₦airaland Forum

CBN INTERVENTION FUNDS AND THE RESURRECTION OF THE BANKERS EQUITY FUND
Published on December 18, 2017 | Mazi Sam Ohuabunwa

In the last several years, the CBN has been very active, in playing an enviable developmental role in catalyzing the growth of the economy, and seems to be intensifying this role in recent times. One can not fail but appreciate the continuous effort of the CBN, some times in concert with the Federal Ministry of Finance to provide lump sums of money dedicated to several sectors of the economy at subsidized interest rates.

Because of the challenges of Nigeria's commercial banks, they have proven unable, incapable or unwilling to provide funding for the SME sector especially the manufacturing & Agric sub sectors or long term funds for infrastructural development and very often in recent history, the CBN has intervened.

There was the 235 Billion (originally 200 B) Naira CBN intervention fund for the Manufacturing refinancing and restructuring facilities of Bank's loans. The objectives were to fast track the development of the manufacturing sector of the economy by improving access to credit to manufacturers; to help improve the financial position of the DMBs, and to increase the output, generate employment, drive the revenue base and increase foreign exchange earnings for the industrial sector.

There was the 300 billion Naira CBN Power & Airline intervention fund( PAIF), which aimed to fast-track the development of the electric power projects, especially in the identified industrial clusters in the Country and fast tracking the development of the Aviation sector of the Nigerian economy.

There was the 220 Billion Naira, Micro, Small and Medium Enterprises development fund( MSMEDF), launched in August 2013 to enhance the access of MSMEs to financial services and to increase their productivity and capability to create wealth with focus on the Agricultural value chain, services, cottage industries, artisans and trading and commercial services. There have been the 200 billion fund for indigenous Pharmaceutical manufacturing companies; 100 billion Naira for Textile Industry Bail out; the 32 Billion Entertainment intervention fund; the 300 billion Hotel and Leisure sub sector funds.

Recently we now have the Commercial Agriculture credit guarantee scheme( CACS);Agricultural credit guarantee scheme fund( ACGSF); Nigerian Incentive- based Risk sharing system for Agricultural lending ( NIRSAL); Small, Medium Enterprise ( SME) Credit guarantee scheme( SMECGS); and the CBN Anchor Borrowers Program, all dedicated to unleashing the agricultural potentials of the Country. With this list, it can be seen by all that the CBN is very determined to end the perennial complaint from entrepreneurs and businessmen in Nigeria- Lack of access and affordability of funding. But certain questions and issues arise.

First is, how many of the targeted audience are aware of these beautiful interventions?. How are CBN and its partners-BOI and DMBs marketing these opportunities? Many operators in the SME sector claim ignorance. Second is, how many operators have applied and how many have been successful. Many SME operators claim that it is easier for a camel to pass through a needle's eye than for them to benefit from these laudable programs and facilities.

What is the overall impact of all these interventions? The CBN needs to provide regular update of who is getting what and what the impact is on the economy. Third question is , how many of these programs are still running? Many operators in the SME sector do not know which program is active and which one has been discontinued.

True the CBN has done well in establishing these schemes and funds, but they have not done well enough in monitoring and reporting success. I recommend that the same way they have asked MDBs to publish their utilization of the Forex bought from CBN weekly in National dailies, they need to demand same for the utilization or disbursement of funds from the several intervention funds.

We need to be assured that the stated objectives are being met and that the right people are accessing the facilities and benefitting from the concessions. All of us know that in Nigeria, the corrupt elite have perfected ways to grab every benefit and subvert the intended benefactors and at the end frustrate every good effort by government. CBN must stand up against this possibility. https://www./cbn-intervention-funds-resurrection-bankers-equity-fund-ohuabunwa

traeces:
Your assertion about Nigerians is to say the least both bogus and baseless. Without the right systems, creditors everywhere will always risk losing their money.

What we are saying is that it is unacceptable for BOI to arbitrarily approve loans it has no intention or capacity to disburse, collect 1% non refundable appraisal fee and go to sleep until the offer letter lapses. In 2012 when I got a loan from 1st bank, the day I received my offer letter was the day my account was credited. Why will BOI give an offer letter and fail to disburse 6 months afterwards?

Nigerians must demand probity and responsibility from BOI. It is after all our bank and our money. Those in the bank's employ aren't doing us any favor by doing the job they were employed to do.

Adaeze Udo Ekwueme: Last week I had the honour of presenting and leading a class discussion on my case study "Dangote Cement Plc: Crossing the Waters with Concrete Steps" during the globalisation module of the MSc in Major Programme Management at Said Business School, Oxford. Little known facts about Nigeria that surprised the cohort:

1. From 1960-1987, Nigeria had a higher GDP than China and India.
2. Nigerian tourists are the second highest spenders in the UK (number 1 is tourists from Gulf states and number 3 is Chinese tourists).

Unfortunately, the negative perception of Nigeria, means a lot of companies are ignoring the country as an investment destination, citing that Nigeria is not part of their expansion strategy, whereas some of those that have focused on Nigeria have grown to billion dollar companies, such as Dangote Cement and MTN. Too early to tel,l but I hope my lecture and case study can contribute to changing the narrative of the environment in Nigeria and Sub Saharan Africa, no matter how small a change. https://www.linkedin.com/in/adaeze-udo-ekwueme-5993b69/detail/recent-activity/shares/

ApexTitan:
I'm actually hoping to be made a Baron this year, too bad her majesty doesn't visit this site to see the fine work I'm doing here.

My aristocratic ambitions aside, readers like me are not fooled by posts that reek of an overblown sense of entitlement and failure in reasoning all the while posing as the cry of the oppressed.

I'll call out such disingenuousness wherever I see it and if pan-Africanists, who are always looking for a way to stick it to the UK, have a problem with this they can kiss my coat tail.

Innobee99:
Not my job

Receipts are meant to be signed from where u buy goods nah

Innobee99:
Pls i need a candid advise on how to deal with this situation at my work place.
I got this job August Last year after waiting for years after my NYSC. There is something going on here which is strictly against my believe and practice.
Some senior staff will come with receipts for me to sign. Receipts on goods and services that has not even taken place so that they can forward it to the headquarter for approval. How do i tell them its against my believe cuz i always feel that guilt after signing .
I need advise on how to go about it without offending anyone and without affecting my job.

bigsmoke2:
i doubt the crew would be able to handle life threatening asthma. Even with first aid training. It's a serious emergency that may sometimes even require ICU care if it fails to respond to medications.

Itulah:
I got a notification mail from Quora as usual, though I didn't find the question and subject of discuss interesting from the mail, I just reluctantly opened it.

See question below an American asked and the quality of answers he received from his fellow American.
Please read and be encouraged.

Question:
Whether people admit it or hide it, isn't Trump absolutely right that ordinary Americans are now sick of African, Mexican, and Indian immigrants migrating to the USA and stealing jobs from American citizens?

Source: https://www.quora.com/Whether-people-admit-it-or-hide-it-isnt-Trump-absolutely-right-that-ordinary-Americans-are-now-sick-of-African-Mexican-and-Indian-immigrants-migrating-to-the-USA-and-stealing-jobs-from-American-citizens/answer/John-Gallagher-9?share=8855b582&srid=uhek4

www.nairaland.com/attachments/6779315_screenshot20180304050554_jpeg15d49b5f0e110f02cca13ccd9def7bed

ApexTitan:
It's funny how everyone has forgotten all the UK bashing that went on in the early pages of this thread.

Comments like this that were explicit
The Uk is a complete waste of public space especially for african migrants if you ask me..

or the implied ones by many, even the OP (who is now claiming to perform a public service), that the UK somehow deceived them into studying there.

Many people also imagine that the only reason why one would go for a masters degree overseas is to relocate. That may be true to some extent but not completely. If it were the UK would not be the #2 top destination for international students.

Probz:
Look at this onye ala.

ItsMeAboki:
You are not only incorrigible but a hypocrite as well:

Incorrigible because even after referring you back to my post where I clearly included airports as restricted where grazing is prohibited (as also spelt out by the police spokesman in the quoted article) you still came back at me on the same issue as though you never read or understood my post.

A hypocrite because just after reminding me to stick to the subject matter; you immediately went off on a completely different tangent to address me on the unrelated issues of northern failed leadership, educational backwardness etc (issues that were in any case never in contention in any of my posts) - i.e. not practising what you were preaching.

For the sake of clarity, I had at the outset of this thread predicted how many of the so called educated lot would misinterpret/misunderstand the police spokesman's explanation in the said article (mainly due to bigotry and blind hatred); indeed I wasn't far from the truth as many, including yourself failed to prove me wrong - what a pity.

ItsMeAboki:
I see so many dumb arses criticising the police officer's statement without bothering reason and correctly interpret what he was saying:
The police will arrest only individuals who break existing laws; in the case of herdsmen only in states with anti open grazing laws or when they stray and graze their cattle in restricted areas - such as airports etc.

However, in practical terms the police has always been reluctant to enforce such controversial laws.

ItsMeAboki:
I often come across bigotry and insults from southerners here in NLand concerning how educationally backwards we in the north are; yet it is ironically becoming increasingly apparent that a lot of the so called educated are either intellectually lazy or lack basic comprehension - much in the same way as you have just displayed.

ItsMeAboki:
Lastly, your regional origins is of no interest to me; nor does it take away from the fact that southerners continue to take delight in maligning northerners as educationally backwards while many of them are ironically half baked or at best educated illiterates.

Shey you understand?

AutoReportNG:
If you live in Lagos especially in a place like Iyana Oworo, Ebute Metta that are closer to the Lagoon, you will understand Water Hyacinth and Debris means on the water. The Lagos State Government recently purchased a state of the art machine which removes debris and water hyacinth from the Lagos. Before the procurement of this machine, the Lagos state government have to employ the fishermen to remove the debris manually but the purchase of this equipment, it will make the work faster, easier and save more costs.

Source:
http://www.autoreportng.com/2018/02/lagos-state-government-purchase-state.html

Humphrizy:
Honey is used to treat Asthma.... All you. Need is a bottle of Nigella Sativa oil. And o RT original honey

Call up Dr Emmanuel for the Nigella sativa oil. And original honey

Telephone ☎ 08092151959

Generalhealth:
Complications of asthma
Although asthma can normally be kept under control, it’s still a serious condition that can cause a number of complications.

This is why it’s so important to follow your treatment plan and not ignore your symptoms if they’re getting worse.

Badly controlled asthma can cause issues such as:

persistent tiredness
underperformance or absence from work or school
psychological problems – including stress, anxiety and depression
disruption of your work and leisure because of unexpected visits to your doctor or hospital
lung infections (pneumonia)
in children, delays in growth or puberty

There’s also a risk of life-threatening complications, such as severe asthma attacks.

source: http://generalhealthinfo.com/2017/11/07/asthma-in-detail/

Famocious:
Nice write up..

Little addition.

For students that are asthmatic, please keep your inhaler either seritide or ventolin close to where is reachable when the attack comes up....I've seen a lady died of asthma because she was too breathless to reach her inhaler from the upper case of wardrobe where she kept it.
Babes, me your boyfriend know that you are asthmatic if you have one. He may be a life safer..
Bros/sis/dad/mum, ensure you have extra inhaler in your handbags, car saves , at home even in your office ...you never can tell when a stranger with pungent body spray/perfume will trigger an attack...

Cheers

ubox:
Funny enough this features are in place already in uyo

Aphrodite007:
Literally beating a dead horse!

As we have learned from our lesson from apparently not paying attention to the immigration laws, we should keep quiet and let others make the mistake right?

This is why your comment isn’t adding value dear.

If you like use a megaphone and complain about how we did not read the immigration laws (yes we did not read it, come and beat us!) it would not stop the wonderful effect this thread is having.

deomelllo:
Sounds like we are on the same side, you referenced Norway and I clearly articulated the geographical, safety and security reasons and impacts in Nigeria, sorry if my posts created the wrong impression

SoulSearching:
why does it bother you that akwa ibom can or should have tree lined streets and golf courses?

justwise:
I can only research and present the info here but the ability to comprehend is down to you.

Switching from tier 4 visa to 2 tier gives one the opportunity to remain without leaving the UK if successful and eventually a citizen after 5.

This is not hard to understand.

Categories in Tier 2 : Tier 2 Policy Guidance (Version 01/2018)
3. Tier 2 has 4 categories:
• General – if you have an offer of a skilled job that cannot be filled by a settled worker. This category includes applicants coming to the UK to fill shortage occupations.
• Intra-Company Transfer – if you are an existing employee of a multinational employer who needs to be transferred to their UK branch, for training purposes or to fill a specific vacancy that cannot be filled by a settled or EEA worker, either on a long term basis or for frequent short visits. You cannot use this route if you are an employee of an overseas employer that is not linked by common ownership or control to the UK branch.

There are 2 sub-categories of Intra-Company Transfer:
• Long Term Staff – if you have been working for your organisation for at least 12 months directly prior to your transfer and are being transferred to a skilled job in the UK to fill a post which cannot be filled by a settled worker. This is for a period of up to a maximum of 5 years. There are more flexible rules for high earners.
• Graduate Trainee – if you are a recent graduate recruit being transferred to a UK branch of your organisation for the purpose of training. (This route must not be used to fill long-term posts). You must be coming to the UK for a maximum period of 12 months as part of a structured graduate training programme with clearly defined progression towards a managerial or specialist role within your organisation.
• Sportsperson – if you are an elite sportsperson or coach whose employment will make a significant contribution to the development of your sport at the highest level in the UK.
• Minister of Religion – if you are a Minister of Religion undertaking preaching and pastoral work, Missionary, or Member of a Religious Order, and in each case are taking up employment or a post/role within your faith community in the UK.
4. You cannot apply under Tier 2 (General) or Tier 2 (Intra-Company Transfer) if you are applying for permission to work as a sportsperson or a Minister of Religion.

Eligibility

5. You must have a job offer, and a Certificate of Sponsorship from an organisation that is a licensed sponsor in the UK. You can only have a job offer if you will not be displacing a suitable settled worker. This means that employers cannot offer a job to a non-settled worker if it means that a suitable settled worker will be turned down for the job or made redundant.

6. The sponsor must meet the requirements for the category you are applying under, and accept certain responsibilities to help with immigration control. You must not own more than 10% of your sponsor’s shares if the sponsor is a limited company, unless you are applying under the Intra-Company Transfer category or your Certificate of Sponsorship shows you will earn £159,600 or more. https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/673762/Tier_2_Policy_Guidance_01_2018__2_.pdf

SoulSearching:
Tree lined streets in Akwa ibom . Great Idea!

deomelllo:
I responded to specific posts and argument of yours regardless what you are advocating or not advocating for.

justwise:
God! Dude please ask a 5yrs old around you to read and explain that link for you because you are helpless.

justwise:
Another lies from one of the uniformed.

See my attachment and the highlighted part

https://www.gov.uk/tier-2-general/switch-to-this-visa


This is my point..people can't read or bothered to research anything

deomelllo:
....and private entities site their HQs based on favorable factors needed to enhance their operations and safety and security of their staff members.

There is no law under the sun or within the Nigerian constitution that says oil companies must base their HQs here or there and if the AI government or even you feel so strongly that they must do so, sat your argument with the Lawmakers in Abuja to install such laws into our constitution. Yours is just a futile internet exercise.

Purehuman:
Station doesn't have the highest employee strength offshore.

https://www.statoil.com/etc/designs/statoil/images/page/logo.png
Fields and platforms:
As the largest operator on the Norwegian continental shelf, we operate over 40 assets in the North Sea, the Norwegian Sea and the Barents Sea, including fixed and floating installations. We’re the second-largest gas exporter to Europe and the world’s largest offshore operator.
https://www.statoil.com/en/what-we-do/fields-and-platforms.html

Delta007:
Fair enough. I think I get your point and I am not sure it contradicts the fact that these opportunities are very limited (relative to the number of foreign students).

deomelllo:
Just saying...

deomelllo:
...but you are ignoring the Nigerian context in favor of a foreign entity with different geographical, safety and security issues.

Are oil workers getting killed, kidnapped, amputated and slaughtered anywhere in Norway? I don't think so.

What they are doing in Norway is not a one size fits all prescription for the rest of the world.

Please, confine your argument and logic to Nigeria.

Purehuman:
No, you were throwing wrong information around. I was only correcting the information you threw.

Mofe72:
VAT is totally irrelevant. Even the last born in my family pays VAT.

Did I or did I not state that the oil companies remit to the FG?
You equally just stated it.
Please to which organization/body do the buyers of our crude oil exports make payments to?

Is it not the oil companies

I know it is done under supervision of the NNPC, but money still goes through the oil companies to the federal government.

Lol, I've had a good time with this banter.

Cheers

Purehuman:
Some of you will be coming online throwing figures here and there. Ordinary total has 98,000 employees from 150 countries. Stop thinking everyone believes big English.

Mynd44:
Me that I go around like this