The Central Bank of Nigeria (CBN) has issued a statement that it has set up the framework for NIRSAL Microfinance Bank to commence the disbursement of the N75 billion Nigeria Youth Investment Fund.

In the statement, the CBN stated that the Nigerian Youth Employment Action Plan was developed by the Federal Ministry of Youth and Sports Development as a built-in strategy address the issue of high level unemployment among Nigerian youths.

In this framework, NIRSAL (Nigeria Incentive-Based Risk Sharing System for Agricultural Lending) will be used as the disbursement machinery to make this tranche of money available to young people. This, it is hoped, will in turn enable young people to become sustainable employers of labour and contributors to Nigeria’s economic development.

The major objectives of the plan are to address fragmentation of youth initiatives that prevent assessment of impact, and to provide Nigerian youths with investment inputs required to build successful businesses.

The plan is targetted at young people between the ages of 18 and 35 and details the needed action required to support business establishment, expansion and consequent employment creation for youths in critical economic and social sectors.

The fund will institutionally provide young people with a special window for accessing the funds, finances, business management skills and other inputs critical for sustainable enterprise development.

We'll keep you updated on any development in this regard. This, however, will be a good time for those within the age range stated above that are interested in business to start putting their plans together.

You can read the full framework below.

1.0          Introduction

The Nigerian Youth Employment Action Plan was developed by the Federal Ministry of Youth and Sports Development (FMYSD) as a built-in strategy to respond effectively to the youth employment challenge in Nigeria. The major objectives of the plan are to address fragmentation of youth initiatives that prevent assessment of impact, and to provide Nigeria youth with investment inputs required to build successful businesses that can become sustainable employers of labor and contributors to Nigeria's development.

The plan targets young people between the ages of 18-35 years and details the needed actions required to support business establishment, expansion and consequent employment creation for youth in critical economic and social sectors.

The Federal Executive Council on the 22nd of July, 2020 approved the sum of N75, 000,000,000.00 (seventy five billion naira) for the establishment of the Nigeria Youth Investment Fund for the period of 2020 - 2023 dedicated to investing in the innovative ideas, skills and talents of Nigerian Youth, and to institutionally provide our youth with a special window for accessing much needed funds, finances, business management skills and other inputs critical for sustainable enterprise development.

FMYSD is the lead implementation entity and is responsible for budgetary provisions and for funds mobilization.

2.0 Objectives of the Scheme

2.1 Improve access to finance for youth and youth-owned enterprises for national development;

2.2 Generate much-needed employment opportunities to curb youth restiveness.

2.3   Boost the managerial capacity of the youth and develop their potentials to become the future large corporate organizations.

3.0 Target

The NYIF aims to financially empower Nigeria youth to generate at least 500,000 jobs between 2020 and 2023.

4.0 Seed Capital

The NIRSAL MFB window shall be funded with an initial take-off seed capital of N12.5 billion.

4.1 Participating Financial Institution

The eligible participating financial institution for the Scheme is NIRSAL Microfinance Bank (NMFB).

5.0 Eligibility Criteria

5.1 Informal Business Enterprises (Individuals and Sole Proprietors)

A huge percentage of youth are engaged in the informal sector. Accordingly, the NYIF will facilitate the transition of informal enterprises owned by youth into the formal mainstream economy where they can be supported comprehensively, build a bankable track record; and be accurately captured as active participants in economic development. An eligible youth must fulfil the following conditions:

• Be a youth within the age bracket of 18-35 years.
• Have business/enterprises domiciled and operational in Nigeria.
• Has not been convicted of any financial crime in the last 10 years.
• Has a valid Bank Verification Number (BVN)
• Possess Local Government Indigene Certificate.

5.2 Formal Business Enterprises (Youth Owned Enterprises)

These are enterprises that are legal entities duly registered with the Corporate Affairs Commission (CAC).

Documents Required:

• Evidence of registration with Corporate Affairs Commission (Certificate of Incorporation and Form CAC 2A);
• Business questionnaire;
• List of Directors with BVN nos.;
• Evidence of regulatory approvals (where applicable);
•  Tax Identification Number (TIN).

Cooperative societies duly registered with the relevant government authorities and members of Commodity Associations that fall within the eligible age bracket are also eligible to participate.

5.3 Ineligible Applicants

Applicants currently enjoying NMFB loans, including the Targeted Credit Facility (TCF) and Agribusiness/Small and Medium Enterprises Investment Scheme (AgSMEIS) loans that remain unpaid are NOT eligible to apply. Beneficiaries of other government loan schemes that remain unpaid are also not eligible to participate.

5.4 Training

Applicants shall undergo a compulsory entrepreneurship training arranged or approved by the Federal Ministry of Youth and Sports Development.

5.5 Eligible Activities/Businesses

Legally allowed activities in the sectors or focal areas listed below shall be eligible:

• Technology/ Innovation;
• Agriculture and related value chain;
• Green Economy and Renewable energy sector;
• Manufacturing,
• Hospitality/Tourism;
• Construction;
• Logistics and supply chain;
• Healthcare value chain,
• Creative sector and
• Trading and Services.
• Others as may be determined by NYIF/CBN from time to time.

However, preference shall be given to enterprises that will support the growth of priority sectors, specifically those identified by the Economic and Recovery Growth Plan ERGP and the Nigerian Youth Employment Action Plan.

6.0 Types of Facilities

6.1 Term Loan (for asset acquisition/improvement)

• Individual (Unregistered business) Shall be determined based on activity/nature of project subject to the maximum of N250,000
• Registered Businesses (Business name, Limited Liability, Cooperative, Commodity Association shall be determined by activity/nature of project subject to the maximum of N3.0 million (including working capital).

Note: Immovable assets acquired with the loan must be registered with the National Collateral Registry (NCR)

6.1.1 Tenor Maximum of 5 years depending on the nature of the business and the assets acquired.

6.1.2 Moratorium Moratorium of up to 1 year may be allowed depending on the nature of the business and the assets acquired.

7.0 Interest Rate

Interest rate under the intervention shall be at not more than 5% per annum (all inclusive).

8.0 Loan Application Procedure

8.1 Application Procedure

The MYSD will collaborate with relevant stakeholders to identify potential training for training/mentoring. The youths that are duly screened (and undergo the mandatory training where applicable) shall be advised to log on to the portal provided by the NMFB to apply for the facility.

8.2 Processing/Approval

Upon satisfactory appraisal of application, NMFB shall apply for release of funds in respect of approved individuals/enterprises from the NYIF and CBN.

Note: NMFB shall to conduct credit checks on applicants and those with unsatisfactory credit reports will be rejected.

9.0 Collateral Requirement

The NMFB will leverage on the General Standing Instruction (GSI) as collateral. Corporate guarantees will be acceptable where applicable.

10.0 Principal Repayment

Repayment shall be made on instalment basis by the beneficiaries to the NMFB according to the nature of enterprise and the repayment schedule/work plan provided and agreed at the application processing stage.

11.0 Equitable Participation

To ensure equitable participation and even access to finance by the youth across the country, applications will be batched according to State and Local Government Areas (LGA) of applicants. The Bank promotes gender parity, therefore the female entrepreneurs are encouraged to apply.

12.0 Project Management Office (PMO)

The Project Management Office shall be established by the Federal Ministry of Youth and Sports Development which will work with NIRSAL MFB on applicant screening, project monitoring and reporting, among others.

13.0 Monitoring and Reporting

There shall be joint monitoring of projects financed under the Scheme by the NMFB and PMO on periodic basis. Each party is to be responsible for the expenses incurred by its staff on such assignments. The Reports of the monitoring exercise shall be submitted to the CBN and the MYSD.

14.0 Responsibilities of Stakeholders

In order to achieve the desired objectives of the program, the responsibility of the stakeholders shall include:

15.0 The Central Bank of Nigeria

15.1 The CBN shall:

• Serve as member of the Steering Committee of the NYIF;
• Articulate clear guidelines for the implementation of the NIRSAL window of the NYIF;
• Provide the seed fund as determined by FEC;
• Provide technical guide/assistance as may be required from time to time.

15.2 Federal Ministry of Youth and Sports Development (FMYSD)

The Federal Ministry of Youth and Sports Development shall:

• Serve as member of the Steering Committee of the NYIF;
• coordinate the overall implementation, including sensitization, mobilization and monitoring of the programme;
• establish the Project Management Office (PMO); iv. provide periodic progress report to the FEC.

15.3 Federal Ministry of Finance, Budget and National Planning (FMFBNP)

The FMFBNP shall:

• Ensure the release of budgeted funds for the program
• Ensure the payment of interest rate differential to the CBN, where applicable.
• Participate in the activities of the program as may be required from time to time

15.4 NIRSAL Microfinance Bank (NMFB)

The NMFB shall:

• Serve as the Managing Agent of the CBN contributions to the program;
• Comply with the guidelines of the program;
• Establish an online portal for loan administration of the CBN contribution and as may be decided by the FMYSD;
• Collaborate with PMO in the implementation of the program v. Keep accurate records of all applicants in a format to be agreed with the PMO;
• Prepare periodic reports to the CBN and FMYSD.

15.5 Beneficiaries

Beneficiaries shall:

• Ensure prudent utilisation of funds;
• Keep up-to-date records of their activities under the Scheme;
• Make their books, records and projects available for inspection by the NMFB and PMO when required;
• Comply with guidelines of the Scheme; and
• Repay their loans as and when due.

For Enquiries, please contact:

Project Management Office,

Federal Ministry of Youth and Social Development

Federal Secretariat phase 2, Block D,

Central Business District, Abuja

Or

The Director,

Development Finance Department,

Central Bank of Nigeria, Corporate Headquarters

Central Business District, Abuja.

Source: https://www.proshareng.com/

Guinness Nigeria Plc is a major market for Diageo: Guinness Nigeria operates in the unique and fast growing alcohol industry of over 15mhl beer potential. It is the only company that does Total Beverage Alcohol (TBA) in Nigeria. It’s an on trade dominated market but with a fast growing off trade channel.

Applications are invited from suitable qualified students for:

Title: Guiness Nigeria Undergraduate Scholarship Scheme

Details

• This scholarship supports Guinness Nigeria's commitment to implementing transformative schemes that foster youth development. The scholarship will provide full tuition for students who are currently studying in Nigerian Universities and polytechnics. Students from our host communities are encouraged to apply

Eligibility

• Applications are open to students studying the following courses:
  • Engineering & Sciences: Mechanical, Electrical, Chemical, Lab Science, Microbiology, Bio-Chemistry, Marketing and Sales. Human Resources/Insudstrial and Labour relations and Accounting.
• Candidates must be 1st or 2nd year student in Nigeria Universities or Polytechnics.

Selection Criteria

• Candidates may be required to write an aptitude test
• Shortlisted candidates may be required to provide a letter of introduction from the Chairman or their Community Development Associations where applicable

Application Closing Date
16th November, 2020.

Method of Application
Interested and qualified candidates who meet the above selection criteria should send the following details below to: info.gn@diageo.com

• Full Name
• University / Polytechnic
• Matriculation Number / Year of Study
• Home Town / Local Government Area / State of Origin
• Phone Numer / E-mail
• Scanned copy of student ID card or Admission Letter

The height of impunity being displayed by the Nigerian military personnel in the current escalation of tension with protesters is pretty alarming.

We've come across a video shared on twitter showing Nigerian security agents shaking each other after shooting unarmed protesters.

Pretty disgraceful of men and women who swore an oath to protect the lives and properties of Nigerians.

#EndSARS

#EndPoliceBrutality

Look at them hunting down and killing unarmed Nigerians in broad daylight. They are even given each other a high five for a job well-done.

pic.twitter.com/GlBtnAodOW

— Kelvin Odanz (@MrOdanz) October 21, 2020

Delta State Governor, Ifeanyi Okowa, has declared a Special Victims’ Support Fund that the state government would establish. This is to pay monetary compensation to deserving victims of police brutality or related extra-judicial killings in the state.

The announcement was made in Asaba while he was inaugurating an eight-member Judicial Panel of Enquiry into police brutality and other human rights abuses in the state.

He expressed his disappointment that hose empowered to protect Nigerians are killing and brutalising them. He tasked the panel to investigate and report all cases of human rights abuses by the now dissolved Special Anti-Robbery Squad (SARS).

He also tasked the panel to deice ways of punishing those found guilty, and expressed optimism that the Nigerian Police would be reformed for the good of the country.

See excerpts from his statements below.

"Today, we earnestly commence the process of bringing about restitution and healing for countless number of Nigerians, particularly the youth, who have been victims of police brutality, extortion, unlawful detention, and/or extra-judicial killings.

"In the more than one week that the EndSARS protests began, the news media – conventional and online - have been inundated with tales of woes that innocent Nigerians have experienced in the hands of the now dissolved Special Anti-Robbery Squad of the Nigeria Police Force.

"Some of the stories we have heard are heart-rending and it is unfathomable how these gruesome acts could have gone on unnoticed for years.

"Interestingly, the EndSARS protests were triggered by an event in Ughelli, Delta State. It is a tragedy that so many young lives have been brutalised and allegedly wasted at the hands of those who were supposed to protect and serve the people.

"I join my voice to that of the Vice-President, Professor Yemi Osinbajo, in apologizing for the failure of leadership to detect and address these anomalies early enough.

"Rising from its meeting last week, the National Executive Council, chaired by the Vice-President, directed the immediate establishment of State-based Judicial Panels of Enquiry across the country to receive and investigate complaints of police brutality or related extra-judicial killings. Today’s inauguration follows that directive," he said.

The governor listed the terms of reference for the enquiry and announced that the panel has an initial period of three months to carry out the assignment and submit its report, saying: "I wish to remind members of the panel that we are in a national emergency and, therefore, this assignment should be handled with the urgency that it requires.

"You are to hit the ground running given the unease and tension in the country. We need to calm frayed nerves and the only way we can do it is to take appropriate and immediate action.

"I therefore urge you to go the extra mile and be willing to make whatever sacrifices this job demands of you for the sake of the country and our beloved Delta State."

There were reports on Tuesday (20/10/2020) by Arise TV, with a video purportedly shot by an eyewitness of snipers on the rooftops at Access bank headquarters and Oriental hotel. The report went further to suggest that the snipers are part of the Nigerian army, and were given access, via the lift systems, to the company's head office tower.

The bank has come out to debunk the story in a tweet on Wednesday (21/10/2020). See statement below.

“We wish to address the statement by Arise TV alleging that military snipers were allowed access to our head office tower for operations at the Lekki Toll Gate area. This is absolutely untrue. The video shared on Arise TV featured an employee of the bank conducting routine maintenance at the tower location. It is unfortunate that this was reported as a sniper without any proof. As a corporate citizen with the purpose of impacting lives positively, we will never endanger the lives of Nigerians”.

We shall continue monitoring the situation, and provide any information that may have an impact on your career decisions. Please continue to stay safe.

See the original video below.

#EndSars, #EndPoliceBrutality.