The determination of the Dutch Entrepreneurial Development Bank, FATE Foundation, Netherlands Enterprise Agency and the Netherlands Consulate-General to foster innovation and entrepreneurship in Nigeria is one of the trending stories in Nigerian newspapers on Monday.
The Punch reports that determined to foster innovation and entrepreneurship in Nigeria, the Dutch Entrepreneurial Development Bank, FATE Foundation, Netherlands Enterprise Agency and the Netherlands Consulate-General in Lagos, have recently hosted the Capital Unleashed Roundtable.
In a statement, the organisers said that in the rapidly evolving world, young entrepreneurs were the driving forces behind innovation, economic growth, and sustainable development, hence the need to boost access to capital for them.
The statement added that the ideas of young entrepreneurs and ventures hold the key to addressing societal challenges and creating opportunities for a brighter future.
It stated that the event underscored the commitment of the Netherlands to address the financing needs of young entrepreneurs together with players in the Nigerian ecosystem, create pathways for growth and sustainability, and propel Nigeria’s innovation ecosystem to new heights.
The Minister for Trade and Development Cooperation of the Kingdom of The Netherlands, Geoffrey van Leeuwen said, “With Nigeria emerging as one of Africa’s leading startup ecosystems, the need for accessible finance is more pressing than ever.
Bringing together government institutions, banks, venture capital funds, development organisations, and young entrepreneurs, these engagements will forge partnerships that will drive tangible outcomes in the realm of entrepreneurship and innovation.”
The newspaper says that no fewer than 40 million telephone lines were barred by telecommunication operators over the weekend following the expiration of the February 28, 2024 deadline issued by the Nigerian Communications Commission mandating telecom consumers to link the Subscriber Identity Module to their National Identity Numbers.
This represents a 28 million increase from the 12 million telephone lines initially planned to be deactivated by telcos, following the NCC directive.
In a December 2023 notice, the NCC had asked telcos to bar SIMs that had not been linked to their owners’ NINs by February 28, 2024.
On Thursday, the NCC Director of Public Affairs, Reuben Mouka, ruled out an extension of the deadline, warning that telcos that failed to enforce the deadline would be sanctioned.
The Chairman of the Association of Licensed Telecommunications Operators of Nigeria, Gbenga Adebayo, then disclosed to The PUNCH telcos would bar 12 million lines as a result of the directive.
However, on Sunday, the ALTON chair revealed that the number of barred lines had risen to 40 million, pointing out that SIMs without NIN were included in the number.
The Vanguard newspaper reports that the Central Bank of Nigeria (CBN) has successfully concluded the sale of government securities following the issuance of N1.053 trillion (680 million dollars) in short-term instruments.
A statement issued on Sunday night by CBN’s Acting Director, Corporate Communications Department, Mrs Hakama Sidi, stated that the sale is part of its liquidity management exercise.
Sidi said that the apex bank’s N500 billion offer at the Open Market Operations (OMO) auction was oversubscribed after selling N1.053 trillion, with 79 per cent of the total bids, or the equivalent of 530 million dollars, coming from foreign investors.
The News Agency of Nigeria (NAN) reports that the auction was the first since last week’s Monetary Policy Committee (MPC) meeting, which was followed by a virtual meeting with foreign portfolio investors.
According to Sidi, the CBN Governor, Olayemi Cardoso, used both meetings to set a detailed strategy to curb inflation, stabilise the exchange rate, and spur confidence in the banking system and the economy.
She said that the development underscored the level of confidence the apex bank now enjoyed from investors, adding that the management of CBN was optimistic that its monetary policy measures were beginning to yield positive results.
Meanwhile, Cardoso highlighted in the meeting with investors an outlook for a sustained increase in the CBN’s foreign currency reserves.
The newspaper says that the Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against President Bola Tinubu over “the failure to probe the grim allegations that $3.4 billion loan obtained by Nigeria from the International Monetary Fund (IMF) to finance the budget and respond to COVID-19 is missing, diverted or unaccounted for.”
SERAP noted that the allegations are contained in the recently published 2020 Nigeria’s annual audited report by the Auditor-General of the Federation.
“The allegations of corruption in the spending of IMF loan documented by Auditor-General undermine economic development of the country, trap the majority of Nigerians in poverty and deprive them of opportunities.”
“According to the 2020 annual audited report by the Auditor-General of the Federation published last week, the US$3.4 billion emergency financial assistance obtained from the International Monetary Fund (IMF) to finance the budget and respond to the COVID-19 pandemic is missing, diverted or unaccounted for.”
“According to the Auditor-General, no information or document was provided to justify the movement and spending of the Fund.”
“The Auditor-General has recommended that the money should be fully recovered and remitted to the public treasury and for the evidence of remittance to be forwarded to the Public Accounts Committee of the National Assembly.”
“The Auditor-General has also recommended that anyone suspected to be involved should be ‘sanctioned and handed over to the EFCC and ICPC for investigation and prosecution, as provided for in paragraph 3112 of the Financial Regulations’.”
“According to SERAP’s information, Nigeria has signed an agreement to spread the repayment of the IMF loan/interests from 2023 to 2027. The first instalment, due in 2023, is worth $497.17 million. The second instalment, due in 2024, will be worth $1.76 billion. The third instalment, due in 2025, will be worth $865.27 million.”
“The final two instalments, due in 2026 and 2027, will each be worth $33.99 million. These instalments will only be interest payments.”
“Impunity for corruption in the management of loans obtained by Nigeria will continue as long as high-ranking public officials go largely unpunished for their alleged crimes.”
GIK/APA
Nigeria: Press spotlights support of startups by FATE Foundation, Dutch bank, others
