AFOLABI
PDP Asks IGP To Arrest Ex-Adamawa REC, Ari
The Peoples Democratic Party (PDP) has asked the Inspector General of Police to immediately comply with a Court order for the arrest and presentation of former Adamawa State Resident Electoral Commissioner (REC), Mallam Hudu Yunusa Ari, for prosecution.
The party said the delay in the prompt and diligent prosecution of Ari for his alleged criminal conduct during the governorship election in Adamawa State in 2023 constitutes a clear and present danger to democracy and the Rule of Law.
The national publicity secretary of PDP, Hon Debo Ologungaba, at a press conference, recalled that Ari had “brazenly attempted to subvert our nation’s constitutional democratic rule by trying to install an illegal government in Adamawa State in violation of Section 1(2) of the Constitution of the Federal Republic Nigeria, 1999 (as amended).”
He also recounted that Ari, on Sunday April 16, 2023 “attempted to override the will of the people of Adamawa State in the Saturday April 15, 2023 election by illegally declaring the candidate of the defeated All Progressives Congress (APC) as winner while collation of results was on-going.”
Ologungaba alleged that Ari’s action amounted to a “civilian coup” which tried to undermine the nation’s sovereignty, triggered a serious crisis in Adamawa State and threatened national peace and security.”
The PDP spokesman said Ari has been on the run, since his removal by the Independent National Electoral Commission (INEC) and the declaration of Governor Ahmed Fintiri at the end of collation as the lawful and duly elected Governor of Adamawa State.
CBN will implement bold reforms that make economy works — Cardoso
Says FX reforms already bearing fruit
Governor, Central Bank of Nigeria, CBN, Mr. Olawale Cardoso said the apex bank will continue to implement bold reforms that makes the economy works for everyone.
He spoke at the 2024 Annual Vanguard Economic Discourse with the theme: “Reform in an era of Global Economic Uncertainty: Whither Nigeria”, in Lagos.
According to Cardoso, the recent measures introduced by the CBN to reform are already bearing fruit.
He said: “The theme, Reforms in the Era of Global Economic Uncertainties: Whither Nigeria, embodies for me the tough challenges and the trade-offs that policymakers worldwide are having to make or are having to navigate in response to the terrible headwinds and economic turbulence we all face.
In this era that has been aptly captured as a vocal era, which is the era of volatility, uncertainty, is characterized by choppiness of the headwinds that are dreaming by the unending stream of shocks in the global and the regional sphere.
Global Uncertainty
This has led to what we tag today as an elevated level of global uncertainty. It is true.
There is an index called the World Uncertainty Index that measures how uncertain the world is today. And the last report of that index says that, and I like the way it summarizes it, so let me read it for you. It says, the shocks that have shaken the global economy in recent years have introduced a new normal for turbulence.
These episodes, the turbulence driven in some cases by political fragmentation between countries, these episodes also lifted uncertainty to exceptionally high levels, which in turn caused economic growth. And I think that’s the part that we are particularly interested in today. The uncertainties that we are seeing globally are having a significant impact on the economic growth and economic outcomes.
On its part, the IMF said recently that we are expecting a growth rate of about 3.2% globally. However, it was true to mention that there are clear risks to the achievement of this economic growth level, and it names those risks as including tight financial conditions, disruptions to global supply chains, geopolitical tension and economic fragmentations.
The economic market, or the financial market tightening that we have seen globally has been as a result of monetary authorities taking steps to rein in inflation. And as the market is tighten, that has had impact on developing the economy like ours because we have seen flights of investment leaving developing economy back to safety as they worry about risk and uncertainties.
Energy and financial markets as well as world trade foods have also been impacted significantly by conflicts especially the crisis in the Middle East and the conflict between Russia and Ukraine which we have seen impacting on trade and other markets. This impact has resulted in a drag on economic growth and has caused significant inflationary pressure.
In addition, we have also seen fragmentation that started during the COVID 19 where governments have resulted more in protectionism to keep more of what they produce to protect themselves.
These kinds of protectionism have created uncertainties in global trade.
Furthermore, the growth in global debt levels especially amongst developing countries that are also struggling to pay or to cover the debt repayment schedule has also created some additional uncertainty in the economic environment.
Domestic challenges
On the domestic front, we have been faced with uncertainty driven by high inflationary pressure, fx for volatility, rising debt burden and slowing economic growth.
The challenge of high inflation in Nigeria is driven largely by food inflation due to the rising cost of transport of farm produce, infrastructure related constraints, and security challenges of food producing areas and exchange rate pass through to domestic prices from imported goods.
All of these have created uncertainty for businesses and for homes.
Another concern that we face is the volatility in the foreign exchange market which over the years have been driven by market distortions and reduced supply of foreign exchange which have created opportunity for speculative activities that have impacted the price and the rate and the value of the naira.
In addition we’ve had concerns or more or less we’ve prioritized as one of the things that we need to do increasing the capacity of the banking system to be able to facilitate the size of transactions that will help us build and establish the one trillion dollar economy that Mr President has envisioned.
Distinguished ladies and gentlemen having identified some of the challenges versus the abundant human resources which is typified by the great talents and intellectual capacity that I see across the room this morning and the natural resources in our land we certainly deserve better outcomes than the current economic realities that we find ourselves in.
In responding to these uncertainties and indeed to any kind of uncertainties, the need for appropriate focus and unwavering reforms cannot be over emphasized
As the Governor of the Central Bank of Nigeria, I remain committed to reposition the bank to deliver meaningful data-driven and sustainable solutions with clear positive impact on the livelihood of all Nigerians.
However, addressing these challenges requires the concerted effort of all stakeholders, especially the monetary and fiscal authorities working in harmony.
I therefore wish to acknowledge the contribution of Vanguard Newspaper in organizing these very important summits as a platform for collaboration and synergy in the march towards our common goal of a larger and more resilient economy.
When I was being ushered in, I had the opportunity to greet the publisher and his adorable wife and I was want to whisper to them a big thank you for putting this together because we hope that at the end of this summit, we’ll be able to harvest many new and germane ideas that we would mix with available data to move our country forward.
Like you all know, we are always on the lookout for new ideas, for new collaboration, for new ways to add value to our economy, and to build our economy and make it work for all of us.
On our part, my team and I in the Central Bank of Nigeria are determined to continue to implement bold reforms to make the economy work for all Nigerians.
Monetary policy
We have embarked on tightening the bank’s monetary policy to address inflationary pressure in the economy and believe that the results will become evident in the near term.
Luckily, we are already seeing deceleration in inflation, evidenced by a decline in the month-on-month growth in the headline and food inflation rates, based on our March inflation numbers.
We remain committed to use all the Autonomous Monetary Policy tools available to us to address inflation.
FX measures
We have also embarked on major reforms to liberalize the foreign exchange market, which has enhanced transparency, reduced arbitrage opportunity, promoted stability, and improved liquidity in the market.
The settlement of all valid FX forwards, which was one of my commitments when I came as a Governor of the Central Bank of Nigeria, has also improved the confidence of stakeholders. We are already seeing the results of this reform in the growth of FX flows into the country.
In fact, the FX flows into the country in Q1 of 2024 was 136% of the total inflows that we had in the whole of 2023. I think that deserves a round of applause.
In addition, we are working to address the challenges in the BDC segment. To this end, we have developed and revised regulatory and supervisory guidelines for BDCs operation in Nigeria. This is aimed at ensuring that BDCs play the right role in the foreign exchange market.
In addition, we have also revoked the license of BDCs who have been involved in unwholesome practices.
Also, we continue to be focused on increasing the flows from diaspora remittances into the economy through official channels. We are working to improve liquidity in the foreign exchange market. We are working closely with key stakeholders in this segment. And recently, to push this forward, we licensed 14 new IMTOs, which are international money transfer operators to enhance competition, efficiency, and transparency in the foreign exchange market.
We continue to be committed to a transparent and functional FX market where price discovery is based on market-driven frameworks and we are confident that this will lead to long-term stability of the Naira, which I know is what all of us see.
Let us be able to know exactly what the rate of the naira is at any given time.
Banking recapitalization
Furthermore, the bank is in the process of implementing far reaching reforms in the in the banking system which includes increasing the capital requirement for banks to improve financial system stability and enhance the capacity of banks to support the one trillion economy envisioned by Mr. President.
Measures are also being taken to ensure good ethical and professional practices in the banks by enforcing compliance with enhanced corporate governance guidelines.
Distinguished participants, I am pleased to note that some of our bold actions are already bearing fruit, evidenced by the improvement in Nigerian foreign credit rating and the commendations from the World Bank and other multilateral institutions.
We are confident that the prudent implementation of our reform program will restore the economy to the path of inclusive and accelerated economic growth in the near term.
I would like to acknowledge that much more work is required to address our economic challenges. But let me assure you that the Central Bank of Nigeria is committed to and will continue to enhance its efforts to deliver on its mandate of promoting monetary and price stability in Nigeria.
The CBN will continue to strengthen its collaboration with other regulators as well as with fiscal authorities in order to deliver sustained and inclusive economic growth. In doing this, the Central Bank will pay attention to all the deliberations.
FG May Relocate Ikoyi Prison, Others – Interior Minister
The Minister of Interior, Olubunmi Tunji-Ojo, on Thursday, said the government will initiate processes to possibly relocate Ikoyi prison and some other correctional centres from urban centres in the country to other areas.
Tunji-Ojo revealed this plan on Channels Television’s Politics Today programme on Thursday.
The minister said urbanisation has eaten into the setbacks that ought to be around correctional centres in the country.
Tunji-Ojo said, “Under this administration, we’ve not had any jail attack; what we’ve had was force majeure which was Suleja because that particular correctional centre was built in 1914. It’s about 110 years old.
“President Tinubu was not President a 110 years old. He inherited 256 correctional centres that needed attention. There is no way he would have completely overhaul it in one year.
“I must talk about urbanisation. Look at Suleja for example, the Suleja correctional centre that came down was only 7 metres away from the next house. Instead of what the law says which is a buffer space of 100 metres. So, urbanisation has eaten deep.
“Look at Ikoyi Correctional Centre sharing a fence with (another house). What’s (a) correctional centre doing in Ikoyi? This administration is looking at being able to initiate the process of possibly relocating some of these correctional centres.”
He said the government would soon commence an “inmate audit” across the country’s 256 correctional centres and sanitise them by freeing those who don’t have any business being there in the first place.
Tunji-Ojo said President Bola Tinubu inherited so many old correctional centres that need attention but the government has started the renovation and rebuilding of some of the prisons in Nigeria.
“We’ve renovated over 10 correctional centres under this administration,” he said, adding that the government has done “magic in the Kuje correctional centre.”
Gridlock As Flood Takes Over Long Bridge On Lagos-Ibadan Expressway
The long bridge on the Warewa axis of the Lagos-Ibadan Expressway has been taken over by flood, causing a traffic jam on the road.
The flood was caused by the heavy downpour on Thursday afternoon, which made the road almost impassable.
Though vehicles are still managing to swim through the flood, the discomfort to commuters can only be imagined.
The rain which started around 2pm on Thursday is yet to stop as of 8pm, with many houses around the area already getting submerged.
'Sleeping with our wives ease our pains' - Shock, disbelief as Benue IDPs camp records 200 babies a month
it’s unacceptable, women there are helpless — ES Primary Health Care Board
There is no gain in saying that Benue State is currently the hub of Internally Displaced Persons, IDPs, in the country. With about 17 or more IDPs camps housing over 1.5 million IDPs, including those sheltering in the host communities, the state is no doubt facing a herculean task catering to the needs of these persons of concern.
The IDPs were forced out of their ancestral homes following repeated attacks and siege by armed herdsmen who are bent on defying the extant grazing law in the state.
From Guma to Agatu, Gwer West, Kwande, Makurdi, Logo, Apa, Okpokwu, Bururku, Otukpo and other local government areas, LGAs, it’s all tales of woes as the rural Benue farmers who are known for their prowess in food production have vacated their ancestral homes and taken refuge in IDPs camps.
Though the present administration has pledged to have them relocated back home, but while that move is still being awaited, the IDPs remain confined in these camps, living on the support they receive from the state government, kind-hearted individuals and organisations.
Given the dire condition in the camps the IDPs are faced with the challenges of inadequate food and drugs supply, including insufficient sleeping spaces and other challenges that make life unbearable for them.
But in the mist of these challenges one notable issue is the high rate of new child births being recorded in some of the camps.
Findings indicated that while the IDPs live in dire conditions amid insufficient sleeping space, they still make out space to make babies.
Strange as it may sound, the reality is that new born babies are recorded in the camps in high numbers despite the living condition of the IDPs.
The development though, a reason for celebration for families in a normal living environment, is considered a source of concern in an IDPs camp as it puts a huge strain on the healthcare service there.
Besides, the new born are brought to a world of uncertainty in IDPs camps where access to proper health care services and feeding sometimes gets daunting leading to health challenges and even malnutrition as was the case recently at the Ortese IDPs camp in Guma LGA where cases of malnutrition were discovered among the children.
In fact, it was also discovered in that camp that over 200 new babies were given birth to in one month by displaced mothers taking refuge in that camp alone.
The alarming figure which left tongues wagging was indeed part of the findings of the Integrated Supportive Supervision, ISS, of the United Nations Children’s Fund, and the World Health Organisation, UNICEF/WHO Humanitarian Health Response, IDP, Outreach implemented by the Benue State Primary Healthcare Board, carried out at the Ortese and Ichwa IDPs camps in Guma and Makurdi local government areas, respectively.
It was discovered that the high figure was a function of the fact that in the midst of their distress, the IDPs find pleasure and happiness in sleeping with their spouses.
This was also alluded to by one of the IDPs, who identified himself as Anngu, and also claimed to be a father of two and resides in the camp with his family.
According to him: “Though we live in the camp we find space to sleep with our wives. When we do that we are happy with each other and it helps us reduce the pains we are going through.
“So we cannot be asked to stop because we are living in camp. The only thing is that we must ensure that our wives protect themselves from being pregnant though some men don’t like the idea of their wives not giving birth.
“As for me I came to the camp about two years ago with my wife and two children and I sleep with my wife, but I ensure that she uses the family planning products that were given to her by the health care people. But the truth is that many are not using it.”
Speaking on the development, the Executive Secretary of the Benue State Primary Health Care Board, Mrs. Grace Wende, who visited the camp, said the number of new births was quite high and the government would need to do something about it.
According to her: “I saw a very interesting sight. I’ve been in these camps often as part of our coordination beat and as part of the main role of primary health care.
“We are part of the major leading partners in supporting the IDPs camps in terms of providing healthcare personnel who will be providing services to these various camps.
“Today I saw many pregnant women and young children and it seems that there is very high level of fertility and child birth within these camps.
“Today alone we noticed that there are 200 new births per month. It is quite high, and government needs to do something about it.
“But from my discussion with them it seems that they are not utilising the family planning products that were given to them. So we need to intensify demand creation generation, especially among the men because they took the problem there. The women are willing but their husbands are resisting those family planning methods.
“The 200 births I am talking about is just in Ortese IDPs Camp. I am not talking about any other. So, 200 babies delivered in one camp in one month is huge. And we have not gotten the situation in other camps.
“Our findings indicated that the women there are helpless. Some women are remarrying within the camp, their husbands are not there; the husbands are also remarrying. They are also, sort of negotiating sex with the women within the camp. Those things are things that require that we intensify our advocacy and decision making within the camps.
“I have already talked with the State Emergency Management Agency, SEMA, and the Camp Coordinators to see how we can go about it. We will target the advocacy on the men for now,” she added.
I remain faithful, loyal to Labour Party – Peter Obi
The presidential candidate of the Labour Party, LP, in the 2023 general elections, Mr Peter Obi, has dispelled rumours, making the rounds that he would leave the party.
Obi who reacted through his X platform noted that he remains a faithful, committed and loyal member of the Labour Party.
Recall that the National Chairman of the Labour Party, Julious Abure had announced a decision by the party’s National Working Committee to set up some Directorates among which was the “Obidient Directorate” to coordinate the seamless integration of members of the movement into the LP.
The party went further to name some individuals as directors. This move angered several members of the movement who issued a strongly worded statement denouncing the party and dissociating themselves from the new body.
However, reacting to the Julious Abure’s decision, Obi opined that the Obidient Movement, “is beyond a political party and cannot be cubbyhole into one.”
Having said that, rumours spread that Obi would leave the party.
On Thursday, the former Anambra State governor, said: “ I have just been confronted by a Journalist at Abuja airport wanting to know if my statement on Obidient Movement yesterday is a signal of my leaving the Labour Party. For the attention of all those holding such an impression and for the general public.
“I remain a faithful, committed and loyal member of the Labour Party. Indeed, as a Leader of the party, my aspiration, and desire working closely with other Leaders is to reconcile our valued members, and partner with like minds, and parties all over the country to build a strong and better Party that will catalyze and commence the rebuilding of a new Nigeria.
“My statement yesterday was intended to clarify some issues that are of concern to our teeming supporters some of whom are not members of any political party but are desirous for a new Nigeria. Our goal and aspirations remain that a new Nigeria is Possible”.
Minimum Wage: FG denies offering N105,000
The Federal Government has debunked the online report that it has offered N105,000 as the new national minimum wage.
Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga made the denial via his X account (formerly Twitter).
The presidential aide said, “The Honorable Minister of Finance and coordinating minister of the economy, Wale Edun has not proposed N105,000 minimum wage. The contrary story being disseminated is false.”
There has been a report on some online platforms to the effect that the minister presented a proposal of N105,000 to President Bola Tinubu.
Recall that the Tripartite Committee meeting on the new national minimum wage was stalled on Wednesday due to the failure of the federal government team to present a new figure to the organized labour after the initial N60,000 offer was rejected by labour.
The minister of Finance alongside the Minister of Budget presented a figure to the President on Thursday which is expected to be presented at the Tripartite Committee meeting today.
The meeting involves the federal government, the organized private sector and the organized labour comprising the Nigeria Labour Congress, NLC and the Trade Union Congress, TUC.
Why we rejected helicopter landing levy - Airline operators
The Airline Operators of Nigeria (AON) has explained why it rejected the helicopter landing levies for stakeholders.
In a statement on Thursday by Obiora Okonkwo, its spokesperson, AON said regulators do not provide any service to helicopter operators that would justify the imposition of the fee.
On May 31, the ministry of aviation and aerospace development announced that the helicopter landing levy was temporarily suspended after pushback from stakeholders — one month after approval of the levy.
Speaking on the issue, the AON said the collection of the fee by Naebi Dynamic Concepts Limited negates the legal frameworks of the Federal Airports Authority of Nigeria (FAAN) and the Nigerian Airspace Management Agency (NAMA).
“AON rejects the imposition of the Helicopter Landing and Take-off Fee for the following reasons: NAMA does not provide any additional service to helicopter operators to justify the imposition of the fee at all helipads, oil rig platforms, FSPOs, FSOs, etc. in Nigeria,” the statement reads.
“The approval and imposition of the Helicopter Landing and Take-off Fee at private helipads, oil rig platforms, FSPOs, FSOs etc when no service is provided at those locations to the helicopter operators by NAMA is contrary to the provision of section 7 (1) (r) of the then applicable NAMA Act as well as to section 1, paragraph 2 (1) of ICAO Document 9082.
“NAMA did not adhere to the policies, principles and guidelines contained in ICAO Documents 9082 (ICAO’s Policies on Charges for Airports and Air Navigation Services) and 9161 (Manual on Air Navigation Services Economics) before imposing the Helicopter Landing and Take-off Fee.”
Citing part 18, Section 18.8.1.1 (e) of the Nigeria Civil Aviation Regulations, the association said NAMA is required to adhere to the policies, principles, and guidelines contained in the documents.
The AON added that NAMA did not obtain the approval of the Nigerian Civil Aviation Authority (NCAA) before imposing the new fee on operators.
The group said the NCAA has the statutory power to regulate the charges made with respect to air traffic control and for the use of aerodromes and services provided at such aerodromes.
According to AON, NAMA did not consult “the helicopter operators and other stakeholders before imposing the Helicopter Landing and Take-off Fee”.
‘HELICOPTER FEE CHARGED IN DOLLARS INSTEAD OF NAIRA’
According to the association, the fee is charged and requested in dollars, contrasting the provision of Section 15 of the Central Bank of Nigeria (CBN) Act, which is “clear that the unit of currency in Nigeria shall be the Naira”.
“There is nowhere in the world where the Air Navigation Service Provider does not provide any service to helicopter operators but charges landing and take-off fees for landings and take—off on and from private helipads, oil rig platforms, FSPOs, FSOs, etc.,” the association said.
“The examples given by the Ministry of Aviation and Aerospace Development in the Press Release of 13th May 2024 of where landing and take-off fee is paid are all of airports.”
The engagement of Naebi Dynamic Concepts, AON said, “did not follow due process” as it failed to comply with the requirements of the Public Procurement Act for the procurement of the services of consultants.
The group thanked Festus Keyamo, aviation minister, for temporarily suspending the levy and for his leadership of the aviation industry and support for the growth and sustainability of Nigerian air operators.
Hardship: Be calm, Tinubu working to improve economy – Akume
…says national grid shutdown treasonable
…warns Labour against destructive strikes, others
FCT, Abuja-The Secretary to the Government of the Federation (SGF), Senator George Akume, has called on Nigerians to remain calm amidst economic challenges, assuring them that President Bola Tinubu is working diligently to improve the economy.
Addressing the National Executive Council of CAN, on Thursday, June 6, Akume outlined several measures the government is taking to address current hardships and also cautioned labour not to make decision that would jeopardize the efforts of the Tinubu-led administration.
Akume also hinted that the current administration took over a turbulent country, citing that the country’s foreign reserves and many other sectors were poorly managed.
“We took over in a very turbulent weather. Foreign reserves were zero, but there have been massive reforms carried out by the president. One of them, which appeared to be a little bit tough for people to understand, is the subsidy removal of fuel. People should stop shouting; they need to know the actual truth,” Akume stated.
He emphasized that the current administration has taken swift actions in implementing palliatives to cushion the effects of these reforms.
“We are all aware of the 35,000 naira wage award for workers, which means a 30,000 naira minimum wage with 35,000 on top of that. Additionally, 100 billion naira for CNG fuel buses will help reduce transportation costs and food prices,” he added.
Akume also highlighted the government’s efforts in supporting various sectors, including the allocation of 125 billion naira in conditional grants and financial inclusion for medium and small enterprises, and 150 billion naira in palliative loans to states to mitigate the impact of fuel subsidy removal. “
We are providing 200 billion naira to support the cultivation of hectares of land, which is even more now,” he added.
Addressing recent disruptions, Akume condemned the shutdown of the national grid, labeling it as a treasonable offense.
“Nowhere in the world has labor ever tampered with the national grid. It is treason! Treasonable felony is economic sabotage, you don’t do that.
“We are trying to rebuild the economy. The president is picking up, and they want to destroy it. Of what use is that to all of us? That is not the way”, he said.
Reflecting on the process of setting the minimum wage, Akume explained, “In 2019, the minimum wage was legislated up to 30,000 naira. It is an exclusive issue in the constitution, not on the concurrent list, but on the exclusive legislative list. That is why it is the federal government, working with organized private sector and labor, that recommends it to the president for the national assembly’s attention.”
Reassuring the public, Akume stated, “It is not that we are not working. We are working, and that is why we implemented the 35,000-naira wage, which is more than the minimum wage. There are buses ready to be distributed, and soon, rice and other essentials will be available.”
Akume stressed the importance of collaboration between the church and the government in providing essential services such as education, health, and agriculture.
“The church must collaborate with the government in providing facilities for people whether it is in education, health, or agriculture. We don’t separate; we combine. There is a symbiotic relationship that can never be destroyed,” he said.
He concluded by emphasizing the government’s focus on productivity and economic stability.
“Our people must rise up and have something in their pockets. It is not about demanding 100,000 naira without productivity. We are looking at controlling inflation and ensuring a balanced economy,” he asserted.
Microfinance Bank launches 'ram loans scheme' for Sallah celebrations
The Yobe Microfinance Bank says it has launched a “ram loans scheme” for Sallah celebrations.
Sheriff Almuhajir, the bank’s chief executive officer (CEO), disclosed this in an interview with NAN in Damaturu on Thursday.
The financial institution is a state-licensed microfinance bank in Yobe state, north eastern Nigeria.
Almuhajir said the bank has initiated a N150 million facility to enable its customers to purchase animals for sacrifice during the Eid el-Adha celebration, slated for June 16.
Eid el-Adha, also known as the ‘feast of sacrifice’, is the second of the two main holidays celebrated in Islam to commemorate Prophet Ibrahim’s devotion to sacrifice his son as an act of obedience to God’s command.
The sacrifice of animals such as rams, sheep, cattle, and goats is a symbolic ritual performed by Muslims across the globe to celebrate the day.
“This loan scheme is designed to support civil servants in Yobe, especially those working with state and local councils during the festive season,” Almuhajir said.
The bank’s CEO said the facility would be carried out under the Sallah ram loans scheme and divided into categories A and B for disbursement.
According to Almuhajir, customers in category A would receive N150,000, while those in category B would receive N75,000.
He said the loan would be repaid monthly, with customers in category A paying N6,000; while those in the second group would pay N3,300.
Almuhajir said the conditions for obtaining the loan include having an account with the bank with a minimum balance of N2,500 for automated teller machine (ATM) cards and other services.
The CEO said applicants must purchase a form from the banking hall for N1,000 and be civil servants on the payroll of the state or local government councils.
Other requirements include the provision of two passport photographs, the national identification number (NIN), a payment slip and other relevant documents.
He said the initiative aims to assist individuals and families who may not be able to immediately afford a ram for the festivities.