metro
Ogun gets first non-interest microfinance bank
Ogun gets first non-interest microfinance bank
Hayat Trust Non – Interest Microfinance Bank Limited, the first Islamic non–interest microfinance bank in the country has opened a branch along Folagbade – Ibadan road banking hub of Ijebu Ode, Ogun State, saying it is poised to provide inclusive financial services to small and medium scale entrepreneurs.
Mr Adebanjo Olamiji of Leadfort Insurance Brokers who announced this while giving the firm’s goodwill message said he would also personally open an account with Trust Non – Interest Microfinance Bank.
However, a lecturer at the University of Lagos, Prof. Tajudeen Yusuf, has decried the exclusion of no fewer than 60 percent of the Nigerian population from access to credit facilities from the country’s conventional financial system.
Prof Yusuf said no country can develop when a significant percentage of its population is financially excluded as is the case in Nigeria, saying the situation has brought about stunted economic growth and development.
Speaking at the official opening of the Al- Hayat Trust Non –interest Microfinance Bank owned by Al-Hayat Relief Foundation in Ijebu –Ode, Ogun state tagged; “ The roles of islamic Microfinance bank in the society,” Yusuf explained that part of significant roles of Islamic Microfinance banks system is financial inclusion aimed at providing financial services to those who are traditionally excluded from the formal financial sector, particularly the poor, rural populations, and small entrepreneurs.
By offering Sharia-compliant financial products such as Qard al-Hassan (benevolent loan), Murabaha (cost-plus financing), and Musharaka (partnership), these banks ensure that individuals from all socio-economic backgrounds have access to financial resources.
The professor of Risk Management and Insurance noted that One of the primary objectives of Islamic microfinance is poverty alleviation by way of providing small-scale financing to entrepreneurs and small businesses, Islamic microfinance banks empower individuals to generate income, create employment opportunities and improve their standard of living.
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He stressed the need for concerted effort for more SMEs to grow so as to boost the nation’s Gross Domestic Products and reduce unemployment in the society.
“As it is happening in the banking sector, the same is happening in the insurance sector, Capital Market as well as asset management because of its inclusiveness.”
According to him, “Islamic microfinance banks play a significant role in society, particularly in regions where conventional banking services are not readily accessible or where there is a large Muslim population seeking Sharia-compliant financial services. Here are some of the key roles and contributions of Islamic microfinance banks.”
Noting that part of its roles is Promotion of Ethical and Socially Responsible, Support for Small and Medium Enterprises (SMEs], Risk-sharing and Profit-sharing, community Development as well as empowerment of women in the society.
He further stated that because of its inclusive nature and what Islamic banking stands for, the World Bank cannot close its eyes for its developmental progress.
He noted that King Charles of the United Kingdom is also advocating that the United Kingdom to be the epicentre of Islamic finance in the world because of the pivotal institutions that have played in boosting the economy of each nation.
The don pointed out that most of the conventional banks are also seeking license of Islamic zero free interest rate because they know that Islamic zero interest banking will soon take over the banking sector.
He said the World Bank recognises and patronizes the Islamic banking system while noting the active participation of developed countries such as Britain, Japan, and the US.
Speaking earlier at the event, the president of the foundation, Dr. Asif Olatubosun Azeez emphasized the pivotal role played by Hayat Trust Non-Interest Microfinance Bank in fostering community development, and contributing to socioeconomic stability in Nigeria.
He revealed that the conventional license was obtained when all attempts to secure a full-fledged Non-Interest Microfinance Bank license proved unsuccessful.
The chief lecturer at Sikiru Adetona College of Education, Science and Technology, Ogun State, noted that Al-Hayat Microfinance Bank for the period its operated before securing a full- fledged non –interest microfinance has Customer base grew to 34,066 and has also disbursed 3.9 billion to 17,085 customers while the total assets of the bank grew from 81.4million to 507.7million as well as increased in shareholders from 30 million to 74.4million.
Ogun gets first non-interest microfinance bank
metro
Suspected IPOB members kill two soldiers in Imo
Suspected IPOB members kill two soldiers in Imo
The Nigerian Army has confirmed the death of two soldiers and the theft of their weapons by operatives of the Eastern Security Network (ESN), the militant arm of the Indigenous People of Biafra (IPOB).
IPOB is a separatist group advocating for the creation of the Republic of Biafra, citing longstanding grievances over the marginalization of Nigeria’s South-East region since the Biafra-Nigeria civil war.
In a statement released on Saturday, the Nigerian Army explained that the incident occurred in Osina, Ideator North Local Government Area of Imo State, when troops from the 34 Artillery Brigade, returning from a routine patrol, responded to an emergency call about an attack on Osina Community by IPOB/ESN forces.
The statement revealed that upon arrival, the troops engaged the “terrorists” with overwhelming firepower, resulting in casualties among the attackers. However, the Army did not provide specific numbers, only noting that the “dissidents” eventually withdrew in disarray.
“Unfortunately, two security agents had been killed in action and one other missing in action, with their weapons—a AK-47 rifle and a tear gas launcher—being seized by the terrorists,” the statement said.
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The Army confirmed that the bodies of the fallen soldiers had been recovered, and the troops pursued the fleeing militants.
“Contact was again made with the criminal IPOB/ESN elements at Nkwachi Community, and in the firefight that ensued, one of the dissidents was neutralized while others, unable to withstand the troop’s firepower, retreated into the nearby forest. One AK-47 rifle with a fully loaded magazine was recovered, ” the statement said, adding that the troops continued their pursuit into Umalouma forest, where another intense exchange of fire took place.
“The dissidents eventually abandoned their weapons due to the troops’ superior firepower and scattered into the dense forest with severe gunshot wounds. An additional four AK-47 rifles, one Fabrique Nationale rifle, and two magazines were recovered,” the statement added.
The Army assured the public that operations would continue, with efforts to track down and eliminate the remaining criminals. “Further exploitation is ongoing as troops continue to track down the injured terrorists and flush them out of their hideouts and treatment locations,” the statement stated. “We urge all IPOB/ESN elements and other criminals hiding in the bushes to surrender to the nearest troops or face defeat, as the Brigade will ensure that the people of Imo celebrate the Yuletide season in peace, free from fear or intimidation.”
The Nigerian Army also called on the people of Imo State to continue providing timely intelligence to assist in the fight against criminal elements and help rid the state of lawlessness.
Suspected IPOB members kill two soldiers in Imo
metro
13 passengers burnt to death in Ondo auto crash
13 passengers burnt to death in Ondo auto crash
The Federal Road Safety Corps, Ondo State Sector Command, says no fewer than 13 people were burnt to death along Ikare-Akoko/ Owo Road on Saturday in the state.
Dr Samuel Ibitoye, FRSC State Sector Commander made this known in a statement made available to the News Agency of Nigeria on Saturday in Akure.
“FRSC regrets to inform the public about a road traffic crash that occurred today 28 December, 2024 at Abule Panu before Ose Bridge, on Owo-Ikare highway, Ondo State.
“The fatal crash which occurred at about 10:14 AM claimed 13 lives of commuters in two buses.
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“A total of 14 people were involved, out of which 13 were burnt beyond recognition, while only one was rescued alive with serious injuries.
“Eyewitness account indicates that the bus coming from Ikare axis had a tyre burst which led to loss of control.
“This was resultant in a head-on collision with the bus loaded with fabric coming from Owo axis.
“Immediately after the collision, the two buses went up in flames. The men of FRSC, Police and Fire Service were swiftly at the crash scene for rescue,” he said.
The FRSC boss said that the injured victim was taken to Federal Medical Centre, Owo, while the deceased were deposited at the morgue of the same hospital.
He, therefore, advised drivers to exercise patience on the roads and passionately maintain their vehicles.
“Passengers are also encouraged to speak out against dangerous driving because road safety is a concern of all,” Ibitoye said.
13 passengers burnt to death in Ondo auto crash
NAN
metro
NDDC empowers Niger Delta young entrepreneurs with N30bn
NDDC empowers Niger Delta young entrepreneurs with N30bn
The Niger Delta Development Commission (NDDC) has pledged to galvanise the Niger Delta Chambers of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA) by releasing N30 billion counterpart fund for the development of young entrepreneurs.
The NDDC Managing Director, Dr Samuel Ogbuku who disclosed this in Port Harcourt, restated the Commission’s commitment to empowering the people of the region through economic programmes.
He highlighted the NDCCITMA’s role in training youths, supporting SMEs, and designing industry-friendly skill development programmes.
He said, “We are providing N30 billion to fund projects and support businesses to ensure the sustainability of our youth development initiatives.
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“We will release the matching funds so the entrepreneurs can access them to boost their businesses. In our 2024 budget, we have provision for N30 billion which we are to use as matching funds for the chamber of commerce. We are working towards releasing this fund so that the chamber of commerce can start work in earnest.
“The Niger Delta Chamber of Commerce will strengthen young entrepreneurs in the region. It is no longer acceptable for our youths to be contented with receiving stipends while at home doing nothing.
Ogbuku remarked that the Commission was collaborating with the Bank of Industry, BOI, to ensure the success of NDDC’s youth development programmes.
“The current NDDC Board and Management choose to look at sustainable options in designing youth programmes. In the past, we did a lot in supporting entrepreneurs in the Niger Delta but these activities were not properly documented and backed with verifiable data.
“Our new strategy is to support genuine entrepreneurs rather than people who are just portfolio entrepreneurs because we know that the government alone cannot employ everybody. Many university graduates are coming out, and the government cannot employ all of them. However, we can empower them by creating an environment where they can engage other persons to expand their businesses.”
NDDC empowers Niger Delta young entrepreneurs with N30bn
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