Economy
Afe Babalola Donates N13.2m to Revamp Agriculture in Ekiti
By Adedapo Adesanya
Legal luminary and educator, Mr Afe Babalola, has donated N13.2 million to outstanding farmers in Ekiti State as part of efforts to encourage farming and lift farmers financially.
Mr Babalola, who is also the founder of Afe Babalola University, Ado-Ekiti (ABUAD), is reputed to be the largest farmer and highest taxpayer in Ekiti State.
The gifting of money to farmers took place on Sunday at the grand finale of this year’s edition of the Annual Afe Babalola Agricultural Expo and The United Nations Educational, Scientific and Cultural Organization (UNESCO) Youth Empowerment, held at the university’s sports pavilion.
According to a statement, Mr Aribasoye Emmanuel, from Ado Local Government Area, got the star prize of N2 million as the overall best farmer in the state for the year.
The five best farmers in each of the 16 Local Government Areas in the state got N250,000, N150,000, N100,000, N75,000 and N50,000 respectively.
Mr Babalola said distributing money to hardworking farmers on annual basis was a fulfilment of his dream.
“This is in the realisation of my dream. It all started like a dream which translated into reality in 2015.
“The dream was my burning desire to make people realise that farming is a divine vocation.
“It is also part of my individual contributions to ongoing efforts at revitalising farming as well as reducing unemployment in the country.
“Another reason why I started this Expo was that I found it utmost painful that many Nigerians have abandoned farming for white-collar or menial jobs and also for no jobs.
“There was a time in this country when whatever one’s profession was, such a person would still have a small garden at the back of his house, if only for vegetables, tomatoes, pepper and garden eggs, among others,” he said.
He also used the opportunity to appeal to the federal government to establish a special Agriculture Bank, which will be completely different from those before it
He said the establishment of the structure would help farmers obtain loans at low-interest rates with their cooperative societies serving as guarantors.
He, however, expressed regret that farming in Nigeria has suddenly become abandoned and unattractive.
“Farming has been abandoned in Nigeria today and Nigeria is the worse for it.
“For instance, there was a time when Ekiti State alone was producing 52 per cent of the Internally-Generated Revenue (IGR) of the defunct Western Region.
“Today, Ekiti State is the poorest state in Nigeria. In fact, there was no beggar in Ekiti State at that time as everyone was gainfully employed, but today beggars are found everywhere.
“Regretfully, Ekiti State has become the poverty capital of Nigeria,” Mr Babalola bemoaned.
“Also, no thanks to the spate of insecurity ranging from kidnapping, robbery and invasion by herdsmen ravaging the country, life is no longer safe at home, on the farm, on the road or even in classrooms.
“The combination of these ills has led many farms to be destroyed with many farmers having to abandon their farms.
“Despite all these, Ekiti State farmers have been able to forge ahead. I believe in farming because I grew up on the farm and I am still a farmer as many of you know,” he said.
He added that he included the study of agriculture in the curriculum of his university, with a 50 per cent slash in tuition fee for the course.
“In my university, we provide seed money for graduates of agriculture to start their own businesses.
“That was why in addition to all of these, in 2015, I thought of how to improve the lot of our farmers.
“That is why I started this programme. I started with a prize of N5 million, but it has risen over the years, thus this year, we are giving out N13.2 million,” he said.
The Local Organising Committee Chairman and UNESCO Chair in Entrepreneurship Education for Sustainable Development, Mr Abiodun Ojo, also made a donation of 48 spraying machines to select farmers.
He said that partnering with ABUAD was to commend the good work which Aare Afe Babalola was doing to return agriculture to its old days of glory.
Mr Olugbenga Odesanmi, Permanent Secretary, Ministry of Agriculture, Ekiti State commended Babalola’s efforts and promised the government’s enabling environment at all times.
On her part, the Acting Vice-Chancellor of ABUAD, Professor Smaranda Olarinde, appreciated the founder’s gesture to farmers.
She said that the best way the beneficiaries could show gratitude to him was to invest wisely, the monies received so they would be able to fend for themselves and also provide employment for others.
By Adedapo Adesanya
The Vice President, Mr Kashim Shettima, inaugurated the Board of the Nigerian Consumer Credit Corporation (CREDICORP) and gave a 50 per cent access target for workers, saying consumer credit was critical to Nigeria’s ambition of becoming a one-trillion-dollar economy by 2030.
According to him, President Bola Tinubu established the CREDICORP to build a trusted credit infrastructure, provide catalytic capital to lower borrowing costs, and help Nigerians overcome long-standing cultural resistance to credit.
Speaking on Thursday in Abuja when he inaugurated the board on behalf of the President, the Vice President, in a statement by his spokesman, Mr Stanley Nkwocha, said that the quality of life of Nigerians cannot improve without closing the gap between access to capital and human dignity.
“A civil servant who earns honestly does not have to chase sudden wealth just to buy a vehicle, or save for ten years to buy one. A young professional should not remain in darkness simply because solar power must be paid for all at once,” the Vice President said.
VP Shettima disclosed that in just one year of operations, CREDICORP has disbursed over ₦37 billion in consumer credit to more than 200,000 Nigerians, with over half of them accessing formal credit for the first time.
The Vice President said the organisation was specifically tasked with building credit infrastructure to bridge the trust gap between lenders and borrowers, providing wholesale capital and credit guarantees through its portfolio company.
“Ultimately, these critical jobs of CREDICORP will enable access to consumer credit to at least 50 per cent of working Nigerians by 2030,” he said.
The Vice President explained that the new board’s role was not ceremonial as they are custodians of the organisation’s mission, adding that the long-term strength of the institution would depend on their “vigilance, integrity, sacrifice, and commitment.”
He directed Board members to uphold Public Service Rules, the Board Charter, and all applicable governance frameworks, warning that accountability and stewardship of public resources were non-negotiable.
The Chairman of CREDICORP, Mr Aderemi Abdul, expressed appreciation to President Tinubu for his vision behind the formation of CREDICORP and for the confidence reposed in them, noting that the establishment of the corporation marked an important step towards strengthening the nation’s financial architecture.
He assured President Tinubu that the board understands its responsibility and will guide the institution to deliver meaningful benefits to Nigerians.
For his part, Mr Uzoma Nwagba, Managing Director/CEO of CREDICORP, recalled watching President Tinubu say 20 years ago that consumer credit is one of the major tools that will improve the lives of Nigerians.
He noted that over the past 18 months, the institution has benefited more than 200,000 Nigerians, including students.
He assured that the presidential vision behind CREDICORP would not be taken lightly, as the team considers their appointments a unique, once-in-a-lifetime opportunity.
Other members of the board inaugurated include Mrs Olanike Kolawole, Executive Director, Operations; Mrs Aisha Abdullahi, Executive Director, Credit and Portfolio Management; Mr Armstrong Ume-Takang (MD, MoFI), Representative of MoFI; Mrs Bisoye Coke-Odusote (DG, NIMC), Representative of NIMC; and Mr Mohammed Naziru Abbas, Representative of FMITI.
Others are Mr Marvin Nadah, Representative of FCCPC; Mrs Chinonyelum Ndidi, Representative of the Federal Ministry of Finance; Mr Mohammed Abbas Jega, Independent Director; and Mrs Toyin Adeniji, Independent Director.
By Adedapo Adesanya
Six price gainers helped the NASD Over-the-Counter (OTC) Securities Exchange retain its stay in green territory after a 0.23 per cent appreciation on Thursday, February 26.
The price gainers were led by Nipco Plc, which added N25.00 to close at N278.00 per share compared with the previous day’s N253.00 per share, NASD Plc rose by N5.13 to N56.41 per unit versus N51.28 per unit, FrieslandCampina Wamco Nigeria Plc expanded by N2.24 to N102.44 per share from N100.00 per share, Afriland Properties Plc grew by 88 Kobo to N18.88 per unit from N18.00 per unit, 11 Plc increased by 35 Kobo to N277.00 per share from N276.65 per share, and Lagos Building Investment Company (LBIC) Plc gained 27 Kobo to close at N3.75 per unit versus N3.48 per unit.
On the flip side, Central Securities Clearing System (CSCS) Plc lost N1.75 to sell at N68.25 per share versus N70.00 per share, and Geo-Fluids Plc depreciated by 2 Kobo to N3.25 per unit from N3.27 per unit.
The weight of the advancers fortified the NASD Unlisted Security Index (NSI) by 9.21 points to 4,034.46 points from 4,025.25 points, and the market capitalisation soared by N5.51 billion to N2.413 trillion from Wednesday’s N2.408 trillion.
Yesterday, the transaction value jumped by 18.8 per cent to N102.8 million from N80.7 million, and the number of deals surged by 18,8 per cent to 38 deals from 32 deals, while the transaction volume went down by 84.9 per cent to 1.3 million units from 8.7 million units.
At the close of business, CSCS Plc was the most traded stock by value (year-to-date) with 34.2 million units worth N2.04 billion, followed by Okitipupa Plc with 6.3 million units sold for N1.1 billion, and Geo-Fluids Plc with 122.1 million units valued at N478.2 million.
Resourcery Plc remained as the most traded stock by volume (year-to-date) with 1.05 billion units exchanged for N408.7 million, trailed by Geo-Fluids Plc with 122.1 million worth N478.2 million, and CSCS Plc with 34.2 million units traded for N2.04 billion.
By Adedapo Adesanya
The Naira further weakened against the Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) for the fourth straight session this week on Thursday, February 26.
At the official market yesterday, the Nigerian Naira lost N3.71 or 0.27 per cent to trade at N1,359.82/$1 compared with the previous session’s N1,356.11/$1.
In the same vein, the local currency depreciated against the Pound Sterling in the same market window on Thursday by N8.27 to close at N1,843.23/£1 versus Wednesday’s closing price of N1,834.96/£1, and against the Euro, it crashed by N8.30 to quote at N1,606.89/€1, in contrast to the midweek’s closing price of N1,598.59/€1.
But at the GTBank forex desk, the exchange rate of the Naira to the Dollar remained unchanged at N1,367/$1, and also at the parallel market, it maintained stability at N1,365/$1.
The continuation of the decline of the Nigerian currency is attributed to a surge in foreign payments that have outpaced the available Dollars in the FX market.
In a move to address the ongoing shortfall at the official window, the Central Bank of Nigeria (CBN) intervened by selling $100 million to banks and dealers on Tuesday.
However, the FX support failed to reverse the trend, though analysts see no cause for alarm, given that the authority recently mopped up foreign currency to achieve balance and it is still within the expected trading range of N1,350 and N1,450/$1.
As for the cryptocurrency market, major tokens posted losses over the last 24 hours as traders continued to de-risk alongside equities following Nvidia’s earnings-driven pullback, with Ripple (XRP) down by 2.7 per cent to $1.40, and Dogecoin (DOGE) down by 1.6 per cent to $0.0098.
Further, Litecoin (LTC) declined by 1.3 per cent to $55.87, Ethereum (ETH) slipped by 0.9 per cent to $2,036.89, Bitcoin (BTC) tumbled by 0.7 per cent to $67,708.21, Cardano (ADA) slumped by 0.6 per cent to $0.2924, and Solana (SOL) depreciated by 0.4 per cent to $87.22, while Binance Coin (BNB) gained 0.4 per cent to sell for $629.95, with the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closing flat at $1.00 each.
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