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Heritage Bank facilitates disbursement of N3bn YIEDP fund to beneficiaries

Published

8 years ago

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Heritage Bank Plc has continued to take the lead in empowering youths to become entrepreneurs, which is amongst others is geared to creating jobs and distributing wealth across the Nigerian economy.

Recently, Heritage bank made a “measured” entry into financing and empowering youths with the N3billion Youth Innovative Entrepreneurship Development Programme fund by the Central Bank of Nigeria, with the active participation of the National Youth Service Corps and the bank as the sole financial institution and operating vehicle for the disbursement of funds to approved beneficiaries.

The bank in a statement made available by the Group Head, Corporate Communications, Fela Ibidapo, hinted that the major objectives of the scheme was to provide a sustainable mechanism to stimulate employment, contribute to the non-oil Gross Domestic Product (GDP) as well as address the challenge of youth restiveness in the country.

According to him, it is pertinent to state that this programme is one that will run in phases and not a one-off arrangement. Again, because revolving credit is involved, it requires a painstaking process to ensure that the three institutions and beneficiaries achieve their respective objectives, which converge essentially to making soft credit available to young people and helping them translate their credible business ideas into sustainable wealth creation endeavours that are capable of generating further employment to others.

Meanwhile, he explained that the first batch of the 310 successful businesses have been approved by the CBN, as they are expected to benefit from N774million as part of the N3billion earmarked under the YIEDP.

A breakdown of the fund disbursed so far showed that only 94 successful beneficiaries who met the stipulated requirements received N251million. 191 of 310 beneficiaries yet to pick up their letters as a pre-condition were yet to assess the funds totalling N473million and 25 chose to drop out of the scheme, which amount to N54million.

On the conditions for the loans, he noted that the beneficiaries to drawn from the funds which have been deposited into their accounts they must meet the stipulated requirements amongst others; “serving youth corps member, non-NYSC (not more than 5 years post NYSC), submission of completed HB PLC -CBN CRMS Detail form (Individual),  Business Registration Certification or Certificate of Incorporation, application letter.”

Ibidapo, who affirmed that the programme would have a multiplier effect on job creation and economy, urged all the beneficiaries to make judicious use of the fund.

He added that the YIEDP has the potential of becoming the stimulus for job and wealth creation, growth and economic development through improved access to finance for young entrepreneurs.

He also assured the bank would continue to provide enabling environment, devise ways and means to support the youths towards a self-reliant economy.

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Society

DSS Arrests, Detains Lagos House of Assembly Members Over Obasa’s Removal As Speaker

Published

6 days ago

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January 30, 2025

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The last may not have been heard over the crisis rocking the Lagos State House of Assembly as two members of the House, Hon. Lanre Afinni and Hon. Sylvester Ogunkelu are currently being detained at the DSS office in the State.

 

According to an impeccable source from the House, the two are facing interrogation in connection with the removal of Hon Mudashiru Obasa as Speaker.

 

 

Obasa was removed as Speaker by the majority of the members on January 13 and replaced with the former Deputy Speaker, Mojisola Lasbat Meranda.

 

 

In solidarity with their colleagues, the Deputy Speaker, Hon Mojeed Fatai with some other members of the House stormed the DSS office to secure their release.

 

 

Details later…

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Society

EFCC Arrests Ex-NHIS Boss Usman Yusuf

Published

6 days ago

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January 30, 2025

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Professor Usman Yusuf, the former Executive Secretary of the National Health Insurance Scheme (NHIS), has been apprehended by the Economic and Financial Crimes Commission (EFCC).

 

Society Reporters reports that The EFCC’s Head of Media and Publicity, Dele Oyewale, confirmed the arrest to Channels Television during a phone interview on Wednesday.

 

 

Professor Yusuf was taken into custody following a raid on his residence by EFCC operatives.

 

 

The Commission has announced that he is scheduled to be arraigned today January 30, 2025.

 

 

This arrest follows a petition submitted to the previous administration under former President Muhammadu Buhari and the Federal Ministry of Health, citing allegations of misconduct and fraudulent activities.

 

 

Professor Yusuf was dismissed from his position in 2019, a decision made seven months after a fact-finding panel from the Federal Ministry of Health recommended his removal due to alleged mismanagement of 919 million Naira.

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Society

Just In: APC expels Rauf Aregbesola

Published

7 days ago

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January 29, 2025

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The All Progressives Congress, APC, has expelled Rauf Aregbesola, a former Minister of Interior and ex-Osun State Governor, over alleged anti-party activities.

 

Aregbesola, who was a two-term governor of Osun State had been having a running battle with the Osun chapter of the APC in recent times.

 

The disagreement with the APC led him into forming a factional group within the party, known as The Osun Progressive (TOP) which later mutated into the Omoluabi Caucus.

 

 

 

A letter from the APC leadership seen by newsmen on Wednesday officially confirmed Aregbesola’s expulsion.

 

The letter, titled “Allegations of Anti-Party Activities – Conveyance of State Exco Decision to You,” accused him of breaching Article 21 of the party’s constitution, which outlines disciplinary measures for members.

 

The letter read in part, “At the end of the investigation, the State Executive Committee (SEC) considered the report of the Disciplinary Committee. Having carefully reviewed the findings and recommendations, the SEC resolved to approve your immediate expulsion from the APC.

 

 

The decision was predicated on clear evidence of your actions, which undermined the unity and integrity of the party. As a result, you are no longer a member of the APC and must refrain from holding yourself out as one or acting on behalf of the party in any capacity.”

 

More details to come…..

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