Economy
Ebonyi Terminates Loan Deal With Bank of Industry for MSMEs
By Modupe Gbadeyanka
The loan deal signed between the Ebonyi State government and the Bank of Industry (BoI) has been cancelled by the former.
A statement issued by the state government disclosed that the deal was aborted over the way the BoI has handled the contract meant to uplift civil servants and Micro Small and Medium Enterprises (MSMEs) sector in the South Eastern state.
Commissioner for Commerce and Industry in Ebonyi State, Ugo Nnachi, announced the withdrawal at the Executive Council Chambers in the Government House, Abakaliki during a joint briefing on the outcome of Tuesday, August 28, State Executive Council meeting by selected officials of Government, led by the Commissioner for Information and State Orientation, Senator Emmanuel Onwe.
According to the Commissioner, the state government decided to take over the disbursement due to the delays and inability of the BOI to carry out the disbursement since the funds were lunched several months ago. He added that the state government would henceforth takeover the handling as well as the management procedure to ensure speedy disbursement to benefiting MSMEs and civil servants in the state.
“I want to announce to you that due to the difficulty and delay in disbursing the fund, the state government during the executive council meeting today terminated that programme with the Bank of Industry and the state Ministry of Commerce and Industry will now house the fund and ensure that all the 516 cooperative societies that have applied for the fund get it within the shortest possible time,” Nnamdi explained.
“The termination is not that we are going to stop the loan but the fund will now be driven by the Ministry of Commerce and Industry. The other thing I will like you to know is that for the SMEs, the fund also is going to be driven by the ministry.
“We want to ensure that the beneficiaries get the money as and at when due. We discovered that the Bank of Industry has made it extremely difficult for the beneficiaries and even in the mail that we sent to them, we told them that the termination was as a result of the delay in the disbursement and the difficulty and stringent conditions in accessing the loan even when most of the beneficiaries have met the requirements.”
According to Nnachi, part of the reason for the decision was based on the inability to carry the SMEs along and the feeling that it was not fair on their part. He informed that for the civil servants, about 516 cooperative societies have been registered to benefit from thibeen fund and to fast track the disbursement, the State Government has processed about 240. He revealed that the bank wrote to them to commence disbursement. However, each of the beneficiaries must pay 1 per cent appraisal fee.
The Commerce and Industry Commissioner stated that for them to deal with the delay and difficulty that have been experienced by the beneficiaries in accessing the loan since the MoU was signed, the state government has decided to pay the 1 per cent appraisal fee.
“They assured us that immediately the payment, disbursement will start. But unfortunately, as I speak with you that disbursement has not commenced and the state government has no alternative than to terminate that relationship and partnership and seek other ways of ensuring that civil servants of the state benefit from the fund at appropriate time.”
Meanwhile, the Commissioner for Power, Emmanuel Uguru during the briefing informed journalists of the Executive Council’s review of the Contract sum for the installation of Solar Power Plants at some strategic locations across the State from the initial N160 million to N207 million, which contracts have also been approved to be awarded at the meeting.
Furthermore, the State Executive Council has approved N52 million to execute sporting activities in the state for the year 2018. The Sports and Youth Development Commissioner in the State, Charles Akpuenika made this known while briefing journalists on his Ministry.
Akpuenika noted that three sports competitions have been earmarked to take place in the state before the end of the year, including the David Umahi Tertiary Institutions Games 2018 for the 10 tertiary institutions in the state. He revealed that the sum of N500,000 has been disbursed to each of the participating institutions to enable them prepare and take part in the games.
The Sports Commissioner named other competitions to hold within the year to include: the School Sports Competitions which will hold in October and the Divine Mandate Football Competition for all the 171 wards in the State. He emphasized that the State Government was intensifying efforts to birth a new Football Club for the state to gainfully utilize the talents that would be discovered through these series of sporting activities lined up in the State.
By Aduragbemi Omiyale
Barring any last-minute changes, the 50th Annual General Meeting (AGM) of Champion Breweries Plc will take place on Thursday, May 21, 2026, at the Oriental Hotel, Victoria Island, Lagos, at 11:00 am.
At the yearly shareholders’ gathering, some of the key statutory and governance matters to be considered will include the Audited Financial Statements for the year ended December 31, 2025, alongside the Reports of the Directors, Auditors, and the Audit Committee.
Other agenda items are the declaration of dividends, election and re-election of Directors, authorisation for Directors to determine the remuneration of the Auditors, and election/re-election of shareholders’ representatives to the Audit Committee.
In line with its commitment to transparency, accountability, and shareholder engagement, the AGM will be held physically while also being accessible to stakeholders via the company’s official website: www.championbreweries.com.
This year’s AGM comes at a defining moment in the organisation’s corporate journey, following a transformative year marked by strategic expansion initiatives, including the acquisition of Bullet Energy Drink and its successful engagement with the capital market to raise growth capital.
These developments reinforce Champion Breweries Plc’s commitment to strengthening its competitive positioning, expanding its portfolio, and delivering long-term shareholder value.
The brewer has strengthened its transition into a group structure with the acquisition of an 80 per cent stake in enJOYbev B.V., a strategic move already delivering early earnings contribution and validating its international expansion drive.
The subsidiary’s results are now being consolidated into the Group accounts for the first time, with enJOYbev B.V. already contributing positively to earnings through operating profitability within the reporting period, an early validation of the group’s expansion strategy.
“This AGM reflects a defining chapter in our journey as a Company. The acquisition of Bullet, our successful capital market engagement, and the integration of enJOYbev B.V. into our group structure all signal a deliberate strategy for sustainable growth and diversification.
“These milestones position Champion Breweries Plc for stronger performance, broader market reach, and enhanced shareholder value. We remain committed to disciplined execution, operational excellence, and the highest standards of corporate governance,” the chairman of Champion Breweries, Mr Imo Abasi Jacob, said.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) has unveiled a unified Taxpayer Identification (Tax ID) system for all taxable persons across the country as part of efforts to strengthen tax administration and improve transparency.
The agency announced the development in a public notice issued jointly with the Joint Revenue Board (JRB) on Monday.
According to the notice, the initiative is backed by Sections 6, 7, and 8 of the Nigeria Tax Administration Act, 2025, which mandate every taxable person in Nigeria to obtain a Tax ID, in a wider move to expand the country’s tax base.
The NRS said the new framework is designed to create a centralised and harmonised taxpayer database that would enhance interactions between taxpayers and revenue authorities at both federal and sub-national levels.
“The Tax ID will serve as a single, unified identity for all taxpayers, enabling seamless interaction with tax authorities at both federal and sub-national levels. It is designed to consolidate taxpayer records, eliminate duplication, and ensure more efficient management of tax-related information,” the agency stated.
The revenue agency explained that the new system would simplify tax compliance procedures, including taxpayer registration, filing of returns, and payment processes.
According to the NRS, the framework is also expected to improve accountability and reduce leakages in tax collection by creating better visibility and tracking of taxpayer information nationwide.
“The initiative will simplify tax compliance processes, including registration, tax filing, and payment procedures. The system will improve transparency by enabling better visibility and tracking of taxpayer records while reducing leakages and improving accountability in tax collection. The framework will also harmonise taxpayer information across all levels of government,” the notice added.
The agency further disclosed that the new Tax ID system would replace the existing Tax Identification Number (TIN) Validation API currently used by Ministries, Departments and Agencies (MDAs), financial institutions, and other organisations for taxpayer verification.
By Adedapo Adesanya
Three bellwether stocks weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.31 per cent on Monday, May 18.
This brought the NASD Unlisted Security Index (NSI) by 54.71 points to 4,133.70 points from 4,188.41 points, and shrank the market capitalisation by N32.73 billion to N2.473 trillion from N2.506 trillion.
Yesterday, FrieslandCampina Wamco Plc contracted by N12.45 to sell at N146.55 per share compared with last Friday’s closing price of N159.00 per share, Central Securities and Clearing System (CSCS) Plc declined by N2.34 to N70.00 per unit from N72.34 per unit, and NASD Plc lost 50 Kobo to trade at N34.50 per share versus N35.00 per share.
The trio overpowered the N5.56 gained Newrest Asl Plc. This stock ended the trading session at N61.15 per unit, in contrast to the previous session’s N55.59 per unit.
During the trading day, the volume of securities traded by investors slid by 56.1 per cent to 514,142 units from 1.2 million units, and the value of securities dropped 29.8 per cent to close at N17.4 million versus N29.8 million, while the number of deals jumped 12.5 per cent to 27 deals from 24 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units traded for N1.9 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
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