Connect with us


Unemployment: BoI, Oduduwa Foundation float N1bn MSMEs’ fund


To address the increasing rate of youth unemployment and poverty in the country, the Bank of Industry (BoI) and Oduduwa Foundation have floated a N1 billion financing scheme for youths and small businesses within Ile-Ife, Osun State.
Under the Memorandum of Understanding (MoU), the bank will provide loans to youths and businesses in Ile-Ife, Osun State, as well as other beneficiaries outside Ile-Ife, subject to the mutual consent of  both parties as long as they meet the prescribed criteria.
Furthermore, the N1 billion Micro, Small and Medium Enterprises’ (MSMEs) fund would be made available for on-lending to entrepreneurs within the agric, agro-allied, solid minerals and services sectors at a concessioned rate of 7.5 per cent.
Speaking at the signing of the agreement in Ile-Ife, Osun State at the weekend, the Acting Managing Director of BoI, Waheed Olagunju explained that the initiative was aimed at reducing youth unemployment in Ile-Ife communities and the country.
According to Olagunju, a substantial part of the loan will be disbursed to women, youth and businesses that show high potential for job and wealth creation along the value-chain of the identified sectors, as well as capacity to repay the loans.
He said: “We have been partnering with multinational and corporate companies, but today we are collaborating with traditional rulers.
These are people who have access to the grassroots. Partnering with them is a way of democratising entrepreneurship. We identify areas in which communities have comparative advantages and invest in them. The beneficiaries will be selected using the global best practices.
“For this edition, about 15 to 20 per cent of them will be those who deal in local production, especially value-addition. We are working with the Entrepreneurship Development Centre of Obafemi Awolowo University, Ile-Ife. Applications are expected to be submitted and a joint committee of BoI team, the Oduduwa House and OAU team would access it. They are to be monitored by members of the committee and elders, especially the traditional rulers”.
Olagunju added that the first batch of potential beneficiaries have been trained by the EDC, as the bank is now building capacity of entrepreneurs before disbursing the funds to them, adding that an at least 5,000 youths will benefit from the initiative.
He also noted that the bank is developing partnerships with unconventional stakeholders as part of measures to further improve access to finance to Nigerians and aid industrial development.
On his part, the Ooni of Ife, Oba Adeyeye Ogunwusi, emphasized the need to get youths empowered, saying that was necessary for the nation’s continuous growth.
He subsequently challenged monarchs across the country to be dedicated to developing youths in their communities, saying that monarchs do not have tenured terms, therefore initiate and implement consistent policies that can impact positively on the lives of their communities.
Oba Ogunwusi said: “I would not mind going hungry to empower the youths. If the youths of today are empowered, many generations will benefit from them and poverty will be abolished. Today’s event is another giant step in the history of Ile-Ife.
“We are moulding the future of our youths in the areas of agriculture and agro-allied industry. I put a challenge to other monarchs to engage in community partnership. We should stop relying on government.”
There are so many initiatives that community leaders can tap into. Community leaders should go into partnership with multinational companies and financial institutions to benefit there people.”
The monarch also said the N1 billion funding would help the youth of the entire House of Oduduwa and beyond, while urging government at all levels to set up a body that will give emphasis to local contents development.

Continue Reading
Click to comment

Leave a Reply


12-year-old boy kills landlady as condition to be initiated into a cult

Ethiope East Local

A 12-year-old boy, who allegedly robbed and killed his landlady at Abraka, Ethiope East Local Government Area, Delta State, yesterday, was among those paraded for various offences by the state Police Command, yesterday.


The state Commissioner of Police, Mr. Zanna Mohammed, who briefed reporters on the arrest of over 60 kidnappers, robbers, murderers, cultists and ritualists in the last three weeks, said the teenager confessed that he committed the act because a cult group told him that one of the conditions for initiation was that he must have been involved in a criminal act.

Continue Reading


Super Falcons striker, Asisat Oshoala, comes to Falz defence with regards to statement about glorifying fraudsters

Asisat Oshoala

Nigerian professional footballer, Asisat Oshoala, who plays as a forward in the Chinese Women’s Super league for Dalian Quanjian F.C., took to her Instagram to express deep concern about how people are now proud to be fraudsters.



In Falz’ defense, she insisted fraudsters shouldn’t be glorified.

Continue Reading


Zimbabwean Church leader in s*x scandal as photos naked photos and sex acts with 33 girls is exposed

Church leader
A Zimbabwean church leader, Nyasha Light Nyatsungo is enmeshed in a sex scandal and might also be facing legal action, after his ex-girlfriend flooded social media with his nude photo.
It was gathered that the Nyatsungo allegedly sent a nude picture of his Cape Town based ex–side chick, Shingi Mavenge, to his other girlfriend only identified as Beula who later broadcasted it on social media.
According to H-Metro, in an apparent fit of rage, Mavenge posted a WhatsApp chat she had with Nyatsungo’s wife identified as Nyasha Nhahumbi as well as a group chat with some of her former lover’s concubines.
According to Mavenge, she has gotten information that Nyatsungo has at least 33 girlfriends and has ditched his wife of eight years.
She adds that Nyatsungo bedded a girl who was their neighbour as well.
Mavenge said that the church leader’s wife revealed that they even consulted their local pastor in Mutare who failed in his attempts to mend Nyatsungo’s ways.
According to H-Metro, Nyatsungo, a married father of two, has denied ever circulating the picture, labelling Mavenge as a bitter woman whom he just flirted with on Facebook and nothing more.
“This Nyasha guy must be stopped in his tracks. He is going to pay for all the damage that he has done to me. He was the only one who had that leaked picture and I am shocked why he would forward it to some other girl,” fumed Mavhenge who is working on taking legal action.
“I started dating this guy in 2015 and never knew he was married. He lied.”  fumed Mavenge yesterday.
“That guy is full of lies and at some point, we opened a group chat with his wife and some of his girlfriends. He normally targets single mothers” added Mavenge.
H-Metro was furnished with six other cellphone numbers of his girlfriend that include Fadzai, Mutsa, Essy, Juliana, Barbra among others. Mutsa confirmed she once had a relationship with Nyatsungo have since terminated it since she discovered he was married.
Mavenge confirmed they met once in Johannesburg when she had to fly from Cape Town to meet her man sometime in April.
“That night he didn’t even have money. I had to pay the R800 for the accommodation as he had no money. He wanted to have sex with me but I flatly refused. He even wanted it without protection and I said No. he looked terrible with clothes in a plastic shopping bag. I want to write a letter to Pastor Rex who is the head of (the church) in Harare so that this guy be stopped with his tricks and lies,” added Mavenge.
When contacted over the phone in Mutare Nyatsungo confirmed he knew Mavenge but never had a relationship with her.
“I know her and we once flirted on Facebook. We never had a relationship as she is alleging. I don’t know why she is bitter. I haven’t seen the nude pictures she is talking about but I heard about it from Beula. We live in a democratic country. She can go ahead and sue me if she feels her rights have been infringed upon. All the allegations she is making are false and I don’t know her motive in trying to tarnish my image,” said Nyatsungo.
He said he was still with his wife whose phone rang without response yesterday afternoon. Despite his denials, H-metro was furnished with pictures of Nyatsungo and Mavenge, the time they met in April.

Continue Reading