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Fidelity Bank Gets 50 Million Dollars Facility (Photo)

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Deputy Managing Director, Fidelity Bank Plc, Mohammed Balarabe (L) and Senior Director, African Development Bank (AfDB), Ebrima Faal (R), during the formal signing ceremony of $50M line credit between Fidelity Bank Plc and African Development Bank (AfDB) in Abuja on Tuesday.

The facility is designed to boost the bank’s capacity to promote the growth of the MSMEs segment of the economy. The agreement was signed Tuesday, May 7th, 2019 in Abuja.

The Fidelity Bank team led by the DMD, Mohammed Balarabe was at the AfDB Office in Abuja today for the formal signing ceremony of $50M line credit between Fidelity Bank Plc and African Development Bank (AfDB)

Under the agreement, the facility will be dedicated to financing the MSMEs and a minimum of 30 per cent of the entire financial package “will be devoted to wholly women-owned enterprises.”

AfDB Senior Director/Country Representative, Ebrima Faal, who signed on behalf of the multilateral institution, said the AfDB was excited with Fidelity Bank’s partnership;

“The lines of credit tended to be general support for SMEs. This one has strong emphasis on gender. It can be considered as a vanguard credit for us. Our main focus is to reach out to SMEs to give the much needed impact.”

“The bank should ensure that the requirement for loan disbursement is okay to enable it reach out to the target audience. The $50 million credit line will contribute to strengthening Fidelity Bank’s presence in its key market segments.”

“AfDB believes the selection of Fidelity bank for the seven-year credit facility, with a two-year moratorium, is based on its strong presence in the MSMEs.”

In the same vein, Fidelity Bank’s Deputy Managing Director, Mohammed Balarabe who signed for the bank, said “The line of credit granted to the bank is particularly unique because gender has been brought in mainly because 30 per cent of this loan is to be targeted at MSMEs that are driven by women. So, that makes it unique.”

“They have to be run by women. Most importantly, it is aimed at businesses at that low level so that they can catalyse development in the country. The MSME sector remains the most active in terms of generating employment and fostering development which is why Fidelity Bank has consistent targeted that segment.”

“That is why the AfDB has found us fitting to be one of the bank’s that will be benefiting for onward lending to MSMEs. When it is absolutely necessary, Fidelity extends a line of credit to such businesses at cheap rates, which are far lower than market rates.”

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Ex Governor Abdullahi Ganduje, Wife, others To Be Arraigned April 17 Over Dollar Video…..

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The Kano High Court is set to arraign Kano State’s immediate previous governor, Abdullahi Ganduje, on April 17, 2024, on charges of bribery, diversion, and theft of money, including the alleged acceptance of $413,000 and N1.38 billion in bribes.

Haruna Dederi, Kano State Attorney General and Commissioner of Justice, confirmed the situation, saying Ganduje would be charged with his wife and six others.

The accused individuals named in the summons are Abdullahi Umar Ganduje, Hafsat Umar, Abubakar Bawuro, Umar Abdullahi Umar, Jibrilla Muhammad, Lamash Properties Ltd, Safari Textiles Ltd, and Lesage General Enterprises.

The Kano State Government, which initiated the criminal suit against the eight respondents, has declared its readiness to present 15 witnesses to testify before Justice Usman Na’aba of State High Court number four.

“It is very true. We have filed the case and it’s going to hold on the 17th of April, 2024. What I cannot confirm is whether he is served or not, but he will definitely be served,” he said.

Dederi further highlighted the significance of accountability in governance, remarking, “What he (Ganduje) doesn’t understand is that you cannot run away from the evil day, it will definitely come to you, and this will even serve as a deterrence to all of us that are also in government now.”

The commissioner also addressed the jurisdictional aspect of the case, asserting,
“He was saying that we can’t prosecute him, forgetting that the offence also falls under the category of the state offences,” he said.

“It’s not totally a federal affair and we have even appealed to Justice Liman ruling on that.”

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Just In: Emefiele arrives Lagos court for arraignment

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The embattled former Central Bank of Nigeria Governor, Godwin Emefiele, has arrived at the Ikeja State High Court in Lagos for
his arraignment over alleged abuse of office and allocation of billions of dollars.

Emefiele, alongside his co-defendant, one Henry Isioma Omole, will be arraigned on fresh 26 counts before Justice Rahman Oshodi this morning.

In the charge marked ID/23787c/2024 and dated April 3, 2024, the EFCC alleged that Emefiele abused his office between 2022 and 2023 in Lagos.

The commission alleged that the former CBN governor “directed to be done in abuse of the authority of your office, as the Governor, Central Bank of Nigeria, an arbitrary act, to wit: allocating foreign exchange in the aggregate sum of $2,136,391,737.33 without bids, which act is prejudicial to the rights of Nigerians.”

Details later…

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Look Beyond Sentiments, Fagade Urges Critics of Tinubu’s Appointments… Congratulates FIRS Boss, Zacch Adedeji

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Businessman and chieftain of the All Progressives Congress (APC) in Oyo state, Chief Abisoye Fagade has told those accusing President Bola Ahmed Tinubu of nepotism to jettison primordial sentiments, vindictiveness and bitterness with a view to supporting the current administration in its drive to take Nigeria out of the doldrums.

Fagade’s submission came against the background of insinuations from some quarters that appointments made so far by President Bola Tinubu was skewed in favour of the Yoruba ethnic group or people in the south western part of the country even though there have been counter reactions from eminent personalities from all parts of the country that the accusation of nepotism against Mr. President was unfounded and invalid.

In a statement issued on Wednesday and made available to journalists in Ibadan, Fagade described the Tuesday confirmation of Dr. Zacch Adedeji as the substantive chairman of the Federal Inland Revenue Service (FIRS) by the Nigerian Senate as “a step in the right direction taken to facilitate the quick realization of economic recovery agenda of the Tinubu administration.

“The appointment of Dr. Adedeji as the FIRS boss as well as other cerebral financial and economic management experts to man one key post or the other in the current administration will no doubt yield the desired results as Nigerians should expect economic rejuvenation, wealth creation and naira stability in no time. Governance is no tea party and one fundamental thing in the life of any government is having the right peg in the right hole and not the other way round.

“It is essential we congratulate our own Zacch Adedeji on the confirmation of his appointment as the FIRS boss by the Nigerian Senate in view of the fact that our confidence and trust in him as a competent administrator, seasoned financial expert and unique patriot remain constant. There are high expectations about Nigerian economy being diversified for obvious reasons by the Tinubu administration and we believe with the likes of Adedeji in FIRS, the goal would be achieved sooner than later.

“Above all, we appeal to all stakeholders in the affairs of our dear country to always eschew jingoism, ethnic biases or religious consideration on any matter relating to the interest of the most populous black nation in the world. The time to fix Nigeria is now and with the person of President Tinubu at the helms of affairs, the massive turnaround desired in our socio-economic and political architecture would begin to materialize very soon and it would not only be consolidated but also sustained for the collective benefits of all and sundry”. Fagade stated.

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