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President’s Broadcast: Manufacturers laud credit facility to re-energise MSME, real sector



Last Updated on August 1, 2023 by Fellow Press

The Manufacturers Association of Nigeria (MAN) has commended President Bola Tinubu for the proposed credit interventions to revitalise the manufacturing sector and Micro, Small and Medium Enterprises (MSME), to mitigate the impact of fuel subsidy removal.

Director-General, MAN, Mr Segun Ajayi-Kadir, said this disclosed this to the News Agency of Nigeria (NAN) on Monday night in Lagos in reaction to the President’s broadcast.

NAN reports that President Tinubu unveiled plans to provide a N75 billion credit facility between July and March 2024 to 75 enterprises to strengthen the manufacturing sector.

He added that his administration would energise MSMEs and the informal sector with N125 billion among other schemes, to engender sustainable economic growth.

Ajayi-Kadir noted that the assurances in the president’s broadcast represented part of the follow-up measures manufacturers had appealed for and was more beneficial than palliatives that would only give nominal relief.

He lauded the Federal Government’s move to work in a coordinated manner with local and state governments to deliver interventions that would cushion the effect of the hardship across the socio-economic brackets.

The MAN DG said the recently signed four executive orders had set the stage for the much sought-after relief for the manufacturing sector.

According to him, it had become possible to return to their business projections and to look towards a possible profitable production in the affected sectors.

Ajayi-Kadir said the promise that 75 manufacturing enterprises would access N1billion credit at 9 per cent interest rate per annum and working capital was commendable.

He noted that the allocation of N125 billion to energise the MSME segment would give fillip to their businesses and help overcome the paucity of funds occasioned by low capacity utilisation and unprecedented low sales in recent times.

“It is a good start to begin to address the dearth of loanable funds in the face of rising lending rate occasioned by the continued increase in the MPR by the Central Bank of Nigeria (CBN).

“It is, however, very important and critical that the vehicles for the delivery of these loans should be carefully selected and the implementation diligently monitored.

“The Bank of Industry (BOI) has shown excellent performance as an appropriate transaction structure for such facilities.

“It is equally important to ensure that the promised 3000 units of 20-seater buses be procured from indigenous automobile industries.

“This is a golden opportunity for the Federal Government to demonstrate unfailing commitment to the implementation of the subsisting Executive Order 003, which prioritises the patronage of made in Nigeria products,” he said.


Gunmen kill three while enforcing sit-at-home in Anambra communities



Last Updated on June 19, 2024 by Fellow Press

Some gunmen, who were enforcing sit-at-home, have reportedly killed many people and injured others in two Anambra communities.

The gunmen invaded Nnewichi community in Nnewi north LGA and Nnobi community in Idemili south LGA, on Monday morning.

At Nnewichi community, the gunmen were said to have invaded a hotel after discovering that some persons were having a meeting there. The gunmen started shooting sporadically at the hotel premises, while destroying properties.

The assailants were said to have killed Oseloka Ubajiekwe, head of the vigilante group and chief security officer of the community, while he was attempting to wade off the attackers.
Those who sustained injuries have been taken to various hospitals in the state. At Nnobi community, the gunmen shot sporadically to scare away residents and engaged in gun duels with security operatives.

Confirming the attacks in a statement, Tochukwu Ikenga, Anambra police spokesperson, said only three persons, including a 22-year-old lady, have been confirmed dead.

“The commissioner of police, CP Nnaghe Obono Itam, has ordered an immediate manhunt operation on the armed men operating in a red Highlander jeep, who abducted a citizen in Nnewi by 1:30 pm yesterday 17/6/2024 and were trailed to Nnobi, where they engaged security operatives in a gun battle,” Ikenga said.

During the gun duel, one of the security operatives was fatally hit by the bullet and due to the indiscriminate shootings by the hoodlums in an attempt to escape the scene, the bullet also fatally struck two innocent passersby in the area.

“The police responding team at the scene recovered the bodies of the victims and took them to the hospital but regrettably, three of the victims including a 22-year-old lady were confirmed dead by the doctors on duty while two others are currently receiving treatment.”

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MKO Abiola’s children who couldn’t buy drugs have died in last 30 years



Some Of My Siblings, MKO Abiola’s Children Who Couldn’t Afford Drugs Have Died In Last 30 Years – Abdulmumuni Abiola Laments

Abdulmumuni Abiola, one of the sons of late Chief MKO Abiola, has berated his elder brother, Kola Abiola, over the alleged mismanagement of their late father’s wealth and throwing the rest of the siblings into abject poverty.

Speaking in a podcast on Mic On with Seun Okinbaloye, Abdulmumuni lamented that Kola had mismanaged their late father’s wealth and sidelined him and other members of the family to the extent that in the last 30 years, some of Abiola’s children had died because they could not afford to buy medicine to treat and take care of themselves.

Asked if he blamed Kola for the manner in which things had gone and whether he believed the legacy of Abiola would have been properly sustained rather than it was now, Mumuni said, “I definitely do because he was in a better position, especially after the whole crisis.”

Speaking further, Abdulmumuni said, “First of all, if he listens to what my father said in the Will and does what he is supposed to do like every other one has done, there wouldn’t be a problem.

“We have lost so much. There are so much properties my father has in this country that we can never get by because people sit on it and they are using it to take care of their own families. The issue is, who is losing?

“It is our money that they used to buy those things. Those properties now cannot be bought with the same amount, with the kind of money that would be spent today. I’m talking about the silo in Lafia Agil in Kwara State – 20,000 metric tonnes Silo with 10,000 hectares of land. How much would be paid for that land now?

“It is so sad that your father was rich to a certain level and you cannot continue from where he stopped. I would like him to explain to me why exactly he has gone with this direction. It is like going down the deadened road and you are seeing the signs but you are still going.

“This is 30 years down the line. It is not like I waited for a year after my father died and started making these accusations. Abiola’s children who could not buy medicine to take care of themselves have died in this 30 years. This is sad and I’m sure my father will not be pleased about it. So, I am not pleased.”

He added, “I wake up in the morning and my phone is inundated with text messages of people who ask for help. How many people can I help? If I want to help somebody, I need to first help myself. It is important we do things the right way.”

Asked if he has spoken with Kola about his grievances, Mumuni said he is talking about the properties in Nigeria only.

He said, “You must understand that I’m talking about their properties in Nigeria only. This is not where Abiola has his wealth. Abiola had those companies in Nigeria just to help Nigerian people.

“They were losing money and they were building money. But he did this (established companies in Nigeria) because he knew they needed something to do so that they don’t pick up guns. He (Abiola) understood that.

“Abiola’s wealth was from outside this country. He was an accountant and when he was the state director of ITT, there was money that owed the company, when he was able to retrieve the money from the military government then, he went back to his masters in England.

“They wanted to offer commission but he asked them to give him shares. So, my father has shares.

“I told brother Kola when I got back that I don’t want to disturb him about the money outside Nigeria. That it is for him, he should do whatever he wants with it. But the ones in Nigeria, we will die there.”

Abdulmumuni said he had taken over Concord Newspaper but “at the time we took it, he took me to Kabiyesi Akiolu’s Palace to tell me why I should leave the place.”

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