Business
ETF: LAGOS DISBURSES N5.22BILLION TO 6,462 BENEFICIARIES
…To Train 10,000 Skilled Persons Through Employability Support Scheme
The Lagos State Government on Thursday said a total of 6,462 residents with proven business ideas have so far benefitted about N5.22billion from the Employment Trust Fund (ETF) designed to grow the economy and create jobs through provision of credit facilities with minimal interest.
Speaking at the annual Ministerial Press Briefing to mark the third anniversary of Governor Akinwunmi Ambode’s administration held at the Bagauda Kaltho Press Centre in Alausa, Commissioner for Wealth Creation and Employment, Mrs Uzamat Akinbile-Yussuf said the amount so far disbursed constituted a huge part of the total N5.98billion approved for 8,229 beneficiaries since it began disbursement in 2017.
The ETF is an initiative of the present administration in the State through which N25billion is earmarked to be disbursed over a period of four years to provide entrepreneurs, artisans, traders and others with capital to boost their businesses thereby reducing unemployment and increasing wealth among the people.
While reeling out loan disbursement activities of the fund, Akinbile-Yussuf said: “In fulfillment of the Lagos State Government’s mandate, the Fund has now disbursed N5.22billion to 6,462 beneficiaries, out of the approved loans totaling N5.98billion for 8,229 beneficiaries received.
She said in the period under review, the board of ETF approved loans totaling N627,053,826.15 for 643 beneficiaries under the batch four of the scheme, while in batches five, six, seven and eight, N924,696,671.00, N979,704,570.31, N443,859,457.60 and N1,013,485,058.69 were respectively disbursed to 5, 813 beneficiaries.
“For batch one of 2018, the Board approved loans totaling N492,798,560.90 for 1,753 beneficiaries (44 Small and Medium Enterprise (SME), 1,306 Medium Enterprise (ME) and 403 MES). The successful applicants have been contacted to meet the conditions that precede the disbursement of their loans,” she said.
Akinbile-Yussuf said as part of efforts designed to encourage startups in innovation and technology, the State Government launched innovation-driven enterprise program tagged “Lagos Innovates” where access to high quality infrastructure, learning and networks were provided, adding that the projection was to cement the place of Lagos as the leading destination for startups in Africa.
She said the government, through the Lagos State Employability Support Project, has also firmed up plans to produce 10,000 skilled persons within three years to cater for demand in key sectors such as manufacturing, healthcare, construction, entertainment, garment making and tourism and hospitality.
“In addition, the project will place at least 6,000 trained persons in jobs and upgrade the equipment and improve the curriculum at two of Lagos State Technical and Vocational Education Board (LASTVEB’s) Colleges,” she said.
On other achievements of the Ministry in the last one year, the Commissioner said government developed virtual market which is an online portal created to connect artisans and tradesmen with customers in need of goods and services in a secure environment, revealing that the Ministry had commenced partnership with different stakeholders to actualize the initiative.
She said under the tradesmen and artisans capacity building scheme, a total of 1,000 were retrained in 2017 to enhance their efficiency, competitiveness and productivity, while 40 members of Lagos State House Painter Association were trained and engaged by Kansai Plascon Nigeria, as well as 50 others were trained in partnership with Ruff n Tumble under the sustainable development programme.
Besides, she said in recognition of the opportunities in emergence of new technologies especially in addressing the needs of the society to attain sustainable growth and development, the government came up with the concept of developing an ICT hub in Yaba, saying the project would be delivered in partnership with other critical stakeholders.
Also, the Commissioner said the government would soon launch health SMEs to facilitate quality improvement in both public and private sector health facilities through provision of financial support with the support of private sector organizations with the aim of creating wealth and employment.
The State Government, the Commissioner said, also introduced graduate internship programme through the Ministry where a total of 1800 candidates were screened in 2017 out of which 910 were deployed to various private organizations with the view to creating a network contact between the off-takers and the interns.
Fidelity Bank Plc Wins 2025 DBN Innovation Award for MSME Support
In recognition of its exceptional contributions to innovative financial solutions for Micro, Small, and Medium Enterprises (MSMEs), Fidelity Bank Plc has been awarded the 2025 Development Bank of Nigeria (DBN) Innovation Award in the Deposit Money Bank (DMB) category.
This prestigious accolade celebrates Fidelity Bank’s commitment to addressing the unique challenges faced by MSMEs, a vital segment in Nigeria’s economic growth.
Dr. Nneka Onyeali-Ikpe, MD/CEO of Fidelity Bank Plc, commented on the award, reaffirming the bank’s dedication to empowering Nigerian entrepreneurs: “At Fidelity Bank, innovation is at the heart of our strategy to support MSMEs. This recognition underscores our commitment to developing scalable, inclusive, and technology-driven financial solutions that create positive outcomes for our nation’s entrepreneurs. We are honored to receive the DBN award and dedicate it to our loyal customers for their continued support.”
The award was presented at the 2025 Service Ambassadors’ Awards ceremony in Lagos, themed ‘Enhancing Partnership for MSME Resilience and Growth.’ Tony Okpanachi, Managing Director of DBN, emphasized the importance of financial institutions in transforming unbankable ideas into viable businesses through advisory services.
“You, our partners, are acknowledged and celebrated for your outreach to entrepreneurs and businesses seeking to scale. We appreciate you for your role in converting unbankable ideas into bankable businesses,” Okpanachi stated.
He noted that the award aims to recognize partners who make a significant impact, focusing on storytelling and the positive changes they bring to Nigeria.
This award joins a series of landmark initiatives by Fidelity Bank aimed at supporting MSMEs. Earlier in May, the bank signed a Memorandum of Understanding (MOU) with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to facilitate the expansion of Nigerian MSMEs across Africa.
Additionally, Fidelity Bank launched the Fidelity SME Hub in Gbagada, Lagos—a multifunctional facility equipped with training halls, meeting rooms, networking spaces, and studios for music, photography, and content production. This hub is designed to foster innovation, collaboration, and capacity-building, essential elements for strengthening Nigeria’s SME ecosystem and driving economic growth.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
Business
Adron Homes Launches Grand Ileya Promo with Massive Discounts, Star Appearances & Festive Gifts
Wear It All Luxury Opens New Abuja Boutique with Star-Studded Ceremony
Four years after successfully reopening its flagship store in Lekki Phase 1, Lagos, following a major renovation, Wear It All Luxury, the upscale fashion brand owned by renowned entrepreneur, Sodiq Babatunde Rufai, has expanded its presence with the launch of a new boutique in Abuja.
The grand opening, held on Thursday, 22nd May 2025, at Libreville Crescent, Wuse 2, Abuja was a star-studded affair that brought together influential personalities from the fashion, entertainment, and business worlds. Among the high-profile guests in attendance was Afrobeats superstar Davido, whose presence added further glamour to the launch event.
Located in the heart of the capital, the new Abuja boutique is poised to offer the same top-tier fashion experience the brand is known for, curated luxury pieces, exclusive designer wear, and impeccable customer service tailored for Nigeria’s elite fashion lovers.
Speaking at the event, Sodiq Babatunde Rufai expressed his excitement about the brand’s expansion, stating, “This is more than just a store opening, it’s a statement that Nigerian fashion continues to grow and thrive. We’re proud to bring the Wear It All experience to Abuja, and we remain committed to setting the pace in luxury fashion across the country.”
The Abuja outlet joins the Lagos boutique in offering high-end fashion collections from globally recognized brands, as well as unique pieces under the Wear It All Luxury private label.
Guests were treated to a private showcase of the brand’s latest collections, light entertainment, and a luxurious atmosphere that perfectly reflected the Wear It All Luxury ethos.
As the fashion house continues to expand, industry watchers say the brand’s entry into the Abuja market marks another major milestone in Nigeria’s growing luxury fashion landscape.
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