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FEDERAL GOVERNMENT, WORLD BANK LAUNCHED GROWTH AND EMPLOYMENT EQUITY WINDOW

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The federal government, in partnership with the World Bank on Tuesday launched the Growth and Employment (GEM) Equity Window, a grant scheme to support micro, small and medium scale enterprises (MSMEs) in the country.

The World Bank has committed $165 million to the project.

The grant would be made available to qualifying venture capital and private equity firms and other equity providers to incentivise them to provide equity finance to MSMEs. The GEM project seeks to support participating MSMEs to enable them increase their market and their contribution to employment.

Speaking at the launch of the initiative in Lagos, the Lead Financial and Private Sector Specialist at the World Bank, Michael Wong, said the GEM is a project that the government decided to put in place to enhance enterprise development and to also diversify the economy.

“The objective of the project is to generate employment particularly among young Nigeria. The World Bank is the funder of the project. Those to benefit include any small enterprise, any aspiring young person that wants to set up a business can register under the business innovation platform which would be launched in December,” he explained.

The project has windows for equity companies, which are companies that should provide capital to aspiring high growth potential firms, he said.

On his part, the Project Coordinator, GEM, Federal Ministry of Trade and Investment, Mr. Sani Labaran, pointed out the project has a lifespan.

“It became effective in July 2013. It is a 5-yearprogramme. But what we are saying is that whoever we support in the next few years should become effective in whatever business he is doing. The equity grant is what we are launching today.

“Firstly, for an entrepreneur to benefit, he or she must register on the Business, Innovation and Growth (BIG) platform and must receive training. You must tell us areas you are having challenge  so that when you go back to your business your profitability will increase. Everybody has equal opportunity. The ultimate goal is to create employment opportunities for Nigerians,” he said.

Also speaking on the initiative, a senior official of theHenshew Capital Partners, Barbara James, said the facility was one of the many interventions that had been proposed.

She decried the low number of private equity firms in Nigeria when compared with countries such as South Africa, Brazil and Malaysia.

“In these countries, they have over 100 private equity firms operating in the SME sector, in larger companies, in aviation and so many other sectors. But in Nigeria, we have just very few. So, we need to facilitate and activate more managers of such funds to come up so as to support SMEs and other sectors of the economy,” she said.

GEM project targets 100,000 jobs

Project Coordinator, Growth and Employment Project, Mr Sani Labaran, has said the venture was aimed at creating about 100,000 jobs upon completion.

Labaran made the disclosure while speaking with newsmen on the sidelines of the GEM Equity Window Launch on Tuesday in Lagos.

According to him, the project is open to every Small and Medium Scale Entrepreneur without discrimination.
“Everybody has equal opportunity,” Labaran said.

He explained that the ultimate aim of the project was to ensure the growth of the economy beyond oil.

The coordinator said that interested investors should register on the Business, Innovation and Growth platform to qualify for the equity financing through the GEM project.

He added that SMEs must first be registered with the Corporate Affairs Commission to be eligible.

Labaran said, “It became effective in July 2013. It is a five-year programme.

“But what we are saying is that whoever we support in the next few years should become effective in whatever business he is doing.

“Whoever we support must be able to stand on his or her own. The GEM project has a life span that will expire by September 2018.

“If the objective of the project is achieved, we can ask the government to create more projects that will be financed by the World Bank.”

He advised SMEs to leverage on the opportunities created by the performance and equity grant segments of the project.

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Port Harcourt Refinery Stays Active: NNPC Denounces Sabotage Rumors

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Port Harcourt Refinery Stays Active: NNPC Denounces Sabotage Rumors

NNPC Debunks Shutdown Rumors, Confirms Port Harcourt Refinery Fully Operational

 

The Nigerian National Petroleum Company Limited (NNPC Ltd) has dismissed reports circulating in certain media outlets claiming that the Old Port Harcourt Refinery, which was re-streamed two months ago, has been shut down.

In a statement released by Olufemi O. Soneye, the Chief Corporate Communications Officer of NNPC Ltd, the company clarified that the refinery is fully operational. The statement noted that the facility’s operational status was recently verified by former Group Managing Directors of NNPC during a site inspection.

“Preparation for the day’s loading operation is currently ongoing,” the statement confirmed, emphasizing that allegations of the refinery’s shutdown are baseless and intended to create panic or artificial scarcity in the fuel market.

NNPC Ltd urged members of the public to disregard such misleading reports, labeling them as the work of those seeking to exploit Nigerians.

The Old Port Harcourt Refinery has been in operation since its re-streaming, and the company remains committed to ensuring stability in the supply of petroleum products across the country.

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Nigerian Banks Donate Multimillion Naira Relief Materials to Jigawa Flood Victims

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Nigerian Banks Donate Multimillion Naira Relief Materials to Jigawa Flood Victims

In a show of solidarity, the Committee of Banks in Nigeria has extended a helping hand to victims of the September 2024 floods in Jigawa State. On Thursday, a high-profile delegation led by Dr. Oliver Alawuba, Chairman of the Committee and Group Managing Director/Chief Executive Officer of United Bank for Africa Plc (UBA), visited Dutse, the state capital, to present relief materials to the state government.
The donated items, worth several million Naira, included essential food supplies such as rice and cooking oil, along with mattresses and beverages. Dr. Alawuba highlighted that the gesture aimed to alleviate the hardship faced by flood victims and support critical institutions, especially public hospitals, in their efforts to assist those affected.
“We stand in solidarity with the people and government of Jigawa State during this difficult time. This donation is our way of expressing empathy and supporting those who have lost loved ones, properties, and livelihoods,” Dr. Alawuba stated.
The delegation included notable banking leaders such as Mr. Roosevelt Ogbonna of Access Bank Plc, Dame (Dr.) Adaora Umeoji of Zenith Bank Plc, and Dr. (Mrs.) Nneka Onyeali-Ikpe of Fidelity Bank Plc, among others. Their collective presence underscored the banking sector’s commitment to corporate social responsibility and national development.
Governor Malam Umar A. Namadi expressed profound gratitude for the donation, describing the visit as a rare and commendable act of compassion. He assured the delegation that the relief materials would be judiciously distributed to the intended beneficiaries, emphasizing the importance of partnerships in rebuilding lives and communities.
The Committee of Banks also reiterated their commitment to supporting Nigerians during emergencies, drawing attention to previous interventions, including relief efforts during the 2011 and 2013 floods, the COVID-19 pandemic, and security initiatives like the Lagos State Security Trust Fund.
This humanitarian gesture reflects the collective resolve of Nigeria’s financial institutions to foster social and economic growth, making a meaningful impact in times of need.
Nigerian Banks Donate Multimillion Naira Relief Materials to Jigawa Flood Victims

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Polaris Bank Clinches SERAS Award for Excellence in Sustainability and CSR

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Polaris Bank Clinches SERAS Award for Excellence in Sustainability and CSR

Polaris Bank Clinches SERAS Award for Excellence in Sustainability and CSR

Polaris Bank has once again cemented its position as a leader in corporate social responsibility (CSR) by winning the prestigious Sustainability, Enterprise, and Responsibility Awards (SERAS), Africa’s foremost recognition for impactful community and sustainability initiatives.

The bank was honored at the 18th edition of the SERAS Awards, held at the Oriental Hotel in Lagos, for its unwavering dedication to sustainable development and critical community interventions across Nigeria. The organizers commended Polaris Bank for its consistent efforts to improve lives and foster growth in underserved areas.

Polaris Bank Clinches SERAS Award for Excellence in Sustainability and CSR

 

The SERAS Awards, often regarded as the gold standard in sustainability and CSR, celebrate organizations that drive innovation and create lasting societal and environmental benefits. Polaris Bank stood out this year for its extensive portfolio of impactful projects, earning the “Best in Rural Population Integration” award.

Some of the bank’s notable initiatives include:

Sponsoring the planting of 2,000 economic trees in communities like Ajingi, Kano State.
Renovating the Ibeju-Lekki Skill Acquisition Centre and donating essential equipment.
Installing boreholes in underserved rural areas to provide clean water access.
Supporting over 15,000 indigent students in public schools with educational resources, including uniforms, sandals, and books.
Providing free breast cancer screenings to 20,000 women over a decade and supporting survivors through retreats.
Establishing hospitals and rehabilitation centers for victims of sexual violence and vocational centers for women.
Donating ICT labs to skill acquisition centers and promoting financial literacy among students.
Organizing medical outreach programs and aiding Internally Displaced Persons (IDPs).
These initiatives have not only improved living conditions but also reduced rural-to-urban migration by making communities more self-reliant and livable.

Rebuilding Community Resilience
Polaris Bank recently demonstrated its commitment to resilience by rebuilding its Sagamu branch, which was destroyed during the cash crunch riots following the Naira redesign policy. The bank fully reconstructed and re-equipped the branch, restoring critical banking services and supporting economic recovery in the community.

Commitment to Sustainability
Speaking on the award, Polaris Bank’s Managing Director, Kayode Lawal, emphasized the institution’s dedication to sustainability. “This recognition underscores our deliberate efforts to drive impactful socio-economic interventions and address the effects of climate change on our environment, economy, and people,” he said.

Lawal reiterated that for Polaris Bank, sustainability is not just a destination but a continuous journey of creating positive change.

Celebrating Africa’s Sustainability Leaders
The SERAS Awards brought together policymakers, business leaders, and global sustainability experts to celebrate organizations shaping Africa’s future through innovative solutions. Attendees used the event to connect with like-minded professionals and reaffirm a shared vision of lasting positive change across the continent.

As a trailblazer in sustainability and CSR, Polaris Bank remains steadfast in its mission to uplift communities, foster economic growth, and champion solutions to pressing societal challenges.

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