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USAID awards Nigerian firm N592m grant to boost agriculture

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The United States Agency for International Development (USAID) has awarded N592 million grant to a Nigerian firm, LoftyInc Allied Partners Limited to enhance investment in agriculture.

Mr Michael Oluwagbemi, the Executive Partner of LoftyInc, said this in a statement on Monday.

Oluwagbemi said the money was a co-investment grant by the USAID-funded West Africa Trade and Investment Hub (Trade Hub).

According to him, the grant is aimed at inaugurating “Project Sparrow”, an initiative developed to reduce the risk of local and global investments in selected agribusiness and agritech companies in Nigeria.

He said that it would help the selected companies achieve higher productivity, better returns, inclusive growth and access to finance.

“Through assistance provided to these companies, Project Sparrow will achieve its overall goal of supporting the improvement of Nigerian smallholder farmers’ productivity and livelihoods in the U.S. Government’s “Feed the Future States” and select value chains.

“Project Sparrow is expected to positively impact more than 50 direct beneficiaries and a total of 25,000 smallholder farmers while creating 4,000 jobs,’’ he said.

Oluwagbemi added that in celebration of the project and its expected outcomes, LoftyInc had hosted a kick-off inauguration for the project in Abuja.

“The event brought together all stakeholders and leaders of agribusinesses in Nigeria, and staff representing financial institutions and other businesses that will support Project Sparrow.

“They include the Development Bank of Nigeria, the Nigeria Sovereign Wealth Investment Authority, the First City Monument Bank Plc, and Afrilabs,’’ he said.

He assured that LoftyInc was an innovation development company that supports start-up teams, innovation enterprises and social impact projects in Africa.

“The organisation is on a mission to contribute to the enhancement of lives by creatively investing in ideas and entrepreneurs, while positively changing the broader society.

“Access to funding has always posed a major challenge to innovative agric-focused start-ups and MSMEs in the country.

“The need to provide a solution to this challenge led to LoftyInc’s foray into innovation acceleration, angel investment, and venture capital, as well as microfinancing that provides various kinds of funding to novel business solutions covering various sectors of the economy,’’ he said.

The executive partner also said that Project Sparrow would provide incremental financing of 6.5 million dollars to more than 20 Micro, Small, and Medium Enterprises (MSMEs), most of which would be women or youth-led.

According to him, such support will make them better prepared for external funding.

Also speaking, Robin Wheeler, the Trade Hub’s Chief of Party, said he looked forward to seeing the long-term impact Project Sparrow would have in Nigeria.

“The Trade Hub and LotfyInc share the common goal of supporting small and medium-sized businesses to be drivers of economic growth in Nigeria.

“Project Sparrow represents an innovative and strategic way to accomplish this goal through not only giving high-potential companies much-needed access to finance, but the technical assistance and training needed to succeed as well. We are proud to support this project,” he said.
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The Trade Hub is a USAID-funded initiative.

It was designed to catalyse economic growth by collaborating with the private sector to generate new investment, create new jobs, and increase the value of regional and international exports in West Africa.

 

 

(NAN)

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N84bn fraud : Senator-Elect Yari Running from Corruption Investigation, Arrest says EFCC Source

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As the race for the president of the 10th Senate gathers momentum, an aspirant in the Democratic Group of the Senators-Elect, Senator-Elect Abdul-Aziz Yari, has ran to the judiciary to prevent his arrest by the Economic and Financial Crimes Commission (EFCC) and other anti-corruption agencies for corruption cases he was linked with as well as emerging money laundering investigation into his reckless spending in pursuit of his ambition.

It is to this extent that the recent injunction secured by former Governor of Zamfara State is adjudged as being capable of undermining the nation’s image on Anti-Corruption war.

Yari had secured court Injunction before Justice Donatus Okorowo of the Abuja Division of Federal High Court to prevent his re-arrest by the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offenses Commission, ICPC, as well as Directorate of State Services, DSS, from re-arresting him.

Yari is currently under investigation on N84 billion fraud involving the former Accountant- General of the Federation, Idris Ahmed which he reportedly benefited N22 billion.

In addition, Yari is under investigation by EFCC over alleged financial infractions of $56,056.75 reportedly lodged in his account with Polaris Bank; N12.9m, N11.2m, $303m, N217,388.04 and $311.8m said to be kept in different Zenith Bank accounts in the name of Yari and his companies.

Sources familiar with the investigations by EFCC stated that the ongoing investigation of the N84 billion fraud by former Accountant-General of the Federation, Ahmed Idris, in which Senator -Elect Yari was linked and previously arrested but released on bail is still pending with more information coming to light on the role of Yari and his associate, one Anthony Yaro of Finex Professional Services believed to be a front that collected N20 billion of the looted fund on behalf of Yari.

The source in EFCC who wants to remain anonymous as he is not authorized to publicly comment on the sensitive case said “with the court order that we read in the newspapers, we may need our Legal Department opinion on what to do”.

He said further that “In addition to new revelations on the massive fraud at the Accountant-General of the Federation’s Office for which some refund has been made, in the EFCC investigations of the ex-governor ofl Zamfara State, Mr. Bello Matawale, the name of Yari has also surfaced in the alleged massive looting of the resources of that poor state under his watch as governor.

We are making efforts to locate him (Yari) for further interrogation in this regard.”

In similar manner, the ICPC was about to invite Senator-Elect Yari for his role in the fraud of Paris Club Refund to governors when he was the Chairman of the Nigerian Governors’ Forum (NGF) for which about N500million and $500,000 have been forfeited to the Federal Government.

“The Senator Elect from Zamfara West is a subject of inquiry in our office. Beyond the Paris Club Refund looting, we are also investigating the disclosure that Yari spent at least $700,000 in Saudi Arabia on a trip for lesser hajj which has raised suspicion of money laundering” an ICPC source disclosed on why he may have approached the court to prevent his invitation.

Aside from running to the court to frustrate his imminent re-arrest, Yari is also reportedly planning to go underground in the coming days to prevent possible arrest for questioning days before the inauguration of the 10th National Assembly.

As if the above alleged humongous financial malfeasances were not enough troubles for the Senator-Elect who has remained defiant of the zoning arrangement for the leadership of the 10th Senate by his party, the APC, another source disclosed that the Department of the State Security (DSS) has also unearthed some information that the killings and banditry in Zamfara State may not be unconnected with the gold mining activities of Senator Yari, another source of his unexplained wealth.

Observers are keenly watching how Senator-Elect Yari will free himself from the many tangles he has walked himself into and whether the judiciary will vacate the exparte motion when the matter comes up on Thursday, 8th June, 2023 to allow the security agencies to perform their roles without let or hinderance.

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Fuel subsidy: Edo Join Kwara To Slashes Work Days To Thrice Weekly

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Edo State Governor Godwin Obaseki
Edo State Governor, Godwin Obaseki
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Governor Godwin Obaseki of Edo State has reduced civil and public servants’ work days from five days to thrice weekly.

Kwara State earlier took the same step.

This is part of measures to ameliorate the sufferings faced by the people due to the Federal Government’s subsidy removal policy.

“As a proactive government, we have since taken the step to increase the minimum wage paid to workers in Edo State from the approved N30,000 to N40,000, the highest in the country today,” he said in a Tuesday statement.

We want to assure you that we will continue to pay this amount, while we hope to increase it even further if more allocation accrues to our State from the Federal Government in view of the expected savings occasioned by the removal of the fuel subsidy.

“We know the hardship that has been caused by this policy which has radically increased the cost of transportation, eating deep into the wages of workers in the State. Therefore, the Edo State Government is hereby reducing the number of work days that civil and public servants will have to commute to their workplaces from five days a week to three days a week till further notice. Workers will now work from home two days a week.

“Similarly, for teachers and parents, their commuting to school will be reduced as the government is working on deepening the EdoBEST@Home initiative to create more virtual classrooms, thereby reducing the cost of commuting on parents, teachers, and pupils. The Edo SUBEB will provide details on this initiative in the coming days.”

He added, “To lower the rising cost of energy on our people, we will continue to work with the electricity companies in the State to improve power supply to homes and businesses.

“Similarly, fibre optic connections are being made available to help our people work remotely, thereby reducing their cost of transportation.

“While government intensifies these efforts to alleviate the burden of the fuel price increase on the people during this very challenging period, we want to call on everyone to remain calm and go about their daily businesses lawfully.”

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Aircraft Used For Nigeria Air Was Chartered Flight From Ethiopian Airlines — MD

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The Interim Managing Director of Nigeria Air, Capt Dapo Olumide, on Tuesday, said the aircraft used to unveil the country’s national career was a legitimate chartered flight from Ethiopian Airlines.

He said the aircraft returned to Ethiopian Airlines after the unveiling.

Olumide stated this before the Senate Committee on Aviation.

The Committee members expressed its misgivings towards the unveiling of the national carrier during a meeting with Olumide; the Permanent Secretary of the Ministry of Aviation, Emmanuel Meribole; as well as heads of aviation agencies.

At the meeting, the Chairman of the Senate Aviation Committee, Senator Biodun Olujimi wondered why the immediate past Minister of Aviation, Hadi Sirika hurriedly unveiled a national carrier on the last day of the Muhammadu Buhari administration.

Also, the Chairman of the House Committee on Aviation, Nnolim Nnaji, said the launch of Nigeria Air is a fraud.

He stated this after meeting stakeholders in the aviation sector who largely denied knowledge of the launch.

Meanwhile, the Ministry of Aviation said Nigeria Air was only unveiled and not launched.

Responding to the Committee, Capt Dapo Olumide said Nigeria Air was unveiled at the time it was to prove to Nigerians that the project is not a fluke.

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