BoI Clarifies Disbursement of Grants Under NG-CARES Programme
L-R: Registrar/CEO, Chartered Institute of Bankers of Nigeria (CIBN), Seye Awojobi; Group Managing Director/CEO, Keystone Bank Limited, Dr. Obeahon Ohiwerei; President/Chairman of Council, CIBN, Dr. Uche Olowu and Group Deputy Managing Director, Keystone Bank Limited, Abubakar Sule, during a courtesy visit by the CIBN executives to Keystone Bank headquarters to discuss key industry issues of interest to the institute and the bank, recently.
Nume Ekeghe
The Bank of Industry (BOI) has clarified the implementation and disbursements grants under the NG-CARES programme following questions raised by some stakeholders.
NG-CARES is an initiative of the World Bank and the Federal Government of Nigeria (FGN)to support the recovery of communities, households, and businesses affected by COVID-19. The programme is State-owned, as State governments are fully responsible for funding and selection of beneficiaries.
According to a statement from the bank, the funding arrangement allows each state the autonomy to determine their preferred grant sizes and number of grants across different programme components as approved by the World Bank.
It said, “Based on the Bank of Industry’s successful track record of building field networks and technology infrastructure for the transparent implementation of MSME intervention programmes, the World Bank nominated the Bank to provide this infrastructure for the delivery of the MSME Component of NG-CARES (RA3) nationwide.
“Following this nomination, 28 out of 33 States chose BOI as their preferred execution partner to leverage the Bank’s MSME infrastructure to deliver NG-CARES.
“Under this partnership, the States are solely responsible for nominating the beneficiaries and selecting those grants are to be disbursed to, following successful verification. BOI’s role as execution partner is to manage the end-to-end application and verification processes, and present successful candidates to enable States’ decision-making for disbursements. BOI disburses as instructed by the State.”
So far, BOI has received over one million applications for the NG-CARES MSME grants across states.
But he bank explained that, “While several beneficiaries may apply or be nominated, beneficiaries do not receive the grant if they do not meet the criteria to qualify, or if their states do not select them for disbursement as the states seeks to manage the funding available for the programme and ensure the equitable distribution of benefits across business categories, Local Government Areas, gender or other demographics.”
BoI advised that further enquiries on the eligibility requirements, implementation status, and other programme information can be made through the NG-CARES Federal CARES Support Unit, State delivery agencies, or the official programme website
Nwachukwu Appointed Royal Exchange General Insurance MD
Ebere Nwoji
The board of Royal Exchange General Isurance Limited (REGIG) has appointed Ebelechukwu Nwachukwu as the Managing Director of the company.
The Chairman REGIG, Ike Chioke who announced this at a press briefing in Lagos said that the task before the new Managing Director of the company is to ensure that in the next three to five years, the company stands out as one of the top three insurance firms in Nigeria.
Chioke, said Nwachukwu who replaced the outgoing Managing Director Mr. Benjamin Agili has already been confirmed by the insurance industry regulator National Insurance Commission (NAICOM).
The REGIG chairman, believes that Nwachukwu, with her extensive experience and knowledge of the insurance industry would seek to drive the continuous growth and profitability of the company and make the company a market leader in general insurance business in Nigeria.
According to him,Nwachukwu brings close to three decades of versatile and trusted experience to Royal Exchange General Insurance, with a track record of excellence and performance, having previously led two insurance companies in Nigeria, and expressed confidence in her ability to take the company to even greater heights.
Speaking further, Chioke said, the REGIG new helmsman is expected to focus on the firm’s transformation agenda as the firm seeks to diversify its business lines and focus on the retail insurance space.
“Royal Exchange General Insurance has a vision to attain and maintain market leadership in terms of profitability and excellent service. For us at the board, we see Ebele as someone who can drive this vision, as we seek to be a top three general insurance firm in Nigeria. This is the goal and expectation of the investors and the Board, within the next 3-5 years,” he stated.
He thanked the outgoing Managing Director Mr. Benjamin Agili for his meritorious service to the Company, adding that he would always be remembered for his leadership, service, dedication, and strong commitment to the company.
“Under his watch, the company has grown to be major player in the general insurance space in Nigeria and the board thanks Agili for his services”.
In her response, Nwachukwu expressed her readiness to work with the team to reposition the company to an enviable state.
She expressed delight at the confidence reposed on her by the company’s board and promised not to let the members down.
“My focus would be transforming the retail space to promote financial inclusion and build a formidable customer base, “she said.
Sahara Foundation Partners LSETF, Wecyclers to Promote Environmental Sustainability
Nume Ekeghe
Sahara Foundation and Lagos State Employment Trust Fund (LSETF) have announced their strategic partnership geared towards rolling out a series of recycling exchange hubs across 12 local government areas in Lagos state.
This project, which is being implemented by Wecyclers, a social enterprise with expertise in recycling, is aimed at promoting responsible environmental stewardship and encouraging the adoption of recycling as a socio-cultural practice to drive desired behavioral change in waste management in the state.
In line with the Sustainable Development Goals (SDG) 11 and 17 which speaks to Sustainable Cities and Communities, and Partnerships for the Goals, this tripartite partnership will help promote a sustainable Lagos, create job opportunities, empower host communities, strengthen the economy, increase access to healthcare and improve lives and livelihoods across the state.
Speaking on the partnership, Director, Sustainability and Governance, Sahara Group, Ejiro Gray, in a statement states: “At Sahara foundation, one of our key pillars is supporting and promoting sustainable societies. With this partnership, we are helping to create viable communities across the state by fostering a sustainable and circular economy through recycling”.
Gray further stated that the rollout of these recycling exchange hubs will help educate people about the benefits of recycling, significantly impact lives and livelihoods in the host communities, and provide members of the communities with the opportunity to capture value from their waste through incentive-based recycling. Gray commended the partners for their commitment to promoting sustainability and supporting a green Lagos.
Also speaking at the event, the Executive Secretary, LSETF, Teju Abisoye, in her remarks, said, “The partnership is strategic to scale waste to wealth creation in Lagos State. She added that the project is dear to LSETF as it is the first primary project of the Fund in the green energy space and a start to creating a million Jobs that is guaranteed to promote a sustainable Lagos for many”. Abisoye stated that LSETF is fully committed to empowering Lagos residents and establishing these recycling exchange hubs will help provide economic opportunities for the host communities.
Also addressing guests at the event, the Chief Operating Officer, Wecyclers, Oluwayemisi Lawal, said ‘’This partnership with Sahara Foundation and The Lagos State Employment Trust Fund is a big leap in our effort in promoting sustainable environments in Nigeria”. Lawal added that she is very positive about the impact this would have in the state and thanked both Sahara Foundation and LSETF for trusting Wecyclers to implement the project.
