Business
Loan Default: FG Threatens To Drag Master Bakers Before EFCC
The Federal Ministry of Agriculture and Rural Development (FMARD) has threatened to drag master bakers before the Economic and Financial Crimes Commission (EFCC) for defaulting in repaying loans for cassava bread production.
The ministry made the threat at the Cassava Bread Development Fund stakeholders meeting organised by the Bank of Industry (BOI) in collaboration with FMARD in Abuja, yesterday.
At the meeting, which had in attendance Master Bakers Associations and National Processors Associations and Marketers nationwide, it was gathered that some bakers, especially from the South West sold their equipment contravening the agreement with the BOI.
The Tide reports that the Cassava Bread Fund was created during the administration of President Goodluck Jonathan as part of the transformation policy in the agribusiness sector.
The cassava bread initiative was to ensure that Nigeria becomes the largest cassava processor having occupied the position of largest producer of the commodity in the world to guarantee the reduction of food import bills and production of the cassava composite bread.
Under the fund, the ministry, through the BOI, gave some of the bakers loans in form of equipment for between N5 million and N7 million to help in the successful production of cassava bread.
Director, Agric, Business and Marketing Department, (FMARD) Mr Musibau Azeez, warned the bakers that any attempt not to repay the loans would land them in the EFCC’s net.
Azeez said that it was in their interest to repay the loans because “the EFCC is waiting to arrest violators’’.
He said that if all condition stated were not met, the ministry would have no option than to toe the path of recovering the loan via the EFCC.
As part of the condition, he mandated the associations, both the bakers and processors to conduct free and fair elections to elect new executives to organise themselves.
”There is also need for BOI to engage the master bakers to see how to help them out of the present situation to enable them repay their loans,’’ Azeez said.
Mr Jimoh Iyiola, a member from the South West of the association, said it was true that most bakers in the region sold the equipment obtained via BOI, adding that “it was done with the consent of BOI’’.
”We had a meeting in Osogbo with BOI and we agreed that the equipment given out was not up to standard and we had to sell them to other smaller bakers who bake two or three bags a day,’’ he said.
Chairman, Master Baker, Makurdi, Benue branch, Mr Augustine Fagbola, said the reason it would be difficult for members to pay back was the inflation in prices of raw material.
According to him, in 2014, a 50kg bag of flour was N6, 500, now it is N11, 000. Sugar was N7, 500, now it sells for N14, 000 and at a time it was even sold for N27,000.
MoniePoint Inc. a digital financial firm in Nigeria, has said it is empowering community pharmacists across the country with innovative payment solutions to improve access to drugs.
The financial firm said it had also provided loans for pharmacists under the aegis of the Association of Community Pharmacists of Nigeria (ACPN) to drive healthcare delivery in the country.
MoniePoint in a release titled, “Inside Nigeria’s community pharmacies: How Moniepoint drives healthcare access with payments and funding”, has reaffirmed its commitment to providing digital payment solutions to improve health outcomes in Nigeria.
The release examined how community pharmacies play a crucial role as vital access points for medical care in Nigeria, especially in areas with limited hospital or clinic access.
According to the release, the ACPN National Chairman, Ambrose Igwekwam, highlighted the critical role played by community pharmacies in Nigeria’s healthcare system over the years.
Igwekwam, however, expressed concerns over the challenges confronting the nation’s pharmaceutical industry which he said was hindering access to affordable medicines.
The pharmacist listed poor infrastructural systems, power, transportation, regulatory bottlenecks, importation dependency, and limited research opportunities as major challenges facing the pharmaceutical sector.
He also stressed the need for robust collaborative efforts with institutions like Moniepoint to strengthen the sector.
“As Nigeria continues to grow, improving local pharma manufacturing to meet the demands of this growth presents a key opportunity for us all.
“There is also the African Continental Free Trade Area Agreement, which is expected to boost our industry, especially when we start producing our drugs locally, which will provide the much needed foreign exchange from exports.
“We are also seeing advancements in digital health and technology which would hopefully deepen the practice of e-prescription in Nigeria”, the ACPN boss said.
Corlins Walter
In order to enhance customer service and streamline operations, the Chartered Insurance Institute of Nigeria (CIIN) has called on stakeholders in the insurance industry to embrace Artificial Intelligence (AI).
The President of the institute, Yetunde Ilori, made this call at the 2024 Office Representatives Committee (ORC) Workshop, organised by the institute, with the theme “AI and the Future of the Insurance Industry”, in Lagos.
Ilori at the event, emphasised the importance of AI adoption, noting that it was not a threat to jobs but rather a tool to improve efficiency across the insurance sector.
“It is not about AI taking over our jobs, but about us using AI to simplify processes and give maximum satisfaction to all the customers we serve whether as underwriters, brokers, loss adjusters, or in educating our members”, she said.
The workshop, which brought players in the insurance sector together, aimed to address how AI could be leveraged to transform business processes and improve customer interactions.
The Chairman of the ORC, Monica Nwachukwu, underscored the role of AI in modernising the industry, adding, “AI can automate customer and claims processes, allowing insurers to provide faster and more efficient services to their customers”.
She explained how AI could help extract data from legacy systems, enhancing decision-making processes.
“By integrating AI with APIs, insurers can feed valuable data into AI solutions to improve operations and customer service”, she added.
In his address, the Managing Partner of A4S and Training Heights, Orlando Odejide, stressed the need for companies to align their strategies with future technologies like AI, especially as they prepare for 2025.
“Any organisation that wants to grow into the future must have its strategic plan in place. If your strategy for 2025 is not ready, it should be done by October”, he advised.
He encouraged participants to think critically about how AI could be integrated into their business models to ensure they remain competitive.
“The idea is for you to use this workshop as a platform to think about your organization and how AI can help streamline your processes and improve growth”, Odejide noted.
In order to gain global respect and recognition, the National Space Research and Development Agency (NASRDA) has reaffirmed its determination to pursue its goal in ensuring that Nigeria’s space capabilities are recognised on the world stage.
The agency also reaffirmed its commitment to positioning Nigeria as a key player in the global space economy.
In a statement by the Director of Media and Corporate Communications, Dr. Felix Ale, NASRDA revealed that the Director-General of the agency, Matthew Adepoju, emphasised this during recent engagements at the 79th United Nations General Assembly and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and Global Alliance Business Association international conference in Michigan, United States.
The statement noted that Adepoju outlined a forward-thinking agenda, stressing the importance of Nigeria’s space programme as a leader in research, exploration, and technological innovation.
“Our goal is to ensure that Nigeria’s space capabilities are recognised on the world stage.
“We must foster collaborations with global space agencies to enhance our satellite capabilities and technological infrastructure”, he stated.
The NASRDA boss said the agency is focusing on enhancing satellite capabilities, expanding international collaborations, and leveraging space science for national development.
He said NASRDA will have no stone unturned in pursuit of excellence, ensuring the agency secures the necessary resources and recognition to propel it forward.
“The relationships we build today will pave the way for tomorrow’s advancements in space science.
“Innovation and progress thrive in an environment built on collaboration and inclusivity”, he stated.
He emphasised that with the support of the government, international partners, and a dedicated team, NASRDA is poised to make significant strides in the evolving global space landscape.
“We are on the brink of a new era for Nigeria’s space agency. Together, we will ensure our nation stands out in the global space economy”, he said.
Corlins Walter
