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Heritage Bank

The Central Bank of Nigeria (CBN), Heritage Bank Plc, Nigeria’s most innovative banking services provider and The National Youth Service Corps (NYSC) have disbursed a whopping sum of N774million to 310 beneficiaries under the Youth Innovative Entrepreneurship Development Programme (YIEDP).

Speaking at the flag-off ceremony for the disbursement of funds to young entrepreneurs under the YIEDP, on Thursday, the CBN Governor, Mr. Godwin Emefiele, commended Heritage Bank for its painstaking effort to buy into the vision of job creation and piloting the programme to a successful stage.

The governor, who was represented by the Deputy Governor, Corporate Services, Alhaji Suleiman Barau, said the CBN in partnership with Heritage Bank and NYSC instituted the programme to reduce the alarming rate of unemployment affecting over 16 million unemployed youths in Nigeria, adding that the access to credit via this platform would be a powerful instrument to grow businesses and the economy.

He noted that the YIEDP was part of the plan by the CBN and the Federal Government to create over one million direct jobs by 2020.

Emefiele, who affirmed that the programme would have a multiplier effect on job creation and economy, urged all the beneficiaries to make judicious use of the fund.

He added that the YIEDP has the potential of becoming the stimulus for job and wealth creation, growth and economic development through improved access to finance for young entrepreneurs.

He also assured the business community that the CBN would continue to provide enabling environment, devise ways and means to grow the real sector towards a self-reliant economy.

Speaking in the same vein, Managing Director, Heritage Bank Plc, Mr. Ifie Sekibo, stated that the beneficiaries would get the fund as soon as certain concerns raised by the beneficiaries regarding the conditions for the loans are addressed.

According to Sekibo, who was represented by Group Executive Director, Lagos /South-West Corporate and Banking of Heritage Bank, Mrs. Mary Akpobome, a proper process of disbursement would be done to the benefit and happiness of all parties.

He said, “They will get the money as soon as all those issues they raised are addressed. The money is available. They have been disbursed. CBN has disbursed to the bans. It is now about sorting out whatever the challenges are, and then the funds are now made available.”

Commenting on the process, Sekibo stated that the target was for 1,000 beneficiaries, adding that the initial applicants were 4,000, while there are presently 7,000 applicants waiting.

He said, “We are optimistic that by the time we are done with the initial 1,000, and we go back, we would be able to accommodate as many as are qualified as possible, and obviously expand the amount of money that is needed to do that.”

The MD disclosed that Heritage Bank leveraged on its robust electronic platform in order to ensure a seamless and successful disbursement of the YIEDP funds.

Also speaking, Director-General of the NYSC, Brigadier-General Sule Kazaure, said the YEDP was introduced in March 2016, with the aim of funding the business plans of corps members so as to encourage and motivate others to imbibe the culture of entrepreneurship.

He further stated that the programme was also designed to facilitate access to other funding agencies and sources of support to corps members, while also making it possible for corps members to access Micro, Small and Medium Enterprises, MSMES, funds from the CBN through Heritage Bank and other banks wishing to join in the programme.

He urged the beneficiaries of the programme to remain focused, while also ensuring that the loans are paid back to make for extension of the same facilities to other corps members

BIG STORY

Nigeria @ 60: Zenith Bank To Reward Customers With Millions In ‘Zenith Beta Life Special Independence Giveaway Promo’ [Details Attached]

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Zenith Bank Plc, Nigeria’s leading financial institution, is celebrating Nigeria’s 60 years Independence anniversary in a big way.

The apex bank is set to commemorate Nigeria’s 60th Independence anniversary with giving away gifts worth N500,000 to one lucky winner and the sum N100,000 to 10 lucky winners.

The Zenith Beta Life Promo draws will take place on October 2nd and 9th, 2020.

For more information, visit www.zenithbank.com/betalife

 

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Tony Elumelu Named In ‘TIME 100’ List Of The 100 Most Influential People In The World 2020

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TIME has named Tony O. Elumelu, one of Africa’s leading investors and philanthropists, in the 2020 TIME100, the annual list of the 100 most influential people in the world.

The list, now in its seventeenth year, recognises the activism, innovation, and achievement of the world’s most influential individuals. Mr Elumelu, who is one of only four Africans on the 2020 list, is recognised for his track record of business turnaround and value creation, and economic empowerment of young Africans.

Tony Elumelu is the Founder and Chairman of Heirs Holdings, his family owned investment company, committed to improving lives and transforming Africa, through long-term investments in strategic sectors of the African economy, including financial services, hospitality, power, energy and healthcare. He is  the Chairman of top pan-African financial services group, the United Bank for Africa (UBA), which  operates in 20 countries in Africa, the United Kingdom, France, and is the only African bank with a commercial deposit taking licence in the United States. The bank provides corporate, commercial, SME and consumer banking services to more than 21 million customers globally.  Elumelu also chairs Nigeria’s largest quoted conglomerate, Transcorp,  whose subsidiaries include Transcorp Power, one of the leading generators of electricity in Nigeria and Transcorp Hotels Plc, Nigeria’s foremost hospitality brand.

Mr Elumelu is the most prominent champion of entrepreneurship in Africa. In 2010, he created The Tony Elumelu Foundation (TEF), the philanthropy empowering a new generation of African entrepreneurs, catalysing economic growth, driving poverty eradication and ensuring job creation across all 54 African countries. Since inception, the Foundation has funded just under 10,000 entrepreneurs and created a digital ecosystem of over one million as part of its ten year, US$100m commitment through the TEF Entrepreneurship Programme.  Self-funded, the Foundation is increasingly sharing its unique ability to identify, train, mentor and fund young entrepreneurs across Africa, with institutions such as the UNDP, the ICRC and leading European development agencies.

Heirs Holdings, which serves as a corporate role model for African businesses, and the Tony Elumelu Foundation will both celebrate 10 years of impact in November. Their mission continues to be inspired by Mr Elumelu’s economic philosophy of Africapitalism, which positions the private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the continent.

The full list of the 2020 TIME100 and tributes appear on time.com/time100.

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Despite BVN, NIN, FG Orders Nigerians To Re-Register Their Details Or Lose Access To Bank Accounts

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The Federal Government has ordered all account holders in the country’s financial institutions to register their details again.

The order was given despite the possession of the Bank Verification Number and the National Identification Number by account holders.

This new order was disclosed by the government on its Twitter account, @NigeriaGov, on Thursday.

It said, “This is to notify the general public that all account holders in financial institutions (banks, insurance companies, etc) are required to obtain, complete and submit self-certification forms to their respective financial institutions.

“Persons holding accounts in different financial institutions are required to complete and submit the form to each one of the institutions.

“The forms are required by the relevant financial institutions to carry out due diligence procedures in line with the Income Tax Regulations 2019.

“The self-certification form is in three categories: Form for the entity – for controlling person (individuals having controlling interest in a legal person, trustee, etc) – Form for the individual.

“Failure to comply with the requirement to administer or execute this form attracts sanctions, which may include monetary penalty or inability to operate the account.”

The government, however, did not give more explanation on this order.

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