Economy

By Funmi Ojo

Osun State Governor, Senator Ademola Adeleke has expanded Osun State’s start-up grant programme to include 2,000 new beneficiaries, comprising women and young people.

This is part of his administration’s drive to promote inclusive economic growth.

The Governor made this known during the presentation of Business Registration Certificates, Point-of-Sale, POS, terminals, and start-up grants to beneficiaries of the Imole Business Empowerment Scheme 1.0, organised by the Ministry of Cooperatives and Empowerment in partnership with some commercial banks.

Describing the initiative as a bold statement of people-centered governance, Governor Adeleke said the scheme was designed to deliver tangible empowerment to residents of the state.

According to the Governor, ₦736 million in interest-free loans has been distributed at the grassroots through ward-based cooperatives. At the same time, another ₦800 million has gone to conventional cooperative unions under the umbrella of FOSCOOP, reaching more than 10,000 members. An additional ₦50 million was also disbursed to Osun indigenes living outside the state.

Governor Adeleke also noted that persons with disabilities had benefited from empowerment schemes in partnership with Project Enable Africa, while rehabilitation works were ongoing at the Cooperative College in Ode-Omu.

According to the Governor, each beneficiary will receive a CAC Business Registration Certificate, a POS terminal, and a start-up grant to enable them to begin their entrepreneurial journey.

Earlier, the Commissioner for Empowerment and Cooperatives Development, Prince Bayo Ogungbangbe, had commended the initiative as proof of the administration’s commitment to sustainable development, women’s inclusion, and youth empowerment.

He urged beneficiaries to make judicious use of the opportunity.

The event was attended by top government officials including Secretary to the State Government Alhaji Teslim Igbalaye, Chief of Staff Alhaji Kazeem Akinleye, members of the State Executive Council, and representatives of partner banks.

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Economy

The Central Bank of Nigeria has cautioned Banks and POS operators against illegal actions affecting the circulation of naira.

This comes on the heels of public outcry that the Naira is not accessible to Nigerians.

Punch Newspaper

The CBN warned parties involved to immediately desist from such acts or face the law, saying there is over cash availability.

In a statement signed by the Acting Director of Communication and Public Relations, Sidi Ali, on Thursday, the CBN says that there is collusion between some Deposit Money Banks and Point-Of-Sale operators affecting the availability of cash and disrupting the seamless circulation of the Naira.

“The attention of the Central Bank of Nigeria has been drawn to alleged cases of collusion between some Deposit Money Banks and Point-of-Sale operators affecting the availability of cash and disrupting the seamless circulation of the Naira”. he noted

CBN has also advised Nigerians to use alternative payment platforms and channel their complaints via a digital platform provided in the statement.

Omolola Ameen/Simeon Ugbodovon

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Lifestyle

By Olaitan Oye- Adeitan

Time it was when Coronavirus was ravaging violently and it appears as if there would be no end. Then, nose masks became a significant part of dressing, coming in all shades and styles. Sellers made huge profits, selling a piece of nose mask for five hundred naira in the very outbreak of the virus.

Time it was when you could not gain entrance into shopping malls, business organizations, churches, mosques, classrooms, and any public gathering without having your nose masks on, hands washed, sanitized and body temperature checked.

Where are the nose masks today? 

Time it was when the naira became a scarce commodity and naira was used to purchase naira. Oh! what a field day it was for  Point of Sale operators, POS.

Individuals couldn’t access the money in their bank accounts due to a sudden naira redesign policy from the Central Bank of Nigeria, CBN, by its former governor, Godwin Emefiele under the immediate past administration of former president, Muhammadu Buhari.

It was like putting corn in a corked glass bottle while a fowl watched helplessly.

Indeed, time it was when obtaining a tally number was the prerequisite to gain access to the banking hall or ATM machines before you could withdraw.

Time it was again when you found yourself on the queue for fuel, cash, or the Permanent Voter Card, PVC.

Time it was, when people kept vigil in either bank areas or filling stations without the assurance of getting cash or fuel.

What about daily complaints of dispensing errors, debit errors, and uncontrollable crowds that besieged the banks daily accompanied by an outrage of anger? 

And once was the time when business transactions were majorly online due to the scarcity of physical cash. What a time for market traders who did not have bank accounts!

After much resistance to the reality on ground, traders could not but open accounts online or use their family members account for transactions. It was really a time of season dramas in the markets, especially with those selling perishable food items.

Mr. Network could Indeed not be hurriedly forgotten at those times as it did not make itself available all the time while you just have to target some hours to transact, especially early in the morning or late at night when there would be less traffic.

Nigerians would never forget in a hurry the unwarranted rivalry that arose between the old and new naira notes as a result of policies from the CBN.

Suddenly, the once admired, easy to get and spend old 200, 500 and 1000 naira notes became an old stuff that is never wanted by bank customers. It was so much detested that people rejected the old notes even when given as gifts in any of the denominations for fear of rejection in the market.

The moment a customer tenders the old note to purchase any product, traders or commercial drivers vehemently resisted it as if it was an excreta.

Today, it almost appears unbelievable that the ATMs are now dispensing with no appearance of the usual queue.

The once rejected old and new naira notes have now fallen back in love in the hands of the people.

POS operators are back in their kiosks charging a hundred naira over five thousand as against the previous one thousand naira over five thousand naira.

Also, the queues are no more in the filling stations despite the increase in fuel pump price.

In all of these experiences, it tells us that absolutely nothing or no situation lasts forever.

Similarly, “every seasonal situation can bring with them lessons that can last a lifetime” says,Mandy Hale.

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Crime

Police Command, Ondo state, has arrested four man gang who allegedly specialised in robbing and killing of POS Operators and Filling Station attendants in Akure metropolis.

Radio Nigeria gathered that the notorious armed robbers are Deji Ajayi, 22year-old; Babajide Adewole also 22years; Dare Adeoye 24years and Banjo Adu 27year-old, were alleged to have stormed Oke Aro area of Akure in January this year rob a POS shop and killed the owner, Solomon Ehingbe.

Parading the twelve suspects in Akure,  the state Commissioner of Police, Mr Bolaji Salami said a serial rapist that ambushed and raped women in their farms within Ore axis.

The Police commissioner disclosed that the suspects would be charged to court on the conclusion of investigation.

Leke Adegbite