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Lawmaker Buoys Oyo Economy With N300m Cash Grants, Others

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Tolu Akande-Sadipe N300m Cash Grants

By Dipo Olowookere

A federal lawmaker from Oyo State, Ms Tolulope Akande-Sadipe, has contributed her own quota in improving the economy of the state by empowering some of her constituents.

The House of Representatives member over the weekend distributed cash grants and some items like vehicles, laptops, amongst others to about 300 small business owners in the Oluyole federal constituency.

The items were given to participants of a vocational training programme, which was concluded on Sunday, November 21, 2021, in Ibadan, the state capital.

Business Post gathered that Ms Akande-Sadipe, who is the House Committee Chairman of Diaspora, facilitated several vocational skills and economic enhancement schemes and shared no fewer than 15 cars, 35 laptops, 165 vocational equipment and cash grants worth N300 million to the beneficiaries.

The programs included indigenous fabric production (tie and dye) practical in Abeokuta; Aso Oke production in Oyo town and aquatic agriculture fish rearing with value-adding marketing options in Ibadan city.

She organised the week-long training in conjunction with the Nigerian Institute for Oceanography and Marine Research, the National Commission for Refugees, Migrants and Internally Displaced Persons, the National Directorate of Employment (NDE) and the New Partnership for Africa’s Development (NEPAD).

Speaking at the event, she disclosed that it was the 15th program of its kind since she was elected into the National Assembly in 2019, noting that, “My primary function is to make laws for my constituency, but because of the state of our nation, I have prioritized empowerment in my constituency as a key responsibility, still within my WWREEEP campaign promises.”

The lawmaker disclosed that “this empowerment programme is in fulfilment of my electoral promises during the 2019 general elections. I am poised to do more, as a lawmaker representing this constituency.”

“The present crop of leaders at the 9th Assembly is unrepentantly committed to our constituencies. We honestly are working on ways to lift the majority of Nigerians out of poverty and this is why we promulgate laws that will affect every stratum in Nigeria,” she further said.

She assured the people that, “I am still vehemently focused on facilitating the rehabilitation of key road construction projects.

“To mention a few, I have facilitated repairs on Odo-Ona Elewe Idi-Iroko Olugbemi Adewole (Liberty Academy) Road, Ayegun Oleyo-bare Abeokuta Road and Olomi Olojuoro-ita Egba-Ijebu Igbo Road and will continue to lobby the appropriate agencies, FERMA and the Ministry of Works and Housing on these roads.”

“I believe so much in empowerment, and this is why at every given opportunity, I collaborate with relevant agencies to empower my people in a bid to add more value to their socio-economic well-being,” she added.

Ms Akande-Sadipe implored the beneficiaries to ensure that the materials are used for income potential, urging them to use the items for long term economic gain and not to sell the empowerment items allotted but to use them and multiply wealth

While the lawmaker thanked all agencies who collaborated with her in ensuring her constituents are happy, she also eulogized party leaders for supporting her.

The Deputy Chairman, Oyo State All Progressive Congress (APC), Mr Adegboyega Adeyemo, in his remarks, said “this has been a good decision for the residents of Oluyole Constituency to give us a chance to represent them in 2019.”

According to him, the federal legislator has already surpassed all legislators in Oyo State, describing her as the “best I have seen.”

“Oyo APC will do everything to support Akande-Sadipe in 2023 because she has done more than enough to achieve this,” he assured.

One of the beneficiaries, Basiru Adewale, confessed that the empowerment programmes of Ms Akande-Sadipe have been “one of the best things the people of Oluyole Constituency have enjoyed. She is the best, no doubt. I advise other political leaders to emulate the woman’s virtue and values. We can all achieve more.”

One of the highlights of the event was a raffle draw, where a constituent won a 7-seater Opel car that can be used for both personal use and income generation.

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Economy

NEM Insurance Seeks Regulatory Approval for Share Reconstruction

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NEM Insurance

By Dipo Olowookere

The board of NEM Insurance Plc is seeking regulatory approval for its proposed share reconstruction, a notice from the Nigerian Exchange (NGX) Plc has confirmed.

Ms Lilian Dako, who signed the disclosure on behalf of the Head of Listings Regulation Department at the NGX, said the underwriting firm filed its application through its stockbroker, Apel Asset Limited.

NEM Insurance intends to redenominate the nominal value of its stocks from 50 kobo to N1 and then turn every two shares of 50 kobo into one share of N1.00 each.

At the moment, the total authorised shares of the company stand at 10,400,000,000 units of 50 kobo each but this will change to 5,200,000,000 units of N1.00 after the exercise.

However, the authorized share capital will remain at N5.2 billion both before and after the share reconstruction, according to the statement.

“Following the resolutions passed at the Annual General Meeting (AGM) of NEM Insurance Plc on June 24, 2021, trading license holders are hereby notified that Nigerian Exchange Limited has received an application from Apel Asset Limited for a proposed share reconstruction of NEM Insurance Plc.

“The share reconstruction involves redenomination of the nominal value of the company’s shares from N0.50 to N1.00, resulting in the consolidation of every 2 shares of N.50 each held in NEM Insurance Plc into one share of N1.00 each.

Analysis of the Company?s share capital, pre and post share reconstruction, is provided in the table below:

Details Pre Share Reconstruction                                      Post Share Reconstruction

Authorized share capital (N)    5,200,000,000                   5,200,000,000

Issued Share Capital (N)          5,016,477,989                    5,016,477,989

Nominal Value per share (N)   0.50                                   1.00

Total Authorized (Units)          10,400,000,000                  5,200,000,000

Total Issued Issues (Units)       10,032,955,535                  5,016,477,989

“Further information regarding the share reconstruction will be communicated in due course,” the notice from the exchange today stated.

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Economy

OPEC Extends Compensation for Nigeria, Others to June 2022

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OPEC Crude

By Adedapo Adesanya

The Organisation of the Petroleum Exporting Countries (OPEC) has extended the compensation period for defaulting countries in the ongoing oil cuts until June 2022.

This was contained in a statement by the group’s Secretariat, which noted that the extension was granted following requests by some of the underperforming countries.

Nigeria is one of the defaulters and the Vienna-based cartel had previously extended the deadline to submit their compensation plans latest by December 17.

The group reiterated the “critical” importance of adhering to full conformity and to the compensation mechanism.

For some of the countries involved in the Declaration of Cooperation, DoC had defaulted at trimming their cut quotas at some point in the agreement.

Reaffirming the decision of the 10th OPEC and non-OPEC Ministerial Meeting, ONOMM held on April 12, 2020, and July 18, 2021, the overall monthly production adjustment plan was adjusted by 400,000 barrels per day for the month of January 2022.

The group reaffirmed the continued commitment of participating countries in the DoC to ensure a stable and balanced oil market.

The biggest concerns were whether the emergence of a new variant of the coronavirus might torpedo the budding global economic recovery, and the restiveness of the United States and key Asian customers, including China, over high oil prices.

The 24th OPEC and non-OPEC Ministerial Meeting will be held on January 4, 2022.

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Economy

FarmTime Gets $50,000 to Boost Organic Fertilizer Production

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FarmTime Organic Fertilizer Production

By Dipo Olowookere

An agric-startup based in Tanzania, FarmTime Company Limited, has become the latest beneficiary of a new revenue-linked matching fund designed to incentivize investors to back younger entrepreneurs.

The firm, which was established in 2017 to recycle and repurpose plant and animal waste to produce organic fertilizers, delivering consistent and traceable nutrients at affordable prices, has secured a $50,000 funding support to expand its operations.

FarmTime, a new entrant to the organic fertilizer market in Tanzania, obtained the fresh capital in a round led by Umsizi Fund, which triggered a guaranteed match from the Young Entrepreneurs Fund (YEF).

YEF was launched in 2019 and provides matching investments of up to $50,000 to qualifying entrepreneurs. To date, over $250,000 has been invested across Africa with a growing pipeline of opportunities.

The scheme was designed to incentivise investments into very young entrepreneurs in Africa. It is a “guaranteed follow” fund that will match investments into ventures led by graduates of African Leadership Academy (ALA) programs, including The Anzisha Prize.

Rather than take equity positions, the fund has very intentionally chosen an innovative debt model with variable repayments linked to company revenues.

The founder of the latest beneficiary, FarmTime, Mr Jubilate Lema, disclosed that the new funds would be used to develop solutions to food security that balance human prosperity and the environment at large.

“I hope more funds take the approach of Umsizi and YEF with a revenue-linked debt instrument,” says Lema, “It was easy to understand, doesn’t load our cap table, and forced us to think about cash flow as well as growth.”

Josh Adler, Executive Director of The Anzisha Prize, which manages the fund on behalf of ALA, while commenting, stated that, “YEF is part of a growing move toward more structured exits from investors with a patient capital mandate.

“As a leadership development institution, ALA is able to draw in new forms of support for exceptional young leaders like Jubilate through the fund without having to build investment capabilities internally.”

As for Ed Brakeman from the Umsizi Fund, he said, “This one of the more exciting investments for us in some time with a revenue-linked loan in partnership with YEF.

“We’re eager to support FarmTime’s growth and are confident that we as investors will see returns while ensuring support for the business through the challenging period of product launch and revenue ramp-up.”

Since its inception five years ago, FarmTime has invested in research and product development, licensing and setting up a factory. It has already processed approximately 9,000 kilograms of coconut husks, 2,600 kilograms of fish waste, and 76 kilograms of seaweed, amongst other inputs.

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