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HERITAGE BANK PARTNERS NIGERIAN YOUTH PROFESSIONAL FORUM (NYPF) TO LAUNCH N500M GRANT TO BOOST YOUNG ENTREPRENEURS

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Heritage Bank Limited has upped the ante of its support for entrepreneurship and education in the country by launching a N500 million Young Entrepreneurs and Students (YES) Grant on Tuesday in Lagos.

The initiative, which is in partnership with the Nigerian Youth Professional Forum (NYPF), will, according to the bank, support students and young entrepreneurs toward socio-economic freedom.

The Heritage Bank Managing Director, Ifie Sekibo, in his remarks at the occasion explained that the bank’s support for the programme arises from the fact that the initiative aligns with the vision of the bank which is to help create, preserve and transfer wealth across generations.

The Managing Director, who was represented by Obioma Emenike, Group Head, Market Strategy, added that the bank will also support the project in terms of training the beneficiaries, disbursement of the grant as well as in the monitoring and evaluation of the project’s milestones as agreed with the beneficiaries. “We have been playing strongly in the education and Small and Medium Scale Enterprises (SME) sectors of the economy. This project syncs with our mission and vision as a bank. The age bracket of 18 to 40years for the beneficiaries also aligns with our corporate goal, just like the key sectors which include agriculture, ICT and creative industry, identified for the project are pivotal for economic growth” he said.

The NYPF, according to its Chairman, Moses Siasia, is a non-governmental organization conceived by a group of young professionals with the mission to promote innovative ideas for socio-economic development.

Siasia disclosed that the programme is geared toward assisting both aspiring and existing young entrepreneurs to start and grow their businesses, and ultimately create jobs and distribute wealth in the economy.
For the students, the grant can be accessed for tuition fees to help low income students and technological research and innovation. Students in Nigeria can access up to N500,000 (Five Hundred Thousand Naira) only; students in the United Kingdom can access up to GBP 3000 (Three Thousand Pounds while Students in the United States can access up to $5,000 (Five Thousand Dollars).

For young entrepreneurs, the grant will be available for the following target sectors: Agriculture, Creative Industry, Information and Communication Technology. In each category, an entrepreneur with an existing business can access up to N2 million.

Before the latest initiative, Heritage Bank had packaged a N200m loan facility for young graduates willing to advance their dreams in small-scale businesses. It is also collaborating with the Central Bank of Nigeria (CBN) and the National Youth Service Corps (NYSC) in the CBN initiative, Youth Innovation Entrepreneurship Development Programme (YIEDP).

Sekibo also recently re-affirmed the bank’s resolve to empower more Micro Small and Medium Enterprises (MSMEs) in Nigeria, stating that part of the bank’s commitment to empower SMEs is the establishment of an SME Clinic that is geared towards helping small businesses in addressing challenges associated with setting up businesses as well as mitigating the effects of certain business decisions by such entrepreneurs.

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FCTA uncovers illegal oil refining warehouse in Abuja

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In continuation of the city cleaning exercise, Authorities of the Federal Capital Territory Administration (FCTA) with operatives of security personnel have uncovered an illegal oil refining warehouse in Mabushi, opposite Mobile filling station on Ahmadu Bello way in Abuja.

 

The Director, Department of Development Control, FCTA, Mukhtar Galadima after the operation on Thursday, said the illegal refining site was discovered during the continuation of the city cleaning exercise.

 

According to him, about three to four plot of lands designated for commercial purposes have been converted to an area where oil and diesel are being adulterated and circulated to other parts of the city.

 

Galadima explained that the city sanitation task force will look into the provision of the law and make necessary recommendations to the FCT Administration for further actions on the plots used for the activity.

 

He said there was no arrest but the items used in carrying out the illegal refining have been impounded.

 

Galadima said, “During the continuation of our city sanitation exercise in Mabushi opposite Mobile filling station on Ahmadu way, we discovered an illegal refining site where oil and diesel are being adulterated, we have done the needful by moving the items to Nigerian Security and Civil Defence Corps.

 

“From what we have seen so far, about three or four pilot of lands designated for commercial purposes have been converted to unapproved activities, which we believe the owners are fully aware, there will be consequences.

 

“We are going to look at the provision of the law and make necessary recommendations to the FCT Administration”

 

He said the administration will continue to go tough on activities being carried out without government approval,  especially revocation of the titles.

 

Collaborating, Head, operations FCT Directorate of Road Traffic Service (DRTS), Deborah Osho said the city management team during the exercise also discovered that most of the areas in the Nation’s capital have been converted to illegal car mart and motor parks.

 

She disclosed that fifteen vehicles have so far been impounded since the operation commenced about two days.

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Central Bank To Freeze Accounts Without BVN, NIN From April 2024

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The Central Bank of Nigeria (CBN) said on Friday that it will freeze accounts without a Bank Verification Number (BVN) or National Identification Number (NIN) from April 2024.

This is according to a Friday circular by the apex bank which said a BVN or NIN verification will be “conducted shortly”.

It also said all BVN or NIN attached to accounts/wallets must be electronically revalidated by January 31, 2024, according to the circular by the CBN Director of Payments System Management Department Chibuzo Efobi, and the Director of Financial Policy and Regulation Department Haruna Mustapha.

More details later….

 

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Adebayo Alli: Guinness Nigeria gets new Managing Director, Its first Nigerian CEO since 2015 …..

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Guinness Nigeria has announced the appointment of Mr Adebayo Alli as its new Managing Director, its first Nigerian MD since 2015.

The appointment comes after John Musunga, the now erstwhile MD of Guinness Nigeria moved to become Diageo Africa’s Managing Director for Southern, West, and Central Africa.

The announcement was given after the company’s board meeting held on Monday, November 27, 2023.

According to the corporate filing on NGX’s website signed by the Company Secretary, Abidemi Ademola, Adebayo Alli would resume his new role within the company on January 1, 2024.

Profile of Adebayo Alli …..

Adebayo Alli, a mechanical engineer by training, holds a B.Sc. in Mechanical Engineering from the University of Ibadan and an MSc in Advanced Process Engineering from Loughborough University, UK.

He joined Diageo, owner of Guinness Nigeria in 2005 as a Packaging Operations Support Manager. Since then, he has gone on to work as project lead for a business transformation project in Meta Abo Brewery Limited, Ethiopia, another of Diageo Africa’s businesses. In 2014, he became a plant manager at the Meta Abo Brewery, and in 2015, Supply Chain Director.

Upon his return to Nigeria in 2017, he assumed the role of Operations Director at Guinness Nigeria before shifting his focus towards general management, venturing into multiple senior commercial sales positions within Guinness Nigeria PLC.

His trajectory saw a brief tenure between 2019 and 2020 as the Director for IPS, Reserve & Modern Trade. Subsequently, in 2020, Bayo ascended to the role of Commercial Director at Guinness Nigeria.

What you should know….

Guinness Nigeria’s last Nigerian MD was Seni Adetu who served between 2012 and 2015. Since him, John O’Kefee an Irish man became the MD, followed by Peter Ndegwa, a Kenyan, Baker Magunda, another Kenyan, then John Musunga, also another Kenyan.

Guinness Nigeria Plc is majorly owned by Diageo Plc with a 58% stake. In the past, Diageo’s only footprint in Nigeria was through Guinness Nigeria and the Managing Director of Guinness Nigeria also doubled as the head of the Diageo brand in the country.

However, after Diageo announced a discontinuation of its import deal with Guinness Nigeria, which meant Guinness Nigeria would no longer import Johnnie Walker and Baileys into Nigeria, it was also announced that Diageo was creating a new “wholly owned spirits-focused business” to manage the importation and distribution of those premium spirits brand in West and Central Africa. Presumably, John Musunga is resuming to head this new business.

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