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NELFUND Launches Pilot Phase Of Nigeria’s Student Loan Scheme

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The pilot phase of Nigeria’s student loan scheme has gone live with federal tertiary institutions as beneficiaries.

Recall Nigeria’s President, Asiwaju Bola Ahmed Tinubu, enacted an initial version of the student loan policy in June 2023 to grant interest-free loans to students.

The plan was supposed to go into effect in October 2023, however execution was continuously postponed until it was reenacted in April 2024.

May 24 is the day that NELFUND has set aside for the launch of the loan application and issuing portal.

Only federal tertiary institutions would be eligible for the scheme’s pilot phase, according to NELFUND during pre-application sensitization.

On May 24, the programme went online at 0:00, and the fund encouraged federal universities, polytechnics, and colleges students to apply.

Earlier, NELFUND confirmed that loans to state-owned institutions will be provided as part of the scheme’s second rollout, which will be notified when it is due.

In an FAQ published via its social media page, NEFUND said only students of public tertiary institutions are eligible to apply for the loan.

It said they must submit proof of admission capturing their name, birth date, JAMB number, matriculation number, and BVN.

The fund said all new and existing students within the institutions can enter for the loan, conditionally including direct entry candidates.

It said how much loan every student is allowed to apply for would be determined by the charges of their respective institution.

“The charges will be remitted directly to the institutions and the upkeep will be paid to the applicant on a monthly instalment,” it said.

“Applicants will receive a notification and the status of the loan application can be seen in the applicant’s profile on the portal.”

NELFUND said a beneficiary must begin repayment two years after their youth service as long as they have a job or are self-employed.

It said a beneficiary should notify NELFUND by court affidavit every three months after this due date if still unable to gain employment.

“Ten percent of a beneficiary’s salary will be deducted at source. Self-employed beneficiaries are to remit 10% of monthly profits,” it said.

“You are at liberty to seek to repay beyond the statutory 10% monthly repayment by your employers/by self if you are self-employed.

The fund said an applicant would be denied a loan if proven to have defaulted on any previous loan granted by any licensed financial institution if found guilty of submitting fake documents, and if dismissed for exam malpractices by any school authority.

It said they may be disqualified if convicted of fraud, forgery, drug offences, cultism, felony, and any offence involving dishonesty.

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56-Yr-Old Dallas Pastor sentenced To 35 Years Imprisonment For Stealing Over $300,000 Properties From 3 Churches

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A Dallas, US, pastor has been sentenced to 35 years in prison after he was convicted of stealing property from three churches by filing fraudulent deeds.

Whitney Foster, 56, was found guilty by a jury of stealing goods worth at least $300,000, according to a news release from Dallas County Criminal District Attorney John Creuzot.

According to investigators, the total worth of the pilfered properties approached $800,000. According to Creuzot, “stealing real estate is an extremely serious and damaging crime.”

“It’s worse than the theft of someone’s vehicle or other possessions. When someone steals property, we must hold them accountable because they are hurting people.” Foster was the pastor of a small congregation that did not have a physical place to gather.

He stole church buildings and land by filing fraudulent deeds that listed fake leadership for the victim churches as the grantors and naming his church as the grantee, according to the district attorney’s office. The churches from which Foster stole were First Christian Church of Lancaster and two in Dallas — Canada Drive Christian Church and Church at Nineveh, authorities said.

Two of properties are still listed under the defendant’s name or his church’s name, and his congregation has been gathering at one of them, Creuzot said.

The third church property “remains embroiled in legal complications caused by Foster’s actions,” according to the news release.

Prosecutors also presented the jury with evidence of seven additional fraudulent deeds.

Homeowners in many Texas counties can register their property for a deed fraud alert service, which will send an alert via email whenever a document is filed on your property.

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Ecobank’s “Adire Lagos” Opens With Over 100 Exhibitors

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The annual Ecobank “Adire Lagos” exhibition took off yesterday  with over 100 exhibitors showcasing their wares.

Originating from Abeokuta in Southwestern Nigeria, Adire textile is an indigenous indigo-dyed cloth made by using different wax-resistant methods to create dazzling designs. The four-day Adire exhibition, returning for the third year in a row, is to promote culture, tourism, micro, small and medium enterprises (MSMEs) and enable them benefit from the African Continental Free Trade Area (AfCFTA). Some of the international exhibitors at the fair include Adire Oodua, Tampoori, Jide Batik, Janae, Asologe and host of others.

The 4-day fair which ends on Monday  is  at the Ecobank Pan African Centre (EPAC),  complex located in Victoria Island, Lagos,  is set to witness  influx of topflight exhibitors, government functionaries, culture enthusiasts, social media influencers, artistes, local and foreign tourists, traditional rulers, and members of the diplomatic community. It provides an exceptional opportunity to network with entrepreneurs, shoppers, and everyone in the business of Adire.

Addressing journalists at the opening ceremony, the Executive Director, Commercial Banking, Ecobank Nigeria, Kola Adeleke said the exhibition is part of the efforts of the bank to support the creative industry in the country, adding that it was also to promote micro, small and medium enterprises (MSMEs) and help them benefit from the African Continental Free Trade Area (AfCFTA).

According to him, “As you all know, we are part of a Pan African bank which operates in 33 countries of Africa. We always look out to support various initiatives on the continent and this adire exhibition fits into the scheme. As you can see, today, we have over 100 merchants who are being given the opportunity to showcase their adire products. This is the biggest that we’ve ever seen. It is an international exhibition. We want to support them all the way, train them and make them international brands with indigenous backgrounds. We want to ensure they are able to export their locally-created products across the continent. This is also one way to support the Nigerian economy.”

Exhibitors and attendees alike were enthusiastic and full of commendation for Ecobank. Ecobank Nigeria, a key driver of tourism, culture and the creative industries in Nigeria, recently hosted the +234Art, a 10-day art fair dedicated to nurturing and uplifting the burgeoning art industry in Nigeria. The fair provided a platform to support emerging artists and encourage increased interest in art acquisition; the bank organised the Photography, Art, and Design Exhibition (PADE) to commemorate World Photography Day in 2022; the bank also partnered “Songs & Stories” With Cobhams Asuquo;  Redbull Dance Your Style; BellaNaija Style Summit and Loosing Daylight (An exhibition of the history of Nollywood organised by Nse Ikpe-Etim)

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Guinness Nigeria Debunks Exit News, Reaffirms Commitment To Operations And Growth

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Guinness Nigeria Plc wishes to correct the recent speculations and false/malicious misinformation alleging a plan to exit from the Nigerian market. Contrary to rumors being peddled on various media platforms, Guinness Nigeria remains firmly committed to its operations in Nigeria and is poised for a new phase of growth and innovation.

Since commencing operations in April 1950, Guinness Nigeria boasts of a proud and eventful 74-year legacy intricately woven into Nigeria’s cultural and economic fabric. Our unwavering commitment to Nigeria is evident in the substantial investments in infrastructure, employment, backward integration and our community development and social responsibility initiatives. The recent announcement of the partnership between Diageo and Tolaram Group further reinforces unequivocally that Guinness Nigeria remains committed to Nigeria and has no intention of exiting the dynamic Nigerian market. Our business will continue strongly, and no jobs or factories will be adversely affected as a result of this new partnership.

Under the partnership announced, Tolaram Group will acquire a 58.02% majority stake in Guinness Nigeria, enabling us to harness and leverage Tolaram Group’s extensive expertise in manufacturing and distribution. Importantly, Guinness Nigeria will retain its status as a listed company on the Nigerian Stock Exchange, maintaining its prime status in the Nigerian beverage industry. Diageo’s establishment of a wholly-owned international premium spirits company in Nigeria is also a noteworthy demonstration of its continuing dedication to sustaining its operations across West and Central Africa, with Nigeria as a pivotal operational hub.

Under a long-term license and royalty arrangement, Guinness Nigeria will continue to produce and sell all our iconic brands including Guinness FES and Smooth, Smirnoff Ice, Orijin Bitters, and Malta Guinness as well as Diageo MSS brands like Smirnoff X1, Gordon’s Moringa and Captain Morgan Gold Rum, ensuring our esteemed consumers nationwide continue to enjoy their favorite beverages.

We are excited to embark on this new chapter of growth and development in Nigeria.

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