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NCGC, Financial Institutions Make Access to Funds for Business Easier

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NCGC Financial Institutions

By Aduragbemi Omiyale

A Memorandum of Understanding (MoU) has been signed between the National Credit Guarantee Company (NCGC) and leading Participating Financial Institutions (PFIs) to expand credit access for business owners, especially those owned by youth and women.

Through this partnership, NCGC will provide credit guarantee solutions that de-risk lending to youth and women-led enterprises, while also supporting Micro, Small, and Medium Enterprises (MSMEs), local manufacturers, and underserved credit consumers.

By reducing barriers to finance, PFIs are better positioned to extend credit to underserved businesses and households, while NCGC absorbs a share of the risk.

At the signing ceremony in Lagos on Thursday, the chief executive of NCGC, Mr Bonaventure Okhaimo, said this initiative would reshape how credit is accessed in Nigeria, noting that MSMEs, which contribute nearly half of Nigeria’s GDP, have long faced barriers to affordable financing due to perceived risks.

Drawing inspiration from successful global models in India, South Korea, and the UK, NCGC is poised to catalyze inclusive growth and financial stability in Nigeria.

The pilot phase will focus on high-impact sectors such as agriculture, fashion, green energy, export-oriented businesses, and education.

As part of this pilot phase, NCGC is committing N5 billion in credit guarantees to each onboarded Participating Financial Institution, specifically targeting women-owned and youth-led MSMEs. This bold investment is expected to stimulate job creation, strengthen value chains, and improve key financial metrics like credit-to-GDP ratio.

In a chat with newsmen at the event, the Executive Director of Strategy and Operations at NCGC, Ms Tinuola Aigwedo, reiterated that the onboarding of PFIs is a major milestone in fulfilling NCGC’s mandate, aligning directly with the Renewed Hope Agenda of President Bola Tinubu, which prioritizes youth empowerment, women’s economic inclusion, and support for local enterprises.

“This partnership is not just about financial inclusion it’s about economic empowerment. By unlocking access to credit for youth and women entrepreneurs, we’re laying the foundation for a more resilient and equitable economy,” she stated.

Business Post reports NCGC was established to guarantee an individual for term loans for up to 5 years and working capital of up to 24 months, ranging from N50 million to N10 billion.

It was to provide portfolio guarantees with single obligor limits of N50 million and portfolio caps of N5 billion, and give partial credit guarantees covering up to 60 per cent of loan value.

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Nigeria Okays Alphanumeric Digital Postcode System to Boost Delivery

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By Adedapo Adesanya

Nigeria has finally approved the use of an alphanumeric digital postcode system for the country, 17 years after it was first considered.

According to the Minister of Communications and Digital Economy, Mr Bosun Tijani, the system was okayed at the Federal Executive Council (FEC) meeting on Wednesday, chaired by President Bola Tinubu, in line with the ministry’s strategic blueprint.

He said working in collaboration with the Nigerian Postal Service (NIPOST), the ministry will introduce a modern, geospatially intelligent addressing system that improves accuracy across the country and enables faster and more reliable mail and parcel processing.

“Beyond strengthening postal operations, the Digital Postcode System will also serve as an important national enabler supporting better national planning, improved emergency response, more efficient logistics and e-commerce, and the delivery of government services.

“As our digital economy continues to grow, foundational systems such as this play an essential role in building the infrastructure required to connect people, businesses, and services more efficiently across the country,” he said.

He noted that the approval represents another step forward in the Mr Tinubu-led administration’s commitment to building the enabling environment to support a modern, inclusive, and globally competitive digital economy.

On her part, Ms Tola Odeyemi, the Post Master General and chief executive officer of NIPOST, said the implementation is a foundational step toward building the digital infrastructure required for a modern economy.

“First conceptualised in 2009, this initiative is finally becoming a reality in 2026 under the leadership of President Bola Tinubu and the Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani,” she wrote on X, formerly Twitter.

“A digital postcode system is more than a postal reform. It is critical national infrastructure that enables e-commerce, logistics, emergency services, financial inclusion, security, urban planning, and effective public service delivery,” she added.

By introducing an alphanumeric addressing framework, Nigeria will now be able to identify locations with far greater precision across cities, towns, and rural communities.

“This will significantly improve how goods, services, and digital platforms reach Nigerians everywhere.

“This milestone reflects a shared commitment by the Federal Government to strengthen Nigeria’s digital backbone and unlock new opportunities for innovation, commerce, and national development,” she further stated.

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NCDMB Targets Midstream Compliance to Boost Nigeria’s Industrial Growth

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NCDMB

By Adedapo Adesanya

The Nigerian Content Development and Monitoring Board (NCDMB) has intensified its compliance drive in the oil and gas midstream segment, convening a high-level sensitisation workshop aimed at deepening adherence to the Nigerian Oil and Gas Industry Content Development Act.

The workshop, themed Compliance with the Provisions of the NOGICD Act 2010: A Pathway to Industrialization, held in Lagos, drew key operators across gas processing, transportation, storage and infrastructure development.

Speaking on behalf of the Executive Secretary of NCDMB, Mr Felix Ogbe, the Director of Monitoring and Evaluation Division, Mr Omomehin Ajimijaye, described the midstream sector as “a critical bridge between upstream production and downstream utilisation.”

“The midstream segment plays a pivotal role in gas processing, transportation, storage and infrastructure development, all of which are essential pillars for achieving Nigeria’s industrialisation agenda,” Mr Ajimijaye said.

Mr Ajimijaye stressed that adherence to the NOGICD Act goes beyond regulatory obligation.

“Compliance with the NOGICD Act is not merely a statutory requirement,” he stated. “It is a strategic imperative for sustainable national development.”

He explained that the programme was structured to clarify registration processes, Nigerian Content Equipment Certification, expatriate quota requirements, statutory reporting templates and submission timelines.

“Our objective is to deepen stakeholders’ understanding of compliance requirements, address recurring gaps identified during Monitoring and Evaluation reviews, and foster constructive dialogue on operational realities within the midstream space,” he added.

According to Mr Ajimijaye, the board has received feedback from operators highlighting challenges in meeting Nigerian Content obligations, including reporting complexities and varying interpretations of certain provisions of the Act.

“As a responsive regulator and development-focused institution, we remain committed not only to enforcing compliance but also to providing guidance, clarity and the necessary support to enable stakeholders succeed,” he assured participants.

With Nigeria positioning gas as a transition fuel and economic growth driver, regulatory clarity in the midstream space is essential to unlocking investment and local capacity development.

The participants received technical presentations from key NCDMB divisions, including: Monitoring and Evaluation Division, Project Certification and Authorisation Division, Capacity Building Division and Zonal Coordination Division.

The interactive sessions provided practical guidance on engagement protocols with the Board and strengthened collaboration between regulators and operators.

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AGF Fagbemi Takes Over Malami Prosecution from DSS

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By Adedapo Adesanya

The Minister of Justice and Attorney General of the Federation, Mr Lateef Fagbemi, has taken over the prosecution of his immediate predecessor, Mr Abubakar Malami.

Mr Malami is facing terrorism and illegal firearms possession charges brought against him by the Department of State Service (DSS).

Mr Fagbemi, a Senior Advocate of Nigeria (SAN), took over the trial from the secret police on Wednesday at the Federal High Court in Abuja.

The Director of the Public Prosecution of the Federation, Mr Rotimi Oyedepo, announced the Attorney General’s appearance in the matter.

Mr Oyedepo told Justice Joyce Abdulmalik that the trial cannot proceed because Mr Fagbemi has just taken over the prosecution.

He informed the court that the prosecution needed more time to familiarise itself with the facts of the case.

Counsel to the defendants, Mr Adedayo Adedeji, who did not oppose the application, however, urged the court to strike out the matter if the prosecution fails to open its case at the next adjourned date, citing lack of diligent prosecution.

Justice Abdulmalik subsequently adjourned the matter to March 10 for trial and for the prosecution to formally open its case.

The court had, on February 27, admitted Malami and his son, Mr Abdulaziz, to N200 million bail, with two sureties, each one of whom must own landed property either in Maitama or Asokoro.

Justice Abdulmalik had said that the title of the property must be deposited with the Deputy Chief Registrar of the Court along with valid international passports.

The sureties were also ordered to depose to an affidavit of means and submit their two recent passport photographs to the court.

Mr Malami and his son were also ordered to submit their international passports and recent passport photographs to the court.

The DSS had arraigned the ex-AGF and his son, Mr Abdulaziz, on a five-count charge bordering on terrorism and illegal firearms possession.

In the charge, marked FHC/ABJ/CR/63/2026, filed before the Federal High Court in Abuja, Malami is also accused of refusing to prosecute suspected terrorism financiers, whose case files were handed to him while he served as the AGF and Minister of Justice.

Mr Malami and Mr Abdulaziz are equally accused of warehousing firearms in their residence at Gesse Phase II Area, Birain Kebbi LGA, Kebbi State, without lawful authority.

The DSS accused Mr Malami in count one of the charge, with knowingly abetting terrorism financing, while the ex-AGF and his son are charged in counts two to five, with unlawful, possession of a Sturm Magnum 17-0101 firearm, 16 Redstar AAA 5720 live rounds of cartridges and 27 expended Redstar AAA 5’20 cartridges, contrary to and punishable under relevant Sections of Terrorism (Prevention and Prohibition) Act, 2022 and Firearms Act, 2004.

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