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Restore Licences Of 47 Microfinance Banks Nationwide — Reps Urge CBN

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The House of Representatives on Wednesday urged the Central Bank of Nigeria to reinstate the functioning licenses of 47 microfinance institutions nationwide.

The call was made in response to the plenary’s acceptance of James Barka’s resolution, “Call to Investigate the Closure of Some Microfinance Banks Across the Nation.”

When introducing the motion, Barka, who represents Adamawa State’s Hong Federal Constituency, mentioned that the CBN had cancelled the operating licences of 47 microfinance institutions nationwide on May 22, 2023, including Biyama Microfinance Bank Ltd. in Adamawa State’s Hong Local Government Area.

He said: “The reasons cited in the communication include that the banks were either inactive, insolvent, failed to render returns, closed shop, or ceased to carry on the type of banking business for which they were licensed for more than six months in contravention of the Banks and Other Financial Institutions Act 2020.

“The closure of Biyama Microfinance Bank, which is the only community bank in the Hong Local Government Area, has caused undue hardship to the people who depended on the banking and financial services offered by the bank for their small and medium enterprises.

“Closing down the only financial institution in a place where the people go through so much hardship to earn stipends to deposit, or to get small loans to run small businesses for survival would only frustrate them further and may push them into crime in order to survive.

“Hong is one of the Local Government Areas that was ravaged by Boko Haram insurgents, which left thousands of people without any means of livelihood, thus a deliberate bias of economic stimulating activities in favour of such communities would go a long way in helping to resuscitate their local economy”.

Barka said after the recapitalisation of the Biyama Microfinance Bank to the required N50 million share capital, the bank had been in operation, making all required reports and returns.

“The board of the bank and other stakeholders have reviewed the incident and written a formal complaint to the CBN, objecting to the revocation of their licence as, since regular visits from the CBN, the bank has never been accused of defaulting, neither has any examiner’s report been issued to show that the bank has offended any law, rules or regulations of any of the regulatory authorities.

“If the situation is not urgently resolved, the people will resort to keeping their money at home, which makes them easy prey for armed robbery and burglary.

“The people of Hong Local Government Area are predominantly farmers, and the rainy season is their most active season, thus the matter requires urgent attention”, he said.

Adopting the motion, the House mandated its Committee on Banking and Currency (when constituted) to investigate the recent revocation of the operational licences of microfinance banks across the country and report back within four weeks for further legislative action.

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Access Bank Advocates For Innovative Financing Models To Realise SDGs

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At the 2024 Medic West Africa Event, organised by ABCHealth in collaboration with Informa Markets, Access Bank reaffirmed its dedication to fostering positive transformation in healthcare across Africa.

The event, which served as a platform for stakeholders across industries deliberate on the theme ‘Healthcare Investments in Africa: Mobilizing the Private Sector to Drive Healthcare Investments in Africa,’ aimed to chart a path through which corporates can leverage innovative financing models and strategic partnerships in fostering the achievement of the United Nations Sustainable Development Goals.

The discussions also explored strategies for strengthening healthcare infrastructure, leveraging technological advancements, as well as enhancing community health initiatives.

Lending his voice to the conversation, Ralph Opara, Group Head, Commercial Banking Division at Access Bank Plc, stressed that, “The government can’t carry the burden of the health sector alone. Hence, it is imperative that the private sector explores and implements innovative financing models and strategic partnerships to bridge the healthcare investment gap.”

Opara noted that collaborative effort between the public and private sectors is not only crucial but essential to driving innovation, improving healthcare accessibility, and ensuring sustainable development across the continent.

Walking the talk on partnerships, Access Bank partnered with the Private Sector Health Alliance of Nigeria (PSHAN), to launch the Adopt-A-Health Facility Program (ADHFP) with the primary aim of delivering, at least, one global standard Primary Healthcare Centre (PHC) in each of the 774 Local Government Areas (LGAs) in Nigeria. So far, the initiative has resulted into over 180 PHCs adopted across the country.

Other notable participants at the event include Mories Atoki, CEO, ABCHealth; Jane Ike-Okoli, Head of Specialised Sectors Business & Commercial Banking, Stanbic IBTC; Odunayo Sanyo, Executive Director, MTN Foundation; Ibironke Akinmade, Group Head, Health Finance, Sterling Bank, and Zouera Youssoufou, MD/CEO, Aliko Dangote Foundation.

  • About Access Bank PLC

Access Bank, a wholly owned subsidiary of Access Holdings Plc, is a leading full-service commercial bank operating through a network of more than 700 branches and service outlets spanning 3 continents, 21 countries and over 60 million customers. The Bank employs over 28,000 thousand people in its operations in Africa and Europe, with representative offices in China, Lebanon, India, and the UAE.

Access Bank’s parent company, Access Holdings Plc, has been listed on the Nigerian Stock Exchange since 1998. The Bank is a diversified financial institution which combines a strong retail customer franchise and digital platform with deep corporate banking expertise, proven risk management and capital management capabilities. The Bank services its various markets through three key business segments: Corporate and Investment Banking, Commercial Banking, and Retail Banking. The Bank has enjoyed what is arguably Africa’s most successful banking growth trajectory in the last 18 years, becoming one of the continent’s largest retail banks.

As part of its continued growth strategy, Access Bank is focused on mainstreaming sustainable business practices into its operations. The Bank strives to deliver sustainable economic growth that is profitable, environmentally responsible, and socially relevant, helping customers to access more and achieve their dreams.

 

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Nigerians Will No Longer Work Under Inhuman Conditions — Senate President Akpabio

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Nigerian workers have been reassured by Senate President Godswill Akpabio that the National Assembly and the executive branch of government will cooperate to provide them with improved working conditions and a livable wage.

The Senate President declared that  “No Nigerian worker will again be allowed to work under inhuman conditions. We will do everything to give you the best because you deserve the best.”

He made this known in a statement on Wednesday by his Special Adviser on Media and Publicity, Eseme Eyiboh, to congratulate the workers as they commemorate the 2024 May Day.

Akpabio, in the message, extolled the sterling qualities that stood out to the Nigerian workers, saying “A Nigerian worker is noted for his patriotism, hard work, resilience, and dedication to duty.

“I am happy to be associated with the Nigerian workers in the last more than 25 years and I can attest to the fact that everywhere you go, the Nigerian worker’s spirit resonates profoundly.”

Speaking on this year’s theme for Workers’ Day, “Ensuring safety and health at work in a changing climate,” Akpabio promised that the National Assembly under his leadership was more than committed to ensuring the best working conditions for the Nigerian workers.

The Senate President reiterated that the theme for this year’s celebration was apt and in tune with the international best practices, assuring that Nigeria would not be left behind.

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NLC, TUC Give FG May 31 Ultimatum For New Minimum Wage

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The Organised Labour has handed the Federal Government May 31 deadline to come up with a realistic and reasonable new minimum wage for Nigerian workers.

Labour made this known during the Workers’ Day celebrations at the Eagle Square in Abuja on Wednesday.

The President of the Nigeria Labour Congress (NLC), Joe Ajaero; and his counterpart in the Trade Union Congress (TUC), Festus Osifo were unanimous that the N30,000 current minimum wage has been grossly insufficient for Nigerian workers in the light of current economic realities and inflationary pressure including food inflation, hike in energy and transportation cost, amongst others.

They insisted that a new living wage of ₦615,000 be expeditiously approved by the President Bola Tinubu administration before the end of May.

Ajaero said, “The Nigeria Labour Congress and the TUC have made it clearly and emphatically that should the minimum wage negotiation continue and linger till the end of May, we can no longer guarantee industrial harmony in this country.”

On his part, Osifo asked the Nigerian Electricity Regulatory Commission (NERC) and power distribution companies to immediately reverse the current increase in electricity tariff for Band A customers.

“The NLC and TUC hereby advise NERC and power sector operators to reverse the last increase in electricity tariff within the next one week,” the trade union boss said.

Nigerians mark this year’s May Day amid spiralling, and unending snake-like queues at filling stations as scarcity of Premium Motor Spirit (PMS) also known as petrol worsens across the Federation.

Although there have been assurances by the major oil supplier in the country, the Nigerian National Petroleum Company (NNPC) Limited to alleviate this issue, however, the queues have persisted for over one week.

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