Connect with us

News and Report

United Bank for Africa Plc and AfDB sign US$ 150 million Line of Credit

Published

on

The African Development Bank Group (AfDB) and United Bank for Africa Plc (UBA) on Wednesday November 30, 2016, signed a US$ 150 million loan agreement to finance infrastructure and SME projects, including women-owned enterprises in Nigeria.

 

“The Fund will support development of productive sectors of the economy; particularly the power sector, Infrastructure, Women owned enterprises as well as SMEs. This line of credit comes at an opportune time and would boost efforts at reducing the huge power sector-financing deficit that is limiting energy supply and complement our support to medium and small scale enterprises while also promoting gender diversification across the value chain” said Kennedy Uzoka, UBA Group Managing Director/CEO.

 

UBA, one of the largest commercial banks in Nigeria incorporated in 1961, operates in 19 African countries whilst providing a wide range of products and services. UBA Nigeria has been the leading financial institution to support various infrastructure projects, particularly power, telecom, transport and also social infrastructure such as hospital and education facilities, and received Social Infrastructure Deal of the Year Award in 2015. UBA Nigeria operates in each of the country’s 36 states through more than 450 branches supporting 3,700 SMEs across the country.

 

AfDB has remained UBA’s long-term partner in its financing activities. In 2009, AfDB provided liquidity facilities to deepen its trade finance and other lending activities, thus contributing to key economic sectors of the Nigerian economy, particularly at a time when the economy requires critical funding to stimulate growth and employment.

 

By leveraging UBA’s branch network, the Line of Credit will also scale up lending to SMEs and women enterprises in both urban and rural areas to create more jobs and to promote inclusive growth for Nigeria’s economy by stimulating the various sectors such as manufacturing, construction, agriculture, education and services.

Continue Reading
Advertisement

News and Report

EFCC Arrests Edo Accountant General, Julius Anelu, Two Others Over Huge Withdrawals At Close Of Obaseki’s Administration

Published

on

By

As the administration of Governor Godwin Obaseki drags to an end in Edo State, the Economic and Financial Crimes Commission (EFCC) has arrested the Accountant General of Edo State, Julius Anelu, and two other government officials.

 

The arrested officials were said to be in custody for alleged huge withdrawals from the State’s derivation account.

 

The development comes as Senator Monday Okpebholo, had accused the Obaseki administration “of last-minute borrowings and looting.”

Quoting an impeccable source in the EFCC, PUNCH reports that of N24.6billion paid into the government’s account, but N14billion was left within one week after the money was deposited some weeks back.

 

“We made some arrests of about two to three persons, including the Accountant General of the state. We have been investigating the governor of the state, Godwin Obaseki, since 2022 but this latest arrest was as a result of some withdrawals from the state’s derivation account.

 

“The amounts withdrawn were huge sums. For instance, about some weeks ago, N24.6bn was paid into that account. But in less than one week, about N14bn was remaining in the account. To save the state, we had to quickly move. We are not in any way doing that to ground the state activities”, said the source.

 

The EFCC is yet to officially react to the development as of the time of this report.

 

SaharaReporters reported in October that the reinstated deputy governor of Edo State, Philip Shaibu raised the alarm over alleged plans by his principal, Governor Godwin Obaseki to steal money from the state treasury.

 

Shaibu had made this disclosure in a press briefing in Benin City, saying he had an offer of a financial reward to the tune of N1million to anyone who has information concerning alleged looting of government property as the administration winds down.

 

He had added that he had evidence to back the alleged looting in some quarters and last-minute borrowing from financial institutions.

 

He had also called on the Economic and Financial Crimes Commission (EFCC), the Department of State Services (DSS) and other relevant agencies to look into the alleged misappropriation of funds meant for projects in the ministry of roads and bridges, ongoing Radisson Hotel project and last-minute appointments by the outgoing administration.

Continue Reading

News and Report

NAFDAC raises alarm over circulation of fake condom

Published

on

By

The National Agency for Food and Drug Administration Control (NAFDAC) has raised an alarm on the circulation of an unregistered condom called Foula condoms.

In a statement issued on Thursday, the agency said the product, which is usually packed in 3s, was discovered in Abakaliki, Ebonyi State capital and in Zango, Kastina State.

NAFDAC said the discovery was made by the officials of the post-marketing Surveillance Directorate (PMS) while carrying out a Risk-Based Post Marketing Surveillance study on registered condoms in Nigeria.

It said unregistered condoms pose significant public health risks to users.

RISK

NAFDAC said the condoms are likely to lack the necessary quality and safety checks, leading to a higher likelihood of breakage or leakage, which can increase the spread of sexually transmitted infections (STIs), including HIV, and contribute to unintended pregnancies.

It said one primary concern is that unregistered condoms may not meet the strict standards for material durability and effectiveness enforced to ensure the condoms’ material strength and integrity, essential for providing reliable protection.

The Foula product is not registered by NAFDAC for use in Nigeria, and according to the agency, it is not labelled in English.

According to NAFDAC, the condom is “a dual-purpose method for both prevention of unintended pregnancy and protection against HIV and other sexually transmitted infections (STIs).”

It said: “To be most effective, any barrier method used for contraception or preventing infection must be used correctly.”

“The illegal distribution or sale of unregistered condoms poses a risk as the safety, quality, and efficacy of the products are not guaranteed.”

The agency also said the purchase and use of poor-quality condoms will affect every aspect of condom promotion for the prevention of unintended pregnancy and protection against HIV and other”

“If condoms leak or break, they cannot offer adequate protection,” it said.

DIRECTIVE

NAFDAC said its zonal directors and state coordinators have been instructed to conduct thorough surveillance and remove unregistered products from circulation within their respective zones and states.

The agency also urged traders, healthcare professionals, and consumers to be cautious to prevent the importation, distribution, sale, and use of unauthorised products.

The agency urged that medical products and devices should be sourced exclusively from authorised or licensed suppliers, with careful attention given to verifying each product’s authenticity and physical condition.

“Similarly, healthcare professionals and patients are also encouraged to report adverse events or side effects related to the use of medicinal products or devices to the nearest NAFDAC office, or through the use of the e-reporting platforms available on the NAFDAC website.

“Furthermore, note that this notice will be uploaded to the WHO Global Surveillance and Monitoring System (GSMS),” the statement read.

 

Continue Reading

News and Report

Olufemi Oluyede assumes office as acting Chief of Army Staff

Published

on

By

Major General Olufemi Oluyede has formally taken over as the Acting Chief of Army Staff in a handover ceremony held at the Defence Headquarters in Abuja on Friday.

The Defence Headquarters revealed this in photos from the ceremony shared on X.com.

The caption read, “Formal Taking Over Ceremony of the Acting Chief of Army Staff, Major General OO Oluyede.”

We had earlier reported that Oluyede would assume duties today (Friday).

He was appointed in an acting capacity by President Bola Tinubu on Wednesday, pending the return of the indisposed substantive COAS, Lieutenant General Taoreed Lagbaja.

Until his appointment, Oluyede reportedly served as the 56th Commander of the elite Infantry Corps of the Nigerian Army, based in Jaji, Kaduna.

The 56-year-old Oluyede and Lagbaja were coursemates and members of the 39th Regular Course.

Oluyede’s appointment came a few days after the Defence Headquarters stated that the appointment of an acting COAS was not recognised under the Harmonised Armed Forces Act.

However, a notice on Thursday, signed by Group Captain Chris Erondu on behalf of the Director of Defence Information, Brigadier General Tukur Gusau, stated that the handover ceremony would be held at the Defence Headquarters conference room at 10 am.

The Chief of Defence Staff, General Christopher Musa, was among those in attendance at the handover ceremony.

See photos below:

Continue Reading

Trending