Connect with us

BUSINESS

Unity Bank Corpreneurship Challenge Produces 30 More Winners in 6th Edition

Published

on

A total of thirty members of the National Youth Service Corps, NYSC, have won cash prizes and business grants totalling N10 million in the 6th edition of the expanded Unity Bank flagship business plan competition known as Corpreneurship Challenge.

Unity Bank is currently in 10 states of the federation where three winners each emerged from the Batch B Orientation course in the Corpreneuship competition held last week.

The states that the winners emerged included Lagos, Ogun, Benin, Abuja, Akwa Ibom, Kano, Sokoto, Enugu, Osun and Kwara.

As in the previous editions, the cash prizes included a N200, 000 business grant for third place winners; N300, 000 business grant for second place and a star prize of N500, 000 for the winners.

Some of the winners included Yahaya Muhammad, Alade Ayinde and Omolola Kehinde in Kano NYSC camp, while Chiamaka Nweke, Nduke Oduobuk and Victoria Adesope emerged as the winners in the Enugu State camp.

In Lagos, Aliu Haira Abimbola, Uzoechi Ihuoma Augustus and Adesanolu Lukmon Abiodun emerged winners to claim the cash prizes.

One of the winners in Abuja, Ebingha Ogbe John appreciated Unity Bank for the opportunity, which she said, has helped her to showcase her business to the world. “I thank Unity Bank for making my project, Mama’s Ally Crashfish to come alive in this Abuja,” She said.

The initiative continues to attract increasing interest among the corps members, as over 2000 applications were received but only 100 were shortlisted for the pitching sessions from where the thirty winners emerged.

The contestants’ business plans which ranged from software solutions, fashion, fish production, poultry farming, bee farming, retail chains, piggery to beverages were assessed on originality, marketability, future employability potential of the product and knowledge of the business.

Recall that Unity Bank started the Entrepreneurial Development Initiative in 2019, to specifically target corps members, as part of efforts to contribute to job creation in Nigeria. It continues to gain traction, growing bigger and better in grooming corps members having successfully ran several editions of the scheme in partnership with the NYSC Skill Acquisition and Entrepreneurship Development, SAED.

The Bank has invested overN80 million in the initiative, which has now produced 58 winners since it was launched.

Speaking during the finale in the FCT NYSC camp, the Divisional Head, Retail, SME Banking and E-Business Directorate, Unity Bank Plc, Mr. Olufunwa Akinmade, said the competition has proved to be a great tool for empowering fresh graduates in the country.

“The corpreneurship challenge is a creative entrepreneurial development initiative by Unity Bank in conjunction with the National Youth Service Corps, NYSC. It is aimed at driving job creation through entrepreneurship.

“With rising youth unemployment in the country, it is just common sense to consider the entrepreneurship alternative”.

“As the corps members join the labour market after their youth service, not every one of them will get the opportunity for a paid employment. But with what Unity Bank is doing, many of them will get the support they need to start a small business and even become employers of labour”.

“We encourage the corps members to take seriously the opportunity that the Unity Bank Corpreneurship has provided. And to those that have emerged as the winners today, we ask them to utilise their grants judiciously. Unity Bank remains committed to empowering the youth through initiatives such as this, as we know that the bedrock of the economy is entrepreneurship.”

The Zonal Head, North West, Unity Bank Plc, Mr Mustapha Idris Baba, implored the winners to judiciously utilise the funds to support the business venture that got them the grant.

This edition follows the expanded Corpreneurship Challenge which started in the 5th edition in June this year. The programme looks set to expand nationwide, empowering corps members to explore entrepreneurship alternatives in the face of rising youth unemployment in the country.  

BIG STORY

JUST IN: CBN Increases Banks Capital Base To N500bn, N200bn For National Commercial Banks

Published

on

The capital basis for commercial banks with international permission has been raised to N500 billion by the Central Bank of Nigeria (CBN).

The policy change was confirmed by Mrs. Hakama Sidi Ali, CBN’s acting director of corporate communications. in a declaration.

She added that commercial banks with regional authorization are expected to reach a capital floor of N50 billion, while those with national authority must meet a ceiling of N200 billion.

Announced on Thursday, March 28, 2024, this comprehensive financial reform requires significant increases in banks’ minimum capital bases, which vary depending on the size of the bank.

The latest policy directive specifies that commercial banks with international authorization are now required to shore up their capital base to N500 billion.

In a bid to tighten the financial fabric, the CBN has not overlooked merchant banks, which are now subject to a N50 billion minimum capital requirement.

Continue Reading

BIG STORY

Federal Government To Arraign Binance Executives Over ‘Tax Evasion’ On April 4

Published

on

On April 4, the federal authorities will file charges against senior executives of the cryptocurrency company Binance, Tigran Gambaryan, and Nadeem Anjarwalla, for allegedly engaging in “tax evasion.”

Anjarwalla is Binance’s regional manager for Africa, while Gambaryan oversees the company’s compliance with financial crimes.

The Federal Inland Revenue Service (FIRS) charged Binance with a crime on March 25th for “tax evasion.”

The service claims that the action is intended to maintain national economic integrity and fiscal discipline.

The lawsuit, designated as suit number FHC/ABJ/CR/115/2024, is said to “implicate Binance with a four-count tax evasion accusation”.

However, on Thursday, NAN reported the federal government will charge the three defendants before Emeka Nwite, the presiding judge, at the federal high court (FHC) in Abuja on a four-count charge.

Despite not being a vacation judge, according to the report, the chief judge granted the fiat for the judge to oversee the case during vacation because it is a matter of critical national interest.

The lawsuit comes a month after Anjarwalla and Gambaryan were detained by the Nigerian authorities.

Anjarwalla and Gambaryan had flown into Nigeria but had their passports seized by ONSA.

On March 12, Anjarwalla was transferred to a local hospital after he fell ill while in detention in Nigeria.

However, on March 25, Anjarwalla escaped from custody and fled Nigeria with a smuggled passport.

Meanwhile, Gambaryan, on March 28, sued Nuhu Ribadu, the national security adviser (NSA) and the Economic Financial Crimes Commission (EFCC), alleging violation of his fundamental rights.

Continue Reading

BIG STORY

NCC Orders Deactivation Of All Registered SIMs Without Proper NIN Linkage

Published

on

Telecommunications operators in the country are getting ready for another round of phone line disconnections for subscribers who have not linked their National Identification Numbers (NIN) with their SIM cards.

In accordance with a regulation from the Nigerian Communications Commission (NCC), which requires all registered SIMs without adequate NIN linking to be either repaired or entirely disconnected from networks, the disconnections are scheduled to occur on Friday, March 29.

In an effort to counter illegal acts including banditry and kidnapping and ultimately strengthen national security, the government launched the NIN-SIM Linkage process on February 28, 2024.

There are hints of a potential third phase in April 2024.

Operators have reportedly collaborated with the NCC in implementing the directive, demonstrating their dedication to national security objectives and ensuring full compliance by the specified deadlines.

The second phase will target subscribers with five or more SIMs from a single operator that lack verified NIN-SIM linkages.

The third phase, scheduled to start on April 15, will focus on subscribers with four SIMs or fewer and unverified NINs.

While telecom companies are advocating for a review and extension of the April deadline for the third phase, indications from the NCC suggest a firm commitment to the established timelines.

The first phase resulted in the barring of 40 million lines, including approximately 17 million active SIMs without NIN submissions and 23 million inactive SIMs lacking NINs over the past year.

Continue Reading

Most Popular