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AfDB Approves $9m Equity Investments For SMEs In Nigeria

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Minister-of-Agriculture-and-Rural-Development-Dr.-Akinwunmi-Adesina-360x270

The African Development Bank (AfDB) has approved a $9m equity investment in the Fund for Agricultural Finance in Nigeria (FAFIN) to provide expansion capital to agricultural small and medium-sized enterprises (SMEs), according to a statement issued by continental lender yesterday.

The statement said FAFIN is a first-generation private equity fund that provides financial, capacity-building and technical assistance to commercially viable SMEs in the Nigerian agribusiness sector.

It said FAFIN used a unique value chain-centric approach, a combination of equity, quasi-equity and convertible loan instruments to provide loan for SME s.

According to it, FAFIN implements its strategy and constructs its portfolio through a bifocal lens consisting of the twin objectives of competitive financial returns and measurable positive social impact.

The Fund is jointly sponsored by the German KfW Development Bank and the Government of Nigeria, through the Federal Ministry of Agriculture and Rural Development (FMARD).

The Fund Manager is Sahel Capital (Mauritius) Limited, a fund management firm incorporated in Mauritius in 2013.

The project is expected to deliver strong development outcomes from household benefits and employment through the creation of a large number of jobs and the provision of agricultural products.

It also said this would bring about positive gender and social effects through the implementation of out-grower schemes and supporting rural development and private sector development.

It said through alleviation of financial constraints faced by agribusinesses, this would enhance agricultural value chains.

“The project’s contribution to inclusive growth is expected to be significant, given the large numbers of jobs to be created and out-growers to be reached at the level of sub-projects,’’ the statement explained.

Its contribution to green growth is expected to be low, because the Fund targets the agribusiness sector with some expected negative effects on the environment.

The Fund’s primary focus will be on SMEs across the agricultural value chain with crop value chain and geographic diversification.

It aims at fixing broken value chains to increase efficiencies, reduce post-harvest loss, and increase smallholder farmer incomes and SME agribusiness profitability.

Investment instruments will be primarily quasi-equity (convertible bonds, preference shares and structured royalties) and direct equity. The ticket size ranges from $500, 000 to $5 million.

The Fund is aligned with the Bank’s Ten Year Strategy focusing on inclusive growth, strengthening agriculture and food security, and access to local SME finance.

It added that this encapsulated in the Bank’ High Five Development Agenda for Africa, specifically Feed Africa and Industrialise Africa.

It is also in line with the Bank’s Strategy for Agricultural Transformation in Africa (2016-2025), Strategy on Jobs for Youth in Africa (2016-2025).

Others are the Bank’s Country Strategy Paper for Nigeria (2013-2017), which supports an enabling environment for agriculture.

Source: The Nation

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Don’t Allow Conspiracy Theorists Undermine Lagos Security, Sanwo-Olu Tells Residents

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Don’t Allow Conspiracy Theorists Undermine Lagos Security, Sanwo-Olu Tells Residents

Babajide Sanwo-Olu

Governor of Lagos State, Babajide Sanwo-Olu has urged the residents of the state not to allow conspiracy theorists and external forces destroy the wellbeing and security of the state.

He made this appeal on Tuesday during a stakeholders’ engagement, tagged, ‘Internal Security and Conflict Resolution in Lagos State.’

The meeting, which held at the Adeyemi Bero Auditorium, Alausa, was also attended by the Minister of Interior, Rauf Aregbesola; Minister of Police Affairs, Maigari Dingyadi; human rights lawyer, Femi Falana, among others.

Also Read: BREAKING: Sanwo-Olu Appoints Olaleye As LASPOTECH Rector

“We have to reignite the communication link between government and the people so that fifth columnists or conspiracy theorists will not be able to infiltrate and spread disinformation and misinformation that would jeopardise the future of our country or the opportunities available for our youths to contribute to the greatness of our country,” the governor told the audience at the event.

He added, “The level of insecurity being experienced across the nation calls for serious concern, considering its implication not only on the socio-economic development and prosperity of our people but also on the unity and territorial integrity of our nation.

“The importance of an effective strategy for peaceful resolution of conflict cannot be overemphasised.”

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Buhari Commissions Oil Refinery To Process 5,000 Barrels A Day

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Buhari Commissions Oil Refinery To Process 5,000 Barrels A Day

Buhari

President Muhammadu Buhari on Tuesday inaugurated a medium-sized refinery in Ibigwe, Imo State.

The Ibigwe refinery will process 5,000 barrels a day, the president said on his Twitter account.

The president launched the refinery online and said work would begin on expanding the plant to produce 50,000 barrels a day.

Also Read: 2020 Finance Bill Exempts Minimum Wage Earners From Tax: Buhari

According to Waltersmith, the refinery has a crude oil storage capacity of 60,000 barrels and is expected to deliver about 271 million litres of refined petroleum products, including diesel, kerosene, heavy fuel oil (HFO), and naphtha, per annum to the domestic market and create both direct and indirect jobs particularly within host communities.

He wrote on Twitter:

 

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Court Revokes Faisal Maina’s Bail For Failure To Attend Trial

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Court Revokes Faisal Maina’s Bail For Failure To Attend Trial

Abdulrasheed Maina son, Faisal

The Federal High Court sitting in Abuja on Tuesday ordered the arrested of Faisal Maina, the son of Abdulrasheed Maina, for jumping bail in his trial on money laundering charges.

Justice Okon Abang who revoked Faisal’s bail ordered that his trial would continue in absentia pending when the security agencies would be able to arrest and produce him in court.

The judge also asked his surety, a member of the House of Representatives, Sani Umar Dangaladima, representing the Kaura-Namoda Federal Constituency of Zamfara State, to appear before the court to show cause why he should not forfeit the N60m bail bond which he signed for Faisal.

Also Read: Alleged Money Laundering: Court Orders Arrest Of Abdulrasheed Maina

At Failsal’s money-laundering trial resumption on Tuesday, the Economic and Financial Crimes Commission’s prosecution counsel, Mohammed Abubakar, told the court that Maina’s son and Hon. Dangaladima both failed to appear in court since June 24, 2020.

Abubakar, therefore, applied the revocation of his bail and his arrest citing section 184 of the Administration of Criminal Justice Act.

The prosecution also applied for the court to order his trial in absentia as provided by 352(4) of ACJA.

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