News Agency of Nigeria
ASUU rejects FG’s loan scheme for lecturers, others

ASUU rejects FG’s loan scheme for lecturers, others

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Loan

By Polycarp Auta

University of Jos Chapter of the Academic Staff Union of Universities (ASUU), has rejected the Federal Government’s loan scheme for university lecturers and other workers in tertiary institutions.

Prof. Jurbe Molwus, the chairman of the union in the university, said this during a press conference on Tuesday in Jos.

The News Agency of Nigeria (NAN) reports that the Federal Government had about two weeks ago announced the Tertiary Institutions Staff Support Fund.

The move, according to government, is a welfare and empowerment initiative for academic and non-academic staff in Nigeria’s tertiary institutions.

The Minister of Education, Dr Tunji Alausa, said that the fund was a direct response to the welfare and professional growth needs of the nation’s tertiary institution workforce.

Molwus, who called on the government to implement the 2009 agreement with the union, said that the loan scheme was a “trap”.

The chairman also described the scheme as a “poisoned chalice” and urged members to stay away from it.

“Our members do not lack where to find loans; indeed, they are already deep in debt from such loans.

“What we need now is for government to sign our renegotiated agreement.

“That way our purchasing power will improve and decrease our reliance on debts from cooperative societies.

On the peaceful protest by ASUU members across the university campuses, Molwus said that the move aimed at calling on the government to address the lingering issues.

The chairman urged President Bola Tinubu to personally engage with the ASUU leadership and hear the concerns firsthand.

He added that such move would enable the president to take a decisive action toward preventing the disruption of academic activities in universities across the country.(NAN)(www.nannews.ng)

Edited by Mark Longyen

Why We Involve EFCC, Others in Recovering Anchor Borrowers Loans – MAAN

Why We Involve EFCC, Others in Recovering Anchor Borrowers Loans – MAAN

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Loans
By Priscilla Osaje

The Maize Association of Nigeria (MAAN) says it is working with the Economic and Financial Crimes Commission (EFCC), the Department of State Services (DSS), and the Nigeria Police to recover Anchor Borrowers Programme loans from its members.

Its National President, Mr Bello Abubakar, said this at a news conference after a three-day meeting organised by the association in Abuja on Thursday.

The meeting included the association’s state chairmen, zonal coordinators, national officers, and other stakeholders in the maize value chain, such as researchers, input suppliers, farmers, and end users.

The MAAN boss said the purpose of the press briefing was to inform the general public about the efforts being made to recover the Anchor Borrowers Programme loans given to the association from 2018 to 2021 for maize production.

“MAAN understands that the ABP/CBN programme is a revolving loan due for full recovery, depending on the participants (farmers) for compliance.

“Unfortunately, there was a monumental disappointment, as most of the participants/farmers thought that the loan was a national cake,” Abubakar said.

He added that due to the recalcitrant attitude of the participants/farmers towards repayment of the loan, MAAN was constrained to write several demand letters to the defaulters, as well as to seek synergy with law enforcement and anti-graft agencies like the EFCC, DSS, and the Nigeria Police for assistance, in line with Federal Government policies on loan recovery.

“It is most unfortunate that some of the participants/defaulters, who tried to evade responsibility to both MAAN and the agencies supporting our loan recovery, took us to various courts for enforcement of their purported human rights, which they claimed were violated.”

The MAAN president said the association took some of the defaulters to court for loan recovery, and most of those cases are still pending in the courts.

He noted that insecurity is grossly affecting association members, saying, “Some of our farms and farmers were burnt, kidnapped, and killed by bandits on farms in Niger, Zamfara, Katsina, Borno, Yobe, Sokoto, Ondo, and Ekiti states.”

According to him, flooding has also affected farmers in Kogi, Benue, Cross River, Jigawa, Katsina, Taraba, Niger, Kebbi, and Kwara states, with drought threatening members in Oyo, Kwara, Niger, Ondo, Ekiti, and Benue states.

Abubakar urged the Federal Government to create an enabling environment that would give smallholder farmers the opportunity to settle their outstanding loans and produce for domestic needs and exports.

He said the government should show compassion to farmers in consideration of the unmitigated and debilitating factors making productive farming and harvesting impossible.

The MAAN boss appealed to the government to either waive or significantly reduce the outstanding financial obligations of the association in the CBN/ABP programme.

He commended President Bola Tinubu’s administration for its efforts in ensuring food security in the country.
(NAN)
Edited by Deji Abdulwahab

Beware of fake loan portal, NELFUND alerts students

Beware of fake loan portal, NELFUND alerts students

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By Funmilayo Adeyemi

The Nigerian Education Loan Fund (NELFUND) has warned students to be cautious of a fake portal with fraudulent messages currently circulating online.

This is contained in a statement in Abuja on Monday by the fund’s Director of  Strategic Communications, Mrs Oseyemi Oluwatuyi.

Oluwatuyi said the information contained in the online messages were misleading.

“The attention of NELFUND has been drawn to a fraudulent message currently circulating online, falsely claiming that President Bola Tinubu has directed the reopening of the NELFUND Student Loan portal

“The portal is with a link to a fake website: https://nelfund-student-loan-2025.po-rt-al.com/NELFUND/

“We wish to categorically state that this website is FAKE, and the information contained in the message is false and misleading.

“The only official portal for the NELFUND Student Loan Application is: https://nelf.gov.ng, ” she said.

She urged the general public, especially students, parents, and guardians, to avoid clicking on unverified links and to never submit personal or financial information on suspicious websites.

She pledged NELFUND’s commitment to transparency, safety, and fairness in the loan application process adding that the Fund would always make announcements through its verified platforms.

She, however, appealed to students to report any suspicious messages or websites to the Fund via email at info@nelf.gov.ng.

Oluwatuyi also advised students to reach out through its official social media platforms: ‘X’ (formerly Twitter): @nelfund, Instagram: @nelfund, and Facebook & LinkedIn: Nigerian Education Loan Fund – NELFUND. (NAN)

Edited by Sadiya Hamza

Nigeria secures m loan to boost women-owned businesses

Nigeria secures $50m loan to boost women-owned businesses

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By Kamal Tayo Oropo

The Bank of Industry (BoI) has secured a 50 million dollars loan portfolio from the African Guarantee Fund (AGF).

 

This is in a bid to empower women entrepreneurs and drive economic growth in Nigeria.

 

This innovative guarantee framework agreement is backed by the African Development Bank’s (AfDB) Affirmative Finance Action for Women in Africa (AFAWA) initiative.

 

The loan, which will be disbursed over a 10-year period, is expected to scale up BoI’s lending to Small and Medium Enterprises (SMEs) in the country, with a focus on women-owned businesses and environmentally sustainable enterprises.

 

Dr Olasupo Olusi, Managing Director and Chief Executive Officer of BOI, spoke on the sidelines of the Africa Investment Forum, Market Days 2024, which ends on Friday in Rabat, Morocco.

 

Olusi said that the partnership would propel Nigeria’s industrial sector by providing financial and business support services to enterprises.

 

“Today, we signify a collaboration that promises to drive inclusive growth, innovation, and sustainable development,” he said.

 

The News Agency of Nigeria (NAN) reports that the AGF will also provide tailored guarantees and technical assistance toward special SME products offered by BOI, targeting women, youth and green businesses.

 

This agreement is expected to unlock up to 100 million dollars in financing for SMEs in Nigeria.

 

According to Olusi, the partnership is a significant step towards promoting economic growth and reducing unemployment in Nigeria.

 

He said it also aligned with the Renewed Hope agenda of President Bola Tinubu’s administration.

 

The African Development Bank’s Vice President, Agriculture, Human and Social Development, Dr Beth Dunford, emphasised the bank’s commitment to empowering women entrepreneurs and fostering economic growth in Nigeria.

 

“This strategic partnership is a beacon of hope and progress for African businesses, particularly those led and owned by women,” she said.(NAN) (www.nannews.ng)

Edited by Ismail Abdulaziz

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