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FG Begins Loan Disbursement Process For MSME, Manufacturing Sector [See Criteria/How To Apply]

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The federal government says it has confirmed the commencement of loan disbursement process for micro, small and medium enterprises (MSME) and manufacturing sectors.

The effort is meant to stimulate industrial development and economic progress, according to a statement released on Monday by the minister of trade, industry, and investment’s office.

The ministry claims that N75 billion has been set aside for MSMEs and the manufacturing industry, respectively.

“The Federal Government of Nigeria is proud to announce the operational launch of the MSME and Manufacturing segment under the prestigious Presidential 200 Billion Naira Intervention Fund,” the ministry said.

“With applications for the Presidential Conditional Grant Scheme now closed, we are excited to move forward with the loan disbursement process for the MSME and Manufacturing sectors, aimed at boosting economic growth and industrial development.

“This fund is strategically divided, dedicating 75 Billion Naira to MSMEs and another 75 Billion to the manufacturing sector.

“We are pleased to report that the initial disbursement to nano businesses has been met with success, and we are well on our way to supporting 1 million nano businesses throughout the country.

“Thousands of beneficiaries have already confirmed receipt with many more to come.

“We invite eligible enterprises to join this transformative initiative. To apply, please visit our official application portal at www.fedgrantandloan.gov.ng.

“Additionally, applicants seeking more detailed information should visit their local state Bank of Industry branch.”

CRITERIA FOR MSME LOANS UP TO N1M

  • ELIGIBILITY CRITERIA

Must be an existing business in operation for at least one year, or a registered start-up.

Provide CAC business registration documents.

Present the company’s bank statement for existing businesses or the chief promoter’s bank statement for start-ups.

Fulfil the required monthly turnover and comply with other requirements as specified by the bank.

  • SECURITY

Provide a personal guarantee of the promoter.

Agree to bank verification number (BVN) covenant.

Adhere to global standing instruction (GSI) and other securities as required by the bank.

  • REPAYMENT FREQUENCY

Monthly equal instalments with no moratorium, spanning a 3-year term.

  • CRITERIA FOR MANUFACTURER LOANS UP TO N1B

Asset financing comes with a 5-year repayment period, and working capital financing includes a 6-month moratorium on principal and interest, followed by a 12-month equal instalment repayment plan.

On April 16, FG commenced the disbursement process for the presidential conditional grant scheme to verified applicants.

President Bola Tinubu launched the scheme on October 17, 2023, to cushion the effects of the removal of petrol subsidy and other economic shocks.

BIG STORY

Alleged N110bn Fraud: Court Adjourns Yahaya Bello, Other’s Bail Ruling To December 10

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The Federal High Court in Abuja has adjourned to December 10 for a ruling on the bail application by the immediate past Governor of Kogi State, Yahaya Bello, and two others.

Bello had pleaded not guilty to the 16-count charges brought against them by the Economic and Financial Crimes Commission.

The former governor, along with Umar Oricha and Abdulsalami Hudu, are being prosecuted as the 1st to 3rd defendants, respectively, in a fresh N110bn 16-count charge instituted against them by the EFCC.

Bello, the 1st defendant, vehemently denied the allegations before Justice Maryanne Anenih as they were read out to them.

After taking their plea, the Defendant’s Counsel, Joseph Daudu, moved an application for bail.

However, the EFCC Counsel, Kemi Pinheiro, opposed the application, arguing that it had expired in October.

Clarifying the issue, the Defendant’s Counsel stated that the only relevant application before the Court was the motion for bail in respect of the first defendant, which was filed on November 22.

Relying on all the paragraphs of the affidavit, he added that the bail application was also supported with a written address.

Justice Anenih ordered that the defendants be remanded in the custody of the EFCC.

The EFCC had filed an N110bn alleged fraud suit against the former governor.

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BIG STORY

JUST IN: Court Remands Yahaya Bello In EFCC Custody Amid Alleged N110bn Fraud Case

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The Federal Capital Territory (FCT) High Court has remanded Yahaya Bello, former governor of Kogi, in the custody of the Economic and Financial Crimes Commission (EFCC).

Bello was arraigned on a 16-count charge related to alleged money laundering on Wednesday.

He pleaded not guilty to all the charges.

 

More to come…

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BIG STORY

First Phase Of 10,800-Bed Hostel In LASU Ready — Tokunbo Wahab

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The first phase of a 10,800-bed hostel project at the Lagos State University (LASU) is now ready for inauguration, according to Tokunbo Wahab, former special adviser to the governor on education.

Wahab, who is now commissioner for environment and water resources in Lagos, describes the project as ambitious and transformative.

“ It remains one of the most ambitious and transformative projects undertaken during my time as the Special Adviser to the Governor on Education,” he wrote on X.

“It was executed through a Public-Private Partnership (PPP) model under a Build-Operate-Transfer (BOT) arrangement which involves seven reputable investors.”

Wahab commended Babajide Sanwo-Olu, Lagos governor, for his leadership and continuous support.

“Proud of the work done here and to have been a part of this special one,” he added.

“Through the grace of God and the unwavering support and the dedication of the Lagos State Office of Public-Private Partnerships, the relentless efforts of the management staff of LASU, led by Vice Chancellor Prof. Ibiyemi Olatunji-Bello, and the cooperation of other key stakeholders, the first phase of this landmark project has now been completed.”

Wahab emphasized that the project showcases the state government’s commitment to leveraging public-private partnerships to address critical infrastructure needs in the education sector.

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