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Reduce Interest Rate On Industrial Loans To 1% — Manufacturers To CBN

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Outgoing chairman of the Manufacturers Association of Nigeria (MAN) for Kwara and Kogi, Bioku Rahman, has urged the Central Bank of Nigeria (CBN) to lower the current interest rate on loans for MAN members.

He made this plea on Tuesday in Ilorin, Kwara state, during the association’s 10th annual general meeting (AGM), themed “Tackling the Challenges of the Manufacturing Sector: A Win-Win For Government and Local Manufacturers”.

This request comes after the CBN increased the monetary policy rate (MPR) to 26.75 percent from 26.25 percent on July 23.

In its second quarter (Q2) ’24 MAN CEO’s Confidence Index (MCCI),’ MAN said commercial banks charge an average maximum lending rate of 35 percent on loans to its members between April and June.

Speaking at the AGM, Rahman said the present “interest rates are killing businesses”.

“We therefore ask the federal government to urgently direct the CBN to drastically reduce interest rates on industrial loans,” he said.

“The CBN should also direct commercial banks to reduce interest rates on industrial loans.

“The interest rates charged on industrial loans and other loans released as COVID-19 palliatives should be significantly reduced further to one percent.”

Also, Rahman asked the CBN to waive conditions on foreign exchange (FX) policies for local manufacturers.

“Similarly, CBN can widen the window of foreign exchange to local industries, while urging the federal government to harmonise taxes and levies at federal, state and local government levels.”

He also urged the Bank of Industry (BOI) to approve and urgently roll out further reductions in its lending rates to industries.

Rahman added that a heavy-duty gas-energy generation and distribution plant was exclusively needed for Kwara industrialists.

On her part, Damilola Adelodun, Kwara state commissioner for Business, innovation and technology, said the government will continue to support the association to boost the state’s economy.

Adelodun, who represented AbdulRahman AbdulRazaq, governor of Kwara, reiterated the government’s resolve to create a conducive environment for the manufacturers in the state.

“The state has undertaken several key initiatives to support the manufacturing sector and overall economic development,” she said.

“The Urban Renewal Initiative is transforming the architectural landscape of Kwara to enhance its aesthetic appeal and functionality, making it a more attractive place for businesses and residents.

In his address, Francis Meshioye, president of MAN, described the relationship between the state government and manufacturers as cordial.

Meshioye also appealed to the state government to upgrade the infrastructure around the industrial estates.

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Two UK-based Nigerians Risk Life Jail After Rape Conviction

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Two Nigerians, Tosin Dada and Solomon Adebiyi, now face the possibility of life imprisonment for multiple rape charges after being convicted by a jury at the Northampton Crown Court in the United Kingdom.

It was gathered from Lawtons Solicitors, a UK-based law firm, and a feminist charity organisation, Rape Crisis (England & Wales), that under the UK’s Sexual Offences Act 2003, the maximum sentence for rape is life imprisonment.

It was earlier reported that the Northamptonshire Police announced the conviction of the two Nigerians on its official Facebook page on Monday.

The conviction of Dada and Adebiyi follows weeks after a Nigerian pilot, Olukayode Ojo, was found guilty in a Texas court in the United States for making false statements to obtain a certificate from the Federal Aviation Administration.

The Northamptonshire Police announced that the convicts, Dada and Adebiyi, had each been charged with three counts of rape related to a March 2022 incident, while claiming they had engaged in consensual sex with a 17-year-old girl.

However, the jury found these claims false, ruling against them and declaring both guilty.

“Tosin Dada, 34, previously of Knox Road, Wellingborough, and Solomon Adebiyi, 39, previously of Stanley Street, Northampton, were both charged with three counts of rape each in connection with the offence on March 12, 2022.

“Their nine-day trial at Northampton Crown Court ended last week with both men being found unanimously guilty by the jury on all charges after eight hours of deliberation.

“Both men were remanded into custody ahead of sentencing at Northampton Crown Court on October 25, 2024,” the police disclosed.

Lawtons noted that while the average prison sentence for rape ranges from four to 19 years, varying from case to case, there is no statutory minimum sentence for the crime.

“Generally, sentencing for rape convictions starts from four years imprisonment. This sentence would only be given for category three offences and it is also very rare to receive such a short sentence, given that the majority of rape convictions also include some degree of harm or culpability.

“The maximum sentence for rape is life imprisonment. However, when using the term ‘sentenced for life’, it does not mean that someone will spend their whole life in prison. Instead, someone who is given a life sentence usually spends 15 years in prison.

“In these cases, the offenders will spend the rest of their lives on a life licence. This means they would immediately be called back to prison if they were to commit another crime,” the law firm stated on its website.

Our correspondent also learnt that the possibility of the convicted Nigerians bagging life imprisonment for the crime was possible, as mentioned on the official Rape Crisis (England & Wales) website.

“Rape is defined as someone with a penis penetrating another person’s vagina, anus, or mouth without consent and carries a maximum sentence of life in prison,” the feminist charity organisation stated.

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JUST IN: Court Grants Bail To 10 #EndBadGovernance Protesters Arraigned For ‘Treason’

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A Federal High Court in Abuja has granted bail to 10 protesters associated with the #EndBadGovernance movement, who are standing trial for alleged treason.

The defendants, Michael Adaramoye, Adeyemi Abayomi, Suleiman Yakubu, Opaoluwa Simon, Angel Innocent, Buhari Lawal, Mosiu Sadiq, Bashir Bello, Nuradeen Khamis, and Abdulsalam Zubairu, were arraigned before Presiding Judge Emeka Nwite on September 2.

They pleaded not guilty to a six-count charge, including: treason, intent to destabilize Nigeria,conspiracy to commit felony, inciting mutiny.

These offenses are punishable under Section 97 of the Penal Code. Additional allegations include: attempting to start a war, intimidating the president, attacking and injuring police officers, burning police stations.

The defendants were also charged with torching the NCC complex in Kano, Kano Printing Press, Kano government house, and several other buildings.

Although the defendants had applied for bail through their different lawyers, Nwite ordered their remand in prison custody pending a ruling on the application on September 11.

Delivering the ruling on Wednesday, Nwite granted a N10 million bail to the defendants.

They are to produce one surety each in like sum. The sureties must have landed property in Abuja, produce documents of the properties, and submit them to court.

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Fufeyin: Bishops Lead Protest In Asaba, Say NAFDAC Don’t Have Right To Regulate Spiritual Products

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A group of protesters, led by seven bishops and comprising members of Christ MercyLand Deliverance Ministry, Abuja, and other Christian faiths, on Sunday, gathered at the National Agency for Food and Drug Administration and Control (NAFDAC) office in Asaba, Delta State.

Defying heavy rainfall, the protesters carried placards with various inscriptions, expressing solidarity with Senior Prophet Jeremiah Fufeyin and condemning alleged attacks by NAFDAC on his spiritual products.

The demonstrators urged NAFDAC to cease its alleged harassment of Prophet Fufeyin, emphasizing the importance of religious freedom and the value of his spiritual contributions.

Some of the placards read, “Spiritual products have spiritual backing, don’t need NAFDAC approval, When it comes to spiritual, respect it among others.

Speaking on behalf of the protesters, the Metropolitan Archbishop of the Charismatic Anglican Church of Nigeria, Samuel Baaba cautioned NAFDAC on spiritual matters.

Baaba said, “We are men of God and we are here in solidarity to send a message to NAFDAC to refrain from its step over spiritual matters.

“NAFDAC does not have the right to regulate spiritual products. There is a limit to what people can do especially when it comes to matters of faith”

Also speaking, Rector Union Theological Institute and Seminary, Port Harcourt, Evangelical Church, Calixtus and Most Celestine Ewurum added that they were only interested in the issue that concerned items that are spiritual.

“To the best of my knowledge and which I have read through the NAFDAC Act, 2004, if there is an amendment, I don’t know, where it could regulate the spiritual product.

“NAFDAC don’t have right to declare the products fake when it never tested the product, NAFDAC should out clearly what is wrong with the water” they added.

The NAFDAC’s Director General, Prof Mojisola Adeyeye, on Sunday, alerted Nigerians to the activities of a faith-based organisation, Christ Mercy Land Delivery Ministries, led by Prophet Jeremiah Fufeyin, using the agency’s name to deceive the unsuspecting public

She said none of the products; Miracle & Healing Water, River Jordan Water, among others were registered with NAFDAC, advising the public to stop patronising any of the miracle products.

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