223 Businesses in Alimosho Get Loans from N25b ETF

Image

By Dipo Olowookere

Executive Secretary of Lagos State Employment Trust Fund (ETF), Mr Akin Oyebode, has disclosed that no fewer than 223 business owners in Alimosho local government area of the state have been granted loans from the N25 billion set aside to support the scheme.

Mr Oyebode made this disclosure on Monday the Alomosho Economic Summit taking place at De Santos Hotel, Akowonjo, Egbeda.

According to the LSETF boss, the local council has shown to be great hub of businesses in the state, explaining why it was getting the attention of Governor Akinwunmi Ambode.

“Our commitment to Alimosho indicates that the area is a hub of business in the state,” Mr Oyebode stated on the occasion, adding that, “Alimosho holds the largest number of consumers in Lagos State.”

He said since the programme started, several small businesses have benefited from it.

The LSETF boss expressed the agency’s commitment to improve businesses and quality of labour in the local government.

Mr Oyebode stressed that electricity, power generation and local skilled labour were important for the growth of Alimosho, noting that, “Nigeria must continue to be driven by China as an example for Economic growth.”

He thanked organisers of the summit for coming up with this initiative and expressed LSETF support for the programme.

Share
Related Stories
Image
02-March-2024

Naira Now N1,548.25 at Official Market, N1,560/$1 at Black Market

By Adedapo Adesanya The Naira sustained its gradual recovery against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 1, appreciating by 2.94 per cent or N46.86 to sell at N1,548.25/$1, in contrast to the N1,595.11/$1 it was traded on Thursday. Also, in the spot market, the Nigerian currency improved its value against the Pound Sterling during the trading day by N90.13 to close at N1,956.06/£1 versus the previous day’s N2,046.19/£1 and against the Euro, it gained N76.39 to trade at N1,675.25/€1, in contrast to the N1,751.64/€1 it closed a day earlier. The supply of

Image
01-March-2024

CBN Revokes Operational Licences of 4,173 BDC Operators [FULL LIST]

By Aduragbemi Omiyale The operational licences of 4,173 Bureaux De Change (BDC) operators have been revoked by the Central Bank of Nigeria (CBN). A statement signed by the acting Director of the Corporate Communications Department of the apex bank, Mrs Hakama Sidi Ali, on Friday disclosed that the action was taken because the affected BDCs did not adhere to regulatory provisions. The central bank said the BDCs did not pay all necessary fees, including licence renewal, within the stipulated period in line with guidelines. It also said they failed to give account of returns in line with the guidelines, and

Image
04-March-2024

NASD OTC Exchange Records First Weekly Decline in Week 9

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange, for the first time in the 2024 trading year, declined in Week 9 by 3.92 per cent, shrinking the value of investors’ portfolio by N27 billion, as the market capitalisation went down to N1,548 trillion from N1.611 trillion in Week 8. Equally, the NASD Unlisted Security Index (NSI) depreciated by 47.17 points to wrap the week at 1,141.61 points compared with the 1,188.78 points recorded in the previous week. In the week, there was a 65.1 per cent decrease in the total value of securities traded by investors to N620 million

More Stories
Image
30-July-2018

CBN Sells 69m Chinese Yuan to Customers

By Modupe Gbadeyanka Last Friday, the Central Bank of Nigeria (CBN) announced the sale of 69 million Chinese Yuan (CNY) to customers seeking foreign exchange in the agricultural and raw material sector. It was disclosed that the Chinese Yuan was made available only to customers with Renminbi denominated Letters of Credit for agriculture as well as raw materials and machinery. According to the acting Director in charge of Corporate Communications at the CBN, Mr Isaac Okorafor, the exercise was conducted through a combination of spot and 15-day tenor. Mr Okorafor disclosed that the availability of Renminbi would eventually ease pressure

Image
13-October-2019

Lagos Governor Orders Julius Berger, 7 Others to Fix Lagos Roads

Governor Babajide Sanwo-Olu of Lagos State on Sunday directed that contractors must begin massive rehabilitation work on critical roads and highways across the state from Monday, October 14, 2019. The Governor, who declared a state of emergency on the various dilapidated highways and carriage roads within the metropolis, said eight engineering firms have been instructed to immediately mobilise to the respective sites and commence major construction work on the identified roads. He gave this directive after series of meetings with the eight multi-national engineering firms and a subsequent directive that work must commence on major highways identified as critical to

Image
23-February-2021

CryptoLocally Lists Dogecoin on Decentralized P2P Platform

By Adedapo Adesanya CryptoLocally has announced that Dogecoin (DOGE) will be available to trade on its decentralized peer-to-peer (P2P) trading platform, giving Nigerian cryptocurrency traders ease of transactions. DOGE, the cryptocurrency that started as a joke, has become a poster child of the entire industry. Now, users will be able to take advantage of Dogecoin’s bullish market trend. In a press release, the company stated that as part of efforts to offer the very best P2P trading experience to its customers, there is no better way than by offering one of the hottest cryptocurrencies out in the market today. “Our

Image
11-February-2022

Oil Falls Despite Positive OPEC Demand Forecasts

By Adedapo Adesanya The Organisation of the Petroleum Exporting Countries (OPEC) said on Thursday that world oil demand might rise even more steeply this year. But despite this positive forecast, the price of oil depreciated yesterday, with the Brent crude losing 14 cents or 0.2 per cent to trade at $91.41 a barrel and West Texas Intermediate (WTI) crude depreciating by 22 cents or 0.2 per cent to sell for $89.88 per barrel. In its monthly report, OPEC noted that the global economy will post a strong recovery from the pandemic, a development that would underpin prices already at a

Image
29-June-2017

FG Declares Thursdays Tax Awareness Day

By Modupe Gbadeyanka Every Thursday has been set aside by the Federal Government to create awareness for tax across the country. Acting President, Mr Yemi Osinbajo, while launching the Voluntary Assets and Income Declaration Scheme (VAIDS) in Abuja on Thursday, June 29, 2017, said Thursdays would now be known in Nigeria as ‘Tax Thursday’. “I declare that paying taxes is our duty to our nation, and I declare the Voluntary Assets and Income Declaration Scheme open,” Mr Osinbajo declared. He said the new scheme called VAIDS would “be supported by an Executive Order” signed today and will “last from July

Image
13-June-2017

G20 Africa Summit Highlights Investment Openings

By Modupe Gbadeyanka African leaders are in Berlin, German for this year’s G20 Africa Summit with focus on exploring new investment opportunities in the continent. Also, participants are meeting to agree on how new incentives for more private‑sector investments, sustainable investments in public infrastructure and economic participation can be created through employment. The leading economies want to use a conference being held in Berlin on 12 and 13 June under the German G20 Presidency to create new opportunities for sustainable economic growth, investments and stability in Africa. “Africa has a very high profile in Berlin at the moment,” said Foreign

Image
25-March-2019

Rivers State Election: Fraud, Facts, Questions and Answers

By R. B. Dagogo-Jack FACTS: In the 2015 elections, the Peoples Democratic Party (PDP) controlled the Federal Government of Nigeria (FGN) and the All Progressives Congress (APC) was in opposition. The military was heavily involved during the elections which took place in Ekiti, Rivers and others. In spite of the huge military involvement in that election, no soldiers were reported shot dead by armed political thugs  because the then  opposition APC, unlike the then ruling PDP, did not recruit and arm our youths with lethal weapons during the elections to shoot at sight anyone who tried to stop them from

Image
10-April-2019

Ajogwu, Ja’afaru Leave Board of Tantalizers

By Modupe Gbadeyanka The duo of Prof Fabian Ajogwu (SAN) and Mr Munir Ja’afaru have resigned from the board of directors of Tantalizers Plc. A statement signed by the Company Secretary, Bamidele Dambo, disclosed that Prof Ajogwu left the firm on December 31, 2018, while Mr Ja’afaru exited on February 1, 2019. They both served on the board of the fast-food company as non-executive directors. Though the reason for their resignation from the board of Tantalizers was not given, the company explained that the information was revealed just to update its shareholders and the Nigerian Stock Exchange (NSE). “Tantalizers Plc

Ad
Ad
Recent Stories
Image
04-March-2024

UK Announces £37.3m to Boost Livelihoods in Nigeria, Others

By Adedapo Adesanya The United Kingdom has announced new funding for the Mobile for Development Programme to help more people access mobile and digital technologies to find new opportunities and boost their livelihoods in Nigeria and other developing countries. UK’s Minister for Development and Africa, Mr Andrew Mitchell MP, during a speech at Mobile World Congress last week, announced that the UK is providing £37.3 million of new support for the Mobile for Development Programme. The new UK funding for innovative mobile phone technology will help change lives in developing countries around the world by harnessing AI technology to provide

Image
04-March-2024

Newly-Listed Transcorp Power Targets N500bn Revenue by 2031

By Adedapo Adesanya The latest company to join the Nigerian Exchange (NGX) Limited, Transcorp Power Plc, has announced a revenue target of N500 billion by 2031, tapping opportunities in the capital market and sustainable energy. This was disclosed by the Managing Director of the firm, Mr Peter Ikenga, during the Facts Behind the Listing held at bourse on Monday. The firm, owned by businessman and Chairman of UBA Plc, Mr Tony Elumelu, listed its stocks on the Main Board of the nation’s flagship exchange by introduction. It listed 7,500,000,000 ordinary shares of 50 Kobo each at N240.00 per share. Speaking

Image
04-March-2024

DisCos Must Promptly Respond to Customers’ Complaints—FCCPC

By Aduragbemi Omiyale Electricity distribution companies (DisCos) in the country have been charged to respond to customers’ complaints quickly for better service delivery. This task was given to the energy firms by the Federal Competition and Consumer Protection Commission (FCCPC), which said the companies must design a quick response mechanism to address issues from their customers. Speaking last Saturday at a four-day one-stop-shop for addressing billing, metering, transformer, connection, disconnection, customer service and other electricity consumer issues in Ikeja Electric coverage areas, the acting executive chairman of FCCPC, Mr Adamu Abdullahi, said the highest number of complaints received by the

Image
04-March-2024

Omokungbe Wants Implementation of Initiatives on Women’s Entrepreneurship

By Aduragbemi Omiyale A former Rector of Yaba College of Technology (YabaTech), Lagos, Mr Obafemi Omokungbe, has called for the implementation of programmes and initiatives designed to promote women’s entrepreneurship in Africa. Speaking at the just-concluded 10th anniversary of the African Women Foundation for Nation Building (WINBAFRICA) in Lagos, Mr Omokungbe, a fellow of the Nigerian Society of Engineers (NSE), also appealed to African countries to renew their commitment to women’s empowerment, saying it is a crucial step towards nation-building. According to him, the journey toward women’s empowerment in Africa involves a comprehensive approach that spans various sectors, including education,

Image
04-March-2024

NGX Group Declares 75 Kobo Final Dividend Amid 57.4% Surge in FY’23 Earnings

By Aduragbemi Omiyale A final dividend of N1.5 billion, amounting to 75 Kobo per share has been declared by the board of the Nigerian Exchange (NGX) Group Plc for the 2023 financial year. This brings to N1 the total dividend to be paid by the company after paying 25 Kobo (N495.5 million) as interim dividend at mid-year. In its audited financial statements for the year ended December 31, 2023, the NGX Group said its gross earnings increased by 57.4 per cent to N11.8 billion in FY 2023 from N7.5 billion in FY 2022 because its performances in core revenue and

Image
04-March-2024

Red Line Rail: Labour Party Demands Value for Money

By Aduragbemi Omiyale The Lagos State chapter of the Labour Party has tasked Governor Babajide Sanwo-Olu to ensure the recently commissioned Red Line Rail does not turn out to be another failure due to poor maintenance culture. In a statement by its Publicity Secretary, Mrs Olubunmi Odesanya, the opposition party appealed to the state government to ensure its sustainability. While greeting residents of the metropolis on the project, which was commissioned last Tuesday by President Bola Tinubu, the Labour Party faulted the timing of its completion, saying the ruling All Progressives Congress (APC) ought to have put the initiative in

Image
04-March-2024

Access Bank to Give 700,000 MSMEs Access to N50bn Via YouThrive

By Modupe Gbadeyanka An initiative known as YouThrive designed to give entrepreneurs in the micro, small and medium enterprises (MSMEs) access to a N50 billion credit facility has been introduced by Access Bank Plc. The lender disclosed at a media briefing in Lagos that about 700,000 MSMEs would benefit from this programme, which is open to business owners between the ages of 21 and 40 years. YouThrive is a transformative initiative designed by Access Bank to empower, uplift, and accelerate the next generation of MSMEs. According to the Deputy Managing Director of Access Bank, Mr Victor Etuokwu, who addressed journalists

Image
04-March-2024

Peter Obi Laments Nigeria’s Dependence on War-Torn Ukraine for Food

By Adedapo Adesanya The presidential candidate of the Labour Party in the 2023 polls, Mr Peter Obi, has lamented Nigeria’s dependence on Ukraine, a country ravaged by war, for food aid. Mr Obi, in a statement on Monday, expressed dissatisfaction at the current economic realities and recounted times when the Nigerian economy was faring better than that of Ukraine in 2015. “Ukraine cultivates over 60 per cent of its arable land, whereas Nigeria has over 60 per cent uncultivated arable land. “Despite the conflict, Ukraine feeds itself, and exports agricultural products worth over $25 billion which is about the same

Image
04-March-2024

AfDb Injects $134m Into Rice, Maize, Cassava, Soybean Production in Nigeria

By Adedapo Adesanya The African Development Bank (AfDB) is supporting Nigeria in the cultivation of rice, maize, cassava and soybean to boost food production with the provision of $134 million to achieve this. The president of the multilateral lender, Mr Akinwunmi Adesina, said on Saturday after visiting the Centre for Dryland Agriculture (CDA) at Bayero University, Kano, that the bank would support Nigeria to cultivate 300,000 hectares each of rice and maize, 150,000 hectares of cassava and 50,000 hectares of soybeans during the 2024 planting season. The CDA is a World Bank-supported centre established to serve as a regional training

Image
04-March-2024

Salesforce Unveils Conversational AI Assistant Einstein Copilot

By Modupe Gbadeyanka A new customisable, conversational, and generative AI assistant for CRM, Einstein Copilot, has been launched by Salesforce. The system was unveiled at the Mobile World Congress in Barcelona, Spain, and it will use adequate company data to generate useful responses. The Einstein Copilot enables Salesforce customers to generate responses using their private and trusted data, while maintaining strict data governance and without requiring expensive AI model training. As a result, Einstein Copilot can answer questions, summarise content, create new content, interpret complex conversations, and dynamically automate tasks on behalf of a user, all from a single, consistent