Local Government Areas, is an accountant who has been representing Kano Central since 2023, on the platform New Nigeria Peoples Party.

The Senator’s gesture is said to be in line with the traditional Muslim burial customs observed in the North.

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White fabric is traditionally used to wrap the deceased, followed by broken clay pots as the initial covering before burial in sand.

While the donation has garnered positive reactions, it has also sparked some negative feedback on social media platforms.

A pro-Hausa organisation, which uses the handle @VoiceofHausa, said, “This is a constituency project of Sen. Rufa’i Sani Hanga, Senator representing Kano Central.

READ ALSO: Coastal Highway: DStv, GOtv Customers To Experience Service Disruptions

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“Instead of building hospitals, he distributed 5,000 pots and white cloths for the burial of the people of his senatorial District.”

SILAS TAFI-WARWAR, tweeting as @silastafi, said, “I don’t understand…. Is he wishing them dead or something?

“What is the rationale behind this gift or donation? Constituency project or something?

“In the face of hunger, serious hardship and unemployment! This is all He can do?”

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A tweep, FAISAL, who identifies as @Iamumarfaisal, said, “This should be his personal assistance to his community as an influential and wealthy person. But making this look [like] a performance index being a Senator is shameless and denigrates the people he represents. We can do better Arewa.”

 

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JUST IN: SERAP Drags 36 Govs, Wike To Court Over N5.9tn, $4.6bn Loans

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The Socio-Economic Rights and Accountability Project has filed a lawsuit against the governors of the 36 states of the Federation, and the Minister of the Federal Capital Territory, Nyesom Wike, over their failure to account for, and publish the agreements of the N5.9 trillion and $4.6 billion loans obtained by their states and the FCT, respectively.

The suit, numbered FHC/ABJ/CS/592/2024 was filed on Friday on behalf of SERAP by its lawyers – Kolawole Oluwadare, Kehinde Oyewumi and Valentina Adegoke, at the Federal High Court, Abuja.

The statement, which was made available to newsmen on Sunday, asked the court to “direct and compel the governors and Mr. Wike to account for N5.9trn and $4.6bn loans obtained by their states and the FCT and to publish copies of the loan agreements, location of projects executed with the loans.”

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The suit is a sequel to SERAP’s demand which was addressed to the 37 respondents in a statement issued by the organisation’s Deputy Director, Kolawole Oluwadare on March 31, 2024.

READ ALSO: Account For FAAC Allocations Or Face Lawsuit, SERAP Tells Govs, FCT Minister

Kaduna State Governor, Uba Sani, had bemoaned the huge debt inherited from his predecessor, Nasir El-Rufai, on May 29, 2023.

Sani said the state is now left with few amounts, not enough to pay salary, adding that his administration inherited a total of $587m, N85bn and 115 contract liabilities from the ex-governor.

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In the statement, SERAP urged the court to “direct and compel the governors and Mr. Wike to invite the Economic and Financial Crimes Commission and the Independent Corrupt Practices and Other Related Offences Commission to investigate the spending of all the loans obtained to date by their states and the FCT.”

In the suit, SERAP is arguing that “it is in the public interest to grant the reliefs sought. Nigerians have the right to see and scrutinise the loan agreements and know the details of how the domestic and external loans obtained by the governors and FCT minister are spent.

READ ALSO: Account For N5.9tn, $4.6bn Loans, SERAP Gives Sani, Wike, Others Ultimatum

“Opacity in the spending of the loans obtained by the governors and Mr. Wike would continue to have negative impacts on the fundamental interests of the citizens.”

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The statement noted that many states, including the FCT, “reportedly” spend “public funds which may include the loans obtained by them to fund unnecessary travels, buy exotic and bulletproof cars and generally fund the lavish lifestyles of politicians,” adding that they are “allegedly mismanaging public funds which may include domestic and external loans obtained from bilateral and multilateral institutions and agencies.”

The organisation demanded transparency in the spending of the loans as they are “fundamental to increase accountability, prevent corruption, and build trust in democratic institutions with the ultimate aim of strengthening the rule of law.”

The statement equally noted that the state governors and the FCT minister “cannot hide under the excuse that the Freedom of Information Act is not applicable to their states and the FCT.”

READ ALSO: Probe Missing $15bn, N200bn Of Oil Revenues, SERAP Tells Tinubu

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It stated that the “legal obligations to publish the information sought are also imposed by the provisions of the Nigerian Constitution and the African Charter on Human and Peoples’ Rights.”

While no date has been fixed for the hearing of the suit, SERAP lamented that the poverty rate, underdevelopment and lack of access to public goods and services in the country are a result of the “many years of allegations of corruption and mismanagement of public funds including the loans obtained by the states and FCT.”

SERAP quoted the Debt Management Office, saying, “The total public domestic debt portfolio for the country’s 36 states and the Federal Capital Territory is N5.9 trillion. The total public external debt portfolio is $4.6 billion.”

However, SERAP said that the loans – domestic and external, as obtained by the states and the FCT are” vulnerable to corruption and mismanagement,” hence, the respondents “have a responsibility to ensure transparency and accountability in how any loans obtained by the states and FCT are spent, to reduce vulnerability to corruption and mismanagement.”

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Coastal Highway: DStv, GOtv Customers To Experience Service Disruptions

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DStv and GOtv customers in Nigeria have been notified to expect disruption in service from Sunday, May 5, to Tuesday, May 7, due to the ongoing construction project on the Lagos-Calabar Coastal Highway.

In a notice shared on social media on Friday, DStv assured customers that its technical team will be working to relocate its facility and minimise service disruptions during the process.

The statement read, “Our uplink facility will be impacted by the ongoing Lagos-Calabar Coastal Road construction project. As a result, we are forced to relocate.

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“From Sunday, May 5, 2024 to Tuesday May 7, 2024, our technical team will be working tirelessly to relocate and minimise disruptions during the exercise.

“We appreciate your patience and understanding during this period and remain dedicated to delivering the quality service and support you expect from DStv and GOtv.”

The PUNCH reports that demolition for the 700km Lagos-Calabar Coastal Highway commenced on Monday.

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According to the Minister of Works, David Umahi, the duration of the construction is eight years, and it will be constructed for N15trn.

 

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